https://www.sec.gov/Archives/edgar/data/754510/000075451024000276/filing8195.htm
497 1 filing8195.htm PRIMARY DOCUMENT
Supplement to the
Fidelity® Small Cap Growth Fund
Class A, Class M, Class C, Class I, and Class Z
September 28, 2024
Prospectus
The following information supplements information found in the "Fund Summary" section under the "Purchase and Sale of Shares" heading.
The fund is currently closed to new investors. For more information, see the "Additional Information about the Purchase and Sale of Shares" section of the prospectus. Remember to keep shares in your fund position to be eligible to purchase additional shares of the fund.
The following information supplements information found in the "Shareholder Information" section under the "Additional Information about the Purchase and Sale of Shares" heading.
Effective the close of business on October 16, 2024, new positions in Fidelity® Small Cap Growth Fund (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 October 16, 2024, 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 a qualifying fund is already established as an investment option under the plans (or under another plan sponsored by the same employer), 2) by participants in a 401(a) plan covered by a master record keeping services agreement between Fidelity and a national federation of employers that included a qualifying fund as a core investment option, 3) 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 already included the fund in their discretionary account program, 4) by a mutual fund or a qualified tuition program for which Fidelity serves as investment manager, 5) by a portfolio manager of the fund, 6) by a fee deferral plan offered to trustees of certain Fidelity® funds, if the fund is an investment option under the plan, 7) by qualified intermediaries to facilitate in-kind redemption activity when deemed by the Adviser to be in the best interests of the fund, and 8) by certain asset pools associated with an organization that already offers a qualifying fund as an investment option in its retirement plan(s). 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.
ASCP-PSTK-1024-138
1.808092.138
October 16, 2024
Supplement to the
Fidelity® Small Cap Growth K6 Fund
September 28, 2024
Prospectus
The following information supplements information found in the "Fund Summary" section under the "Purchase and Sale of Shares" heading.
The fund is currently closed to new investors. For more information, see the "Additional Information about the Purchase and Sale of Shares" section of the prospectus. Remember to keep shares in your fund position to be eligible to purchase additional shares of the fund.
The following information supplements information found in the "Shareholder Information" section under the "Additional Information about the Purchase and Sale of Shares" heading.
Effective the close of business on October 16, 2024, new positions in Fidelity® Small Cap Growth K6 Fund (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 October 16, 2024, 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 a qualifying fund is already established as an investment option under the plans (or under another plan sponsored by the same employer), 2) by participants in a 401(a) plan covered by a master record keeping services agreement between Fidelity and a national federation of employers that included a qualifying fund as a core investment option, 3) 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 already included the fund in their discretionary account program, 4) by a mutual fund or a qualified tuition program for which Fidelity serves as investment manager, 5) by a portfolio manager of the fund, 6) by a fee deferral plan offered to trustees of certain Fidelity® funds, if the fund is an investment option under the plan, 7) by qualified intermediaries to facilitate in-kind redemption activity when deemed by the Adviser to be in the best interests of the fund, and 8) by certain asset pools associated with an organization that already offers a qualifying fund as an investment option in its retirement plan(s). 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.
SCPK6-PSTK-1024-104
1.9886693.104
October 16, 2024
Supplement to the
Fidelity® Small Cap Growth Fund and Fidelity® Small Cap Value Fund
September 28, 2024
Prospectus
The following information supplements information for Fidelity® Small Cap Growth Fund found in the "Fund Summary" section under the "Purchase and Sale of Shares" heading.
The fund is currently closed to new investors. For more information, see the "Additional Information about the Purchase and Sale of Shares" section of the prospectus. Remember to keep shares in your fund position to be eligible to purchase additional shares of the fund.
The following information supplements information found in the "Shareholder Information" section under the "Additional Information about the Purchase and Sale of Shares" heading.
Effective the close of business on October 16, 2024, new positions in Fidelity® Small Cap Growth Fund (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 October 16, 2024, 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 a qualifying fund is already established as an investment option under the plans (or under another plan sponsored by the same employer), 2) by participants in a 401(a) plan covered by a master record keeping services agreement between Fidelity and a national federation of employers that included a qualifying fund as a core investment option, 3) 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 already included the fund in their discretionary account program, 4) by a mutual fund or a qualified tuition program for which Fidelity serves as investment manager, 5) by a portfolio manager of the fund, 6) by a fee deferral plan offered to trustees of certain Fidelity® funds, if the fund is an investment option under the plan, 7) by qualified intermediaries to facilitate in-kind redemption activity when deemed by the Adviser to be in the best interests of the fund, and 8) by certain asset pools associated with an organization that already offers a qualifying fund as an investment option in its retirement plan(s). 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.

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/

It’s NYC. Perhaps the difference is that NYC promised, in writing, access to a traditional medicare supplement upon retirement. So we collectively have taken the Adams administration to court multiple times and so far, the courts have sided with us.

I'm not going to try to dissuade you from staying with Plan F. Peace of mind has a certain intangible value that for you exceeds $372.
Regarding absence of bills with Plan F, that's the theory. And at worst, you may get a couple of bills that you're not responsible for paying. But you still have to deal with them. Crash gave an example. The result of our crazy quilt insurance system.
With a PPO, it doesn't matter (much) whether the doctor accepts the plan or not. Typically the plan will have a higher copay for out of network doctors. The doctors themselves are required to charge no more than they could charge under Original Medicare. If they won't submit a bill to an insurer, then you pay upfront and submit the bill to the PPO for reimbursement. (I know, less peace of mind, more paperwork.) The point is simply that doctors accepting only OM does not stop the conversation (for some people).
Prior authorization: it's a myth that OM never requires prior authorization. It does, albeit for just a limited number of services and for certain durable medical equipment.
https://www.cms.gov/data-research/monitoring-programs/medicare-fee-service-compliance-programs/prior-authorization-and-pre-claim-review-initiatives
And despite horror stories (there's peace of mind, again), things usually go smoothly.
"Of the 46.2 million prior authorization determinations [in MA plans] in 2022, more than 90% (42.7 million) were fully favorable, meaning the requested item or service was approved in full."
https://www.kff.org/medicare/issue-brief/use-of-prior-authorization-in-medicare-advantage-exceeded-46-million-requests-in-2022/
OM prior authorization approval rates were generally lower (below 80% for outpatient services, below 70% for durable medical equipment in FYs 2021 and 2022). But that's not a fair comparison, because CMS selected for review a limited number of services that are more likely to be abused. Hence the denial rate is expected to be higher.
https://www.cms.gov/files/document/prior-authorization-and-pre-claim-review-program-statistics.pdf
"require prior authorization ... probably the reason why most good doctors shy away from Advantage plans". We can test that theory. Do most good doctors shy away from all commercial insurance - employer sponsored, ACA, etc.? The vast majority of these policies also require prior authorizations.
I know of providers that have dropped various insurers because of slow payments or other difficulties receiving payment. But it is individual insurance companies and not commercial insurance in general that they are dropping.
I do know of one doctor (4.8* on HealthGrades) who stopped taking all insurance other than OM this year. He's near retirement and fed up with dealing with insurance companies, period. As he's phasing out his practice, he doesn't mind losing some patients because of this change. I suggest that he is the exception, that most doctors take commercial insurance despite their prior authorization baggage.

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/

So, when someone posts about a fund I own now and says, Well, in 2022, it lost more than another fund or in the last 10 years, this fund was better than another, I don't care, what matters is what the fund is doing now..

The problem is defining "now." A fund that does well for a few months or even a year would be bad reason FOR ME to jump in, perhaps you are different. If you have a fund that outperforms for years then that would be a reason for me to move...but just as often I find the fund reverts to the mean rather than continue to outperform, a point you acknowledge in another post. I totally get the idea of riding the wave of a winner, but find that strategy hard to implement in real life. Truth is it's very hard to beat buy and hold with solid funds over a long period of time, or even an index fund. I suspect many of us know that deep down, but just because I'm a bad golfer doesn't mean I dislike golf.

Actually, most funds trail the SP500 with which has a very small expense ratio if you hold for decades. There is a good reason why Bogle and Buffett recommended the SP500 for decades....and it's the easiest way to invest. So, why are we discussing funds and trade?
I came to a conclusion that I want to participate in the markets by using best risk/reward funds. The idea is to find good performance wide range funds with lower volatility, and that will result in a better sharp ratio. My basic system from 2000 to 2013 was to use a fund screener every 4-6 months and find the best 5 risk/reward funds for 1-3 months + 1-3 years and invest 20% in each. After I have done it several years, I learned a lot more about the managers, their history, and their weaknesses and strengths.
2008 was a waking call, I lost 25% in that year, and since then I have been searching for a way to control meltdowns. It took me another 10 years to master that concept, but this time by using special bond funds.
As you can see, it took me years of practice and tweaking. You just can't wake up one morning and be successful doing it.
Of course, bad calls are built into it, the idea is to lose very minimal (which in bondland is 0.1-0.2%) and make a lot more when I'm right. I'm not your typical trader, if my trade is right, I can stay in it for months until I find a better fund.
Now, at retirement, my portfolio is big enough that I only need to make inflation + 2-3%(of course, I want more) and why I don't need to take a lot of risk.
What is "now"?
Years ago, using my original system, 'now' used to be 1-3 months but I also looked at 1-3 years just to be sure the fund did well for the short+longer term.
Since 2017, "now" is the last 2-3 weeks and where better trading is needed
"now" also means investing in the best wide range funds, why you don't want to diversify, and exactly what I have done.

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.

https://www.sec.gov/Archives/edgar/data/1609706/000158064224006057/crossshore-497.htm
497 1 crossshore-497.htm
CROSS SHORE DISCOVERY FUND
Institutional Shares
Supplement dated October 7, 2024
to the Prospectus and Statement of Additional Information dated July 29, 2024
The Board of Trustees has determined that it is in the best interest of shareholders to liquidate the Cross Shore Discovery Fund (the “Fund”).
As of the date of this supplement, the Fund is no longer accepting purchase orders for its shares and it will close effective December 31, 2024 (the “Closing Date”). Distributions to shareholders will be made within seven business days following the calculation of the December 31, 2024 net asset value of the Fund, which is expected to occur on or about January 29, 2024.
Effective immediately, the Fund is no longer pursuing its investment objective. All holdings in the Fund’s portfolio are being liquidated, and the proceeds will be invested in money market instruments or held in cash.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 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 are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.
*****
PLEASE RETAIN FOR FUTURE REFERENCE.

Flagship investors at Vanguard get few perks such as 25 free trades on transaction fee OEFs per account. All our transactions are online, thus there is no fees. There is no dedicated rep for Flagship customers.
A year ago, we set up Personal Advisor Select service to manage our retirement funds. Initially the asset allocation plan was set up on phone calls and I revised them several times using their messaging system. The dedicated rep cannot be reached by phone, and it takes days to get return calls. The account set up took several months to complete.
What broke the camel’s back was that when my wife talked with the agent in case I passed on before her, she found the rep to be inexperienced to rely on. My wife is well informed of our proposed plan. We tried the discussion several times but we were not successful. Our goal is to have a human touch in managing the retirement funds. In the end, we exited our PAS relationship with Vanguard.

Early retirement passed me by years ago :) At 70, I still work 2-3 days a week. But alas, that ends at the end of this year.

From the Article:

Here are just some of the risks you have to contend with in retirement:
Longevity risk (running out of money)
Inflation risk (seeing a lower standard of living)
Market risk (bear markets)
Interest rate risk (fluctuations in yield or outright bond losses like we saw in 2022)
Sequence of return risk (you get poor returns at the outset of retirement)
And those are just portfolio management-related risks. You also have to contend with health risks, unforeseen expenses, family issues and life getting in the way of your best-laid plans.
Your two best forms of risk management in retirement are diversification and flexibility with your plan.
Every strategy comes with trade-offs. Unfortunately, there is no investment panacea that offers 100% certainty during retirement.
We tackled this question on the latest edition of Ask the Compound:

Article:
planning-for-early-retirement
Ask the Compound:

I can buy and sell EMPIX at Fidelity, but that may be because I invested in it long ago. This may change. CBYYX is available at Fidelity at a low minimum but only for some retirement plans. SHRIX is available no load at InteractiveBrokers, see Mutual Fund Search Tool there. A small problem: it is offered with 500K minimum.

when CBYYX wasn't open to me at Fidelity, i transferred a single share over from Schwab and then was good to go ... except that F charges a fee for CBYYX trades and S does not.

I can buy and sell EMPIX at Fidelity, but that may be because I invested in it long ago. This may change. CBYYX is available at Fidelity at a low minimum but only for some retirement plans. SHRIX is available no load at InteractiveBrokers, see Mutual Fund Search Tool there. A small problem: it is offered with 500K minimum.
And tropical storm Milton is forecast to become a hurricane Sunday night, and be at or near major hurricane strength when it reaches the west coast of the Florida Peninsula by mid week. Life is never dull.

Barron’s Funds Quarterly+ (2024/Q3–October 7, 2024)
https://www.barrons.com/topics/mutual-funds-quarterly
(Performance data quoted in this Supplement are for 2024/Q3 and YTD to 9/30/24)
Pg L2: With the new CEO Salim RAMJI onboard, Vanguard is making some changes. Rather than lowering the ERs by tiny/small amounts across the board, it will move selectively in areas of active management with disruptive low ERs, with an initial push into active bond funds. It has also developed in-house capabilities for bonds, unlike its equity and allocation/hybrid funds that mostly use external advisors. In the passive area, the ETF giants are Vanguard and iShares/BlackRock, and mutual fund giants are Vanguard and Fidelity (not so well-known). But growth in the passive fund area is limited for these giant players. That game has been played and these parties have won.
Growth areas now are ETFs (tax-efficiency and market hour trading), bond funds (much larger and fragmented market compared to equities), alternatives (private-market is huge now as many unicorns and smaller companies remain private longer; but Vanguard won’t touch cryptos), RIA channels (but that won’t work without improving Vanguard’s poor M-F, 8-8 customer service). Rather than pushing into all areas at once, it will move selectively into areas with maximum disruptive low-cost effects.
Pg L7 In 2024/Q3, gold funds, China funds and bond proxies (bond funds, utilities, real estate. Dividend stocks) rallied due to geopolitics (for gold), the Fed rate cut and China easing. The value funds also did well. (By @LewisBraham at MFO)
More on Funds & Retirement
INCOME. Dividend and dividend-growth stocks are coming back in favor after the Fed rate cut. US ETFs: SCHD, VYM, VIG, DIVB; China ETF: PGJ. Several stocks are also mentioned.
RETIREMENT. MEDICARE open enrollment period (OEP) is from October 15 – December 7. As there are many changes for Parts B, D, C/MA, don’t just throw away the recent notices you got about them; drug formularies may change too. Part D will have $2K out-of-pocket limit for covered drug costs (so, you will be out of luck if the drug isn’t covered); premiums will also go down a little. Medicare Advantage/C plans face higher costs and tighter government reimbursements, and many insurers are curtailing (reducing extra coverages, increasing premiums & deductibles) or exiting (Wellcare/Centene-CNC in 6 states) the MA/C market. Humana MA dropped a notch in its government rating and is discontinuing MA/C in 13 counties. If your MA/C plan is discontinued, and you don’t do anything, you will be enrolled in the original Medicare and will have the opportunity to get Medigap insurance without medical underwriting; normally, it’s hard to go back from MA/C to original Medicate due to the underwriting required for Medigap insurance. Make sure that your doctors are still in the plan.
Barron’s weekend issue has CASH TRACK charts showing 4-wMA of flows. A screenshot link will be included quarterly in the Summaries.
https://i.ibb.co/Chcbzrj/Barrons-Cash-Track-100524.png

Barron’s discontinued quarterly FUND CATEGORY PERFORMANCE table in 2024 that were used to highlight the best and the worst performing fund categories. The new MFOP Quarterly tool (see MFO, October 2024) can generate a similar table and the screenshot links for Top 5 and Bottom 5 follow. Both Barron’s and MFOP use Lipper fund databases.
Q3 Top 5 https://i.ibb.co/bJT3M6T/MFOP-Quarterly-Top5-100424.png

Q3 Bottom 5 https://i.ibb.co/CwV2Vx3/MFOP-Quarterly-Bottom5-100424.png

LINK

Inflation isn’t just increasing prices. It’s also increasing wages. The two may not move in perfect harmony. Longer term it tends to even out. But it can appear herky-jerky on either side of the coin. The old adage / warning about the hazards of living on a fixed income during retirement ring true today. Over decades you’d be swamped by price increases without having either a good COLA adjustment or alternative sources of income (ie investments). Likely, the one area seniors probably need most as they age - health care - has increased more than the rate of inflation in recent years.
I’m wondering if the short strike affected the cost of imports and hurt foreign based companies that import to the U.S. - if only briefly. And unconfirmed media reports suggest shoppers had begun to hoard necessities again with some Costcos running out of paper towels and toilet tissue. Amazing how everything is interconnected.

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

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/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/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.