Rocky Mount, NC | May 10, 2021 11:46 AM, Eastern

First public trades on NYSE ARCA Monday May 10th

Adaptive Growth Opportunities ETF (AGOX)

The Nottingham Company, a leading fund administrator, issuer and consultant to the mutual fund and ETF industry, is pleased to announce live trading on NYSE ARCA for its first conversion of an open-end mutual fund to an exchange traded fund (ETF). Nottingham-affiliated series trust Starboard Investment Trust completed the registration portion of the process recently for the Adaptive Growth Opportunities Fund converting to Adaptive Growth Opportunities ETF (AGOX). Starboard Investment Trust is the first fund administrator sponsored series trust to convert one of its mutual funds to an ETF. The Adaptive Growth Opportunities Fund converted all its assets to AGOX on Friday May 7th, with public trading opening Monday morning May 10th. Adaptive Growth Opportunities has been a Morningstar 5-Star rated fund in both the *Three- and **Five-year categories, as of 3/31/2021. The investment objectives of AGOX will remain identical to Adaptive Growth Opportunities.

*Out of 218 funds in the Tactical Allocation Category.

**Out of 192 funds in the Tactical Allocation Category.

The Morningstar star ratings presented are based on returns that are net of fees or expenses that were assumed by the Advisor. This arrangement had a material positive effect on the total return for the periods presented. Five Star Ratings from Morningstar represent Funds that perform in the top 10% of the Category, for the respective time period.

The performance information quoted represents past performance, which is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month-end, please call 888-721-4588 or visit www.adaptivefds.com.

The conversion is also a first in converting a mutual fund with multiple classes into an ETF with a single class. “The process required a lot of thought and whiteboarding. We have been told nobody has done this previously”, according to Pete McCabe Chief Operating Officer for Nottingham. “Our fund accounting team worked with our custodian Clear Street and the process was completed seamlessly.”

“This was a complicated process which we could not have done without the leadership of the Nottingham team”, stated Adaptive Investments CEO Greg Rutherford. “Kip Meadows brought the idea to me in the Fall of 2020. Based on our many years of working with Nottingham we knew they could get it done, even though we knew it was treading new territory. We are excited to be among the first mutual funds to convert to an ETF, responding to what our wealth managers are telling us they want for their clients”.

The Adaptive Growth Opportunities mutual fund is only the second mutual fund to convert to an ETF, and the only conversion thus far led by a fund administrator and consultant. “We are somewhat unique in that we can propose an entrepreneurial business idea and act upon it”, stated Kip Meadows, Founder and CEO of Nottingham. “Banks and firms owned by private equity are reluctant to undertake new ventures, and several of our ETF issuer competitors do not come from a fund organization, fund administration background. We have been setting up mutual funds for three decades, and ETFs for five years, so we have a good idea of what team to put together for a project like this”.

Katherine Honey, President of Nottingham added, “We have such good partners in the industry, both the legal and accounting firms we work with and the strong relationships we have built with NYSE Arca, Clear Street, and many Lead Market Makers and APs. We really could not have pulled this off without strong team efforts both within our team at Nottingham and by our industry partners. We are very excited and looking forward to the next conversions we already have in registration.”

This conversion had tremendous insight from our partners Terry Davis with Greenberg Traurig, who serves as Trust Counsel to the Starboard Investment Trust and Jim Kaiser with BBD who provided valuable input on the tax and financial statement issues. GTS-Mischler has taken the role of Lead Market Maker and Latour Trading, LLC will fill the newly NYSE Arca created role of Supplemental Lead Market Maker, among the first to adopt the new role.

About Adaptive Investments

Adaptive Investments follows the theories and methodology of Modern Portfolio Theory (MPT), introduced by Harry Markowitz in the 1950s. The goal of MPT is a relatively simple, static allocation of assets could weather any market environment.

To implement the MPT approach to investing, Adaptive Investments is a manager of managers

investment platform that strives to deliver adaptive correlation strategies to financial advisors. Adaptive Investment’s solutions attempt to make portfolios more dynamic by systematically turning risk on or off based on market conditions.

Adaptive markets its funds and now ETFs primarily to the wealth management and investment advisory community, helping advisors bring MPT to their client base.

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Investors should consider the investment objective, management fees, risks, charges and expenses of the Fund carefully before investing or sending money. The Prospectus and Summary Prospectus contains this and other information about the Fund. For a current Prospectus and/ or Summary Prospectus, call 888-721-4588, visit us at www.adaptiveinv.com or email us at info@adaptiveinv.com. Please read the Prospectus and/or Summary Prospectus carefully before you invest. Current and future holdings are subject to change and risk.

An investment in the Adaptive Growth Opportunities Fund is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Adaptive Growth Opportunities Fund will be successful in meeting its investment objective. Investment in the Adaptive Growth Opportunities Fund is also subject to the following risks: Common Stock Risk, Control of Portfolio Funds Risk, Equity Securities Risk, Fixed Income Risk, ETF Investing Risk, Fund Investing Risk, Cash and Cash Equivalents Risk, Foreign Securities and Emerging Markets Risk, Investment Advisor Risk, Management Risk, Large-Cap Securities Risk, Market Risk, Portfolio Turnover Risk, Quantitative Model Risk, Small-Cap and Mid-Cap Securities Risk, Cybersecurity Risk, and COVID-19 Risk. The Adaptive Growth Opportunities Fund may invest in foreign securities and emerging markets, and these investments have risks that differ significantly from those associated with domestic securities. More information on these risks can be found in the Adaptive Growth Opportunities Fund’s prospectus.

An investment in the Adaptive Growth Opportunities ETF is subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Adaptive Growth Opportunities ETF will be successful in meeting its investment objective. Investment in the Adaptive Growth Opportunities ETF is also subject to the following risks: Common Stock Risk, Control of Portfolio Funds Risk, Equity Securities Risk, Fixed Income Risk, ETF Investing Risk, Fund Investing Risk, Cash and Cash Equivalents Risk, Foreign Securities and Emerging Markets Risk, Investment Advisor Risk, Management Risk, Large-Cap Securities Risk, Market Risk, Portfolio Turnover Risk, Quantitative Model Risk, Small-Cap and Mid-Cap Securities Risk, Cybersecurity Risk, COVID-19 Risk, Authorized Participant Risk, ETF Structure Risks, and Early Close/Trading Halt Risk. The Adaptive Growth Opportunities ETF may invest in foreign securities and emerging markets, and these investments have risks that differ significantly from those associated with domestic securities. More information on these risks can be found in the Adaptive Growth Opportunities ETF’s prospectus.

The Adaptive Funds are distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, NC 27609, (800) 773-3863. There is no affiliation between Adaptive Investments, the Investment Advisor to the Fund, and Capital Investment Group, Inc.

Since 1988, Nottingham has offered consulting for investment fund organization and ongoing operations support for mutual funds and ETFs including fund accounting, compliance administration, and transfer agency for those funds. Nottingham offers a full range of turnkey services, managing relationships between clients and all outside vendors and services, including lead market makers and Authorized Participants, prime brokers and custodians, outside legal counsel, independent auditors, custodians, printers, insurance companies and the fund board. Nottingham remains one of the largest privately held fund administration firms in the US operating quite efficiently from eastern North Carolina.