They also announced that Rob Taylor will be ... retiring? I wonder what's up with that; he can't be more than 45.

FYI: (Click On Article Title At Top Of Google Search)
Star bond investor Jeffrey Gundlach’s flagship fund has been slowed by a rally in the types of bonds it has avoided, putting its performance this year behind most comparable funds.
The $61.1 billion intermediate-term DoubleLine Total Return Bond Fund has gained 3.5% this year through July 28, while the Barclays U.S. Aggregate Bond Index has shot up 5.7% and the average intermediate-term fund has risen 5.6%, according to Morningstar Inc
Regards,
Ted
https://www.google.com/#q=Gundlach+Bond+Fund+Trails+Rivals+as+Mortgage+Focus+Pinches+WSJ

FYI: (Click On Article Title At Top Of Google Search)
It has been an electric year for dividend exchange-traded funds—many have outperformed the Standard & Poor’s 500 index in the past 12 months. These once-staid income tools have looked more like growth funds, helped by their large stake in hot utility stocks
Regards,
Ted
https://www.google.com/#q=Utility+Stocks+Could+Shock+Dividend+Investors+wsj

From my post from February 2015 ..
Any opinion or observation concerning DHGAX ? A little research led me to feel it may be a reasonable defensive play due to it's 2008-09 performance.The fund is available no-load in my Schwab I R A. Advice/opinion ???
Hat tip to @heezsafe said in February 2015
@TSP_Transfer : Ah, yes, the Dreyfus/Standish Global Fixed Income Fund. Sometimes it pays to be less than fastidious in cleaning up the old Ideas folder (and what a shameful mess mine is). I found a 2010 prospectus. Rhao, it is not (though he is an internatl. fund mgr.). The name of the portfolio mgr I was trying to remember is: David C. Leduc. FWIW
Today...
Mr Leduc is indeed still the lead manager.I own the fund with the same premise I asked about 18 months ago. Chart vs ACITX. Still like DHGAX minimal draw downs.Subject to Schwab's 90 day early W D penalty. No distributions this year ???
https://public.dreyfus.com/documents/compliancedocs/factsheets/monthly/6940.pdf
February 2015 discussion M F O link:
http://www.mutualfundobserver.com/discuss/discussion/18700/what-are-your-favorite-fixed-income-investments/p1

As an investor in Oakmark funds for the past 20 years or so, specifically the international funds, I am not happy to hear this. Both OAKIX and OAKEX performance has suffered recently and I am fairly certain that asset bloat with OAKIX at 23.5 billion AUM and OAKEX at 2.4 billion AUM has been a factor on this poor performance. OAKEX in particular hasn't beaten it arrivals for last 1 yr, 3 yr, 5yr , or 10 yr periods. But I believed in the management and stuck with them all the years albeit cutting back on my exposure to OAKEX to about 25% of my original investment. But I think this may finally bring me to sell the remaining holdings in the fund. I originally invested in OAKEX to get small cap international value/blend exposure which was not offered in my 401K selections which only had foreign LC and Emerging Market as investment options. But now I believe their are several better options in the SC International arena. Funds such as ICMIX, ISMRX, and SBSHX all appear to be more compelling options in the international SC area with ICMIX probably being the standout option IMHO. So while I am glad that Oakmark believes that have some many good investment options, I am saying good bye to at least to OAKEX. So be warned since I am planning on selling OAKEX next year they probably return to stellar performance against their peers - just my luck. Disclosure I currently own 4 Oakmark funds - OAKLX, OAKWX, OAKIX, and OAKEX.

Meh. Not seeing what size has to do with it, pro or con. Chart it against PRBLX, SCHD, and DVY (say) the last 5/4/3/2/1y and compare: sometimes slightly better, sometimes slightly worse, nothing marked either way. Lower TTM yield too, for some reason.

Restrictions have been removed. An email from Oakmark confirmed the same thing.
Oakmark International Small Cap Fund:
https://www.sec.gov/Archives/edgar/data/872323/000110465916135284/a16-14969_6497k.htm
Oakmark International Fund:
https://www.sec.gov/Archives/edgar/data/872323/000110465916135283/a16-14969_5497k.htm
Oakmark Global Fund
https://www.sec.gov/Archives/edgar/data/872323/000110465916135282/a16-14969_4497k.htm

It's always difficult to divine hedging policies, even with M* analyst breadcrumbs. FWIW, M* writes that FMIJX "fully hedges its non-U.S. currency exposure to the dollar." Not merely that it is currently hedged.
The prospectus, um, hedges its currency policy by saying that it "may hedge a significant portion of its foreign stock investments", but the rest of the sentence suggests a general bias toward hedging: " in an effort to have its returns more closely reflect the market performance of its investments, rather than the value of the currency".
That is, it hedges to take currency out of the equation, not to protect one way against a rising dollar. That suggests hedging most of the time.
To build on JoJo26's statement, impressions often don't match reality. It feels like the dollar is going up, but it hasn't over the past year. I suspect that feeling is due to at least a couple of factors: the dollar is already very high (so just standing still, it feels like its value is growing), and Brexit pummeled the pound Sterling (making the dollar look good relative to one currency, though not relative to the world).

For foreign large growth, JOHAX is my choice, although it is recovering from a serious drop in 2015. Over the past few years, I have cut back on pure foreign stock funds in favor of global funds. My best result has been with ARTRX, worst with now-departed Oakmark offerings. Good global managers should be able to allocate more or less to foreign equities as conditions warrant and do it better than I can. If I recall correctly, FMIJX hedges currency when conditions call for it, not always.

While what TD1 says is true about the potential whipsaw when the dollar does finally decline, I wouldn't make your decision for FMIJX based on the FX hedge alone. If you like the way FMI approaches investing, which is to construct a concentrated portfolio of high quality businesses at cheap valuations, then you should still consider the Fund.
To speak to performance, yes the FX hedge has benefited the Fund longer-term, however, over the past year (through 6/30) the EAFE was down 10% in both USD and local currency terms, and the Fund up 75 bps => hedge has not been the main reason for outperformance. Since inception, the Fund is outperforming EAFE (USD and local).

@msf- Speaking as an "unnatural person", I'm also wondering what to do with the cash that we've been keeping in American Funds and American Century MMFs. Not particularly worried about safety/stability of either of those companies, but makes nothing there, might make more sense to move to FDIC protection.

I took a quick look at AC brokerage accounts - curious that they don't seem to say that their sweep options (transaction/core account) will be changing, or even give you the option to choose their government MMF TCRXX.
You're right that all of AC's MMFs have painfully low yields, ranging from a "high" of 0.07% federally tax free (BNTXX) to a low of 0.01% taxable (TCRXX). I agree with you that at least for a taxable account, if you can wait a day or two for access to your cash, an online savings account (yielding around 1%, insured) looks much better.
The difficulty is in doing this with IRAs. It's not so easy to move money back and forth between IRAs at different custodians. Which is why the 0.45% MMF yield with FZDXX (Fidelity $500 IRA min) or VMMXX (Vanguard $3K min) seem to make sense for cash in IRAs.

@MFO Members: After briefly touching bear market territory earlier in the session, crude oil prices have caught a bounce intraday, taking WTI out of bear market territory (20% decline from closing high of $51.23). Despite the bounce, though, crude oil is still down 19.5% from its 2016 high, so it’s still very close to entering a new bear.
Regards,
Ted
Crude Catches A Bounce Out Of Bear Territory:
https://www.bespokepremium.com/think-big-blog/crude-catches-a-bounce-out-of-bear-territory/

Quite happy with GASFX in the energy sector:
Returns: 1/3/5/10 yrs:
+9.87% +11.80% +12.91% +10.58%
YTD:
23%

@Old_Joe
Your Uncle Joe and my "bud" Bonzo Marelli (metro Detroit area) can settle any score, eh?
Bonzo charges a flat fee of $500, and then $2/mile outside of Detroit city limits.

FYI: Real estate securities continue to shore up their popularity with ETF investors, with demand for these income-producing assets accelerating in recent months.
Vanguard REIT (VNQ) saw $860.4 million net inflow in the month ended July 25 to take its asset haul this year to $4.12 billion, according to analytics firm XTF.com. Investors have poured fresh money into VNQ every month since the February stock market pullback, including $1.33 billion in June alone.
Regards,
Ted
http://www.investors.com/etfs-and-funds/etfs/with-yields-as-high-as-10-real-estate-funds-drum-up-assets-and-appeal/
M* Snapshot VNQ:
http://www.morningstar.com/etfs/arcx/vnq/quote.html
VNQ Is Unranked In The (RE) ETF Category By U.S. News & World Report:
http://money.usnews.com/funds/etfs/real-estate/vanguard-reit-etf/vnq

@MFO Members: He's back, but still don't know where he lives. Welcome back !
Regards,
Ted
Welcome Back Duke:

I Think He Lives Somewhere In Asia:
https://www.google.com/search?q=pictures+of+john+wayne&biw=1067&bih=487&tbm=isch&imgil=BGi__AMfYc3YRM%3A%3ByJ0iFqT4anYlBM%3Bhttp%253A%252F%252Fwww.nndb.com%252Fpeople%252F605%252F000023536%252F&source=iu&pf=m&fir=BGi__AMfYc3YRM%3A%2CyJ0iFqT4anYlBM%2C_&usg=__G7Yu3YEfIkVctN4iMWxjI_QaSy4=&ved=0ahUKEwj0wZSlm5jOAhWG0iYKHWf5DXwQyjcIOQ&ei=Jg6bV_SWB4almwHn8rfgBw#imgrc=ByXoqHFZzMBTFM:

You might put the Aston/Pictet International Fund on your watch list. It would be more similar to the Harbor fund than others mentioned so far.

The fund is rather similar to Harbor Int'l. But with all due respect, I think you'll find LZIEX to be just as similar ...

APINX is only two years old, but it has demonstrated good defensive properties since the dust-up started in Europe last year. Low turnover so far. Measured as a LC blend fund, it has a median cap of around 5B. It has some size (currently around $1B, almost entirely institutional money).

LZIEX has a somewhat lower turnover rate (23.6% compared to 53%), and a somewhat larger weighted market cap ($50.1B compared to $43B or Harbor's $67B). AUM are close, with LZIEX having $1.2B, of which 90% is institutional, and APINX having $0.9B AUM. Sector weightings are likewise similar.
In fact, APINX and LZIEX may resemble each other more closely than they resemble Harbor.

When international is on a tear, I can't recall a Pictet fund that hasn't done well (although my memory stops about 10 yrs ago on this, so take that with some salt, so to speak).

Your memory is better than mine. The only Pictet fund I (or apparently VintageFreak) could remember offered in the US was Pictet Global Water. While Pictet is a significant presence in funds offered outside the US, it seems that their US-sold funds folded over a decade ago.
In particular, there was a Pictet International Equity fund. Whether that bears any resemblance to the Aston fund, I don't know. Here's the Bloomberg profile (stating that it existed from August 25, 2000 to Sept 8, 2003), the SEC filing to shut it down (along with Global Water), and the 2002 prospectus (showing six Pictet funds).
http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=28148103
(shutdown) https://www.sec.gov/Archives/edgar/containers/fix048/945774/0000940400-03-000487.txt
(2002 Prospectus) https://www.sec.gov/Archives/edgar/data/945774/000093506902000363/0000935069-02-000363.txt

@Mark & MFO Members: Two of my core holdings, NLY and CIM are up 22.8% & 31.84% YTD, yielding 8.59% & 11.66%

I don't know much about this topic (but that's never stopped me from chiming in).
What I think I know:
1. REIT funds been on a roll for several years. When I was looking for a few "Hail Mary" investments at Oppenheimer during a rough patch in September 2015, I dribbled a bit (equal amounts) into 3 new funds: Real Estate (OREAX), gold and EM bonds. All were beaten up, but OREAX not as much as the other two. To my surprise OREAX rebounded very nicely and has held up well since than.
2. Over the past few months the fund has been nicely non-correlated with equities, sometimes moving in the opposite direction. However, I do not think this is always the case. I recall long periods in the past where they were not so inversely correlated but quite closely correlated.
3. These funds tend to be very concentrated. TRRIX (mentioned in the OP) has a 50% concentration in its top 10 holdings. I've found the one I own, OREAX, to be similarily concentrated.
Hope this helps. FWIW

@ron & MFO Members: It appears the oil patch is headed for if not a train wreck, at least a derailment, as WTI crude heads towards under $40.
Regards,
Ted
Oil Futures:
http://www.marketwatch.com/investing/future/clu6
$35 Crude:
http://www.marketwatch.com/story/heres-the-key-factor-pushing-oil-prices-toward-35-a-barrel-2016-07-27/print