BaluBalu said: I expect a lot of stock market volatility for the next four years with this type of flame thrower mentality. May be time to cash in some chips from the steady two year gains and build extra dry powder.

If inflation go up instead of treading downward due to Trump proposed tariff, all bets are off. We may see fewer rate cuts or the rate goes back up in the worst scenario.

https://www.bbc.com/news/articles/cgrwj0p2dd9o
Why is Trump still in campaign mode? Does he not know he already won the election? He would not understand currencies in 100 life times like Scott Bessent does and so why does he need to talk about currencies when he has Scott Bessent to talk? Now, he is insulting US citizens’ grasp of economics and trade. May be he is trying to distract us from something else - cabinet picks? What else am I missing?
I expect a lot of stock market volatility for the next four years with this type of flame thrower mentality. May be time to cash in some chips from the steady two year gains and build extra dry powder.

I scrolled through BlackRock's 110-page multi-fund prospectus that has BLADX and here are my observations - I may have missed some others:
1. Equity 0-30%, fixed-income 70-100%, so allocation may vary. Morningstar's category is based on the current snapshot and that is conservative-allocation.
2. Meaning of "managed income" isn't clear. A more clear term is "managed distribution" often used for CEFs that may cause ROC's. All I found in prospectus is this wishy-washy language that could apply to BLADX but it isn't mentioned specifically (my underlining):
"n addition, the Fund’s distribution policy may, in certain situations, cause the Fund to make distributions to shareholders in excess of the minimum amounts of such distributions required to avoid liability for federal income and excise taxes. As a result, there is a possibility that the Fund may make total distributions during a fiscal year in an amount that exceeds the Fund’s earnings and profits for U.S. federal income tax purposes. In such situations, the amount by which the Fund’s distributions exceed current and accumulated earnings and profits would generally be treated as a return of capital for U.S. federal income tax purposes and would reduce your basis in your shares, with any amounts exceeding such basis treated as gain from the sale of shares. Fund distributions in excess of the Fund’s minimum distribution requirements but not in excess of the Fund’s current and accumulated earnings and profits will not be treated as returns of capital but will be treated as dividends."
IMO, the SEC should ban these multi-fund prospectus atrocities in this day and age of online documents. Each fund deserves its own self-standing prospectus.
Edit/Add. M* Categories now are:
Conservative Allocation 15-30% equity
Moderately Conservative Allocation 30-50% equity
(Some time ago, both used to be Conservative Allocation 20-50% equity)
Moderate Allocation 50-70% equity
Moderately Aggressive Allocation 70-85% equity
Aggressive Allocation >85% equity (it just used to be within Equity subcategories - LV, LB, LG,...)

***** If you have a credible source for the actions within the bond markets this week, please share here; if you are willing.
ADD: There remains global warfare; and a few new adds this week. Perhaps there is some form of flight to safety.
NOTE:

My intention, at this time; is to present the data for the selected bond sectors, as listed; through the end of the year (2024). This 'end date' will take us through the U.S. elections period, pending actions/legislation dependent upon the election results, pending Federal Reserve actions and market movers trying to 'guess' future directions of the U.S. economy. As important during this period, are any number of global circumstances that may take a path that is not expected; and/or 'new' circumstances. In the 'cooking pot' we currently have the big ingredients of the middle east and also, how much damage Ukraine may inflict upon Russia and the response.

FIRST: NOTHING TO ADD/ALTER regarding 'Never-Never Land'. The pre-DC world shift of January, 2025 remains 'interesting' at this time! We're in a 'Never-Never Land' (events you never imagined) of potential large impacts upon various economic functions emanating from a central government in the coming months and years. What comes next for the investing world of bonds is not yet known or fully understood, except for those have a better guessing system than I. I can only watch and listen a little bit and let the numbers try to bring forth meaningful directions.
W/E November 29 , 2024..... Bond NAV's LARGE gains
--- 'Course, all the bond sectors in the list find their reasons for price movements, and we find 'most bond sectors 'UP BIG' for this week's pricing. Many bond sectors were very positive each day of the week. Long durations had the biggest gains. WHAT happened to the 'inflation scare' thing ??? So, depending on where you're 'hanging' your bond market monies, the pricing this week, was erratic . The MINT etf, to the best of my recall, has maintained a positive price for the year, each and every week; and this remains for this week.
A few numbers for your viewing pleasure.
NEXT:
*** UST yields chart, 6 month - 30 year. This chart is active and will display a 6 month time frame going forward to a future date. Place/hover the mouse pointer anywhere on a line to display the date and yield for that date. The percent to the right side is the percentage change in the yield from the chart beginning date for a particular item. You may also 'right click' on the 126 days at the chart bottom to change a 'time frame' from a drop down menu. Hopefully, the line graph also lets you view the 'yield curve' in a different fashion, for the longer duration issues, at this time. Save the page to your own device for future reference. NOTE: take a peek at the right side of this graph to find the yield swings of the past week, and for the current yields for the last business day.
For the WEEK/YTD, NAV price changes, November 25 - November 29, 2024
***** This week (Friday), FZDXX, MM yield continues to move with Fed funds/repo/SOFR rates; and ended the week at 4.45% yield (Unchanged for the week). Fidelity's MM's continue to maintain decent yields, as is presumed with other vendors similar MM's. Theoretically, a new yield bottom is in place, until the next FED action. SO, one is still obtaining a decent MM yield. MOST MM's found a few hundreds basis drop in yield for the week. MM's yields were down SLIGHTLY at .02 basis points, more or less, for the week.................
--- AGG = +1.42% / +3.05% (I-Shares Core bond), a benchmark, (AAA-BBB holdings)
--- MINT = +.11% / +5.48% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = +.38% / +3.65 % (UST 1-3 yr bills)
--- IEI = +1.01% / +2.64% (UST 3-7 yr notes/bonds)
--- IEF = +1.70% / +1.66% (UST 7-10 yr bonds)
--- TIP = +.92% / +3.42% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- VTIP = +.27% / +4.84% (Vanguard Short-Term Infl-Prot Secs ETF)
--- STPZ = +.36% / +4.60% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = +2.73% / +.84 % (UST, long duration TIPs bonds, PIMCO)
--- TLT = +3.96% / -1.80% (I Shares 20+ Yr UST Bond
--- EDV = +5.65% / -4.40% (UST Vanguard extended duration bonds)
--- ZROZ = +6.23% / -6.60% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = -7.24% / +11.56% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = +11.36 % / -21.21% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 2x version of EDV etf)
*** Additional important bond sectors, for reference:
--- BAGIX = +1.47% / +3.63% Baird Aggregate Bond Fund (active managed, plain vanilla, high quality bond fund)
--- USFR = +.08% / +5.00% (WisdomTree Floating Rate Treasury)
--- LQD = +1.98% / +3.63% (I Shares IG, corp. bonds)
--- MBB = +1.44% / +3.13% (I-Shares Mortgage Backed Bonds)
--- BKLN = +.09% / +7.79% (Invesco Senior Loan, Corp. rated BB & lower)
--- HYG = +.69% / +8.81 % (I Shares High Yield bonds, proxy ETF)
--- HYD = +.88%/+6.12% (VanEck HY Muni)
--- MUB = +.86% /+2.63% (I Shares, National Muni Bond)
--- EMB = +1.43%/+7.94% (I Shares, USD, Emerging Markets Bond)
--- CWB = +.91% / +15.06% (SPDR Bloomberg Convertible Securities)
--- PFF = +.76% / +11.20% (I Shares, Preferred & Income Securities)
--- FZDXX = 4.45% yield (7 day), Fidelity Premium MM fund
*** FZDXX yield was .11%, April,2022. (For reference to current date)
Comments and corrections, please.
Remain curious,
Catch

If i want excitement not provided by passive equity funds or active equity funds (practicing some element of factor investing), then I try M&A investing on my own with individual stocks than buy one of these funds. Why waste capital on one of these funds?
My M&A trades involve my expectations whether a company will be acquired or an announced transaction will fall through. But mostly it is entertainment for me as I do not make much difference to my portfolio (never large enough) but I have done better than many of these funds. The max I ever have is 5% of portfolio - Activision acq by MSFT. It is a needless entertainment, part of growing up as an investor, I tell myself.
My current M&A play is CPRI. I had not checked M* fair value until now. It says $55 while current price is 23. My mental target has been $30-35. If no announcement of an impending acquisition by then, I bail. I might also bail anytime. Pl do your own DD.
I personally think good investing is always boring.

I think the biggest advantage for us is the less frequent capital gains and lower fees. Firms realize they may get left behind, and I assume GMO now has $1 Billion more assets than they did before, as it is unlikely the ETFs cannibalized their high minimum OEFs. For smaller firms that may not be true.

I recently received the latest Fidelity Viewpoints newsletter.
One of the articles referenced in the newsletter is titled "6 reasons why you should consider investing right now."
According to this article, "a hypothetical investor who missed just the best 5 days in the market since 1988
could have reduced their long-term gains by 37%."
I've read many articles over the years which draw similar conclusions, but still find it amazing
that being out of the market for only a few days has such a detrimental effect on long-term returns.
This is just one reason why I don't try to time the market!
https://www.fidelity.com/learning-center/wealth-management-insights/reasons-to-invest-now

Laid on a zero-cost (actually a .17 credit) at the open for a Feb 25 collar on my WMB position that's got 75% gains since January.

With the stock market going up this year, my total equity exposure was not going up and so I wanted to check if I am fiddling too much with my port or my fund managers are fiddling too much.
As of 10/31, FBALX is 65% in equity and PRWCX is 60% in equity.
https://www.troweprice.com/personal-investing/tools/fund-research/PRWCX
Based on M* analysis, Giroux is defensively positioned in terms of total equity exposure. M* analyst (human) report says,
"Giroux and team deliver a high-conviction basket of roughly 50 stocks that account for 60%-70% of the fund’s assets. He’ll shift the exposures meaningfully when he identifies mispricing, such as scaling up equity exposure when drawdowns bring valuations to a more attractive level. Giroux executed this approach in 2018, early 2020, and again in 2022. Although such moves can be early at times, driving steeper short-term losses, they’ve paid off over the long run. Don’t expect the stock weight to fall below 60% often, if at all. The team is more confident in identifying market bottoms than tops."
I am probably more guilty than my fund managers for my lower than expected equity exposure.
Feel free to post if you noticed how any of your other funds are positioned.
I hope @WABAC does not mind my changing the direction of this thread.

Heavens to Betsy, what a thought; it has been moldering in the grave. :)
As described elsewhere, I dumped FBALX because their duration is too long for me, and I already have a couple of Fido stock pickers in FMILX and FDSVX.

With the stock market going up this year, my total equity exposure was not going up and so I wanted to check if I am fiddling too much with my port or my fund managers are fiddling too much.
As of 10/31, FBALX is 65% in equity and PRWCX is 60% in equity.
https://www.troweprice.com/personal-investing/tools/fund-research/PRWCX
Based on M* analysis, Giroux is defensively positioned in terms of total equity exposure. M* analyst (human) report says,
"Giroux and team deliver a high-conviction basket of roughly 50 stocks that account for 60%-70% of the fund’s assets. He’ll shift the exposures meaningfully when he identifies mispricing, such as scaling up equity exposure when drawdowns bring valuations to a more attractive level. Giroux executed this approach in 2018, early 2020, and again in 2022. Although such moves can be early at times, driving steeper short-term losses, they’ve paid off over the long run. Don’t expect the stock weight to fall below 60% often, if at all. The team is more confident in identifying market bottoms than tops."
I am probably more guilty than my fund managers for my lower than expected equity exposure.
Feel free to post if you noticed how any of your other funds are positioned.
I hope @WABAC does not mind my changing the direction of this thread.

GQG Partners:
https://gqg.com/content/2024/11/2024-Estimated-Capital-Gain-Distributions-10.31.24.pdf

Harbor is also liquidating its ETF clone INNO:
Supplement to Prospectus, Summary Prospectus, and Statement of Additional Information, each dated March 1, 2024

Harbor ETF Trust’s Board of Trustees has determined to liquidate and dissolve Harbor Disruptive Innovation ETF (the “Fund”). After the close of business on December 13, 2024, subject to applicable law, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on December 16, 2024. The Fund is currently scheduled to liquidate at the close of business on or about December 19, 2024 (the “Liquidation Date”).

https://www.sec.gov/Archives/edgar/data/1860434/000119312524264329/d833326d497.htm
The management structure is something I hadn't seen before (perhaps I just wasn't paying attention). Usually when a firm contracts out subadvisors, the firm exercises oversight and the day-to-day management is executed by the subadvisors. Here, Harbor retained day-to-day management responsibilities and contracted five outside firms on a non-discretionary basis (not allowed to make trades on their own).

Each of the Subadvisors [] provides a model portfolio to the Advisor, which the Advisor implements at its discretion with respect to a portion of the assets of the Fund. The Advisor is responsible for the day-to-day investment decision making

Two of the subadvising firms (4BIO Capital and Tekne Capital Mgmt) quit earlier this year.
Harbor's ETF lineup makes it look like Harbor is a company flailing, trying to figure out how to fit in with the newer ETF world. Most of its ETFs (all but two) were launched in 2021 or later and many are what I would call gimmicky: 3 Human Capital Factor ETFs (happy employees), 3 AlphaEdge ETFs, 2 Scientific Alpha, and so on.
The poster child for disruptor innovation investing is ARKK, turning in a bottom 5% performance for this year. Unlike the Harbor funds, it retains $6.5B AUM.
Other funds with "disrupt" in their names include:
AB Disruptors ETF FWD (average 2023 part year performance, hot 2024)
ALPS Disruptive Technologies ETF DTEC 2*
Fidelity Disruptors ETF FDIF 1*
Fidelity Disruptive Automation ETF FBOT 2*
Fidelity Disruptive Communications ETF FDCF 3*
Fidelity Disruptive Finance ETF FDFF 3*
Fidelity Disruptive Medicine ETF FMED 2*
Fidelity Disruptive Technology ETF FDTX 2*
Franklin Disruptive Commerce ETF 1*
Global X Disruptive Materials ETF DMAT(-33% cumulative over its nearly 3 years)
GraniteShares Nasdaq Sel Disruptors ETF DRUP 3*
Neuberger Berman Disrupters ETF NBDS (underperforming annually since Apr 2022 start)

@Old_Joe: good one! We’ll see if my tilt away from chips (SMHX) toward software (IVG) produces real or artificial gains. In the old days you could blame a real person (a broker) for suggesting a crappy stock; nowadays I can blame AI for my missteps. An artificial alibi seems to sneak more easily by my conscience than an honest appraisal of my follies.

https://www.sec.gov/Archives/edgar/data/793769/000119312524264328/d833406d497.htm
497 1 d833406d497.htm HARBOR DISRUPTIVE INNOVATION FUND PROSPECTUS SUPPLEMENT
 
111 South Wacker Drive, 34th Floor
Chicago, IL 60606-4302
harborcapital.com
Supplement to Prospectus, Summary Prospectus, and Statement of Additional Information,
each dated March 1, 2024
Harbor Disruptive Innovation Fund
November 22, 2024
Harbor Funds’ Board of Trustees has determined to liquidate and dissolve Harbor Disruptive Innovation Fund (the “Fund”). The liquidation of the Fund is expected to occur on January 29, 2025 (the “Liquidation Date”). The liquidation proceeds will be distributed to any remaining shareholders on the Liquidation Date.
Shareholders may exchange shares of the Fund for another Harbor fund, or redeem shares out of the Fund, in accordance with Harbor’s exchange and redemption policies as set forth in the Fund’s prospectus, until the Liquidation Date.
In order to ready the Fund for liquidation, the Fund’s portfolio of investments will be transitioned prior to the planned Liquidation Date to one that consists of all or substantially all cash, cash equivalents and debt securities with remaining maturities of less than one year. As a result, shareholders should no longer expect that the Fund will seek to achieve its investment objective of seeking long-term growth of capital.
Because the Fund will be liquidating, the Fund is now closed to new investors. The Fund will no longer accept additional investments from existing shareholders beginning on January 22, 2025.

https://www.sec.gov/Archives/edgar/data/889284/000139834424021347/fp0091223-1_497.htm
497 1 fp0091223-1_497.htm
Filed pursuant to Rule 497(e)
File Nos. 033-49098 and 811-06719
STERLING CAPITAL FUNDS
SUPPLEMENT DATED NOVEMBER 22, 2024
TO THE STERLING CAPITAL BEHAVIORAL INTERNATIONAL EQUITY FUND SUMMARY PROSPECTUSES,
CLASS A AND CLASS C SHARES PROSPECTUS,
INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS,
AND STATEMENT OF ADDITIONAL INFORMATION,
EACH DATED FEBRUARY 1, 2024, AS SUPPLEMENTED
This Supplement provides the following amended and supplemental information and supersedes any information to the contrary with respect to the Sterling Capital Behavioral International Equity Fund in the Class A, Class C, Institutional and Class R6 Shares Summary Prospectuses, the Class A and Class C Shares Prospectus, the Institutional and Class R6 Shares Prospectus, and the Statement of Additional Information, each dated February 1, 2024, as supplemented:
The Board of Trustees of Sterling Capital Funds has approved the liquidation of the Sterling Capital Behavioral International Equity Fund (the “Fund”). The liquidation is expected to occur on or about January 24, 2025 (the “Liquidation Date”). As of the date hereof, shares of the Fund are no longer being offered for sale.
Prior to the Liquidation Date, you may sell your Fund shares, including reinvested distributions, in accordance with the “Selling Your Shares” section of the Fund’s prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. You may wish to consult your tax advisor about your particular situation.
Prior to the Liquidation Date, the Fund will no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and may invest in cash, or cash equivalents such as money market funds, until all Fund shares have been redeemed and liquidation proceeds distributed to Fund shareholders.
ANY SHAREHOLDERS WHO HAVE NOT SOLD THEIR SHARES OF THE FUND PRIOR TO THE LIQUIDATION DATE WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD
Please contact your financial advisor or Sterling Capital Funds at 1-800-228-1872 if you have any questions about the liquidation.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares and any distributions from your retirement account. 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. For additional information regarding the liquidation, shareholders of the Fund may call 1-800-228-1872.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUSES AND THE STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE
SUPP-11222024

Bookmarked Sila Services.
It's a rollup of businesses in the areas of HVAC, plumbing, electrical in Northeast, Mid-Atlantic, and Midwest; the reach of Sila HVAC is more limited. Its online reviews are mixed but on positive side - more expensive, prompt, initial consultation/visit charges, but do good work. In our area, it's a headache to find someone quick to do things.
It's owned by Morgan Stanley Capital (private-equity arm of MS) and MS is trying to sell it now. sold a majority stake to GS.
https://www.msn.com/en-us/money/companies/goldman-sachs-acquires-majority-stake-in-sila-services-marking-strategic-expansion/ar-AA1upFAu

Do we have any owners of this fund in the forum?
This fund has MSFT at 25% of it composition. For reference, Google at 2+%.
Why does this manager have so much of capital parked in MSFT? Is he using it as a dry powder? Any one with history with this fund perhaps can help. Thanks.

https://www.sec.gov/Archives/edgar/data/1016073/000139834424021060/fp0091087-1_497.htm
497 1 fp0091087-1_497.htm
25 East Erie Street
Chicago, Illinois 60611
1-800-560-6111
DRIEHAUS SMALL CAP GROWTH FUND
Investor Shares: *DVSMX
Institutional Shares: *DNSMX
(the “Fund”)
SUPPLEMENT DATED NOVEMBER 21, 2024
TO THE PROSPECTUS AND SUMMARY PROSPECTUS FOR THE FUND DATED APRIL 30, 2024
(the “Prospectus” and “Summary Prospectus,” respectively)
On September 17, 2024, the Board of Trustees of the Driehaus Mutual Funds approved the closure of the Driehaus Small Cap Growth Fund (the “Fund”) to certain investors, as further described below. This change, referred to as a “soft-close,” will be effective immediately after 4:00 pm Eastern Time on December 2, 2024.
You may purchase Fund shares and reinvest dividends and capital gains you receive on your holdings of Fund shares in additional shares of the Fund if you are:
·A current Fund shareholder;
·A participant in a qualified retirement plan that offers the Fund as an investment option or that has the same or a related plan sponsor as another qualified retirement plan that offers the Fund as an investment option; or
·A financial advisor or registered investment adviser whose clients have Fund accounts.
You may open a new account in the Fund if you:
·Are an employee of Driehaus Capital Management LLC (the “Adviser”) or its affiliates or a Trustee of Driehaus Mutual Funds;
·Exchange your shares of another Driehaus Mutual Fund for shares of the Fund;
·Hold shares of the Fund in another account, provided your new account and your existing account are registered under the same address of record, the same primary Social Security Number or Taxpayer Identification Number, the same name(s), and the same beneficial owner(s); or
·Are a financial advisor or registered investment adviser whose clients have Fund accounts.
These restrictions apply to investments made directly through Foreside Financial Services LLC, the Fund’s distributor, as well as investments made through intermediaries. Intermediaries that maintain omnibus accounts are not allowed to open new sub-accounts for new investors, unless the investor meets the criteria listed above. Once an account is closed, additional investments will not be accepted unless you meet the criteria listed above. Investors may be required to demonstrate eligibility to purchase shares of the Fund before an investment is accepted. The Fund reserves the right to (i) eliminate any of the exceptions listed above and impose additional restrictions on purchases of Fund shares; and (ii) make additional exceptions that, in the Adviser’s judgment, do not adversely affect its ability to manage the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
For more information, please call the Driehaus Mutual Funds at 1-800-560-6111

https://www.sec.gov/Archives/edgar/data/1587982/000121390024099531/ea0221674-01_497.htm
497 1 ea0221674-01_497.htm 497
AXS Merger Fund
Investor Class Shares: (GAKAX)
Class I Shares: (GAKIX)
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated November 18, 2024 to the currently effective
Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”).
The Board of Trustees of the Trust has approved a Plan of Liquidation for the AXS Merger Fund (the “Fund”). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund. In order to perform such liquidation, effective immediately, the Fund is closed to all new investment.
The Fund will be liquidated on or about December 27, 2024 (the “Liquidation Date”), and shareholders may redeem their shares until the Liquidation Date. Redemptions made on or after the date of this Supplement will not be subject to any redemption fee that would otherwise be applicable. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and the Fund will be dissolved. Any liquidation proceeds paid to a shareholder should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax basis. Shareholders (including but not limited to shareholders holding shares through tax-deferred accounts) should contact their tax advisers to discuss the income tax consequences of the liquidation. Under certain circumstances, liquidation proceeds may be subject to withholding taxes.
In anticipation of the liquidation of the Fund, Kellner Management, L.P., the Fund’s sub-advisor, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising 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.
Please contact the Fund at 1-833-AXS-ALTS (1-833-297-2587) if you have any questions or need assistance.
Please file this Supplement with your records.

I found this article interesting and thought it fit nicely into this thread:

When a company is getting ready to pay a dividend, it announces in advance the date that it will be paid. That’s called the “payable date.” For logistical reasons, it sets an earlier date as a cutoff for eligibility to receive that dividend. That earlier date is the ex-dividend date, or ex-date. The idea is that shareholders who own the stock on or before the ex-date will receive the upcoming dividend, while those who purchase the stock after the ex-date won’t...
This dynamic is more pronounced and more relevant when it comes to mutual funds and exchange-traded funds (ETFs). By law, mutual funds and ETFs are required to distribute the bulk of their income to shareholders on a pro-rata basis. A fund owning stocks, for example, is required to distribute all of the dividends generated by the fund’s stocks. Similarly, a fund owning bonds is required to distribute all the interest paid by its bonds. In this way, from a tax perspective, owning a fund isn’t too different from owning the individual investments in the fund.
Fund investors, however, face another category of taxes—one that holders of individual stocks and bonds don’t have to contend with. Fund shareholders also share in the capital gains generated within the fund. If the fund’s manager decides that he wants to sell one stock to buy another, and he sells the first stock at a gain, each shareholder in the fund will have to share in the resulting tax bill. And if that trade results in a short-term gain—taxable at a much higher rate—each shareholder will bear some of that cost.
As I described a few years back, these capital-gains distributions can have a surprisingly large—and adverse—impact. Because shareholders don’t know a fund’s trading plans, this tax bill is also generally unpredictable.

https://humbledollar.com/2024/11/danger-taxes-ahead/