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          <cik>0001464413</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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        <classId>C000119000</classId>
      </seriesClassInfo>


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      <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>2022-03-31</repPdEnd>
      <repPdDate>2021-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>879249.78</totLiabs>
      <netAssets>345028253.88</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
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      <borrowers>
        <borrower aggrVal="0" lei="N/A" name="N/A"/>
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        <name>Morgan Stanley China</name>
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        <balance>205769</balance>
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        <curCd>USD</curCd>
        <valUSD>1866324.83</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>4341202.62</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>Goldman Sachs MLP</name>
        <lei>5493002N1D5YCVFNA222</lei>
        <title>CLOSED-E</title>
        <cusip>38148G206</cusip>
        <identifiers>
          <isin value="US38148G2066"/>
        </identifiers>
        <balance>147902</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1693477.9</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>Gabelli Global Small</name>
        <lei>54930027RS7HE8UD3187</lei>
        <title>CLOSED-E</title>
        <cusip>36249W104</cusip>
        <identifiers>
          <isin value="US36249W1045"/>
        </identifiers>
        <balance>187147</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2994333.29</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>EAGLE CAPITAL GROWTH</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>269451100</cusip>
        <identifiers>
          <isin value="US2694511005"/>
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        <balance>86401</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>790482.75</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>206220</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2783970</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>254900CMUE9FRYL2UR80</lei>
        <title>CLOSED-E</title>
        <cusip>43010E404</cusip>
        <identifiers>
          <isin value="US43010E4044"/>
        </identifiers>
        <balance>1377000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15023070</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"/>
        </identifiers>
        <balance>681000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6169860</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>86000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2212780</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>165000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3537600</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>6806477.67</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>89598</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1092199.62</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 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>975655.2</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>ABERDEEN JAPAN</name>
        <lei>549300TENE1BGI09O157</lei>
        <title>CLOSED-E</title>
        <cusip>00306J109</cusip>
        <identifiers>
          <isin value="US00306J1097"/>
        </identifiers>
        <balance>270018</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2378858.58</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"/>
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        <balance>388410</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3503458.2</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>KAYNE ANDERSON MID=</name>
        <lei>549300MHDTCUZBV2Y068</lei>
        <title>CLOSED-E</title>
        <cusip>48661E108</cusip>
        <identifiers>
          <isin value="US48661E1082"/>
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        <balance>1227602</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9292947.14</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>KAYNE ANDERSON MLP</name>
        <lei>549300H9ZCLGQEKXQY57</lei>
        <title>CLOSED-E</title>
        <cusip>486606106</cusip>
        <identifiers>
          <isin value="US4866061066"/>
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        <balance>343603</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3054630.67</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 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>3138880</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>92838U108</cusip>
        <identifiers>
          <isin value="US92838U1088"/>
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        <balance>170010</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>909553.5</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"/>
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        <balance>55000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1113200</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"/>
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        <balance>751600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10342016</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>Neuberger Berman MLP</name>
        <lei>549300P5ICT7WWGP8224</lei>
        <title>CLOSED-E</title>
        <cusip>64129H104</cusip>
        <identifiers>
          <isin value="US64129H1041"/>
        </identifiers>
        <balance>1223585</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6117925</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>PIMCO ENERGY AND</name>
        <lei>549300BX5QVFQJENPV35</lei>
        <title>CLOSED-E</title>
        <cusip>69346N107</cusip>
        <identifiers>
          <isin value="US69346N1072"/>
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        <balance>564558</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7056975</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>189000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5654880</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>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>2258464.09</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>28937700</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>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>3554221.39</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>5121200</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>2166506.79</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>3164760</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>66000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1947660</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>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>2956003.19</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>542889.36</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>4907939.4</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 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>1120032.07</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>9879807.34</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>650000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17550000</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>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>27899.85</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>280483.53</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>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>3286155</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>284517</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8188399.26</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>3358800</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>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3641000</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>GLOBAL X MLP &amp; ENERG</name>
        <lei>549300R7DURR92Q63054</lei>
        <title>ETF</title>
        <cusip>37954Y293</cusip>
        <identifiers>
          <isin value="US37954Y2937"/>
        </identifiers>
        <balance>35000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1271900</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>30961975.1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30961975.11</valUSD>
        <pctVal>0.09</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>
      <invstOrSec>
        <name>NEXPOINT STRAT OPP</name>
        <lei>5493008KGR2NU3OXMR64</lei>
        <title>PREFSTCK</title>
        <cusip>65340G304</cusip>
        <identifiers>
          <isin value="US65340G3048"/>
        </identifiers>
        <balance>262656</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5781058.56</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-08-09</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>
  <documents>XXXX</documents>
</edgarSubmission>
