Harbor High-Yield Bond Fund Administrative Class (HYFRX)

Fund Facts
Price (NAV) (04/24/2017) $10.17
Daily $ Change $0.02 
Daily % Change 0.20% 
YTD Return (04/24/2017) 2.77%
Current 30-Day Subsidized SEC Yield (04/24/2017) 4.22%
Current 30-Day Unsubsidized SEC Yield (04/24/2017) 4.18%
Effective 30-Day Subsidized SEC Yield (04/24/2017) 4.30%
Effective 30-Day Unsubsidized SEC Yield (04/24/2017) 4.26%
Average Annual Total Returns Since Inception (As of 03/31/2017) 6.89%
Inception Date 12/01/2002
Net Expense Ratio 0.92%
Gross Expense Ratio 0.96%
Portfolio Manager
Shenkman Capital Management, Inc.
Mark Shenkman
Justin W. Slatky
Eric Dobbin
Steven N. Schweitzer
Robert Kricheff
Neil Wechsler, CFA
Total Net Assets (03/31/2017) $4.547 million
Overall Morningstar Rating
(596 High Yield Bond funds)
Ticker HYFRX
Fund Number 2224
CUSIP 411511546
WSJ Symbol n/a
Overview
The Harbor High-Yield Bond Fund is subadvised by Shenkman Capital Management, Inc. The Fund invests primarily in below investment-grade bonds of U.S. corporate issuers. The portfolio manager selects securities issued by companies that generally exhibit or are believed to have the potential for positive credit momentum and credit rating upgrade. Seeking to maximize return and minimize risk, the manager practices:
  • Bottom-up fundamental analysis
  • Broad diversification
  • Direct communication with management
  • Monitoring of high-yield issuers on a systematic basis
  • Comprehensive reporting and risk control systems

The portfolio manager reviews the securities at least four times a year and actively seeks to avoid holding any deemed to have a high risk of default. The Fund generally invests at least 80% of its assets in high-yield bonds, and may invest up to 20% in bank loans and 10% in equity securities, including common stock.

Performance Summary Performance Details >

As of Quarter Ended 03/31/2017
YTD1 Year5 Year10 YearSince Inception
2.06%11.79%4.79%5.62%6.89%

Growth of a Hypothetical $10,000 Investment

Source: Morningstar, Inc.

Potential Risk & Return - Fixed Income Funds

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 BofA Merrill Lynch US Non-Distressed High Yield Index is a subset of The BofA Merrill Lynch US High Yield Index including all securities with an option-adjusted spread less than 1,000 basis points. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The Harbor High-Yield Bond Fund received a 3-star Overall Morningstar Rating™ as of 03/31/2017 out of 596 High Yield Bond funds. High-Yield Bond Fund was rated 3-star among 596, 2-star among 471, and 3-star among 318 domestic High Yield Bond funds for the three-, five- and ten-year periods ended 03/31/2017, respectively. The Morningstar Rating is for the Administrative 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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The Adviser has contractually agreed to reduce the management fee to 0.56% through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

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.

Contractual management fee waiver through February 28, 2018

The Adviser has contractually agreed to reduce the management fee to 0.56% 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.