I think the other issue is they went to a "team" approach, so even if you have substantial $ you do not get one individual to work on your issues, unless maybe you pay for "personal advisor". I explored using their Personal Advisor but they only use Robo funds/etfs and made no reference to legacy positions with large capital gains
I don't know but I left and never looked back

Ended up holding on to CBLDX, it was actually up last Friday. It had positive returns in 2020 and 2022. That's the kind of bond fund I like. The five year returns are also pretty good, though I doubt we'll be in that sort of rate environment any time soon.
Sold TBUX, USTB, XONE, and WSHNX. It was too many funds anyway. I will likely consolidate into USFR and VRIG or PULS. Yes, they are boring, but I'm holding onto MNHAX, CBLDX, THOPX, and WCPNX, so there is still some excitement in bond land. Eventually I'll have to consolidate those holdings, but I don't think this is the best time. If the rate environment continues to deteriorate I won't hesitate to lock in profits.

All I have left is HOSIX, SCFZX, CBLDX, and SEMMX/PX. The later on a short leash. Keep wanting to buy AHTFX and JSVIX on a downdraft but never sure when the downdraft will become something more ominous. Stating the obvious, oil is causing a big problem for bonds. You were among the first to go back in THOPX so hope it continues to work for you.

I thought THOPX would be temporary to begin with. I'm guessing it will make way for WCPNX, CBLDX, and MNHAX over some period of time. But hard to tell when that day will come.
I don't expect rates to go up the way they did in 2022. So dividends should cover some of the pain on the longer duration funds.
I'll add your funds to my bond watch list.

Ended up holding on to CBLDX, it was actually up last Friday. It had positive returns in 2020 and 2022. That's the kind of bond fund I like. The five year returns are also pretty good, though I doubt we'll be in that sort of rate environment any time soon.
Sold TBUX, USTB, XONE, and WSHNX. It was too many funds anyway. I will likely consolidate into USFR and VRIG or PULS. Yes, they are boring, but I'm holding onto MNHAX, CBLDX, THOPX, and WCPNX, so there is still some excitement in bond land. Eventually I'll have to consolidate those holdings, but I don't think this is the best time. If the rate environment continues to deteriorate I won't hesitate to lock in profits.

All I have left is HOSIX, SCFZX, CBLDX, and SEMMX/PX. The later on a short leash. Keep wanting to buy AHTFX and JSVIX on a downdraft but never sure when the downdraft will become something more ominous. Stating the obvious, oil is causing a big problem for bonds. You were among the first to go back in THOPX so hope it continues to work for you.

The SP500+QQQ has been great since 2010. From 2000 to 2010, the SP500 lost about 10% and QQQ lost almost half.
FAIRX was a great fund during 2000-10 but has been far behind since 2010.
ICMUX made more than PIMIX for 3 years (chart)
But PIMIX made more from 2015 to 2020 (chart) and PIMIX management is pretty good.
Based on my history of following many funds, I hardly ever found a fund that stays at the top every 2-3 years. Maybe PRWCX is the exception.

@FD1000, you totally didn't understand or ignored what I said. My opinion is that, for most investors (not traders), it's the portfolio construction that matters more so than individual funds. Of course no fund stays in the top tier of category year in and year out. But there are plenty of funds that stay consistently good over time and fill that portfolio segment, like ICMUX.
Your comparative selection of funds above is all in hindsight and therefore irrelevant to portfolio construction IMHO.

Ended up holding on to CBLDX, it was actually up last Friday. It had positive returns in 2020 and 2022. That's the kind of bond fund I like. The five year returns are also pretty good, though I doubt we'll be in that sort of rate environment any time soon.
Sold TBUX, USTB, XONE, and WSHNX. It was too many funds anyway. I will likely consolidate into USFR and VRIG or PULS. Yes, they are boring, but I'm holding onto MNHAX, CBLDX, THOPX, and WCPNX, so there is still some excitement in bond land. Eventually I'll have to consolidate those holdings, but I don't think this is the best time. If the rate environment continues to deteriorate I won't hesitate to lock in profits.

It's my perception that people who move in and out of funds are "fund" investers, maybe even collectors, not over-all "portfolio" investors. My hope is having a portfolio that trends upward with the least amount pf volatility I can obtain. The portfolio is, hopefully, made up of managers and a mix of fund type with a winning long-term history. Not the best fund that month or year. If ICMUX has a so-so year, I don't jump out to get into the hot fund at the time. ICMUX, and I'm just using this fund as an example, has history of good management and returns and a risk level that fits the portfolio.... Is there better funds at this precise time? Probably. Just another 2-cents.

Good management is not guaranteed to be good every year or even several years and in every situation and/or market.
I never believed in diversification either because it led to lower performance for years.
BTW, in very high risk markets, you learn pretty quickly that most funds sink together. You even learn that bonds don't always save you, think 2022.
The SP500+QQQ has been great since 2010. From 2000 to 2010, the SP500 lost about 10% and QQQ lost almost half.
FAIRX was a great fund during 2000-10 but has been far behind since 2010.
ICMUX made more than PIMIX for 3 years (chart)
But PIMIX made more from 2015 to 2020 (chart) and PIMIX management is pretty good.
Based on my history of following many funds, I hardly ever found a fund that stays at the top every 2-3 years. Maybe PRWCX is the exception.
In bondland the exceptions are so much better and can last for months, sometimes years.
An extra of 3% in bondland annually for many retirees is so good that you can own a small % in stocks (or none) with a much lower volatility portfolio.
The investors who believed in B&H; in the last 10 years, the most recommended bond fund, BND (US Total index) made just 1.7% average annually, far behind inflation.
In the last year, I owned 2 bond funds for most months and hardly traded. Not every trader changes funds every week/month. I always admitted I'm a trader but I see many who trade so much more than me and claim they don't.

How far does anyone think this reversal on the 10 year may go? I understand the “bond vigilantes” taking control of longer rates out of the Fed’s hands (not that they ever really had it) but am surprised by the speed and magnitude of the reversal. Friday’s hot jobs report really blew the lid off the rate structure. Just a temporary bump - or are we heading a lot higher? The damn election throws a whole lot of monkey wrenches into the equation too, with several possible outcomes. I think the Fed is being a little restrained right now due to the election. At some point afterward (assuming it ever ends) they might decide to clamp down harder if the economy keeps running hot. And, counterintutively, that could cause the short end to spike and longer rates to drop.
Maybe too off topic - But does anyone think as I do that the big gains in equities the past 2 years (and to a lesser degree bonds and cash) are helping keep the economy hot by providing consumer spending stimulus - mostly for the people who already have enough? So to a degree it becomes a virtuous circle with spending propping up stocks and stocks propping up spending. What could possibly go wrong? Just some far out thoughts. You won’t hear this on Bloomberg.
Anybody know what’s coming? Is that light at the end of the tunnel a locomotive heading our way? I don’t pretend to know. Just throwing some crazy questions out there for the smarter board members.

I have the same question too. If bank loan bonds are risky, why does David Giruox, PRWCX holds 7-10% of bank loan in the portfolio? He spoke why he held bank loans and other high yield bonds being held in the portfolio. And yet the fund done well through several full market cycles.
In spring 2020’s pandemics, bank loan funds underwent a free fall as many of the oil fracking bonds went busted. Same goes for junk bonds. Only Treasury’s stay unaffected. Then came the FED emergency rate cut.

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 of fairly high equity valuations.

A couple other market neutral funds you can consider: BDMAX and JMNAX. BDMAX has outperformed QQMNX over the last 1 and 2 year trailing periods, and has a higher Sharpe ratio and lower standard deviation over the last 3 years according to Morningstar data. JMNAX has had lower returns, but has a smooth ride. I use a combination of BDMAX and JMNAX, but I might consider adding QQMNX. Thanks for bringing it up.

BaluBalu: Interesting, albeit new, fund! I'll track it over time, but it might have a place for people. Another one to consider are the Capital Group ETFs (CGDV, CGGO, etc) which are also fairly concentrated. BBLU is another one, too.

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

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

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

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

https://www.sec.gov/Archives/edgar/data/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.

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.

LATER, in SAI,
"Any distribution paid by the Fund reduces the Fund’s NAV per share on the date paid by the amount of the distribution per share. Accordingly, a distribution paid shortly after a purchase of shares by a shareholder would represent, in substance, a partial return of capital (to the extent it is paid on the shares so purchased), even though it would be subject to federal income taxes."
So, the income doesn't accrue, but flows through the NAV.
Why isn't this info in the Prospectus?

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 thought I would post the answer rather than bother John:
From the prospectus:
Distributions
The Fund will make distributions of net investment income, if any, at least monthly. The Fund will make distributions of net capital gain, if any, at least annually, typically during the month of December. The Fund may make additional distributions if deemed to be desirable at another time during the year.

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