https://www.sec.gov/Archives/edgar/data/808303/000174177320003154/c497.htm
(see link for table also)
497 1 c497.htm SPI STAT STICKER 11-4-20
T. Rowe Price Spectrum Income Fund
Supplement to Prospectus Dated May 1, 2020
At a meeting held on October 26, 2020, the fund’s Board of Directors approved an amended and restated investment management agreement, which will result in changes to the fund’s overall expense structure, as described below.
The changes to the fund’s expense structure are subject to shareholders approving the fund’s amended and restated investment management agreement. Shareholders of the fund at the close of business on the record date, November 30, 2020, will have the opportunity to vote on a proposal to approve the amended and restated investment management agreement. It is anticipated that proxy materials and voting instructions will be mailed to shareholders of record beginning on January 4, 2021, and a special shareholder meeting will be held on February 10, 2021. If the proposal is approved by a majority of the fund’s shareholders, the changes to the fund’s expense structure are expected to take place in mid- to late March 2021.
The fund does not currently charge a management fee. However, the fund incurs acquired fund fees and expenses, which represent the fund’s proportionate share of the expenses of the underlying T. Rowe Price Funds in which it invests (Underlying Funds). In addition, the fund passes through its direct operating expenses to its Underlying Funds and the fund effectively does not directly pay any operating expenses.
If shareholders approve the proposal, it is anticipated that in mid- to late March 2021, the fund will begin charging an all-inclusive management fee of 0.62% based on the fund’s average daily net assets. The all-inclusive management fee will cover investment management and all of the fund’s operating expenses except for interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and any acquired fund fees and expenses.
The fund currently invests in the Investor Class of its Underlying Funds. Effective on the date that the fund begins charging an all-inclusive management fee, the fund will end the pass-through of its direct operating expenses to its Underlying Funds and will convert its Investor Class shares of each Underlying Fund to Z Class shares. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, other than interest; expenses related to borrowings, taxes, and brokerage; and nonrecurring, extraordinary expenses. As a result, the fund’s total acquired fund fees and expenses associated with investing in the Underlying Funds’ Z Classes are expected to be less than 0.01%.
If shareholders approve the proposal, the prospectus will be further supplemented with more details regarding the changes to the expense structure prior to its implementation. However, the following changes to the prospectus are effective immediately:
Under “Principal Investment Strategies” in section 1, there are no changes to the investment ranges set forth in the “Asset Allocation Ranges for Underlying Funds” table. However, the T. Rowe Price U.S. Treasury Intermediate Fund has changed its name to the T. Rowe Price U.S. Treasury Intermediate Index Fund and the T. Rowe Price U.S. Treasury Long-Term Fund has changed its name to the T. Rowe Price U.S. Treasury Long-Term Index Fund.

Morgan Stanley funds currently managed by Kristian Heugh:

Actually, these are all the share classes that he manages. I've grouped the list by funds so that this is clearer. Also, the H share class is defunct, as is an entire fund (Opportunity Portfolio).

Morgan Stanley Institutional Advantage Fund
http://financials.morningstar.com/fund/purchase-info.html?t=MAPPX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class A (since 12/28/2010) MAPPX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class C (since 12/28/2010) MSPRX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class I (since 12/28/2010) MPAIX
Morgan Stanley Inst Intl Advtg IS (since 12/28/2010) MADSX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class L (since 12/28/2010) MAPLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement.
Morgan Stanley Institutional International Advantage Portfolio Class H (since 12/28/2010)
Morgan Stanley Europe Opportunity Fund
http://financials.morningstar.com/fund/purchase-info.html?t=EUGAX
Morgan Stanley Europe Opportunity Fund Inc. Class A (since 4/14/2020) EUGAX
Morgan Stanley Europe Opportunity Fund Inc. Class C (since 4/14/2020) MSEEX
Morgan Stanley Europe Opportunity Fund Inc. Class I (since 4/14/2020) EUGDX
Morgan Stanley Europe Opportunity Fund Inc. Class L (since 4/14/2020) EUGCX
Morgan Stanley Institutional International Opportunity Portfolio
http://financials.morningstar.com/fund/purchase-info.html?t=MIOPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class A (since 5/31/2010) MIOPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class C (since 5/31/2010) MSOCX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class I (since 5/31/2010) MIOIX
Morgan Stanley Inst International Opp IR (since 5/31/2010) MRNPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class IS (since 5/31/2010) MNOPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class L (since 5/31/2010) MIOLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement.
Morgan Stanley Institutional International Opportunity Fund Class H (since 3/31/2010)
Morgan Stanley Institutional Fund Global Opportunity Portfolio
http://financials.morningstar.com/fund/purchase-info.html?t=MGGPX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class A (since 5/30/2008) MGGPX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class C (since 5/30/2008) MSOPX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class I (since 5/30/2008) MGGIX
Morgan Stanley Inst Global Opp IR (since 5/30/2008) MGORX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class IS (since 5/30/2008) MGTSX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class L (since 5/30/2008) MGGLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement.
Morgan Stanley Institutional Global Opportunity H (since 5/30/2008)
Morgan Stanley Institutional Asia Opportunity Portfolio
http://financials.morningstar.com/fund/purchase-info.html?t=MSAUX
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class A (since 12/29/2015) MSAUX
Morgan Stanley Inst Asia Opp C (since 12/29/2015) MSAWX
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class I (since 12/29/2015) MSAQX
Morgan Stanley Inst Asia Opp IS (since 12/29/2015) MSAYX

Morgan Stanley Cntrpnt Global
http://financials.morningstar.com/fund/purchase-info.html?t=GLCAX
Morgan Stanley Cntrpnt Global A (since 6/29/2018) GLCAX
Morgan Stanley Cntrpnt Global C (since 6/29/2018) GLCDX
Morgan Stanley Cntrpnt Global I (since 6/29/2018) GLCIX
Morgan Stanley Cntrpnt Global IS (since 6/29/2018) GLCSX
Morgan Stanley Institutional Opportunity
In 2015 this fund was reorganized into the Global Opportunity Fund (see 2015 prospectus, p. 18)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class A (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class I (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class IS (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class L (since 6/30/2006)
Morgan Stanley Institutional Opportunity H (since 6/30/2006)
Morgan Stanley Developing Opportunity
http://financials.morningstar.com/fund/purchase-info.html?t=MDOAX
Morgan Stanley Developing Opportunity Portfolio Class A (since 2/14/2020) MDOAX
Morgan Stanley Developing Opportunity C (since 2/14/2020) MDOBX
Morgan Stanley Developing Opportunity Portfolio Class I (since 2/14/2020) MDOEX
Morgan Stanley Developing Opportunity IS (since 2/14/2020) MDODX
VALIC Company I International Growth (since 3/8/2018) VCINX

Morgan Stanley funds currently managed by Kristian Heugh:
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class A (since 12/28/2010)
Morgan Stanley Europe Opportunity Fund Inc. Class L (since 4/14/2020)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class A (since 5/31/2010)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class L (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class I (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class I (since 12/29/2015)
Morgan Stanley Inst Asia Opp IS (since 12/29/2015)
Morgan Stanley Cntrpnt Global A (since 6/29/2018)
Morgan Stanley Developing Opportunity IS (since 2/14/2020)
Morgan Stanley Developing Opportunity C (since 2/14/2020)
Morgan Stanley Europe Opportunity Fund Inc. Class A (since 4/14/2020)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class I (since 5/31/2010)
Morgan Stanley Institutional Opportunity H (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class I (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class C (since 12/28/2010)
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class A (since 12/29/2015)
Morgan Stanley Inst Global Opp IR (since 5/30/2008)
Morgan Stanley Developing Opportunity Portfolio Class A (since 2/14/2020)
Morgan Stanley Developing Opportunity Portfolio Class I (since 2/14/2020)
VALIC Company I International Growth (since 3/8/2018)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class IS (since 6/30/2006)
Morgan Stanley Inst Intl Advtg IS (since 12/28/2010)
Morgan Stanley Cntrpnt Global I (since 6/29/2018)
Morgan Stanley Institutional Global Opportunity H (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class IS (since 5/31/2010)
Morgan Stanley Cntrpnt Global IS (since 6/29/2018)
Morgan Stanley Institutional International Advantage Portfolio Class H (since 12/28/2010)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class L (since 5/31/2010)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class L (since 6/30/2006)
Morgan Stanley Europe Opportunity Fund Inc. Class C (since 4/14/2020)
Morgan Stanley Inst Asia Opp C (since 12/29/2015)
Morgan Stanley Inst International Opp IR (since 5/31/2010)
Morgan Stanley Europe Opportunity Fund Inc. Class I (since 4/14/2020)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class C (since 5/31/2010)
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class L (since 12/28/2010)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class A (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class C (since 5/30/2008)
Morgan Stanley Cntrpnt Global C (since 6/29/2018)
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class I (since 12/28/2010)
Morgan Stanley Institutional International Opportunity Fund Class H (since 3/31/2010)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class A (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class IS (since 5/30/2008)

https://www.sec.gov/Archives/edgar/data/915802/000139834420021185/fp0058962_497.htm
(see link for more info)
FINANCIAL INVESTORS TRUST
SUPPLEMENT DATED NOVEMBER 2, 2020 TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
FOR THE RONDURE NEW WORLD FUND (THE “FUND’) DATED AUGUST 31, 2020, AS
SUPPLEMENTED FROM TIME TO TIME
Effective immediately, Lydia So has joined the portfolio management team of the Fund. Therefore, the following changes are being made with respect to the Fund.
Summary Prospectus/Prospectus
The section entitled “Portfolio Managers” in the summary prospectus and in the summary section of the prospectus with respect to the Fund is hereby deleted and replaced in its entirety with the following:
Portfolio Managers
Laura Geritz, CFA, MA, Chief Executive Officer of the Adviser, has been a portfolio manager of the Fund since its inception in 2017. Lydia So, Portfolio Manager of the Adviser, has been a portfolio manager of the Fund since November 2020.
Prospectus
The following information is added after the last paragraph in the section entitled “The Portfolio Manager” in the prospectus with respect to the Fund:
Lydia So, CFA
Lydia So is a Portfolio Manager for the Rondure New World Fund. Her primary focus is on developing markets and her secondary focus is on international developed markets.
Prior to joining Rondure in 2020, Ms. So spent 15 years at Matthews Asia, initially as research analyst covering Asia ex Japan equities. She served as Co-Portfolio Manager for the Matthews Asia Science & Technology Fund (MATFX; now known as Matthews Asia Innovators Fund) from 2008 - 2017. Ms. So was the founding Lead Portfolio Manager for the Matthews Asia Small Companies Fund (MSMLX) from its inception in 2008 - 2020, and Co-Portfolio Manager for the Matthews China Small Companies Fund (MCSMX) from 2019 -2020.
Ms. So started her career in the investment industry in 1999 at Kochis Fitz Wealth Management in San Francisco. In 2001, she joined Dresdner RCM Global Investors as a portfolio associate working on U.S. Large Cap equity strategies.
Ms. So graduated from University of California, Davis, earning a BA in Economics. She is a CFA charter holder.

Per previous comments, agree that FMIJX was a good performer for several years in my portfolio until @2018. Was then on my watch list until March of 2020 as its pandemic performance belied its stated defensive posture. Traded into WCMIX--similar standard deviation and beta and with no regrets.

A home isn’t part of your net worth?
I was taught years ago that it is. Of course, one must exclude any mortgage amount owed against the home. Mass Mutual seems to agree. “Net worth“ is an interesting concept. I found it quite meaningful when it was first explained to me about 30 years ago by a guy who really understood finance. Helped set me on the right path back than.
In a nutshell: It’s better to be positively netted rather than negatively netted - as some unfortunate souls find themselves. Overall, however, it’s not something I pay a whole lot of attention to. Quality of life can be measured against many markers. The Mass Mutual link above is current (2020) and cites some interesting net-worth averages for those of us in the retirement years.

Here's a table (data from M*) comparing the 3/5/10 year standard deviations of several of the funds listed. I've divided it into funds with high grade portfolios and funds holding substantial amounts of junk bonds. Not surprisingly, over every time period the latter have been more volatile regardless of differences in durations.
You can reproduce this data by starting with the M* legacy ratings & risk page for WATFX and then adding (using "Compare") the tickers for your funds of interest:

Fund	3yr	5yr	10yr
DODIX	3.62	3.26	2.93
WATFX	4.00	3.63	3.22
BCOIX	4.11	3.64	3.30
----------------------------
PTIAX	4.65	3.87	3.47
TSIIX	4.92	4.25	4.05
PIMIX   5.58	4.52	4.21

As @hank wrote (third paragraph, above), the funds with better short term performance tended to hold lower quality bonds. Most multi-sector bonds, including the ones above, have average credit ratings of BB. The core plus bonds above (DODIX, BCOIX) are rated A, the core bond fund WATFX is rated AA.
Buying into junk bonds, especially with cash, is a bet that the economy won't sink into a recession, or if it does, the government will bail out companies that were already shaky.
Here's a table showing past performance other than very short term. I've added a column, 3yr(2019) that gives annualized performance figures over the period 2017-2019. That gives a sense of more recent multi-year performance while excluding the unusual ups and downs of 2020.
As above, the table is divided into funds with high grade and with junk bond portfolios. Over extended periods or periods excluding 2020, higher risk (junk) has done better. Over the past year or three years if one includes 2020, it has not.

Fund	YTD	1yr	3yr	3yr(2019)  5yr	 10yr
WATFX	6.63%	7.56%	5.56%	4.91%	  4.95%	 4.53%
BCOIX	7.02%	7.70%	5.55%	4.66%	  4.92%	 4.50%
DODIX	6.73%	7.40%	5.39%	4.52%	  4.98%	 4.34%
------------------------------------------------------
TSIIX	5.71%	6.71%	4.85%	4.94%	  5.32%	 5.42%
PTIAX	3.34%	3.42%	4.49%	5.45%	  5.05%	 5.83%
PIMIX   1.54%	3.38%	3.57%	5.68%	  5.26%	 6.86%

Just a suggestion, Basball_Fan, but perhaps you may also want to consider joining the existing "2020 Challenge-Participants", it's a new thread on MFO moderated by benchrest, aka Rich?
It's an annual event where the participants post their monthly portfolios and YTD total returns. This includes the timely posting of any changes they made to their portfolios. Rich then summarizes the monthly results and the end of year final totals.
As Rich states, "Participants can join at the start of any month [...] Just post your beginning portfolio for the month of November. Some members are retired with conservative portfolios and others more aggressive. Others are in the accumulating phase. Portfolio does not have to match a real portfolio but perhaps test ideas. Not truly a contest since we have different goals with our test portfolios. Also I have some indexes in the results to measure against."
It is, in a way, a good vehicle "Just for entertainment purposes only and to maybe provide for good debate and ideas". Try it, you might like it.
Good luck,
Fred

@BenWP, that's an excellent point about checking the total assets for which the manager has responsibility. In addition to other funds (to its credit, M* appears to list offshore as well as domestic funds), managers may also be responsible for private institutional/wealthy client accounts and/or pooled investment vehicles. You can find that information in the SAI.
"5 [other funds] $4.8 billion; 21 [pooled investments] $21.8 billion; 243 [other accounts] $2.5 billion"
(That's in addition to the $6B in MGGPX.)
M* analyst reports sometimes give a little more information: "in 2006, the firm entrusted him to launch the Global Opportunities strategies and form his own team in Hong Kong. ... After adding two more funds to their coverage in 2020, the seven-person outfit now manages seven strategies. The supporting cast also lacks notable shared tenure ..."
Something else (if one wants to get really deep into the details) is how much overlap there is in the different charges. For example, years ago, Fidelity closed Contra FCNTX (Danoff) while keeping open the much smaller New Insights (FINSX). While the funds focused on similar parts of the market, the size difference was so huge that New Insights was able to benefit from smaller companies that Contra couldn't touch, at least in any meaningful way.
All that said, I agree it would make sense for MS to consider closing some of the sibling funds also.

WATFX has had some poor days.
This sounds more like performance chasing than a fundamental reason to change horses. It has lost 1% in the past three months. About 1/2% worse than DODIX, and still in the middle quintile (barely, at 59th percentile) of its peers.
Rather than jumping at particular funds, I suggest thinking first about the type of fund you want to own. WATFX is an excellent vanilla bond fund; if that's the type of fund you want, I wouldn't switch. DODIX (and I'll add BCOIX) are great core plus funds. That means that they add a fair amount of junk bonds, which have higher yields but also tend to move more like stocks. PIMIX is a multisector fund. These funds tend to have even more junk and may dabble in international bonds.
PIMCO funds, virtually all of them, are off in their own world and it's difficult to say exactly what they're doing at any given instant. M* likes PIMIX, describing the fund as one that "stands out for historically large positions in nonagency mortgages, which have helped drive strong performance in a variety of different market environments. It also buys corporate debt, and emerging-markets and developed foreign sovereign debt, with a sprinkling of non-U.S. dollar currency bets."
https://www.morningstar.com/articles/945813/do-you-need-a-multisector-bond-fund
Many people here are comfortable with this. The question is, are you? You'd be switching from a vanilla, high credit quality bond fund, albeit a relatively racy one (above average risk), assuming any vanilla bond fund can be called racy.
Here are a couple of graphs that may help to illustrate what I mean about performance chasing and risks:
Performance since 8/10/20 (WATFX's peak for the year, I believe)
Notice that the core fund (WATFX), core plus funds (DODIX, BCOIX), and market average (US Aggregate index) tend to track together. So does the multisector fund PDIIX, though with wider swings both up and down. But PIMIX goes its own way.
Now zoom out to YTD (click on the YTD link in the graph). You'll see that both the PIMCO funds take on a lot more risk - a huge dip in March, relative to the other funds. Over the long term, risk usually pays off. But that line of reasoning also suggests paying less attention to short term movements.
Here's a second graph, same funds, this one for the three year period before 2020 (2017-2019). It shows both PIMCO multisector funds outperforming. Notice that aside from separating a bit, all the funds still tend to track together except PIMIX. It diverges in the summer of 2019, with performance dropping from that of PDIIX to that of the more conservative funds.
My suggestion is to think first about what kind of fund you want to own. You might still wind up investing in PIMIX, but it will be for reasons beyond its performance over the past couple of months.
Side note: PIMIX is available with a $25K min at Vanguard and a $2500 min at Schwab.

As of 10/31/2020, my Challenge "Retirement Portfolio" has total value of $1,073,493, for a YTD total return of 7.35%:
PIMIX----- $212,055-----19.7%
TMSRX-----212,985-----19.8
TSIIX-----218,534-----20.4
VLAIX-----429,919-----40.1
Total----- $1,073,493-----100.0%
Fred

Not a particular judgement on the funds, but simply matter of not wanting to pay taxes because of all my put income this year. Some of them have indeed stunk up the place, though. In a market they are supposed to excel, they have been found wanting.
Would like to hear from others which funds they gave up on because I don't want to land in those funds without having the full picture.
At this point completely out of these funds
BPRRX, BGRSX (to cut a long story short ...no pun intended)
APPLX (selling each of last 3 years...what the effing F)
GRSPX (meh...)
MDISX, MQIFX (last of the funds I fell in love with the idea of owning, gotten over that the day I sold HSGFX)
All Artisan funds I owned with "value" in the name but looking to buy back (still one I own, see below)
RPHYX, RSIVX, WMCNX (Sorry people, I can do better selling puts)
PRIJX (hoodwinked into the emerging markets value will do well idea, was in my MILs account)
PVFIX (found alternative, see below)
Funds I sold partially and still hold
FMIMX
ARTKX (if I sell it will generate capital gains)
COBYX (my condolence to the manager's family who passed, but really when are you going to turn around?)
Funds looking to sell at least some off to capture tax loss, hard decisions
IVWAX (my bad luck has to be excellent, manager has to leave, and with all that cash still stinks)
VGPMX (not "golden" any more)
VSIAX (bad timing)
WHGIX, FEVAX (not too worried, but since I don't reinvest dividends, have a loss on cost basis)
Moves that paid off
TMSRX (For MILs account)
PVCMX (Mr Cinnamond, you are not allowed to closed and then re-open new fund any more, it's illegal)
VLAAX, VALIX (lucky timing)
ONERX (Jeff Wrona found God. M* says NEGATIVE. F Them. Rock On)

31 October 2020
Portfolio summary
20,000 shares of FUAMX. $237,800.
2,000. IGOV. $105,940.
10,000. SGOL. $180,500.
7,000 SGGDX $183,960.
1,500. FSUTX. $131,985.
10,000. FLOWX. $120,700.
Cash. FDLXX $ 91,576.75
Total. $1,052,461.75
John

I think replacing VLSIX with RLSFX may help with the "minimum drawdown" aspect, at least based on their short-term history.

I replaced VLSIX with RLSFX and the results were worse for performance and SD. See (link)

Since 01/2019, the above funds made 8.5% + SD=2. See (link)
VLSIX is the one that limits it.
But I can do even better with BIL=40% + IQDAX=30% + VLSIX=30% and make 12.6% + SD=3.55(still low)

Observations for one month as of 10/30/2020:
October was not a good month for stocks and most bonds (Interest rates were up). High rated bonds were down for 1 and 3 months. The best bond categories have been Multi+Non Trad.
Multi: 0.1% for the month but securitized shined again(IOFIX,DHEAX). HOBIX with 1%.
Uncontrain/Nontrad: +0.2 for the month. Securitized(JASVX) did better at 0.8%
HY Munis: (-0.3) for the month but BSNIX(new fund from Baird) has done better all year.
High Rated Bonds: (-0.3%) for the month. The index BND -0.56%
Bank loans: Flat but EIFAX +0.3%.
HY+EM: HY 0.25 and EM= +0.1 for the month and this time no correlation to stocks.
Corp: -0.2% for the month. PIGIX -0.5%.
SP500(SPY) Down month at -2.5, YTD=2.9%.
PCI CEF (-5.1%) for the month. YTD still at -18.1%
My own portfolio
I started the month with IOFIX+JASVX (both securitized) + NHMAX(HY Muni). Early in the month sold NHMAX and bought HOBIX. It’s pretty obvious that funds loaded with securitized bonds are doing well. HOBIX continues to have good performance for 1-3 months. It was another good month for me, even last week I made 0.1%.
In the last week of October I sold most of my portfolio for the third time this year. When VIX goes above 30-35 and both stocks+most bonds categories are going down it’s a good sign for me to sell. Since I retired in 2018 I don’t see any reason to be invested when markets crash. I can be out until markets look better. Sure, sometimes it’s just a false alarm but I rather be out. It works well with my trading style and not recommended for anybody else.

Diversification didn’t help you much in October. SPY down -2.5%, FSPSX(International index) -4%, BND -0.56%

https://www.sec.gov/Archives/edgar/data/1027596/000089418920008824/kellner497e10302020.htm
497 1 kellner497e10302020.htm 497
Filed Pursuant to Rule 497(e)
1933 Act File No. 333-17391
1940 Act File No. 811-07959
Kellner Merger Fund
Investor Class GAKAX
Institutional Class GAKIX
A series of Advisors Series Trust (the “Trust”)
Supplement dated October 30, 2020 to the Prospectus
and Statement of Additional Information, each dated April 30, 2020
At the request of Kellner Capital Management (“Kellner”), the Board of Trustees (the “Board”) of Advisors Series Trust (“AST”) has reviewed information relating to Kellner’s request to reorganize the Kellner Merger Fund (the “Target Fund”) into the AXS Merger Fund, a new fund (the “Acquiring Fund”) that will be created as a series of Investment Managers Series Trust II (the “Reorganization”). The Acquiring Fund will have the same investment objective and substantially similar strategies and policies as the Target Fund. The Reorganization will be structured as a tax-free reorganization for federal tax purposes and is subject to a number of conditions, including the receipt of approval by the shareholders of the Target Fund.
The proposed Reorganization will result in a change in your Fund’s management arrangements. AXS Investments LLC (“AXS”) will serve as the new investment advisor to the Acquiring Fund and Kellner will serve as sub-advisor with the same portfolio managers as for the Target Fund responsible for day-to-day management of the Acquiring Fund. There will also be no change in advisory fees for the Acquiring Fund compared to the Target Fund. The Acquiring Fund will be overseen by a different Board of Trustees as it will not be a part of AST, but will instead be part of Investment Managers Series Trust II. The Acquiring Fund will have different service providers than the Target Fund.
Based on the material provided to the Board, the Board considered the Agreement and Plan of Reorganization at a meeting held on October 19, 2020 and thereafter approved the Reorganization on October 23, 2020, subject to the approval of the Acquired Fund’s shareholders. The Agreement and Plan of Reorganization provides for an exchange of shares of the Target Fund for shares of the Acquiring Fund, which would be distributed pro rata by the Acquiring Fund to the holders of the shares of such class in complete liquidation of the Target Fund, and the Acquiring Fund’s assumption of all liabilities of the Target Fund. Shareholders of the Target Fund will receive shares of the Acquiring Fund equal in value to the shares of the Target Fund held by the shareholders prior to the Reorganization.
More detailed information about the Reorganization and the changes that will result from the Reorganization will be provided in a proxy statement that is expected to be sent to shareholders in the coming weeks. When you receive your proxy statement, please review it and cast your vote to avoid any future solicitations.
* * * * * * * * * *
Please retain this Supplement with the Prospectus and Statement of Additional Information.

Alright, here's mine. Oct. 30th, 2020:
Taxable: PTIAX -.02 cents, or -0.09% ........... YTD: +3.34%
IRAs:
Bruce BRUFX: -$3.39 or -0.57% YTD -0.11%
PRWCX -.02 cents or -0.06% +6.57%
PRSNX -.01 cent or -0.09% +4.51%
PRIDX -$1.02 or -1.26% +16.54
PRDSX -.45 cents or -1.09% +2.87%
RPSIX -.02 cents or -0.16% +0.11%
Way too much work to do weekly or monthly performance. The lot of them are down quite a bit, just since last week or so. Covid raging, earnings, other junk?

We have responded very promptly, very appropriately, very heavily, some would say, to the first wave that hit the euro area economies. We have done it for the first wave; we will do it again for the second wave,” Lagarde said.

https://cnbc.com/2020/10/29/ecb-meeting-october-2020-.html

Sharing info... Morgan Stanley Global Opportunity (MGGPX) to close to new investors
https://citywireusa.com/professional-buyer/news/morgan-stanley-soft-closes-star-managers-6bn-fund/a1396346
https://www.thinkadvisor.com/2020/09/04/morgan-stanley-to-close-global-opportunity-portfolio-to-new-investors-portfolio-products/
http://performance.morningstar.com/fund/performance-return.action?t=mggpx&region=usa&culture=en_US