<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P/A</submissionType>
    <isConfidential>false</isConfidential>
    <accessionNumber>0001387131-23-006276</accessionNumber>
    <filerInfo>

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


      <seriesClassInfo>
        <seriesId>S000061872</seriesId>
        <classId>C000200403</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <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 Bond CEF Strategy</seriesName>
      <seriesId>S000061872</seriesId>
      <seriesLei>549300VDRUKECI4KMZ43</seriesLei>
      <repPdEnd>2023-03-31</repPdEnd>
      <repPdDate>2023-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>39358079.55</totAssets>
      <totLiabs>225948.08</totLiabs>
      <netAssets>39132131.47</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>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
          <intrstRtRiskdv100 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
      <creditSprdRiskNonInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
      <borrowers>
        <borrower aggrVal="0" lei="N/A" name="N/A"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000200403" rtn1="8.34" rtn2="-3.66" rtn3="-0.08"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="99517" netUnrealizedAppr="2775632.52"/>
        <othMon2 netRealizedGain="23017.52" netUnrealizedAppr="-1727445.76"/>
        <othMon3 netRealizedGain="-35663.73" netUnrealizedAppr="-279413.37"/>
      </returnInfo>
      <mon1Flow redemption="-536072.69" reinvestment="0" sales="1696349.32"/>
      <mon2Flow redemption="-467351.34" reinvestment="0" sales="189716.35"/>
      <mon3Flow redemption="-379078.62" reinvestment="680139.27" sales="1462186.47"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Apollo Tactical</name>
        <lei>549300JOTMM1DVBHF402</lei>
        <title>CLOSED-E</title>
        <cusip>037638103</cusip>
        <identifiers>
          <isin value="US0376381036"/>
        </identifiers>
        <balance>68837</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>834304.44</valUSD>
        <pctVal>2.13</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>Ares Dynamic Credit</name>
        <lei>549300BZI16VZUT2N044</lei>
        <title>CLOSED-E</title>
        <cusip>04014F102</cusip>
        <identifiers>
          <isin value="US04014F1021"/>
        </identifiers>
        <balance>41071</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>491619.87</valUSD>
        <pctVal>1.26</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>BLACKSTONE/GSO</name>
        <lei>549300YESIF051NRED20</lei>
        <title>CLOSED-E</title>
        <cusip>09257R101</cusip>
        <identifiers>
          <isin value="US09257R1014"/>
        </identifiers>
        <balance>854</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9095.1</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>Blackstone/GSO Long-</name>
        <lei>549300SM8M5F2TV58W35</lei>
        <title>CLOSED-E</title>
        <cusip>09257D102</cusip>
        <identifiers>
          <isin value="US09257D1028"/>
        </identifiers>
        <balance>69365</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>756772.15</valUSD>
        <pctVal>1.93</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>CLOSED-E</title>
        <cusip>09248L106</cusip>
        <identifiers>
          <isin value="US09248L1061"/>
        </identifiers>
        <balance>72521</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>754218.4</valUSD>
        <pctVal>1.93</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>BRANDYWINE GLOBAL</name>
        <lei>549300P4CDQCJBGI0833</lei>
        <title>CLOSED-E</title>
        <cusip>10537L104</cusip>
        <identifiers>
          <isin value="US10537L1044"/>
        </identifiers>
        <balance>140000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1114400</valUSD>
        <pctVal>2.85</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>Eaton Vance Californ</name>
        <lei>5493000EWT76UUJKIW67</lei>
        <title>CLOSED-E</title>
        <cusip>27826F101</cusip>
        <identifiers>
          <isin value="US27826F1012"/>
        </identifiers>
        <balance>107178</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1096430.94</valUSD>
        <pctVal>2.8</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 High Yield Munic</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>59318E102</cusip>
        <identifiers>
          <isin value="US59318E1029"/>
        </identifiers>
        <balance>385623</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1237849.83</valUSD>
        <pctVal>3.16</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 Investment Grade</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>59318B108</cusip>
        <identifiers>
          <isin value="US59318B1089"/>
        </identifiers>
        <balance>113651</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>839880.89</valUSD>
        <pctVal>2.15</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>Credit Suisse High</name>
        <lei>549300R9HE7C1IL42N58</lei>
        <title>CLOSED-E</title>
        <cusip>22544F103</cusip>
        <identifiers>
          <isin value="US22544F1030"/>
        </identifiers>
        <balance>13610</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25722.9</valUSD>
        <pctVal>0.07</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>BNY Mellon Municipal</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>05589T104</cusip>
        <identifiers>
          <isin value="US05589T1043"/>
        </identifiers>
        <balance>37322</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>242219.78</valUSD>
        <pctVal>0.62</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 Mortga</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>95790B109</cusip>
        <identifiers>
          <isin value="US95790B1098"/>
        </identifiers>
        <balance>130000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1358500</valUSD>
        <pctVal>3.47</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>BNY Mellon Strategic</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>09662E109</cusip>
        <identifiers>
          <isin value="US09662E1091"/>
        </identifiers>
        <balance>26474</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>159108.74</valUSD>
        <pctVal>0.41</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 Emerg</name>
        <lei>541YGIXZ6JJP4EZDJI96</lei>
        <title>CLOSED-E</title>
        <cusip>617477104</cusip>
        <identifiers>
          <isin value="US6174771047"/>
        </identifiers>
        <balance>306290</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1384430.8</valUSD>
        <pctVal>3.54</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>549300F68574RU1BKP84</lei>
        <title>CLOSED-E</title>
        <cusip>95766A101</cusip>
        <identifiers>
          <isin value="US95766A1016"/>
        </identifiers>
        <balance>80347</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>690180.73</valUSD>
        <pctVal>1.76</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>Eaton Vance New York</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>27827Y109</cusip>
        <identifiers>
          <isin value="US27827Y1091"/>
        </identifiers>
        <balance>114287</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1110869.64</valUSD>
        <pctVal>2.84</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>Eaton Vance Californ</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>27828A100</cusip>
        <identifiers>
          <isin value="US27828A1007"/>
        </identifiers>
        <balance>18170</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>163893.4</valUSD>
        <pctVal>0.42</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Trust Aberdeen</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>337319107</cusip>
        <identifiers>
          <isin value="US3373191077"/>
        </identifiers>
        <balance>187356</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1122262.44</valUSD>
        <pctVal>2.87</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>570000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1516200</valUSD>
        <pctVal>3.87</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Trust Senior</name>
        <lei>549300188EQ1UO018C30</lei>
        <title>CLOSED-E</title>
        <cusip>33733U108</cusip>
        <identifiers>
          <isin value="US33733U1088"/>
        </identifiers>
        <balance>136900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1362155</valUSD>
        <pctVal>3.48</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>80000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>986400</valUSD>
        <pctVal>2.52</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>Federated Hermes Pre</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>31423P108</cusip>
        <identifiers>
          <isin value="US31423P1084"/>
        </identifiers>
        <balance>44588</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>482442.16</valUSD>
        <pctVal>1.23</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 FS Credit</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>30290Y101</cusip>
        <identifiers>
          <isin value="US30290Y1010"/>
        </identifiers>
        <balance>320000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1420800</valUSD>
        <pctVal>3.63</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>Franklin Ltd Duratio</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>35472T101</cusip>
        <identifiers>
          <isin value="US35472T1016"/>
        </identifiers>
        <balance>159668</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>986748.24</valUSD>
        <pctVal>2.52</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 HIGH</name>
        <lei>549300VWTG40J7RZE994</lei>
        <title>CLOSED-E</title>
        <cusip>33741Q107</cusip>
        <identifiers>
          <isin value="US33741Q1076"/>
        </identifiers>
        <balance>26877</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>375202.92</valUSD>
        <pctVal>0.96</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>38684</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>263438.04</valUSD>
        <pctVal>0.67</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>84000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1340640</valUSD>
        <pctVal>3.43</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 FLT RATE</name>
        <lei>6TG15UBKG3HMZ9US3I68</lei>
        <title>CLOSED-E</title>
        <cusip>6706EN100</cusip>
        <identifiers>
          <isin value="US6706EN1001"/>
        </identifiers>
        <balance>5802</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46532.04</valUSD>
        <pctVal>0.12</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>12135</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>142343.55</valUSD>
        <pctVal>0.36</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>DWS STRATEGIC</name>
        <lei>HW9ZECORLBPA6LHYL567</lei>
        <title>CLOSED-E</title>
        <cusip>23342Q101</cusip>
        <identifiers>
          <isin value="US23342Q1013"/>
        </identifiers>
        <balance>22808</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>193411.84</valUSD>
        <pctVal>0.49</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 MUNI HIGH</name>
        <lei>UE8ZNXHQH48NNA19I459</lei>
        <title>CLOSED-E</title>
        <cusip>723762100</cusip>
        <identifiers>
          <isin value="US7237621005"/>
        </identifiers>
        <balance>9452</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>77789.96</valUSD>
        <pctVal>0.2</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>11368</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101061.52</valUSD>
        <pctVal>0.26</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 MuniHoldin</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>09255C106</cusip>
        <identifiers>
          <isin value="US09255C1062"/>
        </identifiers>
        <balance>8037</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85513.68</valUSD>
        <pctVal>0.22</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>110000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1201200</valUSD>
        <pctVal>3.07</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>49487</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>553759.53</valUSD>
        <pctVal>1.42</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>380363.5</valUSD>
        <pctVal>0.97</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>125000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1467500</valUSD>
        <pctVal>3.75</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>117137</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>754362.28</valUSD>
        <pctVal>1.93</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 MuniHoldin</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>09254L107</cusip>
        <identifiers>
          <isin value="US09254L1070"/>
        </identifiers>
        <balance>78600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>869316</valUSD>
        <pctVal>2.22</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 MuniHoldin</name>
        <lei>FDX8Y56FK6PN1WE5XX39</lei>
        <title>CLOSED-E</title>
        <cusip>09254X101</cusip>
        <identifiers>
          <isin value="US09254X1019"/>
        </identifiers>
        <balance>94443</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1081372.35</valUSD>
        <pctVal>2.76</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>09255E102</cusip>
        <identifiers>
          <isin value="US09255E1029"/>
        </identifiers>
        <balance>33064</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>335599.6</valUSD>
        <pctVal>0.86</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 Mun</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>64124P101</cusip>
        <identifiers>
          <isin value="US64124P1012"/>
        </identifiers>
        <balance>7657</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83844.15</valUSD>
        <pctVal>0.21</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>50964</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>490273.68</valUSD>
        <pctVal>1.25</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>66646</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>741103.52</valUSD>
        <pctVal>1.89</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 Massachusetts</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>67061E104</cusip>
        <identifiers>
          <isin value="US67061E1047"/>
        </identifiers>
        <balance>72634</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>772825.76</valUSD>
        <pctVal>1.97</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>130000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1328600</valUSD>
        <pctVal>3.4</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 Variable Rate</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>67080R102</cusip>
        <identifiers>
          <isin value="US67080R1023"/>
        </identifiers>
        <balance>12608</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>199710.72</valUSD>
        <pctVal>0.51</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 Pennsylvania</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>670972108</cusip>
        <identifiers>
          <isin value="US6709721087"/>
        </identifiers>
        <balance>34675</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>396335.25</valUSD>
        <pctVal>1.01</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 Senior Income</name>
        <lei>KBG7JWT0F7S6ZY1KMU47</lei>
        <title>CLOSED-E</title>
        <cusip>67067Y104</cusip>
        <identifiers>
          <isin value="US67067Y1047"/>
        </identifiers>
        <balance>5537</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25525.57</valUSD>
        <pctVal>0.07</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>112900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1434959</valUSD>
        <pctVal>3.67</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 AMT-Free Muni</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>67071L106</cusip>
        <identifiers>
          <isin value="US67071L1061"/>
        </identifiers>
        <balance>110000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1295800</valUSD>
        <pctVal>3.31</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/DoubleLin</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>76882G107</cusip>
        <identifiers>
          <isin value="US76882G1076"/>
        </identifiers>
        <balance>160000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1369600</valUSD>
        <pctVal>3.5</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 Floating</name>
        <lei>14KCTV0UEB8JC8MU2I61</lei>
        <title>CLOSED-E</title>
        <cusip>72369J102</cusip>
        <identifiers>
          <isin value="US72369J1025"/>
        </identifiers>
        <balance>121814</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1059781.8</valUSD>
        <pctVal>2.71</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>27064</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>179434.32</valUSD>
        <pctVal>0.46</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 Managed D</name>
        <lei>N/A</lei>
        <title>CLOSED-E</title>
        <cusip>76882M104</cusip>
        <identifiers>
          <isin value="US76882M1045"/>
        </identifiers>
        <balance>1400</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21098</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>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>32789.5</valUSD>
        <pctVal>0.08</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 CA</name>
        <lei>0O4FOPVOK8KA2I2US555</lei>
        <title>CLOSED-E</title>
        <cusip>46132H106</cusip>
        <identifiers>
          <isin value="US46132H1068"/>
        </identifiers>
        <balance>26088</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>265314.96</valUSD>
        <pctVal>0.68</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>145000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1123750</valUSD>
        <pctVal>2.87</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>60552</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>607942.08</valUSD>
        <pctVal>1.55</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>374405.24</valUSD>
        <pctVal>0.96</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>110000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1463000</valUSD>
        <pctVal>3.74</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>110000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1006500</valUSD>
        <pctVal>2.57</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-04-03</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>
