Harbor Commodity Real Return Strategy Fund Institutional Class (HACMX)

Fund Facts
Price (NAV) (09/21/2017) $3.70
Daily $ Change -$0.04 
Daily % Change -1.07% 
YTD Return (09/21/2017) -2.08%
Current 30-Day Subsidized SEC Yield (09/21/2017) 0.59%
Current 30-Day Unsubsidized SEC Yield (09/21/2017) 0.11%
Effective 30-Day Subsidized SEC Yield (09/21/2017) 0.59%
Effective 30-Day Unsubsidized SEC Yield (09/21/2017) 0.11%
Average Annual Total Returns Since Inception (As of 08/31/2017) -6.61%
Inception Date 09/02/2008
Net Expense Ratio 0.94%
Gross Expense Ratio 1.53%
Portfolio Manager
Pacific Investment Management Company LLC (PIMCO)
Mihir P. Worah
Nicholas J. Johnson
Jeremie Banet
Total Net Assets (08/31/2017) $51.607 million
Overall Morningstar Rating (109 Commodities Broad Basket funds)
Ticker HACMX
Fund Number 2029
CUSIP 411511397
Overview
The Harbor Commodity Real Return Strategy Fund is subadvised by Pacific Investment Management Company LLC (PIMCO) . The Fund invests in commodity-linked derivatives backed by a portfolio of inflation-indexed securities and other fixed income instruments. Rather than invest directly in physical commodities such as oil, metals or agricultural products, the Fund employs an enhanced index strategy by investing primarily in those instruments linked to the Bloomberg Commodity Index Total ReturnSM (the "Commodity Index"). The instruments in which the Fund may invest include:
  • Commodity index-linked notes
  • Swap agreements
  • Commodity options, futures and options on futures
  • Inflation-indexed bonds
  • Other fixed income securities including derivative fixed income instruments
  • Common and preferred stocks
  • Convertible securities of issuers in commodity-related industries

The Commodity Index is structured so that no related group of commodities may constitute more than 33% of the index and no single commodity may constitute more than 15% or less than 2% of the index. The Fund will seek to gain exposure to the commodity markets primarily through investments in commodity index-linked notes and through investments in Harbor Cayman Commodity Fund Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Fund may invest up to 25% of its total assets in this subsidiary, 30% in securities denominated in foreign currencies, and 10% in securities and instruments that are economically tied to emerging market countries. The Fund will typically limit its foreign currency exposure to 20% of its total assets.

Performance Summary Performance Details >

As of Quarter Ended 06/30/2017
YTD1 Year5 Year10 YearSince Inception
-5.52%-6.26%-10.12%N/A-7.11%

Growth of a Hypothetical $10,000 Investment

Source: Morningstar, Inc.

Performance data shown represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the past performance data shown. Investment returns and the value of an investment will fluctuate, and an investor's shares, when sold, may be worth more or less than their original cost. You can obtain performance data current to the most recent month-end (available within seven business days after the most recent month-end) by calling 800-422-1050 or visiting www.harborfunds.com.

The Harbor Funds performance shown assumes the reinvestment of dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized.

From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.

The Bloomberg Commodity Index Total ReturnSM is a broadly diversified index that tracks the commodities markets through commodity futures contracts.

The Harbor Commodity Real Return Strategy Fund received a 2-star Overall Morningstar Rating™ as of 08/31/2017 out of 109 Commodities Broad Basket funds. Commodity Real Return Strategy Fund was rated 2-star among 82, -star among , and 0-star among 0 domestic Commodities Broad Basket funds for the three-, five- and ten-year periods ended 08/31/2017, respectively. The Morningstar Rating is for the Institutional share class only; other classes may have different performance characteristics.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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Restated to reflect current fees.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.94% and 1.19% for the Institutional Class and Administrative Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Contractual expense limitation, excluding interest expense, if any, through February 28, 2018.

Interest expense for the fiscal year ended October 31, 2016 was 0.30%.

Restated to reflect current fees.

Represents the average daily dividends for 30 days, assuming all dividends are reinvested, annualized by 365 days and divided by the net asset value per share at the end of the period. Does not reflect reimbursements or fee waivers currently in effect.

Represents the average daily dividends for 30 days, annualized by 365 days and divided by the net asset value per share at the end of the period. Does not reflect reimbursements or fee waivers currently in effect.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.94% and 1.19% for the Institutional Class and Administrative Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Ex-Date. The date on which a Fund's net asset value (NAV) will fall by an amount equal to the dividend and/or capital gain distribution plus or minus any change in the value of the Fund's holdings.

Represents the average daily dividends for 30 days, assuming all dividends are reinvested, annualized by 365 days and divided by the net asset value per share at the end of the period. Reflects reimbursements or fee waivers currently in effect.

Represents the average daily dividends for 30 days, annualized by 365 days and divided by the net asset value per share at the end of the period. Reflects reimbursements or fee waivers currently in effect.

About Expense Ratios: All mutual funds have expense ratios which represent what shareholders pay for operating expenses and management fees. Expense ratios are expressed as an annualized percentage of a fund's average net assets paid out in expenses. Net expense ratios reflect adjustments due to voluntary or contractual fee waivers or expense reimbursements. Expense ratio information is as of the Fund's current prospectus, as revised and supplemented from time to time.