Could you cite sources and explain your thinking? I've occasionally sold, or declined to buy, funds because I fundamentally disagreed with the manager's approach. But when investing in actively managed funds I generally take the view that I'm buying certain expertise and philosophy and rarely second guess changes.
M* calculates the weighted average credit rating of the fund's holdings (based on Sept. 30th portfolio) to be "A". M*'s methodology is not a simple average, but a weighting based on default probabilities. This gives more weight to lower graded bonds. So if anything, M*'s calculation tends to give funds lower credit ratings than the funds would appear to merit.
Of 126 distinct core plus funds for which M* reports credit ratings, it rates only 3 at AA and 19 at A, including DODIX. The remaining 104 are rated BBB or BB (mostly BBB). There are 28 unrated funds.
M* reports average duration for 122 distinct core plus funds. While DODIX's 4.8 years is not near the bottom numerically (there are a few very short duration funds), it is 21st lowest (3 way tie), i.e. in the quintile of shortest durations.
These figures raise the broader question: do you want to own any core plus fund? The comment, "I want them to be boring" suggests the answer is no. Not because DODIX is making changes that you currently disagree with, but because this is what actively managed funds generally, and core plus bonds specifically, tend to do.
My approach with actively managed bond funds is that I don't want them to be boring. That's what index funds are for. If I'm paying for active management, I want to see the managers take advantage of a variety of opportunities - in sectors, in quality, in yield curves, in economic cycles, etc. Different strokes for different folks.
Regarding the last (semi) annual report, the fund did open a new position in Exxon Mobile (sic). However, that was presented as one of sixteen new positions that represented a variety of sectors. The securities were selected individually and not based on sector. Likewise, the 2019 annual statement "highlighted ... the additions of AbbVie, Occidental Petroleum, UniCredit, and Vodafone Group over the course of the year."
That said, a closer look at the June 2020 and Dec 2019 statements does show a significant increase in energy debt, e.g. Petroleo Brasileiro SA and Petroleos Mexicanos among others.

https://www.sec.gov/Archives/edgar/data/1170611/000110465920114615/a20-32694_1n14.htm
Excerpt from filing:
It is proposed that this filing will become effective on November 13, 2020, pursuant to Rule 488 under the Securities Act of 1933, as amended.

Finding compelling reasons to invest when faced with so many unknowns is a daunting challenge — but one that our quarterly panel of veteran investors lives with every day. These money managers now see opportunities that stretch from cyclical stocks — which benefit when the economy runs hot — to battered European banks and the sovereign debt of China.

how-to-invest-10k/

Because it matters: https://barrons.com/articles/blackrock-supports-fewer-shareholder-requests-for-climate-risk-disclosures-51603024200

Thanks for the excellent article @bee. Like several posters here I also use PRWCX and VWINX as my main balanced funds, and they performed well through March drawdown and bounced back in 6 months.
With respect to VMVFX, this global fund has underwent several sizable changes while trailing its benchmark badly this year. YTD -8.1% versus Vanguard total world index, 4.3%. I too invested in this fund since inception but left two years ago to refocus my oversea exposure elsewhere toward growth oriented funds.
1. the top 10 holding of VMVFX has changed considerably. Now it holds Alibaba (#1) and Taiwan Semiconductor (#3) and they are certainly NOT low volatility stocks.
2. a change of fund manager in 2018 (Antonio Picca)
3. an increased of emerging market exposure to 10.1%
4. Currency hedging hurts its performance as USD has been declining this year.
5. Large % of REITs early in the year does not help as REIT is still not doing well. Recent data indicated that REIT holding has reduced to 4%.
My Vanguard total bond market index fund, institutional share, in a target date fund has done a solid job this year and that is good enough for us.
@Ironranger61, bond funds you picked are quite good. One suggestion I have is Vanguard International Total bond index, Admiral share, VTABX - a conservative bond fund. https://investor.vanguard.com/mutual-funds/profile/portfolio/vtabx

My advice to youngsters is to save as much as they can because they will be facing the perils of lay-offs after 50. If not before. We never went into long-term debt for anything but a house.
We certainly intend to spend down our retirement savings. That's what they're for. We do hope to pass on the principal of some small family inheritances even if we need to take income from them.
Not sure when we'll get to travel under the current circumstances. We logged thousands of miles all over the West before we started having kids. Most of the time we were sleeping under the stars.
I have never been out of North America. But my wife traveled extensively in her career. I'ld like to rent a country place for a while, and visit the farmer's markets, and local establishments. Wife likes my cooking, so she agrees.
Never felt the need to read a book about what to do with my retirement time.

Great comments.
Retirement continues to be good after 15 years. Actively putting attention into maintaining good health makes sense to me as does accepting the aging process as it inevitably occurs. Being close to relatives makes sense in our situation (in some situations it doesn't!). Financially, maintaining a balance between current enjoyment and set asides for the future continues to make sense to me. My simple minded approach for about a decade has been to release income (including some long term gains) from investment accounts to our household account each year. Remaining portfolio balances continue to be set aside for growth, for potential use in extreme emergencies, and for assisting relatives if needed. Any remaining balances will eventually be distributed to heirs and to non-profits.
As my 70th birthday approached last year, I decided to somewhat increase the income being generated by the portfolio for release by beginning to move 25% of the OEF/ETF portfolio balance to a newly created high yield portfolio (an @Junkster thought process led to this decision). That process was recently completed. The new portfolio has been populated with higher yielding stocks (3%+ yields at time of purchase), cefs, bdcs, reits, and commercial mreits. Time will tell if this exercise has been helpful or not!
Income released to the household is used for a variety of general purposes. What remains is mostly used for travel. Unfortunately, an early March return from Hawaii heralded the end to this year's travel. Summer travel plans got cancelled or mothballed. Also, the month in Hawaii scheduled for this coming winter will probably get cancelled soon.
Trips since the pandemic hit have centered around getaways most weeks to our nearby beach cabin (having that has proved to be a real blessing this year). My hope is that a relatively effective vaccine will be fairly widely distributed by next summer. Once that happens, I am hopeful travel risk will be reduced enough that somewhat more normal travel can resume. I am not getting any younger!
After thought: Alway remember life is short! Don't take any day for granted! My wife recently mentioned she could count 19 friends, co-volunteers of hers at the American Legion, and relatives who have passed away during the past year. (We just visited a friend at the coast yesterday who lost his wife to liver cancer during the past month. She was about our age and appeared to be in good health when we last visited them during the winter. The problem was only recently discovered.)

Not sure if the following is referenced behind the WSJ paywall, but several years ago, PIMCO was 'caught' by the SEC doing the same thing with its bond fund ETF::
PIMCO Settles Charges of Misleading Investors About ETF Performance
https://www.sec.gov/news/pressrelease/2016-252.html
Reuters version
https://www.reuters.com/article/us-pimco-sec/pimco-to-pay-20-million-over-misleading-investors-about-etf-performance-idUSKBN13Q5WZ
And Semper Capital was tripped up by the same thing earlier this year.
Barrons:SEC Accuses Mortgage Fund of Overstating Its Returns
https://www.barrons.com/articles/sec-accuses-mortgage-fund-of-overstating-its-returns-51588272533

We love to travel and have done it since the early 80". We did 2 months in the US, then 2 months in the Far East. Immigrated to the US and traveled again to 48 states in the next 15 years several weeks annually.
Since 2007 we traveled to Europe for 3 weeks annually but couldn't do it this year because of COVID-19. So the only thing left is local hiking in GA. We decided a month ago to hike twice a week and treat it like a vacation.
We are using a great site https://www.alltrails.com
Example: we hiked the Raven cliff falls trail (link).

“Then look at Prepositions and particles and my head is spinning“.
Kick in = start
Kick off = start
-
FD, Thanks for responding. What you’ve posted above are actually known as prepositional verbs. (To be perfectly honest, I had to look that one up.) You’ve used the verb form of “kick“ and followed it with a preposition. These tend to be mostly colloquial (casual) expressions, not often found in formal writing.
Prepositions are quite easy to comprehend. Think of one as: a “linking word” having a noun or pronoun as an “object“. Examples: in, on, by. Prepositional phrases add additional meaning to other parts of the sentence. Example: “in this post”: In this example the preposition “in” is followed by its object “post“ and explains where the information was presented. If you think you see a preposition standing alone (having no object) it’s probably serving as an adverb.
Regarding your “COME, HOME, TOMB “, with just 26 letters and only 5 vowels in the language, it’s necessary to assign various pronunciations for the same letter or combination thereof. I agree that that aspect of pronunciation would be most difficult to assimilate. I’d imagine some of the hardest for folks to get their heads around would be combinations of letters which produce sounds (neighbor, phantom). However, this issue should not pose a problem in written discourse as we’re dealing with in your “rising interest rates” post.
I respect those like you who are multi-lingual. I don’t know any other languages, but had a couple years of Latin in HS from a very fine teacher. That experience did more to help me understand and enjoy the English language than anything else. Helping teenagers understand the poetry of Shakespeare (during another life) also contributed to my appreciation for the language. Sorry I wasn’t a bit more polite in my original intrusion into your choice of wording. Didn’t realize than that English was a second language. Just trying to be helpful. As I remarked to @Graust, you do communicate quite well. However, I think those three simple worksheets I linked would be helpful to anyone (even @Old_Joe) who might need a bit of added instruction.
Regards
PS - Regarding “Particles”, I assume you intended “participials”. Let’s save that one for another day! :)

Schwartzer makes a good case for mid-stream and the quality pick of EPD makes sense to me. My aversion to EPD relates to the Schedule K-1 they issue (See: https://www.forbes.com/sites/baldwin/2017/02/08/state-filing-requirements-for-mlp-investors/#4c5be8d13751)
Anyone who wants to consider a mid-stream investment without the Sch K-1 hassle might look at WMB or KMI. (I recently purchased some KMI and also own some RTLR which is more speculative. It also avoids the Sch K-1).

@Crash
You noted: In an ideal world, you'd be able to get at least decent returns on CDs and bond funds.
Four decent bond etf's/fund, BAGIX being active managed.
--- FBND, Fido Total Bd., Credit Qual. = AAA-BBB, E.R. = .36%. YTD = +7.98%
--- AGG, I shares U.S. Aggregate, Credit Qual. = AAA-BBB, E.R. = .04%. YTD = +6.73%
--- BND, Vang. Total Bd., Credit Qual. = AAA-BBB, E.R. = .035%. YTD = +6.86%
--- BAGIX, Baird Aggregate, Credit Qual. = AAA-BBB, E.R. = .30%. YTD = +7.57%
If one chooses to not be a short term trader, the above 4 cruise along. Not unlike most bonds, if interest rates have a reason to travel higher for a sustained period, then the price performance will begin to suffer.
Otherwise, @Crash , I don't know what else you would want to discover for performance, from a fairly stable grouping of bonds.

Fidelity continues to stand out as the best HSA for investing
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In an ideal world, you'd be able to get at least decent returns on CDs and bond funds. I too have researched VLAAX and think that's a great choice. Both stocks and bonds in that one. I understand the hesitancy about putting non-profit money into the Market. And there are no gov't guarantees. I'm thinking that you might need to be concerned more about either growth or yield. Or maybe you'd be happy with middling performance in both respects? DODIX comes to mind. Rock solid, over decades. Having a good year in 2020, if that's any kind of indicator. Its portfolio (per Morningstar) is about 90% investment-grade paper. Another hybrid which has not yet been mentioned is BRUFX. Only 15% turnover there. (PRWCX is closed.)

Check out the seekingalpha link provided by davfor in this earlier MFO discussion thread.

Lipper categories with low risk and moderate to high yields are listed. Top-ranked funds within the categories are listed.
Over a thousand funds are ranked using Mutual Fund Observer Screens based on risk, risk-adjusted returns, quality, momentum and yield.
Top-ranked funds from Charles Schwab, Fidelity, and Vanguard are listed as well as other mutual fund families, exchange traded funds and closed end funds.
Funds with low risk and yields above 2% are highlighted.

https://seekingalpha.com/article/4378592-seeking-yield-safety

I wonder why Mondrian (financial parent of Rothko) started a second EM fund when it had been running MPEMX for several years. MPEMX is hardly a great fund, but it still managed to outperform the soon to be liquidated Rothko. Over RKEMX's lifetime (12/18/2018 to present, i.e. 10/15/2020), it returned a cumulative 2% (!), vs MPEMX's cumulative return of 19.46%. That in turn was a tad (2/3%) under the category average.
I never really "got" Rothko. Mondrian is more to my liking. Though in art as in investing, what one prefers can be a matter of personal taste.

https://www.sec.gov/Archives/edgar/data/814679/000168386320013977/f7248d1.htm
497 1 f7248d1.htm 497
ADVANCED SERIES TRUST
AST Goldman Sachs Global Income Portfolio
Supplement dated October 16, 2020
to the Currently Effective Summary Prospectus, Prospectus and Statement of Additional Information
This supplement should be read in conjunction with the currently effective Advanced Series Trust (the Trust) Prospectus and Statement of Additional Information (SAI), and the Summary Prospectus for the AST Goldman Sachs Global Income Portfolio (the Portfolio or the Target Portfolio). The Portfolio discussed in this supplement may not be available under your variable contract. For more information about the portfolios available under your variable contract, please refer to your contract prospectus. Defined terms used herein and not otherwise defined shall have the meanings given to them in the Trust Prospectus and SAI.
At a meeting of the shareholders of the Target Portfolio held on October 15, 2020, shareholders approved the reorganization (the Reorganization) of the Target Portfolio into the AST Wellington Management Global Bond Portfolio (the Acquiring Portfolio), each a series of the Trust. The Acquiring Portfolio will change its name to the "AST Global Bond Portfolio" on or about November 16, 2020.
Pursuant to the Reorganization, the assets and liabilities of the Target Portfolio will be exchanged for shares of the Acquiring Portfolio, and Target Portfolio shareholders will become shareholders of the Acquiring Portfolio. No sales charges will be imposed in connection with the Reorganization. The Acquiring Portfolio shares to be received by Target Portfolio shareholders in the Reorganization will be equal in value to the Target Portfolio shares held by such shareholders immediately prior to the Reorganization. It is expected that the Reorganization will be completed on or about November 16, 2020.
THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
826SUP2

https://www.sec.gov/Archives/edgar/data/1651872/000139834420020218/fp0058698_497.htm
(RKEMX)
GALLERY TRUST
(the “Trust”)
Rothko Emerging Markets Equity Fund
(the “Fund”)
Supplement dated October 16, 2020 to the Fund’s Summary Prospectus, dated June 25, 2020, and
Statutory Prospectus and Statement of Additional Information (“SAI”),
each dated March 1, 2020, as supplemented June 25, 2020
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Statutory Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Statutory Prospectus and SAI.
The Board of Trustees of the Trust, at the recommendation of Rothko Investment Strategies, a division of Mondrian Investment Partners Limited (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 new investments effective as of the Fund’s close of business on October 16, 2020. The Fund is expected to cease operations and liquidate on or about October 29, 2020 (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 “Purchase and Sale of Fund Shares” section of the Summary Prospectus and Statutory 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.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
MON-SK-007-0100

Disgusting swamp goo.

I agree. I wasn't in that meeting but I sold most of my portfolio(all bond funds) at the end of 02/2020 documented (

here).
But, the following (link) is also a disgusting swamp goo and we can call it Joe Quid pro quo.

You obviously do not know and have not cared to find out that this is bullshit and has been known to be so for some time. Do I need to post cites? I mean, seriously, dude.

Except now we have the PC hard drive with the emails or rather the repair guy does.
I suppose "The Swamp" is in the eye of the beholder.

GOP Senator Sasse certainly has his opinion of "The Swamp".

Several funds I would hold longer term.
Stocks/allocation:
PRWCX has been my top moderate allocation for years and YTD did well. Great manager with insight.
VWINX/VWIAX-has been my top conservative allocation for years and YTD did well. Great long term team investing in stocks and Corp bonds which is the "secret" of theis fund.
Beyond that simple indexes such as SPY. For more growth simple QQQ
Remember, 40% of the SP500 and 50% of QQQ revenues are from abroad.
Bonds:
BIV a great ballast index and better than BND at about 50% treasuries (better ballast) + 50% investment grade Corp(better for rate rise+higher distributions). BIV has better performance from 3 months to 10 years. BIV er=0.05 is cheap and you can buy it with no commission. BIV is so good you can use it instead of managed core + core plus funds.
PTIAX in the Multi sector category
============
VMVFX used to be pretty good but is doing bad.
PIMIX-used to be an easy choice but lost its mojo in early 2018. There is a new fund JASVX in MBS/securitized. It did well in the crash and YTD. Can't guarantee you anything.
THOPX-I never liked it. Looks Sometimes OK but crashes.
============
Voaltility: I have learned over the years that only several funds can play volatility well longer term but it's difficult to predict and why I'm the one who does it manually.
Momentum: similar to the above, funds can do pretty well for several years and suddenly be behind for years because the environment changed(example: growth vs value). This is why diversification is not a good choice if you can observe this.
Do I really need to hold 10+ funds...3 moderate allocation + 3 conservative allocation + 3 LC stock funds + 3 SC,MC + 3 international?
You can do it all with 5-7 funds.