I have been exploring funds focused on investing in "climate Change" which is a very nebulous focus, but essentially includes renewable energy, electrical efficiency, basic materials and minerals required for renewable energy, carbon capture, recycling, and mitigating the effects of climate change on society
I have tried to avoid ETFs and funds based on indexes as I believe this is essentially an engineering problem and requires active management to pick the companies most likely to be successful. An alternative is to use ETFs focused on minerals and resources required for renewable energy and electrification, like Copper, rare earths LIT etc.
There is not a specific category yet, I searched M* database looking for appropriately named funds. I have been able to find a number of funds, but most have limited track records, as they started in 2020 or 2021. NALFX has a long track record, and is widely available. Others to consider include GCEBX, RKCIX, HEOMX, and an ETF run my the group that put two climate activists on XOM board NETZ.
Vanguard recently stated a "Global Environment Fund" VEOIX and VEOAX run by a South African management company "Ninety One" mimicking the strategy in their existing fund ZGEIX at less cost. ZGEIX is supposedly available on many platforms, but not Schwab or Fidelity that I can determine.
GMO, prodded by Jeremy Grantham, has run a great fund for several years GCCHX, but it requires $1,000,000 minimum.
Another alternative is Valueline, which publishes a "Climate Change Portfolio" with about a dozen stocks with monthly reports for $200
Has anyone else looked into this?

With respect to PRWCX’s time horizon, Giroux stated several times that he invest with the goal to match the return of S&P500 within a full market cycle but with less volatility. He has done that more than once. Question is his fund is much bigger now, can he still meet his goals going forward?
-
Here’s PRWCX’s expected time-horizon as stated by Giroux in PRWCX’s Semi-Annual Report - June 31, 2022:
“Before we discuss fund performance, I would like to review the three goals of the Capital Appreciation Fund:
(1) Generate strong risk-adjusted returns annually
(2) Preserve shareholder capital over the intermediate term (i.e., three years)
(3) Generate equity-like returns with less risk than that of the overall market over a full market cycle (i.e., normally five years)”
-
As I understand Giroux’s words, they mean that if you had money in his fund on January 3, 2022 when the markets / fund topped-out, you can expect to get back to “break-even” no later than January 3, 2025. That would appear to be in nominal dollars - not inflation adjusted. Hypothetically, should inflation run at a 5% annual rate over that 3-year period, you’d be “poorer” in purchasing power by about 15%. (Of course, Giroux seems to view this as a worst case scenario.)

Here are some snippets from the DODBX Morningstar Analyst Report dated 06/16/2022.
"In May 2022, a newly formed balanced fund
committee, which features a well-rounded mix of the
firm’s equity, fixed-income, and quantitative veterans,
officially took over management of the fund. The
committee started as a working group following the
fund’s sharp losses during the 2020 coronavirus-driven
bear market."
"In 2021, it no longer forced the underlying
stock and bond sleeves to fully mimic Gold-rated Dodge
& Cox Stock DODGX and Gold-rated Dodge & Cox
Income DODIX."
"Other changes the new committee enacted since 2020
include allowing a small short position in the S&P 500 to
counter potential market selloffs. They can also sell
covered-calls on some stocks the analysts believe are
at or near full value."
"The increased focus on managing risk is a welcome
improvement, but a longer track record of execution
would increase our confidence that the changes will
lead to a smoother ride going forward."

RPHYX/RPHIX still managed to return below 3% for the year, as compared to a few banks/CUs that pay above 4%
This is an apples to oranges comparison, comparing past one year return for RPHYX with the current APY on MMAs. A retrospective comparison would be between a bank's one year return and RPHYX's one year return.
Some of the 4% accounts didn't even exist at the beginning of 2022. For example, Republic Bank of Chicago's Digital Money Market Account (4.25% APY) only started last August. Starting new account types (often requiring new money) is a common tactic among banks.
Or look at All America Bank's Mega Money Market Account, also with a 4.25% APY. That started the year with a 0.30% APY, not rising above 1% until nearly the end of June. Even by the end of October, it was only up to 2.5% APY.
Banks do look better prospectively. For bond funds, prospective means looking at SEC yield. RPHIX's last reported SEC yield is 3.27%. At first blush, that looks inferior to several higher yielding banks, including those that don't play fast and loose with new accounts and rates.
But compare carefully. That 3.27% is the SEC yield as of November 30th. American Bank's Mega MMA's rate was 2.5% APY until the last week of November when it jumped to 4.0% APY. For the moment, a few banks seem competitive, though not necessarily superior.
despite such a good distribution
This suggests a common confusion between YTM and current yield. What counts in the end is total return. Each time RPHYX / RPHIX makes a distribution, whether large or small, the NAV drops by about the size of the distribution. The size of the distribution has little bearing on total return.
Suppose a fund holds a single, deep discount bond. (HY funds typically buy bonds at substantial discounts.) The fund's NAV gradually increases as the bond ages. This "appreciation" is actually interest - that's part of the YTM.
When a bond finally matures (or is sold), that "appreciation" (interest) is recognized all at once, even though it really accrued over time. If the fund gathers up all this recognized "appreciation" (interest) and distributes it in December, that could explain the unusually large December div.
It might be more meaningful to take the excess distribution (above what one expected for the Dec div) and mentally allocate it evenly across all the months. This large div may be nothing more than an accounting artifact, much as annual cap gains distributions don't mean that a fund realized all its gains in December.

What worked was alternative funds. Had members exchanged their balanced funds either three years ago or just one year ago for REMIX, in the first instance, or PAEGX in the second, they would be crowing about their gains.
@LewisBraham was spot-on to point to PGAEX in June of '22 as a fund worth watching. That fund has made money for its entire short existence and with a very steady climb. BLNDX/REMIX was profiled by @DavidSnowball back in 2019 as an alternative fund that promised to deliver. It did so, but the ride was rough at certain junctures.
I did not get out of my balanced funds (JBALX, PRSIX, BRUFX) all at once or soon enough, so I did not see great gains from my REMIX stake. However, I do not have losses for 2022.

Volatility in 3 years… particularly during the beginning of pandemic in March 2020. It rebounded strongly after Powell cut the rate. Nevertheless it showed the magnitude of drawdown.
I am watching carefully and have pared back some BL/FR funds. Question is what can Giruox do with a such large asset fund. Right now, he is holding some treasuries, perhaps as a hedge in case things get back. He stated I several interviews that US market is strong fundamentally and we will not in a recession.

LB's article in Barron's looks at pros and cons of FR/BL.
Keep in mind that FR/BL are a subclass of HY and their rate resetting mechanism works fine when rates are rising or stable. If rates start declining, or economy finds itself in recession, then they will be hit hard like other HY. Davis Giroux runs a capital appreciation fund PRWCX with some exposure to credit spreads and he won't be doing B&H for FR/BL.
Fido FFRHX, 1-yr (default). Switch to 3+ years to see volatility. https://stockcharts.com/h-sc/ui?s=FFRHX&p=D&yr=1&mn=0&dy=0&id=p80706396341

I've seen a few articles float the notion, including by PK IIRC, that there's a perception that passing peak inflation tilts (current? near-future?) risk toward recession rather than inflation. (Short rates usually start falling as perceptions of a near-term recession rise, 'cause investors buy up safer fare in short maturities for presumed cap gains ahead.)
Since inflation fell off a cliff in midsummer and shows no signs of waking up to crazy levels again after five months of lowflation reports, those ideas do seem plausible, to me anyhow.

GULP !!! Well, I was hoping for a full on BOND rally in the last week of this year. :) Oh, well; couldn't expect to recover 13% average losses in plain jane, broad-based bond funds in this last week of this business year, with two holidays and shortened trading periods. Bonds in all durations gave back some gains from recent weeks. Bonds, yields, inflation continue to be discussed in various threads; which will impact bond pricing going forward. I've nothing constructive to add this week; and will await the mood swings of the global cash flows of the big players and their 'bets', going into the New Year of mystery.
NOTE: Relative to bonds and no market support in 2022; a 50/50 mix of a broad based U.S. equity index and a broad based U.S. bond index had a combined total return of -16.32 % for 2022. The indexes I used are VITPX and VBMPX ,which are inside a 529 college account.
---Several selected bond funds returns since October 25, 2022. I'll retain this date, as it is a recent inflection point when bonds began to have positive price moves. We'll need to watch if this was just a 'blip'.
NOTE: I've kept the prior dated reports in the beginning of this thread; and have added YTD to this data.
For the WEEK/YTD, NAV price changes, December 26 - December 30, 2022
--- AGG = -1% / -13.02% (I-Shares Core bond etf) widely used bond benchmark, (AAA-BBB holdings)
--- MINT = -.01% / -1% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = -.18% / -3.88% (UST 1-3 yr bills)
--- IEI = -.58% / -9.5% (UST 3-7 yr notes/bonds)
--- IEF = -1% / -15.2% (UST 7-10 yr bonds)
--- TIP = -.46% / -12.2% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- STPZ = -.22% / -4.47% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = -1.1% / -31.7% (UST, long duration TIPs bonds, PIMCO)
--- TLT = -2.55% / -31.2% (I shares 20+ Yr UST Bond
--- EDV = -3.3% / -39.2% (UST Vanguard extended duration bonds)
--- ZROZ = -3.67 / -41.3% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = +5.4% / +93.3% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = -7.9/ -72.6% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 3x version of EDV etf)
--- BAGIX = -.58% / -13.35% (active managed, plain vanilla, high quality bond fund)
*** Other, for reference:
--- HYG = -1% / -11% (high yield bonds, proxy ETF)
--- LQD = -1.52% / -17.9% (corp. bonds, various quality)
--- FZDXX = 4.26% yield (7 day), Fidelity Premium MMKT fund
*** FZDXX yield was .11%, April,2022. The rate of rise in the yield remained flat this week.

Remain curious,
Catch

They settle on a relatively consistent, usually conservative monthly distribution early in the year, with the result that most years, there's excess income to distribute at the end of the year.
This is by design. Many CEFs including PDI have a managed distribution policy. It's a little hard to see this in the prospectus, but it is there.

Closed-end fund managed distribution programs are designed to facilitate regular, relatively consistent distributions to shareholders, typically by:

1. Estimating a fund’s long-term total return (both income and long-term appreciation, net of expenses)
   
2. Setting a regular monthly or quarterly distribution amount intended to match the fund’s total distributions to its total return over time

https://www.nuveen.com/en-us/insights/closed-end-funds/understanding-managed-distributions
From the PDI prospectus:

The Fund makes regular monthly cash distributions to Common Shareholders at a rate based upon the past and projected net income of the Fund. Subject to applicable law, the Fund may fund a portion of its distributions with gains from the sale of portfolio securities and other sources. The Fund’s dividend policy, as well as the dividend rate that the Fund pays on its Common Shares, may vary as portfolio and market conditions change, and will depend on a number of factors.

RPHYX/ RPHIX doesn't manage its distributions. Generally, what you see (earn as income) is what you get (as income divs).
----
David Sherman's CrossingBridge Pre-Merger SPAC ETF, ticker SPC, also gave a .24/share distribution yesterday. Nice Christmas present from these 2 holdings.
I hadn't taken a close look at SPC. Interesting fund. Follows Sherman's RPHYX approach of investing in "remnants", but in a different pool ("money good" SPACs, i.e. ones "trading at par value or at a discount" ).
These divs come out of NAV, unlike divs in funds that declare divs daily. Whether the fund sells more assets to pay a larger div, or the shareholder sells shares to generate the same cash flow, the effect is the same.
This is why I prefer to focus on total return. Though I do understand that receiving a dividend (especially a large one) "automatically" somehow feels different.

RPHYX / RPHIX just paid a whopping monthly interest dividend - over 5x the next largest monthly dividend in 2022. For RPHIX, it was 14.11¢ per share vs. 2.5*¢ per share in Aug, Sept, and Oct.
This pattern of larger (but not this large!) December divs seems to have started in 2020, when the Dec div was about 10% higher than the next highest monthly div, and accelerated in 2021, when the Dec div was double that of the next highest monthly div.
http://riverparkfunds.com/assets/pdfs/rpsthyf/RiverPark_Short_Term_High_Yield_Institutional.pdf
http://riverparkfunds.com/assets/pdfs/rpsthyf/RiverPark_Short_Term_High_Yield_Retail.pdf
Any guesses as to what's happening? This fund does not invest internationally so currency hedging cannot be the cause, which is what Yogi speculated could explain FMIJX 's large div.
All I've turned up so far is Russell Investment's generic explanation for variable December income divs:

The last distribution of the year in mid-December may vary from other monthly distributions more significantly. This distribution reflects actual income received by the fund for part of the month of December plus an estimate for the remainder of the month of December. Also included in these distributions are tax adjustments and adjustments required as a result of the audit of financial statements, reflecting the full year of operations of a fund. Therefore, these adjustments may significantly increase or decrease the mid-December distributions relative to other monthly distribution

https://russellinvestments.com/-/media/files/us/funds/income-dividend-distributions-004519958.pdf
Setting aside mid-month estimates (Riverpark distributes at end of month), that leaves tax adjustments and financial statement adjustments. Whatever those mean.
---
This fund is mostly closed to new investors. The only investors who may open new accounts are those who already hold an existing account with the fund, or invest directly through Riverpark, or "are clients of any financial adviser or planner who has client assets invested in the Fund.”
http://riverparkfunds.com/assets/pdfs/RiverPark_STHYF_Summary_Prospectus.pdf
This is why the fund is closed through intermediaries like Fidelity, Schwab, and Vanguard. But RPHYX does seem to be open at Firstrade and at E*Trade. Even more interesting is that RPHIX seems to be open to new investors at E*Trade with no transaction fee, albeit with a $100K min.

LINK1
COVER STORY, ”The Best INCOME Ideas for 2023”. (I have arranged the orders as OEFs, ETFs, CEFs, individual securities)
Energy Pipelines: AMLP, NTG, EPD, ET, KMI, WMB
US Dividend Stocks: SCHD, NOBL, VYM, KBWB, C, INTC, JPM, PNC, USB
Foreign Dividend Stocks: IDV, SCHY
Real Estate: VNQ, RQI
Convertibles: MCIFX, CWB, AVK, busted convertibles
HY: HYG, HYT, JQC
Munis: PHMIX, VWITX, NEA
Preferreds: PFF, PFFR, JPM-M, T-C, WFC-Z, REITs-preferreds
Telecom: T, TMUS, VZ
Cash Alternatives: VMFXX, VUBFX, BIL, SHV, 3-mo T-Bills, T-Bill ladders
Treasuries: SHY, TLT, STIP, TIP
Utilities: XLU, UTG, DUK, ED, NEE, SO, XEL
UP AND DOWN WALL STREET. The Fed RATE hikes and yearend tax-loss harvesting (TLH) have depressed bond CEFs including the MUNI CEFs. As there isn’t any systemic problem looming in the muni market, these may be good for trade with small amounts: NEA, NAD, BTT, NVG; unleveraged NUV.
LINK2
CRYPTO ice age or not, FIDELITY is pushing ahead with its crypto initiatives (institutional, retirement, retail). It says that it wants to provide its clients with choices. Its digital assets unit has 500+ people and hiring continues. It will offer Bitcoin within its 401k and more cryptos on its regular platform. Lawmakers, the SEC and DOL have been warning firms and investors. Critics point to FOMO; despite an early start, Fido missed the train on ETFs. Fido is counting on first-mover advantage by lending its reputable name in a devasted, washed-out and scandal-ridden industry. It has urged the SEC to approve “physical” crypto ETFs; its own application was rejected by the SEC (like many others), but Fido is moving ahead with ETFs in crypto-related areas (FDIG, etc). It sees its competitors as HOOD, COIN, PAYPL, SQ, etc. Although financial risks are small for Fido, it risks regulatory risks and reputational damage if things go wrong. Other major brokers (SCHW, IBKR) are watching.
FR/BL funds offer attractive yields (SOFR + 400-500 bps spreads; SOFR is a LIBOR alternative) from lower-quality credits. That is a big risk in recession, especially when many such loans are covenant-lite. Beware of (unmanaged) index funds in specialized and illiquid areas. Hybrid PRWCX manager GIROUX has 15% in FR/BL. Also mentioned are OEFs BFRAX, FFRHX, FRFAX, PRFRX, etc and ETFs BLKN, SRLN, etc. By @LewisBraham
Brian DEMAIN of mid-cap growth JDMAX (ER 1.12%; load 5.75%) watches upside/downside capture ratio (U/D CR); discounted cash flows; sustainable growth; GARP. Fund has low turnover due to its longer-term horizon. In 2023, the cost of capital will be higher due to Fed rate hikes; some growth multiples are still too high; inflation should moderate; the economy will slowdown. His current themes include EVs; semis; renewables; sport franchises.

I do think it’s hard to figure the true value of a house you live in as an investment. I could think of a number of different approaches to it involving repair costs, comparable savings over renting, tax deductions from mortgage interest, property tax costs, utility expense differences between houses and smaller apartments, opportunity cost from locking up your capital, etc. Maybe a primary residence shouldn’t even be thought of as an investment.

Count yourself lucky. We lost a large amount of money on our house in CT 1987 to 2020. We got about $50,000 more than we paid for it but in the 30 years we redid two BRs, kitchen, all the windows, new roof, finished the basement, new deck and sunroom, etc.
My parents would say "so what you had to live somewhere. We never made any money on any house we owned"

I suspect some of the board members here are old enough to have been alive when the first atom bombs were dropped, or, at least, to have grown up with the "duck and cover" school lessons in the early years of the atomic age. I sometimes wonder what that was like mentally, not the dropping of the bomb itself, which has its own unique horror, but the realization that we now really have the means to destroy ourselves entirely. After that, doesn't it becomes a question I think of whether we can afford to have the same tribalistic mentality we did regarding "enemies" prior to that age? The stakes seem so much higher than when we just had sticks and stones.
Yet I don't deny there are significant geopolitical risks today. It would be good to recognize though that both OJ and Crash used the word "leaders" subsequently in mentioning the problems. It's the leaders, not the entire people of Russia or China or the U.S., who are the problem. If we start buying into the premise that entire nation states are the enemy, it seems to me a perilous path in the post-atomic age. Shouldn't something have changed strategy-wise, or psychologically, for all of us after those first bombs dropped? Interestingly, I would also say something should have changed psychologically when Darwin realized we had common ancestors, but people continue to perpetuate these tribalistic and ethnic myths that are toxic for us as a species in the post-atomic age. We have too much to lose now for those myths to continue.
@Crash Regarding labor unions, how can labor unions recover if capital is global while labor is local? Sure, on-shoring, but maybe that ship I think has permanently sailed. Even if you on-shored everything, which I think is impossible today, much of labor isn't even part of a company's permanent employees anymore to unionize, but are independent contractors and freelancers--the so-called Uberization of our economy. For labor to have power again, there must be global labor standards and/or global unions to address the global economy. Again, recognizing our commonality as opposed to our tribal national differences is essential to survival in a world that has changed so much in the past century. Folks like Putin and Trump represent that old tribalistic world--extreme nationalism at the expense of humanity.

https://www.sec.gov/Archives/edgar/data/1655589/000174177322004359/c497.htm
497 1 c497.htm FLRU P1 SA1 1222
FLRU P1 12/22
SUPPLEMENT DATED DECEMBER 23, 2022
TO THE PROSPECTUS
DATED AUGUST 1, 2022
OF
FRANKLIN FTSE RUSSIA ETF (“THE FUND”)
(a series of Franklin Templeton ETF Trust (the “Trust”))
The information in this supplement updates information in, and should be read in conjunction with, the Prospectus for the Fund:
On July 20, 2022, the Board of Trustees of the Trust (the “Board”) unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the U.S. Securities and Exchange Commission (“SEC”). On December 23, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Fund completes the liquidation of its portfolio and distributes all its assets to remaining shareholders.
Russia’s large-scale invasion of Ukraine on February 24, 2022 has led to economic sanctions on certain Russian individuals and Russian corporate and banking entities, the imposition of capital controls in Russia, and the closure of Russian securities markets. Previously, on March 1, 2022, the Fund suspended new creations of its shares in light of circumstances involving Russia and Ukraine and trading in the Fund was halted by the Fund’s listing exchange, NYSE Arca, Inc. (“NYSE Arca”), prior to market open on March 4, 2022.
The Fund may make one or more liquidating distributions. It is possible that the liquidation of the Fund will take an extended period of time if circumstances involving Russian securities do not improve.
While the Fund is in the process of liquidating its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund’s investment goal and strategies and will experience significantly higher tracking error than is typical for the Fund. Furthermore, because of the halt in secondary market trading in the Fund and the anticipated delisting of the Fund by NYSE Arca and the liquidation of the Fund, the Fund will no longer be an exchange-traded fund and we cannot assure you that there will be a trading market for your shares. Upon payment of the final liquidating distribution, it is anticipated that the Fund will be terminated.
If you are subject to federal income tax, the liquidation of the Fund will result in one or more taxable events for you. A sale or exchange of Fund shares prior to the liquidation (if trading resumes for Fund shares) will generally give rise to a capital gain or loss to you for federal income tax purposes. In connection with the liquidation, the Fund may declare taxable distributions of its investment income and/or taxable distributions of its net capital gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis. However, you may not be able to recognize a loss until you receive the final distribution in a series of liquidating distributions. Please consult your personal tax advisor about the potential tax consequences.
Please consult the Fund’s website for future updates about the Fund and the status of the liquidation. For more information, visit https://www.franklintempleton.com or call (800) DIAL BEN®/342-5236.
Please keep this supplement with your Prospectus for future reference.
FLRU SA1 12/22
SUPPLEMENT DATED DECEMBER 23, 2022
TO THE STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
DATED AUGUST 1, 2022
OF
FRANKLIN FTSE RUSSIA ETF (“THE FUND”)
(a series of Franklin Templeton ETF Trust (the “Trust”))
The information in this supplement updates information in, and should be read in conjunction with, the SAI for the Fund:
On July 20, 2022, the Board of Trustees of the Trust (the “Board”) unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the U.S. Securities and Exchange Commission (“SEC”). On December 23, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund and, if necessary, postpone the date of payment of redemption proceeds with respect to redemption orders received but not yet paid until the Fund completes the liquidation of its portfolio and distributes all its assets to remaining shareholders.
Russia’s large-scale invasion of Ukraine on February 24, 2022 has led to economic sanctions on certain Russian individuals and Russian corporate and banking entities, the imposition of capital controls in Russia, and the closure of Russian securities markets. Previously, on March 1, 2022, the Fund suspended new creations of its shares in light of circumstances involving Russia and Ukraine and trading in the Fund was halted by the Fund’s listing exchange, NYSE Arca, Inc. (“NYSE Arca”), prior to market open on March 4, 2022.
The Fund may make one or more liquidating distributions. It is possible that the liquidation of the Fund will take an extended period of time if circumstances involving Russian securities do not improve.
While the Fund is in the process of liquidating its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund’s investment goal and strategies and will experience significantly higher tracking error than is typical for the Fund. Furthermore, because of the halt in secondary market trading in the Fund and the anticipated delisting of the Fund by NYSE Arca and the liquidation of the Fund, the Fund will no longer be an exchange-traded fund and we cannot assure you that there will be a trading market for your shares. Upon payment of the final liquidating distribution, it is anticipated that the Fund will be terminated.
If you are subject to federal income tax, the liquidation of the Fund will result in one or more taxable events for you. A sale or exchange of Fund shares prior to the liquidation (if trading resumes for Fund shares) will generally give rise to a capital gain or loss to you for federal income tax purposes. In connection with the liquidation, the Fund may declare taxable distributions of its investment income and/or taxable distributions of its net capital gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis. However, you may not be able to recognize a loss until you receive the final distribution in a series of liquidating distributions. Please consult your personal tax advisor about the potential tax consequences.
Please consult the Fund’s website for future updates about the Fund and the status of the liquidation. For more information, visit https://www.franklintempleton.com or call (800) DIAL BEN®/342-5236.
Please keep this supplement with your SAI for future reference.

Thinking of selling VASIX, Vanguard Life Strategy Income to take advantage of selling for a tax loss. It is an 80/20 Bond/Stock fund which holds US and Foreign bond indexes as well as US and foreign stock indexes. Would it be considered a wash sale if I were to invest without waiting 30 days in either US intermediate bond funds (which I already have) and/or US high yield bonds? Also will be selling MAPIX for a tax loss. It's an exclusively Asian stock fund. Would I avoid a wash sale by investing in CIBFX (without waiting 30 days) American Funds Capital Income Builder? Thanks all.

Several inflationary scenarios were discussed:

Sequence-of-Returns Risk, Explained
What is sequence-of-returns risk? It’s the risk of running out of money in retirement because of losses in the early retirement years. Early losses increase the probability of portfolio exhaustion for two reasons. First, they forestall the stock and bond gains needed to maintain and enlarge retirement funds over time. Second, they can force retirees to sell assets to support their spending at inopportune times—when stocks and bonds boast more-attractive expected returns.
High inflation has accentuated that risk in 2022, as many retirees naturally increase their spending as consumer prices escalate. While this inflation adjustment helps retirees maintain their standards of living, it further ratchets up the pressure on retirement funds and permanently elevates the base spending amount to which future inflation adjustments will be made. After all, today’s currently torrid inflation rate may moderate, but consumer prices are unlikely to go back to previous levels.

https://morningstar.com/articles/1129750/how-worried-should-new-retirees-be-about-market-losses-and-high-inflation

"From a U.S. investor’s perspective, our Vanguard Capital Markets Model® projects higher 10-year annualized returns for non-U.S. developed markets (7.2%–9.2%) and emerging markets (7%–9%) than for U.S. markets (4.7%–6.7%)."

Tom Madell Article:
Summary
"A long Fed pause, hopefully in 2023, might lead to surprising stock returns based on the effect of such pauses over the past 25 years. There have been five such pauses of over a year after the Fed began either to raise rates, such as now, or to drop them. In each case, the market showed outstanding gains during the paused period. We don't know when, or if the Fed will take a long pause during the current rising rate cycle, but if they do, investors will, in all likelihood, do quite well."
surprising-sp-500-stock-returns-after-fed-pause