The 130-foot crab fishing vessel, homeported in Dutch Harbor, had seven crew onboard when it sank at roughly 2200 on 31 December.
Coast Guard Communication Detachment Kodiak overheard a mayday call from the F/V Scandies Rose and launched aircraft crews.
The aircrews located two life rafts with one raft containing two survivors. The other five crew members are still missing.
Upon completion of the investigation, the Board will issue a report to the commandant with the evidence collected, the facts established and its conclusions and recommendations.
During the course of the MBI, board members must decide, among others, the cause of the casualties and deaths, as well as whether there is need for new laws or regulations to prevent the recurrence of the casualty.
The US National Transportation Safety Board is participating alongside the Coast Guard in its investigation, but will produce an independent report with its own findings.