Starboard Investment Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22298

Starboard Investment Trust(Exact name of registrant as specified in charter)

116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina  27802

(Address of principal executive offices)                                  (Zip code)

Terrence O. Davis

 116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina  27802

 (Name and address of agent for service)

Registrant's telephone number, including area code: 252-972-9922

Date of fiscal year end: March 31

Date of reporting period: September 30, 2015

Item 1.  REPORT TO STOCKHOLDERS

Semi-Annual Reports are included here.  Please note that the Crescent Mid Cap Macro Fund has not yet commenced operations and, therefore, does not have an annual report to include here.

Semi-Annual Report 2015

September 30, 2015

(Unaudited)

Crescent Large Cap Macro Fund

Institutional Class Shares

Advisor Class Shares

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Crescent Large Cap Macro Fund (the "Fund").  The Fund's shares are not deposits or obligations of, or guaranteed by, any depository institution. The Fund's shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.  Neither the Fund nor the Fund's distributor is a bank.

The Crescent Large Cap Macro Fund is distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, NC 27609. There is no affiliation between the Crescent Large Cap Macro Fund, including its principals, and Capital Investment Group, Inc.

Statements in this Semi-Annual Report that reflect projections or expectations of future financial or economic performance of the Crescent Large Cap Macro Fund ("Fund") and of the market in general and statements of the Fund's plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results.

An investment in the Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Investment in the Fund is also subject to the following risks:  investment advisor risk, investment strategy risk, growth securities risk, large-cap company risk, management style risk, market risk, new fund risk, risks related to investing in other investment companies, and sector risk.  More information about these risks and other risks can be found in the Fund's prospectus.

The performance information quoted in this semi-annual report represents past performance, which is not a guarantee of future results.  Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher than the performance data quoted.  An investor may obtain performance data current to the most recent month-end by visiting ncfunds.com.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing.  The prospectus contains this and other information about the Fund.  A copy of the prospectus is available at ncfunds.com or by calling Shareholder Services at 800-773-3863.  The prospectus should be read carefully before investing.

This Semi-Annual Report was first distributed to shareholders on or about November 30, 2015.

For More Information on Your Crescent Large Cap Macro Fund:

See Our Web site @ ncfunds.com

or

Call Our Shareholder Services Group at 800-773-3863.

Crescent Large Cap Macro Fund
Schedule of Investments
(Unaudited)
As of September 30, 2015
			Shares		Value (Note 1)
COMMON STOCKS - 93.83%
	Consumer Discretionary - 17.21%
		Comcast Corp.	2,200	$	125,136
		Hilton Worldwide Holdings, Inc.	5,960		136,722
		Lowe's Cos., Inc.	4,600		317,032
	*	Mohawk Industries, Inc.	725		131,798
		NIKE, Inc.	2,800		344,316
		Starbucks Corp.	4,295		244,128
		Starwood Hotels & Resorts Worldwide, Inc.	910		60,497
		The Home Depot, Inc.	2,200		254,078
		The Walt Disney Co.	4,445		454,279
		Time Warner, Inc.	2,775		190,781
		VF Corp.	995		67,869
					2,326,636
	Consumer Staples - 9.25%
		Costco Wholesale Corp.	1,540		222,638
		PepsiCo, Inc.	3,300		311,190
		The Coca-Cola Co.	7,000		280,840
		The Kraft Heinz Co.	1,995		140,807
		Walgreens Boots Alliance, Inc.	3,550		295,005
					1,250,480
	Energy - 7.99%
		ConocoPhillips	5,935		284,643
		EOG Resources, Inc.	3,850		280,280
		Occidental Petroleum Corp.	4,035		266,915
		Schlumberger Ltd.	2,850		196,564
		The Williams Cos., Inc.	1,415		52,143
					1,080,545
	Financials - 9.41%
		Bank of America Corp.	17,890		278,726
		BB&T Corp.	3,890		138,484
		BlackRock, Inc.	900		267,723
		JPMorgan Chase & Co.	3,750		228,637
		SunTrust Banks, Inc.	3,735		142,826
		Wells Fargo & Co.	4,190		215,156
					1,271,552
	Health Care - 15.08%
		Aetna, Inc.	1,365		149,345
		AmerisourceBergen Corp.	1,000		94,990
		Bristol-Myers Squibb Co.	2,600		153,920
	*	Celgene Corp.	595		64,361
		Eli Lilly & Co.	1,785		149,387
					(Continued)

Crescent Large Cap Macro Fund
Schedule of Investments - Continued
(Unaudited)
As of September 30, 2015
			Shares		Value (Note 1)
COMMON STOCKS - Continued
	Health Care - Continued
		Gilead Sciences, Inc.	1,400	$	137,466
		Johnson & Johnson	4,400		410,740
		Medtronic PLC	3,000		200,820
	*	Mylan NV	2,795		112,527
		Perrigo Co. PLC	1,200		188,724
		Pfizer, Inc.	10,100		317,241
	*	Vertex Pharmaceuticals, Inc.	560		58,318
					2,037,839
	Industrials - 12.22%
		General Electric Co.	11,610		292,804
		Honeywell International, Inc.	3,200		303,008
		Stanley Black & Decker, Inc.	2,165		209,962
		The Boeing Co.	1,700		222,615
		Union Pacific Corp.	1,670		147,645
		United Parcel Service, Inc.	3,200		315,808
		Waste Management, Inc.	3,195		159,143
					1,650,985
	Information Technology - 19.18%
		Apple, Inc.	4,900		540,470
		Automatic Data Processing, Inc.	3,000		241,080
		Avago Technologies Ltd.	1,115		139,386
		Cisco Systems, Inc.	5,775		151,594
	*	Electronic Arts, Inc.	2,190		148,373
	*	Facebook, Inc.	1,570		141,143
	*	Google, Inc.	700		446,859
		MasterCard, Inc.	2,550		229,806
		Microsoft Corp.	8,900		393,914
		Texas Instruments, Inc.	3,210		158,959
					2,591,584
	Materials - 1.98%
		LyondellBasell Industries NV	860		71,690
		WestRock Co.	3,810		195,986
					267,676
	Utilities - 1.51%
		NextEra Energy, Inc.	2,090		203,880
					203,880
		Total Common Stocks (Cost $10,939,194)			12,681,177
					(Continued)

Crescent Large Cap Macro Fund
Schedule of Investments - Continued
(Unaudited)
As of September 30, 2015
						Shares		Value (Note 1)
SHORT-TERM INVESTMENT - 6.67%
	§	Federated Prime Obligations Fund, 0.10%				900,997	$	900,997
		Total Short-Term Investment (Cost $900,997)						900,997
Total Value of Investments (Cost $11,840,191) - 100.50%							$	13,582,174
Liabilities in Excess of Other Assets  - (0.50)%								(67,995)
	Net Assets - 100.00%						$	13,514,179
*	Non-income producing investment
§	Represents 7 day effective yield
	The following acronyms are used in this portfolio:
	NV - Netherlands security
	PLC - Public Limited Company
			Summary of Investments by Sector
				% of Net
			Sector	Assets		Value
			Consumer Discretionary	17.21%	$	2,326,636
			Consumer Staples	9.25%		1,250,480
			Energy	7.99%		1,080,545
			Financials	9.41%		1,271,552
			Health Care	15.08%		2,037,839
			Industrials	12.22%		1,650,985
			Information Technology	19.18%		2,591,584
			Materials	1.98%		267,676
			Utilities	1.51%		203,880
			Short-Term Investment	6.67%		900,997
			Liabilities in Excess of Other Assets	-0.50%		(67,995)
			Total	100.00%	$	13,514,177
See Notes to Financial Statements

Crescent Large Cap Macro Fund
Statement of Assets and Liabilities
(Unaudited)
As of September 30, 2015
Assets:
	Investments, at value (cost $11,840,191)	$	13,582,174
	Receivables:
	Fund shares sold		1,734
	Dividends and interest		12,876
	Prepaid expenses
	Fund accounting fees		2,723
	Administration fees		1,733
	Registration and filing fees		1,300
	Distribution expenses		93
	Total assets		13,602,633
Liabilities:
	Payables:
	Fund shares repurchased		75,000
	Accrued expenses
	Professional fees		7,128
	Custody fees		2,698
	Insurance fees		1,086
	Shareholder fulfillment expenses		873
	Advisory fees		612
	Compliance fees		499
	Distribution and service fees - Advisor Class Shares		308
	Securities pricing fees		250
	Total liabilities		88,454
Net Assets		$	13,514,179
Net Assets Consist of:
	Paid in Interest	$	10,110,351
	Undistributed net investment income		50,342
	Accumulated net realized gain on investments		1,611,503
	Net unrealized appreciation on investments		1,741,983
	Net Assets	$	13,514,179
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)			935,549
	Net Assets	$	12,035,617
	Net Asset Value, Offering Price and Redemption Price Per Share (a)	$	12.86
Advisor Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)			115,410
	Net Assets	$	1,478,562
	Net Asset Value and Redemption Price Per Share (a)	$	12.81
	Offering Price Per Share ($12.81 ÷ 96.00%)	$	13.34
(a)	The fund charges a 1% redemption fee on redemptions made within 60 days of initial purchase.
See Notes to Financial Statements

Crescent Large Cap Macro Fund
Statement of Operations
(Unaudited)
For the period ended September 30, 2015
Investment Income:
	Dividends	$	152,955
	Total Investment Income		152,955
Expenses:
	Advisory fees (note 2)		48,284
	Fund accounting fees (note 2)		18,554
	Transfer agent fees (note 2)		14,499
	Professional fees		13,125
	Administration fees (note 2)		11,950
	Registration and filing expenses		5,680
	Custody fees (note 2)		4,609
	Compliance service fees (note 2)		4,249
	Trustee fees and meeting expenses		4,000
	Distribution expenses		3,051
	Securities pricing fees		3,051
	Distribution and service fees - Advisor Class Shares (note 3)		2,021
	Total Expenses		133,073
	Advisory fees waived (note 2)		(30,460)
	Net Expenses		102,613
Net Investment Income			50,342
Realized and Unrealized Gain (Loss) on Investments:
	Net realized gain from investment transactions		609,902
	Net change in unrealized depreciation on investments		(1,869,553)
Net Realized and Unrealized Loss on Investments			(1,259,651)
Net Decrease in Net Assets Resulting from Operations		$	(1,209,309)
See Notes to Financial Statements

Crescent Large Cap Macro Fund
Statements of Changes in Net Assets
							September 30,		March 31,
For the period or fiscal year ended							2015 (a)		2015
Operations:
	Net investment income					$	50,342	$	94,195
	Net realized gain from investment transactions						609,902		1,328,232
	Net change in unrealized appreciation (depreciation) on investments						(1,869,553)		40,338
Net Increase (Decrease) in Net Assets Resulting from Operations							(1,209,309)		1,462,765
Distributions to Shareholders From:
	Net investment income
		Institutional Class Shares					-		(60,909)
		Advisor Class Shares					-		(12,937)
	Net realized gain from investment transactions
		Institutional Class Shares					-		(1,252,209)
		Advisor Class Shares					-		(296,278)
Decrease in Net Assets Resulting from Distributions							-		(1,622,333)
Beneficial Interest Transactions:
	Shares sold						1,565,168		2,580,549
	Reinvested dividends and distributions						-		1,451,596
	Shares repurchased						(4,267,250)		(4,780,020)
Decrease in Beneficial Interest Transactions							(2,702,082)		(747,875)
Net Decrease in Net Assets							(3,911,391)		(907,443)
Net Assets:
	Beginning of Period						17,425,570		18,333,013
	End of Period					$	13,514,179	$	17,425,570
Undistributed Net Investment Income						$	50,342	$	102,500
			Period Ended				Year Ended
Share Information:			September 30, 2015 (a)				March 31, 2015
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	106,026	$	1,511,680		125,547	$	1,835,744
		Reinvested dividends and distributions	-		-		84,722		1,142,380
		Shares repurchased	(294,627)		(4,172,128)		(130,618)		(1,882,170)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(188,601)	$	(2,660,448)		79,651	$	1,095,954
	Advisor Class Shares		Shares		Amount		Shares		Amount
		Shares sold	3,848	$	53,488		52,416	$	744,805
		Reinvested dividends and distributions	-		-		22,988		309,216
		Shares repurchased	(6,885)		(95,122)		(202,259)		(2,897,850)
	Net Decrease in Shares of
		Beneficial Interest	(3,037)	$	(41,634)		(126,855)	$	(1,843,829)
(a)	Unaudited.
See Notes to Financial Statements

Crescent Large Cap Macro Fund
Financial Highlights
				Institutional Class
For a share outstanding during each of the				September 30,		March 31,
fiscal years or periods ended				2015	(g)	2015		2014		2013		2012 (f)
Net Asset Value, Beginning of Period			$	14.03	$	14.22	$	12.23	$	11.35	$	10.00
Income from Investment Operations
	Net investment income			0.07		0.08		0.07		0.06		0.01
	Net realized and unrealized gain (loss) on
		investments		(1.24)		0.96		2.47		0.88		1.34
Total from Investment Operations				(1.17)		1.04		2.54		0.94		1.35
Less Distributions:
	From net investment income			-		(0.05)		(0.07)		(0.01)		-
	From net realized gains from investment
		transactions		-		(1.18)		(0.48)		(0.05)		-
Total Distributions				-		(1.23)		(0.55)		(0.06)		-
Net Asset Value, End of Period			$	12.86	$	14.03	$	14.22	$	12.23	$	11.35
Total Return (c)(d)				(8.34)%	(b)	7.69%		21.02%		8.35%		13.50%	(b)
Net Assets, End of Period (in thousands)			$	12,036	$	15,769	$	14,854	$	13,503	$	6,006
Ratios of:
Gross Expenses to Average Net Assets (e)				1.63%	(a)	1.42%		1.45%		1.57%		3.39%	(a)
Net Expenses to Average Net Assets (e)				1.25%	(a)	1.25%		1.25%		1.25%		1.22%	(a)
Net Investment Income to Average Net Assets				0.65%	(a)	0.54%		0.52%		0.67%		0.39%	(a)
Portfolio turnover rate				40.68%	(b)	60.99%		71.58%		88.87%		25.95%	(b)
(a)	Annualized.
(b)	Not annualized.
(c)	Total return does not reflect sales charge, if any.
(d)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)	The expense ratios listed reflect total expenses prior to any waivers and reimbursements (gross expense ratio) and after any waivers and reimbursements (net expense ratio).
(f)	For a share outstanding during the period from December 15, 2011 (Date of Initial Public Investment) to March 31, 2012.
(g)	Unaudited.
See Notes to Financial Statements											(Continued)

Crescent Large Cap Macro Fund
Financial Highlights
				Advisor Class
For a share outstanding during each of the				September 30,		March 31,
fiscal years or periods ended				2015	(h)	2015		2014		2013		2012 (f)
Net Asset Value, Beginning of Period			$	13.99	$	14.18	$	12.21	$	11.34	$	10.00
Income from Investment Operations
	Net investment income			0.03		0.04		0.04		0.06		-
	Net realized and unrealized gain (loss) on
		investments		(1.21)		1.00		2.45		0.86		1.34
Total from Investment Operations				(1.18)		1.04		2.49		0.92		1.34
Less Distributions:
	From net investment income			-		(0.05)		(0.04)		0.00	(g)	-
	From net realized gains from investment
		transactions		-		(1.18)		(0.48)		(0.05)		-
Total Distributions				-		(1.23)		(0.52)		(0.05)		-
Net Asset Value, End of Period			$	12.81	$	13.99	$	14.18	$	12.21	$	11.34
Total Return (c)(d)				(8.43)%	(b)	7.68%		20.65%		8.17%		13.40%	(b)
Net Assets, End of Period (in thousands)			$	1,479	$	1,657	$	3,479	$	3,053	$	4,331
Ratios of:
Gross Expenses to Average Net Assets (e)				1.88%	(a)	1.67%	(a)	1.70%		1.84%		3.57%	(a)
Net Expenses to Average Net Assets (e)				1.50%	(a)	1.50%	(a)	1.50%		1.50%		1.49%	(a)
Net Investment Income to Average Net Assets				0.40%	(a)	0.31%	(a)	0.27%		0.43%		0.06%	(a)
Portfolio turnover rate				40.68%	(b)	60.99%	(b)	71.58%		88.87%		25.95%	(b)
									��
(a)	Annualized.
(b)	Not annualized.
(c)	Total return does not reflect sales charge, if any.
(d)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)	The expense ratios listed reflect total expenses prior to any waivers and reimbursements (gross expense ratio) and after any waivers and reimbursements (net expense ratio).
(f)	For a share outstanding during the period from December 15, 2011 (Date of Initial Public Investment) to March 31, 2012.
(g)	Actual amount is less than $0.01 per share.
(h)	Unaudited.
See Notes to Financial Statements

Crescent Large Cap Macro Fund

Notes to Financial Statements

(Unaudited)

1.  Organization and Significant Accounting Policies

The Crescent Large Cap Macro Fund (the "Fund") is a series of the Starboard Investment Trust (the "Trust"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.  The Trust is classified as a diversified company as defined in the 1940 Act.

The Fund commenced operations on December 15, 2011. The investment objective of the Fund is capital appreciation.  The Fund seeks to achieve its investment objective by investing at least 80% of net assets in a portfolio of equity securities of companies whose market capitalizations qualify them to be considered as "large-cap" companies.  Shareholders will be provided with at least 60 days' prior notice of any change in this policy. 

The Fund currently has an unlimited number of authorized shares, which are divided into two classes - Institutional Class Shares and Advisor Class Shares. Each class of shares has equal rights as to assets of the Fund, and the classes are identical except for differences in ongoing distribution and service fees. The Advisor Class Shares are subject to an initial sales charge of 4.00% of the offering price, as well as distribution plan fees, which is further discussed in Note 3. Both share classes are subject to redemption fees within 60 days of the issuance of such shares of 1.00%. Income, expenses (other than distribution and service fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. All classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class.

The following is a summary of significant accounting policies consistently followed by the Fund.  The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Investment Valuation

The Fund's investments in securities are carried at fair value.  Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the security is principally traded closes early or if trading of the particular security is halted during the day and does not resume prior to the Fund's net asset value calculation) or which cannot be accurately valued using the Fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Trustees.  A security's "fair value" price may differ from the price next available for that security using the Fund's normal pricing procedures.  Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

Fair Value Measurement

Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:

Level 1: quoted prices in active markets for identical securities

Level 2: other significant observable inputs (including quoted prices for similar securities and identical securities in inactive markets, interest rates, credit risk, etc.)

Level 3: significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.  The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

(Continued)

Crescent Large Cap Macro Fund

Notes to Financial Statements

(Unaudited)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs as of September 30, 2015 for the Fund's assets measured at fair value:

Crescent Large Cap Macro Fund
Investments in Securities (a)		Total		Level 1		Level 2		Level 3
Assets
Common Stocks*	$	12,681,177	$	12,681,177	$	-	$	-
Short-Term Investment		900,997		900,997		-		-
Total Assets	$	13,582,174	$	13,582,174	$	-	$	-

*Refer to Schedule of Investments for breakdown by Industry.

(a) The fund had no transfers into or out of Level 1, 2, or 3 during the period ended September 30, 2015.  The Fund recognizes transfers into and out of the Fund at the end of each period.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date).  Dividend income is recorded on the ex-dividend date.  Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date.  Interest income is recorded on the accrual basis and includes amortization of discounts and premiums.  Gains and losses are determined on the identified cost basis, which is the same basis used for Federal income tax purposes.

Expenses

The Fund bears expenses incurred specifically on its behalf as well as a portion of general expenses, which are allocated according to methods reviewed annually by the Trustees.

Distributions

The Fund may declare and distribute dividends from net investment income (if any) annually.  Distributions from capital gains (if any) are generally declared and distributed annually.  Dividends and distributions to shareholders are recorded on ex-date.

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period.  Actual results could differ from those estimates.

Fees on Redemptions

The Fund charges a redemption fee of 1.00% on redemptions of Fund shares occurring within 60 days following the issuance of such shares.  The redemption fee is not a fee to finance sales or sales promotion expenses, but is paid to the Fund to defray the costs of liquidating an investor and discouraging short-term trading of the Fund's shares.  No redemption fee will be imposed on the redemption of shares representing dividends or capital gains distributions, or on amounts representing capital appreciation of shares.

(Continued)

Crescent Large Cap Macro Fund

Notes to Financial Statements

(Unaudited)

Federal Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

2.  Transactions with Related Parties and Service Providers

Advisor

The Advisor has entered into a contractual agreement (the "Expense Limitation Agreement") with the Trust, on behalf of the Fund, under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in amounts that limit the Fund's total operating expenses (exclusive of interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, other extraordinary expenses not incurred in the ordinary course of the Fund's business, and amounts, if any, payable under a Rule 12b-1 distribution plan) to not more than 1.25% of the average daily net assets of the Fund for the current fiscal year.  The current term of the Expense Limitation Agreement remains in effect until July 31, 2016.  While there can be no assurance that the Expense Limitation Agreement will continue after that date, it is expected to continue from year-to-year thereafter.

The Fund pays a monthly fee to the Advisor calculated at the annual rate of 0.60% of the Fund's average daily net assets.  For the period ended September 30, 2015, $48,284 in advisory fees were incurred by the Fund, of which $30,460 were waived by the Advisor.

Administrator

The Fund pays a monthly fee to the Administrator based upon the average daily net assets of the Fund and calculated at the annual rates as shown in the schedule below subject to a minimum of $2,000 per month.  The Administrator also receives a fee as to procure and pay the Fund's custodian, as additional compensation for fund accounting and recordkeeping services, and additional compensation for certain costs involved with the daily valuation of securities and as reimbursement for out-of-pocket expenses.  A breakdown of these fees is provided in the following table.

Administration Fees*		Custody Fees*			Fund Accounting Fees (monthly)	Fund Accounting Fees (annual)	Blue Sky Administration Fees (annual)
Average Net Assets	Annual Rate	Average Net Assets		Annual Rate
First $100 million	0.100%		First $100 million	0.020%	$2,750	0.01%	$150 per state
Next $150 million	0.080%		Over $100 million	0.009%
Next $250 million	0.060%
Next $500 million	0.050%		*Minimum monthly fees of $2,000 and $416 for Administration and Custody, respectively.
Over $1  billion	0.040%

The Fund incurred $11,950 in administration fees, $18,554 in fund accounting fees, and $4,609 in custody fees for the period ended September 30, 2015.

Compliance Services

Cipperman Compliance Services, LLC provides services as the Trust's Chief Compliance Officer.  Cipperman Compliance Services, LLC is entitled to receive customary fees from the Fund for their services pursuant to the Compliance Services agreement with the Fund.

Transfer Agent

Nottingham Shareholder Services, LLC ("Transfer Agent") serves as transfer, dividend paying, and shareholder servicing agent for the Fund. For its services, the Transfer Agent is entitled to receive compensation from the Fund pursuant to the Transfer Agent's fee arrangements with the Fund.

(Continued)

Crescent Large Cap Macro Fund

Notes to Financial Statements

(Unaudited)

Distributor

Capital Investment Group, Inc. (the "Distributor") serves as the Fund's principal underwriter and distributor.  The Distributor receives $5,000 per year paid in monthly installments for services provided and expenses assumed.

Certain officers of the Trust are also officers of the Advisor or the Administrator.

3.  Distribution and Service Fees

The Trustees, including a majority of the Trustees who are not "interested persons" of the Trust as defined in the 1940 Act and who have no direct or indirect financial interest in such plan or in any agreement related to such plan, adopted a distribution plan pursuant to Rule 12b-1 of the 1940 Act (the "Plan").  The 1940 Act regulates the manner in which a regulated investment company may assume expenses of distributing and promoting the sales of its shares and servicing of its shareholder accounts.  The Plan provides that the Advisor Class Shares may incur certain expenses, which may not exceed 0.25% per annum of the Advisor Class Shares' average daily net assets for each year elapsed subsequent to adoption of the Plan, for payment to the Distributor and others for items such as advertising expenses, selling expenses, commissions, travel or other expenses reasonably intended to result in sales of shares of the Advisor Class or support servicing of shareholder accounts.  For the period ended September 30, 2015, $2,021 in fees were incurred and paid by the Fund.

4.  Purchases and Sales of Investment Securities

For the period ended September 30, 2015, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

Period Ended	Purchases of Securities	Proceeds from Sales of Securities
September 30, 2015	$6,171,412	$9,138,509

There were no long-term purchases or sales of U.S Government Obligations during the period ended September 30, 2015.

5.   Federal Income Tax

Distributions are determined in accordance with Federal income tax regulations, which differ from generally accepted accounting principles, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes.  Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.

The Fund has reviewed all taxable years / periods that are open for examination (i.e., not barred by the applicable statute of limitations) by taxing authorities of all major jurisdictions, including the Internal Revenue Service.  As of September 30, 2015, open taxable years consisted of the taxable years ended March 31, March 31, 2014, and March 31, 2015. No examination of the Fund's tax returns is currently in progress.

At September 30, 2015, the tax-basis cost of investments and components of distributable earnings were as follows:

Cost of Investments	$	11,840,191
Unrealized Appreciation		2,181,649
Unrealized Depreciation		(439,666)
Net Unrealized Appreciation		1,741,983

(Continued)

Crescent Large Cap Macro Fund

Notes to Financial Statements

(Unaudited)

6.  Commitments and Contingencies

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund.  In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Fund, and others that provide for general indemnifications.  The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.  The Fund expects risk of loss to be remote.

7.  Subsequent Events

In preparing these financial statements, the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements.  This evaluation did not result in any additional subsequent events that necessitated disclosures and/or adjustments.

Crescent Large Cap Macro Fund

Additional Information

(Unaudited)

1.  Proxy Voting Policies and Voting Record

A copy of the Trust's Proxy Voting and Disclosure Policy and the Advisor's Disclosure Policy are included as Appendix B to the Fund's Statement of Additional Information and are available, without charge, upon request, by calling 800-773-3863, and on the website of the Securities and Exchange Commission ("SEC") at sec.gov.  Information regarding how the Fund voted proxies relating to portfolio securities during the most recent period ended June 30 is available (1) without charge, upon request, by calling the Fund at the number above and (2) on the SEC's website at sec.gov.

2.  Quarterly Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.  The Fund's Forms N-Q are available on the SEC's website at sec.gov.  You may review and make copies at the SEC's Public Reference Room in Washington, D.C.  Information on the operation of the Public Reference Room may be obtained by calling the SEC at 800-SEC-0330. You may also obtain copies without charge, upon request, by calling the Fund at 800-773-3863.

3.    Schedule of Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including investment advisory fees; distribution (12b-1) fees; and other Fund expenses.  This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses – The first line of the table below provides information about the actual account values and actual expenses.  You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes – The last line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.  You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Institutional Class Shares	Beginning Account Value April 1, 2015	Ending Account Value September 30, 2015	Expenses Paid During Period*
Actual Hypothetical (5% annual return before expenses)
	$1,000.00	$   916.60	$6.00
	$1,000.00	$1,018.81	$6.32

*Expenses are equal to the average account value over the period multiplied by the Fund's annualized expense ratio, multiplied by the number of days in the most recent period divided by the number of days in the fiscal year (to reflect the six month period).

(Continued)

Crescent Large Cap Macro Fund

Additional Information

(Unaudited)

Advisor Class Shares	Beginning Account Value April 1, 2015	Ending Account Value September 30, 2015	Expenses Paid During Period*
Actual Hypothetical (5% annual return before expenses)
	$1,000.00	$   915.70	$7.20
	$1,000.00	$1,017.55	$7.58

*Expenses are equal to the average account value over the period multiplied by the Fund's annualized expense ratio, multiplied by the number of days in the most recent period divided by the number of days in the fiscal year (to reflect the six month period).

Crescent Large Cap Macro Fund

is a series of

The Starboard Investment Trust

For Shareholder Service Inquiries:	For Investment Advisor Inquiries:
Nottingham Shareholder Services	Greenwood Capital Associates, LLC
116 South Franklin Street	Greenwood Building, 5th Floor
Post Office Drawer 4365	Post Office Box 3181
Rocky Mount, North Carolina 27803	Greenwood, South Carolina  29648
Telephone:	Telephone:
800-773-3863	800-773-3863
World Wide Web @:	World Wide Web @:
ncfunds.com	ncfunds.com

Semi-Annual Report 2015

September 30, 2015

(Unaudited)

Crescent Strategic Income Fund

Institutional Class Shares

Advisor Class Shares

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Crescent Strategic Income Fund (the "Fund").  The Fund's shares are not deposits or obligations of, or guaranteed by, any depository institution. The Fund's shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.  Neither the Fund nor the Fund's distributor is a bank.

The Crescent Strategic Income Fund is distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, NC 27609. There is no affiliation between the Crescent Strategic Income Fund, including its principals, and Capital Investment Group, Inc.

Statements in this Semi-Annual Report that reflect projections or expectations of future financial or economic performance of the Crescent Strategic Income Fund ("Fund") and of the market in general and statements of the Fund's plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results.

An investment in the Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Investment in the Fund is also subject to the following risks: Government debt markets may be illiquid or disrupted, inflation risk, interest rate and credit risk, investment advisor risk, investment-grade securities risk, lower-rated securities or "junk bonds" risk, maturity risk, risks of investing in municipal securities, market risk, new fund risk, risks of investing in corporate debt securities, sector risk, preferred stock risk, convertible securities risk, warrants risk, and risks related to investing in other investment companies.  More information about these risks and other risks can be found in the Fund's prospectus.

The performance information quoted in this semi-annual report represents past performance, which is not a guarantee of future results.  Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher than the performance data quoted.  An investor may obtain performance data current to the most recent month-end by visiting ncfunds.com.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing.  The prospectus contains this and other information about the Fund.  A copy of the prospectus is available at ncfunds.com or by calling Shareholder Services at 800-773-3863.  The prospectus should be read carefully before investing.

This Semi-Annual Report was first distributed to shareholders on or about November 30, 2015.

For More Information on Your Crescent Strategic Income Fund:

See Our Web site @ ncfunds.com

or

Call Our Shareholder Services Group at 800-773-3863.

Crescent Strategic Income Fund
Schedule of Investments
(Unaudited)
As of September 30, 2015
				Principal	Coupon Rate	Maturity Date		Value (Note 1)
CORPORATE BONDS - 81.56%
		Albemarle Corp.	$	250,000	4.250%	12/15/2020	$	266,232
		American Express Credit Corp.		225,000	2.125%	7/27/2018		226,998
		AT&T, Inc.		300,000	5.800%	2/15/2019		333,585
		AT&T, Inc.		300,000	3.875%	8/15/2021		311,572
	*	Bayer Corp.		300,000	7.125%	10/1/2015		300,000
		Commonwealth Edison Co.		75,000	4.000%	8/1/2020		79,991
		ConocoPhillips		25,000	5.200%	5/15/2018		27,205
		Corning, Inc.		200,000	6.625%	5/15/2019		230,467
		CR Bard, Inc.		300,000	2.875%	1/15/2016		301,738
		Delmarva Power & Light Co.		280,000	3.500%	11/15/2023		289,718
		Diageo Capital PLC		180,000	4.850%	5/15/2018		193,485
		Duke Energy Carolinas LLC		50,000	5.300%	10/1/2015		50,000
		Duke Energy Indiana, Inc.		125,000	6.050%	6/15/2016		129,559
		EI du Pont de Nemours & Co.		125,000	5.750%	3/15/2019		140,638
		EMC Corp.		200,000	2.650%	6/1/2020		201,918
		Entergy Gulf States Louisiana LLC		305,000	3.950%	10/1/2020		327,168
		General Electric Capital Corp.		150,000	5.625%	5/1/2018		166,059
		Hospira, Inc.		175,000	5.800%	8/12/2023		202,677
		John Deere Capital Corp.		200,000	5.750%	9/10/2018		223,111
		JPMorgan Chase & Co.		200,000	4.400%	7/22/2020		215,941
		Matson Navigation Co., Inc.		101,000	5.273%	7/29/2029		113,090
		McKesson Corp.		75,000	5.700%	3/1/2017		79,509
		Morgan Stanley		125,000	7.300%	5/13/2019		145,954
		National City Bank of Indiana		300,000	4.250%	7/1/2018		318,704
	*	New York Life Global Funding		200,000	1.650%	5/15/2017		201,425
		Nordstrom, Inc.		250,000	4.750%	5/1/2020		277,522
		Northern States Power Co.		250,000	5.250%	10/1/2018		276,679
		PepsiCo, Inc.		350,000	3.125%	11/1/2020		366,487
		PNC Bank		100,000	2.200%	1/28/2019		101,078
		Prudential Financial, Inc.		300,000	5.500%	3/15/2016		306,250
		Public Service Co. of Colorado		300,000	3.200%	11/15/2020		314,115
		SCANA Corp.		300,000	4.750%	5/15/2021		316,230
		Snap-on, Inc.		250,000	4.250%	1/15/2018		265,849
		Susquehanna Bancshares, Inc.		150,000	5.375%	8/15/2022		167,792
		Texas Instruments, Inc.		350,000	2.250%	5/1/2023		338,462
		The Bank of New York Mellon Corp.		125,000	5.450%	5/15/2019		139,082
		The Goldman Sachs Group, Inc.		200,000	6.150%	4/1/2018		220,269
		The Hillshire Brands Co.		365,000	4.100%	9/15/2020		382,055
		The Huntington National Bank		350,000	2.200%	4/1/2019		350,254
		Thermo Fisher Scientific, Inc.		200,000	2.250%	8/15/2016		201,733
		The Travelers Cos., Inc.		250,000	5.900%	6/2/2019		285,803
		Tyco Electronics Group		195,000	3.450%	8/1/2024		197,614
								(Continued)

Crescent Strategic Income Fund
Schedule of Investments - Continued
(Unaudited)
As of September 30, 2015
				Principal	Coupon Rate	Maturity Date		Value (Note 1)
CORPORATE BONDS - Continued
		Wal-Mart Stores, Inc.	$	275,000	3.625%	7/8/2020	$	297,230
		Wells Fargo & Co.		200,000	5.625%	12/11/2017		217,487
		Western Massachusetts Electric Co.		250,000	5.100%	3/1/2020		273,873
		Zimmer Biomet Holdings, Inc.		125,000	4.625%	11/30/2019		135,496
		Total Corporate Bonds (Cost $10,436,015)						10,508,104
FEDERAL AGENCY OBLIGATIONS - 2.46%
		Freddie Mac REMICS		27,254	3.000%	12/15/2026		28,215
		Fannie Mae REMICS		20,648	3.500%	8/25/2029		21,439
		Government National Mortgage Association,
		Series 115		250,000	4.000%	9/20/2038		267,825
		Total Federal Agency Obligations (Cost $325,554)						317,479
UNITED STATES TREASURY NOTE - 0.38%
		United States Treasury Note		50,000	1.625%	11/15/2022		49,516
		Total United States Treasury Note (Cost $47,733)						49,516
PREFERRED STOCKS - 5.00%				Shares	Dividend Rate
	Consumer Discretionary - 0.50%
		Comcast Corp.		2,500	5.000%			63,750
								63,750
	Financials - 4.50%
		BB&T Corp.		3,500	5.625%			86,835
		Public Storage		3,000	6.500%			76,320
		Raymond James Financial, Inc.		3,000	6.900%			79,020
		State Street Corp.		3,000	6.000%			75,750
		The Bank of New York Mellon Corp.		3,500	5.200%			87,325
		The Goldman Sachs Group, Inc.		3,500	6.125%			88,585
		US Bancorp		3,500	5.150%			85,890
								579,725
		Total Preferred Stocks (Cost $635,920)						643,475
COMMON STOCKS - 0.70%				Shares
	Health Care - 0.36%
		Johnson & Johnson		500				46,675
								46,675
								(Continued)

Crescent Strategic Income Fund
Schedule of Investments
(Unaudited)
As of September 30, 2015
					Shares				Value (Note 1)
COMMON STOCKS - Continued
	Telecommunications - 0.34%
		Verizon Communications, Inc.			1,000			$	43,510
									43,510
		Total Common Stocks (Cost $92,571)							90,185
EXCHANGE-TRADED PRODUCT - 0.39%
		SPDR Barclays Short Term High Yield Bond ETF			1,845				49,704
		Exchange-Traded Product (Cost $55,719)							49,704
SHORT-TERM INVESTMENT - 9.02%
	§	Federated Prime Obligations Fund, 0.10%			1,161,627				1,161,627
		Short-Term Investment (Cost $1,161,627)							1,161,627
Total Value of Investments (Cost $12,755,139) - 99.51%								$	12,820,091
Other Assets Less Liabilities  - 0.49%									63,115
	Net Assets - 100.00%							$	12,883,206
*	Rule 144-A Security			The following acronyms are used in this portfolio:
§	Represents 7 day effective yield			PLC - Public Limited Company (British)
				LLC - Limited Liability Company
			Summary of Investments by Type
					% of Net
			Sector		Assets		Value
			Corporate Bonds		81.56%	$	10,508,104
			Federal Agency Obligations		2.46%		317,479
			United States Treasury Note		0.38%		49,516
			Preferred Stocks		5.00%		643,475
			Health Care		0.36%		46,675
			Telecommunications		0.34%		43,510
			Exchange-Traded Product		0.39%		49,704
			Short-Term Investment		9.02%		1,161,627
			Other Assets less Liabilities		0.49%		63,115
			Total		100.00%	$	12,883,206
See Notes to Financial Statements

Crescent Strategic Income Fund
Statement of Assets and Liabilities
(Unaudited)
As of September 30, 2015
Assets:
	Investments, at value (cost $12,755,139)	$	12,820,089
	Receivables:
	Fund shares sold		341
	Due from advisor		3,935
	Dividends and interest		126,347
	Prepaid expenses
	Fund accounting fees		2,737
	Administration fees		1,899
	Registration and filing fees		1,288
	Compliance fees		751
	Securities pricing fees		312
	Distribution expenses		89
	Total assets		12,957,788
Liabilities:
	Payables:
	Distribution Payable		2,317
	Fund shares repurchased		58,031
	Accrued expenses
	Professional fees		8,533
	Custody fees		3,545
	Insurance fees		1,151
	Shareholder fulfillment expenses		871
	Distribution and service fees - Advisor Class Shares		134
	Total liabilities		74,582
Net Assets		$	12,883,206
Net Assets Consist of:
	Paid in Interest	$	12,813,446
	Accumulated net investment loss		(676)
	Accumulated net realized gain on investments		5,486
	Net unrealized appreciation on investments		64,950
	Net Assets	$	12,883,206
Institutional Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)			1,263,576
	Net Assets	$	12,705,069
	Net Asset Value, Offering Price and Redemption Price Per Share (a)	$	10.05
Advisor Class Shares of beneficial interest outstanding, no par value (unlimited authorized shares)			17,721
	Net Assets	$	178,137
	Net Asset Value and Redemption Price Per Share (a)	$	10.05
	Offering Price Per Share ($10.05 ÷ 96.00%)	$	10.47
(a)	The fund charges a 1% redemption fee on redemptions made within 60 days of initial purchase.
See Notes to Financial Statements

Crescent Strategic Income Fund
Statement of Operations
(Unaudited)
For the period ended September 30, 2015
Investment Income:
	Interest	$	142,953
	Dividends		26,041
	Total Investment Income		168,994
Expenses:
	Advisory fees (note 2)		23,592
	Fund accounting fees (note 2)		18,423
	Transfer agent fees (note 2)		14,499
	Professional fees		13,125
	Administration fees (note 2)		11,987
	Registration and filing expenses		5,786
	Custody fees (note 2)		4,348
	Trustee fees and meeting expenses		4,000
	Securities pricing fees		4,000
	Compliance service fees (note 2)		2,999
	Distribution expenses		3,051
	Distribution and service fees - Advisor Class Shares (note 3)		219
	Total Expenses		106,029
	Expenses reimbursed by advisor (note 2)		(21,552)
	Advisory fees waived (note 2)		(23,592)
	Net Expenses		60,885
Net Investment Income			108,109
Realized and Unrealized Loss on Investments:
	Net realized loss from investment transactions		(4,615)
	Net change in unrealized depreciation on investments		(114,392)
Net Realized and Unrealized Loss on Investments			(119,007)
Net Decrease in Net Assets Resulting from Operations		$	(10,898)
See Notes to Financial Statements

Crescent Strategic Income Fund
Statements of Changes in Net Assets
							September 30,		March 31,
For the period or year ended							2015  (a)		2015
Operations:
	Net investment income					$	108,109	$	202,126
	Net realized gain (loss) from investment transactions						(4,615)		25,768
	Net change in unrealized appreciation (depreciation) on investments						(114,392)		199,658
Net Increase (Decrease) in Net Assets Resulting from Operations							(10,898)		427,552
Distributions to Shareholders From:
	Net investment income
		Institutional Class Shares					(107,590)		(193,977)
		Advisor Class Shares					(1,195)		(8,711)
	Capital Gains
		Institutional Class Shares					-		(30,808)
		Advisor Class Shares					-		(1,988)
Decrease in Net Assets Resulting from Distributions							(108,785)		(235,484)
Beneficial Interest Transactions:
	Shares sold						2,246,907		1,677,483
	Reinvested dividends and distributions						95,630		199,422
	Shares repurchased						(2,431,403)		(1,923,209)
Decrease from Beneficial Interest Transactions							(88,866)		(46,304)
Net Increase (Decrease) in Net Assets							(208,549)		145,764
Net Assets:
	Beginning of Period						13,091,755		12,945,991
	End of Period					$	12,883,206	$	13,091,755
Accumulated Net Investment Loss						$	(676)	$	-
			Period Ended				Year Ended
Share Information:			September 30, 2015  (a)				March 31, 2015
	Institutional Class Shares		Shares		Amount		Shares		Amount
		Shares sold	221,193	$	2,233,570		158,715	$	1,596,193
		Reinvested dividends and distributions	9,392		94,435		18,720		188,723
		Shares repurchased	(241,020)		(2,423,079)		(100,521)		(1,015,282)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	(10,435)	$	(95,074)		76,914	$	769,634
	Advisor Class Shares		Shares		Amount		Shares		Amount
		Shares sold	1,325	$	13,337		8,073	$	81,290
		Reinvested dividends and distributions	119		1,195		1,063		10,699
		Shares repurchased	(830)		(8,324)		(89,988)		(907,927)
	Net Increase (Decrease) in Shares of
		Beneficial Interest	615	$	6,208		(80,852)	$	(815,938)
(a)	Unaudited.
See Notes to Financial Statements

Crescent Strategic Income Fund
Financial Highlights
			Institutional Class Shares
For a share outstanding during the			September 30,		March 31,
fiscal years or periods ended			2015		2015		2014		2013		2012 (f)
Net Asset Value, Beginning of Period		$	10.14	$	10.00	$	10.16	$	9.96	$	10.00
Income (Loss) from Investment Operations
	Net investment income		0.08		0.15	(g)	0.14		0.11		0.02
	Net realized and unrealized gain (loss) on
	investment transactions		(0.09)		0.16		(0.13)		0.24		(0.04)
Total from Investment Operations			(0.01)		0.32		0.01		0.35		(0.02)
Less Distributions:
	From net investment income		(0.08)		(0.15)		(0.14)		(0.11)		(0.02)
	From capital gains		-		(0.02)		(0.03)		(0.04)		-
Total Distributions			(0.08)		(0.17)		(0.17)		(0.15)		(0.02)
Net Asset Value, End of Period		$	10.05	$	10.14	$	10.00	$	10.16	$	9.96
Total Return (c)(d)			(0.08)%	(b)	3.20%		0.14%		3.52%		(0.24)%	(b)
Net Assets, End of Period (in thousands)		$	12,705	$	12,918	$	11,968	$	10,999	$	8,469
Ratios of:
Gross Expenses to Average Net Assets (e)			1.57%	(a)	1.52%		1.58%		1.61%		4.40%	(a)
Net Expenses to Average Net Assets (e)			0.90%	(a)	0.90%		0.90%		0.90%		0.89%	(a)
Net Investment Income to Average Net Assets			1.61%	(a)	1.52%		1.41%		1.04%		0.85%	(a)
Portfolio turnover rate			10.05%	(b)	24.54%		28.98%		40.15%		10.14%	(b)
(a)	Annualized.
(b)	Not annualized.
(c)	Total return does not reflect sales charge, if any.
(d)	Includes adjustments in accordance with accounting principles generally accepted in the United States, and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)	The expense ratios listed reflect total expenses prior to any waivers and reimbursements (gross expense ratio) and after any waivers and reimbursements (net expense ratio).
(f)	For a share outstanding during the period from December 15, 2011 (Date of Initial Public Investment) to March 31, 2012.
(g)	Calculated using the average shares method.
See Notes to Financial Statements											(Continued)

Crescent Strategic Income Fund
Financial Highlights
			Advisor Class Shares
For a share outstanding during the			September 30,		March 31,
fiscal years or periods ended			2015		2015		2014		2013		2012 (f)
Net Asset Value, Beginning of Period		$	10.14	$	9.98	$	10.16	$	9.96	$	10.00
Income (Loss) from Investment Operations
	Net investment income		0.06		0.12	(h)	0.11		0.08		0.01
	Net realized and unrealized gain (loss) on
	investment transactions		(0.08)		0.18		(0.15)		0.23		(0.05)
Total from Investment Operations			(0.02)		0.30		(0.04)		0.31		(0.04)
Less Distributions:
	From net investment income		(0.07)		(0.12)		(0.11)		(0.07)		0.00	(g)
	From capital gains		-		(0.02)		(0.03)		(0.04)		-
Total Distributions			(0.07)		(0.14)		(0.14)		(0.11)		0.00	(g)
Net Asset Value, End of Period		$	10.05	$	10.14	$	9.98	$	10.16	$	9.96
Total Return (c)(d)			(0.21)%	(b)	3.06%		(0.32)%		3.21%		(0.39)%	(b)
Net Assets, End of Period (in thousands)		$	178	$	173	$	978	$	946	$	1,036
Ratios of:
Gross Expenses to Average Net Assets (e)			1.82%	(a)	1.75%		1.83%		1.85%		3.79%	(a)
Net Expenses to Average Net Assets (e)			1.15%	(a)	1.15%		1.15%		1.15%		1.04%	(a)
Net Investment Income to Average Net Assets			1.36%	(a)	1.22%		1.15%		0.78%		0.31%	(a)
Portfolio turnover rate			10.05%	(b)	24.54%		28.98%		40.15%		10.14%	(b)
(a)	Annualized.
(b)	Not annualized.
(c)	Total return does not reflect sales charge, if any.
(d)	Includes adjustments in accordance with accounting principles generally accepted in the United States, and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)	The expense ratios listed reflect total expenses prior to any waivers and reimbursements (gross expense ratio) and after any waivers and reimbursements (net expense ratio).
(f)	For a share outstanding during the period from December 27, 2011 (Date of Initial Public Investment) to March 31, 2012.
(g)	Actual amount is less than $0.01 per share.
(h)	Calculated using the average shares method.
See Notes to Financial Statements

Crescent Strategic Income Fund

Notes to Financial Statements

(Unaudited)

1.  Organization and Significant Accounting Policies

The Crescent Strategic Income Fund (the "Fund") is a series of the Starboard Investment Trust (the "Trust"). The Trust is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.  The Trust is classified as a diversified company as defined in the 1940 Act.

The Fund commenced operations on December 15, 2011. The investment objective of the Fund is total return consistent with preservation of capital.  The Fund seeks to achieve its investment objective by investing at least 65% of the portfolio in bonds rated investment grade or better at all times by a nationally recognized securities rating organization or, if no rating exists, of equivalent quality in the determination of the Advisor.  Subject to the limitations of this restriction, the Fund is also permitted to invest in securities that are below investment-grade, including junk bonds.

The Fund currently has an unlimited number of authorized shares, which are divided into two classes - Institutional Class Shares and Advisor Class Shares. Each class of shares has equal rights as to assets of the Fund, and the classes are identical, except for differences in ongoing distribution and service fees. The Advisor Class Shares are subject to an initial sales charge fee of 4.00%, redemption fees for certain redemptions within 60 days of the issuance of such shares of 1.00%, and distribution plan fees as described in Note 3. Income, expenses (other than distribution and service fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. All classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class.

The following is a summary of significant accounting policies consistently followed by the Fund.  The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Investment Valuation

All investments in securities are recorded at their estimated fair value, as described below (Fair Value Measurement).

Fair Value Measurement

Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:

Level 1: quoted prices in active markets for identical securities

Level 2: other significant observable inputs (including quoted prices for similar securities and identical securities in inactive markets, interest rates, credit risk, etc.)

Level 3: significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

A description of the valuation techniques applied to the Fund's major categories of investments measured at fair value on a recurring basis follows.

(Continued)

Crescent Strategic Income Fund

Notes to Financial Statements

(Unaudited)

Equity securities (common stock, preferred stock, exchange-traded products). Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are categorized in level 2.

Corporate bonds.  Debt securities may be valued at prices supplied by the Fund's pricing agent based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate, and maturity.  Most corporate bonds are categorized in level 2 of the fair value hierarchy. However, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in level 3.

U.S. government obligations (treasury notes). U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar obligations, broker quotes, yields, bids, offers, and reference data. Certain obligations are valued principally using dealer quotations. U.S. government obligations are categorized in level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

U.S. agency obligations (federal agency obligations). U.S. agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs.  Agency issued debt obligations are generally valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to-be-announced (TBA) obligations and mortgage pass-through certificates. TBA obligations and mortgage pass-throughs are generally valued using dealer quotations. Depending on market activity levels and whether quotations or other data are used, these obligations are typically categorized in level 2 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs as of September 30, 2015 for the Fund's assets measured at fair value:

Crescent Strategic Income Fund
Investments in Securities (a)		Total		Level 1		Level 2		Level 3
Assets
Corporate Bonds	$	10,508,104	$	-	$	10,508,104	$	-
Federal Agency Obligations		317,479		-		317,479		-
United States Treasury Note		49,516		-		49,516		-
Preferred Stocks*		643,475		643,475		-		-
Common Stocks*		90,185		90,185		-		-
Exchange-Traded Product		49,704		49,704		-		-
Short-Term Investment		1,161,627		1,161,627		-		-
Total Assets	$	12,820,090	$	1,944,991	$	10,875,099	$	-

*Refer to Schedule of Investments for breakdown by Industry.

(a) The fund had no transfers into or out of Level 1, 2, or 3 during the period ended September 30, 2015.  The Fund recognizes transfers into and out of the Fund at the end of each period.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date).  Dividend income is recorded on the ex-dividend date.  Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date.  Interest income is recorded on the accrual basis and includes amortization of discounts and premiums.  Gains and losses are determined on the identified cost basis, which is the same basis used for Federal income tax purposes.

(Continued)

Crescent Strategic Income Fund

Notes to Financial Statements

(Unaudited)

Expenses

The Fund bears expenses incurred specifically on its behalf as well as a portion of general expenses, which are allocated according to methods reviewed annually by the Trustees.

Distributions

The Fund may declare and distribute dividends from net investment income (if any), quarterly.  Distributions from capital gains (if any) are generally declared and distributed annually.  Dividends and distributions to shareholders are recorded on ex-date.

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period.  Actual results could differ from those estimates.

Fees on Redemptions

The Fund charges a redemption fee of 1.00% on redemptions of Fund shares occurring within 60 days following the issuance of such shares.  The redemption fee is not a fee to finance sales or sales promotion expenses, but is paid to the Fund to defray the costs of liquidating an investor and discouraging short-term trading of the Fund's shares.  No redemption fee will be imposed on the redemption of shares representing dividends or capital gains distributions, or on amounts representing capital appreciation of shares.

Federal Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

2.  Transactions with Related Parties and Service Providers

Advisor

The Fund pays a monthly fee to the Advisor calculated at the annual rate of 0.35% of the Fund's average daily net assets.  For the period ended September 30, 2015, $23,592 in advisory fees were incurred and waived by the Advisor.

The Advisor has entered into a contractual agreement (the "Expense Limitation Agreement") with the Trust, on behalf of the Fund, under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in amounts that limit the Fund's total operating expenses (exclusive of interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund's business, and amounts, if any, payable under a Rule 12b-1 distribution plan) to not more than 0.90% of the average daily net assets of the Fund for the current fiscal year.  Additionally, the Advisor reimbursed the Fund for $21,552 of the expenses incurred.  The current term of the Expense Limitation Agreement remains in effect until the last day of July 2016.  While there can be no assurance that the Expense Limitation Agreement will continue after that date, it is expected to continue from year-to-year thereafter.

Administrator

The Fund pays a monthly fee to the Administrator based upon the average daily net assets of the Fund and calculated at the annual rates as shown in the schedule below subject to a minimum of $2,000 per month.  The Administrator also receives a fee as to procure and pay the Fund's custodian, as additional compensation for fund accounting and recordkeeping services, and additional compensation for certain costs involved with the daily valuation of securities and as reimbursement for out-of-pocket expenses.  A breakdown of these fees is provided in the following table.

(Continued)

Crescent Strategic Income Fund

Notes to Financial Statements

(Unaudited)

Administration Fees*		Custody Fees*			Fund Accounting Fees (monthly)	Fund Accounting Fees (annual)	Blue Sky Administration Fees (annual)
Average Net Assets	Annual Rate	Average Net Assets		Annual Rate
First $100 million	0.100%		First $100 million	0.020%	$2,750	0.01%	$150 per state
Next $150 million	0.080%		Over $100 million	0.009%
Next $250 million	0.060%
Next $500 million	0.050%		*Minimum monthly fees of $2,000 and $416 for Administration and Custody, respectively.
Over $1  billion	0.040%

The Fund incurred $11,987 in administration fees, $4,348 in custody fees, and $18,423 in fund accounting fees for the period ended September 30, 2015.

Compliance Services

Cipperman Compliance Services, LLC provides services as the Trust's Chief Compliance Officer.  Cipperman Compliance Services, LLC is entitled to receive customary fees from the Fund for their services pursuant to the Compliance Services agreement with the Fund.

Transfer Agent

Nottingham Shareholder Services, LLC ("Transfer Agent") serves as transfer, dividend paying, and shareholder servicing

agent for the Fund. For its services, the Transfer Agent is entitled to receive compensation from the Fund pursuant to the

Transfer Agent's fee arrangements with the Fund.

Distributor

Capital Investment Group, Inc. (the "Distributor") serves as the Fund's principal underwriter and distributor.  The Distributor receives $5,000 per year paid in monthly installments for services provided and expenses assumed.

Certain officers of the Trust are also officers of the Advisor or the Administrator.

3.  Distribution and Service Fees

The Trustees, including a majority of the Trustees who are not "interested persons" of the Trust as defined in the 1940 Act and who have no direct or indirect financial interest in such plan or in any agreement related to such plan, adopted a distribution plan pursuant to Rule 12b-1 of the 1940 Act (the "Plan").  The 1940 Act regulates the manner in which a regulated investment company may assume expenses of distributing and promoting the sales of its shares and servicing of its shareholder accounts.  The Plan provides that the Advisor Class Shares may incur certain expenses, which may not exceed 0.25% per annum of the Advisor Class Shares' average daily net assets for each year elapsed subsequent to adoption of the Plan, for payment to the Distributor and others for items such as advertising expenses, selling expenses, commissions, travel or other expenses reasonably intended to result in sales of shares of the Advisor Class or support servicing of shareholder accounts.  For the period ended September 30, 2015, $219 in fees were incurred and paid by the Fund.

4.  Purchases and Sales of Investment Securities

For the period ended September 30, 2015, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

Period Ended	Purchases of Securities	Proceeds from Sales of Securities
September 30, 2015	$1,296,739	$2,468,850

(Continued)

Crescent Strategic Income Fund

Notes to Financial Statements

(Unaudited)

There were no long-term purchases or sales of U.S Government Obligations during the period ended September 30, 2015.

5.   Federal Income Tax

Distributions are determined in accordance with Federal income tax regulations, which differ from generally accepted accounting principles, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes.  Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.

The Fund has reviewed all taxable years / periods that are open for examination (i.e., not barred by the applicable statute of limitations) by taxing authorities of all major jurisdictions, including the Internal Revenue Service.  As of September 30, 2015, open taxable years consisted of the taxable years ended March 31, 2013, March 31, 2014, and March 31, 2015. No examination of the Fund's tax returns is currently in progress.

At September 30, 2015, the tax-basis cost of investments and components of distributable earnings were as follows:

Cost of Investments	$	12,755,139
Unrealized Appreciation		109,043
Unrealized Depreciation		(44,093)
Net Unrealized Appreciation		64,950

6.  Commitments and Contingencies

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund.  In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Fund, and others that provide for general indemnifications.  The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.  The Fund expects risk of loss to be remote.

7.  Subsequent Events

In preparing these financial statements, the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements.  This evaluation did not result in any additional subsequent events that necessitated disclosures and/or adjustments.

Crescent Strategic Income Fund

Additional Information

(Unaudited)

1.  Proxy Voting Policies and Voting Record

A copy of the Trust's Proxy Voting and Disclosure Policy and the Advisor's Disclosure Policy are included as Appendix B to the Fund's Statement of Additional Information and are available, without charge, upon request, by calling 800-773-3863, and on the website of the Securities and Exchange Commission ("SEC") at sec.gov.  Information regarding how the Fund voted proxies relating to portfolio securities during the most recent period ended June 30 is available (1) without charge, upon request, by calling the Fund at the number above and (2) on the SEC's website at sec.gov.

2.  Quarterly Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.  The Fund's Forms N-Q are available on the SEC's website at sec.gov.  You may review and make copies at the SEC's Public Reference Room in Washington, D.C.  Information on the operation of the Public Reference Room may be obtained by calling the SEC at 800-SEC-0330. You may also obtain copies without charge, upon request, by calling the Fund at 800-773-3863.

3.  Schedule of Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including investment advisory fees; distribution (12b-1) fees; and other Fund expenses.  This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses – The first line of the table below provides information about the actual account values and actual expenses.  You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes – The last line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.  You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Institutional Class Shares	Beginning Account Value April 1, 2015	Ending Account Value September 30, 2015	Expenses Paid During Period*
Actual Hypothetical (5% annual return before expenses)
	$1,000.00	$   999.20	$4.50
	$1,000.00	$1,020.57	$4.55

*Expenses are equal to the average account value over the period multiplied by the Fund's annualized expense ratio, multiplied by the number of days in the most recent period divided by the number of days in the fiscal year (to reflect the six month period).

(Continued)

Crescent Strategic Income Fund

Additional Information

(Unaudited)

Advisor Class Shares	Beginning Account Value April 1, 2015	Ending Account Value September 30, 2015	Expenses Paid During Period*
Actual Hypothetical (5% annual return before expenses)
	$1,000.00	$   997.90	$5.75
	$1,000.00	$1,019.32	$5.81

*Expenses are equal to the average account value over the period multiplied by the Fund's annualized expense ratio, multiplied by the number of days in the most recent period divided by the number of days in the fiscal year (to reflect the six month period).

Crescent Strategic Income Fund

is a series of

The Starboard Investment Trust

For Shareholder Service Inquiries:	For Investment Advisor Inquiries:
Nottingham Shareholder Services	Greenwood Capital Associates, LLC
116 South Franklin Street	Greenwood Building, 5th Floor
Post Office Drawer 4365	Post Office Box 3181
Rocky Mount, North Carolina 27803	Greenwood, South Carolina  29648
Telephone:	Telephone:
800-773-3863	800-773-3863
World Wide Web @:	World Wide Web @:
ncfunds.com	ncfunds.com

Item 2.	CODE OF ETHICS.
	Not applicable.
Item 3.	AUDIT COMMITTEE FINANCIAL EXPERT.
	Not applicable.
Item 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.
	Not applicable.
Item 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.
Item 6.	SCHEDULE OF INVESTMENTS.
	A copy of Schedule I - Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR   CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.
Item 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

Item 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.
Item 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS.
	None.
Item 11.	CONTROLS AND PROCEDURES.
(a)	The Principal Executive Officer and the Principal Financial Officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report.
(b)	There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12.	EXHIBITS.
(a)(1)	Not applicable.
(a)(2)	Certifications required by Item 12.(a)(2) of Form N-CSR are filed herewith as Exhibit 12.(a)(2).
(a)(3)	Not applicable.
(b)	Certifications required by Item 12.(b) of Form N-CSR are filed herewith as Exhibit 12.(b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Starboard Investment Trust

By: (Signature and Title)	/s/ Katherine M. Honey
Date: December 4, 2015	Katherine M. Honey President and Principal Executive Officer The Crescent Funds

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: (Signature and Title)	/s/ Katherine M. Honey
Date: December 4, 2015	Katherine M. Honey President and Principal Executive Officer The Crescent Funds

By: (Signature and Title)	/s/ Ashley E. Harris
Date: December 4, 2015	Ashley E. Harris Treasurer and Principal Financial Officer The Crescent Funds