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    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <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>2020-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>2323723.19</totLiabs>
      <netAssets>289025660.72</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
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          <intrstRtRiskdv100 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
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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>
      <returnInfo>
        <monthlyTotReturns>
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        </monthlyTotReturns>
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        <othMon2 netRealizedGain="2780199.46" netUnrealizedAppr="31047069.9"/>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>ASA Gold and Preciou</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aberdeen Standard</name>
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        <name>BLACKROCK RESOURCES</name>
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        <name>Morgan Stanley China</name>
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        <name>Morgan Stanley Emerg</name>
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        <name>First Trust MLP and</name>
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        <name>First Trust Energy</name>
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        <balance>4499</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48139.3</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>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>314400</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"/>
        </identifiers>
        <balance>222000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3101340</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>5657640.32</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"/>
        </identifiers>
        <balance>205769</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1794305.68</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"/>
        </identifiers>
        <balance>165002</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3540942.92</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>Goldman Sachs MLP</name>
        <lei>5493002N1D5YCVFNA222</lei>
        <title>CLOSED-E</title>
        <cusip>38148G206</cusip>
        <identifiers>
          <isin value="US38148G2066"/>
        </identifiers>
        <balance>139884</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1065916.08</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>Gabelli Global Small</name>
        <lei>54930027RS7HE8UD3187</lei>
        <title>CLOSED-E</title>
        <cusip>36249W104</cusip>
        <identifiers>
          <isin value="US36249W1045"/>
        </identifiers>
        <balance>222047</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2897713.35</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</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>2161139.42</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"/>
        </identifiers>
        <balance>396000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5433120</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"/>
        </identifiers>
        <balance>70000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>558600</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"/>
        </identifiers>
        <balance>206220</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2464329</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>HIGHLAND INCOME FUND</name>
        <lei>549300VMOZD9W6DJLT40</lei>
        <title>CLOSED-E</title>
        <cusip>43010E404</cusip>
        <identifiers>
          <isin value="US43010E4044"/>
        </identifiers>
        <balance>1377000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14155560</valUSD>
        <pctVal>0.05</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"/>
        </identifiers>
        <balance>681000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4446930</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"/>
        </identifiers>
        <balance>560000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4340000</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 Healthcare</name>
        <lei>549300SNASESIFOS6V75</lei>
        <title>CLOSED-E</title>
        <cusip>87911J103</cusip>
        <identifiers>
          <isin value="US87911J1034"/>
        </identifiers>
        <balance>169541</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4040162.03</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 Life Sciences</name>
        <lei>5493007BYZPSOVVS0M04</lei>
        <title>CLOSED-E</title>
        <cusip>87911K100</cusip>
        <identifiers>
          <isin value="US87911K1007"/>
        </identifiers>
        <balance>319311</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6306392.25</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>VOYA INFASTRUCTURE</name>
        <lei>CDDOXZNDBE7I8PJXIJ33</lei>
        <title>CLOSED-E</title>
        <cusip>92912X101</cusip>
        <identifiers>
          <isin value="US92912X1019"/>
        </identifiers>
        <balance>196613</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2025113.9</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"/>
        </identifiers>
        <balance>24081</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>480656.76</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>VOYA GLOBAL</name>
        <lei>549300P8MCGWLP88NI42</lei>
        <title>CLOSED-E</title>
        <cusip>92912R104</cusip>
        <identifiers>
          <isin value="US92912R1041"/>
        </identifiers>
        <balance>464610</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4065337.5</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>Voya Global Equity</name>
        <lei>549300YJVN8KX08ZHI42</lei>
        <title>CLOSED-E</title>
        <cusip>92912T100</cusip>
        <identifiers>
          <isin value="US92912T1007"/>
        </identifiers>
        <balance>783000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4087260</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>3997286.88</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>MORGAN STANLEY INDIA</name>
        <lei>5LQ8NRKQLK2XRS19BS65</lei>
        <title>CLOSED-E</title>
        <cusip>61745C105</cusip>
        <identifiers>
          <isin value="US61745C1053"/>
        </identifiers>
        <balance>275901</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5851860.21</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>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>1546620</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>822740.01</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>2571770.25</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>3552042</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>695155.16</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>1227602</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7058711.5</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>1975717.25</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>219277.26</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>Macquarie Global</name>
        <lei>NUJZT0OFFYGJKMCIDQ69</lei>
        <title>CLOSED-E</title>
        <cusip>55608D101</cusip>
        <identifiers>
          <isin value="US55608D1019"/>
        </identifiers>
        <balance>136000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2759440</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>AllianzGI Conv &amp;</name>
        <lei>549300VQWKOKLGOGUQ16</lei>
        <title>CLOSED-E</title>
        <cusip>018825109</cusip>
        <identifiers>
          <isin value="US92838U1088"/>
        </identifiers>
        <balance>170010</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>865350.9</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>TORTOISE ENERGY</name>
        <lei>5493005UTWHF1U2B2H30</lei>
        <title>CLOSED-E</title>
        <cusip>89148K200</cusip>
        <identifiers>
          <isin value="US89148K2006"/>
        </identifiers>
        <balance>55000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>730400</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>1368000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14391360</valUSD>
        <pctVal>0.05</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>Neuberger Berman MLP</name>
        <lei>549300P5ICT7WWGP8224</lei>
        <title>CLOSED-E</title>
        <cusip>64129H104</cusip>
        <identifiers>
          <isin value="US64129H1041"/>
        </identifiers>
        <balance>1217685</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4103598.45</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>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>4561628.64</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>TORTOISE</name>
        <lei>549300YD59DIX0JIF033</lei>
        <title>CLOSED-E</title>
        <cusip>89148B200</cusip>
        <identifiers>
          <isin value="US89148B2007"/>
        </identifiers>
        <balance>158210</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3257543.9</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>1814810.63</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>27650000</valUSD>
        <pctVal>0.1</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>RMR MORTGAGE</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>3134149.96</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>Royce Micro-Cap</name>
        <lei>254900D3WFIV4SD8EF19</lei>
        <title>CLOSED-E</title>
        <cusip>780915104</cusip>
        <identifiers>
          <isin value="US7809151043"/>
        </identifiers>
        <balance>413000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4179560</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>RIVERNORTH SPECIALTY</name>
        <lei>54930061II7PXY87SC72</lei>
        <title>CLOSED-E</title>
        <cusip>76882B108</cusip>
        <identifiers>
          <isin value="US76882B1089"/>
        </identifiers>
        <balance>142476</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2363676.84</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>ROYAL VALUE TRUST</name>
        <lei>254900NJE1W1YYKNVM16</lei>
        <title>CLOSED-E</title>
        <cusip>780910105</cusip>
        <identifiers>
          <isin value="US7809101055"/>
        </identifiers>
        <balance>114207</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1843300.98</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>Salient Midstream &amp;</name>
        <lei>5493004WQSDUD0W6BV62</lei>
        <title>CLOSED-E</title>
        <cusip>79471V105</cusip>
        <identifiers>
          <isin value="US79471V1052"/>
        </identifiers>
        <balance>531000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2267370</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>CUSHING MLP &amp;</name>
        <lei>5493006NXITDSHOHUT03</lei>
        <title>CLOSED-E</title>
        <cusip>231631300</cusip>
        <identifiers>
          <isin value="US2316313004"/>
        </identifiers>
        <balance>56622</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1207747.26</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"/>
        </identifiers>
        <balance>303803</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2715998.82</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>Cushing NextGen</name>
        <lei>549300MVVZW681ZGYD76</lei>
        <title>CLOSED-E</title>
        <cusip>231647207</cusip>
        <identifiers>
          <isin value="US2316472073"/>
        </identifiers>
        <balance>11226</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>408963.18</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>TORTOISE ESSENT</name>
        <lei>549300JEEQF7C836SM26</lei>
        <title>CLOSED-E</title>
        <cusip>89148A103</cusip>
        <identifiers>
          <isin value="US89148A1034"/>
        </identifiers>
        <balance>331170</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4325080.2</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>1091925.87</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>TETRAGON FINANCIAL</name>
        <lei>14URO7KANNWKTLQY7F55</lei>
        <title>CLOSED-E</title>
        <cusip>G8766R134</cusip>
        <identifiers>
          <isin value="GG00B1RMC548"/>
        </identifiers>
        <balance>1027007</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9756566.5</valUSD>
        <pctVal>0.03</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>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>16324000</valUSD>
        <pctVal>0.06</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>TORTOISE POWER &amp;</name>
        <lei>549300O8GKMVVEB04345</lei>
        <title>CLOSED-E</title>
        <cusip>89147X104</cusip>
        <identifiers>
          <isin value="US89147X1046"/>
        </identifiers>
        <balance>2035</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22547.8</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>TORTOISE PIPELINE &amp;</name>
        <lei>549300L8CO08RZOP4B19</lei>
        <title>CLOSED-E</title>
        <cusip>89148H207</cusip>
        <identifiers>
          <isin value="US89148H2076"/>
        </identifiers>
        <balance>11721</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>199257</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>Taiwan Fund Inc/The</name>
        <lei>549300B0OHIYIAWV0Z83</lei>
        <title>CLOSED-E</title>
        <cusip>874036106</cusip>
        <identifiers>
          <isin value="US8740361063"/>
        </identifiers>
        <balance>93000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2385450</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>TORTOISE CAPITAL</name>
        <lei>5493008P735YB22YPB89</lei>
        <title>CLOSED-E</title>
        <cusip>89147L886</cusip>
        <identifiers>
          <isin value="US89147L8862"/>
        </identifiers>
        <balance>271588</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5458918.8</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>VERTICAL CAPITAL</name>
        <lei>549300LVMWHJGZNVXZ22</lei>
        <title>CLOSED-E</title>
        <cusip>92535C104</cusip>
        <identifiers>
          <isin value="US92535C1045"/>
        </identifiers>
        <balance>311000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3060240</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>ALERIAN MLP ETF</name>
        <lei>549300WPBLCQJSVVVV61</lei>
        <title>ETF</title>
        <cusip>00162Q452</cusip>
        <identifiers>
          <isin value="US00162Q4525"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>513200</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>DUFF &amp; PHELPS SELECT</name>
        <lei>549300YRDZ8YRPOKW946</lei>
        <title>ETF</title>
        <cusip>26433F207</cusip>
        <identifiers>
          <isin value="US26433F2074"/>
        </identifiers>
        <balance>13022</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63026.48</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>GLOBAL X MLP &amp; ENERG</name>
        <lei>549300R7DURR92Q63054</lei>
        <title>ETF</title>
        <cusip>37954Y293</cusip>
        <identifiers>
          <isin value="US37954Y2937"/>
        </identifiers>
        <balance>20000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>539000</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>949709.1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>949709.14</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>2021-02-05</ncom:dateSigned>
      <ncom:nameOfApplicant>Starboard Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Ashley Lanham</ncom:signature>
      <ncom:signerName>Ashley Lanham</ncom:signerName>
      <ncom:title>Principal Accounting Officer/Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
