Harbor Commodity Real Return Strategy Fund Administrative Class (HCMRX)

Fund Facts
Price (NAV) (12/19/2014) $4.80
Daily $ Change $0.02 
Daily % Change 0.42% 
YTD Return (12/19/2014) -15.28%
Current 30-Day Subsidized SEC Yield (12/19/2014) 0.45%
Current 30-Day Unsubsidized SEC Yield (12/19/2014) 0.31%
Effective 30-Day Subsidized SEC Yield (12/19/2014) 0.46%
Effective 30-Day Unsubsidized SEC Yield (12/19/2014) 0.32%
Average Annual Total Returns Since Inception (As of 11/30/2014) -5.40%
Inception Date 09/02/2008
Net Expense Ratio 1.19%
Gross Expense Ratio 1.28%
Portfolio Manager
Pacific Investment Management Company LLC (PIMCO)
Mihir P. Worah
Total Net Assets (11/30/2014) $1.178 million
Overall Morningstar Rating
(94 Commodities Broad Basket funds)
Ticker HCMRX
Fund Number 2229
CUSIP 411511389
WSJ Symbol n/a
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 09/30/2014
YTD1 Year5 Year10 YearSince Inception
-5.17%-7.47%1.22%N/A-4.72%

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 4-star Overall Morningstar Rating™ as of 11/30/2014 out of 94 Commodities Broad Basket funds. Commodity Real Return Strategy Fund was rated 3-star among 94 and 4-star among 44 domestic Commodities Broad Basket funds for the three- and five-year periods ended 11/30/2014, respectively. The Morningstar Rating is for the Administrative share class only; other classes may have different performance characteristics.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar risk-adjusted return measure that accounts for variations in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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 fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

© 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.


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 from Sale-Buyback Transactions, to 0.94% and 1.19% for the Institutional Class and Administrative Class, respectively, through February 28, 2015. Only the Board of Trustees may modify or terminate this agreement.

Contractual expense limitation until February 28, 2015 (excluding interest expense from sale-buyback transactions)

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.