<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001464413</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptSeriesClassInfo>
          <seriesId>S000026514</seriesId>
          <classInfo>
            <classId>C000079607</classId>
          </classInfo>
          <classInfo>
            <classId>C000096729</classId>
          </classInfo>
          <classInfo>
            <classId>C000200106</classId>
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000042648</seriesId>
          <classInfo>
            <classId>C000131841</classId>
          </classInfo>
          <classInfo>
            <classId>C000131842</classId>
          </classInfo>
          <classInfo>
            <classId>C000200111</classId>
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000038304</seriesId>
          <classInfo>
            <classId>C000118207</classId>
          </classInfo>
          <classInfo>
            <classId>C000118208</classId>
          </classInfo>
          <classInfo>
            <classId>C000200108</classId>
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000038303</seriesId>
          <classInfo>
            <classId>C000118205</classId>
          </classInfo>
          <classInfo>
            <classId>C000118206</classId>
          </classInfo>
          <classInfo>
            <classId>C000200107</classId>
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000038309</seriesId>
          <classInfo>
            <classId>C000118217</classId>
          </classInfo>
          <classInfo>
            <classId>C000118218</classId>
          </classInfo>
          <classInfo>
            <classId>C000200110</classId>
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000038306</seriesId>
          <classInfo>
            <classId>C000118212</classId>
          </classInfo>
          <classInfo>
            <classId>C000118211</classId>
          </classInfo>
          <classInfo>
            <classId>C000200109</classId>
          </classInfo>
        </rptSeriesClassInfo>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo isReportPeriodLt12="N" reportEndingPeriod="2020-05-31"/>
    <registrantInfo>
      <registrantFullName>Starboard Investment Trust</registrantFullName>
      <investmentCompFileNo>811-22298</investmentCompFileNo>
      <registrantCik>0001464413</registrantCik>
      <registrantLei>549300IGQEISLESO0528</registrantLei>
      <registrantstreet1>116 South Franklin Street</registrantstreet1>
      <registrantcity>Rocky Mount</registrantcity>
      <registrantzipCode>27804</registrantzipCode>
      <registrantstate>US-NC</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>2529729922</registrantphoneNumber>
      <websites>
        <website webpage="ncfunds.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>The Nottingham Company</officeName>
          <officeAddress1>116 South Franklin Street</officeAddress1>
          <officeCity>Rocky Mount</officeCity>
          <officeStateCountry officeState="US-NC" officeCountry="US"/>
          <officeRecordsZipCode>27804</officeRecordsZipCode>
          <officePhone>2529729922</officePhone>
          <booksRecordsDesc>Records relating to services as Fund Accountant and Administrator</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>UMB Bank, n.a.</officeName>
          <officeAddress1>928 Grand Boulevard</officeAddress1>
          <officeAddress2>5th Floor</officeAddress2>
          <officeCity>Kansas City</officeCity>
          <officeStateCountry officeState="US-MO" officeCountry="US"/>
          <officeRecordsZipCode>64106</officeRecordsZipCode>
          <officePhone>5168607780</officePhone>
          <booksRecordsDesc>Records relating to services as custodian</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Nottingham Shareholder Services, LLC</officeName>
          <officeAddress1>116 South Franklin Street</officeAddress1>
          <officeAddress2>P.O. Box 4365</officeAddress2>
          <officeCity>Rocky Mount</officeCity>
          <officeStateCountry officeState="US-NC" officeCountry="US"/>
          <officeRecordsZipCode>27803-0365</officeRecordsZipCode>
          <officePhone>2529843816</officePhone>
          <booksRecordsDesc>Records relating to services as Transfer Agent</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Cavalier Investments, LLC</officeName>
          <officeAddress1>12600 Deerfield Parkway</officeAddress1>
          <officeAddress2>Suite 100</officeAddress2>
          <officeCity>Alpharetta</officeCity>
          <officeStateCountry officeState="US-GA" officeCountry="US"/>
          <officeRecordsZipCode>30004</officeRecordsZipCode>
          <officePhone>7707778277</officePhone>
          <booksRecordsDesc>Records relating to services as Investment Advisor</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="Cavalier Funds"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>14</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>J. Buckley Strandberg</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>James H. Speed, Jr.</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-10085"/>
            <fileNumberInfo fileNumber="811-06199"/>
            <fileNumberInfo fileNumber="811-21606"/>
            <fileNumberInfo fileNumber="811-07324"/>
            <fileNumberInfo fileNumber="811-22507"/>
            <fileNumberInfo fileNumber="811-22858"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Michael G. Mosley</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Theophilus Harper Pitt, Jr.</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-10085"/>
            <fileNumberInfo fileNumber="811-22507"/>
            <fileNumberInfo fileNumber="811-22172"/>
            <fileNumberInfo fileNumber="811-07324"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Matthew Baskir</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>116 South Franklin Street</ccoStreet1>
          <ccoCity>Rocky Mount</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-NC"/>
          <ccoZipCode>27804</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>Y</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerId="56-1626465" ccoEmployerName="The Nottingham Company"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-32282"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Capital Investment Group, Inc.</principalUnderwriterName>
          <principalUnderwriterFileNumber>008-31225</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>N/A</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-NC"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>BBD, LLP</publicAccountantName>
          <pcaobNumber>552</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-PA" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <paymentErrorSeries isPaymentErrorInNetAssetValue="Y">
        <seriesInfo seriesName="Cavalier Fundamental Growth Fund" seriesId="S000042648"/>
      </paymentErrorSeries>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Cavalier Adaptive Income Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000026514</mgmtInvSeriesId>
        <mgmtInvLei>549300EHSSN4HK394B90</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class Shares" sharesOutstandingClassId="C000079607" sharesOutstandingTickerSymbol="CADTX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000096729" sharesOutstandingTickerSymbol="CADAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000200106" sharesOutstandingTickerSymbol="CAADX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerLei="N/A" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="N" collateralManagerName="N/A"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cavalier Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-106545</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000281201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserCountry="US" investmentAdviserState="US-GA"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Buckhead Capital Management, LLC</subAdviserName>
            <subAdviserFileNo>801-57810</subAdviserFileNo>
            <subAdviserCrdNo>000110707</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserCountry="US" subAdviserState="US-GA"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Nottingham Shareholder Services, LLC</transferAgentName>
            <transferAgentFileNo>084-05687</transferAgentFileNo>
            <transferAgentLei>5493004B2XJ9BX8S5061</transferAgentLei>
            <transferAgentStateCountry transferAgentCountry="US" transferAgentState="US-NC"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Data Professional</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NY"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NC"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-MA"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB Bank, n.a.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianCountry="US" custodianState="US-MO"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Nottingham Shareholder Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493004B2XJ9BX8S5061</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentCountry="US" shareholderServiceAgentState="US-NC"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Nottingham Company</adminName>
            <adminLei>549300WSNC1UD33Z2P26</adminLei>
            <adminStateCountry adminState="US-NC" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Barclays Capital Securities Limited</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>K9WDOH4D2PYBSLSOB484</principalLei>
            <principalStateCountry principalCountry="US" principalState="US-NY"/>
            <principalTotalPurchaseSale>5851167</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Brean Capital, LLC</principalName>
            <principalFileNo>008-40742</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>254900ZZA1UBVDCNQ378</principalLei>
            <principalStateCountry principalCountry="US" principalState="US-NY"/>
            <principalTotalPurchaseSale>30353333</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Ltd.</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalCountry="US" principalState="US-NY"/>
            <principalTotalPurchaseSale>114039</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>FTN Financial Securities Corp.</principalName>
            <principalFileNo>008-23412</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>PHDL2C07HIPM5DUL8S59</principalLei>
            <principalStateCountry principalCountry="US" principalState="US-TN"/>
            <principalTotalPurchaseSale>774919</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP Morgan Securities LLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalCountry="US" principalState="US-NY"/>
            <principalTotalPurchaseSale>611704</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities, LLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalCountry="US" principalState="US-NC"/>
            <principalTotalPurchaseSale>2001590</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>39706751</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>43626926</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Cavalier Fundamental Growth Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000042648</mgmtInvSeriesId>
        <mgmtInvLei>549300VJ67BRPKVTBH46</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class Shares" sharesOutstandingClassId="C000131841" sharesOutstandingTickerSymbol="CAFGX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000131842" sharesOutstandingTickerSymbol="CFGAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000200111" sharesOutstandingTickerSymbol="CFDAX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerLei="N/A" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="N" collateralManagerName="N/A"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cavalier Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-106545</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000281201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserCountry="US" investmentAdviserState="US-GA"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Navellier &amp; Associates, Inc.</subAdviserName>
            <subAdviserFileNo>801-30582</subAdviserFileNo>
            <subAdviserCrdNo>000107568</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserCountry="US" subAdviserState="US-NV"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Nottingham Shareholder Services, LLC</transferAgentName>
            <transferAgentFileNo>084-05687</transferAgentFileNo>
            <transferAgentLei>5493004B2XJ9BX8S5061</transferAgentLei>
            <transferAgentStateCountry transferAgentCountry="US" transferAgentState="US-NC"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Data Professional</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NY"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NC"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-MA"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB Bank, n.a.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianCountry="US" custodianState="US-MO"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Nottingham Shareholder Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493004B2XJ9BX8S5061</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentCountry="US" shareholderServiceAgentState="US-NC"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Nottingham Company</adminName>
            <adminLei>549300WSNC1UD33Z2P26</adminLei>
            <adminStateCountry adminState="US-NC" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Cowen &amp; Company, LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>700</grossCommission>
          </broker>
          <broker>
            <brokerName>Interactive Brokers LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>50OBSE5T5521O6SMZR28</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6759</grossCommission>
          </broker>
          <broker>
            <brokerName>Jonestrading Institutional Ltd.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>213800DIYIKDWRCFOC55</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1198</grossCommission>
          </broker>
          <broker>
            <brokerName>Maxim Group LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>254900OJ6JZO6SDMHQ83</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>466</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch Wealth Management</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>GGDZP1UYGU9STUHRDP48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>18689</grossCommission>
          </broker>
          <broker>
            <brokerName>Pershing LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>ZI8Q1A8EI8LQFJNM0D94</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>44617</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>72428</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>82077623</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Cavalier Growth Opportunities Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000038304</mgmtInvSeriesId>
        <mgmtInvLei>549300QCDPXFHXGXB683</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class Shares" sharesOutstandingClassId="C000118207" sharesOutstandingTickerSymbol="CATEX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000118208" sharesOutstandingTickerSymbol="CATDX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000200108" sharesOutstandingTickerSymbol="CAGOX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerLei="N/A" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="N" collateralManagerName="N/A"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cavalier Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-106545</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000281201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserCountry="US" investmentAdviserState="US-GA"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Bluestone Capital Management, LLC</subAdviserName>
            <subAdviserFileNo>801-77657</subAdviserFileNo>
            <subAdviserCrdNo>000157841</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserCountry="US" subAdviserState="US-PA"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Nottingham Shareholder Services, LLC</transferAgentName>
            <transferAgentFileNo>084-05687</transferAgentFileNo>
            <transferAgentLei>5493004B2XJ9BX8S5061</transferAgentLei>
            <transferAgentStateCountry transferAgentCountry="US" transferAgentState="US-NC"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Data Professional</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NC"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NC"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-MA"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB Bank, n.a.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianCountry="US" custodianState="US-MO"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Nottingham Shareholder Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493004B2XJ9BX8S5061</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentCountry="US" shareholderServiceAgentState="US-MO"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Nottingham Company</adminName>
            <adminLei>549300WSNC1UD33Z2P26</adminLei>
            <adminStateCountry adminState="US-NC" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Interactive Broker LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>50OBSE5T5521O6SMZR28</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5848</grossCommission>
          </broker>
          <broker>
            <brokerName>Wallachbeth Capital</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>52384</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>58232</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>64419868</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Cavalier Hedged High Income Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000038303</mgmtInvSeriesId>
        <mgmtInvLei>549300G9B7MO43BXQZ45</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class Shares" sharesOutstandingClassId="C000118205" sharesOutstandingTickerSymbol="CHIIX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000118206" sharesOutstandingTickerSymbol="CAHIX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000200107" sharesOutstandingTickerSymbol="CHHAX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerLei="N/A" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="N" collateralManagerName="N/A"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cavalier Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-106545</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000281201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserCountry="US" investmentAdviserState="US-GA"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Nottingham Shareholder Services, LLC</transferAgentName>
            <transferAgentFileNo>084-05687</transferAgentFileNo>
            <transferAgentLei>5493004B2XJ9BX8S5061</transferAgentLei>
            <transferAgentStateCountry transferAgentCountry="US" transferAgentState="US-NC"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Data Professional</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NY"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NC"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-MA"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB Bank, n.a.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianCountry="US" custodianState="US-MO"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Nottingham Shareholder Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493004B2XJ9BX8S5061</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentCountry="US" shareholderServiceAgentState="US-NC"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Nottingham Company</adminName>
            <adminLei>549300WSNC1UD33Z2P26</adminLei>
            <adminStateCountry adminState="US-NC" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Wallachbeth Capital LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>15078</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>15078</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>21447910</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Cavalier Tactical Economic Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000038309</mgmtInvSeriesId>
        <mgmtInvLei>549300YUC69J1CDTU576</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class Shares" sharesOutstandingClassId="C000118217" sharesOutstandingTickerSymbol="CMSFX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000118218" sharesOutstandingTickerSymbol="CMSYX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000200110" sharesOutstandingTickerSymbol="CAVMX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerLei="N/A" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="N" collateralManagerName="N/A"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cavalier Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-106545</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000281201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserCountry="US" investmentAdviserState="US-GA"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Nottingham Shareholder Services, LLC</transferAgentName>
            <transferAgentFileNo>084-05687</transferAgentFileNo>
            <transferAgentLei>5493004B2XJ9BX8S5061</transferAgentLei>
            <transferAgentStateCountry transferAgentCountry="US" transferAgentState="US-NC"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Data Professional</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NY"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NC"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-MA"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB Bank, n.a.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianCountry="US" custodianState="US-MO"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Nottingham Shareholder Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493004B2XJ9BX8S5061</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentCountry="US" shareholderServiceAgentState="US-NC"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Nottingham Company</adminName>
            <adminLei>549300WSNC1UD33Z2P26</adminLei>
            <adminStateCountry adminState="US-NC" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Wallachbeth Capital</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11852</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>11852</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>16797962</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Cavalier Tactical Rotation Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000038306</mgmtInvSeriesId>
        <mgmtInvLei>54930066MENKZJ5L2C64</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class Shares" sharesOutstandingClassId="C000118212" sharesOutstandingTickerSymbol="CTROX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C Shares" sharesOutstandingClassId="C000118211" sharesOutstandingTickerSymbol="CATOX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A Shares" sharesOutstandingClassId="C000200109" sharesOutstandingTickerSymbol="CAVTX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>N/A</securitiesAgentName>
            <securitiesAgentLei>N/A</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerLei="N/A" isCollateralManagerAffliliated="N" isCollateralManagerAffliliatedWithFund="N" collateralManagerName="N/A"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Cavalier Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-106545</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000281201</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserCountry="US" investmentAdviserState="US-GA"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Julex Capital Management, LLC</subAdviserName>
            <subAdviserFileNo>801-106823</subAdviserFileNo>
            <subAdviserCrdNo>000166053</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserCountry="US" subAdviserState="US-MA"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <subAdvisersTerminated>
          <subAdviserTerminated>
            <subAdviserTerminatedName>Julex Capital Management, LLC</subAdviserTerminatedName>
            <subAdviserTerminatedFileNo>801-106823</subAdviserTerminatedFileNo>
            <subAdviserTerminatedCrdNo>000166053</subAdviserTerminatedCrdNo>
            <subAdviserTerminatedLei>N/A</subAdviserTerminatedLei>
            <subAdviserTerminatedStateCountry subAdviserTerminatedState="US-MA" subAdviserTerminatedCountry="US"/>
            <subAdviserTerminationDate>2020-01-13</subAdviserTerminationDate>
          </subAdviserTerminated>
        </subAdvisersTerminated>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Nottingham Shareholder Services, LLC</transferAgentName>
            <transferAgentFileNo>084-05687</transferAgentFileNo>
            <transferAgentLei>5493004B2XJ9BX8S5061</transferAgentLei>
            <transferAgentStateCountry transferAgentCountry="US" transferAgentState="US-NC"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Data Professional</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NC"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-NC"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceCountry="US" pricingServiceState="US-MA"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>Y</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>UMB Bank, n.a.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianCountry="US" custodianState="US-MO"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Nottingham Shareholder Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>5493004B2XJ9BX8S5061</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentCountry="US" shareholderServiceAgentState="US-NC"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>The Nottingham Company</adminName>
            <adminLei>549300WWSNC1UD33Z2P26</adminLei>
            <adminStateCountry adminState="US-NC" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Interactive Brokers LLC</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>50OBSE5T5521O6SMZR28</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1393</grossCommission>
          </broker>
          <broker>
            <brokerName>Wallachbeth Capital</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>84182</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>85575</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>39801288</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Starboard Investment Trust" signature="Ashley Lanham" signedDate="2020-08-13" title="Treasurer"/>
  </formData>
</edgarSubmission>
