A lot to digest, but very interesting and worth understanding.

The Federal Reserve has continued to unwind the buildup in its balance sheet. It accumulated a lot of Treasury debt and mortgage backed securities (MBS) during 4 separate rounds of quantitative easing (QE), and since early 2022 it has been letting those mature and roll off. That action is referred to as “quantitative tightening”, or QT.
QT is a bearish force on the stock market, because it takes liquidity out of the banking system. But QT has been getting mitigated by something else the Fed is doing. Starting in 2021, the Fed began accepting a whole lot of “reverse repurchase agreements” or RRPs. An RRP involves a bank borrowing Treasuries from the Fed, to make its balance sheet look better. That bank pledges some of its loan book as collateral for the borrowed Treasuries. The effect of this on the stock market is that RRPs lock up money in the banking system so that this money is not available to do things like help lift stock prices. You can read the NY Fed's description of the process at https://www.newyorkfed.org/markets/rrp_faq

source:
McClellan Financial Publications
reverse_repos_mitigate_feds_qt_campaign

From @BaluBalu linked article:

The late season strike of Hurricane Helene and Hurricane Milton in Florida could have caused ILS prices to return again to HARD market pricing seen in the first quarter of 2023. But like Ian in 2022, the hurricane tracks turned at the last moment to make landfall away from the most property rich part of the coast (Tampa, Clearwater, and the Tampa Bay area),” the consultancy explained. “The two hurricanes caused significant, but manageable, losses for the reinsurance market and the ILS market. Prices are at neutral levels and absent any further natural catastrophes before year end, we expect them to stay neutral or soften further for January renewals.”
and,
“As of Oct 20 the implied ILS- estimate of loss caused by the two storms was $380 Mn. Allowing for modest losses earlier in the year – perhaps due to aggregate creep and loss development and rounding up for further loss development – say to $500 Mn. for the year – it is still is below expectations. Hence prices will stick in neutral, or soften, absent new Catastrophic events,” Lane Financial concludes.

It will be interesting to see how much FL/NC policy premiums drop as a result of this good news!

https://www.sec.gov/Archives/edgar/data/1396092/000199937124013654/clifford-497_102124.htm
497 1 clifford-497_102124.htm SUPPLEMENT DATED OCTOBER 21, 2024
Clifford Capital Focused Small Cap Value Fund
Investor Class (FSVRX)
Institutional Class (FSVVX)
Super Institutional Class (FSVQX)
Supplement dated October 21, 2024
to the Prospectus, Summary Prospectus and Statement of Additional Information,
each dated January 31, 2024
The Board of Trustees (the “Board”) of World Funds Trust (the “Trust”) has approved a Plan of Liquidation (the “Plan”) for the Clifford Capital Focused Small Value Fund (the “Fund”), which became effective on October 21, 2024. Clifford Capital Partners LLC (the “Adviser”) recommended that the Board approve the Plan due to a diminished asset base and correspondingly rising expenses of the Fund, which the Adviser has indicated that it is no longer willing to continue to subsidize. As a result, the Board concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund. The Fund is expected to liquidate on or about November 20, 2024 (the “Liquidation Date”).
Effective October 21, 2024, the Fund was closed to new and subsequent investments. Until the Liquidation Date, Fund shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares. Any remaining shareholders on the Liquidation Date will receive a distribution of their remaining investment value in the Fund based on the instructions listed on your account. The sale or liquidation of your shares will generally be a taxable event. You should consult your tax advisor about your tax situation.
As shareholders redeem shares of the Fund between October 21, 2024 and the Liquidation Date, the Fund may not be able to maintain its stated investment goal and other investment policies. Accordingly, the Fund may deviate from its stated investment goal and other investment policies during the period between October 21, 2024 and the Liquidation Date.
If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1-800-673-0550.
This Supplement, the Fund’s Prospectus, Summary Prospectus and Statement of Additional Information provide relevant information for all shareholders and should be retained for future reference. The Fund’s Prospectus, Summary Prospectus and Statement of Additional Information have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1-800-673-0550.

Part 2 with Christine Benz:

When selling or exchanging shares, you should be aware of the following fund policies:
For accounts held through a financial intermediary, each fund typically expects to pay sale proceeds to the financial intermediary for payment to redeeming shareholders within two business days following receipt of a shareholder redemption order; however, each fund may take up to seven days to pay sale proceeds."
Bizarre wording given that you can buy them only through intermediaries and not directly through the fund.
In any case, the above general settlement time language is similar as in many mutual funds' prospectus. Below is the link to the prospectus (strange that I pulled it in my Schwab account and I get a morningstar.com link.)
https://doc.morningstar.com/docdetail.aspx?clientid=schwab&key=84b36f1bf3830e07&cusip=808515605

It is not all that unusual for fund families, especially boutique firms, to sell funds only through third party distributors.
At one time Janus closed off its direct sales channel to new investors. It allowed only existing investors with class D shares to continue investing directly. Everyone else had to buy T shares through third parties.
Schwab originated as a brokerage and likely leaned on that distribution channel when it started running funds.
With respect to M*, as I recall it used to make prospectuses available to users of its websites. As with much of M*'s content, M* seems to have monetized its fund documents:

The Clients We Serve
The Morningstar Document Library is ideal for brokerage firms or retirement plan service providers that want to outsource costly document collection and maintenance. In addition to this web interface, the Document Library can also be private-labeled or provided through APIs. Advisors and plan providers can grant investors direct access to the library via their own websites, ensuring investors receive immediate access to key documents. Fund companies and compliance officers find it a valuable resource for current and archived proprietary and competitor filings.

https://doc.morningstar.com/home.aspx
Note the "clientid=schwab" argument in the URL.
M* is providing all of the fund documentation for Schwab, not just for Schwab funds. For example, here's Schwab's page for FCNTX and the link to the fund's prospectus.
https://www.schwab.com/research/mutual-funds/quotes/summary/fcntx
https://doc.morningstar.com/docdetail.aspx?clientid=schwab&key=84b36f1bf3830e07&cusip=316071109
M* is not the only third party provider of Schwab fund prospectuses. Here's your same SWVXX prospectus hosted by righprospectus.com
https://connect.rightprospectus.com/Schwab/TVT/808515605/SP?site=FundDocs
And links to all the Schwab fund docs hosted there:
https://connect.rightprospectus.com/Schwab/

Providing the right document solutions at the right time, every time
Donnelley Financial Solutions′s RightProspectus is the next generation in compliance communications for mutual fund, variable annuity, and retirement product providers, as well as broker/dealers and clearing firms. With RightProspectus, documents in our repository are automatically tracked and updated as changes are filed with the SEC, ensuring constant access to the most current and accurate prospectuses. RightProspectus represents a quantum leap forward featuring a new, state-of-the-art online platform.

https://rightprospectus.com/

I was trying to follow up on the irritating Schwab MM settlement of T+1 Schwab implements and checked their prospectus which says,
"To purchase, redeem, exchange or convert shares held in your Schwab account or in your account at another intermediary, you must place your orders with the intermediary that holds your shares. You may not purchase, redeem, exchange or convert shares held in your intermediary account directly with a fund.
When selling or exchanging shares, you should be aware of the following fund policies:
For accounts held through a financial intermediary, each fund typically expects to pay sale proceeds to the financial intermediary for payment to redeeming shareholders within two business days following receipt of a shareholder redemption order; however, each fund may take up to seven days to pay sale proceeds."
Bizarre wording given that you can buy them only through intermediaries and not directly through the fund.
In any case, the above general settlement time language is similar as in many mutual funds' prospectus. Below is the link to the prospectus (strange that I pulled it in my Schwab account and I get a morningstar.com link.)
https://doc.morningstar.com/docdetail.aspx?clientid=schwab&key=84b36f1bf3830e07&cusip=808515605

Thanks @msf for all the enlightenment. An eye-opener … Don’t really know what to think about the firm’s motives here. Questionable. That said, Cambria has a history of launching some really unorthodox products.
FWIW - Morningstar gives Cambria a “Below Average” parenting grade. It writes:
“Cambria added Toroso Investments as a subadvisor to its suite of ETFs in September 2023. Toroso quickly morphed into Tidal Investments, a subsidiary of Tidal Financial Group, following a private equity deal in November 2023. Toroso and Tidal's co-founder and CIO Michael Venuto had been an independent trustee on Cambria's three-person ETF board since 2019. Venuto abstained from voting on the Toroso hire and resigned from the board. Although Cambria's choice of subadvisor is reasonable, the decision nonetheless raises questions.” *
* Excerpted from: Morningstar Analysis of the Cambria Global Allocation etf.

@bee I'm not sure I like the wording, "government transfers." I take it as a gift from the gov., which most of it isn't. VA Benny's all earned as is my SS monthly check.

It's a very interesting topic and can appear convoluted. Couldn't an argument be made that we (the public) transfer more of our money to the government than we did years ago?
Take the lottery for example. I see this as both public/government transfer. Wish I was on the winning end of the these transfers.
Taxes are public transfers to the government that hopefully become government transfers to build bridges and roads, fund public safety and education, arm the military. Let's not forget the government transfers that pay for a growing number of government salaries.
Others:
SS= runs partially on (earned income) public transfer - it needs to balance out with future public transfers = or > government transfer to SS recipients.
Medicare = Pooled Public transfers "in" by way of premium payments...shared payment out by way of government payments and public co-payments for medical services.
Medicaid = Appears a one way Government Transfer out, but there must be a public funding source for medicaid, right?

How does Medicaid financing work?
Medicaid financing is shared by states and the federal government with a guarantee to states for federal matching payments with no pre-set limit. The percentage of costs paid by the federal government varies for specific services and types of enrollees and depending on whether the costs are for medical care or program administration.
The federal share of spending for services used by people eligible through traditional Medicaid, which includes individuals who are eligible as children, low-income parents, because of disability, or because of age (65+), is determined by a formula set in statute. The formula is designed so that the federal government pays a larger share of program costs in states with lower average per capita income. The resulting “federal medical assistance percentage” or “FMAP” varies by state and ranged from 50 percent to 78 percent for FFY 2023 (Figure 5).
States can use provider taxes and IGTs (intergovernmental transfers) to help finance the state share of Medicaid. States have some flexibility to use funding from local governments or revenue collected from provider taxes and fees to help finance the state share of Medicaid within certain limits and rules. Provider taxes are an integral source of Medicaid financing, comprising approximately 17% of the nonfederal share of total Medicaid payments in SFY 2018 according to the Government Accountability Office (GAO). All states (except Alaska) have at least one provider tax in place and many states have more than three (Figure 8). The most common provider taxes are on nursing facilities (46 states) and hospitals (44 states). As of July 1, 2022, 32 states including DC also reported at least one provider tax that is above 5.5% of net patient revenues, which is close to the maximum federal safe harbor or allowable threshold of 6%. Federal action to lower that threshold or eliminate provider taxes, as has been proposed in the past, would therefore have financial implications for many states.
The most common Medicaid provider taxes in place in FY 2022 were taxes on nursing facilities (46 states), followed by taxes on hospitals (44 states), intermediate care facilities for individuals with intellectual disabilities (33 states), and MCOs7 (18 states).
https://kff.org/report-section/medicaid-budget-survey-for-state-fiscal-years-2022-and-2023-provider-rates-and-taxes/

Bottom line, we pay more today in public transfers to local, county, state, and federal governments so they can orchestrate these transfers out.
I might imagine that years ago a larger proportion of these transfers and services happened between the public and private organizations - churches, non-profits and philanthropy.
IMHO we have grown governments along with the growth of these government transfers.
Maybe its time to review the role of government regarding both sides of these transfers.

Benz's new book appears to examine retirement holistically.
Non-financial considerations which may lead to improved retirement outcomes
are covered in addition to the financial aspects of retirement.
I haven't yet read Benz's book, but have a library hold on
"How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement."

Oct 12 Episode:

Morningstar’s retirement guru Christine Benz discusses the often overlooked non-financial aspects of retirement planning during this conversation about her new book, How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement.

Link to "Fee Only" List of Personal Financial Advisors:
https://napfa.org/

It’s complicated. Older citizens spend more for health care. That’s been rising faster than the average rate of inflation ISTM. Is this offset by the fact many own their own homes? Or that they don’t have work related expenses (like driving to work)? Like I said - It’s complicated. But I’m afraid for many in the “Over 65” camp, 2.5% isn’t going to help them much, and won’t keep them even with cost of living.
Not worried about those who frequent the board. We are atypical. It’s the ones who haven’t planned well in advance and have little grasp of financial issues I worry about.

It's OLD news.
The insurance industry uses 3rd party services from Infosys/McCamish and it had a breach. But companies have been tight lipped about it and the news is coming out like cockroaches. Those that have admitted so far are T Rowe Price/TROW, NY Life, Principal Life Insurance Co., Prudential Insurance Co. of America, Oceanview Life and Annuity Co., TIAA, Fidelity, etc.

On the health side of breaches, you can add Change Healthcare. I'd never heard of them, but I received a long notice in the mail a week ago (dated Sept 23). Like McCamish, they seem to be tight lipped about their industry customers.
In a sense this is old news as well. While Change Healthcare is just now getting around to obliquely notifying end users, it was forced to notify HHS months ago about its HIPAA breaches. HHS put out this lengthy notice in July.
https://www.hhs.gov/hipaa/for-professionals/special-topics/change-healthcare-cybersecurity-incident-frequently-asked-questions/index.html
Change Healthcare is a subsidiary of Optum, which is the administrative/technology services arm of UnitedHealthcare Group (UNH). The other arm is the more familiar health insurer United Healthcare. Optum's reach goes way beyond United Healthcare.

Notice of Data Breach
We are sorry to tell you about a privacy event. This letter is from Change Healthcare ("CHC"). We work with many doctors, health insurance plans, and other health companies to help provide health services or benefits. This event may have involved your data.
What happened?
On February 21, 2024, CHC found activity in our computer systems that happened without our permission. We quickly took steps to stop that activity. We [did x, y, and z after the horse had left the barn].
On March 7, 2024, we learned a cybercriminal was able to see and take copies of some data in our computer system. This happened between February 17, 2024 and February 20, 2024. ...
What information was involved?
We have told our business customers about this event. Starting on June 20, 2024 we began notifying our business customers ... We encourage you to remain vigilant ... The data that may have been seen and taken includes contact information (such as name, address, DOB, phone #, and email) plus one or more of the following:

• Health insurance data (such as ... ID numbers ...)
  
• Health data (such as medical record numbers, doctors, diagnoses, medicines, test results, images, care, and treatment)
  
• Billing, insurance claims and payment data (such as ... account numbers, billing codes, payment cards, financial and banking ...)
  
• Other personal data (such as SSN, driver's license ...)

...
Why did this happen?
A cybercriminal accessed our computer system without our permission.

No, that's only what happened. Why it happened is, as others have said, that this company did a cost benefit analysis. It decided that it was cheaper not to put in dollars to train people on best practices (I agree with @rforno that this is the biggest hole) and tighter security and instead pay the petty fines (if any) assessed for this negligence.

Why is the response to customers to offer credit monitoring after the breach?
How about offering it prior, as part of the customer relationship?
One of my CU banks does just that.

Identity theft is a billion dollar business for thieves and a billion dollar loss for the rest of us. In fact, it is the most common type of consumer fraud complaint made by Americans. According to the FTC, cleaning up the mess after an identity theft has occurred costs the average consumer approximately $1,000.
To provide our Members with additional account safeguards, iTHINK Financial includes a comprehensive Identity Theft Protection Program and Credit Monitoring Service with our myChoice Checking account at no additional cost.*

IBM SECU became IThink Financial
https://ithinkfi.org/personal/services/credit-monitoring-and-identity-theft-protection

Thank you @davidsherman. For me, it's the association that took me aback.
Catalyst, Rational, AlphaCentric all seem like asset gathers. Really high er. Front loads. 12b-1 fees. Multiple share classes.
I came across Szilagyi back in 2017 profiling AlphaCentric Income fund. I absolutely loved Tom Miner and the folks at subadvisor Garrison Point, but I was skeptical of their association with Szilagyi's organization.
An excerpt:
Focusing on IOFIX, the adviser pays 0.33% “other” (mostly administrative and servicing). The remaining 1.16% “management fee” (after a 0.01% acquired fund fee) is then split between AlphaCentric and Garrison Point, or 0.58% each. Since another Jerry Szilagyi company “MFund Services LLC,” also gets paid to manage the overall trust, Szilagyi’s firms appear to receive more fee from the fund than GPC does.
Interestingly, AlphaCentric is listed along with Eventide, Pinnacle and Advisory Research as a strategic partner in a firm called Multi-Funds, which describes itself as “A Premier Marketing, Consulting and Distribution Firm.” While this channel may indeed have helped bring attention to IOFIX, allowing the sub-adviser to focus on its strategy and portfolio management … what it loves to do, Multi-Funds hasn’t helped other funds in the AlphaCentric family achieve anywhere near the assets attracted by IOFIX.
Jerry Szilagyi also runs Catalyst Funds, a collection of “Intelligent Alternatives … We understood that the market did not need another traditional family of mutual funds … we endeavor to offer unique investment products to meet the needs of discerning financial advisers and their clients … specialized strategies seeking to produce income and equity-oriented returns while attempting to limit risk and volatility.” There are 28 Catalyst Funds comprising $6.2B in AUM. Average age just under 5 years. Most come in three classes, including those imposing 4.75% front-loads and 12b-1 fees. Average fees: 1.76% (oldest share class, 2.01% all share classes).
When you stood-up CrossingBridge, it just seemed like a horse of a different color.
You're always 10 steps ahead of everybody else in the room, which puts me 20 steps back and surely missing something.
Or, simply being a Pollyanna.
But Szilagyi's brand also ran into regulatory issues, granted he's in good company, but still:
SEC Charges Portfolio Manager and Advisory Firm with Misrepresenting Risk in Mutual Fund
The Securities and Exchange Commission today announced charges against a New York-based investment adviser for misleading investors about the management of risk in a mutual fund. Catalyst Capital Advisors LLC (CCA) and its President and Chief Executive Officer, Jerry Szilagyi, agreed to pay a combined $10.5 million to settle the charges. The SEC also filed a complaint in federal district court in Madison, Wisconsin, against Senior Portfolio Manager, Edward Walczak, for fraudulently misrepresenting how he would manage risk for the fund.
https://www.sec.gov/newsroom/press-releases/2020-21
Fund That Lost $700 Million on Bearish Bets Fined for Misleading Investors
Catalyst Capital Advisors and CEO Jerry Szilagyi settled regulatory probes, will pay $10.5 million
A mutual-fund manager that lost 20% with wrong-way bets against the stock market agreed to pay $10.5 million to settle regulatory claims that it misled investors about its procedures for limiting losses.
Catalyst Capital Advisors LLC and its chief executive, Jerry Szilagyi, settled the regulatory probes Monday without admitting or denying wrongdoing. The Securities and Exchange Commission and the Commodity Futures Trading Commission also both filed civil fraud lawsuits against Edward Walczak, the portfolio manager who ran the Catalyst Hedged Futures Strategy Fund.
https://www.wsj.com/articles/fund-that-lost-700-million-on-bearish-bets-fined-for-misleading-investors-11580167076
I'll post more later on the Catalyst, Rational, and AlphaCentric families.

https://www.sec.gov/Archives/edgar/data/1103243/000141304224000794/enscls497.htm
497 1 enscls497.htm
A series of PFS Funds
Supplement dated October 8, 2024
to the Prospectus and Statement of Additional Information
dated February 28, 2024
This supplement updates information currently in the Prospectus and Statement of Additional Information. Please retain this supplement for future reference.
The Board of Trustees (the “Board”) of the PFS Funds (the “Trust”) has approved a Plan of Liquidation (the “Plan”) relating to the Ensemble Fund (the “Fund”), effective October 3, 2024. Ensemble Capital Management, LLC, the Fund’s investment adviser (the “Adviser”), has recommended to the Board to approve the Plan due to the pending acquisition of the Adviser and the acquiring entity’s desire not to continue the mutual fund business. As a result, the Board has concluded that it is in the best interest of the shareholders to liquidate the Fund.
In connection with the proposed liquidation and dissolution of the Fund called for by the Plan, the Board has directed the Trust’s principal underwriter to cease offering shares of the Fund immediately as of the date of this Supplement. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until liquidation. While undergoing an orderly liquidation, the Fund will invest in cash equivalents and will not be pursuing its investment objective.
It is anticipated that the Fund will liquidate on or about October 24, 2024. Any remaining shareholders on the date of liquidation will receive a distribution of their remaining investment value in full liquidation of the Fund. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1-800-785-8165.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated February 28, 2024, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated February 28, 2024, have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1-800-785-8165.

I have a family member in securities compliance business.
Licensed financial professionals are restricted from posting a lot on social-media. In fact, whatever they post may become part of the records they must keep for the SEC and FINRA. For any business related information, they have to operate with KYC rules - and anonymous discussion boards are sort of nonstarters.
So, DS' hesitation to post at MFO and Big Bang may not be related at all to this new Alphacentric and CrossingBridge fund management deal. BTW, it must be a very fresh news as a web search on "Alphacentric CrossingBridge" only produces a link for this MFO OP by @TheShadow.

Let say I buy a annuity, own rental property, apply for Social Security, and receive a pension along with any other income producing asset. I have often wondered how these income producing (in periodic payments) assets are calculated into my net worth and my overall portfolio asset allocation.
Annuity:
The annuity pays individuals differently, but for the sake of the discussion let's say you buy a 5% fix annuity. You won't actually know what you lifetime payout will be (until you die), but you would expect ($300K*5%) periodically ($15K/yr for example). Eventually, a annuity dies with you. Does annuity income add to your net worth while alive? Is it subtracted when you die (not that you care, but your heirs might).
Social Security:
Social Security seems to be set up in a similar manner (plus a COLA rider), but your payout is determined instead your work income history. SS goes away upon death and so does its net worth value. Does it have a net worth value while alive.
Rental Property:
If you bought a $300K home and rented it for income, you might hope to net 10% ROI or $30K/yr. The property has to be managed and maintained. Upon death, the property has value. While living, a rental asset provides rental income. Both seem to be additive to one's net worth in life and death.
Pension Income:
From the linked article:

For example, if your pension pays out $40,000 a year, you expect to live 30 years, and your discount rate is 4%, then your pension would be worth around $692,000 today. You can get this value by plugging all of these values into a financial calculator [Payment = $40,000, Future Value = $0, Interest/Year = 4%, Periods = 30, Periods/Year = 1] and then solving for the Present Value. In other words, if you had $692,000 today (Present Value) that was earning 4% per year, you would be able to withdraw $40,000 per year for 30 years before running out of money.

This article might lend itself to help determine how these income producing assets impact net worth.
how-much-is-my-pension-worth/

https://www.sec.gov/Archives/edgar/data/1359057/000089418924006071/hoodriversmall-capgrowthfu.htm
Filed pursuant to Rule 497(e)
Registration Nos. 333-133691; 811-21897
MANAGER DIRECTED PORTFOLIOS TRUST
(the “Trust”)
Hood River Small-Cap Growth Fund
(the “Fund”)
Supplement dated October 2, 2024
to the Prospectus, the Summary Prospectus and the Statement of Additional Information
dated October 31, 2023, as previously supplemented
Effective as of the close of business on October 4, 2024 (the “Closing Date”), the Fund will be closed to most new investors. Hood River Capital Management LLC, the investment adviser to the Fund (the “Adviser”), believes that limiting investments in the Fund will help ensure that the Fund can be effectively managed in accordance with its investment objective and strategy. The closing is intended to promote long-term investments in the Fund, thereby contributing to a more stable asset base and the continued efficient management of the Fund. This decision was made after considering the current size of the Fund (approximately $3.21 billion as of August 31, 2024) and the availability of common stocks of small cap companies that meet the Fund’s investment criteria.
Only investors of the Fund as of the Closing Date, whether owning shares directly through the Fund’s transfer agent or through a bank, broker-dealer, financial adviser or recordkeeper (“Financial Intermediary”), are eligible to purchase shares of the Fund. The Fund will continue to permit the following types of investments in the Fund:
•Additional share purchases or reinvestment of dividends or capital gains by existing Fund shareholders;
•Investments made through qualified retirement plans (such as 401(a), 401(k) and other defined contribution plans and defined benefit plans) for which the Fund is an eligible investment alternative and whose records are maintained by a Financial Intermediary having an agreement with the Fund in effect on or before the Closing Date;
•Investments by new or existing clients of an individual financial adviser representative who already had client assets invested in the Fund on the Closing Date;
•Investments by clients of registered investment adviser firms and other Financial Intermediaries who have an existing business relationship with the Adviser that, in the judgment of the Adviser, would not adversely affect the Adviser’s ability to manage the Fund effectively;
•Investments by a Trustee or officer of the Trust, an officer, director or employee of the Adviser, a member of the immediate family of any of those persons, or clients of the Adviser; and
•An investment that officers of the Adviser determine, in their sole discretion, would not adversely affect the Adviser’s ability to manage the Fund effectively.
The Fund may ask you to verify that you meet one of the guidelines above prior to permitting you to open a new account in the Fund. The Fund reserves the right to prohibit a transaction otherwise permitted if the Fund believes doing so to be in the Fund’s best interest. In addition, the Fund reserves the right, at any time, in its sole discretion, to further modify or amend the extent to which the future sales of shares are limited.
For additional information regarding restrictions on new purchases of shares of the Fund, please contact the Fund at 1-800-497-2960 (toll free).
Investors should retain this supplement for future reference.

https://www.sec.gov/Archives/edgar/data/811030/000089418924006027/villere497elowerexpensecap.htm
97 1 villere497elowerexpensecap.htm 497
Filed pursuant to Rule 497(e)
File Nos. 033-12213; 811-05037
Villere Balanced Fund
TICKER: VILLX
Villere Equity Fund
TICKER: VLEQX
(together, the “Funds”)
each a series of Professionally Managed Portfolios (the “Trust”)
Supplement dated October 1, 2024 to the
Statutory Prospectus dated December 29, 2023
On August 14-15, 2024, the Board of Trustees (the “Board”) of the Trust approved an amendment to the operating expense limitation agreement between the Trust, on behalf of the Villere Balanced Fund (“Balanced Fund”), Villere Equity Fund (“Equity Fund”) and St. Denis J. Villere & Company, LLC (the “Adviser”), pursuant to which the Adviser has agreed to reduce the Balanced Fund’s operating expense limit from 0.99% to 0.89%, and reduce the Equity Fund’s operating expense limit from 1.25% to 1.15%, both effective October 1, 2024.
The following disclosures are hereby revised to reflect the changes to the fees and expenses of the Funds:
Page 3 - “Summary Section - Villere Balanced Fund”
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Balanced Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and expense example below.