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    <isConfidential>false</isConfidential>
    <filerInfo>

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          <cik>0001464413</cik>
          <ccc>XXXXXXXX</ccc>
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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>2022-08-31</repPdEnd>
      <repPdDate>2022-02-28</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>341168.32</totLiabs>
      <netAssets>102275480.75</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
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      <standByCommit>0</standByCommit>
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      <borrowers>
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        <fairValLevel>1</fairValLevel>
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        <name>CollPlant</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DUNDEE PRECIOUS</name>
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        <fairValLevel>1</fairValLevel>
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        <name>QUANTUM CORP</name>
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        <name>RICEBRAN TECH.</name>
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        <valUSD>1195944.75</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>SONIC FOUNDRY INC</name>
        <lei>N/A</lei>
        <title>COMMSTCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Description" value="SOFO.W"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>Sonic Foundry, Inc.</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Sonic Foundry, Inc.</issuerName>
                <issueTitle>Sonic Foundry</issueTitle>
                <identifiers>
                  <other otherDesc="Sonic Foundry" value="SOFO"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>60811</shareNo>
            <exercisePrice>5.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2026-07-20</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STREAMLINE HEALTH</name>
        <lei>5493005R8JNDFOLVG764</lei>
        <title>COMMSTCK</title>
        <cusip>86323X106</cusip>
        <identifiers>
          <isin value="US86323X1063"/>
        </identifiers>
        <balance>425000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>624750</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>TETRA TECHNOLOGIES</name>
        <lei>549300T5W131705EK832</lei>
        <title>COMMSTCK</title>
        <cusip>88162F105</cusip>
        <identifiers>
          <isin value="US88162F1057"/>
        </identifiers>
        <balance>764340</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2445888</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>EROS STX GLOBAL CORP</name>
        <lei>254900397NMORQEIZA86</lei>
        <title>CORPBOND</title>
        <cusip>G3788NAA2</cusip>
        <identifiers>
          <isin value="XS1112834608"/>
        </identifiers>
        <balance>835100</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.7452"/>
        <valUSD>394431.22</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FLYHT AEROSPACE</name>
        <lei>N/A</lei>
        <title>FOREIGN</title>
        <cusip>30252U303</cusip>
        <identifiers>
          <isin value="CA30252U3038"/>
        </identifiers>
        <balance>2500000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.2678"/>
        <valUSD>1459220.7</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="FOREIGN"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Money Market Fiducia</name>
        <lei>N/A</lei>
        <title>MONEYMKT</title>
        <cusip>SF8888528</cusip>
        <identifiers>
          <ticker value="UMBXX"/>
        </identifiers>
        <balance>20615196.9</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20615196.94</valUSD>
        <pctVal>0.2</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Money Market" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EAS INVESTORS LP</name>
        <lei>N/A</lei>
        <title>PRIVATE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Description" value="EAS I"/>
        </identifiers>
        <balance>1</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3508800</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="PRIVATE"/>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STREAM-IT APP INC</name>
        <lei>N/A</lei>
        <title>PRIVATE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Description" value="STREAM IT"/>
        </identifiers>
        <balance>3652988</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4175000</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="PRIVATE"/>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-04-18</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>
