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    <isConfidential>false</isConfidential>
    <filerInfo>

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        <issuerCredentials>
          <cik>0001464413</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000038548</seriesId>
        <classId>C000119000</classId>
      </seriesClassInfo>


    </filerInfo>
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      <regName>Starboard Investment Trust</regName>
      <regFileNumber>811-22298</regFileNumber>
      <regCik>0001464413</regCik>
      <regLei>549300IGQEISLESO0528</regLei>
      <regStreet1>116 South Franklin Street</regStreet1>
      <regCity>Rocky Mount</regCity>
      <regStateConditional regCountry="US" regState="US-NC"/>
      <regZipOrPostalCode>27804</regZipOrPostalCode>
      <regPhone>252-972-9922</regPhone>
      <seriesName>Matisse Discounted Closed-End Fund Strategy</seriesName>
      <seriesId>S000038548</seriesId>
      <seriesLei>549300ZSVXX0LZMMTD36</seriesLei>
      <repPdEnd>2021-03-31</repPdEnd>
      <repPdDate>2020-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>854837.39</totLiabs>
      <netAssets>231594891.12</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
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      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
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      <liquidPref>0</liquidPref>
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      <creditSprdRiskNonInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
      <borrowers>
        <borrower aggrVal="0" lei="N/A" name="N/A"/>
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      <isNonCashCollateral>N</isNonCashCollateral>
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        <name>Ares Dynamic Credit</name>
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        <name>ASA Gold and Preciou</name>
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        <name>ABERDEEN GLOBAL</name>
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        <name>Morgan Stanley China</name>
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        <name>Morgan Stanley Emerg</name>
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        <name>Eaton Vance Senior</name>
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        <balance>1463406</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5575576.86</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Trust Senior</name>
        <lei>549300188EQ1UO018C30</lei>
        <title>CLOSED-E</title>
        <cusip>33733U108</cusip>
        <identifiers>
          <isin value="US33733U1088"/>
        </identifiers>
        <balance>119643</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1302912.27</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Trust MLP and</name>
        <lei>54930012E1PU4RAI3F48</lei>
        <title>CLOSED-E</title>
        <cusip>33739B104</cusip>
        <identifiers>
          <isin value="US33739B1044"/>
        </identifiers>
        <balance>270837</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1519395.57</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Trust Energy</name>
        <lei>549300HRXN2LWON4NG81</lei>
        <title>CLOSED-E</title>
        <cusip>33738G104</cusip>
        <identifiers>
          <isin value="US33738G1040"/>
        </identifiers>
        <balance>4499</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48679.18</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Trust Aberdeen</name>
        <lei>700UQMDEFIFKNKMN0L14</lei>
        <title>CLOSED-E</title>
        <cusip>33731K102</cusip>
        <identifiers>
          <isin value="US33731K1025"/>
        </identifiers>
        <balance>29629</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>349918.49</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST TRUST ENERGY</name>
        <lei>549300U01UTSY4XHYP86</lei>
        <title>CLOSED-E</title>
        <cusip>33738C103</cusip>
        <identifiers>
          <isin value="US33738C1036"/>
        </identifiers>
        <balance>30000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>300600</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST EAGLE SENIOR</name>
        <lei>5493004GLL53XSOC8E14</lei>
        <title>CLOSED-E</title>
        <cusip>32010E100</cusip>
        <identifiers>
          <isin value="US32010E1001"/>
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        <balance>140242</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1729183.86</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>General American</name>
        <lei>254900MHIF9G7IS1T951</lei>
        <title>CLOSED-E</title>
        <cusip>368802104</cusip>
        <identifiers>
          <isin value="US3688021043"/>
        </identifiers>
        <balance>152128</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4840195.72</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GDL Fund/The</name>
        <lei>5493000XKGL8ZPN99479</lei>
        <title>CLOSED-E</title>
        <cusip>361570104</cusip>
        <identifiers>
          <isin value="US3615701048"/>
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        <balance>205769</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1693478.87</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gabelli Dividend &amp;</name>
        <lei>549300082N1MHBT8NI60</lei>
        <title>CLOSED-E</title>
        <cusip>36242H104</cusip>
        <identifiers>
          <isin value="US36242H1041"/>
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        <balance>165002</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2904035.2</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gabelli Global Small</name>
        <lei>54930027RS7HE8UD3187</lei>
        <title>CLOSED-E</title>
        <cusip>36249W104</cusip>
        <identifiers>
          <isin value="US36249W1045"/>
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        <balance>222047</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1971777.36</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Templeton Global</name>
        <lei>QU1AAXOSV5K4OVMXJP19</lei>
        <title>CLOSED-E</title>
        <cusip>880198106</cusip>
        <identifiers>
          <isin value="US8801981064"/>
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        <balance>176809</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>949464.33</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLOUGH GLOBAL</name>
        <lei>549300DTG68UBCNCPY15</lei>
        <title>CLOSED-E</title>
        <cusip>18914E106</cusip>
        <identifiers>
          <isin value="US18914E1064"/>
        </identifiers>
        <balance>194522</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1694286.62</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLOUGH GLOBAL EQUITY</name>
        <lei>549300SI1THLT6A9J147</lei>
        <title>CLOSED-E</title>
        <cusip>18914C100</cusip>
        <identifiers>
          <isin value="US18914C1009"/>
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        <balance>396000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4217400</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EAGLE CAPITAL GROWTH</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>269451100</cusip>
        <identifiers>
          <isin value="US2694511005"/>
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        <balance>65000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>432900</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gabelli Healthcare &amp;</name>
        <lei>549300XULWZNLHFTG832</lei>
        <title>CLOSED-E</title>
        <cusip>36246K103</cusip>
        <identifiers>
          <isin value="US36246K1034"/>
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        <balance>47848</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>480393.92</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HIGHLAND INCOME FUND</name>
        <lei>549300VMOZD9W6DJLT40</lei>
        <title>CLOSED-E</title>
        <cusip>43010E404</cusip>
        <identifiers>
          <isin value="US43010E4044"/>
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        <balance>1065000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8573250</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HIGHLAND GLOBAL</name>
        <lei>549300Y627XJ58WI3L10</lei>
        <title>CLOSED-E</title>
        <cusip>43010T104</cusip>
        <identifiers>
          <isin value="US43010T1043"/>
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        <balance>681000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4385640</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Miller/Howard High</name>
        <lei>254900YCYOJ4LMANGM55</lei>
        <title>CLOSED-E</title>
        <cusip>600379101</cusip>
        <identifiers>
          <isin value="US6003791018"/>
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        <balance>560000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3416000</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tekla Healthcare</name>
        <lei>549300SNASESIFOS6V75</lei>
        <title>CLOSED-E</title>
        <cusip>87911J103</cusip>
        <identifiers>
          <isin value="US87911J1034"/>
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        <balance>169541</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3616309.53</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tekla Life Sciences</name>
        <lei>5493007BYZPSOVVS0M04</lei>
        <title>CLOSED-E</title>
        <cusip>87911K100</cusip>
        <identifiers>
          <isin value="US87911K1007"/>
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        <balance>319311</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5734825.56</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>John Hancock Tax</name>
        <lei>549300KILC6GI1G1FO95</lei>
        <title>CLOSED-E</title>
        <cusip>41013P749</cusip>
        <identifiers>
          <isin value="US41013P7490"/>
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        <balance>6065</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31780.6</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VOYA INFASTRUCTURE</name>
        <lei>CDDOXZNDBE7I8PJXIJ33</lei>
        <title>CLOSED-E</title>
        <cusip>92912X101</cusip>
        <identifiers>
          <isin value="US92912X1019"/>
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        <balance>196613</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1773449.26</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE INDIA FUND</name>
        <lei>5493008XCB4X3JFQPB87</lei>
        <title>CLOSED-E</title>
        <cusip>454089103</cusip>
        <identifiers>
          <isin value="US4540891037"/>
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        <balance>24081</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>372773.88</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VOYA GLOBAL</name>
        <lei>549300P8MCGWLP88NI42</lei>
        <title>CLOSED-E</title>
        <cusip>92912R104</cusip>
        <identifiers>
          <isin value="US92912R1041"/>
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        <balance>327474</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2682012.06</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Voya Global Equity</name>
        <lei>549300YJVN8KX08ZHI42</lei>
        <title>CLOSED-E</title>
        <cusip>92912T100</cusip>
        <identifiers>
          <isin value="US92912T1007"/>
        </identifiers>
        <balance>294577</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1422806.91</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBRE Clarion Global</name>
        <lei>549300HYEBBK5ZZO6F11</lei>
        <title>CLOSED-E</title>
        <cusip>12504G100</cusip>
        <identifiers>
          <isin value="US12504G1004"/>
        </identifiers>
        <balance>581001</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3468575.97</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY INDIA</name>
        <lei>5LQ8NRKQLK2XRS19BS65</lei>
        <title>CLOSED-E</title>
        <cusip>61745C105</cusip>
        <identifiers>
          <isin value="US61745C1053"/>
        </identifiers>
        <balance>357152</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5800148.48</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Ireland Fund Inc</name>
        <lei>549300HNB2YXNXXJQ174</lei>
        <title>CLOSED-E</title>
        <cusip>645673104</cusip>
        <identifiers>
          <isin value="US6456731040"/>
        </identifiers>
        <balance>149000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1154750</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NUVEEN DIVERSIFIED</name>
        <lei>D5FGOSNM9N49JUUE1836</lei>
        <title>CLOSED-E</title>
        <cusip>6706EP105</cusip>
        <identifiers>
          <isin value="US6706EP1058"/>
        </identifiers>
        <balance>93813</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>725174.49</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABERDEEN JAPAN</name>
        <lei>549300TENE1BGI09O157</lei>
        <title>CLOSED-E</title>
        <cusip>00306J109</cusip>
        <identifiers>
          <isin value="US00306J1097"/>
        </identifiers>
        <balance>272145</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2109123.75</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPAN SMALLER</name>
        <lei>5493000KJSHWEB3YKZ37</lei>
        <title>CLOSED-E</title>
        <cusip>47109U104</cusip>
        <identifiers>
          <isin value="US47109U1043"/>
        </identifiers>
        <balance>392925</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3072673.5</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nuveen Real Asset In</name>
        <lei>RQLXTE3CBG56EZF1BQ60</lei>
        <title>CLOSED-E</title>
        <cusip>67074Y105</cusip>
        <identifiers>
          <isin value="US67074Y1055"/>
        </identifiers>
        <balance>51646</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>603225.28</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NUVEEN REAL ESTATE</name>
        <lei>LXJVVL0330BRT3R7PH61</lei>
        <title>CLOSED-E</title>
        <cusip>67071B108</cusip>
        <identifiers>
          <isin value="US67071B1089"/>
        </identifiers>
        <balance>24801</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>185263.47</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nuveen Short</name>
        <lei>N0WOEFO1WOMLJYH1PV29</lei>
        <title>CLOSED-E</title>
        <cusip>67074X107</cusip>
        <identifiers>
          <isin value="US67074X1072"/>
        </identifiers>
        <balance>24507</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>288937.53</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE KOREA FUND</name>
        <lei>549300M4Y1IG0WPTKC03</lei>
        <title>CLOSED-E</title>
        <cusip>500634209</cusip>
        <identifiers>
          <isin value="US5006342092"/>
        </identifiers>
        <balance>8350</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>215880.9</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAYNE ANDERSON MID=</name>
        <lei>549300MHDTCUZBV2Y068</lei>
        <title>CLOSED-E</title>
        <cusip>48661E108</cusip>
        <identifiers>
          <isin value="US48661E1082"/>
        </identifiers>
        <balance>1226302</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5555148.06</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAYNE ANDERSON MLP</name>
        <lei>549300H9ZCLGQEKXQY57</lei>
        <title>CLOSED-E</title>
        <cusip>486606106</cusip>
        <identifiers>
          <isin value="US4866061066"/>
        </identifiers>
        <balance>343603</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1814223.84</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MACQUARIE FIRST TRUE</name>
        <lei>549300JL3ROR79GLM190</lei>
        <title>CLOSED-E</title>
        <cusip>55607W100</cusip>
        <identifiers>
          <isin value="US55607W1009"/>
        </identifiers>
        <balance>26198</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>208798.06</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nuveen Arizona Quali</name>
        <lei>549300DWXOLUWN2P0B05</lei>
        <title>CLOSED-E</title>
        <cusip>67061W104</cusip>
        <identifiers>
          <isin value="US67061W1045"/>
        </identifiers>
        <balance>17114</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>232750.4</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AllianzGI Conv &amp;</name>
        <lei>549300VQWKOKLGOGUQ16</lei>
        <title>CLOSED-E</title>
        <cusip>018825109</cusip>
        <identifiers>
          <isin value="US0188251096"/>
        </identifiers>
        <balance>170010</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>664739.1</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NexPoint Strategic O</name>
        <lei>5493008KGR2NU3OXMR64</lei>
        <title>CLOSED-E</title>
        <cusip>65340G205</cusip>
        <identifiers>
          <isin value="US65340G2057"/>
        </identifiers>
        <balance>849467</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8936392.84</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIMCO ENERGY AND</name>
        <lei>549300BX5QVFQJENPV35</lei>
        <title>CLOSED-E</title>
        <cusip>69346N107</cusip>
        <identifiers>
          <isin value="US69346N1072"/>
        </identifiers>
        <balance>564558</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3985779.48</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Adams Natural Resour</name>
        <lei>549300LPTQAH0G3NGD42</lei>
        <title>CLOSED-E</title>
        <cusip>00548F105</cusip>
        <identifiers>
          <isin value="US00548F1057"/>
        </identifiers>
        <balance>175733</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1996326.88</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRINCIPAL REAL</name>
        <lei>549300HK3LIJEGLGMK36</lei>
        <title>CLOSED-E</title>
        <cusip>74255X104</cusip>
        <identifiers>
          <isin value="US74255X1046"/>
        </identifiers>
        <balance>148877</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1789501.54</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pershing Square Hold</name>
        <lei>U7LC4KOKCTZ0YWGI2G56</lei>
        <title>CLOSED-E</title>
        <cusip>G7016V101</cusip>
        <identifiers>
          <isin value="GG00BPFJTF46"/>
        </identifiers>
        <balance>790000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18565000</valUSD>
        <pctVal>0.08</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Real Asse</name>
        <lei>5493007NX94W3HSQTJ60</lei>
        <title>CLOSED-E</title>
        <cusip>112830104</cusip>
        <identifiers>
          <isin value="US1128301041"/>
        </identifiers>
        <balance>128812</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2146007.92</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RMR Real Estate Inco</name>
        <lei>549300ESBDZ3SA3OEX38</lei>
        <title>CLOSED-E</title>
        <cusip>76970B101</cusip>
        <identifiers>
          <isin value="US76970B1017"/>
        </identifiers>
        <balance>297923</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3473782.18</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royce Micro-Cap</name>
        <lei>254900D3WFIV4SD8EF19</lei>
        <title>CLOSED-E</title>
        <cusip>780915104</cusip>
        <identifiers>
          <isin value="US7809151043"/>
        </identifiers>
        <balance>94556</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>680803.2</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cohen &amp; Steers REIT</name>
        <lei>Y2PROTN9284X1BRB7064</lei>
        <title>CLOSED-E</title>
        <cusip>19247X100</cusip>
        <identifiers>
          <isin value="US19247X1000"/>
        </identifiers>
        <balance>55384</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1058942.08</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cohen &amp; Steers Quali</name>
        <lei>BOWRNZIYSSLA6IG2ST17</lei>
        <title>CLOSED-E</title>
        <cusip>19247L106</cusip>
        <identifiers>
          <isin value="US19247L1061"/>
        </identifiers>
        <balance>56860</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>621479.8</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIVERNORTH SPECIALTY</name>
        <lei>54930061II7PXY87SC72</lei>
        <title>CLOSED-E</title>
        <cusip>76882B108</cusip>
        <identifiers>
          <isin value="US76882B1089"/>
        </identifiers>
        <balance>163960</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2434806</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROYAL VALUE TRUST</name>
        <lei>254900NJE1W1YYKNVM16</lei>
        <title>CLOSED-E</title>
        <cusip>780910105</cusip>
        <identifiers>
          <isin value="US7809101055"/>
        </identifiers>
        <balance>40392</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>506515.68</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWISS HELVETIA FUND</name>
        <lei>549300HQZ0XPGTS5Q724</lei>
        <title>CLOSED-E</title>
        <cusip>870875101</cusip>
        <identifiers>
          <isin value="US8708751016"/>
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        <balance>303803</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2381815.52</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Templeton Dragon</name>
        <lei>549300L5KGV2K28LYW59</lei>
        <title>CLOSED-E</title>
        <cusip>88018T101</cusip>
        <identifiers>
          <isin value="US88018T1016"/>
        </identifiers>
        <balance>25132</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>507163.76</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORTOISE ESSENT</name>
        <lei>549300JEEQF7C836SM26</lei>
        <title>CLOSED-E</title>
        <cusip>89148A103</cusip>
        <identifiers>
          <isin value="US89148A1034"/>
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        <balance>331170</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3699168.9</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Templeton Emerging</name>
        <lei>HM42X4Y58XQ0M2JYZW07</lei>
        <title>CLOSED-E</title>
        <cusip>880192109</cusip>
        <identifiers>
          <isin value="US8801921094"/>
        </identifiers>
        <balance>140531</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1103168.35</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Third Point Offshore</name>
        <lei>549300WXTCG65AQ7V644</lei>
        <title>CLOSED-E</title>
        <cusip>G8846K109</cusip>
        <identifiers>
          <isin value="GG00B1YQ7219"/>
        </identifiers>
        <balance>770000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11242000</valUSD>
        <pctVal>0.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GS</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Fund Inc/The</name>
        <lei>549300B0OHIYIAWV0Z83</lei>
        <title>CLOSED-E</title>
        <cusip>874036106</cusip>
        <identifiers>
          <isin value="US8740361063"/>
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        <balance>93000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1972530</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRI CONTINENTAL</name>
        <lei>6QVMFZKY1QSOOIHD7Y77</lei>
        <title>CLOSED-E</title>
        <cusip>895436103</cusip>
        <identifiers>
          <isin value="US8954361031"/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1235500</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERTICAL CAPITAL</name>
        <lei>549300LVMWHJGZNVXZ22</lei>
        <title>CLOSED-E</title>
        <cusip>92535C104</cusip>
        <identifiers>
          <isin value="US92535C1045"/>
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        <balance>311000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3010480</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO DYNAMIC</name>
        <lei>UJGJ6DJQ6L11ZHIVZG65</lei>
        <title>CLOSED-E</title>
        <cusip>46132R104</cusip>
        <identifiers>
          <isin value="US46132R1041"/>
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        <balance>371000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3301900</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Senior</name>
        <lei>549300C38VE5Y5R75E56</lei>
        <title>CLOSED-E</title>
        <cusip>46131H107</cusip>
        <identifiers>
          <isin value="US46131H1077"/>
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        <balance>188792</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>653220.32</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco CEF Income</name>
        <lei>549300LN41Q4LYHW8N43</lei>
        <title>ETF</title>
        <cusip>46138E404</cusip>
        <identifiers>
          <isin value="US46138E4044"/>
        </identifiers>
        <balance>246733</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4900117.38</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VanEck Vectors CEF</name>
        <lei>549300PUUB20HTFO1M17</lei>
        <title>ETF</title>
        <cusip>92189F460</cusip>
        <identifiers>
          <isin value="US92189F4607"/>
        </identifiers>
        <balance>23870</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>627542.3</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amplify High Income</name>
        <lei>549300J2L1JBJQEGLN08</lei>
        <title>ETF</title>
        <cusip>032108847</cusip>
        <identifiers>
          <isin value="US0321088470"/>
        </identifiers>
        <balance>57059</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>817084.88</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Investments</name>
        <lei>6X064LF7Y6B4DKF2GZ26</lei>
        <title>MONEYMKT</title>
        <cusip>316175108</cusip>
        <identifiers>
          <other otherDesc="Ticker" value="FIGXX"/>
        </identifiers>
        <balance>820013.9</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>820013.85</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Money Market" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-08-15</ncom:dateSigned>
      <ncom:nameOfApplicant>Starboard Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Ashley Lanham</ncom:signature>
      <ncom:signerName>Ashley Lanham</ncom:signerName>
      <ncom:title>Treasurer/PFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
