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          <ccc>XXXXXXXX</ccc>
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      <regStreet1>116 South Franklin Street</regStreet1>
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      <repPdEnd>2022-05-31</repPdEnd>
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        <balance>32556</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8817141.48</valUSD>
        <pctVal>0.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US OIL FUND LP</name>
        <lei>ZR7XWIN3GSRDDWZ9V446</lei>
        <title>ETF</title>
        <cusip>91232N207</cusip>
        <identifiers>
          <isin value="US91232N2071"/>
        </identifiers>
        <balance>86024</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4132592.96</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>92204A801</cusip>
        <identifiers>
          <isin value="US92204A8018"/>
        </identifiers>
        <balance>22369</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4184121.45</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Financials</name>
        <lei>549300MP6BT0L4Q61L10</lei>
        <title>ETF</title>
        <cusip>92204A405</cusip>
        <identifiers>
          <isin value="US92204A4058"/>
        </identifiers>
        <balance>38676</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3666484.8</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VANECK VIETNAM ETF</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>92189F817</cusip>
        <identifiers>
          <isin value="US92189F8178"/>
        </identifiers>
        <balance>278801</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5506319.75</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P AEROSPACE</name>
        <lei>5493006TZ0473G1GOE68</lei>
        <title>ETF</title>
        <cusip>78464A631</cusip>
        <identifiers>
          <isin value="US78464A6313"/>
        </identifiers>
        <balance>31483</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3859815.8</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P Homebuilder</name>
        <lei>549300MSE80LL1UJS132</lei>
        <title>ETF</title>
        <cusip>78464A888</cusip>
        <identifiers>
          <isin value="US78464A8889"/>
        </identifiers>
        <balance>121819</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9514063.9</valUSD>
        <pctVal>0.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P</name>
        <lei>549300JPXFHZOFFNSZ24</lei>
        <title>ETF</title>
        <cusip>78464A573</cusip>
        <identifiers>
          <isin value="US78464A5737"/>
        </identifiers>
        <balance>46149</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5134999.23</valUSD>
        <pctVal>0.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Select Sector</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>81369Y506</cusip>
        <identifiers>
          <isin value="US81369Y5069"/>
        </identifiers>
        <balance>68630</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3321692</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Financial Select Sec</name>
        <lei>549300Y12KQ6ZG08NY28</lei>
        <title>ETF</title>
        <cusip>81369Y605</cusip>
        <identifiers>
          <isin value="US81369Y6059"/>
        </identifiers>
        <balance>229241</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8802854.4</valUSD>
        <pctVal>0.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Industrial Select Se</name>
        <lei>549300HQI51T8KP6U325</lei>
        <title>ETF</title>
        <cusip>81369Y704</cusip>
        <identifiers>
          <isin value="US81369Y7040"/>
        </identifiers>
        <balance>65749</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6871427.99</valUSD>
        <pctVal>0.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Technology Select Se</name>
        <lei>549300BR5T0JNM2MW070</lei>
        <title>ETF</title>
        <cusip>81369Y803</cusip>
        <identifiers>
          <isin value="US81369Y8030"/>
        </identifiers>
        <balance>55980</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8892982.8</valUSD>
        <pctVal>0.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P Retail ETF</name>
        <lei>549300HHG63HQV071458</lei>
        <title>ETF</title>
        <cusip>78464A714</cusip>
        <identifiers>
          <isin value="US78464A7147"/>
        </identifiers>
        <balance>42947</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4121623.59</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DREYFUS TR SEC</name>
        <lei>549300U78VESCW509025</lei>
        <title>MONEYMKT</title>
        <cusip>261941306</cusip>
        <identifiers>
          <other otherDesc="Ticker" value="DARXX"/>
        </identifiers>
        <balance>2909626</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2909626</valUSD>
        <pctVal>0.02</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Money Market" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-10-22</ncom:dateSigned>
      <ncom:nameOfApplicant>Starboard Investment Trust</ncom:nameOfApplicant>
      <ncom:signature>Ashley Lanham</ncom:signature>
      <ncom:signerName>Ashley Lanham</ncom:signerName>
      <ncom:title>Principal Accounting Officer/Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
