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"?

AAII Sentiment Survey, 10/2/24
BULLISH remained the top sentiment (45.5%, high) & bearish remained the bottom sentiment (27.3% tie, below average); neutral remained the middle sentiment (27.3% tie, below average); Bull-Bear Spread was +18.2% (above average). Investor concerns: Elections, budget, inflation, economy, the Fed, dollar, Russia-Ukraine (136+ weeks), Israel-Hamas (51+ weeks), geopolitical. For the Survey week (Th-Wed), stocks mixed (growth down, cyclicals up), bonds up, oil up, gold down, dollar up. NYSE %Above 50-dMA 69.54% (positive). Port workers' strike will cause supply disruptions. Situation in Middle East has worsened, but oil hasn't reacted much. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1681/thread

Thanks you both for your replies. Did the alternative allocation come from (reducing) your historic equity or historic fixed income allocation percentage?

I don't think I ever had a "historic" equity or fixed income portfolio allocation. It was always a function of my age and the current economic/market environment.
Thus, in the recent 5%+ interest rate environment, I was almost exclusively invested in CDs and Treasury bonds. As these instruments mature, I am now moving into bond and allocation funds, like ICMUX, RCTIX, BINC, PRCFX, etc.
I used to have JHQAX in my portfolio but sold it in 2022. I guess you could say that QQMNX has had a better risk/reward profile over the past 3 years and has replaced JHQAX.

In a nod to all those still parked in short term and / or floating rate stuff,
Stan Druckenmiller at the Grant’s conference yesterday -
“Bipartisan fiscal recklessness is on the horizon.”
He’s short bonds equivalent to 15-20% of his portfolio.
“George [Soros, Stan's ex-boss / mentor] would be embarrassed of me” for not making it a bigger bet.
Obviously, I do not know Stan's time horizon for this bet and may differ from your criteria. So, please do not take the above as my commentary against anyone who is making a different bet. I am clueless about the bond market.

Saw the article. Color me clueless, but I hear they're supposed to provide safety; so I'm staying mostly short, not shorting, and not floating. :)

The initial investment minimum is supposed to be$5K through transfer agent. I had a problem with them when I filed an application for the Low Duration High Yield Fund. They told me I needed $50K until I told them about the SEC filing where the initial minimum was lowered to $5K..
Schwab wants $2,500 initial minimum for a Nordic account plus trade fee.

Thanks for the heads up on this and sorry for the confusion/inconvenience. I spoke w/ U.S. Bank today and all is fixed. Correct minimum through the transfer agent, as well as on the platforms, is $5k.

Thanks you both for your replies. Did the alternative allocation come from (reducing) your historic equity allocation or from your historic fixed income allocation?
For disclosure, since I am asked you about your info-
I started PHEFX and HELO at 1% which were entered by reducing PRWCX. I am comfortable with both, but I have to figure out how to increase them (from equity or fixed income).
I had previously experimented with BLNDX and closed that out at zero net gain / loss, except for the time value of money and opportunity cost.
QQMNX chart looks good and from what I can see it is a pure long-short fund (correct me if I am wrong). I like that it is not trying to shoots the lights out and its chart looks less correlated to SPY than BLNDX or QLEIX (previous alt funds discussed here). I am inclined to take money out of fixed income to buy QQMNX but have not decided yet.
@fred495, Do you no longer own Hedge equity fund(s)?

In Schwab the min is $2500 + $49.95. Most times I don't pay this.
Even if I pay for it, it's meaningless compared to the amounts I invest.
Most investors do too much analysis. If I know the manager and the uptrend is good and smooth I will buy, and will switch when it is not or I find a better fund. I am far from a weekly trader. I have owned 2 funds for months now.
Of course, on the first sign of volatility that looks subnormal I will sell.
I'm going into hibernation about what is my next move. I like to own small AUM funds, especially when they are new.
Today we hike at Laurel Falls Trail. Wow, no wonder it ranks 4.7 out of 5. Amazing beautiful trail with a river, hills, a fall, and rocks.
Several trees fell and we had to go above/under them. We love to hike in TN which is very similar to North GA

@fred495 and @MikeM,
If you are OK disclosing, what percentage of your portfolio makes up alternative funds and which one of the alternative funds do you currently own.

I have one alternative fund, QQMNX, which makes up 10% of my portfolio.

In a nod to all those still parked in short term and / or floating rate stuff,
Stan Druckenmiller at the Grant’s conference yesterday -
“Bipartisan fiscal recklessness is on the horizon.”
He’s short bonds equivalent to 15-20% of his portfolio.
“George [Soros, Stan's ex-boss / mentor] would be embarrassed of me” for not making it a bigger bet.
Obviously, I do not know Stan's time horizon for this bet and may differ from your criteria. So, please do not take the above as my commentary against anyone who is making a different bet. I am clueless about the bond market.

what percentage of your portfolio makes up alternative funds

Hi @BaluBalu. About 20% total. Hedge/options funds make up 15% of portfolio. 5% now in a market neutral fund (traded out of BLNDX to buy).
Options trading funds
JHQAX 12%
PHEFX 3%
Market neutral fund
QQMNX 5%

BHB still falling today. Bought a few more. 5.63% of total portfolio today.

It is concerning that the IRS chart discussing the differences between RMD for IRAs and Defined contribution plans still uses 72 as the age for RMDs ( even though it says it was updated 8/2024)
" April 1 of the year following the later of the year you turn 72 (70 ½ if you reach 70 ½ before January 1, 2020) or the year you retire (if allowed by your plan). If you are a 5% owner, you must start RMDs by April 1 of the year following the year you turn 72 (70 ½ if you reach 70 ½ before January 1, 2020)."
https://www.irs.gov/retirement-plans/rmd-comparison-chart-iras-vs-defined-contribution-plans
The "FAQS" page has the correct information
"(73 if you reach age 72 after Dec. 31, 2022). "

The initial investment minimum is supposed to be $5K through transfer agent. I had a problem with them when I filed an application for the Low Duration High Yield Fund. They told me I needed $50K until I told them about the SEC filing where the initial minimum was lowered to $5K..
Schwab wants $2,500 initial minimum for a Nordic account plus trade fee.