Filing by Investment Company (SEC Filing - 497)

STARBOARD INVESTMENT TRUST

ADAPTIVE FUNDAMENTAL GROWTH FUND

ADAPTIVE HEDGED HIGH INCOME FUND

ADAPTIVE HEDGED MULTI-ASSET INCOME FUND

ADAPTIVE TACTICAL OUTLOOK FUND

ADAPTIVE TACTICAL ROTATION FUND

(each a "Fund" and collectively, the "Funds")

Supplement dated September 23, 2021

to the Prospectus, Summary Prospectus and Statement of Additional Information ("SAI"), each dated September 2, 2021

This Supplement provides new and additional information beyond that contained in the Prospectus, Summary Prospectus and SAI, and should be retained and read in conjunction with, the Prospectus, Summary Prospectus and SAI for each Fund.

On October 22, 2021, the Adaptive Fundamental Growth Fund, Adaptive Hedged High Income Fund, Adaptive Hedged Multi-Asset Income Fund, Adaptive Tactical Outlook Fund and Adaptive Tactical Rotation Fund will be converted into the AI Quality Growth ETF, Adaptive High Income ETF, RH Hedged Multi-Asset Income ETF, RH Tactical Outlook ETF and RH Tactical Rotation ETF, respectively. In connection with this conversion:

Effective with the close of business on October 20, 2021, no new purchases of shares of the Funds will be accepted; and

Effective with the close of business on October 20, 2021, the Funds will stop participating in the exchange programs for the Adaptive Funds, which means that shares of the Funds cannot be exchanged into shares of other Adaptive Funds.

For further information, please contact the Fund toll-free at 1-800-773-3863. You may obtain additional copies of the Prospectus, Summary Prospectus, and Statement of Additional Information, free of charge, by writing to the Fund at Post Office Box 4365, Rocky Mount, North Carolina 27803 or calling the Fund toll-free at the number above.

Investors Should Retain This Supplement for Future Reference

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