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          <ccc>XXXXXXXX</ccc>
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      <regStreet1>116 South Franklin Street</regStreet1>
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      <regStateConditional regCountry="US" regState="US-NC"/>
      <regZipOrPostalCode>27804</regZipOrPostalCode>
      <regPhone>252-972-9922</regPhone>
      <seriesName>Adaptive Alpha Opportunities ETF</seriesName>
      <seriesId>S000070423</seriesId>
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      <repPdDate>2022-05-31</repPdDate>
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        <name>salesforce.com Inc</name>
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        <name>Intuit Inc</name>
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        <name>Microsoft Corp</name>
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        <name>Netflix Inc</name>
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        <lei>N/A</lei>
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        <name>Paycom Software Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Raymond James Financ</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Charles Schwab Corp/</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tyler Technologies I</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SPDR Bloomberg Barcl</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Invesco DB Commodity</name>
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        <name>ISHARE MSCI EAFE ETF</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ISHARES MSCI AUSTRIA</name>
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        <name>iShares U.S. Broker-</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMPLIFY ONLINE</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares U.S. Medical</name>
        <lei>549300MTJJWSCQO9N641</lei>
        <title>ETF</title>
        <cusip>464288810</cusip>
        <identifiers>
          <isin value="US4642888105"/>
        </identifiers>
        <balance>83414</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4540224.02</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>124830</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5734690.2</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>4792264.56</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>123528</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7939144.56</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>Global X Lithium &amp;</name>
        <lei>5493004G7TKT5SOCWN15</lei>
        <title>ETF</title>
        <cusip>37954Y855</cusip>
        <identifiers>
          <isin value="US37954Y8553"/>
        </identifiers>
        <balance>83903</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6176099.83</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>90963</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2571524.01</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>48913</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5824070.91</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 QQQ Trust Se</name>
        <lei>549300VY6FEJBCIMET58</lei>
        <title>ETF</title>
        <cusip>46090E103</cusip>
        <identifiers>
          <isin value="US46090E1038"/>
        </identifiers>
        <balance>19952</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6150802.56</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>36551</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9691132.14</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>FIRST TRUST CLOUD</name>
        <lei>5493006AUYA2BRBGB132</lei>
        <title>ETF</title>
        <cusip>33734X192</cusip>
        <identifiers>
          <isin value="US33734X1928"/>
        </identifiers>
        <balance>107911</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7599092.62</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>45892</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11224265.36</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>Vanguard</name>
        <lei>N/A</lei>
        <title>ETF</title>
        <cusip>92204A801</cusip>
        <identifiers>
          <isin value="US92204A8018"/>
        </identifiers>
        <balance>31447</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5917696.46</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 Financials</name>
        <lei>549300MP6BT0L4Q61L10</lei>
        <title>ETF</title>
        <cusip>92204A405</cusip>
        <identifiers>
          <isin value="US92204A4058"/>
        </identifiers>
        <balance>54465</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4731919.2</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>393699</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6314931.96</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>44273</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4790781.33</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</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>2644900.26</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>96732</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8435030.4</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>Financial Select Sec</name>
        <lei>549300Y12KQ6ZG08NY28</lei>
        <title>ETF</title>
        <cusip>81369Y605</cusip>
        <identifiers>
          <isin value="US81369Y6059"/>
        </identifiers>
        <balance>383016</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13585577.52</valUSD>
        <pctVal>0.06</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>92677</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8776511.9</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>78907</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11082488.15</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>DREYFUS TR SEC</name>
        <lei>549300U78VESCW509025</lei>
        <title>MONEYMKT</title>
        <cusip>261941306</cusip>
        <identifiers>
          <ticker value="DARXX"/>
        </identifiers>
        <balance>8623170</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8623170</valUSD>
        <pctVal>0.04</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>2022-07-22</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>
