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    <isConfidential>false</isConfidential>
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        <issuerCredentials>
          <cik>0001464413</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
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        <classId>C000092405</classId>
      </seriesClassInfo>


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      <regFileNumber>811-22298</regFileNumber>
      <regCik>0001464413</regCik>
      <regLei>549300IGQEISLESO0528</regLei>
      <regStreet1>116 South Franklin Street</regStreet1>
      <regCity>Rocky Mount</regCity>
      <regStateConditional regCountry="US" regState="US-NC"/>
      <regZipOrPostalCode>27804</regZipOrPostalCode>
      <regPhone>252-972-9922</regPhone>
      <seriesName>Roumell Opportunistic Value Fund</seriesName>
      <seriesId>S000030088</seriesId>
      <seriesLei>549300DCQ96S587NHM61</seriesLei>
      <repPdEnd>2020-08-31</repPdEnd>
      <repPdDate>2020-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>263884.09</totLiabs>
      <netAssets>79338577.63</netAssets>
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      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
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      <liquidPref>0</liquidPref>
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      <borrowers>
        <borrower aggrVal="0" lei="N/A" name="N/A"/>
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        <name>Criteo SA</name>
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        <name>Dundee Corp</name>
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      <invstOrSec>
        <name>Destination XL Group</name>
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        <name>GSI Technology Inc</name>
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        <name>Liquidity Services I</name>
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        <name>RICEBRAN TECH.</name>
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        <name>COMSCORE INC</name>
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        <name>Federated Treasury O</name>
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      <invstOrSec>
        <name>CAPITAL SOUTHWEST CO</name>
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      <invstOrSec>
        <name>MVC CAPITAL INC</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDLEY CAPITAL CORP</name>
        <lei>549300JJH1QEB0RKNO53</lei>
        <title>PREFSTCK</title>
        <cusip>58503F304</cusip>
        <identifiers>
          <isin value="US58503F3047"/>
        </identifiers>
        <balance>853</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17709.9</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEDLEY CAPITAL CORP</name>
        <lei>549300JJH1QEB0RKNO53</lei>
        <title>PREFSTCK</title>
        <cusip>58503F403</cusip>
        <identifiers>
          <isin value="US58503F4037"/>
        </identifiers>
        <balance>1000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23234.8</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OXFORD SQUARE CAPITA</name>
        <lei>549300EGQH8WWU1U6Q06</lei>
        <title>PREFSTCK</title>
        <cusip>69181V206</cusip>
        <identifiers>
          <isin value="US69181V2060"/>
        </identifiers>
        <balance>49459</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1125192.25</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OXFORD SQUARE</name>
        <lei>549300EGQH8WWU1U6Q06</lei>
        <title>PREFSTCK</title>
        <cusip>69181V305</cusip>
        <identifiers>
          <isin value="US69181V3050"/>
        </identifiers>
        <balance>38044</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>821750.4</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPITALA FINANCE CO</name>
        <lei>5493007DZ22O2I4VJ124</lei>
        <title>PREFSTCK</title>
        <cusip>14054R304</cusip>
        <identifiers>
          <isin value="US14054R3049"/>
        </identifiers>
        <balance>53410</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>987016.8</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PORTMAN RIDGE FIN CO</name>
        <lei>254900YM5BVQKA01I468</lei>
        <title>PREFSTCK</title>
        <cusip>48668E309</cusip>
        <identifiers>
          <isin value="US48668E3099"/>
        </identifiers>
        <balance>30900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>713790</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OXFORD LANE CAPITAL</name>
        <lei>549300G3KO4JNQQD7Z72</lei>
        <title>PREFSTCK</title>
        <cusip>691543607</cusip>
        <identifiers>
          <isin value="US6915436074"/>
        </identifiers>
        <balance>31850</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>697515</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TREASNOT</title>
        <cusip>912828J76</cusip>
        <identifiers>
          <isin value="US912828J769"/>
        </identifiers>
        <balance>2500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2572461</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-14</ncom:dateSigned>
      <ncom:nameOfApplicant>Starboard Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Ashley Lanham</ncom:signature>
      <ncom:signerName>Ashley Lanham</ncom:signerName>
      <ncom:title>Treasurer/PFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
