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.

Wade Pfau, David Blanchett and others have recently studied the effects of adding annuities (immediate or deferred) to withdrawal studies. TIAA Institute has also done articles on this. But as the Price/TROW piece mentions, SECURE provided additional push by allowing annuitization option within the corporate 401k TDF framework.
These options have existed for many years within the 403b at government and nonprofit institutions.

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.

My concern about a fund like this is what prevents it from being like River Park Long-Short, classic great until it wasn't? QQMNX chart looks fantastic and the swings look a lot less than River Park, but both funds were/are ultimately reliant on stock picking.

My simple answer is that if QQMNX underperforms at some point, I will just sell it. Just as I would sell any other underperforming fund. There are no guarantees in this business, and I am certainly not a buy-and-hold type of investor.
Good luck.

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

From Chatgpt:
The **LIVR ETF** (Intelligent Livermore ETF) uses a **proprietary AI-powered stock selection process** that integrates human expertise to construct a portfolio of large-cap stocks. The selection process follows these key steps:
1. **Human Analyst Involvement**: A human analyst initiates the process by setting parameters, such as the portfolio’s target investment universe, sector focus, and weighting limits. They gather historical and forecasted data (like revenue and earnings growth) for quantitative analysis and set an investment philosophy, inspired by the world's greatest traders.
2. **AI Stock Analysis**: The AI then takes over by identifying **4 to 6 major trading trends** based on these famous traders' strategies. These trends are used to guide stock selection, focusing on companies with strong business fundamentals, market momentum, and favorable macroeconomic conditions.
3. **Final Stock Picks**: The AI selects 60 to 90 stocks from global large-cap companies, each with a market capitalization exceeding $1 billion. The portfolio is **equal-weighted**, meaning each stock carries a similar weight, ensuring diversification without over-concentration in any single stock. No individual holding exceeds 10% of the portfolio.
### Example:
One prominent stock in the LIVR ETF is **Meta Platforms (META)**. The ETF’s AI likely selected Meta based on its strong market position, future growth potential, and alignment with tech sector momentum, a major trend identified by famous traders that the AI incorporates【29†source】【30†source】【31†source】.
This approach blends quantitative metrics (like revenue and earnings) with qualitative insights from historical trends, giving the LIVR ETF a dynamic, AI-driven stock-picking mechanism.

"A reminder, just 4 years ago the Middle East was calm and 4 Arabic countries signed a peace agreement, first time since Israel became a country. All you got to do is connect the dots."
Oh yes, I'm quite certain that if Trump were president Hamas would never have thought of attacking Israel. And, of course, all that has followed from that would never have happened. Surely must be sheer incompetence on the part of the present administration.
@FD1000: Evidently you have some sort of problem with reality, as you seem to prefer fake realities.

”Can you have most or all of RMD withheld for taxes?” Yes, at VG one year I did, RMD == withhold 70% for Fed taxes and withhold 30% for State taxes. So example: RMD was 10K, 7K went to the Feds and 3k went to the State.

A reminder, just 4 years ago the Middle East was calm and 4 Arabic countries signed a peace agreement, first time since Israel became a country. All you got to do is connect the dots.

I connected the dots.
Trump University
Trump Foundation
Trump SoHo
Trump's businesses have filed Chapter 11 bankruptcy 6 times
Trump is a gonif.

I just bumped into this etf (LIVR) which has been out for a couple of weeks.
Short summary prospectus and a detailed (1 and 1/2 page) description of the process of portfolio construction -
https://alphaarchitect.com/wp-content/uploads/compliance/etf/summary_prospectus/LIVR_Summary_Prospectus.pdf
For other documents and fund info - https://iaetfs.com/etf/
P.S.: I did not locate any prior discussion of this fund.

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. :)

YBB:
So, I don't see what is attracting retail investors to cat-bonds.
FD: any time I see a bond fund with 8% potential per year with a smooth uptrend, I join it.
If the fund makes 10+%, I dance. I don't know many retirees who wouldn't love this.
This is not a recommendation, just an observation.

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)?

@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.