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          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares U.S. Medical</name>
        <lei>549300MTJJWSCQO9N641</lei>
        <title>ETF</title>
        <cusip>464288810</cusip>
        <identifiers>
          <isin value="US4642888105"/>
        </identifiers>
        <balance>78793</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4664545.6</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>ETFMG PRIME</name>
        <lei>549300IRZZNTG5RM7Y44</lei>
        <title>ETF</title>
        <cusip>26924G409</cusip>
        <identifiers>
          <isin value="US26924G4091"/>
        </identifiers>
        <balance>117878</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6051856.52</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</name>
        <lei>549300BBJPWNKDPREW36</lei>
        <title>ETF</title>
        <cusip>78464A771</cusip>
        <identifiers>
          <isin value="US78464A7717"/>
        </identifiers>
        <balance>58428</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5385893.04</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 Regional Ba</name>
        <lei>549300EFWJBKUN6WJX52</lei>
        <title>ETF</title>
        <cusip>78464A698</cusip>
        <identifiers>
          <isin value="US78464A6982"/>
        </identifiers>
        <balance>78056</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5797999.68</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>Global X Lithium &amp;</name>
        <lei>5493004G7TKT5SOCWN15</lei>
        <title>ETF</title>
        <cusip>37954Y855</cusip>
        <identifiers>
          <isin value="US37954Y8553"/>
        </identifiers>
        <balance>79230</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6181524.6</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>O'SHARES GLOBAL</name>
        <lei>54930012BL04M0OMCP81</lei>
        <title>ETF</title>
        <cusip>67110P704</cusip>
        <identifiers>
          <isin value="US67110P7042"/>
        </identifiers>
        <balance>85913</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3394422.63</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco DWA Healthca</name>
        <lei>549300HW4X5F66JYEL71</lei>
        <title>ETF</title>
        <cusip>46137V852</cusip>
        <identifiers>
          <isin value="US46137V8524"/>
        </identifiers>
        <balance>46209</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5979444.6</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>Invesco S&amp;P 500</name>
        <lei>549300AMYKGRJ1UHN136</lei>
        <title>ETF</title>
        <cusip>46137V282</cusip>
        <identifiers>
          <isin value="US46137V2824"/>
        </identifiers>
        <balance>34528</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9781091.84</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>FIRST TRUST CLOUD</name>
        <lei>5493006AUYA2BRBGB132</lei>
        <title>ETF</title>
        <cusip>33734X192</cusip>
        <identifiers>
          <isin value="US33734X1928"/>
        </identifiers>
        <balance>101918</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8827117.98</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>VanEck Vectors Semic</name>
        <lei>549300MJTG2N9QRH7I02</lei>
        <title>ETF</title>
        <cusip>92189F676</cusip>
        <identifiers>
          <isin value="US92189F6768"/>
        </identifiers>
        <balance>43350</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11624302.5</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>114653</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7736784.44</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>Vanguard</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>92204A801</cusip>
        <identifiers>
          <isin value="US92204A8018"/>
        </identifiers>
        <balance>29707</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5469949.91</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>51437</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4873655.75</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>371754</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7252920.54</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>41834</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5143908.64</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>162382</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11374859.1</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>30602</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2901069.6</valUSD>
        <pctVal>0.01</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Energy Select Sector</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>81369Y506</cusip>
        <identifiers>
          <isin value="US81369Y5069"/>
        </identifiers>
        <balance>91363</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6448400.54</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>Financial Select Sec</name>
        <lei>549300Y12KQ6ZG08NY28</lei>
        <title>ETF</title>
        <cusip>81369Y605</cusip>
        <identifiers>
          <isin value="US81369Y6059"/>
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        <balance>305651</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11773676.52</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>87515</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8741873.35</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"/>
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        <balance>74521</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11481450.47</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"/>
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        <balance>57142</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4413648.08</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>
          <ticker value="DARXX"/>
        </identifiers>
        <balance>11509469</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11509469</valUSD>
        <pctVal>0.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Money Market" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR S&amp;P 500 ETF Tru</name>
        <lei>N/A</lei>
        <title>OPTION</title>
        <cusip>78462F103</cusip>
        <identifiers>
          <other otherDesc="OCC Identifier" value="SPY 220318P00430000"/>
        </identifiers>
        <balance>650</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>546000</valUSD>
        <pctVal>0</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Option" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CLEARSTREET LLC</counterpartyName>
              <counterpartyLei>549300KNQS43Y7TO3X67</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SPDR S&amp;P 500 ETF Tru</issuerName>
                <issueTitle>ETF</issueTitle>
                <identifiers>
                  <ticker value="SPY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>6.5</shareNo>
            <exercisePrice>430</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-03-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-219721.45</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-04-20</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>
