That's my worry with QQMNFX. Is the risk/reward that much better than a solid bond fund particularly if rates fall as "expected"?
BGHIX would be one example that I've been in since before the managers joined BrandywineGlobal.

Sorry, but a quick glance at BGHIX's Standard Deviation of 7.7% and a 3-year total return of only 4.2% doesn't qualify the fund to be on my personal watch list. If I invest in bond funds, I prefer funds like ICMUX or CBLDX, for example, that have significantly better risk/reward profiles than BGHIX.
By the way, QQMNX, which has a slightly higher SD than BGHIX, 8.6% v. 7.7%, has a 3-year total return of 14.4%, a difference of over 10%. That's "much better" than any solid bond fund I am familiar with.

If your sample size is 3 years, fine. Over 10 years BGHIX outperformed QQMNX with a CAGR of 8.18 vs 7.24 and a sharpe ratio of .84 vs .61 and max drawdown of 13.29 vs. 18.27 (it's this last number that's most concerning). All that being said, I've decided to take a chance on this one.

@BaluBalu. For me it is always easier to make the buy decision then the sell. I have been at this since 1984 and my list of famous and successful managers that I have invested with is a long one. I could not prove it but I think I would be miles ahead if I had followed the Boglehead doctrine from the start. Less interesting but perhaps more lucrative. I know of one investor here who ALWAYS knows what to do and when to do it but he is the only one.

Yep. It is always on my selling when I lose money or profit because I do not know when to sell. That has always been a mystery.
I am a proof that buy and hold would have put me miles ahead because my taxable account multiplies at a faster rate than my IRA. On top of that, withdrawal from my taxable account is taxed at zero to 20% (federal) long term tax rate whereas withdrawal from my IRA is at ordinary income tax rate (I do not recall when I saw a less than 25% federal rate.)
We digress from the topic of the thread.

I see many ideas as special situations. For example, several coal companies went bankrupt and provided good speculative opportunities when they came out of bankruptcy. This has nothing to with the fact that coal is a dying industry in the Western World, but not so for many EMs.
So, look at WAGNX / WGNIX as collection of special ideas that will change in future. And as MP said the objective is to beat SP500 but maybe with higher volatility.
Inflows have been strong for this new fund (investor class WAGNX).

Market-neutral funds shouldn't be seen as bond alternatives. They are designed with 50-50 long-short exposure. A big risk is that the portfolio manager may be wrong on both ends - the longs AND the shorts. If everything works right, the upside may be limited.
Of course, bonds have risks too - HY, EMs, etc. Then there was 2022, and those who said that couldn't happen again, there was 2023.
But be careful in going from CDs, m-mkt funds, ultra-ST bond funds and ST-bond funds into market-neutral funds.
Options-writing funds have also been mentioned. But keep in mind that upside is capped and realized upside basically converts CGs into (options) income. However, the downside isn't limited. These are great late-bull-market vehicles and JPM has capitalized on them like no other firm.

News is about suspension of strike until 1/15/25, the date to which the current contract is being extended with agreement on wages only. The rest of the issues will have to be negotiated by 1/15/2025.
Wage increases will be as follows:
Current base wage $39/hr
Increase of +$4/hr for each of the nexr 6 years.
So, wages will go like $39/hr, $43/hr, $47/hr, $51/hr, $55/hr, $59/hr, $63/hr (6th year).
Rational cited is that shipping companies made lot of money when rates skyrocketed during & after pandemic and due to other geopolitical factors.
So, those shipping rates aren't ever going back to what they were in view of this temporary contract extension.
Many ask will prices rollback when inflation is 0% - NO, they will just stay at higher levels.
https://www.cnn.com/2024/10/03/business/port-strike-union-deal/index.html

From Reuters
I have a feeling this has been weighing on the markets this week. We shall see tomorrow whether this tentative settlement helps any.

https://www.lazardassetmanagement.com/ie/en_uk/funds/ucits-funds/lazard-nordic-high-yield-bond-fund/f4941/s319/
The above link is the Nordic High Yield bond fund offered by Lazard. Inception date was November 2, 2022, It has annualized return since then of 10.37%. Can’t argue with that. I would expect similar results from the Nordic fund offered by CrossingBridge.
A few caveats. The Lazard fund could not have had a more opportune time to come out. The bear market in equities and junk bonds had just bottomed in October 2022. Another caveat is a huge downturn in equites because of a perceived recession would not be kind to junk bonds, here there or anywhere,
CrossingBridge as we know is an excellent shop with a stable of great funds known for their persistency of trend. I don’t see why their new fund should be any different. I hear all the time that European credit including the Nordic countries is undervalued. I don’t intend to participate to any large degree unless this thing comes roaring out of the gate. There have been so many opportunities recently in domestic bonds where you have had 5%+ returns the past three months. Of course that all could evaporate if the current spike in oil continues unabated,

Fidelity is offering a 3 part webinar... part 1 is on 10/10/24 on the follow topics:
Topics:

• How annuities, Social Security, bonds, and other sources may fit into a monthly income plan
• How your retirement spending might evolve as your priorities change
• Strategies for allocating your assets into different types of accounts
• Investing in retirement, with ideas for determining your mix of stocks, bonds, and short-term investments
• Preparing for “what-if” scenarios, such as market volatility or retiring earlier than expected

Register for free:
https://fidelityevents.com/insightsretirementplan2024?cc_source=em_Promo_1165758_1_0

It would be nicer if this was a fund that was concentrated into, 25-30, holdings. A bunch of 1-2% allocations not only doesn't move the needle but feels like dart-throwing vs conviction buying.
Interesting they call it Livermore (implying Jesse, I presume) but there's no mention of him or the other 'greats' they're trying to emulate on their site.
And a huge red flag to me: "Doug’s investments in AI inspired him to experiment with using ChatGPT to create investment portfolios. The results convinced Doug that AI can be a great investor, and Intelligent Alpha aims to prove that insight."
ChatGPT has only been around for a year-ish in any mainstream way ... you could've held SPY and also been convinced that your strategy is working. IMO this statement right there reeks of hype, sensationalism, and herd-thinking. Oooh, AI! ChatGPT! *throws money* Puh-lease...

https://www.sec.gov/Archives/edgar/data/35315/000003531524000754/filing8127.htm
497 1 filing8127.htm PRIMARY DOCUMENT
Supplement to the
Fidelity® Municipal Core Plus Bond Fund
Class A, Class M, Class C, Class I, and Class Z
March 30, 2024
Prospectus
Class/Ticker
Fidelity Advisor® Municipal Core Plus Bond Fund - Class A/FMBMX
Fidelity Advisor® Municipal Core Plus Bond Fund - Class M/FMBFX
Fidelity Advisor® Municipal Core Plus Bond Fund - Class C/FMBEX
Fidelity Advisor® Municipal Core Plus Bond Fund - Class I/FMBGX
Fidelity Advisor® Municipal Core Plus Bond Fund - Class Z/FMBHX
At a meeting held on September 19, 2024, the Board of Trustees of Fidelity Salem Street Trust ("Board") approved on behalf of Fidelity® Municipal Core Plus Bond Fund ("Fund") the reorganization of the Fund into an Exchange Traded Fund ("ETF"), which will continue to be managed by Fidelity Management & Research Company LLC ("FMR" or the "Adviser") (such reorganization, the "Conversion"). The Board, including all the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Fund, determined, with respect to the Conversion, that participation in the Conversion is in the best interests of the Fund and the interests of the existing shareholders of the Fund will not be diluted as a result of the Conversion. The Conversion is subject to shareholder approval.
IMPORTANT INFORMATION:
If shareholders approve the Conversion, Fidelity® Municipal Core Plus Bond Fund will be converted from a mutual fund to an ETF in April 2025.
If you are an existing shareholder of the Fund, and your account CAN hold an ETF, your Fund shares will be converted if the Conversion is approved, and no action is needed by you.
If you hold the Fund in an account that CANNOT hold an ETF (i.e., your account is not permitted to purchase securities traded in the stock market), there are certain actions you can take. See the "Questions and Answers" section below for further information.
A Special Meeting (the "Meeting") of the Shareholders of the Fund is expected to be held during the first quarter of 2025 and approval of the Conversion will be voted on at that time. A combined proxy statement and prospectus containing more information with respect to the Conversion will be provided to shareholders of record of the Fund in advance of the meeting.
If approved, the Fund will be reorganized into a newly created ETF, Fidelity Municipal Bond Opportunities ETF, which is a series of Fidelity Merrimack Street Trust. The Fund and the ETF have identical investment objectives, principal investment strategies, and fundamental investment policies.
In connection with seeking shareholder approval of the Conversion, effective the close of business on January 13, 2025, new positions in the Fund may no longer be opened. Shareholders of the Fund on that date may continue to add to their fund positions existing on that date. Investors who did not own shares of the Fund on January 13, 2025 generally will not be allowed to buy shares of the Fund except that new Fund positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if the Fund had been established (or was in the process of being established) as an investment option under the plans (or under another plan sponsored by the same employer) by January 13, 2025, 2) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and have included the Fund in their discretionary account program since January 13, 2025, 3) by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, 4) by a portfolio manager of the Fund, and 5) by a fee deferral plan offered to trustees of certain Fidelity funds, if the Fund is an investment option under the plan. These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of the Fund before an investment is accepted.
If, and only if, the Conversion is approved by Fund shareholders:
Effective on the date of shareholder approval of the Conversion, any sales charges, contingent deferred sales charges, 12b-1 fees, and finder's fee payments applicable to any class of shares of the Fund will be waived.
Effective March 14, 2025, Classes A, M, C, I and Z of the Fund will be consolidated into the retail class of the Fund and the Adviser will contractually reimburse the retail class to the extent total operating expenses, subject to certain exclusions, exceed 0.30% through the date of Conversion. The Adviser may not terminate this arrangement before the expiration date without the approval of the Board of Trustees.
Effective the close of business on March 28, 2025, new positions in the Fund may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the Conversion takes place.
The last day to redeem Fund shares or exchange Fund shares for shares of another Fidelity mutual fund is April 3, 2025. If you do not want to receive shares of the ETF in connection with the Conversion, you can exchange your Fund shares for shares of another Fidelity mutual fund that is not participating in a conversion or redeem your Fund shares. Prior to doing so, however, you should consider the tax consequences associated with either action.
As part of the Conversion, the Fund will be liquidated. The Conversion will be on April 4, 2025.
If shareholder approval of the Conversion is delayed due to failure to meet a quorum or otherwise, the Conversion will become effective, if approved, as soon as practicable thereafter. All dates may change if the closing date of the Conversion changes. Effective dates are as of close of business.
Fidelity believes that the Conversion will provide multiple benefits for investors of the Fund, including lower expenses, additional trading flexibility, and increased portfolio holdings transparency.
The Conversion will be conducted pursuant to an Agreement and Plan of Reorganization and Liquidation ("Plan"). The Conversion is structured to be a tax-free reorganization under the U.S. Internal Revenue Code of 1986, as amended. As a result, Fund shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes due to the Conversion (except with respect to cash received, as noted below)...
https://www.sec.gov/Archives/edgar/data/1562565/000094590824000345/0000945908-24-000345-index.htm

https://www.sec.gov/Archives/edgar/data/35315/000113322824009283/fsst-efp10237_497.htm
7 1 fsst-efp10237_497.htm FIDELITY SALEM STREET TRUST - 497
Supplement to the
Fidelity® Municipal Bond Index Fund
August 29, 2024
Prospectus
Fund/Ticker
Fidelity® Municipal Bond Index Fund/FMBIX
At a meeting held on September 19, 2024, the Board of Trustees of Fidelity Salem Street Trust (“Board”) approved on behalf of Fidelity Municipal Bond Index Fund (“Fund”) the reorganization of the Fund into an Exchange Traded Fund (“ETF”), which will continue to be managed by Fidelity Management & Research Company LLC (“FMR” or the “Adviser”) (such reorganization, the “Conversion”). The Board, including all the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Fund, determined, with respect to the Conversion, that participation in the Conversion is in the best interests of the Fund and the interests of the existing shareholders of the Fund will not be diluted as a result of the Conversion.
IMPORTANT INFORMATION:
• In April 2025, Fidelity® Municipal Bond Index Fund will be converted from a mutual fund to an ETF.
• If you are an existing shareholder of the Fund, and your account CAN hold an ETF, your Fund shares will be converted, and no action is needed by you.
• If you hold the Fund in an account that CANNOT hold an ETF (i.e., your account is not permitted to purchase securities traded in the stock market), there are certain actions you can take. See the “Questions and Answers” section below for further information.
The Fund will be reorganized into a newly created ETF, Fidelity Systematic Municipal Bond Index ETF, which is a series of Fidelity Merrimack Street Trust. The Fund is currently managed to the Bloomberg Municipal Bond Index; the ETF will be managed to a new proprietary index, Fidelity Systematic U.S. Municipal Bond Index. This difference is reflected in the Fund’s and the ETF’s principal investment strategies. Otherwise, the Fund and the ETF have identical investment objectives, principal investment strategies, and fundamental investment policies.
The Fidelity Systematic U.S. Municipal Bond Index aims to increase exposure to municipal bonds with higher risk-adjusted performance and liquidity characteristics relative to traditional market-capitalization weighted U.S. investment grade municipal bond indices.
The Fidelity Systematic U.S. Municipal Bond Index is constructed using Fidelity’s rules-based proprietary index methodology. The universe of securities includes U.S. dollar-denominated investment-grade tax-exempt debt publicly issued in the domestic market by U.S. states and territories, and their political subdivisions, that meet specific criteria such as issue size, deal size and maturity. Mandatory put or mandatory tender securities, as well as original issue zero-coupon bonds, are included in the universe. Floating rate bonds, derivatives, secondarily insured securities, Rule 144A securities, securities in legal default, securities issued under the municipal liquidity facility, or a municipal commercial paper program, and limited offering securities are excluded from the universe. Index constituents are not market capitalization weighted; instead each constituent’s weight is determined by its characteristics such as credit quality, issue size, and maturity – aiming for higher risk-adjusted performance at the index level. Additionally, exposure is balanced across maturity buckets to ensure the index’s overall duration is similar to traditional indices.
The index is rebalanced monthly. Fidelity Product Services LLC (FPS) is the index provider. FPS is an affiliated person of the Adviser.
As part of the Conversion, the Fund will be liquidated. The Conversion will be on April 4, 2025.
Fidelity believes that the Conversion will provide multiple benefits for investors of the Fund, including lower expenses, additional trading flexibility, and increased portfolio holdings transparency.
The Conversion will be conducted pursuant to an Agreement and Plan of Reorganization and Liquidation (“Plan”). The Conversion is structured to be a tax-free reorganization under the U.S. Internal Revenue Code of 1986, as amended. As a result, Fund shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes due to the Conversion (except with respect to cash received, as noted below).
In connection with the Conversion, shareholders of the Fund will receive ETF shares equal in value to the aggregate net asset value of shares of the Fund they own and may receive a cash payment in lieu of fractional shares of the ETF, and the redemption of fractional shares may be a taxable event.
Importantly, to receive shares of the ETF as part of the Conversion, Fund shareholders must hold their shares through an account that can hold shares of an ETF (i.e., a brokerage account). If Fund shareholders do not hold their shares through an account that can hold shares of an ETF, they will not receive shares of the ETF as part of the Conversion.
For Fund shareholders that do not currently hold their Fund shares through an account that can hold shares of an ETF, please see the “Questions and Answers” section below for actions that must be taken to receive shares of the ETF as part of the Conversion.
Effective the close of business on February 18, 2025, new positions in the Fund may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the Conversion takes place.
The last day to redeem Fund shares or exchange Fund shares for shares of another Fidelity mutual fund is April 3, 2025. If you do not want to receive shares of the ETF in connection with the Conversion, you can exchange your Fund shares for shares of another Fidelity mutual fund that is not participating in a conversion or redeem your Fund shares. Prior to doing so, however, you should consider the tax consequences associated with either action.
All dates may change if the closing date of the Conversion changes. Effective dates are as of close of business.
No action is required for Fund shareholders that hold Fund shares through an account that can hold shares of an ETF.
Completion of the Conversion is subject to conditions under the Plan. Fund shareholders are not required to approve the Conversion. Fund shareholders will receive an information statement/prospectus describing in detail both the Conversion and the ETF, and a summary of the Board’s considerations in approving the Conversion.
In connection with the Conversion, an information statement/prospectus that will be included in a registration statement on Form N-14 will be filed with the Securities and Exchange Commission. After the registration statement is filed with the SEC, it may be amended or withdrawn, and the information statement/prospectus will not be distributed to Fund shareholders unless and until the registration statement becomes effective. Shareholders should read the information
statement/prospectus, which contains important information about the Conversion, when it becomes available. For a free copy of the information statement/prospectus, please contact Fidelity at
1-800-544-8544 or send an email request to [email protected]. The information statement/prospectus will also be available on the Securities and Exchange Commission’s website (www.sec.gov).
This communication is for informational purposes only and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933...
https://www.sec.gov/Archives/edgar/data/1562565/000094590824000345/MMK_main.htm

https://www.sec.gov/Archives/edgar/data/751173/000199937124012863/hyb_497-100324.htm
497 1 hyb_497-100324.htm DEFINITIVE MATERIALS
MANNING & NAPIER FUND, INC.
(the “Fund”)
High Yield Bond Series (Class I, Class S, Class W and Z)
(the “Series”)
Supplement dated October 3, 2024 to:
· the Summary Prospectus for the Series dated March 1, 2024 (the “Summary Prospectus”), as supplemented on July 31, 2024;
· the Prospectus for the Series dated March 1, 2024 (the “Prospectus”), as supplemented on July 31, 2024; and
· the Statement of Additional Information for the Series dated March 1, 2024 (the “SAI”), as supplemented July 31, 2024.
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
________________________________________________________________________
Effective as of the close of business on November 4, 2024 (the “Closing Date”), the Series will be offered on a limited basis and investors will not be eligible to purchase Class I, Class S, Class Z and Class W shares of the Series, except as described below. In addition, both before and after the Closing Date, the Fund may from time to time, in its sole discretion based on the Series’ net asset levels and other factors, limit new purchases into the Series or otherwise modify the closure policy set forth below at any time on a case-by-case basis.
Effective on the Closing Date, the following groups will be permitted to continue to purchase shares of the Series:
Shareholders of Record
·Shareholders of record of the Series as of the Closing Date are able to continue to purchase additional shares in their existing Fund accounts and may continue to reinvest dividends or capital gains distributions from shares owned in the Series.
Beneficial Owners in Omnibus Accounts, which are Shareholders of Record
If the shareholder of record is an omnibus account, beneficial owners in that account as of the applicable closing date are permitted to continue to purchase, as further described below:
·Employer-sponsored retirement plans (and their successor, related and affiliated plans), which have the Series available to participants on or before the Closing Date may continue to open accounts for new participants and can purchase additional shares in existing participant accounts. A new employer-sponsored retirement plan may establish a new account with the Series only if the plan has been accepted for investment by Manning & Napier Advisors, LLC (the “Advisor”) by January 31, 2025;
·Institutional investors (including successor, related, or affiliated accounts) may establish a new account with the Series only if the account has been accepted for investment by the Advisor by the Closing Date (Institutional investors include, but are not limited to, corporations, qualified non-profit organizations, charitable trusts, foundations and endowments, governmental entities, municipalities, and hospitals investing for their own account.);
·Fee-based advisory programs (including rep as advisor and portfolio manager programs) may continue to utilize the Series for program accounts if the account program has been accepted for investment by the Advisor;
·Registered Investment Advisory firms who have included the Series in their discretionary models by the Closing Date and utilize an approved clearing platform may continue to make Series shares available to new and existing accounts. These particular firms must be accepted for continued investment by the Advisor on or before the Closing Date;
·New discretionary accounts managed by the Advisor.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/1593547/000139834424018503/fp0090408-1_497.htm
497 1 fp0090408-1_497.htm
THE ADVISORS’ INNER CIRCLE FUND III
(the “Trust”)
FS Managed Futures Fund
(the “Fund”)
Supplement dated October 2, 2024 to the Fund’s Prospectus (the “Prospectus”) and Statement
of Additional Information (“SAI”), each dated May 1, 2024, as supplemented
This supplement provides new and additional information beyond that contained in the Prospectus and SAI, and should be read in conjunction with the Prospectus and SAI.
The Board of Trustees of the Trust, at the recommendation of FS Fund Advisor, LLC (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to investments from new and existing shareholders effective immediately. The Fund is expected to cease operations and liquidate on or about October 15, 2024 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “Purchasing, Selling and Exchanging Fund Shares – How to Sell Your Fund Shares” section of the Prospectus. For those Fund shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.
In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate the Fund’s orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
The liquidation distribution amount will include any accrued income and capital gains, will be treated as a payment in exchange for shares and will generally be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. However, the net asset value of the Fund on the Liquidation Date will reflect costs of liquidating the Fund. Shareholders will receive liquidation proceeds as soon as practicable after the Liquidation Date.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CHI-SK-047-0100

https://www.sec.gov/Archives/edgar/data/844779/000119312524231254/d898017d497.htm
497 1 d898017d497.htm BLACKROCK INTERNATIONAL DIVIDEND FUND
BLACKROCK FUNDSSM
BlackRock International Dividend Fund
(the “Fund”)
Supplement dated October 2, 2024 to the Summary Prospectuses, Prospectuses and Statement of Additional Information of the Fund, each dated September 27, 2024, as supplemented to date
At a meeting held on April 16, 2024, the Board of Trustees of BlackRock FundsSM (the “Board”), on behalf of the Fund, approved the Reorganization (as defined below) of the Fund into an exchange-traded fund (“ETF”), which will be managed by BlackRock Fund Advisors, an investment adviser under common control with BlackRock Advisors, LLC, the Fund’s current investment adviser (“BlackRock”). The Board, including all of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, determined, with respect to the Reorganization, that participation in the Reorganization is in the best interests of the Fund and the interests of existing shareholders of the Fund will not be diluted as a result of the Reorganization.
The Fund will be reorganized into an ETF through the reorganization of the Fund into a newly-created ETF, BlackRock International Dividend ETF (the “Acquiring Fund”), which is a series of BlackRock ETF Trust. The Fund and the Acquiring Fund have identical investment objectives, fundamental investment policies and investment strategies. Following the reorganization, the Fund will be liquidated (such reorganization and liquidation, the “Reorganization”).
The Reorganization is now anticipated to close as of the close of trading on the New York Stock Exchange on November 15, 2024. The Acquiring Fund has not commenced investment operations.
In anticipation of the Reorganization, the final date to exchange shares of another BlackRock Fund for Fund shares will be on November 8, 2024 and the final date to purchase Fund shares will be November 13, 2024. The final date to redeem Fund shares or exchange Fund shares for shares of another BlackRock Fund will be on November 14, 2024.
Importantly, in order to receive shares of the Acquiring Fund as part of the Reorganization, Fund shareholders must hold their shares of the Fund through a brokerage account that can accept shares of an ETF (the Acquiring Fund). If Fund shareholders do not hold their shares of the Fund through that type of brokerage account, they will not receive shares of the Acquiring Fund as part of the Reorganization. For Fund shareholders that do not currently hold their shares of the Fund through a brokerage account that can hold shares of the Acquiring Fund, please see the Q&A that follows for additional actions that such Fund shareholders must take to receive shares of the Acquiring Fund as part of the Reorganization. No further action is required for Fund shareholders that hold shares of the Fund through a brokerage account that can hold shares of the Acquiring Fund.
BlackRock believes that the Reorganization will provide multiple benefits for investors of the Fund, including the same or lower net expenses, additional trading flexibility, increased portfolio holdings transparency and potential enhanced tax efficiency.
The Reorganization will be conducted pursuant to an Agreement and Plan of Reorganization (the “Plan”). The Reorganization is structured to be a tax-free reorganization under the U.S. Internal Revenue Code of 1986, as amended. As a result, Fund shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes as a result of the Reorganization (except with respect to cash received, as explained elsewhere in this Supplement). In connection with the Reorganization, shareholders of the Fund will receive ETF shares of the Acquiring Fund equal in value to the number of shares of the Fund they own, including a cash payment in lieu of fractional shares of the Acquiring Fund, which cash payment may be taxable.
Completion of the Reorganization is subject to a number of conditions under the Plan, but shareholders of the Fund are not required to approve the Reorganization. Existing Fund shareholders will receive a combined
prospectus/information statement describing in detail both the Reorganization and the Acquiring Fund, and summarizing the Board’s considerations in approving the Reorganization.
The following changes will take effect either immediately or on an upcoming future date as described below. These actions include limits on new purchases of certain Fund shares, the removal of sales charges on purchases of Fund shares, the removal of contingent deferred sales charges on redemptions of Fund shares, and the waiver of Distribution and Service (Rule 12b-1) Fees on Fund shares...

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.

A Podcast made by NotebookLM based on this article:
NotebookLM is a Google Tool. I submitted the web link of my MFO article and the audio file of the zoom interview with Pabrai. This is the link to the audio podcast. It's 14 minutes long. I don't endorse this podcast. I am showing this to reflect the growth in AI but also to offer a different alternative to MFO readers. Maybe we can have a group of MFO listeners. (the podcast is pretty decent by the way and easy on the ears).
Audio Podcast
https://notebooklm.google.com/notebook/04aec59c-cdb4-4833-b465-4871dd440d43/audio

On the Pabrai Wagon Fund:
1. This is the MFO link to the article: https://www.mutualfundobserver.com/2024/10/the-pabrai-wagon-fund-overview-and-interview-with-mohnish-pabrai/
2. A Podcast made by NotebookLM based on this article:
NotebookLM is a Google Tool. I submitted the web link of my article and the audio file of the zoom interview with Pabrai. This is the link to the audio podcast. It's 14 minutes long. I don't endorse this podcast. I am showing this to reflect the growth in AI but also to offer a different alternative to MFO readers. Maybe we can have a group of MFO listeners.
Audio Podcast
https://notebooklm.google.com/notebook/04aec59c-cdb4-4833-b465-4871dd440d43/audio

For the past two months, I have been following two "Market Neutral" funds, QQMNX and VMNFX, which held up very well and provided some protection during recent market downturns. New managers have been at the helm of both funds since 2021.
As MikeM said: "I have to admit, QQMNX is a tempting alternative in this alternative field for a less bumpy ride and, so far, excellent returns."
..............QQMNX....VMNFX
YTD.........15.6%.......8.9%
3 YRS.......14.4........14.8
5 YRS.......10.3..........8.2
2022..........9.5.........13.5
Std. Dev....8.6%.......7.3%
As a retired investor who doesn't need a lot more money, preserving capital is more important to me than seeking sizeable returns on capital. While both funds have excellent risk/reward profiles, I have decided to add QQMNX to my portfolio at this time.

The 10 year return for VMNFX is 3.63%. That's my worry with QQMNFX. Is the risk/reward that much better than a solid bond fund particularly if rates fall as "expected"?

I didn't invest in VMNFX, but decided to pick QQMNFX instead. It's 10-year return is 7.1%, and its 15-year return is 8.7%. Not too shabby.
If you can name a "solid bond fund" with a similar risk reward profile, I will be happy to check it out.

Over the years, I have chosen varying ways of taking my RMDs, at differing ways. When I was heavily using a Bond OEF strategy, I chose to take my RMDs on a monthly basis, from the monthly and predictable PIMIX monthly dividends. A few years ago, PIMIX started having some problems in their dividend distribution predictability, so I switched to other dividend paying bond oefs, such as SEMMX, and essentially took RMDs, later in the calendar year from "accumulated" dividends that I had reinvested. Unfortunately, I abandoned these risky nontraditional bond oefs, when they started showing major drops in market corrections. For the past several years, I have been a CD investor in a rising interest rate environment, and I would base my RMD harvesting on specific CDs maturation date during the year, preferably late in the calendar year. Now, I am faced with a falling interest rate environment, and faced with some tough choices on how to reinvest maturing CDs. For now, I am just placing maturing CDs into higher paying money market funds, paying close to 5%--I will likely harvest RMDs from money market funds very late in the calendar year from accumulated interest earnings. I will have to re-examine my options starting in 2025, based on what I choose to invest in going forward. So my short answer to harvesting RMDs, is that I choose to be very flexible, change as I need to, in conjunction with my changing investing choices.

For the past two months, I have been following two "Market Neutral" funds, QQMNX and VMNFX, which held up very well and provided some protection during recent market downturns. New managers have been at the helm of both funds since 2021.
As MikeM said: "I have to admit, QQMNX is a tempting alternative in this alternative field for a less bumpy ride and, so far, excellent returns."
..............QQMNX....VMNFX
YTD.........15.6%.......8.9%
3 YRS.......14.4........14.8
5 YRS.......10.3..........8.2
2022..........9.5.........13.5
Std. Dev....8.6%.......7.3%
As a retired investor who doesn't need a lot more money, preserving capital is more important to me than seeking sizeable returns on capital. While both funds have excellent risk/reward profiles, I have decided to add QQMNX to my portfolio at this time.

The 10 year return for VMNFX is 3.63%. That's my worry with QQMNFX. Is the risk/reward that much better than a solid bond fund particularly if rates fall as "expected"?