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          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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        <classId>C000200403</classId>
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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 Bond CEF Strategy</seriesName>
      <seriesId>S000061872</seriesId>
      <seriesLei>549300VDRUKECI4KMZ43</seriesLei>
      <repPdEnd>2022-03-31</repPdEnd>
      <repPdDate>2022-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>784732.95</totLiabs>
      <netAssets>32149860.43</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
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      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
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      <borrowers>
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        <fairValLevel>1</fairValLevel>
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        <name>Blackstone/GSO Long-</name>
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        <name>Credit Suisse High</name>
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        <balance>99000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>993960</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>ABERDEEN ASIA</name>
        <lei>549300J666ZH67203572</lei>
        <title>CLOSED-E</title>
        <cusip>003009107</cusip>
        <identifiers>
          <isin value="US0030091070"/>
        </identifiers>
        <balance>340000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1149200</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>ANGEL OAK FINANCIAL</name>
        <lei>549300BL3JQL47QYUO51</lei>
        <title>CLOSED-E</title>
        <cusip>03464A100</cusip>
        <identifiers>
          <isin value="US03464A1007"/>
        </identifiers>
        <balance>20305</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>320615.95</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>PGIM GLOBAL</name>
        <lei>F0ATD1Y4J8CHDKHSLD09</lei>
        <title>CLOSED-E</title>
        <cusip>69346J106</cusip>
        <identifiers>
          <isin value="US69346J1060"/>
        </identifiers>
        <balance>52000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>695240</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 AMERICA HIGH</name>
        <lei>V5LSTDFQKWGSW30MQ381</lei>
        <title>CLOSED-E</title>
        <cusip>641876800</cusip>
        <identifiers>
          <isin value="US6418768007"/>
        </identifiers>
        <balance>18695</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>151616.45</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>DELAWARE IVY</name>
        <lei>549300C130E3EJZ8ZQ39</lei>
        <title>CLOSED-E</title>
        <cusip>246107106</cusip>
        <identifiers>
          <isin value="US2461071068"/>
        </identifiers>
        <balance>41193</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>521915.31</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>NUVEEN GLOBAL</name>
        <lei>549300I4IAH7O6ZZEH53</lei>
        <title>CLOSED-E</title>
        <cusip>67075G103</cusip>
        <identifiers>
          <isin value="US67075G1031"/>
        </identifiers>
        <balance>34043</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>484772.32</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>Nuveen Mortgage</name>
        <lei>07Q4EPZRU8XATVYVY545</lei>
        <title>CLOSED-E</title>
        <cusip>670735109</cusip>
        <identifiers>
          <isin value="US6707351093"/>
        </identifiers>
        <balance>1911</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34894.86</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nuveen Short</name>
        <lei>N0WOEFO1WOMLJYH1PV29</lei>
        <title>CLOSED-E</title>
        <cusip>67074X107</cusip>
        <identifiers>
          <isin value="US67074X1072"/>
        </identifiers>
        <balance>13806</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>196459.38</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>MFS Municipal Income</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>552738106</cusip>
        <identifiers>
          <isin value="US5527381066"/>
        </identifiers>
        <balance>73951</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>452580.12</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>Pioneer Municipal</name>
        <lei>1SKUXW31ZFWF61CETQ82</lei>
        <title>CLOSED-E</title>
        <cusip>723763108</cusip>
        <identifiers>
          <isin value="US7237631087"/>
        </identifiers>
        <balance>48263</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>506761.5</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>Pioneer Municipal Hi</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>723760104</cusip>
        <identifiers>
          <isin value="US7237601049"/>
        </identifiers>
        <balance>77700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1156176</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>BlackRock MuniYield</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>09254V105</cusip>
        <identifiers>
          <isin value="US09254V1052"/>
        </identifiers>
        <balance>2159</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27656.79</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>Western Asset Munici</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>95766P108</cusip>
        <identifiers>
          <isin value="US95766P1084"/>
        </identifiers>
        <balance>31435</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>423429.45</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>BlackRock MuniYield</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>09255G107</cusip>
        <identifiers>
          <isin value="US09255G1076"/>
        </identifiers>
        <balance>19128</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249620.4</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>MORGAN STANLEY</name>
        <lei>879N34XPZOOCKFD26737</lei>
        <title>CLOSED-E</title>
        <cusip>61744H105</cusip>
        <identifiers>
          <isin value="US61744H1059"/>
        </identifiers>
        <balance>115632</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>899616.96</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>Nuveen New York Qual</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>67066X107</cusip>
        <identifiers>
          <isin value="US67066X1072"/>
        </identifiers>
        <balance>9343</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>117441.51</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>Neuberger Berman New</name>
        <lei>549300QBK683OL6H5P21</lei>
        <title>CLOSED-E</title>
        <cusip>64124K102</cusip>
        <identifiers>
          <isin value="US64124K1025"/>
        </identifiers>
        <balance>65067</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>754777.2</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>Neuberger Berman Cal</name>
        <lei>5493003VDAWQHC3PB533</lei>
        <title>CLOSED-E</title>
        <cusip>64123C101</cusip>
        <identifiers>
          <isin value="US64123C1018"/>
        </identifiers>
        <balance>83000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1013430</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>Nuveen Core Plus Imp</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>67080D103</cusip>
        <identifiers>
          <isin value="US67080D1037"/>
        </identifiers>
        <balance>77000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1157310</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>Nuveen New York AMT-</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>670656107</cusip>
        <identifiers>
          <isin value="US6706561072"/>
        </identifiers>
        <balance>69900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>848586</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>Nuveen Ohio Quility</name>
        <lei>549300YQTF12CXCN9E54</lei>
        <title>CLOSED-E</title>
        <cusip>670980101</cusip>
        <identifiers>
          <isin value="US6709801012"/>
        </identifiers>
        <balance>70823</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>982315.01</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>Nuveen New Jersey Qu</name>
        <lei>5493006CFPL75HL16F31</lei>
        <title>CLOSED-E</title>
        <cusip>67069Y102</cusip>
        <identifiers>
          <isin value="US67069Y1029"/>
        </identifiers>
        <balance>81000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1083780</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>PIONEER HIGH</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>72369H106</cusip>
        <identifiers>
          <isin value="US72369H1068"/>
        </identifiers>
        <balance>300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2436</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cohen &amp; Steers Tax-A</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>19249X108</cusip>
        <identifiers>
          <isin value="US19249X1081"/>
        </identifiers>
        <balance>4864</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>106862.08</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>RiverNorth Flexible</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>76883Y107</cusip>
        <identifiers>
          <isin value="US76883Y1073"/>
        </identifiers>
        <balance>3818</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62615.2</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>WESTERN ASSET</name>
        <lei>5493000MG5MROBD48K57</lei>
        <title>CLOSED-E</title>
        <cusip>958435109</cusip>
        <identifiers>
          <isin value="US9584351095"/>
        </identifiers>
        <balance>4147</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35622.73</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>Templeton Emerging</name>
        <lei>HM42X4Y58XQ0M2JYZW07</lei>
        <title>CLOSED-E</title>
        <cusip>880192109</cusip>
        <identifiers>
          <isin value="US8801921094"/>
        </identifiers>
        <balance>8780</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60143</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>VERTICAL CAPITAL</name>
        <lei>549300LVMWHJGZNVXZ22</lei>
        <title>CLOSED-E</title>
        <cusip>92535C104</cusip>
        <identifiers>
          <isin value="US92535C1045"/>
        </identifiers>
        <balance>95809</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>958090</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>DELAWARE INV NATL</name>
        <lei>NIC7ULNUGCUI836YP119</lei>
        <title>CLOSED-E</title>
        <cusip>24610T108</cusip>
        <identifiers>
          <isin value="US24610T1088"/>
        </identifiers>
        <balance>4459</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56406.35</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIRTUS GLOBAL MULTI</name>
        <lei>5493008J77OQDENT5651</lei>
        <title>CLOSED-E</title>
        <cusip>92829B101</cusip>
        <identifiers>
          <isin value="US92829B1017"/>
        </identifiers>
        <balance>28740</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>285100.8</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO PENNSYLVANIA</name>
        <lei>549300S5KHBL3XISY922</lei>
        <title>CLOSED-E</title>
        <cusip>46132K109</cusip>
        <identifiers>
          <isin value="US46132K1097"/>
        </identifiers>
        <balance>55615</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>649583.2</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>Invesco Trust For</name>
        <lei>FNS6N81D3V131ZZWNT79</lei>
        <title>CLOSED-E</title>
        <cusip>46131T101</cusip>
        <identifiers>
          <isin value="US46131T1016"/>
        </identifiers>
        <balance>35794</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>414852.46</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>Western Asset Divers</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>95790K109</cusip>
        <identifiers>
          <isin value="US95790K1097"/>
        </identifiers>
        <balance>71000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1150910</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>Western Asset</name>
        <lei>549300Z3DNF4FJBJ4A87</lei>
        <title>CLOSED-E</title>
        <cusip>95766R104</cusip>
        <identifiers>
          <isin value="US95766R1041"/>
        </identifiers>
        <balance>30885</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>370928.85</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>BlackRock New York M</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>09248L106</cusip>
        <identifiers>
          <isin value="US09248L1061"/>
        </identifiers>
        <balance>24418</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>297411.24</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>iShares Agency Bond</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>464288166</cusip>
        <identifiers>
          <isin value="US4642881662"/>
        </identifiers>
        <balance>3700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>415510</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>iShares iBonds Dec</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>46436E874</cusip>
        <identifiers>
          <isin value="US464368E747"/>
        </identifiers>
        <balance>17300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>426445</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>iShares iBonds Dec</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>46436E866</cusip>
        <identifiers>
          <isin value="US46436E8663"/>
        </identifiers>
        <balance>17300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>420044</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>iShares 1-3 Year Tre</name>
        <lei>549300W0WX9TL4G6HM56</lei>
        <title>ETF</title>
        <cusip>464287457</cusip>
        <identifiers>
          <isin value="US4642874576"/>
        </identifiers>
        <balance>5100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>425085</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>SPDR Portfolio</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>78464A383</cusip>
        <identifiers>
          <isin value="US78464A3831"/>
        </identifiers>
        <balance>17300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>414508</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>SPDR Portfolio Short</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>78468R101</cusip>
        <identifiers>
          <isin value="US78468R1014"/>
        </identifiers>
        <balance>14500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>429925</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>Vanguard Short-Term</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>92206C102</cusip>
        <identifiers>
          <isin value="US92206C1027"/>
        </identifiers>
        <balance>7200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>426672</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>Fidelity Investments</name>
        <lei>6X064LF7Y6B4DKF2GZ26</lei>
        <title>MONEYMKT</title>
        <cusip>316175108</cusip>
        <identifiers>
          <ticker value="FIGXX"/>
        </identifiers>
        <balance>330458.1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>330458.09</valUSD>
        <pctVal>0.01</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>2022-05-25</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>
