0001464413
2021-09-30
2021-09-30
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2021-09-30
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2021-09-30
2021-09-30
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2021-09-30
2021-09-30
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2021-09-30
2021-09-30
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ck0001464413:index_SP_500_Total_Return_Index_reflects_no_deductions_for_fees_expenses_or_taxesMember
2021-09-30
2021-09-30
pure
iso4217:USD
2021-01-28
N-1A
Starboard Investment Trust
2022-02-01
NAVFX
2022-02-01
SUMMARY
INVESTMENT OBJECTIVE
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">The <span style="font-weight: bold;">Sector Rotation Fund</span> (the “Fund”) seeks to achieve capital appreciation.</div>
FEES AND EXPENSES OF THE FUND
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">These tables describe the fees and expenses that you may pay if you buy<span style="-sec-ix-redline:true">, </span>hold<span style="-sec-ix-redline:true">, and sell</span> shares of the Fund<span style="-sec-ix-redline:true">. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span></div>
Shareholder Fees (fees paid directly from your investment)
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.01
0.0025
0.007
0.0017
0.0212
“Acquired Fund” means any investment company in which the Fund invests or has invested during the previous fiscal year. The “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” will not match the Fund’s gross and net expense ratios reported in the Financial Highlights from the Fund’s financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem (or you hold) all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div>
Example.
215
215
664
664
1139
1139
2452
2452
<div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the Fund’s most recent fiscal year ended September 30, 202<span style="-sec-ix-redline:true">1</span>, the Fund’s portfolio turnover rate was <span style="-sec-ix-redline:true">211.18%</span> of the average value of its portfolio.</div>
Portfolio Turnover.
2.1118
PRINCIPAL INVESTMENT STRATEGIES
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">Sector Rotation is a strategy that evaluates the relative strength and momentum of different sectors of the economy in order to identify
short-term investment opportunities. A sector is a segment of the market that isolates very specific types of assets. Examples of sectors include, but are not limited to, consumer discretionary, health care, information technology, consumer
staples, commodities, energy, financials, industrials, materials, real estate, telecommunications, and utilities. The Advisor employs a proprietary ranking system to identify the sectors that it believes are showing the greatest relative strength and
increases the Fund’s exposure to those sectors. The Fund may also invest in a broader asset class or index based on the manager’s macro-economic forecast.</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">Under normal circumstances, the Fund invests in shares of exchange-traded funds (“ETFs”). An ETF is an open-end investment company that
holds a portfolio of investments designed to track a particular market segment or underlying index. In seeking to achieve the Fund’s investment objectives, the Advisor may allocate Fund assets among equity ETFs representing various domestic and
foreign markets, regions and countries. The Fund may invest in ETFs that hold foreign securities and American Depositary Receipts (“ADRs”) but will not invest in emerging market securities to a significant extent. The Fund may invest in ETFs designed
to provide investment results that match the performance or inverse (opposite) performance of an underlying index. Based on the manager’s macro-economic forecast, the Fund may also invest in ETFs designed to provide investment results that match a
positive or negative multiple of the performance of an underlying index. The Fund will invest in securities of issuers across a range of market capitalizations, including large-, small- and mid-cap issuers, but the Advisor does not anticipate that
the Fund will invest in securities of micro-cap and nano-cap issuers.</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">In selecting investments for the Fund, the Advisor seeks to identify securities that it believes exhibit attractive valuations based on
characteristics such as price movement, volatility, price to earnings ratios, growth rates, price to cash flow, and price to book ratios. With respect to the Fund’s inverse positions, the Advisor seeks to identify securities that are designed to
perform inverse to indexes with valuations that the Advisor believes are unattractive based on these same characteristics. The Advisor will incorporate asset class selection as part of the Fund’s overall portfolio. This strategic asset allocation is
the process of dividing securities among different kinds of assets to optimize the risk/reward trade-off based on achieving capital appreciation. The Advisor utilizes quantitative research to determine the Fund’s weightings between stocks, and cash,
allocation among sectors and industries, and exposure to domestic and foreign markets. The Fund expects to engage in active and frequent trading of its portfolio securities.</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">From time to time, the Fund may also focus its investments in a limited number of market sectors, which may be any of the 11 major market
sectors. As of September 30, 2019, the Fund was principally invested in the consumer discretionary, consumer staples, industrials, and information technology sectors.</div>
PRINCIPAL RISKS OF INVESTING IN THE FUND
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">The loss of your money is a principal risk of investing in the Fund. Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value per shares (“NAV”), trading price, yield, total return, and ability to meet its investment objectives. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. Generally, the Fund will be subject to the following principal risks:</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;"><span style="font-weight: bold;">Cybersecurity Risk. </span>As part of its business, the Advisor processes, stores, and transmits large
amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have
the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties and/or
reputational damage. The Fund and its shareholders could be negatively impacted as a result.</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', serif;"><span style="font-weight: bold; font-style: italic;">COVID-19 Risk</span>. <span style="-sec-ix-redline:true">The</span> outbreak of <span style="-sec-ix-redline:true">an </span>infectious
respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service
preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the
future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market
countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such,
issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings. The potential impact on the credit
markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors. The extent to which COVID-19 will affect the Fund, the Fund’s service
providers’ and/or issuer’s operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain
COVID-19. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic,
political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events. If there is a significant decline in the value of the Fund’s portfolio, this may impact the Fund’s asset coverage
levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;"><span style="font-weight: bold;">Foreign Securities Risk.</span> The ETFs held by the Fund may have significant investments in foreign
securities. Foreign securities involve investment risks different from those associated with domestic securities. Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in
domestic securities. The value of foreign currency denominated securities or foreign currency contracts is affected by the value of the local currency relative to the U.S. dollar. There may be less government supervision of foreign markets,
resulting in non-uniform accounting practices and less publicly available information about issuers of foreign currency denominated securities. The value of foreign investments may be affected by changes in exchange control regulations, application
of foreign tax laws (including withholding tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. In addition, foreign brokerage commissions,
custody fees, and other costs of investing in foreign securities are generally higher than in the United States. Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed
conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', serif;"><span style="font-weight: bold;">Investments in ETFs.</span> Since the Fund invests in ETFs, the Fund will be subject to
substantially the same risks as those associated with the direct ownership of the securities comprising the index on which the ETF is based and the value of the Fund’s investment will fluctuate in response to the performance of the underlying index.
ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs’ operating
expenses, in addition to paying Fund expenses. ETFs are subject to additional risks such as the fact that its shares may trade at a market price that is above or below its net asset value (“NAV”) or an active market may not develop.</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;"><span style="font-weight: bold;">Leveraged or Inverse ETFs.</span> The Fund may invest in leveraged and/or inverse ETFs, including
multiple inverse (or ultra-short) ETFs. These ETFs are subject to additional risk not generally associated with traditional ETFs. Leveraged ETFs seek to multiply the performance of the particular benchmark that is tracked (which may be an index, a
currency or other benchmark). Inverse ETFs seek to negatively correlate to the performance of the benchmark. These ETFs seek to achieve their returns by using various forms of derivative transactions, including by short-selling the underlying index.
Ultra-short ETFs seek to multiply the negative return of the tracked index (e.g., twice the inverse return). As a result, an investment in an inverse ETF will decrease in value when the value of the underlying index rises. For example, an inverse ETF
tracking the S&P 500 Index will gain 1% when the S&P falls 1% (if it is an ultra-short ETF that seeks twice the inverse return, it will gain 2%), and will lose 1% if the S&P 500 gains 1% (if an ultra-short ETF that seeks twice the inverse
return, it would lose 2%). By investing in ultra-short ETFs and gaining magnified short exposure to a particular index, the Fund can commit less assets to the investment in the securities represented on the index than would otherwise be required.</div><div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'CG Times', 'Times New Roman', serif;"><span style="font-weight: bold;">Manager Risk. </span>The Advisor’s ability to choose suitable investments has a significant
impact on the ability of the Fund to achieve its investment objectives. The portfolio manager’s experience is discussed in the section of this prospectus entitled “Management of the Fund – Investment Advisor.”</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;"><span style="font-weight: bold;">Market Risk. </span>Market risk refers to the possibility that the value of securities held by the Fund
may decline <span style="color: #000000;">due to daily fluctuations in the securities markets</span>. Stock prices change daily as a result of many factors, including developments affecting the condition of both individual companies and the market
in general. The price of a stock may<span style="color: #000000;"> even be affected by factors unrelated to the value or condition of its issuer, such as changes in interest rates, national and international economic and/or political conditions and
general equity market conditions. In a declining stock market, prices for all companies (including those in the Fund’s portfolio) may decline regardless of their long-term prospects.</span> The Fund’s performance per share will change daily in
response to such factors<span style="color: #000000;">.</span></div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;"><span style="font-weight: bold;">Portfolio Turnover Risk. </span>The Advisor may sell portfolio securities without regard to the length
of time they have been held in order to take advantage of new investment opportunities or changing market conditions. As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for
the Fund. High rates of portfolio turnover may also result in the realization of short-term capital gains and losses. The payment of taxes on gains could adversely affect the Fund’s performance. Any distributions resulting from such gains will be
considered ordinary income for federal income tax purposes.</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;"><span style="font-weight: bold;">Sector Focus Risk.</span> Because the Fund’s investments may, from time to time, be more heavily
invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a
mutual fund that invests in a broader range of industries. The specific risks for each of the sectors in which the Fund may focus its investments include the additional risks described below:</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z936ad641187645de92c4f94ec5f59965" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 27.35pt; vertical-align: top; align: right;">
<div style="margin-left: 9.35pt; line-height: 11.4pt; margin-bottom: 6pt;">•</div>
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<div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Consumer Discretionary.</span><span style="font-weight: bold;"> </span>Companies in this
sector may be adversely affected by negative changes in the domestic and international economies, interest rates, competition, consumer confidence, disposable household income, and consumer spending. These companies are also subject to
severe competition and changes in demographics and consumer tastes, which may have an adverse effect on the performance of these companies.</div>
</td>
</tr>
</table>
</div>
<div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z05dae0c0aff04562b9477ed79d11225a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">
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<td style="width: 27.35pt; vertical-align: top; align: right;">
<div style="margin-left: 9.35pt; line-height: 11.4pt; margin-bottom: 6pt; color: #000000;">•</div>
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<div style="margin: 0px 0px 0px; line-height: 11.4pt; font-family: 'Times New Roman', serif; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Consumer Staples.</span><span style="font-weight: bold;"> </span>Companies
in this sector may be adversely affected by negative changes in the domestic and international economies, interest rates, competition, consumer confidence, and consumer spending. These companies also are subject to the risk that government
regulation could affect the permissibility of using various production methods and food additives, which regulations could affect company profitability. The success of food, household, and personal product companies may be strongly affected
by consumer tastes, marketing campaigns, and other factors affecting supply and demand.</div>
</td>
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</table>
</div><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z2fa44dec41a4453f948caff589fb7f80" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">
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<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;"><span style="font-weight: bold; font-style: italic;">Industrials.</span><span style="font-weight: bold;"> </span>Companies in
this sector are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, and economic conditions will affect the performance of these
companies. These companies can also be cyclical, subject to sharp price movements, and significantly affected by government spending policies.</div>
</td>
</tr>
</table><div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zd696fb47da674176a9f5fffd98286550" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;">
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<td style="width: 27.35pt; vertical-align: top; align: right;">
<div style="margin-left: 9.35pt; line-height: 11.4pt; margin-bottom: 6pt;">•</div>
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<td style="width: auto; vertical-align: top;">
<div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Information Technology.</span><span style="font-weight: bold;"> </span>The performance of
companies in this sector may be adversely affected by intense competition both domestically and internationally; limited product lines, markets, financial resources, or personnel; rapid product obsolescence and frequent new product
introduction; dramatic and unpredictable changes in growth rates; and dependence on patent and intellectual property rights.</div>
</td>
</tr>
</table>
</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;"><span style="font-weight: bold;">Small-Cap and Mid-Cap Securities Risk.</span> The Fund or ETFs held by the Fund may invest in securities
of small-cap and mid-cap companies, which involve greater volatility than investing in larger and more established companies. Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established
companies. Securities of these types of companies have limited market liquidity, and their prices may be more volatile. You should expect that the value of the Fund’s shares will be more volatile than a fund that invests exclusively in
large-capitalization companies.</div>
The loss of your money is a principal risk of investing in the Fund.
An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency.
PERFORMANCE INFORMATION
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">The following bar chart and table shown provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at https://docs.nottinghamco.com/NAVFX .</div>
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">The Fund was reorganized on June 27, 2011, from a series of the World Funds Trust, a Delaware statutory trust (the “Predecessor Fund”), to a series of Starboard Investment Trust (the “Trust), a Delaware statutory trust (the “Reorganization”). The performance information shown below includes information for the Predecessor Fund. The Predecessor Fund commenced operations on December 30, 2009. Shareholders of the Predecessor Fund approved the Reorganization on June 22, 2011 and received shares of the Fund on June 27, 2011. The performance information shown below is intended to serve as an illustration of the variability of the Fund’s returns since the Fund is a continuation of the Predecessor Fund and has the same investment objectives and strategies and substantially the same investment policies as the Predecessor Fund. While the Fund is substantially similar to the Predecessor Fund, and, theoretically, would have invested in the same portfolio of securities, the Fund’s performance during the same time period may have been different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses.</div>
The following bar chart and table shown provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns compare to those of a broad-based securities market index.
The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
https://docs.nottinghamco.com/NAVFX
Calendar Year Returns
<div style="text-align: justify; line-height: 11.4pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif;">During the periods shown in the bar chart above, the Fund’s highest quarterly return was 19.36% (quarter ended June 30, 2020) and the Fund’s lowest quarterly return was -20.81% (quarter ended March 31, 2020).</div>
highest quarterly return
0.1936
2020-06-30
lowest quarterly return
-0.2081
2020-03-31
Average Annual Total Returns Period Ended December 31, 2021
2009-12-31
2009-12-31
Return Before Taxes
0.1584
0.1248
0.1051
0.0954
Return After taxes on Distributions
0.0865
0.107
0.075
0.0784
Return After taxes on Distributions and Sale of
Shares
0.0981
0.0944
0.079
0.0719
S&P 500 Total Return Index (reflects no deductions for fees, expenses, or
taxes)
(reflects no deductions for fees, expenses, or
taxes)
0.2871
0.1847
0.1655
0.1514
<div style="text-align: justify; line-height: 11.4pt; margin-bottom: 6pt; color: #000000; font-family: 'Times New Roman', serif;"><br/> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).</div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).
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0.0969
0.1611
0.1131
0.0247
0.0394
0.2044
-0.0528
0.2222
0.1153
0.1584
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2021-09-30
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