FRED has many data series for debt/GDP. https://fred.stlouisfed.org/tags/series?t=debt;usa
I think that federal debt/GDP (as %) is mentioned more often because it may indicate the taxing power or burden of the economy. It is available for most countries (self-published, or by IMF, World Bank, etc) and concerns arise when it starts to exceed 100%. It is about 120% for the US. There were significant jumps post-GFC (2008) and post-Covid pandemic (2020). https://fred.stlouisfed.org/graph/?g=YcQu
Household debt/GDP is only 76.8%. There is no asset tax in the US, so the household assets/GDP of 600%+ don't really tell anything about the US federal tax situation. https://fred.stlouisfed.org/graph/?g=1074J

https://www.sec.gov/Archives/edgar/data/1683471/000089418923001244/morgancreekliftliquidation.htm
97 1 morgancreekliftliquidation.htm SUPPLEMENT RE FORTHCOMING LIQUIDATION
Filed pursuant to Rule 497(e)
Registration Nos. 333-215588; 811-23226
Morgan Creek - Exos Active SPAC Arbitrage ETF (CSH)
a series of Listed Funds Trust (the “Trust”)
Supplement dated February 21, 2023
to the Summary Prospectus, Prospectus and Statement of Additional Information
dated January 26, 2022
After careful consideration, and at the recommendation of Morgan Creek Capital Management, LLC, the investment adviser to the Morgan Creek - Exos Active SPAC Arbitrage ETF (the “Fund”), the Board of Trustees of Listed Funds Trust approved the closing and subsequent liquidation of the Fund pursuant to the terms of a Plan of Liquidation. Accordingly, the Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on or about March 24, 2023 (the “Liquidation Date”). Shares of the Fund are listed on the NYSE Arca, Inc.
Beginning on or about February 22, 2023 and continuing through the Liquidation Date, the Fund will liquidate its portfolio assets. As a result, during this period, the Fund will increase its cash holdings and deviate from its investment objective, investment strategies, and investment policies as stated in the Fund’s Prospectus and SAI.
The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund’s shares during that time period. Customary brokerage charges may apply to such transactions.
If no action is taken by a Fund shareholder prior to the Liquidation Date, the Fund will distribute to such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal to the net asset value of the shareholder’s Fund shares as of the close of business on the Liquidation Date. This amount will include any accrued capital gains and dividends. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of your shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
Shareholders can call 1-855-857-2677 for additional information.
Please retain this Supplement with your Summary Prospectus,
Prospectus and Statement of Additional Information for reference.

@sma3 Green Century has a particular focus on environmental issues so they will have exposure to some other problematic companies in industries like pharma. There is no perfect solution here. That said, even when they own problematic companies, they often engage with them, including by filing their own shareholder resolutions to change the companies' policies, and supporting other activist campaigns: https://greencentury.com/impact/
Regarding the percentage of their profits that goes to non-profit environmental groups, my understanding is it is 100%, perhaps the most interesting fact of all: https://greencentury.com/about-us/

Support of Environmental and Public Health Nonprofits: One hundred percent (100%) of the profits earned managing the Green Century Funds belong to our non-profit owners who run critical environmental and public health campaigns.
The organizations which founded and own Green Century Capital Management Inc are: California Public Interest Research Group (CALPIRG), Citizen Lobby of New Jersey (NJPIRG), Colorado Public Interest Research Group (COPIRG), ConnPIRG Citizen Lobby, Fund for the Public Interest, Massachusetts Public Interest Research Group (MASSPIRG), MOPIRG Citizen Organization, PIRGIM Public Interest Lobby, and Washington State Public Interest Research Group (WASHPIRG).
We are one of the first fossil fuel free, diversified and environmentally responsible mutual funds.

Regarding investing in a different lower-cost fund and donating the difference to a charity, I doubt a different fund would do this: https://greencentury.com/wp-content/uploads/2022/10/NEW-SA-2-pager-season-higlights-9.30.22.pdf Engagement campaigns cost money. I agree the fees are high here, but I find some of their campaigns impressive, particularly the Apple one:

Apple* announced in November 2021 that it would provide individual consumersaccess to replacement parts, tools and repair manuals needed to perform common repairs to its products, marking a notable reversal for the company. Apple had vigorously lobbied against legislation that would require them to allow others to fix their products. The announcement came after discussions with Apple and on the same day that Green Century had to decide whether to press forward on a right-to-repair shareholder proposal. Apple launched the program in April.
McDonald’s* has been a target of Green Century’s shareholder advocacy in recent
years because of the fast-food giant’s reliance on unsustainable factory farming
practices. In 2022, Green Century’s President Leslie Samuelrich was nominated
to McDonald’s board of directors, and the U.S. Humane Society has credited the
McDonald’s board fight with helping pressure CVS* and Walgreens* to accelerate
their transitions to cage-free eggs and pushing General Mills* and Denny’s* to
move towards elimination of gestation crates in their pork supply chains.
Nearly 70% of Costco shareholders in January voted in favor of a Green Century
proposal requesting that the company set greenhouse gas emission targets.
Green Century’s proposal prompted Costco to announce an expedited timeline for
disclosing supply chain emissions, to commit to developing a Scope 3 action plan
and reduction targets, and to announce its first reduction targets for its operational
and purchased energy (Scope 1 and 2) emissions.

https://www.sec.gov/Archives/edgar/data/1707560/000162363223000304/fhidefisr6prsaisup455909edg.htm
497 1 fhidefisr6prsaisup455909edg.htm
Federated Hermes International Developed Equity Fund
A Portfolio of Federated Hermes Adviser Series
INSTITUTIONAL SHARES (TICKER HIEIX)
CLASS R6 SHARES (TICKER HIERX)
SUPPLEMENT TO SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 31, 2023
On February 16, 2023, the Board of Trustees (the “Board”) of Federated Hermes Adviser Series approved a Plan of Liquidation for Federated Hermes International Developed Equity Fund (the “Fund”) pursuant to which the Fund will be liquidated on or about April 21, 2023 (the “Liquidation” or the “Liquidation Date”).
In approving the Liquidation, the Board determined that the liquidation of the Fund is in the best interests of the Fund and its shareholders. Accordingly, the Fund’s investment adviser will begin positioning the Fund for liquidation, which may cause the Fund to deviate from its stated investment objectives and strategies, including, but not limited to, the Fund’s policy to invest at least 80% of net assets (plus any borrowings for investment purposes) in equity securities of developed markets. It is anticipated that the Fund’s portfolio will be converted into cash on or prior to the Liquidation Date.
Effective on or about March 31, 2023, the Fund will be closed to new investors and closed to additional investments by existing shareholders. Any shares outstanding at the close of business on the Liquidation Date will be automatically redeemed. Such redemptions shall follow the procedures set forth in the Fund’s Plan of Liquidation.
Dividends and capital gains, if any, will be distributed to shareholders prior to the Liquidation.
At any time prior to the Liquidation Date, the shareholders of the Fund may redeem their shares of the Fund pursuant to the procedures set forth in the Fund’s Prospectus. Shareholders of the Fund’s Institutional Shares and Class R6 Shares may exchange shares of the Fund for shares of any Federated Hermes fund or share class that does not have a stated sales charge or contingent deferred sales charge, except shares of Federated Hermes Institutional Money Market Management, Federated Hermes Institutional Tax-Free Cash Trust, Federated Hermes Institutional Prime Obligations Fund, Federated Hermes Institutional Prime Value Obligations Fund, and no-load Class A Shares and Class R Shares of any Fund if the shareholder meets the eligibility criteria and investment minimum for the Federated Hermes fund for which the shareholder is exchanging.
The Liquidation of the Fund will be a recognition event for tax purposes. In addition, any income or capital gains distributed to shareholders prior to the Liquidation Date or as part of the liquidation proceeds may also be subject to taxation. All investors should consult with their tax advisor regarding the tax consequences of this Liquidation.
February 21, 2023
 
Federated Hermes International Developed Equity Fund
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
Contact us at FederatedInvestors.com
or call 1-800-341-7400.
Federated Securities Corp., Distributor
Q455909 (2/23)
© 2023 Federated Hermes, Inc.

Large brokerages such as Fidelity offers one-yr non-callable brokered CDs yielding 4.85%. ... Bank CDs are not competitive for my $
Depends on the month and the bank.
Capital One - 5.00% 11 mo online CD
Ally Bank - 5.00% 18 mo online CD
BMO Harris Bank - 5.00% 12 mo online CD (rate depends on zip code)
Perhaps "you should have a Harris Banker" (pre BMO acquisition)

I’ll just note that (bullish) Gibson Smith manages a bond fund. :)
Thanks Yogi. An interesting write-up. These rankings do wax and wane from year to year. Some like American (Capital Group), however, seem to defy gravity and receive top mention regularly ISTM.

@yogibearbull An "absolute return strategy" is a generic term that means trying not to lose money rather than beat a benchmark, so it can come in many forms, including strategies that don't use any hedging like short bets or derivatives. A manager can seek absolute returns by holding cash for instance when he/she doesn't see any attractive buying opportunities. Also, long-short and even market-neutral funds come in many forms. So, I wouldn't rule the strategies out completely. What I will say is that managers very often overcharge for these strategies, and that, ironically, sometimes leads to excessive risk taking to overcome high fee hurdles. One form that risk taking takes is excessive leverage, which has burned many, even talented managers, in the past. See Long-Term Capital.

I bet the Noble Absolute Return ETF's adviser is regretting this ETF's "NOPE" ticker symbol. According to the fund's web site--https://noble-funds.com/--it's: "An ETF built on the philosophy of saying NOPE to passive investing, NOPE to ignoring valuations, and NOPE to asset bubbles." The ETF has declined 63% so far in 2023: https://morningstar.com/etfs/arcx/nope/performance At first, before I saw the performance, I was intrigued by the strategy, and the fund's manager, but it's hard to imagine as experienced a manager going as wrong as this one:

Mr. Noble is the Founder and Managing Member of Noble-Impact Capital, LLC, an investment advisor and sub-advisor for the Noble Absolute Return ETF.
Prior to forming Noble-Impact Capital, Mr. Noble spent more than 40 years managing institutional investment portfolios.
He began his career at Fidelity Investments in 1981, working closely with legendary fund manager Peter Lynch before becoming the initial portfolio manager of Fidelity’s international equity fund earning a top ranking spanning six years. Mr. Noble then went on to manage two separate hedge funds, each of which grew to more than $1 billion in assets.

I sometimes think if you give an active manager too much freedom, they have just enough gunpowder to blow themselves and their shareholders to Kingdom Come. This is especially so if they have no one sitting in the board room to contradict them and say, "Wait a minute, are you sure that's a good idea?" The worst part is absolute return funds are supposed to be conservative in most cases, to generate positive returns in all market environments. Nope, not this one.

The article singles VEDTX out for having a large cap gains distribution. Modest cap gains distributions are not all that unusual. Here's a piece on Vanguard's 2012 ETF distributions, reporting that all but one of Vanguard's bond ETFs distributed cap gains that year.
https://www.etf.com/sections/features/15419-vanguard-sets-cap-gains-on-12-bond-etfs-.html
It goes on to describe conditions in 2012 that led to bond ETF distributions, viz. "a post-crisis environment that has seen investors pile into fixed income in one-way traffic that has limited many managers’ ability to offset cap gains through sales of available low-cost-basis securities at the portfolio level." A storm perhaps, but apparently not, according to the M* piece you linked to, a perfect storm ("Such events have not occurred since [2009].")
The 2012 "imperfect" storm affected pure bond ETFs as well as Vanguard's hybrids.
Most recently, even Vanguard's broadest based bond fund, BND, had cap gains distributions in 2021 (Q2 and Q4) and 2022 (Q2).
https://digital.fidelity.com/prgw/digital/research/quote/dashboard/distributions-expenses?symbol=BND
Or take BNDX. In 2021, it had not only long term gains but short term gains.
https://infomemo.theocc.com/infomemos?number=49817
https://digital.fidelity.com/prgw/digital/research/quote/dashboard/distributions-expenses?symbol=BNDX

@larryB In aggregate, Wall Street doesn't care. Individual ESG managers do care, much like individuals of conscience throughout the world care about issues most overlook. It is also worth noting that deeply flawed though they may be, ESG ratings services do not rate either Blackstone or Norfolk Southern highly:
https://morningstar.com/stocks/xnys/bx/sustainability
https://morningstar.com/stocks/xnys/nsc/sustainability
The answer to these problems I would say in the investment world is true stakeholder capitalism, a term that has become anathema to the right-wing: https://investopedia.com/stakeholder-capitalism-4774323
Are there money managers who truly care about stakeholder capitalism? There are some. Most, though, merely play lip service to the idea. I would say one of the best fund shops that considers other stakeholders is Green Century Funds, especially when it comes to environmental issues:
https://greencentury.com/about-us/

Support of Environmental and Public Health Nonprofits: One hundred percent (100%) of the profits earned managing the Green Century Funds belong to our non-profit owners who run critical environmental and public health campaigns.
The organizations which founded and own Green Century Capital Management Inc are: California Public Interest Research Group (CALPIRG), Citizen Lobby of New Jersey (NJPIRG), Colorado Public Interest Research Group (COPIRG), ConnPIRG Citizen Lobby, Fund for the Public Interest, Massachusetts Public Interest Research Group (MASSPIRG), MOPIRG Citizen Organization, PIRGIM Public Interest Lobby, and Washington State Public Interest Research Group (WASHPIRG).
We are one of the first fossil fuel free, diversified and environmentally responsible mutual funds.

But the money management industry, especially in the U.S., has a long way to go before it takes what stakeholder capitalism means seriously. Shareholders will need to demand that it does for things to truly change. But also, there must be pressure outside the investment world on government to truly regulate business again, to give our regulators teeth, and insist they be utterly separate from industry with regard to influence.
I would add that Teddy Roosevelt basically had the roots of stakeholder capitalism way back when he gave his State of the Union I linked previously:https://let.rug.nl/usa/presidents/theodore-roosevelt/state-of-the-union-1902.php

We can do nothing of good in the way of regulating and supervising these corporations until we fix clearly in our minds that we are not attacking the corporations, but endeavoring to do away with any evil in them. We are not hostile to them; we are merely determined that they shall be so handled as to subserve the public good. We draw the line against misconduct, not against wealth. The capitalist who, alone or in conjunction with his fellows, performs some great industrial feat by which he wins money is a welldoer, not a wrongdoer, provided only he works in proper and legitimate lines. We wish to favor such a man when he does well. We wish to supervise and control his actions only to prevent him from doing ill.

The notion that these companies will do what's best for society, consumers, labor and the environment, if they're unregulated is absurd to me. In reality, unregulated business isn't even just bad for labor, consumers, communities and the environment. It's bad for every stakeholder, even shareholders and capitalism itself. Unregulated businesses cut corners, do things for short-term profits and bonuses for executives at the expense of long-term shareholder value and brand value when the scandals are revealed. And CEOs are sometimes comfortable hurting every stakeholder, including investors, as well as the general public.

Vanguard made the mistake of not licensing its "ETF class of funds" patents to anyone. By now, this idea is quite stale. Vanguard itself has launched some self-standing ETFs in the US, and in Europe, most of its ETFs are self-standing. The Australian firm Perpetual US/PGIA (not to be confused with the US PGIM) that has filed is for ACTIVE ETF classes of ACTIVE funds. Unclear if the Vanguard patent was limited to PASSIVE funds only, or whether it never bothered to do so with ACTIVE funds. Last few years have shown limitations of this idea - when there are heavy mutual fund outflows, then the related ETFs have the same CG distributions as all classes.

@yogibearbull,
The linked article mentions a 2009 capital gains distribution for VEDTX due to a "perfect storm."
Which other Vanguard ETF share classes had capital gains distributions during the last few years?

REVIEW. After doing well in FY 2021 (07/2020-06/2021), university ENDOWMENTS did poorly in FY 2022 (07/2021-06/2022) (but now is 02/2023! It takes that much tome to collect data from 678 institutions). Average allocations of 30% alternatives (some not marked to market, a concern) and 28% US equity meant that they outperformed the SP500. Gifts/donations remained strong.
FUNDS. Best Fund Families are ranked based on performance in 8 fund categories and are asset-weighted.
For 2022: 1-DFA, 2-Victory, 3-Neuberger Berman, 4-Capital Group/AF, 5-JPM,…, 18-Franklin Templeton,…, 21-Vanguard,…, 23-Pimco,…, 30-Fidelity, 31-Nuveen/TIAA,…, 36-Price.
For 5 Years: 1-Fidelity, 2-MFS, 3-Putnam, 4-Mainstay, 5-Amundi US, 6-Pimco,…, 10-Neuberger Berman,…, 13-Capital Group/AF,. 14-JPM,…, 17-DFA, 18-Vanguard,…, 21-Price,…, 26-Victory, 30-Nuveen/TIAA,…, 41-Franklin Templeton.
10-year rankings and rankings within the fund categories are also provided. (Too much detail to be included here, so access Barron’s online, at newsstand, or at local library)
INCOME INVESTING. Be wary of higher-yielding EM debt, whether dollar-denominated (EMB) or in local currencies (EBND, LEMB). Many EM countries are at different stages of the rate cycle, and dollar can also have a significant impact.
FUNDS. Gibson Smith, Smith Capital (core-plus SMTRX, etc); formerly, Janus Hendersen FI-CIO (JABAX, etc). After a disastrous 2022, BONDS in 2023 are the most attractive in a decade and may remain so for 12-24 months. Money is flowing into bond funds. The FED is near the tail end of its monetary tightening (rate hikes, QT). Remember that slowing economy or recessions are good for the bond market (true for investment-grade bonds, but not for spread products, HY, EMs, etc). He doesn’t like short-term bonds – yes, yields are attractive, but for how long? He likes IT/LT bonds and a BARBELL approach. Bond volatility will remain (Treasury MOVE 110.11). For corporates, he looks at company fundamentals first, and then invest in its bonds, investment-grade or HY. He also likes MBS and CMOs.
(EXTRA) FUNDS. ETFs that are benefiting from higher rates include DIVO, DGRW, GCOW, LVHI, ROUS, TBF (short Treasuries).
https://www.barrons.com/magazine?mod=BOL_TOPNAV
https://ybbpersonalfinance.proboards.com/thread/403/barron-february-20-2023-2

The problem with rebalancing via selling (in a non-IRA investment portfolio) is capital gains tax and possible fees if using a brokerage. Rebalancing via buying (without any selling) requires available money. Some planning, arithmetic and guessing is required.

one of the interesting points she mentioned re international funds...they make their gains rather quickly, and then always proceed to give them back. I had never read nor considered that before. I wonder is that is a phenomena of recent origin?

“We think that one should be using the ytd gains to cut equity allocations, and to reduce portfolio beta,” Kolanovic wrote. “We believe international equities (China/EM, Japan and Europe) offer better risk-reward than US equities.”
https://finance.yahoo.com/news/jpmorgan-kolanovic-urges-investors-ditch-202155191.html

@BenWP
You are correct. From the filing:
Driehaus Global Fund (formerly, Driehaus Emerging Markets Opportunities Fund) (the “Fund”) seeks to maximize capital appreciation.
I am disappointed as I own the Emerging Markets Opportunities Fund.

https://www.sec.gov/Archives/edgar/data/1355064/000158064223000908/dayhagen_497.htm
Day Hagan Smart Value Fund
Class A: DHQAX Class C: DHQCX Class I: DHQIX
(the “Fund”)
Supplement dated February 15, 2023 to the Prospectus, Summary Prospectus and Statement of Additional Information, each dated November 1, 2022.
______________________________________________________________________________
The Board of Trustees of Mutual Fund Series Trust has concluded that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on March 17, 2023 (“Liquidation Date”).
Effective immediately, the Fund will not accept any new investments and may no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and will invest in cash equivalents until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED OR EXCHANGED THEIR SHARES OF THE FUND PRIOR TO MARCH 17, 2023, WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OR ACCOUNT OF RECORD. If you have questions or need assistance, please contact the Fund at 1-877-329-4246 (877-DAY-HAGN).
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. 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.
You should read this Supplement in conjunction with the Prospectus, any Summary Prospectus and the Statement of Additional Information for the Fund, each dated November 1, 2022, which provide information that you should know about the Fund before investing. These documents are available upon request and without charge by calling the Fund toll-free at 1-877-329-4246 (877-DAY-HAGN) or by writing to 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022.
Please retain this Supplement for future reference.

@davidrmoran: I don't know what happened to DEESX, either. I see from the charts that it reached its nadir on 3/22/2020, having fallen some 7 percentage points more than FXAIX at that point. It never really caught up and I can't devise a chart that shows it outperforming FXAIX. Maybe at exactly 9.5 years, as you say. I wrongly assumed as a shareholder of DSEEX that the bonds would serve as ballast in a down market; it seems the opposite was true and that the "secret bond sauce" appeared to accelerate the move downward. I was a CAPE fan and said so on MFO. I sold, disillusioned. Fortunately, MOAT has proven itself over the long haul. I've traded it, but have never been out. MOTI and SMOT, which adopt a similar "moat" methodology, have been welcome additions in recent months.

https://www.sec.gov/Archives/edgar/data/1587982/000139834423000515/fp0081452-1_497.htm
Sunbridge Capital Emerging Markets Fund
Institutional Class (Ticker Symbol: RIMIX)
A series of Investment Managers Series Trust II (the "Trust")
Supplement dated January 10, 2023 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 Sunbridge Capital Emerging Markets 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 February 10, 2023 (the "Liquidation Date"), and shareholders may redeem their shares until the Liquidation Date. 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.
In anticipation of the liquidation of the Fund, Sunbridge Capital Partners LLC, the Fund's 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 1-877-771-7721 if you have any questions or need assistance.
Please file this Supplement with your records.
******I had the institutional shares which were converted to the investor shares (the new institutional shares) only to have the shares liquidated.
Share conversion filing as of 9/20/22:
https://www.sec.gov/Archives/edgar/data/1587982/000139834422018768/fp0079714_497k.htm

https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/press-release-vanguard-to-streamline-fund-lineup-with-planned-merger-and-liquidation-021423.html
or
https://www.sec.gov/Archives/edgar/data/313850/000168386323000713/f24245d1.htm
497 1 f24245d1.htm ALTERNATIVE STRATEGY- LIQUIDATION 497
 
 
Vanguard Alternative Strategies Fund
Supplement Dated February 14, 2023, to the Prospectus and Summary Prospectus Dated February 25, 2022
Important Changes to Vanguard Alternative Strategies Fund (the Fund)
 
On February 14, 2023, the board of trustees of the Fund approved a proposal to liquidate and dissolve the Fund on or about April 19, 2023 (the liquidation date). In anticipation of the liquidation and dissolution, the Fund will be closed to new investors on February 14, 2023, and to new investments from existing investors on April 14, 2023.
On the liquidation date, the Fund will redeem all of its outstanding shares at the net asset value of such shares. On the same date, all outstanding shares of the Fund will be canceled, and the Fund will cease operations as a mutual fund.
In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the Fund may deviate from its investment objective and strategies as the liquidation date approaches.
Prior to the liquidation, the Fund may declare and pay its shareholders of record one or more dividends or other distributions of its investment company taxable income and may (but is not expected to) declare and pay shareholders of record one or more distributions of its net realized capital gains.
The liquidation and dissolution are not expected to result in income tax liability for the Fund. The Fund may pay its liquidating distribution in more than one installment. Any liquidation proceeds paid to shareholders should generally be treated as received in exchange for their shares and will therefore generally give rise to a capital gain or loss, depending on their basis in the shares. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.