Table of Contents
Chicago, Illinois 60606-4302
David G. Van Hooser HARBOR FUNDS 111 South Wacker Drive, 34th Floor Chicago, Illinois 60606-4302 | Christopher P. Harvey, Esq. DECHERT LLP One International Place – 40th Floor 100 Oliver Street Boston, MA 02110-2605 |
Table of Contents
Institutional Class | Administrative Class | Investor Class | Retirement Class | |
GROWTH FUNDS | ||||
Harbor Capital Appreciation Fund | HACAX | HRCAX | HCAIX | HNACX |
Harbor Mid Cap Growth Fund | HAMGX | HRMGX | HIMGX | HNMGX |
Harbor Small Cap Growth Fund | HASGX | HRSGX | HISGX | HNSGX |
Harbor Small Cap Growth Opportunities Fund | HASOX | HRSOX | HISOX | HNSOX |
VALUE FUNDS | ||||
Harbor Large Cap Value Fund | HAVLX | HRLVX | HILVX | HNLVX |
Harbor Mid Cap Value Fund | HAMVX | HRMVX | HIMVX | HNMVX |
Harbor Small Cap Value Fund | HASCX | HSVRX | HISVX | HNVRX |
1 | |
3 | |
Growth Funds | |
Harbor Capital Appreciation Fund | |
5 | |
7 | |
8 | |
9 | |
Harbor Mid Cap Growth Fund | |
12 | |
14 | |
15 | |
16 | |
Harbor Small Cap Growth Fund | |
18 | |
20 | |
21 | |
22 | |
Harbor Small Cap Growth Opportunities Fund | |
25 | |
27 | |
28 | |
29 | |
Value Funds | |
Harbor Large Cap Value Fund | |
32 | |
34 | |
35 | |
36 | |
Harbor Mid Cap Value Fund | |
38 | |
40 | |
41 | |
42 | |
Harbor Small Cap Value Fund | |
46 | |
48 | |
49 | |
50 | |
Financial Statements | |
53 | |
55 | |
57 | |
63 | |
78 |
Semi-Annual Report Overview (Unaudited)
Unannualized Total Return 6 Months Ended April 30, 2016 | |||||||
GROWTH FUNDS | Institutional Class | Administrative Class | Investor Class | Retirement Class | |||
Harbor Capital Appreciation Fund | -6.59% | -6.72% | -6.77% | -6.59% a | |||
Harbor Mid Cap Growth Fund | -5.24 | -5.47 | -5.47 | -5.35 a | |||
Harbor Small Cap Growth Fund | -6.30 | -6.45 | -6.53 | -6.22 a | |||
Harbor Small Cap Growth Opportunities Fund | -1.49 | -0.99 | -1.70 | -1.49 a | |||
VALUE FUNDS | |||||||
Harbor Large Cap Value Fund | 1.56% | 1.34% | 1.37% | 1.47% a | |||
Harbor Mid Cap Value Fund | -1.42 | -1.55 | -1.57 | -1.42 a | |||
Harbor Small Cap Value Fund | 1.20 | 1.10 | 1.04 | 1.24 a |
COMMONLY USED MARKET INDICES | Unannualized Total Return 6 Months Ended April 30, 2016 |
Russell 1000® Growth; large cap, domestic equity | -1.37% |
S&P 500; large cap, domestic equity | 0.43 |
Russell Midcap® Growth; mid cap, domestic equity | -1.54 |
Russell 2000® Growth; small cap, domestic equity | -4.96 |
Russell 1000® Value; large cap, domestic equity | 1.93 |
Russell Midcap® Value; mid cap, domestic equity | 3.16 |
Russell 2000® Value; small cap, domestic equity | 1.18 |
a | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Semi-Annual Report Overview—Continued
EXPENSE RATIOS1 | Morningstar Average2 (Unaudited) | ||||||||||
DOMESTIC EQUITY FUNDS | 2012* | 2013* | 2014* | 2015* | 2016 a | ||||||
Harbor Capital Appreciation Fund | |||||||||||
Institutional Class | 0.66% | 0.65% | 0.65% | 0.64% | 0.64% | 0.90% | |||||
Administrative Class | 0.91 | 0.90 | 0.90 | 0.89 | 0.89 | 1.20 | |||||
Investor Class | 1.03 | 1.02 | 1.02 | 1.01 | 1.01 | 1.28 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.60 b | 0.64 | |||||
Harbor Mid Cap Growth Fund | |||||||||||
Institutional Class | 0.85% | 0.84% | 0.83% | 0.84% | 0.85% | 1.03% | |||||
Administrative Class | 1.10 | 1.09 | 1.08 | 1.09 | 1.10 | 1.34 | |||||
Investor Class | 1.22 | 1.21 | 1.20 | 1.21 | 1.22 | 1.37 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.81 b | 0.79 | |||||
Harbor Small Cap Growth Fund | |||||||||||
Institutional Class | 0.84% | 0.83% | 0.83% | 0.83% | 0.84% | 1.08% | |||||
Administrative Class | 1.09 | 1.08 | 1.08 | 1.08 | 1.09 | 1.35 | |||||
Investor Class | 1.21 | 1.20 | 1.20 | 1.20 | 1.21 | 1.42 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.80 b | 0.77 | |||||
Harbor Small Cap Growth Opportunities Fund | |||||||||||
Institutional Class | N/A | N/A | 0.90% c | 0.90% | 0.87% | 1.08% | |||||
Administrative Class | N/A | N/A | 1.15 c | 1.15 | 1.12 | 1.35 | |||||
Investor Class | N/A | N/A | 1.27 c | 1.27 | 1.24 | 1.42 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.82 b | 0.77 | |||||
Harbor Large Cap Value Fund | |||||||||||
Institutional Class | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% | 0.85% | |||||
Administrative Class | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 1.15 | |||||
Investor Class | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 | 1.20 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.63 b | 0.61 | |||||
Harbor Mid Cap Value Fund | |||||||||||
Institutional Class | 0.95% | 0.93% | 0.89% | 0.86% | 0.85% | 0.94% | |||||
Administrative Class | 1.20 | 1.18 | 1.14 | 1.11 | 1.10 | 1.26 | |||||
Investor Class | 1.32 | 1.30 | 1.26 | 1.23 | 1.22 | 1.28 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.81 b | 0.79 | |||||
Harbor Small Cap Value Fund | |||||||||||
Institutional Class | 0.85% | 0.84% | 0.84% | 0.85% | 0.86% | 1.07% | |||||
Administrative Class | 1.10 | 1.09 | 1.09 | 1.10 | 1.11 | 1.47 | |||||
Investor Class | 1.22 | 1.21 | 1.21 | 1.22 | 1.23 | 1.52 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.81 b | 0.83 |
* | Audited. |
1 | Harbor Funds’ expense ratios are for operating expenses for the fiscal years ended October 31 (unless otherwise noted) and are shown net of all expense offsets, waivers and reimbursements (see Financial Highlights). |
2 | The Morningstar Average includes all actively managed no-load funds in the April 30, 2016 Morningstar Universe with the same investment style as the comparable Harbor fund’s portfolio and with the following additional characteristics for each Harbor Funds share class: Institutional Class contains funds with 12b-1 fees less than or equal to 0.25%; Administrative Class contains funds with 12b-1 fees and which are restricted primarily for use by retirement plans; Investor Class contains funds with 12b-1 fees and a minimum investment less than $50,000; and Retirement Class contains funds with no 12b-1 fees and which are restricted primarily for use by retirement plans. |
a | Unaudited annualized figures for the six-month period ended April 30, 2016. |
b | Retirement Class shares commenced operations on March 1, 2016. |
c | Annualized figures for the period February 1, 2014 (inception) through October 31, 2014. |
David G. Van Hooser Chairman |
Returns For Periods Ended April 30, 2016 | ||||||||||
Unannualized | Annualized | |||||||||
Domestic Equities | 6 Months | 1 Year | 5 Years | 10 Years | 30 Years | |||||
Wilshire 5000 Total Market (entire U.S. stock market) | -0.07% | -0.83% | 10.28% | 6.93% | 9.82% | |||||
S&P 500 (large cap stocks) | 0.43 | 1.21 | 11.02 | 6.91 | 9.99 | |||||
Russell Midcap® (mid cap stocks) | 0.81 | -2.14 | 9.88 | 7.49 | 11.26 | |||||
Russell 2000® (small cap stocks) | -1.90 | -5.94 | 6.98 | 5.42 | 8.58 | |||||
Russell 3000® Growth | -1.64 | 0.32 | 11.09 | 8.03 | 9.16 | |||||
Russell 3000® Value | 1.87 | -0.68 | 9.85 | 5.58 | 10.17 | |||||
International & Global | ||||||||||
MSCI EAFE (ND) (foreign stocks) | -3.07% | -9.32% | 1.69% | 1.61% | 6.24% | |||||
MSCI World (ND) (global stocks) | -1.05 | -4.17 | 5.96 | 4.13 | 7.57 | |||||
MSCI All Country World (ND) (global stocks) | -0.94 | -5.66 | 4.69 | 3.89 | N/A | |||||
MSCI Emerging Markets (ND) (emerging markets) | -0.13 | -17.87 | -4.61 | 2.36 | N/A | |||||
Strategic Markets | ||||||||||
Bloomberg Commodity Index Total ReturnSM | -2.06% | -17.45% | -13.32% | -6.01% | N/A | |||||
Fixed Income | ||||||||||
BofA Merrill Lynch U.S. High Yield (high-yield bonds) | 2.23% | -1.36% | 5.22% | 7.20% | N/A | |||||
Barclays U.S. Aggregate Bond (domestic bonds) | 2.82 | 2.72 | 3.60 | 4.95 | 6.58% | |||||
BofA Merrill Lynch 3-Month U.S. Treasury Bill (proxy for money market returns) | 0.14 | 0.15 | 0.08 | 1.12 | 3.64 | |||||
Barclays U.S. TIPS (inflation-linked bonds) | 3.89 | 1.12 | 2.58 | 4.67 | N/A |
David G. Van Hooser |
Chairman |
Managers' Commentary (Unaudited)
New York, NY 10017
Since 1990
Since 2013
Fund Performance
Managers' Commentary—Continued
TOP TEN HOLDINGS (% of net assets) | |
Alphabet Inc. | 6.0% |
Amazon.com Inc. | 5.7% |
Facebook Inc. | 4.3% |
Apple Inc. | 4.0% |
Visa Inc. | 3.5% |
MasterCard Inc. | 3.4% |
NIKE Inc. | 2.9% |
Bristol-Myers Squibb Co. | 2.5% |
Microsoft Corp. | 2.4% |
Tencent Holdings Ltd. | 2.4% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2012 |
Cusip | 411511504 |
Ticker | HACAX |
Inception Date | 12/29/1987 |
Net Expense Ratio | 0.64% a,b |
Total Net Assets (000s) | $22,576,491 |
ADMINISTRATIVE CLASS | |
Fund # | 2212 |
Cusip | 411511827 |
Ticker | HRCAX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 0.89% a,b |
Total Net Assets (000s) | $589,855 |
INVESTOR CLASS | |
Fund # | 2412 |
Cusip | 411511819 |
Ticker | HCAIX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.01% a,b |
Total Net Assets (000s) | $1,763,207 |
RETIREMENT CLASS | |
Fund # | 2512 |
Cusip | 411512528 |
Ticker | HNACX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.60% a,b |
Total Net Assets (000s) | $502,275 |
Portfolio | Benchmark | ||
Weighted Average Market Cap (MM) | $149,453 | $128,811 | |
Price/Earning Ratio (P/E) | 37.5x | 25.8x | |
Price/Book Ratio (P/B) | 8.1x | 6.8x | |
Beta vs. Russell 1000® Growth Index | 1.11 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 15% c | N/A |
a | Annualized |
b | Reflective of a contractual management fee waiver effective through February 28, 2017. |
c | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor Capital Appreciation Fund | |||||||||||||||||
Institutional Class | -6.59% | -2.52% | 10.99% | 7.59% | 12/29/1987 | $103,909 | |||||||||||
Administrative Class | -6.72 | -2.75 | 10.72 | 7.32 | 11/01/2002 | 101,359 | |||||||||||
Investor Class | -6.77 | -2.87 | 10.59 | 7.19 | 11/01/2002 | 100,127 | |||||||||||
Retirement Class1 | -6.59 | -2.52 | 10.99 | 7.59 | 03/01/2016 | 103,909 | |||||||||||
Comparative Indices | |||||||||||||||||
Russell 1000® Growth | -1.37% | 1.07% | 11.44% | 8.20% | — | $109,955 | |||||||||||
S&P 500 | 0.43 | 1.21 | 11.02 | 6.91 | — | 97,506 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—99.7% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—1.6% | |||
3,091,489 | Boeing Co. | $ 416,733 | |
AUTOMOBILES— 1.3% | |||
1,421,576 | Tesla Motors Inc.* | 342,259 | |
BEVERAGES— 1.7% | |||
673,131 | Constellation Brands Inc. | 105,049 | |
2,191,367 | Monster Beverage Corp.* | 316,039 | |
421,088 | |||
BIOTECHNOLOGY— 6.7% | |||
2,553,911 | Alexion Pharmaceuticals Inc.* | 355,709 | |
1,280,832 | Biogen Inc.* | 352,216 | |
1,507,973 | BioMarin Pharmaceutical Inc.* | 127,695 | |
5,149,008 | Celgene Corp.* | 532,459 | |
860,397 | Regeneron Pharmaceuticals Inc.* | 324,120 | |
1,692,199 | |||
CAPITAL MARKETS—0.6% | |||
5,690,281 | Morgan Stanley | 153,979 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
CHEMICALS— 0.6% | |||
1,710,436 | Monsanto Co. | $ 160,234 | |
COMMUNICATIONS EQUIPMENT—0.9% | |||
1,444,400 | Palo Alto Networks Inc.* | 217,917 | |
DIVERSIFIED FINANCIAL SERVICES—1.3% | |||
3,028,622 | S&P Global Inc. | 323,608 | |
ENERGY EQUIPMENT & SERVICES—0.6% | |||
1,750,040 | Schlumberger Ltd. | 140,598 | |
FOOD & STAPLES RETAILING—3.1% | |||
2,889,210 | Costco Wholesale Corp. | 427,979 | |
10,161,416 | Kroger Co. | 359,612 | |
787,591 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—1.1% | |||
7,490,086 | Abbott Laboratories | 291,364 | |
HOTELS, RESTAURANTS & LEISURE—5.1% | |||
6,287,666 | Marriott International Inc. | 440,703 | |
3,035,181 | McDonald's Corp. | 383,920 | |
8,537,744 | Starbucks Corp. | 480,077 | |
1,304,700 | |||
INDUSTRIAL CONGLOMERATES—0.6% | |||
4,778,169 | General Electric Co. | 146,929 | |
INTERNET & CATALOG RETAIL—9.7% | |||
2,179,399 | Amazon.com Inc.* | 1,437,510 | |
4,587,008 | JD.com Inc. ADR (CHN)*,1 | 117,244 | |
5,858,696 | Netflix Inc.* | 527,458 | |
293,121 | Priceline Group Inc.* | 393,855 | |
2,476,067 | |||
INTERNET SOFTWARE & SERVICES—14.3% | |||
5,301,471 | Alibaba Group Holding Ltd. ADR (CHN)*,1 | 407,895 | |
2,169,635 | Alphabet Inc.* | 1,519,456 | |
9,351,031 | Facebook Inc.* | 1,099,494 | |
30,046,385 | Tencent Holdings Ltd. (CHN) | 611,393 | |
3,638,238 | |||
IT SERVICES—8.1% | |||
2,028,963 | FleetCor Technologies Inc.* | 313,840 | |
8,759,490 | MasterCard Inc. | 849,583 | |
11,654,178 | Visa Inc. | 900,169 | |
2,063,592 | |||
LIFE SCIENCES TOOLS & SERVICES—0.8% | |||
1,478,384 | Illumina Inc.* | 199,567 | |
MEDIA— 3.1% | |||
3,842,295 | Time Warner Inc. | 288,710 | |
4,712,463 | Walt Disney Co. | 486,609 | |
775,319 | |||
OIL, GAS & CONSUMABLE FUELS—1.2% | |||
2,708,463 | Concho Resources Inc.* | 314,642 | |
PHARMACEUTICALS— 6.8% | |||
1,380,144 | Allergan plc* | 298,884 | |
8,884,022 | Bristol-Myers Squibb Co. | 641,249 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
PHARMACEUTICALS— Continued | |||
6,179,837 | Novo Nordisk AS ADR (DEN)1 | $ 344,773 | |
2,340,808 | Shire plc ADR (IE)1 | 438,714 | |
1,723,620 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs)—1.3% | |||
3,194,173 | American Tower Corp. | 335,005 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4% | |||
2,112,239 | NVIDIA Corp. | 75,048 | |
3,317,283 | NXP Semiconductors NV (NET)* | 282,898 | |
357,946 | |||
SOFTWARE— 10.5% | |||
6,124,859 | Adobe Systems Inc.* | 577,084 | |
381,042 | Atlassian Corp. plc (AUS)* | 8,829 | |
12,150,736 | Microsoft Corp. | 605,957 | |
5,523,715 | Red Hat Inc.* | 405,275 | |
7,473,987 | Salesforce.com Inc.* | 566,528 | |
4,357,366 | Splunk Inc.* | 226,496 | |
3,772,515 | Workday Inc.* | 282,863 | |
2,673,032 | |||
SPECIALTY RETAIL—8.1% | |||
2,891,753 | Home Depot Inc. | 387,177 | |
17,636,542 | Industria de Diseno Textil SA (SP)2 | 567,642 | |
2,133,213 | L Brands Inc. | 167,009 | |
1,979,803 | O'Reilly Automotive Inc.* | 520,054 | |
515,791 | Tiffany & Co. | 36,802 | |
5,084,833 | TJX Companies Inc. | 385,532 | |
2,064,216 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.0% | |||
10,824,044 | Apple Inc. | 1,014,646 | |
TEXTILES, APPAREL & LUXURY GOODS—5.2% | |||
1,455,291 | Lululemon Athletica Inc. (CAN)* | 95,394 | |
2,974,227 | Luxottica Group SpA (IT) | 162,302 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
TEXTILES, APPAREL & LUXURY GOODS—Continued | |||
12,318,258 | NIKE Inc. | $ 726,038 | |
4,894,875 | Under Armour Inc.* | 215,081 | |
3,095,847 | Under Armour Inc. Class C* | 126,311 | |
1,325,126 | |||
TOTAL COMMON STOCKS | |||
(Cost $16,996,804) | 25,360,215 | ||
SHORT-TERM INVESTMENTS—1.0% | |||
Principal Amount | |||
REPURCHASE AGREEMENTS—0.1% | |||
$ | 9,384 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $9,577) | 9,384 |
Shares | |||
INVESTMENT COMPANY-SECURITIES LENDING INVESTMENT FUND—0.9% | |||
234,391,475 | State Street Navigator Securities Lending Prime Portfolio (1-day yield of 0.500%)3 | 234,391 | |
TOTAL SHORT-TERM INVESTMENTS | |||
(Cost $243,775) | 243,775 | ||
TOTAL INVESTMENTS—100.7% | |||
(Cost $17,240,579) | 25,603,990 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—(0.7)% | (172,162) | ||
TOTAL NET ASSETS—100.0% | $25,431,828 |
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Common Stocks | ||||||||
Aerospace & Defense | $ 416,733 | $— | $— | $ 416,733 | ||||
Automobiles | 342,259 | — | — | 342,259 | ||||
Beverages | 421,088 | — | — | 421,088 | ||||
Biotechnology | 1,692,199 | — | — | 1,692,199 | ||||
Capital Markets | 153,979 | — | — | 153,979 | ||||
Chemicals | 160,234 | — | — | 160,234 | ||||
Communications Equipment | 217,917 | — | — | 217,917 | ||||
Diversified Financial Services | 323,608 | — | — | 323,608 | ||||
Energy Equipment & Services | 140,598 | — | — | 140,598 | ||||
Food & Staples Retailing | 787,591 | — | — | 787,591 | ||||
Health Care Equipment & Supplies | 291,364 | — | — | 291,364 | ||||
Hotels, Restaurants & Leisure | 1,304,700 | — | — | 1,304,700 | ||||
Industrial Conglomerates | 146,929 | — | — | 146,929 | ||||
Internet & Catalog Retail | 2,476,067 | — | — | 2,476,067 |
Portfolio of Investments—Continued
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Internet Software & Services | $ 3,026,845 | $ 611,393 | $— | $ 3,638,238 | ||||
IT Services | 2,063,592 | — | — | 2,063,592 | ||||
Life Sciences Tools & Services | 199,567 | — | — | 199,567 | ||||
Media | 775,319 | — | — | 775,319 | ||||
Oil, Gas & Consumable Fuels | 314,642 | — | — | 314,642 | ||||
Pharmaceuticals | 1,723,620 | — | — | 1,723,620 | ||||
Real Estate Investment Trusts (REITs) | 335,005 | — | — | 335,005 | ||||
Semiconductors & Semiconductor Equipment | 357,946 | — | — | 357,946 | ||||
Software | 2,673,032 | — | — | 2,673,032 | ||||
Specialty Retail | 1,496,574 | 567,642 | — | 2,064,216 | ||||
Technology Hardware, Storage & Peripherals | 1,014,646 | — | — | 1,014,646 | ||||
Textiles, Apparel & Luxury Goods | 1,162,824 | 162,302 | — | 1,325,126 | ||||
Short-Term Investments | ||||||||
Repurchase Agreements | — | 9,384 | — | 9,384 | ||||
Investment Company-Securities Lending Investment Fund | — | 234,391 | — | 234,391 | ||||
Total Investments in Securities | $24,018,878 | $1,585,112 | $— | $25,603,990 |
* | Non-income producing security |
1 | ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions. |
2 | A portion or all of this security was out on loan as of April 30, 2016. |
3 | Represents the investment of collateral received from securities lending activities. |
AUS | Australia |
CAN | Canada |
CHN | China |
DEN | Denmark |
IE | Ireland |
IT | Italy |
NET | Netherlands |
SP | Spain |
Managers' Commentary (Unaudited)
Boston, MA 02210
Since 2010
Since 2006
Fund Performance
Managers' Commentary—Continued
TOP TEN HOLDINGS (% of net assets) | |
Monster Beverage Corp. | 3.6% |
ServiceNow Inc. | 3.4% |
Expedia Inc. | 3.2% |
Panera Bread Co. | 2.9% |
Workday Inc. | 2.9% |
CoStar Group Inc. | 2.6% |
Equinix Inc. | 2.4% |
Middleby Corp. | 2.1% |
Intuitive Surgical Inc. | 2.0% |
Veeva Systems Inc. | 2.0% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2019 |
Cusip | 411511876 |
Ticker | HAMGX |
Inception Date | 11/01/2000 |
Net Expense Ratio | 0.85% a |
Total Net Assets (000s) | $336,059 |
ADMINISTRATIVE CLASS | |
Fund # | 2219 |
Cusip | 411511793 |
Ticker | HRMGX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.10% a |
Total Net Assets (000s) | $179,707 |
INVESTOR CLASS | |
Fund # | 2419 |
Cusip | 411511785 |
Ticker | HIMGX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.22% a |
Total Net Assets (000s) | $22,944 |
RETIREMENT CLASS | |
Fund # | 2519 |
Cusip | 411512510 |
Ticker | HNMGX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.81% a |
Total Net Assets (000s) | $11 |
Portfolio | Benchmark | ||
Weighted Average Market Cap (MM) | $12,710 | $13,401 | |
Price/Earning Ratio (P/E) | 44.2x | 26.6x | |
Price/Book Ratio (P/B) | 6.0x | 5.9x | |
Beta vs. Russell Midcap® Growth Index | 1.15 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 39% b | N/A |
a | Annualized. |
b | Unannualized. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor Mid Cap Growth Fund | |||||||||||||||||
Institutional Class | -5.24% | -10.12% | 5.99% | 6.02% | 11/01/2000 | $ 89,699 | |||||||||||
Administrative Class | -5.47 | -10.49 | 5.69 | 5.74 | 11/01/2002 | 87,373 | |||||||||||
Investor Class | -5.47 | -10.50 | 5.57 | 5.61 | 11/01/2002 | 86,333 | |||||||||||
Retirement Class1 | -5.35 | -10.23 | 5.96 | 6.01 | 03/01/2016 | 89,590 | |||||||||||
Comparative Index | |||||||||||||||||
Russell Midcap® Growth | -1.54% | -4.13% | 9.20% | 7.38% | — | $101,918 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—98.3% | |||
Shares | Value | ||
BEVERAGES— 5.0% | |||
76,719 | Molson Coors Brewing Co. | $ 7,336 | |
134,515 | Monster Beverage Corp.* | 19,400 | |
26,736 | |||
BIOTECHNOLOGY— 2.9% | |||
29,355 | Alnylam Pharmaceuticals Inc.* | 1,968 | |
93,290 | Incyte Corp.* | 6,742 | |
53,662 | Ionis Pharmaceuticals Inc.* | 2,199 | |
12,758 | Regeneron Pharmaceuticals Inc.* | 4,806 | |
15,715 | |||
BUILDING PRODUCTS—1.9% | |||
180,136 | Fortune Brands Home & Security Inc. | 9,981 | |
CAPITAL MARKETS—1.8% | |||
326,045 | Double Eagle Acquisition Corp. (CYM )* | 3,246 | |
207,931 | Invesco Ltd. | 6,448 | |
9,694 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
CHEMICALS— 1.3% | |||
678,475 | Platform Specialty Products Corp.* | $ 6,988 | |
COMMERCIAL SERVICES & SUPPLIES—1.1% | |||
63,729 | Stericycle Inc.* | 6,090 | |
COMMUNICATIONS EQUIPMENT—0.8% | |||
68,114 | Arista Networks Inc.* | 4,538 | |
DIVERSIFIED FINANCIAL SERVICES—1.8% | |||
89,798 | S&P Global Inc. | 9,595 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.3% | |||
179,132 | CDW Corp. | 6,896 | |
FOOD PRODUCTS—1.2% | |||
765,457 | Nomad Foods Ltd. (VG)* | 6,231 | |
HEALTH CARE EQUIPMENT & SUPPLIES—10.2% | |||
104,501 | Align Technology Inc.* | 7,544 | |
57,887 | Becton Dickinson and Co. | 9,335 | |
146,500 | DexCom Inc.* | 9,432 | |
309,476 | Hologic Inc.* | 10,395 | |
226,403 | Insulet Corp.* | 7,539 | |
16,952 | Intuitive Surgical Inc.* | 10,618 | |
54,863 | |||
HEALTH CARE TECHNOLOGY—5.4% | |||
72,314 | Athenahealth Inc.* | 9,639 | |
153,446 | Cerner Corp.* | 8,614 | |
385,295 | Veeva Systems Inc.* | 10,600 | |
28,853 | |||
HOTELS, RESTAURANTS & LEISURE—8.1% | |||
435,364 | Diamond Resorts International Inc.* | 9,234 | |
289,357 | Hilton Worldwide Holdings Inc. | 6,380 | |
71,819 | Jack in the Box Inc. | 4,852 | |
72,367 | Panera Bread Co.* | 15,522 | |
110,334 | Wyndham Worldwide Corp. | 7,828 | |
43,816 | |||
HOUSEHOLD DURABLES—1.6% | |||
113,308 | Harman International Industries Inc. | 8,697 | |
INTERNET & CATALOG RETAIL—4.5% | |||
151,278 | Expedia Inc. | 17,514 | |
179,611 | Wayfair Inc.* | 6,780 | |
24,294 | |||
INTERNET SOFTWARE & SERVICES—6.3% | |||
98,538 | Akamai Technologies Inc.* | 5,025 | |
71,198 | CoStar Group Inc.* | 14,048 | |
237,540 | Godaddy Inc.* | 7,214 | |
92,252 | Zillow Group Inc. Class A* | 2,308 | |
229,003 | Zillow Group Inc. Class C* | 5,505 | |
34,100 | |||
MACHINERY— 2.1% | |||
104,594 | Middleby Corp.* | 11,468 | |
OIL, GAS & CONSUMABLE FUELS—3.8% | |||
34,818 | Concho Resources Inc.* | 4,045 | |
49,875 | Diamondback Energy Inc.* | 4,318 | |
63,176 | Energen Corp. | 2,684 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
OIL, GAS & CONSUMABLE FUELS—Continued | |||
89,720 | Newfield Exploration Co.* | $ 3,253 | |
38,061 | Pioneer Natural Resources Co. | 6,322 | |
20,622 | |||
PHARMACEUTICALS— 5.7% | |||
39,291 | Allergan plc* | 8,509 | |
102,400 | Eisai Co. Ltd. (JP) | 6,339 | |
165,743 | Mylan NV (NET)* | 6,913 | |
196,000 | Ono Pharmaceutical Co. Ltd. (JP) | 8,831 | |
30,592 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs)—2.4% | |||
39,452 | Equinix Inc. | 13,033 | |
ROAD & RAIL—2.6% | |||
66,279 | Kansas City Southern | 6,280 | |
117,071 | Landstar System Inc. | 7,674 | |
13,954 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.7% | |||
347,219 | Applied Materials Inc. | 7,108 | |
148,661 | Cavium Inc.* | 7,339 | |
14,447 | |||
SOFTWARE— 13.6% | |||
175,445 | Atlassian Corp. plc (AUS)* | 4,065 | |
134,127 | Guidewire Software Inc.* | 7,641 | |
265,730 | Mobileye NV (NET)* | 10,138 | |
259,421 | ServiceNow Inc.* | 18,543 | |
172,411 | SS&C Technologies Holdings Inc. | 10,543 | |
32,671 | Ultimate Software Group Inc.* | 6,423 | |
210,338 | Workday Inc.* | 15,771 | |
73,124 | |||
SPECIALTY RETAIL—2.7% | |||
37,309 | Advance Auto Parts Inc. | 5,824 | |
182,797 | Dick's Sporting Goods Inc. | 8,471 | |
14,295 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.1% | |||
399,030 | Pure Storage Inc.* | $ 5,806 | |
TEXTILES, APPAREL & LUXURY GOODS—3.4% | |||
335,988 | Kate Spade & Co.* | 8,645 | |
2,983,530 | Samsonite International SA (HK) | 9,576 | |
18,221 | |||
TRADING COMPANIES & DISTRIBUTORS—3.0% | |||
205,688 | AerCap Holdings NV (NET)* | 8,230 | |
175,065 | Fastenal Co. | 8,191 | |
16,421 | |||
TOTAL COMMON STOCKS | |||
(Cost $502,747) | 529,070 | ||
SHORT-TERM INVESTMENTS—1.2% | |||
(Cost $6,699) | |||
Principal Amount | |||
REPURCHASE AGREEMENTS | |||
$ | 6,699 | Repurchase Agreement with Bank of America dated April 29, 2016 due May 02, 2016 at 0.270% collateralized by U.S. Treasury Notes (value $6,782) | 6,699 |
TOTAL INVESTMENTS—99.5% | |||
(Cost $509,446) | 535,769 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.5% | 2,952 | ||
TOTAL NET ASSETS—100.0% | $538,721 |
* | Non-income producing security |
AUS | Australia |
CYM | Cayman Islands |
HK | Hong Kong |
JP | Japan |
NET | Netherlands |
VG | Virgin Islands |
Managers' Commentary (Unaudited)
23rd Floor
Since 2000
Since 2000
Since 2011
Since 2011
Since 2011
Fund Performance
Managers' Commentary—Continued
TOP TEN HOLDINGS (% of net assets) | |
Bright Horizons Family Solutions Inc. | 2.4% |
CoStar Group Inc. | 2.4% |
Integra LifeSciences Holdings Corp. | 2.4% |
STERIS Corp. | 2.4% |
Electronics for Imaging Inc. | 2.3% |
Ultimate Software Group Inc. | 2.3% |
Chemtura Corp. | 2.2% |
Masimo Corp. | 2.2% |
BroadSoft Inc. | 2.1% |
Watsco Inc. | 2.1% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2010 |
Cusip | 411511868 |
Ticker | HASGX |
Inception Date | 11/01/2000 |
Net Expense Ratio | 0.84% a |
Total Net Assets (000s) | $557,152 |
ADMINISTRATIVE CLASS | |
Fund # | 2210 |
Cusip | 411511769 |
Ticker | HRSGX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.09% a |
Total Net Assets (000s) | $719 |
INVESTOR CLASS | |
Fund # | 2410 |
Cusip | 411511777 |
Ticker | HISGX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.21% a |
Total Net Assets (000s) | $9,231 |
RETIREMENT CLASS | |
Fund # | 2510 |
Cusip | 411512494 |
Ticker | HNSGX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.80% a |
Total Net Assets (000s) | $11 |
Portfolio | Benchmark | ||
Weighted Average Market Cap (MM) | $2,997 | $2,036 | |
Price/Earning Ratio (P/E) | 38.8x | 31.4x | |
Price/Book Ratio (P/B) | 4.0x | 4.2x | |
Beta vs. Russell 2000® Growth Index | 0.94 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 51% b | N/A |
a | Annualized. |
b | Unannualized. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor Small Cap Growth Fund | |||||||||||||||||
Institutional Class | -6.30% | -12.28% | 6.54% | 6.21% | 11/01/2000 | $91,325 | |||||||||||
Administrative Class | -6.45 | -12.49 | 6.31 | 5.96 | 11/01/2002 | 89,194 | |||||||||||
Investor Class | -6.53 | -12.57 | 6.15 | 5.81 | 11/01/2002 | 87,958 | |||||||||||
Retirement Class1 | -6.22 | -12.20 | 6.56 | 6.22 | 03/01/2016 | 91,406 | |||||||||||
Comparative Index | |||||||||||||||||
Russell 2000® Growth | -4.96% | -8.27% | 7.15% | 6.14% | — | $90,721 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—96.5% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—2.6% | |||
117,800 | HEICO Corp. | $ 6,029 | |
193,030 | Hexcel Corp. | 8,739 | |
14,768 | |||
AIRLINES— 1.3% | |||
162,890 | Spirit Airlines Inc.* | 7,156 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
BANKS— 2.9% | |||
97,326 | Cullen/Frost Bankers Inc. | $ 6,228 | |
278,620 | East West Bancorp Inc. | 10,445 | |
16,673 | |||
BIOTECHNOLOGY— 8.3% | |||
99,220 | Acceleron Pharma Inc.* | 2,972 | |
150,700 | Acorda Therapeutics Inc.* | 3,895 | |
188,200 | Alkermes plc (IE)* | 7,481 | |
165,093 | AMAG Pharmaceuticals Inc.* | 4,378 | |
1,455,010 | ARIAD Pharmaceuticals Inc.* | 10,447 | |
1,099,537 | Merrimack Pharmaceuticals Inc.* | 7,785 | |
195,795 | Neurocrine Biosciences Inc.* | 8,924 | |
30,370 | Prothena Corp. plc (IE)* | 1,312 | |
47,194 | |||
BUILDING PRODUCTS—0.9% | |||
67,185 | American Woodmark Corp.* | 4,894 | |
CAPITAL MARKETS—1.1% | |||
689,080 | BGC Partners Inc. | 6,257 | |
CHEMICALS— 3.6% | |||
450,950 | Chemtura Corp.* | 12,559 | |
217,423 | PolyOne Corp. | 7,823 | |
20,382 | |||
COMMERCIAL SERVICES & SUPPLIES—0.9% | |||
322,258 | Steelcase Inc. | 4,918 | |
COMMUNICATIONS EQUIPMENT—2.0% | |||
153,960 | ADTRAN Inc. | 2,974 | |
363,060 | ARRIS Group Inc.* | 8,267 | |
11,241 | |||
CONTAINERS & PACKAGING—1.6% | |||
245,950 | Berry Plastics Group Inc.* | 8,859 | |
DIVERSIFIED CONSUMER SERVICES—2.4% | |||
206,720 | Bright Horizons Family Solutions Inc.* | 13,565 | |
DIVERSIFIED FINANCIAL SERVICES—0.8% | |||
37,590 | MarketAxess Holdings Inc. | 4,615 | |
HEALTH CARE EQUIPMENT & SUPPLIES—8.8% | |||
191,540 | Integra LifeSciences Holdings Corp.* | 13,565 | |
284,143 | Masimo Corp. | 12,318 | |
193,151 | STERIS Corp. (UK) | 13,650 | |
272,443 | Tandem Diabetes Care Inc.* | 3,032 | |
393,180 | Wright Medical Group NV (NET)* | 7,384 | |
49,949 | |||
HEALTH CARE PROVIDERS & SERVICES—1.3% | |||
175,434 | TeamHealth Holdings Inc.* | 7,338 | |
HOTELS, RESTAURANTS & LEISURE—4.4% | |||
184,980 | Dave & Buster's Entertainment Inc.* | 7,159 | |
166,120 | Texas Roadhouse Inc. | 6,764 | |
85,060 | Vail Resorts Inc. | 11,027 | |
24,950 | |||
HOUSEHOLD DURABLES—1.7% | |||
360,302 | Installed Building Products Inc.* | 9,577 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
INSURANCE— 0.9% | |||
279,770 | CNO Financial Group Inc. | $ 5,139 | |
INTERNET SOFTWARE & SERVICES—2.4% | |||
68,908 | CoStar Group Inc.* | 13,596 | |
IT SERVICES—2.2% | |||
62,444 | Global Payments Inc. | 4,507 | |
243,790 | Interxion Holding NV (NET)* | 8,260 | |
12,767 | |||
LEISURE PRODUCTS—2.0% | |||
233,524 | Brunswick Corp. | 11,216 | |
LIFE SCIENCES TOOLS & SERVICES—3.1% | |||
203,390 | Bruker Corp. | 5,756 | |
174,244 | ICON plc (IE)* | 11,775 | |
17,531 | |||
MACHINERY— 3.2% | |||
203,730 | John Bean Technologies Corp. | 10,623 | |
682,180 | Mueller Water Products Inc. | 7,333 | |
17,956 | |||
MARINE— 2.3% | |||
111,590 | Kirby Corp.* | 7,122 | |
151,853 | Matson Inc. | 5,904 | |
13,026 | |||
MEDIA— 4.6% | |||
56,140 | Madison Square Garden Co.* | 8,813 | |
197,175 | Nexstar Broadcasting Group Inc. | 10,121 | |
270,567 | Starz* | 7,362 | |
26,296 | |||
OIL, GAS & CONSUMABLE FUELS—1.7% | |||
617,986 | Navigator Holdings Ltd. (UK)* | 9,418 | |
PHARMACEUTICALS— 1.7% | |||
1,237,475 | Cardiome Pharma Corp. (CAN)* | 5,544 | |
79,949 | Pacira Pharmaceuticals Inc.* | 4,326 | |
9,870 | |||
PROFESSIONAL SERVICES—2.5% | |||
99,398 | Ceb Inc. | 6,132 | |
150,819 | Huron Consulting Group Inc.* | 8,387 | |
14,519 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs)—1.6% | |||
159,120 | Community Healthcare Trust Inc. | 2,896 | |
233,990 | Four Corners Property Trust Inc. | 4,153 | |
26,567 | National Health Investors Inc. | 1,809 | |
8,858 | |||
ROAD & RAIL—1.2% | |||
78,857 | Marten Transport Ltd. | 1,471 | |
81,450 | Ryder System Inc. | 5,614 | |
7,085 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.8% | |||
108,593 | Cirrus Logic Inc.* | $ 3,920 | |
303,110 | Microsemi Corp. | 10,242 | |
119,114 | Monolithic Power Systems Inc. | 7,435 | |
21,597 | |||
SOFTWARE— 12.3% | |||
306,694 | BroadSoft Inc.* | 12,012 | |
156,971 | Commvault Systems Inc.* | 6,871 | |
261,137 | Fortinet Inc.* | 8,489 | |
125,981 | Infoblox Inc.* | 2,108 | |
158,299 | Proofpoint Inc.* | 9,222 | |
218,800 | Qlik Technologies Inc.* | 6,737 | |
260,449 | Rapid7 Inc.* | 3,261 | |
66,259 | Ultimate Software Group Inc.* | 13,026 | |
346,039 | Zendesk Inc.* | 7,820 | |
69,546 | |||
SPECIALTY RETAIL—0.6% | |||
73,780 | Restoration Hardware Holdings Inc.* | 3,193 | |
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3% | |||
330,277 | Electronics for Imaging Inc.* | 13,158 | |
TRADING COMPANIES & DISTRIBUTORS—3.5% | |||
408,389 | Rush Enterprises Inc.* | 8,041 | |
88,805 | Watsco Inc. | 11,942 | |
19,983 | |||
TOTAL COMMON STOCKS | |||
(Cost $491,691) | 547,090 | ||
SHORT-TERM INVESTMENTS—5.1% | |||
(Cost $29,056) | |||
Principal Amount | |||
REPURCHASE AGREEMENTS | |||
$ | 29,056 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $29,638) | 29,056 |
TOTAL INVESTMENTS—101.6% | |||
(Cost $520,747) | 576,146 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—(1.6)% | (9,033) | ||
TOTAL NET ASSETS—100.0% | $567,113 |
Portfolio of Investments—Continued
* | Non-income producing security |
CAN | Canada |
IE | Ireland |
NET | Netherlands |
UK | United Kingdom |
Managers' Commentary (Unaudited)
Suite 705
Since 2014
Since 2014
Since 2014
Since 2014
Since 2014
Fund Performance
Managers' Commentary—Continued
TOP TEN HOLDINGS (% of net assets) | |
Maxlinear Inc. | 3.2% |
Synchronoss Technologies Inc. | 2.9% |
MDC Partners Inc. | 2.3% |
WageWorks Inc. | 2.0% |
WNS Holdings Ltd. ADR | 2.0% |
Callidus Software Inc. | 1.7% |
Cerus Corp. | 1.7% |
Qlik Technologies Inc. | 1.7% |
Endologix Inc. | 1.6% |
Gogo Inc. | 1.6% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2037 |
Cusip | 411512668 |
Ticker | HASOX |
Inception Date | 02/01/2014 |
Net Expense Ratio | 0.87% a |
Total Net Assets (000s) | $222,747 |
ADMINISTRATIVE CLASS | |
Fund # | 2237 |
Cusip | 411512650 |
Ticker | HRSOX |
Inception Date | 02/01/2014 |
Net Expense Ratio | 1.12% a |
Total Net Assets (000s) | $149 |
INVESTOR CLASS | |
Fund # | 2437 |
Cusip | 411512643 |
Ticker | HISOX |
Inception Date | 02/01/2014 |
Net Expense Ratio | 1.24% a |
Total Net Assets (000s) | $518 |
RETIREMENT CLASS | |
Fund # | 2537 |
Cusip | 411512486 |
Ticker | HNSOX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.82% a |
Total Net Assets (000s) | $11 |
Portfolio | Benchmark | ||
Weighted Average Market Cap (MM) | $1,245 | $2,036 | |
Price/Earning Ratio (P/E) | 39.5x | 31.4x | |
Price/Book Ratio (P/B) | 3.4x | 4.2x | |
Beta vs. Russell 2000® Growth Index | 0.95 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 36% b | N/A |
a | Annualized |
b | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | 5 Years | Annualized | Inception Date | Final Value of a $50,000 Investment | |||||||||||
6 Months | Life of Fund | ||||||||||||||||
Harbor Small Cap Growth Opportunities Fund | |||||||||||||||||
Institutional Class | -1.49% | -7.25% | N/A | 0.92% | 02/01/2014 | $51,041 | |||||||||||
Administrative Class | -0.99 | -6.88 | N/A | 0.98 | 02/01/2014 | 51,102 | |||||||||||
Investor Class | -1.70 | -7.57 | N/A | 0.52 | 02/01/2014 | 50,587 | |||||||||||
Retirement Class1 | -1.49 | -7.25 | N/A | 0.92 | 03/01/2016 | 51,041 | |||||||||||
Comparative Index | |||||||||||||||||
Russell 2000® Growth | -4.96% | -8.27% | N/A | 0.89% | — | $51,010 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—97.6% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—1.3% | |||
60,167 | DigitalGlobe Inc.* | $ 1,333 | |
72,077 | Mercury Systems Inc.* | 1,515 | |
2,848 | |||
AUTO COMPONENTS—0.5% | |||
70,388 | Fox Factory Holding Corp.* | 1,218 | |
BANKS— 0.6% | |||
64,209 | Talmer Bancorp Inc. | 1,246 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
BIOTECHNOLOGY— 1.4% | |||
291,904 | ARIAD Pharmaceuticals Inc.* | $ 2,096 | |
29,156 | BioSpecifics Technologies Corp.* | 1,037 | |
3,133 | |||
BUILDING PRODUCTS—1.5% | |||
57,812 | Caesarstone Sdot-Yam Ltd. (IL)* | 2,141 | |
19,500 | Masonite International Corp. (CAN)* | 1,319 | |
3,460 | |||
CAPITAL MARKETS—1.1% | |||
79,729 | Financial Engines Inc. | 2,568 | |
COMMERCIAL SERVICES & SUPPLIES—2.8% | |||
403,848 | InnerWorkings Inc.* | 3,299 | |
94,967 | Mobile Mini Inc. | 3,063 | |
6,362 | |||
COMMUNICATIONS EQUIPMENT—1.0% | |||
141,306 | Infinera Corp.* | 1,680 | |
32,430 | Ruckus Wireless Inc.* | 446 | |
2,126 | |||
CONSTRUCTION & ENGINEERING—1.0% | |||
31,983 | Dycom Industries Inc.* | 2,258 | |
CONSUMER FINANCE—1.0% | |||
75,961 | Encore Capital Group Inc.* | 2,138 | |
DIVERSIFIED CONSUMER SERVICES—0.7% | |||
351,948 | Chegg Inc.* | 1,598 | |
DIVERSIFIED FINANCIAL SERVICES—0.8% | |||
213,445 | On Deck Capital Inc.* | 1,842 | |
DIVERSIFIED TELECOMMUNICATION SERVICES—0.8% | |||
222,203 | Iridium Communications Inc.* | 1,793 | |
ELECTRICAL EQUIPMENT—0.5% | |||
78,969 | Power Solutions International Inc.* | 1,023 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.3% | |||
16,001 | Coherent Inc. | 1,495 | |
49,211 | Methode Electronics Inc. | 1,463 | |
2,958 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—12.9% | |||
360,609 | Accuray Inc.* | 1,933 | |
595,282 | Cerus Corp.* | 3,726 | |
87,529 | Cryolife Inc. | 1,085 | |
322,884 | Endologix Inc.* | 3,619 | |
28,671 | ICU Medical Inc.* | 2,848 | |
43,595 | Livanova plc (UK)* | 2,299 | |
178,667 | Merit Medical Systems Inc.* | 3,618 | |
237,918 | Novadaq Technologies Inc. (CAN)* | 2,665 | |
21,092 | Nuvasive Inc.* | 1,117 | |
72,948 | Spectranetics Corp.* | 1,240 | |
168,241 | Wright Medical Group NV (NET)* | 3,160 | |
51,717 | Zeltiq Aesthetics Inc.* | 1,546 | |
28,856 | |||
HEALTH CARE PROVIDERS & SERVICES—3.3% | |||
83,577 | ExamWorks Group Inc.* | 3,013 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
HEALTH CARE PROVIDERS & SERVICES—Continued | |||
517,649 | Nobilis Health Corp. (CAN)* | $ 2,185 | |
175,564 | Teladoc Inc.* | 2,133 | |
7,331 | |||
HEALTH CARE TECHNOLOGY—1.8% | |||
137,438 | Evolent Health Inc.* | 1,651 | |
208,236 | Vocera Communications Inc.* | 2,440 | |
4,091 | |||
HOTELS, RESTAURANTS & LEISURE—7.9% | |||
206,368 | Belmond Ltd. (BM)* | 1,890 | |
21,383 | Churchill Downs Inc. | 2,869 | |
232,722 | Clubcorp Holdings Inc. | 3,107 | |
44,263 | Dave & Buster's Entertainment Inc.* | 1,713 | |
67,160 | Habit Restaurants Inc.* | 1,125 | |
138,893 | Papa Murphy's Holdings Inc.* | 1,745 | |
218,051 | Penn National Gaming Inc.* | 3,517 | |
108,942 | Planet Fitness Inc.* | 1,673 | |
17,639 | |||
HOUSEHOLD DURABLES—0.9% | |||
121,876 | Century Communities Inc.* | 2,101 | |
INSURANCE— 1.5% | |||
162,758 | National General Holdings Corp. | 3,286 | |
INTERNET & CATALOG RETAIL—2.1% | |||
473,135 | EVINE Live Inc.* | 729 | |
69,055 | NutriSystem Inc. | 1,520 | |
52,723 | Shutterfly Inc.* | 2,424 | |
4,673 | |||
INTERNET SOFTWARE & SERVICES—6.2% | |||
42,824 | Angie's List Inc.* | 375 | |
219,035 | Bankrate Inc.* | 2,002 | |
346,616 | Gogo Inc.* | 3,671 | |
58,172 | LogMeIn Inc.* | 3,473 | |
113,528 | Pandora Media Inc.* | 1,127 | |
52,338 | Shutterstock Inc.* | 2,147 | |
16,069 | WebMD Health Corp.* | 1,008 | |
13,803 | |||
IT SERVICES—5.7% | |||
106,472 | Blackhawk Network Holdings Inc.* | 3,421 | |
79,939 | Interxion Holding NV (NET)* | 2,708 | |
105,290 | Perficient Inc.* | 2,199 | |
139,006 | WNS Holdings Ltd. ADR (IND)*,1 | 4,405 | |
12,733 | |||
LEISURE PRODUCTS—0.7% | |||
91,507 | Malibu Boats Inc.* | 1,611 | |
MACHINERY— 2.3% | |||
57,107 | Barnes Group Inc. | 1,855 | |
36,633 | CIRCOR International Inc. | 2,068 | |
83,250 | NN Inc. | 1,252 | |
5,175 | |||
MEDIA— 3.8% | |||
153,531 | Global Eagle Entertainment Inc.* | 1,230 | |
251,989 | MDC Partners Inc. (CAN) | 5,100 | |
150,346 | National CineMedia Inc. | 2,135 | |
8,465 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
MULTILINE RETAIL—1.2% | |||
296,273 | Tuesday Morning Corp.* | $ 2,572 | |
PHARMACEUTICALS— 4.2% | |||
338,909 | Aralez Pharmaceuticals Inc. (CAN)* | 1,325 | |
63,012 | Medicines Co.* | 2,243 | |
55,529 | Pacira Pharmaceuticals Inc.* | 3,005 | |
557,645 | Pernix Therapeutics Holdings Inc.* | 418 | |
423,973 | Teligent Inc.* | 2,340 | |
9,331 | |||
PROFESSIONAL SERVICES—5.9% | |||
34,720 | Ceb Inc. | 2,142 | |
124,436 | Korn/Ferry International | 3,377 | |
87,477 | On Assignment Inc.* | 3,155 | |
85,370 | WageWorks Inc.* | 4,598 | |
13,272 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.9% | |||
40,121 | Ambarella Inc. (CYM )* | 1,649 | |
424,842 | Maxlinear Inc.* | 7,116 | |
8,765 | |||
SOFTWARE— 12.3% | |||
204,371 | Callidus Software Inc.* | 3,740 | |
48,006 | FleetMatics Group plc (IE)* | 1,740 | |
67,989 | Gigamon Inc.* | 2,216 | |
28,400 | Imperva Inc.* | 1,320 | |
153,950 | Infoblox Inc.* | 2,575 | |
124,616 | Qlik Technologies Inc.* | 3,837 | |
211,332 | Synchronoss Technologies Inc.* | 6,566 | |
212,489 | Tubemogul Inc.* | 2,754 | |
151,220 | Vasco Data Security International Inc.* | 2,621 | |
27,369 | |||
SPECIALTY RETAIL—0.9% | |||
143,680 | Party City Holdco Inc.* | 2,059 | |
THRIFTS & MORTGAGE FINANCE—2.0% | |||
84,464 | Bofi Holding Inc.* | 1,721 | |
30,583 | LendingTree Inc.* | 2,736 | |
4,457 | |||
TRADING COMPANIES & DISTRIBUTORS—1.8% | |||
52,421 | Beacon Roofing Supply Inc.* | 2,240 | |
87,419 | H&E Equipment Services Inc. | 1,768 | |
4,008 | |||
TOTAL COMMON STOCKS | |||
(Cost $220,490) | 218,168 | ||
Portfolio of Investments—Continued
SHORT-TERM INVESTMENTS—3.3% | |||
(Cost $7,338) | |||
Principal Amount | Value | ||
REPURCHASE AGREEMENTS | |||
$ | 7,338 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $7,489) | $ 7,338 |
TOTAL INVESTMENTS—100.9% | |||
(Cost $227,828) | 225,506 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—(0.9)% | (2,081) | ||
TOTAL NET ASSETS—100.0% | $223,425 |
* | Non-income producing security |
1 | ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions. |
BM | Bermuda |
CAN | Canada |
CYM | Cayman Islands |
IE | Ireland |
IL | Israel |
IND | India |
NET | Netherlands |
UK | United Kingdom |
Manager’s Commentary (Unaudited)
Suite 1700
Since 2012
Fund Performance
Manager’s Commentary—Continued
TOP TEN HOLDINGS (% of net assets) | |
Home Depot Inc. | 3.4% |
Medtronic plc | 3.4% |
Adobe Systems Inc. | 3.1% |
Baxter International Inc. | 3.1% |
Lennar Corp. | 3.0% |
Walgreens Boots Alliance Inc. | 3.0% |
AbbVie Inc. | 2.8% |
Microsoft Corp. | 2.8% |
Phillips 66 | 2.8% |
Time Warner Inc. | 3.3% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2013 |
Cusip | 411511603 |
Ticker | HAVLX |
Inception Date | 12/29/1987 |
Net Expense Ratio | 0.68% a,b |
Total Net Assets (000s) | $252,617 |
ADMINISTRATIVE CLASS | |
Fund # | 2213 |
Cusip | 411511751 |
Ticker | HRLVX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 0.93% a,b |
Total Net Assets (000s) | $7,266 |
INVESTOR CLASS | |
Fund # | 2413 |
Cusip | 411511744 |
Ticker | HILVX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.05% a,b |
Total Net Assets (000s) | $31,857 |
RETIREMENT CLASS | |
Fund # | 2513 |
Cusip | 411512478 |
Ticker | HNLVX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.63% a,b |
Total Net Assets (000s) | $11 |
Portfolio | Benchmark | ||
Weighted Average Market Cap (MM) | $74,728 | $110,445 | |
Price/Earning Ratio (P/E) | 19.7x | 20.9x | |
Price/Book Ratio (P/B) | 3.2x | 2.1x | |
Beta vs. Russell 1000® Value Index | 1.02 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 15% c | N/A |
a | Annualized |
b | Reflective of an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
c | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor Large Cap Value Fund | |||||||||||||||||
Institutional Class | 1.56% | 1.84% | 11.45% | 6.49% | 12/29/1987 | $93,771 | |||||||||||
Administrative Class | 1.34 | 1.50 | 11.15 | 6.21 | 11/01/2002 | 91,344 | |||||||||||
Investor Class | 1.37 | 1.48 | 11.02 | 6.08 | 11/01/2002 | 90,211 | |||||||||||
Retirement Class1 | 1.47 | 1.76 | 11.44 | 6.48 | 03/01/2016 | 93,691 | |||||||||||
Comparative Index | |||||||||||||||||
Russell 1000® Value | 1.93% | -0.40% | 10.13% | 5.67% | — | $86,812 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—94.6% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—2.7% | |||
55,000 | General Dynamics Corp. | $ 7,729 | |
BANKS— 14.6% | |||
735,000 | Banco Bilbao Vizcaya SA ADR (SP)1 | 5,064 | |
480,000 | Bank of America Corp. | 6,989 | |
62,000 | BOK Financial Corp. | 3,731 | |
62,000 | Cullen/Frost Bankers Inc. | 3,967 | |
111,000 | First Republic Bank | 7,806 | |
75,000 | JPMorgan Chase & Co. | 4,740 | |
48,000 | M&T Bank Corp. | 5,679 | |
1,033,000 | Mitsubishi UFJ Financial Group Inc. ADR (JP)1 | 4,752 | |
42,728 | |||
BEVERAGES— 2.0% | |||
55,000 | Diageo plc ADR (UK)1 | 5,958 | |
BIOTECHNOLOGY— 5.2% | |||
134,000 | AbbVie Inc. | 8,174 | |
45,000 | Amgen Inc. | 7,123 | |
15,297 | |||
CHEMICALS— 2.2% | |||
124,000 | Dow Chemical Co. | 6,524 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
CONSTRUCTION MATERIALS—2.8% | |||
48,000 | Martin Marietta Materials Inc. | $ 8,123 | |
ENERGY EQUIPMENT & SERVICES—1.8% | |||
129,000 | Halliburton Co. | 5,329 | |
FOOD & STAPLES RETAILING—3.0% | |||
112,000 | Walgreens Boots Alliance Inc. | 8,879 | |
FOOD PRODUCTS—5.9% | |||
143,000 | Archer-Daniels-Midland Co. | 5,712 | |
47,000 | Hershey Co. | 4,376 | |
168,000 | Mondelez International Inc. | 7,217 | |
17,305 | |||
GAS UTILITIES—1.9% | |||
99,000 | National Fuel Gas Co. | 5,495 | |
HEALTH CARE EQUIPMENT & SUPPLIES—6.5% | |||
208,000 | Baxter International Inc. | 9,198 | |
124,000 | Medtronic plc (IE) | 9,814 | |
19,012 | |||
HOUSEHOLD DURABLES—3.0% | |||
193,000 | Lennar Corp. | 8,745 | |
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS—1.7% | |||
440,000 | AES Corp. | 4,910 | |
INDUSTRIAL CONGLOMERATES—1.8% | |||
175,000 | General Electric Co. | 5,381 | |
INSURANCE— 2.5% | |||
62,000 | Chubb Ltd. (SWS) | 7,307 | |
IT SERVICES—1.8% | |||
133,000 | PayPal Holdings Inc.* | 5,211 | |
MACHINERY— 6.3% | |||
57,000 | Deere & Co. | 4,794 | |
65,000 | Illinois Tool Works Inc. | 6,794 | |
138,000 | Oshkosh Corp. | 6,741 | |
18,329 | |||
MEDIA— 2.8% | |||
109,000 | Time Warner Inc. | 8,190 | |
OIL, GAS & CONSUMABLE FUELS—4.9% | |||
100,000 | Phillips 66 | 8,211 | |
36,000 | Pioneer Natural Resources Co. | 5,980 | |
14,191 | |||
PERSONAL PRODUCTS—3.9% | |||
149,213 | Coty Inc. | 4,536 | |
153,000 | Unilever NV (NET) | 6,735 | |
11,271 | |||
PHARMACEUTICALS— 2.0% | |||
76,000 | Novartis AG ADR (SWS)1 | 5,774 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.9% | |||
90,203 | Microchip Technology Inc. | 4,383 | |
120,000 | Texas Instruments Inc. | 6,845 | |
11,228 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
SOFTWARE— 8.0% | |||
96,000 | Adobe Systems Inc.* | $ 9,045 | |
164,000 | Microsoft Corp. | 8,179 | |
152,000 | Oracle Corp. | 6,059 | |
23,283 | |||
SPECIALTY RETAIL—3.4% | |||
74,000 | Home Depot Inc. | 9,908 | |
TOTAL COMMON STOCKS | |||
(Cost $219,144) | 276,107 | ||
SHORT-TERM INVESTMENTS—4.8% | |||
(Cost $13,933) | |||
Principal Amount | Value | ||
REPURCHASE AGREEMENTS | |||
$ | 13,933 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $14,215) | $ 13,933 |
TOTAL INVESTMENTS—99.4% | |||
(Cost $233,077) | 290,040 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.6% | 1,711 | ||
TOTAL NET ASSETS—100.0% | $291,751 |
* | Non-income producing security |
1 | ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions. |
IE | Ireland |
JP | Japan |
NET | Netherlands |
SP | Spain |
SWS | Switzerland |
UK | United Kingdom |
Managers' Commentary (Unaudited)
Suite 4600
Since 2004
Since 2004
Since 2015
Since 2015
Fund Performance
Managers' Commentary—Continued
TOP TEN HOLDINGS (% of net assets) | |
Public Service Enterprise Group Inc. | 1.8% |
Ameriprise Financial Inc. | 1.4% |
Entergy Corp. | 1.4% |
FirstEnergy Corp. | 1.4% |
Everest Re Group Ltd. | 1.3% |
Quest Diagnostics Inc. | 1.2% |
Regions Financial Corp. | 1.1% |
SunTrust Banks Inc. | 1.1% |
Tesoro Corp. | 1.1% |
Discover Financial Services | 1.0% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2023 |
Cusip | 411511835 |
Ticker | HAMVX |
Inception Date | 03/01/2002 |
Net Expense Ratio | 0.85% a,b |
Total Net Assets (000s) | $556,637 |
ADMINISTRATIVE CLASS | |
Fund # | 2223 |
Cusip | 411511728 |
Ticker | HRMVX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.10% a,b |
Total Net Assets (000s) | $38,393 |
INVESTOR CLASS | |
Fund # | 2423 |
Cusip | 411511736 |
Ticker | HIMVX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.22% a,b |
Total Net Assets (000s) | $169,441 |
RETIREMENT CLASS | |
Fund # | 2523 |
Cusip | 411512460 |
Ticker | HNMVX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.81% a,b |
Total Net Assets (000s) | $11,687 |
Portfolio | Benchmark | ||
Weighted Average Market Cap (MM) | $8,790 | $11,847 | |
Price/Earning Ratio (P/E) | 15.9x | 23.4x | |
Price/Book Ratio (P/B) | 1.7x | 2.0x | |
Beta vs. Russell Midcap® Value Index | 1.05 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 9% c | N/A |
a | Annualized |
b | Reflective of a contractual management fee waiver effective through February 28, 2017. |
c | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor Mid Cap Value Fund | |||||||||||||||||
Institutional Class | -1.42% | -4.76% | 10.43% | 6.90% | 03/01/2002 | $ 97,422 | |||||||||||
Administrative Class | -1.55 | -5.00 | 10.16 | 6.64 | 11/01/2002 | 95,077 | |||||||||||
Investor Class | -1.57 | -5.10 | 10.02 | 6.51 | 11/01/2002 | 93,932 | |||||||||||
Retirement Class1 | -1.42 | -4.76 | 10.43 | 6.90 | 03/01/2016 | 97,422 | |||||||||||
Comparative Index | |||||||||||||||||
Russell Midcap® Value | 3.16% | -0.18% | 10.45% | 7.35% | — | $101,669 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—99.3% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—3.7% | |||
91,024 | AAR Corp. | $ 2,188 | |
35,500 | Huntington Ingalls Industries Inc. | 5,139 | |
27,300 | L-3 Communications Holdings Inc. | 3,591 | |
36,200 | Moog Inc.* | 1,769 | |
11,800 | Raytheon Co. | 1,491 | |
161,102 | Spirit Aerosystems Holdings Inc.* | 7,596 | |
94,893 | Textron Inc. | 3,670 | |
85,800 | Triumph Group Inc. | 3,104 | |
3,511 | Vectrus Inc.* | 76 | |
28,624 | |||
AIR FREIGHT & LOGISTICS—0.3% | |||
67,392 | Atlas Air Worldwide Holdings Inc.* | 2,692 | |
AIRLINES— 1.2% | |||
79,057 | Alaska Air Group Inc. | 5,568 | |
200,500 | JetBlue Airways Corp.* | 3,968 | |
9,536 | |||
AUTO COMPONENTS—2.2% | |||
118,200 | American Axle & Manufacturing Holdings Inc.* | 1,833 | |
29,600 | Cooper-Standard Holding Inc.* | 2,282 | |
277,200 | Goodyear Tire & Rubber Co. | 8,031 | |
40,200 | Lear Corp. | 4,628 | |
16,774 | |||
AUTOMOBILES— 0.6% | |||
91,600 | Harley-Davidson Inc. | 4,381 | |
BANKS— 5.8% | |||
83,600 | Banco Latinoamericano de Comercio Exterior SA (PA) | 2,162 | |
134,800 | CIT Group Inc. | 4,660 | |
327,900 | Fifth Third Bancorp | 6,004 | |
203,100 | Hancock Holding Co. | 5,274 | |
388,700 | Huntington Bancshares Inc. | 3,910 | |
495,200 | KeyCorp | 6,086 | |
4,800 | PNC Financial Services Group Inc. | 421 | |
905,300 | Regions Financial Corp. | 8,492 | |
198,600 | SunTrust Banks Inc. | 8,290 | |
45,299 | |||
BIOTECHNOLOGY— 0.4% | |||
31,000 | United Therapeutics Corp.* | 3,261 | |
CAPITAL MARKETS—1.8% | |||
111,000 | Ameriprise Financial Inc. | 10,645 | |
72,900 | Piper Jaffray Cos.* | 3,041 | |
13,686 | |||
CHEMICALS— 3.6% | |||
54,700 | A. Schulman Inc. | 1,526 | |
48,700 | Cabot Corp. | 2,376 | |
55,600 | Celanese Corp. | 3,931 | |
69,000 | CF Industries Holdings Inc. | 2,282 | |
95,300 | Eastman Chemical Co. | 7,279 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
CHEMICALS— Continued | |||
270,601 | Huntsman Corp. | $ 4,259 | |
186,500 | Mosaic Co. | 5,220 | |
48,600 | Olin Corp. | 1,059 | |
27,932 | |||
COMMERCIAL SERVICES & SUPPLIES—1.8% | |||
98,000 | ADT Corp. | 4,114 | |
187,400 | Pitney Bowes Inc. | 3,930 | |
165,700 | R.R. Donnelley & Sons Co. | 2,883 | |
105,890 | TETRA Tech Inc. | 3,113 | |
14,040 | |||
COMMUNICATIONS EQUIPMENT—2.3% | |||
508,500 | Brocade Communications Systems Inc. | 4,887 | |
40,200 | Harris Corp. | 3,216 | |
171,900 | Juniper Networks Inc. | 4,022 | |
67,900 | NETGEAR Inc.* | 2,879 | |
64,600 | Plantronics Inc. | 2,484 | |
17,488 | |||
CONSTRUCTION & ENGINEERING—1.2% | |||
94,500 | Chicago Bridge & Iron Co. NV (NET) | 3,804 | |
85,900 | Fluor Corp. | 4,695 | |
42,500 | Tutor Perini Corp.* | 672 | |
9,171 | |||
CONSUMER FINANCE—1.5% | |||
144,400 | Discover Financial Services | 8,125 | |
75,900 | Navient Corp. | 1,038 | |
49,529 | Nelnet Inc. | 2,076 | |
11,239 | |||
CONTAINERS & PACKAGING—1.3% | |||
65,244 | Greif Inc. | 2,264 | |
94,000 | Owens-Illinois Inc.* | 1,735 | |
122,314 | Sonoco Products Co. | 5,735 | |
7,946 | WestRock Co. | 333 | |
10,067 | |||
DIVERSIFIED FINANCIAL SERVICES—0.5% | |||
120,200 | Voya Financial Inc. | 3,903 | |
ELECTRIC UTILITIES—5.5% | |||
115,100 | American Electric Power Co. Inc. | 7,309 | |
104,700 | Edison International | 7,403 | |
144,100 | Entergy Corp. | 10,833 | |
328,500 | FirstEnergy Corp. | 10,706 | |
160,400 | PPL Corp. | 6,038 | |
42,289 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.1% | |||
65,500 | Avnet Inc. | 2,694 | |
277,300 | Corning Inc. | 5,177 | |
480,500 | Flextronics International Ltd. (SGP)* | 5,838 | |
105,900 | Ingram Micro Inc.* | 3,701 | |
158,400 | QLogic Corp.* | 2,074 | |
41,800 | Tech Data Corp.* | 2,871 | |
154,200 | Vishay Intertechnology Inc. | 1,875 | |
24,230 | |||
ENERGY EQUIPMENT & SERVICES—1.8% | |||
37,800 | Atwood Oceanics Inc. | 365 | |
125,510 | Bristow Group Inc. | 2,877 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
ENERGY EQUIPMENT & SERVICES—Continued | |||
100,600 | Ensco plc (UK) | $ 1,203 | |
83,400 | National Oilwell Varco Inc. | 3,006 | |
129,900 | Noble Corp. plc (UK) | 1,459 | |
74,800 | Oceaneering International Inc. | 2,741 | |
21,633 | Paragon Offshore plc (UK)* | 8 | |
131,800 | Rowan Cos. plc (UK) | 2,479 | |
14,138 | |||
FOOD & STAPLES RETAILING—1.0% | |||
62,200 | Ingles Markets Inc. | 2,244 | |
84,666 | Kroger Co. | 2,996 | |
516,700 | SUPERVALU Inc.* | 2,599 | |
7,839 | |||
FOOD PRODUCTS—2.8% | |||
67,500 | Archer-Daniels-Midland Co. | 2,696 | |
59,100 | Bunge Ltd. (BM) | 3,694 | |
84,500 | Cal-Maine Foods Inc. | 4,289 | |
35,100 | Ingredion Inc. | 4,040 | |
111,700 | Tyson Foods Inc. | 7,352 | |
22,071 | |||
GAS UTILITIES—0.4% | |||
135,036 | Questar Corp. | 3,385 | |
HEALTH CARE PROVIDERS & SERVICES—3.8% | |||
22,400 | Aetna Inc. | 2,515 | |
56,700 | CIGNA Corp. | 7,855 | |
92,900 | Community Health Systems Inc. | 1,772 | |
262,983 | Kindred Healthcare Inc. | 3,882 | |
96,600 | Owens & Minor Inc. | 3,515 | |
118,200 | Quest Diagnostics Inc. | 8,885 | |
97,800 | Select Medical Holdings Corp.* | 1,309 | |
29,733 | |||
HOTELS, RESTAURANTS & LEISURE—1.7% | |||
171,600 | Brinker International Inc. | 7,948 | |
74,300 | Wyndham Worldwide Corp. | 5,272 | |
13,220 | |||
HOUSEHOLD DURABLES—1.8% | |||
60,636 | Calatlantic Group Inc. | 1,963 | |
101,478 | Ethan Allen Interiors Inc. | 3,454 | |
65,200 | Meritage Homes Corp.* | 2,219 | |
37,400 | Whirlpool Corp. | 6,513 | |
14,149 | |||
HOUSEHOLD PRODUCTS—0.1% | |||
43,931 | Central Garden & Pet Co.* | 716 | |
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS—0.5% | |||
380,400 | AES Corp. | 4,245 | |
INSURANCE— 8.8% | |||
65,100 | Aflac Inc. | 4,490 | |
38,100 | Allstate Corp. | 2,478 | |
47,574 | American Financial Group Inc. | 3,288 | |
83,000 | AmTrust Financial Services Inc. | 2,063 | |
59,700 | Aspen Insurance Holdings Ltd. (BM) | 2,767 | |
40,100 | Assurant Inc. | 3,391 | |
88,400 | Assured Guaranty Ltd. (BM) | 2,287 | |
51,900 | Axis Capital Holdings Ltd. (BM) | 2,765 | |
98,900 | Endurance Specialty Holdings Ltd. (BM) | 6,328 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
INSURANCE— Continued | |||
53,100 | Everest Re Group Ltd. (BM) | $ 9,818 | |
150,800 | Hartford Financial Services Group Inc. | 6,693 | |
105,600 | Lincoln National Corp. | 4,588 | |
133,300 | Maiden Holdings Ltd. (BM) | 1,630 | |
46,000 | Principal Financial Group Inc. | 1,963 | |
134,600 | Universal Insurance Holdings Inc. | 2,370 | |
139,000 | Unum Group | 4,755 | |
77,600 | Validus Holdings Ltd. (BM) | 3,577 | |
89,700 | XL Group plc (IE) | 2,936 | |
68,187 | |||
INTERNET SOFTWARE & SERVICES—0.2% | |||
190,700 | DHI Group Inc.* | 1,356 | |
IT SERVICES—2.8% | |||
43,000 | Amdocs Ltd. | 2,431 | |
110,756 | Convergys Corp. | 2,935 | |
135,957 | Teradata Corp.* | 3,440 | |
228,100 | Western Union Co. | 4,562 | |
843,700 | Xerox Corp. | 8,099 | |
21,467 | |||
LEISURE PRODUCTS—0.5% | |||
184,500 | Smith & Wesson Holding Corp.* | 4,028 | |
MACHINERY— 3.8% | |||
42,500 | AGCO Corp. | 2,273 | |
170,200 | Briggs & Stratton Corp. | 3,603 | |
62,200 | Cummins Inc. | 7,279 | |
52,803 | Hillenbrand Inc. | 1,601 | |
161,900 | Meritor Inc.* | 1,376 | |
86,200 | Oshkosh Corp. | 4,211 | |
55,300 | Timken Co. | 1,970 | |
111,200 | Trinity Industries Inc. | 2,170 | |
327,400 | Wabash National Corp.* | 4,665 | |
29,148 | |||
MEDIA— 1.0% | |||
26,450 | Gannett Co. Inc. | 446 | |
98,500 | TEGNA Inc. | 2,301 | |
130,500 | Viacom Inc. | 5,337 | |
8,084 | |||
METALS & MINING—0.8% | |||
78,500 | Reliance Steel & Aluminum Co. | 5,807 | |
MULTILINE RETAIL—1.5% | |||
33,600 | Dillard's Inc. | 2,367 | |
124,800 | Kohl's Corp. | 5,529 | |
102,800 | Macy's Inc. | 4,070 | |
11,966 | |||
MULTI-UTILITIES— 2.7% | |||
102,200 | Ameren Corp. | 4,906 | |
302,600 | Public Service Enterprise Group Inc. | 13,959 | |
29,500 | SCANA Corp. | 2,026 | |
20,891 | |||
OIL, GAS & CONSUMABLE FUELS—3.8% | |||
53,500 | Energy XXI Ltd. (BM) | 6 | |
119,000 | HollyFrontier Corp. | 4,236 | |
133,900 | Marathon Petroleum Corp. | 5,233 | |
163,700 | PBF Energy Inc. | 5,268 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
OIL, GAS & CONSUMABLE FUELS—Continued | |||
196,600 | Ship Finance International Ltd. (BM) | $ 2,982 | |
106,100 | Tesoro Corp. | 8,455 | |
54,200 | Valero Energy Corp. | 3,191 | |
29,371 | |||
PAPER & FOREST PRODUCTS—0.7% | |||
27,697 | Clearwater Paper Corp.* | 1,655 | |
98,600 | Domtar Corp. | 3,810 | |
5,465 | |||
PHARMACEUTICALS— 0.6% | |||
44,200 | Lannett Co. Inc.* | 848 | |
98,100 | Mylan NV (NET)* | 4,091 | |
4,939 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs)—11.7% | |||
624,000 | Annaly Capital Management Inc. | 6,502 | |
181,700 | Brandywine Realty Trust | 2,716 | |
202,800 | Capstead Mortgage Corp. | 1,971 | |
286,300 | CBL & Associates Properties Inc. | 3,344 | |
383,200 | Cousins Properties Inc. | 3,966 | |
46,186 | DuPont Fabros Technology Inc. | 1,839 | |
507,836 | Franklin Street Properties Corp. | 5,393 | |
134,000 | Government Properties Income Trust | 2,535 | |
188,700 | Hersha Hospitality Trust | 3,640 | |
229,600 | Hospitality Properties Trust | 5,876 | |
633,800 | Lexington Realty Trust | 5,565 | |
243,500 | Mack-Cali Realty Corp. | 6,224 | |
298,300 | MFA Financial Inc. | 2,061 | |
120,300 | OMEGA Healthcare Investors Inc. | 4,063 | |
144,800 | PennyMac Mortgage Investment Trust | 1,968 | |
320,900 | Piedmont Office Realty Trust Inc. | 6,389 | |
178,707 | Rouse Properties Inc.* | 3,301 | |
196,851 | Select Income REIT | 4,557 | |
411,114 | Senior Housing Properties Trust | 7,227 | |
334,600 | Summit Hotel Properties Inc. | 3,815 | |
209,823 | Sunstone Hotel Investors Inc. | 2,688 | |
121,000 | Two Harbors Investment Corp. | 947 | |
501,700 | Vereit Inc. | 4,455 | |
91,042 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.0% | |||
4,847 | RMR Group Inc. | 121 | |
ROAD & RAIL—0.2% | |||
74,200 | ArcBest Corp. | 1,416 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3% | |||
647,500 | Amkor Technology Inc.* | 3,697 | |
34,200 | LAM Research Corp. | 2,613 | |
179,800 | Teradyne Inc. | 3,400 | |
9,710 | |||
SOFTWARE— 1.0% | |||
76,300 | CA Inc. | 2,263 | |
110,400 | Mentor Graphics Corp. | 2,204 | |
196,100 | Symantec Corp. | 3,264 | |
7,731 | |||
SPECIALTY RETAIL—2.8% | |||
72,700 | Bed Bath & Beyond Inc. | 3,433 | |
123,900 | Finish Line Inc. | 2,447 | |
53,600 | Foot Locker Inc. | 3,293 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
SPECIALTY RETAIL—Continued | |||
89,100 | GameStop Corp. | $ 2,922 | |
138,900 | Gap Inc. | 3,220 | |
40,300 | Group 1 Automotive Inc. | 2,653 | |
50,763 | Murphy USA Inc.* | 2,915 | |
23,700 | Outerwall Inc. | 979 | |
21,862 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.1% | |||
32,500 | Lexmark International Inc. | 1,255 | |
211,000 | NCR Corp.* | 6,138 | |
112,600 | NetApp Inc. | 2,662 | |
170,700 | Seagate Technology plc (IE) | 3,716 | |
65,200 | Western Digital Corp. | 2,664 | |
16,435 | |||
TEXTILES, APPAREL & LUXURY GOODS—0.3% | |||
37,300 | Deckers Outdoor Corp.* | 2,156 | |
THRIFTS & MORTGAGE FINANCE—0.9% | |||
249,400 | MGIC Investment Corp.* | 1,803 | |
185,900 | Radian Group Inc. | 2,378 | |
116,000 | Washington Federal Inc. | 2,817 | |
6,998 | |||
TOBACCO— 0.4% | |||
58,751 | Universal Corp. | 3,205 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
TRADING COMPANIES & DISTRIBUTORS—0.7% | |||
113,600 | Aircastle Ltd. (BM) | $ 2,465 | |
133,800 | H&E Equipment Services Inc. | 2,707 | |
5,172 | |||
TOTAL COMMON STOCKS | |||
(Cost $773,227) | 770,665 | ||
SHORT-TERM INVESTMENTS—0.6% | |||
(Cost $4,852) | |||
Principal Amount | |||
REPURCHASE AGREEMENTS | |||
$ | 4,852 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $4,951) | 4,852 |
TOTAL INVESTMENTS—99.9% | |||
(Cost $778,079) | 775,517 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.1% | 641 | ||
TOTAL NET ASSETS—100.0% | $776,158 |
* | Non-income producing security |
BM | Bermuda |
IE | Ireland |
NET | Netherlands |
PA | Panama |
SGP | Singapore |
UK | United Kingdom |
Manager’s Commentary (Unaudited)
Suite 2300
Since 2001
Fund Performance
Manager’s Commentary—Continued
TOP TEN HOLDINGS (% of net assets) | |
Global Payments Inc. | 3.6% |
Valspar Corp. | 3.5% |
Hexcel Corp. | 3.4% |
Snap-on Inc. | 3.2% |
MEDNAX Inc. | 2.7% |
Cantel Medical Corp. | 2.6% |
WGL Holdings Inc. | 2.5% |
EnerSys | 2.4% |
Monolithic Power Systems Inc. | 2.4% |
Entegris Inc. | 2.3% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2022 |
Cusip | 411511843 |
Ticker | HASCX |
Inception Date | 12/14/2001 |
Net Expense Ratio | 0.86% a |
Total Net Assets (000s) | $824,838 |
ADMINISTRATIVE CLASS | |
Fund # | 2222 |
Cusip | 411511710 |
Ticker | HSVRX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.11% a |
Total Net Assets (000s) | $1,175 |
INVESTOR CLASS | |
Fund # | 2422 |
Cusip | 411511694 |
Ticker | HISVX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.23% a |
Total Net Assets (000s) | $17,520 |
RETIREMENT CLASS | |
Fund # | 2522 |
Cusip | 411512452 |
Ticker | HNVRX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.81% a |
Total Net Assets (000s) | $11 |
Portfolio | Benchmark | ||
Weighted Average Market Cap (MM) | $3,737 | $1,765 | |
Price/Earning Ratio (P/E) | 21.5x | 22.1x | |
Price/Book Ratio (P/B) | 2.5x | 1.5x | |
Beta vs. Russell 2000® Value Index | 0.98 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 4% b | N/A |
a | Annualized |
b | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor Small Cap Value Fund | |||||||||||||||||
Institutional Class | 1.20% | -2.63% | 8.63% | 5.27% | 12/14/2001 | $83,578 | |||||||||||
Administrative Class | 1.10 | -2.89 | 8.35 | 5.01 | 11/01/2002 | 81,507 | |||||||||||
Investor Class | 1.04 | -2.97 | 8.23 | 4.88 | 11/01/2002 | 80,546 | |||||||||||
Retirement Class1 | 1.24 | -2.59 | 8.63 | 5.28 | 03/01/2016 | 83,611 | |||||||||||
Comparative Index | |||||||||||||||||
Russell 2000® Value | 1.18% | -3.71% | 6.77% | 4.61% | — | $78,492 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—96.3% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—6.4% | |||
638,074 | Hexcel Corp. | $ 28,886 | |
215,994 | Moog Inc.* | 10,553 | |
155,618 | Teledyne Technologies Inc.* | 14,465 | |
53,904 | |||
BANKS— 3.6% | |||
431,971 | Trustmark Corp. | 10,587 | |
293,539 | United Bankshares Inc. | 11,357 | |
256,980 | Wesbanco Inc. | 8,257 | |
30,201 | |||
CAPITAL MARKETS—4.3% | |||
280,963 | Eaton Vance Corp. | 9,701 | |
318,323 | Raymond James Financial Inc. | 16,607 | |
296,382 | Stifel Financial Corp.* | 9,754 | |
36,062 | |||
CHEMICALS— 6.7% | |||
200,586 | Cabot Corp. | 9,787 | |
243,112 | Scotts Miracle-Gro Co. | 17,207 | |
274,315 | Valspar Corp. | 29,267 | |
56,261 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
CONSUMER FINANCE—1.7% | |||
397,093 | Cash America International Inc. | $ 14,677 | |
DIVERSIFIED TELECOMMUNICATION SERVICES—1.6% | |||
131,295 | SBA Communications Corp.* | 13,529 | |
ELECTRICAL EQUIPMENT—2.4% | |||
343,317 | EnerSys | 20,039 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—9.6% | |||
530,555 | Checkpoint Systems Inc. | 5,369 | |
��195,888 | Coherent Inc. | 18,296 | |
452,053 | FLIR Systems Inc. | 13,657 | |
163,186 | Littelfuse Inc. | 19,008 | |
251,883 | OSI Systems Inc.* | 12,818 | |
496,165 | Sanmina Corp.* | 11,734 | |
80,882 | |||
ENERGY EQUIPMENT & SERVICES—1.7% | |||
108,138 | Core Laboratories NV | 14,454 | |
FOOD & STAPLES RETAILING—0.9% | |||
208,892 | United Natural Foods Inc.* | 7,451 | |
GAS UTILITIES—4.0% | |||
468,108 | South Jersey Industries Inc. | 13,065 | |
310,951 | WGL Holdings Inc. | 21,110 | |
34,175 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—2.6% | |||
331,498 | Cantel Medical Corp. | 22,207 | |
HEALTH CARE PROVIDERS & SERVICES—6.8% | |||
286,010 | Centene Corp.* | 17,721 | |
316,129 | MEDNAX Inc.* | 22,537 | |
335,339 | Molina Healthcare Inc.* | 17,357 | |
57,615 | |||
HOTELS, RESTAURANTS & LEISURE—1.6% | |||
739,149 | Bloomin' Brands Inc. | 13,822 | |
HOUSEHOLD DURABLES—1.2% | |||
306,666 | Meritage Homes Corp.* | 10,436 | |
INSURANCE— 6.9% | |||
598,863 | American Equity Investment Life Holding Co. | 8,384 | |
335,126 | Horace Mann Educators Corp. | 10,422 | |
194,297 | Reinsurance Group of America Inc. | 18,501 | |
194,682 | State Auto Financial Corp. | 3,993 | |
372,254 | United Fire Group Inc. | 16,685 | |
57,985 | |||
IT SERVICES—5.1% | |||
424,372 | Global Payments Inc. | 30,631 | |
380,074 | ManTech International Corp. | 12,847 | |
43,478 | |||
MACHINERY— 11.3% | |||
247,250 | Albany International Corp. | 9,962 | |
354,444 | Altra Industrial Motion Corp. | 10,173 | |
558,299 | Franklin Electric Co. Inc. | 17,637 | |
1,603,653 | Mueller Water Products Inc. | 17,239 | |
167,645 | Snap-on Inc. | 26,702 | |
384,056 | Timken Co. | 13,684 | |
95,397 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
OIL, GAS & CONSUMABLE FUELS—3.0% | |||
378,984 | Gulfport Energy Corp.* | $ 11,862 | |
109,178 | ONEOK Inc. | 3,947 | |
145,245 | PDC Energy Inc.* | 9,120 | |
24,929 | |||
REAL ESTATE INVESTMENT TRUSTS (REITs)—2.4% | |||
824,637 | First Potomac Realty Trust | 6,935 | |
996,153 | Medical Properties Trust Inc. | 13,259 | |
20,194 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.1% | |||
470,423 | Advanced Energy Industries Inc.* | 15,218 | |
332,624 | Cabot Microelectronics Corp. | 13,934 | |
1,437,232 | Entegris Inc.* | 19,101 | |
323,797 | Monolithic Power Systems Inc. | 20,211 | |
68,464 | |||
SOFTWARE— 0.7% | |||
377,733 | Epiq Systems Inc. | 5,579 | |
THRIFTS & MORTGAGE FINANCE—2.0% | |||
507,483 | Astoria Financial Corp. | 7,632 | |
628,900 | Everbank Financial Corp. | 9,484 | |
17,116 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
TRADING COMPANIES & DISTRIBUTORS—1.7% | |||
304,671 | GATX Corp. | $ 13,997 | |
TOTAL COMMON STOCKS | |||
(Cost $575,043) | 812,854 | ||
SHORT-TERM INVESTMENTS—3.7% | |||
(Cost $30,874) | |||
Principal Amount | |||
REPURCHASE AGREEMENTS | |||
$ | 30,874 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $31,494) | 30,874 |
TOTAL INVESTMENTS—100.0% | |||
(Cost $605,917) | 843,728 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | (184) | ||
TOTAL NET ASSETS—100.0% | $843,544 |
* | Non-income producing security |
Statements of Assets and Liabilities—April 30, 2016 (Unaudited)
Harbor Capital Appreciation Fund | Harbor Mid Cap Growth Fund | Harbor Small Cap Growth Fund | Harbor Small Cap Growth Opportunities Fund | Harbor Large Cap Value Fund | Harbor Mid Cap Value Fund | Harbor Small Cap Value Fund | |
ASSETS | |||||||
Investments, at identified cost* | $17,240,579 | $509,446 | $520,747 | $227,828 | $233,077 | $778,079 | $605,917 |
Investments, at value(Including securities loaned of $217,966, $0, $0, $0, $0, $0 and $0) | $25,594,606 | $529,070 | $547,090 | $218,168 | $276,107 | $770,665 | $812,854 |
Repurchase agreements | 9,384 | 6,699 | 29,056 | 7,338 | 13,933 | 4,852 | 30,874 |
Cash | 1 | — | — | 1 | — | 1 | 1 |
Receivables for: | |||||||
Investments sold | 155,922 | 6,698 | 2,605 | 4,253 | 2,293 | 657 | — |
Capital shares sold | 44,471 | 607 | 349 | 68 | 313 | 1,006 | 846 |
Dividends | 15,313 | 163 | 107 | — | 456 | 929 | 327 |
Securities lending income | 1 | — | — | — | — | — | — |
Withholding tax | 1,526 | — | — | — | 48 | — | — |
Prepaid registration fees | 2 | 38 | 32 | 59 | 35 | 26 | 39 |
Prepaid fund insurance | 81 | 2 | 2 | 1 | 1 | 2 | 3 |
Other assets | 860 | 32 | 29 | 2 | 29 | 11 | 42 |
Total Assets | 25,822,167 | 543,309 | 579,270 | 229,890 | 293,215 | 778,149 | 844,986 |
LIABILITIES | |||||||
Payables for: | |||||||
Investments purchased | 108,438 | 2,966 | 11,653 | 6,253 | 777 | 830 | — |
Foreign currency spot contracts | 110 | — | — | — | — | — | — |
Capital shares reacquired | 29,414 | 1,099 | 46 | 38 | 452 | 486 | 660 |
Collateral for securities loaned | 234,391 | — | — | — | — | — | — |
Accrued expenses: | |||||||
Management fees | 11,750 | 331 | 350 | 138 | 142 | 464 | 521 |
12b-1 fees | 492 | 53 | 2 | — | 8 | 43 | 4 |
Transfer agent fees | 1,756 | 35 | 36 | 14 | 21 | 64 | 54 |
Trustees' fees and expenses | 275 | 6 | 6 | 2 | 3 | 7 | 8 |
Other | 3,713 | 98 | 64 | 20 | 61 | 97 | 195 |
Total Liabilities | 390,339 | 4,588 | 12,157 | 6,465 | 1,464 | 1,991 | 1,442 |
NET ASSETS | $25,431,828 | $538,721 | $567,113 | $223,425 | $291,751 | $776,158 | $843,544 |
Net Assets Consist of: | |||||||
Paid-in capital | $16,826,685 | $535,828 | $524,643 | $235,602 | $229,602 | $762,430 | $620,754 |
Accumulated undistributed net investment income/(loss) | 11,752 | (4,777) | (777) | (478) | 1,258 | 5,417 | 674 |
Accumulated net realized gain/(loss) | 230,009 | (18,659) | (12,152) | (9,378) | 3,928 | 10,873 | (15,694) |
Unrealized appreciation/(depreciation) of investments and translation of assets and liabilities in foreign currencies | 8,363,382 | 26,329 | 55,399 | (2,321) | 56,963 | (2,562) | 237,810 |
$25,431,828 | $538,721 | $567,113 | $223,425 | $291,751 | $776,158 | $843,544 | |
Harbor Capital Appreciation Fund | Harbor Mid Cap Growth Fund | Harbor Small Cap Growth Fund | Harbor Small Cap Growth Opportunities Fund | Harbor Large Cap Value Fund | Harbor Mid Cap Value Fund | Harbor Small Cap Value Fund | ||||||||
NET ASSET VALUE PER SHARE BY CLASS | ||||||||||||||
Institutional Class | ||||||||||||||
Net assets | $22,576,491 | $336,059 | $557,152 | $222,747 | $252,617 | $556,637 | $824,838 | |||||||
Shares of beneficial interest1 | 395,514 | 41,106 | 49,298 | 22,680 | 21,526 | 28,781 | 32,329 | |||||||
Net asset value per share2 | $ 57.08 | $ 8.18 | $ 11.30 | $ 9.82 | $ 11.74 | $ 19.34 | $ 25.51 | |||||||
Administrative Class | ||||||||||||||
Net assets | $ 589,855 | $179,707 | $ 719 | $ 149 | $ 7,266 | $ 38,393 | $ 1,175 | |||||||
Shares of beneficial interest1 | 10,470 | 22,769 | 67 | 15 | 621 | 1,969 | 46 | |||||||
Net asset value per share2 | $ 56.34 | $ 7.89 | $ 10.71 | $ 9.83 | $ 11.72 | $ 19.49 | $ 25.44 | |||||||
Investor Class | ||||||||||||||
Net assets | $ 1,763,207 | $ 22,944 | $ 9,231 | $ 518 | $ 31,857 | $169,441 | $ 17,520 | |||||||
Shares of beneficial interest1 | 31,725 | 2,977 | 898 | 53 | 2,693 | 8,781 | 701 | |||||||
Net asset value per share2 | $ 55.58 | $ 7.71 | $ 10.28 | $ 9.73 | $ 11.83 | $ 19.30 | $ 24.98 | |||||||
Retirement Class | ||||||||||||||
Net assets | $ 502,275 | $ 11 | $ 11 | $ 11 | $ 11 | $ 11,687 | $ 11 | |||||||
Shares of beneficial interest1 | 8,799 | 1 | 1 | 1 | 1 | 604 | 1 | |||||||
Net asset value per share2 | $ 57.08 | $ 8.17 | $ 11.31 | $ 9.82 | $ 11.73 | $ 19.34 | $ 25.50 |
* | Including repurchase agreements and short-term investments. |
1 | Par value $0.01 (unlimited authorizations). |
2 | Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded to thousands. |
Statements of Operations—Six Months Ended April 30, 2016 (Unaudited)
Harbor Capital Appreciation Fund | Harbor Mid Cap Growth Fund | Harbor Small Cap Growth Fund | Harbor Small Cap Growth Opportunities Fund | Harbor Large Cap Value Fund | Harbor Mid Cap Value Fund | Harbor Small Cap Value Fund | |
Investment Income | |||||||
Dividends | $ 106,725 | $ 1,433 | $ 1,750 | $ 431 | $ 2,981 | $ 11,282 | $ 5,571 |
Net securities lending income | 38 | — | — | — | — | — | — |
Interest | 33 | 13 | 3 | — | 1 | 2 | 3 |
Foreign taxes withheld | (2,480) | (10) | — | (13) | (75) | (2) | (12) |
Total Investment Income | 104,316 | 1,436 | 1,753 | 418 | 2,907 | 11,282 | 5,562 |
Operating Expenses | |||||||
Management fees | 77,327 | 2,007 | 2,098 | 772 | 811 | 2,577 | 3,027 |
12b-1 fees: | |||||||
Administrative Class | 748 | 401 | 1 | 3 | 16 | 38 | 1 |
Investor Class | 2,405 | 29 | 13 | 1 | 37 | 199 | 21 |
Shareholder communications | 809 | 16 | 8 | 2 | 5 | 28 | 81 |
Custodian fees | 400 | 25 | 17 | 15 | 9 | 21 | 13 |
Transfer agent fees: | |||||||
Institutional Class | 8,115 | 67 | 192 | 71 | 80 | 175 | 277 |
Administrative Class | 210 | 112 | — | 1 | 4 | 11 | — |
Investor Class | 1,826 | 22 | 10 | — | 28 | 151 | 16 |
Retirement Class | 8 | — | — | — | — | — | — |
Professional fees | 278 | 6 | 6 | 2 | 3 | 12 | 9 |
Trustees' fees and expenses | 346 | 7 | 8 | 3 | 4 | 8 | 11 |
Registration fees | 222 | 25 | 27 | 23 | 27 | 54 | 34 |
Miscellaneous | 123 | 7 | 6 | 5 | 5 | 7 | 7 |
Total expenses | 92,817 | 2,724 | 2,386 | 898 | 1,029 | 3,281 | 3,497 |
Management fees waived | (5,672) | — | — | — | — | (21) | — |
Transfer agent fees waived | (213) | (4) | (5) | (2) | (2) | (6) | (7) |
Other expenses reimbursed | — | — | — | — | (37) | — | — |
Custodial expense reductions | (2) | — | — | — | — | — | — |
Net expenses | 86,930 | 2,720 | 2,381 | 896 | 990 | 3,254 | 3,490 |
Net Investment Income/(Loss) | 17,386 | (1,284) | (628) | (478) | 1,917 | 8,028 | 2,072 |
Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions | |||||||
Net realized gain/(loss) on: | |||||||
Investments | 300,965 | (16,158) | (11,102) | (5,738) | 5,504 | 10,714 | (15,954) |
Foreign currency transactions | (24) | 9 | — | — | — | — | — |
Change in net unrealized appreciation/(depreciation) on: | |||||||
Investments | (2,124,394) | (14,087) | (24,560) | 4,757 | (2,670) | (22,992) | 24,780 |
Translations of assets and liabilities in foreign currencies | 31 | 7 | — | — | — | — | — |
Net gain/(loss) on investment transactions | (1,823,422) | (30,229) | (35,662) | (981) | 2,834 | (12,278) | 8,826 |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $(1,806,036) | $(31,513) | $(36,290) | $(1,459) | $ 4,751 | $ (4,250) | $ 10,898 |
Statements of Changes In Net Assets
Harbor Capital Appreciation Fund | Harbor Mid Cap Growth Fund | Harbor Small Cap Growth Fund | ||||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | |||
INCREASE/(DECREASE) IN NET ASSETS | (Unaudited) | (Unaudited) | (Unaudited) | |||||
Operations: | ||||||||
Net investment income/(loss) | $ 17,386 | $ 22,045 | $ (1,284) | $ (3,445) | $ (628) | $ (1,459) | ||
Net realized gain/(loss) on investments | 300,941 | 1,993,505 | (16,149) | 81,049 | (11,102) | 79,352 | ||
Change in net unrealized appreciation/(depreciation) of investments | (2,124,363) | 977,755 | (14,080) | (63,646) | (24,560) | (56,171) | ||
Net increase/(decrease) in assets resulting from operations | (1,806,036) | 2,993,305 | (31,513) | 13,958 | (36,290) | 21,722 | ||
Distributions to Shareholders | ||||||||
Net investment income: | ||||||||
Institutional Class | (18,442) | (17,426) | (1,218) | — | — | — | ||
Administrative Class | — | — | (1,470) | — | — | — | ||
Investor Class | — | — | (49) | — | — | — | ||
Retirement Class | — | — | — | — | — | — | ||
Net realized gain on investments: | ||||||||
Institutional Class | (1,555,559) | (1,362,695) | (20,507) | (48,715) | (67,518) | (87,734) | ||
Administrative Class | (40,125) | (40,499) | (40,876) | (59,286) | (94) | (103) | ||
Investor Class | (142,031) | (115,034) | (2,859) | (5,793) | (1,413) | (2,245) | ||
Retirement Class | — | — | — | — | — | — | ||
Total distributions to shareholders | (1,756,157) | (1,535,654) | (66,979) | (113,794) | (69,025) | (90,082) | ||
Net Increase/(Decrease) Derived from Capital Share Transactions | 1,488,853 | 1,022,778 | 52,137 | (43,857) | 72,130 | 50,266 | ||
Net increase/(decrease) in net assets | (2,073,340) | 2,480,429 | (46,355) | (143,693) | (33,185) | (18,094) | ||
Net Assets | ||||||||
Beginning of period | 27,505,168 | 25,024,739 | 585,076 | 728,769 | 600,298 | 618,392 | ||
End of period* | $25,431,828 | $27,505,168 | $538,721 | $ 585,076 | $567,113 | $600,298 | ||
* Includes accumulated undistributed net investment income/(loss) of: | $ 11,752 | $ 12,808 | $ (4,777) | $ (756) | $ (777) | $(149) |
Harbor Small Cap Growth Opportunities Fund | Harbor Large Cap Value Fund | Harbor Mid Cap Value Fund | Harbor Small Cap Value Fund | |||||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
$ (478) | $ (787) | $ 1,917 | $ 3,166 | $ 8,028 | $ 7,906 | $ 2,072 | $ 3,016 | |||
(5,738) | 5,003 | 5,504 | 13,220 | 10,714 | 13,093 | (15,954) | 34,267 | |||
4,757 | (8,902) | (2,670) | 1,780 | (22,992) | (22,367) | 24,780 | (43,638) | |||
(1,459) | (4,686) | 4,751 | 18,166 | (4,250) | (1,368) | 10,898 | (6,355) | |||
— | — | (1,313) | (2,518) | (6,585) | (2,051) | (2,908) | (1,525) | |||
— | — | (113) | (204) | (315) | (131) | — | — | |||
— | — | (125) | (170) | (1,677) | (743) | — | — | |||
— | — | — | — | — | — | — | — | |||
(6,945) | (322) | (9,777) | (12,993) | (8,686) | (1,379) | (27,732) | (23,533) | |||
(104) | (2) | (1,072) | (1,356) | (503) | (107) | (38) | (129) | |||
(21) | (9) | (1,298) | (1,271) | (2,945) | (671) | (590) | (601) | |||
— | — | — | — | — | — | — | — | |||
(7,070) | (333) | (13,698) | (18,512) | (20,711) | (5,082) | (31,268) | (25,788) | |||
23,342 | 153,774 | 15,230 | 42,102 | 122,470 | 383,353 | 18,550 | 145,301 | |||
14,813 | 148,755 | 6,283 | 41,756 | 97,509 | 376,903 | (1,820) | 113,158 | |||
�� | ||||||||||
208,612 | 59,857 | 285,468 | 243,712 | 678,649 | 301,746 | 845,364 | 732,206 | |||
$223,425 | $208,612 | $291,751 | $285,468 | $776,158 | $678,649 | $843,544 | $845,364 | |||
$ (478) | $ — | $ 1,258 | $ 892 | $ 5,417 | $ 5,966 | $ 674 | $1,510 |
Statements of Changes in Net Assets—Capital Stock Activity
Harbor Capital Appreciation Fund | Harbor Mid Cap Growth Fund | Harbor Small Cap Growth Fund | ||||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | |||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||
AMOUNT ($) | ||||||||
Institutional Class | ||||||||
Net proceeds from sale of shares | $ 2,894,931 | $ 4,589,987 | $ 180,713 | $ 65,654 | $ 48,467 | $ 64,111 | ||
Reinvested distributions | 1,408,137 | 1,244,437 | 18,634 | 44,858 | 65,160 | 84,420 | ||
Cost of shares reacquired | (3,199,161) | (4,979,432) | (27,226) | (183,133) | (41,229) | (97,598) | ||
Cost of shares reacquired through redemption in-kind | — | (24,618) | — | — | — | — | ||
Net increase/(decrease) in net assets | $ 1,103,907 | $ 830,374 | $ 172,121 | $ (72,621) | $ 72,398 | $ 50,933 | ||
Administrative Class | ||||||||
Net proceeds from sale of shares | $ 118,382 | $ 212,433 | $ 23,924 | $ 79,485 | $ 161 | $ 375 | ||
Reinvested distributions | 39,492 | 39,175 | 42,343 | 59,282 | 94 | 103 | ||
Cost of shares reacquired | (106,423) | (242,974) | (188,826) | (102,016) | (280) | (164) | ||
Net increase/(decrease) in net assets | $ 51,451 | $ 8,634 | $(122,559) | $ 36,751 | $ (25) | $ 314 | ||
Investor Class | ||||||||
Net proceeds from sale of shares | $ 286,037 | $ 818,541 | $ 3,053 | $ 8,724 | $ 778 | $ 3,323 | ||
Reinvested distributions | 138,997 | 112,162 | 2,892 | 5,754 | 1,411 | 2,244 | ||
Cost of shares reacquired | (593,760) | (746,933) | (3,380) | (22,465) | (2,442) | (6,548) | ||
Net increase/(decrease) in net assets | $ (168,726) | $ 183,770 | $ 2,565 | $ (7,987) | $ (253) | $ (981) | ||
Retirement Class | ||||||||
Net proceeds from sale of shares | $ 510,858 | $ — | $ 10 | $ — | $ 10 | $ — | ||
Cost of shares reacquired | (8,637) | — | — | — | — | — | ||
Net increase/(decrease) in net assets | $ 502,221 | $ — | $ 10 | $ — | $ 10 | $ — |
Harbor Small Cap Growth Opportunities Fund | Harbor Large Cap Value Fund | Harbor Mid Cap Value Fund | Harbor Small Cap Value Fund | |||||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
$ 41,040 | $189,220 | $ 41,935 | $ 73,424 | $153,763 | $380,445 | $ 106,249 | $ 321,703 | |||
6,943 | 297 | 10,659 | 15,332 | 14,725 | 3,275 | 25,802 | 20,489 | |||
(21,984) | (37,501) | (24,838) | (59,793) | (78,967) | (91,555) | (114,699) | (192,480) | |||
— | — | — | — | — | — | — | — | |||
$ 25,999 | $152,016 | $ 27,756 | $ 28,963 | $ 89,521 | $292,165 | $ 17,352 | $ 149,712 | |||
$ 820 | $ 3,884 | $ 1,603 | $ 6,267 | $ 13,349 | $ 24,969 | $ 77 | $ 175 | |||
104 | 1 | 1,185 | 1,560 | 817 | 237 | 38 | 129 | |||
(3,542) | (882) | (18,397) | (4,119) | (3,970) | (10,553) | (67) | (4,883) | |||
$ (2,618) | $ 3,003 | $(15,609) | $ 3,708 | $ 10,196 | $ 14,653 | $ 48 | $ (4,579) | |||
$ 46 | $ 88 | $ 6,209 | $ 15,345 | $ 42,885 | $123,280 | $ 2,350 | $ 3,966 | |||
21 | 9 | 1,247 | 1,367 | 4,553 | 1,387 | 586 | 593 | |||
(116) | (1,342) | (4,383) | (7,281) | (36,414) | (48,132) | (1,796) | (4,391) | |||
$ (49) | $ (1,245) | $ 3,073 | $ 9,431 | $ 11,024 | $ 76,535 | $ 1,140 | $ 168 | |||
$ 10 | $ — | $ 10 | $ — | $ 11,961 | $ — | $ 10 | $ — | |||
— | — | — | — | (232) | — | — | — | |||
$ 10 | $ — | $ 10 | $ — | $ 11,729 | $ — | $ 10 | $ — |
Statements of Changes in Net Assets—Capital Stock Activity—Continued
Harbor Capital Appreciation Fund | Harbor Mid Cap Growth Fund | Harbor Small Cap Growth Fund | ||||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | |||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||
SHARES | ||||||||
Institutional Class | ||||||||
Shares sold | 49,349 | 73,504 | 22,263 | 6,510 | 4,426 | 4,431 | ||
Shares issued due to reinvestment of distributions | 23,073 | 21,186 | 2,167 | 4,649 | 5,430 | 6,180 | ||
Shares reacquired | (54,872) | (79,918) | (3,232) | (18,066) | (3,607) | (6,619) | ||
Shares reacquired through redemption in-kind | — | (378) | — | — | — | — | ||
Net increase/(decrease) in shares outstanding | 17,550 | 14,394 | 21,198 | (6,907) | 6,249 | 3,992 | ||
Beginning of period | 377,964 | 363,570 | 19,908 | 26,815 | 43,049 | 39,057 | ||
End of period | 395,514 | 377,964 | 41,106 | 19,908 | 49,298 | 43,049 | ||
Administrative Class | ||||||||
Shares sold | 2,024 | 3,472 | 2,996 | 8,073 | 16 | 28 | ||
Shares issued due to reinvestment of distributions | 655 | 673 | 5,095 | 6,334 | 8 | 8 | ||
Shares reacquired | (1,835) | (4,007) | (24,067) | (10,162) | (24) | (12) | ||
Net increase/(decrease) in shares outstanding | 844 | 138 | (15,976) | 4,245 | — | 24 | ||
Beginning of period | 9,626 | 9,488 | 38,745 | 34,500 | 67 | 43 | ||
End of period | 10,470 | 9,626 | 22,769 | 38,745 | 67 | 67 | ||
Investor Class | ||||||||
Shares sold | 5,022 | 13,625 | 387 | 901 | 74 | 243 | ||
Shares issued due to reinvestment of distributions | 2,336 | 1,949 | 356 | 628 | 129 | 177 | ||
Shares reacquired | (10,384) | (12,274) | (434) | (2,322) | (232) | (480) | ||
Net increase/(decrease) in shares outstanding | (3,026) | 3,300 | 309 | (793) | (29) | (60) | ||
Beginning of period | 34,751 | 31,451 | 2,668 | 3,461 | 927 | 987 | ||
End of period | 31,725 | 34,751 | 2,977 | 2,668 | 898 | 927 | ||
Retirement Class | ||||||||
Shares sold | 8,948 | — | 1 | — | 1 | — | ||
Shares reacquired | (149) | — | — | — | — | — | ||
Net increase/(decrease) in shares outstanding | 8,799 | — | 1 | — | 1 | — | ||
Beginning of period | — | — | — | — | — | — | ||
End of period | 8,799 | — | 1 | — | 1 | — |
Harbor Small Cap Growth Opportunities Fund | Harbor Large Cap Value Fund | Harbor Mid Cap Value Fund | Harbor Small Cap Value Fund | |||||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
4,453 | 17,925 | 3,769 | 6,149 | 8,333 | 18,601 | 4,326 | 11,822 | |||
684 | 28 | 947 | 1,316 | 784 | 160 | 1,040 | 777 | |||
(2,339) | (3,434) | (2,194) | (5,018) | (4,217) | (4,486) | (4,610) | (7,127) | |||
— | — | — | — | — | — | — | — | |||
2,798 | 14,519 | 2,522 | 2,447 | 4,900 | 14,275 | 756 | 5,472 | |||
19,882 | 5,363 | 19,004 | 16,557 | 23,881 | 9,606 | 31,573 | 26,101 | |||
22,680 | 19,882 | 21,526 | 19,004 | 28,781 | 23,881 | 32,329 | 31,573 | |||
86 | 349 | 137 | 527 | 718 | 1,190 | 3 | 7 | |||
10 | — | 105 | 134 | 43 | 12 | 2 | 5 | |||
(374) | (81) | (1,654) | (340) | (210) | (505) | (3) | (178) | |||
(278) | 268 | (1,412) | 321 | 551 | 697 | 2 | (166) | |||
293 | 25 | 2,033 | 1,712 | 1,418 | 721 | 44 | 210 | |||
15 | 293 | 621 | 2,033 | 1,969 | 1,418 | 46 | 44 | |||
5 | 8 | 540 | 1,282 | 2,275 | 5,952 | 96 | 151 | |||
2 | 1 | 110 | 116 | 243 | 68 | 24 | 23 | |||
(12) | (119) | (385) | (608) | (1,940) | (2,341) | (75) | (166) | |||
(5) | (110) | 265 | 790 | 578 | 3,679 | 45 | 8 | |||
58 | 168 | 2,428 | 1,638 | 8,203 | 4,524 | 656 | 648 | |||
53 | 58 | 2,693 | 2,428 | 8,781 | 8,203 | 701 | 656 | |||
1 | — | 1 | — | 616 | — | 1 | — | |||
— | — | — | — | (12) | — | — | — | |||
1 | — | 1 | — | 604 | — | 1 | — | |||
— | — | — | — | — | — | — | — | |||
1 | — | 1 | — | 604 | — | 1 | — |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR CAPITAL APPRECIATION FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 65.27 | $ 61.97 | $ 54.71 | $ 41.44 | $ 38.34 | $ 34.73 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.05 e | 0.07 e | 0.06 | 0.16 | 0.07 | 0.05 |
Net realized and unrealized gains/(losses) on investments | (4.08) | 7.05 | 8.98 | 13.28 | 3.07 | 3.64 |
Total from investment operations | (4.03) | 7.12 | 9.04 | 13.44 | 3.14 | 3.69 |
Less Distributions | ||||||
Dividends from net investment income | (0.05) | (0.05) | (0.05) | (0.17) | (0.04) | (0.08) |
Distributions from net realized capital gains1 | (4.11) | (3.77) | (1.73) | — | — | — |
Total distributions | (4.16) | (3.82) | (1.78) | (0.17) | (0.04) | (0.08) |
Net asset value end of period | 57.08 | 65.27 | 61.97 | 54.71 | 41.44 | 38.34 |
Net assets end of period (000s) | $22,576,491 | $24,669,740 | $22,531,379 | $19,366,148 | $14,752,873 | $10,682,886 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (6.59)% c | 12.16% | 16.95% | 32.55% | 8.21% | 10.63% |
Ratio of total expenses to average net assets2 | 0.69 d | 0.68 | 0.67 | 0.68 | 0.68 | 0.68 |
Ratio of net expenses to average net assetsa | 0.64 d | 0.64 | 0.65 | 0.65 | 0.66 | 0.66 |
Ratio of net investment income/(loss) to average net assetsa | 0.17 d | 0.12 | 0.11 | 0.35 | 0.20 | 0.14 |
Portfolio turnover | 15 c | 37 | 34 | 48 | 41 | 53 |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 63.73 | $ 60.76 | $ 53.82 | $ 40.79 | $ 37.83 | $ 34.32 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | (0.06) e | (0.16) e | (0.17) | (0.01) | 0.02 | (0.09) |
Net realized and unrealized gains/(losses) on investments | (3.98) | 6.90 | 8.84 | 13.07 | 2.94 | 3.60 |
Total from investment operations | (4.04) | 6.74 | 8.67 | 13.06 | 2.96 | 3.51 |
Less Distributions | ||||||
Dividends from net investment income | — | — | — | (0.03) | — | — |
Distributions from net realized capital gains1 | (4.11) | (3.77) | (1.73) | — | — | — |
Total distributions | (4.11) | (3.77) | (1.73) | (0.03) | — | — |
Net asset value end of period | 55.58 | 63.73 | 60.76 | 53.82 | 40.79 | 37.83 |
Net assets end of period (000s) | $ 1,763,207 | $ 2,214,518 | $ 1,910,930 | $ 1,780,774 | $ 1,360,248 | $ 785,328 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (6.77)% c | 11.75% | 16.53% | 32.04% | 7.82% | 10.23% |
Ratio of total expenses to average net assets2 | 1.06 d | 1.05 | 1.04 | 1.05 | 1.05 | 1.05 |
Ratio of net expenses to average net assetsa | 1.01 d | 1.01 | 1.02 | 1.02 | 1.03 | 1.03 |
Ratio of net investment income/(loss) to average net assetsa | (0.20) d | (0.25) | (0.26) | (0.03) | (0.18) | (0.22) |
Portfolio turnover | 15 c | 37 | 34 | 48 | 41 | 53 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$ 64.51 | $ 61.39 | $ 54.29 | $ 41.12 | $ 38.09 | $ 34.52 |
(0.02) e | (0.08) e | (0.11) | 0.02 | —* ,f | (0.03) |
(4.04) | 6.97 | 8.94 | 13.21 | 3.03 | 3.60 |
(4.06) | 6.89 | 8.83 | 13.23 | 3.03 | 3.57 |
— | — | — | (0.06) | — | — |
(4.11) | (3.77) | (1.73) | — | — | — |
(4.11) | (3.77) | (1.73) | (0.06) | — | — |
56.34 | 64.51 | 61.39 | 54.29 | 41.12 | 38.09 |
$589,855 | $620,910 | $582,430 | $613,413 | $597,023 | $487,025 |
(6.72)% c | 11.88% | 16.69% | 32.21% | 7.95% | 10.34% |
0.94 d | 0.93 | 0.92 | 0.93 | 0.93 | 0.93 |
0.89 d | 0.89 | 0.90 | 0.90 | 0.91 | 0.91 |
(0.09) d | (0.13) | (0.14) | 0.11 | (0.04) | (0.10) |
15 c | 37 | 34 | 48 | 41 | 53 |
Retirement Class |
2-Month Period Ended April 30, 2016g |
(Unaudited) |
$ 55.79 |
0.01 e |
1.28 |
1.29 |
— |
— |
— |
57.08 |
$502,275 |
2.31% c |
0.66 d |
0.60 d |
0.13 d |
15 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR MID CAP GROWTH FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 9.76 | $ 11.43 | $ 11.76 | $ 9.22 | $ 8.46 | $ 7.82 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | (0.01) e | (0.04) e | (0.04) | (0.03) | (0.02) | (0.03) |
Net realized and unrealized gains/(losses) on investments | (0.45) | 0.20 | 1.55 | 2.76 | 0.78 | 0.67 |
Total from investment operations | (0.46) | 0.16 | 1.51 | 2.73 | 0.76 | 0.64 |
Less Distributions | ||||||
Dividends from net investment income | (0.06) | — | — | — | — | — |
Distributions from net realized capital gains1 | (1.06) | (1.83) | (1.84) | (0.19) | — | — |
Total distributions | (1.12) | (1.83) | (1.84) | (0.19) | — | — |
Net asset value end of period | 8.18 | 9.76 | 11.43 | 11.76 | 9.22 | 8.46 |
Net assets end of period (000s) | $336,059 | $194,308 | $306,371 | $323,666 | $286,490 | $345,875 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (5.24)% c | 1.55% | 14.45% | 30.13% | 8.98% | 8.18% |
Ratio of total expenses to average net assets2 | 0.85 d | 0.84 | 0.84 | 0.84 | 0.85 | 0.86 |
Ratio of net expenses to average net assetsa | 0.85 d | 0.84 | 0.83 | 0.84 | 0.85 | 0.85 |
Ratio of net investment income/(loss) to average net assetsa | (0.30) d | (0.35) | (0.34) | (0.27) | (0.31) | (0.34) |
Portfolio turnover | 39 c | 82 | 95 | 111 | 123 | 111 |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 9.24 | $ 10.95 | $ 11.37 | $ 8.96 | $ 8.25 | $ 7.66 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | (0.03) e | (0.07) e | (0.05) | (0.12) | (0.09) | (0.11) |
Net realized and unrealized gains/(losses) on investments | (0.42) | 0.19 | 1.47 | 2.72 | 0.80 | 0.70 |
Total from investment operations | (0.45) | 0.12 | 1.42 | 2.60 | 0.71 | 0.59 |
Less Distributions | ||||||
Dividends from net investment income | (0.02) | — | — | — | — | — |
Distributions from net realized capital gains1 | (1.06) | (1.83) | (1.84) | (0.19) | — | — |
Total distributions | (1.08) | (1.83) | (1.84) | (0.19) | — | — |
Net asset value end of period | 7.71 | 9.24 | 10.95 | 11.37 | 8.96 | 8.25 |
Net assets end of period (000s) | $ 22,944 | $ 24,647 | $ 37,887 | $ 35,501 | $ 33,543 | $ 35,830 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (5.47)% c | 1.21% | 14.09% | 29.54% | 8.61% | 7.70% |
Ratio of total expenses to average net assets2 | 1.22 d | 1.21 | 1.21 | 1.21 | 1.22 | 1.23 |
Ratio of net expenses to average net assetsa | 1.22 d | 1.21 | 1.20 | 1.21 | 1.22 | 1.22 |
Ratio of net investment income/(loss) to average net assetsa | (0.68) d | (0.71) | (0.71) | (0.63) | (0.68) | (0.69) |
Portfolio turnover | 39 c | 82 | 95 | 111 | 123 | 111 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$ 9.45 | $ 11.15 | $ 11.54 | $ 9.08 | $ 8.35 | $ 7.74 |
(0.02) e | (0.06) e | (0.07) | (0.05) | (0.06) | (0.05) |
(0.44) | 0.19 | 1.52 | 2.70 | 0.79 | 0.66 |
(0.46) | 0.13 | 1.45 | 2.65 | 0.73 | 0.61 |
(0.04) | — | — | — | — | — |
(1.06) | (1.83) | (1.84) | (0.19) | — | — |
(1.10) | (1.83) | (1.84) | (0.19) | — | — |
7.89 | 9.45 | 11.15 | 11.54 | 9.08 | 8.35 |
$179,707 | $366,121 | $384,511 | $408,494 | $315,975 | $325,525 |
(5.47)% c | 1.29% | 14.16% | 29.70% | 8.74% | 7.88% |
1.10 d | 1.09 | 1.09 | 1.09 | 1.10 | 1.11 |
1.10 d | 1.09 | 1.08 | 1.09 | 1.10 | 1.10 |
(0.57) d | (0.58) | (0.59) | (0.52) | (0.55) | (0.59) |
39 c | 82 | 95 | 111 | 123 | 111 |
Retirement Class |
2-Month Period Ended April 30, 2016g |
(Unaudited) |
$ 7.76 |
—* ,e |
0.41 |
0.41 |
— |
— |
— |
8.17 |
$ 11 |
5.28% c |
0.81 d |
0.81 d |
(0.05) d |
39 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR SMALL CAP GROWTH FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 13.65 | $ 15.45 | $ 15.72 | $ 11.81 | $ 12.07 | $ 11.88 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | (0.01) e | (0.03) e | (0.05) | 0.03 | (0.02) | (0.04) |
Net realized and unrealized gains/(losses) on investments | (0.76) | 0.55 | 1.91 | 4.48 | 0.74 | 0.65 |
Total from investment operations | (0.77) | 0.52 | 1.86 | 4.51 | 0.72 | 0.61 |
Less Distributions | ||||||
Dividends from net investment income | — | — | — | (0.04) | — | — |
Distributions from net realized capital gains1 | (1.58) | (2.32) | (2.13) | (0.56) | (0.98) | (0.42) |
Total distributions | (1.58) | (2.32) | (2.13) | (0.60) | (0.98) | (0.42) |
Net asset value end of period | 11.30 | 13.65 | 15.45 | 15.72 | 11.81 | 12.07 |
Net assets end of period (000s) | $557,152 | $587,761 | $603,476 | $601,255 | $474,417 | $428,234 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (6.30)% c | 3.35% | 12.94% | 39.90% | 6.88% | 5.00% |
Ratio of total expenses to average net assets2 | 0.85 d | 0.84 | 0.83 | 0.83 | 0.85 | 0.85 |
Ratio of net expenses to average net assetsa | 0.84 d | 0.83 | 0.83 | 0.83 | 0.84 | 0.84 |
Ratio of net investment income/(loss) to average net assetsa | (0.22) d | (0.22) | (0.29) | 0.22 | (0.16) | (0.32) |
Portfolio turnover | 51 c | 78 | 76 | 73 | 63 | 77 |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 12.59 | $ 14.47 | $ 14.90 | $ 11.22 | $ 11.57 | $ 11.44 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | (0.03) e | (0.08) e | (0.51) | (0.06) | (0.11) | (0.15) |
Net realized and unrealized gains/(losses) on investments | (0.70) | 0.52 | 2.21 | 4.30 | 0.74 | 0.70 |
Total from investment operations | (0.73) | 0.44 | 1.70 | 4.24 | 0.63 | 0.55 |
Less Distributions | ||||||
Dividends from net investment income | — | — | — | — | — | — |
Distributions from net realized capital gains1 | (1.58) | (2.32) | (2.13) | (0.56) | (0.98) | (0.42) |
Total distributions | (1.58) | (2.32) | (2.13) | (0.56) | (0.98) | (0.42) |
Net asset value end of period | 10.28 | 12.59 | 14.47 | 14.90 | 11.22 | 11.57 |
Net assets end of period (000s) | $ 9,231 | $ 11,660 | $ 14,266 | $ 24,249 | $ 19,530 | $ 22,008 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (6.53)% c | 2.98% | 12.53% | 39.50% | 6.37% | 4.66% |
Ratio of total expenses to average net assets2 | 1.22 d | 1.21 | 1.20 | 1.20 | 1.22 | 1.22 |
Ratio of net expenses to average net assetsa | 1.21 d | 1.20 | 1.20 | 1.20 | 1.21 | 1.21 |
Ratio of net investment income/(loss) to average net assetsa | (0.58) d | (0.59) | (0.66) | (0.16) | (0.55) | (0.59) |
Portfolio turnover | 51 c | 78 | 76 | 73 | 63 | 77 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$13.04 | $14.89 | $15.26 | $11.46 | $11.77 | $ 11.62 |
(0.03) e | (0.07) e | 0.54 f | (7.68) f | (5.65) f | (0.06) f |
(0.72) | 0.54 | 1.22 | 12.04 | 6.32 | 0.63 |
(0.75) | 0.47 | 1.76 | 4.36 | 0.67 | 0.57 |
— | — | — | — | — | — |
(1.58) | (2.32) | (2.13) | (0.56) | (0.98) | (0.42) |
(1.58) | (2.32) | (2.13) | (0.56) | (0.98) | (0.42) |
10.71 | 13.04 | 14.89 | 15.26 | 11.46 | 11.77 |
$ 719 | $ 877 | $ 650 | $ 636 | $1,122 | $36,936 |
(6.45)% c | 3.12% | 12.65% | 39.72% | 6.61% | 4.76% |
1.10 d | 1.09 | 1.08 | 1.08 | 1.10 | 1.10 |
1.09 d | 1.08 | 1.08 | 1.08 | 1.09 | 1.09 |
(0.47) d | (0.47) | (0.54) | 0.19 | (0.74) | (0.54) |
51 c | 78 | 76 | 73 | 63 | 77 |
Retirement Class |
2-Month Period Ended April 30, 2016g |
(Unaudited) |
$10.72 |
—* ,e |
0.59 |
0.59 |
— |
— |
— |
11.31 |
$ 11 |
5.50% c |
0.81 d |
0.80 d |
(0.22) d |
51 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR SMALL CAP GROWTH OPPORTUNITIES FUND | |||||||||
Institutional Class | Administrative Class | ||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||||
2015 | 2014 h | 2015 | 2014 h | ||||||
(Unaudited) | (Unaudited) | ||||||||
Net asset value beginning of period | $ 10.31 | $ 10.77 | $ 10.00 | $10.27 | $10.75 | $10.00 | |||
Income from Investment Operations | |||||||||
Net investment income/(loss)a | (0.02) e | (0.06) e | (0.02) | (0.03) e | (0.09) e | (0.09) | |||
Net realized and unrealized gains/(losses) on investments | (0.12) | (0.35) | 0.79 | (0.06) | (0.34) | 0.84 | |||
Total from investment operations | (0.14) | (0.41) | 0.77 | (0.09) | (0.43) | 0.75 | |||
Less Distributions | |||||||||
Dividends from net investment income | — | — | — | — | — | — | |||
Distributions from net realized capital gains1 | (0.35) | (0.05) | — | (0.35) | (0.05) | — | |||
Total distributions | (0.35) | (0.05) | — | (0.35) | (0.05) | — | |||
Net asset value end of period | 9.82 | 10.31 | 10.77 | 9.83 | 10.27 | 10.75 | |||
Net assets end of period (000s) | $222,747 | $205,007 | $57,779 | $ 149 | $3,006 | $ 269 | |||
Ratios and Supplemental Data (%) | |||||||||
Total returnb | (1.49)% c | (3.78)% | 7.70% c | (0.99)% c | (3.98)% | 7.50% c | |||
Ratio of total expenses to average net assets2 | 0.87 d | 0.90 | 1.60 d | 1.12 d | 1.15 | 1.85 d | |||
Ratio of net expenses to average net assetsa | 0.87 d | 0.90 | 0.90 d | 1.12 d | 1.15 | 1.15 d | |||
Ratio of net investment income/(loss) to average net assetsa | (0.46) d | (0.55) | (0.67) d | (0.66) d | (0.80) | (0.90) d | |||
Portfolio turnover | 36 c | 103 | 55 c | 36 c | 103 | 55 c |
Investor Class | Retirement Class | |||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 2-Month Period Ended April 30, 2016g | ||
2015 | 2014 h | |||
(Unaudited) | (Unaudited) | |||
$10.24 | $10.74 | $10.00 | $ 9.04 | |
(0.04) e | (0.09) e | (0.05) | (0.01) e | |
(0.12) | (0.36) | 0.79 | 0.79 | |
(0.16) | (0.45) | 0.74 | 0.78 | |
— | — | — | — | |
(0.35) | (0.05) | — | — | |
(0.35) | (0.05) | — | — | |
9.73 | 10.24 | 10.74 | 9.82 | |
$ 518 | $ 599 | $1,809 | $ 11 | |
(1.70)% c | (4.17)% | 7.40% c | 8.63% c | |
1.24 d | 1.27 | 1.97 d | 0.83 d | |
1.24 d | 1.27 | 1.27 d | 0.82 d | |
(0.82) d | (0.86) | (1.03) d | (0.36) d | |
36 c | 103 | 55 c | 36 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR LARGE CAP VALUE FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 i | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 12.16 | $ 12.24 | $ 10.85 | $ 8.52 | $ 7.44 | $ 7.19 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.08 e | 0.15 e | 0.15 | 0.14 | 0.21 | 0.12 |
Net realized and unrealized gains/(losses) on investments | 0.08 | 0.70 | 1.37 | 2.31 | 1.06 | 0.25 |
Total from investment operations | 0.16 | 0.85 | 1.52 | 2.45 | 1.27 | 0.37 |
Less Distributions | ||||||
Dividends from net investment income | (0.07) | (0.14) | (0.13) | (0.12) | (0.19) | (0.12) |
Distributions from net realized capital gains1 | (0.51) | (0.79) | — | — | — | — |
Total distributions | (0.58) | (0.93) | (0.13) | (0.12) | (0.19) | (0.12) |
Net asset value end of period | 11.74 | 12.16 | 12.24 | 10.85 | 8.52 | 7.44 |
Net assets end of period (000s) | $252,617 | $231,033 | $202,596 | $179,382 | $140,323 | $261,032 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 1.56% c | 7.29% | 14.13% | 29.06% | 17.41% | 5.14% |
Ratio of total expenses to average net assets2 | 0.71 d | 0.70 | 0.70 | 0.71 | 0.72 | 0.71 |
Ratio of net expenses to average net assetsa | 0.68 d | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 |
Ratio of net investment income/(loss) to average net assetsa | 1.47 d | 1.25 | 1.26 | 1.43 | 1.88 | 1.63 |
Portfolio turnover | 15 c | 24 | 32 | 26 | 125 | 43 |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 i | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 12.25 | $ 12.33 | $ 10.94 | $ 8.59 | $ 7.49 | $ 7.24 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.06 e | 0.11 e | 0.13 | 0.09 | 0.13 | 0.05 |
Net realized and unrealized gains/(losses) on investments | 0.08 | 0.70 | 1.35 | 2.34 | 1.13 | 0.29 |
Total from investment operations | 0.14 | 0.81 | 1.48 | 2.43 | 1.26 | 0.34 |
Less Distributions | ||||||
Dividends from net investment income | (0.05) | (0.10) | (0.09) | (0.08) | (0.16) | (0.09) |
Distributions from net realized capital gains1 | (0.51) | (0.79) | — | — | — | — |
Total distributions | (0.56) | (0.89) | (0.09) | (0.08) | (0.16) | (0.09) |
Net asset value end of period | 11.83 | 12.25 | 12.33 | 10.94 | 8.59 | 7.49 |
Net assets end of period (000s) | $ 31,857 | $ 29,745 | $ 20,189 | $ 11,934 | $ 11,058 | $ 8,603 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 1.37% c | 6.87% | 13.62% | 28.52% | 17.04% | 4.67% |
Ratio of total expenses to average net assets2 | 1.08 d | 1.07 | 1.07 | 1.08 | 1.09 | 1.09 |
Ratio of net expenses to average net assetsa | 1.05 d | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 |
Ratio of net investment income/(loss) to average net assetsa | 1.11 d | 0.89 | 0.88 | 1.04 | 1.41 | 1.27 |
Portfolio turnover | 15 c | 24 | 32 | 26 | 125 | 43 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 i | 2011 | |
(Unaudited) | |||||
$12.15 | $ 12.23 | $ 10.85 | $ 8.51 | $ 7.43 | $ 7.19 |
0.07 e | 0.12 e | 0.15 | 0.16 f | —* ,f | 0.11 |
0.06 | 0.70 | 1.34 | 2.27 | 1.25 | 0.23 |
0.13 | 0.82 | 1.49 | 2.43 | 1.25 | 0.34 |
(0.05) | (0.11) | (0.11) | (0.09) | (0.17) | (0.10) |
(0.51) | (0.79) | — | — | — | — |
(0.56) | (0.90) | (0.11) | (0.09) | (0.17) | (0.10) |
11.72 | 12.15 | 12.23 | 10.85 | 8.51 | 7.43 |
$7,266 | $24,690 | $20,927 | $13,453 | $7,823 | $23,251 |
1.34% c | 7.02% | 13.78% | 28.76% | 17.15% | 4.74% |
0.96 d | 0.95 | 0.95 | 0.96 | 0.97 | 0.96 |
0.93 d | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 |
1.18 d | 1.00 | 1.02 | 1.16 | 1.59 | 1.37 |
15 c | 24 | 32 | 26 | 125 | 43 |
Retirement Class |
2-Month Period Ended April 30, 2016g |
(Unaudited) |
$10.94 |
0.02 e |
0.77 |
0.79 |
— |
— |
— |
11.73 |
$ 11 |
7.22% c |
0.67 d |
0.63 d |
1.08 d |
15 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR MID CAP VALUE FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 20.27 | $ 20.32 | $ 17.50 | $ 12.64 | $ 11.19 | $ 11.00 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.23 e | 0.34 e | 0.18 | 0.28 | 0.22 | 0.14 |
Net realized and unrealized gains/(losses) on investments | (0.54) | (0.07) | 2.84 | 4.86 | 1.38 | 0.17 |
Total from investment operations | (0.31) | 0.27 | 3.02 | 5.14 | 1.60 | 0.31 |
Less Distributions | ||||||
Dividends from net investment income | (0.27) | (0.19) | (0.20) | (0.28) | (0.15) | (0.12) |
Distributions from net realized capital gains1 | (0.35) | (0.13) | — | — | — | — |
Total distributions | (0.62) | (0.32) | (0.20) | (0.28) | (0.15) | (0.12) |
Net asset value end of period | 19.34 | 20.27 | 20.32 | 17.50 | 12.64 | 11.19 |
Net assets end of period (000s) | $556,637 | $484,078 | $195,247 | $82,231 | $63,551 | $56,428 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.42)% c | 1.32% | 17.39% | 41.48% | 14.50% | 2.81% |
Ratio of total expenses to average net assets2 | 0.86 d | 0.86 | 0.89 | 0.93 | 0.99 | 1.08 |
Ratio of net expenses to average net assetsa | 0.85 d | 0.86 | 0.89 | 0.93 | 0.95 | 0.95 |
Ratio of net investment income/(loss) to average net assetsa | 2.44 d | 1.66 | 1.40 | 1.87 | 1.79 | 1.21 |
Portfolio turnover | 9 c | 12 | 13 | 18 | 37 | 32 |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 20.19 | $ 20.27 | $ 17.49 | $ 12.63 | $ 11.17 | $ 10.99 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.19 e | 0.27 e | 0.17 | 0.13 | 0.20 | 0.11 |
Net realized and unrealized gains/(losses) on investments | (0.53) | (0.08) | 2.78 | 4.96 | 1.35 | 0.16 |
Total from investment operations | (0.34) | 0.19 | 2.95 | 5.09 | 1.55 | 0.27 |
Less Distributions | ||||||
Dividends from net investment income | (0.20) | (0.14) | (0.17) | (0.23) | (0.09) | (0.09) |
Distributions from net realized capital gains1 | (0.35) | (0.13) | — | — | — | — |
Total distributions | (0.55) | (0.27) | (0.17) | (0.23) | (0.09) | (0.09) |
Net asset value end of period | 19.30 | 20.19 | 20.27 | 17.49 | 12.63 | 11.17 |
Net assets end of period (000s) | $169,441 | $165,642 | $ 91,724 | $19,260 | $ 3,087 | $ 3,794 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.57)% c | 0.93% | 16.97% | 40.99% | 14.06% | 2.45% |
Ratio of total expenses to average net assets2 | 1.23 d | 1.23 | 1.26 | 1.31 | 1.36 | 1.45 |
Ratio of net expenses to average net assetsa | 1.22 d | 1.23 | 1.26 | 1.30 | 1.32 | 1.32 |
Ratio of net investment income/(loss) to average net assetsa | 2.07 d | 1.29 | 1.01 | 1.21 | 1.43 | 0.83 |
Portfolio turnover | 9 c | 12 | 13 | 18 | 37 | 32 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$ 20.40 | $ 20.47 | $ 17.64 | $12.74 | $11.28 | $11.10 |
0.21 e | 0.29 e | 0.25 | 0.23 | 0.18 | 0.12 |
(0.55) | (0.07) | 2.75 | 4.92 | 1.40 | 0.17 |
(0.34) | 0.22 | 3.00 | 5.15 | 1.58 | 0.29 |
(0.22) | (0.16) | (0.17) | (0.25) | (0.12) | (0.11) |
(0.35) | (0.13) | — | — | — | — |
(0.57) | (0.29) | (0.17) | (0.25) | (0.12) | (0.11) |
19.49 | 20.40 | 20.47 | 17.64 | 12.74 | 11.28 |
$38,393 | $28,929 | $14,775 | $3,479 | $1,274 | $1,114 |
(1.55)% c | 1.05% | 17.15% | 41.17% | 14.17% | 2.61% |
1.11 d | 1.11 | 1.14 | 1.19 | 1.24 | 1.33 |
1.10 d | 1.11 | 1.14 | 1.18 | 1.20 | 1.20 |
2.18 d | 1.41 | 1.13 | 1.58 | 1.53 | 0.95 |
9 c | 12 | 13 | 18 | 37 | 32 |
Retirement Class |
2-Month Period Ended April 30, 2016g |
(Unaudited) |
$ 18.36 |
0.04 e |
0.94 |
0.98 |
— |
— |
— |
19.34 |
$11,687 |
5.34% c |
0.84 d |
0.81 d |
1.18 d |
9 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR SMALL CAP VALUE FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 26.21 | $ 27.17 | $ 28.89 | $ 21.41 | $ 19.59 | $ 17.85 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.06 e | 0.10 e | 0.06 | 0.13 | 0.23 | 0.08 |
Net realized and unrealized gains/(losses) on investments | 0.22 | (0.09) | 2.68 | 7.84 | 1.64 | 1.74 |
Total from investment operations | 0.28 | 0.01 | 2.74 | 7.97 | 1.87 | 1.82 |
Less Distributions | ||||||
Dividends from net investment income | (0.09) | (0.06) | (0.05) | (0.22) | (0.05) | (0.08) |
Distributions from net realized capital gains1 | (0.89) | (0.91) | (4.41) | (0.27) | — | — |
Total distributions | (0.98) | (0.97) | (4.46) | (0.49) | (0.05) | (0.08) |
Net asset value end of period | 25.51 | 26.21 | 27.17 | 28.89 | 21.41 | 19.59 |
Net assets end of period (000s) | $824,838 | $827,423 | $709,251 | $519,607 | $473,100 | $543,488 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 1.20% c | 0.01% | 11.03% | 37.91% | 9.60% | 10.17% |
Ratio of total expenses to average net assets2 | 0.86 d | 0.85 | 0.84 | 0.84 | 0.86 | 0.86 |
Ratio of net expenses to average net assetsa | 0.86 d | 0.85 | 0.84 | 0.84 | 0.85 | 0.84 |
Ratio of net investment income/(loss) to average net assetsa | 0.52 d | 0.38 | 0.33 | 0.45 | 0.97 | 0.31 |
Portfolio turnover | 4 c | 17 | 13 | 22 | 14 | 12 |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 25.63 | $ 26.63 | $ 28.45 | $ 21.08 | $ 19.31 | $ 17.60 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.02 e | 0.01 e | 0.09 | (0.09) | (0.19) f | (0.72) f |
Net realized and unrealized gains/(losses) on investments | 0.22 | (0.10) | 2.50 | 7.86 | 1.96 | 2.43 |
Total from investment operations | 0.24 | (0.09) | 2.59 | 7.77 | 1.77 | 1.71 |
Less Distributions | ||||||
Dividends from net investment income | — | — | — | (0.13) | — | —* |
Distributions from net realized capital gains1 | (0.89) | (0.91) | (4.41) | (0.27) | — | — |
Total distributions | (0.89) | (0.91) | (4.41) | (0.40) | — | —* |
Net asset value end of period | 24.98 | 25.63 | 26.63 | 28.45 | 21.08 | 19.31 |
Net assets end of period (000s) | $ 17,520 | $ 16,797 | $ 17,265 | $ 17,330 | $ 13,820 | $ 16,461 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 1.04% c | (0.37)% | 10.61% | 37.41% | 9.17% | 9.74% |
Ratio of total expenses to average net assets2 | 1.23 d | 1.22 | 1.21 | 1.21 | 1.23 | 1.23 |
Ratio of net expenses to average net assetsa | 1.23 d | 1.22 | 1.21 | 1.21 | 1.22 | 1.21 |
Ratio of net investment income/(loss) to average net assetsa | 0.15 d | 0.02 | (0.04) | 0.07 | 0.63 | (0.06) |
Portfolio turnover | 4 c | 17 | 13 | 22 | 14 | 12 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$26.07 | $27.05 | $28.80 | $ 21.34 | $19.52 | $ 17.79 |
0.03 e | 0.06 e | (0.12) | 0.01 | 0.20 | 0.02 |
0.23 | (0.13) | 2.78 | 7.87 | 1.62 | 1.73 |
0.26 | (0.07) | 2.66 | 7.88 | 1.82 | 1.75 |
— | — | — | (0.15) | —* | (0.02) |
(0.89) | (0.91) | (4.41) | (0.27) | — | — |
(0.89) | (0.91) | (4.41) | (0.42) | —* | (0.02) |
25.44 | 26.07 | 27.05 | 28.80 | 21.34 | 19.52 |
$1,175 | $1,144 | $5,690 | $12,171 | $8,786 | $24,180 |
1.10% c | (0.28)% | 10.74% | 37.54% | 9.35% | 9.84% |
1.11 d | 1.10 | 1.09 | 1.09 | 1.10 | 1.11 |
1.11 d | 1.10 | 1.09 | 1.09 | 1.10 | 1.09 |
0.27 d | 0.21 | 0.10 | 0.20 | 1.10 | 0.06 |
4 c | 17 | 13 | 22 | 14 | 12 |
Retirement Class |
2-Month Period Ended April 30, 2016g |
(Unaudited) |
$23.91 |
0.01 e |
1.58 |
1.59 |
— |
— |
— |
25.50 |
$ 11 |
6.73% c |
0.82 d |
0.81 d |
0.25 d |
4 c |
Selected Data for a Share Outstanding for the Periods Presented
* | Less than $0.01. |
1 | Includes both short-term and long-term capital gains. |
2 | Percentage does not reflect reduction for credit balance arrangements (see Note 2 of the accompanying Notes to Financial Statements). |
a | Reflects the Adviser’s waiver, if any, of its management fees and/or other operating expenses. |
b | The total returns would have been lower had certain expenses not been waived during the periods shown. |
c | Unannualized. |
d | Annualized. |
e | Amounts are allocated based upon average shares outstanding during the period. |
f | The amount shown for a share outstanding does not correspond with the aggregate net investment income(loss) for the period due to the timing of the sales and purchases in relation to fluctuating market values of the investments of the Fund. |
g | For the period March 1, 2016 (inception) through April 30, 2016. |
h | For the period February 1, 2014 (inception) through October 31, 2014. |
i | Effective May 25, 2012, Harbor Large Cap Value Fund appointed Aristotle Capital Management, LLC as its' Subadviser. |
Notes to Financial Statements—April 30, 2016 (Unaudited)
Notes to Financial Statements—Continued
Level 1– | Quoted prices in active markets for identical securities. |
Level 2– | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
Level 3– | Significant unobservable inputs are used in situations where quoted prices or other observable inputs are not available or are deemed unreliable. Significant unobservable inputs may include the Funds’ own assumptions. |
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Purchases (000s) | Sales (000s) | ||
GROWTH FUNDS | |||
Harbor Capital Appreciation Fund | $3,961,972 | $3,889,305 | |
Harbor Mid Cap Growth Fund | 246,157 | 207,153 | |
Harbor Small Cap Growth Fund | 285,718 | 279,085 | |
Harbor Small Cap Growth Opportunities Fund | 87,315 | 73,727 | |
VALUE FUNDS | |||
Harbor Large Cap Value Fund | $ 38,751 | $ 43,789 | |
Harbor Mid Cap Value Fund | 176,394 | 62,694 | |
Harbor Small Cap Value Fund | 35,072 | 58,021 |
Notes to Financial Statements—Continued
Contractual Rate | Actual Rate | ||
Growth Funds | |||
Harbor Capital Appreciation Fund | 0.60% a | 0.56% | |
Harbor Mid Cap Growth Fund | 0.75 | 0.75 | |
Harbor Small Cap Growth Fund | 0.75 | 0.75 | |
Harbor Small Cap Growth Opportunities Fund | 0.75 | 0.75 | |
Value Funds | |||
Harbor Large Cap Value Fund | 0.60% | 0.60% | |
Harbor Mid Cap Value Fund | 0.75 b | 0.74 | |
Harbor Small Cap Value Fund | 0.75 | 0.75 |
a | Effective March 1, 2016, the Adviser has contractually agreed to reduce the management fee to 0.56% on assets between $5 billion and $10 billion, 0.54% on assets between $10 billion and $20 billion, and 0.53% on assets over $20 billion through February 28, 2017. Previously, the Adviser had contractually reduced the management fee to 0.57% on assets between $5 billion and $10 billion, 0.54% on assets over $10 billion. |
b | Effective March 1, 2016, the Adviser has contractually agreed to reduce the management fee from 0.75% to 0.70% on assets over $500 million through February 28, 2017. |
Notes to Financial Statements—Continued
Transfer Agent Feesa | |
Institutional Class | 0.080% of the average daily net assets of all Institutional shares |
Administrative Class | 0.080% of the average daily net assets of all Administrative shares |
Investor Class | 0.200% of the average daily net assets of all Investor shares |
Retirement Class | 0.030% of the average daily net assets of all Retirement shares |
a | For the period November 1, 2015 through February 29, 2016, the Transfer Agent Fees for Institutional and Administrative Class shares were 0.065% and 0.185% for the Investor Class shares. |
Notes to Financial Statements—Continued
Number of Shares Owned by Harbor Capital, Harbor Funds Distributors, and Harbor Services Group | Percentage of Outstanding Shares | ||||||||||
Institutional Class | Administrative Class | Investor Class | Retirement Class | Total | |||||||
GROWTH FUNDS | |||||||||||
Harbor Capital Appreciation Fund | 39,128 | — | — | 179 | 39,307 | 0.0% | |||||
Harbor Mid Cap Growth Fund | 125,146 | — | — | 1,289 | 126,435 | 0.2 | |||||
Harbor Small Cap Growth Fund | 54,509 | — | — | 933 | 55,442 | 0.1 | |||||
Harbor Small Cap Growth Opportunities Fund | 30,498 | — | — | 1,106 | 31,604 | 0.1 | |||||
VALUE FUNDS | |||||||||||
Harbor Large Cap Value Fund | 94,274 | — | — | 914 | 95,188 | 0.4 | |||||
Harbor Mid Cap Value Fund | 53,049 | — | — | 545 | 53,594 | 0.1 | |||||
Harbor Small Cap Value Fund | 25,883 | — | — | 418 | 26,301 | 0.1 |
Notes to Financial Statements—Continued
Identified Cost (000s) | Gross Unrealized | Net Unrealized Appreciation/ (Depreciation) (000s) | |||||
Appreciation (000s) | (Depreciation) (000s) | ||||||
GROWTH FUNDS | |||||||
Harbor Capital Appreciation Fund | $17,240,579 | $8,850,728 | $(487,317) | $8,363,411 | |||
Harbor Mid Cap Growth Fund | 509,446 | 53,585 | (27,262) | 26,323 | |||
Harbor Small Cap Growth Fund | 520,747 | 84,572 | (29,173) | 55,399 | |||
Harbor Small Cap Growth Opportunities Fund | 227,828 | 17,449 | (19,771) | (2,322) | |||
VALUE FUNDS | |||||||
Harbor Large Cap Value Fund | $ 233,077 | $ 62,332 | $ (5,369) | $ 56,963 | |||
Harbor Mid Cap Value Fund | 778,079 | 69,010 | (71,572) | (2,562) | |||
Harbor Small Cap Value Fund | 605,917 | 265,804 | (27,993) | 237,811 |
Notes to Financial Statements—Continued
Fees and Expenses Example (Unaudited)
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor Capital Appreciation Fund | ||||||||
Institutional Class | 0.64% | |||||||
Actual | $3.08 | $1,000 | $ 934.10 | |||||
Hypothetical (5% return) | 3.22 | 1,000 | 1,021.60 | |||||
Administrative Class | 0.89% | |||||||
Actual | $4.28 | $1,000 | $ 932.80 | |||||
Hypothetical (5% return) | 4.47 | 1,000 | 1,020.33 | |||||
Investor Class | 1.01% | |||||||
Actual | $4.85 | $1,000 | $ 932.30 | |||||
Hypothetical (5% return) | 5.07 | 1,000 | 1,019.72 | |||||
Retirement Class | 0.60% | |||||||
Actual | $2.88 | $1,000 | $ 934.10 | |||||
Hypothetical (5% return) | 3.02 | 1,000 | 1,021.81 |
Fees and Expenses Example—Continued
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor Mid Cap Growth Fund | ||||||||
Institutional Class | 0.85% | |||||||
Actual | $4.12 | $1,000 | $ 947.60 | |||||
Hypothetical (5% return) | 4.27 | 1,000 | 1,020.53 | |||||
Administrative Class | 1.10% | |||||||
Actual | $5.32 | $1,000 | $ 945.30 | |||||
Hypothetical (5% return) | 5.52 | 1,000 | 1,019.26 | |||||
Investor Class | 1.22% | |||||||
Actual | $5.90 | $1,000 | $ 945.30 | |||||
Hypothetical (5% return) | 6.12 | 1,000 | 1,018.65 | |||||
Retirement Class | 0.81% | |||||||
Actual | $2.88 | $1,000 | $ 946.50 | |||||
Hypothetical (5% return) | 4.07 | 1,000 | 1,020.74 | |||||
Harbor Small Cap Growth Fund | ||||||||
Institutional Class | 0.84% | |||||||
Actual | $4.05 | $1,000 | $ 937.00 | |||||
Hypothetical (5% return) | 4.22 | 1,000 | 1,020.58 | |||||
Administrative Class | 1.09% | |||||||
Actual | $5.25 | $1,000 | $ 935.50 | |||||
Hypothetical (5% return) | 5.47 | 1,000 | 1,019.31 | |||||
Investor Class | 1.21% | |||||||
Actual | $5.82 | $1,000 | $ 934.70 | |||||
Hypothetical (5% return) | 6.07 | 1,000 | 1,018.70 | |||||
Retirement Class | 0.80% | |||||||
Actual | $3.86 | $1,000 | $ 937.80 | |||||
Hypothetical (5% return) | 4.02 | 1,000 | 1,020.79 | |||||
Harbor Small Cap Growth Opportunities Fund | ||||||||
Institutional Class | 0.87% | |||||||
Actual | $4.30 | $1,000 | $ 985.10 | |||||
Hypothetical (5% return) | 4.37 | 1,000 | 1,020.43 | |||||
Administrative Class | 1.12% | |||||||
Actual | $5.54 | $1,000 | $ 990.10 | |||||
Hypothetical (5% return) | 5.62 | 1,000 | 1,019.16 | |||||
Investor Class | 1.24% | |||||||
Actual | $6.12 | $1,000 | $ 983.00 | |||||
Hypothetical (5% return) | 6.22 | 1,000 | 1,018.54 | |||||
Retirement Class | 0.82% | |||||||
Actual | $4.05 | $1,000 | $ 985.10 | |||||
Hypothetical (5% return) | 4.12 | 1,000 | 1,020.68 |
Fees and Expenses Example—Continued
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor Large Cap Value Fund | ||||||||
Institutional Class | 0.68% | |||||||
Actual | $3.41 | $1,000 | $1,015.60 | |||||
Hypothetical (5% return) | 3.42 | 1,000 | 1,021.40 | |||||
Administrative Class | 0.93% | |||||||
Actual | $4.65 | $1,000 | $1,013.40 | |||||
Hypothetical (5% return) | 4.67 | 1,000 | 1,020.12 | |||||
Investor Class | 1.05% | |||||||
Actual | $5.26 | $1,000 | $1,013.70 | |||||
Hypothetical (5% return) | 5.27 | 1,000 | 1,019.51 | |||||
Retirement Class | 0.63% | |||||||
Actual | $3.15 | $1,000 | $1,014.70 | |||||
Hypothetical (5% return) | 3.17 | 1,000 | 1,021.65 | |||||
Harbor Mid Cap Value Fund | ||||||||
Institutional Class | 0.85% | |||||||
Actual | $4.20 | $1,000 | $ 985.80 | |||||
Hypothetical (5% return) | 4.27 | 1,000 | 1,020.53 | |||||
Administrative Class | 1.10% | |||||||
Actual | $5.43 | $1,000 | $ 984.50 | |||||
Hypothetical (5% return) | 5.52 | 1,000 | 1,019.26 | |||||
Investor Class | 1.22% | |||||||
Actual | $6.02 | $1,000 | $ 984.30 | |||||
Hypothetical (5% return) | 6.12 | 1,000 | 1,018.65 | |||||
Retirement Class | 0.81% | |||||||
Actual | $4.00 | $1,000 | $ 985.80 | |||||
Hypothetical (5% return) | 4.07 | 1,000 | 1,020.74 | |||||
Harbor Small Cap Value Fund | ||||||||
Institutional Class | 0.86% | |||||||
Actual | $4.31 | $1,000 | $1,012.00 | |||||
Hypothetical (5% return) | 4.32 | 1,000 | 1,020.48 | |||||
Administrative Class | 1.11% | |||||||
Actual | $5.55 | $1,000 | $1,011.00 | |||||
Hypothetical (5% return) | 5.57 | 1,000 | 1,019.21 | |||||
Investor Class | 1.23% | |||||||
Actual | $6.15 | $1,000 | $1,010.40 | |||||
Hypothetical (5% return) | 6.17 | 1,000 | 1,018.59 | |||||
Retirement Class | 0.81% | |||||||
Actual | $4.05 | $1,000 | $1,012.40 | |||||
Hypothetical (5% return) | 4.07 | 1,000 | 1,020.74 |
* | Reflective of all fee waivers and expense reimbursements. |
** | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
Additional Information (Unaudited)
Additional Information—Continued
• | the nature, extent, and quality of the services provided by the Adviser, including the background, education, expertise and experience of the investment professionals of the Adviser who provides services to the Funds; |
• | the favorable history, reputation, qualifications and background of the Adviser, as well as the qualifications of its personnel; |
• | the profitability of the Adviser with respect to each Fund, including the effect of revenues of Harbor Services Group, Inc. (“Harbor Services Group”), the Funds’ transfer agent, and Harbor Funds Distributors, Inc. (“Harbor Funds Distributors”), the Funds’ principal underwriter, on such profitability; |
• | the fees charged by the Adviser for investment advisory services, respectively, including, in each case, the portion of the fee to be retained by the Adviser, after payment of the Subadviser’s fee, for the advisory and related services, including investment, business, legal, compliance, financial and administrative services, that the Adviser provides; |
• | the extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund’s advisory fee level reflects any economies of scale for the benefit of Fund investors; |
• | the fees and expense ratios of each Fund relative to the quality of services provided and the fees and expense ratios of similar investment companies; |
• | the short- and long-term investment performance of each Fund in comparison to peer groups and certain relevant benchmark indices and the Adviser’s efforts to address circumstances of underperformance where applicable; |
• | the compensation received by Harbor Services Group and Harbor Funds Distributors in consideration of the services each provides to the Funds, and any other “fall out” benefits that inure to the Adviser and its affiliates as a result of their relationship with the Funds; |
• | information received at regular meetings throughout the year related to Fund performance and services rendered by the Adviser, as well as each of the Subadvisers, and research arrangements with brokers who execute transactions on behalf of each Subadviser; |
• | information contained in materials provided by the Adviser and compiled by Access Data Corp., a Broadridge entity (“Broadridge”), as to the investment returns, advisory fees and total expense ratios of the Institutional Class of each Fund (and, in certain cases, total expense ratios of certain other classes) relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge; and |
• | information contained in materials compiled by Morningstar, Inc. (“Morningstar”) as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers. |
• | the nature, extent, and quality of the services provided by each Subadviser, including the background, education, expertise and experience of the investment professionals of each Subadviser providing services to the Funds; |
• | the favorable history, reputation, qualifications and background of each Subadviser, as well as the qualifications of their respective personnel; |
• | the fees charged by each Subadviser for subadvisory services, which fees are paid by the Adviser, not by the Funds; |
• | information contained in materials provided by the Adviser and compiled by Broadridge as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge; and |
Additional Information—Continued
• | information contained in materials compiled by Morningstar as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers. |
Additional Information—Continued
Additional Information—Continued
Additional Information—Continued
Additional Information—Continued
Name (Age) Position(s) with Fund | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years | Number of Portfolios In Fund Complex Overseen By Trustee | Other Directorships Of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES | ||||
Scott M. Amero (52) Trustee | Since 2014 | Chairman (2015-Present) and Trustee (2011-2015), Rare (conservation non-profit); Trustee, Berkshire School (2014–Present); BlackRock, Inc., (publicly traded investment management firm) Vice Chairman and Global Chief Investment Officer, Fixed Income (2010), Vice Chairman and Global Chief Investment Officer, Fixed Income, and Co-Head, Fixed Income Portfolio Management (2007-2010). | 30 | None |
Raymond J. Ball (71) Trustee | Since 2006 | Sidney Davidson Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (2000-Present); Academic Affiliate, Analysis Group (litigation consulting firm) (2000-Present); Financial Reporting Faculty Advisory Group of the Institute of Chartered Accountants in England and Wales (2008-Present); and Advisory Board of the Center for Accounting Research & Education at University of Notre Dame (2006-Present). | 30 | None |
Donna J. Dean (64) Trustee | Since 2010 | Chief Investment Officer of the Rockefeller Foundation (a private foundation) (1995-Present); and Trustee of Queens University of Charlotte, North Carolina (2000-2014). | 30 | None |
Randall A. Hack (69) Trustee | Since 2010 | Founder and Senior Managing Director of Capstone Capital LLC (a private investment firm) (2003-Present); Director of Tower Development Corporation (cell tower developer) (2009-Present); and Advisory Director of Berkshire Partners (a private equity firm) (2002-2013). | 30 | Director of FiberTower Corporation (2002-2011). |
Robert Kasdin (58) Trustee | Since 2014 | Senior Vice President and Chief Operating Officer, Johns Hopkins Medicine (2015-Present); Senior Executive Vice President, Columbia University (2002-2015); Trustee, National September 11 Memorial & Museum at the World Trade Center (2005-Present); Trustee, The Metropolitan Museum of Art (2014-2015); Trustee (2004-2014) and President of the Board of Trustees (2006-2011), The Dalton School; Trustee, ARTstor Digital Library (a nonprofit digital images resource) (2013-Present); Director, Apollo Commercial Real Estate Finance, Inc. (2014-Present); and Director, Noranda Aluminum Holdings Corp. (2007-2014). | 30 | Director of Noranda Aluminum Holdings Corporation (2007-2014); Director of Apollo Commercial Real Estate Finance, Inc. (2014-Present). |
Rodger F. Smith (75) Trustee | Since 1987 | Managing Director, Greenwich Associates (a research based consulting firm) (1976-Present); and Chair of Trust Advisory Committee of Tau Beta Pi Association (engineering honor society) (1985-Present). | 30 | None |
Ann M. Spruill (62) Trustee | Since 2014 | Partner (1993-2008), Member of Executive Committee (1996-2008), Member Board of Directors (2002-2008), Grantham, Mayo, Van Otterloo & Co, LLC (private investment management firm) (with the firm since 1990); Member Investment Committee and Chair of Global Equities, Museum of Fine Arts, Boston (2000-Present); and Trustee, Financial Accounting Foundation (2014-Present). | 30 | None |
Additional Information—Continued
Name (Age) Position(s) with Fund | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years | Number of Portfolios In Fund Complex Overseen By Trustee | Other Directorships Of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years |
INTERESTED TRUSTEE | ||||
David G. Van Hooser (69)* Chairman, Trustee and President | Since 2000 | President (2002-Present), Director and Chairman of the Board (2000-Present), Harbor Capital Advisors, Inc.; Chief Executive Officer (2007-Present), Chief Financial Officer (2012-2015), Treasurer (2007-2012) and Director (2000-Present), Harbor Funds Distributors, Inc.; and Director (2000-Present), Harbor Services Group, Inc. | 30 | None |
Name (Age) Position(s) with Fund Address | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years |
FUND OFFICERS NOT LISTED ABOVE** | ||
Charles F. McCain (46) Chief Compliance Officer | Since 2004 | Executive Vice President and General Counsel (2004-Present) and Chief Compliance Officer (2004-2014), Harbor Capital Advisors, Inc.; Director (2007-Present) and Chief Compliance Officer (2004-Present), Harbor Services Group, Inc.; and Director, Executive Vice President and Chief Compliance Officer (2007-Present), Harbor Funds Distributors, Inc. |
Anmarie S. Kolinski (44) Treasurer | Since 2007 | Executive Vice President and Chief Financial Officer (2007-Present), Harbor Capital Advisors, Inc.; Chief Financial Officer (2007-Present), Harbor Services Group, Inc.; and Chief Financial Officer (2015-Present) and Treasurer (2012-Present), Harbor Funds Distributors, Inc. |
Erik D. Ojala (41) Vice President and Secretary; AML Compliance Officer | Since 2007; Since 2010 | Senior Vice President and Associate General Counsel (2007-Present) and Secretary (2010-Present), Harbor Capital Advisors, Inc.; and Assistant Secretary (2014-Present), Harbor Services Group, Inc. |
Brian L. Collins (47) Vice President | Since 2005 | Executive Vice President and Chief Investment Officer (2004-Present), Harbor Capital Advisors, Inc. |
Charles P. Ragusa (56) Vice President | Since 2007 | Executive Vice President (2007-Present), Harbor Capital Advisors, Inc.; President (2007-Present), Harbor Services Group, Inc.; and Executive Vice President and AML Compliance Officer (2007-Present), Harbor Funds Distributors, Inc. |
Jodie L. Crotteau (44) Assistant Secretary | Since 2014 | Senior Vice President and Chief Compliance Officer, Harbor Capital Advisors, Inc. (2014-Present); Assistant Secretary (2015-present), Harbor Services Group, Inc.; Assistant Secretary (2016-present), Harbor Funds Distributors, Inc.; Vice President and Chief Compliance Officer, Grosvenor Registered Funds (2011-2014); Vice President, Grosvenor Capital Management, L.P. (2010-2014); Assistant Secretary (2005-2010) and AML Compliance Officer (2007-2010), Harbor Funds; Vice President, Secretary and Compliance Director (2007-2010), Harbor Capital Advisors, Inc.; Assistant Secretary (2005-2010), Harbor Services Group, Inc.; and Assistant Secretary (2007-2010), Harbor Funds Distributors, Inc. |
Susan A. DeRoche (63) Assistant Secretary | Since 2006 | Senior Vice President and Compliance Director (2007-Present) and Assistant Secretary (2006-Present), Harbor Capital Advisors, Inc.; Senior Vice President (2011–Present) and Secretary (2007-Present), Harbor Funds Distributors, Inc.; and Secretary (2014-Present) and Assistant Secretary (2012-2013), Harbor Services Group, Inc. |
John M. Paral (47) Assistant Treasurer | Since 2013 | Vice President (2012-Present) and Financial Reporting Manager (2007-Present), Harbor Capital Advisors, Inc. |
1 | Each Trustee serves for an indefinite term, until his successor is elected. Each Officer is elected annually. |
* | Mr. Van Hooser is deemed an “Interested Trustee” due to his affiliation with the Adviser and Distributor of Harbor Funds. |
** | Officers of the Funds are “interested persons” as defined in the Investment Company Act. |
111 South Wacker Drive, 34th Floor | Chicago, IL 60606-4302 | 800-422-1050 | harborfunds.com |
Chairman, President & Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Chief Compliance Officer
Treasurer
Vice President, Secretary &
AML Compliance Officer
Vice President
Vice President
Assistant Secretary
Assistant Secretary
Assistant Treasurer
111 South Wacker Drive
34th Floor
Chicago, IL 60606-4302
312-443-4400
111 South Wacker Drive
34th Floor
Chicago, IL 60606-4302
312-443-4600
P.O. Box 804660
Chicago, IL 60680-4108
800-422-1050
State Street Financial Center
1 Lincoln Street
Boston, MA 02111-2900
Table of Contents
Institutional Class | Administrative Class | Investor Class | Retirement Class | |
Harbor International Fund | HAINX | HRINX | HIINX | HNINX |
Harbor Diversified International All Cap Fund | HAIDX | HRIDX | HIIDX | HNIDX |
Harbor International Small Cap Fund | HAISX | HRISX | HIISX | HNISX |
Harbor International Growth Fund | HAIGX | HRIGX | HIIGX | HNGFX |
Harbor Global Growth Fund | HGGAX | HRGAX | HGGIX | HNGIX |
Harbor Emerging Markets Equity Fund | HAEMX | HREMX | HIEEX | HNEMX |
1 | |
3 | |
Harbor International Fund | |
5 | |
7 | |
8 | |
9 | |
Harbor Diversified International All Cap Fund | |
12 | |
14 | |
15 | |
16 | |
Harbor International Small Cap Fund | |
23 | |
25 | |
26 | |
27 | |
Harbor International Growth Fund | |
31 | |
33 | |
34 | |
35 | |
Harbor Global Growth Fund | |
38 | |
40 | |
41 | |
42 | |
Harbor Emerging Markets Equity Fund | |
44 | |
46 | |
47 | |
48 | |
Financial Statements | |
51 | |
53 | |
55 | |
61 | |
71 | |
82 | |
Additional Information | |
85 | |
85 | |
85 | |
85 | |
95 | |
97 | |
98 |
Semi-Annual Report Overview (Unaudited)
Unannualized Total Return 6 Months Ended April 30, 2016 | |||||||
HARBOR INTERNATIONAL & GLOBAL FUNDS | Institutional Class | Administrative Class | Investor Class | Retirement Class | |||
Harbor International Fund | -2.68% | -2.80% | -2.87% | -2.68% a | |||
Harbor Diversified International All Cap Fund | -2.85 | -2.99 | -3.10 | -2.95 a | |||
Harbor International Small Cap Fund | 5.10 b | 5.10 b | 5.00 b | 5.10 b | |||
Harbor International Growth Fund | -0.96 | -1.13 | -1.13 | -0.96 a | |||
Harbor Global Growth Fund | -4.09 | -4.22 | -4.25 | -4.09 a | |||
Harbor Emerging Markets Equity Fund | -1.67 | -1.83 | -1.71 | -1.67 a |
COMMONLY USED MARKET INDICES | Unannualized Total Return 6 Months Ended April 30, 2016 |
MSCI EAFE (ND); international equity | -3.07% |
MSCI All Country World Ex. U.S. (ND); global equity | -1.75 |
MSCI EAFE Small Cap (ND); international equity | 10.37 |
MSCI All Country World (ND); global equity | -0.94 |
MSCI Emerging Markets (ND); global equity | -0.13 |
a | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
b | For the period February 1, 2016 (inception) through April 30, 2016. |
Semi-Annual Report Overview—Continued
EXPENSE RATIOS1 | Morningstar Average2 (Unaudited) | ||||||||||
INTERNATIONAL AND GLOBAL FUNDS | 2012* | 2013* | 2014* | 2015* | 2016 a | ||||||
Harbor International Fund | |||||||||||
Institutional Class | 0.77% | 0.74% | 0.73% | 0.74% | 0.77% | 0.98% | |||||
Administrative Class | 1.02 | 0.99 | 0.98 | 0.99 | 1.02 | 1.30 | |||||
Investor Class | 1.14 | 1.11 | 1.10 | 1.11 | 1.14 | 1.35 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.72 b | 0.83 | |||||
Harbor Diversified International All Cap Fund | |||||||||||
Institutional Class | N/A | N/A | N/A | N/A | 0.85% | 0.98% | |||||
Administrative Class | N/A | N/A | N/A | N/A | 1.10 | 1.30 | |||||
Investor Class | N/A | N/A | N/A | N/A | 1.22 | 1.35 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.80 b | 0.83 | |||||
Harbor International Small Cap Fund | |||||||||||
Institutional Class | N/A | N/A | N/A | N/A | 0.95% c | 1.25% | |||||
Administrative Class | N/A | N/A | N/A | N/A | 1.20 c | 1.58 | |||||
Investor Class | N/A | N/A | N/A | N/A | 1.32 c | 1.61 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.90 c | 1.08 | |||||
Harbor International Growth Fund | |||||||||||
Institutional Class | 0.87% | 0.89% | 0.85% | 0.85% | 0.85% | 1.01% | |||||
Administrative Class | 1.12 | 1.14 | 1.10 | 1.10 | 1.10 | 1.34 | |||||
Investor Class | 1.24 | 1.26 | 1.22 | 1.22 | 1.22 | 1.39 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.80 b | 0.79 | |||||
Harbor Global Growth Fund | |||||||||||
Institutional Class | 0.96% | 0.90% | 0.90% | 0.90% | 0.90% | 0.99% | |||||
Administrative Class | 1.21 | 1.15 | 1.15 | 1.15 | 1.15 | 1.26 | |||||
Investor Class | 1.30 | 1.27 | 1.27 | 1.27 | 1.27 | 1.33 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.85 b | 0.79 | |||||
Harbor Emerging Markets Equity Fund | |||||||||||
Institutional Class | N/A | N/A | 1.25% | 1.17% | 1.15% | 1.28% | |||||
Administrative Class | N/A | N/A | 1.50 | 1.43 | 1.40 | 1.64 | |||||
Investor Class | N/A | N/A | 1.62 | 1.55 | 1.52 | 1.65 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 1.10 b | 1.06 |
* | Audited. |
1 | Harbor Funds’ expense ratios are for operating expenses for the fiscal years ended October 31 (unless otherwise noted) and are shown net of all expense offsets, waivers and reimbursements (see Financial Highlights). |
2 | The Morningstar Average includes all actively managed no-load funds in the April 30, 2016 Morningstar Universe with the same investment style as the comparable Harbor Fund’s portfolio and with the following additional characteristics for each Harbor Funds share class: Institutional Class contains funds with 12b-1 fees less than or equal to 0.25%; Administrative Class contains funds with 12b-1 fees and which are restricted primarily for use by retirement plans; Investor Class contains funds with 12b-1 fees and a minimum investment less than $50,000; and Retirement Class contains funds with no 12b-1 fees and which are restricted primarily for use by retirement plans. |
a | Unaudited annualized figures for the six-month period ended April 30, 2016. |
b | Retirement Class shares commenced operations on March 1, 2016. |
c | For the period February 1, 2016 (inception) through April 30, 2016. |
David G. Van Hooser Chairman |
Returns For Periods Ended April 30, 2016 | ||||||||||
Unannualized | Annualized | |||||||||
International & Global | 6 Months | 1 Year | 5 Years | 10 Years | 30 Years | |||||
MSCI EAFE (ND) (foreign stocks) | -3.07% | -9.32% | 1.69% | 1.61% | 6.24% | |||||
MSCI World (ND) (global stocks) | -1.05 | -4.17 | 5.96 | 4.13 | 7.57 | |||||
MSCI All Country World (ND) (global stocks) | -0.94 | -5.66 | 4.69 | 3.89 | N/A | |||||
MSCI Emerging Markets (ND) (emerging markets) | -0.13 | -17.87 | -4.61 | 2.36 | N/A | |||||
Domestic Equities | ||||||||||
Wilshire 5000 Total Market (entire U.S. stock market) | -0.07% | -0.83% | 10.28% | 6.93% | 9.82% | |||||
S&P 500 (large cap stocks) | 0.43 | 1.21 | 11.02 | 6.91 | 9.99 | |||||
Russell Midcap® (mid cap stocks) | 0.81 | -2.14 | 9.88 | 7.49 | 11.26 | |||||
Russell 2000® (small cap stocks) | -1.90 | -5.94 | 6.98 | 5.42 | 8.58 | |||||
Russell 3000® Growth | -1.64 | 0.32 | 11.09 | 8.03 | 9.16 | |||||
Russell 3000® Value | 1.87 | -0.68 | 9.85 | 5.58 | 10.17 | |||||
Strategic Markets | ||||||||||
Bloomberg Commodity Index Total ReturnSM | -2.06% | -17.45% | -13.32% | -6.01% | N/A | |||||
Fixed Income | ||||||||||
BofA Merrill Lynch U.S. High Yield (high-yield bonds) | 2.23% | -1.36% | 5.22% | 7.20% | N/A | |||||
Barclays U.S. Aggregate Bond (domestic bonds) | 2.82 | 2.72 | 3.60 | 4.95 | 6.58% | |||||
BofA Merrill Lynch 3-Month U.S. Treasury Bill (proxy for money market returns) | 0.14 | 0.15 | 0.08 | 1.12 | 3.64 | |||||
Barclays U.S. TIPS (inflation-indexed bonds) | 3.89 | 1.12 | 2.58 | 4.67 | N/A |
David G. Van Hooser |
Chairman |
Managers' Commentary (Unaudited)
Suite 1410
Since 2009
Since 2009
Since 2009
Fund Performance
Managers' Commentary—Continued
TOP TEN HOLDINGS (% of Net Assets) | |
Las Vegas Sands Corp. | 3.8% |
Novo Nordisk AS | 3.8% |
Roche Holding AG | 3.1% |
Schlumberger Ltd. | 2.9% |
Shire plc | 2.9% |
Unibail-Rodamco SE | 2.9% |
Wynn Resorts Ltd. | 2.8% |
Essilor International SA | 2.7% |
Novartis AG | 2.6% |
Diageo plc | 2.5% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2011 |
Cusip | 411511306 |
Ticker | HAINX |
Inception Date | 12/29/1987 |
Net Expense Ratio | 0.77% a,b |
Total Net Assets (000s) | $37,157,259 |
ADMINISTRATIVE CLASS | |
Fund # | 2211 |
Cusip | 411511652 |
Ticker | HRINX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.02% a,b |
Total Net Assets (000s) | $591,882 |
INVESTOR CLASS | |
Fund # | 2411 |
Cusip | 411511645 |
Ticker | HIINX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.14% a,b |
Total Net Assets (000s) | $2,597,380 |
RETIREMENT CLASS | |
Fund # | 2511 |
Cusip | 411512445 |
Ticker | HNINX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.72% a,b |
Total Net Assets (000s) | $398,228 |
Portfolio | Benchmark | ||
Number of Countries | 17 | 24 | |
Weighted Average Market Cap (MM) | $66,241 | $54,468 | |
Price/Earning Ratio (P/E) | 24.3x | 19.1x | |
Price/Book Ratio (P/B) | 2.7x | 2.1x | |
Beta vs. MSCI EAFE (ND) Index | 1.01 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 6% c | N/A |
a | Annualized |
b | Reflective of a contractual management fee waiver effective through February 28, 2017. |
c | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor International Fund | |||||||||||||||||
Institutional Class | -2.68% | -10.97% | 0.72% | 3.34% | 12/29/1987 | $69,450 | |||||||||||
Administrative Class | -2.80 | -11.19 | 0.46 | 3.08 | 11/01/2002 | 67,729 | |||||||||||
Investor Class | -2.87 | -11.29 | 0.34 | 2.96 | 11/01/2002 | 66,929 | |||||||||||
Retirement Class1 | -2.68 | -10.97 | 0.72 | 3.34 | 03/01/2016 | 69,450 | |||||||||||
Comparative Index | |||||||||||||||||
MSCI EAFE (ND) | -3.07% | -9.32% | 1.69% | 1.61% | — | $58,682 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—97.1% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—2.1% | |||
87,979,712 | Rolls-Royce Holdings plc (UK)* | $ 863,102 | |
AUTO COMPONENTS—1.9% | |||
7,433,428 | Cie Generale des Etablissements Michelin (FR)1 | 776,422 | |
AUTOMOBILES— 0.8% | |||
4,610,162 | Daimler AG (GER) | 321,221 | |
BANKS— 8.6% | |||
108,628,324 | Banco Bilbao Vizcaya Argentaria SA (SP) | 746,473 | |
13,262,775 | Bancolombia SA ADR (COL)2 | 513,137 | |
18,419,289 | Erste Group Bank AG (AUT)* | 530,222 | |
9,677,533 | Grupo Aval Acciones y Valores SA ADR (COL)2 | 78,291 | |
884,838,482 | Lloyds Banking Group plc (UK) | 868,478 | |
93,668,480 | Standard Chartered plc (UK) | 757,085 | |
3,493,686 | |||
BEVERAGES— 9.3% | |||
9,366,600 | Ambev SA (BR)* | 52,808 | |
9,366,608 | AMBEV SA ADR (BR)*,2 | 52,359 | |
7,359,657 | Anheuser-Busch InBev NV (BEL) | 912,994 | |
38,009,705 | Diageo plc (UK) | 1,027,634 | |
10,288,627 | Heineken NV (NET) | 965,353 | |
7,330,210 | Pernod Ricard SA (FR) | 791,772 | |
3,802,920 | |||
CAPITAL MARKETS—2.1% | |||
48,311,459 | UBS Group AG (SWS) | 837,501 | |
CHEMICALS— 2.5% | |||
2,944,829 | Air Liquide SA (FR)1 | 333,993 | |
4,602,296 | Linde AG (GER) | 704,160 | |
1,038,153 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
CONSTRUCTION MATERIALS—2.3% | |||
79,338,778 | Cementos Argos SA (COL) | $ 322,514 | |
17,363,939 | Grupo Argos SA (COL) | 114,594 | |
9,651,810 | LafargeHolcim Ltd. (SWS)* | 490,075 | |
927,183 | |||
DIVERSIFIED FINANCIAL SERVICES—2.0% | |||
14,804,449 | Grupo de Inversiones Suramericana SA (COL) | 200,082 | |
17,049,051 | Investor AB (SW) | 626,384 | |
826,466 | |||
ELECTRICAL EQUIPMENT—2.2% | |||
2,728,791 | Legrand SA (FR) | 155,535 | |
11,594,658 | Schneider Electric SE (FR) | 758,146 | |
913,681 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4% | |||
4,643,800 | Omron Corp. (JP) | 147,380 | |
ENERGY EQUIPMENT & SERVICES—2.9% | |||
14,680,674 | Schlumberger Ltd. (US) | 1,179,445 | |
FOOD PRODUCTS—2.2% | |||
12,154,151 | Nestlé SA (SWS) | 907,182 | |
HEALTH CARE EQUIPMENT & SUPPLIES—3.2% | |||
8,379,379 | Essilor International SA (FR)1 | 1,084,760 | |
5,705,500 | Hoya Corp. (JP) | 218,488 | |
1,303,248 | |||
HEALTH CARE PROVIDERS & SERVICES—2.3% | |||
4,185,714 | Fresenius Medical Care AG & Co. KGaA (GER) | 364,312 | |
8,037,669 | Fresenius SE & Co. KGaA (GER) | 586,093 | |
950,405 | |||
HOTELS, RESTAURANTS & LEISURE—7.0% | |||
68,826,200 | Genting Bhd (MAL) | 155,591 | |
34,195,949 | Las Vegas Sands Corp. (US) | 1,543,947 | |
11,304,800 | MGM China Holdings Ltd. (CYM ) | 15,984 | |
12,952,145 | Wynn Resorts Ltd. (US) | 1,143,675 | |
2,859,197 | |||
HOUSEHOLD PRODUCTS—1.9% | |||
7,920,586 | Reckitt Benckiser Group plc (UK) | 771,615 | |
INSURANCE— 5.5% | |||
4,208,125 | Allianz SE (GER) | 715,919 | |
29,287,854 | AXA SA (FR)1 | 739,507 | |
23,580,800 | Tokio Marine Holdings Inc. (JP) | 771,622 | |
2,227,048 | |||
INTERNET SOFTWARE & SERVICES—2.4% | |||
12,675,249 | Alibaba Group Holding Ltd. ADR (CHN)*,2 | 975,234 | |
MACHINERY— 4.6% | |||
30,414,585 | Atlas Copco AB (SW) | 787,958 | |
3,674,500 | FANUC Corp. (JP) | 542,804 | |
2,300,822 | Sandvik AB (SW) | 23,639 | |
1,816,200 | SMC Corp. (JP) | 442,898 | |
5,620,548 | Weir Group plc (UK)1 | 98,728 | |
1,896,027 | |||
MEDIA— 2.9% | |||
9,871,700 | Dentsu Inc. (JP) | 501,571 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | ||||
Shares | Value | |||
MEDIA— Continued | ||||
7,888,495 | JCDecaux SA (FR) | $ 349,521 | ||
3,873,642 | Liberty Global plc Class A (UK)* | 146,153 | ||
4,795,929 | Liberty Global plc Class C (UK)* | 175,531 | ||
1,172,776 | ||||
METALS & MINING—1.7% | ||||
10,632,636 | Barrick Gold Corp. (CAN) | 205,954 | ||
24,194,779 | Freeport-McMoRan Inc. (US)* | 338,727 | ||
63,903,040 | Glencore plc (UK)* | 152,723 | ||
697,404 | ||||
PERSONAL PRODUCTS—1.9% | ||||
4,261,611 | L'Oreal SA (FR)1 | 774,103 | ||
PHARMACEUTICALS— 12.6% | ||||
47,081,848 | Indivior plc (UK) | 110,872 | ||
13,720,098 | Novartis AG (SWS) | 1,044,130 | ||
27,636,103 | Novo Nordisk AS (DEN) | 1,543,044 | ||
4,974,049 | Roche Holding AG (SWS) | 1,258,480 | ||
19,156,536 | Shire plc (UK) | 1,195,407 | ||
5,151,933 | ||||
REAL ESTATE INVESTMENT TRUSTS (REITs)—3.1% | ||||
2,477,799 | British Land Co. plc (The) (UK) | 26,070 | ||
624,957 | Great Portland Estates plc (UK) | 6,930 | ||
1,631,526 | Land Securities Group plc (UK) | 27,024 | ||
4,477,418 | Unibail-Rodamco SE (FR) | 1,200,150 | ||
1,260,174 | ||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0% | ||||
4,102,934 | ASML Holding NV (NET) | 396,572 | ||
SOFTWARE— 1.6% | ||||
8,086,030 | SAP SE (GER) | 634,438 | ||
TEXTILES, APPAREL & LUXURY GOODS—4.5% | ||||
10,084,982 | Cie Financiere Richemont SA (SWS) | 672,469 | ||
160,290 | Hermes International SA (FR) | 57,088 | ||
3,722,381 | LVMH Moet Hennessy Louis Vuitton SE (FR)1 | 620,192 | ||
1,399,443 | Swatch Group AG (SWS)1 | 477,464 | ||
1,827,213 | ||||
TOBACCO— 1.6% | ||||
15,524,000 | Japan Tobacco Inc. (JP) | 634,278 | ||
TOTAL COMMON STOCKS | ||||
(Cost $32,868,148) | 39,566,007 | |||
PREFERRED STOCKS—0.1% | ||||
AEROSPACE & DEFENSE—0.0% | ||||
6,246,559,552 | Rolls-Royce Holdings plc (UK)* | 9,127 x | ||
DIVERSIFIED FINANCIAL SERVICES—0.1% | ||||
1,382,217 | Grupo de Inversiones Suramericana SA (COL) | 18,438 | ||
TOTAL PREFERRED STOCKS | ||||
(Cost $28,399) | 27,565 | |||
RIGHTS/WARRANTS— 0.0% | |||
(Cost $14,434) | |||
No. of Contracts | Value | ||
HOTELS, RESTAURANTS & LEISURE—0.0% | |||
Genting Bhd (MAL)3 | |||
30,633,782 | 12/18/2018 | $ 12,939 | |
SHORT-TERM INVESTMENTS—7.0% | |||
Principal Amount | |||
COMMERCIAL PAPER—1.6% | |||
General Electric Co. | |||
$ | 100,000 | 0.310%—05/09/2016 | 100,000 |
Toyota Motor Credit | |||
100,000 | 0.270%—05/06/2016 | 100,000 | |
100,000 | 0.280%—05/05/2016 | 100,000 | |
250,000 | 0.290%—05/03/2016-05/12/2016 | 250,000 | |
100,000 | 0.300%—05/03/2016 | 100,000 | |
550,000 | |||
650,000 | |||
REPURCHASE AGREEMENTS—0.4% | |||
153,311 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $156,380) | 153,311 | |
Shares | |||
INVESTMENT COMPANY-SECURITIES LENDING INVESTMENT FUND—5.0% | |||
2,043,154,966 | State Street Navigator Securities Lending Prime Portfolio (1-day yield of 0.500%)4 | 2,043,155 | |
TOTAL SHORT-TERM INVESTMENTS | |||
(Cost $2,846,466) | 2,846,466 | ||
TOTAL INVESTMENTS—104.2% | |||
(Cost $35,757,447) | 42,452,977 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—(4.2)% | (1,708,228) | ||
TOTAL NET ASSETS—100.0% | $40,744,749 |
Portfolio of Investments—Continued
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Common Stocks | ||||||||
Europe | $ 321,684 | $29,092,940 | $ — | $29,414,624 | ||||
Latin America | 1,333,785 | 15,984 | — | 1,349,769 | ||||
North America | 4,411,748 | — | — | 4,411,748 | ||||
Pacific Basin | 975,234 | 3,414,632 | — | 4,389,866 | ||||
Preferred Stocks | ||||||||
Europe | — | — | 9,127 | 9,127 | ||||
Latin America | 18,438 | — | — | 18,438 | ||||
Rights/Warrants | ||||||||
Pacific Basin | 12,939 | — | — | 12,939 | ||||
Short-Term Investments | ||||||||
Commercial Paper | — | 650,000 | — | 650,000 | ||||
Repurchase Agreements | — | 153,311 | — | 153,311 | ||||
Investment Company-Securities Lending Investment Fund | — | 2,043,155 | — | 2,043,155 | ||||
Total Investments in Securities | $7,073,828 | $35,370,022 | $9,127 | $42,452,977 |
Valuation Description | Balance Beginning at 11/01/2015 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss)w (000s) | Change in Unrealized Appreciation/ (Depreciation)w (000s) | Transfers In Level 3 (000s) | Transfers Out of Level 3 (000s) | Ending Balance as of 04/30/2016w (000s) | |||||||||
Preferred Stocks | $12,896 | $9,078 | $(12,897) | $— | $— | $50 | $— | $— | $9,127 |
Valuation Descriptions | Ending Balance as of 04/30/2016 (000s) | Valuation Technique | Unobservable Inputs | Input Value(s) | ||||
Investments in Securities | ||||||||
Preferred Stocks | ||||||||
Rolls-Royce Holdings plc (UK)* | $9,127 | Market Approach | Pre-Traded Price | £ 0.001 |
* | Non-income producing security | ||
1 | A portion or all of this security was out on loan as of April 30, 2016. | ||
2 | ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions. | ||
3 | Security has been deemed illiquid at April 30, 2016. | ||
4 | Represents the investment of collateral received from securities lending activities. | ||
w | The amounts in this category are included in the “Realized and Change in Unrealized Gain/(Loss) on Investment Transactions” section of the Statement of Operations. The net unrealized appreciation/(depreciation) per investment type is below: | ||
Valuation Description | Unrealized Gain/(Loss) as of 04/30/2016 (000s) | ||
Preferred Stocks | $49 | ||
x | Fair Valued in accordance with Harbor Funds Valuation Procedures using pre-traded price which is a Level 3 input. |
Managers' Commentary (Unaudited)
England
Since 2015
Since 2015
Since 2015
Since 2015
Since 2015
Since 2015
Since 2015
Fund Performance
Managers' Commentary—Continued
TOP TEN HOLDINGS (% of Net Assets) | |
Nippon Telegraph & Telephone Corp. | 1.5% |
Fujifilm Holdings Corp. | 1.3% |
Vestas Wind Systems AS | 1.2% |
Reckitt Benckiser Group plc | 1.1% |
ASSA Abloy AB | 1.0% |
Intertek Group plc | 1.0% |
Rightmove plc | 1.0% |
Sampo OYJ | 1.0% |
Compass Group plc | 0.9% |
Fresenius Medical Care AG & Co. KGaA | 0.9% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2038 |
Cusip | 411512593 |
Ticker | HAIDX |
Inception Date | 11/02/2015 |
Net Expense Ratio | 0.85% a,b |
Total Net Assets (000s) | $158,062 |
ADMINISTRATIVE CLASS | |
Fund # | 2238 |
Cusip | 411512585 |
Ticker | HRIDX |
Inception Date | 11/02/2015 |
Net Expense Ratio | 1.10% a,b |
Total Net Assets (000s) | $242 |
INVESTOR CLASS | |
Fund # | 2438 |
Cusip | 411512577 |
Ticker | HIIDX |
Inception Date | 11/02/2015 |
Net Expense Ratio | 1.22% a,b |
Total Net Assets (000s) | $268 |
RETIREMENT CLASS | |
Fund # | 2538 |
Cusip | 4115125437 |
Ticker | HNIDX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.80% a,b |
Total Net Assets (000s) | $11 |
Portfolio | Benchmark | ||
Number of Countries | 40 | 47 | |
Weighted Average Market Cap (MM) | $31,412 | $50,969 | |
Price/Earning Ratio (P/E) | 20.4x | 18.0x | |
Price/Book Ratio (P/B) | 2.4x | 2.1x | |
Beta vs. MSCI All Country World Ex. U.S. (ND) | 0.68 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 5% c | N/A |
a | Annualized |
b | Reflective of an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
c | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | 5 Years | Unannualized | Inception Date | Final Value of a $50,000 Investment | |||||||||||
6 Months | Life of Fund | ||||||||||||||||
Harbor Diversified International All Cap Fund | |||||||||||||||||
Institutional Class | -2.85% | N/A | N/A | -2.85% | 11/02/2015 | $48,577 | |||||||||||
Administrative Class | -2.99 | N/A | N/A | -2.99 | 11/02/2015 | 48,507 | |||||||||||
Investor Class | -3.10 | N/A | N/A | -3.10 | 11/02/2015 | 48,450 | |||||||||||
Retirement Class1 | -2.95 | N/A | N/A | -2.95 | 03/01/2016 | 48,527 | |||||||||||
Comparative Index | |||||||||||||||||
MSCI All Country World Ex. U.S. (ND) | -1.75% | N/A | N/A | -1.75% | — | $49,124 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—96.2% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—1.6% | |||
9,658 | Airbus Group SE (FR) | $ 604 | |
105,024 | BAE Systems plc (UK) | 733 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
AEROSPACE & DEFENSE—Continued | |||
61,264 | Rolls-Royce Holdings plc (UK)* | $ 601 | |
3,630 | Thales SA (FR) | 314 | |
14,193 | Zodiac Aerospace (FR) | 333 | |
2,585 | |||
AIR FREIGHT & LOGISTICS—0.6% | |||
5,769 | Oesterreichische Post AG (AUT)* | 226 | |
32,000 | Yamato Holdings Co. Ltd. (JP) | 645 | |
871 | |||
AIRLINES— 0.2% | |||
41,378 | Air France-KLM (FR)* | 371 | |
AUTO COMPONENTS—0.4% | |||
5,904 | Nokian Renkaat OYJ (FIN) | 218 | |
17,600 | Sumitomo Electric Industries Ltd. (JP) | 212 | |
3,900 | Toyota Industries Corp. (JP) | 169 | |
599 | |||
AUTOMOBILES— 2.0% | |||
8,273 | Bayerische Motoren Werke AG (GER) | 765 | |
3,871 | Hyundai Motor Co. (S. KOR) | 486 | |
201,266 | Piaggio & C. SpA (IT) | 447 | |
27,500 | Toyota Motor Corp. (JP) | 1,394 | |
3,092 | |||
BANKS— 8.3% | |||
17,188 | Alpha Bank AE (GRC)* | 37 | |
7,991 | Banco Santander SA (SP) | 41 | |
8,308 | Bancolombia SA ADR (COL)1 | 321 | |
81,800 | Bangkok Bank PCL (THA) | 383 | |
2,619,947 | Bank of Ireland (IE)* | 796 | |
1,022 | Bank Pekao SA (POL) | 41 | |
285,283 | Barclays plc (UK) | 716 | |
5,243 | BGEO Group plc (UK) | 176 | |
14,432 | BNP Paribas SA (FR) | 764 | |
40,000 | Chiba Bank Ltd. (JP) | 202 | |
31,000 | Concordia Financial Group Ltd. (JP)* | 149 | |
3,682 | Danske Bank AS (DEN) | 104 | |
16,100 | DBS Group Holdings Ltd. (SGP) | 182 | |
20,472 | DNB ASA (NOR) | 262 | |
15,633 | Hana Financial Group Inc. (S. KOR) | 351 | |
74,176 | HSBC Holdings plc (UK) | 494 | |
51,405 | Intesa Sanpaolo SpA (IT) | 143 | |
28,300 | Kasikornbank PCL (THA) | 134 | |
7,080 | KB Financial Group Inc. (S. KOR) | 217 | |
481 | Komercni Banka AS (CZ) | 99 | |
940,361 | Lloyds Banking Group plc (UK) | 923 | |
86,100 | Mitsubishi UFJ Financial Group Inc. (JP) | 397 | |
540,100 | Mizuho Financial Group Inc. (JP) | 810 | |
26,274 | Nordea Bank AB (SW) | 255 | |
146,800 | Resona Holdings Inc. (JP) | 519 | |
41,234 | Sberbank of Russia PJSC ADR (RUS)1 | 331 | |
18,880 | Shinhan Financial Group Co. Ltd. (S. KOR) | 692 | |
23,608 | Standard Bank Group Ltd. (S. AFR) | 212 | |
32,822 | Standard Chartered plc (UK) | 265 | |
30,300 | Sumitomo Mitsui Financial Group Inc. (JP) | 912 | |
74,378 | Svenska Handelsbanken AB (SW) | 992 | |
37,900 | Thanachart Capital PCL (THA) | 38 | |
154,554 | Turkiye Garanti Bankasi AS (TUR) | 476 | |
145,121 | Unicredit SpA (IT) | 563 | |
6,400 | United Overseas Bank Ltd. (SGP) | 88 | |
13,085 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
BEVERAGES— 4.4% | |||
10,204 | Anheuser-Busch InBev NV (BEL) | $ 1,266 | |
5,641 | Carlsberg AS (DEN) | 550 | |
176,000 | China Resources Beer Holdings Co. Ltd. (HK)* | 386 | |
31,021 | Cia Cervecerias Unidas SA (CL) | 348 | |
61,818 | Coca-Cola Amatil Ltd. (AUS) | 403 | |
11,416 | Davide Campari-Milano SpA (IT) | 110 | |
34,571 | Diageo plc (UK) | 935 | |
12,677 | Heineken NV (NET) | 1,189 | |
5,277 | Hite Jinro Co. Ltd. (S. KOR) | 129 | |
96,600 | Kirin Holdings Co. Ltd. (JP) | 1,393 | |
48,000 | Tsingtao Brewery Co. Ltd. (CHN) | 182 | |
6,891 | |||
BUILDING PRODUCTS—2.4% | |||
72,782 | ASSA Abloy AB (SW) | 1,529 | |
3,428 | Geberit AG (SWS) | 1,319 | |
30,700 | LIXIL Group Corp. (JP) | 643 | |
18,312 | Wienerberger AG (AUT) | 362 | |
3,853 | |||
CAPITAL MARKETS—1.8% | |||
87,733 | 3i Group plc (UK) | 609 | |
31,100 | BTG Pactual Group (BR)* | 178 | |
5,032 | Close Brothers Group plc (UK) | 89 | |
75,530 | ICAP plc (UK) | 518 | |
40,022 | Jupiter Fund Management plc (UK) | 247 | |
108,600 | Nomura Holdings Inc. (JP) | 461 | |
43,341 | UBS Group AG (SWS) | 751 | |
2,853 | |||
CHEMICALS— 2.3% | |||
8,634 | Akzo Nobel NV (NET) | 613 | |
11,855 | BASF SE (GER) | 981 | |
20,557 | DuluxGroup Ltd. (AUS) | 100 | |
687 | Enaex SA (CL) | 7 | |
24,966 | Orica Ltd. (AUS) | 289 | |
687 | Sociedad Quimica y Minera de Chile SA ADR (CL)1 | 14 | |
111,000 | Sumitomo Chemical Co. Ltd. (JP) | 502 | |
4,749 | Symrise AG (GER) | 315 | |
46,446 | Tikkurila OYJ (FIN)2 | 815 | |
3,636 | |||
COMMERCIAL SERVICES & SUPPLIES—2.3% | |||
16,514 | Berendsen plc (UK) | 285 | |
362,317 | Cleanaway Waste Management Ltd. (AUS) | 216 | |
15,401 | Edenred (FR) | 304 | |
3,028 | Elis SA (FR)* | 56 | |
219,318 | G4S plc (UK) | 605 | |
85,096 | Homeserve plc (UK) | 516 | |
3,315 | ISS AS (DEN) | 126 | |
2,302 | S-1 Corp. (S. KOR) | 188 | |
11,100 | Secom Co. Ltd. (JP) | 853 | |
309,488 | Serco Group plc (UK)* | 435 | |
51,539 | Spotless Group Holdings Ltd. (AUS)* | 50 | |
3,634 | |||
COMMUNICATIONS EQUIPMENT—0.2% | |||
48,063 | Telefonaktiebolaget Lm Ericsson (SW) | 389 | |
CONSTRUCTION & ENGINEERING—1.3% | |||
12,054 | Boskalis Westminster (NET) | 502 | |
1,100 | Kinden Corp. (JP) | 13 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
CONSTRUCTION & ENGINEERING—Continued | |||
125,800 | Obayashi Corp. (JP) | $ 1,233 | |
35,000 | Shimizu Corp. (JP) | 314 | |
2,062 | |||
CONSTRUCTION MATERIALS—0.2% | |||
2,353 | CRH plc (IE) | 69 | |
792 | Imerys SA (FR) | 58 | |
1,802 | Vicat SA (FR) | 125 | |
252 | |||
CONSUMER FINANCE—0.9% | |||
78,549 | International Personal Finance plc (UK) | 307 | |
95,052 | Non-Standard Finance plc (UK)*,3 | 89 | |
23,162 | Provident Financial plc (UK) | 988 | |
1,384 | |||
CONTAINERS & PACKAGING—0.9% | |||
9,192 | Amcor Ltd. (AUS) | 107 | |
16,565 | Orora Ltd. (AUS) | 33 | |
55,394 | Rexam plc (UK) | 507 | |
38,800 | Toyo Seikan Group Holdings Ltd. (JP) | 765 | |
1,412 | |||
DISTRIBUTORS— 0.1% | |||
10,661 | Inchcape plc (UK) | 106 | |
DIVERSIFIED FINANCIAL SERVICES—0.4% | |||
372,000 | First Pacific Co. Ltd. (BM) | 236 | |
39,532 | IG Group Holdings plc (UK) | 447 | |
683 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES—2.9% | |||
116,824 | Cable & Wireless Communications plc (UK) | 126 | |
51,709 | Deutsche Telekom AG (GER) | 908 | |
141,334 | Koninklijke KPN NV (NET) | 555 | |
3,059 | KT Corp. (S. KOR) | 82 | |
20,419 | LG Uplus Corp. (S. KOR) | 200 | |
52,900 | Nippon Telegraph & Telephone Corp. (JP) | 2,367 | |
134,129 | Spark New Zealand Ltd. (NZ) | 347 | |
11,032 | Telkom SA SOC Ltd. (S. AFR) | 44 | |
4,629 | |||
ELECTRIC UTILITIES—0.6% | |||
88,900 | EDP - Energias do Brasil SA (BR)* | 331 | |
53,600 | Tohoku Electric Power Co. Inc. (JP) | 685 | |
1,016 | |||
ELECTRICAL EQUIPMENT—2.0% | |||
19,716 | Legrand SA (FR) | 1,124 | |
352,850 | TECO Electric And Machinery Co. Ltd. (TW) | 278 | |
25,468 | Vestas Wind Systems AS (DEN) | 1,823 | |
3,225 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.2% | |||
9,900 | Azbil Corp. (JP) | 254 | |
73,000 | Chroma ATE Inc. (TW) | 162 | |
48,735 | Delta Electronics Inc. (TW) | 226 | |
212,000 | Hitachi Ltd. (JP) | 971 | |
13,446 | Spectris plc (UK) | 359 | |
1,972 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
ENERGY EQUIPMENT & SERVICES—0.6% | |||
23,111 | Amec Foster Wheeler plc (UK) | $ 167 | |
4,367 | Petrofac Ltd. (UK) | 54 | |
1,278,747 | Saipem SpA (IT)* | 614 | |
1,222 | Technip SA (FR) | 72 | |
10,663 | Vallourec SA (FR)* | 56 | |
963 | |||
FOOD & STAPLES RETAILING—1.7% | |||
22,809 | Almacenes Exito SA (COL) | 128 | |
6,100 | Dairy Farm International Holdings Ltd. (BM) | 42 | |
25,644 | Grupo Comercial Chedraui SA de CV (MEX) | 73 | |
30,252 | Koninklijke Ahold NV (NET) | 659 | |
91,567 | Metcash Ltd. (AUS)* | 122 | |
44,122 | O'Key Group SA GDR (LUX)4 | 101 | |
32,000 | Seven & I Holdings Co. Ltd. (JP) | 1,306 | |
113,980 | Tesco plc (UK)* | 286 | |
2,717 | |||
FOOD PRODUCTS—1.6% | |||
199,000 | China Mengniu Dairy Co. Ltd. (CYM ) | 337 | |
54,530 | Devro plc (UK) | 222 | |
8,000 | NH Foods Ltd. (JP) | 178 | |
52,100 | Nippon Suisan Kaisha Ltd. (JP) | 288 | |
2,543 | PGG Wrightson Ltd. (NZ) | 1 | |
133,300 | Super Group Ltd. (SGP) | 96 | |
76,255 | Tingyi Cayman Islands Holding Corp. (CHN) | 89 | |
12,300 | Toyo Suisan Kaisha Ltd. (JP) | 434 | |
9,009 | Viscofan SA (SP) | 506 | |
425,000 | Want Want China Holdings Ltd. (CYM ) | 326 | |
2,477 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—2.1% | |||
18,214 | Coloplast AS (DEN) | 1,364 | |
32,685 | GN Store Nord AS (DEN) | 643 | |
6,790 | Smith & Nephew plc (UK) | 115 | |
2,720 | Sonova Holding AG (SWS) | 364 | |
21,700 | Top Glove Corp. Bhd (MAL)* | 28 | |
7,192 | William Demant Holding Group AS (DEN)* | 740 | |
3,254 | |||
HEALTH CARE PROVIDERS & SERVICES—1.5% | |||
44,000 | Alfresa Holdings Corp. (JP) | 847 | |
17,114 | Fresenius Medical Care AG & Co. KGaA (GER) | 1,490 | |
103,335 | Sigma Pharmaceuticals Ltd. (AUS) | 86 | |
2,423 | |||
HOTELS, RESTAURANTS & LEISURE—4.2% | |||
271,000 | Ajisen China Holdings Ltd. (CYM ) | 115 | |
11,647 | Carnival plc (UK) | 581 | |
82,971 | Compass Group plc (UK) | 1,478 | |
142,600 | GL Ltd. (BM) | 97 | |
33,385 | GVC Holdings plc (IM)* | 264 | |
145,500 | Hongkong & Shanghai Hotels Ltd. (HK) | 173 | |
137,183 | Merlin Entertainments plc (UK)3 | 867 | |
8,778 | Millennium & Copthorne Hotels plc (UK) | 59 | |
6,403 | Opap SA (GRC) | 48 | |
11,020 | Paddy Power Betfair plc (IE) | 1,478 | |
121,258 | SSP Group plc (UK) | 510 | |
250,136 | Thomas Cook Group plc (UK)* | 323 | |
42,931 | TUI AG (GER) | 623 | |
6,616 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
HOUSEHOLD DURABLES—0.5% | |||
19,747 | Barratt Developments plc (UK) | $ 154 | |
10,605 | Gud Holdings Ltd. (AUS) | 68 | |
124,700 | MRV Engenharia E Participacoes SA (BR) | 436 | |
7,700 | Sumitomo Forestry Co. Ltd. (JP) | 89 | |
747 | |||
HOUSEHOLD PRODUCTS—1.1% | |||
17,247 | Reckitt Benckiser Group plc (UK) | 1,680 | |
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS—0.2% | |||
1,836,600 | Energy Development Corp. (PHIL) | 231 | |
523,500 | Lopez Holdings Corp. (PHIL) | 81 | |
312 | |||
INDUSTRIAL CONGLOMERATES—2.0% | |||
68,000 | CK Hutchison Holdings Ltd. (HK) | 813 | |
7,960 | DCC plc (IE) | 706 | |
13,100 | Jardine Matheson Holdings Ltd. (HK) | 722 | |
19,506 | Koninklijke Philips Electronics NV (NET) | 536 | |
1,815 | LG Corp. (S. KOR) | 108 | |
151,215 | Quinenco SA (CL) | 298 | |
3,183 | |||
INSURANCE— 4.7% | |||
23,145 | Admiral Group plc (UK) | 629 | |
20,044 | AXA SA (FR) | 506 | |
85,500 | Dai-ichi Life Insurance Co. Ltd. (JP) | 1,028 | |
30,900 | Great Eastern Holdings Ltd. (SGP)2 | 513 | |
1,062 | Hannover Rueck SE (GER) | 121 | |
172 | Helvetia Holding AG (SWS) | 93 | |
66,700 | Japan Post Holdings Co. Ltd. (JP) | 899 | |
44,900 | MS&AD Insurance Group Holdings Inc. (JP) | 1,186 | |
76,051 | Old Mutual plc (UK) | 208 | |
35,849 | Sampo OYJ (FIN) | 1,568 | |
108 | Samsung Fire & Marine Insurance Co. Ltd. (S. KOR) | 28 | |
15,900 | Sompo Japan Nipponkoa Holdings Inc. (JP) | 417 | |
15,126 | St. James's Place plc (UK) | 192 | |
4,543 | Topdanmark AS (DEN)* | 120 | |
7,508 | |||
INTERNET & CATALOG RETAIL—0.1% | |||
23,700 | B2W Cia Digital (BR)* | 94 | |
259 | CJ O Shopping Co. Ltd. (S. KOR) | 45 | |
275 | GS Home Shopping Inc. (S. KOR) | 45 | |
184 | |||
INTERNET SOFTWARE & SERVICES—2.1% | |||
2,565 | Baidu Inc. ADR (CHN)*,1 | 498 | |
40,515 | Just Eat plc (UK)* | 228 | |
96,084 | Moneysupermarket.com Group plc (UK) | 441 | |
28,838 | Rightmove plc (UK) | 1,630 | |
25,822 | Yandex NV (RUS)* | 529 | |
3,326 | |||
IT SERVICES—1.1% | |||
82,000 | Fujitsu Ltd. (JP) | 287 | |
2,389 | Genpact Ltd. (US)* | 67 | |
24,400 | NTT Data Corp. (JP) | 1,270 | |
54,000 | Travelsky Technology Ltd. (CHN) | 100 | |
1,724 | |||
LEISURE PRODUCTS—0.7% | |||
6,947 | Amer Sports OYJ (FIN) | 206 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
LEISURE PRODUCTS—Continued | |||
36,200 | Bandai Namco Holdings Inc. (JP) | $ 771 | |
170,000 | Goodbaby International Holdings Ltd. (CYM )* | 95 | |
1,072 | |||
LIFE SCIENCES TOOLS & SERVICES—0.4% | |||
1,481 | Eurofins Scientific SE (LUX) | 549 | |
1,233 | Gerresheimer AG (GER) | 92 | |
641 | |||
MACHINERY— 1.8% | |||
2,767 | Andritz AG (AUT) | 155 | |
81,864 | CNH Industrial NV (IT) | 629 | |
2,449 | Gea Group AG (GER) | 114 | |
3,268 | IMI plc (UK) | 45 | |
5,780 | Metso OYJ (FIN) | 139 | |
136,000 | Mitsubishi Heavy Industries Ltd. (JP) | 483 | |
24,662 | Rotork plc (UK) | 68 | |
47,600 | Sandvik AB (SW) | 489 | |
1,981 | Stabilus SA (LUX)* | 99 | |
5,136 | Wartsila OYJ Abp (FIN) | 220 | |
238,000 | Yungtay Engineering Co. Ltd. (TW) | 345 | |
2,786 | |||
MARINE— 0.2% | |||
1,718,203 | Cia Sud Americana de Vapores SA (CL)* | 36 | |
68,485 | Grindrod Ltd. (S. AFR) | 69 | |
44,679 | Irish Continental Group plc (IE) | 264 | |
369 | |||
MEDIA— 4.4% | |||
7,938 | Axel Springer SE (GER) | 444 | |
8,931 | CTS Eventim AG & Co. KGaA (GER) | 313 | |
49,364 | Daily Mail & General Trust plc (UK) | 504 | |
1,400 | Dentsu Inc. (JP) | 71 | |
346,555 | Fairfax Media Ltd. (AUS) | 208 | |
41,700 | Fuji Media Holdings Inc. (JP) | 472 | |
36,941 | Informa plc (UK) | 354 | |
304,744 | ITV plc (UK) | 1,005 | |
4,084 | JCDecaux SA (FR) | 181 | |
24,487 | Mediaset Espana Comunicacion SA (SP) | 319 | |
8,336 | Modern Times Group Mortgage AB (SW) | 250 | |
25,420 | Nippon Television Holdings Inc. (JP) | 410 | |
51,520 | RELX plc (UK) | 913 | |
14,444 | Schibsted ASA (NOR)* | 416 | |
17,067 | Sky plc (UK) | 235 | |
50,400 | Television Broadcasts Ltd. (HK) | 188 | |
29,369 | WPP plc (UK) | 686 | |
6,969 | |||
METALS & MINING—2.7% | |||
29,321 | Acerinox SA (SP) | 347 | |
340,450 | Alumina Ltd. (AUS) | 385 | |
1,022 | Anglo American Platinum Ltd. (S. AFR)* | 30 | |
38,041 | Anglo American plc (UK)* | 426 | |
7,812 | Antofagasta plc (UK) | 55 | |
36,831 | ArcelorMittal (LUX)* | 208 | |
10,003 | BHP Billiton Ltd. (AUS) | 156 | |
23,996 | BHP Billiton plc (UK) | 328 | |
89,554 | BlueScope Steel Ltd. (AUS) | 437 | |
13,818 | Cia de Minas Buenaventura SAA ADR (PER)*,1 | 140 | |
163,586 | Glencore plc (UK)* | 391 | |
34,871 | Iluka Resources Ltd. (AUS) | 169 | |
39,700 | JFE Holdings Inc. (JP) | 557 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
METALS & MINING—Continued | |||
21,879 | Newcrest Mining Ltd. (AUS)* | $ 319 | |
11,704 | Rio Tinto plc (UK) | 393 | |
4,341 | |||
MULTILINE RETAIL—0.7% | |||
29,200 | Isetan Mitsukoshi Holdings Ltd. (JP) | 310 | |
2,135 | Lotte Shopping Co. Ltd. (S. KOR) | 508 | |
22,300 | Marui Group Co. Ltd. (JP) | 341 | |
1,159 | |||
MULTI-UTILITIES— 0.2% | |||
11,739 | Centrica plc (UK) | 41 | |
4,205 | E.ON SE (GER) | 44 | |
18,392 | National Grid plc (UK) | 262 | |
347 | |||
OIL, GAS & CONSUMABLE FUELS—2.6% | |||
217,689 | BP plc (UK) | 1,199 | |
29,569 | Canadian Natural Resources Ltd. (CAN) | 888 | |
174,300 | CNOOC Ltd. (CHN) | 215 | |
5,330 | Lukoil PJSC ADR (RUS)1 | 227 | |
37,189 | Royal Dutch Shell plc (UK) | 979 | |
16,759 | Santos Ltd. (AUS) | 60 | |
21,418 | Statoil ASA (NOR) | 377 | |
4,442 | Total SA (FR) | 225 | |
4,170 | |||
PERSONAL PRODUCTS—1.9% | |||
58,233 | Asaleo Care Ltd. (AUS)* | 87 | |
18,700 | Kao Corp. (JP) | 1,034 | |
39,768 | Natura Cosmeticos SA (BR) | 295 | |
1,125 | Oriflame Holding AG (SWS)* | 23 | |
16,600 | Shiseido Co. Ltd. (JP) | 369 | |
28,129 | Unilever plc (UK) | 1,257 | |
3,065 | |||
PHARMACEUTICALS— 3.3% | |||
2,500 | Astellas Pharma Inc. (JP) | 34 | |
3,063 | GlaxoSmithKline plc (UK) | 65 | |
5,700 | Haw Par Corp. Ltd. (SGP) | 38 | |
14,878 | Novartis AG (SWS) | 1,132 | |
19,838 | Novo Nordisk AS (DEN) | 1,108 | |
13,700 | Otsuka Holdings Co. Ltd. (JP) | 534 | |
5,230 | Roche Holding AG (SWS) | 1,323 | |
3,052 | Sanofi AS (FR) | 252 | |
50,600 | Sumitomo Dainippon Pharma Co. Ltd. (JP) | 651 | |
164 | Virbac SA (FR) | 30 | |
5,167 | |||
PROFESSIONAL SERVICES—3.0% | |||
9,738 | Adecco SA (SWS)* | 629 | |
54,912 | ALS Ltd. (AUS) | 194 | |
73,250 | Capita plc (UK) | 1,073 | |
704 | DKSH Holding AG (SWS)* | 46 | |
39,843 | Experian plc (UK) | 730 | |
198,196 | Hays plc (UK) | 372 | |
31,531 | Intertek Group plc (UK) | 1,504 | |
17,110 | Michael Page International plc (UK) | 102 | |
1,841 | Randstad Holding NV (NET) | 99 | |
4,749 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
REAL ESTATE INVESTMENT TRUSTS (REITs)—0.1% | |||
24,538 | Grivalia Properties REIC AE (GRC) | $ 211 | |
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0% | |||
11,817 | Brookfield Asset Management Inc. (CAN) | 399 | |
16,000 | Cheung Kong Property Holdings Ltd. (CYM ) | 109 | |
41,700 | LPS Brasil Consultoria de Imoveis SA (BR)* | 37 | |
35,000 | Mitsubishi Estate Co. Ltd. (JP) | 665 | |
12,162 | New World Development Co. Ltd. (HK) | 12 | |
38,600 | NTT Urban Development Corp. (JP) | 361 | |
17,400 | United Industrial Corp. Ltd. (SGP) | 38 | |
1,621 | |||
ROAD & RAIL—1.8% | |||
13,700 | East Japan Railway Co. (JP) | 1,205 | |
7,238 | Globaltrans Investment plc GDR (CY)*,4 | 28 | |
16,789 | National Express Group plc (UK) | 80 | |
9,186 | Northgate plc (UK) | 54 | |
87,131 | Stagecoach Group plc (UK) | 328 | |
19,000 | West Japan Railway Co. (JP) | 1,147 | |
2,842 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0% | |||
1,448 | ASML Holding NV (NET) | 140 | |
8,078 | SK hynix Inc. (S. KOR) | 198 | |
155,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (TW) | 712 | |
8,700 | Tokyo Electron Ltd. (JP) | 575 | |
1,625 | |||
SOFTWARE— 0.5% | |||
4,000 | Nintendo Co. Ltd. (JP) | 542 | |
29,800 | TOTVS SA (BR) | 244 | |
786 | |||
SPECIALTY RETAIL—1.2% | |||
712,300 | Esprit Holdings Ltd. (BM)* | 623 | |
2,069 | Fielmann AG (GER) | 153 | |
7,273 | Fourlis Holdings SA (GRC)* | 26 | |
3,944 | Jumbo SA (GRC)* | 52 | |
73,269 | Pets At Home Group plc (UK) | 260 | |
1,494 | Premier Investments Ltd. (AUS) | 18 | |
5,345 | Technogym Spa (IT)*,3 | 20 | |
19,768 | WH Smith plc (UK) | 484 | |
62,400 | Yamada Denki Co. Ltd. (JP) | 314 | |
1,950 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.5% | |||
48,300 | Fujifilm Holdings Corp. (JP) | 1,983 | |
24,094 | Logitech International SA (SWS) | 370 | |
220,000 | NEC Corp. (JP) | 536 | |
6,334 | Neopost SA (FR) | 155 | |
803 | Samsung Electronics Co. Ltd. (S. KOR) | 875 | |
3,919 | |||
TEXTILES, APPAREL & LUXURY GOODS—2.1% | |||
5,204 | adidas AG (GER) | 671 | |
11,896 | Cie Financiere Richemont SA (SWS) | 793 | |
124,000 | Daphne International Holdings Ltd. (CYM )* | 19 | |
513,500 | LI Ning Co. Ltd. (CYM )* | 223 | |
22,279 | Luxottica Group SpA (IT) | 1,216 | |
35,000 | Onward Holdings Co. Ltd. (JP) | 242 | |
13,000 | Shenzhou International Group Holdings Ltd. (CYM ) | 67 |
COMMON STOCKS—Continued | ||||
Shares | Value | |||
TEXTILES, APPAREL & LUXURY GOODS—Continued | ||||
45,746 | Stella International Holdings Ltd. (CYM ) | $ 115 | ||
22,000 | Texwinca Holdings Ltd. (BM) | 21 | ||
3,367 | ||||
TOBACCO— 0.4% | ||||
1,042 | British American Tobacco plc (UK) | 64 | ||
8,500 | Japan Tobacco Inc. (JP) | 347 | ||
6,355 | Swedish Match AB (SW) | 202 | ||
613 | ||||
TRADING COMPANIES & DISTRIBUTORS—1.4% | ||||
9,708 | Brenntag AG (GER) | 570 | ||
43,783 | Bunzl plc (UK) | 1,307 | ||
22,000 | Mitsubishi Corp. (JP) | 370 | ||
2,247 | ||||
TRANSPORTATION INFRASTRUCTURE—0.7% | ||||
18,000 | China Merchants Holdings International Co. Ltd. (HK) | 54 | ||
55,211 | Global Ports Investments plc GDR (CY)*,2,4 | 183 | ||
38,524 | Groupe Eurotunnel Se (FR) | 492 | ||
29,000 | Mitsubishi Logistics Corp. (JP) | 396 | ||
1,125 | ||||
WIRELESS TELECOMMUNICATION SERVICES—1.1% | ||||
8,445 | America Movil SAB de CV ADR (MEX)*,1 | 120 | ||
3,169 | Millicom International Cellular SA SDR (LUX)5 | 183 | ||
14,798 | MTN Group Ltd. (S. AFR) | 155 | ||
16,126 | Rogers Communications Inc. (CAN) | 627 | ||
36,248 | Smartone Telecommunications Holdings Ltd. (BM) | 60 | ||
54,177 | TIM Participacoes SA (BR) | 120 | ||
116,908 | Vodafone Group plc (UK) | 377 | ||
197,500 | XL Axiata (IDR)* | 53 | ||
1,695 | ||||
TOTAL COMMON STOCKS | ||||
(Cost $149,682) | 152,550 | |||
PREFERRED STOCKS—1.0% | ||||
AEROSPACE & DEFENSE—0.0% | ||||
4,349,744 | Rolls-Royce Holdings plc (UK)* | 7 x | ||
AUTOMOBILES— 0.4% | ||||
4,487 | Volkswagen AG (GER) | 651 | ||
BANKS— 0.2% | ||||
11,880 | Banco Bradesco SA (BR)* | 89 | ||
104,393 | Itausa - Investimentos Itau SA (BR)* | 263 | ||
352 | ||||
FOOD & STAPLES RETAILING—0.0% | ||||
6,544 | Cia Brasileira de Distribuicao (BR) | 96 | ||
METALS & MINING—0.1% | ||||
21,700 | Vale SA (BR) | 99 | ||
TEXTILES, APPAREL & LUXURY GOODS—0.3% | ||||
164,154 | Alpargatas SA (BR) | 442 | ||
TOTAL PREFERRED STOCKS | ||||
(Cost $1,332) | 1,647 | |||
Portfolio of Investments—Continued
SHORT-TERM INVESTMENTS—2.0% | |||
(Cost $3,144) | |||
Principal Amount | Value | ||
REPURCHASE AGREEMENTS | |||
$ | 3,144 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $3,210) | $ 3,144 |
TOTAL INVESTMENTS—99.2% | |||
(Cost $154,158) | 157,341 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.8% | 1,242 | ||
TOTAL NET ASSETS—100.0% | $158,583 |
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Common Stocks | ||||||||
Africa | $ — | $ 510 | $— | $ 510 | ||||
Europe | 1,419 | 90,137 | — | 91,556 | ||||
Latin America | 2,531 | 2,095 | — | 4,626 | ||||
North America | 1,981 | — | — | 1,981 | ||||
Pacific Basin | 647 | 53,230 | — | 53,877 | ||||
Preferred Stocks | ||||||||
Europe | — | 651 | 7 | 658 | ||||
Latin America | 989 | — | — | 989 | ||||
Short-Term Investments | ||||||||
Repurchase Agreements | — | 3,144 | — | 3,144 | ||||
Total Investments in Securities | $7,567 | $149,767 | $ 7 | $157,341 |
Valuation Description | Balance Beginning at 11/02/2015 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss)w (000s) | Change in Unrealized Appreciation/ (Depreciation)w (000s) | Transfers In Level 3 (000s) | Transfers Out of Level 3 (000s) | Ending Balance as of 04/30/2016w (000s) | |||||||||
Preferred Stocks | $— | $6 | $— | $— | $— | $1 | $— | $— | $7 |
Valuation Descriptions | Ending Balance as of 04/30/2016 (000s) | Valuation Technique | Unobservable Inputs | Input Value(s) | ||||
Investments in Securities | ||||||||
Preferred Stocks | ||||||||
Rolls-Royce Holdings plc (UK)* | $7 | Market Approach | Pre-Traded Price | £ 0.001 |
Portfolio of Investments—Continued
* | Non-income producing security | ||
1 | ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions. | ||
2 | Security has been deemed illiquid at April 30, 2016 | ||
3 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At April 30, 2016, the aggregate value of these securities was $976 (in 000s) or 1% of net assets. | ||
4 | GDR after the name of a holding stands for Global Depositary Receipts representing ownership of foreign securities. GDRs are issued by either U.S. or non-U.S. banking organizations. | ||
5 | SDR after the name of a holding stands for Swedish Depository Receipts representing ownership of foreign securities. SDRs are issued by either U.S. or non-U.S. banking organizations. | ||
w | The amounts in this category are included in the “Realized and Change in Unrealized Gain/(Loss) on Investment Transactions” section of the Statement of Operations. The net unrealized appreciation/(depreciation) per investment type is below: | ||
Valuation Description | Unrealized Gain/(Loss) as of 04/30/2016 (000s) | ||
Preferred Stocks | $1 | ||
x | Fair Valued in accordance with Harbor Funds Valuation Procedures using pre-traded price which is a Level 3 input. |
Managers' Commentary (Unaudited)
United Kingdom
Since 2016
Since 2016
Since 2016
Fund Performance
Managers' Commentary—Continued
TOP TEN HOLDINGS (% of Net Assets) | |
Relo Holdings Inc. | 1.5% |
Sunny Optical Technology Group Co. Ltd. | 1.4% |
Domino’s Pizza Enterprises Ltd. | 1.3% |
Hoshizaki Electric Co. Ltd. | 1.3% |
Nifco Inc. | 1.3% |
Nihon M&A Center Inc. | 1.3% |
China Resources Beer Holdings Co. Ltd. | 1.2% |
Hulic Co. Ltd. | 1.2% |
Micro Focus International plc | 1.2% |
SCSK Corp. | 1.2% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2039 |
Cusip | 411512569 |
Ticker | HAISX |
Inception Date | 02/01/2016 |
Net Expense Ratio | 0.95% a,b |
Total Net Assets (000s) | $15,614 |
ADMINISTRATIVE CLASS | |
Fund # | 2239 |
Cusip | 411512551 |
Ticker | HRISX |
Inception Date | 02/01/2016 |
Net Expense Ratio | 1.20% a,b |
Total Net Assets (000s) | $257 |
INVESTOR CLASS | |
Fund # | 2439 |
Cusip | 411512544 |
Ticker | HIISX |
Inception Date | 02/01/2016 |
Net Expense Ratio | 1.32% a,b |
Total Net Assets (000s) | $453 |
RETIREMENT CLASS | |
Fund # | 2539 |
Cusip | 411512536 |
Ticker | HNISX |
Inception Date | 02/01/2016 |
Net Expense Ratio | 0.90% a,b |
Total Net Assets (000s) | $11 |
Portfolio | Benchmark | ||
Number of Countries | 17 | 25 | |
Weighted Average Market Cap (MM) | $2,778 | $2,279 | |
Price/Earning Ratio (P/E) | 23.3x | 19.2x | |
Price/Book Ratio (P/B) | 3.0x | 2.0x | |
Beta vs. MSCI EAFE Small Cap NR USD | 0.60 | 1.00 | |
Portfolio Turnover (3-Month Period Ended 04/30/2016) | 25% c | N/A |
a | Annualized |
b | Reflective of an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
c | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | 1 Year | 5 Years | Unannualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | Life of Fund | ||||||||||||||||
Harbor International Small Cap Fund | |||||||||||||||||
Institutional Class | N/A | N/A | N/A | 5.10% | 02/01/2016 | $52,550 | |||||||||||
Administrative Class | N/A | N/A | N/A | 5.10 | 02/01/2016 | 52,550 | |||||||||||
Investor Class | N/A | N/A | N/A | 5.00 | 02/01/2016 | 52,500 | |||||||||||
Retirement Class | N/A | N/A | N/A | 5.10 | 02/01/2016 | 52,550 | |||||||||||
Comparative Index | |||||||||||||||||
MSCI EAFE Small Cap (ND) | N/A | N/A | N/A | 10.37% | — | $55,183 |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—96.0% | |||
Shares | Value | ||
AUTO COMPONENTS—2.5% | |||
72,000 | Nexteer Automotive Group Ltd. (CYM ) | $ 76 | |
4,400 | Nifco Inc. (JP) | 210 | |
7,700 | Toyo Tire & Rubber Co. Ltd. (JP) | 115 | |
401 | |||
BANKS— 1.8% | |||
8,500 | Suruga Bank Ltd. (JP) | 165 | |
24,537 | Virgin Money Holdings UK plc (UK) | 131 | |
296 | |||
BEVERAGES— 3.3% | |||
90,000 | China Resources Beer Holdings Co. Ltd. (HK) | 197 | |
9,586 | Refresco Gerber NV (NET)* | 178 | |
3,518 | Royal Unibrew AS (DEN) | 159 | |
534 | |||
BUILDING PRODUCTS—0.5% | |||
2,622 | Tarkett SA (FR) | 86 | |
CAPITAL MARKETS—3.6% | |||
6,322 | Banca Generali SpA (IT) | 188 | |
20,841 | Intermediate Capital Group plc (UK) | 188 | |
3,600 | Nihon M&A Center Inc. (JP) | 207 | |
583 | |||
CHEMICALS— 2.8% | |||
12,300 | Daicel Corp. (JP) | 154 | |
10,700 | Kansai Paint Co. Ltd. (JP) | 187 | |
2,200 | W-Scope Corp. (JP) | 112 | |
453 | |||
COMMERCIAL SERVICES & SUPPLIES—3.4% | |||
8,003 | Elior Group (FR) | 172 | |
2,006 | Gategroup Holding AG (SWS)* | 111 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
COMMERCIAL SERVICES & SUPPLIES—Continued | |||
3,409 | Intrum Justitia AB (SW) | $ 122 | |
7,400 | Sato Holdings Corp. (JP) | 153 | |
558 | |||
CONSTRUCTION & ENGINEERING—3.5% | |||
6,956 | Galliford Try plc (UK) | 130 | |
9,714 | Keller Group plc (UK) | 125 | |
8,471 | Kier Group plc (UK) | 148 | |
8,247 | SPIE SA (FR)* | 162 | |
565 | |||
CONSTRUCTION MATERIALS—0.8% | |||
27,511 | Marshalls plc (UK) | 129 | |
CONSUMER FINANCE—0.9% | |||
37,167 | Arrow Global Group plc (UK) | 140 | |
CONTAINERS & PACKAGING—4.1% | |||
23,870 | DS Smith plc (UK) | 133 | |
4,418 | Huhtamaki OYJ (FIN) | 174 | |
93,088 | Orora Ltd. (AUS) | 186 | |
16,507 | RPC Group plc (UK) | 176 | |
669 | |||
DIVERSIFIED FINANCIAL SERVICES—2.1% | |||
21,665 | Cerved Information Solutions SpA (IT)* | 175 | |
3,908 | Euronext NV (NET) | 165 | |
340 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.6% | |||
31,144 | E2v Technologies plc (UK) | 97 | |
3,500 | Iriso Electronics Co. Ltd. (JP) | 167 | |
113,000 | Pax Global Technology Ltd. (BM) | 97 | |
72,000 | Sunny Optical Technology Group Co. Ltd. (CYM ) | 222 | |
583 | |||
FOOD & STAPLES RETAILING—1.9% | |||
3,900 | Daikokutenbussan Co. Ltd. (JP) | 175 | |
6,398 | Marr SpA (IT) | 131 | |
306 | |||
FOOD PRODUCTS—2.4% | |||
2,140 | AAK AB (SW) | 162 | |
1,400 | Ezaki Glico Co. Ltd. (JP) | 71 | |
18,665 | Tate & Lyle plc (UK) | 161 | |
394 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—1.0% | |||
4,949 | Carl Zeiss Meditec AG (GER) | 162 | |
HEALTH CARE PROVIDERS & SERVICES—2.0% | |||
2,002 | Orpea (FR) | 165 | |
18,271 | UDG Healthcare plc (IE) | 164 | |
329 | |||
HOTELS, RESTAURANTS & LEISURE—3.8% | |||
4,480 | Domino's Pizza Enterprises Ltd. (AUS) | 210 | |
5,000 | HIS Co. Ltd. (JP) | 123 | |
10,900 | Skylark Co. Ltd. (JP) | 139 | |
35,682 | SSP Group plc (UK) | 150 | |
622 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
HOUSEHOLD DURABLES—1.9% | |||
10,298 | Bovis Homes Group plc (UK) | $ 131 | |
1,611 | SEB SA (FR) | 181 | |
312 | |||
HOUSEHOLD PRODUCTS—1.9% | |||
53,153 | McBride plc (UK)* | 121 | |
7,100 | Pigeon Corp. (JP) | 186 | |
307 | |||
INTERNET & CATALOG RETAIL—1.9% | |||
3,600 | Start Today Co. Ltd. (JP) | 151 | |
8,000 | Takkt AG (GER) | 167 | |
318 | |||
INTERNET SOFTWARE & SERVICES—0.9% | |||
11,900 | GMO Internet Inc. (JP) | 140 | |
IT SERVICES—2.2% | |||
5,400 | SCSK Corp. (JP) | 196 | |
6,062 | Worldline SA (FR)* | 170 | |
366 | |||
LEISURE PRODUCTS—2.8% | |||
5,479 | Amer Sports OYJ (FIN) | 162 | |
12,340 | Thule Group AB (SW) | 177 | |
2,023 | Trigano SA (FR) | 119 | |
458 | |||
LIFE SCIENCES TOOLS & SERVICES—0.9% | |||
2,063 | Gerresheimer AG (GER) | 154 | |
MACHINERY— 9.1% | |||
11,391 | Bodycote plc (UK) | 99 | |
224 | Burckhardt Compression Holding AG (SWS) | 80 | |
9,600 | Daifuku Co. Ltd. (JP) | 172 | |
1,557 | Duerr AG (GER) | 125 | |
18,000 | Fujitec Co. Ltd. (JP) | 178 | |
2,600 | Hoshizaki Electric Co. Ltd. (JP) | 218 | |
19,000 | Minebea Co. Ltd. (JP) | 156 | |
5,900 | Nabtesco Corp. (JP) | 133 | |
7,600 | OSG Corp. (JP) | 141 | |
14,665 | Valmet OYJ (FIN) | 184 | |
1,486 | |||
MEDIA— 3.4% | |||
13,800 | IMAX China Holding Inc. (CYM)* | 77 | |
2,667 | Kinepolis Group NV (BEL) | 118 | |
34,713 | Ooh!media Ltd. (AUS) | 123 | |
4,294 | REA Group Ltd. (AUS) | 165 | |
1,628 | Stroeer Se & Co. KGAA (GER) | 80 | |
563 | |||
METALS & MINING—0.8% | |||
13,400 | Hitachi Metals Ltd. (JP) | 136 | |
MULTI-UTILITIES— 1.2% | |||
62,386 | Hera SpA (IT) | 188 | |
PERSONAL PRODUCTS—2.0% | |||
5,402 | Ontex Group NV (BEL) | 166 | |
2,000 | Pola Orbis Holdings Inc. (JP) | 159 | |
325 |
COMMON STOCKS—Continued | ||||
Shares | Value | |||
PHARMACEUTICALS— 1.9% | ||||
128,000 | China Medical System Holdings Ltd. (CYM ) | $ 166 | ||
2,300 | Sawai Pharmaceutical Co. Ltd. (JP) | 148 | ||
314 | ||||
PROFESSIONAL SERVICES—4.2% | ||||
18,038 | Applus Services SA (SP) | 167 | ||
1,704 | DKSH Holding AG (SWS) | 111 | ||
64,261 | Hays plc (UK) | 121 | ||
20,905 | SThree plc (UK) | 104 | ||
2,051 | Teleperformance (FR) | 184 | ||
687 | ||||
REAL ESTATE MANAGEMENT & DEVELOPMENT—4.7% | ||||
19,600 | Hulic Co. Ltd. (JP) | 195 | ||
3,159 | Nexity SA (FR) | 169 | ||
1,900 | Relo Holdings Inc. (JP) | 243 | ||
17,387 | UNITE Group plc (UK) | 161 | ||
768 | ||||
ROAD & RAIL—1.0% | ||||
33,989 | Nobina AB (SW)* | 166 | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1% | ||||
4,392 | ASM International NV (NET) | 179 | ||
SOFTWARE— 3.2% | ||||
8,471 | Micro Focus International plc (UK) | 190 | ||
34,290 | MYOB Group Ltd. (AUS) | 88 | ||
32,779 | Sophos Group plc (UK) | 98 | ||
2,943 | Temenos Group AG (SWS)* | 153 | ||
529 | ||||
SPECIALTY RETAIL—3.1% | ||||
2,200 | Hikari Tsushin Inc. (JP) | 165 | ||
24,297 | Howden Joinery Group plc (UK) | 176 | ||
40,488 | Lookers plc (UK) | 82 | ||
319,000 | Pou Sheng International Holdings Ltd. (BM)* | 85 | ||
508 | ||||
TEXTILES, APPAREL & LUXURY GOODS—1.8% | ||||
23,955 | OVS SpA (IT)* | 157 | ||
43,200 | Samsonite International SA (HK) | 138 | ||
295 | ||||
THRIFTS & MORTGAGE FINANCE—0.9% | ||||
3,893 | Aareal Bank AG (GER) | 139 | ||
TRADING COMPANIES & DISTRIBUTORS—1.1% | ||||
4,558 | IMCD Group NV (NET) | 184 | ||
TOTAL COMMON STOCKS | ||||
(Cost $14,756) | 15,672 | |||
PREFERRED STOCKS—0.0% | ||||
(Cost $1) | ||||
HOUSEHOLD PRODUCTS—0.0% | ||||
637,836 | Mcbride plc (UK)* | 1 x | ||
Portfolio of Investments—Continued
SHORT-TERM INVESTMENTS—3.7% | |||
(Cost $610) | |||
Principal Amount | Value | ||
REPURCHASE AGREEMENTS | |||
$ | 610 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $624) | $ 610 |
TOTAL INVESTMENTS—99.7% | |||
(Cost $15,367) | 16,283 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.3% | 52 | ||
TOTAL NET ASSETS—100.0% | $16,335 |
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Common Stocks | ||||||||
Europe | $— | $ 9,329 | $— | $ 9,329 | ||||
Latin America | — | 541 | — | 541 | ||||
Pacific Basin | — | 5,802 | — | 5,802 | ||||
Preferred Stocks | ||||||||
Europe | — | — | 1 | 1 | ||||
Short-Term Investments | ||||||||
Repurchase Agreements | — | 610 | — | 610 | ||||
Total Investments in Securities | $— | $16,282 | $ 1 | $16,283 |
Valuation Description | Balance Beginning at 02/01/2016 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss)w (000s) | Change in Unrealized Appreciation/ (Depreciation)w (000s) | Transfers In Level 3 (000s) | Transfers Out of Level 3 (000s) | Ending Balance as of 04/30/2016w (000s) | |||||||||
Preferred Stocks | $— | $1 | $— | $— | $— | $— | $— | $— | $1 |
Valuation Descriptions | Ending Balance as of 04/30/2016 (000s) | Valuation Technique | Unobservable Inputs | Input Value(s) | ||||
Investments in Securities | ||||||||
Preferred Stocks | ||||||||
Mcbride plc (UK)* | $1 | Market Approach | Pre-Traded Price | £ 0.001 |
Portfolio of Investments—Continued
* | Non-income producing security | ||
w | The amounts in this category are included in the “Realized and Change in Unrealized Gain/(Loss) on Investment Transactions” section of the Statement of Operations. The net unrealized appreciation/(depreciation) per investment type is below: | ||
Valuation Description | Unrealized Gain/(Loss) as of 04/30/2016 (000s) | ||
Preferred Stocks | $– | ||
x | Fair Valued in accordance with Harbor Funds Valuation Procedures using pre-traded price which is a Level 3 input. |
Managers' Commentary (Unaudited)
United Kingdom
EH1 3AN
Since 2013
Since 2013
Since 2013
Since 2014
Since 2014
Since 2014
Fund Performance
Managers' Commentary—Continued
TOP TEN HOLDINGS (% of Net Assets) | |
Novo Nordisk AS | 2.9% |
Kao Corp. | 2.7% |
Cochlear Ltd. | 2.5% |
Investment AB Kinnevik | 2.2% |
Naspers Ltd. | 2.2% |
Shimano Inc. | 2.2% |
Hargreaves Lansdown plc | 2.1% |
ASOS plc | 2.0% |
Baidu Inc. ADR | 2.0% |
MS&AD Insurance Group Holdings Inc. | 2.0% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2017 |
Cusip | 411511801 |
Ticker | HAIGX |
Inception Date | 11/01/1993 |
Net Expense Ratio | 0.85% a,b |
Total Net Assets (000s) | $260,031 |
ADMINISTRATIVE CLASS | |
Fund # | 2217 |
Cusip | 411511637 |
Ticker | HRIGX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.10% a,b |
Total Net Assets (000s) | $331 |
INVESTOR CLASS | |
Fund # | 2417 |
Cusip | 411511629 |
Ticker | HIIGX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 1.22% a,b |
Total Net Assets (000s) | $14,939 |
RETIREMENT CLASS | |
Fund # | 2517 |
Cusip | 411512429 |
Ticker | HNGFX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.80% a,b |
Total Net Assets (000s) | $11 |
Portfolio | Benchmark | ||
Number of Countries | 23 | 47 | |
Weighted Average Market Cap (MM) | $35,950 | $50,969 | |
Price/Earning Ratio (P/E) | 23.7x | 18.0x | |
Price/Book Ratio (P/B) | 4.3x | 2.1x | |
Beta vs. MSCI All Country World Ex. U.S. (ND) Index | 0.99 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 7% c | N/A |
a | Annualized |
b | Reflective of an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
c | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor International Growth Fund | |||||||||||||||||
Institutional Class | -0.96% | -6.96% | 1.05% | 1.44% | 11/01/1993 | $57,690 | |||||||||||
Administrative Class | -1.13 | -7.22 | 0.80 | 1.18 | 11/01/2002 | 56,227 | |||||||||||
Investor Class | -1.13 | -7.31 | 0.68 | 1.06 | 11/01/2002 | 55,572 | |||||||||||
Retirement Class1 | -0.96 | -6.96 | 1.05 | 1.44 | 03/01/2016 | 57,690 | |||||||||||
Comparative Index | |||||||||||||||||
MSCI All Country World Ex. U.S. (ND) | -1.75% | -11.28% | -0.13% | 1.70% | — | $59,157 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—99.2% | |||
Shares | Value | ||
AUTO COMPONENTS—0.8% | |||
60,600 | Denso Corp. (JP) | $ 2,304 | |
AUTOMOBILES— 1.5% | |||
203,613 | Mahindra & Mahindra Ltd. GDR (IND)1 | 4,037 | |
BANKS— 4.6% | |||
528,000 | BOC Hong Kong Holdings Ltd. (HK) | 1,573 | |
168,083 | Itau Unibanco Holding SA ADR (BR)2 | 1,602 | |
410,421 | Svenska Handelsbanken AB (SW) | 5,475 | |
299,174 | United Overseas Bank Ltd. (SGP) | 4,123 | |
12,773 | |||
BEVERAGES— 5.8% | |||
110,800 | Asahi Group Holdings Ltd. (JP) | 3,517 | |
48,225 | Carlsberg AS (DEN) | 4,701 | |
3,776,500 | Thai Beverage PCL (THA) | 2,090 | |
473,662 | Treasury Wine Estates Ltd. (AUS) | 3,335 | |
600,000 | Tsingtao Brewery Co. Ltd. (CHN) | 2,272 | |
15,915 | |||
BIOTECHNOLOGY— 0.3% | |||
297,339 | Mesoblast Ltd. (AUS)* | 493 | |
299,773 | Protalix BioTherapeutics Inc. (IL)* | 247 | |
740 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
CAPITAL MARKETS—3.1% | |||
311,217 | Hargreaves Lansdown plc (UK) | $ 5,860 | |
433,295 | Jupiter Fund Management plc (UK) | 2,671 | |
8,531 | |||
CHEMICALS— 2.3% | |||
100,543 | Johnson Matthey plc (UK) | 4,249 | |
46,359 | Novozymes AS (DEN)3 | 2,224 | |
6,473 | |||
COMMERCIAL SERVICES & SUPPLIES—1.1% | |||
328,432 | Brambles Ltd. (AUS) | 3,102 | |
DIVERSIFIED FINANCIAL SERVICES—5.0% | |||
216,002 | Investment AB Kinnevik (SW) | 6,223 | |
95,327 | Investor AB (SW) | 3,502 | |
271,300 | Japan Exchange Group Inc. (JP) | 4,041 | |
13,766 | |||
ELECTRICAL EQUIPMENT—1.0% | |||
46,920 | Legrand SA (FR) | 2,674 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.7% | |||
571,000 | Delta Electronics Inc. (TW) | 2,645 | |
446,266 | Hon Hai Precision Industry Co. Ltd. GDR (TW)1 | 2,172 | |
4,817 | |||
ENERGY EQUIPMENT & SERVICES—0.7% | |||
226,379 | John Wood Group plc (UK) | 2,071 | |
FOOD & STAPLES RETAILING—5.2% | |||
360,714 | Clicks Group Ltd. (S. AFR) | 2,632 | |
533,716 | Distribuidora Internacional de Alimentacion SA (SP) | 2,970 | |
208,531 | Jeronimo Martins SGPS SA (PT) | 3,414 | |
1,709,500 | Puregold Price Club Inc. (PHIL) | 1,465 | |
36,400 | Sugi Holdings Co. Ltd. (JP)* | 1,760 | |
850,800 | Wal-Mart de Mexico SAB de CV (MEX) | 2,103 | |
14,344 | |||
FOOD PRODUCTS—1.5% | |||
57,293 | Nestlé SA (SWS) | 4,276 | |
HEALTH CARE EQUIPMENT & SUPPLIES—4.1% | |||
84,342 | Cochlear Ltd. (AUS) | 6,899 | |
109,600 | Olympus Corp. (JP) | 4,270 | |
11,169 | |||
HOTELS, RESTAURANTS & LEISURE—0.7% | |||
660,000 | Cafe de Coral Holdings Ltd. (HK) | 1,993 | |
HOUSEHOLD PRODUCTS—1.5% | |||
155,300 | Pigeon Corp. (JP) | 4,079 | |
INDUSTRIAL CONGLOMERATES—1.7% | |||
62,700 | Jardine Matheson Holdings Ltd. (HK) | 3,458 | |
43,000 | Jardine Strategic Holdings Ltd. (HK) | 1,243 | |
4,701 | |||
INSURANCE— 3.9% | |||
215,400 | MS&AD Insurance Group Holdings Inc. (JP) | 5,689 | |
19,200 | Samsung Fire & Marine Insurance Co. Ltd. (S. KOR) | 4,949 | |
10,638 | |||
INTERNET & CATALOG RETAIL—5.9% | |||
104,115 | ASOS plc (UK)* | 5,493 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
INTERNET & CATALOG RETAIL—Continued | |||
32,190 | Ctrip.com International Ltd. ADR (CHN)2 | $ 1,404 | |
93,540 | JD.com Inc. ADR (CHN)*,2 | 2,391 | |
362,200 | Rakuten Inc. (JP) | 3,937 | |
87,251 | Zalando SE (GER)* | 2,896 | |
16,121 | |||
INTERNET SOFTWARE & SERVICES—5.7% | |||
39,561 | Alibaba Group Holding Ltd. ADR (CHN)*,2 | 3,044 | |
681,589 | Auto Trader Group plc (UK) | 3,744 | |
28,777 | Baidu Inc. ADR (CHN)*,2 | 5,591 | |
169,100 | Kakaku.com Inc. (JP) | 3,046 | |
15,425 | |||
LEISURE PRODUCTS—2.2% | |||
41,500 | Shimano Inc. (JP) | 5,954 | |
LIFE SCIENCES TOOLS & SERVICES—1.6% | |||
12,666 | Mettler-Toledo International Inc. (SWS)* | 4,534 | |
MACHINERY— 6.8% | |||
197,444 | Atlas Copco AB (SW) | 4,782 | |
79,336 | Kone OYJ (FIN)3 | 3,625 | |
19,418 | Schindler Holding AG (SWS) | 3,541 | |
10,000 | SMC Corp. (JP) | 2,439 | |
167,400 | THK Co. Ltd. (JP) | 3,325 | |
60,678 | Weir Group plc (UK)3 | 1,066 | |
18,778 | |||
MEDIA— 3.9% | |||
43,419 | Naspers Ltd. (S. AFR) | 5,975 | |
85,419 | Rightmove plc (UK) | 4,827 | |
10,802 | |||
METALS & MINING—0.5% | |||
99,418 | BHP Billiton plc (UK) | 1,359 | |
PERSONAL PRODUCTS—5.9% | |||
132,700 | Kao Corp. (JP) | 7,341 | |
183,900 | Shiseido Co. Ltd. (JP) | 4,090 | |
109,205 | Unilever plc (UK) | 4,879 | |
16,310 | |||
PHARMACEUTICALS— 4.5% | |||
145,017 | Novo Nordisk AS (DEN) | 8,097 | |
16,574 | Roche Holding AG (SWS) | 4,193 | |
12,290 | |||
PROFESSIONAL SERVICES—3.7% | |||
234,407 | Capita plc (UK) | 3,434 | |
69,904 | Intertek Group plc (UK) | 3,335 | |
277,670 | Seek Ltd. (AUS) | 3,436 | |
10,205 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.4% | |||
387,366 | ARM Holdings plc (UK) | $ 5,317 | |
559,403 | Imagination Technologies Group plc (UK)*,3 | 1,274 | |
230,242 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (TW)2 | 5,432 | |
12,023 | |||
SPECIALTY RETAIL—1.5% | |||
130,188 | Industria de Diseno Textil SA (SP) | 4,190 | |
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.6% | |||
4,065 | Samsung Electronics Co. Ltd. (S. KOR) | 4,430 | |
TEXTILES, APPAREL & LUXURY GOODS—4.5% | |||
38,243 | adidas AG (GER) | 4,934 | |
151,839 | Burberry Group plc (UK) | 2,644 | |
31,744 | Cie Financiere Richemont SA (SWS) | 2,116 | |
7,705 | Swatch Group AG (SWS) | 2,629 | |
12,323 | |||
TOTAL COMMON STOCKS | |||
(Cost $275,824) | 273,147 | ||
SHORT-TERM INVESTMENTS—3.5% | |||
Principal Amount | |||
REPURCHASE AGREEMENTS—0.5% | |||
$ | 1,277 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $1,303) | 1,277 |
Shares | |||
INVESTMENT COMPANY-SECURITIES LENDING INVESTMENT FUND—3.0% | |||
8,431,996 | State Street Navigator Securities Lending Prime Portfolio (1-day yield of 0.500%)4 | 8,432 | |
TOTAL SHORT-TERM INVESTMENTS | |||
(Cost $9,709) | 9,709 | ||
TOTAL INVESTMENTS—102.7% | |||
(Cost $285,533) | 282,856 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—(2.7)% | (7,544) | ||
TOTAL NET ASSETS—100.0% | $275,312 |
Portfolio of Investments—Continued
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Common Stocks | ||||||||
Africa | $ — | $ 8,607 | $— | $ 8,607 | ||||
Europe | 4,534 | 128,685 | — | 133,219 | ||||
Latin America | 3,705 | — | — | 3,705 | ||||
Middle East/Central Asia | 247 | 4,037 | — | 4,284 | ||||
Pacific Basin | 17,862 | 105,470 | — | 123,332 | ||||
Short-Term Investments | ||||||||
Repurchase Agreements | — | 1,277 | — | 1,277 | ||||
Investment Company-Securities Lending Investment Fund | — | 8,432 | — | 8,432 | ||||
Total Investments in Securities | $26,348 | $256,508 | $— | $282,856 |
* | Non-income producing security |
1 | GDR after the name of a holding stands for Global Depositary Receipts representing ownership of foreign securities. GDRs are issued by either U.S. or non-U.S. banking organizations. |
2 | ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions. |
3 | A portion or all of this security was out on loan as of April 30, 2016. |
4 | Represents the investment of collateral received from securities lending activities. |
Manager’s Commentary (Unaudited)
Suite 1600
Since 2009
Fund Performance
Manager’s Commentary—Continued
TOP TEN HOLDINGS (% of Net Assets) | |
Facebook Inc. | 6.6% |
Domino’s Pizza Enterprises Ltd. | 5.9% |
Tencent Holdings Ltd. | 4.9% |
Alphabet Inc. | 4.8% |
Ryanair Holdings plc ADR | 4.2% |
Wynn Macau Ltd. | 4.2% |
Alibaba Group Holding Ltd. ADR | 3.3% |
NIKE Inc. | 3.3% |
Dollarama Inc. | 3.2% |
Home Depot Inc. | 3.2% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2030 |
Cusip | 411512874 |
Ticker | HGGAX |
Inception Date | 03/01/2009 |
Net Expense Ratio | 0.90% a,b |
Total Net Assets (000s) | $32,971 |
ADMINISTRATIVE CLASS | |
Fund # | 2230 |
Cusip | 411512866 |
Ticker | HRGAX |
Inception Date | 03/01/2009 |
Net Expense Ratio | 1.15% a,b |
Total Net Assets (000s) | $1,128 |
INVESTOR CLASS | |
Fund # | 2430 |
Cusip | 411512858 |
Ticker | HGGIX |
Inception Date | 03/01/2009 |
Net Expense Ratio | 1.27% a,b |
Total Net Assets (000s) | $12,009 |
RETIREMENT CLASS | |
Fund # | 2530 |
Cusip | 411512411 |
Ticker | HNGIX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.85% a,b |
Total Net Assets (000s) | $10 |
Portfolio | Benchmark | ||
Number of Countries | 10 | 47 | |
Weighted Average Market Cap (MM) | $106,981 | $90,798 | |
Price/Earning Ratio (P/E) | 34.0x | 20.8x | |
Price/Book Ratio (P/B) | 8.3x | 2.9x | |
Beta vs. MSCI All Country World (ND) Index | 0.95 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 48% c | N/A |
a | Annualized |
b | Reflective of an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
c | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Global Growth Fund | |||||||||||||||||
Institutional Class | -4.09% | -4.96% | 7.20% | 17.70% | 03/01/2009 | $160,864 | |||||||||||
Administrative Class | -4.22 | -5.22 | 6.92 | 17.41 | 03/01/2009 | 158,001 | |||||||||||
Investor Class | -4.25 | -5.31 | 6.81 | 17.27 | 03/01/2009 | 156,658 | |||||||||||
Retirement Class1 | -4.09 | -4.96 | 7.20 | 17.70 | 03/01/2016 | 160,864 | |||||||||||
Comparative Index | |||||||||||||||||
MSCI All Country World (ND) | -0.94% | -5.66% | 4.69% | 13.72% | — | $125,644 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—98.7% | |||
Shares | Value | ||
AIRLINES— 4.2% | |||
23,916 | Ryanair Holdings plc ADR (IE)1 | $ 1,936 | |
BIOTECHNOLOGY— 3.9% | |||
5,909 | Amgen Inc. (US) | 935 | |
8,545 | Celgene Corp. (US)* | 884 | |
1,819 | |||
CHEMICALS— 2.7% | |||
4,271 | Sherwin-Williams Co. (US) | 1,227 | |
HEALTH CARE EQUIPMENT & SUPPLIES—2.8% | |||
2,048 | Intuitive Surgical Inc. (US)* | 1,283 | |
HEALTH CARE PROVIDERS & SERVICES—2.8% | |||
9,907 | UnitedHealth Group Inc. (US) | 1,305 | |
HOTELS, RESTAURANTS & LEISURE—17.4% | |||
3,462 | Chipotle Mexican Grill Inc. (US)* | 1,457 | |
57,830 | Domino's Pizza Enterprises Ltd. (AUS) | 2,709 | |
94,105 | Domino's Pizza Group plc (UK) | 1,265 | |
13,914 | Norwegian Cruise Line Holdings Ltd. (US)* | 680 | |
1,346,800 | Wynn Macau Ltd. (HK) | 1,915 | |
8,026 | |||
HOUSEHOLD PRODUCTS—2.0% | |||
9,653 | Reckitt Benckiser Group plc (UK) | 940 | |
INTERNET & CATALOG RETAIL—5.2% | |||
1,540 | Amazon.com Inc. (US)* | 1,016 | |
31,158 | Ctrip.com International Ltd. ADR (CHN)1 | 1,359 | |
2,375 | |||
INTERNET SOFTWARE & SERVICES—21.7% | |||
19,944 | Alibaba Group Holding Ltd. ADR (CHN)*,1 | 1,535 | |
3,117 | Alphabet Inc. (US)* | 2,206 | |
177,500 | Auto Trader Group plc (UK) | 975 | |
25,713 | Facebook Inc. (US)* | 3,023 | |
110,900 | Tencent Holdings Ltd. (CHN) | 2,257 | |
9,996 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
IT SERVICES—5.9% | |||
2,254 | Accenture plc (IE) | $ 254 | |
18,784 | Visa Inc. (US) | 1,451 | |
258,127 | Worldpay Group plc (UK)* | 1,007 | |
2,712 | |||
MEDIA— 2.7% | |||
28,542 | JCDecaux SA (FR) | 1,265 | |
MULTILINE RETAIL—6.0% | |||
16,428 | Dollar Tree Inc. (US)* | 1,310 | |
20,225 | Dollarama Inc. (CAN) | 1,458 | |
2,768 | |||
PHARMACEUTICALS— 2.6% | |||
21,858 | Novo Nordisk AS (DEN) | 1,220 | |
PROFESSIONAL SERVICES—2.0% | |||
17,816 | Nielsen Holdings plc (UK) | 929 | |
SOFTWARE— 5.9% | |||
10,902 | Electronic Arts Inc. (US)* | 674 | |
18,232 | Salesforce.com Inc. (US)* | 1,382 | |
8,603 | SAP SE (GER) | 675 | |
2,731 | |||
SPECIALTY RETAIL—5.9% | |||
11,058 | Home Depot Inc. (US) | 1,481 | |
4,752 | O'Reilly Automotive Inc. (US)* | 1,248 | |
2,729 | |||
TEXTILES, APPAREL & LUXURY GOODS—5.0% | |||
2,233 | Hermes International SA (FR) | 795 | |
25,501 | NIKE Inc. (US) | 1,503 | |
2,298 | |||
TOTAL COMMON STOCKS | |||
(Cost $39,920) | 45,559 | ||
SHORT-TERM INVESTMENTS—1.2% | |||
(Cost $531) | |||
Principal Amount | |||
REPURCHASE AGREEMENTS | |||
$ | 531 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $545) | 531 |
TOTAL INVESTMENTS—99.9% | |||
(Cost $40,451) | 46,090 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.1% | 28 | ||
TOTAL NET ASSETS—100.0% | $46,118 |
Portfolio of Investments—Continued
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Common Stocks | ||||||||
Europe | $ 3,119 | $ 8,142 | $— | $11,261 | ||||
North America | 24,523 | — | — | 24,523 | ||||
Pacific Basin | 2,894 | 6,881 | — | 9,775 | ||||
Short-Term Investments | ||||||||
Repurchase Agreements | — | 531 | — | 531 | ||||
Total Investments in Securities | $30,536 | $15,554 | $— | $46,090 |
* | Non-income producing security |
1 | ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions. |
Managers' Commentary (Unaudited)
28th Floor
Since 2013
Since 2013
Fund Performance
Managers' Commentary—Continued
TOP TEN HOLDINGS (% of Net Assets) | |
Samsung Electronics Co. Ltd. | 5.3% |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.3% |
Naspers Ltd. | 3.1% |
Tencent Holdings Ltd. | 3.1% |
Reliance Industries Ltd. | 2.6% |
Itau Unibanco Holding SA ADR | 2.3% |
China Overseas Land & Investment Ltd. | 2.2% |
Gazprom OAO ADR | 2.2% |
Industrial & Commercial Bank of China Ltd. | 2.2% |
Sberbank of Russia PJSC ADR | 2.2% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2036 |
Cusip | 411512692 |
Ticker | HAEMX |
Inception Date | 11/01/2013 |
Net Expense Ratio | 1.15% a,b |
Total Net Assets (000s) | $36,280 |
ADMINISTRATIVE CLASS | |
Fund # | 2236 |
Cusip | 411512684 |
Ticker | HREMX |
Inception Date | 11/01/2013 |
Net Expense Ratio | 1.40% a,b |
Total Net Assets (000s) | $194 |
INVESTOR CLASS | |
Fund # | 2436 |
Cusip | 411512676 |
Ticker | HIEEX |
Inception Date | 11/01/2013 |
Net Expense Ratio | 1.52% a,b |
Total Net Assets (000s) | $428 |
RETIREMENT CLASS | |
Fund # | 2536 |
Cusip | 411512395 |
Ticker | HNEMX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 1.10% a,b |
Total Net Assets (000s) | $11 |
Portfolio | Benchmark | ||
Number of Countries | 16 | 26 | |
Weighted Average Market Cap (MM) | $52,647 | $44,618 | |
Price/Earning Ratio (P/E) | 13.5x | 14.8x | |
Price/Book Ratio (P/B) | 1.8x | 2.0x | |
Beta vs. MSCI Emerging Markets (ND) Index | 0.94 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 21% c | N/A |
a | Annualized |
b | Reflective of an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
c | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | 5 Years | Annualized | Inception Date | Final Value of a $50,000 Investment | |||||||||||
6 Months | Life of Fund | ||||||||||||||||
Harbor Emerging Markets Equity Fund | |||||||||||||||||
Institutional Class | -1.67% | -22.49% | N/A | -9.48% | 11/01/2013 | $38,987 | |||||||||||
Administrative Class | -1.83 | -22.74 | N/A | -9.73 | 11/01/2013 | 38,716 | |||||||||||
Investor Class | -1.71 | -22.77 | N/A | -9.80 | 11/01/2013 | 38,642 | |||||||||||
Retirement Class1 | -1.67 | -22.49 | N/A | -9.48 | 03/01/2016 | 38,987 | |||||||||||
Comparative Index | |||||||||||||||||
MSCI Emerging Markets (ND) | -0.13% | -17.87% | N/A | -5.90% | — | $42,950 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
COMMON STOCKS—91.7% | |||
Shares | Value | ||
AUTOMOBILES— 2.8% | |||
374,000 | Brilliance China Automotive Holdings Ltd. (CHN) | $ 369 | |
5,388 | Hyundai Motor Co. (S. KOR) | 676 | |
1,045 | |||
BANKS— 21.7% | |||
11,741 | Axis Bank Ltd. (IND) | 83 | |
15,195 | Banco Santander Chile ADR (CL)1 | 295 | |
911,500 | Bank Rakyat Indonesia Persero Tbk PT (IDR) | 712 | |
783,000 | China Construction Bank Corp. (CHN) | 497 | |
117,435 | Grupo Financiero Banorte SAB de CV (MEX) | 668 | |
19,924 | Hana Financial Group Inc. (S. KOR) | 447 | |
75,310 | ICICI Bank Ltd. ADR (IND)1 | 531 | |
1,549,000 | Industrial & Commercial Bank of China Ltd. (CHN) | 829 | |
90,717 | Itau Unibanco Holding SA ADR (BR)1 | 865 | |
101,300 | Kasikornbank plc (THA) | 480 | |
594,767 | Mega Financial Holding Co. Ltd. (TW) | 421 | |
23,496 | OTP Bank plc (HUN) | 623 | |
101,883 | Sberbank of Russia PJSC ADR (RUS)*,1 | 819 | |
143,394 | Turkiye Halk Bankasi AS (TUR) | 551 | |
114,200 | United Bank Ltd. (PAK) | 179 | |
8,000 | |||
BEVERAGES— 1.6% | |||
106,800 | AMBEV SA ADR (BR)*,1 | 597 | |
CAPITAL MARKETS—1.7% | |||
991,100 | China Cinda Asset Management Co. Ltd. (CHN)* | 325 | |
912,709 | Yuanta Financial Holding Co. Ltd. (TW) | 300 | |
625 | |||
CHEMICALS— 1.8% | |||
28,096 | PhosAgro OAO GDR (RUS)2 | 436 | |
2,684,000 | Tianhe Chemicals Group Ltd. (CHN)*,3,4 | 242 x | |
678 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
COMMERCIAL SERVICES & SUPPLIES—1.1% | |||
348,900 | China Everbright International Ltd. (CHN) | $ 392 | |
CONSTRUCTION & ENGINEERING—0.2% | |||
4,189 | Larsen & Toubro Ltd. (IND) | 79 | |
CONSTRUCTION MATERIALS—4.1% | |||
150,500 | Anhui Conch Cement Co. Ltd. (CHN) | 397 | |
96,165 | Cemex SAB de CV ADR (MEX)*,1 | 716 | |
8,209 | UltraTech Cement Ltd. (IND) | 390 | |
1,503 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES—1.0% | |||
31,211 | Telefonica Brasil SA ADR (BR)1 | 384 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4% | |||
115,406 | Delta Electronics Inc. (TW) | 535 | |
HOTELS, RESTAURANTS & LEISURE—2.1% | |||
140,000 | Galaxy Entertainment Group Ltd. (CHN)* | 470 | |
90,018 | Sands China Ltd. (CHN) | 321 | |
791 | |||
HOUSEHOLD DURABLES—0.9% | |||
190,989 | Haier Electronics Group Co. Ltd. (CHN) | 321 | |
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS—1.0% | |||
529,000 | China Longyuan Power Group Corp. Ltd. (CHN) | 365 | |
INDUSTRIAL CONGLOMERATES—0.6% | |||
7,336 | Industries Qatar QSC (QA) | 211 | |
INSURANCE— 5.7% | |||
42,900 | BB Seguridade Participacoes SA (BR) | 374 | |
168,000 | China Life Insurance Co. Ltd. (CHN) | 387 | |
180,400 | China Pacific Insurance Group Co. Ltd. (CHN) | 633 | |
35,579 | Discovery Ltd. (S. AFR) | 318 | |
4,186 | Samsung Life Insurance Co. Ltd. (S. KOR) | 402 | |
2,114 | |||
INTERNET & CATALOG RETAIL—2.0% | |||
59,406 | B2W Cia Digital (BR)* | 236 | |
18,962 | JD.com Inc. ADR (CHN)*,1 | 485 | |
721 | |||
INTERNET SOFTWARE & SERVICES—3.1% | |||
56,600 | Tencent Holdings Ltd. (CHN) | 1,152 | |
IT SERVICES—1.6% | |||
15,249 | Tata Consultancy Services Ltd. (IND) | 583 | |
MEDIA— 3.1% | |||
8,228 | Naspers Ltd. (S. AFR) | 1,132 | |
METALS & MINING—5.5% | |||
27,100 | AngloGold Ashanti Ltd. ADR (S. AFR)*,1 | 446 | |
110,825 | Gerdau SA ADR (BR)1 | 247 | |
188,200 | Grupo Mexico SAB de CV (MEX) | 479 | |
1,727 | POSCO (S. KOR) | 362 | |
111,600 | Vale SA ADR (BR)*,1 | 506 | |
2,040 | |||
OIL, GAS & CONSUMABLE FUELS—7.1% | |||
260,000 | China Shenhua Energy Co. Ltd. (CHN) | 438 | |
1,700 | CNOOC Ltd. ADR (CHN)1 | 210 | |
154,665 | Gazprom OAO ADR (RUS)1 | 804 |
Portfolio of Investments—Continued
COMMON STOCKS—Continued | |||
Shares | Value | ||
OIL, GAS & CONSUMABLE FUELS—Continued | |||
14,085 | Lukoil PJSC ADR (RUS)1 | $ 600 | |
11,926 | Reliance Industries Ltd. (IND) | 176 | |
11,828 | Sasol Ltd. (S. AFR) | 387 | |
2,615 | |||
PHARMACEUTICALS— 1.0% | |||
31,588 | Aurobindo Pharma Ltd. (IND) | 360 | |
REAL ESTATE MANAGEMENT & DEVELOPMENT—2.1% | |||
250,000 | China Overseas Land & Investment Ltd. (CHN) | 794 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.9% | |||
1,640,000 | GCL-Poly Energy Holdings Ltd. (CHN)* | 245 | |
21,168 | SK hynix Inc. (S. KOR) | 519 | |
67,500 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (TW)1 | 1,592 | |
56,900 | Trina Solar Ltd. ADR (CHN)*,1 | 555 | |
2,911 | |||
SPECIALTY RETAIL—1.9% | |||
5,316 | Dufry AG (SWS)* | 701 | |
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.4% | |||
474,000 | Lenovo Group Ltd. (CHN) | 373 | |
1,811 | Samsung Electronics Co. Ltd. (S. KOR) | 1,974 | |
2,347 | |||
WIRELESS TELECOMMUNICATION SERVICES—2.3% | |||
19,006 | Bharti Airtel Ltd. (IND)* | 104 | |
64,300 | China Mobile Ltd. (CHN) | 738 | |
842 | |||
TOTAL COMMON STOCKS | |||
(Cost $36,705) | 33,838 | ||
PARTICIPATION (EQUITY LINKED) NOTES—5.8% | |||
Principal Amount | Value | ||
Axis Bank Ltd. | |||
$ | 52,206 | $0.00—11/25/2019 | $ 372 |
Bharti Airtel Ltd. | |||
7,739 | $0.00—02/08/2017 | 42 | |
76,767 | $0.00—07/11/2019 | 421 | |
463 | |||
Larsen & Toubro Ltd. | |||
19,034 | $0.00—03/27/2020 | 360 | |
Reliance Industries Ltd. | |||
53,804 | $0.00—02/07/2017-07/08/2019 | 797 | |
United Bank Ltd. | |||
110,145 | $0.00—06/17/2019 | 172 | |
TOTAL PARTICIPATION (EQUITY LINKED) NOTES | |||
(Cost $2,435) | 2,164 | ||
SHORT-TERM INVESTMENTS—2.3% | |||
(Cost $840) | |||
Principal Amount | |||
REPURCHASE AGREEMENTS | |||
$ | 840 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $857) | 840 |
TOTAL INVESTMENTS—99.8% | |||
(Cost $39,980) | 36,842 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.2% | 71 | ||
TOTAL NET ASSETS—100.0% | $36,913 |
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Common Stocks | ||||||||
Africa | $ 446 | $ 1,837 | $ — | $ 2,283 | ||||
Europe | — | 4,534 | — | 4,534 | ||||
Latin America | 5,367 | — | — | 5,367 | ||||
Middle East/Central Asia | 531 | 2,165 | — | 2,696 | ||||
Pacific Basin | 2,842 | 15,874 | 242 | 18,958 | ||||
Participation (Equity Linked) Notes | ||||||||
Middle East/Central Asia | — | 2,164 | — | 2,164 | ||||
Short-Term Investments | ||||||||
Repurchase Agreements | — | 840 | — | 840 | ||||
Total Investments in Securities | $9,186 | $27,414 | $242 | $36,842 |
Portfolio of Investments—Continued
Valuation Description | Balance Beginning at 11/01/2015 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss)w (000s) | Change in Unrealized Appreciation/ (Depreciation)w (000s) | Transfers In Level 3 (000s) | Transfers Out of Level 3 (000s) | Ending Balance as of 04/30/2016w (000s) | |||||||||
Common Stocks | $242 | $— | $— | $— | $— | $— | $— | $— | $242 |
Valuation Descriptions | Ending Balance as of 04/30/2016 (000s) | Valuation Technique | Unobservable Inputs | Input Value(s) | ||||
Investments in Securities | ||||||||
Common Stocks | ||||||||
Tianhe Chemicals Group Ltd. (CHN)*,3,4 | $242 | Market Approach | Liquidity Discount | HK$ 0.70 |
* | Non-income producing security | ||
1 | ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions. | ||
2 | GDR after the name of a holding stands for Global Depositary Receipts representing ownership of foreign securities. GDRs are issued by either U.S. or non-U.S. banking organizations. | ||
3 | Security has been deemed illiquid at April 30, 2016 | ||
4 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. These securities are priced by an independent pricing service in accordance with Harbor Funds Valuation Procedures. At April 30, 2016, the aggregate value of these securities was $774 (in 000s) or 2% of net assets. | ||
w | The amounts in this category are included in the “Realized and Change in Unrealized Gain/(Loss) on Investment Transactions” section of the Statement of Operations. The net unrealized appreciation/(depreciation) per investment type is below: | ||
Valuation Description | Unrealized Gain/(Loss) as of 04/30/2016 (000s) | ||
Common Stocks | $(270) | ||
x | Fair Valued in accordance with Harbor Funds Valuation Procedures using a liquidity discount which is a Level 3 input. |
Statements of Assets and Liabilities—April 30, 2016 (Unaudited)
Harbor International Fund | Harbor Diversified International All Cap Fund | Harbor International Small Cap Fund | Harbor International Growth Fund | Harbor Global Growth Fund | Harbor Emerging Markets Equity Fund | |
ASSETS | ||||||
Investments, at identified cost* | $35,757,447 | $154,158 | $15,367 | $ 285,533 | $40,451 | $39,980 |
Investments, at value (Including securities loaned of $1,896,240, $0, $0, $8,002, $0 and $0) | $42,299,666 | $154,197 | $15,673 | $ 281,579 | $45,559 | $36,002 |
Repurchase agreements | 153,311 | 3,144 | 610 | 1,277 | 531 | 840 |
Cash | 1 | 4 | 1 | — | 1 | 1 |
Foreign currency, at value (cost: $7,051,$511,$1,$9,$0 and $12) | 7,090 | 518 | 2 | 10 | — | 12 |
Receivables for: | ||||||
Investments sold | 263,966 | 171 | — | 830 | — | 148 |
Foreign currency spot contracts | 196 | — | — | — | — | — |
Capital shares sold | 25,526 | 1 | — | 51 | 14 | 3 |
Dividends | 118,541 | 961 | 53 | 781 | 14 | 43 |
Interest | 39 | — | — | — | — | — |
Securities lending income | 673 | — | — | 3 | — | — |
Withholding tax | 66,270 | 52 | 3 | 369 | 18 | — |
Prepaid registration fees | 20 | 65 | 50 | 32 | 36 | 39 |
Prepaid fund insurance | 131 | — | — | 1 | — | — |
Other assets | 1,881 | 40 | 2 | 62 | 7 | 10 |
Total Assets | 42,937,311 | 159,153 | 16,394 | 284,995 | 46,180 | 37,098 |
LIABILITIES | ||||||
Payables for: | ||||||
Investments purchased | 68,171 | 437 | — | — | — | 113 |
Foreign currency spot contracts | 1,658 | — | — | — | — | — |
Capital shares reacquired | 36,721 | — | — | 893 | 6 | 2 |
Collateral for securities loaned | 2,043,155 | — | — | 8,432 | — | — |
Accrued expenses: | ||||||
Management fees | 22,191 | 97 | 11 | 171 | 29 | 28 |
12b-1 fees | 693 | — | — | 3 | 3 | — |
Transfer agent fees | 2,763 | 10 | 1 | 18 | 4 | 2 |
Trustees' fees and expenses | 458 | — | — | 2 | — | 1 |
Other | 16,752 | 26 | 47 | 164 | 20 | 39 |
Total Liabilities | 2,192,562 | 570 | 59 | 9,683 | 62 | 185 |
NET ASSETS | $40,744,749 | $158,583 | $16,335 | $ 275,312 | $46,118 | $36,913 |
Net Assets Consist of: | ||||||
Paid-in capital | $34,390,637 | $154,442 | $15,552 | $ 449,722 | $43,693 | $47,260 |
Accumulated undistributed net investment income/(loss) | (182,667) | 1,110 | 40 | 1,247 | (39) | 3 |
Accumulated net realized gain/(loss) | (161,610) | (185) | (175) | (172,995) | (3,175) | (7,210) |
Unrealized appreciation/(depreciation) of investments and translation of assets and liabilities in foreign currencies | 6,698,389 | 3,216 | 918 | (2,662) | 5,639 | (3,140) |
$40,744,749 | $158,583 | $16,335 | $ 275,312 | $46,118 | $36,913 | |
Harbor International Fund | Harbor Diversified International All Cap Fund | Harbor International Small Cap Fund | Harbor International Growth Fund | Harbor Global Growth Fund | Harbor Emerging Markets Equity Fund | |||||||
NET ASSET VALUE PER SHARE BY CLASS | ||||||||||||
Institutional Class | ||||||||||||
Net assets | $37,157,259 | $158,062 | $15,614 | $260,031 | $32,971 | $36,280 | ||||||
Shares of beneficial interest1 | 609,530 | 16,285 | 1,485 | 20,864 | 1,628 | 4,724 | ||||||
Net asset value per share2 | $ 60.96 | $ 9.71 | $ 10.51 | $ 12.46 | $ 20.25 | $ 7.68 | ||||||
Administrative Class | ||||||||||||
Net assets | $ 591,882 | $ 242 | $ 257 | $ 331 | $ 1,128 | $ 194 | ||||||
Shares of beneficial interest1 | 9,747 | 25 | 25 | 27 | 56 | 25 | ||||||
Net asset value per share2 | $ 60.72 | $ 9.69 | $ 10.51 | $ 12.45 | $ 20.05 | $ 7.67 | ||||||
Investor Class | ||||||||||||
Net assets | $ 2,597,380 | $ 268 | $ 453 | $ 14,939 | $12,009 | $ 428 | ||||||
Shares of beneficial interest1 | 43,025 | 28 | 43 | 1,206 | 604 | 56 | ||||||
Net asset value per share2 | $ 60.37 | $ 9.69 | $ 10.50 | $ 12.38 | $ 19.89 | $ 7.67 | ||||||
Retirement Class | ||||||||||||
Net assets | $ 398,228 | $ 11 | $ 11 | $ 11 | $ 10 | $ 11 | ||||||
Shares of beneficial interest1 | 6,532 | 1 | 1 | 1 | 1 | 1 | ||||||
Net asset value per share2 | $ 60.96 | $ 9.70 | $ 10.51 | $ 12.46 | $ 20.25 | $ 7.68 |
* | Including repurchase agreements and short-term investments. |
1 | Par value $0.01 (unlimited authorizations). |
2 | Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded to thousands. |
Statements of Operations—Six Months Ended April 30, 2016 (Unaudited)
Harbor International Fund | Harbor Diversified International All Cap Fund | Harbor International Small Cap Fund | Harbor International Growth Fund | Harbor Global Growth Fund | Harbor Emerging Markets Equity Fund | |
Investment Income | ||||||
Dividends | $ 484,396 | $1,589 | $ 83 | $ 3,089 | $ 259 | $ 283 |
Net securities lending income | 2,822 | — | — | 30 | — | — |
Interest | 1,581 | 1 | — | — | — | — |
Foreign taxes withheld | (45,308) | (148) | (7) | (274) | (6) | (63) |
Total Investment Income | 443,491 | 1,442 | 76 | 2,845 | 253 | 220 |
Operating Expenses | ||||||
Management fees | 137,485 | 274 | 32 | 1,003 | 174 | 166 |
12b-1 fees: | ||||||
Administrative Class | 854 | — | — | — | 1 | — |
Investor Class | 3,706 | — | — | 19 | 16 | 1 |
Shareholder communications | 1,451 | 10 | 7 | 10 | 1 | — |
Custodian fees | 3,612 | 50 | 21 | 44 | 9 | 39 |
Transfer agent fees: | ||||||
Institutional Class | 12,871 | 27 | 3 | 88 | 12 | 12 |
Administrative Class | 238 | — | — | — | — | — |
Investor Class | 2,814 | — | — | 14 | 12 | — |
Retirement Class | 7 | — | — | — | — | — |
Professional fees | 483 | 24 | 17 | 6 | 3 | 2 |
Trustees' fees and expenses | 575 | — | — | 3 | 1 | 1 |
Registration fees | 160 | 29 | 22 | 26 | 21 | 25 |
Miscellaneous | 203 | 5 | 3 | 6 | 4 | 5 |
Total expenses | 164,459 | 419 | 105 | 1,219 | 254 | 251 |
Management fees waived | (2,826) | — | — | — | — | — |
Transfer agent fees waived | (336) | (1) | — | (2) | — | — |
Other expenses reimbursed | — | (108) | (69) | (52) | (20) | (49) |
Custodial expense reductions | (4) | — | — | — | — | — |
Net expenses | 161,293 | 310 | 36 | 1,165 | 234 | 202 |
Net Investment Income/(Loss) | 282,198 | 1,132 | 40 | 1,680 | 19 | 18 |
Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions | ||||||
Net realized gain/(loss) on: | ||||||
Investments | (69,773) | (135) | (195) | (6,268) | (2,945) | (3,914) |
Foreign currency transactions | (6,017) | (50) | 20 | (12) | 8 | (16) |
Change in net unrealized appreciation/(depreciation) on: | ||||||
Investments | (1,559,641) | 3,183 | 916 | 1,598 | 939 | 3,333 |
Translations of assets and liabilities in foreign currencies | 5,617 | 33 | 2 | 39 | 1 | — |
Net gain/(loss) on investment transactions | (1,629,814) | 3,031 | 743 | (4,643) | (1,997) | (597) |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $(1,347,616) | $4,163 | $ 783 | $(2,963) | $(1,978) | $ (579) |
Statements of Changes In Net Assets
Harbor International Fund | Harbor Diversified International All Cap Fund | Harbor International Small Cap Fund | ||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 2, 2015a through April 30, 2016 | February 1, 2016a through April 30, 2016 | |||
INCREASE/(DECREASE) IN NET ASSETS | (Unaudited) | (Unaudited) | (Unaudited) | |||
Operations: | ||||||
Net investment income/(loss) | $ 282,198 | $ 846,117 | $ 1,132 | $ 40 | ||
Net realized gain/(loss) on investments | (75,790) | 1,788,506 | (185) | (175) | ||
Change in net unrealized appreciation/(depreciation) of investments | (1,554,024) | (3,344,691) | 3,216 | 918 | ||
Net increase/(decrease) in assets resulting from operations | (1,347,616) | (710,068) | 4,163 | 783 | ||
Distributions to Shareholders | ||||||
Net investment income: | ||||||
Institutional Class | (663,480) | (900,561) | (22) | — | ||
Administrative Class | (11,262) | (13,412) | — | — | ||
Investor Class | (39,316) | (80,120) | — | — | ||
Retirement Class | — | — | — | — | ||
Net realized gain on investments: | ||||||
Institutional Class | (1,087,931) | — | — | — | ||
Administrative Class | (21,975) | — | — | — | ||
Investor Class | (89,647) | — | — | — | ||
Retirement Class | — | — | — | — | ||
Total distributions to shareholders | (1,913,611) | (994,093) | (22) | – | ||
Net Increase/(Decrease) Derived from Capital Share Transactions | (1,778,670) | (1,644,041) | 154,442 | 15,552 | ||
Net increase/(decrease) in net assets | (5,039,897) | (3,348,202) | 158,583 | 16,335 | ||
Net Assets | ||||||
Beginning of period | 45,784,646 | 49,132,848 | — | — | ||
End of period* | $40,744,749 | $45,784,646 | $158,583 | $16,335 | ||
* Includes accumulated undistributed net investment income/(loss) of: | $ (182,667) | $ 249,193 | $ 1,110 | $40 |
a | Commencement of operations. |
Harbor International Growth Fund | Harbor Global Growth Fund | Harbor Emerging Markets Equity Fund | |||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
(Unaudited) | (Unaudited) | (Unaudited) | |||||
$ 1,680 | $ 2,871 | $ 19 | $ (76) | $ 18 | $ 344 | ||
(6,280) | (1,741) | (2,937) | 1,504 | (3,930) | (2,935) | ||
1,637 | (235) | 940 | (644) | 3,333 | (6,803) | ||
(2,963) | 895 | (1,978) | 784 | (579) | (9,394) | ||
(2,643) | (2,885) | — | (39) | (339) | (133) | ||
(1) | (8) | — | — | (1) | (1) | ||
(95) | (190) | — | — | (2) | (1) | ||
— | — | — | — | — | — | ||
— | — | (1,124) | (2,921) | — | — | ||
— | — | (37) | (93) | — | — | ||
— | — | (446) | (997) | — | — | ||
— | — | — | — | — | — | ||
(2,739) | (3,083) | (1,607) | (4,050) | (342) | (135) | ||
10,246 | 58,790 | 410 | 16,572 | (4,696) | 24,061 | ||
4,544 | 56,602 | (3,175) | 13,306 | (5,617) | 14,532 | ||
270,768 | 214,166 | 49,293 | 35,987 | 42,530 | 27,998 | ||
$275,312 | $270,768 | $46,118 | $49,293 | $36,913 | $42,530 | ||
$ 1,247 | $ 2,306 | $ (39) | $ (58) | $ 3 | $327 |
Statements of Changes in Net Assets—Capital Stock Activity
Harbor International Fund | Harbor Diversified International All Cap Fund | Harbor International Small Cap Fund | ||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 2, 2015a through April 30, 2016 | February 1, 2016a through April 30, 2016 | |||
(Unaudited) | (Unaudited) | (Unaudited) | ||||
AMOUNT ($) | ||||||
Institutional Class | ||||||
Net proceeds from sale of shares | $ 3,932,958 | $ 7,815,560 | $154,916 | $14,862 | ||
Reinvested distributions | 1,536,571 | 775,192 | 22 | — | ||
Cost of shares reacquired | (6,565,141) | (9,246,787) | (1,030) | — | ||
Net increase/(decrease) in net assets | $(1,095,612) | $ (656,035) | $153,908 | $14,862 | ||
Administrative Class | ||||||
Net proceeds from sale of shares | $ 72,251 | $ 266,176 | $ 250 | $ 245 | ||
Reinvested distributions | 31,538 | 12,596 | — | — | ||
Cost of shares reacquired | (274,766) | (381,656) | — | — | ||
Net increase/(decrease) in net assets | $ (170,977) | $ (102,884) | $ 250 | $ 245 | ||
Investor Class | ||||||
Net proceeds from sale of shares | $ 249,873 | $ 847,209 | $ 274 | $ 435 | ||
Reinvested distributions | 126,893 | 74,364 | — | — | ||
Cost of shares reacquired | (1,275,066) | (1,806,695) | — | — | ||
Net increase/(decrease) in net assets | $ (898,300) | $ (885,122) | $ 274 | $ 435 | ||
Retirement Class | ||||||
Net proceeds from sale of shares | $ 390,175 | $ — | $ 10 | $ 10 | ||
Cost of shares reacquired | (3,956) | — | — | — | ||
Net increase/(decrease) in net assets | $ 386,219 | $ — | $ 10 | $ 10 |
a | Commencement of operations. |
Harbor International Growth Fund | Harbor Global Growth Fund | Harbor Emerging Markets Equity Fund | |||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
(Unaudited) | (Unaudited) | (Unaudited) | |||||
$ 27,263 | $101,314 | $ 1,836 | $12,301 | $ 3,581 | $33,105 | ||
2,591 | 2,831 | 1,101 | 2,883 | 339 | 133 | ||
(18,900) | (43,657) | (1,877) | (5,025) | (8,652) | (9,236) | ||
$ 10,954 | $ 60,488 | $ 1,060 | $10,159 | $(4,732) | $24,002 | ||
$ 343 | $ 788 | $ 61 | $ 542 | $ — | $ 1 | ||
1 | 8 | 37 | 93 | 1 | — | ||
(341) | (1,125) | (83) | (166) | — | — | ||
$ 3 | $ (329) | $ 15 | $ 469 | $ 1 | $ 1 | ||
$ 1,077 | $ 2,190 | $ 987 | $ 7,974 | $ 300 | $ 154 | ||
95 | 188 | 446 | 995 | 2 | 1 | ||
(1,893) | (3,747) | (2,108) | (3,025) | (277) | (97) | ||
$ (721) | $ (1,369) | $ (675) | $ 5,944 | $ 25 | $ 58 | ||
$ 10 | $ — | $ 10 | $ — | $ 10 | $ — | ||
— | — | — | — | — | — | ||
$ 10 | $ — | $ 10 | $ — | $ 10 | $ — |
Statements of Changes in Net Assets—Capital Stock Activity—Continued
Harbor International Fund | Harbor Diversified International All Cap Fund | Harbor International Small Cap Fund | ||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 2, 2015a through April 30, 2016 | February 1, 2016a through April 30, 2016 | |||
(Unaudited) | (Unaudited) | (Unaudited) | ||||
SHARES | ||||||
Institutional Class | ||||||
Shares sold | 67,519 | 115,666 | 16,389 | 1,485 | ||
Shares issued due to reinvestment of distributions | 26,048 | 11,779 | 2 | — | ||
Shares reacquired | (111,358) | (137,272) | (106) | — | ||
Net increase/(decrease) in shares outstanding | (17,791) | (9,827) | 16,285 | 1,485 | ||
Beginning of period | 627,321 | 637,148 | — | — | ||
End of period | 609,530 | 627,321 | 16,285 | 1,485 | ||
Administrative Class | ||||||
Shares sold | 1,232 | 3,935 | 25 | 25 | ||
Shares issued due to reinvestment of distributions | 536 | 192 | — | — | ||
Shares reacquired | (4,758) | (5,639) | — | — | ||
Net increase/(decrease) in shares outstanding | (2,990) | (1,512) | 25 | 25 | ||
Beginning of period | 12,737 | 14,249 | — | — | ||
End of period | 9,747 | 12,737 | 25 | 25 | ||
Investor Class | ||||||
Shares sold | 4,280 | 12,656 | 28 | 43 | ||
Shares issued due to reinvestment of distributions | 2,169 | 1,140 | — | — | ||
Shares reacquired | (21,350) | (27,063) | — | — | ||
Net increase/(decrease) in shares outstanding | (14,901) | (13,267) | 28 | 43 | ||
Beginning of period | 57,926 | 71,193 | — | — | ||
End of period | 43,025 | 57,926 | 28 | 43 | ||
Retirement Class | ||||||
Shares sold | 6,597 | — | 1 | 1 | ||
Shares reacquired | (65) | — | — | — | ||
Net increase/(decrease) in shares outstanding | 6,532 | — | 1 | 1 | ||
Beginning of period | — | — | — | — | ||
End of period | 6,532 | — | 1 | 1 |
a | Commencement of operations. |
Harbor International Growth Fund | Harbor Global Growth Fund | Harbor Emerging Markets Equity Fund | |||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
(Unaudited) | (Unaudited) | (Unaudited) | |||||
2,201 | 7,888 | 91 | 554 | 506 | 3,657 | ||
212 | 230 | 52 | 135 | 46 | 14 | ||
(1,574) | (3,467) | (91) | (231) | (1,144) | (1,071) | ||
839 | 4,651 | 52 | 458 | (592) | 2,600 | ||
20,025 | 15,374 | 1,576 | 1,118 | 5,316 | 2,716 | ||
20,864 | 20,025 | 1,628 | 1,576 | 4,724 | 5,316 | ||
29 | 63 | 3 | 24 | — | — | ||
— | 1 | 2 | 4 | — | — | ||
(28) | (91) | (4) | (7) | — | — | ||
1 | (27) | 1 | 21 | — | — | ||
26 | 53 | 55 | 34 | 25 | 25 | ||
27 | 26 | 56 | 55 | 25 | 25 | ||
89 | 172 | 49 | 366 | 45 | 17 | ||
8 | 15 | 22 | 47 | — | — | ||
(159) | (298) | (104) | (141) | (41) | (10) | ||
(62) | (111) | (33) | 272 | 4 | 7 | ||
1,268 | 1,379 | 637 | 365 | 52 | 45 | ||
1,206 | 1,268 | 604 | 637 | 56 | 52 | ||
1 | — | 1 | — | 1 | — | ||
— | — | — | — | — | — | ||
1 | — | 1 | — | 1 | — | ||
— | — | — | — | — | — | ||
1 | — | 1 | — | 1 | — |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR INTERNATIONAL FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 65.67 | $ 68.09 | $ 70.79 | $ 59.12 | $ 56.19 | $ 59.13 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.42 e | 1.22 e | 1.25 | 1.24 | 1.10 | 1.25 |
Net realized and unrealized gains/(losses) on investments | (2.28) | (2.22) | (2.45) | 11.69 | 3.15 | (3.32) |
Total from investment operations | (1.86) | (1.00) | (1.20) | 12.93 | 4.25 | (2.07) |
Less Distributions | ||||||
Dividends from net investment income | (1.08) | (1.42) | (1.50) | (1.26) | (1.32) | (0.87) |
Distributions from net realized capital gains1 | (1.77) | — | — | — | — | — |
Total distributions | (2.85) | (1.42) | (1.50) | (1.26) | (1.32) | (0.87) |
Proceeds from redemption fees | — | — | — | —* | —* | —* |
Net asset value end of period | 60.96 | 65.67 | 68.09 | 70.79 | 59.12 | 56.19 |
Net assets end of period (000s) | $37,157,259 | $41,195,827 | $43,385,100 | $39,828,959 | $29,723,443 | $25,562,291 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (2.68)% c | (1.48)% | (1.69)% | 22.19% | 7.95% | (3.57)% |
Ratio of total expenses to average net assets2 | 0.78 d | 0.76 | 0.76 | 0.76 | 0.78 | 0.79 |
Ratio of net expenses to average net assetsa | 0.77 d | 0.74 | 0.73 | 0.74 | 0.77 | 0.77 |
Ratio of net investment income (loss) to average net assetsa | 1.43 d | 1.80 | 1.78 | 1.96 | 1.96 | 2.07 |
Portfolio turnover | 6 c | 25 | 11 | 10 | 11 | 12 |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 64.86 | $ 67.23 | $ 69.92 | $ 58.42 | $ 55.51 | $ 58.44 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.28 e | 0.96 e | 1.07 | 1.01 | 0.87 | 1.01 |
Net realized and unrealized gains/(losses) on investments | (2.22) | (2.19) | (2.51) | 11.54 | 3.14 | (3.27) |
Total from investment operations | (1.94) | (1.23) | (1.44) | 12.55 | 4.01 | (2.26) |
Less Distributions | ||||||
Dividends from net investment income | (0.78) | (1.14) | (1.25) | (1.05) | (1.10) | (0.67) |
Distributions from net realized capital gains1 | (1.77) | — | — | — | — | — |
Total distributions | (2.55) | (1.14) | (1.25) | (1.05) | (1.10) | (0.67) |
Proceeds from redemption fees | — | — | — | —* | —* | —* |
Net asset value end of period | 60.37 | 64.86 | 67.23 | 69.92 | 58.42 | 55.51 |
Net assets end of period (000s) | $ 2,597,380 | $ 3,756,852 | $ 4,786,270 | $ 5,279,866 | $ 4,169,704 | $ 3,524,376 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (2.87)% c | (1.84)% | (2.05)% | 21.76% | 7.54% | (3.93)% |
Ratio of total expenses to average net assets2 | 1.15 d | 1.13 | 1.13 | 1.13 | 1.15 | 1.16 |
Ratio of net expenses to average net assetsa | 1.14 d | 1.11 | 1.10 | 1.11 | 1.14 | 1.14 |
Ratio of net investment income (loss) to average net assetsa | 0.97 d | 1.43 | 1.46 | 1.60 | 1.60 | 1.70 |
Portfolio turnover | 6 c | 25 | 11 | 10 | 11 | 12 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$ 65.32 | $ 67.48 | $ 70.18 | $ 58.63 | $ 55.72 | $ 58.67 |
0.31 e | 1.04 e | 1.91 i | 1.03 | 0.99 | 1.07 |
(2.23) | (2.20) | (3.27) | 11.63 | 3.09 | (3.27) |
(1.92) | (1.16) | (1.36) | 12.66 | 4.08 | (2.20) |
(0.91) | (1.00) | (1.34) | (1.11) | (1.17) | (0.75) |
(1.77) | — | — | — | — | — |
(2.68) | (1.00) | (1.34) | (1.11) | (1.17) | (0.75) |
— | — | — | —* | —* | —* |
60.72 | 65.32 | 67.48 | 70.18 | 58.63 | 55.72 |
$591,882 | $831,967 | $961,478 | $2,896,387 | $2,210,914 | $2,071,762 |
(2.81)% c | (1.73)% | (1.93)% | 21.87% | 7.67% | (3.82)% |
1.03 d | 1.01 | 1.01 | 1.01 | 1.03 | 1.04 |
1.02 d | 0.99 | 0.98 | 0.99 | 1.02 | 1.02 |
1.05 d | 1.54 | 1.85 | 1.66 | 1.71 | 1.83 |
6 c | 25 | 11 | 10 | 11 | 12 |
Retirement Class |
2-Month Period Ended April 30, 2016f |
(Unaudited) |
$ 57.14 |
0.31 e |
3.51 |
3.82 |
— |
— |
— |
— |
60.96 |
$398,228 |
(2.68)% c |
0.75 d |
0.72 d |
3.09 d |
6 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND | |||||||
Institutional Class | Administrative Class | Investor Class | Retirement Class | ||||
6-Month Period Ended April 30, 2016g | 6-Month Period Ended April 30, 2016g | 6-Month Period Ended April 30, 2016g | 2-Month Period Ended April 30, 2016f | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Net asset value beginning of period | $ 10.00 | $10.00 | $10.00 | $ 9.21 | |||
Income from Investment Operations | |||||||
Net investment income/(loss)a | 0.15 e | 0.07 e | 0.06 e | 0.07 e | |||
Net realized and unrealized gains/(losses) on investments | (0.43) | (0.38) | (0.37) | 0.42 | |||
Total from investment operations | (0.28) | (0.31) | (0.31) | 0.49 | |||
Less Distributions | |||||||
Dividends from net investment income | (0.01) | —* | — | — | |||
Distributions from net realized capital gains1 | — | — | — | — | |||
Total distributions | (0.01) | —* | — | — | |||
Net asset value end of period | 9.71 | 9.69 | 9.69 | 9.70 | |||
Net assets end of period (000s) | $158,062 | $ 242 | $ 268 | $ 11 | |||
Ratios and Supplemental Data (%) | |||||||
Total returnb | (2.85)% c | (2.99)% c | (3.10)% c | (2.95)% c | |||
Ratio of total expenses to average net assets2 | 1.15 d | 1.40 d | 1.52 d | 1.10 d | |||
Ratio of net expenses to average net assetsa | 0.85 d | 1.10 d | 1.22 d | 0.80 d | |||
Ratio of net investment income (loss) to average net assetsa | 3.11 d | 1.41 d | 1.35 d | 4.46 d | |||
Portfolio turnover | 5 c | 5 c | 5 c | 5 c |
HARBOR INTERNATIONAL SMALL CAP FUND | |||||||
Institutional Class | Administrative Class | Investor Class | Retirement Class | ||||
3-Month Period Ended April 30, 2016h | 3-Month Period Ended April 30, 2016h | 3-Month Period Ended April 30, 2016h | 3-Month Period Ended April 30, 2016h | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Net asset value beginning of period | $ 10.00 | $10.00 | $10.00 | $10.00 | |||
Income from Investment Operations | |||||||
Net investment income/(loss)a | 0.03 e | 0.02 e | 0.03 e | 0.03 e | |||
Net realized and unrealized gains/(losses) on investments | 0.48 | 0.49 | 0.47 | 0.48 | |||
Total from investment operations | 0.51 | 0.51 | 0.50 | 0.51 | |||
Less Distributions | |||||||
Dividends from net investment income | — | — | — | — | |||
Distributions from net realized capital gains1 | — | — | — | — | |||
Total distributions | — | — | — | — | |||
Net asset value end of period | 10.51 | 10.51 | 10.50 | 10.51 | |||
Net assets end of period (000s) | $ 15,614 | $ 257 | $ 453 | $ 11 | |||
Ratios and Supplemental Data (%) | |||||||
Total returnb | 5.10% c | 5.10% c | 5.00% c | 5.10% c | |||
Ratio of total expenses to average net assets2 | 2.79 d | 3.04 d | 3.16 d | 2.75 d | |||
Ratio of net expenses to average net assetsa | 0.95 d | 1.20 d | 1.32 d | 0.90 d | |||
Ratio of net investment income (loss) to average net assetsa | 1.08 d | 0.82 d | 1.07 d | 1.12 d | |||
Portfolio turnover | 25 c | 25 c | 25 c | 25 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR INTERNATIONAL GROWTH FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 j | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 12.71 | $ 12.75 | $ 13.01 | $ 11.60 | $ 11.10 | $ 11.98 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.08 e | 0.15 e | 0.16 | 0.44 | 0.44 | 0.06 |
Net realized and unrealized gains/(losses) on investments | (0.20) | —* | (0.23) | 1.67 | 0.06 | (0.72) |
Total from investment operations | (0.12) | 0.15 | (0.07) | 2.11 | 0.50 | (0.66) |
Less Distributions | ||||||
Dividends from net investment income | (0.13) | (0.19) | (0.19) | (0.70) | — | (0.22) |
Distributions from net realized capital gains1 | — | — | — | — | — | — |
Total distributions | (0.13) | (0.19) | (0.19) | (0.70) | — | (0.22) |
Proceeds from redemption fees | — | — | — | —* | —* | —* |
Net asset value end of period | 12.46 | 12.71 | 12.75 | 13.01 | 11.60 | 11.10 |
Net assets end of period (000s) | $260,031 | $254,461 | $196,062 | $196,412 | $324,404 | $1,394,916 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (0.96)% c | 1.22% | (0.54)% | 19.09% | 4.50% | (5.63)% |
Ratio of total expenses to average net assets2 | 0.89 d | 0.89 | 0.88 | 0.93 | 0.87 | 0.87 |
Ratio of net expenses to average net assetsa | 0.85 d | 0.85 | 0.85 | 0.89 | 0.87 | 0.86 |
Ratio of net investment income (loss) to average net assetsa | 1.28 d | 1.19 | 1.23 | 1.38 | 1.22 | 0.61 |
Portfolio turnover | 7 c | 20 | 30 | 166 | 70 | 112 |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 j | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 12.60 | $ 12.64 | $ 12.89 | $ 11.50 | $ 11.05 | $ 11.94 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.05 e | 0.10 e | —* | 0.06 | 0.05 | (0.18) |
Net realized and unrealized gains/(losses) on investments | (0.19) | —* | (0.11) | 1.99 | 0.40 | (0.53) |
Total from investment operations | (0.14) | 0.10 | (0.11) | 2.05 | 0.45 | (0.71) |
Less Distributions | ||||||
Dividends from net investment income | (0.08) | (0.14) | (0.14) | (0.66) | — | (0.18) |
Distributions from net realized capital gains1 | — | — | — | — | — | — |
Total distributions | (0.08) | (0.14) | (0.14) | (0.66) | — | (0.18) |
Proceeds from redemption fees | — | — | — | —* | —* | —* |
Net asset value end of period | 12.38 | 12.60 | 12.64 | 12.89 | 11.50 | 11.05 |
Net assets end of period (000s) | $ 14,939 | $ 15,978 | $ 17,429 | $ 20,458 | $ 20,203 | $ 25,291 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.13)% c | 0.81% | (0.85)% | 18.60% | 4.07% | (6.04)% |
Ratio of total expenses to average net assets2 | 1.26 d | 1.26 | 1.25 | 1.30 | 1.24 | 1.25 |
Ratio of net expenses to average net assetsa | 1.22 d | 1.22 | 1.22 | 1.26 | 1.24 | 1.23 |
Ratio of net investment income (loss) to average net assetsa | 0.89 d | 0.79 | 0.87 | 0.98 | 0.80 | 0.12 |
Portfolio turnover | 7 c | 20 | 30 | 166 | 70 | 112 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 j | 2012 | 2011 | |
(Unaudited) | |||||
$12.63 | $12.66 | $12.93 | $11.52 | $11.06 | $11.94 |
0.08 e | 0.15 e | (0.08) | 0.01 | 0.11 | 0.02 |
(0.22) | (0.03) | (0.03) | 2.07 | 0.35 | (0.71) |
(0.14) | 0.12 | (0.11) | 2.08 | 0.46 | (0.69) |
(0.04) | (0.15) | (0.16) | (0.67) | — | (0.19) |
— | — | — | — | — | — |
(0.04) | (0.15) | (0.16) | (0.67) | — | (0.19) |
— | — | — | —* | —* | — |
12.45 | 12.63 | 12.66 | 12.93 | 11.52 | 11.06 |
$ 331 | $ 329 | $ 675 | $ 919 | $1,027 | $1,287 |
(1.13)% c | 0.96% | (0.83)% | 18.89% | 4.16% | (5.90)% |
1.14 d | 1.14 | 1.13 | 1.18 | 1.12 | 1.12 |
1.10 d | 1.10 | 1.10 | 1.14 | 1.12 | 1.11 |
1.31 d | 1.20 | 1.08 | 1.09 | 0.90 | 0.34 |
7 c | 20 | 30 | 166 | 70 | 112 |
Retirement Class |
2-Month Period Ended April 30, 2016f |
(Unaudited) |
$11.76 |
0.07 e |
0.63 |
0.70 |
— |
— |
— |
— |
12.46 |
$ 11 |
(0.96)% c |
0.85 d |
0.80 d |
3.50 d |
7 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR GLOBAL GROWTH FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 21.83 | $ 23.79 | $ 23.78 | $ 17.99 | $ 15.88 | $ 18.07 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.02 e | (0.01) e | 0.05 | 0.08 | 0.06 | 0.07 |
Net realized and unrealized gains/(losses) on investments | (0.88) | 0.65 | 2.18 | 6.26 | 2.05 | (0.30) |
Total from investment operations | (0.86) | 0.64 | 2.23 | 6.34 | 2.11 | (0.23) |
Less Distributions | ||||||
Dividends from net investment income | — | (0.03) | (0.07) | (0.06) | — | (0.16) |
Distributions from net realized capital gains1 | (0.72) | (2.57) | (2.15) | (0.49) | — | (1.81) |
Total distributions | (0.72) | (2.60) | (2.22) | (0.55) | — | (1.97) |
Proceeds from redemption fees | — | — | — | —* | —* | 0.01 |
Net asset value end of period | 20.25 | 21.83 | 23.79 | 23.78 | 17.99 | 15.88 |
Net assets end of period (000s) | $32,971 | $34,402 | $26,601 | $24,734 | $16,290 | $13,772 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (4.09)% c | 2.97% | 10.08% | 36.24% | 13.29% | (2.02)% |
Ratio of total expenses to average net assets2 | 0.99 d | 1.01 | 1.08 | 1.24 | 1.60 | 1.68 |
Ratio of net expenses to average net assetsa | 0.90 d | 0.90 | 0.90 | 0.90 | 0.96 | 1.00 |
Ratio of net investment income (loss) to average net assetsa | 0.19 d | (0.06) | 0.22 | 0.44 | 0.39 | (0.01) |
Portfolio turnover | 48 c | 106 | 141 | 110 | 91 | 107 |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 21.49 | $ 23.51 | $ 23.54 | $ 17.83 | $ 15.80 | $ 17.99 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | (0.02) e | (0.10) e | (0.03) | 0.01 | (0.01) | 0.07 |
Net realized and unrealized gains/(losses) on investments | (0.86) | 0.65 | 2.15 | 6.20 | 2.04 | (0.36) |
Total from investment operations | (0.88) | 0.55 | 2.12 | 6.21 | 2.03 | (0.29) |
Less Distributions | ||||||
Dividends from net investment income | — | — | —* | (0.01) | — | (0.10) |
Distributions from net realized capital gains1 | (0.72) | (2.57) | (2.15) | (0.49) | — | (1.81) |
Total distributions | (0.72) | (2.57) | (2.15) | (0.50) | — | (1.91) |
Proceeds from redemption fees | — | — | — | —* | —* | 0.01 |
Net asset value end of period | 19.89 | 21.49 | 23.51 | 23.54 | 17.83 | 15.80 |
Net assets end of period (000s) | $12,009 | $13,693 | $ 8,584 | $ 5,988 | $ 3,189 | $ 1,294 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (4.25)% c | 2.57% | 9.68% | 35.76% | 12.85% | (2.36)% |
Ratio of total expenses to average net assets2 | 1.36 d | 1.38 | 1.45 | 1.61 | 1.98 | 2.06 |
Ratio of net expenses to average net assetsa | 1.27 d | 1.27 | 1.27 | 1.27 | 1.30 | 1.37 |
Ratio of net investment income (loss) to average net assetsa | (0.19) d | (0.44) | (0.17) | 0.04 | (0.01) | (0.39) |
Portfolio turnover | 48 c | 106 | 141 | 110 | 91 | 107 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$21.65 | $23.63 | $23.65 | $17.90 | $15.83 | $18.03 |
(0.01) e | (0.07) e | 0.01 | 0.04 | 0.03 | (0.02) |
(0.87) | 0.66 | 2.14 | 6.22 | 2.04 | (0.25) |
(0.88) | 0.59 | 2.15 | 6.26 | 2.07 | (0.27) |
— | — | (0.02) | (0.02) | — | (0.12) |
(0.72) | (2.57) | (2.15) | (0.49) | — | (1.81) |
(0.72) | (2.57) | (2.17) | (0.51) | — | (1.93) |
— | — | — | —* | —* | — |
20.05 | 21.65 | 23.63 | 23.65 | 17.90 | 15.83 |
$1,128 | $1,198 | $ 802 | $ 562 | $ 371 | $ 285 |
(4.22)% c | 2.74% | 9.77% | 35.89% | 13.08% | (2.32)% |
1.24 d | 1.26 | 1.33 | 1.49 | 1.85 | 1.93 |
1.15 d | 1.15 | 1.15 | 1.15 | 1.21 | 1.25 |
(0.05) d | (0.31) | (0.01) | 0.17 | 0.14 | (0.27) |
48 c | 106 | 141 | 110 | 91 | 107 |
Retirement Class |
2-Month Period Ended April 30, 2016f |
(Unaudited) |
$19.79 |
0.05 e |
0.41 |
0.46 |
— |
— |
— |
— |
20.25 |
$ 10 |
(4.09)% c |
0.95 d |
0.85 d |
1.54 d |
48 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR EMERGING MARKETS EQUITY FUND | |||||||||
Institutional Class | Administrative Class | ||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||||
2015 | 2014 | 2015 | 2014 | ||||||
(Unaudited) | (Unaudited) | ||||||||
Net asset value beginning of period | $ 7.89 | $ 10.05 | $ 10.00 | $ 7.87 | $ 10.03 | $10.00 | |||
Income from Investment Operations | |||||||||
Net investment income/(loss)a | —* ,e | 0.08 e | 0.05 | —* ,e | 0.04 e | 0.05 | |||
Net realized and unrealized gains/(losses) on investments | (0.13) | (2.19) | —* | (0.15) | (2.18) | (0.02) | |||
Total from investment operations | (0.13) | (2.11) | 0.05 | (0.15) | (2.14) | 0.03 | |||
Less Distributions | |||||||||
Dividends from net investment income | (0.08) | (0.05) | — | (0.05) | (0.02) | — | |||
Distributions from net realized capital gains1 | — | — | — | — | — | — | |||
Total distributions | (0.08) | (0.05) | — | (0.05) | (0.02) | — | |||
Net asset value end of period | 7.68 | 7.89 | 10.05 | 7.67 | 7.87 | 10.03 | |||
Net assets end of period (000s) | $36,280 | $41,927 | $27,294 | $ 194 | $ 197 | $ 250 | |||
Ratios and Supplemental Data (%) | |||||||||
Total returnb | (1.67)% c | (21.10)% | 0.50% | (1.83)% c | (21.36)% | 0.30% | |||
Ratio of total expenses to average net assets2 | 1.43 d | 1.47 | 2.34 | 1.68 d | 1.72 | 2.59 | |||
Ratio of net expenses to average net assetsa | 1.15 d | 1.17 | 1.25 | 1.40 d | 1.43 | 1.50 | |||
Ratio of net investment income (loss) to average net assetsa | 0.11 d | 0.90 | 0.78 | (0.11) d | 0.49 | 0.47 | |||
Portfolio turnover | 21 c | 58 | 50 | 21 c | 58 | 50 |
* | Less than $0.01. |
1 | Includes both short-term and long-term capital gains. |
2 | Percentage does not reflect reduction for credit balance arrangements (see Note 2 of the accompanying Notes to Financial Statements). |
a | Reflects the Adviser’s waiver, if any, of its management fees and/or other operating expenses. |
b | The total returns would have been lower had certain expenses not been waived during the periods shown. |
c | Unannualized. |
d | Annualized. |
e | Amounts are allocated based upon average shares outstanding during the period. |
f | For the period March 1, 2016 (inception) through April 30, 2016. |
g | For the period November 2, 2015 (inception) through April 30, 2016. |
h | For the period February 1, 2016 (inception) through April 30, 2016. |
i | The amount shown for a share outstanding does not correspond with the aggregate net investment income/(loss) for the period due to the timing of the sales and purchases of shares in relation to fluctuating market values of the investments of the Fund. |
j | Effective May 21, 2013, Harbor International Growth Fund appointed Baillie Gifford Overseas Limited as its' Subadviser. |
Investor Class | Retirement Class | |||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 2-Month Period Ended April 30, 2016f | ||
2015 | 2014 | |||
(Unaudited) | (Unaudited) | |||
$ 7.85 | $ 10.01 | $10.00 | $ 6.90 | |
(0.01) e | 0.04 e | 0.03 | —* ,e | |
(0.13) | (2.18) | (0.02) | 0.78 | |
(0.14) | (2.14) | 0.01 | 0.78 | |
(0.04) | (0.02) | — | — | |
— | — | — | — | |
(0.04) | (0.02) | — | — | |
7.67 | 7.85 | 10.01 | 7.68 | |
$ 428 | $ 406 | $ 454 | $ 11 | |
(1.71)% c | (21.45)% | 0.10% | (1.67)% c | |
1.80 d | 1.84 | 2.71 | 1.39 d | |
1.52 d | 1.55 | 1.62 | 1.10 d | |
(0.22) d | 0.40 | 0.45 | (0.15) d | |
21 c | 58 | 50 | 21 c |
Notes to Financial Statements—April 30, 2016 (Unaudited)
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Level 1– | Quoted prices in active markets for identical securities. |
Level 2– | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
Level 3– | Significant unobservable inputs are used in situations where quoted prices or other observable inputs are not available or are deemed unreliable. Significant unobservable inputs may include the Funds’ own assumptions. |
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Purchases (000s) | Sales (000s) | ||
Harbor International Fund | $2,341,982 | $5,053,359 | |
Harbor Diversified International All Cap Fund | 154,441 | 3,355 | |
Harbor International Small Cap Fund | 16,545 | 1,594 | |
Harbor International Growth Fund | 31,059 | 19,778 | |
Harbor Global Growth Fund | 22,126 | 22,483 | |
Harbor Emerging Markets Equity Fund | 7,418 | 12,407 |
Notes to Financial Statements—Continued
Contractual Rate | Actual Rate | ||
Harbor International Fund | 0.75%, 0.65%a | 0.67% | |
Harbor Diversified International All Cap Fund | 0.75 | 0.75 | |
Harbor International Small Cap Fund | 0.85 | 0.85 | |
Harbor International Growth Fund | 0.75 | 0.75 | |
Harbor Global Growth Fund | 0.75 | 0.75 | |
Harbor Emerging Markets Equity Fund | 0.95 | 0.95 |
a | The management fee rate is 0.75% on assets up to $12 billion and 0.65% on assets in excess of $12 billion. Effective March 1, 2016, the Adviser has contractually agreed to reduce the management fee to 0.63% on assets between $24 billion and $36 billion, 0.58% on assets between $36 billion and $48 billion, and 0.57% on assets over $48 billion through February 28, 2017. |
Notes to Financial Statements—Continued
Transfer Agent Feesa | |
Institutional Class | 0.080% of the average daily net assets of all Institutional shares |
Administrative Class | 0.080% of the average daily net assets of all Administrative shares |
Investor Class | 0.200% of the average daily net assets of all Investor shares |
Retirement Class | 0.030% of the average daily net assets of all Retirement shares |
a | For the period November 1, 2015 through February 29, 2016, the Transfer Agent Fees for Institutional and Administrative Class shares were 0.065% and 0.185% for the Investor Class shares. |
Notes to Financial Statements—Continued
Number of Shares Owned by Harbor Capital, Harbor Funds Distributors, and Harbor Services Group | Percentage of Outstanding Shares | ||||||||||
Institutional Class | Administrative Class | Investor Class | Retirement Class | Total | |||||||
Harbor International Fund | 24,362 | — | — | 175 | 24,537 | 0.0% | |||||
Harbor Diversified International All Cap Fund | 3,952,213 | 25,004 | 25,000 | 1,086 | 4,003,303 | 24.5 | |||||
Harbor International Small Cap Fund | 1,451,132 | 24,500 | 24,500 | 1,000 | 1,501,132 | 96.6 | |||||
Harbor International Growth Fund | 77,466 | — | — | 850 | 78,316 | 0.4 | |||||
Harbor Global Growth Fund | 466,892 | 23,629 | 23,617 | 505 | 514,643 | 22.5 | |||||
Harbor Emerging Markets Equity Fund | 1,337,605 | 25,239 | 25,190 | 1,449 | 1,389,483 | 28.9 |
Notes to Financial Statements—Continued
Identified Cost (000s) | Gross Unrealized | Net Unrealized Appreciation/ (Depreciation) (000s) | |||||
Appreciation (000s) | (Depreciation) (000s) | ||||||
Harbor International Fund | $35,757,447 | $9,577,412 | $(2,881,882) | $6,695,530 | |||
Harbor Diversified International All Cap Fund | 154,158 | 6,602 | (3,419) | 3,183 | |||
Harbor International Small Cap Fund | 15,367 | 1,286 | (370) | 916 | |||
Harbor International Growth Fund* | 285,533 | 22,636 | (25,313) | (2,677) | |||
Harbor Global Growth Fund | 40,451 | 6,336 | (697) | 5,639 | |||
Harbor Emerging Markets Equity Fund* | 39,980 | 1,789 | (4,927) | (3,138) |
* | Capital loss carryforwards are available, which may reduce taxable income from future net realized gain on investments. |
Statement of Assets and Liabilities Caption | Equity Contracts (000s) | |
Investments, at value (rights/warrants) | $12,939 |
Net Realized Gain/(Loss) on Derivatives | Equity Contracts (000s) | |
Investments (rights/warrants) | $— a |
Change in Unrealized Appreciation/(Depreciation) on Derivatives | Equity Contracts (000s) | |
Investments (rights/warrants) | $6,628 |
Notes to Financial Statements—Continued
Net Realized Gain/(Loss) on Derivatives | Equity Contracts (000s) | |
Investments (rights/warrants) | $— a |
Net Realized Gain/(Loss) on Derivatives | Equity Contracts (000s) | |
Investments (rights/warrants) | $— a |
Net Realized Gain/(Loss) on Derivatives | Equity Contracts (000s) | |
Investments (rights/warrants) | $1 |
a | Rounds to less than $1,000. |
Fees and Expenses Example (Unaudited)
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor International Fund | ||||||||
Institutional Class | 0.77% | |||||||
Actual | $3.78 | $1,000 | $ 973.20 | |||||
Hypothetical (5% return) | 3.87 | 1,000 | 1,020.94 | |||||
Administrative Class | 1.02% | |||||||
Actual | $5.00 | $1,000 | $ 972.00 | |||||
Hypothetical (5% return) | 5.12 | 1,000 | 1,019.67 | |||||
Investor Class | 1.14% | |||||||
Actual | $5.59 | $1,000 | $ 971.30 | |||||
Hypothetical (5% return) | 5.72 | 1,000 | 1,019.05 | |||||
Retirement Class | 0.72% | |||||||
Actual | $3.53 | $1,000 | $ 973.20 | |||||
Hypothetical (5% return) | 3.62 | 1,000 | 1,021.19 |
Fees and Expenses Example—Continued
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor Diversified International All Cap Fund | ||||||||
Institutional Class | 0.85% | |||||||
Actual | $4.17 | $1,000 | $ 971.50 | |||||
Hypothetical (5% return) | 4.27 | 1,000 | 1,020.53 | |||||
Administrative Class | 1.10% | |||||||
Actual | $5.39 | $1,000 | $ 970.10 | |||||
Hypothetical (5% return) | 5.52 | 1,000 | 1,019.26 | |||||
Investor Class | 1.22% | |||||||
Actual | $5.98 | $1,000 | $ 969.00 | |||||
Hypothetical (5% return) | 6.12 | 1,000 | 1,018.65 | |||||
Retirement Class | 0.80% | |||||||
Actual | $3.92 | $1,000 | $ 970.50 | |||||
Hypothetical (5% return) | 4.02 | 1,000 | 1,020.79 | |||||
Harbor International Small Cap Fund | ||||||||
Institutional Class | 0.95% | |||||||
Actual | $4.72 | $1,000 | $1,000.00 | |||||
Hypothetical (5% return) | 4.77 | 1,000 | 1,020.02 | |||||
Administrative Class | 1.20% | |||||||
Actual | $5.97 | $1,000 | $1,000.00 | |||||
Hypothetical (5% return) | 6.02 | 1,000 | 1,018.75 | |||||
Investor Class | 1.32% | |||||||
Actual | $6.56 | $1,000 | $1,000.00 | |||||
Hypothetical (5% return) | 6.62 | 1,000 | 1,018.14 | |||||
Retirement Class | 0.90% | |||||||
Actual | $4.48 | $1,000 | $1,000.00 | |||||
Hypothetical (5% return) | 4.52 | 1,000 | 1,020.28 | |||||
Harbor International Growth Fund | ||||||||
Institutional Class | 0.85% | |||||||
Actual | $4.21 | $1,000 | $ 990.40 | |||||
Hypothetical (5% return) | 4.27 | 1,000 | 1,020.53 | |||||
Administrative Class | 1.10% | |||||||
Actual | $5.44 | $1,000 | $ 988.70 | |||||
Hypothetical (5% return) | 5.52 | 1,000 | 1,019.26 | |||||
Investor Class | 1.22% | |||||||
Actual | $6.04 | $1,000 | $ 988.70 | |||||
Hypothetical (5% return) | 6.12 | 1,000 | 1,018.65 | |||||
Retirement Class | 0.80% | |||||||
Actual | $3.96 | $1,000 | $ 990.40 | |||||
Hypothetical (5% return) | 4.02 | 1,000 | 1,020.79 |
Fees and Expenses Example—Continued
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor Global Growth Fund | ||||||||
Institutional Class | 0.90% | |||||||
Actual | $4.39 | $1,000 | $ 959.10 | |||||
Hypothetical (5% return) | 4.52 | 1,000 | 1,020.28 | |||||
Administrative Class | 1.15% | |||||||
Actual | $5.60 | $1,000 | $ 957.80 | |||||
Hypothetical (5% return) | 5.77 | 1,000 | 1,019.00 | |||||
Investor Class | 1.27% | |||||||
Actual | $6.19 | $1,000 | $ 957.50 | |||||
Hypothetical (5% return) | 6.37 | 1,000 | 1,018.39 | |||||
Retirement Class | 0.85% | |||||||
Actual | $4.14 | $1,000 | $ 959.10 | |||||
Hypothetical (5% return) | 4.27 | 1,000 | 1,020.53 | |||||
Harbor Emerging Markets Equity Fund | ||||||||
Institutional Class | 1.15% | |||||||
Actual | $5.67 | $1,000 | $ 983.30 | |||||
Hypothetical (5% return) | 5.77 | 1,000 | 1,019.00 | |||||
Administrative Class | 1.40% | |||||||
Actual | $6.90 | $1,000 | $ 981.70 | |||||
Hypothetical (5% return) | 7.02 | 1,000 | 1,017.73 | |||||
Investor Class | 1.52% | |||||||
Actual | $7.50 | $1,000 | $ 982.90 | |||||
Hypothetical (5% return) | 7.62 | 1,000 | 1,017.12 | |||||
Retirement Class | 1.10% | |||||||
Actual | $5.42 | $1,000 | $ 983.30 | |||||
Hypothetical (5% return) | 5.52 | 1,000 | 1,019.26 |
* | Reflective of all fee waivers and expense reimbursements. |
** | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
Additional Information (Unaudited)
Additional Information—Continued
• | the nature, extent, and quality of the services provided by the Adviser, including the background, education, expertise and experience of the investment professionals of the Adviser who provides services to the Funds; |
• | the favorable history, reputation, qualifications and background of the Adviser, as well as the qualifications of its personnel; |
• | the profitability of the Adviser with respect to each Fund, including the effect of revenues of Harbor Services Group, Inc. (“Harbor Services Group”), the Funds’ transfer agent, and Harbor Funds Distributors, Inc. (“Harbor Funds Distributors”), the Funds’ principal underwriter, on such profitability; |
• | the fees charged by the Adviser for investment advisory services, respectively, including, in each case, the portion of the fee to be retained by the Adviser, after payment of the Subadviser’s fee, for the advisory and related services, including investment, business, legal, compliance, financial and administrative services, that the Adviser provides; |
• | the extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund’s advisory fee level reflects any economies of scale for the benefit of Fund investors; |
• | the fees and expense ratios of each Fund relative to the quality of services provided and the fees and expense ratios of similar investment companies; |
• | the short- and long-term investment performance of each Fund in comparison to peer groups and certain relevant benchmark indices and the Adviser’s efforts to address circumstances of underperformance where applicable; |
• | the compensation received by Harbor Services Group and Harbor Funds Distributors in consideration of the services each provides to the Funds, and any other “fall out” benefits that inure to the Adviser and its affiliates as a result of their relationship with the Funds; |
• | information received at regular meetings throughout the year related to Fund performance and services rendered by the Adviser, as well as each of the Subadvisers, and research arrangements with brokers who execute transactions on behalf of each Subadviser; |
• | information contained in materials provided by the Adviser and compiled by Access Data Corp., a Broadridge entity (“Broadridge”), as to the investment returns, advisory fees and total expense ratios of the Institutional Class of each Fund (and, in certain cases, total expense ratios of certain other classes) relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge; and |
• | information contained in materials compiled by Morningstar, Inc. (“Morningstar”) as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers. |
• | the nature, extent, and quality of the services provided by each Subadviser, including the background, education, expertise and experience of the investment professionals of each Subadviser providing services to the Funds; |
• | the favorable history, reputation, qualifications and background of each Subadviser, as well as the qualifications of their respective personnel; |
• | the fees charged by each Subadviser for subadvisory services, which fees are paid by the Adviser, not by the Funds; |
• | information contained in materials provided by the Adviser and compiled by Broadridge as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge; and |
Additional Information—Continued
• | information contained in materials compiled by Morningstar as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers. |
Additional Information—Continued
Additional Information—Continued
Additional Information—Continued
• | the nature, extent, and quality of the services expected to be provided by the Adviser and Marathon, including the background, education, expertise and experience of the investment professionals of the Adviser and Marathon to provide services to the Fund; |
• | the favorable history, reputation, qualifications and background of the Adviser and Marathon, as well as the qualifications of their personnel; |
• | the fees proposed to be charged by the Adviser and Marathon for investment advisory and subadvisory services, respectively, including the portion of the fee to be retained by the Adviser, after payment of Marathon’s fee, for the subadviser oversight, administration and manager of managers services the Adviser would provide; |
• | the proposed fee and expense ratio of the Fund relative to the fees and expense ratios of similar investment companies; |
• | the investment performance of Marathon in managing other accounts in a style similar to the style to be utilized in managing the Fund relative to the performance of a benchmark index; |
• | information received at regular meetings throughout the year related to services rendered by the Adviser; |
• | the compensation to be received by Harbor Services Group, Inc. (“Harbor Services Group”), the Funds’ transfer agent, and Harbor Funds Distributors, Inc. (“Harbor Funds Distributors”), the Funds’ principal underwriter, in consideration of the services each will provide to the Fund, and any other “fall out” benefits that inure to the Adviser and its affiliates as a result of their relationship with the Fund; |
• | information received at regular meetings throughout the year related to the Adviser’s profitability; |
• | the expected profitability of the Adviser with respect to the Fund, including the effect of revenues of Harbor Services Group and Harbor Funds Distributors on such profitability; and |
• | the extent to which economies of scale might be realized as the Fund grows, and the extent to which the Fund’s proposed advisory fee level reflects any economies of scale for the benefit of fund investors. |
Additional Information—Continued
Additional Information—Continued
• | the nature, extent, and quality of the services expected to be provided by the Adviser and Baring, including the background, education, expertise and experience of the investment professionals of the Adviser and Baring to provide services to the Fund; |
• | the favorable history, reputation, qualifications and background of the Adviser and Baring, as well as the qualifications of their personnel; |
• | the fees proposed to be charged by the Adviser and Baring for investment advisory and subadvisory services, respectively, including the portion of the fee to be retained by the Adviser, after payment of Baring’s fee, for the subadviser oversight, administration and manager of managers services the Adviser would provide; |
• | the proposed fee and expense ratio of the Fund relative to the fees and expense ratios of similar investment companies; |
• | the investment performance of Baring in managing other accounts in a style similar to the style to be utilized in managing the Fund relative to the performance of a benchmark index; |
• | information received at regular meetings throughout the year related to services rendered by the Adviser; |
• | the compensation to be received by Harbor Services Group, Inc. (“Harbor Services Group”), the Funds’ transfer agent, and Harbor Funds Distributors, Inc. (“Harbor Funds Distributors”), the Funds’ principal underwriter, in consideration of the services each will provide to the Fund, and any other “fall out” benefits that inure to the Adviser and its affiliates as a result of their relationship with the Fund; |
Additional Information—Continued
• | information received at regular meetings throughout the year related to the Adviser’s profitability; |
• | the expected profitability of the Adviser with respect to the Fund, including the effect of revenues of Harbor Services Group and Harbor Funds Distributors on such profitability; and |
• | the extent to which economies of scale might be realized as the Fund grows, and the extent to which the Fund’s proposed advisory fee level reflects any economies of scale for the benefit of fund investors. |
Additional Information—Continued
Additional Information—Continued
Name (Age) Position(s) with Fund | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years | Number of Portfolios In Fund Complex Overseen By Trustee | Other Directorships Of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES | ||||
Scott M. Amero (52) Trustee | Since 2014 | Chairman (2015-Present) and Trustee (2011-2015), Rare (conservation non-profit); Trustee, Berkshire School (2014–Present); BlackRock, Inc., (publicly traded investment management firm) Vice Chairman and Global Chief Investment Officer, Fixed Income (2010), Vice Chairman and Global Chief Investment Officer, Fixed Income, and Co-Head, Fixed Income Portfolio Management (2007-2010). | 30 | None |
Raymond J. Ball (71) Trustee | Since 2006 | Sidney Davidson Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (2000-Present); Academic Affiliate, Analysis Group (litigation consulting firm) (2000-Present); Financial Reporting Faculty Advisory Group of the Institute of Chartered Accountants in England and Wales (2008-Present); and Advisory Board of the Center for Accounting Research & Education at University of Notre Dame (2006-Present). | 30 | None |
Donna J. Dean (64) Trustee | Since 2010 | Chief Investment Officer of the Rockefeller Foundation (a private foundation) (1995-Present); and Trustee of Queens University of Charlotte, North Carolina (2000-2014). | 30 | None |
Randall A. Hack (69) Trustee | Since 2010 | Founder and Senior Managing Director of Capstone Capital LLC (a private investment firm) (2003-Present); Director of Tower Development Corporation (cell tower developer) (2009-Present); and Advisory Director of Berkshire Partners (a private equity firm) (2002-2013). | 30 | Director of FiberTower Corporation (2002-2011). |
Robert Kasdin (58) Trustee | Since 2014 | Senior Vice President and Chief Operating Officer, Johns Hopkins Medicine (2015-Present); Senior Executive Vice President, Columbia University (2002-2015); Trustee, National September 11 Memorial & Museum at the World Trade Center (2005-Present); Trustee, The Metropolitan Museum of Art (2014-2015); Trustee (2004-2014) and President of the Board of Trustees (2006-2011), The Dalton School; Trustee, ARTstor Digital Library (a nonprofit digital images resource) (2013-Present); Director, Apollo Commercial Real Estate Finance, Inc. (2014-Present); and Director, Noranda Aluminum Holdings Corp. (2007-2014). | 30 | Director of Noranda Aluminum Holdings Corporation (2007-2014); Director of Apollo Commercial Real Estate Finance, Inc. (2014-Present). |
Rodger F. Smith (75) Trustee | Since 1987 | Managing Director, Greenwich Associates (a research based consulting firm) (1976-Present); and Chair of Trust Advisory Committee of Tau Beta Pi Association (engineering honor society) (1985-Present). | 30 | None |
Ann M. Spruill (62) Trustee | Since 2014 | Partner (1993-2008), Member of Executive Committee (1996-2008), Member Board of Directors (2002-2008), Grantham, Mayo, Van Otterloo & Co, LLC (private investment management firm) (with the firm since 1990); Member Investment Committee and Chair of Global Equities, Museum of Fine Arts, Boston (2000-Present); and Trustee, Financial Accounting Foundation (2014-Present). | 30 | None |
Additional Information—Continued
Name (Age) Position(s) with Fund | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years | Number of Portfolios In Fund Complex Overseen By Trustee | Other Directorships Of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years |
INTERESTED TRUSTEE | ||||
David G. Van Hooser (69)* Chairman, Trustee and President | Since 2000 | President (2002-Present), Director and Chairman of the Board (2000-Present), Harbor Capital Advisors, Inc.; Chief Executive Officer (2007-Present), Chief Financial Officer (2012-2015), Treasurer (2007-2012) and Director (2000-Present), Harbor Funds Distributors, Inc.; and Director (2000-Present), Harbor Services Group, Inc. | 30 | None |
Name (Age) Position(s) with Fund Address | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years |
FUND OFFICERS NOT LISTED ABOVE** | ||
Charles F. McCain (46) Chief Compliance Officer | Since 2004 | Executive Vice President and General Counsel (2004-Present) and Chief Compliance Officer (2004-2014), Harbor Capital Advisors, Inc.; Director (2007-Present) and Chief Compliance Officer (2004-Present), Harbor Services Group, Inc.; and Director, Executive Vice President and Chief Compliance Officer (2007-Present), Harbor Funds Distributors, Inc. |
Anmarie S. Kolinski (44) Treasurer | Since 2007 | Executive Vice President and Chief Financial Officer (2007-Present), Harbor Capital Advisors, Inc.; Chief Financial Officer (2007-Present), Harbor Services Group, Inc.; and Chief Financial Officer (2015-Present) and Treasurer (2012-Present), Harbor Funds Distributors, Inc. |
Erik D. Ojala (41) Vice President and Secretary; AML Compliance Officer | Since 2007; Since 2010 | Senior Vice President and Associate General Counsel (2007-Present) and Secretary (2010-Present), Harbor Capital Advisors, Inc.; and Assistant Secretary (2014-Present), Harbor Services Group, Inc. |
Brian L. Collins (47) Vice President | Since 2005 | Executive Vice President and Chief Investment Officer (2004-Present), Harbor Capital Advisors, Inc. |
Charles P. Ragusa (56) Vice President | Since 2007 | Executive Vice President (2007-Present), Harbor Capital Advisors, Inc.; President (2007-Present), Harbor Services Group, Inc.; and Executive Vice President and AML Compliance Officer (2007-Present), Harbor Funds Distributors, Inc. |
Jodie L. Crotteau (44) Assistant Secretary | Since 2014 | Senior Vice President and Chief Compliance Officer, Harbor Capital Advisors, Inc. (2014-Present); Assistant Secretary (2015-present), Harbor Services Group, Inc.; Assistant Secretary (2016-present), Harbor Funds Distributors, Inc.; Vice President and Chief Compliance Officer, Grosvenor Registered Funds (2011-2014); Vice President, Grosvenor Capital Management, L.P. (2010-2014); Assistant Secretary (2005-2010) and AML Compliance Officer (2007-2010), Harbor Funds; Vice President, Secretary and Compliance Director (2007-2010), Harbor Capital Advisors, Inc.; Assistant Secretary (2005-2010), Harbor Services Group, Inc.; and Assistant Secretary (2007-2010), Harbor Funds Distributors, Inc. |
Susan A. DeRoche (63) Assistant Secretary | Since 2006 | Senior Vice President and Compliance Director (2007-Present) and Assistant Secretary (2006-Present), Harbor Capital Advisors, Inc.; Senior Vice President (2011–Present) and Secretary (2007-Present), Harbor Funds Distributors, Inc.; and Secretary (2014-Present) and Assistant Secretary (2012-2013), Harbor Services Group, Inc. |
John M. Paral (47) Assistant Treasurer | Since 2013 | Vice President (2012-Present) and Financial Reporting Manager (2007-Present), Harbor Capital Advisors, Inc. |
1 | Each Trustee serves for an indefinite term, until his successor is elected. Each Officer is elected annually. |
* | Mr. Van Hooser is deemed an “Interested Trustee” due to his affiliation with the Adviser and Distributor of Harbor Funds. |
** | Officers of the Funds are “interested persons” as defined in the Investment Company Act. |
111 South Wacker Drive, 34th Floor | Chicago, IL 60606-4302 | 800-422-1050 | harborfunds.com |
Chairman, President & Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Chief Compliance Officer
Treasurer
Vice President, Secretary &
AML Compliance Officer
Vice President
Vice President
Assistant Secretary
Assistant Secretary
Assistant Treasurer
111 South Wacker Drive
34th Floor
Chicago, IL 60606-4302
312-443-4400
111 South Wacker Drive
34th Floor
Chicago, IL 60606-4302
312-443-4600
P.O. Box 804660
Chicago, IL 60680-4108
800-422-1050
State Street Financial Center
1 Lincoln Street
Boston, MA 02111-2900
Table of Contents
Institutional Class | Administrative Class | |
Harbor Commodity Real Return Strategy Fund | HACMX | HCMRX |
Harbor Unconstrained Bond Fund | HAUBX | HRUBX |
1 | |
2 | |
Strategic Markets Funds | |
Harbor Commodity Real Return Strategy Fund | |
4 | |
6 | |
7 | |
Harbor Unconstrained Bond Fund | |
18 | |
20 | |
21 | |
Financial Statements | |
31 | |
33 | |
34 | |
36 | |
38 | |
41 | |
62 | |
Additional Information | |
63 | |
63 | |
63 | |
63 | |
68 | |
70 | |
71 |
Semi-Annual Report Overview (Unaudited)
Unannualized Total Return 6 Months Ended April 30, 2016 | |||
HARBOR STRATEGIC MARKETS FUNDS | Institutional Class | Administrative Class | |
Harbor Commodity Real Return Strategy Fund | -1.38% | -1.72% | |
Harbor Unconstrained Bond Fund | 1.00 | 0.88 |
COMMONLY USED MARKET INDICES | Unannualized Total Return 6 Months Ended April 30, 2016 |
Bloomberg Commodity Index Total ReturnSM; commodities | -2.06% |
BofA Merrill Lynch USD 3-Month LIBOR Constant Maturity | 0.21 |
Barclays U.S. Aggregate Bond; domestic bonds | 2.82 |
EXPENSE RATIOS1 | Morningstar Average2 (Unaudited) | ||||||||||
STRATEGIC MARKET FUNDS | 2012* | 2013* | 2014* | 2015* | 2016 a | ||||||
Harbor Commodity Real Return Strategy Fund | |||||||||||
Institutional Class | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% | 1.03% | |||||
Administrative Class | 1.19 | 1.19 | 1.19 | 1.19 | 1.19 | 1.29 | |||||
Harbor Unconstrained Bond Fund | |||||||||||
Institutional Class | 1.05% | 1.05% | 1.05% | 1.05% | 0.80% | 0.94% | |||||
Administrative Class | 1.30 | 1.30 | 1.30 | 1.30 | 1.05 | 1.24 |
* | Audited. |
1 | Harbor Funds’ expense ratios are for operating expenses for the fiscal years ended October 31 (unless otherwise noted) and are shown net of all expense offsets, waivers and reimbursements (see Financial Highlights). |
2 | The Morningstar Average includes all actively managed no-load funds in the April 30, 2016 Morningstar Universe with the same investment style as the comparable Harbor Fund’s portfolio and with the following additional characteristics for each Harbor Funds share class: Institutional Class contains funds with 12b-1 fees less than or equal to 0.25% and Administrative Class contains funds with 12b-1 fees and which are restricted primarily for use by retirement plans. |
a | Unaudited annualized figures for the six-month period ended April 30, 2016. |
David G. Van Hooser Chairman |
Returns For Periods Ended April 30, 2016 | ||||||||||
Unannualized | Annualized | |||||||||
Strategic Markets | 6 Months | 1 Year | 5 Years | 10 Years | 30 Years | |||||
Bloomberg Commodity Index Total ReturnSM | -2.06% | -17.45% | -13.32% | -6.01% | N/A | |||||
Domestic Equities | ||||||||||
Wilshire 5000 Total Market (entire U.S. stock market) | -0.07% | -0.83% | 10.28% | 6.93% | 9.82% | |||||
S&P 500 (large cap stocks) | 0.43 | 1.21 | 11.02 | 6.91 | 9.99 | |||||
Russell Midcap® (mid cap stocks) | 0.81 | -2.14 | 9.88 | 7.49 | 11.26 | |||||
Russell 2000® (small cap stocks) | -1.90 | -5.94 | 6.98 | 5.42 | 8.58 | |||||
Russell 3000® Growth | -1.64 | 0.32 | 11.09 | 8.03 | 9.16 | |||||
Russell 3000® Value | 1.87 | -0.68 | 9.85 | 5.58 | 10.17 | |||||
International & Global | ||||||||||
MSCI EAFE (ND) (foreign stocks) | -3.07% | -9.32% | 1.69% | 1.61% | 6.24% | |||||
MSCI World (ND) (global stocks) | -1.05 | -4.17 | 5.96 | 4.13 | 7.57 | |||||
MSCI All Country World (ND) (global stocks) | -0.94 | -5.66 | 4.69 | 3.89 | N/A | |||||
MSCI Emerging Markets (ND) (emerging markets) | -0.13 | -17.87 | -4.61 | 2.36 | N/A | |||||
Fixed Income | ||||||||||
BofA Merrill Lynch U.S. High Yield (high-yield bonds) | 2.23% | -1.36% | 5.22% | 7.20% | N/A | |||||
Barclays U.S. Aggregate Bond (domestic bonds) | 2.82 | 2.72 | 3.60 | 4.95 | 6.58% | |||||
BofA Merrill Lynch 3-Month U.S. Treasury Bill (proxy for money market returns) | 0.14 | 0.15 | 0.08 | 1.12 | 3.64 | |||||
Barclays U.S. TIPS (inflation-linked bonds) | 3.89 | 1.12 | 2.58 | 4.67 | N/A |
David G. Van Hooser |
Chairman |
Manager’s Commentary (Unaudited)
Newport Beach, CA
92660
Since 2008
Since 2015
Since 2015
Fund Performance
• | Implementation of commodity alpha strategies. |
• | Exposure to longer-dated U.S. breakeven levels, as longer-dated inflation expectations ended the period marginally higher. Breakeven inflation levels are a measure of the market’s expectation of future inflation, as expressed by the yield spread between U.S. TIPS and like-duration U.S. Treasurys. |
• | Tactical holdings of intermediate to long-end Mexico inflation-linked bonds as Mexican rates rallied alongside the U.S. and other markets. |
• | Holdings of non-agency mortgage-backed securities, as these securities underperformed over the period. |
• | Overall underweight duration position as the U.S. economy continued to show signs of a broad-based and sustainable recovery, which we expected would lead to Fed policy normalization quicker than priced into markets. This strategy, however, detracted from returns as intermediate to long-term Treasury yields fell over the period on global growth concerns. |
Manager’s Commentary—Continued
TOP TEN ISSUERS (% of net assets) | |
U.S. Treasury | 84.4% |
Brazil Letras Do Tesouro Nacional | 5.2% |
Federal National Mortgage Association TBA | 3.8% |
Italy Buoni Poliennali Del Tesoro | 3.6% |
U.K. Gilt Inflation Linked | 3.4% |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY | 2.6% |
JP Morgan Chase & Co. | 2.3% |
Ally Financial Inc. | 1.8% |
Telefonica Emisiones SAU | 1.7% |
Citigroup Mortgage Loan Trust Inc. | 1.6% |
• | Short exposure to interest rates in the UK, particularly at the long-end of the yield curve as rates fell over the period. |
• | Seek relative value opportunities within commodities while balancing the economic outlook with supply trends. |
• | Tactically manage real duration within the TIPS collateral portfolio with a focus on the intermediate portion of the real yield curve given higher real rates and superior opportunities for roll-down portion of the yield curve. |
• | Continue to seek opportunities outside the U.S., where business cycles may anchor rates for a considerable period. |
• | Remain selective in allocations to emerging markets, where we favor Mexican inflation-linked securities given high real yields and steepness of yield curve. |
• | Within currency, maintain a bias in favor of the U.S. dollar. We look to have short exposure to the Chinese yuan which we anticipate will exhibit further weakness; this also serves as a hedge to the overall reflationary tilt of the Fund. |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2029 |
Cusip | 411511397 |
Ticker | HACMX |
Inception Date | 09/02/2008 |
Net Expense Ratio | 0.94% a,b |
Total Net Assets (000s) | $80,248 |
ADMINISTRATIVE CLASS | |
Fund # | 2229 |
Cusip | 411511389 |
Ticker | HCMRX |
Inception Date | 09/02/2008 |
Net Expense Ratio | 1.19% a,b |
Total Net Assets (000s) | $478 |
Portfolio Statistics | |
Average Market Coupon | 1.25% |
Yield to Maturity | 2.06% |
Current 30-Day Yield (Institutional Class) | 0.90% |
Weighted Average Maturity | 2.35 years |
Weighted Average Duration | 2.98 years |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 490% c |
MATURITY PROFILE | ||
Years to Maturity | % of Investments | |
0 to 1 yr. | 36.99% | |
>1 to 5 | 80.70% | |
>5 to 10 | -16.17% | |
>10 to 15 | -4.68% | |
>15 to 20 | 0.71% | |
>20 to 25 | 0.41% | |
>25 yrs. | 2.04% |
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Commodity Real Return Strategy Fund | |||||||||||||||||
Institutional Class | -1.38% | -18.73% | -13.33% | -7.91% | 09/02/2008 | $5,319 | |||||||||||
Administrative Class | -1.72 | -18.91 | -13.57 | -8.16 | 09/02/2008 | 5,210 | |||||||||||
Comparative Index | |||||||||||||||||
Bloomberg Commodity Index Total ReturnSM | -2.06% | -17.45% | -13.32% | -9.78% | — | $4,546 |
a | Annualized |
b | Reflective of an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
c | Unannualized |
Consolidated Portfolio of Investments—April 30, 2016 (Unaudited)
ASSET-BACKED SECURITIES—9.3% | |||
Principal Amount | Value | ||
Bayview Financial Acquisition Trust | |||
Series 2006-D Cl. 1A2 | |||
$ | 33 | 5.660%—12/28/20361,2 | $ 33 |
Bear Stearns Asset Backed Securities Trust | |||
Series 2006-2 Cl. M1 | |||
491 | 0.859%—07/25/20363 | 486 | |
Citigroup Mortgage Loan Trust Inc. | |||
Series 2006-NC1 Cl. A1 | |||
409 | 0.569%—08/25/20363,4 | 372 | |
Series 2005-HE3 Cl. M2 | |||
1,000 | 1.159%—09/25/20353 | 952 | |
1,324 | |||
Commercial Industrial Finance Corp. | |||
Series 2007-1A Cl. A1L | |||
390 | 0.881%—05/10/20213,4 | 387 | |
Series 2006-2A Cl. A1L | |||
4 | 0.895%—03/01/20213,4 | 5 | |
392 | |||
Countrywide Asset-Backed Certificates | |||
Series 2005-15 Cl. 1AF6 | |||
125 | 5.525%—04/25/20361 | 127 | |
First Franklin Mortgage Loan Trust | |||
Series 2005-FF11 Cl. A2D | |||
485 | 1.119%—11/25/20353 | 485 | |
Series 2005-FFH1 Cl. M2 | |||
900 | 1.219%—06/25/20363 | 653 | |
1,138 | |||
Hillmark Funding Ltd. | |||
Series 2006-1A Cl. A1 | |||
479 | 0.868%—05/21/20213,4 | 469 | |
MASTR Asset Backed Securities Trust | |||
Series 2006-HE2 Cl. A2 | |||
214 | 0.679%—06/25/20363 | 116 | |
Morgan Stanley ABS Capital I Inc. Trust | |||
Series 2006-HE8 Cl. A2FP | |||
114 | 0.509%—10/25/20363 | 63 | |
Series 2006-HE8 Cl. A1 | |||
364 | 0.569%—10/25/20363 | 283 | |
346 | |||
People's Choice Home Loan Securities Trust | |||
Series 2005-1 Cl. M4 | |||
600 | 1.789%—01/25/20353 | 528 | |
Securitized Asset Backed Receivables LLC Trust | |||
Series 2005-FR5 Cl. A1B | |||
51 | 0.999%—08/25/20353 | 51 | |
SLM Student Loan Trust | |||
Series 2003-2 Cl. A5 | |||
€ | 605 | 0.035%—12/15/20233 | 662 |
ASSET-BACKED SECURITIES—Continued | ||||
Principal Amount | Value | |||
Small Business Administration Participation Certificates | ||||
Series 2007-20K Cl. 1 | ||||
$ | 296 | 5.510%—11/01/20271 | $ 333 | |
Soundview Home Loan Trust | ||||
Series 2006-OPT2 Cl. A4 | ||||
200 | 0.719%—05/25/20363 | 161 | ||
Stone Tower Capital LLC | ||||
Series 2007-6A Cl. A1 | ||||
263 | 0.863%—04/17/20213,4 | 260 | ||
Structured Asset Investment Loan Trust | ||||
Series 2006-BNC2 Cl. A5 | ||||
799 | 0.599%—05/25/20363 | 661 | ||
Venture CLO Ltd.5 | ||||
Series 2006-7A Cl. A1A | ||||
393 | 0.864%—01/20/20223,4 | 385 | ||
TOTAL ASSET-BACKED SECURITIES | ||||
(Cost $7,239) | 7,472 | |||
COLLATERALIZED MORTGAGE OBLIGATIONS—1.1% | ||||
Marche Mutui Srl | ||||
Series 4 Cl. A | ||||
€ | 43 | 0.175%—02/25/20553 | 49 | |
Series 6 Cl. A1 | ||||
72 | 2.001%—01/27/20643 | 83 | ||
132 | ||||
Morgan Stanley Mortgage Loan Trust | ||||
Series 2006-8AR Cl. 6A1 | ||||
$ | 211 | 2.461%—06/25/20361 | 204 | |
Thornburg Mortgage Securities Trust | ||||
Series 2006-4 Cl. A2B | ||||
95 | 3.880%—07/25/20363 | 92 | ||
Wachovia Mortgage Loan Trust LLC | ||||
Series 2005-B Cl. 2A4 | ||||
520 | 2.760%—10/20/20351 | 470 | ||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | ||||
(Cost $838) | 898 | |||
CORPORATE BONDS & NOTES—14.6% | ||||
Ally Financial Inc. | ||||
1,000 | 3.500%—07/18/2016 | 1,006 | ||
400 | 5.500%—02/15/2017 | 409 | ||
1,415 | ||||
AT&T Inc. | ||||
100 | 1.559%—06/30/20201 | 100 | ||
200 | 3.000%—06/30/2022 | 204 | ||
100 | 4.500%—05/15/2035 | 101 | ||
200 | 4.750%—05/15/2046 | 202 | ||
607 | ||||
Banco Popular Espanol SA MTN6 | ||||
€ | 100 | 11.500%—10/10/20181,7 | 114 | |
Barclays Bank plc | ||||
$ | 200 | 7.750%—04/10/20231 | 213 | |
Barclays plc | ||||
€ | 200 | 8.000%—12/15/20201,7 | 229 | |
BG Energy Capital plc | ||||
£ | 100 | 6.500%—11/30/20721 | 154 |
Consolidated Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
Canadian Natural Resources Ltd. | ||||
$ | 100 | 1.750%—01/15/2018 | $ 98 | |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY | ||||
2,100 | 0.964%—04/28/20173 | 2,101 | ||
Goldman Sachs Group Inc. | ||||
400 | 1.834%—09/15/20201 | 398 | ||
Hewlett Packard Enterprise Co. | ||||
150 | 2.450%—10/05/20174 | 152 | ||
JP Morgan Chase & Co. MTN6 | ||||
1,900 | 1.188%—04/25/20183 | 1,894 | ||
National Bank of Greece SA | ||||
€ | 100 | 3.875%—10/07/20168 | 113 | |
Navient Corp. MTN6 | ||||
$ | 300 | 1.527%—11/01/20161,9 | 293 | |
Nykredit Realkredit AS | ||||
DKK$ | 1,800 | 2.000%—04/01/2017 | 282 | |
Petrobras Global Finance BV | ||||
€ | 100 | 2.750%—01/15/2018 | 107 | |
$ | 100 | 3.000%—01/15/2019 | 90 | |
200 | 4.375%—05/20/2023 | 157 | ||
354 | ||||
Realkredit Danmark AS | ||||
DKK$ | 4,200 | 1.000%—04/01/2018 | 654 | |
300 | 2.000%—04/01/2017 | 47 | ||
701 | ||||
SSE plc | ||||
€ | 200 | 5.625%—10/1/20171,7 | 239 | |
Telefonica Emisiones SAU | ||||
$ | 1,400 | 1.275%—06/23/20171 | 1,395 | |
UBS Group Funding Jersey Ltd. | ||||
1,000 | 2.409%—04/14/20213,4 | 1,004 | ||
TOTAL CORPORATE BONDS & NOTES | ||||
(Cost $11,835) | 11,756 | |||
FOREIGN GOVERNMENT OBLIGATIONS—15.2% | ||||
Athens Urban Transportation Organisation | ||||
€ | 100 | 4.851%—09/19/20168 | 110 | |
Autonomous Community of Catalonia | ||||
100 | 4.950%—02/11/2020 | 119 | ||
Brazil Letras Do Tesouro Nacional | ||||
R$ | 15,400 | 0.000%—07/01/2016-01/01/201710 | 4,208 | |
Hellenic Railways Organization SA | ||||
€ | 200 | 4.028%—03/17/20178 | 212 | |
Italy Buoni Poliennali Del Tesoro | ||||
2,094 | 1.700%—09/15/20189 | 2,551 | ||
169 | 2.350%—09/15/20244,9 | 223 | ||
105 | 3.100%—09/15/20269 | 149 | ||
2,923 | ||||
Mexican Bonos | ||||
MEX$ | 4,253 | 4.750%—06/14/2018 | 249 | |
Mexican Bonos de Proteccion Al Ahorro | ||||
1,900 | 3.530%—06/29/20173,8,9 | 112 | ||
Mexican Udibonos | ||||
4,569 | 4.000%—11/15/2040-11/08/20469 | 284 | ||
7,086 | 4.500%—11/22/20359 | 473 | ||
757 | ||||
New Zealand Government Bond | ||||
NZD$ | 1,200 | 2.000%—09/20/20259 | 879 |
FOREIGN GOVERNMENT OBLIGATIONS—Continued | ||||
Principal Amount | Value | |||
U.K. Gilt Inflation Linked9 | ||||
£ | 1,510 | 0.125%—03/22/2024-03/22/2068 | $ 2,695 | |
11 | 0.375%—03/22/2062 | 28 | ||
2,723 | ||||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS | ||||
(Cost $12,509) | 12,292 | |||
MORTGAGE PASS-THROUGH—4.3% | ||||
Federal National Mortgage Association | ||||
$ | 353 | 4.000%—02/01/20411 | 379 | |
Federal National Mortgage Association TBA11 | ||||
3,000 | 3.000%—6/13/2046 | 3,068 | ||
TOTAL MORTGAGE PASS-THROUGH | ||||
(Cost $3,418) | 3,447 | |||
PURCHASED OPTIONS—0.2% | ||||
No. of Contracts/ Notional | ||||
Commodity - Crude Oil Futures | ||||
1,000 | $55.00—11/15/2017 | 6 | ||
1,000 | $57.00—11/15/2017 | 5 | ||
2,000 | $58.00—08/17/2017 | 8 | ||
1,000 | $60.00—08/17/2017 | 4 | ||
1,000 | $61.00—11/15/2017 | 4 | ||
3,000 | $62.00—08/17/2017 | 10 | ||
37 | ||||
Currency Option U.S. Dollar vs. Japanese Yen | ||||
530,000 | $74.00—05/12/20168 | — | ||
Euro-Bund Futures13 | ||||
1,600,000 | €178.00—05/26/2016 | — | ||
Federal National Mortgage Association 30 year Future | ||||
1,000,000 | $80.00—05/05/2016 | — | ||
Interest Rate Swap Option 1 year | ||||
4,100,000 | 0.900%—06/20/20168 | 1 | ||
9,600,000 | 1.150%—07/05/20168 | — | ||
25,000,000 | 1.500%—07/11/20168 | — | ||
17,200,000 | 1.000%—06/23/2016-06/24/20168 | 2 | ||
36,300,000 | 1.250%—07/05/20168 | 1 | ||
4 | ||||
Interest Rate Swap Option 5 year | ||||
1,900,000 | 3.400%—12/05/20168 | 2 | ||
Interest Rate Swap Option 30 year | ||||
100,000 | 2.590%—12/10/20188 | 8 | ||
900,000 | 2.600%—03/29/20198 | 77 | ||
600,000 | 2.860%—10/23/20188 | 33 | ||
500,000 | 2.610%—10/17/2018-11/15/20188 | 38 | ||
156 | ||||
U.K. LIBOR Future 90 day13 | ||||
14,625,000 | £98.50—12/21/2016-06/21/2017 | 1 | ||
U.S. Treasury Bond Futures 30 year | ||||
15,000 | $215.00—05/20/2016 | — | ||
12,000 | $235.00—05/20/2016 | — | ||
— | ||||
U.S. Treasury Notes Future 5 year | ||||
152,000 | $112.50—05/20/2016 | — |
Consolidated Portfolio of Investments—Continued
PURCHASED OPTIONS—Continued | |||
No. of Contracts/ Notional | Value | ||
U.S. Treasury Notes Future 10 year | |||
18,000 | $112.50—05/20/2016 | $ — | |
TOTAL PURCHASED OPTIONS | |||
(Premiums Paid/Cost $289) | 200 | ||
U.S. GOVERNMENT OBLIGATIONS—84.4% | |||
Principal Amount | |||
U.S. Treasury Bonds | |||
$ | 1,440 | 2.500%—02/15/2046 | 1,390 |
100 | 3.000%—11/15/2045 | 107 | |
1,497 | |||
U.S. Treasury Inflation Indexed Bonds9 | |||
27,558 | 0.125%—04/15/2017-07/15/2024 | 27,914 | |
1,209 | 0.375%—07/15/2023-07/15/2025 | 1,244 | |
8,355 | 0.625%—07/15/2021 | 8,776 | |
2,032 | 0.625%—01/15/202412 | 2,124 | |
5,191 | 1.250%—07/15/2020 | 5,577 | |
3,897 | 1.375%—07/15/2018-02/15/2044 | 4,218 | |
7,107 | 1.875%—07/15/2019 | 7,715 | |
3,667 | 2.375%—01/15/2017-01/15/2025 | 4,094 | |
223 | 2.375%—01/15/202712 | 274 | |
986 | 2.500%—07/15/2016 | 1,000 | |
872 | 2.500%—01/15/202912 | 1,101 | |
114 | 2.625%—07/15/201712 | 120 | |
346 | 3.875%—04/15/202912 | 497 | |
64,654 | |||
U.S. Treasury Notes | |||
1,200 | 0.500%—09/30/2016 | 1,201 | |
700 | 1.625%—02/15/2026 | 687 | |
1,888 | |||
TOTAL U.S. GOVERNMENT OBLIGATIONS | |||
(Cost $66,113) | 68,039 | ||
SHORT-TERM INVESTMENTS—19.7% | ||||
Principal Amount | Value | |||
REPURCHASE AGREEMENTS | ||||
$ | 6,300 | Repurchase Agreement with BNP Paribas SA dated April 29, 2016 due May 02, 2016 at 0.420% collateralized by U.S. Treasury Notes (value $6,397) | $ 6,300 | |
6,300 | Repurchase Agreement with Citigroup dated April 29, 2016 due May 02, 2016 at 0.420% collateralized by U.S. Treasury Notes (value $6,398) | 6,300 | ||
2,500 | Repurchase Agreement with Deutsche Bank dated April 29, 2016 due May 02, 2016 at 0.420% collateralized by U.S. Treasury Bonds (value $2,555) | 2,500 | ||
200 | Repurchase Agreement with JP Morgan Chase & Co. dated April 29, 2016 due May 02, 2016 at 0.410% collateralized by U.S. Treasury Notes (value $202) | 200 | ||
611 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $626) | 611 | ||
TOTAL SHORT-TERM INVESTMENTS | ||||
(Cost $15,911) | 15,911 | |||
TOTAL INVESTMENTS—148.8% | ||||
(Cost $118,152) | 120,015 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—(48.8)% | (39,289) | |||
TOTAL NET ASSETS—100.0% | $ 80,726 |
Description | Number of Contracts | Aggregate Face Value (000s) | Expiration Date | Unrealized Appreciation/ (Depreciation) (000s) | ||||
Euro-BTP Futures (Sell) | 6 | € 600 | 06/08/2016 | $ 4 | ||||
Euro-Bund Futures (Sell) | 7 | 700 | 06/08/2016 | 16 | ||||
Wheat Futures (Buy) | 8 | — | 12/12/2016 | (1) | ||||
Brent Crude Oil Futures (Buy) | 4 | $ 4 | 06/30/2016 | 18 | ||||
Brent Crude Oil Futures (Buy) | 2 | 2 | 07/29/2016 | 16 | ||||
Brent Crude Oil Futures (Buy) | 23 | 23 | 10/31/2016 | 280 | ||||
Brent Crude Oil Futures (Buy) | 1 | 1 | 01/31/2017 | 8 | ||||
Brent Crude Oil Futures (Buy) | 8 | 8 | 10/31/2017 | 40 | ||||
Brent Crude Oil Futures (Sell) | 27 | 27 | 05/31/2016 | (71) | ||||
Brent Crude Oil Futures (Sell) | 1 | 1 | 04/28/2017 | (4) | ||||
Brent Crude Oil Futures (Sell) | 5 | 5 | 07/31/2017 | (45) | ||||
Brent Crude Oil Futures (Sell) | 1 | 1 | 01/31/2018 | (10) | ||||
Brent Crude Oil Futures (Sell) | 2 | 2 | 04/30/2018 | (19) | ||||
Chicago Ethanol Swap Futures (Buy) | 3 | 126 | 12/30/2016 | 6 | ||||
Cocoa Futures (Buy) | 4 | — | 03/16/2017 | (1) | ||||
Cocoa Futures (Sell) | 4 | — | 09/15/2016 | (7) | ||||
Corn Futures (Sell) | 20 | 100 | 07/14/2016 | (20) |
Consolidated Portfolio of Investments—Continued
Description | Number of Contracts | Aggregate Face Value (000s) | Expiration Date | Unrealized Appreciation/ (Depreciation) (000s) | ||||
Corn Futures (Sell) | 1 | $ 5 | 12/14/2016 | $ (2) | ||||
Cotton Futures (Buy) | 1 | 50 | 12/07/2016 | — | ||||
Cotton Futures (Sell) | 1 | 50 | 07/07/2016 | — | ||||
Eurodollar Futures-CME 90 day (Buy) | 28 | 7,000 | 12/19/2016 | (1) | ||||
Eurodollar Futures-CME 90 day (Sell) | 28 | 7,000 | 12/18/2017 | 1 | ||||
Gasoil Futures (Buy) | 2 | — | 12/12/2017 | 6 | ||||
Gasoil Futures (Sell) | 1 | — | 06/12/2017 | (3) | ||||
Gasoil Futures (Sell) | 1 | — | 06/12/2018 | (3) | ||||
Gasoline Futures (Buy) | 1 | 42 | 05/31/2016 | 1 | ||||
Gasoline Futures (Sell) | 1 | 42 | 07/29/2016 | (17) | ||||
Gasoline Futures (Sell) | 1 | 42 | 11/30/2016 | (13) | ||||
Gold Futures (Sell) | 7 | 1 | 06/28/2016 | (27) | ||||
Light Sweet Crude Oil Futures (Buy) | 1 | 1 | 05/19/2017 | 4 | ||||
Light Sweet Crude Oil Futures (Buy) | 3 | 3 | 05/22/2017 | 7 | ||||
Light Sweet Crude Oil Futures (Buy) | 12 | 12 | 08/22/2017 | 82 | ||||
Light Sweet Crude Oil Futures (Buy) | 6 | 6 | 02/20/2018 | 13 | ||||
Light Sweet Crude Oil Futures (Sell) | 1 | 1 | 08/19/2016 | (6) | ||||
Light Sweet Crude Oil Futures (Sell) | 4 | 4 | 11/21/2016 | (24) | ||||
Light Sweet Crude Oil Futures (Sell) | 15 | 15 | 11/20/2017 | (57) | ||||
Light Sweet Crude Oil Futures (Sell) | 2 | 2 | 05/22/2018 | 1 | ||||
Live Cattle Futures (Buy) | 1 | 40 | 08/31/2016 | (4) | ||||
Live Cattle Futures (Buy) | 1 | 40 | 02/28/2017 | (1) | ||||
Live Cattle Futures (Sell) | 1 | 40 | 06/30/2016 | 3 | ||||
Live Cattle Futures (Sell) | 1 | 40 | 12/30/2016 | 1 | ||||
LLS vs. WTI Light Sweet Crude Oil Swap Futures (Buy) | 1 | 1 | 05/31/2016 | — | ||||
LLS vs. WTI Light Sweet Crude Oil Swap Futures (Buy) | 1 | 1 | 06/30/2016 | — | ||||
Natural Gas Futures (Buy) | 4 | 40 | 05/26/2016 | 6 | ||||
Natural Gas Futures (Buy) | 1 | 10 | 06/28/2016 | — | ||||
Natural Gas Futures (Buy) | 8 | 80 | 03/29/2017 | 21 | ||||
Natural Gas Futures (Buy) | 1 | 10 | 04/26/2017 | 1 | ||||
Natural Gas Futures (Buy) | 1 | 10 | 03/27/2018 | 4 | ||||
Natural Gas Futures (Sell) | 4 | 40 | 09/28/2016 | (10) | ||||
Natural Gas Futures (Sell) | 1 | 10 | 11/28/2016 | (3) | ||||
Natural Gas Futures (Sell) | 1 | 10 | 12/28/2016 | (2) | ||||
Natural Gas Futures (Sell) | 8 | 80 | 02/24/2017 | (23) | ||||
Natural Gas Futures (Sell) | 1 | 10 | 09/27/2017 | (4) | ||||
Natural Gas Swap Futures (Buy) | 16 | 40 | 03/29/2017 | 11 | ||||
Natural Gas Swap Futures (Buy) | 4 | 10 | 03/27/2018 | 2 | ||||
Natural Gas Swap Futures (Sell) | 16 | 40 | 02/24/2017 | (12) | ||||
Natural Gas Swap Futures (Sell) | 4 | 10 | 09/27/2017 | (2) | ||||
Platinum Futures (Buy) | 14 | 1 | 07/27/2016 | 89 | ||||
Soybean Futures (Buy) | 7 | 35 | 05/12/2017 | 5 | ||||
Soybean Futures (Sell) | 3 | 15 | 07/14/2016 | (1) | ||||
Soybean Futures (Sell) | 4 | 20 | 11/14/2016 | (2) | ||||
Sugar Futures (Sell) | 1 | 112 | 06/30/2016 | — | ||||
U.S. Treasury Bond Futures 30 year (Sell) | 11 | 1,100 | 06/21/2016 | 22 | ||||
U.S. Treasury Note Futures 5 year (Buy) | 100 | 10,000 | 06/30/2016 | (3) | ||||
U.S. Treasury Note Futures 10 year (Sell) | 12 | 1,200 | 06/21/2016 | 9 | ||||
Wheat Futures (Buy) | 5 | 25 | 07/14/2016 | (3) | ||||
Wheat Futures (Buy) | 5 | 25 | 07/14/2016 | 7 | ||||
Wheat Futures (Sell) | 3 | 15 | 12/14/2016 | 1 | ||||
White Sugar Futures (Buy) | 1 | — | 07/15/2016 | 5 | ||||
Total Futures Contracts | $289 |
Description | Counterparty | Number of Contracts/ Notional | Strike Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
Euro-Bund Futures (Put) | CME Group | 5 | € 158.50 | 06/24/2016 | $ 4 | $ (4) | ||||||
U.K. LIBOR Future 90 day (Put) | CME Group | 9 | £ 98.00 | 06/21/2017 | — | — |
Consolidated Portfolio of Investments—Continued
Description | Counterparty | Number of Contracts/ Notional | Strike Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
U.K. LIBOR Future 90 day (Put) | CME Group | 108 | £ 98.00 | 12/21/2016 | $ 2 | $— | ||||||
Total Written Options that Require Periodic Settlement of Variation Margin | $ 6 | $ (4) |
Description | Counterparty | Number of Contracts/ Notional | Strike Index/Rate/Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
Inflation-Linked Swap Option 1 year (Call) | Deutsche Bank AG | 400,000 | 243.200 j | 06/01/2016 | $ — | $ — | ||||||
Inflation-Linked Swap Option 5 year (Put) | JP Morgan Chase Bank NA | 1,600,000 | 234.810 j | 03/24/2020 | 18 | (15) | ||||||
Inflation-Linked Swap Option 10 year (Call) | JP Morgan Chase Bank NA | 200,000 | 244.170 j | 05/16/2024 | 1 | — | ||||||
Inflation-Linked Swap Option 20 year (Call) | Goldman Sachs Bank USA | 400,000 | 120.720 j | 06/22/2035 | 18 | (4) | ||||||
Variance Option S&P GSCI Copper Official Close Index ER (Call) | Goldman Sachs International | 1,200,000 | 0.830 v | 05/03/2016 | 5 | — | ||||||
Variance Option S&P GSCI Copper Official Close Index ER8 (Call) | Goldman Sachs International | 560,000 | 0.890 v | 05/17/2016 | 2 | — | ||||||
Variance Option S&P GSCI Copper Official Close Index ER8 (Call) | Goldman Sachs International | 330,000 | 0.910 v | 06/17/2016 | 1 | — | ||||||
Variance Option S&P GSCI Natural Gas Official Close Index ER8 (Call) | Goldman Sachs International | 360,000 | 1.590 v | 05/17/2016 | 1 | — | ||||||
Variance Option S&P GSCI Natural Gas Official Close Index ER (Call) | Goldman Sachs International | 300,000 | 2.480 v | 05/03/2016 | 1 | — | ||||||
Variance Option S&P GSCI Energy Index Official Close Index ER8 (Call) | Goldman Sachs International | 150,000 | 2.830 v | 05/17/2016 | 1 | — | ||||||
Variance Option S&P GSCI Energy Official Close Index ER (Call) | Goldman Sachs International | 270,000 | 2.340 v | 05/03/2016 | 1 | — | ||||||
Credit Default Option 5 year (Call) | Barclays Bank plc | 500,000 | 1.000% | 06/15/2016 | 1 | — | ||||||
Credit Default Option 5 year (Put) | Barclays Bank plc | 300,000 | 1.000 | 05/18/2016 | 1 | — | ||||||
Credit Default Option 5 year (Put) | Barclays Bank plc | 500,000 | 1.000 | 06/15/2016 | 1 | (1) | ||||||
Credit Default Option 5 year (Put) | JP Morgan Chase Bank NA | 2,200,000 | 1.000 | 07/20/2016 | 3 | (4) | ||||||
Interest Rate Swap Option 3 year 2 year (Call) | Credit Suisse International | 5,300,000 | 1.500 | 06/23/2016 | 10 | (8) | ||||||
Interest Rate Swap Option 3 year 2 year (Put) | Credit Suisse International | 5,300,000 | 2.100 | 06/23/2016 | 6 | (2) | ||||||
Interest Rate Swap Option 5 year (Put) | Deutsche Bank AG | 3,000,000 | 2.500 | 10/23/2018 | 42 | (35) | ||||||
Interest Rate Swap Option 5 year (Put) | Morgan Stanley Capital Services LLC | 1,900,000 | 2.250 | 10/17/2018 | 38 | (29) | ||||||
Interest Rate Swap Option 5 year (Put) | Morgan Stanley Capital Services LLC | 500,000 | 2.250 | 11/15/2018 | 11 | (8) | ||||||
Interest Rate Swap Option 5 year (Put) | Morgan Stanley Capital Services LLC | 500,000 | 2.250 | 12/10/2018 | 11 | (8) | ||||||
Interest Rate Swap Option 5 year (Put) | Morgan Stanley Capital Services LLC | 4,300,000 | 2.300 | 03/29/2019 | 85 | (78) | ||||||
Interest Rate Swap Option 5 year 5 year (Call) | Credit Suisse International | 1,900,000 | 2.400 | 12/05/2016 | 15 | (31) | ||||||
Interest Rate Swap Option 5 year 5 year (Call) | Goldman Sachs Bank USA | 2,100,000 | 1.850 | 07/18/2016 | 7 | (4) | ||||||
Commodity - Corn Futures (Call) | CME Group | 1 | $ 415.00 | 05/20/2016 | — | — | ||||||
Commodity - Crude Oil Futures (Call) | CME Group | 1 | 51.00 | 11/16/2016 | 2 | (4) | ||||||
Commodity - Crude Oil Futures (Call) | CME Group | 1 | 52.00 | 08/17/2016 | 1 | (2) | ||||||
Commodity - Crude Oil Futures (Call) | CME Group | 1 | 53.00 | 08/17/2016 | 1 | (2) | ||||||
Commodity - Crude Oil Futures (Call) | CME Group | 1 | 54.00 | 11/16/2016 | 2 | (3) | ||||||
Commodity - Crude Oil Futures (Call) | CME Group | 4 | 55.00 | 08/17/2016 | 5 | (6) | ||||||
Commodity - Crude Oil Futures (Call) | CME Group | 1 | 55.00 | 11/16/2016 | 2 | (3) | ||||||
Commodity - Natural Gas Futures (Call) | CME Group | 1 | 2.45 | 05/25/2016 | — | — | ||||||
Commodity - Natural Gas Futures (Put) | CME Group | 1 | 1.80 | 06/27/2016 | 1 | — | ||||||
Commodity - Natural Gas Futures (Put) | CME Group | 1 | 1.90 | 05/25/2016 | — | — | ||||||
Commodity - Natural Gas Futures (Put) | CME Group | 1 | 1.90 | 07/26/2016 | 1 | — | ||||||
Commodity - Natural Gas Futures (Put) | CME Group | 2 | 1.95 | 06/27/2016 | 1 | (1) | ||||||
Commodity - Natural Gas Futures (Put) | CME Group | 4 | 2.35 | 11/25/2016 | 5 | (3) | ||||||
Commodity - Soybean Futures (Call) | CME Group | 1 | 1,100.00 | 05/20/2016 | 1 | — | ||||||
Currency Option Euro vs. U.S. Dollar8 (Call) | BNP Paribas SA | 530,000 | € 1.15 | 05/19/2016 | 3 | (3) | ||||||
Currency Option Euro vs. U.S. Dollar (Put) | JP Morgan Chase Bank NA | 420,000 | 1.10 | 05/03/2016 | 2 | — | ||||||
Currency Option Australian Dollar vs. New Zealand Dollar8 (Put) | JP Morgan Chase Bank NA | 190,000 | AUD$ 1.08 | 07/20/2016 | 1 | (2) | ||||||
Total Written Options Not Settled Through Variation Margin | $308 | $(256) | ||||||||||
Total Written Options | $314 | $(260) |
Consolidated Portfolio of Investments—Continued
Currency | Counterparty | Value (000s) | Aggregate Face Value (000s) | Delivery Date | Unrealized Appreciation/ (Depreciation) (000s) | |||||
Australian Dollar (Sell) | Australia and New Zealand Banking Group Inc. | $ 110 | $ 102 | 05/13/2016 | $ (8) | |||||
Brazilian Real (Buy) | Deutsche Bank AG | 56 | 56 | 05/03/2016 | — | |||||
Brazilian Real (Buy) | Deutsche Bank AG | 56 | 53 | 06/02/2016 | 3 | |||||
Brazilian Real (Buy) | HSBC Bank USA | 56 | 53 | 05/03/2016 | 3 | |||||
Brazilian Real (Sell) | Bank of America NA | 277 | 254 | 10/04/2016 | (23) | |||||
Brazilian Real (Sell) | BNP Paribas SA | 138 | 120 | 10/04/2016 | (18) | |||||
Brazilian Real (Sell) | BNP Paribas SA | 297 | 253 | 01/04/2017 | (44) | |||||
Brazilian Real (Sell) | Deutsche Bank AG | 57 | 54 | 05/03/2016 | (3) | |||||
Brazilian Real (Sell) | Deutsche Bank AG | 378 | 324 | 01/04/2017 | (54) | |||||
Brazilian Real (Sell) | Goldman Sachs Bank USA | 783 | 678 | 01/04/2017 | (105) | |||||
Brazilian Real (Sell) | HSBC Bank USA | 56 | 56 | 05/03/2016 | — | |||||
Brazilian Real (Sell) | HSBC Bank USA | 114 | 107 | 07/05/2016 | (7) | |||||
Brazilian Real (Sell) | JP Morgan Chase Bank | 1,224 | 1,149 | 07/05/2016 | (75) | |||||
Brazilian Real (Sell) | JP Morgan Chase Bank | 249 | 227 | 10/04/2016 | (22) | |||||
Brazilian Real (Sell) | JP Morgan Chase Bank | 783 | 682 | 01/04/2017 | (101) | |||||
British Pound Sterling (Buy) | Bank of America NA | 3,429 | 3,422 | 05/03/2016 | 7 | |||||
British Pound Sterling (Buy) | Goldman Sachs Bank USA | 90 | 89 | 05/03/2016 | 1 | |||||
British Pound Sterling (Sell) | Bank of America NA | 3,429 | 3,422 | 06/02/2016 | (7) | |||||
British Pound Sterling (Sell) | Goldman Sachs Bank USA | 3,520 | 3,440 | 05/03/2016 | (80) | |||||
Chinese Yuan (Buy) | JP Morgan Chase Bank | 419 | 420 | 05/24/2016 | (1) | |||||
Chinese Yuan (Sell) | Bank of America NA | 3 | 3 | 01/06/2017 | — | |||||
Chinese Yuan (Sell) | Deutsche Bank AG | 211 | 201 | 01/06/2017 | (10) | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 529 | 523 | 05/24/2016 | (6) | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 354 | 355 | 10/24/2016 | 1 | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 246 | 237 | 01/06/2017 | (9) | |||||
Chinese Yuan (Sell) | UBS AG | 222 | 220 | 05/24/2016 | (2) | |||||
Colombian Peso (Buy) | Bank of America NA | 10 | 10 | 06/03/2016 | — | |||||
Colombian Peso (Sell) | Goldman Sachs Bank USA | 54 | 46 | 06/03/2016 | (8) | |||||
Danish Krone (Sell) | Bank of America NA | 330 | 319 | 04/03/2017 | (11) | |||||
Danish Krone (Sell) | Deutsche Bank AG | 669 | 637 | 04/03/2017 | (32) | |||||
Euro Currency (Buy) | Bank of America NA | 383 | 377 | 05/03/2016 | 6 | |||||
Euro Currency (Buy) | Citibank NA | 28 | 28 | 05/13/2016 | — | |||||
Euro Currency (Buy) | Goldman Sachs Bank USA | 574 | 569 | 05/03/2016 | 5 | |||||
Euro Currency (Buy) | JP Morgan Chase Bank NA | 49 | 48 | 05/13/2016 | 1 | |||||
Euro Currency (Buy) | UBS AG | 20 | 20 | 05/13/2016 | — | |||||
Euro Currency (Sell) | Bank of America NA | 5,079 | 5,063 | 06/02/2016 | (16) | |||||
Euro Currency (Sell) | JP Morgan Chase Bank NA | 202 | 201 | 05/03/2016 | (1) | |||||
Euro Currency (Sell) | UBS AG | 5,830 | 5,706 | 05/03/2016 | (124) | |||||
Hungarian Forint (Sell) | Goldman Sachs Bank USA | 3 | 3 | 05/12/2016 | — | |||||
Indian Rupee (Buy) | Bank of America NA | 1,533 | 1,503 | 05/24/2016 | 30 | |||||
Indian Rupee (Sell) | Australia and New Zealand Banking Group Inc. | 115 | 110 | 05/24/2016 | (5) | |||||
Indian Rupee (Sell) | Bank of America NA | 184 | 176 | 05/24/2016 | (8) | |||||
Indian Rupee (Sell) | JP Morgan Chase Bank | 887 | 851 | 05/24/2016 | (36) | |||||
Indian Rupee (Sell) | UBS AG | 344 | 330 | 05/24/2016 | (14) | |||||
Mexican Peso (Sell) | Barclays Bank plc | 751 | 726 | 05/20/2016 | (25) | |||||
Mexican Peso (Sell) | BNP Paribas SA | 365 | 359 | 05/20/2016 | (6) | |||||
New Zealand Dollar (Sell) | Bank of America NA | 848 | 805 | 05/13/2016 | (43) | |||||
South African Rand (Buy) | JP Morgan Chase Bank NA | 80 | 77 | 05/12/2016 | 3 | |||||
South African Rand (Sell) | Société Générale | 82 | 81 | 05/12/2016 | (1) | |||||
South Korean Won (Buy) | Bank of America NA | 214 | 204 | 05/24/2016 | 10 | |||||
South Korean Won (Buy) | Barclays Capital | 136 | 129 | 05/24/2016 | 7 | |||||
South Korean Won (Buy) | Credit Suisse International | 245 | 233 | 05/24/2016 | 12 | |||||
South Korean Won (Buy) | HSBC Bank USA | 68 | 65 | 05/24/2016 | 3 | |||||
South Korean Won (Buy) | JP Morgan Chase Bank | 365 | 348 | 05/24/2016 | 17 | |||||
South Korean Won (Buy) | UBS AG | 152 | 145 | 05/24/2016 | 7 | |||||
South Korean Won (Sell) | JP Morgan Chase Bank | 1,178 | 1,123 | 05/24/2016 | (55) | |||||
Taiwan Dollar (Buy) | Australia and New Zealand Banking Group Inc. | 238 | 230 | 05/24/2016 | 8 | |||||
Taiwan Dollar (Buy) | Bank of America NA | 70 | 68 | 05/24/2016 | 2 | |||||
Taiwan Dollar (Buy) | Goldman Sachs Bank USA | 26 | 25 | 05/24/2016 | 1 | |||||
Taiwan Dollar (Buy) | HSBC Bank USA | 82 | 79 | 05/24/2016 | 3 | |||||
Taiwan Dollar (Buy) | JP Morgan Chase Bank | 336 | 324 | 05/24/2016 | 12 | |||||
Taiwan Dollar (Sell) | JP Morgan Chase Bank | 747 | 730 | 05/24/2016 | (17) | |||||
Total Forward Currency Contracts | $(835) |
Consolidated Portfolio of Investments—Continued
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
CME Group | Canada Bankers Acceptances-CDOR 3-Month | Pay | 0.900% | 04/17/2018 | CAD$ 1,700 | $ (3) | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 1.500 | 09/21/2026 | £ 1,390 | 14 | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 1.750 | 03/15/2047 | 1,420 | 52 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 0.680 | 09/14/2016 | $ 1,200 | — | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 1.000 | 04/05/2018 | 1,300 | — | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.000 | 12/16/2020 | 800 | (14) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.250 | 12/16/2022 | 4,500 | 237 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.230 | 09/16/2025 | 1,100 | (56) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.350 | 10/02/2025 | 2,000 | (122) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.800 | 10/28/2025 | 4,700 | (117) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.500 | 12/16/2025 | 3,000 | 60 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.500 | 02/22/2026 | 5,000 | (69) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.400 | 03/16/2026 | 11,500 | (43) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.300 | 04/21/2026 | 1,400 | 3 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.300 | 04/27/2026 | 1,800 | — | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.250 | 06/15/2026 | 3,500 | (48) | ||||||
Interest Rate Swaps | $(106) |
Counterparty | Reference Entity | Buy/ Sellb,c | Pay/Receive Fixed Rate | Expiration Date | Implied Credit Spreadd | Value (000s) | Upfront Premium Paid/(Received) (000s) | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||||
CME Group | Dow Jones CDX North America Investment Grade Index Series 25 | Buy | 1.000% | 12/20/2020 | 81.920% | $(4) | $ (2) | $ 400 | $ (2) | |||||||||
CME Group | Dow Jones CDX North America Investment Grade Index Series 25 | Buy | 1.000 | 06/20/2021 | 77.470 | (162) | (140) | $ 13,300 | (22) | |||||||||
Credit Default Swaps | $(24) |
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
BNP Paribas SA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.550% | 10/15/2017 | € 100 | $ (1) | ||||||
Credit Suisse International | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.620 | 09/15/2018 | 100 | (1) | ||||||
Deutsche Bank AG | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.580 | 10/15/2017 | 100 | (1) | ||||||
Deutsche Bank AG | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.610 | 09/15/2018 | 200 | (2) | ||||||
Deutsche Bank AG | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.650 | 10/15/2018 | 200 | (2) | ||||||
Goldman Sachs Bank USA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.650 | 09/15/2018 | 100 | (1) | ||||||
JP Morgan Chase Bank NA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.580 | 10/15/2017 | 300 | (2) | ||||||
Société Générale Paris | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.680 | 10/15/2018 | 100 | (1) | ||||||
UBS AG Stamford | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.530 | 10/15/2017 | 400 | (3) | ||||||
UBS AG Stamford | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.610 | 09/15/2018 | 200 | (2) | ||||||
Bank of America NA | UK Retail Prices Index All Items NSA | Pay | 3.430 | 06/15/2030 | £ 600 | 70 | ||||||
Bank of America NA | UK Retail Prices Index All Items NSA | Pay | 3.350 | 08/15/2030 | 600 | 60 | ||||||
BNP Paribas SA | UK Retail Prices Index All Items NSA | Pay | 3.400 | 06/15/2030 | 300 | 31 | ||||||
BNP Paribas SA | UK Retail Prices Index All Items NSA | Pay | 3.300 | 12/15/2030 | 200 | 12 | ||||||
Credit Suisse International | UK Retail Prices Index All Items NSA | Pay | 3.550 | 11/15/2044 | 100 | 30 | ||||||
Goldman Sachs Bank USA | UK Retail Prices Index All Items NSA | Pay | 3.330 | 08/15/2030 | 1,600 | 136 | ||||||
Morgan Stanley Capital Services LLC | UK Retail Prices Index All Items NSA | Pay | 3.320 | 05/15/2030 | 300 | 28 | ||||||
Bank of America NA | US Consumer Price Index Urban Consumers NSA | Receive | 1.730 | 08/26/2025 | $ 300 | 2 | ||||||
Barclays Bank plc | US Consumer Price Index Urban Consumers NSA | Receive | 2.090 | 10/11/2017 | 2,800 | (115) | ||||||
BNP Paribas SA | US Consumer Price Index Urban Consumers NSA | Receive | 2.250 | 07/15/2017 | 5,600 | (342) | ||||||
Deutsche Bank AG | US Consumer Price Index Urban Consumers NSA | Receive | 2.173 | 11/01/2018 | 900 | (45) |
Consolidated Portfolio of Investments—Continued
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
Deutsche Bank AG | US Consumer Price Index Urban Consumers NSA | Receive | 1.730% | 03/04/2019 | $ 175 | $ (2) | ||||||
Goldman Sachs Bank USA | US Consumer Price Index Urban Consumers NSA | Receive | 2.420 | 02/12/2017 | 1,400 | (78) | ||||||
Goldman Sachs Bank USA | US Consumer Price Index Urban Consumers NSA | Receive | 2.210 | 10/11/2018 | 1,700 | (87) | ||||||
Royal Bank of Scotland plc | US Consumer Price Index Urban Consumers NSA | Receive | 1.930 | 10/31/2016 | 6,500 | (200) | ||||||
Bank of America NA | US Consumer Price Index Urban Consumers NSA | Receive | 1.720 | 04/15/2017 | 1,200 | (1) | ||||||
Interest Rate Swaps | $(517) |
Counterparty | Floating Rate | Pay/Receive Floating Rate | Index | Expiration Date | Notional Amount (000s) | Number of Units (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||
Citibank NA | U.S. Treasury Bills | Pay | Bloomberg Commodity Index Total ReturnSM | 08/15/2016 | $ 1,235 | 11 | $ — | |||||||
JP Morgan Chase Bank NA | U.S. Treasury Bills | Pay | Bloomberg Commodity Index Total ReturnSM | 08/15/2016 | 1,691 | 6 | 21 | |||||||
Bank of America NA | U.S. Treasury Bills | Pay | Bloomberg Commodity Index Total ReturnSM | 08/15/2016 | 482 | 3 | 31 | |||||||
BNP Paribas SA | U.S. Treasury Bills | Pay | Bloomberg Commodity Index Total ReturnSM | 08/15/2016 | 1,496 | 7 | 96 | |||||||
Citibank NA | U.S. Treasury Bills | Pay | Bloomberg Commodity Index Total ReturnSM | 08/15/2016 | 10,987 | 126 | 687 | |||||||
Credit Suisse International | U.S. Treasury Bills | Pay | Bloomberg Commodity Index Total ReturnSM | 08/15/2016 | 2,848 | 18 | 182 | |||||||
Goldman Sachs Bank USA | U.S. Treasury Bills | Pay | Bloomberg Commodity Index Total ReturnSM,8 | 08/15/2016 | 10,233 | 48 | 651 | |||||||
JP Morgan Chase Bank NA | U.S. Treasury Bills | Pay | Bloomberg Commodity Index Total ReturnSM | 08/15/2016 | 4,250 | 14 | 289 | |||||||
Morgan Stanley Capital Services LLC | U.S. Treasury Bills | Pay | Bloomberg Commodity Index Total ReturnSM | 08/15/2016 | 42,754 | 242 | 2,723 | |||||||
Société Générale Paris | U.S. Treasury Bills | Pay | Bloomberg Commodity Index Total ReturnSM | 08/15/2016 | 3,028 | 19 | 193 | |||||||
JP Morgan Chase Bank NA | U.S. Treasury Bills | Pay | JP Morgan FNJ Commodity Index | 08/15/2016 | 4,210 | 40 | (29) | |||||||
Goldman Sachs Bank USA | U.S. Treasury Bills | Pay | S&P GSC Industrial Metals Excess Return Index | 08/15/2016 | — a | 45 | (3) | |||||||
Total Return Swaps on Indices | $4,841 |
Counterparty | Reference Entity | Pay/Receive Floating Rate | Fixed Price per Unit | Expiration Date | Number of Units (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
Goldman Sachs International | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Receive | $1,102.000 | 07/11/2016 | 100 | $(19) | ||||||
Goldman Sachs International | London Platinum & Palladium Market Platinum PM Fix Price/USD | Receive | 860.470 | 07/11/2016 | 100 | 22 | ||||||
BNP Paribas SA | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD8 | Receive | 6.400 | 09/30/2016 | 5,000 | — | ||||||
BNP Paribas SA | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Receive | — | 12/31/2016 | 2,400 | (1) | ||||||
BNP Paribas SA | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Receive | 5.850 | 12/31/2017 | 1,200 | — | ||||||
Goldman Sachs International | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Receive | 35.500 | 12/31/2016 | 900 | 16 | ||||||
JP Morgan Chase Bank NA | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Receive | 7.690 | 09/30/2016 | 25,000 | (33) | ||||||
JP Morgan Chase Bank NA | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Receive | — | 12/31/2016 | 800 | (1) | ||||||
Morgan Stanley Capital Services LLC | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Receive | 5.800 | 12/31/2017 | 1,200 | — | ||||||
Morgan Stanley Capital Services LLC | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Receive | 5.780 | 12/31/2017 | 1,200 | — | ||||||
Société Générale Paris | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD8 | Receive | 4.580 | 12/31/2016 | 6,000 | 1 | ||||||
Total Return Swaps on Commodities | $(15) |
Counterparty | Reference Assets | Pay/Receive Varianceg | Initial Volatility Strike | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
Goldman Sachs International | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Pay | $ 0.080 | 03/24/2020 | $ 179 | $ 2 | ||||||
Goldman Sachs International | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Pay | 0.080 | 04/22/2020 | 531 | 7 | ||||||
Goldman Sachs International | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Pay | 0.090 | 04/27/2020 | 341 | 6 | ||||||
Goldman Sachs International | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Pay | 0.090 | 04/28/2020 | 169 | 3 | ||||||
Goldman Sachs International | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Pay | 0.070 | 07/29/2020 | 377 | 6 |
Consolidated Portfolio of Investments—Continued
Counterparty | Reference Assets | Pay/Receive Varianceg | Initial Volatility Strike | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
Goldman Sachs International | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Pay | 0.060 | 04/16/2020 | $ 250 | $ (1) | ||||||
JP Morgan Chase Bank NA | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Pay | 0.110 | 04/29/2020 | 152 | 6 | ||||||
JP Morgan Chase Bank NA | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Pay | 0.110 | 05/07/2020 | 150 | 7 | ||||||
JP Morgan Chase Bank NA | London Gold Market Fixing Ltd-LBMA PM Fixing Price/USD | Pay | 0.090 | 07/24/2020 | 167 | 3 | ||||||
Variance Swaps on Commodities | $39 |
Counterparty | Reference Entity | Buy/ Sellb,c | Pay/Receive Fixed Rate | Expiration Date | Implied Credit Spreadd | Value e (000s) | Upfront Premium Paid/(Received) (000s) | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||||
Bank of America NA | Volkswagen International Finance 5.380% due 05/22/2018 | Sell | 1.000% | 12/20/2016 | 0.380% | $— | $— | € 20 | $ — | |||||||||
Morgan Stanley Capital Services LLC | Canadian Natural Resources Ltd. 5.700% due 05/15/2017 | Buy | 1.000 | 03/20/2018 | 1.038 | — | 5 | $ 100 | (5) | |||||||||
Credit Default Swaps | $ (5) | |||||||||||||||||
Total Swaps | $4,213 |
Principal Amount (000s) | Security | Proceeds (000s) | Value (000s) | |||
$ 109 | U.S. Treasury Inflation Indexed Bonds9 | $116 | $(117) |
Consolidated Portfolio of Investments—Continued
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Investments in Securities | ||||||||
Asset-Backed Securities | $ — | $ 7,472 | $— | $ 7,472 | ||||
Collateralized Mortgage Obligations | — | 898 | — | 898 | ||||
Corporate Bonds & Notes | — | 11,756 | — | 11,756 | ||||
Foreign Government Obligations | — | 12,292 | — | 12,292 | ||||
Mortgage Pass-Through | — | 3,447 | — | 3,447 | ||||
Purchased Options | 38 | 162 | — | 200 | ||||
U.S. Government Obligations | — | 68,039 | — | 68,039 | ||||
Short-Term Investments | ||||||||
Repurchase Agreements | — | 15,911 | — | 15,911 | ||||
Total Investments in Securities | $ 38 | $119,977 | $— | $120,015 | ||||
Financial Derivative Instruments - Assets | ||||||||
Forward Currency Contracts | $ — | $ 142 | $— | $ 142 | ||||
Futures Contracts | 690 | — | — | 690 | ||||
Swap Agreements | — | 5,687 | — | 5,687 | ||||
Total Financial Derivative Instruments - Assets | $ 690 | $ 5,829 | $— | $ 6,519 | ||||
Liability Category | ||||||||
Fixed Income Investments Sold Short | $ — | $ (117) | $— | $ (117) | ||||
Financial Derivative Instruments - Liabilities | ||||||||
Forward Currency Contracts | $ — | $ (977) | $— | $ (977) | ||||
Futures Contracts | (401) | — | — | (401) | ||||
Swap Agreements | — | (1,474) | — | (1,474) | ||||
Written Options | (28) | (232) | — | (260) | ||||
Total Financial Derivative Instruments - Liabilities | $(429) | (2,683) | $— | (3,112) | ||||
Total Investments | $ 299 | $123,006 | $— | $123,305 |
Overnight and Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total | |||||
Sale-Buyback Transactions | |||||||||
U.S. Treasury Obligations | $— | $(24,325) | $(19,639) | $— | $(43,964) |
Consolidated Portfolio of Investments—Continued
1 | Variable rate security. The stated rate represents the rate in effect at April 30, 2016. |
2 | Step coupon security. The stated rate represents the rate in effect at April 30, 2016. |
3 | Floating rate security. The stated rate represents the rate in effect at April 30, 2016. |
4 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. These securities are priced by an independent pricing service in accordance with Harbor Funds Valuation Procedures. At April 30, 2016, the aggregate value of these securities was $3,257 (in 000s) or approximately 4% of net assets. |
5 | CLO after the name of a security stands for Collateralized Loan Obligation. |
6 | MTN after the name of a security stands for Medium Term Note. |
7 | Perpetuity bond. The maturity date represents the next callable date. |
8 | Security has been deemed illiquid at April 30, 2016. |
9 | Inflation-protected securities (“IPS”) are securities in which the principal amount is adjusted for inflation and interest payments are applied to the inflation-adjusted principal. |
10 | Zero coupon bond. |
11 | TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after April 30, 2016. Although the unit price for the trades has been established, the principal value has not been finalized. However, the amount of the commitments will not fluctuate more than 2% from the principal amount. Income on TBAs is not earned until settlement date (see Note 2 of the accompanying Notes to Financial Statements). |
12 | At April 30, 2016, a portion of securities held by the Fund were pledged to cover margin requirements for open future contracts, written options on futures contracts and swap options (see Note 2 of the accompanying Notes to Financial Statements). The securities pledged had an aggregate value of $7,959 (in 000s) or approximately 10% of net assets. |
13 | Purchased option that requires periodic settlement of variation margin. |
a | Rounds to less than $1,000. |
b | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
c | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
d | Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
e | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
f | The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
g | At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price. |
j | Amount represents Index Value. |
v | Amount represents the initial strike value of variance of the price of the underlying commodity or index. |
AUD$ | Australian Dollar |
R$ | Brazilian Real |
£ | British Pound |
CAD$ | Canadian Dollar |
DKK$ | Danish Krone |
€ | Euro |
MEX$ | Mexican Peso |
NZD$ | New Zealand Dollar |
Managers' Commentary (Unaudited)
Newport Beach, CA
92660
Since 2015
Since 2014
Since 2014
Fund Performance
• | Currency positioning, specifically long U.S. dollar positions versus the Chinese yuan, as the currency weakened relative to the dollar. |
• | Long positions in Brazilian local rates as the political outlook improved, which drove rates lower. |
• | Exposure to select corporate and high-yield bonds which outperformed. |
• | Holdings of non-agency mortgage-backed securities, as these securities underperformed over the period. |
• | Overall short duration positioning as U.S. interest rates moved lower. |
Managers' Commentary—Continued
TOP TEN ISSUERS (% of net assets) | |
U.S. Treasury | 36.6% |
Countrywide Asset-Backed Certificates | 3.9% |
Bear Stearns Asset Backed Securities Trust | 3.4% |
Brazil Notas Do Tesouro Nacional Série F | 3.3% |
Ally Financial Inc. | 3.2% |
Bank of America Corp. | 3.2% |
Bear Stearns Alt-A Trust | 2.6% |
First Franklin Mortgage Loan Trust | 2.6% |
RASC Trust | 2.4% |
Washington Mutual Mortgage Pass Through Certificates Trust | 2.3% |
• | Remain short the front-end of the U.S. rate curve as investors are still not compensated for taking U.S. rate risk because of the strength in U.S. fundamentals. However, given recent volatility in the markets, we will look to trim our short position to better navigate markets as opportunities to do so arise. |
• | Within investment-grade credit and high-yield corporate bonds, we expect that we will continue to favor positions within financials and consumer-related issuers. Individual security selection continues to be an area of emphasis within these markets. |
• | Maintain exposure to non-agency mortgage backed securities as an attractive source of yield relative to other fixed income sectors. We continue to benefit from limited new supply and improved mortgage credit fundamentals from the sustained recovery in the U.S. housing market. |
• | Look to maintain our U.S. dollar bias, against the euro, Japanese yen, and Chinese yuan in particular. We plan to look to tactically adjust exposures as market conditions warrant, as we believe that the dollar’s trajectory may not be as smooth as it has been during the past few months. |
• | Continue to hold a long position in Brazilian local rates, which benefited from renewed signs of political progress and resulted in falling rates. We believe the political crisis-induced level of forward real yields are unsustainable and will continue to fall. |
• | Continue to hold positions in TIPS, as we believe inflation expectations embedded in markets still appear too depressed in light of the Fed’s efforts to reflate the economy. |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2032 |
Cusip | 411512817 |
Ticker | HAUBX |
Inception Date | 04/01/2010 |
Net Expense Ratio | 0.80% a |
Total Net Assets (000s) | $18,894 |
ADMINISTRATIVE CLASS | |
Fund # | 2232 |
Cusip | 411512791 |
Ticker | HRUBX |
Inception Date | 04/01/2010 |
Net Expense Ratio | 1.05% a |
Total Net Assets (000s) | $420 |
Portfolio Statistics | |
Average Market Coupon | 2.72% |
Yield to Maturity | 3.66% |
Current 30-Day Yield (Institutional Class) | 2.30% |
Weighted Average Maturity | 0.98 years |
Weighted Average Duration | -0.70 years |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 269% |
MATURITY PROFILE | ||
Years to Maturity | % of Investments | |
0 to 1 yr. | 96.35% | |
>1 to 5 | -13.27% | |
>5 to 10 | 34.33% | |
>10 to 15 | -15.98% | |
>15 to 20 | 0.42% | |
>20 to 25 | 1.00% | |
>25 yrs. | -2.85% |
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Unconstrained Bond Fund | |||||||||||||||||
Institutional Class | 1.00% | -1.94% | 1.85% | 2.16% | 04/01/2010 | $11,389 | |||||||||||
Administrative Class | 0.88 | -2.13 | 1.60 | 1.91 | 04/01/2010 | 11,217 | |||||||||||
Comparative Indices | |||||||||||||||||
BofA Merrill Lynch USD 3-Month LIBOR Constant Maturity | 0.21% | 0.35% | 0.33% | 0.33% | — | $10,203 | |||||||||||
Barclays U.S. Aggregate Bond | 2.82 | 2.72 | 3.60 | 4.01 | — | 12,702 |
a | Reflective of a contractual management fee waiver and an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
Portfolio of Investments—April 30, 2016 (Unaudited)
ASSET-BACKED SECURITIES—29.9% | |||
Principal Amount | Value | ||
ACE Securities Corp. Home Equity Loan Trust | |||
Series 2006-OP2 Cl. A1 | |||
$ | 40 | 0.594%—08/25/20361 | $ 34 |
Argent Securities Inc. | |||
Series 2006-M2 Cl. A2B | |||
279 | 0.549%—09/25/20361 | 105 | |
Asset Backed Securities Corp. | |||
Series 2005-HE6 Cl. M5 | |||
500 | 1.459%—07/25/20351 | 408 | |
Bear Stearns Asset Backed Securities Trust | |||
Series 2007-SD2 Cl. 2A1 | |||
786 | 0.839%—09/25/20461 | 665 | |
Belle Haven ABS CLO Ltd.2 | |||
Series 2004-1A Cl. A1ST | |||
37 | 0.997%—11/03/20441,3 | 18 | |
Series 2004-1A Cl. A1SB | |||
75 | 1.037%—11/03/20441,3 | 38 | |
56 | |||
Countrywide Asset-Backed Certificates | |||
Series 2007-2 Cl. 2A3 | |||
354 | 0.579%—08/25/20371 | 322 | |
Series 2007-BC3 Cl. 1A | |||
409 | 0.619%—11/25/20471 | 340 | |
Series 2006-1 Cl. AF5 | |||
100 | 5.884%—07/25/20364 | 81 | |
743 | |||
Credit-Based Asset Servicing and Securitization LLC | |||
Series 2007-CB3 Cl. A3 | |||
168 | 5.731%—03/25/20374 | 84 | |
Series 2007-CB3 Cl. A4 | |||
168 | 5.971%—03/25/20374 | 84 | |
168 | |||
First Franklin Mortgage Loan Trust | |||
Series 2004-FF8 Cl. M3 | |||
591 | 1.864%—10/25/20341 | 499 | |
Fremont Home Loan Trust | |||
Series 2005-FHLT Cl. D M1 | |||
500 | 0.849%—11/25/20351 | 369 | |
Goldentree Loan Opportunities VII Ltd. | |||
Series 2013-7A Cl. A | |||
300 | 1.788%—04/25/20251,3 | 295 | |
Huntington CLO Ltd.2 | |||
Series 2005-1A Cl. A1A | |||
36 | 0.891%—11/05/20401,3 | 35 |
ASSET-BACKED SECURITIES—Continued | |||
Principal Amount | Value | ||
Indymac Residential Asset Backed Trust | |||
Series 2007-B Cl. 2A2 | |||
$ | 49 | 0.599%—07/25/20371 | $ 31 |
JP Morgan Mortgage Acquisition Trust | |||
Series 2006-CW1 Cl. A5 | |||
200 | 0.679%—05/25/20361 | 183 | |
Master Specialized Loan Trust | |||
Series 2007-1 Cl. A | |||
403 | 0.809%—01/25/20371,3 | 228 | |
Morgan Stanley ABS Capital I Inc. Trust | |||
Series 2007-NC1 Cl. A2C | |||
79 | 0.579%—11/25/20361 | 48 | |
Series 2006-NC5 Cl. A4 | |||
91 | 0.589%—10/25/20361 | 55 | |
103 | |||
Morgan Stanley Capital I Inc. Trust | |||
Series 2006-HE1 Cl. A4 | |||
92 | 0.729%—01/25/20361 | 83 | |
Morgan Stanley Home Equity Loan Trust | |||
Series 2007-1 Cl. A3 | |||
244 | 0.579%—12/25/20361 | 139 | |
Newcastle CLO V Ltd.2 | |||
Series 2004-5A Cl. 1 | |||
1 | 0.968%—12/24/20391,3 | 1 | |
OHA Credit Partners VIII Ltd. | |||
Series 2013-8A Cl. A | |||
300 | 1.754%—04/20/20251,3 | 295 | |
Ownit Mortgage Loan Asset Backed Certificates | |||
Series 2006-4 Cl. A2C | |||
64 | 0.589%—05/25/20371 | 44 | |
RASC Trust | |||
Series 2003-KS4 Cl. AIIB | |||
529 | 1.019%—06/25/20331 | 453 | |
Securitized Asset Backed Receivables LLC Trust | |||
Series 2004-OP1 Cl. M1 | |||
48 | 1.204%—02/25/20341 | 45 | |
Sierra Madre Funding Ltd. | |||
Series 2004-1A Cl. A1A | |||
116 | 0.839%—09/07/20391,3 | 93 | |
Series 2004-1A Cl. ALTB | |||
270 | 1.079%—09/07/20391,3 | 216 | |
309 | |||
SLM Student Loan Trust | |||
Series 2010-A Cl. 2A | |||
87 | 3.683%—05/16/20441,3 | 90 | |
Stone Tower Capital LLC | |||
Series 2007-6A Cl. A1 | |||
22 | 0.863%—04/17/20211,3 | 22 | |
Structured Asset Investment Loan Trust | |||
Series 2005-8 Cl. A4 | |||
29 | 0.799%—10/25/20355 | 29 | |
Tralee CLO III Ltd.2 | |||
Series 2014-3A Cl. A2 | |||
300 | 1.984%—07/20/20261,3 | 296 | |
Triaxx Prime CLO2 | |||
Series 2007-1A Cl. A1D | |||
61 | 0.699%—10/02/20391,3 | 47 | |
TOTAL ASSET-BACKED SECURITIES | |||
(Cost $5,235) | 5,775 | ||
Portfolio of Investments—Continued
BANK LOAN OBLIGATIONS—0.5% | ||||
Principal Amount | Value | |||
(Cost $100) | ||||
Charter Com Operating LLC | ||||
Term Loan 1 | ||||
$ | 100 | 3.500%—01/24/20235 | $ 100 | |
COLLATERALIZED MORTGAGE OBLIGATIONS—11.4% | ||||
Banc of America Alternative Loan Trust | ||||
Series 2003-2 Cl. CB1 | ||||
15 | 5.750%—04/25/20335 | 16 | ||
Banc of America Funding Trust | ||||
Series 2007-D Cl. 1A4 | ||||
46 | 0.669%—06/20/20471 | 44 | ||
Series 2004-A Cl. 4A1 | ||||
11 | 2.965%—06/20/20325 | 11 | ||
55 | ||||
BCAP LLC Trust | ||||
Series 2011 Cl. RR5 | ||||
52 | 5.250%—06/26/20363,5 | 44 | ||
Bear Stearns Adjustable Rate Mortgage Trust | ||||
Series 2005-5 Cl. A2 | ||||
24 | 2.460%—08/25/20351 | 24 | ||
Series 2004-10 Cl. 15A1 | ||||
5 | 2.864%—01/25/20355 | 5 | ||
Series 2005-1 Cl. 4A1 | ||||
10 | 2.929%—03/25/20355 | 9 | ||
38 | ||||
Bear Stearns Alt-A Trust | ||||
Series 2006-4 Cl. 12A1 | ||||
615 | 0.779%—08/25/20361 | 496 | ||
Berica ABS Srl | ||||
Series 2011-1 Cl. A1 | ||||
€ | 71 | 0.058%—12/31/20551 | 81 | |
Citigroup Mortgage Loan Trust Inc. | ||||
Series 2005-3 Cl. 1A1 | ||||
$ | 41 | 2.044%—08/25/20355 | 39 | |
First Horizon Mortgage Pass Through Trust | ||||
Series 2005-AR4 Cl. 2A1 | ||||
28 | 2.642%—10/25/20355 | 23 | ||
Impac CMB Trust | ||||
Series 2004-4 Cl. 1A1 | ||||
18 | 1.079%—09/25/20341 | 17 | ||
IndyMac IMSC Mortgage Loan Trust | ||||
Series 2004-AR6 Cl. 5A1 | ||||
8 | 2.776%—10/25/20345 | 8 | ||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||
Series 2006-LDP8 Cl. 1A1 | ||||
17 | 5.397%—05/15/20455 | 18 | ||
JP Morgan Mortgage Trust | ||||
Series 2006-A2 Cl. 1A1 | ||||
219 | 3.144%—04/25/20365 | 200 | ||
Series 2006-S2 Cl. 2A2 | ||||
7 | 5.875%—06/25/20215 | 6 | ||
206 | ||||
MASTR Adjustable Rate Mortgages Trust | ||||
Series 2004-4 Cl. 3A1 | ||||
8 | 2.649%—05/25/20345 | 8 | ||
Merrill Lynch Mortgage Investors Trust | ||||
Series 2003-H Cl. A3A | ||||
63 | 2.125%—01/25/20295 | 62 |
COLLATERALIZED MORTGAGE OBLIGATIONS—Continued | ||||
Principal Amount | Value | |||
Morgan Stanley Capital I Trust | ||||
Series 2007-IQ14 Cl. A1A | ||||
$ | 112 | 5.665%—04/15/20495 | $ 116 | |
Structured Asset Mortgage Investments Inc. | ||||
Series 2006-AR7 Cl. A10 | ||||
129 | 0.639%—08/25/20361 | 113 | ||
Structured Asset Securities Corp. | ||||
Series 2005-16 Cl. 1A2 | ||||
35 | 5.500%—09/25/20355 | 35 | ||
Wachovia Bank Commercial Mortgage Trust | ||||
Series 2006-C27 Cl. 1A1 | ||||
39 | 5.749%—07/15/20455 | 40 | ||
Series 2007-C32 Cl. A1A | ||||
277 | 5.889%—06/15/20495 | 286 | ||
Series 2007-C33 Cl. 1A1 | ||||
45 | 6.147%—02/15/20515 | 47 | ||
373 | ||||
Washington Mutual Mortgage Pass Through Certificates Trust | ||||
Series 2005-AR6 Cl. 2A1A | ||||
10 | 0.669%—04/25/20451 | 9 | ||
Series 2005-AR9 Cl. A1A | ||||
40 | 1.079%—07/25/20451 | 38 | ||
Series 2007-OA1 Cl. 2A | ||||
308 | 1.097%—12/25/20461 | 208 | ||
Series 2007-HY3 Cl. 2A1 | ||||
87 | 2.412%—03/25/20375 | 73 | ||
Series 2007-HY4 Cl. 3A1 | ||||
132 | 4.267%—04/25/20375 | 120 | ||
448 | ||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | ||||
(Cost $2,131) | 2,196 | |||
CORPORATE BONDS & NOTES—27.6% | ||||
Abbey National Treasury Services plc | ||||
100 | 2.500%—03/14/2019 | 102 | ||
AbbVie Inc. | ||||
100 | 2.500%—05/14/2020 | 102 | ||
Actavis Funding SCS | ||||
100 | 1.887%—03/12/20201 | 100 | ||
AES Corp. | ||||
100 | 3.635%—06/01/20191 | 98 | ||
Ally Financial Inc. | ||||
200 | 3.500%—07/18/2016 | 201 | ||
400 | 5.500%—02/15/2017 | 409 | ||
610 | ||||
American International Group Inc. | ||||
50 | 3.300%—03/01/2021 | 52 | ||
AT&T Inc. | ||||
100 | 4.750%—05/15/2046 | 101 | ||
Bank of America Corp. | ||||
100 | 0.947%—08/15/20161 | 100 | ||
200 | 2.000%—01/11/2018 | 201 | ||
300 | 5.750%—12/01/2017 | 319 | ||
620 | ||||
BPCE SA | ||||
200 | 5.150%—07/21/20243 | 206 | ||
CIT Group Inc. | ||||
200 | 4.250%—08/15/2017 | 203 |
Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
Citigroup Inc. | ||||
$ | 100 | 1.598%—07/25/20161 | $ 100 | |
Cox Communications Inc. | ||||
100 | 5.875%—12/01/20163 | 102 | ||
Credit Agricole SA | ||||
€ | 100 | 6.500%—06/23/20215,6 | 112 | |
Ford Motor Credit Co. LLC MTN7 | ||||
$ | 400 | 1.413%—01/17/20171 | 400 | |
Goldman Sachs Group Inc. | ||||
100 | 3.500%—01/23/2025 | 101 | ||
Imperial Tobacco Finance plc | ||||
200 | 2.050%—02/11/20183 | 201 | ||
International Lease Finance Corp. | ||||
100 | 8.750%—03/15/2017 | 106 | ||
JP Morgan Chase & Co. | ||||
100 | 1.538%—01/25/20181 | 100 | ||
100 | 7.900%—04/30/20185,6 | 101 | ||
201 | ||||
KBC Bank NV | ||||
200 | 8.000%—01/25/20235 | 218 | ||
Kraft Heinz Foods Co. | ||||
50 | 2.000%—07/02/20183 | 51 | ||
Kroger Co. | ||||
100 | 2.200%—01/15/2017 | 101 | ||
Metropolitan Life Global Funding I | ||||
400 | 0.755%—06/23/20161,3 | 400 | ||
Mylan Inc. | ||||
100 | 1.800%—06/24/2016 | 100 | ||
Petrobras Global Finance BV | ||||
100 | 3.002%—03/17/20175 | 98 | ||
100 | 5.375%—01/27/2021 | 89 | ||
100 | 5.750%—01/20/2020 | 92 | ||
279 | ||||
Sinopec Group Overseas Development 2014 Ltd. | ||||
200 | 1.409%—04/10/20171,3 | 200 | ||
SLM Corp. MTN7 | ||||
100 | 8.450%—06/15/2018 | 107 | ||
Toronto-Dominion Bank MTN7 | ||||
50 | 1.627%—04/07/20211 | 50 | ||
Verizon Communications Inc. | ||||
100 | 2.164%—09/15/20161 | 101 | ||
Volkswagen Group of America Finance LLC | ||||
200 | 0.838%—05/23/20161,3 | 200 | ||
TOTAL CORPORATE BONDS & NOTES | ||||
(Cost $5,313) | 5,324 | |||
FOREIGN GOVERNMENT OBLIGATIONS—7.6% | ||||
Brazil Letras Do Tesouro Nacional | ||||
R$ | 1,400 | 0.000%—10/01/20168 | 385 | |
Brazil Notas Do Tesouro Nacional Série F | ||||
2,400 | 10.000%—01/01/2021-01/01/2025 | 640 | ||
Hellenic Railways Organization SA | ||||
€ | 100 | 4.028%—03/17/20179 | 106 | |
Hellenic Republic Government Bond | ||||
100 | 3.375%—07/17/20173 | 106 | ||
Slovenia Government International Bond | ||||
$ | 200 | 5.250%—02/18/2024 | 225 | |
TOTAL FOREIGN GOVERNMENT OBLIGATIONS | ||||
(Cost $1,478) | 1,462 | |||
MORTGAGE PASS-THROUGH—0.8% | ||||
Principal Amount | Value | |||
Federal Home Loan Mortgage Corp. | ||||
$ | 95 | 1.705%—11/25/20465 | $ 7 | |
Federal Home Loan Mortgage Corp. REMIC10 | ||||
27 | 10.976%—04/15/20441 | 27 | ||
17 | 12.211%—02/15/20441 | 17 | ||
44 | ||||
Federal National Mortgage Association | ||||
6 | 2.427%—07/01/20321 | 6 | ||
70 | 2.793%—11/01/20421 | 73 | ||
9 | 4.500%—02/01/20265 | 9 | ||
88 | ||||
Federal National Mortgage Association REMIC10 | ||||
19 | 0.559%—03/25/20341 | 19 | ||
TOTAL MORTGAGE PASS-THROUGH | ||||
(Cost $159) | 158 | |||
MUNICIPAL BONDS—3.1% | ||||
Buckeye Tobacco Settlement Financing Authority | ||||
100 | 6.000%—06/01/2042 | 99 | ||
California State | ||||
100 | 7.600%—11/01/2040 | 158 | ||
City of Chicago, IL | ||||
100 | 7.750%—01/01/2042 | 99 | ||
New York City, NY | ||||
200 | 5.887%—12/01/2024 | 247 | ||
TOTAL MUNICIPAL BONDS | ||||
(Cost $468) | 603 | |||
PREFERRED STOCKS—0.0% | ||||
(Cost $10) | ||||
Shares | ||||
CONSUMER FINANCE—0.0% | ||||
375 | Ally Financial Inc. | 9 | ||
PURCHASED OPTIONS—0.3% | ||||
No. of Contracts/ Notional | ||||
Currency Option Euro vs. Mexican Peso | ||||
100,000 | €19.00—02/09/20179 | 2 | ||
Currency Option Euro vs. U.S. Dollar | ||||
800,000 | €1.49—05/12/20169 | — | ||
Currency Option U.S. Dollar vs. Russian Ruble | ||||
100,000 | $71.15—02/22/20179 | 9 | ||
Interest Rate Swap Option 1 year | ||||
12,600,000 | 0.900%—06/20/20169 | 4 | ||
Interest Rate Swap Option 2 year | ||||
2,400,000 | 1.000%—03/28/20179 | 9 | ||
Interest Rate Swap Option 30 year | ||||
200,000 | 2.970%—09/24/20189 | 9 | ||
650,000 | 3.050%—12/12/20189 | 30 | ||
200,000 | 3.350%—09/12/20169 | — | ||
39 |
Portfolio of Investments—Continued
PURCHASED OPTIONS—Continued | |||
No. of Contracts/ Notional | Value | ||
U.S. Treasury Notes Future 5 year | |||
26,000 | $112.50—05/20/2016 | $ — | |
U.S. Treasury Notes Future 10 year | |||
13,000 | $111.50—05/20/2016 | — | |
6,000 | $112.50—05/20/2016 | — | |
— | |||
TOTAL PURCHASED OPTIONS | |||
(Premiums Paid/Cost $67) | 63 | ||
U.S. GOVERNMENT OBLIGATIONS—36.6% | |||
Principal Amount | |||
U.S. Treasury Bonds | |||
$ | 200 | 2.500%—02/15/204611 | 193 |
150 | 3.000%—11/15/2044-05/15/2045 | 161 | |
300 | 3.125%—08/15/2044 | 329 | |
683 | |||
U.S. Treasury Inflation Indexed Bonds12 | |||
100 | 0.125%—07/15/2024 | 101 | |
200 | 0.250%—01/15/2025 | 202 |
U.S. GOVERNMENT OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
$ | 836 | 2.000%—01/15/202611 | $ 982 |
126 | 2.375%—01/15/2025 | 150 | |
1,435 | |||
U.S. Treasury Notes | |||
170 | 1.625%—02/15/202611 | 167 | |
1,200 | 1.875%—11/30/2021-10/31/202211 | 1,228 | |
2,600 | 2.000%—05/31/2021-08/15/202511 | 2,671 | |
800 | 2.125%—09/30/202111 | 831 | |
50 | 2.125%—05/15/2025 | 51 | |
4,948 | |||
TOTAL U.S. GOVERNMENT OBLIGATIONS | |||
(Cost $6,888) | 7,066 | ||
TOTAL INVESTMENTS—117.8% | |||
(Cost $21,849) | 22,756 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—(17.8)% | (3,442) | ||
TOTAL NET ASSETS—100.0% | $19,314 |
Description | Number of Contracts | Aggregate Face Value (000s) | Expiration Date | Unrealized Appreciation/ (Depreciation) (000s) | ||||
Euro-Bund Futures (Buy) | 4 | € 400 | 06/08/2016 | $ (7) | ||||
Eurodollar Futures-CME 90 day (Sell) | 8 | $ 2,000 | 06/13/2016 | (7) | ||||
Eurodollar Futures-CME 90 day (Sell) | 5 | 1,250 | 09/19/2016 | (7) | ||||
Eurodollar Futures-CME 90 day (Sell) | 41 | 10,250 | 12/19/2016 | (63) | ||||
Eurodollar Futures-CME 90 day (Sell) | 5 | 1,250 | 03/13/2017 | (9) | ||||
U.S. Treasury Note Futures 5 year (Buy) | 22 | 2,200 | 06/30/2016 | (2) | ||||
U.S. Treasury Note Futures 10 year (Buy) | 16 | 1,600 | 06/21/2016 | — | ||||
Total Futures Contracts | $(95) |
Description | Counterparty | Number of Contracts/ Notional | Strike Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
Euro-Bund Futures (Call) | CME Group | 1 | € 163.00 | 05/26/2016 | $1 | $(1) | ||||||
Euro-Bund Futures (Put) | CME Group | 2 | 159.50 | 06/24/2016 | 1 | (2) | ||||||
Total Written Options that Require Periodic Settlement of Variation Margin | $2 | $(3) |
Description | Counterparty | Number of Contracts/ Notional | Strike Rate/Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
Interest Rate Swap Option 5 year (Put) | Goldman Sachs Bank USA | 1,000,000 | 2.600% | 09/24/2018 | $ 11 | $(10) | ||||||
Interest Rate Swap Option 5 year (Put) | Morgan Stanley Capital Services LLC | 3,300,000 | 2.700 | 12/12/2018 | 34 | (34) | ||||||
Interest Rate Swap Option 10 year (Put) | Barclays Bank plc | 100,000 | 1.750 | 06/29/2016 | 1 | (1) | ||||||
Interest Rate Swap Option 10 year (Call) | BNP Paribas SA | 200,000 | 0.400 | 06/14/2016 | 1 | — | ||||||
Interest Rate Swap Option 10 year (Put) | BNP Paribas SA | 200,000 | 0.900 | 06/14/2016 | 1 | — | ||||||
Interest Rate Swap Option 10 year (Call) | Goldman Sachs Bank USA | 200,000 | 1.570 | 03/28/2017 | 3 | (3) |
Portfolio of Investments—Continued
Description | Counterparty | Number of Contracts/ Notional | Strike Rate/Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
Interest Rate Swap Option 10 year (Call) | JP Morgan Chase Bank NA | 100,000 | 1.560% | 03/28/2017 | $ 2 | $ (2) | ||||||
Interest Rate Swap Option 10 year (Call) | JP Morgan Chase Bank NA | 200,000 | 1.570 | 03/28/2017 | 3 | (3) | ||||||
Interest Rate Swap Option 10 year (Put) | JP Morgan Chase Bank NA | 100,000 | 1.680 | 07/05/2016 | 1 | (1) | ||||||
Interest Rate Swap Option 10 year (Put) | Morgan Stanley Capital Services LLC | 100,000 | 1.680 | 07/05/2016 | 1 | (1) | ||||||
Interest Rate Swap Option 30 year (Call) | JP Morgan Chase Bank NA | 200,000 | 2.250 | 09/12/2016 | 5 | (9) | ||||||
Currency Option Euro vs. Mexican Peso9 (Put) | Goldman Sachs Bank USA | 100,000 | € 16.00 | 02/09/2017 | — | — | ||||||
Currency Option U.S. Dollar vs. Russian Ruble9 (Call) | Bank of America NA | 100,000 | $ 108.00 | 02/22/2017 | 4 | (1) | ||||||
U.S. Treasury Notes Future 10 year (Put) | CME Group | 5 | 128.50 | 05/20/2016 | 2 | (1) | ||||||
U.S. Treasury Notes Future 10 year (Put) | CME Group | 6 | 129.50 | 05/20/2016 | 2 | (2) | ||||||
Total Written Options Not Settled Through Variation Margin | $ 71 | $(68) | ||||||||||
Total Written Options | $ 73 | $(71) |
Currency | Counterparty | Value (000s) | Aggregate Face Value (000s) | Delivery Date | Unrealized Appreciation/ (Depreciation) (000s) | |||||
Brazilian Real (Buy) | Bank of America NA | $ 243 | $ 242 | 05/03/2016 | $ 1 | |||||
Brazilian Real (Buy) | Deutsche Bank AG | 65 | 62 | 05/03/2016 | 3 | |||||
Brazilian Real (Buy) | Deutsche Bank AG | 26 | 25 | 06/02/2016 | 1 | |||||
Brazilian Real (Buy) | Goldman Sachs Bank USA | 8 | 8 | 05/03/2016 | — | |||||
Brazilian Real (Buy) | HSBC Bank USA | 454 | 431 | 05/03/2016 | 23 | |||||
Brazilian Real (Buy) | JP Morgan Chase Bank | 243 | 242 | 05/03/2016 | 1 | |||||
Brazilian Real (Sell) | Bank of America NA | 242 | 237 | 05/03/2016 | (5) | |||||
Brazilian Real (Sell) | Bank of America NA | 28 | 27 | 10/04/2016 | (1) | |||||
Brazilian Real (Sell) | Deutsche Bank AG | 65 | 64 | 05/03/2016 | (1) | |||||
Brazilian Real (Sell) | Deutsche Bank AG | 65 | 62 | 06/02/2016 | (3) | |||||
Brazilian Real (Sell) | Goldman Sachs Bank USA | 8 | 8 | 05/03/2016 | — | |||||
Brazilian Real (Sell) | HSBC Bank USA | 454 | 453 | 05/03/2016 | (1) | |||||
Brazilian Real (Sell) | JP Morgan Chase Bank | 243 | 237 | 05/03/2016 | (6) | |||||
Brazilian Real (Sell) | JP Morgan Chase Bank | 360 | 352 | 10/04/2016 | (8) | |||||
Brazilian Real (Sell) | UBS AG | 270 | 360 | 01/04/2017 | 90 | |||||
Brazilian Real (Sell) | UBS AG | 259 | 352 | 07/05/2017 | 93 | |||||
British Pound Sterling (Sell) | BNP Paribas SA | 17 | 17 | 05/13/2016 | — | |||||
British Pound Sterling (Sell) | HSBC Bank USA | 13 | 13 | 05/13/2016 | — | |||||
Canadian Dollar (Sell) | Goldman Sachs Bank USA | 56 | 51 | 05/13/2016 | (5) | |||||
Chinese Yuan (Buy) | Bank of America NA | 239 | 238 | 05/24/2016 | 1 | |||||
Chinese Yuan (Buy) | Bank of America NA | 44 | 44 | 08/18/2016 | — | |||||
Chinese Yuan (Buy) | Bank of America NA | 386 | 387 | 10/24/2016 | (1) | |||||
Chinese Yuan (Buy) | BNP Paribas SA | 50 | 50 | 08/19/2016 | — | |||||
Chinese Yuan (Buy) | BNP Paribas SA | 460 | 445 | 10/24/2016 | 15 | |||||
Chinese Yuan (Buy) | HSBC Bank USA | 101 | 100 | 08/18/2016 | 1 | |||||
Chinese Yuan (Buy) | HSBC Bank USA | 52 | 52 | 08/19/2016 | — | |||||
Chinese Yuan (Buy) | JP Morgan Chase Bank | 81 | 81 | 05/24/2016 | — | |||||
Chinese Yuan (Buy) | UBS AG | 75 | 75 | 05/24/2016 | — | |||||
Chinese Yuan (Sell) | Australia and New Zealand Banking Group Inc. | 245 | 233 | 02/06/2017 | (12) | |||||
Chinese Yuan (Sell) | Bank of America NA | 88 | 85 | 08/18/2016 | (3) | |||||
Chinese Yuan (Sell) | BNP Paribas SA | 101 | 100 | 08/19/2016 | (1) | |||||
Chinese Yuan (Sell) | HSBC Bank USA | 72 | 71 | 08/18/2016 | (1) | |||||
Chinese Yuan (Sell) | HSBC Bank USA | 101 | 100 | 08/19/2016 | (1) | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 1,266 | 1,268 | 10/24/2016 | 2 | |||||
Chinese Yuan (Sell) | UBS AG | 131 | 129 | 08/19/2016 | (2) | |||||
Chinese Yuan (Sell) | UBS AG | 88 | 84 | 01/06/2017 | (4) | |||||
Euro Currency (Buy) | Bank of America NA | 26 | 31 | 06/13/2016 | (5) | |||||
Euro Currency (Buy) | Bank of America NA | 634 | 600 | 06/13/2016 | 34 | |||||
Euro Currency (Buy) | Bank of America NA | 163 | 154 | 06/27/2016 | 9 | |||||
Euro Currency (Buy) | Deutsche Bank AG | 116 | 137 | 06/13/2016 | (21) | |||||
Euro Currency (Buy) | Deutsche Bank AG | 128 | 119 | 06/13/2016 | 9 | |||||
Euro Currency (Buy) | HSBC Bank USA | 15 | 15 | 05/03/2016 | — | |||||
Euro Currency (Buy) | UBS AG | 257 | 256 | 06/02/2016 | 1 | |||||
Euro Currency (Sell) | Bank of America Corp. | 661 | 788 | 06/13/2016 | 127 | |||||
Euro Currency (Sell) | Bank of America Corp. | 163 | 196 | 06/27/2016 | 33 | |||||
Euro Currency (Sell) | Bank of America NA | 626 | 624 | 06/02/2016 | (2) | |||||
Euro Currency (Sell) | Barclays Bank plc | 180 | 216 | 06/27/2016 | 36 |
Portfolio of Investments—Continued
Currency | Counterparty | Value (000s) | Aggregate Face Value (000s) | Delivery Date | Unrealized Appreciation/ (Depreciation) (000s) | |||||
Euro Currency (Sell) | Deutsche Bank AG | $ 243 | $ 290 | 06/13/2016 | $ 47 | |||||
Euro Currency (Sell) | JP Morgan Chase Bank NA | 10 | 10 | 05/03/2016 | — | |||||
Euro Currency (Sell) | UBS AG | 629 | 616 | 05/03/2016 | (13) | |||||
Indian Rupee (Buy) | UBS AG | 9 | 9 | 05/24/2016 | — | |||||
Japanese Yen (Sell) | Australia and New Zealand Banking Group Inc. | 5 | 5 | 05/13/2016 | — | |||||
Japanese Yen (Sell) | Bank of America NA | 32 | 31 | 05/13/2016 | (1) | |||||
Japanese Yen (Sell) | Deutsche Bank AG | 217 | 324 | 10/11/2016 | 107 | |||||
Japanese Yen (Sell) | JP Morgan Chase Bank NA | 258 | 254 | 05/13/2016 | (4) | |||||
Mexican Peso (Buy) | Barclays Bank plc | 109 | 105 | 05/20/2016 | 4 | |||||
Taiwan Dollar (Buy) | Barclays Capital | 217 | 214 | 05/24/2016 | 3 | |||||
Taiwan Dollar (Sell) | JP Morgan Chase Bank | 218 | 213 | 05/24/2016 | (5) | |||||
Total Forward Currency Contracts | $535 |
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 2.000% | 03/18/2022 | £ 300 | $ (17) | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 1.750 | 03/15/2047 | 70 | 2 | ||||||
CME Group | British Bankers' Association LIBOR JPY 6-Month | Pay | 0.300 | 03/18/2026 | ¥ 50,000 | (2) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 7.410 | 08/02/2024 | MEX$ 4,900 | 2 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 1.350 | 09/28/2017 | $ 2,600 | (12) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 1.750 | 12/14/2017 | 4,900 | (3) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 1.250 | 06/15/2018 | 5,000 | (39) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 1.750 | 12/16/2018 | 3,500 | (73) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.000 | 12/16/2020 | 1,000 | 20 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.000 | 06/15/2023 | 3,000 | 2 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.330 | 08/19/2025 | 200 | (12) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.150 | 12/03/2025 | 300 | (11) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.300 | 12/03/2025 | 100 | (6) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.250 | 06/15/2026 | 2,300 | (120) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.250 | 06/15/2026 | 700 | 2 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.500 | 06/15/2046 | 1,350 | 26 | ||||||
Interest Rate Swaps | $(241) |
Counterparty | Reference Entity | Buy/ Sellb,c | Pay/Receive Fixed Rate | Expiration Date | Implied Credit Spreadd | Value (000s) | Upfront Premium Paid/(Received) (000s) | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||||
ICE Group | Dow Jones CDX North America Investment Grade Index Series 25 | Buy | 1.000% | 06/20/2021 | 77.470% | $(3) | $(3) | $ 100 | $— |
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
Bank of America NA | Brazil Cetip Interbank Deposit | Pay | 11.160% | 01/04/2021 | R$ 700 | $ (9) | ||||||
BNP Paribas SA | Brazil Cetip Interbank Deposit | Pay | 12.600 | 01/04/2021 | 1,500 | 1 | ||||||
Credit Suisse International | Brazil Cetip Interbank Deposit | Pay | 11.680 | 01/04/2021 | 400 | (5) | ||||||
Credit Suisse International | Brazil Cetip Interbank Deposit | Pay | 12.560 | 01/04/2021 | 400 | 1 | ||||||
Deutsche Bank AG | Brazil Cetip Interbank Deposit | Pay | 11.680 | 01/04/2021 | 900 | (10) |
Portfolio of Investments—Continued
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
Deutsche Bank AG | Brazil Cetip Interbank Deposit | Pay | 12.600% | 01/04/2021 | R$ 300 | $ — | ||||||
Deutsche Bank AG | Brazil Cetip Interbank Deposit | Receive | 14.080 | 01/04/2021 | 800 | (11) | ||||||
Goldman Sachs Bank USA | Brazil Cetip Interbank Deposit | Receive | 13.390 | 01/04/2021 | 400 | (4) | ||||||
Morgan Stanley Capital Services LLC | Brazil Cetip Interbank Deposit | Pay | 11.680 | 01/04/2021 | 300 | (4) | ||||||
Bank of America NA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.710 | 01/29/2020 | € 400 | (4) | ||||||
BNP Paribas SA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.700 | 01/30/2020 | 300 | (4) | ||||||
Goldman Sachs Bank USA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.740 | 01/26/2020 | 200 | (2) | ||||||
Goldman Sachs Bank USA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.660 | 01/30/2020 | 600 | (6) | ||||||
Goldman Sachs Bank USA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.990 | 03/30/2020 | 500 | (12) | ||||||
Deutsche Bank AG | UK Retail Prices Index All Items NSA | Pay | 3.300 | 11/15/2030 | £ 73 | 5 | ||||||
Goldman Sachs Bank USA | UK Retail Prices Index All Items NSA | Pay | 3.140 | 01/14/2030 | 20 | 1 | ||||||
Goldman Sachs Bank USA | UK Retail Prices Index All Items NSA | Pay | 3.400 | 06/15/2030 | 10 | 1 | ||||||
Morgan Stanley Capital Services LLC | UK Retail Prices Index All Items NSA | Pay | 3.300 | 11/15/2030 | 40 | 3 | ||||||
Interest Rate Swaps | $(59) |
Counterparty | Reference Entity | Buy/ Sellb,c | Pay/Receive Fixed Rate | Expiration Date | Implied Credit Spreadd | Value e (000s) | Upfront Premium Paid/(Received) (000s) | Notional Amountf (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||||
Deutsche Bank AG | Berkshire Hathaway Inc. 1.900% due 01/31/2017 | Sell | 1.000% | 03/20/2019 | 0.558% | $1 | $ 2 | $ 100 | $ (1) | |||||||||
Deutsche Bank AG | Berkshire Hathaway Inc. 1.900% due 01/31/2017 | Sell | 1.000 | 12/20/2023 | 1.295 | (8) | (9) | 400 | 1 | |||||||||
Goldman Sachs International | Citigroup Inc. 6.130% due 05/15/2018 | Sell | 1.000 | 03/20/2019 | 0.630 | 1 | 1 | 100 | — | |||||||||
Goldman Sachs International | Dow Jones CDX North America High Yield Index Series 23 | Sell | 5.000 | 12/20/2019 | 1.586 | 39 | 42 | 300 | (3) | |||||||||
Goldman Sachs International | Federative Republic of Brazil 4.250% due 01/07/2025 | Sell | 1.000 | 12/20/2016 | 0.693 | — | (2) | 100 | 2 | |||||||||
Deutsche Bank AG | Kingdom of Spain 5.500% due 07/30/2017 | Sell | 1.000 | 06/20/2016 | 0.138 | 1 | 4 | 300 | (3) | |||||||||
Morgan Stanley Capital Services LLC | Kingdom of Spain 5.500% due 07/30/2017 | Sell | 1.000 | 12/20/2019 | 0.657 | 7 | 4 | 500 | 3 | |||||||||
Goldman Sachs International | Kraft Heinz Foods Company 6.380% due 07/15/2028 | Buy | 1.000 | 09/20/2018 | 0.170 | (1) | (1) | 50 | — | |||||||||
Goldman Sachs International | MetLife, Inc. 4.750% due 02/08/2021 | Sell | 1.000 | 12/20/2020 | 1.109 | — | 1 | 100 | (1) | |||||||||
Barclays Bank plc | Republic of Italy 6.880% due 09/27/2023 | Sell | 1.000 | 12/20/2019 | 0.933 | 2 | (4) | 500 | 6 | |||||||||
Deutsche Bank AG | Republic of Italy 6.880% due 09/27/2023 | Sell | 1.000 | 06/20/2019 | 0.839 | 2 | (1) | 400 | 3 | |||||||||
Deutsche Bank AG | Republic of Italy 6.880% due 09/27/2023 | Sell | 1.000 | 09/20/2019 | 0.890 | 1 | 1 | 200 | — | |||||||||
HSBC Bank USA NA | Republic of Italy 6.880% due 09/27/2023 | Sell | 1.000 | 06/20/2017 | 0.379 | 3 | 4 | 400 | (1) | |||||||||
HSBC Bank USA NA | Republic of Italy 6.880% due 09/27/2023 | Sell | 1.000 | 03/20/2019 | 0.801 | 1 | (2) | 100 | 3 | |||||||||
Morgan Stanley Capital Services LLC | Republic of Italy 6.880% due 09/27/2023 | Sell | 1.000 | 12/20/2019 | 0.933 | — | (1) | 100 | 1 | |||||||||
JP Morgan Chase Bank NA | State of Qatar 9.750% due 06/15/2030 | Sell | 1.000 | 06/20/2019 | 0.578 | 1 | 2 | 100 | (1) | |||||||||
Credit Default Swaps | $ 9 | |||||||||||||||||
Total Swaps | $(291) |
Portfolio of Investments—Continued
Counterparty | Borrowing Rate | Borrowing Date | Maturity Date | Proceeds (000s) | Value (000s) | |||||
Royal Bank of Scotland | 0.470–0.610% | 04/19/2016 – 04/22/2016 | 05/03/2016 – 07/22/2016 | $1,653 | $(1,653) | |||||
Société Générale | 0.200–0.450 | 04/19/2016 – 04/29/2016 | 05/03/2015 – 05/05/2016 | 2,317 | (2,317) | |||||
$ (3,970) |
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Investments in Securities | ||||||||
Asset-Backed Securities | $ — | $ 5,775 | $— | $ 5,775 | ||||
Bank Loan Obligations | — | 100 | — | 100 | ||||
Collateralized Mortgage Obligations | — | 2,196 | — | 2,196 | ||||
Corporate Bonds & Notes | — | 5,324 | — | 5,324 | ||||
Foreign Government Obligations | — | 1,462 | — | 1,462 | ||||
Mortgage Pass-Through | — | 158 | — | 158 | ||||
Municipal Bonds | — | 603 | — | 603 | ||||
Preferred Stocks | 9 | — | — | 9 | ||||
Purchased Options | — | 63 | — | 63 | ||||
U.S. Government Obligations | — | 7,066 | — | 7,066 | ||||
Total Investments in Securities | $ 9 | $22,747 | $— | $22,756 | ||||
Financial Derivative Instruments - Assets | ||||||||
Forward Currency Contracts | $ — | $ 641 | $— | $ 641 | ||||
Futures Contracts | — | — | — | — | ||||
Swap Agreements | — | 85 | — | 85 | ||||
Total Financial Derivative Instruments - Assets | $ — | $ 726 | $— | $ 726 | ||||
Liability Category | ||||||||
Reverse Repurchase Agreements | $ — | $ (3,970) | $— | $ (3,970) | ||||
Financial Derivative Instruments - Liabilities | ||||||||
Forward Currency Contracts | $ — | $ (106) | $— | $ (106) | ||||
Futures Contracts | (95) | — | — | (95) | ||||
Swap Agreements | — | (376) | — | (376) | ||||
Written Options | (6) | (65) | — | (71) | ||||
Total Financial Derivative Instruments-Liabilities | $(101) | $ (547) | $— | $ (648) | ||||
Total Investments | $ (92) | $18,956 | $— | $18,864 |
Overnight and Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total | |||||
Reverse Repurchase Agreements | |||||||||
U.S. Treasury Obligations | $— | $(2,422) | $(1,548) | $— | $(3,970) |
Portfolio of Investments—Continued
1 | Floating rate security. The stated rate represents the rate in effect at April 30, 2016. |
2 | CLO after the name of a security stands for Collateralized Loan Obligation. |
3 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. These securities are priced by an independent pricing service in accordance with Harbor Funds Valuation Procedures. At April 30, 2016, the aggregate value of these securities was $3,184 (in 000s) or approximately 16% of net assets. |
4 | Step coupon security. The stated rate represents the rate in effect at April 30, 2016. |
5 | Variable rate security. The stated rate represents the rate in effect at April 30, 2016. |
6 | Perpetuity bond. The maturity date represents the next callable date. |
7 | MTN after the name of a security stands for Medium Term Note. |
8 | Zero coupon bond. |
9 | Security has been deemed illiquid at April 30, 2016. |
10 | Real estate mortgage investment conduits (“REMICs”) are collateralized mortgage obligations which can hold mortgages secured by any type of real property and issue multiple-class securities backed by those mortgages. |
11 | At April 30, 2016, a portion of securities held by the Fund were pledged to cover margin requirements for open future contracts, written options on futures contracts and swap options (see Note 2 of the accompanying Notes to Financial Statements). The securities pledged had an aggregate value of $8,773 (000s) or approximately 45% of net assets. |
12 | Inflation-protected securities (“IPS”) are securities in which the principal amount is adjusted for inflation and interest payments are applied to the inflation-adjusted principal. |
b | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
c | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
d | Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
e | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
f | The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
R$ | Brazilian Real |
£ | British Pound |
€ | Euro |
¥ | Japanese Yen |
MEX$ | Mexican Peso |
Statements of Assets and Liabilities—April 30, 2016 (Unaudited)
Harbor Commodity Real Return Strategy Fund (Consolidated) | Harbor Unconstrained Bond Fund | |
ASSETS | ||
Investments, at identified cost* | $118,152 | $21,849 |
Investments, at value (excluding $1 and $0 in purchased options which settle through variation margin) | $104,103 | $22,756 |
Repurchase agreements | 15,911 | — |
Cash-restricted | 460 | 445 |
Cash | 289 | 2 |
Foreign currency, at value (cost: $351 and $49) | 358 | 51 |
Receivables for: | ||
Investments sold | 8,879 | 380 |
Foreign currency spot contracts | 16 | 9 |
Capital shares sold | 11 | — |
Interest | 272 | 115 |
Unrealized appreciation on open forward currency contracts | 142 | 641 |
Unrealized appreciation on OTC swap agreements | 5,321 | 31 |
Swap premiums paid | 11 | 44 |
Variation margin on options and futures contracts | 42 | 12 |
Variation margin on centrally cleared swap agreements | 38 | — |
Options sold | 46 | — |
Prepaid registration fees | 1 | 17 |
Other assets | 49 | 15 |
Total Assets | 135,949 | 24,518 |
LIABILITIES | ||
Payables for: | ||
Due to broker | 2,133 | 521 |
Investments purchased | 6,595 | 383 |
Foreign currency spot contracts | — | 15 |
Capital shares reacquired | 51 | 15 |
Interest on investments sold short | 1 | — |
Interest on reverse repurchase agreements | — | 1 |
Investments sold short, at value (proceeds: $116 and $0) | 117 | — |
Written options not settled through variation margin, at value (premiums received: $308 and $71) | 256 | 68 |
Unrealized depreciation on OTC swap agreements | 978 | 81 |
Reverse repurchase agreements | — | 3,970 |
Sale-buyback financing transactions | 43,964 | — |
Variation margin on options and futures contracts | 1 | — |
Variation margin on centrally cleared swap agreements | — | 8 |
Unrealized depreciation on open forward currency contracts | 977 | 106 |
Accrued expenses: | ||
Management fees | 52 | 10 |
Transfer agent fees | 5 | 1 |
Trustees' fees and expenses | 1 | — |
Other | 92 | 25 |
Total Liabilities | 55,223 | 5,204 |
NET ASSETS | $ 80,726 | $19,314 |
Net Assets Consist of: | ||
Paid-in capital | $110,958 | $20,703 |
Accumulated undistributed net investment income/(loss) | 1,681 | (700) |
Accumulated net realized gain/(loss) | (36,757) | (1,744) |
Unrealized appreciation/(depreciation) of investments and translation of assets and liabilities in foreign currencies | 1,123 | 904 |
Unrealized appreciation/(depreciation) of other financial instruments | 3,721 | 151 |
$ 80,726 | $19,314 |
Harbor Commodity Real Return Strategy Fund (Consolidated) | Harbor Unconstrained Bond Fund | |||
NET ASSET VALUE PER SHARE BY CLASS | ||||
Institutional Class | ||||
Net assets | $80,248 | $18,894 | ||
Shares of beneficial interest1 | 21,700 | 1,907 | ||
Net asset value per share2 | $ 3.70 | $ 9.91 | ||
Administrative Class | ||||
Net assets | $ 478 | $ 420 | ||
Shares of beneficial interest1 | 130 | 43 | ||
Net asset value per share2 | $ 3.68 | $ 9.87 |
* | Including repurchase agreements and short-term investments. |
1 | Par value $0.01 (unlimited authorizations). |
2 | Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded to thousands. |
Statements of Operations—Six Months Ended April 30, 2016 (Unaudited)
Harbor Commodity Real Return Strategy Fund (Consolidated) | Harbor Unconstrained Bond Fund | |
Investment Income | ||
Interest | $ 608 | $ 419 |
Total Investment Income | 608 | 419 |
Operating Expenses | ||
Management fees | 336 | 92 |
12b-1 fees: | ||
Administrative Class | 1 | 1 |
Shareholder communications | 24 | 1 |
Custodian fees | 103 | 50 |
Transfer agent fees: | ||
Institutional Class | 29 | 7 |
Administrative Class | — | — |
Professional fees | 2 | 1 |
Trustees' fees and expenses | 1 | — |
Registration fees | 21 | 16 |
Miscellaneous | 4 | 3 |
Expenses before interest expense | 521 | 171 |
Interest expense | 124 | 2 |
Total expenses | 645 | 173 |
Management fees waived | — | (27) |
Transfer agent fees waived | (1) | — |
Other expenses reimbursed | (129) | (57) |
Net expenses | 515 | 89 |
Net Investment Income/(Loss) | 93 | 330 |
Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions | ||
Net realized gain/(loss) on: | ||
Investments | (2,007) | 145 |
Foreign currency transactions | 1,102 | 48 |
Investments sold short | 9 | 34 |
Swap agreements | (15,056) | (800) |
Futures contracts | (724) | 45 |
Written options | 191 | 168 |
Change in net unrealized appreciation/(depreciation) on: | ||
Investments | 3,665 | 8 |
Forwards currency contracts | (1,711) | (163) |
Investments sold short | — | (4) |
Swap agreements | 10,015 | 424 |
Futures contracts | 502 | (12) |
Written options | (36) | (109) |
Translations of assets and liabilities in foreign currencies | 24 | (2) |
Net gain/(loss) on investment transactions | (4,026) | (218) |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ (3,933) | $ 112 |
Statements of Changes In Net Assets
Harbor Commodity Real Return Strategy Fund (Consolidated) | Harbor Unconstrained Bond Fund | ||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
INCREASE/(DECREASE) IN NET ASSETS | (Unaudited) | (Unaudited) | |||
Operations: | |||||
Net investment income/(loss) | $ 93 | $ 537 | $ 330 | $ 575 | |
Net realized gain/(loss) on investments | (16,485) | (47,320) | (360) | 270 | |
Change in net unrealized appreciation/(depreciation) of investments | 12,459 | (5,115) | 142 | (1,563) | |
Net increase/(decrease) in assets resulting from operations | (3,933) | (51,898) | 112 | (718) | |
Distributions to Shareholders | |||||
Net investment income: | |||||
Institutional Class | (1,958) | (6,835) | (557) | (1,482) | |
Administrative Class | (13) | (45) | (16) | (49) | |
Net realized gain on investments: | |||||
Institutional Class | — | — | — | — | |
Administrative Class | — | — | — | — | |
Total distributions to shareholders | (1,971) | (6,880) | (573) | (1,531) | |
Net Increase/(Decrease) Derived from Capital Share Transactions | (22,398) | (42,426) | (5,264) | (10,511) | |
Net increase/(decrease) in net assets | (28,302) | (101,204) | (5,725) | (12,760) | |
Net Assets | |||||
Beginning of period | 109,028 | 210,232 | 25,039 | 37,799 | |
End of period* | $ 80,726 | $ 109,028 | $19,314 | $ 25,039 | |
* Includes accumulated undistributed net investment income/(loss) of: | $ 1,681 | $ 3,559 | $ (700) | $ (457) |
Statements of Changes in Net Assets—Capital Stock Activity
Harbor Commodity Real Return Strategy Fund (Consolidated) | Harbor Unconstrained Bond Fund | ||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
(Unaudited) | (Unaudited) | ||||
AMOUNT ($) | |||||
Institutional Class | |||||
Net proceeds from sale of shares | $ 12,382 | $ 70,153 | $ 1,135 | $ 5,436 | |
Reinvested distributions | 1,912 | 6,405 | 552 | 1,451 | |
Cost of shares reacquired | (36,456) | (118,902) | (6,499) | (16,704) | |
Net increase/(decrease) in net assets | $(22,162) | $ (42,344) | $(4,812) | $ (9,817) | |
Administrative Class | |||||
Net proceeds from sale of shares | $ 12 | $ 243 | $ 7 | $ 143 | |
Reinvested distributions | 13 | 36 | 16 | 49 | |
Cost of shares reacquired | (261) | (361) | (475) | (886) | |
Net increase/(decrease) in net assets | $ (236) | $ (82) | $ (452) | $ (694) | |
SHARES | |||||
Institutional Class | |||||
Shares sold | 3,644 | 15,237 | 115 | 522 | |
Shares issued due to reinvestment of distributions | 589 | 1,334 | 56 | 141 | |
Shares reacquired | (10,725) | (25,823) | (662) | (1,610) | |
Net increase/(decrease) in shares outstanding | (6,492) | (9,252) | (491) | (947) | |
Beginning of period | 28,192 | 37,444 | 2,398 | 3,345 | |
End of period | 21,700 | 28,192 | 1,907 | 2,398 | |
Administrative Class | |||||
Shares sold | 4 | 54 | 1 | 14 | |
Shares issued due to reinvestment of distributions | 4 | 8 | 1 | 5 | |
Shares reacquired | (77) | (85) | (48) | (84) | |
Net increase/(decrease) in shares outstanding | (69) | (23) | (46) | (65) | |
Beginning of period | 199 | 222 | 89 | 154 | |
End of period | 130 | 199 | 43 | 89 |
Statement of Cash Flows— Six Months Ended April 30, 2016 (Unaudited)
Harbor Commodity Real Return Strategy Fund (Consolidated) | |
Cash flows operating activities: | |
Net decrease in net assets resulting from operations | $ (3,933) |
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | |
Purchases of long-term securities | (553,400) |
Proceeds from sales of long-term securities | 595,234 |
Proceeds from short-term portfolio investments, net | 4,105 |
Decrease in receivable for investments sold | 1,086 |
Increase in foreign spot contracts receivable | (16) |
Decrease in interest receivable | 218 |
Increase in swap premiums paid | (11) |
Decrease in variation margin on options and futures contracts | 29 |
Decrease in variation margin on swap agreements | 96 |
Decrease in other assets | 4 |
Increase in payable for investments purchased | 5,038 |
Decrease in interest on investments sold short | (4) |
Decrease in investments sold short | (2,196) |
Increase in premiums from written options not settled through variation margin | 16 |
Decrease in swap premiums received | (47) |
Decrease in management fees payable | (26) |
Decrease in transfer agent fees payable | (1) |
Increase in other liabilities | 34 |
Net change in unrealized appreciation/(depreciation) on investments | (3,665) |
Net change in unrealized appreciation/(depreciation) on forwards | 1,711 |
Net change in unrealized appreciation/(depreciation) on swaps | (8,789) |
Net change in unrealized appreciation/(depreciation) on written options | 36 |
Net realized loss on investments | 1,998 |
Net amortization and earned inflation component | (129) |
Net cash provided by operating activities | 37,388 |
Cash flows used for financing activities: | |
Proceeds from shares sold | 12,448 |
Payment on shares redeemed | (36,747) |
Cash dividends paid | (46) |
Decrease in sale-buyback financing transactions | (15,661) |
Increase in due to broker and cash restricted | 2,813 |
Net cash used for financing activities | (37,193) |
Net Increase in Cash and Foreign Currency | 195 |
Cash and Foreign Currency | |
Beginning of period | $ 452 |
End of period | 647 |
Reinvestment of dividends | $ 1,925 |
Supplemental disclosure of cash flow information: | |
Interest paid during the year | $ 124 |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR COMMODITY REAL RETURN STRATEGY FUND (Consolidated) | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 3.84 | $ 5.58 | $ 6.13 | $ 7.38 | $ 7.66 | $ 8.07 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | —* ,e | 0.02 e | 0.14 | 0.02 | 0.08 | 0.02 |
Net realized and unrealized gains/(losses) on investments | (0.06) | (1.56) | (0.55) | (1.17) | 0.01 | 0.41 |
Total from investment operations | (0.06) | (1.54) | (0.41) | (1.15) | 0.09 | 0.43 |
Less Distributions | ||||||
Dividends from net investment income | (0.08) | (0.20) | (0.01) | (0.08) | (0.11) | (0.65) |
Distributions from net realized capital gains1 | — | — | (0.13) | (0.02) | (0.26) | (0.19) |
Total distributions | (0.08) | (0.20) | (0.14) | (0.10) | (0.37) | (0.84) |
Proceeds from redemption fees | — | — | — | —* | —* | —* |
Net asset value end of period | 3.70 | 3.84 | 5.58 | 6.13 | 7.38 | 7.66 |
Net assets end of period (000s) | $80,248 | $108,267 | $208,996 | $318,937 | $348,315 | $301,478 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.38)% c | (28.36)% | (6.82)% | (15.76)% | 1.73% | 5.56% |
Ratio of total expenses to average net assets2 | 1.55 d | 1.28 | 1.04 | 1.03 | 1.09 | 1.05 |
Ratio of net expenses to average net assetsa | 1.24 d | 1.08 | 0.98 | 0.98 | 1.00 | 0.94 |
Ratio of net expenses excluding interest expense to average net assetsa | 0.94 d | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 |
Ratio of net investment income (loss) to average net assetsa | 0.22 d | 0.36 | 1.23 | 0.45 | 1.21 | 1.79 |
Portfolio turnover | 490 c | 784 | 635 | 532 | 474 | 581 |
HARBOR UNCONSTRAINED BOND FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 10.07 | $ 10.80 | $ 10.59 | $ 10.65 | $ 10.18 | $ 10.35 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.15 e | 0.19 e | 0.15 | 0.14 | 0.21 | 0.14 |
Net realized and unrealized gains/(losses) on investments | (0.05) | (0.46) | 0.09 | 0.02 | 0.55 | (0.22) |
Total from investment operations | 0.10 | (0.27) | 0.24 | 0.16 | 0.76 | (0.08) |
Less Distributions | ||||||
Dividends from net investment income | (0.26) | (0.46) | (0.03) | (0.22) | (0.21) | (0.09) |
Distributions from net realized capital gains1 | — | — | — | — | (0.08) | — |
Total distributions | (0.26) | (0.46) | (0.03) | (0.22) | (0.29) | (0.09) |
Net asset value end of period | 9.91 | 10.07 | 10.80 | 10.59 | 10.65 | 10.18 |
Net assets end of period (000s) | $18,894 | $ 24,151 | $ 36,137 | $ 42,054 | $ 30,551 | $ 25,922 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 1.00% c | (2.61)% | 2.26% | 1.56% | 7.68% | (0.74)% |
Ratio of total expenses to average net assets2 | 1.59 d | 1.59 | 1.34 | 1.34 | 1.45 | 1.59 |
Ratio of net expenses to average net assetsa | 0.82 d | 1.06 | 1.05 | 1.05 | 1.07 | 1.05 |
Ratio of net expenses excluding interest expense to average net assetsa | 0.80 d | 1.05 | 1.05 | 1.05 | 1.05 | 1.05 |
Ratio of net investment income (loss) to average net assetsa | 3.04 d | 1.83 | 1.15 | 1.42 | 2.26 | 1.86 |
Portfolio turnover | 269 c | 784 | 417 | 1,440 | 1,262 | 1,067 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$ 3.82 | $ 5.56 | $ 6.12 | $ 7.37 | $ 7.65 | $ 8.06 |
—* ,e | 0.01 e | 0.03 | 0.02 | 0.08 | (0.18) |
(0.07) | (1.56) | (0.45) | (1.18) | — | 0.59 |
(0.07) | (1.55) | (0.42) | (1.16) | 0.08 | 0.41 |
(0.07) | (0.19) | (0.01) | (0.07) | (0.10) | (0.63) |
— | — | (0.13) | (0.02) | (0.26) | (0.19) |
(0.07) | (0.19) | (0.14) | (0.09) | (0.36) | (0.82) |
— | — | — | —* | —* | —* |
3.68 | 3.82 | 5.56 | 6.12 | 7.37 | 7.65 |
$ 478 | $ 761 | $1,236 | $ 1,142 | $1,427 | $1,132 |
(1.72)% c | (28.52)% | (7.06)% | (15.93)% | 1.50% | 5.31% |
1.80 d | 1.53 | 1.29 | 1.27 | 1.34 | 1.31 |
1.49 d | 1.33 | 1.23 | 1.23 | 1.26 | 1.19 |
1.19 d | 1.19 | 1.19 | 1.19 | 1.19 | 1.19 |
(0.07) d | 0.18 | 1.40 | 0.11 | 1.13 | 1.59 |
490 c | 784 | 635 | 532 | 474 | 581 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$10.02 | $10.75 | $10.56 | $10.63 | $10.17 | $10.34 |
0.13 e | 0.17 e | 0.08 | 0.08 | 0.27 | 0.14 |
(0.04) | (0.46) | 0.13 | 0.06 | 0.46 | (0.24) |
0.09 | (0.29) | 0.21 | 0.14 | 0.73 | (0.10) |
(0.24) | (0.44) | (0.02) | (0.21) | (0.19) | (0.07) |
— | — | — | — | (0.08) | — |
(0.24) | (0.44) | (0.02) | (0.21) | (0.27) | (0.07) |
9.87 | 10.02 | 10.75 | 10.56 | 10.63 | 10.17 |
$ 420 | $ 888 | $1,662 | $1,225 | $ 703 | $ 944 |
0.88% c | (2.82)% | 2.01% | 1.30% | 7.38% | (0.93)% |
1.84 d | 1.84 | 1.59 | 1.59 | 1.70 | 1.85 |
1.07 d | 1.31 | 1.30 | 1.31 | 1.32 | 1.30 |
1.05 d | 1.30 | 1.30 | 1.30 | 1.30 | 1.30 |
2.74 d | 1.62 | 0.89 | 1.15 | 2.03 | 1.58 |
269 c | 784 | 417 | 1,440 | 1,262 | 1,067 |
Selected Data for a Share Outstanding for the Periods Presented
* | Less than $0.01 |
1 | Includes both short-term and long-term capital gains. |
2 | Percentage does not reflect reduction for credit balance arrangements (see Note 2 of the accompanying Notes to Financial Statements). |
a | Reflects the Adviser’s waiver, if any, of its management fees and/or other operating expenses. |
b | The total returns would have been lower had certain expenses not been waived during the periods shown. |
c | Unannualized |
d | Annualized |
e | Amounts are allocated based upon average shares outstanding during the period. |
Notes to Financial Statements—April 30, 2016 (Unaudited)
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Level 1– | Quoted prices in active markets for identical securities. |
Level 2– | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
Level 3– | Significant unobservable inputs are used in situations where quoted prices or other observable inputs are not available or are deemed unreliable. Significant unobservable inputs may include the Funds’ own assumptions. |
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Category of Aggregate Short-Term Borrowings | Balance at End of the Period (000s) | Current Interest Rate | Maximum Amount Outstanding During the Period (000s) | Average Daily Amount Outstanding During the Period (000s) | Average Interest Rate During the Period | |||||
Reverse repurchase agreements | $3,970 | 0.200-0.610% | $29,656 | $2,600 | 0.440% |
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Purchases (000s) | Sales (000s) | ||||||
U.S. Government | Other | U.S. Government | Other | ||||
Harbor Commodity Real Return Strategy Fund (Consolidated) | $557,735 | $9,245 | $586,985 | $17,461 | |||
Harbor Unconstrained Bond Fund | 58,841 | 1,116 | 53,275 | 7,681 |
British Pound Futures* | Commodity Futures | Commodity Futures* | |||||||||
No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | ||||||
Options outstanding at beginning of year | 86 | $ 2 | 1,200,042 | $ 20 | — | $— | |||||
Options opened | 91 | 4 | 5,809,167 | 72 | 7 | 4 | |||||
Options closed | — | — | (30) | (14) | — | — | |||||
Options exercised | (60) | (4) | (7) | (8) | (7) | (4) | |||||
Options expired | — | — | (3,839,151) | (36) | — | — | |||||
Open at 4/30/2016 | 117 | $ 2 | 3,170,021 | $ 34 | — | $— |
Currency Options | Eurodollar Futures* | Swap Options | |||||||||
No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | ||||||
Options outstanding at beginning of year | 1,970,000 | 35 | — | $— | 22,200,000 | $ 237 | |||||
Options opened | 2,390,000 | 15 | 5 | 3 | 33,700,000 | 249 | |||||
Options closed | — | — | — | — | (4,700,000) | (145) | |||||
Options exercised | (1,420,000) | (14) | — | — | (18,000,000) | (64) | |||||
Options expired | (1,800,000) | (30) | — | — | (2,300,000) | (8) | |||||
Open at 4/30/2016 | 1,140,000 | $ 6 | 5 | $ 3 | 30,900,000 | $ 269 |
* | Options in this category require periodic settlement of variation margin. |
Notes to Financial Statements—Continued
Currency Options | Eurodollar Futures* | Interest Rate Options | |||||||||
No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | ||||||
Options outstanding at beginning of year | 1,979,000 | $ 21 | — | $— | 1,000,000 | $ 1 | |||||
Options opened | 3,100,000 | 33 | 5 | 3 | — | — | |||||
Options closed | (1,600,000) | (13) | — | — | (1,000,000) | (1) | |||||
Options exercised | — | — | (2) | (1) | — | — | |||||
Options expired | (3,279,000) | (37) | — | — | — | — | |||||
Open at 4/30/2016 | 200,000 | $ 4 | 3 | $ 2 | — | $— |
Swap Options | U.S. Treasury Futures | ||||||
No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | ||||
Options outstanding at beginning of year | 24,700,000 | $ 204 | — | $— | |||
Options opened | 8,100,000 | 64 | 24 | 8 | |||
Options closed | (5,800,000) | (110) | (13) | (4) | |||
Options exercised | (3,300,000) | (31) | — | — | |||
Options expired | (18,000,000) | (64) | — | — | |||
Open at 4/30/2016 | 5,700,000 | $ 63 | 11 | $ 4 |
* | Options in this category require periodic settlement of variation margin. |
Contractual Rate | Actual Rate | ||
Harbor Commodity Real Return Strategy Fund (Consolidated) | 0.81% | 0.81% | |
Harbor Unconstrained Bond Fund | 0.85 a | 0.60 |
a | Effective March 1, 2016, the Adviser has contractually agreed to reduce the management fee to 0.60% on all assets through February 28, 2017. The Adviser voluntarily agreed to reduce the management fee to 0.60% on all assets from November 1, 2015 through February 29, 2016. |
Notes to Financial Statements—Continued
Transfer Agent Feesa | |
Institutional Class | 0.080% of the average daily net assets of all Institutional shares |
Administrative Class | 0.080% of the average daily net assets of all Administrative shares |
a | For the period November 1, 2015 through February 29, 2016, the Transfer Agent Fees for Institutional and Administrative Class shares were 0.065%. |
Number of Shares Owned by Harbor Capital, Harbor Funds Distributors, and Harbor Services Group | Percentage of Outstanding Shares | ||||||
Institutional Class | Administrative Class | Total | |||||
Harbor Commodity Real Return Strategy Fund (Consolidated) | 79,794 | — | 79,794 | 0.4% | |||
Harbor Unconstrained Bond Fund | 345,000 | 17,047 | 362,047 | 18.6 |
Notes to Financial Statements—Continued
Identified Cost (000s) | Gross Unrealized | Net Unrealized Appreciation/ (Depreciation) (000s) | |||||
Appreciation (000s) | (Depreciation) (000s) | ||||||
Harbor Commodity Real Return Strategy Fund (Consolidated)* | $118,152 | $3,015 | $(1,152) | $1,863 | |||
Harbor Unconstrained Bond Fund * | 21,849 | 1,109 | (202) | 907 |
* | Capital loss carryforwards are available, which may reduce taxable income from future net realized gain on investments. |
Notes to Financial Statements—Continued
Statement of Assets and Liabilities Caption | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Commodity Contracts (000s) | Total (000s) | ||||||||||
Assets | |||||||||||||||
Investments, at value (purchased options) | $ 162 | $ — | $ — | $ 37 | $ 199 | ||||||||||
Unrealized appreciation on open forward currency contracts | — | 142 | — | — | 142 | ||||||||||
Unrealized appreciation on OTC swap agreementsb | 369 | — | — | 4,952 | 5,321 | ||||||||||
Variation margin on centrally cleared swap agreementsa,b | 366 | — | — | — | 366 | ||||||||||
Variation margin on options and futures contracts (futures)a | 51 | — | — | 639 | 690 | ||||||||||
Variation margin on options and futures contracts (options)a | 1 | — | — | — | 1 | ||||||||||
Liabilities | |||||||||||||||
Unrealized depreciation on open forward currency contracts | $ — | $(977) | $ — | $ — | $ (977) | ||||||||||
Unrealized depreciation on OTC swap agreementsb | (886) | — | (5) | (87) | (978) | ||||||||||
Variation margin on centrally cleared swap agreementsa,b | (472) | — | (24) | — | (496) | ||||||||||
Variation margin on options and futures contracts (futures)a | (4) | — | — | (397) | (401) | ||||||||||
Variation margin on options and futures contracts (options)a | (4) | — | — | — | (4) | ||||||||||
Written options, at value | (227) | (5) | — | (24) | (256) |
Statement of Assets and Liabilities Caption | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) | ||||||||
Assets | ||||||||||||
Investments, at value (purchased options) | $ 52 | $ 11 | $ — | $ 63 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 641 | — | 641 | ||||||||
Unrealized appreciation on OTC swap agreementsb | 12 | — | 19 | 31 | ||||||||
Variation margin on centrally cleared swap agreementsa,b | 54 | — | — | 54 | ||||||||
Liabilities | ||||||||||||
Unrealized depreciation on open forward currency contracts | $(106) | $(106) | ||||||||||
Unrealized depreciation on OTC swap agreementsb | (71) | — | (10) | (81) | ||||||||
Variation margin on centrally cleared swap agreementsa,b | (295) | — | — | (295) | ||||||||
Variation margin on options and futures contracts (futures)a | (95) | — | — | (95) | ||||||||
Variation margin on options and futures contracts (options)a | (3) | — | — | (3) | ||||||||
Written options, at value | (67) | (1) | — | (68) |
a | Includes cumulative appreciation/depreciation of contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
b | Net of premiums paid of $11 and $44 for Harbor Commodity Real Return Strategy Fund and Harbor Unconstrained Bond Fund, respectively. |
Notes to Financial Statements—Continued
Net Realized Gain/(Loss) on Derivatives | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Commodity Contracts (000s) | Total (000s) | |||||
Forward currency contracts | $ — | $1,096 | $— | $ — | $ 1,096 | |||||
Futures contracts | (182) | — | — | (542) | (724) | |||||
Investments (purchased options) | (141) | — | — | — | (141) | |||||
Investments sold short | 9 | — | — | — | 9 | |||||
Written options | 161 | 30 | — | — | 191 | |||||
Swaps agreements | (3,007) | — | 19 | (12,068) | (15,056) | |||||
Net realized gain/(loss) on derivatives | $(3,160) | $1,126 | $ 19 | $(12,610) | $(14,625) |
Change in Unrealized Appreciation/(Depreciation) on Derivatives | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Commodity Contracts (000s) | Total (000s) | |||||
Forward currency contracts | $ — | $(1,711) | $ — | $ — | $ (1,711) | |||||
Futures contracts | — | — | — | 502 | 502 | |||||
Investments (purchased options) | (27) | 1 | — | 19 | (7) | |||||
Written options | (27) | (2) | 1 | (8) | (36) | |||||
Swaps agreements | 2,326 | — | (62) | 7,751 | 10,015 | |||||
Change in unrealized appreciation/(depreciation) on derivatives | $2,272 | $(1,712) | $(61) | $8,264 | $ 8,763 |
Net Realized Gain/(Loss) on Derivatives | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) | ||||
Forward currency contracts | $ — | $ 60 | $— | $ 60 | ||||
Futures contracts | 45 | — | — | 45 | ||||
Investments (purchased options) | (66) | (13) | — | (79) | ||||
Investments sold short | 34 | — | — | 34 | ||||
Written options | 121 | 47 | — | 168 | ||||
Swaps agreements | (824) | — | 24 | (800) | ||||
Net realized gain/(loss) on derivatives | $(690) | $ 94 | $ 24 | $(572) |
Change in Unrealized Appreciation/(Depreciation) on Derivatives | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) | ||||
Forward currency contracts | $ — | $(163) | $ — | $(163) | ||||
Futures contracts | (12) | — | — | (12) | ||||
Investments (purchased options) | 39 | 9 | — | 48 | ||||
Investments sold short | (4) | — | — | (4) | ||||
Written options | (103) | (5) | (1) | (109) | ||||
Swaps agreements | 481 | — | (57) | 424 | ||||
Change in unrealized appreciation/(depreciation) on derivatives | $ 401 | $(159) | $(58) | $ 184 |
Notes to Financial Statements—Continued
Counterparty | Repurchase Agreement Proceeds to be Received (000s) | Payable for Reverse Repurchase Agreements (000s) | Payable for Sale-Buyback Transactions (000s) | Payable for Short Sale (000s) | Total Borrowings and Other Financing Transactions (000s) | Collateral (Received)/ Pledged (000s) | Net Exposure (000s) | ||||||||||||||
Harbor Commodity Real Return Strategy Funda | |||||||||||||||||||||
Global/Master Repurchase Agreement | |||||||||||||||||||||
BNP Paribas S.A. | $ 6,300 | $— | $ — | $ — | $ 6,300 | $(6,300) | $ — | ||||||||||||||
Citigroup Global Markets, Inc. | 6,300 | — | — | — | 6,300 | (6,300) | — | ||||||||||||||
Deutsche Bank | 2,500 | — | — | — | 2,500 | (2,500) | — | ||||||||||||||
JP Morgan Chase & Co. | 200 | — | — | — | 200 | (200) | — | ||||||||||||||
State Street Bank | 611 | — | — | — | 611 | (611) | — | ||||||||||||||
Master Securities Forward Transactions Agreements | |||||||||||||||||||||
Barclays Capital Inc. | — | — | (5,115) | — | (5,115) | — | (5,115) | ||||||||||||||
BNP Paribas NY | (18,486) | — | (18,486) | — | (18,486) | ||||||||||||||||
Morgan Stanley & Co. Inc | — | — | (19,680) | (117) | (19,797) | — | (19,797) | ||||||||||||||
UBS Securities LLC | — | — | (683) | — | (683) | — | (683) | ||||||||||||||
Harbor Cayman Commodity Fund Ltd. (Subsidiary)b | |||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||
Total Borrowings and Other Financing Transactions | $15,911 | $— | $(43,964) | $(117) |
a | The Harbor Commodity Real Return Strategy Fund and its subsidiary, Harbor Cayman Commodity Fund Ltd. are recognized as two separate legal entities as such, exposure cannot be netted. |
b | Harbor Cayman Commodity Fund Ltd. had no borrowings or other financing transactions subject to a master agreement as of April 30, 2016. |
Notes to Financial Statements—Continued
Counterparty | Repurchase Agreement Proceeds to be Received (000s) | Payable for Reverse Repurchase Agreements (000s) | Payable for Sale-Buyback Transactions (000s) | Payable for Short Sale (000s) | Total Borrowings and Other Financing Transactions (000s) | Collateral (Received)/ Pledged (000s) | Net Exposure (000s) | ||||||||||||||
Global/Master Repurchase Agreement | |||||||||||||||||||||
Royal Bank of Scotland | $— | $(1,653) | $— | $— | $(1,653) | $1,653 | $— | ||||||||||||||
Societe Generale | — | (2,317) | — | — | (2,317) | 2,317 | — | ||||||||||||||
Total Borrowings and Other Financing Transactions | $— | $(3,970) | $— | $— |
Financial Derivative Assets | Financial Derivative Liabilities | Net Value of OTC Derivatives (000s) | Collateral (Received)/ Pledged* (000s) | Net Exposure (000s) | |||||||||||||||||||||||||||||
Counterparty | Forward Currency Contracts (000s) | Purchased Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | Forward Currency Contracts (000s) | Written Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | |||||||||||||||||||||||||
Harbor Commodity Real Return Strategy Funda | |||||||||||||||||||||||||||||||||
Australia and New Zealand Banking Group | $ 8 | $ — | $ — | $ 8 | $ (13) | $ — | $ — | $ (13) | $ (5) | $ — | $ (5) | ||||||||||||||||||||||
Bank of America NA | 55 | — | 132 | 187 | (108) | — | (1) | (109) | 78 | — | 78 | ||||||||||||||||||||||
Barclays Bank plc | — | — | — | — | (25) | (1) | (115) | (141) | (141) | — | (141) | ||||||||||||||||||||||
Barclays Capital | 7 | — | — | 7 | — | — | — | — | 7 | — | 7 | ||||||||||||||||||||||
BNP Paribas SA | — | — | 43 | 43 | (68) | (3) | (343) | (414) | (371) | 230 | (141) | ||||||||||||||||||||||
Credit Suisse International | 12 | 2 | 30 | 44 | — | (41) | (1) | (42) | 2 | — | 2 | ||||||||||||||||||||||
Deutsche Bank AG | 3 | 34 | — | 37 | (99) | (35) | (52) | (186) | (149) | 149 | — | ||||||||||||||||||||||
Goldman Sachs Bank USA | 7 | — | 136 | 143 | (193) | (8) | (166) | (367) | (224) | — | (224) | ||||||||||||||||||||||
HSBC Bank USA | 9 | — | — | 9 | (7) | — | — | (7) | 2 | — | 2 | ||||||||||||||||||||||
JP Morgan Chase Bank | 30 | — | — | 30 | (322) | — | — | (322) | (292) | — | (292) | ||||||||||||||||||||||
JP Morgan Chase Bank NA | 3 | — | — | 3 | (1) | (21) | (2) | (24) | (21) | 21 | — | ||||||||||||||||||||||
Morgan Stanley Capital Services LLC | — | 125 | 28 | 153 | — | (123) | (5) | (128) | 25 | — | 25 | ||||||||||||||||||||||
Royal Bank of Scotland plc | — | 1 | — | 1 | — | — | (200) | (200) | (199) | 199 | — | ||||||||||||||||||||||
Société Générale | — | — | — | — | (1) | — | — | (1) | (1) | — | (1) | ||||||||||||||||||||||
Société Générale Paris | — | — | — | — | — | — | (1) | (1) | (1) | — | (1) | ||||||||||||||||||||||
UBS AG | 7 | — | — | 7 | (140) | — | — | (140) | (133) | — | (133) | ||||||||||||||||||||||
UBS AG Stamford | — | — | — | — | — | — | (5) | (5) | (5) | — | (5) |
Notes to Financial Statements—Continued
HARBOR COMMODITY REAL RETURN STRATEGY FUND (CONSOLIDATED)—Continued
Financial Derivative Assets | Financial Derivative Liabilities | Net Value of OTC Derivatives (000s) | Collateral (Received)/ Pledged* (000s) | Net Exposure (000s) | |||||||||||||||||||||||||||||
Counterparty | Forward Currency Contracts (000s) | Purchased Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | Forward Currency Contracts (000s) | Written Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | |||||||||||||||||||||||||
Harbor Cayman Commodity Fund Ltd. (Subsidiary)a | |||||||||||||||||||||||||||||||||
Bank of America NA | $ — | $ — | $ 31 | $ 31 | $ — | $ — | $ — | $ — | $ 31 | $ — | $ 31 | ||||||||||||||||||||||
BNP Paribas SA | — | — | 96 | 96 | — | — | (1) | (1) | 95 | — | 95 | ||||||||||||||||||||||
Citibank NA | — | — | 687 | 687 | — | — | — | — | 687 | — | 687 | ||||||||||||||||||||||
Credit Suisse International | — | — | 182 | 182 | — | — | — | — | 182 | — | 182 | ||||||||||||||||||||||
Goldman Sachs Bank USA | — | — | 651 | 651 | — | — | (3) | (3) | 648 | — | 648 | ||||||||||||||||||||||
Goldman Sachs International | — | — | 62 | 62 | — | — | (20) | (20) | 42 | — | 42 | ||||||||||||||||||||||
JP Morgan Chase Bank NA | 1 | — | 326 | 327 | — | — | (63) | (63) | 264 | — | 264 | ||||||||||||||||||||||
Morgan Stanley Capital Services LLC | — | — | 2,723 | 2,723 | — | — | — | — | 2,723 | — | 2,723 | ||||||||||||||||||||||
Société Générale Paris | — | — | 194 | 194 | — | — | — | — | 194 | — | 194 | ||||||||||||||||||||||
Total Over-the-Counter Exposure | $142 | $162 | $5,321 | $5,625 | $(977) | $(232) | $(978) | $(2,184) |
* | Of the total collateral received and/or pledged listed in the table above, cash of $149,000 has been received as collateral. |
a | The Harbor Commodity Real Return Strategy Fund and its subsidiary, Harbor Cayman Commodity Fund Ltd. are recognized as two separate legal entities as such, exposure cannot be netted. |
Financial Derivative Assets | Financial Derivative Liabilities | Net Value of OTC Derivatives (000s) | Collateral (Received)/ Pledged (000s) | Net Exposure (000s) | ||||||||||||||||||
Counterparty | Forward Currency Contracts (000s) | Purchased Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | Forward Currency Contracts (000s) | Written Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | ||||||||||||||
Australia and New Zealand Banking Group | $ — | $— | $— | $ — | $ (12) | $ — | $ — | $ (12) | $ (12) | $— | $ (12) | |||||||||||
Bank of America Corp. | 160 | — | — | 160 | — | — | — | — | 160 | — | 160 | |||||||||||
Bank of America NA | 45 | 11 | — | 56 | (18) | (1) | (13) | (32) | 24 | — | 24 | |||||||||||
Barclays Bank plc | 40 | — | 6 | 46 | — | (1) | — | (1) | 45 | — | 45 | |||||||||||
Barclays Capital | 3 | — | — | 3 | — | — | — | — | 3 | — | 3 | |||||||||||
BNP Paribas SA | 15 | — | 1 | 16 | (1) | — | (4) | (5) | 11 | — | 11 | |||||||||||
Credit Suisse International | — | — | 1 | 1 | — | — | (5) | (5) | (4) | — | (4) | |||||||||||
Deutsche Bank AG | 167 | — | 9 | 176 | (25) | — | (25) | (50) | 126 | — | 126 | |||||||||||
Goldman Sachs Bank USA | — | 14 | 2 | 16 | (5) | (13) | (24) | (42) | (26) | — | (26) | |||||||||||
Goldman Sachs International | — | — | 2 | 2 | — | — | (4) | (4) | (2) | — | (2) | |||||||||||
HSBC Bank USA | 24 | — | — | 24 | (3) | — | — | (3) | 21 | — | 21 | |||||||||||
HSBC Bank USA NA | — | — | 3 | 3 | — | — | (1) | (1) | 2 | — | 2 | |||||||||||
JP Morgan Chase Bank | 3 | — | — | 3 | (19) | — | — | (19) | (16) | — | (16) | |||||||||||
JP Morgan Chase Bank NA | — | 6 | — | 6 | (4) | (15) | (1) | (20) | (14) | — | (14) | |||||||||||
Morgan Stanley Capital Services LLC | — | 30 | 7 | 37 | — | (35) | (4) | (39) | (2) | — | (2) | |||||||||||
Royal Bank of Scotland plc | — | 2 | — | 2 | — | — | — | — | 2 | — | 2 | |||||||||||
UBS AG | 184 | — | — | 184 | (19) | — | — | (19) | 165 | — | 165 | |||||||||||
Total Over-the-Counter Exposure | $641 | $ 63 | $ 31 | $735 | $(106) | $(65) | $(81) | $(252) |
Notes to Financial Statements—Continued
Fees and Expenses Example (Unaudited)
Annualized Expense Ratios | Expenses Paid During Period* | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor Commodity Real Return Strategy Fund | ||||||||
Institutional Class | 0.94% | |||||||
Actual | $4.64 | $1,000 | $ 986.20 | |||||
Hypothetical (5% return) | 4.72 | 1,000 | 1,020.07 | |||||
Administrative Class | 1.19% | |||||||
Actual | $5.87 | $1,000 | $ 982.80 | |||||
Hypothetical (5% return) | 5.97 | 1,000 | 1,018.80 | |||||
Harbor Unconstrained Bond Fund | ||||||||
Institutional Class | 0.80% | |||||||
Actual | $4.00 | $1,000 | $1,010.00 | |||||
Hypothetical (5% return) | 4.02 | 1,000 | 1,020.79 | |||||
Administrative Class | 1.05% | |||||||
Actual | $5.24 | $1,000 | $1,008.80 | |||||
Hypothetical (5% return) | 5.27 | 1,000 | 1,019.51 |
* | Reflective of all fee waivers and expense reimbursements. |
** | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
Additional Information (Unaudited)
Additional Information—Continued
• | the nature, extent, and quality of the services provided by the Adviser, including the background, education, expertise and experience of the investment professionals of the Adviser who provide services to the Funds; |
• | the favorable history, reputation, qualifications and background of the Adviser, as well as the qualifications of its personnel; |
• | the profitability of the Adviser with respect to each Fund, including the effect of revenues of Harbor Services Group, Inc. (“Harbor Services Group”), the Funds’ transfer agent, and Harbor Funds Distributors, Inc. (“Harbor Funds Distributors”), the Funds’ principal underwriter, on such profitability; |
• | the fees charged by the Adviser for investment advisory services, respectively, including, in each case, the portion of the fee to be retained by the Adviser, after payment of the Subadviser’s fee, for the advisory and related services, including investment, business, legal, compliance, financial and administrative services, that the Adviser provides; |
• | the extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund’s advisory fee level reflects any economies of scale for the benefit of Fund investors; |
• | the fees and expense ratios of each Fund relative to the quality of services provided and the fees and expense ratios of similar investment companies; |
• | the short- and long-term investment performance of each Fund in comparison to peer groups and certain relevant benchmark indices and the Adviser’s efforts to address circumstances of underperformance where applicable; |
• | the compensation received by Harbor Services Group and Harbor Funds Distributors in consideration of the services each provides to the Funds, and any other “fall out” benefits that inure to the Adviser and its affiliates as a result of their relationship with the Funds; |
• | information received at regular meetings throughout the year related to Fund performance and services rendered by the Adviser, as well as the Subadviser, and research arrangements with brokers who execute transactions on behalf of the Subadviser; |
• | information contained in materials provided by the Adviser and compiled by Access Data Corp., a Broadridge entity (“Broadridge”), as to the investment returns, advisory fees and total expense ratios of the Institutional Class of each Fund (and, in certain cases, total expense ratios of certain other classes) relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge; and |
• | information contained in materials compiled by Morningstar, Inc. (“Morningstar”) as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers. |
• | the nature, extent, and quality of the services provided by the Subadviser, including the background, education, expertise and experience of the investment professionals of the Subadviser providing services to the Funds; |
• | the favorable history, reputation, qualifications and background of the Subadviser, as well as the qualifications of their respective personnel; |
• | the fees charged by the Subadviser for subadvisory services, which fees are paid by the Adviser, not by the Funds; |
• | information contained in materials provided by the Adviser and compiled by Broadridge as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge; and |
Additional Information—Continued
• | information contained in materials compiled by Morningstar as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers. |
Additional Information—Continued
Additional Information—Continued
Additional Information—Continued
Name (Age) Position(s) with Fund | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years | Number of Portfolios In Fund Complex Overseen By Trustee | Other Directorships Of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES | ||||
Scott M. Amero (52) Trustee | Since 2014 | Chairman (2015-Present) and Trustee (2011-2015), Rare (conservation non-profit); Trustee, Berkshire School (2014–Present); BlackRock, Inc., (publicly traded investment management firm) Vice Chairman and Global Chief Investment Officer, Fixed Income (2010), Vice Chairman and Global Chief Investment Officer, Fixed Income, and Co-Head, Fixed Income Portfolio Management (2007-2010). | 30 | None |
Raymond J. Ball (71) Trustee | Since 2006 | Sidney Davidson Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (2000-Present); Academic Affiliate, Analysis Group (litigation consulting firm) (2000-Present); Financial Reporting Faculty Advisory Group of the Institute of Chartered Accountants in England and Wales (2008-Present); and Advisory Board of the Center for Accounting Research & Education at University of Notre Dame (2006-Present). | 30 | None |
Donna J. Dean (64) Trustee | Since 2010 | Chief Investment Officer of the Rockefeller Foundation (a private foundation) (1995-Present); and Trustee of Queens University of Charlotte, North Carolina (2000-2014). | 30 | None |
Randall A. Hack (69) Trustee | Since 2010 | Founder and Senior Managing Director of Capstone Capital LLC (a private investment firm) (2003-Present); Director of Tower Development Corporation (cell tower developer) (2009-Present); and Advisory Director of Berkshire Partners (a private equity firm) (2002-2013). | 30 | Director of FiberTower Corporation (2002-2011). |
Robert Kasdin (58) Trustee | Since 2014 | Senior Vice President and Chief Operating Officer, Johns Hopkins Medicine (2015-Present); Senior Executive Vice President, Columbia University (2002-2015); Trustee, National September 11 Memorial & Museum at the World Trade Center (2005-Present); Trustee, The Metropolitan Museum of Art (2014-2015); Trustee (2004-2014) and President of the Board of Trustees (2006-2011), The Dalton School; Trustee, ARTstor Digital Library (a nonprofit digital images resource) (2013-Present); Director, Apollo Commercial Real Estate Finance, Inc. (2014-Present); and Director, Noranda Aluminum Holdings Corp. (2007-2014). | 30 | Director of Noranda Aluminum Holdings Corporation (2007-2014); Director of Apollo Commercial Real Estate Finance, Inc. (2014-Present). |
Rodger F. Smith (75) Trustee | Since 1987 | Managing Director, Greenwich Associates (a research based consulting firm) (1976-Present); and Chair of Trust Advisory Committee of Tau Beta Pi Association (engineering honor society) (1985-Present). | 30 | None |
Ann M. Spruill (62) Trustee | Since 2014 | Partner (1993-2008), Member of Executive Committee (1996-2008), Member Board of Directors (2002-2008), Grantham, Mayo, Van Otterloo & Co, LLC (private investment management firm) (with the firm since 1990); Member Investment Committee and Chair of Global Equities, Museum of Fine Arts, Boston (2000-Present); and Trustee, Financial Accounting Foundation (2014-Present). | 30 | None |
Additional Information—Continued
Name (Age) Position(s) with Fund | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years | Number of Portfolios In Fund Complex Overseen By Trustee | Other Directorships Of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years |
INTERESTED TRUSTEE | ||||
David G. Van Hooser (69)* Chairman, Trustee and President | Since 2000 | President (2002-Present), Director and Chairman of the Board (2000-Present), Harbor Capital Advisors, Inc.; Chief Executive Officer (2007-Present), Chief Financial Officer (2012-2015), Treasurer (2007-2012) and Director (2000-Present), Harbor Funds Distributors, Inc.; and Director (2000-Present), Harbor Services Group, Inc. | 30 | None |
Name (Age) Position(s) with Fund Address | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years |
FUND OFFICERS NOT LISTED ABOVE** | ||
Charles F. McCain (46) Chief Compliance Officer | Since 2004 | Executive Vice President and General Counsel (2004-Present) and Chief Compliance Officer (2004-2014), Harbor Capital Advisors, Inc.; Director (2007-Present) and Chief Compliance Officer (2004-Present), Harbor Services Group, Inc.; and Director, Executive Vice President and Chief Compliance Officer (2007-Present), Harbor Funds Distributors, Inc. |
Anmarie S. Kolinski (44) Treasurer | Since 2007 | Executive Vice President and Chief Financial Officer (2007-Present), Harbor Capital Advisors, Inc.; Chief Financial Officer (2007-Present), Harbor Services Group, Inc.; and Chief Financial Officer (2015-Present) and Treasurer (2012-Present), Harbor Funds Distributors, Inc. |
Erik D. Ojala (41) Vice President and Secretary; AML Compliance Officer | Since 2007; Since 2010 | Senior Vice President and Associate General Counsel (2007-Present) and Secretary (2010-Present), Harbor Capital Advisors, Inc.; and Assistant Secretary (2014-Present), Harbor Services Group, Inc. |
Brian L. Collins (47) Vice President | Since 2005 | Executive Vice President and Chief Investment Officer (2004-Present), Harbor Capital Advisors, Inc. |
Charles P. Ragusa (56) Vice President | Since 2007 | Executive Vice President (2007-Present), Harbor Capital Advisors, Inc.; President (2007-Present), Harbor Services Group, Inc.; and Executive Vice President and AML Compliance Officer (2007-Present), Harbor Funds Distributors, Inc. |
Jodie L. Crotteau (44) Assistant Secretary | Since 2014 | Senior Vice President and Chief Compliance Officer, Harbor Capital Advisors, Inc. (2014-Present); Assistant Secretary (2015-present), Harbor Services Group, Inc.; Assistant Secretary (2016-present), Harbor Funds Distributors, Inc.; Vice President and Chief Compliance Officer, Grosvenor Registered Funds (2011-2014); Vice President, Grosvenor Capital Management, L.P. (2010-2014); Assistant Secretary (2005-2010) and AML Compliance Officer (2007-2010), Harbor Funds; Vice President, Secretary and Compliance Director (2007-2010), Harbor Capital Advisors, Inc.; Assistant Secretary (2005-2010), Harbor Services Group, Inc.; and Assistant Secretary (2007-2010), Harbor Funds Distributors, Inc. |
Susan A. DeRoche (63) Assistant Secretary | Since 2006 | Senior Vice President and Compliance Director (2007-Present) and Assistant Secretary (2006-Present), Harbor Capital Advisors, Inc.; Senior Vice President (2011–Present) and Secretary (2007-Present), Harbor Funds Distributors, Inc.; and Secretary (2014-Present) and Assistant Secretary (2012-2013), Harbor Services Group, Inc. |
John M. Paral (47) Assistant Treasurer | Since 2013 | Vice President (2012-Present) and Financial Reporting Manager (2007-Present), Harbor Capital Advisors, Inc. |
1 | Each Trustee serves for an indefinite term, until his successor is elected. Each Officer is elected annually. |
* | Mr. Van Hooser is deemed an “Interested Trustee” due to his affiliation with the Adviser and Distributor of Harbor Funds. |
** | Officers of the Funds are “interested persons” as defined in the Investment Company Act. |
111 South Wacker Drive, 34th Floor | Chicago, IL 60606-4302 | 800-422-1050 | harborfunds.com |
Chairman, President & Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Chief Compliance Officer
Treasurer
Vice President, Secretary &
AML Compliance Officer
Vice President
Vice President
Assistant Secretary
Assistant Secretary
Assistant Treasurer
111 South Wacker Drive
34th Floor
Chicago, IL 60606-4302
312-443-4400
111 South Wacker Drive
34th Floor
Chicago, IL 60606-4302
312-443-4600
P.O. Box 804660
Chicago, IL 60680-4108
800-422-1050
State Street Financial Center
1 Lincoln Street
Boston, MA 02111-2900
Table of Contents
Institutional Class | Administrative Class | Investor Class | Retirement Class | |
Harbor Convertible Securities Fund | HACSX | HRCSX | HICSX | HNCVX |
Harbor High-Yield Bond Fund | HYFAX | HYFRX | HYFIX | HNHYX |
Harbor Bond Fund | HABDX | HRBDX | – | – |
Harbor Real Return Fund | HARRX | HRRRX | – | – |
Harbor Money Market Fund | HARXX | HRMXX | – | – |
1 | |
3 | |
Fixed Income Funds | |
Harbor Convertible Securities Fund | |
5 | |
7 | |
8 | |
9 | |
Harbor High-Yield Bond Fund | |
12 | |
14 | |
15 | |
16 | |
Harbor Bond Fund | |
25 | |
27 | |
28 | |
Harbor Real Return Fund | |
43 | |
45 | |
46 | |
Harbor Money Market Fund | |
54 | |
56 | |
57 | |
Financial Statements | |
59 | |
61 | |
63 | |
69 | |
71 | |
79 | |
99 | |
Additional Information | |
101 | |
101 | |
101 | |
101 | |
107 | |
109 | |
110 |
Semi-Annual Report Overview (Unaudited)
Unannualized Total Return 6 Months Ended April 30, 2016 | |||||||
HARBOR FIXED INCOME FUNDS | Institutional Class | Administrative Class | Investor Class | Retirement Class | |||
Harbor Convertible Securities Fund | -1.37% | -1.40% | -1.46% | -1.35% a | |||
Harbor High-Yield Bond Fund | 0.31 | 0.18 | 0.11 | 0.42 a | |||
Harbor Bond Fund | 2.13 | 1.99 | N/A | N/A | |||
Harbor Real Return Fund | 3.10 | 2.92 | N/A | N/A | |||
Harbor Money Market Fund | 0.12 | 0.12 | N/A | N/A |
COMMONLY USED MARKET INDICES | Unannualized Total Return 6 Months Ended April 30, 2016 |
BofA Merrill Lynch All U.S. Convertibles Ex Mandatory; domestic convertible bonds | -3.49% |
BofA Merrill Lynch U.S. Non-Distressed High Yield; domestic high-yield bonds | 1.99 |
BofA Merrill Lynch U.S. High Yield; domestic high-yield bonds | 2.23 |
Barclays U.S. Aggregate Bond; domestic bonds | 2.82 |
Barclays U.S. TIPS; domestic bonds | 3.89 |
BofA Merrill Lynch 3-Month U.S. Treasury Bill; domestic short-term | 0.14 |
a | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Semi-Annual Report Overview—Continued
EXPENSE RATIOS1 | Morningstar Average2 (Unaudited) | ||||||||||
FIXED INCOME FUNDS | 2012* | 2013* | 2014* | 2015* | 2016 a | ||||||
Harbor Convertible Securities Fund | |||||||||||
Institutional Class | 0.83% | 0.79% | 0.74% | 0.75% | 0.76% | 0.93% | |||||
Administrative Class | 1.08 | 1.04 | 0.99 | 1.00 | 1.01 | 1.29 | |||||
Investor Class | 1.20 | 1.16 | 1.11 | 1.12 | 1.13 | 1.60 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.71 b | 0.60 | |||||
Harbor High-Yield Bond Fund | |||||||||||
Institutional Class | 0.64% | 0.64% | 0.64% | 0.65% | 0.66% | 0.80% | |||||
Administrative Class | 0.89 | 0.89 | 0.89 | 0.90 | 0.91 | 1.16 | |||||
Investor Class | 1.01 | 1.01 | 1.01 | 1.02 | 1.03 | 1.18 | |||||
Retirement Class | N/A | N/A | N/A | N/A | 0.61 b | 0.63 | |||||
Harbor Bond Fund | |||||||||||
Institutional Class | 0.54% | 0.53% | 0.54% | 0.52% | 0.51% | 0.65% | |||||
Administrative Class | 0.79 | 0.78 | 0.79 | 0.77 | 0.76 | 0.98 | |||||
Harbor Real Return Fund | |||||||||||
Institutional Class | 0.59% | 0.59% | 0.60% | 0.58% | 0.56% | 0.54% | |||||
Administrative Class | 0.84 | 0.84 | 0.85 | 0.83 | 0.81 | 0.95 | |||||
Harbor Money Market Fund | |||||||||||
Institutional Class | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.11% | |||||
Administrative Class | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.11 |
* | Audited. |
1 | Harbor Funds’ expense ratios are for operating expenses for the fiscal years ended October 31 (unless otherwise noted) and are shown net of all expense offsets, waivers and reimbursements (see Financial Highlights). |
2 | The Morningstar Average includes all actively managed no-load funds in the April 30, 2016 Morningstar Universe with the same investment style as the comparable Harbor Fund’s portfolio and with the following additional characteristics for each Harbor Funds share class: Institutional Class contains funds with 12b-1 fees less than or equal to 0.25%; Administrative Class contains funds with 12b-1 fees and which are restricted primarily for use by retirement plans; Investor Class contains funds with 12b-1 fees and a minimum investment less than $50,000; and Retirement Class contains funds with no 12b-1 fees and which are restricted primarily for use by retirement plans. |
a | Unaudited annualized figures for the six-month period ended April 30, 2016. |
b | Retirement Class shares commenced operations on March 1, 2016. |
David G. Van Hooser Chairman |
Returns For Periods Ended April 30, 2016 | ||||||||||
Unannualized | Annualized | |||||||||
Fixed Income | 6 Months | 1 Year | 5 Years | 10 Years | 30 Years | |||||
BofA Merrill Lynch U.S. High Yield (high-yield bonds) | 2.23% | -1.36% | 5.22% | 7.20% | N/A | |||||
Barclays U.S. Aggregate Bond (domestic bonds) | 2.82 | 2.72 | 3.60 | 4.95 | 6.58% | |||||
BofA Merrill Lynch 3-Month U.S. Treasury Bill (proxy for money market returns) | 0.14 | 0.15 | 0.08 | 1.12 | 3.64 | |||||
Barclays U.S. TIPS (inflation-linked bonds) | 3.89 | 1.12 | 2.58 | 4.67 | N/A | |||||
Domestic Equities | ||||||||||
Wilshire 5000 Total Market (entire U.S. stock market) | -0.07% | -0.83% | 10.28% | 6.93% | 9.82% | |||||
S&P 500 (large cap stocks) | 0.43 | 1.21 | 11.02 | 6.91 | 9.99 | |||||
Russell Midcap® (mid cap stocks) | 0.81 | -2.14 | 9.88 | 7.49 | 11.26 | |||||
Russell 2000® (small cap stocks) | -1.90 | -5.94 | 6.98 | 5.42 | 8.58 | |||||
Russell 3000® Growth | -1.64 | 0.32 | 11.09 | 8.03 | 9.16 | |||||
Russell 3000® Value | 1.87 | -0.68 | 9.85 | 5.58 | 10.17 | |||||
International & Global | ||||||||||
MSCI EAFE (ND) (foreign stocks) | -3.07% | -9.32% | 1.69% | 1.61% | 6.24% | |||||
MSCI World (ND) (global stocks) | -1.05 | -4.17 | 5.96 | 4.13 | 7.57 | |||||
MSCI All Country World (ND) (global stocks) | -0.94 | -5.66 | 4.69 | 3.89 | N/A | |||||
MSCI Emerging Markets (ND) (emerging markets) | -0.13 | -17.87 | -4.61 | 2.36 | N/A | |||||
Strategic Markets | ||||||||||
Bloomberg Commodity Index Total ReturnSM | -2.06% | -17.45% | -13.32% | -6.01% | N/A |
David G. Van Hooser |
Chairman |
Managers' Commentary (Unaudited)
22nd Floor
Since 2011
Since 2011
Since 2016
Fund Performance
Managers' Commentary—Continued
TOP TEN ISSUERS (% of net assets) | |
Extra Space Storage LP | 2.5% |
Priceline Group Inc. | 2.5% |
Starwood Property Trust Inc. | 2.5% |
Ares Capital Corp. | 2.3% |
Proofpoint Inc. | 2.3% |
Electronics For Imaging Inc. | 2.2% |
Akamai Technologies Inc. | 2.1% |
Ctrip.Com International Ltd. | 2.1% |
Impax Laboratories Inc. | 2.1% |
Medidata Solutions Inc. | 2.1% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2034 |
Cusip | 411512734 |
Ticker | HACSX |
Inception Date | 05/01/2011 |
Net Expense Ratio | 0.76% a |
Total Net Assets (000s) | $333,639 |
ADMINISTRATIVE CLASS | |
Fund # | 2234 |
Cusip | 411512726 |
Ticker | HRCSX |
Inception Date | 05/01/2011 |
Net Expense Ratio | 1.01% a |
Total Net Assets (000s) | $376 |
INVESTOR CLASS | |
Fund # | 2434 |
Cusip | 411512718 |
Ticker | HICSX |
Inception Date | 05/01/2011 |
Net Expense Ratio | 1.13% a |
Total Net Assets (000s) | $1,677 |
RETIREMENT CLASS | |
Fund # | 2534 |
Cusip | 411512387 |
Ticker | HNCVX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.71% a |
Total Net Assets (000s) | $10 |
Portfolio | Benchmark | ||
Average Market Coupon | 1.56% | 2.78% | |
Yield to Maturity | -0.05% | 0.21% | |
Current 30-Day Yield (Institutional Class) | 0.76% | 2.13% | |
Weighted Average Maturity | 4.76 years | 7.79 years | |
Weighted Average Duration | 2.17 years | 2.71 years | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 63% b | N/A |
Years to Maturity | % of Investments | |
0 to 1 yr. | 3.91% | |
>1 to 5 | 81.19% | |
>5 to 10 | 14.16% | |
>10 to 15 | 0.00% | |
>15 to 20 | 0.74% | |
>20 to 25 | 0.00% | |
>25 yrs. | 0.00% |
a | Annualized |
b | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Convertible Securities Fund | |||||||||||||||||
Institutional Class | -1.37% | -3.58% | 3.84% | 3.84% | 05/01/2011 | $60,378 | |||||||||||
Administrative Class | -1.40 | -3.73 | 3.59 | 3.59 | 05/01/2011 | 59,655 | |||||||||||
Investor Class | -1.46 | -3.85 | 3.46 | 3.46 | 05/01/2011 | 59,284 | |||||||||||
Retirement Class1 | -1.35 | -3.57 | 3.85 | 3.85 | 03/01/2016 | 60,386 | |||||||||||
Comparative Index | |||||||||||||||||
BofA Merrill Lynch All U.S. Convertibles Ex Mandatory | -3.49% | -7.23% | 6.24% | 6.24% | — | $67,683 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
CONVERTIBLE BONDS—98.8% | |||
Principal Amount | Value | ||
AIR FREIGHT & LOGISTICS—0.6% | |||
Echo Global Logistics Inc. | |||
$ | 2,059 | 2.500%—05/01/2020 | $ 1,980 |
AUTOMOBILES— 2.1% | |||
Tesla Motors Inc. | |||
6,779 | 0.250%—03/01/2019 | 6,402 | |
575 | 1.250%—03/01/2021 | 529 | |
6,931 | |||
BIOTECHNOLOGY— 3.5% | |||
BioMarin Pharmaceutical Inc. | |||
5,889 | 0.750%—10/15/2018 | 6,938 | |
Cepheid Inc. | |||
5,628 | 1.250%—02/01/2021 | 4,854 | |
11,792 | |||
CAPITAL MARKETS—2.3% | |||
Ares Capital Corp. | |||
7,429 | 4.375%—01/15/2019 | 7,643 |
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
COMMUNICATIONS EQUIPMENT—3.3% | |||
Brocade Communications Systems Inc. | |||
$ | 2,706 | 1.375%—01/01/2020 | $ 2,633 |
InterDigital Inc. | |||
6,397 | 1.500%—03/01/2020 | 6,721 | |
Palo Alto Networks Inc. | |||
1,130 | 0.000%—07/01/20191 | 1,667 | |
11,021 | |||
CONSTRUCTION & ENGINEERING—1.6% | |||
Dycom Industries Inc. | |||
5,330 | 0.750%—09/15/20212 | 5,503 | |
ELECTRIC UTILITIES—0.2% | |||
Pattern Energy Group Inc. | |||
701 | 4.000%—07/15/20202 | 668 | |
HEALTH CARE EQUIPMENT & SUPPLIES—5.3% | |||
Alere Inc. | |||
812 | 3.000%—05/15/2016 | 816 | |
Hologic Inc. | |||
1,922 | 0.000%—12/15/20433 | 2,375 | |
3,139 | 2.000%—03/01/20423 | 3,977 | |
6,352 | |||
Integra LifeSciences Holdings Corp. | |||
3,918 | 1.625%—12/15/2016 | 5,331 | |
Wright Medical Group Inc. | |||
5,487 | 2.000%—02/15/2020 | 5,243 | |
17,742 | |||
HEALTH CARE PROVIDERS & SERVICES—6.0% | |||
Brookdale Senior Living Inc. | |||
5,320 | 2.750%—06/15/2018 | 5,310 | |
Jazz Investments I Ltd. | |||
4,825 | 1.875%—08/15/2021 | 5,392 | |
Molina Healthcare Inc. | |||
3,998 | 1.625%—08/15/2044 | 4,483 | |
NuVasive Inc. | |||
4,280 | 2.250%—03/15/20212 | 4,839 | |
20,024 | |||
HEALTH CARE TECHNOLOGY—3.8% | |||
Allscripts Healthcare Solutions Inc. | |||
5,671 | 1.250%—07/01/2020 | 5,862 | |
Medidata Solutions Inc. | |||
6,574 | 1.000%—08/01/2018 | 6,948 | |
12,810 | |||
HOUSEHOLD DURABLES—3.5% | |||
CalAtlantic Group Inc. | |||
682 | 0.250%—06/01/2019 | 617 | |
2,385 | 1.250%—08/01/2032 | 2,515 | |
2,247 | 1.625%—05/15/2018 | 2,691 | |
5,823 | |||
Toll Brothers Finance Corp. | |||
6,035 | 0.500%—09/15/2032 | 5,993 | |
11,816 | |||
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS—0.5% | |||
NRG Yield Inc. | |||
1,858 | 3.500%—02/01/20192 | 1,794 |
Portfolio of Investments—Continued
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
INDUSTRIAL CONGLOMERATES—0.9% | |||
Siemens Financieringsmaatschappij NV | |||
$ | 2,750 | 1.650%—08/16/2019 | $ 3,057 |
INTERNET & CATALOG RETAIL—5.6% | |||
Ctrip.com International Ltd. | |||
6,415 | 1.000%—07/01/20202 | 7,040 | |
Priceline Group Inc. | |||
3,993 | 0.350%—06/15/2020 | 4,897 | |
3,347 | 0.900%—09/15/2021 | 3,464 | |
8,361 | |||
Vipshop Holdings Ltd. | |||
3,332 | 1.500%—03/15/2019 | 3,442 | |
18,843 | |||
INTERNET SOFTWARE & SERVICES—8.6% | |||
Akamai Technologies Inc. | |||
7,361 | 0.000%—02/15/20191 | 7,122 | |
Envestnet Inc. | |||
2,144 | 1.750%—12/15/2019 | 1,922 | |
LinkedIn Corp. | |||
1,923 | 0.500%—11/01/2019 | 1,805 | |
Twitter Inc. | |||
4,155 | 0.250%—09/15/2019 | 3,630 | |
3,530 | 1.000%—09/15/2021 | 2,981 | |
6,611 | |||
Web.com Group Inc. | |||
4,610 | 1.000%—08/15/2018 | 4,483 | |
WebMD Health Corp. | |||
634 | 1.500%—12/01/2020 | 851 | |
742 | 2.500%—01/31/2018 | 852 | |
1,703 | |||
Yahoo! Inc. | |||
4,982 | 0.000%—12/01/20181 | 5,032 | |
28,678 | |||
IT SERVICES—4.8% | |||
Cardtronics Inc. | |||
5,160 | 1.000%—12/01/2020 | 5,186 | |
Euronet Worldwide Inc. | |||
1,405 | 1.500%—10/01/2044 | 1,722 | |
Red Hat Inc. | |||
2,633 | 0.250%—10/01/2019 | 3,257 | |
Verint Systems Inc. | |||
6,469 | 1.500%—06/01/2021 | 5,846 | |
16,011 | |||
LIFE SCIENCES TOOLS & SERVICES—1.6% | |||
Illumina Inc. | |||
5,480 | 0.000%—06/15/20191 | 5,487 | |
MACHINERY— 1.1% | |||
Chart Industries Inc. | |||
3,182 | 2.000%—08/01/2018 | 2,938 | |
Meritor Inc. | |||
705 | 7.875%—03/01/2026 | 843 | |
3,781 | |||
MEDIA— 1.5% | |||
Live Nation Entertainment Inc. | |||
5,088 | 2.500%—05/15/2019 | 5,091 |
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
METALS & MINING—4.7% | |||
Newmont Mining Corp. | |||
$ | 4,835 | 1.625%—07/15/2017 | $ 5,267 |
Royal Gold Inc. | |||
4,376 | 2.875%—06/15/2019 | 4,434 | |
RTI International Metals Inc. | |||
5,341 | 1.625%—10/15/2019 | 6,142 | |
15,843 | |||
PHARMACEUTICALS— 2.8% | |||
Impax Laboratories Inc. | |||
7,480 | 2.000%—06/15/20222 | 6,961 | |
Teva Pharmaceutical Finance Co. LLC | |||
1,879 | 0.250%—02/01/2026 | 2,482 | |
9,443 | |||
PROFESSIONAL SERVICES—1.4% | |||
Huron Consulting Group Inc. | |||
4,673 | 1.250%—10/01/2019 | 4,518 | |
REAL ESTATE INVESTMENT TRUSTS (REITs)—9.7% | |||
Colony Starwood Homes | |||
3,380 | 3.000%—07/01/2019 | 3,378 | |
Empire State Realty OP LP | |||
967 | 2.625%—08/15/20192 | 1,049 | |
Extra Space Storage LP | |||
7,565 | 3.125%—10/01/20352 | 8,350 | |
National Health Investors Inc. | |||
5,847 | 3.250%—04/01/2021 | 6,139 | |
Spirit Realty Capital Inc. | |||
5,040 | 2.875%—05/15/2019 | 5,298 | |
Starwood Property Trust Inc. | |||
8,035 | 4.550%—03/01/2018 | 8,216 | |
32,430 | |||
SEMICONDUCTOR EQUIPMENT & PRODUCTS—0.2% | |||
STMicroelectronics NV | |||
600 | 0.000%—07/03/20191 | 563 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.4% | |||
Intel Corp. | |||
1,990 | 2.950%—12/15/2035 | 2,469 | |
Lam Research Corp. | |||
2,880 | 1.250%—05/15/2018 | 4,021 | |
Microchip Technology Inc. | |||
6,216 | 1.625%—02/15/2025 | 6,476 | |
NVIDIA Corp. | |||
912 | 1.000%—12/01/2018 | 1,630 | |
NXP Semiconductors NV | |||
5,165 | 1.000%—12/01/2019 | 5,875 | |
ON Semiconductor Corp. | |||
4,635 | 1.000%—12/01/20202 | 4,227 | |
24,698 | |||
SOFTWARE— 11.6% | |||
Citrix Systems Inc. | |||
5,962 | 0.500%—04/15/2019 | 6,763 | |
FireEye Inc. | |||
3,166 | 1.625%—06/01/20352 | 2,628 | |
Nuance Communications Inc. | |||
1,770 | 1.000%—12/15/20352 | 1,609 |
Portfolio of Investments—Continued
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
SOFTWARE— Continued | |||
Proofpoint Inc. | |||
$ | 5,514 | 0.750%—06/15/20202 | $ 5,659 |
1,271 | 1.250%—12/15/2018 | 1,991 | |
7,650 | |||
Salesforce.com Inc. | |||
2,663 | 0.250%—04/01/2018 | 3,365 | |
ServiceNow Inc. | |||
3,012 | 0.000%—11/01/20181 | 3,503 | |
Synchronoss Technologies Inc. | |||
2,611 | 0.750%—08/15/2019 | 2,552 | |
TiVo Inc. | |||
6,679 | 2.000%—10/01/2021 | 6,579 | |
Workday Inc. | |||
3,934 | 0.750%—07/15/2018 | 4,414 | |
39,063 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.2% | |||
Electronics For Imaging Inc. | |||
7,303 | 0.750%—09/01/2019 | 7,499 | |
TRANSPORTATION INFRASTRUCTURE—2.0% | |||
Macquarie Infrastructure Corp. | |||
5,978 | 2.875%—07/15/2019 | 6,789 | |
TOTAL CONVERTIBLE BONDS | |||
(Cost $327,974) | 331,518 | ||
SHORT-TERM INVESTMENTS—1.9% | ||||
Principal Amount | Value | |||
(Cost $6,448) | ||||
REPURCHASE AGREEMENTS | ||||
$ | 6,448 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $6,582) | $ 6,448 | |
TOTAL INVESTMENTS—100.7% | ||||
(Cost $334,422) | 337,966 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—(0.7)% | (2,264) | |||
TOTAL NET ASSETS—100.0% | $335,702 |
1 | Zero coupon bond |
2 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. These securities are priced by an independent pricing service in accordance with Harbor Funds Valuation Procedures. At April 30, 2016, the aggregate value of these securities was $50,327 (in 000s) or 15% of net assets. |
3 | Step coupon security, the stated rate represents the rate in effect at April 30, 2016. |
Managers' Commentary (Unaudited)
22nd Floor
Since 2002
Since 2012
Since 2012
Since 2012
Since 2015
Fund Performance
Managers' Commentary—Continued
TOP TEN ISSUERS (% of net assets) | |
Reynolds Group Issuer Inc. | 1.2% |
CCO Holdings LLC | 1.1% |
Hertz Corp. | 1.1% |
Sirius XM Radio Inc. | 1.1% |
Ardagh Packaging Finance plc | 1.0% |
Avis Budget Car Rental LLC | 1.0% |
Calpine Corp. | 1.0% |
Cequel Communications Holdings I LLC | 1.0% |
HCA Inc. | 1.0% |
Sinclair Television Group Inc. | 1.0% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2024 |
Cusip | 411511553 |
Ticker | HYFAX |
Inception Date | 12/01/2002 |
Net Expense Ratio | 0.66% a,b |
Total Net Assets (000s) | $1,765,772 |
ADMINISTRATIVE CLASS | |
Fund # | 2224 |
Cusip | 411511546 |
Ticker | HYFRX |
Inception Date | 12/01/2002 |
Net Expense Ratio | 0.91% a,b |
Total Net Assets (000s) | $4,340 |
INVESTOR CLASS | |
Fund # | 2424 |
Cusip | 411511538 |
Ticker | HYFIX |
Inception Date | 12/01/2002 |
Net Expense Ratio | 1.03% a,b |
Total Net Assets (000s) | $94,349 |
RETIREMENT CLASS | |
Fund # | 2524 |
Cusip | 411512379 |
Ticker | HNHYX |
Inception Date | 03/01/2016 |
Net Expense Ratio | 0.61% a,b |
Total Net Assets (000s) | $10 |
Portfolio | Benchmark | ||
Average Market Coupon | 6.08% | 6.65% | |
Yield to Maturity | 5.82% | 7.83% | |
Current 30-Day Yield (Institutional Class) | 4.85% | 7.14% | |
Weighted Average Maturity | 6.21 years | 6.34 years | |
Weighted Average Duration | 3.55 years | 4.05 years | |
Beta vs. BofA Merrill Lynch U.S. Non-Distressed High Yield Index | 1.11 | 1.00 | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 22% c | N/A |
Years to Maturity | % of Investments | |
0 to 1 yr. | 3.25% | |
>1 to 5 | 22.72% | |
>5 to 10 | 73.14% | |
>10 to 15 | 0.89% | |
>15 to 20 | 0.00% | |
>20 to 25 | 0.00% | |
>25 yrs. | 0.00% |
a | Annualized |
b | Reflective of a contractual management fee waiver effective through February 28, 2017. |
c | Unannualized |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $50,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor High-Yield Bond Fund | |||||||||||||||||
Institutional Class | 0.31% | -2.82% | 4.14% | 5.84% | 12/01/2002 | $ 88,222 | |||||||||||
Administrative Class | 0.18 | -2.96 | 3.88 | 5.58 | 12/01/2002 | 86,088 | |||||||||||
Investor Class | 0.11 | -3.08 | 3.76 | 5.46 | 12/01/2002 | 85,076 | |||||||||||
Retirement Class1 | 0.42 | -2.71 | 4.16 | 5.85 | 03/01/2016 | 88,323 | |||||||||||
Comparative Indices | |||||||||||||||||
BofA Merrill Lynch U.S. Non-Distressed High Yield | 1.99% | 0.47% | 5.76% | 6.40% | — | $ 93,008 | |||||||||||
BofA Merrill Lynch U.S. High Yield | 2.23 | -1.36 | 5.22 | 7.20 | — | 100,230 |
1 | Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses. |
Portfolio of Investments—April 30, 2016 (Unaudited)
BANK LOAN OBLIGATIONS—3.6% | |||
Principal Amount | Value | ||
AIR FREIGHT & LOGISTICS—0.1% | |||
XPO Logistics Inc. | |||
Term Loan | |||
$ | 1,995 | 5.500%—10/30/20211 | $ 2,009 |
CHEMICALS— 0.5% | |||
Solenis International LP | |||
Second-Lien Term Loan | |||
5,000 | 7.750%—07/31/20221 | 4,563 | |
Tronox Pigments Holland BV | |||
Term Loan | |||
5,492 | 4.500%—03/19/20201 | 5,329 | |
9,892 | |||
COMMERCIAL SERVICES & SUPPLIES—0.7% | |||
Advanced Disposal Services Inc. | |||
Term Loan B2 | |||
3,000 | 3.750%—10/09/20191 | 2,995 | |
Brand Energy & Infrastructure Services Inc. | |||
Term Loan | |||
6,109 | 4.750%—11/26/20201 | 6,064 | |
Granite Acquisition Inc. | |||
Term Loan B | |||
3,825 | 5.000%—12/17/20211 | 3,709 | |
Term Loan C | |||
170 | 5.000%—12/17/20211 | 165 | |
3,874 | |||
12,933 | |||
CONTAINERS & PACKAGING—0.2% | |||
Mauser U.S. Holdings Inc. | |||
Second-Lien Term Loan | |||
4,675 | 8.750%—07/31/20221,2 | 4,266 | |
FOOD & STAPLES RETAILING—0.2% | |||
BJ's Wholesale Club Inc. | |||
Second-Lien Term Loan | |||
3,434 | 8.500%—03/31/20201 | 3,348 | |
HOTELS, RESTAURANTS & LEISURE—0.2% | |||
Amaya Holdings BV | |||
First-Lien Term Loan B | |||
2,728 | 5.000%—08/01/20211 | 2,622 | |
Second-Lien Term Loan B | |||
1,307 | 8.000%—08/01/20221 | 1,304 | |
3,926 | |||
MEDIA— 0.9% | |||
William Morris Endeavor Entertainment LLC | |||
Term Loan B | |||
15,504 | 5.250%—05/06/20211 | 15,523 |
Portfolio of Investments—Continued
BANK LOAN OBLIGATIONS—Continued | ||||
Principal Amount | Value | |||
PHARMACEUTICALS— 0.4% | ||||
Concordia Healthcare Corp. | ||||
Term Loan | ||||
$ | 7,481 | 5.250%—10/21/20211 | $ 7,432 | |
SPECIALTY RETAIL—0.2% | ||||
Ascena Retail Group Inc. | ||||
Term Loan B | ||||
3,242 | 5.250%—08/21/20221 | 3,190 | ||
TRADING COMPANIES & DISTRIBUTORS—0.2% | ||||
Neff Rental LLC | ||||
Second-Lien Term Loan | ||||
4,136 | 7.250%—06/09/20211 | 3,867 | ||
TOTAL BANK LOAN OBLIGATIONS | ||||
(Cost $66,446) | 66,386 | |||
CORPORATE BONDS & NOTES—91.2% | ||||
AEROSPACE & DEFENSE—2.3% | ||||
Bombardier Inc. | ||||
3,500 | 6.000%—10/15/20223 | 2,994 | ||
5,850 | 6.125%—01/15/20233 | 5,119 | ||
8,113 | ||||
DigitalGlobe Inc. | ||||
3,302 | 5.250%—02/01/20213 | 3,010 | ||
Kratos Defense & Security Solutions Inc. | ||||
2,509 | 7.000%—05/15/20192 | 1,995 | ||
Moog Inc. | ||||
10,000 | 5.250%—12/01/20223 | 10,150 | ||
Orbital ATK Inc. | ||||
4,200 | 5.500%—10/01/20233 | 4,431 | ||
Spirit AeroSystems Inc. | ||||
4,000 | 6.750%—12/15/2020 | 4,147 | ||
TransDigm Inc. | ||||
11,500 | 6.500%—07/15/2024-05/15/2025 | 11,631 | ||
43,477 | ||||
AIR FREIGHT & LOGISTICS—0.3% | ||||
XPO Logistics Inc. | ||||
5,500 | 6.500%—06/15/20223 | 5,404 | ||
AUTO COMPONENTS—1.5% | ||||
American Axle & Manufacturing Inc. | ||||
5,000 | 6.625%—10/15/2022 | 5,313 | ||
American Tire Distributors Inc. | ||||
7,650 | 10.250%—03/01/20223 | 6,904 | ||
Goodyear Tire & Rubber Co. | ||||
4,624 | 6.500%—03/01/2021 | 4,873 | ||
4,500 | 7.000%—05/15/2022 | 4,871 | ||
9,744 | ||||
Tenneco Inc. | ||||
5,705 | 6.875%—12/15/2020 | 5,919 | ||
ZF North America Capital Inc. | ||||
290 | 4.500%—04/29/20223 | 298 | ||
28,178 |
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
BANKS— 0.5% | ||||
CIT Group Inc. | ||||
$ | 3,000 | 5.000%—08/15/2022 | $ 3,150 | |
6,250 | 5.500%—02/15/20193 | 6,556 | ||
9,706 | ||||
BUILDING PRODUCTS—3.3% | ||||
Griffon Corp. | ||||
12,825 | 5.250%—03/01/2022 | 12,937 | ||
HD Supply Inc. | ||||
9,500 | 5.750%—04/15/20243 | 9,987 | ||
Masonite International Corp. | ||||
3,000 | 5.625%—03/15/20233 | 3,150 | ||
Nortek Inc. | ||||
7,525 | 8.500%—04/15/2021 | 7,864 | ||
RSI Home Products Inc. | ||||
6,500 | 6.500%—03/15/20233 | 6,809 | ||
Standard Industries Inc. | ||||
1,000 | 5.125%—02/15/20213 | 1,045 | ||
10,500 | 5.500%—02/15/20233 | 11,038 | ||
12,083 | ||||
Summit Materials LLC | ||||
9,000 | 6.125%—07/15/2023 | 9,112 | ||
61,942 | ||||
CAPITAL MARKETS—0.5% | ||||
Neuberger Berman Group LLC | ||||
4,000 | 5.875%—03/15/20223 | 4,170 | ||
Walter Investment Management Corp. | ||||
8,000 | 7.875%—12/15/2021 | 5,340 | ||
9,510 | ||||
CHEMICALS— 1.6% | ||||
A Schulman Inc. | ||||
5,000 | 6.875%—06/01/20233 | 5,038 | ||
Huntsman International LLC | ||||
5,000 | 4.875%—11/15/2020 | 5,062 | ||
NOVA Chemicals Corp. | ||||
6,000 | 5.250%—08/01/20233 | 6,082 | ||
PQ Corp. | ||||
4,500 | 6.750%—11/15/20223 | 4,646 | ||
2,850 | 8.750%—11/01/20183 | 2,979 | ||
7,625 | ||||
Tronox Finance LLC | ||||
3,825 | 7.500%—03/15/20223 | 3,194 | ||
Univar USA Inc. | ||||
3,413 | 6.750%—07/15/20233 | 3,413 | ||
30,414 | ||||
COMMERCIAL SERVICES & SUPPLIES—3.4% | ||||
ACCO Brands Corp. | ||||
5,000 | 6.750%—04/30/2020 | 5,325 | ||
Advanced Disposal Services Inc. | ||||
1,361 | 8.250%—10/01/2020 | 1,424 | ||
Brand Energy & Infrastructure Services Inc. | ||||
5,000 | 8.500%—12/01/20212,3 | 4,750 | ||
Casella Waste Systems Inc. | ||||
5,100 | 7.750%—02/15/20192 | 5,206 | ||
Clean Harbors Inc. | ||||
9,000 | 5.125%—06/01/2021 | 9,113 | ||
2,500 | 5.125%—06/01/20213 | 2,531 | ||
11,644 |
Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
COMMERCIAL SERVICES & SUPPLIES—Continued | ||||
Covanta Holding Corp. | ||||
$ | 2,225 | 5.875%—03/01/2024 | $ 2,214 | |
6,900 | 6.375%—10/01/2022 | 7,141 | ||
1,000 | 7.250%—12/01/2020 | 1,040 | ||
10,395 | ||||
Garda World Security Corp. | ||||
5,000 | 7.250%—11/15/20212,3 | 4,063 | ||
NuStar Logistics LP | ||||
2,000 | 6.750%—02/01/20212 | 1,990 | ||
Prime Security Services Borrower LLC | ||||
4,500 | 9.250%—05/15/20233 | 4,691 | ||
RR Donnelley & Sons Co. | ||||
5,000 | 6.000%—04/01/2024 | 4,525 | ||
West Corp. | ||||
11,000 | 5.375%—07/15/20223 | 9,996 | ||
64,009 | ||||
COMMUNICATIONS EQUIPMENT—1.2% | ||||
Hughes Satellite Systems Corp. | ||||
14,000 | 7.625%—06/15/2021 | 15,627 | ||
ViaSat Inc. | ||||
6,900 | 6.875%—06/15/2020 | 7,133 | ||
22,760 | ||||
CONSTRUCTION & ENGINEERING—0.3% | ||||
AECOM | ||||
5,000 | 5.750%—10/15/2022 | 5,238 | ||
1,000 | 5.875%—10/15/2024 | 1,055 | ||
6,293 | ||||
CONSUMER FINANCE—0.9% | ||||
Ally Financial Inc. | ||||
3,000 | 3.250%—11/05/2018 | 3,000 | ||
5,250 | 3.500%—01/27/2019 | 5,230 | ||
7,675 | 3.750%—11/18/2019 | 7,675 | ||
15,905 | ||||
CONTAINERS & PACKAGING—4.7% | ||||
Ardagh Packaging Finance plc | ||||
3,000 | 4.625%—05/15/20233 | 3,000 | ||
9,774 | 6.250%—01/31/20193 | 10,067 | ||
6,000 | 7.250%—05/15/20243 | 6,000 | ||
19,067 | ||||
Ball Corp. | ||||
6,500 | 4.375%—12/15/2020 | 6,772 | ||
750 | 5.000%—03/15/2022 | 790 | ||
7,562 | ||||
Berry Plastics Corp. | ||||
8,250 | 5.125%—07/15/2023 | 8,353 | ||
9,000 | 5.500%—05/15/2022 | 9,293 | ||
17,646 | ||||
Beverage Packaging Holdings Luxembourg II SA | ||||
3,000 | 6.000%—06/15/20173 | 2,996 | ||
Crown Americas LLC | ||||
2,000 | 4.500%—01/15/2023 | 2,050 | ||
Reynolds Group Issuer Inc. | ||||
21,000 | 5.750%—10/15/2020 | 21,866 | ||
Signode Industrial Group Lux SA | ||||
11,500 | 6.375%—05/01/20223 | 11,270 |
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
CONTAINERS & PACKAGING—Continued | ||||
Silgan Holdings Inc. | ||||
$ | 3,500 | 5.000%—04/01/2020 | $ 3,601 | |
1,500 | 5.500%—02/01/2022 | 1,556 | ||
5,157 | ||||
87,614 | ||||
DISTRIBUTORS— 0.1% | ||||
LKQ Corp. | ||||
2,000 | 4.750%—05/15/2023 | 2,020 | ||
DIVERSIFIED CONSUMER SERVICES—0.4% | ||||
Service Corp. International | ||||
7,500 | 5.375%—01/15/2022 | 7,894 | ||
DIVERSIFIED FINANCIAL SERVICES—0.2% | ||||
Lincoln Finance Ltd. | ||||
3,100 | 7.375%—04/15/20213 | 3,309 | ||
DIVERSIFIED TELECOMMUNICATION SERVICES—4.6% | ||||
Altice Financing SA | ||||
3,000 | 6.625%—02/15/20233 | 2,978 | ||
1,850 | 7.500%—05/15/20263 | 1,857 | ||
4,835 | ||||
Altice SA | ||||
1,650 | 7.625%—02/15/20253 | 1,600 | ||
3,000 | 7.750%—05/15/20223 | 3,004 | ||
4,604 | ||||
Altice US Finance I Corp. | ||||
3,300 | 5.500%—05/15/20263 | 3,341 | ||
CenturyLink Inc. | ||||
3,700 | 5.625%—04/01/2020 | 3,816 | ||
2,150 | 5.800%—03/15/2022 | 2,131 | ||
1,675 | 7.500%—04/01/2024 | 1,683 | ||
7,630 | ||||
Frontier Communications Corp. | ||||
7,000 | 7.125%—03/15/2019-01/15/2023 | 6,570 | ||
3,000 | 10.500%—09/15/20223 | 3,105 | ||
9,675 | ||||
GCI Inc. | ||||
7,000 | 6.750%—06/01/2021 | 7,105 | ||
2,460 | 6.875%—04/15/2025 | 2,497 | ||
9,602 | ||||
Inmarsat Finance plc | ||||
17,000 | 4.875%—05/15/20223 | 16,235 | ||
Level 3 Communications Inc. | ||||
973 | 5.750%—12/01/2022 | 1,003 | ||
Level 3 Financing Inc. | ||||
2,600 | 5.125%—05/01/2023 | 2,655 | ||
4,500 | 5.250%—03/15/20263 | 4,579 | ||
5,250 | 5.375%—01/15/20243 | 5,368 | ||
1,100 | 6.125%—01/15/2021 | 1,155 | ||
13,757 | ||||
Zayo Group LLC | ||||
12,000 | 6.000%—04/01/2023 | 12,420 | ||
1,700 | 6.375%—05/15/20253 | 1,776 | ||
14,196 | ||||
84,878 |
Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
ELECTRICAL EQUIPMENT—0.1% | ||||
Sensata Technologies BV | ||||
$ | 1,500 | 5.000%—10/01/20253 | $ 1,515 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.0% | ||||
Anixter Inc. | ||||
9,000 | 5.125%—10/01/2021 | 9,135 | ||
750 | 5.500%—03/01/20233 | 770 | ||
9,905 | ||||
Belden Inc. | ||||
5,000 | 5.500%—09/01/20223 | 5,075 | ||
CDW LLC | ||||
4,250 | 6.000%—08/15/2022 | 4,553 | ||
19,533 | ||||
ENERGY EQUIPMENT & SERVICES—0.8% | ||||
Archrock Partners LP | ||||
3,000 | 6.000%—04/01/2021-10/01/20222 | 2,370 | ||
Hornbeck Offshore Services Inc. | ||||
4,000 | 5.000%—03/01/2021 | 2,565 | ||
1,700 | 5.875%—04/01/2020 | 1,109 | ||
3,674 | ||||
Precision Drilling Corp. | ||||
2,350 | 6.625%—11/15/2020 | 2,106 | ||
SESI LLC | ||||
1,750 | 6.375%—05/01/2019 | 1,641 | ||
700 | 7.125%—12/15/2021 | 616 | ||
2,257 | ||||
Unit Corp. | ||||
5,440 | 6.625%—05/15/20212 | 3,713 | ||
14,120 | ||||
FOOD & STAPLES RETAILING—1.4% | ||||
Alphabet Holding Co. Inc. | ||||
6,700 | 7.750%—11/01/2017 | 6,781 | ||
NBTY Inc. | ||||
11,000 | 7.625%—05/15/20213 | 11,275 | ||
Rite Aid Corp. | ||||
4,650 | 6.125%—04/01/20233 | 4,996 | ||
2,500 | 6.750%—06/15/2021 | 2,638 | ||
7,634 | ||||
25,690 | ||||
FOOD PRODUCTS—1.6% | ||||
Darling Ingredients Inc. | ||||
3,210 | 5.375%—01/15/2022 | 3,362 | ||
Dean Foods Co. | ||||
5,000 | 6.500%—03/15/20233 | 5,262 | ||
Dole Food Co. Inc. | ||||
7,000 | 7.250%—05/01/20193 | 7,053 | ||
Pinnacle Foods Finance LLC | ||||
1,450 | 5.875%—01/15/20243 | 1,541 | ||
Post Holdings Inc. | ||||
12,500 | 6.000%—12/15/20223 | 12,883 | ||
30,101 | ||||
GAS UTILITIES—0.9% | ||||
Ferrellgas LP | ||||
4,350 | 6.500%—05/01/2021 | 4,165 | ||
6,000 | 6.750%—06/15/20233 | 5,625 | ||
9,790 |
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
GAS UTILITIES—Continued | ||||
Suburban Propane Partners LP | ||||
$ | 6,542 | 7.375%—08/01/2021 | $ 6,771 | |
16,561 | ||||
HEALTH CARE EQUIPMENT & SUPPLIES—1.3% | ||||
Alere Inc. | ||||
5,500 | 6.375%—07/01/20233 | 5,624 | ||
Capsugel SA | ||||
8,500 | 7.000%—05/15/20193 | 8,564 | ||
Hologic Inc. | ||||
4,650 | 5.250%—07/15/20223 | 4,888 | ||
JLL/Delta Dutch Pledgeco BV | ||||
5,500 | 8.750%—05/01/20203 | 5,445 | ||
24,521 | ||||
HEALTH CARE PROVIDERS & SERVICES—6.6% | ||||
Acadia Healthcare Co. Inc. | ||||
1,000 | 5.125%—07/01/2022 | 1,019 | ||
2,000 | 5.625%—02/15/2023 | 2,055 | ||
6,000 | 6.500%—03/01/20243 | 6,345 | ||
9,419 | ||||
Air Medical Merger Sub Corp. | ||||
5,000 | 6.375%—05/15/20233 | 4,825 | ||
Centene Escrow Corp. | ||||
7,000 | 5.625%—02/15/20213 | 7,367 | ||
3,000 | 6.125%—02/15/20243 | 3,158 | ||
10,525 | ||||
Community Health Systems Inc. | ||||
7,500 | 6.875%—02/01/2022 | 6,858 | ||
DaVita HealthCare Partners Inc. | ||||
7,000 | 5.000%—05/01/2025 | 7,018 | ||
825 | 5.125%—07/15/2024 | 841 | ||
3,300 | 5.750%—08/15/2022 | 3,469 | ||
11,328 | ||||
Envision Healthcare Corp. | ||||
7,650 | 5.125%—07/01/20223 | 7,784 | ||
HCA Holdings Inc. | ||||
2,500 | 6.250%—02/15/2021 | 2,729 | ||
HCA Inc. | ||||
3,700 | 4.750%—05/01/2023 | 3,802 | ||
1,950 | 5.250%—06/15/2026 | 2,030 | ||
10,450 | 5.875%—05/01/2023-02/15/2026 | 10,952 | ||
2,000 | 6.500%—02/15/2020 | 2,220 | ||
19,004 | ||||
MEDNAX Inc. | ||||
5,000 | 5.250%—12/01/20233 | 5,200 | ||
Molina Healthcare Inc. | ||||
5,000 | 5.375%—11/15/20223 | 5,187 | ||
MPH Acquisition Holdings LLC | ||||
10,500 | 6.625%—04/01/20223 | 10,990 | ||
RegionalCare Hospital Partners Holdings Inc. | ||||
2,000 | 8.250%—05/01/20233 | 2,085 | ||
Sterigenics-Nordion Holdings LLC | ||||
1,903 | 6.500%—05/15/20233 | 1,931 | ||
Surgical Care Affiliates Inc. | ||||
5,000 | 6.000%—04/01/20233 | 5,075 | ||
Team Health Inc. | ||||
5,500 | 7.250%—12/15/20233 | 5,854 |
Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
HEALTH CARE PROVIDERS & SERVICES—Continued | ||||
Tenet Healthcare Corp. | ||||
$ | 4,700 | 4.134%—06/15/20203,4 | $ 4,729 | |
9,000 | 6.750%—06/15/2023 | 8,966 | ||
13,695 | ||||
122,489 | ||||
HOTELS RESTAURANTS & LEISURE—0.1% | ||||
Pinnacle Entertainment Inc. | ||||
1,750 | 5.625%—05/01/20243 | 1,752 | ||
HOTELS, RESTAURANTS & LEISURE—3.3% | ||||
Boyd Gaming Corp. | ||||
3,100 | 6.375%—04/01/20263 | 3,185 | ||
Burger King Worldwide Inc. | ||||
10,000 | 6.000%—04/01/20223 | 10,387 | ||
Cedar Fair LP | ||||
2,739 | 5.250%—03/15/2021 | 2,856 | ||
Churchill Downs Inc. | ||||
3,750 | 5.375%—12/15/20213 | 3,872 | ||
ESH Hospitality Inc. | ||||
13,750 | 5.250%—05/01/20253 | 13,630 | ||
Isle of Capri Casinos Inc. | ||||
1,000 | 8.875%—06/15/2020 | 1,052 | ||
MGP Escrow Issuer LLC | ||||
4,000 | 5.625%—05/01/20243 | 4,172 | ||
Pinnacle Entertainment Inc. | ||||
7,050 | 8.750%—05/15/2020 | 7,273 | ||
Scientific Games International Inc. | ||||
2,150 | 6.250%—09/01/20202 | 1,392 | ||
3,700 | 6.625%—05/15/20212 | 2,359 | ||
3,751 | ||||
Station Casinos LLC | ||||
3,450 | 7.500%—03/01/2021 | 3,656 | ||
Viking Cruises Ltd. | ||||
7,500 | 8.500%—10/15/20223 | 7,088 | ||
60,922 | ||||
HOUSEHOLD DURABLES—1.3% | ||||
Energizer Holdings Inc. | ||||
10,500 | 5.500%—06/15/20253 | 10,527 | ||
Shea Homes LP | ||||
6,000 | 5.875%—04/01/20233 | 6,075 | ||
Tempur Sealy International Inc. | ||||
6,750 | 5.625%—10/15/2023 | 7,054 | ||
23,656 | ||||
HOUSEHOLD PRODUCTS—1.0% | ||||
First Quality Finance Co. Inc. | ||||
12,000 | 4.625%—05/15/20212,3 | 11,490 | ||
Prestige Brands Inc. | ||||
3,650 | 5.375%—12/15/20213 | 3,750 | ||
2,850 | 6.375%—03/01/20243 | 3,007 | ||
6,757 | ||||
18,247 | ||||
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS—3.9% | ||||
AES Corp. | ||||
9,000 | 5.500%—04/15/2025 | 9,067 | ||
Calpine Corp. | ||||
3,000 | 5.375%—01/15/2023 | 3,041 |
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS—Continued | ||||
$ | 7,600 | 5.500%—02/01/2024 | $ 7,638 | |
8,200 | 5.750%—01/15/2025 | 8,313 | ||
18,992 | ||||
Dynegy Inc. | ||||
5,950 | 6.750%—11/01/2019 | 6,054 | ||
3,750 | 7.375%—11/01/2022 | 3,722 | ||
9,776 | ||||
NRG Energy Inc. | ||||
18,000 | 6.250%—05/01/2024 | 17,595 | ||
Talen Energy Supply LLC | ||||
15,240 | 4.625%—07/15/20193 | 14,249 | ||
2,750 | 6.500%—06/01/2025 | 2,455 | ||
16,704 | ||||
72,134 | ||||
INDUSTRIAL CONGLOMERATES—0.2% | ||||
Gardner Denver Inc. | ||||
5,000 | 6.875%—08/15/20213 | 4,300 | ||
INTERNET SOFTWARE & SERVICES—0.4% | ||||
Equinix Inc. | ||||
1,390 | 5.750%—01/01/2025 | 1,461 | ||
5,410 | 5.875%—01/15/2026 | 5,738 | ||
7,199 | ||||
IT SERVICES—1.1% | ||||
Alliance Data Systems Corp. | ||||
3,200 | 5.375%—08/01/20223 | 3,096 | ||
11,400 | 6.375%—04/01/20203 | 11,728 | ||
14,824 | ||||
WEX Inc. | ||||
6,725 | 4.750%—02/01/20232,3 | 6,170 | ||
20,994 | ||||
LIFE SCIENCES TOOLS & SERVICES—0.7% | ||||
Jaguar Holding Co. II | ||||
10,000 | 6.375%—08/01/20233 | 10,415 | ||
Quintiles Transnational Corp. | ||||
2,350 | 4.875%—05/15/20233 | 2,418 | ||
12,833 | ||||
MACHINERY— 0.3% | ||||
Terex Corp. | ||||
6,250 | 6.500%—04/01/2020 | 6,284 | ||
MEDIA— 16.5% | ||||
Cable One Inc. | ||||
5,250 | 5.750%—06/15/20223 | 5,407 | ||
Cablevision Systems Corp. | ||||
12,000 | 5.875%—09/15/2022 | 10,470 | ||
8,000 | 8.000%—04/15/2020 | 8,036 | ||
18,506 | ||||
CCO Holdings LLC | ||||
1,500 | 5.125%—02/15/2023 | 1,541 | ||
3,200 | 5.125%—05/01/20233 | 3,272 | ||
5,250 | 5.250%—03/15/2021-09/30/2022 | 5,435 | ||
225 | 5.375%—05/01/20253 | 231 | ||
6,000 | 5.875%—04/01/20243 | 6,300 | ||
3,150 | 6.500%—04/30/2021 | 3,268 | ||
20,047 |
Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
MEDIA— Continued | ||||
Cequel Communications Holdings I LLC | ||||
$ | 6,000 | 5.125%—12/15/20213 | $ 5,685 | |
13,500 | 6.375%—09/15/20203 | 13,905 | ||
19,590 | ||||
Clear Channel Worldwide Holdings Inc. | ||||
5,050 | 7.625%—03/15/2020 | 4,706 | ||
CSC Holdings LLC | ||||
1,000 | 5.250%—06/01/2024 | 912 | ||
DISH DBS Corp. | ||||
3,800 | 5.000%—03/15/2023 | 3,486 | ||
6,000 | 5.875%—11/15/2024 | 5,655 | ||
5,000 | 6.750%—06/01/2021 | 5,164 | ||
14,305 | ||||
Gray Television Inc. | ||||
5,000 | 7.500%—10/01/2020 | 5,262 | ||
Lamar Media Corp. | ||||
500 | 5.750%—02/01/20263 | 530 | ||
10,000 | 5.875%—02/01/2022 | 10,525 | ||
11,055 | ||||
MDC Partners Inc. | ||||
5,750 | 6.500%—05/01/20243 | 5,980 | ||
Mediacom Broadband LLC | ||||
2,800 | 5.500%—04/15/2021 | 2,874 | ||
4,600 | 6.375%—04/01/2023 | 4,795 | ||
7,669 | ||||
Mediacom Capital Corp. | ||||
7,500 | 7.250%—02/15/2022 | 7,884 | ||
Midcontinent Communications & Midcontinent Finance Corp. | ||||
5,000 | 6.875%—08/15/20233 | 5,212 | ||
Neptune Finco Corp. | ||||
2,000 | 10.875%—10/15/20253 | 2,230 | ||
Netflix Inc. | ||||
1,100 | 5.875%—02/15/2025 | 1,161 | ||
Nexstar Broadcasting Inc. | ||||
5,000 | 6.125%—02/15/20223 | 5,037 | ||
6,550 | 6.875%—11/15/2020 | 6,894 | ||
11,931 | ||||
Numericable-SFR SA | ||||
3,000 | 4.875%—05/15/20193 | 3,112 | ||
11,050 | 6.000%—05/15/20223 | 11,106 | ||
4,250 | 7.375%—05/01/20263 | 4,319 | ||
18,537 | ||||
Outfront Media Capital LLC | ||||
5,000 | 5.875%—03/15/2025 | 5,244 | ||
Quebecor Media Inc. | ||||
3,000 | 5.750%—01/15/2023 | 3,120 | ||
Sinclair Television Group Inc. | ||||
10,700 | 5.375%—04/01/2021 | 11,142 | ||
4,000 | 6.125%—10/01/2022 | 4,290 | ||
3,300 | 6.375%—11/01/2021 | 3,506 | ||
18,938 | ||||
Sirius XM Radio Inc. | ||||
2,750 | 4.625%—05/15/20233 | 2,733 | ||
3,000 | 5.375%—04/15/20253 | 3,075 | ||
4,350 | 5.875%—10/01/20203 | 4,529 | ||
13,000 | 6.000%—07/15/20243 | 13,749 | ||
24,086 |
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
MEDIA— Continued | ||||
Time Inc. | ||||
$ | 10,000 | 5.750%—04/15/20223 | $ 9,681 | |
Townsquare Media Inc. | ||||
5,000 | 6.500%—04/01/20233 | 4,856 | ||
Tribune Media Co. | ||||
12,500 | 5.875%—07/15/2022 | 12,438 | ||
Unitymedia Hessen GmbH & Co. KG | ||||
4,900 | 5.500%—01/15/20233 | 5,096 | ||
Univision Communications Inc. | ||||
5,000 | 5.125%—05/15/2023-02/15/20253 | 5,024 | ||
7,325 | 6.750%—09/15/20223 | 7,801 | ||
12,825 | ||||
UPCB Finance IV Ltd. | ||||
14,500 | 5.375%—01/15/20253 | 14,826 | ||
UPCB Finance V Ltd. | ||||
495 | 7.250%—11/15/20213 | 523 | ||
Virgin Media Finance plc | ||||
3,000 | 6.000%—10/15/20243 | 3,071 | ||
2,500 | 6.375%—04/15/20233 | 2,588 | ||
5,659 | ||||
Virgin Media Secured Finance plc | ||||
5,000 | 5.250%—01/15/20263 | 5,050 | ||
4,860 | 5.375%—04/15/20213 | 5,097 | ||
2,350 | 5.500%—08/15/20263 | 2,373 | ||
12,520 | ||||
WideOpenWest Finance LLC | ||||
1,800 | 10.250%—07/15/2019 | 1,814 | ||
WMG Acquisition Corp. | ||||
1,890 | 5.625%—04/15/20223 | 1,923 | ||
7,500 | 6.750%—04/15/20223 | 7,463 | ||
9,386 | ||||
Ziggo Bond Finance BV | ||||
6,000 | 5.875%—01/15/20253 | 5,963 | ||
307,369 | ||||
OIL, GAS & CONSUMABLE FUELS—6.0% | ||||
Baytex Energy Corp. | ||||
4,500 | 5.625%—06/01/20242,3 | 3,442 | ||
CrownRock Finance Inc. | ||||
1,600 | 7.125%—04/15/20213 | 1,624 | ||
350 | 7.750%—02/15/20233 | 359 | ||
1,983 | ||||
Denbury Resources Inc. | ||||
4,900 | 5.500%—05/01/2022 | 3,210 | ||
Genesis Energy LP | ||||
2,050 | 5.750%—02/15/2021 | 1,937 | ||
1,500 | 6.750%—08/01/2022 | 1,448 | ||
3,385 | ||||
Global Partners LP | ||||
1,450 | 7.000%—06/15/20232 | 1,229 | ||
Jupiter Resources Inc. | ||||
3,500 | 8.500%—10/01/20223 | 2,240 | ||
Memorial Resource Development Corp. | ||||
9,000 | 5.875%—07/01/2022 | 8,235 | ||
MPLX LP | ||||
4,250 | 4.875%—06/01/20253 | 4,112 | ||
1,750 | 5.500%—02/15/20233 | 1,747 | ||
5,859 |
Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
OIL, GAS & CONSUMABLE FUELS—Continued | ||||
Murphy Oil Corp. | ||||
$ | 7,500 | 3.700%—12/01/2022 | $ 6,604 | |
NGL Energy Partners LP | ||||
1,750 | 5.125%—07/15/20192 | 1,479 | ||
4,150 | 6.875%—10/15/20212 | 3,507 | ||
4,986 | ||||
Oasis Petroleum Inc. | ||||
11,850 | 6.875%—03/15/2022-01/15/2023 | 10,665 | ||
Range Resources Corp. | ||||
1,500 | 4.875%—05/15/2025 | 1,397 | ||
4,000 | 5.000%—08/15/2022 | 3,755 | ||
5,152 | ||||
Rice Energy Inc. | ||||
11,000 | 6.250%—05/01/2022 | 10,945 | ||
Rose Rock Midstream LP | ||||
5,500 | 5.625%—11/15/2023 | 4,318 | ||
RSP Permian Inc. | ||||
1,477 | 6.625%—10/01/2022 | 1,532 | ||
Sanchez Energy Corp. | ||||
7,950 | 6.125%—01/15/2023 | 5,982 | ||
1,700 | 7.750%—06/15/2021 | 1,407 | ||
7,389 | ||||
Sunoco LP | ||||
7,000 | 6.250%—04/15/20213 | 7,105 | ||
Tesoro Logistics LP | ||||
5,000 | 5.500%—10/15/2019 | 5,125 | ||
2,000 | 6.250%—10/15/2022 | 2,060 | ||
7,185 | ||||
Whiting Petroleum Corp. | ||||
3,500 | 5.750%—03/15/2021 | 2,922 | ||
9,650 | 6.250%—04/01/2023 | 8,082 | ||
11,004 | ||||
WPX Energy Inc. | ||||
5,650 | 8.250%—08/01/2023 | 5,325 | ||
111,793 | ||||
PAPER & FOREST PRODUCTS—0.9% | ||||
Cascades Inc. | ||||
7,500 | 5.500%—07/15/20223 | 7,275 | ||
4,050 | 5.750%—07/15/20233 | 3,878 | ||
11,153 | ||||
Resolute Forest Products Inc. | ||||
8,500 | 5.875%—05/15/20232 | 6,439 | ||
17,592 | ||||
PHARMACEUTICALS— 2.4% | ||||
Concordia Healthcare Corp. | ||||
5,650 | 7.000%—04/15/20233 | 5,268 | ||
Endo Finance LLC | ||||
3,000 | 5.750%—01/15/20223 | 2,925 | ||
5,800 | 5.875%—01/15/20233 | 5,582 | ||
3,000 | 6.000%—07/15/20233 | 2,933 | ||
750 | 7.750%—01/15/20223 | 776 | ||
12,216 | ||||
Grifols Worldwide Operations Ltd. | ||||
5,000 | 5.250%—04/01/2022 | 5,175 | ||
Mallinckrodt International Finance SA | ||||
2,000 | 4.750%—04/15/2023 | 1,641 |
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
PHARMACEUTICALS— Continued | ||||
$ | 5,000 | 5.500%—04/15/20253 | $ 4,525 | |
9,250 | 5.625%—10/15/20233 | 8,695 | ||
14,861 | ||||
Valeant Pharmaceuticals International Inc. | ||||
2,500 | 5.625%—12/01/20213 | 2,131 | ||
3,500 | 6.125%—04/15/20253 | 2,914 | ||
500 | 6.375%—10/15/20203 | 456 | ||
1,750 | 7.500%—07/15/20213 | 1,610 | ||
7,111 | ||||
44,631 | ||||
PROFESSIONAL SERVICES—0.3% | ||||
CEB Inc. | ||||
5,000 | 5.625%—06/15/20233 | 5,025 | ||
REAL ESTATE INVESTMENT TRUSTS (REITs)—2.5% | ||||
Communications Sales & Leasing Inc. | ||||
2,000 | 8.250%—10/15/2023 | 1,905 | ||
CyrusOne LP | ||||
2,000 | 6.375%—11/15/2022 | 2,115 | ||
DuPont Fabros Technology LP | ||||
3,000 | 5.875%—09/15/2021 | 3,165 | ||
FelCor Lodging LP | ||||
5,650 | 5.625%—03/01/2023 | 5,834 | ||
3,500 | 6.000%—06/01/2025 | 3,631 | ||
9,465 | ||||
GEO Group Inc. | ||||
1,500 | 5.125%—04/01/2023 | 1,481 | ||
3,650 | 5.875%—01/15/2022-10/15/2024 | 3,741 | ||
5,222 | ||||
Iron Mountain Inc. | ||||
14,275 | 5.750%—08/15/2024 | 14,739 | ||
1,125 | 6.000%—10/01/20203 | 1,190 | ||
15,929 | ||||
MPT Operating Partnership LP | ||||
1,500 | 6.375%—03/01/2024 | 1,605 | ||
1,500 | 6.875%—05/01/2021 | 1,555 | ||
3,160 | ||||
RHP Hotel Properties LP | ||||
3,250 | 5.000%—04/15/2021 | 3,372 | ||
Sabra Health Care LP | ||||
1,800 | 5.500%—02/01/2021 | 1,823 | ||
46,156 | ||||
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3% | ||||
Realogy Group LLC | ||||
5,500 | 5.250%—12/01/20213 | 5,775 | ||
ROAD & RAIL—2.1% | ||||
Avis Budget Car Rental LLC | ||||
6,000 | 5.125%—06/01/20223 | 5,711 | ||
6,500 | 5.250%—03/15/20253 | 5,988 | ||
5,000 | 5.500%—04/01/2023 | 4,798 | ||
2,500 | 6.375%—04/01/20243 | 2,494 | ||
18,991 | ||||
Hertz Corp. | ||||
6,500 | 5.875%—10/15/2020 | 6,646 | ||
9,800 | 6.250%—10/15/2022 | 9,918 |
Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
ROAD & RAIL—Continued | ||||
$ | 650 | 6.750%—04/15/2019 | $ 661 | |
3,000 | 7.375%—01/15/2021 | 3,105 | ||
20,330 | ||||
39,321 | ||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1% | ||||
Micron Technology Inc. | ||||
3,500 | 5.250%—01/15/20243 | 2,826 | ||
SOFTWARE— 0.5% | ||||
First Data Corp. | ||||
2,150 | 5.375%—08/15/20233 | 2,231 | ||
3,750 | 5.750%—01/15/20243 | 3,820 | ||
6,051 | ||||
Nuance Communications Inc. | ||||
4,000 | 5.375%—08/15/20203 | 4,110 | ||
10,161 | ||||
SPECIALTY RETAIL—1.0% | ||||
Argos Merger Sub Inc. | ||||
4,200 | 7.125%—03/15/20233 | 4,305 | ||
Michaels Stores Inc. | ||||
5,000 | 5.875%—12/15/20203 | 5,244 | ||
Penske Automotive Group Inc. | ||||
4,000 | 5.750%—10/01/2022 | 4,150 | ||
Rent-A-Center Inc. | ||||
6,000 | 4.750%—05/01/2021 | 4,897 | ||
18,596 | ||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4% | ||||
NCR Corp. | ||||
3,000 | 5.000%—07/15/2022 | 3,022 | ||
3,500 | 5.875%—12/15/2021 | 3,627 | ||
900 | 6.375%—12/15/2023 | 941 | ||
7,590 | ||||
TEXTILES, APPAREL & LUXURY GOODS—0.3% | ||||
Levi Strauss & Co. | ||||
4,850 | 6.875%—05/01/2022 | 5,226 | ||
THRIFTS & MORTGAGE FINANCE—1.3% | ||||
Nationstar Mortgage LLC | ||||
5,250 | 6.500%—07/01/2021 | 4,633 | ||
5,472 | 7.875%—10/01/2020 | 5,281 | ||
9,914 | ||||
Quicken Loans Inc. | ||||
15,000 | 5.750%—05/01/20253 | 14,175 | ||
24,089 | ||||
TRADING COMPANIES & DISTRIBUTORS—3.1% | ||||
AerCap Ireland Capital Ltd. | ||||
13,825 | 4.625%—10/30/2020-07/01/2022 | 14,469 |
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
TRADING COMPANIES & DISTRIBUTORS—Continued | ||||
Ashtead Capital Inc. | ||||
$ | 14,971 | 6.500%—07/15/20223 | $ 15,870 | |
Safway Group Holding LLC | ||||
10,250 | 7.000%—05/15/20182,3 | 10,301 | ||
United Rentals North America Inc. | ||||
1,950 | 5.500%—07/15/2025 | 1,946 | ||
6,500 | 5.750%—11/15/2024 | 6,622 | ||
2,500 | 5.875%—09/15/2026 | 2,500 | ||
4,000 | 6.125%—06/15/2023 | 4,170 | ||
1,500 | 7.625%—04/15/2022 | 1,609 | ||
16,847 | ||||
57,487 | ||||
WIRELESS TELECOMMUNICATION SERVICES—1.7% | ||||
SBA Communications Corp. | ||||
1,350 | 5.625%—10/01/2019 | 1,406 | ||
SBA Telecommunications Inc. | ||||
2,500 | 5.750%—07/15/2020 | 2,587 | ||
Sprint Communications Inc. | ||||
5,000 | 6.000%—11/15/2022 | 3,703 | ||
Telecom Italia SpA | ||||
5,000 | 5.303%—05/30/20243 | 5,245 | ||
T-Mobile USA Inc. | ||||
1,000 | 6.000%—03/01/2023 | 1,054 | ||
5,000 | 6.250%—04/01/2021 | 5,231 | ||
4,250 | 6.375%—03/01/2025 | 4,479 | ||
5,500 | 6.500%—01/15/2024-01/15/2026 | 5,858 | ||
1,500 | 6.633%—04/28/2021 | 1,586 | ||
18,208 | ||||
31,149 | ||||
TOTAL CORPORATE BONDS & NOTES | ||||
(Cost $1,699,696) | 1,700,950 | |||
SHORT-TERM INVESTMENTS—5.0% | ||||
(Cost $92,679) | ||||
REPURCHASE AGREEMENTS | ||||
92,679 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $94,533) | 92,679 | ||
TOTAL INVESTMENTS—99.8% | ||||
(Cost $1,858,821) | 1,860,015 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.2% | 4,456 | |||
TOTAL NET ASSETS—100.0% | $1,864,471 |
Portfolio of Investments—Continued
1 | Variable rate security, the stated rate represents the rate in effect at April 30, 2016. |
2 | Security has been deemed illiquid at April 30, 2016. |
3 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. These securities are priced by an independent pricing service in accordance with Harbor Funds Valuation Procedures. At April 30, 2016, the aggregate value of these securities was $836,944 (000s) or 45% of net assets. |
4 | Floating rate security, the stated rate represents the rate in effect at April 30, 2016. |
Managers' Commentary (Unaudited)
Newport Beach, CA
92660
Since 2014
Since 2014
Since 2014
Fund Performance
• | Positions in U.S. Treasury Inflation-Protected Securities (TIPS), as breakeven points rose over the period. Breakeven inflation levels are a measure of the market’s expectation of future inflation, as expressed by the yield spread between U.S. TIPS and like-duration U.S. Treasurys. |
• | Positions in select municipal bonds, as yield spreads for the sector tightened. |
• | Currency positioning, specifically long U.S. dollar positions versus the yen, as the currency strengthened relative to the dollar. |
• | Security selection within investment grade and high-yield corporates as specific issuers underperformed. |
• | An underweight to U.S. interest rates, as yields decreased. |
Managers' Commentary—Continued
TOP TEN ISSUERS (% of net assets) | |
U.S. Treasury | 41.4% |
Federal National Mortgage Association TBA | 24.0% |
Federal National Mortgage Association | 6.2% |
Federal Home Loan Mortgage Corp. TBA | 3.1% |
Federal National Mortgage Association REMIC | 2.5% |
Bank of America Corp. | 2.2% |
Government National Mortgage Association TBA | 1.6% |
Morgan Stanley | 1.3% |
Government National Mortgage Association | 1.2% |
Countrywide Alternative Loan Trust | 1.1% |
• | Have neutral U.S. interest rate risk relative to the benchmark, as the economy remains on solid footing despite some softening in economic data. While we believe the Fed’s path will be more gradual than in previous hiking cycles, we are underweight the front-end of the curve given that the path may not be quite as shallow as the market expects. We are neutral on the long-end of the curve given the potential for international developments to sustain demand for longer-dated treasury securities. |
• | Remain opportunistic in investment-grade corporate bonds. While we are selective overall in the corporate sector, we find attractive opportunities in specific credits that benefit from U.S. growth and a resurgent housing sector. We see value in banks and select financial companies, housing-related credits, and municipals. |
• | Remain selective in allocations to emerging markets debt, given increasing dispersion in the pace of economic growth. |
• | With continued divergence in economic growth and central bank policies, we look to maintain our long-dollar positioning, though at lower levels than in recent months and against a broader basket of currencies. We continue to expect divergence between the Fed and other central banks, including the BOJ and ECB. While we believe that the dollar has room to appreciate further, we do not expect the move to be as large or as smooth as it was in recent months. |
• | Continue to hold positions in TIPS, as we believe inflation expectations embedded in markets still appear too depressed in light of the Fed’s efforts to reflate the economy. Base effects, underlying trends in core components, and the potential for wage pressures as the labor market continues to tighten should all support inflation moving towards the Fed’s targets. |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2014 |
Cusip | 411511108 |
Ticker | HABDX |
Inception Date | 12/29/1987 |
Net Expense Ratio | 0.51% a,b |
Total Net Assets (000s) | $2,706,888 |
ADMINISTRATIVE CLASS | |
Fund # | 2214 |
Cusip | 411511686 |
Ticker | HRBDX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 0.76% a,b |
Total Net Assets (000s) | $44,080 |
Portfolio Statistics | |||
Portfolio | Benchmark | ||
Average Market Coupon | 3.33% | 3.15% | |
Yield to Maturity | 3.80% | 2.15% | |
Current 30-Day Yield (Institutional Class) | 2.36% | 2.98% | |
Weighted Average Maturity | 7.86 years | 7.82 years | |
Weighted Average Duration | 5.14 years | 5.51 years | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 259% c | N/A |
MATURITY PROFILE | ||
Years to Maturity | % of Investments | |
0 to 1 yr. | 2.41% | |
>1 to 5 | 67.73% | |
>5 to 10 | 6.52% | |
>10 to 15 | 7.46% | |
>15 to 20 | 0.64% | |
>20 to 25 | 2.83% | |
>25 yrs. | 12.41% |
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor Bond Fund | |||||||||||||||||
Institutional Class | 2.13% | 1.28% | 3.18% | 5.63% | 12/29/1987 | $17,298 | |||||||||||
Administrative Class | 1.99 | 1.01 | 2.93 | 5.37 | 11/01/2002 | 16,865 | |||||||||||
Comparative Index | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | 3.60% | 4.95% | — | $16,219 |
a | Annualized |
b | Reflective of a contractual management fee waiver effective through February 28, 2018 and an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
c | Unannualized |
Portfolio of Investments—April 30, 2016 (Unaudited)
ASSET-BACKED SECURITIES—5.6% | |||
Principal Amount | Value | ||
Argent Securities Inc. | |||
Series 2006-W4 Cl. A2C | |||
$ | 7,111 | 0.599%—05/25/20361 | $ 2,408 |
Series 2005-W2 Cl. A2C | |||
4,487 | 0.799%—10/25/20351 | 4,284 | |
Series 2004-W11 Cl. M3 | |||
939 | 1.564%—11/25/20341 | 776 | |
7,468 | |||
Asset Backed Securities Corp. Home Equity | |||
Series 2003-HE4 Cl. M1 | |||
7,450 | 1.678%—08/15/20331 | 7,126 | |
Bear Stearns Asset Backed Securities Trust | |||
Series 2005-4 Cl. M1 | |||
228 | 0.939%—01/25/20361 | 228 | |
Celf Loan Partners IV plc | |||
Series 2007-1X Cl. VFNU | |||
3,736 | 0.693%—05/03/20231 | 3,736 | |
Series 2007-1X Cl. VFNG | |||
£ | 5,625 | 0.997%—05/03/20231 | 7,974 |
11,710 | |||
Countrywide Asset-Backed Certificates | |||
Series 2006-21 Cl. 2A3 | |||
$ | 4,961 | 0.589%—05/25/20371 | 4,648 |
Series 2001-BC3 Cl. A | |||
196 | 0.679%—12/25/20311 | 146 | |
Series 2006-ABC1 Cl. A3 | |||
4,098 | 0.679%—05/25/20361 | 2,210 | |
Series 2006-2 Cl. M1 | |||
1,200 | 0.839%—06/25/20361 | 886 | |
Series 2005-15 Cl. 1AF3 | |||
3,220 | 5.450%—04/25/20362 | 3,256 | |
11,146 | |||
First Franklin Mortgage Loan Trust | |||
Series 2006-FF10 Cl. A4 | |||
1,079 | 0.589%—07/25/20361 | 1,040 | |
GSAA Trust | |||
Series 2006-20 Cl. 1A2 | |||
6,045 | 0.619%—12/25/20461 | 3,056 | |
Series 2006-4 Cl. 4A2 | |||
956 | 0.669%—03/25/20361 | 916 | |
Series 2007-9 Cl. A1A | |||
1,702 | 6.000%—08/25/2047 | 1,536 | |
5,508 |
ASSET-BACKED SECURITIES—Continued | |||
Principal Amount | Value | ||
GSAMP Trust | |||
Series 2007-FM1 Cl. 2A2 | |||
$ | 135 | 0.509%—12/25/20361 | $ 72 |
Harvest CLO V SA3 | |||
Series V Cl. A1D | |||
€ | 5,190 | 0.205%—04/05/20241 | 5,887 |
Home Equity Asset Trust | |||
Series 2005-2 Cl. M4 | |||
$ | 5,000 | 1.489%—07/25/20351 | 4,941 |
HSI Asset Securitization Corp. Trust | |||
Series 2006-HE2 Cl. 2A3 | |||
6,245 | 0.609%—12/25/20361 | 2,476 | |
IXIS Real Estate Capital Trust | |||
Series 2005-HE1 Cl. M4 | |||
3,888 | 1.489%—06/25/20351 | 3,210 | |
Limerock CLO I3 | |||
Series 2007-1A Cl. A3A | |||
1,584 | 0.848%—04/24/20231,4 | 1,567 | |
MASTR Asset Backed Securities Trust | |||
Series 2006-HE2 Cl. A2 | |||
6,798 | 0.679%—06/25/20361 | 3,682 | |
Mid-State Trust | |||
Series 2004-1 Cl. A | |||
1,618 | 6.005%—08/15/2037 | 1,735 | |
Morgan Stanley ABS Capital I Inc. Trust | |||
Series 2006-HE8 Cl. A1 | |||
2,604 | 0.569%—10/25/20361 | 2,024 | |
Series 2007-HE1 Cl. A2C | |||
2,698 | 0.589%—11/25/20361 | 1,616 | |
3,640 | |||
Morgan Stanley Dean Witter Capital I | |||
Series 2002-HE1 Cl. M1 | |||
2,250 | 1.339%—07/25/20321 | 2,176 | |
Motor plc | |||
Series 2014-1X Cl. A1 | |||
2,067 | 0.919%—08/25/20211 | 2,067 | |
OHA Credit Partners VI Ltd. | |||
Series 2012-6A Cl. AR | |||
11,825 | 1.838%—05/15/20231,4 | 11,772 | |
Option One Mortgage Loan Trust | |||
Series 2007-6 Cl. 2A4 | |||
5,583 | 0.689%—07/25/20371 | 3,339 | |
Park Place Securities Inc. | |||
Series 2005-WCW3 Cl. M1 | |||
9,700 | 0.919%—08/25/20351 | 9,143 | |
People's Financial Realty Mortgage Securities Trust | |||
Series 2006-1 Cl. 1A2 | |||
5,140 | 0.569%—09/25/20361 | 1,486 | |
RAMP Trust | |||
Series 2004-RS8 Cl. MII1 | |||
1,183 | 1.339%—08/25/20341 | 1,139 | |
Securitized Asset Backed Receivables LLC Trust | |||
Series 2005-FR5 Cl. M1 | |||
16,793 | 1.099%—08/25/20351 | 11,138 | |
SG Mortgage Securities Trust | |||
Series 2006-OPT2 Cl. A3D | |||
6,900 | 0.649%—10/25/20361 | 4,179 | |
Small Business Administration Participation Certificates | |||
Series 2003-20I Cl. 1 | |||
107 | 5.130%—09/01/2023 | 116 |
Portfolio of Investments—Continued
ASSET-BACKED SECURITIES—Continued | ||||
Principal Amount | Value | |||
Series 2009-20A Cl. 1 | ||||
$ | 4,152 | 5.720%—01/01/2029 | $ 4,746 | |
Series 2008-20H Cl. 1 | ||||
9,403 | 6.020%—08/01/2028 | 10,690 | ||
Series 2001-20A Cl. 1 | ||||
131 | 6.290%—01/01/2021 | 141 | ||
15,693 | ||||
Soundview Home Loan Trust | ||||
Series 2006-WF2 Cl. A1 | ||||
2,774 | 0.569%—12/25/20361 | 2,682 | ||
Specialty Underwriting & Residential Finance Trust | ||||
Series 2006-BC4 Cl. A2B | ||||
3,560 | 0.549%—09/25/20371 | 1,578 | ||
Structured Asset Securities Co. | ||||
Series 2007-MN1A Cl. A1 | ||||
27,068 | 0.669%—01/25/20371,4 | 16,067 | ||
TOTAL ASSET-BACKED SECURITIES | ||||
(Cost $149,564) | 153,895 | |||
BANK LOAN OBLIGATIONS—0.4% | ||||
Chrysler Group LLC | ||||
Term Loan B | ||||
3,807 | 3.500%—05/24/20172 | 3,814 | ||
Community Health Systems Inc. | ||||
Term Loan F | ||||
5,505 | 3.750%—12/31/20182 | 5,491 | ||
Valeant Pharmaceuticals International Inc. | ||||
Term Loan B-E | ||||
3,165 | 4.750%—08/05/20202 | 3,084 | ||
TOTAL BANK LOAN OBLIGATIONS | ||||
(Cost $12,299) | 12,389 | |||
COLLATERALIZED MORTGAGE OBLIGATIONS—9.0% | ||||
Adjustable Rate Mortgage Trust | ||||
Series 2006-3 Cl. 4A2 | ||||
4,247 | 0.559%—08/25/20361 | 2,493 | ||
Alba plc | ||||
Series 2007-1 Cl. A3 | ||||
£ | 3,681 | 0.759%—03/17/20391 | 4,833 | |
Banc of America Funding Corp. | ||||
Series 2012-R5 Cl. A | ||||
$ | 3,945 | 0.697%—10/03/20391,4 | 3,933 | |
Series 2007-C Cl. 7A5 | ||||
1,887 | 0.739%—05/20/20471 | 1,547 | ||
5,480 | ||||
Banc of America Merrill Lynch Commercial Mortgage Inc. | ||||
Series 2007-2 Cl. A4 | ||||
2,117 | 5.790%—04/10/20492 | 2,147 | ||
Banc of America Merrill Lynch Commercial Mortgage Securities Trust | ||||
Series 2016-ASHF Cl. A | ||||
7,000 | 2.333%—03/15/20281,4 | 7,079 | ||
BCAP LLC Trust | ||||
Series 2007-AA2 Cl. 12A1 | ||||
12,952 | 0.649%—05/25/20471 | 9,661 | ||
Series 2011-RR5 Cl. 12A1 | ||||
832 | 5.233%—03/26/20372,4 | 805 |
COLLATERALIZED MORTGAGE OBLIGATIONS—Continued | ||||
Principal Amount | Value | |||
Series 2011-RR4 Cl. 8A1 | ||||
$ | 3,895 | 5.250%—02/26/20364 | $ 3,440 | |
Series 2011-RR5 Cl. 5A1 | ||||
6,188 | 5.250%—08/26/20374 | 6,406 | ||
20,312 | ||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||
Series 2000-2 Cl. A1 | ||||
26 | 2.749%—11/25/20302 | 25 | ||
Series 2004-10 Cl. 12A3 | ||||
67 | 2.893%—01/25/20352 | 62 | ||
Series 2006-4 Cl. 1A1 | ||||
960 | 2.998%—10/25/20362 | 808 | ||
Series 2004-1 Cl. 12A5 | ||||
577 | 3.056%—04/25/20342 | 566 | ||
1,461 | ||||
Bear Stearns Alt-A Trust | ||||
Series 2005-4 Cl. 1A1 | ||||
467 | 0.879%—07/25/20351 | 454 | ||
Bear Stearns Commercial Mortgage Securities Trust | ||||
Series 2007-PW15 Cl. A4 | ||||
578 | 5.331%—02/11/2044 | 589 | ||
Series 2007-PW18 Cl. A4 | ||||
5,300 | 5.700%—06/11/2050 | 5,496 | ||
6,085 | ||||
Chase Mortgage Finance Corp. | ||||
Series 2006-A1 Cl. 4A1 | ||||
3,417 | 5.417%—09/25/20362 | 2,996 | ||
Citigroup/Deutsche Bank Commercial Mortgage Trust | ||||
Series 2007-CD4 Cl. A4 | ||||
1,152 | 5.322%—12/11/2049 | 1,172 | ||
Countrywide Alternative Loan Trust | ||||
Series 2005-59 Cl. 1A1 | ||||
12,602 | 0.769%—11/20/20351 | 10,133 | ||
Series 2006-6BC Cl. 1A2 | ||||
5,994 | 0.839%—05/25/20361 | 4,458 | ||
Series 2005-84 Cl. 1A1 | ||||
4,974 | 2.759%—02/25/20362 | 3,816 | ||
Series 2005-20CB Cl. 2A5 | ||||
3,985 | 5.500%—07/25/2035 | 3,789 | ||
Series 2006-36T2 Cl. 1A4 | ||||
1,714 | 5.750%—12/25/2036 | 1,309 | ||
Series 2006-39CB Cl. 1A20 | ||||
8,175 | 6.000%—01/25/2037 | 7,871 | ||
31,376 | ||||
Countrywide Home Loan Mortgage Pass Through Trust | ||||
Series 2007-HY5 Cl. 1A1 | ||||
2,095 | 2.870%—09/25/20472 | 1,866 | ||
Credit Suisse Commercial Mortgage Trust | ||||
Series 2006-C5 Cl. A1A | ||||
3,445 | 5.297%—12/15/2039 | 3,486 | ||
Credit Suisse First Boston Mortgage Securities Corp. | ||||
Series 2006-C2 Cl. A3 | ||||
540 | 6.000%—11/25/2035 | 429 | ||
Deutsche Alt-A Securities Inc. Mortgage Loan Trust | ||||
Series 2007-AR2 Cl. A1 | ||||
8,491 | 0.589%—03/25/20371 | 6,161 |
Portfolio of Investments—Continued
COLLATERALIZED MORTGAGE OBLIGATIONS—Continued | ||||
Principal Amount | Value | |||
DSLA Mortgage Loan Trust | ||||
Series 2006-AR1 Cl. 1A1A | ||||
$ | 3,814 | 1.270%—03/19/20461 | $ 2,763 | |
Eurohome UK Mortgages plc | ||||
Series 2007-1 Cl. A | ||||
£ | 3,515 | 0.741%—06/15/20441 | 4,676 | |
First Horizon Asset Securities Inc. | ||||
Series 2005-AR6 Cl. 4A1 | ||||
$ | 2,612 | 2.587%—02/25/20362 | 2,443 | |
First Nationwide Trust | ||||
Series 2001-3 Cl. 1A1 | ||||
2 | 6.750%—08/21/2031 | 2 | ||
Greenwich Capital Commercial Funding Corp. | ||||
Series 2007-GG9 Cl. A4 | ||||
1,262 | 5.444%—03/10/2039 | 1,284 | ||
GS Mortgage Securities Corp. Trust | ||||
Series 2016-RENT Cl. A | ||||
6,900 | 3.203%—02/10/20294 | 7,156 | ||
GSR Mortgage Loan Trust | ||||
Series 2005-AR7 Cl. 6A1 | ||||
732 | 2.860%—11/25/20352 | 706 | ||
Series 2005-AR3 Cl. 3A1 | ||||
973 | 3.041%—05/25/20352 | 872 | ||
Series 2006-2F Cl. 2A13 | ||||
3,236 | 5.750%—02/25/2036 | 3,142 | ||
4,720 | ||||
HarborView Mortgage Loan Trust | ||||
Series 2004-8 Cl. 2A3 | ||||
1,264 | 1.256%—11/19/20341 | 994 | ||
HomeBanc Mortgage Trust | ||||
Series 2006-H2 Cl. A2 | ||||
8,156 | 0.619%—12/25/20361 | 7,203 | ||
Homestar Mortgage Acceptance Corp. | ||||
Series 2004-5 Cl. M3 | ||||
1,532 | 1.589%—10/25/20341 | 1,308 | ||
IndyMac ARM Trust | ||||
Series 2001-H2 Cl. A2 | ||||
10 | 1.864%—01/25/20322 | 9 | ||
IndyMac IMSC Mortgage Loan Trust | ||||
Series 2007-F2 Cl. 2A1 | ||||
3,439 | 6.500%—07/25/2037 | 2,080 | ||
IndyMac Index Mortgage Loan Trust | ||||
Series 2007-AR13 Cl. 4A1 | ||||
18,883 | 2.648%—07/25/20372 | 12,841 | ||
Series 2005-AR31 Cl. 1A1 | ||||
2,232 | 2.694%—01/25/20362 | 1,853 | ||
14,694 | ||||
JP Morgan Chase Commercial Mortgage Securities Corp. | ||||
Series 2006-LDP9 Cl. A3 | ||||
4,799 | 5.336%—05/15/2047 | 4,873 | ||
Series 2007-LDPX Cl. A3 | ||||
13,597 | 5.420%—01/15/2049 | 13,901 | ||
Series 2007-LD12 Cl. A4 | ||||
1,600 | 5.882%—02/15/20512 | 1,649 | ||
20,423 | ||||
JP Morgan Mortgage Trust | ||||
Series 2006-A6 Cl. 1A4L | ||||
5,470 | 2.678%—10/25/20362 | 4,652 | ||
Series 2006-S1 Cl. 3A1 | ||||
1,524 | 5.500%—04/25/2036 | 1,551 | ||
6,203 |
COLLATERALIZED MORTGAGE OBLIGATIONS—Continued | ||||
Principal Amount | Value | |||
JP Morgan Re-REMIC5 | ||||
Series 2009-7 Cl. 11A1 | ||||
$ | 156 | 2.994%—09/27/20362,4 | $ 156 | |
Mansard Mortgages plc | ||||
Series 2007-2X Cl. A1 | ||||
£ | 1,753 | 1.241%—12/15/20491 | 2,413 | |
Merrill Lynch Mortgage Investors Inc. | ||||
Series 2005-3 Cl. 4A | ||||
$ | 179 | 0.689%—11/25/20351 | 168 | |
Merrill Lynch/Countrywide Commercial Mortgage Trust | ||||
Series 2006-4 Cl. A3 | ||||
2,045 | 5.172%—12/12/2049 | 2,062 | ||
Series 2007-6 Cl. A4 | ||||
1,800 | 5.485%—03/12/20512 | 1,838 | ||
3,900 | ||||
Morgan Stanley Bank of America Merrill Lynch Trust | ||||
Series 2015-C22 Cl. ASB | ||||
6,000 | 3.040%—04/15/2048 | 6,215 | ||
Morgan Stanley Re-REMIC Trust5 | ||||
Series 2009-GG10 Cl. A4A | ||||
1,744 | 5.987%—08/12/20452,4 | 1,787 | ||
Provident Funding Mortgage Loan Trust | ||||
Series 2005-2 Cl. 3A | ||||
5,826 | 2.643%—10/25/20352 | 5,776 | ||
Residential Accredit Loans Inc. | ||||
Series 2006-QA7 Cl. 2A1 | ||||
6,618 | 0.624%—08/25/20361 | 5,275 | ||
Series 2007-QS4 Cl. 3A9 | ||||
3,310 | 6.000%—03/25/2037 | 2,875 | ||
8,150 | ||||
Residential Asset Securitization Trust | ||||
Series 2007-A8 Cl. 2A1 | ||||
20,769 | 6.250%—08/25/2037 | 11,806 | ||
Residential Funding Mortgage Securities I | ||||
Series 2007-SA1 Cl. 2A2 | ||||
471 | 3.467%—02/25/20372 | 379 | ||
Series 2006-SA1 Cl. 2A1 | ||||
506 | 3.878%—02/25/20362 | 459 | ||
838 | ||||
RMAC Securities plc | ||||
Series 2006-NS4X Cl. A3A | ||||
£ | 2,351 | 0.761%—06/12/20441 | 3,093 | |
Structured Adjustable Rate Mortgage Loan Trust | ||||
Series 2007-1 Cl. 1A1 | ||||
$ | 3,855 | 0.589%—02/25/20371 | 2,919 | |
Series 2001-21A Cl. 3A1 | ||||
1,214 | 2.902%—04/25/20352 | 1,194 | ||
4,113 | ||||
Structured Asset Mortgage Investments Inc. | ||||
Series 2005-AR5 Cl. A2 | ||||
893 | 0.686%—07/19/20351 | 867 | ||
Suntrust Adjustable Rate Mortgage Loan Trust | ||||
Series 2007-S1 Cl. 1A | ||||
1,352 | 2.873%—01/25/20372 | 1,251 | ||
Wachovia Bank Commercial Mortgage Trust | ||||
Series 2007-C32 Cl. A4FL | ||||
2,600 | 0.608%—06/15/20491,4 | 2,560 | ||
Series 2007-C31 Cl. A4 | ||||
6,395 | 5.509%—04/15/2047 | 6,518 |
Portfolio of Investments—Continued
COLLATERALIZED MORTGAGE OBLIGATIONS—Continued | ||||
Principal Amount | Value | |||
Series 2007-C33 Cl. A4 | ||||
$ | 5,551 | 6.147%—02/15/20512 | $ 5,719 | |
14,797 | ||||
Washington Mutual Mortgage Pass Through Certificates Trust | ||||
Series 2005-AR6 Cl. 2A1A | ||||
783 | 0.669%—04/25/20451 | 735 | ||
Series 2005-AR13 Cl. A1A1 | ||||
373 | 0.729%—10/25/20451 | 347 | ||
Series 2006-AR11 Cl. 3A1A | ||||
3,111 | 1.297%—09/25/20461 | 2,377 | ||
3,459 | ||||
Wells Fargo Mortgage Backed Securities Trust | ||||
Series 2006-AR10 Cl. 1A1 | ||||
5,812 | 2.887%—07/25/20362 | 5,577 | ||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | ||||
(Cost $229,905) | 248,154 | |||
CORPORATE BONDS & NOTES—25.6% | ||||
Access Midstream Partners LP | ||||
8,000 | 4.875%—05/15/2023 | 7,350 | ||
Ally Financial Inc. | ||||
25,600 | 5.500%—02/15/2017 | 26,194 | ||
American Express Bank FSB | ||||
8,800 | 6.000%—09/13/2017 | 9,338 | ||
American Express Centurion Bank MTN6 | ||||
9,500 | 6.000%—09/13/2017 | 10,081 | ||
Apple Inc. | ||||
2,700 | 2.850%—05/06/2021 | 2,839 | ||
AT&T Inc. | ||||
15,000 | 2.800%—02/17/2021 | 15,359 | ||
5,000 | 3.600%—02/17/2023 | 5,229 | ||
5,000 | 4.450%—05/15/2021 | 5,501 | ||
26,089 | ||||
AvalonBay Communities Inc. MTN6 | ||||
4,400 | 3.450%—06/01/2025 | 4,580 | ||
Banco Santander SA | ||||
€ | 11,800 | 6.250%—09/11/20212,7 | 11,786 | |
Bank of America Corp. | ||||
$ | 12,700 | 1.187%—05/02/20172 | 12,627 | |
Bank of America Corp. MTN6 | ||||
18,300 | 1.694%—03/22/20182 | 18,398 | ||
4,300 | 3.875%—08/01/2025 | 4,486 | ||
5,100 | 4.000%—04/01/2024 | 5,364 | ||
4,030 | 5.650%—05/01/2018 | 4,330 | ||
5,100 | 6.400%—08/28/2017 | 5,413 | ||
7,800 | 6.875%—04/25/2018 | 8,558 | ||
46,549 | ||||
Bank of America NA | ||||
4,300 | 1.040%—05/08/20172 | 4,296 | ||
Bank of China Hong Kong Ltd. | ||||
800 | 5.550%—02/11/20204 | 877 | ||
Barclays Bank plc | ||||
1,700 | 7.750%—04/10/20232 | 1,808 | ||
£ | 3,600 | 14.000%—06/15/20192,7 | 6,569 | |
8,377 |
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
Barclays plc | ||||
€ | 2,300 | 6.500%—09/15/20192,7 | $ 2,446 | |
700 | 8.000%—12/15/20202,7 | 803 | ||
3,249 | ||||
Baxalta Inc. | ||||
$ | 5,200 | 2.875%—06/23/20204 | 5,205 | |
BB&T Corp. MTN6 | ||||
19,500 | 1.494%—06/15/20182 | 19,512 | ||
BBVA Bancomer SA | ||||
5,700 | 6.500%—03/10/20214 | 6,225 | ||
Bear Stearns Companies LLC | ||||
4,300 | 6.400%—10/02/2017 | 4,595 | ||
Blackstone Group LP | ||||
2,936 | 9.625%—03/19/20194,8 | 2,899 | ||
BM&F Bovespa SA | ||||
2,000 | 5.500%—07/16/20204 | 2,062 | ||
Boston Scientific Corp. | ||||
5,000 | 2.850%—05/15/2020 | 5,119 | ||
Braskem Finance Ltd. | ||||
900 | 5.750%—04/15/20214 | 874 | ||
Burlington Northern Santa Fe LLC | ||||
4,000 | 3.000%—04/01/2025 | 4,154 | ||
Cantor Fitzgerald LP | ||||
8,900 | 6.500%—06/17/20224,8 | 9,232 | ||
CIT Group Inc. | ||||
3,700 | 5.000%—05/15/2017 | 3,786 | ||
Citigroup Inc. | ||||
3,500 | 1.700%—04/27/2018 | 3,503 | ||
4,000 | 3.700%—01/12/2026 | 4,134 | ||
7,637 | ||||
Citigroup Inc. MTN6 | ||||
€ | 2,000 | 0.397%—05/31/20172 | 2,290 | |
Credit Agricole SA | ||||
£ | 3,900 | 7.500%—06/23/20262,7 | 5,259 | |
$ | 3,100 | 7.875%—01/23/20242,7 | 2,991 | |
1,800 | 8.125%—09/19/20332 | 1,982 | ||
10,232 | ||||
Credit Suisse Group Funding Guernsey Ltd. | ||||
8,900 | 3.750%—03/26/2025 | 8,700 | ||
Credit Suisse New York MTN6 | ||||
8,900 | 1.125%—05/26/20172 | 8,881 | ||
CSN Islands XI Corp. | ||||
1,900 | 6.875%—09/21/20194 | 1,294 | ||
CVS Pass-Through Trust | ||||
628 | 6.943%—01/10/2030 | 744 | ||
Depository Trust & Clearing Corp. | ||||
3,000 | 4.875%—06/15/20202,4,7 | 3,007 | ||
Discover Bank of Greenwood Delaware | ||||
2,900 | 2.600%—11/13/2018 | 2,930 | ||
Dynegy Inc. | ||||
1,900 | 6.750%—11/01/2019 | 1,933 | ||
3,500 | 7.375%—11/01/2022 | 3,474 | ||
1,800 | 7.625%—11/01/2024 | 1,769 | ||
7,176 | ||||
El Paso Corp. | ||||
3,300 | 7.000%—06/15/2017 | 3,450 | ||
Energy Transfer Partners LP | ||||
8,800 | 4.150%—10/01/2020 | 8,704 | ||
1,400 | 4.650%—06/01/2021 | 1,393 | ||
10,097 |
Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
ERP Operating LP | ||||
$ | 5,500 | 3.375%—06/01/2025 | $ 5,723 | |
Export-Import Bank of Korea | ||||
2,100 | 4.000%—01/29/2021 | 2,283 | ||
2,200 | 5.125%—06/29/2020 | 2,473 | ||
4,756 | ||||
FirstEnergy Corp. | ||||
5,840 | 4.250%—03/15/2023 | 6,116 | ||
Ford Motor Credit Co. LLC | ||||
5,000 | 2.551%—10/05/2018 | 5,068 | ||
9,550 | 3.200%—01/15/2021 | 9,848 | ||
1,000 | 3.984%—06/15/2016 | 1,003 | ||
2,200 | 8.000%—12/15/2016 | 2,293 | ||
10,050 | 8.125%—01/15/2020 | 12,036 | ||
30,248 | ||||
General Motors Financial Co. Inc. | ||||
2,800 | 3.150%—01/15/2020 | 2,854 | ||
800 | 3.200%—07/13/2020 | 816 | ||
3,000 | 4.750%—08/15/2017 | 3,117 | ||
1,400 | 6.750%—06/01/2018 | 1,530 | ||
8,317 | ||||
Genesis Energy LP | ||||
5,000 | 5.625%—06/15/2024 | 4,550 | ||
Goldman Sachs Group Inc. MTN6 | ||||
1,500 | 1.260%—06/04/20172 | 1,500 | ||
GTL Trade Finance Inc. | ||||
1,500 | 7.250%—10/20/2017 | 1,580 | ||
1,900 | 7.250%—10/20/20174 | 2,002 | ||
3,582 | ||||
HSBC Holdings plc | ||||
€ | 3,900 | 6.000%—09/29/20232,7 | 4,310 | |
$ | 5,700 | 6.375%—03/30/20252,7 | 5,520 | |
9,830 | ||||
International Lease Finance Corp. | ||||
5,100 | 5.750%—05/15/2016 | 5,104 | ||
4,600 | 6.750%—09/01/20164 | 4,667 | ||
9,771 | ||||
JP Morgan Chase & Co. | ||||
8,200 | 2.250%—01/23/2020 | 8,260 | ||
4,500 | 2.550%—03/01/2021 | 4,566 | ||
7,000 | 2.750%—06/23/2020 | 7,172 | ||
10,000 | 3.900%—07/15/2025 | 10,598 | ||
30,596 | ||||
JP Morgan Chase Bank NA | ||||
7,000 | 6.000%—10/01/2017 | 7,436 | ||
Keane Group Holdings LLC | ||||
24,063 | 12.000%—08/08/20198 | 21,637 x | ||
Kinder Morgan Inc. | ||||
4,700 | 5.000%—02/15/20214 | 4,871 | ||
Leaseplan Corp. NV | ||||
7,300 | 2.875%—01/22/20194 | 7,271 | ||
Lockheed Martin Corp. | ||||
7,500 | 2.500%—11/23/2020 | 7,720 | ||
Mizuho Bank Ltd. | ||||
1,000 | 1.080%—09/25/20172,4 | 998 | ||
Morgan Stanley MTN6 | ||||
13,000 | 1.083%—10/18/20162 | 13,011 | ||
11,700 | 1.918%—04/25/20182 | 11,843 |
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
$ | 1,700 | 2.125%—04/25/2018 | $ 1,716 | |
8,608 | 5.625%—09/23/2019 | 9,588 | ||
36,158 | ||||
MSCI Inc. | ||||
4,250 | 5.250%—11/15/20244 | 4,457 | ||
Murray Street Investment Trust I | ||||
7,000 | 4.647%—03/09/20179 | 7,208 | ||
Novo Banco SA MTN6 | ||||
€ | 3,500 | 4.750%—01/15/2018 | 1,052 | |
Odebrecht Drilling Norbe VIII/IX Ltd. | ||||
$ | 5,024 | 6.350%—06/30/20224 | 1,105 | |
Odebrecht Offshore Drilling Finance Ltd. | ||||
3,519 | 6.625%—10/01/20234 | 457 | ||
176 | 6.750%—10/01/20234 | 25 | ||
482 | ||||
OneMain Financial Holdings Inc. | ||||
1,600 | 6.750%—12/15/20194 | 1,642 | ||
1,500 | 7.250%—12/15/20214 | 1,568 | ||
3,210 | ||||
Owens Corning | ||||
9,300 | 4.200%—12/01/2024 | 9,569 | ||
Petrobras Global Finance BV | ||||
1,200 | 2.000%—05/20/2016 | 1,199 | ||
1,400 | 2.238%—05/20/20162 | 1,397 | ||
400 | 2.768%—01/15/20192 | 351 | ||
7,800 | 3.002%—03/17/20172 | 7,636 | ||
3,500 | 3.500%—02/06/2017 | 3,477 | ||
1,300 | 3.522%—03/17/20202 | 1,072 | ||
2,200 | 4.375%—05/20/2023 | 1,727 | ||
400 | 4.875%—03/17/2020 | 355 | ||
3,200 | 5.375%—01/27/2021 | 2,852 | ||
1,600 | 5.750%—01/20/2020 | 1,477 | ||
600 | 6.125%—10/06/2016 | 607 | ||
22,150 | ||||
Piper Jaffray Cos. | ||||
2,000 | 5.060%—10/09/20184,8 | 2,041 | ||
Principal Life Global Funding II | ||||
23,400 | 1.200%—05/19/20174 | 23,383 | ||
Ras Laffan Liquefied Natural Gas Co. Ltd. III | ||||
700 | 5.838%—09/30/20274 | 772 | ||
Rio Oil Finance Trust | ||||
1,683 | 9.250%—07/06/20244 | 1,163 | ||
8,500 | 9.750%—01/06/20274 | 5,483 | ||
6,646 | ||||
Rockies Express Pipeline LLC | ||||
3,000 | 5.625%—04/15/20204 | 2,993 | ||
Rohm and Haas Co. | ||||
717 | 6.000%—09/15/2017 | 759 | ||
Royal Bank of Scotland plc MTN6 | ||||
8,630 | 9.500%—03/16/20222 | 9,150 | ||
Schaeffler Holding Finance BV | ||||
€ | 3,400 | 5.750%—11/15/2021 | 4,181 | |
$ | 3,100 | 6.250%—11/15/20194 | 3,240 | |
7,421 | ||||
Shell International Finance BV | ||||
3,200 | 4.375%—05/11/2045 | 3,424 | ||
Simon Property Group LP | ||||
6,000 | 2.500%—09/01/2020 | 6,148 |
Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
Société Générale SA | ||||
$ | 5,000 | 4.250%—04/14/20254 | $ 4,928 | |
13,000 | 8.000%—09/29/20252,4,7 | 12,902 | ||
17,830 | ||||
Sumitomo Mitsui Financial Group Inc. | ||||
6,900 | 2.316%—03/09/20212 | 7,032 | ||
UBS AG MTN6 | ||||
5,100 | 1.195%—06/01/20172 | 5,102 | ||
1,800 | 1.485%—06/01/20202 | 1,798 | ||
6,900 | ||||
UBS Group Funding Jersey Ltd. | ||||
8,500 | 3.000%—04/15/20214,8 | 8,536 | ||
UniCredit SpA | ||||
4,930 | 8.000%—06/03/20242,7 | 4,146 | ||
UniCredit SpA MTN6 | ||||
€ | 2,200 | 6.750%—09/10/20212,7 | 2,134 | |
United Airlines Inc. | ||||
$ | 483 | 10.400%—05/01/2018 | 502 | |
Verizon Communications Inc. | ||||
2,900 | 2.382%—09/14/20182 | 2,978 | ||
500 | 3.000%—11/01/2021 | 518 | ||
5,300 | 3.650%—09/14/2018 | 5,585 | ||
3,700 | 5.150%—09/15/2023 | 4,263 | ||
13,344 | ||||
Volkswagen Group of America Finance LLC | ||||
1,700 | 1.650%—05/22/20184 | 1,685 | ||
Wells Fargo & Co. | ||||
700 | 2.500%—03/04/2021 | 711 | ||
17,800 | 7.980%—03/15/20182,7 | 18,534 | ||
19,245 | ||||
Wells Fargo & Co. MTN6 | ||||
4,300 | 2.550%—12/07/2020 | 4,392 | ||
TOTAL CORPORATE BONDS & NOTES | ||||
(Cost $707,895) | 703,129 | |||
FOREIGN GOVERNMENT OBLIGATIONS—2.6% | ||||
Argentine Republic Government International Bond | ||||
500 | 6.250%—04/22/20194,8 | 520 | ||
Banco Nacional de Desenvolvimento Economico e Social | ||||
€ | 2,300 | 4.125%—09/15/20174 | 2,675 | |
Export-Import Bank of Korea | ||||
$ | 2,800 | 2.625%—12/30/2020 | 2,870 | |
Hellenic Railways Organization SA | ||||
€ | 3,500 | 5.014%—12/27/20178 | 3,632 | |
Mexican Bonos | ||||
MEX$ | 423,600 | 8.000%—06/11/2020 | 27,288 | |
Province of Ontario Canada | ||||
$ | 6,100 | 1.650%—09/27/2019 | 6,130 | |
CAD$ | 5,600 | 3.150%—06/02/2022 | 4,831 | |
$ | 3,800 | 4.000%—10/07/2019 | 4,106 | |
2,300 | 4.400%—04/14/2020 | 2,541 | ||
17,608 | ||||
Province of Quebec Canada | ||||
900 | 3.500%—07/29/2020 | 968 |
FOREIGN GOVERNMENT OBLIGATIONS—Continued | ||||
Principal Amount | Value | |||
CAD$ | 3,800 | 3.500%—12/01/2022 | $ 3,347 | |
13,900 | 4.250%—12/01/2021 | 12,634 | ||
16,949 | ||||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS | ||||
(Cost $77,307) | 71,542 | |||
MORTGAGE PASS-THROUGH—40.0% | ||||
Federal Home Loan Mortgage Corp. | ||||
$ | 81 | 2.500%—08/01/20351 | 86 | |
16 | 2.605%—06/01/20241 | 16 | ||
667 | 4.500%—08/01/2040-09/01/2041 | 727 | ||
1,919 | 5.500%—02/01/2038-07/01/2038 | 2,167 | ||
7,068 | 6.000%—07/01/2016-05/01/2040 | 8,055 | ||
11,051 | ||||
Federal Home Loan Mortgage Corp. REMIC5 | ||||
39 | 0.883%—11/15/20301 | 40 | ||
88 | 8.000%—08/15/2022 | 98 | ||
14 | 9.000%—12/15/2020 | 15 | ||
153 | ||||
Federal Home Loan Mortgage Corp. Structured Pass Through Securities | ||||
Series T-63 Cl. 1A1 | ||||
166 | 1.550%—02/25/20451 | 175 | ||
Series E3 Cl. A | ||||
230 | 2.994%—08/15/20322 | 240 | ||
415 | ||||
Federal Home Loan Mortgage Corp. TBA10 | ||||
38,000 | 3.500%—06/13/2046 | 39,719 | ||
14,000 | 4.000%—05/12/2046 | 14,948 | ||
28,000 | 4.500%—05/12/2046 | 30,454 | ||
85,121 | ||||
Federal Housing Authority Project | ||||
6 | 7.400%—02/01/20218 | 6 y | ||
Federal National Mortgage Association | ||||
333 | 1.776%—10/01/20401 | 342 | ||
5,300 | 2.310%—08/01/2022 | 5,415 | ||
124 | 2.410%—05/01/20351 | 131 | ||
11,277 | 2.475%—04/01/2019 | 11,603 | ||
1,855 | 2.482%—08/01/20351 | 1,965 | ||
2,047 | 2.489%—06/01/20351 | 2,159 | ||
6,000 | 2.870%—09/01/2027 | 6,080 | ||
2,238 | 3.000%—02/01/2021-11/01/2025 | 2,340 | ||
461 | 3.330%—11/01/2021 | 493 | ||
227 | 3.500%—03/01/2026-05/01/2027 | 240 | ||
20,547 | 4.000%—04/01/2018-10/01/2031 | 21,765 | ||
17,648 | 4.500%—01/01/2018-10/01/2042 | 18,924 | ||
11 | 4.500%—02/01/20262 | 12 | ||
11,014 | 5.000%—12/01/2022-07/01/2044 | 12,229 | ||
54,077 | 5.500%—02/01/2023-12/01/2043 | 60,955 | ||
21,041 | 6.000%—07/01/2016-09/01/2040 | 24,063 | ||
Series 2003-W1 Cl. 1A1 | ||||
245 | 5.792%—12/25/20422 | 278 | ||
168,994 | ||||
Federal National Mortgage Association REMIC5 | ||||
Series 2006-5 Cl. 3A2 | ||||
160 | 2.537%—05/25/20352 | 169 | ||
Series 2011-98 Cl. ZL | ||||
65,510 | 3.500%—10/25/2041 | 67,809 |
Portfolio of Investments—Continued
MORTGAGE PASS-THROUGH—Continued | ||||
Principal Amount | Value | |||
Series 2003-25 Cl. KP | ||||
$ | 858 | 5.000%—04/25/2033 | $ 945 | |
68,923 | ||||
Federal National Mortgage Association TBA10 | ||||
59,000 | 3.000%—05/12/2046-06/13/2046 | 60,373 | ||
208,000 | 3.500%—05/18/2031-06/13/2046 | 218,153 | ||
287,000 | 4.000%—05/12/2046-06/13/2046 | 306,463 | ||
69,000 | 4.500%—06/13/2046 | 75,067 | ||
660,056 | ||||
Government National Mortgage Association | ||||
29,919 | 5.000%—08/15/2033-07/15/2041 | 33,239 | ||
Government National Mortgage Association II | ||||
33 | 1.750%—05/20/20241 | 33 | ||
94 | 1.875%—09/20/2023-07/20/20271 | 98 | ||
755 | 2.000%—03/20/2017-02/20/20321 | 781 | ||
27 | 2.500%—12/20/20241 | 27 | ||
939 | ||||
Government National Mortgage Association II TBA10 | ||||
27,000 | 3.500%—05/23/2046 | 28,514 | ||
Government National Mortgage Association TBA10 | ||||
2,000 | 3.000%—05/23/2046 | 2,067 | ||
4,000 | 3.500%—05/23/2046-06/21/2046 | 4,220 | ||
27,000 | 4.000%—05/23/2046-06/21/2046 | 28,816 | ||
7,000 | 5.000%—05/23/2046 | 7,714 | ||
42,817 | ||||
TOTAL MORTGAGE PASS-THROUGH | ||||
(Cost $1,086,621) | 1,100,228 | |||
MUNICIPAL BONDS—2.7% | ||||
California Infrastructure & Economic Development Bank | ||||
2,200 | 6.486%—05/15/2049 | 2,725 | ||
California State University | ||||
3,900 | 6.434%—11/01/2030 | 5,064 | ||
Chicago Transit Authority | ||||
240 | 6.300%—12/01/2021 | 254 | ||
7,200 | 6.899%—12/01/2040 | 8,850 | ||
9,104 | ||||
City of Chicago, IL | ||||
5,800 | 7.750%—01/01/2042 | 5,771 | ||
Clark County Nevada | ||||
4,000 | 6.350%—07/01/2029 | 4,507 | ||
Denver Public Schools | ||||
10,000 | 7.017%—12/15/2037 | ��13,943 | ||
Los Angeles City CA Wastewater System Revenue | ||||
2,000 | 5.713%—06/01/2039 | 2,447 | ||
Public Power Generation Agency | ||||
600 | 7.242%—01/01/2041 | 738 | ||
State of California | ||||
7,800 | 7.500%—04/01/2034 | 11,630 | ||
5,000 | 7.950%—03/01/2036 | 6,047 | ||
17,677 |
MUNICIPAL BONDS—Continued | ||||
Principal Amount | Value | |||
University of California | ||||
$ | 12,270 | 4.858%—05/15/2112 | $ 12,911 | |
TOTAL MUNICIPAL BONDS | ||||
(Cost $60,624) | 74,887 | |||
PREFERRED STOCKS—0.1% | ||||
(Cost $1,928) | ||||
Shares | ||||
DIVERSIFIED FINANCIAL SERVICES—0.1% | ||||
80,000 | Citigroup Capital XIII | 2,092 | ||
PURCHASED OPTIONS—0.1% | ||||
No. of Contracts | ||||
Interest Rate Swap Option 1 year | ||||
240,000,000 | 1.150%—07/05/20168 | 10 | ||
1,114,100,000 | 1.250%—07/05/20168 | 13 | ||
23 | ||||
Interest Rate Swap Option 2 year | ||||
40,700,000 | 2.100%—01/30/20188 | 716 | ||
Interest Rate Swap Option 10 year | ||||
60,600,000 | 2.580%—05/12/2016-05/23/20168 | — | ||
Interest Rate Swap Option 30 year | ||||
16,600,000 | 2.910%—08/20/20188 | 814 | ||
6,000,000 | 2.930%—08/20/20188 | 284 | ||
5,300,000 | 2.940%—08/20/20188 | 248 | ||
1,346 | ||||
U.S. Treasury Notes Future 5 year | ||||
685,000 | $111.50—05/20/2016 | — | ||
412,000 | $111.75—05/20/2016 | — | ||
8,779,000 | $112.50—05/20/2016 | — | ||
— | ||||
TOTAL PURCHASED OPTIONS | ||||
(Premiums Paid/Cost $5,719) | 2,085 | |||
RIGHTS/WARRANTS— 0.0% | ||||
(Cost $15) | ||||
Shares | ||||
AUTOMOBILES— 0.0% | ||||
36,000 | General Motors Co. Escrow8 | — z | ||
U.S. GOVERNMENT OBLIGATIONS—41.4% | ||||
Principal Amount | ||||
U.S. Treasury Bonds | ||||
$ | 56,100 | 2.500%—02/15/2045-02/15/2046 | 54,171 | |
71,400 | 2.750%—08/15/2042-11/15/2042 | 73,160 | ||
56,200 | 2.875%—05/15/2043-08/15/2045 | 58,642 |
Portfolio of Investments—Continued
U.S. GOVERNMENT OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
$ | 65,230 | 3.000%—05/15/2042-05/15/2045 | $ 69,970 |
111,400 | 3.125%—02/15/2042-08/15/2044 | 122,225 | |
45,500 | 3.375%—05/15/2044 | 52,280 | |
5,400 | 4.250%—05/15/2039 | 7,094 | |
20,000 | 4.375%—11/15/2039-05/15/2040 | 26,735 | |
12,000 | 4.625%—02/15/2040 | 16,599 | |
480,876 | |||
U.S. Treasury Inflation Indexed Bonds11 | |||
13,972 | 0.125%—04/15/202012 | 14,262 | |
14,847 | 0.125%—07/15/2022 | 15,129 | |
8,799 | 0.375%—07/15/2025 | 9,028 | |
3,787 | 0.625%—07/15/2021 | 3,979 | |
15,021 | 0.750%—02/15/2042-02/15/2045 | 14,614 | |
2,502 | 1.000%—02/15/2046 | 2,619 | |
7,610 | 1.250%—07/15/202012 | 8,176 | |
2,238 | 1.375%—02/15/2044 | 2,516 | |
93,372 | 1.750%—01/15/2028 | 108,753 | |
72,155 | 2.000%—01/15/2026 | 84,748 | |
151,205 | 2.375%—01/15/2025-01/15/2027 | 182,519 | |
442 | 2.500%—01/15/2029 | 557 | |
1,319 | 3.625%—04/15/2028 | 1,823 | |
8,654 | 3.875%—04/15/2029 | 12,433 | |
461,156 | |||
U.S. Treasury Notes | |||
16,800 | 1.375%—03/31/202012 | 16,953 | |
41,000 | 1.750%—09/30/202212 | 41,509 | |
8,800 | 2.000%—08/31/2021-10/31/202112 | 9,079 | |
87,700 | 2.250%—11/15/2024 | 91,199 | |
4,800 | 2.375%—08/15/2024 | 5,041 | |
25,000 | 2.500%—05/15/202412 | 26,513 | |
5,900 | 2.750%—02/15/202412 | 6,367 | |
196,661 | |||
TOTAL U.S. GOVERNMENT OBLIGATIONS | |||
(Cost $1,109,587) | 1,138,693 | ||
SHORT-TERM INVESTMENTS—1.6% | ||||
Principal Amount | Value | |||
COMMERCIAL PAPER—0.6% | ||||
ENI Finance USA Inc. | ||||
$ | 17,600 | 1.280%—06/02/2016-06/03/201613 | $ 17,580 | |
REPURCHASE AGREEMENTS—1.0% | ||||
12,000 | Repurchase Agreement with Deutsche Bank dated April 29, 2016 due May 02, 2016 at 0.420% collateralized by U.S. Treasury Inflation Indexed Bonds (value $12,260) | 12,000 | ||
14,430 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $14,720) | 14,430 | ||
26,430 | ||||
U.S. GOVERNMENT OBLIGATIONS—0.0% | ||||
U.S. Treasury Bills | ||||
946 | 0.181%—05/19/201612,13 | 946 | ||
TOTAL SHORT-TERM INVESTMENTS | ||||
(Cost $44,956) | 44,956 | |||
TOTAL INVESTMENTS—129.1% | ||||
(Cost $3,486,420) | 3,552,050 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—(29.1)% | (801,082) | |||
TOTAL NET ASSETS—100.0% | $2,750,968 |
Description | Number of Contracts | Aggregate Face Value (000s) | Expiration Date | Unrealized Appreciation/ (Depreciation) (000s) | ||||
Canadian Government Bond Futures 10 year (Sell) | 280 | CAD$ 28,000 | 06/21/2016 | $ 645 | ||||
Euro-Bund Futures (Sell) | 126 | € 12,600 | 06/08/2016 | 31 | ||||
Eurodollar Futures-CME 90 day (Sell) | 1,223 | £ 152,875 | 06/20/2018 | 491 | ||||
United Kingdom GILT Futures 90 day (Sell) | 8 | 800 | 06/28/2016 | 15 | ||||
United Kingdom Pound Sterling Interest Rate Futures 90 day (Sell) | 141 | 17,625 | 09/20/2017 | (87) | ||||
United Kingdom Pound Sterling Interest Rate Futures 90 day (Sell) | 1,599 | 199,875 | 03/21/2018 | 584 | ||||
Eurodollar Futures-CME 90 day (Sell) | 2,635 | $ 658,750 | 03/13/2017 | 428 | ||||
Eurodollar Futures-CME 90 day (Sell) | 1,305 | 326,250 | 09/18/2017 | 294 | ||||
Eurodollar Futures-CME 90 day (Sell) | 1,021 | 255,250 | 12/18/2017 | 255 | ||||
Eurodollar Futures-CME 90 day (Sell) | 2,092 | 523,000 | 03/19/2018 | 575 | ||||
Eurodollar Futures-CME 90 day (Sell) | 1,022 | 255,500 | 06/18/2018 | 294 | ||||
Eurodollar Futures-CME 90 day (Sell) | 344 | 86,000 | 09/17/2018 | (120) | ||||
Eurodollar Futures-CME 90 day (Sell) | 283 | 70,750 | 12/17/2018 | (82) | ||||
U.S. Treasury Bond Futures 30 year (Buy) | 1,238 | 123,800 | 06/21/2016 | (2,957) | ||||
U.S. Treasury Note Futures 5 year (Buy) | 9,130 | 913,000 | 06/30/2016 | (5,279) | ||||
U.S. Treasury Note Futures 10 year (Sell) | 1,995 | 199,500 | 06/21/2016 | 785 | ||||
Total Futures Contracts | $(4,128) |
Portfolio of Investments—Continued
Description | Counterparty | Number of Contracts | Strike Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
Euro-Bund Futures (Put) | CME Group | 23 | € 158.50 | 05/26/2016 | $ 3 | $ (3) | ||||||
Euro-Bund Futures (Put) | CME Group | 337 | 161.00 | 05/26/2016 | 151 | (208) | ||||||
Euro-Bund Futures (Put) | CME Group | 303 | 161.50 | 05/26/2016 | 147 | (250) | ||||||
Total Written Options that Require Periodic Settlement of Variation Margin | $301 | $(461) |
Description | Counterparty | Number of Contracts | Strike Index/Rate/ Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
Inflation-Linked Swap Option 10 year (Put) | Citibank NA | 14,100,000 | 215.949 j | 03/12/2020 | $ 119 | $ (2) | ||||||
Inflation-Linked Swap Option 10 year (Put) | Citibank NA | 33,900,000 | 216.687 j | 04/07/2020 | 302 | (5) | ||||||
Inflation-Linked Swap Option 10 year (Put) | Citibank NA | 15,100,000 | 217.970 j | 09/29/2020 | 195 | (3) | ||||||
Inflation-Linked Swap Option 10 year (Put) | Deutsche Bank AG | 5,100,000 | 215.949 j | 03/10/2020 | 38 | (1) | ||||||
Inflation-Linked Swap Option 10 year (Put) | Deutsche Bank AG | 15,600,000 | 218.011 j | 10/13/2020 | 153 | (4) | ||||||
Interest Rate Swap Option 2 year (Call) | JP Morgan Chase Bank NA | 40,700,000 | 1.100% | 01/30/2018 | 212 | (236) | ||||||
Interest Rate Swap Option 2 year (Call) | JP Morgan Chase Bank NA | 40,700,000 | 1.600 | 01/30/2018 | 368 | (438) | ||||||
Interest Rate Swap Option 2 year 1 year (Put) | Morgan Stanley Capital Services LLC | 172,800,000 | 2.500 | 05/12/2016 | 582 | — | ||||||
Interest Rate Swap Option 2 year 1 year (Put) | Morgan Stanley Capital Services LLC | 402,200,000 | 2.500 | 05/23/2016 | 1,257 | — | ||||||
Interest Rate Swap Option 5 year (Put) | Goldman Sachs Bank USA | 49,600,000 | 2.800 | 08/20/2018 | 1,155 | (354) | ||||||
Interest Rate Swap Option 5 year (Put) | Morgan Stanley Capital Services LLC | 72,800,000 | 2.800 | 08/20/2018 | 1,625 | (519) | ||||||
Interest Rate Swap Option 10 year (Call) | BNP Paribas SA | 5,700,000 | 0.400 | 06/14/2016 | 20 | (3) | ||||||
Interest Rate Swap Option 10 year (Put) | BNP Paribas SA | 5,700,000 | 0.900 | 06/14/2016 | 25 | (10) | ||||||
Interest Rate Swap Option 10 year (Call) | Citibank NA | 9,900,000 | 0.450 | 06/15/2016 | 34 | (10) | ||||||
Interest Rate Swap Option 10 year (Put) | Citibank NA | 9,900,000 | 0.950 | 06/15/2016 | 40 | (12) | ||||||
Interest Rate Swap Option 10 year (Call) | Goldman Sachs Bank USA | 2,200,000 | 0.450 | 06/15/2016 | 9 | (2) | ||||||
Interest Rate Swap Option 10 year (Put) | Goldman Sachs Bank USA | 2,200,000 | 0.950 | 06/15/2016 | 8 | (3) | ||||||
Currency Option Euro vs. U.S. Dollar (Call) | JP Morgan Chase Bank NA | 17,300,000 | € 1.13 | 05/04/2016 | 124 | (327) | ||||||
Currency Option U.S. Dollar vs. Brazilian Real8 (Call) | Credit Suisse International | 7,900,000 | $ 6.30 | 01/11/2018 | 421 | (162) | ||||||
Currency Option U.S. Dollar vs. Mexican Peso8 (Call) | Goldman Sachs Bank USA | 1,000,000 | 18.55 | 05/13/2016 | 10 | — | ||||||
Currency Option U.S. Dollar vs. Mexican Peso (Call) | Goldman Sachs Bank USA | 24,200,000 | 18.25 | 05/05/2016 | 233 | — | ||||||
Currency Option U.S. Dollar vs. Mexican Peso (Call) | JP Morgan Chase Bank NA | 9,600,000 | 18.30 | 05/05/2016 | 117 | — | ||||||
Currency Option U.S. Dollar vs. Mexican Peso8 (Call) | JP Morgan Chase Bank NA | 6,900,000 | 18.40 | 06/09/2016 | 87 | (14) | ||||||
Currency Option U.S. Dollar vs. Russian Ruble8 (Call) | HSBC Bank USA NA | 6,500,000 | 87.00 | 12/08/2016 | 279 | (93) | ||||||
Total Written Options Not Settled Through Variation Margin | $7,413 | $(2,198) | ||||||||||
Total Written Options | $7,714 | $(2,659) |
Currency | Counterparty | Value (000s) | Aggregate Face Value (000s) | Delivery Date | Unrealized Appreciation/ (Depreciation) (000s) | |||||
Australian Dollar (Buy) | Citibank NA | $ 7,584 | $ 7,599 | 05/13/2016 | $ (15) | |||||
Australian Dollar (Buy) | Citibank NA | 2,404 | 2,382 | 05/13/2016 | 22 | |||||
Australian Dollar (Buy) | Goldman Sachs Bank USA | 9,551 | 9,570 | 05/13/2016 | (19) | |||||
Australian Dollar (Sell) | Citibank NA | 4,064 | 3,753 | 05/13/2016 | (311) | |||||
Australian Dollar (Sell) | JP Morgan Chase Bank NA | 5,908 | 5,865 | 05/13/2016 | (43) | |||||
Australian Dollar (Sell) | JP Morgan Chase Bank NA | 10,592 | 10,596 | 05/13/2016 | 4 | |||||
Brazilian Real (Buy) | JP Morgan Chase Bank | 412 | 480 | 01/03/2018 | (68) | |||||
Brazilian Real (Sell) | BNP Paribas SA | 413 | 484 | 01/03/2018 | 71 | |||||
British Pound Sterling (Buy) | Citibank NA | 1,265 | 1,245 | 05/03/2016 | 20 | |||||
British Pound Sterling (Buy) | Goldman Sachs Bank USA | 23,199 | 23,162 | 05/03/2016 | 37 | |||||
British Pound Sterling (Sell) | Citibank NA | 12,071 | 11,901 | 05/03/2016 | (170) | |||||
British Pound Sterling (Sell) | Goldman Sachs Bank USA | 39,852 | 38,950 | 05/03/2016 | (902) | |||||
British Pound Sterling (Sell) | JP Morgan Chase Bank NA | 20,017 | 19,680 | 05/03/2016 | (337) | |||||
British Pound Sterling (Sell) | JP Morgan Chase Bank NA | 47,478 | 47,402 | 06/02/2016 | (76) | |||||
Canadian Dollar (Buy) | Citibank NA | 32,841 | 32,499 | 05/03/2016 | 342 | |||||
Canadian Dollar (Buy) | JP Morgan Chase Bank NA | 8,224 | 8,092 | 05/03/2016 | 132 | |||||
Canadian Dollar (Buy) | UBS AG | 3,311 | 3,278 | 05/03/2016 | 33 | |||||
Canadian Dollar (Sell) | Citibank NA | 27,283 | 25,983 | 05/03/2016 | (1,300) | |||||
Canadian Dollar (Sell) | Citibank NA | 21,893 | 21,861 | 06/02/2016 | (32) | |||||
Canadian Dollar (Sell) | HSBC Bank USA | 172 | 168 | 05/03/2016 | (4) |
Portfolio of Investments—Continued
Currency | Counterparty | Value (000s) | Aggregate Face Value (000s) | Delivery Date | Unrealized Appreciation/ (Depreciation) (000s) | |||||
Canadian Dollar (Sell) | JP Morgan Chase Bank NA | $ 16,922 | $ 16,490 | 05/03/2016 | $ (432) | |||||
Chinese Yuan (Buy) | BNP Paribas SA | 13,687 | 13,146 | 09/14/2016 | 541 | |||||
Chinese Yuan (Buy) | BNP Paribas SA | 7,352 | 7,080 | 10/11/2016 | 272 | |||||
Chinese Yuan (Buy) | BNP Paribas SA | 972 | 935 | 12/05/2016 | 37 | |||||
Chinese Yuan (Buy) | BNP Paribas SA | 7,743 | 7,442 | 12/07/2016 | 301 | |||||
Chinese Yuan (Buy) | Deutsche Bank AG | 4,021 | 3,864 | 09/26/2016 | 157 | |||||
Chinese Yuan (Buy) | Deutsche Bank AG | 857 | 839 | 10/11/2016 | 18 | |||||
Chinese Yuan (Buy) | Deutsche Bank AG | 8,388 | 8,090 | 12/05/2016 | 298 | |||||
Chinese Yuan (Buy) | Goldman Sachs Bank USA | 28,249 | 27,083 | 10/11/2016 | 1,166 | |||||
Chinese Yuan (Buy) | JP Morgan Chase Bank | 5,404 | 5,435 | 09/14/2016 | (31) | |||||
Chinese Yuan (Buy) | JP Morgan Chase Bank | 11,580 | 11,139 | 09/30/2016 | 441 | |||||
Chinese Yuan (Buy) | UBS AG | 4,212 | 4,029 | 09/26/2016 | 183 | |||||
Chinese Yuan (Sell) | BNP Paribas SA | 13,101 | 12,793 | 09/14/2016 | (308) | |||||
Chinese Yuan (Sell) | BNP Paribas SA | 8,749 | 8,424 | 10/11/2016 | (325) | |||||
Chinese Yuan (Sell) | Goldman Sachs Bank USA | 8,233 | 7,934 | 09/26/2016 | (299) | |||||
Chinese Yuan (Sell) | HSBC Bank USA | 22,062 | 21,995 | 10/11/2016 | (67) | |||||
Chinese Yuan (Sell) | HSBC Bank USA | 7,743 | 7,654 | 12/07/2016 | (89) | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 11,581 | 11,541 | 09/30/2016 | (40) | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 4,320 | 4,160 | 10/11/2016 | (160) | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 4,728 | 4,732 | 10/11/2016 | 4 | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 9,361 | 9,235 | 12/05/2016 | (126) | |||||
Chinese Yuan (Sell) | UBS AG | 5,991 | 5,950 | 09/14/2016 | (41) | |||||
Euro Currency (Buy) | Citibank NA | 24,418 | 24,177 | 05/13/2016 | 241 | |||||
Euro Currency (Buy) | Deutsche Bank AG | 15,601 | 15,411 | 05/13/2016 | 190 | |||||
Euro Currency (Buy) | Deutsche Bank AG | 14,485 | 17,075 | 06/13/2016 | (2,590) | |||||
Euro Currency (Buy) | Goldman Sachs Bank USA | 7,634 | 7,434 | 05/13/2016 | 200 | |||||
Euro Currency (Buy) | JP Morgan Chase Bank NA | 50,222 | 49,791 | 05/13/2016 | 431 | |||||
Euro Currency (Buy) | UBS AG | 29,160 | 28,917 | 05/13/2016 | 243 | |||||
Euro Currency (Sell) | Barclays Bank plc | 22,521 | 26,995 | 06/27/2016 | 4,474 | |||||
Euro Currency (Sell) | Citibank NA | 58,632 | 56,642 | 05/13/2016 | (1,990) | |||||
Euro Currency (Sell) | Deutsche Bank AG | 28,935 | 34,552 | 06/13/2016 | 5,617 | |||||
Euro Currency (Sell) | Goldman Sachs Bank USA | 27,637 | 26,744 | 05/13/2016 | (893) | |||||
Euro Currency (Sell) | JP Morgan Chase Bank NA | 33,425 | 32,594 | 05/13/2016 | (831) | |||||
Indian Rupee (Buy) | Citibank NA | 322 | 315 | 05/24/2016 | 7 | |||||
Japanese Yen (Buy) | Citibank NA | 11,801 | 11,151 | 05/13/2016 | 650 | |||||
Japanese Yen (Buy) | Goldman Sachs Bank USA | 38,248 | 37,577 | 05/13/2016 | 671 | |||||
Japanese Yen (Buy) | HSBC Bank USA | 10,644 | 10,066 | 05/13/2016 | 578 | |||||
Japanese Yen (Buy) | JP Morgan Chase Bank NA | 106,676 | 101,840 | 05/13/2016 | 4,836 | |||||
Japanese Yen (Buy) | UBS AG | 53,262 | 50,461 | 05/13/2016 | 2,801 | |||||
Japanese Yen (Sell) | Citibank NA | 52,725 | 50,388 | 05/13/2016 | (2,337) | |||||
Japanese Yen (Sell) | Goldman Sachs Bank USA | 159,429 | 151,847 | 05/13/2016 | (7,582) | |||||
Japanese Yen (Sell) | JP Morgan Chase Bank NA | 64,160 | 61,289 | 05/13/2016 | (2,871) | |||||
Malaysian Ringgit (Buy) | Barclays Capital | 2,579 | 2,378 | 05/24/2016 | 201 | |||||
Malaysian Ringgit (Buy) | Citibank NA | 6,447 | 5,930 | 05/24/2016 | 517 | |||||
Malaysian Ringgit (Buy) | Deutsche Bank AG | 8,749 | 8,014 | 05/24/2016 | 735 | |||||
Malaysian Ringgit (Buy) | HSBC Bank USA | 10,471 | 9,376 | 05/24/2016 | 1,095 | |||||
Malaysian Ringgit (Buy) | JP Morgan Chase Bank | 4,149 | 3,894 | 05/24/2016 | 255 | |||||
Malaysian Ringgit (Buy) | Société Générale | 2,942 | 2,698 | 05/24/2016 | 244 | |||||
Malaysian Ringgit (Buy) | UBS AG | 12,437 | 11,444 | 05/24/2016 | 993 | |||||
Malaysian Ringgit (Sell) | BNP Paribas SA | 13,731 | 12,364 | 05/24/2016 | (1,367) | |||||
Malaysian Ringgit (Sell) | Citibank NA | 6,638 | 5,899 | 05/24/2016 | (739) | |||||
Malaysian Ringgit (Sell) | HSBC Bank USA | 10,308 | 9,404 | 05/24/2016 | (904) | |||||
Malaysian Ringgit (Sell) | Société Générale | 6,990 | 7,004 | 05/24/2016 | 14 | |||||
Malaysian Ringgit (Sell) | UBS AG | 17,369 | 16,144 | 05/24/2016 | (1,225) | |||||
Mexican Peso (Buy) | Barclays Bank plc | 7,841 | 7,699 | 05/20/2016 | 142 | |||||
Mexican Peso (Buy) | BNP Paribas SA | 1,477 | 1,466 | 05/20/2016 | 11 | |||||
Mexican Peso (Buy) | Citibank NA | 699 | 690 | 05/20/2016 | 9 | |||||
Mexican Peso (Buy) | JP Morgan Chase Bank NA | 30,108 | 29,148 | 05/20/2016 | 960 | |||||
Mexican Peso (Buy) | Société Générale | 2,040 | 1,965 | 05/20/2016 | 75 | |||||
Mexican Peso (Sell) | Barclays Bank plc | 14,367 | 14,185 | 05/20/2016 | (182) | |||||
Mexican Peso (Sell) | BNP Paribas SA | 12,050 | 11,522 | 05/20/2016 | (528) | |||||
Mexican Peso (Sell) | Citibank NA | 36,563 | 35,848 | 05/20/2016 | (715) | |||||
Mexican Peso (Sell) | Credit Suisse International | 12,385 | 12,027 | 05/20/2016 | (358) | |||||
Mexican Peso (Sell) | Goldman Sachs Bank USA | 998 | 984 | 05/20/2016 | (14) | |||||
Mexican Peso (Sell) | Royal Bank of Scotland plc | 955 | 939 | 05/24/2016 | (16) | |||||
Russian Ruble (Buy) | JP Morgan Chase Bank | 19,520 | 18,603 | 06/15/2016 | 917 |
Portfolio of Investments—Continued
Currency | Counterparty | Value (000s) | Aggregate Face Value (000s) | Delivery Date | Unrealized Appreciation/ (Depreciation) (000s) | |||||
Russian Ruble (Buy) | UBS AG | $ 21,401 | $ 20,951 | 05/18/2016 | $ 450 | |||||
Russian Ruble (Sell) | HSBC Bank USA | 11,604 | 10,017 | 05/18/2016 | (1,587) | |||||
Russian Ruble (Sell) | JP Morgan Chase Bank | 6,031 | 5,093 | 05/18/2016 | (938) | |||||
Russian Ruble (Sell) | Société Générale | 3,765 | 3,417 | 05/18/2016 | (348) | |||||
Russian Ruble (Sell) | UBS AG | 21,100 | 20,640 | 07/15/2016 | (460) | |||||
Singapore Dollar (Sell) | JP Morgan Chase Bank NA | 20,651 | 20,687 | 05/24/2016 | 36 | |||||
South Korean Won (Buy) | Citibank NA | 753 | 716 | 05/24/2016 | 37 | |||||
South Korean Won (Buy) | HSBC Bank USA | 266 | 254 | 05/24/2016 | 12 | |||||
South Korean Won (Buy) | JP Morgan Chase Bank | 4,616 | 4,386 | 05/24/2016 | 230 | |||||
South Korean Won (Sell) | Barclays Capital | 2,154 | 2,045 | 05/24/2016 | (109) | |||||
South Korean Won (Sell) | Citibank NA | 5,485 | 5,531 | 05/24/2016 | 46 | |||||
South Korean Won (Sell) | Deutsche Bank AG | 10,059 | 10,090 | 05/24/2016 | 31 | |||||
South Korean Won (Sell) | Goldman Sachs Bank USA | 5,633 | 5,650 | 05/24/2016 | 17 | |||||
South Korean Won (Sell) | HSBC Bank USA | 5,454 | 5,446 | 05/24/2016 | (8) | |||||
South Korean Won (Sell) | HSBC Bank USA | 4,885 | 4,909 | 05/24/2016 | 24 | |||||
South Korean Won (Sell) | JP Morgan Chase Bank | 3,498 | 3,302 | 05/24/2016 | (196) | |||||
Swiss Franc (Sell) | Citibank NA | 118 | 117 | 05/13/2016 | (1) | |||||
Taiwan Dollar (Buy) | Barclays Capital | 3,671 | 3,515 | 05/24/2016 | 156 | |||||
Taiwan Dollar (Buy) | Citibank NA | 4,661 | 4,486 | 05/24/2016 | 175 | |||||
Taiwan Dollar (Buy) | Credit Suisse International | 914 | 891 | 05/24/2016 | 23 | |||||
Taiwan Dollar (Buy) | JP Morgan Chase Bank | 3,741 | 3,617 | 05/24/2016 | 124 | |||||
Taiwan Dollar (Sell) | Deutsche Bank AG | 1,306 | 1,251 | 05/24/2016 | (55) | |||||
Taiwan Dollar (Sell) | Goldman Sachs Bank USA | 4,200 | 4,036 | 05/24/2016 | (164) | |||||
Taiwan Dollar (Sell) | HSBC Bank USA | 6,272 | 6,048 | 05/24/2016 | (224) | |||||
Taiwan Dollar (Sell) | JP Morgan Chase Bank | 1,510 | 1,452 | 05/24/2016 | (58) | |||||
Total Forward Currency Contracts | $(1,938) |
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
CME Group | Canada Bankers Acceptances-CDOR 3-Month | Pay | 2.700% | 12/19/2024 | CAD$ 6,500 | $ (204) | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 1.500 | 12/16/2017 | £ 87,100 | (459) | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 1.000 | 06/15/2018 | 30,400 | (278) | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 1.000 | 09/21/2018 | 96,200 | (14) | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 1.250 | 09/21/2018 | 50,200 | (37) | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 1.500 | 09/21/2018 | 11,700 | (123) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 4.140 | 06/09/2016 | MEX$ 1,609,000 | (5) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 4.150 | 06/14/2016 | 308,000 | (1) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 4.060 | 08/24/2016 | 3,755,300 | (450) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 4.390 | 07/28/2017 | 266,800 | (65) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.700 | 01/18/2019 | 144,000 | (29) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.010 | 10/10/2019 | 41,000 | 8 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.270 | 02/05/2020 | 864,800 | 226 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.620 | 06/02/2020 | 181,400 | 49 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.540 | 06/11/2020 | 116,400 | 28 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.310 | 10/22/2020 | 126,200 | 1 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.370 | 02/19/2021 | 42,200 | (2) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 6.350 | 06/02/2021 | 213,600 | 92 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.610 | 07/07/2021 | 30,800 | 17 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.570 | 10/08/2021 | 108,200 | 75 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.610 | 10/08/2021 | — | — | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.430 | 11/17/2021 | 1,158,500 | 859 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.800 | 12/10/2021 | 100 | — | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.850 | 12/21/2021 | 80,600 | 52 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.380 | 01/07/2022 | 120,500 | (2) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.940 | 07/13/2022 | 4,200 | 3 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.830 | 01/12/2023 | 348,500 | (16) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 6.530 | 06/05/2025 | 213,600 | 227 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 1.500 | 06/15/2019 | $ 222,300 | 267 |
Portfolio of Investments—Continued
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.000% | 12/16/2019 | $ 46,700 | $ (907) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.000 | 12/16/2020 | 138,000 | (3,315) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.000 | 06/15/2021 | 89,300 | (44) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.250 | 12/16/2022 | 17,500 | 677 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.250 | 12/16/2022 | 222,000 | (7,457) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.350 | 08/05/2025 | 37,900 | (2,096) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.500 | 12/16/2025 | 9,500 | (439) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.250 | 06/15/2026 | 65,200 | (2,911) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.750 | 12/16/2045 | 280,900 | (30,923) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.500 | 06/15/2046 | 19,200 | (818) | ||||||
CME Group | Federal Funds Effective Rate U.S. | Pay | 0.500 | 06/17/2016 | 46,600 | (11) | ||||||
Interest Rate Swaps | $(48,025) |
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
Bank of America NA | Mexico Interbank TIIE 28 Day | Pay | 6.920% | 11/28/2029 | MEX$ 300 | $ 1 | ||||||
Goldman Sachs Bank USA | Mexico Interbank TIIE 28 Day | Pay | 5.750 | 06/05/2023 | 15,300 | 38 | ||||||
Interest Rate Swaps | $39 |
Counterparty | Reference Assets | Pay/Receive Varianceg | Initial Volatility Strike | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
Goldman Sachs Bank USA | Volatility swap on U.S. Dollar vs. Brazilian Real8 | Pay | $ 0.230 | 07/06/2016 | $ 10 | $ 29 | ||||||
Goldman Sachs Bank USA | Volatility swap on U.S. Dollar vs. Brazilian Real8 | Pay | 0.230 | 07/08/2016 | 10 | 35 | ||||||
Goldman Sachs Bank USA | Volatility swap on U.S. Dollar vs. Brazilian Real8 | Pay | 0.220 | 07/13/2016 | 30 | 80 | ||||||
Variance Swaps on Indices | $144 |
Counterparty | Reference Entity | Buy/ Sellb,c | Pay/Receive Fixed Rate | Expiration Date | Implied Credit Spreadd | Value e (000s) | Upfront Premium Paid/(Received) (000s) | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||||
Barclays Bank plc | TESCO plc 6.000% due 12/14/2029 | Sell | 1.000% | 12/20/2020 | 2.315% | $(327) | $(483) | € 5,000 | $156 | |||||||||
BNP Paribas SA | Volkswagen International Finance 5.380% due 05/22/2018 | Sell | 1.000 | 12/20/2017 | 0.613 | 18 | (42) | 2,100 | 60 | |||||||||
Citibank NA | Volkswagen International Finance 5.380% due 05/22/2018 | Sell | 1.000 | 03/20/2017 | 0.445 | 54 | 94 | 7,700 | (40) | |||||||||
Deutsche Bank AG | Berkshire Hathaway Inc. 1.900% due 01/31/2017 | Sell | 1.000 | 09/20/2016 | 0.266 | 10 | 38 | $ 2,400 | (28) | |||||||||
Citibank NA | Federative Republic of Brazil 12.250% due 03/06/2030 | Sell | 1.000 | 06/20/2016 | 0.611 | 44 | (81) | 25,800 | 125 | |||||||||
Deutsche Bank AG | Federative Republic of Brazil 12.250% due 03/06/2030 | Sell | 1.000 | 06/20/2016 | 0.611 | 26 | (44) | 15,200 | 70 | |||||||||
Morgan Stanley Capital Services LLC | Markit CMBX North America AAA Indices | Sell | 0.080 | 12/13/2049 | 0.000 | (51) | (99) | 14,332 | 48 | |||||||||
Goldman Sachs International | Markit CMBX North America AAA Indices | Sell | 1.000 | 06/20/2021 | 1.242 | (61) | (97) | 5,700 | 36 | |||||||||
Goldman Sachs International | Markit CMBX North America AAA Indices | Sell | 0.500 | 01/17/2047 | 0.000 | (284) | (538) | 10,700 | 254 |
Portfolio of Investments—Continued
Counterparty | Reference Entity | Buy/ Sellb,c | Pay/Receive Fixed Rate | Expiration Date | Implied Credit Spreadd | Value e (000s) | Upfront Premium Paid/(Received) (000s) | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||||
Citibank NA | MetLife, Inc. 4.750% due 02/08/2021 | Sell | 1.000% | 12/20/2020 | 1.109% | $(12) | $ 5 | $ 3,300 | $ (17) | |||||||||
Deutsche Bank AG | Morgan Stanley & Co. LLC 6.000% due 04/28/2015 | Sell | 1.000 | 09/20/2018 | 0.608 | 147 | 186 | 14,100 | (39) | |||||||||
Barclays Bank plc | Petroleo Brasileiro SA Petrobras 8.380% due 12/10/2018 | Sell | 1.000 | 12/20/2019 | 7.138 | (172) | (127) | 900 | (45) | |||||||||
BNP Paribas SA | Petroleo Brasileiro SA Petrobras 8.380% due 12/10/2018 | Sell | 1.000 | 06/20/2018 | 6.000 | (89) | (130) | 900 | 41 | |||||||||
Goldman Sachs International | Petroleo Brasileiro SA Petrobras 8.380% due 12/10/2018 | Sell | 1.000 | 12/20/2019 | 7.138 | (248) | (140) | 1,300 | (108) | |||||||||
HSBC Bank USA NA | Petroleo Brasileiro SA Petrobras 8.380% due 12/10/2018 | Sell | 1.000 | 03/20/2020 | 7.260 | (41) | (36) | 200 | (5) | |||||||||
JP Morgan Chase Bank NA | Petroleo Brasileiro SA Petrobras 8.380% due 12/10/2018 | Sell | 1.000 | 12/20/2019 | 7.138 | (401) | (237) | 2,100 | (164) | |||||||||
Morgan Stanley Capital Services LLC | Petroleo Brasileiro SA Petrobras 8.380% due 12/10/2018 | Sell | 1.000 | 12/20/2019 | 7.138 | (210) | (102) | 1,100 | (108) | |||||||||
Citibank NA | Sprint Communications, Inc. 8.380% due 08/15/2017 | Sell | 5.000 | 12/20/2019 | 10.283 | (244) | 88 | 1,700 | (332) | |||||||||
Goldman Sachs International | Sprint Communications, Inc. 8.380% due 08/15/2017 | Sell | 5.000 | 12/20/2019 | 10.283 | (187) | 69 | 1,300 | (256) | |||||||||
Citibank NA | The Goldman Sachs Group, Inc. 5.950% due 01/18/2018 | Sell | 1.000 | 09/20/2020 | 0.915 | 38 | 31 | 8,000 | 7 | |||||||||
JP Morgan Chase Bank NA | The Goldman Sachs Group, Inc. 5.950% due 01/18/2018 | Sell | 1.000 | 06/20/2017 | 0.425 | 8 | 15 | 1,000 | (7) | |||||||||
Citibank NA | United Mexican States 7.500% due 04/08/2033 | Sell | 1.000 | 06/20/2016 | 0.351 | 124 | 11 | 59,600 | 113 | |||||||||
HSBC Bank USA NA | United Mexican States 5.950% due 03/19/2019 | Sell | 1.000 | 09/20/2016 | 0.351 | 2 | 3 | 600 | (1) | |||||||||
JP Morgan Chase Bank NA | United Mexican States 7.500% due 04/08/2033 | Sell | 1.000 | 09/20/2016 | 0.351 | 4 | 6 | 1,000 | (2) | |||||||||
Credit Default Swaps | $ (242) | |||||||||||||||||
Total Swaps | $(48,084) |
Principal Amount (000s) | Security | Proceeds (000s) | Value (000s) | |||
$ 26,000 | Federal National Mortgage Association TBA10 | $29,647 | $(29,634) |
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Investments in Securities | ||||||||
Asset-Backed Securities | $ — | $ 153,895 | $ — | $ 153,895 | ||||
Bank Loan Obligations | — | 12,389 | — | 12,389 | ||||
Collateralized Mortgage Obligations | — | 248,154 | — | 248,154 | ||||
Corporate Bonds & Notes | — | 681,492 | 21,637 | 703,129 | ||||
Foreign Government Obligations | — | 71,542 | — | 71,542 | ||||
Mortgage Pass-Through | — | 1,100,222 | 6 | 1,100,228 | ||||
Municipal Bonds | — | 74,887 | — | 74,887 | ||||
Preferred Stocks | 2,092 | — | — | 2,092 | ||||
Purchased Options | — | 2,085 | — | 2,085 | ||||
Rights/Warrants | — | — | — | — | ||||
U.S. Government Obligations | — | 1,138,693 | — | 1,138,693 |
Portfolio of Investments—Continued
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Short-Term Investments | ||||||||
Commercial Paper | $ — | $ 17,580 | $ — | $ 17,580 | ||||
Repurchase Agreements | — | 26,430 | — | 26,430 | ||||
U.S. Government Obligations | — | 946 | — | 946 | ||||
Total Investments in Securities | $ 2,092 | $3,528,315 | $21,643 | $3,552,050 | ||||
Financial Derivative Instruments - Assets | ||||||||
Forward Currency Contracts | $ — | $ 32,547 | $ — | $ 32,547 | ||||
Futures Contracts | 4,397 | — | — | 4,397 | ||||
Swap Agreements | — | 3,674 | — | 3,674 | ||||
Total Financial Derivative Instruments - Assets | $ 4,397 | $ 36,221 | $ — | $ 40,618 | ||||
Liability Category | ||||||||
Fixed Income Investments Sold Short | $ — | $ (29,634) | $ — | $ (29,634) | ||||
Financial Derivative Instruments - Liabilities | ||||||||
Forward Currency Contracts | $ — | $ (34,485) | $ — | $ (34,485) | ||||
Futures Contracts | (8,525) | — | — | (8,525) | ||||
Swap Agreements | — | (51,758) | — | (51,758) | ||||
Written Options | (461) | (2,198) | — | (2,659) | ||||
Total Financial Derivative Instruments - Liabilities | $(8,986) | $ (88,441) | $ — | $ (97,427) | ||||
Total Investments | $(2,497) | $3,446,461 | $21,643 | $3,465,607 |
Valuation Description | Balance Beginning at 11/01/2015 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss)w (000s) | Change in Unrealized Appreciation/ (Depreciation)w (000s) | Transfers In Level 3 (000s) | Transfers Out of Level 3 (000s) | Ending Balance as of 04/30/2016w (000s) | |||||||||
Corporate Bonds & Notes | $24,607 | $132 | $ (313) | $ (5) | $ 6 | $109 | $— | $(2,899) h | $21,637 | |||||||||
Mortgage Pass-Through | 1,473 | — | (1,469) | — | (8) | 10 | — | — | 6 | |||||||||
Rights/Warrants | — | — | — | — | — | — | — | — | — | |||||||||
$26,080 | $132 | $(1,782) | $ (5) | $ (2) | $119 | $— | $(2,899) | $21,643 |
Valuation Descriptions | Ending Balance as of 04/30/2016 (000s) | Valuation Technique | Unobservable Inputs | Input Value(s) | ||||
Investments in Securities | ||||||||
Corporate Bonds & Notes | ||||||||
Keane Group Holdings LLC 12.000%—08/08/20198 | $ 21,637 | Benchmark Pricing | Base Price Plus Spread | $ 89.92 | ||||
Mortgage Pass-Through | ||||||||
Federal Housing Authority Project 7.400%—02/01/20218 | $ 6 | Benchmark Pricing | Base Price | 98.20 | ||||
Rights/Warrants | ||||||||
General Motors Co. Escrow8 | $ — | Cash Available in Relation to Claims | Estimated Recovery Value | 0.00 | ||||
$ 21,643 |
Overnight and Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total | |||||
Sale-Buyback Transactions | |||||||||
U.S. Government Obligations | $0 | ($5,243) | $0 | $0 | ($5,243) |
Portfolio of Investments—Continued
1 | Floating rate security, the stated rate represents the rate in effect at April 30, 2016. | ||
2 | Variable rate security, the stated rate represents the rate in effect at April 30, 2016. | ||
3 | CLO after the name of a security stands for Collateralized Loan Obligation. | ||
4 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. These securities are priced by an independent pricing service in accordance with Harbor Funds Valuation Procedures. At April 30, 2016, the aggregate value of these securities was $193,787 (in 000s) or 7% of net assets. | ||
5 | REMICs are CMOs which can hold mortgages secured by any type of real property and issue multiple-class securities backed by those mortgages. | ||
6 | MTN after the name of a security stands for Medium Term Note. | ||
7 | Perpetuity bond, the maturity date represents the next callable date. | ||
8 | Security has been deemed illiquid at April 30, 2016. | ||
9 | Step coupon security, the stated rate represents the rate in effect at April 30, 2016. | ||
10 | TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after April 30, 2016. Although the unit price for the trades has been established, the principal value has not been finalized. However, the amount of the commitments will not fluctuate more than 2% from the principal amount. Income on TBAs is not earned until settlement date (see Note 2 of the accompanying Notes to Financial Statements). | ||
11 | Inflation-protected securities (“IPS”) are securities in which the principal amount is adjusted for inflation and interest payments are applied to the inflation-adjusted principal. | ||
12 | At April 30, 2016, a portion of securities held by the Fund were pledged to cover margin requirements for open future contracts, written options on futures contracts and swap options (see Note 2 of the accompanying Notes to Financial Statements). The securities pledged had an aggregate value of $61,807 (in 000s) or 2% of net assets. | ||
13 | Coupon represents a weighted average yield to maturity. | ||
b | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | ||
c | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | ||
d | Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. | ||
e | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | ||
f | The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | ||
g | At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price. | ||
h | Transferred from Level 3 to Level 2 due to availability of observable market data for pricing input. | ||
j | Amount represents Index Value. | ||
w | The amounts in this category are included in the “Realized and Change in Unrealized Gain/(Loss) on Investment Transactions” section of the Statement of Operations. The net unrealized appreciation/(depreciation) per investment type is below: | ||
Valuation Description | Unrealized Gain/(Loss) as of 04/30/2016 (000s) | ||
Corporate Bonds & Notes | $(1,944) | ||
Mortgage Pass-Through | 1 | ||
Rights/Warrants | (15) | ||
$(1,958) | |||
x | Fair valued by subadviser in accordance with Harbor Funds Valuation Procedures using credit spreads from other actively traded securities with similar terms,which is a Level 3 input. | ||
y | Fair Valued by subadviser in accordance with Harbor Funds Valuation Procedures using quoted prices from other actively traded securities with similar terms which is a Level 3 input. | ||
z | Fair Valued in accordance with Harbor Funds Valuation Procedures using estimated recovery value which is a Level 3 input. | ||
£ | British Pound | ||
CAD$ | Canadian Dollar | ||
€ | Euro | ||
MEX$ | Mexican Peso |
Managers' Commentary (Unaudited)
Newport Beach, CA
92660
Since 2007
Since 2015
Fund Performance
• | Exposure to longer-dated U.S. breakeven levels, as longer-dated inflation expectations ended the period marginally higher. Breakeven inflation levels are a measure of the market’s expectation of future inflation, as expressed by the yield spread between U.S. TIPS and like-duration U.S. Treasurys. |
• | Tactical holdings of intermediate to long-end Mexico inflation-linked bonds as Mexican rates rallied alongside the U.S. and other markets. |
• | Security selection within investment grade and high-yield corporates as specific issuers underperformed. |
• | Overall underweight duration position as the U.S. economy continued to show signs of a broad-based and sustainable recovery, which we expected would lead to Fed policy normalization quicker than priced into markets. |
Managers' Commentary—Continued
TOP TEN ISSUERS (% of net assets) | |
U.S. Treasury | 97.7% |
Federal National Mortgage Association TBA | 3.5% |
France Government Bond OAT | 2.4% |
Telefonica Emisiones SAU | 2.1% |
U.K. Gilt Inflation Linked | 1.8% |
DBUBS Mortgage Trust | 1.2% |
Citigroup Mortgage Loan Trust Inc. | 1.1% |
JP Morgan Mortgage Acquisition Trust | 1.0% |
New Zealand Government Bond | 1.0% |
JP Morgan Chase & Co. | 0.9% |
• | Maintain a neutral duration position overall, as we expect global rates to be broadly range-bound over the coming months as the Fed looks to carefully navigate policy normalization given risks posed from fragile external conditions. |
• | Remain overweight breakeven inflation as inflation expectations embedded in U.S. Treasury markets appear far too low relative to historical realized levels of inflation as well as the Fed’s inflation target. We favor the intermediate portion of the real yield curve given higher real rates and superior opportunities for roll-down; seek attractive security mispricing, including taking exposure in off-the-run vs. on-the-run issues given relative cheapness. |
• | Continue to seek opportunities outside the U.S., where business cycles may anchor rates for a considerable period. Despite depressed inflation expectations globally, UK breakevens appear rich while U.S. remains one of the most attractively priced markets; we look to express this opportunity by going long U.S. versus short UK breakevens. Additionally, we look to maintain exposure to euro-zone breakevens, as markets are pricing in sub-1% inflation over the next 5 years, which appears to be an undershoot despite the challenges facing the region. |
• | Remain selective in allocations to emerging markets, where we favor Mexican inflation-linked securities given high real yields and steepness of yield curve. |
• | Within currency, maintain a bias in favor of the U.S. dollar. We look to have short exposure to the Chinese yuan which we anticipate will exhibit further weakness; this also serves as a hedge to the overall reflationary tilt of the portfolio. |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2025 |
Cusip | 411511520 |
Ticker | HARRX |
Inception Date | 12/01/2005 |
Net Expense Ratio | 0.56% a,b |
Total Net Assets (000s) | $114,175 |
ADMINISTRATIVE CLASS | |
Fund # | 2225 |
Cusip | 411511512 |
Ticker | HRRRX |
Inception Date | 12/01/2005 |
Net Expense Ratio | 0.81% a,b |
Total Net Assets (000s) | $2,838 |
Portfolio Statistics | |||
Portfolio | Benchmark | ||
Average Market Coupon | 1.89% | 0.83% | |
Yield to Maturity | 2.57% | 1.78% | |
Current 30-Day Yield (Institutional Class) | 0.32% | 0.73% | |
Weighted Average Maturity | 8.55 years | 8.71 years | |
Weighted Average Duration | 8.08 years | 8.22 years | |
Portfolio Turnover (6-Month Period Ended 04/30/2016) | 248% c | N/A |
MATURITY PROFILE | ||
Years to Maturity | % of Investments | |
0 to 1 yr. | 28.54% | |
>1 to 5 | 18.38% | |
>5 to 10 | 34.57% | |
>10 to 15 | 3.33% | |
>15 to 20 | 0.88% | |
>20 to 25 | 0.50% | |
>25 yrs. | 13.80% |
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor Real Return Fund | |||||||||||||||||
Institutional Class | 3.10% | -0.35% | 1.81% | 4.40% | 12/01/2005 | $15,379 | |||||||||||
Administrative Class | 2.92 | -0.65 | 1.55 | 4.13 | 12/01/2005 | 14,989 | |||||||||||
Comparative Index | |||||||||||||||||
Barclays U.S. TIPS | 3.89% | 1.12% | 2.58% | 4.67% | — | $15,780 |
a | Annualized |
b | Reflective of an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
c | Unannualized |
Portfolio of Investments—April 30, 2016 (Unaudited)
ASSET-BACKED SECURITIES—4.6% | |||
Principal Amount | Value | ||
Aegis Asset Backed Securities Trust | |||
Series 2004-6 Cl. M2 | |||
$ | 689 | 1.439%—03/25/20351 | $ 635 |
Citigroup Mortgage Loan Trust Inc. | |||
Series 2006-NC1 Cl. A1 | |||
1,021 | 0.569%—08/25/20361,2 | 931 | |
Countrywide Asset Backed Certificates | |||
Series 2007-12 Cl. 2A2 | |||
99 | 0.939%—08/25/20471 | 98 | |
First Franklin Mortgage Loan Trust | |||
Series 2005-FFH1 Cl. M2 | |||
900 | 1.219%—06/25/20361 | 652 | |
GSAMP Trust | |||
Series 2004-WF Cl. M2 | |||
169 | 2.089%—10/25/20341 | 158 | |
Hillmark Funding Ltd. | |||
Series 2006-1A Cl. A1 | |||
639 | 0.868%—05/21/20211,2 | 625 | |
JP Morgan Mortgage Acquisition Trust | |||
Series 2007-CH5 Cl. A4 | |||
700 | 0.599%—05/25/20371 | 651 | |
Series 2006-FRE1 Cl. M1 | |||
700 | 0.829%—05/25/20351 | 519 | |
1,170 | |||
Long Beach Mortgage Loan Trust | |||
Series 2006-WL3 Cl. 2A4 | |||
300 | 0.739%—01/25/20361 | 181 | |
Series 2005-WL2 Cl. M2 | |||
500 | 1.174%—08/25/20351 | 432 | |
613 | |||
MASTR Asset Backed Securities Trust | |||
Series 2006-HE2 Cl. A2 | |||
214 | 0.679%—06/25/20361 | 116 | |
Morgan Stanley ABS Capital I Inc. Trust | |||
Series 2006-HE8 Cl. A2FP | |||
114 | 0.509%—10/25/20361 | 63 | |
Saxon Asset Securities Trust | |||
Series 2003-1 Cl. AF7 | |||
95 | 4.034%—06/25/20333 | 96 | |
Securitized Asset Backed Receivables LLC Trust | |||
Series 2005-FR5 Cl. A1B | |||
74 | 0.999%—08/25/20351 | 74 | |
Soundview Home Loan Trust | |||
Series 2006-OPT2 Cl. A4 | |||
200 | 0.719%—05/25/20361 | 161 |
ASSET-BACKED SECURITIES—Continued | ||||
Principal Amount | Value | |||
Wood Street CLO BV4 | ||||
Series II-A Cl. A1 | ||||
€ | 7 | 0.117%—03/29/20211,2 | $ 8 | |
TOTAL ASSET-BACKED SECURITIES | ||||
(Cost $5,289) | 5,400 | |||
COLLATERALIZED MORTGAGE OBLIGATIONS—3.2% | ||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||
Series 2005-5 Cl. A1 | ||||
$ | 4 | 2.380%—08/25/20351 | 4 | |
Series 2005-2 Cl. A2 | ||||
2 | 2.924%—03/25/20351 | 1 | ||
5 | ||||
Citigroup Mortgage Loan Trust Inc. | ||||
Series 2005-12 Cl. 2A1 | ||||
489 | 1.233%—08/25/20351,2 | 366 | ||
Countrywide Home Loan Mortgage Pass Through Trust | ||||
Series 2004-HYB5 Cl. 2A1 | ||||
44 | 2.600%—04/20/20355 | 44 | ||
DBUBS Mortgage Trust | ||||
Series 2011-LC2A Cl. A2 | ||||
1,411 | 3.386%—07/10/20442 | 1,412 | ||
Lavender Trust | ||||
Series 2010-RR2A Cl. A4 | ||||
1,097 | 6.250%—10/26/20362 | 917 | ||
Marche Mutui Srl | ||||
Series 4 Cl. A | ||||
€ | 43 | 0.175%—02/25/20551 | 49 | |
Series 6 Cl. A1 | ||||
72 | 2.001%—01/27/20641 | 83 | ||
132 | ||||
Morgan Stanley Mortgage Loan Trust | ||||
Series 2006-8AR Cl. 6A1 | ||||
$ | 211 | 2.461%—06/25/20365 | 204 | |
RBSSP Resecuritization Trust | ||||
Series 2010-1 Cl. 2A1 | ||||
658 | 2.321%—07/26/20452,5 | 656 | ||
Residential Asset Securitization Trust | ||||
Series 2006-R1 Cl. A2 | ||||
64 | 0.839%—01/25/20461 | 31 | ||
Washington Mutual Mortgage Pass Through Certificates Trust | ||||
Series 2003-AR9 Cl. 2A | ||||
25 | 2.561%—09/25/20335 | 25 | ||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | ||||
(Cost $3,735) | 3,792 | |||
CORPORATE BONDS & NOTES—7.4% | ||||
AT&T Inc. | ||||
100 | 1.559%—06/30/20205 | 100 | ||
200 | 3.000%—06/30/2022 | 204 | ||
400 | 3.400%—05/15/2025 | 407 | ||
100 | 4.500%—05/15/2035 | 101 | ||
200 | 4.750%—05/15/2046 | 202 | ||
1,014 | ||||
Barclays Bank plc | ||||
200 | 7.625%—11/21/2022 | 218 |
Portfolio of Investments—Continued
CORPORATE BONDS & NOTES—Continued | ||||
Principal Amount | Value | |||
Barclays plc | ||||
€ | 200 | 6.500%—9/15/20195,6 | $ 213 | |
200 | 8.000%—12/15/20205,6 | 229 | ||
442 | ||||
Credit Agricole SA | ||||
300 | 6.500%—06/23/20215,6 | 336 | ||
Ford Motor Credit Co. LLC | ||||
$ | 1,100 | 2.375%—01/16/2018 | 1,114 | |
Goldman Sachs Group Inc. | ||||
500 | 1.834%—09/15/20205 | 498 | ||
Hewlett Packard Enterprise Co. | ||||
150 | 2.450%—10/05/20172 | 152 | ||
JP Morgan Chase & Co. | ||||
1,100 | 2.750%—06/23/2020 | 1,127 | ||
Navient Corp. MTN7 | ||||
740 | 3.268%—05/03/20195,8 | 660 | ||
Petrobras Global Finance BV | ||||
100 | 3.002%—03/17/20175 | 98 | ||
400 | 5.375%—01/27/2021 | 356 | ||
454 | ||||
Royal Bank of Scotland plc MTN7 | ||||
200 | 9.500%—03/16/20225 | 212 | ||
Telefonica Emisiones SAU | ||||
2,450 | 1.275%—06/23/20175 | 2,441 | ||
TOTAL CORPORATE BONDS & NOTES | ||||
(Cost $8,601) | 8,668 | |||
FOREIGN GOVERNMENT OBLIGATIONS—8.1% | ||||
Deutsche Bundesrepublik Inflation Linked Bond8 | ||||
€ | 540 | 1.750%—04/15/2020 | 692 | |
France Government Bond OAT | ||||
2,154 | 2.250%—07/25/20208 | 2,850 | ||
Hellenic Railways Organization SA | ||||
500 | 4.028%—03/17/20179 | 529 | ||
Hellenic Republic Government International Bond MTN7 | ||||
¥ | 100,000 | 3.800%—08/08/2017 | 855 | |
Mexican Bonos | ||||
MEX$ | 3,561 | 4.750%—06/14/2018 | 208 | |
Mexican Udibonos | ||||
11,293 | 4.000%—11/08/20468 | 702 | ||
5,369 | 4.500%—12/04/20258 | 351 | ||
1,053 | ||||
New Zealand Government Bond | ||||
NZD$ | 1,600 | 2.000%—09/20/20258 | 1,172 | |
U.K. Gilt Inflation Linked8 | ||||
£ | 1,035 | 0.125%—03/22/2044-03/22/2068 | 1,967 | |
55 | 0.375%—03/22/2062 | 140 | ||
2,107 | ||||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS | ||||
(Cost $9,896) | 9,466 | |||
MORTGAGE PASS-THROUGH—4.5% | ||||
Federal Home Loan Mortgage Corp. REMIC10 | ||||
$ | 527 | 1.033%—12/15/20371 | 529 | |
Federal National Mortgage Association REMIC10 | ||||
133 | 0.789%—07/25/20371 | 134 | ||
142 | 0.819%—07/25/20371 | 143 |
MORTGAGE PASS-THROUGH—Continued | ||||
Principal Amount | Value | |||
$ | 113 | 0.879%—05/25/20361 | $ 113 | |
271 | 1.119%—02/25/20411 | 274 | ||
664 | ||||
Federal National Mortgage Association TBA11 | ||||
4,000 | 3.000%—6/13/2046 | 4,091 | ||
TOTAL MORTGAGE PASS-THROUGH | ||||
(Cost $5,267) | 5,284 | |||
PURCHASED OPTIONS—0.2% | ||||
No. of Contracts | ||||
Interest Rate Swap Option 1 year | ||||
6,300,000 | 0.900%—06/20/20169 | 2 | ||
15,000,000 | 1.150%—07/05/20169 | 1 | ||
21,600,000 | 1.500%—07/05/20169 | — | ||
20,500,000 | 1.000%—06/23/2016-06/24/20169 | 2 | ||
76,700,000 | 1.250%—07/05/20169 | 1 | ||
6 | ||||
Interest Rate Swap Option 5 year | ||||
2,600,000 | 3.400%—12/05/20169 | 2 | ||
Interest Rate Swap Option 30 year | ||||
200,000 | 2.590%—12/10/20189 | 16 | ||
900,000 | 2.600%—03/29/20199 | 77 | ||
1,000,000 | 2.860%—10/23/20189 | 56 | ||
900,000 | 2.610%—10/17/2018-11/15/20189 | 68 | ||
217 | ||||
U.K. LIBOR Future 90 day13 | ||||
18,250,000 | £98.50—12/21/2016-06/21/2017 | 1 | ||
TOTAL PURCHASED OPTIONS | ||||
(Premiums Paid/Cost $372) | 226 | |||
U.S. GOVERNMENT OBLIGATIONS—97.7% | ||||
Principal Amount | ||||
U.S. Treasury Bonds | ||||
$ | 560 | 2.500%—02/15/2046 | 540 | |
100 | 3.000%—11/15/2045 | 107 | ||
647 | ||||
U.S. Treasury Inflation Indexed Bonds8 | ||||
4,871 | 0.125%—04/15/2019-07/15/2024 | 4,951 | ||
2,853 | 0.375%—07/15/2023 | 2,945 | ||
25,002 | 0.625%—07/15/2021-01/15/2024 | 26,241 | ||
62 | 0.625%—02/15/204312 | 58 | ||
1,931 | 0.750%—02/15/2042 | 1,883 | ||
210 | 1.000%—02/15/204612 | 220 | ||
163 | 1.250%—07/15/202012 | 175 | ||
11,693 | 1.375%—02/15/2044 | 13,143 | ||
11,660 | 1.875%—07/15/2019 | ���12,657 | ||
1,104 | 2.125%—01/15/2019 | 1,190 | ||
271 | 2.125%—02/15/2040-02/15/204112 | 350 | ||
39,717 | 2.375%—01/15/2025-01/15/2027 | 47,745 | ||
369 | 2.500%—07/15/2016-01/15/202912 | 446 | ||
279 | 3.625%—04/15/202812 | 385 | ||
112,389 |
Portfolio of Investments—Continued
U.S. GOVERNMENT OBLIGATIONS—Continued | ||||
Principal Amount | Value | |||
U.S. Treasury Notes | ||||
$ | 1,300 | 1.625%—02/15/2026 | $ 1,277 | |
TOTAL U.S. GOVERNMENT OBLIGATIONS | ||||
(Cost $111,973) | 114,313 | |||
SHORT-TERM INVESTMENTS—0.2% | ||||
(Cost $222) | ||||
REPURCHASE AGREEMENTS | ||||
222 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $231) | 222 | ||
TOTAL INVESTMENTS—125.9% | ||||
(Cost $145,355) | 147,371 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—(25.9)% | (30,358) | |||
TOTAL NET ASSETS—100.0% | $117,013 |
Description | Number of Contracts | Aggregate Face Value (000s) | Expiration Date | Unrealized Appreciation/ (Depreciation) (000s) | ||||
Euro-BOBL Futures (Sell) | 24 | € 2,400 | 06/08/2016 | $ 7 | ||||
Euro-BTP Futures (Sell) | 1 | 100 | 06/08/2016 | 1 | ||||
Euro-Bund Futures (Sell) | 5 | 500 | 06/08/2016 | 12 | ||||
Eurodollar Futures-CME 90 day (Buy) | 43 | $ 10,750 | 12/19/2016 | (2) | ||||
Eurodollar Futures-CME 90 day (Buy) | 7 | 1,750 | 06/19/2017 | 20 | ||||
Eurodollar Futures-CME 90 day (Sell) | 43 | 10,750 | 12/18/2017 | 3 | ||||
U.S. Treasury Bond Futures 30 year (Sell) | 5 | 500 | 06/21/2016 | 8 | ||||
U.S. Treasury Note Futures 5 year (Buy) | 3 | 300 | 06/30/2016 | (1) | ||||
U.S. Treasury Note Futures 10 year (Buy) | 62 | 6,200 | 06/21/2016 | (4) | ||||
Ultra U.S. Treasury Note Futures 30 year (Buy) | 4 | 400 | 06/21/2016 | (9) | ||||
Total Futures Contracts | $35 |
Description | Counterparty | Number of Contracts | Strike Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
Euro-Bund Futures (Put) | CME Group | 7 | € 158.50 | 06/24/2016 | $ 5 | $ (5) | ||||||
U.K. LIBOR Future 90 day (Put) | CME Group | 12 | £ 98.00 | 06/21/2017 | — | — | ||||||
U.K. LIBOR Future 90 day (Put) | CME Group | 134 | 98.00 | 12/21/2016 | 3 | — | ||||||
Total Written Options that Require Periodic Settlement of Variation Margin | $ 8 | $ (5) |
Description | Counterparty | Number of Contracts | Strike Index/Rate/Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
Inflation-Linked Swap Option 1 year (Call) | Deutsche Bank AG | 400,000 | 243.200 j | 06/01/2016 | $ — | $ — | ||||||
Inflation-Linked Swap Option 4 year (Put) | Deutsche Bank AG | 600,000 | 233.550 j | 01/22/2018 | 6 | (2) | ||||||
Inflation-Linked Swap Option 5 year (Put) | JP Morgan Chase Bank NA | 1,700,000 | 234.810 j | 03/24/2020 | 19 | (16) | ||||||
Inflation-Linked Swap Option 5 year (Put) | JP Morgan Chase Bank NA | 1,000,000 | 238.640 j | 10/02/2020 | 18 | (12) | ||||||
Inflation-Linked Swap Option 10 year (Put) | Citibank NA | 3,600,000 | 216.687 j | 04/07/2020 | 32 | (1) |
Portfolio of Investments—Continued
Description | Counterparty | Number of Contracts | Strike Index/Rate/Price | Expiration Date | Premiums Received (000s) | Value (000s) | ||||||
Inflation-Linked Swap Option 10 year (Put) | Citibank NA | 500,000 | 217.970 j | 09/29/2020 | $ 6 | $ — | ||||||
Inflation-Linked Swap Option 10 year (Call) | JP Morgan Chase Bank NA | 4,000,000 | 243.270 j | 04/22/2024 | 29 | (2) | ||||||
Inflation-Linked Swap Option 10 year (Call) | JP Morgan Chase Bank NA | 300,000 | 244.170 j | 05/16/2024 | 2 | — | ||||||
Inflation-Linked Swap Option 20 year (Call) | Goldman Sachs Bank USA | 400,000 | 120.720 j | 06/22/2035 | 18 | (4) | ||||||
Credit Default Option 5 year (Call) | Barclays Bank plc | 700,000 | 1.000% | 06/15/2016 | 1 | — | ||||||
Credit Default Option 5 year (Put) | Barclays Bank plc | 300,000 | 1.000 | 05/18/2016 | 1 | — | ||||||
Credit Default Option 5 year (Put) | Barclays Bank plc | 700,000 | 1.000 | 06/15/2016 | 1 | (1) | ||||||
Credit Default Option 5 year (Put) | Citibank NA | 200,000 | 1.000 | 05/18/2016 | 1 | — | ||||||
Credit Default Option 5 year (Put) | JP Morgan Chase Bank NA | 3,300,000 | 1.000 | 07/20/2016 | 4 | (5) | ||||||
Interest Rate Swap Option 3 year 2 year (Call) | Credit Suisse International | 7,900,000 | 1.500 | 06/23/2016 | 14 | (12) | ||||||
Interest Rate Swap Option 3 year 2 year (Put) | Credit Suisse International | 7,900,000 | 2.100 | 06/23/2016 | 10 | (2) | ||||||
Interest Rate Swap Option 5 year (Put) | Deutsche Bank AG | 5,000,000 | 2.500 | 10/23/2018 | 70 | (59) | ||||||
Interest Rate Swap Option 5 year (Put) | Morgan Stanley Capital Services LLC | 3,300,000 | 2.250 | 10/17/2018 | 66 | (50) | ||||||
Interest Rate Swap Option 5 year (Put) | Morgan Stanley Capital Services LLC | 900,000 | 2.250 | 11/15/2018 | 19 | (14) | ||||||
Interest Rate Swap Option 5 year (Put) | Morgan Stanley Capital Services LLC | 900,000 | 2.250 | 12/10/2018 | 20 | (15) | ||||||
Interest Rate Swap Option 5 year (Put) | Morgan Stanley Capital Services LLC | 4,300,000 | 2.300 | 03/29/2019 | 86 | (78) | ||||||
Interest Rate Swap Option 5 year 5 year (Call) | Credit Suisse International | 2,600,000 | 2.400 | 12/05/2016 | 21 | (42) | ||||||
Interest Rate Swap Option 5 year 5 year (Call) | Goldman Sachs Bank USA | 2,600,000 | 1.850 | 07/18/2016 | 8 | (5) | ||||||
Interest Rate Swap Option 5 year 5 year (Call) | Morgan Stanley Capital Services LLC | 1,500,000 | 2.000 | 07/25/2016 | 5 | (5) | ||||||
Interest Rate Swap Option 5 year 5 year (Put) | Morgan Stanley Capital Services LLC | 1,500,000 | 2.500 | 07/25/2016 | 7 | (5) | ||||||
Currency Option Euro vs. U.S. Dollar9 (Call) | BNP Paribas SA | 810,000 | € 1.15 | 05/19/2016 | 5 | (5) | ||||||
Currency Option Euro vs. U.S. Dollar (Put) | JP Morgan Chase Bank NA | 590,000 | 1.10 | 05/03/2016 | 3 | — | ||||||
Currency Option Australian Dollar vs. New Zealand Dollar9 (Put) | JP Morgan Chase Bank NA | 280,000 | AUD$ 1.08 | 07/20/2016 | 1 | (3) | ||||||
Total Written Options Not Settled Through Variation Margin | $473 | $(338) | ||||||||||
Total Written Options | $481 | $(343) |
Currency | Counterparty | Value (000s) | Aggregate Face Value (000s) | Delivery Date | Unrealized Appreciation/ (Depreciation) (000s) | |||||
Australian Dollar (Sell) | JP Morgan Chase Bank NA | $ 135 | $ 126 | 05/13/2016 | $ (9) | |||||
British Pound Sterling (Buy) | JP Morgan Chase Bank NA | 133 | 131 | 05/03/2016 | 2 | |||||
British Pound Sterling (Sell) | Goldman Sachs Bank USA | 2,932 | 2,866 | 05/03/2016 | (66) | |||||
British Pound Sterling (Sell) | JP Morgan Chase Bank NA | 2,800 | 2,795 | 06/02/2016 | (5) | |||||
Chinese Yuan (Buy) | JP Morgan Chase Bank | 639 | 640 | 05/24/2016 | (1) | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 1,118 | 1,106 | 05/24/2016 | (12) | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 423 | 424 | 10/24/2016 | 1 | |||||
Chinese Yuan (Sell) | JP Morgan Chase Bank | 643 | 616 | 01/06/2017 | (27) | |||||
Chinese Yuan (Sell) | Société Générale | 210 | 208 | 05/24/2016 | (2) | |||||
Colombian Peso (Buy) | Citibank NA | 43 | 40 | 06/03/2016 | 3 | |||||
Colombian Peso (Sell) | Goldman Sachs Bank USA | 91 | 77 | 06/03/2016 | (14) | |||||
Euro Currency (Buy) | Citibank NA | 378 | 367 | 05/13/2016 | 11 | |||||
Euro Currency (Buy) | Goldman Sachs Bank USA | 530 | 515 | 05/13/2016 | 15 | |||||
Euro Currency (Buy) | HSBC Bank USA | 1,407 | 1,339 | 05/13/2016 | 68 | |||||
Euro Currency (Buy) | JP Morgan Chase Bank NA | 1,453 | 1,434 | 05/13/2016 | 19 | |||||
Euro Currency (Buy) | UBS AG | 1,924 | 1,829 | 05/13/2016 | 95 | |||||
Euro Currency (Sell) | Citibank NA | 2,281 | 2,263 | 05/13/2016 | (18) | |||||
Euro Currency (Sell) | HSBC Bank USA | 6,457 | 6,325 | 05/13/2016 | (132) | |||||
Euro Currency (Sell) | JP Morgan Chase Bank NA | 2,050 | 2,030 | 05/13/2016 | (20) | |||||
Indian Rupee (Buy) | Citibank NA | 1,637 | 1,592 | 05/24/2016 | 45 | |||||
Indian Rupee (Sell) | Credit Suisse International | 270 | 258 | 05/24/2016 | (12) | |||||
Indian Rupee (Sell) | JP Morgan Chase Bank | 1,054 | 1,010 | 05/24/2016 | (44) | |||||
Indian Rupee (Sell) | UBS AG | 308 | 295 | 05/24/2016 | (13) | |||||
Japanese Yen (Buy) | Citibank NA | 808 | 775 | 05/02/2016 | 33 | |||||
Japanese Yen (Sell) | Citibank NA | 808 | 775 | 06/02/2016 | (33) | |||||
Japanese Yen (Sell) | HSBC Bank USA | 808 | 764 | 05/02/2016 | (44) | |||||
Mexican Peso (Buy) | Barclays Bank plc | 590 | 580 | 05/20/2016 | 10 |
Portfolio of Investments—Continued
Currency | Counterparty | Value (000s) | Aggregate Face Value (000s) | Delivery Date | Unrealized Appreciation/ (Depreciation) (000s) | |||||
Mexican Peso (Sell) | Barclays Bank plc | $1,255 | $1,214 | 05/20/2016 | $ (41) | |||||
Mexican Peso (Sell) | Citibank NA | 593 | 581 | 05/20/2016 | (12) | |||||
New Zealand Dollar (Sell) | HSBC Bank USA | 1,134 | 1,076 | 05/13/2016 | (58) | |||||
Polish Zloty (Buy) | Goldman Sachs Bank USA | 127 | 120 | 05/12/2016 | 7 | |||||
Polish Zloty (Sell) | BNP Paribas SA | 124 | 117 | 05/12/2016 | (7) | |||||
South African Rand (Buy) | HSBC Bank USA | 60 | 58 | 05/18/2016 | 2 | |||||
South African Rand (Buy) | JP Morgan Chase Bank NA | 194 | 188 | 05/12/2016 | 6 | |||||
South African Rand (Sell) | JP Morgan Chase Bank NA | 63 | 62 | 05/18/2016 | (1) | |||||
South African Rand (Sell) | Société Générale | 195 | 192 | 05/12/2016 | (3) | |||||
South Korean Won (Buy) | Citibank NA | 477 | 453 | 05/24/2016 | 24 | |||||
South Korean Won (Buy) | Credit Suisse International | 21 | 20 | 05/24/2016 | 1 | |||||
South Korean Won (Buy) | HSBC Bank USA | 310 | 295 | 05/24/2016 | 15 | |||||
South Korean Won (Buy) | JP Morgan Chase Bank | 211 | 201 | 05/24/2016 | 10 | |||||
South Korean Won (Buy) | UBS AG | 259 | 247 | 05/24/2016 | 12 | |||||
South Korean Won (Sell) | JP Morgan Chase Bank | 1,274 | 1,214 | 05/24/2016 | (60) | |||||
Taiwan Dollar (Buy) | Goldman Sachs Bank USA | 635 | 614 | 05/24/2016 | 21 | |||||
Taiwan Dollar (Buy) | HSBC Bank USA | 329 | 318 | 05/24/2016 | 11 | |||||
Taiwan Dollar (Buy) | JP Morgan Chase Bank | 25 | 24 | 05/24/2016 | 1 | |||||
Taiwan Dollar (Sell) | JP Morgan Chase Bank | 981 | 959 | 05/24/2016 | (22) | |||||
Total Forward Currency Contracts | $(244) |
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
CME Group | Canada Bankers Acceptances-CDOR 3-Month | Pay | 0.900% | 04/17/2018 | CAD$ 2,600 | $ (4) | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 1.500 | 09/21/2026 | £ 700 | 7 | ||||||
CME Group | British Bankers' Association LIBOR GBP 6-Month | Pay | 1.750 | 03/15/2047 | 1,840 | 67 | ||||||
CME Group | British Bankers' Association LIBOR JPY 6-Month | Pay | 1.000 | 09/18/2023 | ¥ 40,000 | (12) | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.780 | 09/29/2022 | MEX$ 3,000 | — | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.780 | 10/06/2022 | 1,900 | 1 | ||||||
CME Group | Mexico Interbank TIIE 28 Day | Pay | 5.910 | 11/25/2022 | 14,100 | 12 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 1.500 | 12/16/2017 | $ 1,200 | 7 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 1.000 | 04/05/2018 | 2,000 | 1 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.000 | 12/16/2020 | 1,800 | (31) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.230 | 09/16/2025 | 700 | (35) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.350 | 10/02/2025 | 1,500 | (91) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.800 | 10/28/2025 | 4,200 | (98) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.500 | 02/22/2026 | 7,300 | (101) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.400 | 03/16/2026 | 2,900 | (26) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.300 | 04/21/2026 | 1,700 | 3 | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.300 | 04/27/2026 | 2,000 | — | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.250 | 06/15/2026 | 8,500 | (138) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.500 | 06/15/2046 | 100 | (2) | ||||||
CME Group | British Bankers' Association LIBOR USD 3-Month | Pay | 2.500 | 06/15/2046 | 100 | 2 | ||||||
Interest Rate Swaps | $(438) |
Counterparty | Reference Entity | Buy/ Sellb,c | Pay/Receive Fixed Rate | Expiration Date | Implied Credit Spreadd | Value (000s) | Upfront Premium Paid/(Received) (000s) | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||||
ICE Group | Dow Jones CDX North America Investment Grade Index Series 25 | Buy | 1.000% | 12/20/2020 | 81.92% | $(6) | $(4) | $ 600 | $(2) |
Portfolio of Investments—Continued
Counterparty | Reference Entity | Buy/ Sellb,c | Pay/Receive Fixed Rate | Expiration Date | Implied Credit Spreadd | Value (000s) | Upfront Premium Paid/(Received) (000s) | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||||
ICE Group | Dow Jones CDX North America Investment Grade Index Series 25 | Buy | 1.000% | 06/20/2021 | 77.47% | $(247) | $(210) | $ 20,300 | $(37) | |||||||||
Credit Default Swaps | $(39) |
Counterparty | Floating Rate Index | Pay/Receive Floating Rate | Fixed Rate | Expiration Date | Notional Amount (000s) | Unrealized Appreciation/ (Depreciation) (000s) | ||||||
BNP Paribas SA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.550% | 10/15/2017 | € 100 | $ (1) | ||||||
Citibank NA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.660 | 08/15/2018 | 100 | (1) | ||||||
Citibank NA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.650 | 10/15/2018 | 100 | (1) | ||||||
Credit Suisse International | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.620 | 09/15/2018 | 100 | (1) | ||||||
Deutsche Bank AG | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.580 | 10/15/2017 | 100 | (1) | ||||||
Deutsche Bank AG | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.610 | 09/15/2018 | 100 | (1) | ||||||
Deutsche Bank AG | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.650 | 10/15/2018 | 200 | (2) | ||||||
Goldman Sachs Bank USA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.650 | 09/15/2018 | 100 | (1) | ||||||
JP Morgan Chase Bank NA | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.580 | 10/15/2017 | 100 | (1) | ||||||
UBS AG Stamford | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.530 | 10/15/2017 | 400 | (3) | ||||||
UBS AG Stamford | Eurostat Eurozone HICP Ex Tobacco NSA | Receive | 0.610 | 09/15/2018 | 200 | (2) | ||||||
Citibank NA | Eurostat Eurozone HICP Ex Tobacco NSA9 | Receive | 0.810 | 04/15/2021 | 200 | 1 | ||||||
BNP Paribas SA | UK Retail Prices Index All Items NSA | Pay | 3.400 | 06/15/2030 | £ 300 | 31 | ||||||
BNP Paribas SA | UK Retail Prices Index All Items NSA | Pay | 3.300 | 12/15/2030 | 200 | 12 | ||||||
Citibank NA | UK Retail Prices Index All Items NSA | Pay | 3.190 | 04/15/2030 | 400 | 25 | ||||||
Citibank NA | UK Retail Prices Index All Items NSA | Pay | 3.350 | 05/15/2030 | 200 | 20 | ||||||
Citibank NA | UK Retail Prices Index All Items NSA | Pay | 3.330 | 08/15/2030 | 700 | 60 | ||||||
Citibank NA | UK Retail Prices Index All Items NSA9 | Pay | 3.140 | 04/15/2031 | 100 | 1 | ||||||
Credit Suisse International | UK Retail Prices Index All Items NSA | Pay | 3.350 | 05/15/2030 | 100 | 10 | ||||||
Deutsche Bank AG | UK Retail Prices Index All Items NSA | Pay | 3.330 | 08/15/2030 | 400 | 33 | ||||||
Goldman Sachs Bank USA | UK Retail Prices Index All Items NSA | Pay | 3.140 | 01/14/2030 | 250 | 16 | ||||||
Goldman Sachs Bank USA | UK Retail Prices Index All Items NSA | Pay | 3.400 | 06/15/2030 | 200 | 21 | ||||||
Goldman Sachs Bank USA | UK Retail Prices Index All Items NSA | Pay | 3.330 | 08/15/2030 | 1,000 | 85 | ||||||
Goldman Sachs Bank USA | UK Retail Prices Index All Items NSA | Pay | 3.360 | 04/15/2035 | 200 | 20 | ||||||
JP Morgan Chase Bank NA | UK Retail Prices Index All Items NSA | Pay | 3.400 | 06/15/2030 | 200 | 22 | ||||||
Morgan Stanley Capital Services LLC | UK Retail Prices Index All Items NSA | Pay | 3.320 | 05/15/2030 | 400 | 37 | ||||||
Barclays Bank plc | US Consumer Price Index Urban Consumers NSA | Receive | 1.910 | 04/15/2017 | $ 2,700 | (98) | ||||||
BNP Paribas SA | US Consumer Price Index Urban Consumers NSA | Receive | 1.830 | 11/29/2016 | 200 | (6) | ||||||
BNP Paribas SA | US Consumer Price Index Urban Consumers NSA | Receive | 2.250 | 07/15/2017 | 7,000 | (430) | ||||||
Deutsche Bank AG | US Consumer Price Index Urban Consumers NSA | Receive | 2.360 | 01/28/2017 | 1,900 | (104) | ||||||
Deutsche Bank AG | US Consumer Price Index Urban Consumers NSA | Receive | 2.173 | 11/01/2018 | 2,000 | (99) | ||||||
Deutsche Bank AG | US Consumer Price Index Urban Consumers NSA | Receive | 2.500 | 07/15/2022 | 300 | (40) | ||||||
Goldman Sachs Bank USA | US Consumer Price Index Urban Consumers NSA | Receive | 2.420 | 02/12/2017 | 2,000 | (112) | ||||||
Goldman Sachs Bank USA | US Consumer Price Index Urban Consumers NSA | Receive | 2.180 | 10/01/2018 | 1,100 | (54) | ||||||
Royal Bank of Scotland plc | US Consumer Price Index Urban Consumers NSA | Receive | 1.940 | 10/23/2016 | 3,200 | (94) | ||||||
Royal Bank of Scotland plc | US Consumer Price Index Urban Consumers NSA | Receive | 1.930 | 10/31/2016 | 3,700 | (114) | ||||||
Royal Bank of Scotland plc | US Consumer Price Index Urban Consumers NSA | Receive | 2.250 | 07/15/2017 | 2,500 | (156) | ||||||
UBS AG Stamford | US Consumer Price Index Urban Consumers NSA | Pay | 2.060 | 05/12/2025 | 100 | 3 | ||||||
Interest Rate Swaps | $(925) |
Counterparty | Reference Entity | Buy/ Sellb,c | Pay/Receive Fixed Rate | Expiration Date | Implied Credit Spreadd | Value e (000s) | Upfront Premium Paid/(Received) (000s) | Notional Amountf (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||||
Goldman Sachs International | Markit CMBX North America AAA Indices | Sell | 0.500% | 10/17/2057 | 0.000% | $(4) | $(5) | $ 100 | $1 |
Portfolio of Investments—Continued
Counterparty | Reference Entity | Buy/ Sellb,c | Pay/Receive Fixed Rate | Expiration Date | Implied Credit Spreadd | Value e (000s) | Upfront Premium Paid/(Received) (000s) | Notional Amountf (000s) | Unrealized Appreciation/ (Depreciation) (000s) | |||||||||
Goldman Sachs International | Markit CMBX North America AAA Indices | Sell | 0.500% | 09/17/2058 | 0.000% | $(5) | $ (6) | $ 100 | $ 1 | |||||||||
Barclays Bank plc | Republic of Italy 6.880% due 09/27/2023 | Sell | 1.000 | 03/20/2019 | 0.801 | 2 | (5) | 300 | 7 | |||||||||
BNP Paribas SA | Republic of Italy 6.880% due 09/27/2023 | Sell | 1.000 | 03/20/2019 | 0.801 | 4 | (10) | 600 | 14 | |||||||||
Credit Default Swaps | $ 23 | |||||||||||||||||
Total Swaps | $(1,379) |
Asset Category | Quoted Prices Level 1 (000s) | Other Significant Observable Inputs Level 2 (000s) | Significant Unobservable Inputs Level 3 (000s) | Total (000s) | ||||
Investments in Securities | ||||||||
Asset-Backed Securities | $ — | $ 5,400 | $— | $ 5,400 | ||||
Collateralized Mortgage Obligations | — | 3,792 | — | 3,792 | ||||
Corporate Bonds & Notes | — | 8,668 | — | 8,668 | ||||
Foreign Government Obligations | — | 9,466 | — | 9,466 | ||||
Mortgage Pass-Through | — | 5,284 | — | 5,284 | ||||
Purchased Options | 1 | 225 | — | 226 | ||||
U.S. Government Obligations | — | 114,313 | — | 114,313 | ||||
Short-Term Investments | ||||||||
Repurchase Agreements | — | 222 | — | 222 | ||||
Total Investments in Securities | $ 1 | $147,370 | $— | $147,371 | ||||
Financial Derivative Instruments - Assets | ||||||||
Forward Currency Contracts | $ — | $ 412 | $— | $ 412 | ||||
Futures Contracts | 51 | — | — | 51 | ||||
Swap Agreements | — | 520 | — | 520 | ||||
Total Financial Derivative Instruments - Assets | $ 51 | $ 932 | $— | $ 983 | ||||
Liability Category | ||||||||
Financial Derivative Instruments - Liabilities | ||||||||
Forward Currency Contracts | $ — | $ (656) | $— | $ (656) | ||||
Futures Contracts | (16) | — | — | (16) | ||||
Swap Agreements | — | (1,899) | — | (1,899) | ||||
Written Options | (5) | (338) | — | (343) | ||||
Total Financial Derivative Instruments-Liabilities | $(21) | $ (2,893) | $— | $ (2,914) | ||||
Total Investments | $ 31 | $145,409 | $— | $145,440 |
Overnight and Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total | |||||
Sale-Buyback Transactions | |||||||||
U.S. Government Obligations | $0 | ($26,965) | $0 | $0 | ($26,965) |
Portfolio of Investments—Continued
1 | Floating rate security, the stated rate represents the rate in effect at April 30, 2016. |
2 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. These securities are priced by an independent pricing service in accordance with Harbor Funds Valuation Procedures. At April 30, 2016, the aggregate value of these securities was $5,067 (000s) or 4% of net assets. |
3 | Step coupon security, the stated rate represents the rate in effect at April 30, 2016. |
4 | CLO after the name of a security stands for Collateralized Loan Obligation. |
5 | Variable rate security, the stated rate represents the rate in effect at April 30, 2016. |
6 | Perpetuity bond, the maturity date represents the next callable date. |
7 | MTN after the name of a security stands for Medium Term Note. |
8 | Inflation-protected securities (“IPS”) are securities in which the principal amount is adjusted for inflation and interest payments are applied to the inflation-adjusted principal. |
9 | Security has been deemed illiquid at April 30, 2016. |
10 | REMICs are CMOs which can hold mortgages secured by any type of real property and issue multiple-class securities backed by those mortgages. |
11 | TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after April 30, 2016. Although the unit price for the trades has been established, the principal value has not been finalized. However, the amount of the commitments will not fluctuate more than 2% from the principal amount. Income on TBAs is not earned until settlement date (see Note 2 of the accompanying Notes to Financial Statements). |
12 | At April 30, 2016, a portion of securities held by the Fund were pledged to cover margin requirements for open future contracts, written options on futures contracts and swap options (see Note 2 of the accompanying Notes to Financial Statements). The securities pledged had an aggregate value of $1,075 (000s) or 1% of net assets. |
13 | Purchased option that requires periodic settlement on variation margin. |
b | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
c | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
d | Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
e | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
f | The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
j | Amount represents Index Value. |
£ | British Pound |
CAD$ | Canadian Dollar |
€ | Euro |
¥ | Japanese Yen |
MEX$ | Mexican Peso |
NZD$ | New Zealand Dollar |
Manager’s Commentary (Unaudited)
Since 2003
Fund Performance
Manager’s Commentary—Continued
TOP ISSUERS (% of net assets) | |
Federal Home Loan Bank | 80.1% |
U.S. Treasury | 18.1% |
Federal National Mortgage Association | 4.6% |
Repurchase Agreement with State Street Corp. | 0.5% |
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2015 |
Cusip | 411511405 |
Ticker | HARXX |
Inception Date | 12/29/1987 |
Net Expense Ratio | 0.00% a,b |
Total Net Assets (000s) | $142,750 |
ADMINISTRATIVE CLASS | |
Fund # | 2215 |
Cusip | 411511660 |
Ticker | HRMXX |
Inception Date | 11/01/2002 |
Net Expense Ratio | 0.00% a,b |
Total Net Assets (000s) | $1,661 |
Portfolio | Benchmark | ||
Yield to Maturity | 0.03% | 0.05% | |
Weighted Average Maturity | 0.06 years | 0.17 years | |
Weighted Average Duration | 0.06 years | 0.17 years |
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | 10 Years | |||||||||||||||
Harbor Money Market Fund | |||||||||||||||||
Institutional Class | 0.12% | 0.16% | 0.09% | 1.17% | 12/29/1987 | $11,234 | |||||||||||
Administrative Class | 0.12 | 0.16 | 0.09 | 1.10 | 11/01/2002 | 11,154 | |||||||||||
Comparative Index | |||||||||||||||||
BofA Merrill Lynch 3-Month U.S. Treasury Bill | 0.14% | 0.15% | 0.08% | 1.12% | — | $11,174 |
Current 7-day subsidizedc SEC yield for period ended 04/30/2016: | Institutional Class: 0.30% | Administrative Class: 0.30% |
Current 7-day unsubsidizedd SEC yield for period ended 04/30/2016: | Institutional Class: -0.26% | Administrative Class: -0.81% |
a | Annualized |
b | Reflective of a contractual management fee waiver and an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017, as well as a voluntary fee waiver that may be discontinued at any time. |
c | Reflects reimbursement or waivers currently in effect. |
d | Does not reflect reimbursements or waivers currently in effect. |
Portfolio of Investments—April 30, 2016 (Unaudited)
GOVERNMENT AGENCY DEBT—85.1%† | |||
Principal Amount | Value | ||
Federal Home Loan Bank Discount Notes | |||
$ | 8,500 | 0.240%—05/04/2016 | $ 8,500 |
11,032 | 0.260%—05/11/2016-05/16/2016 | 11,031 | |
5,000 | 0.270%—05/24/2016 | 4,999 | |
2,365 | 0.275%—06/13/2016 | 2,364 | |
7,000 | 0.290%—06/01/2016 | 6,998 | |
4,900 | 0.293%—05/06/2016 | 4,900 | |
27,000 | 0.300%—06/27/2012-06/28/2016 | 26,990 | |
2,000 | 0.310%—06/21/2016 | 1,999 | |
8,800 | 0.322%—05/10/2016 | 8,799 | |
9,500 | 0.327%—05/18/2012 | 9,498 | |
3,200 | 0.335%—05/13/2016 | 3,200 | |
4,000 | 0.340%—05/03/2016 | 4,000 | |
5,000 | 0.341%—07/20/2016 | 4,996 | |
7,535 | 0.356%—06/10/2016 | 7,532 | |
3,000 | 0.370%—06/03/2016 | 2,999 | |
6,936 | 0.392%—06/02/2016 | 6,934 | |
115,739 | |||
Federal Home Loan Mortgage Corp. Discount Notes | |||
500 | 0.300%—07/22/2016 | 500 | |
Federal National Mortgage Association Discount Notes | |||
6,700 | 0.230%—06/22/2016 | 6,698 | |
TOTAL GOVERNMENT AGENCY DEBT | |||
(Cost $122,937) | 122,937 | ||
TREASURY DEBT—18.1%† | ||||
Principal Amount | Value | |||
U.S. Treasury Bills | ||||
$ | 8,500 | 0.241%—07/21/2016 | $ 8,496 | |
6,700 | 0.265%—06/30/2016 | 6,697 | ||
4,000 | 0.310%—05/26/2016 | 3,999 | ||
7,000 | 0.322%—06/02/2016 | 6,998 | ||
TOTAL TREASURY DEBT | ||||
(Cost $26,190) | 26,190 | |||
REPURCHASE AGREEMENTS—0.5% | ||||
(Cost $675) | ||||
675 | Repurchase Agreement with State Street Corp. dated April 29, 2016 due May 02, 2016 at 0.000% collateralized by U.S. Treasury Notes (value $689) | 675 | ||
TOTAL INVESTMENTS—103.7% | ||||
(Cost $149,802)1 | 149,802 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—(3.7)% | (5,391) | |||
TOTAL NET ASSETS—100.0% | $144,411 |
† | Coupons represent a weighted average yield to maturity. |
1 | The aggregate identified cost on a tax basis is the same. |
Statements of Assets and Liabilities—April 30, 2016 (Unaudited)
Harbor Convertible Securities Fund | Harbor High-Yield Bond Fund | Harbor Bond Fund | Harbor Real Return Fund | Harbor Money Market Fund | |
ASSETS | |||||
Investments, at identified cost* | $334,422 | $1,858,821 | $3,486,420 | $145,355 | $149,802 |
Investments, at value (excluding $0, $0, $0, $1 and $0 in purchased options which settle through variation margin) | $331,518 | $1,767,336 | $3,525,620 | $147,149 | $149,127 |
Repurchase agreements | 6,448 | 92,679 | 26,430 | 222 | 675 |
Cash-restricted | — | — | 72 | 1,452 | — |
Cash | 1 | 40 | 281 | 26 | 4 |
Foreign currency, at value (cost: $0, $0, $13,805, $433 and $0) | — | — | 13,830 | 443 | — |
Receivables for: | |||||
Investments sold | 293 | 25,860 | 490,369 | 4,093 | — |
Foreign currency spot contracts | — | — | 408 | 4 | — |
Capital shares sold | 82 | 18,767 | 1,158 | 10 | 24 |
Dividends | — | — | 35 | — | — |
Interest | 1,273 | 27,280 | 20,150 | 605 | — |
Unrealized appreciation on open forward currency contracts | — | — | 32,547 | 412 | — |
Unrealized appreciation on OTC swap agreements | — | — | 1,093 | 420 | — |
Variation margin on options and futures contracts | — | — | 2,864 | 61 | — |
Variation margin on centrally cleared swap agreements | — | — | — | 9 | — |
Options sold | — | — | — | 46 | — |
Withholding tax | — | 29 | — | — | — |
Prepaid registration fees | 33 | 38 | 13 | 18 | 12 |
Prepaid fund insurance | 2 | 6 | 11 | 1 | 1 |
Other assets | 8 | 68 | 405 | 39 | 49 |
Total Assets | 339,658 | 1,932,103 | 4,115,286 | 155,010 | 149,892 |
LIABILITIES | |||||
Payables for: | |||||
Due to broker | — | — | 11,519 | 297 | — |
Investments purchased | 3,208 | 58,944 | 1,271,557 | 8,198 | — |
Foreign currency spot contracts | — | — | 2,175 | — | — |
Capital shares reacquired | 490 | 7,394 | 2,708 | 105 | 5,402 |
Investments sold short, at value (proceeds: $0, $0, $29,647, $0 and $0) | — | — | 29,634 | — | — |
Written options not settled through variation margin, at value (premiums received: $0, $0, $7,413, $473 and $0) | — | — | 2,198 | 338 | — |
Swap premiums received | — | — | 1,649 | 4 | — |
Unrealized depreciation on OTC swap agreements | — | — | 1,152 | 1,322 | — |
Sale-buyback financing transactions | — | — | 5,243 | 26,965 | — |
Variation margin on centrally cleared swap agreements | — | — | 181 | — | — |
Unrealized depreciation on open forward currency contracts | — | — | 34,485 | 656 | — |
Accrued expenses: | |||||
Management fees | 179 | 835 | 1,012 | 46 | 23 |
12b-1 fees | — | 20 | 9 | 1 | — |
Transfer agent fees | 21 | 121 | 169 | 7 | 10 |
Trustees' fees and expenses | 4 | 16 | 30 | 1 | 2 |
Other | 54 | 302 | 597 | 57 | 44 |
Total Liabilities | 3,956 | 67,632 | 1,364,318 | 37,997 | 5,481 |
NET ASSETS | $335,702 | $1,864,471 | $2,750,968 | $117,013 | $144,411 |
Net Assets Consist of: | |||||
Paid-in capital | $350,992 | $1,974,166 | $2,775,245 | $149,475 | $144,376 |
Accumulated undistributed net investment income/(loss) | (782) | 8,650 | (19,169) | (588) | 35 |
Accumulated net realized gain/(loss) | (18,052) | (119,540) | (19,948) | (32,457) | — |
Unrealized appreciation/(depreciation) of investments and translation of assets and liabilities in foreign currencies | 3,544 | 1,195 | 63,934 | 2,034 | — |
Unrealized appreciation/(depreciation) of other financial instruments | — | — | (49,094) | (1,451) | — |
$335,702 | $1,864,471 | $2,750,968 | $117,013 | $144,411 | |
Harbor Convertible Securities Fund | Harbor High-Yield Bond Fund | Harbor Bond Fund | Harbor Real Return Fund | Harbor Money Market Fund | ||||||
NET ASSET VALUE PER SHARE BY CLASS | ||||||||||
Institutional Class | ||||||||||
Net assets | $333,639 | $1,765,772 | $2,706,888 | $114,175 | $142,750 | |||||
Shares of beneficial interest1 | 32,957 | 181,039 | 231,191 | 12,327 | 142,750 | |||||
Net asset value per share2 | $ 10.12 | $ 9.75 | $ 11.71 | $ 9.26 | $ 1.00 | |||||
Administrative Class | ||||||||||
Net assets | $ 376 | $ 4,340 | $ 44,080 | $ 2,838 | $ 1,661 | |||||
Shares of beneficial interest1 | 37 | 444 | 3,762 | 307 | 1,661 | |||||
Net asset value per share2 | $ 10.12 | $ 9.77 | $ 11.72 | $ 9.25 | $ 1.00 | |||||
Investor Class | ||||||||||
Net assets | $ 1,677 | $ 94,349 | N/A | N/A | N/A | |||||
Shares of beneficial interest1 | 166 | 9,660 | N/A | N/A | N/A | |||||
Net asset value per share2 | $ 10.11 | $ 9.77 | N/A | N/A | N/A | |||||
Retirement Class | ||||||||||
Net assets | $ 10 | $ 10 | N/A | N/A | N/A | |||||
Shares of beneficial interest1 | 1 | 1 | N/A | N/A | N/A | |||||
Net asset value per share2 | $ 10.12 | $ 9.76 | N/A | N/A | N/A |
* | Including repurchase agreements and short-term investments. |
1 | Par value $0.01 (unlimited authorizations). |
2 | Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded to thousands. |
Statements of Operations—Six Months Ended April 30, 2016 (Unaudited)
Harbor Convertible Securities Fund | Harbor High-Yield Bond Fund | Harbor Bond Fund | Harbor Real Return Fund | Harbor Money Market Fund | |
Investment Income | |||||
Interest | $ 3,511 | $ 49,279 | $ 45,691 | $ 480 | $ 188 |
Dividends | — | — | 69 | — | — |
Consent fee income | — | 244 | 70 | — | — |
Total Investment Income | 3,511 | 49,523 | 45,830 | 480 | 188 |
Operating Expenses | |||||
Management fees | 1,146 | 4,759 | 6,705 | 292 | 155 |
12b-1 fees: | |||||
Administrative Class | — | 5 | 61 | 4 | 2 |
Investor Class | 2 | 113 | N/A | N/A | N/A |
Shareholder communications | 17 | 117 | 120 | 10 | 2 |
Custodian fees | 14 | 34 | 224 | 50 | 13 |
Transfer agent fees: | |||||
Institutional Class | 123 | 527 | 960 | 42 | 53 |
Administrative Class | — | 1 | 17 | 1 | 1 |
Investor Class | 2 | 86 | N/A | N/A | N/A |
Retirement Class | — | — | N/A | N/A | N/A |
Professional fees | 4 | 16 | 30 | 1 | 25 |
Trustees' fees and expenses | 5 | 20 | 37 | 2 | 2 |
Registration fees | 26 | 31 | 31 | 17 | 20 |
Miscellaneous | 5 | 11 | 16 | 4 | 4 |
Expenses before interest expense | 1,344 | 5,720 | 8,201 | 423 | 277 |
Interest expense | — | — | 83 | 129 | — |
Total expenses | 1,344 | 5,720 | 8,284 | 552 | 277 |
Management fees waived | — | (317) | (450) | — | (155) |
Transfer agent fees waived | (3) | (15) | (23) | (1) | (1) |
Other expenses reimbursed | — | — | (543) | (77) | (121) |
Net expenses | 1,341 | 5,388 | 7,268 | 474 | — |
Net Investment Income/(Loss) | 2,170 | 44,135 | 38,562 | 6 | 188 |
Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions | |||||
Net realized gain/(loss) on: | |||||
Investments | (17,533) | (96,787) | 16,212 | (2,822) | — |
Foreign currency transactions | — | — | 18,967 | 14 | — |
Investments sold short | — | — | (108) | (7) | — |
Swap agreements | — | — | (35,506) | (2,789) | — |
Futures contracts | — | — | (434) | (325) | — |
Written options | — | — | 8,327 | 170 | — |
Change in net unrealized appreciation/(depreciation) on: | |||||
Investments | 9,720 | 73,012 | 44,956 | 7,431 | — |
Forwards currency contracts | — | — | (28,441) | 11 | — |
Investments sold short | — | — | 95 | 1 | — |
Swap agreements | — | — | (6,368) | 1,633 | — |
Futures contracts | — | — | 1,714 | 93 | — |
Written options | — | — | (504) | 2 | — |
Translations of assets and liabilities in foreign currencies | — | — | (1,600) | 16 | — |
Net gain/(loss) on investment transactions | (7,813) | (23,775) | 17,310 | 3,428 | — |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ (5,643) | $ 20,360 | $ 55,872 | $ 3,434 | $ 188 |
Statements of Changes In Net Assets
Harbor Convertible Securities Fund | Harbor High-Yield Bond Fund | ||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
INCREASE/(DECREASE) IN NET ASSETS | (Unaudited) | (Unaudited) | |||
Operations: | |||||
Net investment income/(loss) | $ 2,170 | $ 5,040 | $ 44,135 | $ 93,240 | |
Net realized gain/(loss) on investments | (17,533) | 11,779 | (96,787) | (22,694) | |
Change in net unrealized appreciation/(depreciation) of investments | 9,720 | (15,082) | 73,012 | (94,318) | |
Net increase/(decrease) in assets resulting from operations | (5,643) | 1,737 | 20,360 | (23,772) | |
Distributions to Shareholders | |||||
Net investment income: | |||||
Institutional Class | (5,886) | 7,258 | (42,310) | (83,602) | |
Administrative Class | (6) | (6) | (113) | (220) | |
Investor Class | (26) | (32) | (2,370) | (4,769) | |
Retirement Class | — | — | — | — | |
Net realized gain on investments: | |||||
Institutional Class | (6,871) | (13,266) | — | (34,090) | |
Administrative Class | (7) | (11) | — | (97) | |
Investor Class | (34) | (73) | — | (2,027) | |
Retirement Class | — | — | — | — | |
Total distributions to shareholders | (12,830) | 20,646 | (44,793) | (124,805) | |
Net Increase/(Decrease) Derived from Capital Share Transactions | (21,483) | 38,950 | 326,825 | (102,099) | |
Net increase/(decrease) in net assets | (39,956) | 20,041 | 302,392 | (250,676) | |
Net Assets | |||||
Beginning of period | 375,658 | 355,617 | 1,562,079 | 1,812,755 | |
End of period* | $335,702 | $375,658 | $1,864,471 | $1,562,079 | |
* Includes accumulated undistributed net investment income/(loss) of: | $ (782) | $ 2,966 | $ 8,650 | $ 9,308 |
Harbor Bond Fund | Harbor Real Return Fund | Harbor Money Market Fund | |||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
(Unaudited) | (Unaudited) | (Unaudited) | |||||
$ 38,562 | $ 101,884 | $ 6 | $ 1,621 | $ 188 | $ 133 | ||
7,458 | 118,269 | (5,759) | 2,075 | — | — | ||
9,852 | (165,028) | 9,187 | (8,818) | — | — | ||
55,872 | 55,125 | 3,434 | (5,122) | 188 | 133 | ||
(84,833) | (121,602) | (2,275) | (11,224) | (186) | (132) | ||
(1,542) | (2,435) | (56) | (233) | (2) | (1) | ||
N/A | N/A | N/A | N/A | N/A | N/A | ||
N/A | N/A | N/A | N/A | N/A | N/A | ||
(22,480) | (33,879) | — | — | — | — | ||
(439) | (855) | — | — | — | — | ||
N/A | N/A | N/A | N/A | N/A | N/A | ||
N/A | N/A | N/A | N/A | N/A | N/A | ||
(109,294) | (158,771) | (2,331) | (11,457) | (188) | (133) | ||
(128,189) | (1,192,255) | (17,731) | (23,230) | (34,097) | 18,530 | ||
(181,611) | (1,295,901) | (16,628) | (39,809) | (34,097) | 18,530 | ||
2,932,579 | 4,228,480 | 133,641 | 173,450 | 178,508 | 159,978 | ||
$2,750,968 | $ 2,932,579 | $117,013 | $133,641 | $144,411 | $178,508 | ||
$ (19,169) | $ 28,644 | $ (588) | $ 1,737 | $ 35 | $35 |
Statements of Changes in Net Assets—Capital Stock Activity
Harbor Convertible Securities Fund | Harbor High-Yield Bond Fund | ||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
(Unaudited) | (Unaudited) | ||||
AMOUNT ($) | |||||
Institutional Class | |||||
Net proceeds from sale of shares | $ 55,580 | $117,449 | $ 608,122 | $ 531,892 | |
Net proceeds from redemption fees | 2 | 1 | 23 | 15 | |
Reinvested distributions | 3,410 | 4,580 | 23,010 | 72,989 | |
Cost of shares reacquired | (80,406) | (83,192) | (304,239) | (711,825) | |
Net increase/(decrease) in net assets | $(21,414) | $ 38,838 | $ 326,916 | $(106,929) | |
Administrative Class | |||||
Net proceeds from sale of shares | $ 5 | $ 70 | $ 225 | $ 616 | |
Reinvested distributions | 13 | 17 | 113 | 303 | |
Cost of shares reacquired | — | — | (210) | (999) | |
Net increase/(decrease) in net assets | $ 18 | $ 87 | $ 128 | $ (80) | |
Investor Class | |||||
Net proceeds from sale of shares | $ 83 | $ 477 | $ 14,956 | $ 36,712 | |
Net proceeds from redemption fees | — | — | 2 | 1 | |
Reinvested distributions | 59 | 93 | 2,350 | 6,652 | |
Cost of shares reacquired | (239) | (545) | (17,537) | (38,455) | |
Net increase/(decrease) in net assets | $ (97) | $ 25 | $ (229) | $ 4,910 | |
Retirement Class | |||||
Net proceeds from sale of shares | $ 10 | $ — | $ 10 | $ — | |
Net increase/(decrease) in net assets | $ 10 | $ — | $ 10 | $ — |
Harbor Bond Fund | Harbor Real Return Fund | Harbor Money Market Fund | |||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
(Unaudited) | (Unaudited) | (Unaudited) | |||||
$ 167,000 | $ 490,127 | $ 4,246 | $ 20,043 | $ 291,529 | $ 651,583 | ||
— | — | — | — | — | — | ||
103,211 | 149,022 | 2,204 | 10,727 | 186 | 131 | ||
(385,797) | (1,788,670) | (23,820) | (54,064) | (325,746) | (632,734) | ||
$(115,586) | $(1,149,521) | $(17,370) | $(23,294) | $ (34,031) | $ 18,980 | ||
$ 3,935 | $ 12,317 | $ 152 | $ 2,145 | $ 929 | $ 1,481 | ||
1,976 | 3,277 | 55 | 233 | 2 | 1 | ||
(18,514) | (58,328) | (568) | (2,314) | (997) | (1,932) | ||
$ (12,603) | $ (42,734) | $ (361) | $ 64 | $ (66) | $ (450) | ||
N/A | N/A | N/A | N/A | N/A | N/A | ||
N/A | N/A | N/A | N/A | N/A | N/A |
Statements of Changes in Net Assets—Capital Stock Activity—Continued
Harbor Convertible Securities Fund | Harbor High-Yield Bond Fund | ||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
(Unaudited) | (Unaudited) | ||||
SHARES | |||||
Institutional Class | |||||
Shares sold | 5,526 | 10,829 | 64,618 | 51,294 | |
Shares issued due to reinvestment of distributions | 338 | 435 | 2,446 | 7,168 | |
Shares reacquired | (8,039) | (7,696) | (32,049) | (69,768) | |
Net increase/(decrease) in shares outstanding | (2,175) | 3,568 | 35,015 | (11,306) | |
Beginning of period | 35,132 | 31,564 | 146,024 | 157,330 | |
End of period | 32,957 | 35,132 | 181,039 | 146,024 | |
Administrative Class | |||||
Shares sold | 1 | 6 | 23 | 59 | |
Shares issued due to reinvestment of distributions | 1 | 2 | 12 | 30 | |
Shares reacquired | — | — | (22) | (97) | |
Net increase/(decrease) in shares outstanding | 2 | 8 | 13 | (8) | |
Beginning of period | 35 | 27 | 431 | 439 | |
End of period | 37 | 35 | 444 | 431 | |
Investor Class | |||||
Shares sold | 8 | 43 | 1,579 | 3,550 | |
Shares issued due to reinvestment of distributions | 6 | 9 | 249 | 652 | |
Shares reacquired | (23) | (51) | (1,848) | (3,742) | |
Net increase/(decrease) in shares outstanding | (9) | 1 | (20) | 460 | |
Beginning of period | 175 | 174 | 9,680 | 9,220 | |
End of period | 166 | 175 | 9,660 | 9,680 | |
Retirement Class | |||||
Shares sold | 1 | — | 1 | — | |
Net increase/(decrease) in shares outstanding | 1 | — | 1 | — | |
Beginning of period | — | — | — | — | |
End of period | 1 | — | 1 | — |
Harbor Bond Fund | Harbor Real Return Fund | Harbor Money Market Fund | |||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||
(Unaudited) | (Unaudited) | (Unaudited) | |||||
14,364 | 40,543 | 472 | 2,113 | 291,529 | 651,583 | ||
8,955 | 12,437 | 249 | 1,153 | 186 | 131 | ||
(33,203) | (147,939) | (2,648) | (5,711) | (325,746) | (632,734) | ||
(9,884) | (94,959) | (1,927) | (2,445) | (34,031) | 18,980 | ||
241,075 | 336,034 | 14,254 | 16,699 | 176,781 | 157,801 | ||
231,191 | 241,075 | 12,327 | 14,254 | 142,750 | 176,781 | ||
337 | 1,011 | 17 | 227 | 929 | 1,481 | ||
171 | 273 | 6 | 25 | 2 | 1 | ||
(1,596) | (4,786) | (63) | (247) | (997) | (1,932) | ||
(1,088) | (3,502) | (40) | 5 | (66) | (450) | ||
4,850 | 8,352 | 347 | 342 | 1,727 | 2,177 | ||
3,762 | 4,850 | 307 | 347 | 1,661 | 1,727 | ||
N/A | N/A | N/A | N/A | N/A | N/A | ||
N/A | N/A | N/A | N/A | N/A | N/A | ||
Statement of Cash Flows— Six Months Ended April 30, 2016 (Unaudited)
Harbor Real Return Fund | |
Cash flows provided by operating activities: | |
Net increase in net assets resulting from operations | $ 3,434 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | |
Purchases of long-term securities | (400,490) |
Proceeds from sales of long-term securities | 440,857 |
Proceeds from short-term portfolio investments, net | 2,002 |
Increase in receivable for investments sold | (1,298) |
Increase in foreign spot contracts receivable | (4) |
Decrease in interest receivable | 280 |
Increase in variation margin on options and futures contracts | (14) |
Decrease in variation margin on swap agreements | 89 |
Increase in options sold | (1) |
Decrease in prepaid registration fees | 2 |
Increase in prepaid fund insurance | (1) |
Increase in other assets | (33) |
Increase in payable for investments purchased | 6,155 |
Decrease in interest on investments sold short | (4) |
Decrease in investments sold short | (692) |
Increase in premiums from written options not settled through variation margin | 89 |
Decrease in swap premiums received | (21) |
Decrease in management fees payable | (9) |
Decrease in transfer agent fees payable | (1) |
Increase in other liabilities | 19 |
Net change in unrealized appreciation/(depreciation) on investments | (7,432) |
Net change in unrealized appreciation/(depreciation) on forwards | (11) |
Net change in unrealized appreciation/(depreciation) on swaps | (1,167) |
Net change in unrealized appreciation/(depreciation) on written options | (2) |
Net realized loss on investments | 2,829 |
Net amortization and earned inflation component | 362 |
Net cash provided by operating activities | 44,938 |
Cash flows used for financing activities: | |
Proceeds from shares sold | 4,617 |
Payment on shares redeemed | (24,515) |
Cash dividends paid | (72) |
Decrease in sale-buyback financing transactions | (24,856) |
Decrease in due to broker and cash restricted | (48) |
Net cash used for financing activities | (44,874) |
Net Increase in Cash and foreign currency | 64 |
Cash and Foreign Currency | |
Beginning of period | $ 405 |
End of period | 469 |
Reinvestment of dividends | $ 2,259 |
Supplemental disclosure of cash flow information: | |
Interest paid during the year | $ 129 |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR CONVERTIBLE SECURITIES FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 e | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 10.63 | $ 11.20 | $ 10.95 | $ 10.01 | $ 9.49 | $ 10.00 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.06 f | 0.15 f | 0.19 | 0.20 | 0.24 | 0.09 |
Net realized and unrealized gains/(losses) on investments | (0.21) | (0.08) | 0.38 | 0.96 | 0.52 | (0.54) |
Total from investment operations | (0.15) | 0.07 | 0.57 | 1.16 | 0.76 | (0.45) |
Less Distributions | ||||||
Dividends from net investment income | (0.17) | (0.22) | (0.21) | (0.22) | (0.24) | (0.06) |
Distributions from net realized capital gains1 | (0.19) | (0.42) | (0.11) | — | — | — |
Total distributions | (0.36) | (0.64) | (0.32) | (0.22) | (0.24) | (0.06) |
Proceeds from redemption fees | —* | —* | —* | —* | —* | —* |
Net asset value end of period | 10.12 | 10.63 | 11.20 | 10.95 | 10.01 | 9.49 |
Net assets end of period (000s) | $333,639 | $373,421 | $353,370 | $267,251 | $113,898 | $74,531 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.37)% c | 0.72% | 5.23% | 11.80% | 8.18% | (4.50)% c |
Ratio of total expenses to average net assets2 | 0.76 d | 0.75 | 0.74 | 0.79 | 0.84 | 1.19 d |
Ratio of net expenses to average net assetsa | 0.76 d | 0.75 | 0.74 | 0.79 | 0.83 | 0.85 d |
Ratio of net investment income (loss) to average net assetsa | 1.23 d | 1.37 | 1.58 | 1.82 | 2.48 | 2.36 d |
Portfolio turnover | 51 c | 81 | 54 | 45 | 40 | 27 c |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 e | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 10.61 | $ 11.18 | $ 10.94 | $ 10.00 | $ 9.48 | $ 10.00 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.04 f | 0.11 f | 0.11 | 0.16 | 0.20 | 0.07 |
Net realized and unrealized gains/(losses) on investments | (0.20) | (0.08) | 0.40 | 0.97 | 0.53 | (0.54) |
Total from investment operations | (0.16) | 0.03 | 0.51 | 1.13 | 0.73 | (0.47) |
Less Distributions | ||||||
Dividends from net investment income | (0.15) | (0.18) | (0.16) | (0.19) | (0.21) | (0.05) |
Distributions from net realized capital gains1 | (0.19) | (0.42) | (0.11) | — | — | — |
Total distributions | (0.34) | (0.60) | (0.27) | (0.19) | (0.21) | (0.05) |
Proceeds from redemption fees | —* | —* | —* | —* | —* | —* |
Net asset value end of period | 10.11 | 10.61 | 11.18 | 10.94 | 10.00 | 9.48 |
Net assets end of period (000s) | $ 1,677 | $ 1,861 | $ 1,941 | $ 2,452 | $ 2,015 | $ 704 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.46)% c | 0.35% | 4.76% | 11.41% | 7.83% | (4.72)% c |
Ratio of total expenses to average net assets2 | 1.13 d | 1.12 | 1.11 | 1.16 | 1.21 | 1.56 d |
Ratio of net expenses to average net assetsa | 1.13 d | 1.12 | 1.11 | 1.16 | 1.20 | 1.22 d |
Ratio of net investment income (loss) to average net assetsa | 0.86 d | 1.00 | 1.24 | 1.49 | 2.07 | 1.98 d |
Portfolio turnover | 51 c | 81 | 54 | 45 | 40 | 27 c |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 e | |
(Unaudited) | |||||
$10.62 | $11.19 | $10.94 | $10.00 | $ 9.48 | $10.00 |
0.05 f | 0.12 f | 0.13 | 0.16 | 0.22 | 0.09 |
(0.21) | (0.08) | 0.41 | 0.98 | 0.52 | (0.56) |
(0.16) | 0.04 | 0.54 | 1.14 | 0.74 | (0.47) |
(0.15) | (0.19) | (0.18) | (0.20) | (0.22) | (0.05) |
(0.19) | (0.42) | (0.11) | — | — | — |
(0.34) | (0.61) | (0.29) | (0.20) | (0.22) | (0.05) |
—* | —* | —* | —* | —* | —* |
10.12 | 10.62 | 11.19 | 10.94 | 10.00 | 9.48 |
$ 376 | $ 376 | $ 306 | $ 427 | $ 310 | $ 238 |
(1.40)% c | 0.47% | 4.97% | 11.55% | 7.93% | (4.70)% c |
1.01 d | 1.00 | 0.99 | 1.04 | 1.09 | 1.44 d |
1.01 d | 1.00 | 0.99 | 1.04 | 1.08 | 1.10 d |
0.98 d | 1.11 | 1.35 | 1.61 | 2.24 | 1.80 d |
51 c | 81 | 54 | 45 | 40 | 27 c |
Retirement Class |
2-Month Period Ended April 30, 2016g |
(Unaudited) |
$ 9.78 |
0.02 f |
0.35 |
0.37 |
(0.03) |
— |
(0.03) |
— |
10.12 |
$ 10 |
3.75% c |
0.72 d |
0.71 d |
1.14 d |
51 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR HIGH-YIELD BOND FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 10.00 | $ 10.85 | $ 11.19 | $ 11.15 | $ 10.86 | $ 11.23 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.26 f | 0.57 f | 0.60 | 0.64 | 0.65 | 0.71 |
Net realized and unrealized gains/(losses) on investments | (0.24) | (0.66) | (0.05) | 0.06 | 0.40 | (0.24) |
Total from investment operations | 0.02 | (0.09) | 0.55 | 0.70 | 1.05 | 0.47 |
Less Distributions | ||||||
Dividends from net investment income | (0.27) | (0.54) | (0.62) | (0.64) | (0.64) | (0.68) |
Distributions from net realized capital gains1 | — | (0.22) | (0.27) | (0.02) | (0.12) | (0.16) |
Total distributions | (0.27) | (0.76) | (0.89) | (0.66) | (0.76) | (0.84) |
Proceeds from redemption fees | —* | —* | —* | —* | —* | —* |
Net asset value end of period | 9.75 | 10.00 | 10.85 | 11.19 | 11.15 | 10.86 |
Net assets end of period (000s) | $1,765,772 | $1,460,808 | $1,707,788 | $1,880,044 | $2,172,751 | $1,565,740 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 0.31% c | (0.79)% | 5.10% | 6.55% | 10.18% | 4.49% |
Ratio of total expenses to average net assets2 | 0.70 d | 0.69 | 0.68 | 0.68 | 0.68 | 0.70 |
Ratio of net expenses to average net assetsa | 0.66 d | 0.65 | 0.64 | 0.64 | 0.64 | 0.65 |
Ratio of net investment income (loss) to average net assetsa | 5.58 d | 5.51 | 5.43 | 5.56 | 6.06 | 6.54 |
Portfolio turnover | 22 c | 49 | 48 | 57 | 32 | 47 |
Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 10.02 | $ 10.87 | $ 11.21 | $ 11.16 | $ 10.87 | $ 11.23 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.25 f | 0.53 f | 0.59 | 0.66 | 0.61 | 0.69 |
Net realized and unrealized gains/(losses) on investments | (0.25) | (0.66) | (0.08) | 0.01 | 0.40 | (0.25) |
Total from investment operations | —* | (0.13) | 0.51 | 0.67 | 1.01 | 0.44 |
Less Distributions | ||||||
Dividends from net investment income | (0.25) | (0.50) | (0.58) | (0.60) | (0.60) | (0.64) |
Distributions from net realized capital gains1 | — | (0.22) | (0.27) | (0.02) | (0.12) | (0.16) |
Total distributions | (0.25) | (0.72) | (0.85) | (0.62) | (0.72) | (0.80) |
Proceeds from redemption fees | —* | —* | —* | —* | —* | —* |
Net asset value end of period | 9.77 | 10.02 | 10.87 | 11.21 | 11.16 | 10.87 |
Net assets end of period (000s) | $ 94,349 | $ 96,957 | $ 100,194 | $ 114,564 | $ 154,604 | $ 134,399 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 0.11% c | (1.15)% | 4.70% | 6.22% | 9.77% | 4.18% |
Ratio of total expenses to average net assets2 | 1.07 d | 1.06 | 1.05 | 1.05 | 1.05 | 1.07 |
Ratio of net expenses to average net assetsa | 1.03 d | 1.02 | 1.01 | 1.01 | 1.01 | 1.02 |
Ratio of net investment income (loss) to average net assetsa | 5.24 d | 5.14 | 5.06 | 5.19 | 5.71 | 6.17 |
Portfolio turnover | 22 c | 49 | 48 | 57 | 32 | 47 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$10.02 | $10.87 | $11.21 | $11.16 | $10.87 | $11.23 |
0.25 f | 0.55 f | 0.60 | 0.70 | 0.62 | 0.70 |
(0.24) | (0.67) | (0.08) | (0.02) | 0.40 | (0.25) |
0.01 | (0.12) | 0.52 | 0.68 | 1.02 | 0.45 |
(0.26) | (0.51) | (0.59) | (0.61) | (0.61) | (0.65) |
— | (0.22) | (0.27) | (0.02) | (0.12) | (0.16) |
(0.26) | (0.73) | (0.86) | (0.63) | (0.73) | (0.81) |
—* | —* | —* | —* | —* | —* |
9.77 | 10.02 | 10.87 | 11.21 | 11.16 | 10.87 |
$4,340 | $4,314 | $4,773 | $5,519 | $9,571 | $7,906 |
0.18% c | (1.03)% | 4.82% | 6.33% | 9.90% | 4.31% |
0.95 d | 0.94 | 0.93 | 0.93 | 0.93 | 0.95 |
0.91 d | 0.90 | 0.89 | 0.89 | 0.89 | 0.90 |
5.35 d | 5.26 | 5.18 | 5.32 | 5.81 | 6.29 |
22 c | 49 | 48 | 57 | 32 | 47 |
Retirement Class |
2-Month Period Ended April 30, 2016g |
(Unaudited) |
$ 9.40 |
0.08 f |
0.39 |
0.47 |
(0.11) |
— |
(0.11) |
— |
9.76 |
$ 10 |
5.06% c |
0.66 d |
0.61 d |
5.26 d |
22 c |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR BOND FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 11.92 | $ 12.28 | $ 12.22 | $ 13.03 | $ 12.20 | $ 13.18 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.16 f | 0.34 f | 0.25 | 0.30 | 0.36 | 0.34 |
Net realized and unrealized gains/(losses) on investments | 0.08 | (0.18) | 0.16 | (0.30) | 0.76 | (0.28) |
Total from investment operations | 0.24 | 0.16 | 0.41 | —* | 1.12 | 0.06 |
Less Distributions | ||||||
Dividends from net investment income | (0.36) | (0.41) | (0.35) | (0.30) | (0.27) | (0.43) |
Distributions from net realized capital gains1 | (0.09) | (0.11) | — | (0.51) | (0.02) | (0.61) |
Total distributions | (0.45) | (0.52) | (0.35) | (0.81) | (0.29) | (1.04) |
Proceeds from redemption fees | — | — | — | — | —* | — |
Net asset value end of period | 11.71 | 11.92 | 12.28 | 12.22 | 13.03 | 12.20 |
Net assets end of period (000s) | $2,706,888 | $2,874,705 | $4,125,889 | $6,626,361 | $7,748,277 | $7,374,510 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 2.13% c | 1.32% | 3.40% | (0.05)% | 9.34% | 0.63% |
Ratio of total expenses to average net assets2 | 0.59 d | 0.58 | 0.56 | 0.56 | 0.57 | 0.57 |
Ratio of net expenses to average net assetsa | 0.52 d | 0.52 | 0.54 | 0.53 | 0.54 | 0.53 |
Ratio of net expenses excluding interest expense to average net assetsa | 0.51 d | 0.52 | 0.54 | 0.53 | 0.54 | 0.53 |
Ratio of net investment income (loss) to average net assetsa | 2.76 d | 2.80 | 1.90 | 2.36 | 2.88 | 2.73 |
Portfolio turnover | 259 c | 586 | 439 | 446 | 473 | 666 |
HARBOR REAL RETURN FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 9.15 | $ 10.18 | $ 10.41 | $ 11.54 | $ 11.38 | $ 11.21 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | —* ,f | 0.10 f | 0.40 | 0.10 | 0.14 | 0.26 |
Net realized and unrealized gains/(losses) on investments | 0.28 | (0.43) | (0.20) | (0.84) | 0.84 | 0.40 |
Total from investment operations | 0.28 | (0.33) | 0.20 | (0.74) | 0.98 | 0.66 |
Less Distributions | ||||||
Dividends from net investment income | (0.17) | (0.70) | (0.03) | (0.18) | (0.26) | (0.17) |
Distributions from net realized capital gains1 | — | — | (0.40) | (0.21) | (0.56) | (0.32) |
Total distributions | (0.17) | (0.70) | (0.43) | (0.39) | (0.82) | (0.49) |
Net asset value end of period | 9.26 | 9.15 | 10.18 | 10.41 | 11.54 | 11.38 |
Net assets end of period (000s) | $ 114,175 | $ 130,467 | $ 169,969 | $ 404,689 | $ 507,576 | $ 420,429 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 3.10% c | (3.32)% | 2.07% | (6.67)% | 9.19% | 6.38% |
Ratio of total expenses to average net assets2 | 0.90 d | 0.77 | 0.63 | 0.61 | 0.62 | 0.61 |
Ratio of net expenses to average net assetsa | 0.77 d | 0.68 | 0.62 | 0.61 | 0.62 | 0.60 |
Ratio of net expenses excluding interest expense to average net assetsa | 0.56 d | 0.58 | 0.60 | 0.59 | 0.59 | 0.60 |
Ratio of net investment income (loss) to average net assetsa | (0.02) d | 1.06 | 1.91 | 0.92 | 1.43 | 2.68 |
Portfolio turnover | 248 c | 531 | 427 | 285 | 287 | 340 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$ 11.93 | $ 12.28 | $ 12.23 | $ 13.03 | $ 12.20 | $ 13.18 |
0.15 | 0.30 f | 0.22 | 0.27 | 0.34 | 0.31 |
0.07 | (0.16) | 0.15 | (0.29) | 0.75 | (0.29) |
0.22 | 0.14 | 0.37 | (0.02) | 1.09 | 0.02 |
(0.34) | (0.38) | (0.32) | (0.27) | (0.24) | (0.39) |
(0.09) | (0.11) | — | (0.51) | (0.02) | (0.61) |
(0.43) | (0.49) | (0.32) | (0.78) | (0.26) | (1.00) |
— | — | — | — | —* | — |
11.72 | 11.93 | 12.28 | 12.23 | 13.03 | 12.20 |
$44,080 | $57,874 | $102,591 | $138,575 | $165,468 | $173,377 |
1.99% c | 1.13% | 3.05% | (0.23)% | 9.06% | 0.37% |
0.84 d | 0.83 | 0.81 | 0.81 | 0.82 | 0.82 |
0.77 d | 0.77 | 0.79 | 0.78 | 0.79 | 0.78 |
0.76 d | 0.77 | 0.79 | 0.78 | 0.79 | 0.78 |
2.51 d | 2.47 | 1.66 | 2.11 | 2.64 | 2.47 |
259 c | 586 | 439 | 446 | 473 | 666 |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$ 9.15 | $ 10.17 | $ 10.41 | $ 11.55 | $ 11.40 | $ 11.23 |
(0.01) f | 0.08 f | 0.21 | 0.06 | 0.10 | 0.09 |
0.27 | (0.42) | (0.03) | (0.84) | 0.85 | 0.55 |
0.26 | (0.34) | 0.18 | (0.78) | 0.95 | 0.64 |
(0.16) | (0.68) | (0.02) | (0.15) | (0.24) | (0.15) |
— | — | (0.40) | (0.21) | (0.56) | (0.32) |
(0.16) | (0.68) | (0.42) | (0.36) | (0.80) | (0.47) |
9.25 | 9.15 | 10.17 | 10.41 | 11.55 | 11.40 |
$ 2,838 | $ 3,174 | $ 3,481 | $ 3,542 | $ 4,968 | $ 3,472 |
2.92% c | (3.47)% | 1.81% | (6.94)% | 8.88% | 6.12% |
1.15 d | 1.02 | 0.88 | 0.86 | 0.87 | 0.87 |
1.02 d | 0.93 | 0.87 | 0.86 | 0.87 | 0.85 |
0.81 d | 0.83 | 0.85 | 0.84 | 0.84 | 0.85 |
(0.23) d | 0.90 | 2.08 | 0.69 | 1.18 | 2.26 |
248 c | 531 | 427 | 285 | 287 | 340 |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR MONEY MARKET FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | —* ,f | —* ,f | —* | —* | —* | —* |
Net realized and unrealized gains/(losses) on investments | — | — | — | — | — | — |
Total from investment operations | —* | —* | —* | —* | —* | —* |
Less Distributions | ||||||
Dividends from net investment income | —* | —* | —* | —* | —* | —* |
Distributions from net realized capital gains1 | — | — | — | — | — | — |
Total distributions | —* | —* | —* | —* | —* | —* |
Net asset value end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Net assets end of period (000s) | $142,750 | $176,781 | $157,801 | $137,042 | $133,308 | $130,758 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 0.12% c | 0.08% | 0.06% | 0.09% | 0.08% | 0.11% |
Ratio of total expenses to average net assets2 | 0.35 d | 0.32 | 0.30 | 0.31 | 0.33 | 0.33 |
Ratio of net expenses to average net assetsa | — | — | — | — | — | — |
Ratio of net investment income (loss) to average net assetsa | 0.24 d | 0.08 | 0.06 | 0.09 | 0.08 | 0.11 |
* | Less than $0.01. |
1 | Includes both short-term and long-term capital gains. |
2 | Percentage does not reflect reduction for credit balance arrangements (see Note 2 of the accompanying Notes to Financial Statements). |
a | Reflects the Adviser’s waiver, if any, of its management fees and/or other operating expenses. |
b | The total returns would have been lower had certain expenses not been waived during the periods shown. |
c | Unannualized. |
d | Annualized. |
e | For the period May 1, 2011 (inception) through October 31, 2011. |
f | Amounts are allocated based upon average shares outstanding during the period. |
g | For the period March 1, 2016 (inception) through April 30, 2016. |
Administrative Class | |||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | ||||
2015 | 2014 | 2013 | 2012 | 2011 | |
(Unaudited) | |||||
$ 1.00 | $ 1.00 | $ 1.00 | $1.00 | $1.00 | $1.00 |
—* ,f | —* ,f | —* | —* | —* | — |
— | — | — | — | — | — |
—* | —* | —* | —* | —* | — |
—* | —* | —* | —* | —* | — |
— | — | — | — | — | — |
—* | —* | —* | —* | —* | — |
1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
$1,661 | $1,727 | $2,177 | $ 376 | $ 331 | $ 405 |
0.12% c | 0.08% | 0.06% | 0.09% | 0.08% | 0.11% |
0.60 d | 0.57 | 0.55 | 0.56 | 0.58 | 0.59 |
— | — | — | — | — | — |
0.25 d | 0.07 | 0.06 | 0.09 | 0.08 | 0.11 |
Notes to Financial Statements—April 30, 2016 (Unaudited)
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Level 1– | Quoted prices in active markets for identical securities. |
Level 2– | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
Level 3– | Significant unobservable inputs are used in situations where quoted prices or other observable inputs are not available or are deemed unreliable. Significant unobservable inputs may include the Funds’ own assumptions. |
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Purchases (000s) | Sales (000s) | ||||||
U.S. Government | Other | U.S. Government | Other | ||||
Harbor Covertible Securities Fund | $ – | $176,111 | $ – | $205,740 | |||
Harbor High-Yield Bond Fund | – | 639,854 | – | 332,984 | |||
Harbor Bond Fund | 9,205,236 | 236,955 | 9,537,665 | 381,510 | |||
Harbor Real Return Fund | 389,047 | 14,565 | 418,240 | 22,526 |
Notes to Financial Statements—Continued
Currency Options | Eurodollar Futures* | Swap Options | |||||||||
No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | ||||||
Options outstanding at beginning of year | 299,700,000 | $ 3,297 | — | $ — | 1,272,300,000 | $ 6,899 | |||||
Options opened | 486,800,000 | 4,417 | 6,201 | 2,176 | 429,300,000 | 1,757 | |||||
Options closed | (191,400,000) | (1,337) | — | — | (21,100,000) | (61) | |||||
Options exercised | (107,900,000) | (956) | (5,538) | (1,875) | (4,100,000) | (36) | |||||
Options expired | (413,800,000) | (4,150) | — | — | (778,200,000) | (2,417) | |||||
Open at 4/30/2016 | 73,400,000 | $ 1,271 | 663 | $ 301 | 898,200,000 | $ 6,142 |
U.S. Government Obligation Options | U.S. Treasury Futures | ||||||
No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | ||||
Options outstanding at beginning of year | 14,000,000 | $ 31 | 468 | $ 217 | |||
Options opened | — | — | 6,563 | 1,950 | |||
Options closed | — | — | (849) | (375) | |||
Options exercised | — | — | (1,943) | (662) | |||
Options expired | (14,000,000) | (31) | (4,239) | (1,130) | |||
Open at 4/30/2016 | — | $ — | — | $ — |
* | Options in this category require periodic settlement of variation margin. |
British Pound Futures* | Currency Options | Eurodollar Futures* | |||||||||
No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | No. of Contracts/ Notional | Premiums Received (000s) | ||||||
Options outstanding at beginning of year | 105 | $ 3 | 2,780,000 | $ 39 | — | $— | |||||
Options opened | 119 | 6 | 3,370,000 | 21 | 7 | 5 | |||||
Options closed | — | — | — | — | — | — | |||||
Options exercised | (78) | (6) | (1,770,000) | (17) | — | — | |||||
Options expired | — | — | (2,700,000) | (34) | — | — | |||||
Open at 4/30/2016 | 146 | $ 3 | 1,680,000 | $ 9 | 7 | $ 5 |
Swap Options | |||
No. of Contracts/ Notional | Premiums Received (000s) | ||
Options outstanding at beginning of year | 36,200,000 | $ 345 | |
Options opened | 53,100,000 | 368 | |
Options closed | (4,300,000) | (145) | |
Options exercised | (22,600,000) | (80) | |
Options expired | (6,300,000) | (24) | |
Open at 4/30/2016 | 56,100,000 | $ 464 |
* | Options in this category require periodic settlement of variation margin. |
Notes to Financial Statements—Continued
Contractual Rate | Actual Rate | ||
Harbor Convertible Securities Fund | 0.65% | 0.65% | |
Harbor High-Yield Bond Fund | 0.60 a | 0.56% | |
Harbor Bond Fund | 0.48 b | 0.45% | |
Harbor Real Return Fund | 0.48 | 0.48% | |
Harbor Money Market Fund | 0.20 c | 0.18% |
a | Effective March 1, 2016, the Adviser has contractually agreed to reduce the management fee to 0.56% through February 28, 2017. |
b | Effective March 1, 2016, the Adviser has contractually agreed to reduce the management fee to 0.43% on assets between $1 billion and $3 billion and to 0.405% on assets greater than $3 billion through February 28, 2018. |
c | Effective March 1, 2016, the Adviser has contractually agreed to reduce the management fee to 0.18% through February 28, 2017. |
Notes to Financial Statements—Continued
Transfer Agent Feesa | |
Institutional Class | 0.080% of the average daily net assets of all Institutional shares |
Administrative Class | 0.080% of the average daily net assets of all Administrative shares |
Investor Class | 0.200% of the average daily net assets of all Investor shares |
Retirement Class | 0.030% of the average daily net assets of all Retirement shares |
a | For the period November 1, 2015 through February 29, 2016, the Transfer Agent Fees for Institutional and Administrative Class shares were 0.065% and 0.185% for the Investor Class shares. |
Number of Shares Owned by Harbor Capital, Harbor Funds Distributors, and Harbor Services Group | Percentage of Outstanding Shares | ||||||||||
Institutional Class | Administrative Class | Investor Class | Retirement Class | Total | |||||||
Harbor Convertible Securities Fund | 88,650 | 29,474 | 29,319 | 1,025 | 148,469 | 0.4% | |||||
Harbor High-Yield Bond Fund | 62,312 | — | — | 1,076 | 63,388 | 0.0 | |||||
Harbor Bond Fund | 30,909 | — | N/A | N/A | 30,909 | 0.0 | |||||
Harbor Real Return Fund | 8,983 | — | N/A | N/A | 8,983 | 0.1 | |||||
Harbor Money Market Fund | 70,823,151 | 25,211 | N/A | N/A | 70,848,362 | 49.1 |
Notes to Financial Statements—Continued
Amount (000s) | |
Harbor Convertible Securities Fund | $ 2 |
Harbor High-Yield Bond Fund | 25 |
Identified Cost (000s) | Gross Unrealized | Net Unrealized Appreciation/ (Depreciation) (000s) | |||||
Appreciation (000s) | (Depreciation) (000s) | ||||||
Harbor Convertible Securities Fund | $ 334,422 | $ 10,396 | $ (6,852) | $ 3,544 | |||
Harbor High-Yield Bond Fund* | 1,858,821 | 40,545 | (39,351) | 1,194 | |||
Harbor Bond Fund | 3,486,420 | 113,460 | (47,830) | 65,630 | |||
Harbor Real Return Fund* | 145,355 | 3,280 | (1,264) | 2,016 | |||
Harbor Money Market Fund | 149,802 | — | — | — |
* | Capital loss carryforwards are available, which may reduce taxable income from future net realized gain on investments. |
Notes to Financial Statements—Continued
Statement of Assets and Liabilities Caption | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) | ||||||||
Assets | ||||||||||||
Investments, at value (purchased options) | $ 2,085 | $ — | $ — | $ 2,085 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 32,547 | — | 32,547 | ||||||||
Unrealized appreciation on OTC swap agreementsb | 39 | 144 | 910 | 1,093 | ||||||||
Variation margin on centrally cleared swap agreementsa,b | 2,581 | — | — | 2,581 | ||||||||
Variation margin on options and futures contracts (futures)a | 4,397 | — | — | 4,397 | ||||||||
Liabilities | ||||||||||||
Unrealized depreciation on open forward currency contracts | $ — | $(34,485) | — | $(34,485) | ||||||||
Unrealized depreciation on OTC swap agreementsb | — | — | (1,152) | (1,152) | ||||||||
Variation margin on centrally cleared swap agreementsa,b | (50,606) | — | — | (50,606) | ||||||||
Variation margin on options and futures contracts (futures)a | (8,525) | — | — | (8,525) | ||||||||
Variation margin on options and futures contracts (options)a | (461) | — | — | (461) | ||||||||
Written options, at value | (1,602) | (596) | — | (2,198) |
Statement of Assets and Liabilities Caption | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) | ||||||||
Assets | ||||||||||||
Investments, at value (purchased options) | $ 225 | $ — | — | $ 225 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 412 | — | 412 | ||||||||
Unrealized appreciation on OTC swap agreementsb | 397 | — | 23 | 420 | ||||||||
Variation margin on centrally cleared swap agreementsa,b | 100 | — | — | 100 | ||||||||
Variation margin on options and futures contracts (futures)a | 51 | — | — | 51 | ||||||||
Variation margin on options on futures contracts (options)a | 1 | — | — | 1 | ||||||||
Liabilities | ||||||||||||
Unrealized depreciation on open forward currency contracts | $ — | $(656) | — | $ (656) | ||||||||
Unrealized depreciation on OTC swap agreementsb | (1,322) | — | — | (1,322) | ||||||||
Variation margin on centrally cleared swap agreementsa,b | (538) | — | (39) | (577) | ||||||||
Variation margin on options and futures contracts (futures)a | (16) | — | — | (16) | ||||||||
Variation margin on options and futures contracts (options)a | (5) | — | — | (5) | ||||||||
Written options, at value | (330) | (8) | — | (338) |
a | Includes cumulative appreciation/depreciation of contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
b | Net of premiums received of $1,649 and $4 for Harbor Bond Fund and Harbor Real Return Fund, respectively. |
Notes to Financial Statements—Continued
Net Realized Gain/(Loss) on Derivatives | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) | ||||
Forward currency contracts | $ — | $18,166 | $ — | $ 18,166 | ||||
Futures contracts | (434) | — | — | (434) | ||||
Investments (purchased options) | (485) | — | — | (485) | ||||
Investments sold short | (108) | — | — | (108) | ||||
Written optionsa | 3,952 | 4,382 | — | 8,334 | ||||
Swaps agreements | (34,911) | — | (595) | (35,506) | ||||
Net realized gain/(loss) on derivatives | $(31,986) | $22,548 | $(595) | $(10,033) |
Change in Unrealized Appreciation/(Depreciation) on Derivatives | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) | ||||
Forward currency contracts | $ — | $(28,441) | $ — | $(28,441) | ||||
Futures contracts | 1,714 | — | — | 1,714 | ||||
Investments (purchased options) | (1,643) | — | — | (1,643) | ||||
Investments sold short | 95 | — | — | 95 | ||||
Written options | 1,037 | (1,422) | (119) | (504) | ||||
Swaps agreements | (6,533) | 144 | 21 | (6,368) | ||||
Change in unrealized appreciation/(depreciation) on derivatives | $(5,330) | $(29,719) | $ (98) | $(35,147) |
Net Realized Gain/(Loss) on Derivatives | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) | ||||
Forward currency contracts | $ 4 | $— | $ — | $ 4 | ||||
Futures contracts | (325) | — | — | (325) | ||||
Investments sold short | (7) | — | — | (7) | ||||
Investments (purchased options) | (179) | — | — | (179) | ||||
Written options | 136 | 34 | — | 170 | ||||
Swaps agreements | (2,755) | — | (34) | (2,789) | ||||
Net realized gain/(loss) on derivatives | $(3,126) | $ 34 | $(34) | $(3,126) |
Change in Unrealized Appreciation/(Depreciation) on Derivatives | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) | ||||
Forward currency contracts | $ — | $ 11 | $ — | $ 11 | ||||
Futures contracts | 93 | — | — | 93 | ||||
Investments (purchased options) | (19) | — | — | (19) | ||||
Investments sold short | 1 | — | — | 1 | ||||
Written options | 5 | (5) | 2 | 2 | ||||
Swaps agreements | 1,705 | — | (72) | 1,633 | ||||
Change in unrealized appreciation/(depreciation) on derivatives | $1,785 | $ 6 | $(70) | $1,721 |
a | Net of currency gain of $7 for Harbor Bond Fund. |
Notes to Financial Statements—Continued
Counterparty | Repurchase Agreement Proceeds to be Received (000s) | Payable for Reverse Repurchase Agreements (000s) | Payable for Sale-Buyback Transactions (000s) | Payable for Short Sales (000s) | Total Borrowings and Other Financing Transactions (000s) | Collateral (Received)/ Pledged (000s) | Net Exposure (000s) | ||||||||||||||
Global/Master Repurchase Agreement | |||||||||||||||||||||
Deutsche Bank | $12,000 | $— | $ — | $ — | $ 12,000 | $(12,000) | $ — | ||||||||||||||
State Street Bank | 14,430 | — | — | — | 14,430 | (14,430) | — | ||||||||||||||
Master Securities Forward Transactions Agreements | |||||||||||||||||||||
Barclays Capital Inc. | — | — | (3,795) | — | (3,795) | 65 | (3,730) | ||||||||||||||
BNP Paribas NY | — | — | (1,448) | — | (1,448) | — | (1,448) | ||||||||||||||
Morgan Stanley Co. Inc. | — | — | — | (29,634) | (29,634) | 11 | (29,623) | ||||||||||||||
Total Borrowings and Other Financing Transactions | $26,430 | $— | $(5,243) | $(29,634) |
Notes to Financial Statements—Continued
Counterparty | Repurchase Agreement Proceeds to be Received (000s) | Payable for Reverse Repurchase Agreements (000s) | Payable for Sale-Buyback Transactions (000s) | Payable for Short Sales (000s) | Total Borrowings and Other Financing Transactions (000s) | Collateral (Received)/ Pledged (000s) | Net Exposure (000s) | ||||||||||||||
Global/Master Repurchase Agreement | |||||||||||||||||||||
State Street Bank | $222 | $— | $ — | $— | $ 222 | $(222) | $ — | ||||||||||||||
Master Securities Forward Transactions Agreements | |||||||||||||||||||||
Barclays Capital Inc. | — | — | (23,275) | — | (23,275) | — | (23,275) | ||||||||||||||
BNP Paribas NY | — | — | (2,418) | — | (2,418) | — | (2,418) | ||||||||||||||
UBS Securities LLC | — | — | (1,272) | — | (1,272) | (1,272) | |||||||||||||||
Total Borrowings and Other Financing Transactions | $222 | $— | $(26,965) | $— |
Financial Derivative Assets | Financial Derivative Liabilities | Net Value of OTC Derivatives (000s) | Collateral (Received)/ Pledged* (000s) | Net Exposure (000s) | ||||||||||||||||||
Counterparty | Forward Currency Contracts (000s) | Purchased Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | Forward Currency Contracts (000s) | Written Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | ||||||||||||||
Bank of America NA | $ — | $ — | $ 1 | $ 1 | $ — | $ — | $ — | $ — | $ 1 | $ — | $ 1 | |||||||||||
Barclays Bank plc | 4,616 | — | 156 | 4,772 | (182) | — | (45) | (227) | 4,545 | — | 4,545 | |||||||||||
Barclays Capital | 357 | — | — | 357 | (109) | — | — | (109) | 248 | — | 248 | |||||||||||
BNP Paribas SA | 1,233 | — | 101 | 1,334 | (2,528) | (13) | — | (2,541) | (1,207) | 1,207 | — | |||||||||||
Citibank NA | 2,066 | 4 | 245 | 2,315 | (7,610) | (32) | (389) | (8,031) | (5,716) | — | (5,716) | |||||||||||
Credit Suisse International | 23 | — | — | 23 | (358) | (162) | — | (520) | (497) | 257 | (240) | |||||||||||
Deutsche Bank AG | 7,046 | — | 70 | 7,116 | (2,645) | (5) | (67) | (2,717) | 4,399 | — | 4,399 | |||||||||||
Goldman Sachs Bank USA | 2,091 | 549 | 182 | 2,822 | (9,873) | (359) | — | (10,232) | (7,410) | 4,433 | (2,977) | |||||||||||
Goldman Sachs International | — | — | 290 | 290 | — | — | (364) | (364) | (74) | 74 | — | |||||||||||
HSBC Bank USA | 1,709 | — | — | 1,709 | (2,883) | — | — | (2,883) | (1,174) | — | (1,174) | |||||||||||
HSBC Bank USA NA | — | — | — | — | — | (93) | (6) | (99) | (99) | 99 | — | |||||||||||
JP Morgan Chase Bank | 1,971 | — | — | 1,971 | (1,617) | — | — | (1,617) | 354 | — | 354 | |||||||||||
JP Morgan Chase Bank NA | 6,399 | 716 | — | 7,115 | (4,590) | (1,015) | (173) | (5,778) | 1,337 | — | 1,337 | |||||||||||
Morgan Stanley Capital Services LLC | — | 816 | 48 | 864 | — | (519) | (108) | (627) | 237 | 65 | 302 | |||||||||||
Royal Bank of Scotland plc | — | — | — | — | (16) | — | — | (16) | (16) | — | (16) | |||||||||||
Société Générale | 333 | — | — | 333 | (348) | — | — | (348) | (15) | — | (15) | |||||||||||
UBS AG | 4,703 | — | — | 4,703 | (1,726) | — | — | (1,726) | 2,977 | — | 2,977 | |||||||||||
Total Over-the-Counter Exposure | $32,547 | $2,085 | $1,093 | $35,725 | $(34,485) | $(2,198) | $(1,152) | $(37,835) |
* | Of the total collateral received and/or pledged listed in the table above, cash of $65,000 has been received as collateral. |
Financial Derivative Assets | Financial Derivative Liabilities | Net Value of OTC Derivatives (000s) | Collateral (Received)/ Pledged* (000s) | Net Exposure (000s) | ||||||||||||||||||
Counterparty | Forward Currency Contracts (000s) | Purchased Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | Forward Currency Contracts (000s) | Written Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | ||||||||||||||
Barclays Bank plc | $ 10 | $ — | $ 7 | $ 17 | $ (41) | $ (1) | $ (98) | $ (140) | $ (123) | $ — | $(123) | |||||||||||
BNP Paribas SA | — | — | 57 | 57 | (7) | (5) | (437) | (449) | (392) | 362 | (30) | |||||||||||
Citibank NA | 116 | — | 107 | 223 | (63) | (1) | (2) | (66) | 157 | — | 157 | |||||||||||
Credit Suisse International | 1 | 2 | 10 | 13 | (12) | (56) | (1) | (69) | (56) | — | (56) |
Notes to Financial Statements—Continued
HARBOR REAL RETURN FUND—Continued
Financial Derivative Assets | Financial Derivative Liabilities | Net Value of OTC Derivatives (000s) | Collateral (Received)/ Pledged* (000s) | Net Exposure (000s) | ||||||||||||||||||
Counterparty | Forward Currency Contracts (000s) | Purchased Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | Forward Currency Contracts (000s) | Written Options (000s) | Swap Agreements (000s) | Total Over-the- Counter (000s) | ||||||||||||||
Deutsche Bank AG | $ — | $ 56 | $ 33 | $ 89 | $ — | $ (61) | $ (247) | $ (308) | $ (219) | $203 | $ (16) | |||||||||||
Goldman Sachs Bank USA | 43 | 2 | 142 | 187 | (80) | (9) | (167) | (256) | (69) | — | (69) | |||||||||||
Goldman Sachs International | — | — | 2 | 2 | — | — | — | — | 2 | — | 2 | |||||||||||
HSBC Bank USA | 96 | — | — | 96 | (234) | — | — | (234) | (138) | — | (138) | |||||||||||
JP Morgan Chase Bank | 12 | — | — | 12 | (166) | — | — | (166) | (154) | — | (154) | |||||||||||
JP Morgan Chase Bank NA | 27 | — | 22 | 49 | (35) | (38) | (1) | (74) | (25) | — | (25) | |||||||||||
Morgan Stanley Capital Services LLC | — | 163 | 37 | 200 | — | (167) | — | (167) | 33 | — | 33 | |||||||||||
Royal Bank of Scotland plc | — | 2 | — | 2 | — | — | (364) | (364) | (362) | 325 | (37) | |||||||||||
Société Générale | — | — | — | — | (5) | — | — | (5) | (5) | — | (5) | |||||||||||
UBS AG | 107 | — | — | 107 | (13) | — | — | (13) | 94 | — | 94 | |||||||||||
UBS AG Stamford | — | — | 3 | 3 | — | — | (5) | (5) | (2) | — | (2) | |||||||||||
Total Over-the-Counter Exposure | $412 | $225 | $420 | $1,057 | $(656) | $(338) | $(1,322) | $(2,316) | $(1,259) |
* | Of the total collateral received and/or pledged listed in the table above, cash of $10,000 has been received as collateral. |
Fees and Expenses Example (Unaudited)
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor Convertible Securities Fund | ||||||||
Institutional Class | 0.76% | |||||||
Actual | $3.75 | $1,000 | $ 986.30 | |||||
Hypothetical (5% return) | 3.82 | 1,000 | 1,020.99 | |||||
Administrative Class | 1.01% | |||||||
Actual | $4.98 | $1,000 | $ 986.00 | |||||
Hypothetical (5% return) | 5.07 | 1,000 | 1,019.72 | |||||
Investor Class | 1.13% | |||||||
Actual | $5.58 | $1,000 | $ 985.40 | |||||
Hypothetical (5% return) | 5.67 | 1,000 | 1,019.10 | |||||
Retirement Class | 0.71% | |||||||
Actual | $3.51 | $1,000 | $ 986.50 | |||||
Hypothetical (5% return) | 3.57 | 1,000 | 1,021.25 |
Fees and Expenses Example—Continued
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor High-Yield Bond Fund | ||||||||
Institutional Class | 0.66% | |||||||
Actual | $3.29 | $1,000 | $1,003.10 | |||||
Hypothetical (5% return) | 3.32 | 1,000 | 1,021.50 | |||||
Administrative Class | 0.91% | |||||||
Actual | $4.53 | $1,000 | $1,001.80 | |||||
Hypothetical (5% return) | 4.57 | 1,000 | 1,020.23 | |||||
Investor Class | 1.03% | |||||||
Actual | $5.12 | $1,000 | $1,001.10 | |||||
Hypothetical (5% return) | 5.17 | 1,000 | 1,019.61 | |||||
Retirement Class | 0.61% | |||||||
Actual | $3.04 | $1,000 | $1,004.20 | |||||
Hypothetical (5% return) | 3.07 | 1,000 | 1,021.75 | |||||
Harbor Bond Fund | ||||||||
Institutional Class | 0.51% | |||||||
Actual | $2.57 | $1,000 | $1,021.30 | |||||
Hypothetical (5% return) | 2.56 | 1,000 | 1,022.26 | |||||
Administrative Class | 0.76% | |||||||
Actual | $3.82 | $1,000 | $1,019.90 | |||||
Hypothetical (5% return) | 3.82 | 1,000 | 1,020.99 | |||||
Harbor Real Return Fund | ||||||||
Institutional Class | 0.56% | |||||||
Actual | $2.82 | $1,000 | $1,031.00 | |||||
Hypothetical (5% return) | 2.82 | 1,000 | 1,022.01 | |||||
Administrative Class | 0.81% | |||||||
Actual | $4.09 | $1,000 | $1,029.20 | |||||
Hypothetical (5% return) | 4.07 | 1,000 | 1,020.74 | |||||
Harbor Money Market Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $1,001.20 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $1,001.20 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 |
* | Reflective of all fee waivers and expense reimbursements. |
** | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
Additional Information (Unaudited)
Additional Information—Continued
• | the nature, extent, and quality of the services provided by the Adviser, including the background, education, expertise and experience of the investment professionals of the Adviser who provide services to the Funds; |
• | the favorable history, reputation, qualifications and background of the Adviser, as well as the qualifications of its personnel; |
• | the profitability of the Adviser with respect to each Fund, including the effect of revenues of Harbor Services Group, Inc. (“Harbor Services Group”), the Funds’ transfer agent, and Harbor Funds Distributors, Inc. (“Harbor Funds Distributors”), the Funds’ principal underwriter, on such profitability; |
• | the fees charged by the Adviser for investment advisory services, respectively, including, in each case, the portion of the fee to be retained by the Adviser, after payment of the Subadviser’s fee, for the advisory and related services, including investment, business, legal, compliance, financial and administrative services, that the Adviser provides; |
• | the extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund’s advisory fee level reflects any economies of scale for the benefit of Fund investors; |
• | the fees and expense ratios of each Fund relative to the quality of services provided and the fees and expense ratios of similar investment companies; |
• | the short- and long-term investment performance of each Fund in comparison to peer groups and certain relevant benchmark indices and the Adviser’s efforts to address circumstances of underperformance where applicable; |
• | the compensation received by Harbor Services Group and Harbor Funds Distributors in consideration of the services each provides to the Funds, and any other “fall out” benefits that inure to the Adviser and its affiliates as a result of their relationship with the Funds; |
• | information received at regular meetings throughout the year related to Fund performance and services rendered by the Adviser, as well as each of the Subadvisers, and research arrangements with brokers who execute transactions on behalf of each Subadviser; |
• | information contained in materials provided by the Adviser and compiled by Access Data Corp., a Broadridge entity (“Broadridge”), as to the investment returns, advisory fees and total expense ratios of the Institutional Class of each Fund (and, in certain cases, total expense ratios of certain other classes) relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge; and |
• | information contained in materials compiled by Morningstar, Inc. (“Morningstar”) as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers. |
• | the nature, extent, and quality of the services provided by each Subadviser, including the background, education, expertise and experience of the investment professionals of each Subadviser providing services to the Funds; |
• | the favorable history, reputation, qualifications and background of each Subadviser, as well as the qualifications of their respective personnel; |
• | the fees charged by each Subadviser for subadvisory services, which fees are paid by the Adviser, not by the Funds; |
• | information contained in materials provided by the Adviser and compiled by Broadridge as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge; and |
Additional Information—Continued
• | information contained in materials compiled by Morningstar as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers. |
Additional Information—Continued
Additional Information—Continued
Additional Information—Continued
Additional Information—Continued
Name (Age) Position(s) with Fund | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years | Number of Portfolios In Fund Complex Overseen By Trustee | Other Directorships Of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES | ||||
Scott M. Amero (52) Trustee | Since 2014 | Chairman (2015-Present) and Trustee (2011-2015), Rare (conservation non-profit); Trustee, Berkshire School (2014–Present); BlackRock, Inc., (publicly traded investment management firm) Vice Chairman and Global Chief Investment Officer, Fixed Income (2010), Vice Chairman and Global Chief Investment Officer, Fixed Income, and Co-Head, Fixed Income Portfolio Management (2007-2010). | 30 | None |
Raymond J. Ball (71) Trustee | Since 2006 | Sidney Davidson Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (2000-Present); Academic Affiliate, Analysis Group (litigation consulting firm) (2000-Present); Financial Reporting Faculty Advisory Group of the Institute of Chartered Accountants in England and Wales (2008-Present); and Advisory Board of the Center for Accounting Research & Education at University of Notre Dame (2006-Present). | 30 | None |
Donna J. Dean (64) Trustee | Since 2010 | Chief Investment Officer of the Rockefeller Foundation (a private foundation) (1995-Present); and Trustee of Queens University of Charlotte, North Carolina (2000-2014). | 30 | None |
Randall A. Hack (69) Trustee | Since 2010 | Founder and Senior Managing Director of Capstone Capital LLC (a private investment firm) (2003-Present); Director of Tower Development Corporation (cell tower developer) (2009-Present); and Advisory Director of Berkshire Partners (a private equity firm) (2002-2013). | 30 | Director of FiberTower Corporation (2002-2011). |
Robert Kasdin (58) Trustee | Since 2014 | Senior Vice President and Chief Operating Officer, Johns Hopkins Medicine (2015-Present); Senior Executive Vice President, Columbia University (2002-2015); Trustee, National September 11 Memorial & Museum at the World Trade Center (2005-Present); Trustee, The Metropolitan Museum of Art (2014-2015); Trustee (2004-2014) and President of the Board of Trustees (2006-2011), The Dalton School; Trustee, ARTstor Digital Library (a nonprofit digital images resource) (2013-Present); Director, Apollo Commercial Real Estate Finance, Inc. (2014-Present); and Director, Noranda Aluminum Holdings Corp. (2007-2014). | 30 | Director of Noranda Aluminum Holdings Corporation (2007-2014); Director of Apollo Commercial Real Estate Finance, Inc. (2014-Present). |
Rodger F. Smith (75) Trustee | Since 1987 | Managing Director, Greenwich Associates (a research based consulting firm) (1976-Present); and Chair of Trust Advisory Committee of Tau Beta Pi Association (engineering honor society) (1985-Present). | 30 | None |
Ann M. Spruill (62) Trustee | Since 2014 | Partner (1993-2008), Member of Executive Committee (1996-2008), Member Board of Directors (2002-2008), Grantham, Mayo, Van Otterloo & Co, LLC (private investment management firm) (with the firm since 1990); Member Investment Committee and Chair of Global Equities, Museum of Fine Arts, Boston (2000-Present); and Trustee, Financial Accounting Foundation (2014-Present). | 30 | None |
Additional Information—Continued
Name (Age) Position(s) with Fund | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years | Number of Portfolios In Fund Complex Overseen By Trustee | Other Directorships Of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years |
INTERESTED TRUSTEE | ||||
David G. Van Hooser (69)* Chairman, Trustee and President | Since 2000 | President (2002-Present), Director and Chairman of the Board (2000-Present), Harbor Capital Advisors, Inc.; Chief Executive Officer (2007-Present), Chief Financial Officer (2012-2015), Treasurer (2007-2012) and Director (2000-Present), Harbor Funds Distributors, Inc.; and Director (2000-Present), Harbor Services Group, Inc. | 30 | None |
Name (Age) Position(s) with Fund Address | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years |
FUND OFFICERS NOT LISTED ABOVE** | ||
Charles F. McCain (46) Chief Compliance Officer | Since 2004 | Executive Vice President and General Counsel (2004-Present) and Chief Compliance Officer (2004-2014), Harbor Capital Advisors, Inc.; Director (2007-Present) and Chief Compliance Officer (2004-Present), Harbor Services Group, Inc.; and Director, Executive Vice President and Chief Compliance Officer (2007-Present), Harbor Funds Distributors, Inc. |
Anmarie S. Kolinski (44) Treasurer | Since 2007 | Executive Vice President and Chief Financial Officer (2007-Present), Harbor Capital Advisors, Inc.; Chief Financial Officer (2007-Present), Harbor Services Group, Inc.; and Chief Financial Officer (2015-Present) and Treasurer (2012-Present), Harbor Funds Distributors, Inc. |
Erik D. Ojala (41) Vice President and Secretary; AML Compliance Officer | Since 2007; Since 2010 | Senior Vice President and Associate General Counsel (2007-Present) and Secretary (2010-Present), Harbor Capital Advisors, Inc.; and Assistant Secretary (2014-Present), Harbor Services Group, Inc. |
Brian L. Collins (47) Vice President | Since 2005 | Executive Vice President and Chief Investment Officer (2004-Present), Harbor Capital Advisors, Inc. |
Charles P. Ragusa (56) Vice President | Since 2007 | Executive Vice President (2007-Present), Harbor Capital Advisors, Inc.; President (2007-Present), Harbor Services Group, Inc.; and Executive Vice President and AML Compliance Officer (2007-Present), Harbor Funds Distributors, Inc. |
Jodie L. Crotteau (44) Assistant Secretary | Since 2014 | Senior Vice President and Chief Compliance Officer, Harbor Capital Advisors, Inc. (2014-Present); Assistant Secretary (2015-present), Harbor Services Group, Inc.; Assistant Secretary (2016-present), Harbor Funds Distributors, Inc.; Vice President and Chief Compliance Officer, Grosvenor Registered Funds (2011-2014); Vice President, Grosvenor Capital Management, L.P. (2010-2014); Assistant Secretary (2005-2010) and AML Compliance Officer (2007-2010), Harbor Funds; Vice President, Secretary and Compliance Director (2007-2010), Harbor Capital Advisors, Inc.; Assistant Secretary (2005-2010), Harbor Services Group, Inc.; and Assistant Secretary (2007-2010), Harbor Funds Distributors, Inc. |
Susan A. DeRoche (63) Assistant Secretary | Since 2006 | Senior Vice President and Compliance Director (2007-Present) and Assistant Secretary (2006-Present), Harbor Capital Advisors, Inc.; Senior Vice President (2011–Present) and Secretary (2007-Present), Harbor Funds Distributors, Inc.; and Secretary (2014-Present) and Assistant Secretary (2012-2013), Harbor Services Group, Inc. |
John M. Paral (47) Assistant Treasurer | Since 2013 | Vice President (2012-Present) and Financial Reporting Manager (2007-Present), Harbor Capital Advisors, Inc. |
1 | Each Trustee serves for an indefinite term, until his successor is elected. Each Officer is elected annually. |
* | Mr. Van Hooser is deemed an “Interested Trustee” due to his affiliation with the Adviser and Distributor of Harbor Funds. |
** | Officers of the Funds are “interested persons” as defined in the Investment Company Act. |
111 South Wacker Drive, 34th Floor | Chicago, IL 60606-4302 | 800-422-1050 | harborfunds.com |
Chairman, President & Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Chief Compliance Officer
Treasurer
Vice President, Secretary &
AML Compliance Officer
Vice President
Vice President
Assistant Secretary
Assistant Secretary
Assistant Treasurer
111 South Wacker Drive
34th Floor
Chicago, IL 60606-4302
312-443-4400
111 South Wacker Drive
34th Floor
Chicago, IL 60606-4302
312-443-4600
P.O. Box 804660
Chicago, IL 60680-4108
800-422-1050
State Street Financial Center
1 Lincoln Street
Boston, MA 02111-2900
Table of Contents
Institutional Class | Administrative Class | Investor Class | |
Harbor Target Retirement Income | HARAX | HARBX | HARCX |
Harbor Target Retirement 2015 Fund | HARGX | HARHX | HARIX |
Harbor Target Retirement 2020 Fund | HARJX | HARKX | HARLX |
Harbor Target Retirement 2025 Fund | HARMX | HARNX | HAROX |
Harbor Target Retirement 2030 Fund | HARPX | HARQX | HARTX |
Harbor Target Retirement 2035 Fund | HARUX | HARVX | HARWX |
Harbor Target Retirement 2040 Fund | HARYX | HARZX | HABBX |
Harbor Target Retirement 2045 Fund | HACCX | HADDX | HAEEX |
Harbor Target Retirement 2050 Fund | HAFFX | HAGGX | HAHHX |
Harbor Target Retirement 2055 Fund | HATRX | HATAX | HATTX |
Semi-Annual Report Overview (Unaudited)
Unannualized Total Return 6 Months Ended April 30, 2016 | |||||
HARBOR TARGET RETIREMENT FUNDS | Institutional Class | Administrative Class | Investor Class | ||
Harbor Target Retirement Income Fund | 1.10% | 0.99% | 0.99% | ||
Harbor Target Retirement 2015 Fund | 0.62 | 0.53 | 0.62 | ||
Harbor Target Retirement 2020 Fund | 0.22 | 0.23 | 0.22 | ||
Harbor Target Retirement 2025 Fund | -0.03 | -0.02 | -0.02 | ||
Harbor Target Retirement 2030 Fund | -0.39 | -0.50 | -0.50 | ||
Harbor Target Retirement 2035 Fund | -0.79 | -0.72 | -0.72 | ||
Harbor Target Retirement 2040 Fund | -1.05 | -1.04 | -1.04 | ||
Harbor Target Retirement 2045 Fund | -1.48 | -1.48 | -1.48 | ||
Harbor Target Retirement 2050 Fund | -1.90 | -1.90 | -1.90 | ||
Harbor Target Retirement 2055 Fund | -1.96 | -1.95 | -1.95 |
COMMONLY USED MARKET INDICES | Unannualized Total Return 6 Months Ended April 30, 2016 |
Barclays U.S. Aggregate Bond; domestic bonds | 2.82% |
MSCI EAFE (ND); international equity | -3.07 |
Russell 3000®; entire U.S. stock market | 0.06 |
Semi-Annual Report Overview—Continued
Total Return for the Period Ended April 30, 2016 | |||||||||||||||||||
EQUITY AND COMMODITY | 6 Monthsb | One Year | Five Yearsa | Ten Yearsa | Since Inceptiona | Current 7-Day SEC Yield | Inception Date | Expense Ratios*,a | |||||||||||
Subsidized b | Unsubsidized c | Net | Gross | ||||||||||||||||
Harbor Capital Appreciation Fund | -6.59% | -2.52% | 10.99% | 7.59% | 11.06% | N/A | N/A | 12/29/1987 | 0.65% d | 0.70% | |||||||||
Harbor Mid Cap Growth Fund | -5.24 | -10.12 | 5.99 | 6.02 | 2.93 | N/A | N/A | 11/01/2000 | 0.86 | 0.86 | |||||||||
Harbor Small Cap Growth Fund | -6.30 | -12.28 | 6.54 | 6.21 | 7.53 | N/A | N/A | 11/01/2000 | 0.86 | 0.86 | |||||||||
Harbor Small Cap Growth Opportunities Fund | -1.49 | -7.25 | N/A | N/A | 0.92 | N/A | N/A | 02/01/2014 | 0.92 | 0.92 | |||||||||
Harbor Large Cap Value Fund | 1.56 | 1.84 | 11.45 | 6.49 | 9.68 | N/A | N/A | 12/29/1987 | 0.68 e | 0.72 | |||||||||
Harbor Mid Cap Value Fund | -1.42 | -4.76 | 10.43 | 6.90 | 7.61 | N/A | N/A | 03/01/2002 | 0.88 d | 0.88 | |||||||||
Harbor Small Cap Value Fund | 1.20 | -2.63 | 8.63 | 5.27 | 9.63 | N/A | N/A | 12/14/2001 | 0.87 | 0.87 | |||||||||
Harbor International Fund | -2.68 | -10.97 | 0.72 | 3.34 | 10.76 | N/A | N/A | 12/29/1987 | 0.76 d | 0.78 | |||||||||
Harbor Diversified International All Cap Fund | -2.85 | N/A | N/A | N/A | -2.85 | N/A | N/A | 11/02/2015 | 0.85 e | 1.57 | |||||||||
Harbor International Small Cap Fund | N/A | N/A | N/A | N/A | 5.10 | N/A | N/A | 02/01/2016 | 0.95 e | 2.90 | |||||||||
Harbor International Growth Fund | -0.96 | -6.96 | 1.05 | 1.44 | 3.17 | N/A | N/A | 11/01/1993 | 0.85 e | 0.91 | |||||||||
Harbor Global Growth Fund | -4.09 | -4.96 | 7.20 | N/A | 17.70 | N/A | N/A | 03/01/2009 | 0.90 e | 1.03 | |||||||||
Harbor Emerging Markets Equity Fund | -1.67 | -22.49 | N/A | N/A | -9.48 | N/A | N/A | 11/01/2013 | 1.15 e | 1.49 | |||||||||
Harbor Commodity Real Return Strategy Fund | -1.38 | -18.73 | -13.33 | N/A | -7.91 | N/A | N/A | 09/02/2008 | 1.08 e | 1.30 | |||||||||
FIXED INCOME | |||||||||||||||||||
Harbor Unconstrained Bond Fund | 1.00% | -1.94% | 1.85% | N/A | 2.16% | N/A | N/A | 04/01/2010 | 0.81% e | 1.61% | |||||||||
Harbor Convertible Securities Fund | -1.37 | -3.58 | 3.84 | N/A | 3.84 | N/A | N/A | 05/01/2011 | 0.77 | 0.77 | |||||||||
Harbor High-Yield Bond Fund | 0.31 | -2.82 | 4.14 | 5.84 | 6.94 | N/A | N/A | 12/01/2002 | 0.67 d | 0.71 | |||||||||
Harbor Bond Fund | 2.13 | 1.28 | 3.18 | 5.63 | 7.28 | N/A | N/A | 12/29/1987 | 0.51 e,f | 0.60 | |||||||||
Harbor Real Return Fund | 3.10 | -0.35 | 1.81 | 4.40 | 4.11 | N/A | N/A | 12/01/2005 | 0.64 e | 0.79 | |||||||||
SHORT-TERM | |||||||||||||||||||
Harbor Money Market Fund | 0.12% | 0.16% | 0.09% | 1.17% | 3.35% | 0.30% | -0.49% | 12/29/1987 | 0.28% d,e | 0.34% |
* | 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 to date. |
a | Annualized |
b | Reflects reimbursements or waivers in effect during the period. |
c | Does not reflect reimbursements or waivers currently in effect. |
d | Reflective of a contractual management fee waiver effective through February 28, 2017. |
e | Reflective of an expense limitation agreement (excluding interest expense, if any) effective through February 28, 2017. |
f | Reflective of a contractual management fee waiver effective through February 28, 2018. |
Semi-Annual Report Overview—Continued
HARBOR TARGET RETIREMENT FUNDS - ACTUAL ALLOCATION AS OF April 30, 2016 | |||||||||||||||||||
2055 Fund | 2050 Fund | 2045 Fund | 2040 Fund | 2035 Fund | 2030 Fund | 2025 Fund | 2020 Fund | 2015 Fund | Income Fund | ||||||||||
Equity and Commodity | |||||||||||||||||||
Harbor Capital Appreciation Fund | 11% | 11% | 10% | 8% | 7% | 6% | 5% | 4% | 3% | 3% | |||||||||
Harbor Mid Cap Growth Fund | 6 | 6 | 5 | 4 | 4 | 3 | 2 | 2 | 2 | 1 | |||||||||
Harbor Small Cap Growth Fund | 5 | 5 | 5 | 4 | 3 | 3 | 2 | 2 | 1 | 1 | |||||||||
Harbor Large Cap Value Fund | 14 | 13 | 11 | 10 | 8 | 7 | 6 | 5 | 4 | 3 | |||||||||
Harbor Mid Cap Value Fund | 9 | 8 | 7 | 6 | 6 | 4 | 4 | 3 | 3 | 2 | |||||||||
Harbor Small Cap Value Fund | 6 | 6 | 5 | 5 | 4 | 3 | 2 | 2 | 2 | 1 | |||||||||
Harbor International Fund | 20 | 19 | 17 | 15 | 12 | 10 | 8 | 7 | 6 | 5 | |||||||||
Harbor International Growth Fund | 14 | 13 | 12 | 10 | 9 | 7 | 6 | 5 | 4 | 3 | |||||||||
Harbor Global Growth Fund | 5 | 4 | 4 | 3 | 3 | 2 | 2 | 2 | 1 | 1 | |||||||||
Harbor Commodity Real Return Strategy Fund | 3 | 4 | 4 | 5 | 5 | 5 | 4 | 3 | 1 | 0 | |||||||||
Total Equity and Commodity | 93 | 89 | 80 | 70 | 61 | 50 | 41 | 35 | 27 | 20 | |||||||||
Fixed Income | |||||||||||||||||||
Harbor Unconstrained Bond Fund | 1% | 1% | 2% | 3% | 4% | 5% | 6% | 6% | 6% | 6% | |||||||||
Harbor Convertible Securities Fund | 0 | 0 | 0 | 0 | 1 | 4 | 5 | 3 | 0 | 0 | |||||||||
Harbor High-Yield Bond Fund | 3 | 4 | 8 | 11 | 13 | 15 | 16 | 15 | 12 | 11 | |||||||||
Harbor Bond Fund | 3 | 6 | 10 | 15 | 19 | 21 | 25 | 29 | 34 | 37 | |||||||||
Harbor Real Return Fund | 0 | 0 | 0 | 1 | 2 | 5 | 7 | 9 | 13 | 16 | |||||||||
Total Fixed Income | 7 | 11 | 20 | 30 | 39 | 50 | 59 | 62 | 65 | 70 | |||||||||
Short-Term | |||||||||||||||||||
Harbor Money Market Fund | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 3% | 8% | 10% | |||||||||
Total Short-Term | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 8 | 10 | |||||||||
100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
David G. Van Hooser Chairman |
Returns For Periods Ended April 30, 2016 | ||||||||||
Unannualized | Annualized | |||||||||
Domestic Equities | 6 Months | 1 Year | 5 Years | 10 Years | 30 Years | |||||
Wilshire 5000 Total Market (entire U.S. stock market) | -0.07% | -0.83% | 10.28% | 6.93% | 9.82% | |||||
S&P 500 (large cap stocks) | 0.43 | 1.21 | 11.02 | 6.91 | 9.99 | |||||
Russell Midcap® (mid cap stocks) | 0.81 | -2.14 | 9.88 | 7.49 | 11.26 | |||||
Russell 2000® (small cap stocks) | -1.90 | -5.94 | 6.98 | 5.42 | 8.58 | |||||
Russell 3000® Growth | -1.64 | 0.32 | 11.09 | 8.03 | 9.16 | |||||
Russell 3000® Value | 1.87 | -0.68 | 9.85 | 5.58 | 10.17 | |||||
International & Global | ||||||||||
MSCI EAFE (ND) (foreign stocks) | -3.07% | -9.32% | 1.69% | 1.61% | 6.24% | |||||
MSCI World (ND) (global stocks) | -1.05 | -4.17 | 5.96 | 4.13 | 7.57 | |||||
MSCI All Country World (ND) (global stocks) | -0.94 | -5.66 | 4.69 | 3.89 | N/A | |||||
MSCI Emerging Markets (ND) (emerging markets) | -0.13 | -17.87 | -4.61 | 2.36 | N/A | |||||
Strategic Markets | ||||||||||
Bloomberg Commodity Index Total ReturnSM | -2.06% | -17.45% | -13.32% | -6.01% | N/A | |||||
Fixed Income | ||||||||||
BofA Merrill Lynch U.S. High Yield (high-yield bonds) | 2.23% | -1.36% | 5.22% | 7.20% | N/A | |||||
Barclays U.S. Aggregate Bond (domestic bonds) | 2.82 | 2.72 | 3.60 | 4.95 | 6.58% | |||||
BofA Merrill Lynch 3-Month U.S. Treasury Bill (proxy for money market returns) | 0.14 | 0.15 | 0.08 | 1.12 | 3.64 | |||||
Barclays U.S. TIPS (inflation-linked bonds) | 3.89 | 1.12 | 2.58 | 4.67 | N/A |
David G. Van Hooser |
Chairman |
Managers' Commentary (Unaudited)
Since 2009
Since 2009
Since 2009
Managers' Commentary—Continued
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2600 |
Cusip | 411511371 |
Ticker | HARAX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.60% a |
Total Net Assets (000s) | $13,460 |
ADMINISTRATIVE CLASS | |
Fund # | 2700 |
Cusip | 411511363 |
Ticker | HARBX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.60% a |
Total Net Assets (000s) | $15 |
INVESTOR CLASS | |
Fund # | 2800 |
Cusip | 411511355 |
Ticker | HARCX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.60% a |
Total Net Assets (000s) | $16 |
Equity | ||
Harbor International Fund | 4.5% | |
Harbor International Growth Fund | 3.1% | |
Harbor Large Cap Value Fund | 3.0% | |
Harbor Capital Appreciation Fund | 2.5% | |
Harbor Mid Cap Value Fund | 2.0% | |
Harbor Small Cap Value Fund | 1.4% | |
Harbor Mid Cap Growth Fund | 1.3% | |
Harbor Small Cap Growth Fund | 1.2% | |
Harbor Global Growth Fund | 1.1% |
Fixed Income | ||
Harbor Bond Fund | 37.1% | |
Harbor Real Return Fund | 15.5% | |
Harbor High-Yield Bond Fund | 11.1% | |
Harbor Unconstrained Bond Fund | 6.3% | |
Short-Term Investments | ||
Harbor Money Market Fund | 9.9% |
a | Annualized. The Adviser has contractually agreed to limit the Fund’s operating expense to: (i) the amount of the acquired funds’ fees and expenses; (ii) compensation of the Independent Trustees; (iii) certain other expenses such as extraordinary items; and (iv) (a) for the Administrative and Investor Classes, distribution and service (12b-1) fees and (b) for the Investor Class, certain transfer agent fees. The net expense ratio shown will not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired funds’ fees and expenses. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Target Retirement Income Fund | |||||||||||||||||
Institutional Class | 1.10% | -0.94% | 3.60% | 6.09% | 01/02/2009 | $15,419 | |||||||||||
Administrative Class | 0.99 | -0.95 | 3.58 | 6.07 | 01/02/2009 | 15,402 | |||||||||||
Investor Class | 0.99 | -0.95 | 3.58 | 6.07 | 01/02/2009 | 15,402 | |||||||||||
Comparative Indices | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | 3.60% | 4.38% | — | $13,695 | |||||||||||
MSCI EAFE (ND) | -3.07 | -9.32 | 1.69 | 7.44 | — | 16,916 | |||||||||||
Russell 3000® | 0.06 | -0.18 | 10.50 | 14.56 | — | 27,083 |
Portfolio of Investments—April 30, 2016 (Unaudited)
HARBOR EQUITY AND COMMODITY FUNDS—20.1% | ||||
Shares | Value | |||
5,895 | Harbor Capital Appreciation Fund | $ 337 | ||
21,437 | Harbor Mid Cap Growth Fund | 175 | ||
13,994 | Harbor Small Cap Growth Fund | 158 | ||
35,072 | Harbor Large Cap Value Fund | 412 | ||
13,666 | Harbor Mid Cap Value Fund | 264 | ||
7,570 | Harbor Small Cap Value Fund | 193 | ||
9,982 | Harbor International Fund | 609 | ||
33,713 | Harbor International Growth Fund | 420 | ||
7,055 | Harbor Global Growth Fund | 143 | ||
TOTAL HARBOR EQUITY AND COMMODITY FUNDS | ||||
(Cost $2,765) | 2,711 | |||
HARBOR FIXED INCOME FUNDS—70.0% | ||||
85,001 | Harbor Unconstrained Bond Fund | 842 | ||
153,884 | Harbor High-Yield Bond Fund | 1,500 |
HARBOR FIXED INCOME FUNDS—Continued | ||||
| Shares | Value | ||
427,484 | Harbor Bond Fund | $ 5,006 | ||
225,799 | Harbor Real Return Fund | 2,091 | ||
TOTAL HARBOR FIXED INCOME FUNDS | ||||
(Cost $10,034) | 9,439 | |||
SHORT-TERM INVESTMENTS—9.9% | ||||
(Cost $1,341) | ||||
1,340,671 | Harbor Money Market Fund | 1,341 | ||
TOTAL INVESTMENTS—100.0% | ||||
(Cost $14,140) | 13,491 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | — a | |||
TOTAL NET ASSETS—100.0% | $13,491 |
† | The Harbor Target Retirement Income Fund is investing in Institutional Class shares of affiliated Harbor Funds. |
a | Rounds to less than $1,000. |
Managers' Commentary (Unaudited)
Since 2009
Since 2009
Since 2009
Managers' Commentary—Continued
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2602 |
Cusip | 411511314 |
Ticker | HARGX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.63% a |
Total Net Assets (000s) | $7,436 |
ADMINISTRATIVE CLASS | |
Fund # | 2702 |
Cusip | 411511298 |
Ticker | HARHX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.63% a |
Total Net Assets (000s) | $17 |
INVESTOR CLASS | |
Fund # | 2802 |
Cusip | 411511280 |
Ticker | HARIX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.63% a |
Total Net Assets (000s) | $17 |
Equity and Commodity | ||
Harbor International Fund | 5.8% | |
Harbor International Growth Fund | 4.0% | |
Harbor Large Cap Value Fund | 3.9% | |
Harbor Capital Appreciation Fund | 3.2% | |
Harbor Mid Cap Value Fund | 2.5% | |
Harbor Small Cap Value Fund | 1.8% | |
Harbor Mid Cap Growth Fund | 1.7% | |
Harbor Small Cap Growth Fund | 1.5% | |
Harbor Global Growth Fund | 1.4% | |
Harbor Commodity Real Return Strategy Fund | 1.3% |
Fixed Income | ||
Harbor Bond Fund | 33.9% | |
Harbor Real Return Fund | 12.5% | |
Harbor High-Yield Bond Fund | 12.1% | |
Harbor Unconstrained Bond Fund | 6.2% | |
Short-Term Investments | ||
Harbor Money Market Fund | 8.2% |
a | Annualized. The Adviser has contractually agreed to limit the Fund’s operating expense to: (i) the amount of the acquired funds’ fees and expenses; (ii) compensation of the Independent Trustees; (iii) certain other expenses such as extraordinary items; and (iv) (a) for the Administrative and Investor Classes, distribution and service (12b-1) fees and (b) for the Investor Class, certain transfer agent fees. The net expense ratio shown will not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired funds’ fees and expenses. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Target Retirement 2015 Fund | |||||||||||||||||
Institutional Class | 0.62% | -1.84% | 3.71% | 7.39% | 01/02/2009 | $16,861 | |||||||||||
Administrative Class | 0.53 | -1.84 | 3.69 | 7.38 | 01/02/2009 | 16,847 | |||||||||||
Investor Class | 0.62 | -1.84 | 3.71 | 7.39 | 01/02/2009 | 16,861 | |||||||||||
Comparative Indices | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | 3.60% | 4.38% | — | $13,695 | |||||||||||
MSCI EAFE (ND) | -3.07 | -9.32 | 1.69 | 7.44 | — | 16,916 | |||||||||||
Russell 3000® | 0.06 | -0.18 | 10.50 | 14.56 | — | 27,083 |
Portfolio of Investments—April 30, 2016 (Unaudited)
HARBOR EQUITY AND COMMODITY FUNDS—27.1% | ||||
Shares | Value | |||
4,267 | Harbor Capital Appreciation Fund | $ 243 | ||
15,400 | Harbor Mid Cap Growth Fund | 126 | ||
10,079 | Harbor Small Cap Growth Fund | 114 | ||
24,982 | Harbor Large Cap Value Fund | 293 | ||
9,752 | Harbor Mid Cap Value Fund | 189 | ||
5,412 | Harbor Small Cap Value Fund | 138 | ||
7,065 | Harbor International Fund | 431 | ||
23,958 | Harbor International Growth Fund | 298 | ||
5,089 | Harbor Global Growth Fund | 103 | ||
25,403 | Harbor Commodity Real Return Strategy Fund | 94 | ||
TOTAL HARBOR EQUITY AND COMMODITY FUNDS | ||||
(Cost $2,107) | 2,029 | |||
HARBOR FIXED INCOME FUNDS—64.7% | ||||
46,909 | Harbor Unconstrained Bond Fund | 465 | ||
92,941 | Harbor High-Yield Bond Fund | 906 |
HARBOR FIXED INCOME FUNDS—Continued | ||||
| Shares | Value | ||
216,093 | Harbor Bond Fund | $2,531 | ||
100,452 | Harbor Real Return Fund | 930 | ||
TOTAL HARBOR FIXED INCOME FUNDS | ||||
(Cost $5,068) | 4,832 | |||
SHORT-TERM INVESTMENTS—8.2% | ||||
(Cost $609) | ||||
608,566 | Harbor Money Market Fund | 609 | ||
TOTAL INVESTMENTS—100.0% | ||||
(Cost $7,784) | 7,470 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | — a | |||
TOTAL NET ASSETS—100.0% | $7,470 |
† | The Harbor Target Retirement 2015 Fund is investing in Institutional Class shares of affiliated Harbor Funds. |
a | Rounds to less than $1,000. |
Managers' Commentary (Unaudited)
Since 2009
Since 2009
Since 2009
Managers' Commentary—Continued
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2603 |
Cusip | 411511272 |
Ticker | HARJX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.69% a |
Total Net Assets (000s) | $25,138 |
ADMINISTRATIVE CLASS | |
Fund # | 2703 |
Cusip | 411511264 |
Ticker | HARKX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.69% a |
Total Net Assets (000s) | $17 |
INVESTOR CLASS | |
Fund # | 2803 |
Cusip | 411511256 |
Ticker | HARLX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.69% a |
Total Net Assets (000s) | $18 |
Equity and Commodity | ||
Harbor International Fund | 7.3% | |
Harbor International Growth Fund | 5.1% | |
Harbor Large Cap Value Fund | 5.0% | |
Harbor Capital Appreciation Fund | 4.1% | |
Harbor Mid Cap Value Fund | 3.2% | |
Harbor Commodity Real Return Strategy Fund | 2.7% | |
Harbor Small Cap Value Fund | 2.3% | |
Harbor Mid Cap Growth Fund | 2.1% | |
Harbor Small Cap Growth Fund | 1.9% | |
Harbor Global Growth Fund | 1.8% |
Fixed Income | ||
Harbor Bond Fund | 28.6% | |
Harbor High-Yield Bond Fund | 14.6% | |
Harbor Real Return Fund | 9.3% | |
Harbor Unconstrained Bond Fund | 6.2% | |
Harbor Convertible Securities Fund | 3.0% | |
Short-Term Investments | ||
Harbor Money Market Fund | 2.8% |
a | Annualized. The Adviser has contractually agreed to limit the Fund’s operating expense to: (i) the amount of the acquired funds’ fees and expenses; (ii) compensation of the Independent Trustees; (iii) certain other expenses such as extraordinary items; and (iv) (a) for the Administrative and Investor Classes, distribution and service (12b-1) fees and (b) for the Investor Class, certain transfer agent fees. The net expense ratio shown will not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired funds’ fees and expenses. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Target Retirement 2020 Fund | |||||||||||||||||
Institutional Class | 0.22% | -2.62% | 3.87% | 7.91% | 01/02/2009 | $17,471 | |||||||||||
Administrative Class | 0.23 | -2.61 | 3.90 | 7.92 | 01/02/2009 | 17,478 | |||||||||||
Investor Class | 0.22 | -2.62 | 3.87 | 7.91 | 01/02/2009 | 17,473 | |||||||||||
Comparative Indices | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | 3.60% | 4.38% | — | $13,695 | |||||||||||
MSCI EAFE (ND) | -3.07 | -9.32 | 1.69 | 7.44 | — | 16,916 | |||||||||||
Russell 3000® | 0.06 | -0.18 | 10.50 | 14.56 | — | 27,083 |
Portfolio of Investments—April 30, 2016 (Unaudited)
HARBOR EQUITY AND COMMODITY FUNDS—35.5% | ||||
Shares | Value | |||
18,310 | Harbor Capital Appreciation Fund | $ 1,045 | ||
65,714 | Harbor Mid Cap Growth Fund | 538 | ||
42,613 | Harbor Small Cap Growth Fund | 482 | ||
106,250 | Harbor Large Cap Value Fund | 1,247 | ||
41,586 | Harbor Mid Cap Value Fund | 804 | ||
23,018 | Harbor Small Cap Value Fund | 587 | ||
30,078 | Harbor International Fund | 1,834 | ||
102,183 | Harbor International Growth Fund | 1,273 | ||
21,798 | Harbor Global Growth Fund | 441 | ||
187,075 | Harbor Commodity Real Return Strategy Fund | 690 | ||
TOTAL HARBOR EQUITY AND COMMODITY FUNDS | ||||
(Cost $9,287) | 8,941 | |||
HARBOR FIXED INCOME FUNDS—61.7% | ||||
157,905 | Harbor Unconstrained Bond Fund | 1,565 | ||
73,676 | Harbor Convertible Securities Fund | 746 |
HARBOR FIXED INCOME FUNDS—Continued | ||||
| Shares | Value | ||
376,371 | Harbor High-Yield Bond Fund | $ 3,670 | ||
615,015 | Harbor Bond Fund | 7,202 | ||
253,305 | Harbor Real Return Fund | 2,345 | ||
TOTAL HARBOR FIXED INCOME FUNDS | ||||
(Cost $16,420) | 15,528 | |||
SHORT-TERM INVESTMENTS—2.8% | ||||
(Cost $704) | ||||
703,573 | Harbor Money Market Fund | 704 | ||
TOTAL INVESTMENTS—100.0% | ||||
(Cost $26,411) | 25,173 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | — a | |||
TOTAL NET ASSETS—100.0% | $25,173 |
† | The Harbor Target Retirement 2020 Fund is investing in Institutional Class shares of affiliated Harbor Funds. |
a | Rounds to less than $1,000. |
Managers' Commentary (Unaudited)
Since 2009
Since 2009
Since 2009
Managers' Commentary—Continued
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2604 |
Cusip | 411511249 |
Ticker | HARMX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.71% a |
Total Net Assets (000s) | $11,630 |
ADMINISTRATIVE CLASS | |
Fund # | 2704 |
Cusip | 411511231 |
Ticker | HARNX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.71% a |
Total Net Assets (000s) | $18 |
INVESTOR CLASS | |
Fund # | 2804 |
Cusip | 411511223 |
Ticker | HAROX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.71% a |
Total Net Assets (000s) | $18 |
Equity and Commodity | ||
Harbor International Fund | 8.4% | |
Harbor International Growth Fund | 5.8% | |
Harbor Large Cap Value Fund | 5.7% | |
Harbor Capital Appreciation Fund | 4.8% | |
Harbor Commodity Real Return Strategy Fund | 3.7% | |
Harbor Mid Cap Value Fund | 3.7% | |
Harbor Small Cap Value Fund | 2.6% | |
Harbor Mid Cap Growth Fund | 2.4% | |
Harbor Small Cap Growth Fund | 2.2% | |
Harbor Global Growth Fund | 2.0% |
Fixed Income | ||
Harbor Bond Fund | 24.9% | |
Harbor High-Yield Bond Fund | 16.0% | |
Harbor Real Return Fund | 7.2% | |
Harbor Unconstrained Bond Fund | 5.9% | |
Harbor Convertible Securities Fund | 4.7% |
a | Annualized. The Adviser has contractually agreed to limit the Fund’s operating expense to: (i) the amount of the acquired funds’ fees and expenses; (ii) compensation of the Independent Trustees; (iii) certain other expenses such as extraordinary items; and (iv) (a) for the Administrative and Investor Classes, distribution and service (12b-1) fees and (b) for the Investor Class, certain transfer agent fees. The net expense ratio shown will not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired funds’ fees and expenses. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Target Retirement 2025 Fund | |||||||||||||||||
Institutional Class | -0.03% | -3.17% | 3.83% | 8.40% | 01/02/2009 | $18,053 | |||||||||||
Administrative Class | -0.02 | -3.17 | 3.83 | 8.40 | 01/02/2009 | 18,055 | |||||||||||
Investor Class | -0.02 | -3.17 | 3.83 | 8.40 | 01/02/2009 | 18,055 | |||||||||||
Comparative Indices | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | 3.60% | 4.38% | — | $13,695 | |||||||||||
MSCI EAFE (ND) | -3.07 | -9.32 | 1.69 | 7.44 | — | 16,916 | |||||||||||
Russell 3000® | 0.06 | -0.18 | 10.50 | 14.56 | — | 27,083 |
Portfolio of Investments—April 30, 2016 (Unaudited)
HARBOR EQUITY AND COMMODITY FUNDS—41.3% | |||
Shares | Value | ||
9,782 | Harbor Capital Appreciation Fund | $ 558 | |
34,827 | Harbor Mid Cap Growth Fund | 285 | |
22,709 | Harbor Small Cap Growth Fund | 257 | |
56,346 | Harbor Large Cap Value Fund | 662 | |
22,114 | Harbor Mid Cap Value Fund | 428 | |
12,171 | Harbor Small Cap Value Fund | 310 | |
16,052 | Harbor International Fund | 979 | |
54,479 | Harbor International Growth Fund | 679 | |
11,677 | Harbor Global Growth Fund | 236 | |
116,319 | Harbor Commodity Real Return Strategy Fund | 429 | |
TOTAL HARBOR EQUITY AND COMMODITY FUNDS | |||
(Cost $5,053) | 4,823 | ||
HARBOR FIXED INCOME FUNDS—58.7% | ||||
| Shares | Value | ||
68,808 | Harbor Unconstrained Bond Fund | $ 682 | ||
53,583 | Harbor Convertible Securities Fund | 542 | ||
191,729 | Harbor High-Yield Bond Fund | 1,869 | ||
248,303 | Harbor Bond Fund | 2,908 | ||
90,917 | Harbor Real Return Fund | 842 | ||
TOTAL HARBOR FIXED INCOME FUNDS | ||||
(Cost $7,135) | 6,843 | |||
TOTAL INVESTMENTS—100.0% | ||||
(Cost $12,188) | 11,666 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | — a | |||
TOTAL NET ASSETS—100.0% | $11,666 |
† | The Harbor Target Retirement 2025 Fund is investing in Institutional Class shares of affiliated Harbor Funds. |
a | Rounds to less than $1,000. |
Managers' Commentary (Unaudited)
Since 2009
Since 2009
Since 2009
Managers' Commentary—Continued
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2605 |
Cusip | 411512700 |
Ticker | HARPX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.72% a |
Total Net Assets (000s) | $23,493 |
ADMINISTRATIVE CLASS | |
Fund # | 2705 |
Cusip | 411512882 |
Ticker | HARQX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.72% a |
Total Net Assets (000s) | $19 |
INVESTOR CLASS | |
Fund # | 2805 |
Cusip | 411512809 |
Ticker | HARTX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.72% a |
Total Net Assets (000s) | $19 |
Equity and Commodity | ||
Harbor International Fund | 10.2% | |
Harbor International Growth Fund | 7.0% | |
Harbor Large Cap Value Fund | 6.9% | |
Harbor Capital Appreciation Fund | 5.8% | |
Harbor Commodity Real Return Strategy Fund | 4.8% | |
Harbor Mid Cap Value Fund | 4.5% | |
Harbor Small Cap Value Fund | 3.2% | |
Harbor Mid Cap Growth Fund | 3.0% | |
Harbor Small Cap Growth Fund | 2.7% | |
Harbor Global Growth Fund | 2.4% |
Fixed Income | ||
Harbor Bond Fund | 21.2% | |
Harbor High-Yield Bond Fund | 15.0% | |
Harbor Unconstrained Bond Fund | 5.0% | |
Harbor Real Return Fund | 4.4% | |
Harbor Convertible Securities Fund | 3.9% |
a | Annualized. The Adviser has contractually agreed to limit the Fund’s operating expense to: (i) the amount of the acquired funds’ fees and expenses; (ii) compensation of the Independent Trustees; (iii) certain other expenses such as extraordinary items; and (iv) (a) for the Administrative and Investor Classes, distribution and service (12b-1) fees and (b) for the Investor Class, certain transfer agent fees. The net expense ratio shown will not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired funds’ fees and expenses. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Target Retirement 2030 Fund | |||||||||||||||||
Institutional Class | -0.39% | -3.75% | 4.05% | 9.02% | 01/02/2009 | $18,824 | |||||||||||
Administrative Class | -0.50 | -3.85 | 4.05 | 9.00 | 01/02/2009 | 18,808 | |||||||||||
Investor Class | -0.50 | -3.85 | 4.05 | 9.00 | 01/02/2009 | 18,808 | |||||||||||
Comparative Indices | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | 3.60% | 4.38% | — | $13,695 | |||||||||||
MSCI EAFE (ND) | -3.07 | -9.32 | 1.69 | 7.44 | — | 16,916 | |||||||||||
Russell 3000® | 0.06 | -0.18 | 10.50 | 14.56 | — | 27,083 |
Portfolio of Investments—April 30, 2016 (Unaudited)
HARBOR EQUITY AND COMMODITY FUNDS—50.5% | |||
Shares | Value | ||
23,746 | Harbor Capital Appreciation Fund | $ 1,355 | |
85,437 | Harbor Mid Cap Growth Fund | 699 | |
55,511 | Harbor Small Cap Growth Fund | 627 | |
138,583 | Harbor Large Cap Value Fund | 1,627 | |
54,156 | Harbor Mid Cap Value Fund | 1,047 | |
29,895 | Harbor Small Cap Value Fund | 763 | |
39,217 | Harbor International Fund | 2,391 | |
132,876 | Harbor International Growth Fund | 1,656 | |
28,338 | Harbor Global Growth Fund | 574 | |
308,117 | Harbor Commodity Real Return Strategy Fund | 1,137 | |
TOTAL HARBOR EQUITY AND COMMODITY FUNDS | |||
(Cost $12,044) | 11,876 | ||
HARBOR FIXED INCOME FUNDS—49.5% | ||||
| Shares | Value | ||
117,624 | Harbor Unconstrained Bond Fund | $ 1,166 | ||
91,452 | Harbor Convertible Securities Fund | 925 | ||
361,101 | Harbor High-Yield Bond Fund | 3,521 | ||
426,613 | Harbor Bond Fund | 4,995 | ||
113,174 | Harbor Real Return Fund | 1,048 | ||
TOTAL HARBOR FIXED INCOME FUNDS | ||||
(Cost $12,310) | 11,655 | |||
TOTAL INVESTMENTS—100.0% | ||||
(Cost $24,354) | 23,531 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | — a | |||
TOTAL NET ASSETS—100.0% | $23,531 |
† | The Harbor Target Retirement 2030 Fund is investing in Institutional Class shares of affiliated Harbor Funds. |
a | Rounds to less than $1,000. |
Managers' Commentary (Unaudited)
Since 2009
Since 2009
Since 2009
Managers' Commentary—Continued
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2606 |
Cusip | 411512106 |
Ticker | HARUX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.73% a |
Total Net Assets (000s) | $10,697 |
ADMINISTRATIVE CLASS | |
Fund # | 2706 |
Cusip | 411512304 |
Ticker | HARVX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.73% a |
Total Net Assets (000s) | $20 |
INVESTOR CLASS | |
Fund # | 2806 |
Cusip | 411512205 |
Ticker | HARWX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.73% a |
Total Net Assets (000s) | $19 |
Equity and Commodity | ||
Harbor International Fund | 12.4% | |
Harbor International Growth Fund | 8.6% | |
Harbor Large Cap Value Fund | 8.4% | |
Harbor Capital Appreciation Fund | 7.1% | |
Harbor Mid Cap Value Fund | 5.4% | |
Harbor Commodity Real Return Strategy Fund | 5.1% | |
Harbor Small Cap Value Fund | 4.0% | |
Harbor Mid Cap Growth Fund | 3.6% | |
Harbor Small Cap Growth Fund | 3.3% | |
Harbor Global Growth Fund | 3.0% |
Fixed Income | ||
Harbor Bond Fund | 18.7% | |
Harbor High-Yield Bond Fund | 13.0% | |
Harbor Unconstrained Bond Fund | 3.9% | |
Harbor Real Return Fund | 2.1% | |
Harbor Convertible Securities Fund | 1.4% |
a | Annualized. The Adviser has contractually agreed to limit the Fund’s operating expense to: (i) the amount of the acquired funds’ fees and expenses; (ii) compensation of the Independent Trustees; (iii) certain other expenses such as extraordinary items; and (iv) (a) for the Administrative and Investor Classes, distribution and service (12b-1) fees and (b) for the Investor Class, certain transfer agent fees. The net expense ratio shown will not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired funds’ fees and expenses. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Target Retirement 2035 Fund | |||||||||||||||||
Institutional Class | -0.79% | -4.32% | 4.43% | 9.54% | 01/02/2009 | $19,500 | |||||||||||
Administrative Class | -0.72 | -4.25 | 4.44 | 9.55 | 01/02/2009 | 19,505 | |||||||||||
Investor Class | -0.72 | -4.25 | 4.44 | 9.55 | 01/02/2009 | 19,505 | |||||||||||
Comparative Indices | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | 3.60% | 4.38% | — | $13,695 | |||||||||||
MSCI EAFE (ND) | -3.07 | -9.32 | 1.69 | 7.44 | — | 16,916 | |||||||||||
Russell 3000® | 0.06 | -0.18 | 10.50 | 14.56 | — | 27,083 |
Portfolio of Investments—April 30, 2016 (Unaudited)
HARBOR EQUITY AND COMMODITY FUNDS—60.9% | |||
Shares | Value | ||
13,403 | Harbor Capital Appreciation Fund | $ 765 | |
47,566 | Harbor Mid Cap Growth Fund | 389 | |
30,880 | Harbor Small Cap Growth Fund | 349 | |
76,655 | Harbor Large Cap Value Fund | 900 | |
30,070 | Harbor Mid Cap Value Fund | 582 | |
16,635 | Harbor Small Cap Value Fund | 424 | |
21,859 | Harbor International Fund | 1,332 | |
74,448 | Harbor International Growth Fund | 928 | |
15,929 | Harbor Global Growth Fund | 323 | |
147,478 | Harbor Commodity Real Return Strategy Fund | 544 | |
TOTAL HARBOR EQUITY AND COMMODITY FUNDS | |||
(Cost $6,951) | 6,536 | ||
HARBOR FIXED INCOME FUNDS—39.1% | ||||
| Shares | Value | ||
42,351 | Harbor Unconstrained Bond Fund | $ 420 | ||
15,253 | Harbor Convertible Securities Fund | 154 | ||
143,313 | Harbor High-Yield Bond Fund | 1,397 | ||
170,930 | Harbor Bond Fund | 2,002 | ||
24,556 | Harbor Real Return Fund | 227 | ||
TOTAL HARBOR FIXED INCOME FUNDS | ||||
(Cost $4,364) | 4,200 | |||
TOTAL INVESTMENTS—100.0% | ||||
(Cost $11,315) | 10,736 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | — a | |||
TOTAL NET ASSETS—100.0% | $10,736 |
† | The Harbor Target Retirement 2035 Fund is investing in Institutional Class shares of affiliated Harbor Funds. |
a | Rounds to less than $1,000. |
Managers' Commentary (Unaudited)
Since 2009
Since 2009
Since 2009
Managers' Commentary—Continued
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2607 |
Cusip | 411512403 |
Ticker | HARYX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.74% a |
Total Net Assets (000s) | $18,129 |
ADMINISTRATIVE CLASS | |
Fund # | 2707 |
Cusip | 411512601 |
Ticker | HARZX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.74% a |
Total Net Assets (000s) | $20 |
INVESTOR CLASS | |
Fund # | 2807 |
Cusip | 411512502 |
Ticker | HABBX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.74% a |
Total Net Assets (000s) | $20 |
Equity and Commodity | ||
Harbor International Fund | 14.6% | |
Harbor International Growth Fund | 10.1% | |
Harbor Large Cap Value Fund | 9.9% | |
Harbor Capital Appreciation Fund | 8.3% | |
Harbor Mid Cap Value Fund | 6.4% | |
Harbor Small Cap Value Fund | 4.7% | |
Harbor Commodity Real Return Strategy Fund | 4.6% | |
Harbor Mid Cap Growth Fund | 4.3% | |
Harbor Small Cap Growth Fund | 3.8% | |
Harbor Global Growth Fund | 3.5% |
Fixed Income | ||
Harbor Bond Fund | 15.1% | |
Harbor High-Yield Bond Fund | 10.5% | |
Harbor Unconstrained Bond Fund | 3.0% | |
Harbor Real Return Fund | 1.2% |
a | Annualized. The Adviser has contractually agreed to limit the Fund’s operating expense to: (i) the amount of the acquired funds’ fees and expenses; (ii) compensation of the Independent Trustees; (iii) certain other expenses such as extraordinary items; and (iv) (a) for the Administrative and Investor Classes, distribution and service (12b-1) fees and (b) for the Investor Class, certain transfer agent fees. The net expense ratio shown will not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired funds’ fees and expenses. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Target Retirement 2040 Fund | |||||||||||||||||
Institutional Class | -1.05% | -4.63% | 4.80% | 10.06% | 01/02/2009 | $20,190 | |||||||||||
Administrative Class | -1.04 | -4.62 | 4.80 | 10.08 | 01/02/2009 | 20,207 | |||||||||||
Investor Class | -1.04 | -4.62 | 4.80 | 10.08 | 01/02/2009 | 20,207 | |||||||||||
Comparative Indices | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | 3.60% | 4.38% | — | $13,695 | |||||||||||
MSCI EAFE (ND) | -3.07 | -9.32 | 1.69 | 7.44 | — | 16,916 | |||||||||||
Russell 3000® | 0.06 | -0.18 | 10.50 | 14.56 | — | 27,083 |
Portfolio of Investments—April 30, 2016 (Unaudited)
HARBOR EQUITY AND COMMODITY FUNDS—70.2% | |||
Shares | Value | ||
26,403 | Harbor Capital Appreciation Fund | $ 1,507 | |
94,809 | Harbor Mid Cap Growth Fund | 776 | |
61,703 | Harbor Small Cap Growth Fund | 697 | |
153,466 | Harbor Large Cap Value Fund | 1,802 | |
60,100 | Harbor Mid Cap Value Fund | 1,162 | |
33,215 | Harbor Small Cap Value Fund | 847 | |
43,575 | Harbor International Fund | 2,656 | |
147,868 | Harbor International Growth Fund | 1,842 | |
31,513 | Harbor Global Growth Fund | 638 | |
225,596 | Harbor Commodity Real Return Strategy Fund | 833 | |
TOTAL HARBOR EQUITY AND COMMODITY FUNDS | |||
(Cost $12,505) | 12,760 | ||
HARBOR FIXED INCOME FUNDS—29.8% | ||||
| Shares | Value | ||
54,605 | Harbor Unconstrained Bond Fund | $ 541 | ||
194,607 | Harbor High-Yield Bond Fund | 1,898 | ||
234,842 | Harbor Bond Fund | 2,750 | ||
23,779 | Harbor Real Return Fund | 220 | ||
TOTAL HARBOR FIXED INCOME FUNDS | ||||
(Cost $5,654) | 5,409 | |||
TOTAL INVESTMENTS—100.0% | ||||
(Cost $18,159) | 18,169 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | — a | |||
TOTAL NET ASSETS—100.0% | $18,169 |
† | The Harbor Target Retirement 2040 Fund is investing in Institutional Class shares of affiliated Harbor Funds. |
a | Rounds to less than $1,000. |
Managers' Commentary (Unaudited)
Since 2009
Since 2009
Since 2009
Managers' Commentary—Continued
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2608 |
Cusip | 411511181 |
Ticker | HACCX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.75% a |
Total Net Assets (000s) | $5,744 |
ADMINISTRATIVE CLASS | |
Fund # | 2708 |
Cusip | 411511173 |
Ticker | HADDX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.75% a |
Total Net Assets (000s) | $21 |
INVESTOR CLASS | |
Fund # | 2808 |
Cusip | 411511165 |
Ticker | HAEEX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.75% a |
Total Net Assets (000s) | $21 |
Equity and Commodity | ||
Harbor International Fund | 16.9% | |
Harbor International Growth Fund | 11.7% | |
Harbor Large Cap Value Fund | 11.4% | |
Harbor Capital Appreciation Fund | 9.6% | |
Harbor Mid Cap Value Fund | 7.4% | |
Harbor Small Cap Value Fund | 5.4% | |
Harbor Mid Cap Growth Fund | 4.9% | |
Harbor Small Cap Growth Fund | 4.4% | |
Harbor Commodity Real Return Strategy Fund | 4.2% | |
Harbor Global Growth Fund | 4.1% |
Fixed Income | ||
Harbor Bond Fund | 10.1% | |
Harbor High-Yield Bond Fund | 7.5% | |
Harbor Unconstrained Bond Fund | 2.0% | |
Harbor Real Return Fund | 0.4% |
a | Annualized. The Adviser has contractually agreed to limit the Fund’s operating expense to: (i) the amount of the acquired funds’ fees and expenses; (ii) compensation of the Independent Trustees; (iii) certain other expenses such as extraordinary items; and (iv) (a) for the Administrative and Investor Classes, distribution and service (12b-1) fees and (b) for the Investor Class, certain transfer agent fees. The net expense ratio shown will not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired funds’ fees and expenses. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Target Retirement 2045 Fund | |||||||||||||||||
Institutional Class | -1.48% | -5.21% | 5.05% | 10.41% | 01/02/2009 | $20,668 | |||||||||||
Administrative Class | -1.48 | -5.21 | 5.06 | 10.41 | 01/02/2009 | 20,668 | |||||||||||
Investor Class | -1.48 | -5.21 | 5.06 | 10.41 | 01/02/2009 | 20,668 | |||||||||||
Comparative Indices | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | 3.60% | 4.38% | — | $13,695 | |||||||||||
MSCI EAFE (ND) | -3.07 | -9.32 | 1.69 | 7.44 | — | 16,916 | |||||||||||
Russell 3000® | 0.06 | -0.18 | 10.50 | 14.56 | — | 27,083 |
Portfolio of Investments—April 30, 2016 (Unaudited)
HARBOR EQUITY AND COMMODITY FUNDS—80.0% | |||
Shares | Value | ||
9,736 | Harbor Capital Appreciation Fund | $ 556 | |
34,845 | Harbor Mid Cap Growth Fund | 285 | |
22,689 | Harbor Small Cap Growth Fund | 256 | |
56,211 | Harbor Large Cap Value Fund | 660 | |
22,124 | Harbor Mid Cap Value Fund | 428 | |
12,269 | Harbor Small Cap Value Fund | 313 | |
15,984 | Harbor International Fund | 975 | |
54,435 | Harbor International Growth Fund | 678 | |
11,601 | Harbor Global Growth Fund | 235 | |
65,055 | Harbor Commodity Real Return Strategy Fund | 240 | |
TOTAL HARBOR EQUITY AND COMMODITY FUNDS | |||
(Cost $4,788) | 4,626 | ||
HARBOR FIXED INCOME FUNDS—20.0% | ||||
| Shares | Value | ||
11,672 | Harbor Unconstrained Bond Fund | $ 116 | ||
44,590 | Harbor High-Yield Bond Fund | 435 | ||
49,905 | Harbor Bond Fund | 584 | ||
2,754 | Harbor Real Return Fund | 25 | ||
TOTAL HARBOR FIXED INCOME FUNDS | ||||
(Cost $1,199) | 1,160 | |||
TOTAL INVESTMENTS—100.0% | ||||
(Cost $5,987) | 5,786 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | — a | |||
TOTAL NET ASSETS—100.0% | $5,786 |
† | The Harbor Target Retirement 2045 Fund is investing in Institutional Class shares of affiliated Harbor Funds. |
a | Rounds to less than $1,000. |
Managers' Commentary (Unaudited)
Since 2009
Since 2009
Since 2009
Managers' Commentary—Continued
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2609 |
Cusip | 411511157 |
Ticker | HAFFX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.77% a |
Total Net Assets (000s) | $18,841 |
ADMINISTRATIVE CLASS | |
Fund # | 2709 |
Cusip | 411511140 |
Ticker | HAGGX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.77% a |
Total Net Assets (000s) | $21 |
INVESTOR CLASS | |
Fund # | 2809 |
Cusip | 411511132 |
Ticker | HAHHX |
Inception Date | 01/02/2009 |
Net Expense Ratio | 0.77% a |
Total Net Assets (000s) | $21 |
Equity and Commodity | ||
Harbor International Fund | 19.1% | |
Harbor International Growth Fund | 13.3% | |
Harbor Large Cap Value Fund | 13.0% | |
Harbor Capital Appreciation Fund | 10.8% | |
Harbor Mid Cap Value Fund | 8.3% | |
Harbor Small Cap Value Fund | 6.1% | |
Harbor Mid Cap Growth Fund | 5.6% | |
Harbor Small Cap Growth Fund | 5.0% | |
Harbor Global Growth Fund | 4.6% | |
Harbor Commodity Real Return Strategy Fund | 3.6% |
Fixed Income | ||
Harbor Bond Fund | 5.3% | |
Harbor High-Yield Bond Fund | 4.3% | |
Harbor Unconstrained Bond Fund | 1.0% |
a | Annualized. The Adviser has contractually agreed to limit the Fund’s operating expense to: (i) the amount of the acquired funds’ fees and expenses; (ii) compensation of the Independent Trustees; (iii) certain other expenses such as extraordinary items; and (iv) (a) for the Administrative and Investor Classes, distribution and service (12b-1) fees and (b) for the Investor Class, certain transfer agent fees. The net expense ratio shown will not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired funds’ fees and expenses. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | Annualized | Inception Date | Final Value of a $10,000 Investment | ||||||||||||
6 Months | 5 Years | Life of Fund | |||||||||||||||
Harbor Target Retirement 2050 Fund | |||||||||||||||||
Institutional Class | -1.90% | -5.72% | 5.48% | 10.73% | 01/02/2009 | $21,110 | |||||||||||
Administrative Class | -1.90 | -5.71 | 5.47 | 10.74 | 01/02/2009 | 21,119 | |||||||||||
Investor Class | -1.90 | -5.71 | 5.47 | 10.74 | 01/02/2009 | 21,119 | |||||||||||
Comparative Indices | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | 3.60% | 4.38% | — | $13,695 | |||||||||||
MSCI EAFE (ND) | -3.07 | -9.32 | 1.69 | 7.44 | — | 16,916 | |||||||||||
Russell 3000® | 0.06 | -0.18 | 10.50 | 14.56 | — | 27,083 |
Portfolio of Investments—April 30, 2016 (Unaudited)
HARBOR EQUITY AND COMMODITY FUNDS—89.4% | |||
Shares | Value | ||
35,798 | Harbor Capital Appreciation Fund | $ 2,043 | |
128,681 | Harbor Mid Cap Growth Fund | 1,053 | |
83,823 | Harbor Small Cap Growth Fund | 947 | |
208,900 | Harbor Large Cap Value Fund | 2,452 | |
81,438 | Harbor Mid Cap Value Fund | 1,575 | |
45,255 | Harbor Small Cap Value Fund | 1,154 | |
59,145 | Harbor International Fund | 3,606 | |
200,873 | Harbor International Growth Fund | 2,503 | |
42,645 | Harbor Global Growth Fund | 864 | |
184,088 | Harbor Commodity Real Return Strategy Fund | 679 | |
TOTAL HARBOR EQUITY AND COMMODITY FUNDS | |||
(Cost $16,535) | 16,876 | ||
HARBOR FIXED INCOME FUNDS—10.6% | ||||
| Shares | Value | ||
20,250 | Harbor Unconstrained Bond Fund | $ 201 | ||
82,716 | Harbor High-Yield Bond Fund | 806 | ||
85,376 | Harbor Bond Fund | 1,000 | ||
TOTAL HARBOR FIXED INCOME FUNDS | ||||
(Cost $2,075) | 2,007 | |||
TOTAL INVESTMENTS—100.0% | ||||
(Cost $18,610) | 18,883 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | — a | |||
TOTAL NET ASSETS—100.0% | $18,883 |
† | The Harbor Target Retirement 2050 Fund is investing in Institutional Class shares of affiliated Harbor Funds. |
a | Rounds to less than $1,000. |
Managers' Commentary (Unaudited)
Since 2014
Since 2014
Since 2014
Managers' Commentary—Continued
Fund Summary—April 30, 2016 (Unaudited)
INSTITUTIONAL CLASS | |
Fund # | 2610 |
Cusip | 411512635 |
Ticker | HATRX |
Inception Date | 11/01/2014 |
Net Expense Ratio | 0.77% a |
Total Net Assets (000s) | $859 |
ADMINISTRATIVE CLASS | |
Fund # | 2710 |
Cusip | 411512627 |
Ticker | HATAX |
Inception Date | 11/01/2014 |
Net Expense Ratio | 0.77% a |
Total Net Assets (000s) | $10 |
INVESTOR CLASS | |
Fund # | 2810 |
Cusip | 411512619 |
Ticker | HATTX |
Inception Date | 11/01/2014 |
Net Expense Ratio | 0.77% a |
Total Net Assets (000s) | $10 |
Equity and Commodity | ||
Harbor International Fund | 19.9% | |
Harbor International Growth Fund | 13.9% | |
Harbor Large Cap Value Fund | 13.5% | |
Harbor Capital Appreciation Fund | 11.4% | |
Harbor Mid Cap Value Fund | 8.7% | |
Harbor Small Cap Value Fund | 6.5% | |
Harbor Mid Cap Growth Fund | 5.8% | |
Harbor Small Cap Growth Fund | 5.2% | |
Harbor Global Growth Fund | 4.8% | |
Harbor Commodity Real Return Strategy Fund | 3.2% |
Fixed Income | ||
Harbor Bond Fund | 3.5% | |
Harbor High-Yield Bond Fund | 2.9% | |
Harbor Unconstrained Bond Fund | 0.7% |
a | Annualized. The Adviser has contractually agreed to limit the Fund’s operating expense to: (i) the amount of the acquired funds’ fees and expenses; (ii) compensation of the Independent Trustees; (iii) certain other expenses such as extraordinary items; and (iv) (a) for the Administrative and Investor Classes, distribution and service (12b-1) fees and (b) for the Investor Class, certain transfer agent fees. The net expense ratio shown will not correlate to the expense ratio shown in the Financial Highlights table because that ratio does not include the acquired funds’ fees and expenses. |
Fund Performance Summary (Unaudited)
TOTAL RETURNS For the periods ended 04/30/2016 | Unannualized | 1 Year | 5 Years | Annualized | Inception Date | Final Value of a $10,000 Investment | |||||||||||
6 Months | Life of Fund | ||||||||||||||||
Harbor Target Retirement 2055 Fund | |||||||||||||||||
Institutional Class | -1.96% | -5.79% | N/A | 0.19% | 11/01/2014 | $10,028 | |||||||||||
Administrative Class | -1.95 | -5.70 | N/A | 0.19 | 11/01/2014 | 10,029 | |||||||||||
Investor Class | -1.95 | -5.70 | N/A | 0.19 | 11/01/2014 | 10,029 | |||||||||||
Comparative Indices | |||||||||||||||||
Barclays U.S. Aggregate Bond | 2.82% | 2.72% | N/A | 3.20% | — | $10,483 | |||||||||||
MSCI EAFE (ND) | -3.07 | -9.32 | N/A | -2.11 | — | 9,686 | |||||||||||
Russell 3000® | 0.06 | -0.18 | N/A | 3.02 | — | 10,455 |
Portfolio of Investments—April 30, 2016 (Unaudited)
HARBOR EQUITY AND COMMODITY FUNDS—92.9% | |||
Shares | Value | ||
1,756 | Harbor Capital Appreciation Fund | $100 | |
6,263 | Harbor Mid Cap Growth Fund | 51 | |
4,073 | Harbor Small Cap Growth Fund | 46 | |
10,121 | Harbor Large Cap Value Fund | 119 | |
3,977 | Harbor Mid Cap Value Fund | 77 | |
2,209 | Harbor Small Cap Value Fund | 57 | |
2,875 | Harbor International Fund | 175 | |
9,811 | Harbor International Growth Fund | 122 | |
2,090 | Harbor Global Growth Fund | 42 | |
7,545 | Harbor Commodity Real Return Strategy Fund | 28 | |
TOTAL HARBOR EQUITY AND COMMODITY FUNDS | |||
(Cost $860) | 817 | ||
HARBOR FIXED INCOME FUNDS—7.1% | ||||
| Shares | Value | ||
622 | Harbor Unconstrained Bond Fund | $ 6 | ||
2,535 | Harbor High-Yield Bond Fund | 25 | ||
2,637 | Harbor Bond Fund | 31 | ||
TOTAL HARBOR FIXED INCOME FUNDS | ||||
(Cost $63) | 62 | |||
TOTAL INVESTMENTS—100.0% | ||||
(Cost $923) | 879 | |||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | — a | |||
TOTAL NET ASSETS—100.0% | $879 |
† | The Harbor Target Retirement 2055 Fund is investing in Institutional Class shares of affiliated Harbor Funds. |
a | Rounds to less than $1,000. |
Statements of Assets and Liabilities—April 30, 2016 (Unaudited)
Harbor Target Retirement Income Fund | Harbor Target Retirement 2015 Fund | Harbor Target Retirement 2020 Fund | Harbor Target Retirement 2025 Fund | Harbor Target Retirement 2030 Fund | Harbor Target Retirement 2035 Fund | Harbor Target Retirement 2040 Fund | Harbor Target Retirement 2045 Fund | Harbor Target Retirement 2050 Fund | Harbor Target Retirement 2055 Fund | |||||||||||
ASSETS | ||||||||||||||||||||
Investments, at identified cost | $14,140 | $7,784 | $26,411 | $12,188 | $24,354 | $11,315 | $18,159 | $5,987 | $18,610 | $ 923 | ||||||||||
Investments in affiliated funds, at value | $13,491 | $7,470 | $25,173 | $11,666 | $23,531 | $10,736 | $18,169 | $5,786 | $18,883 | $ 879 | ||||||||||
Receivables for: | ||||||||||||||||||||
Investments in affiliated funds sold | — | — | — | — | — | 11 | — | — | — | — | ||||||||||
Capital shares sold | 6 | 4 | 19 | 14 | 28 | 14 | 25 | 25 | 66 | 4 | ||||||||||
Total Assets | 13,497 | 7,474 | 25,192 | 11,680 | 23,559 | 10,761 | 18,194 | 5,811 | 18,949 | 883 | ||||||||||
LIABILITIES | ||||||||||||||||||||
Payables for: | ||||||||||||||||||||
Investments in affiliated funds purchased | 6 | 4 | 19 | 14 | 13 | — | 25 | 25 | 35 | 4 | ||||||||||
Capital shares reacquired | — | — | — | — | 15 | 25 | — | — | 31 | — | ||||||||||
Total Liabilities | 6 | 4 | 19 | 14 | 28 | 25 | 25 | 25 | 66 | 4 | ||||||||||
NET ASSETS | $13,491 | $7,470 | $25,173 | $11,666 | $23,531 | $10,736 | $18,169 | $5,786 | $18,883 | $ 879 | ||||||||||
Net Assets Consist of: | ||||||||||||||||||||
Paid-in capital | $14,304 | $8,053 | $26,782 | $12,353 | $24,146 | $11,308 | $17,651 | $5,870 | $17,978 | $ 924 | ||||||||||
Accumulated undistributed net investment income/(loss) | (47) | 4 | 12 | 8 | 1 | (3) | (23) | (11) | (45) | (3) | ||||||||||
Accumulated net realized gain/(loss) | (117) | (273) | (383) | (173) | 207 | 10 | 531 | 128 | 677 | 2 | ||||||||||
Unrealized appreciation/(depreciation) of investments | (649) | (314) | (1,238) | (522) | (823) | (579) | 10 | (201) | 273 | (44) | ||||||||||
$13,491 | $7,470 | $25,173 | $11,666 | $23,531 | $10,736 | $18,169 | $5,786 | $18,883 | $ 879 | |||||||||||
NET ASSET VALUE PER SHARE BY CLASS | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||
Net assets | $13,460 | $7,436 | $25,138 | $11,630 | $23,493 | $10,697 | $18,129 | $5,744 | $18,841 | $ 859 | ||||||||||
Shares of beneficial interest1 | 1,539 | 733 | 2,796 | 1,021 | 2,826 | 856 | 2,228 | 439 | 2,112 | 89 | ||||||||||
Net asset value per share2 | $ 8.75 | $10.15 | $ 8.99 | $ 11.39 | $ 8.32 | $ 12.49 | $ 8.14 | $13.06 | $ 8.92 | $9.69 | ||||||||||
Administrative Class | ||||||||||||||||||||
Net assets | $ 15 | $ 17 | $ 17 | $ 18 | $ 19 | $ 20 | $ 20 | $ 21 | $ 21 | $ 10 | ||||||||||
Shares of beneficial interest1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | ||||||||||
Net asset value per share2 | $ 8.74 | $10.14 | $ 8.99 | $ 11.39 | $ 8.31 | $ 12.49 | $ 8.15 | $13.06 | $ 8.93 | $9.69 | ||||||||||
Investor Class | ||||||||||||||||||||
Net assets | $ 16 | $ 17 | $ 18 | $ 18 | $ 19 | $ 19 | $ 20 | $ 21 | $ 21 | $ 10 | ||||||||||
Shares of beneficial interest1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | ||||||||||
Net asset value per share2 | $ 8.74 | $10.15 | $ 8.99 | $ 11.39 | $ 8.31 | $ 12.49 | $ 8.15 | $13.06 | $ 8.93 | $9.69 |
1 | Par value $0.01 (unlimited authorizations). |
2 | Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded to thousands. |
Statements of Operations—Six Months Ended April 30, 2016 (Unaudited)
Harbor Target Retirement Income Fund | Harbor Target Retirement 2015 Fund | Harbor Target Retirement 2020 Fund | Harbor Target Retirement 2025 Fund | Harbor Target Retirement 2030 Fund | Harbor Target Retirement 2035 Fund | Harbor Target Retirement 2040 Fund | Harbor Target Retirement 2045 Fund | Harbor Target Retirement 2050 Fund | Harbor Target Retirement 2055 Fund | |
Investment Income | ||||||||||
Dividends from affiliated funds | $ 291 | $ 151 | $ 526 | $ 224 | $ 432 | $ 152 | $ 290 | $ 71 | $ 201 | $ 8 |
Total Investment Income | 291 | 151 | 526 | 224 | 432 | 152 | 290 | 71 | 201 | 8 |
Operating Expenses | ||||||||||
12b-1 fees: | ||||||||||
Administrative Classa | — | — | — | — | — | — | — | — | — | — |
Investor Classa | — | — | — | — | — | — | — | — | — | — |
Transfer agent fees: | — | — | — | — | — | — | — | — | — | — |
Investor Classa | — | — | — | — | — | — | — | — | — | — |
Total expensesa | — | — | — | — | — | — | — | — | — | — |
Expenses waiveda | — | — | — | — | — | — | — | — | — | — |
Net expenses | — | — | — | — | — | — | — | — | — | — |
Net Investment Income/(Loss) | 291 | 151 | 526 | 224 | 432 | 152 | 290 | 71 | 201 | 8 |
Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions | ||||||||||
Net realized gain/(loss) on: | ||||||||||
Sales of affiliated funds | (150) | (156) | (393) | (178) | 3 | (97) | 127 | (6) | 202 | (26) |
Distributions received from affiliated funds | 157 | 107 | 443 | 214 | 528 | 230 | 563 | 180 | 671 | 31 |
Change in net unrealized appreciation/(depreciation) on: | ||||||||||
Affiliated funds | (176) | (69) | (593) | (242) | (1,152) | (332) | (1,248) | (332) | (1,453) | (34) |
Net gain/(loss) on investment transactions | (169) | (118) | (543) | (206) | (621) | (199) | (558) | (158) | (580) | (29) |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $ 122 | $ 33 | $ (17) | $ 18 | $ (189) | $ (47) | $ (268) | $ (87) | $ (379) | $(21) |
a | Rounds to less than $1,000. |
Statements of Changes In Net Assets
Harbor Target Retirement Income Fund | Harbor Target Retirement 2015 Fund | Harbor Target Retirement 2020 Fund | Harbor Target Retirement 2025 Fund | ||||||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||||
INCREASE/(DECREASE) IN NET ASSETS | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
Operations: | |||||||||||
Net investment income/(loss) | $ 291 | $ 578 | $ 151 | $ 331 | $ 526 | $ 922 | $ 224 | $ 328 | |||
Net realized gain/(loss) on sale of affiliated funds | (150) | 178 | (156) | (66) | (393) | 927 | (178) | 164 | |||
Realized gain distributions received from affiliated funds | 157 | 264 | 107 | 216 | 443 | 656 | 214 | 256 | |||
Change in net unrealized appreciation/(depreciation) on affiliated funds | (176) | (904) | (69) | (436) | (593) | (2,384) | (242) | (755) | |||
Net increase/(decrease) in assets resulting from operations | 122 | 116 | 33 | 45 | (17) | 121 | 18 | (7) | |||
Distributions to Shareholders | |||||||||||
Net investment income: | |||||||||||
Institutional Class | (356) | (607) | (261) | (373) | (859) | (972) | (352) | (327) | |||
Administrative Class | — | (1) | (1) | — | (1) | (1) | — | — | |||
Investor Class | — | (1) | — | (1) | — | — | (1) | (1) | |||
Net realized gain on investments: | |||||||||||
Institutional Class | (466) | (442) | (218) | (512) | (1,705) | (1,066) | (500) | (607) | |||
Administrative Class | — | — | (1) | (1) | (1) | (1) | — | (1) | |||
Investor Class | — | (1) | — | (1) | (1) | — | (1) | (1) | |||
Total distributions to shareholders | (822) | (1,052) | (481) | (888) | (2,567) | (2,040) | (854) | (937) | |||
Net Increase/(Decrease) Derived from Capital Share Transactions | (963) | (1,350) | 107 | (2,580) | 433 | (1,916) | 979 | 1,819 | |||
Net increase/(decrease) in net assets | (1,663) | (2,286) | (341) | (3,423) | (2,151) | (3,835) | 143 | 875 | |||
Net Assets | |||||||||||
Beginning of period | 15,154 | 17,440 | 7,811 | 11,234 | 27,324 | 31,159 | 11,523 | 10,648 | |||
End of period* | $13,491 | $15,154 | $7,470 | $ 7,811 | $25,173 | $27,324 | $11,666 | $11,523 | |||
* Includes accumulated undistributed net investment income/(loss) of: | $ (47) | $ 18 | $ 4 | $ 115 | $ 12 | $ 346 | $ 8 | $137 |
a | Commencement of operations. |
Harbor Target Retirement 2030 Fund | Harbor Target Retirement 2035 Fund | Harbor Target Retirement 2040 Fund | Harbor Target Retirement 2045 Fund | Harbor Target Retirement 2050 Fund | Harbor Target Retirement 2055 Fund | |||||||||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014a through October 31, 2015 | |||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||
$ 432 | $ 662 | $ 152 | $ 194 | $ 290 | $ 385 | $ 71 | $ 77 | $ 201 | $ 275 | $ 8 | $ 2 | |||||
3 | 683 | (97) | 118 | 127 | 651 | (6) | 94 | 202 | 1,108 | (26) | (3) | |||||
528 | 686 | 230 | 246 | 563 | 655 | 180 | 167 | 671 | 841 | 31 | 3 | |||||
(1,152) | (1,963) | (332) | (548) | (1,248) | (1,531) | (332) | (309) | (1,453) | (1,908) | (34) | (10) | |||||
(189) | 68 | (47) | 10 | (268) | 160 | (87) | 29 | (379) | 316 | (21) | (8) | |||||
(700) | (687) | (237) | (192) | (451) | (422) | (106) | (83) | (305) | (340) | (12) | (1) | |||||
(1) | (1) | (1) | (1) | — | (1) | — | — | (1) | (1) | — | — | |||||
(1) | (1) | (1) | — | — | — | — | — | — | — | — | — | |||||
(1,477) | (1,450) | (403) | (547) | (1,312) | (1,261) | (272) | (230) | (1,978) | (1,784) | (3) | — | |||||
(2) | (1) | (1) | (2) | (1) | (1) | (1) | (1) | (2) | (2) | — | — | |||||
(1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (2) | (2) | — | — | |||||
(2,182) | (2,141) | (644) | (743) | (1,765) | (1,686) | (380) | (315) | (2,288) | (2,129) | (15) | (1) | |||||
780 | 2,430 | 2,381 | 2,032 | 357 | 2,398 | 688 | 1,570 | 2,286 | 601 | 133 | 791 | |||||
(1,591) | 357 | 1,690 | 1,299 | (1,676) | 872 | 221 | 1,284 | (381) | (1,212) | 97 | 782 | |||||
25,122 | 24,765 | 9,046 | 7,747 | 19,845 | 18,973 | 5,565 | 4,281 | 19,264 | 20,476 | 782 | — | |||||
$23,531 | $25,122 | $10,736 | $9,046 | $18,169 | $19,845 | $5,786 | $5,565 | $18,883 | $19,264 | $879 | $782 | |||||
$ 1 | $ 271 | $ (3) | $ 84 | $ (23) | $ 138 | $ (11) | $ 24 | $ (45) | $ 60 | $ (3) | $ 1 |
Statements of Changes in Net Assets—Capital Stock Activity
Harbor Target Retirement Income Fund | Harbor Target Retirement 2015 Fund | Harbor Target Retirement 2020 Fund | Harbor Target Retirement 2025 Fund | ||||||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | ||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
AMOUNT ($) | |||||||||||
Institutional Class | |||||||||||
Net proceeds from sale of shares | $ 927 | $ 2,095 | $ 564 | $ 1,292 | $ 2,498 | $ 5,101 | $ 1,692 | $ 2,916 | |||
Reinvested distributions | 822 | 1,049 | 479 | 885 | 2,563 | 2,038 | 852 | 933 | |||
Cost of shares reacquired | (2,712) | (4,496) | (937) | (4,759) | (4,629) | (9,056) | (1,566) | (2,033) | |||
Net increase/(decrease) in net assets | $ (963) | $(1,352) | $ 106 | $(2,582) | $ 432 | $(1,917) | $ 978 | $ 1,816 | |||
Administrative Class | |||||||||||
Net proceeds from sale of shares | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | |||
Reinvested distributions | — | 1 | 1 | 1 | 1 | 1 | — | 1 | |||
Net increase/(decrease) in net assets | $ — | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ — | $ 1 | |||
Investor Class | |||||||||||
Net proceeds from sale of shares | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | |||
Reinvested distributions | — | 1 | — | 1 | $ — | $ — | 1 | 2 | |||
Net increase/(decrease) in net assets | $ — | $ 1 | $ — | $ 1 | $ — | $ — | $ 1 | $ 2 | |||
SHARES | |||||||||||
Institutional Class | |||||||||||
Shares sold | 108 | 224 | 57 | 117 | 279 | 506 | 151 | 232 | |||
Shares issued due to reinvestment of distributions | 96 | 114 | 49 | 83 | 294 | 207 | 77 | 76 | |||
Shares reacquired | (310) | (478) | (95) | (437) | (522) | (895) | (139) | (164) | |||
Net increase/(decrease) in shares outstanding | (106) | (140) | 11 | (237) | 51 | (182) | 89 | 144 | |||
Beginning of period | 1,645 | 1,785 | 722 | 959 | 2,745 | 2,927 | 932 | 788 | |||
End of period | 1,539 | 1,645 | 733 | 722 | 2,796 | 2,745 | 1,021 | 932 | |||
Administrative Class | |||||||||||
Shares sold | — | — | — | — | — | — | — | — | |||
Shares issued due to reinvestment of distributions | — | — | 1 | — | — | — | 1 | — | |||
Net increase/(decrease) in shares outstanding | — | — | 1 | — | — | — | 1 | — | |||
Beginning of period | 2 | 2 | 1 | 1 | 2 | 2 | 1 | 1 | |||
End of period | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 1 | |||
Investor Class | |||||||||||
Shares sold | — | — | — | — | — | — | — | — | |||
Shares issued due to reinvestment of distributions | — | — | 1 | — | — | — | 1 | — | |||
Net increase/(decrease) in shares outstanding | — | — | 1 | — | — | — | 1 | — | |||
Beginning of period | 2 | 2 | 1 | 1 | 2 | 2 | 1 | 1 | |||
End of period | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 1 |
a | Commencement of operations. |
Harbor Target Retirement 2030 Fund | Harbor Target Retirement 2035 Fund | Harbor Target Retirement 2040 Fund | Harbor Target Retirement 2045 Fund | Harbor Target Retirement 2050 Fund | Harbor Target Retirement 2055 Fund | |||||||||||
November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014 through October 31, 2015 | November 1, 2015 through April 30, 2016 | November 1, 2014a through October 31, 2015 | |||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||
$ 2,010 | $ 5,213 | $2,460 | $ 2,899 | $ 2,356 | $ 3,865 | $ 961 | $1,953 | $ 1,561 | $ 3,359 | $ 359 | $833 | |||||
2,177 | 2,137 | 640 | 739 | 1,763 | 1,683 | 378 | 312 | 2,283 | 2,124 | 15 | 1 | |||||
(3,410) | (4,923) | (721) | (1,609) | (3,764) | (3,153) | (653) | (697) | (1,562) | (4,886) | (241) | (63) | |||||
$ 777 | $ 2,427 | $2,379 | $ 2,029 | $ 355 | $ 2,395 | $ 686 | $1,568 | $ 2,282 | $ 597 | $ 133 | $771 | |||||
$ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ 10 | |||||
2 | 2 | 1 | 2 | 1 | 2 | 1 | 1 | 2 | 2 | — | — | |||||
$ 2 | $ 2 | $ 1 | $ 2 | $ 1 | $ 2 | $ 1 | $ 1 | $ 2 | $ 2 | $ — | $ 10 | |||||
$ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ 10 | |||||
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | — | — | |||||
$ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 2 | $ 2 | $ — | $ 10 | |||||
245 | 558 | 199 | 210 | 291 | 420 | 74 | 135 | 175 | 317 | 38 | 82 | |||||
270 | 234 | 53 | 55 | 223 | 188 | 30 | 22 | 262 | 208 | 2 | — | |||||
(419) | (527) | (60) | (118) | (475) | (343) | (52) | (49) | (175) | (467) | (27) | (6) | |||||
96 | 265 | 192 | 147 | 39 | 265 | 52 | 108 | 262 | 58 | 13 | 76 | |||||
2,730 | 2,465 | 664 | 517 | 2,189 | 1,924 | 387 | 279 | 1,850 | 1,792 | 76 | — | |||||
2,826 | 2,730 | 856 | 664 | 2,228 | 2,189 | 439 | 387 | 2,112 | 1,850 | 89 | 76 | |||||
— | — | — | — | — | — | — | — | — | — | — | 1 | |||||
— | — | 1 | — | — | — | 1 | — | — | — | — | — | |||||
— | — | 1 | — | — | — | 1 | — | — | — | — | 1 | |||||
2 | 2 | 1 | 1 | 2 | 2 | 1 | 1 | 2 | 2 | 1 | — | |||||
2 | 2 | 2 | 1 | 2 | 2 | 2 | 1 | 2 | 2 | 1 | 1 | |||||
— | — | — | — | — | — | — | — | — | — | — | 1 | |||||
— | — | 1 | — | — | — | 1 | — | — | — | — | — | |||||
— | — | 1 | — | — | — | 1 | — | — | — | — | 1 | |||||
2 | 2 | 1 | 1 | 2 | 2 | 1 | 1 | 2 | 2 | 1 | — | |||||
2 | 2 | 2 | 1 | 2 | 2 | 2 | 1 | 2 | 2 | 1 | 1 |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR TARGET RETIREMENT INCOME FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 9.19 | $ 9.75 | $ 9.83 | $ 9.95 | $ 10.14 | $ 11.38 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.18 e | 0.34 e | 0.22 | 0.23 | 0.23 | 0.30 |
Net realized and unrealized gains/(losses) on investments | (0.09) | (0.30) | 0.19 | 0.20 | 0.61 | (0.08) |
Total from investment operations | 0.09 | 0.04 | 0.41 | 0.43 | 0.84 | 0.22 |
Less Distributions | ||||||
Dividends from net investment income | (0.23) | (0.35) | (0.28) | (0.38) | (0.31) | (0.51) |
Distributions from net realized capital gains1 | (0.30) | (0.25) | (0.21) | (0.17) | (0.72) | (0.95) |
Total distributions | (0.53) | (0.60) | (0.49) | (0.55) | (1.03) | (1.46) |
Net asset value end of period | 8.75 | 9.19 | 9.75 | 9.83 | 9.95 | 10.14 |
Net assets end of period (000s) | $13,460 | $15,124 | $17,410 | $15,510 | $16,383 | $15,920 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 1.10% c | 0.46% | 4.32% | 4.49% | 9.23% | 2.44% |
Ratio of total expenses to average net assets2 | — | — | — | — | — | — |
Ratio of net expenses to average net assetsa,2 | — | — | — | — | — | — |
Ratio of net investment income (loss) to average net assetsa,2 | 4.17 d | 3.57 | 2.14 | 2.36 | 2.26 | 2.51 |
Portfolio turnover3 | 11 c | 24 | 20 | 28 | 21 | 42 |
HARBOR TARGET RETIREMENT 2015 FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 10.77 | $ 11.68 | $ 11.87 | $ 11.52 | $ 11.47 | $ 12.26 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.20 e | 0.36 e | 0.24 | 0.28 | 0.29 | 0.31 |
Net realized and unrealized gains/(losses) on investments | (0.16) | (0.35) | 0.29 | 0.60 | 0.69 | —* |
Total from investment operations | 0.04 | 0.01 | 0.53 | 0.88 | 0.98 | 0.31 |
Less Distributions | ||||||
Dividends from net investment income | (0.36) | (0.39) | (0.31) | (0.44) | (0.36) | (0.47) |
Distributions from net realized capital gains1 | (0.30) | (0.53) | (0.41) | (0.09) | (0.57) | (0.63) |
Total distributions | (0.66) | (0.92) | (0.72) | (0.53) | (0.93) | (1.10) |
Net asset value end of period | 10.15 | 10.77 | 11.68 | 11.87 | 11.52 | 11.47 |
Net assets end of period (000s) | $ 7,436 | $ 7,778 | $11,200 | $10,654 | $10,832 | $10,576 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 0.62% c | 0.13% | 4.73% | 7.89% | 9.49% | 2.76% |
Ratio of total expenses to average net assets2 | — | — | — | — | — | — |
Ratio of net expenses to average net assetsa,2 | — | — | — | — | — | — |
Ratio of net investment income (loss) to average net assetsa,2 | 4.05 d | 3.26 | 2.08 | 2.43 | 2.14 | 2.77 |
Portfolio turnover3 | 15 c | 26 | 38 | 48 | 50 | 57 |
Administrative Class | Investor Class | |||||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||
(Unaudited) | (Unaudited) | |||||||||||
$ 9.19 | $ 9.75 | $ 9.83 | $ 9.95 | $10.13 | $11.37 | $ 9.19 | $ 9.75 | $ 9.83 | $ 9.95 | $10.13 | $11.37 | |
0.18 e | 0.32 e | 0.21 | 0.24 | 0.23 | 0.30 | 0.18 e | 0.33 e | 0.21 | 0.24 | 0.23 | 0.30 | |
(0.10) | (0.28) | 0.20 | 0.19 | 0.62 | (0.08) | (0.10) | (0.29) | 0.20 | 0.19 | 0.62 | (0.08) | |
0.08 | 0.04 | 0.41 | 0.43 | 0.85 | 0.22 | 0.08 | 0.04 | 0.41 | 0.43 | 0.85 | 0.22 | |
(0.23) | (0.35) | (0.28) | (0.38) | (0.31) | (0.51) | (0.23) | (0.35) | (0.28) | (0.38) | (0.31) | (0.51) | |
(0.30) | (0.25) | (0.21) | (0.17) | (0.72) | (0.95) | (0.30) | (0.25) | (0.21) | (0.17) | (0.72) | (0.95) | |
(0.53) | (0.60) | (0.49) | (0.55) | (1.03) | (1.46) | (0.53) | (0.60) | (0.49) | (0.55) | (1.03) | (1.46) | |
8.74 | 9.19 | 9.75 | 9.83 | 9.95 | 10.13 | 8.74 | 9.19 | 9.75 | 9.83 | 9.95 | 10.13 | |
$ 15 | $ 15 | $ 15 | $ 14 | $ 14 | $ 13 | $ 16 | $ 15 | $ 15 | $ 15 | $ 14 | $ 13 | |
0.99% c | 0.46% | 4.32% | 4.49% | 9.34% | 2.43% | 0.99% c | 0.46% | 4.32% | 4.49% | 9.34% | 2.42% | |
0.25 d | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.37 d | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | |
— | — | — | — | — | — | — | — | — | — | — | — | |
4.16 d | 3.46 | 2.12 | 2.35 | 2.24 | 2.50 | 4.17 d | 3.47 | 2.12 | 2.35 | 2.24 | 2.50 | |
11 c | 24 | 20 | 28 | 21 | 42 | 11 c | 24 | 20 | 28 | 21 | 42 |
Administrative Class | Investor Class | |||||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||
(Unaudited) | (Unaudited) | |||||||||||
$10.77 | $11.68 | $11.87 | $11.52 | $11.47 | $12.26 | $10.77 | $11.68 | $11.87 | $11.52 | $11.47 | $12.26 | |
0.20 e | 0.34 e | 0.23 | 0.27 | 0.24 | 0.32 | 0.20 e | 0.34 e | 0.23 | 0.27 | 0.24 | 0.32 | |
(0.17) | (0.33) | 0.30 | 0.61 | 0.74 | (0.01) | (0.16) | (0.33) | 0.30 | 0.61 | 0.74 | (0.01) | |
0.03 | 0.01 | 0.53 | 0.88 | 0.98 | 0.31 | 0.04 | 0.01 | 0.53 | 0.88 | 0.98 | 0.31 | |
(0.36) | (0.39) | (0.31) | (0.44) | (0.36) | (0.47) | (0.36) | (0.39) | (0.31) | (0.44) | (0.36) | (0.47) | |
(0.30) | (0.53) | (0.41) | (0.09) | (0.57) | (0.63) | (0.30) | (0.53) | (0.41) | (0.09) | (0.57) | (0.63) | |
(0.66) | (0.92) | (0.72) | (0.53) | (0.93) | (1.10) | (0.66) | (0.92) | (0.72) | (0.53) | (0.93) | (1.10) | |
10.14 | 10.77 | 11.68 | 11.87 | 11.52 | 11.47 | 10.15 | 10.77 | 11.68 | 11.87 | 11.52 | 11.47 | |
$ 17 | $ 16 | $ 17 | $ 16 | $ 15 | $ 14 | $ 17 | $ 17 | $ 17 | $ 16 | $ 15 | $ 14 | |
0.53% c | 0.14% | 4.73% | 7.89% | 9.49% | 2.76% | 0.62% c | 0.13% | 4.73% | 7.89% | 9.49% | 2.76% | |
0.25 d | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.37 d | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | |
— | — | — | — | — | — | — | — | — | — | — | — | |
4.03 d | 3.12 | 2.06 | 2.40 | 2.21 | 2.70 | 4.04 d | 3.12 | 2.06 | 2.40 | 2.21 | 2.70 | |
15 c | 26 | 38 | 48 | 50 | 57 | 15 c | 26 | 38 | 48 | 50 | 57 |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR TARGET RETIREMENT 2020 FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 9.94 | $ 10.63 | $ 10.78 | $ 10.43 | $ 10.92 | $ 12.15 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.18 e | 0.32 e | 0.23 | 0.26 | 0.25 | 0.34 |
Net realized and unrealized gains/(losses) on investments | (0.18) | (0.30) | 0.29 | 0.68 | 0.64 | (0.02) |
Total from investment operations | —* | 0.02 | 0.52 | 0.94 | 0.89 | 0.32 |
Less Distributions | ||||||
Dividends from net investment income | (0.32) | (0.34) | (0.30) | (0.40) | (0.32) | (0.50) |
Distributions from net realized capital gains1 | (0.63) | (0.37) | (0.37) | (0.19) | (1.06) | (1.05) |
Total distributions | (0.95) | (0.71) | (0.67) | (0.59) | (1.38) | (1.55) |
Net asset value end of period | 8.99 | 9.94 | 10.63 | 10.78 | 10.43 | 10.92 |
Net assets end of period (000s) | $25,138 | $27,290 | $31,124 | $27,397 | $28,353 | $25,646 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 0.22% c | 0.30% | 5.06% | 9.43% | 9.71% | 2.91% |
Ratio of total expenses to average net assets2 | — | — | — | — | — | — |
Ratio of net expenses to average net assetsa,2 | — | — | — | — | — | — |
Ratio of net investment income (loss) to average net assetsa,2 | 4.12 d | 3.19 | 2.18 | 2.56 | 2.25 | 2.76 |
Portfolio turnover3 | 16 c | 28 | 19 | 36 | 22 | 48 |
HARBOR TARGET RETIREMENT 2025 FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 12.32 | $ 13.48 | $ 13.44 | $ 12.69 | $ 12.50 | $ 13.10 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.22 e | 0.37 e | 0.29 | 0.34 | 0.27 | 0.36 |
Net realized and unrealized gains/(losses) on investments | (0.25) | (0.36) | 0.40 | 1.04 | 0.81 | (0.02) |
Total from investment operations | (0.03) | 0.01 | 0.69 | 1.38 | 1.08 | 0.34 |
Less Distributions | ||||||
Dividends from net investment income | (0.37) | (0.41) | (0.36) | (0.45) | (0.32) | (0.47) |
Distributions from net realized capital gains1 | (0.53) | (0.76) | (0.29) | (0.18) | (0.57) | (0.47) |
Total distributions | (0.90) | (1.17) | (0.65) | (0.63) | (0.89) | (0.94) |
Net asset value end of period | 11.39 | 12.32 | 13.48 | 13.44 | 12.69 | 12.50 |
Net assets end of period (000s) | $11,630 | $11,487 | $10,612 | $ 8,728 | $ 7,204 | $ 5,683 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (0.03)% c | 0.11% | 5.37% | 11.33% | 9.62% | 2.69% |
Ratio of total expenses to average net assets2 | — | — | — | — | — | — |
Ratio of net expenses to average net assetsa,2 | — | — | — | — | — | — |
Ratio of net investment income (loss) to average net assetsa,2 | 3.94 d | 2.91 | 2.06 | 2.44 | 2.18 | 2.59 |
Portfolio turnover3 | 16 c | 25 | 33 | 32 | 30 | 41 |
Administrative Class | Investor Class | |||||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||
(Unaudited) | (Unaudited) | |||||||||||
$ 9.94 | $10.63 | $10.77 | $10.42 | $10.91 | $12.15 | $ 9.94 | $10.63 | $10.77 | $10.43 | $10.92 | $12.15 | |
0.18 e | 0.31 e | 0.23 | 0.26 | 0.23 | 0.33 | 0.18 e | 0.31 e | 0.23 | 0.26 | 0.23 | 0.33 | |
(0.18) | (0.29) | 0.30 | 0.68 | 0.66 | (0.02) | (0.18) | (0.29) | 0.30 | 0.67 | 0.66 | (0.01) | |
—* | 0.02 | 0.53 | 0.94 | 0.89 | 0.31 | —* | 0.02 | 0.53 | 0.93 | 0.89 | 0.32 | |
(0.32) | (0.34) | (0.30) | (0.40) | (0.32) | (0.50) | (0.32) | (0.34) | (0.30) | (0.40) | (0.32) | (0.50) | |
(0.63) | (0.37) | (0.37) | (0.19) | (1.06) | (1.05) | (0.63) | (0.37) | (0.37) | (0.19) | (1.06) | (1.05) | |
(0.95) | (0.71) | (0.67) | (0.59) | (1.38) | (1.55) | (0.95) | (0.71) | (0.67) | (0.59) | (1.38) | (1.55) | |
8.99 | 9.94 | 10.63 | 10.77 | 10.42 | 10.91 | 8.99 | 9.94 | 10.63 | 10.77 | 10.43 | 10.92 | |
$ 17 | $ 17 | $ 17 | $ 16 | $ 15 | $ 14 | $ 18 | $ 17 | $ 18 | $ 17 | $ 15 | $ 14 | |
0.23% c | 0.30% | 5.16% | 9.44% | 9.72% | 2.82% | 0.22% c | 0.30% | 5.16% | 9.34% | 9.71% | 2.91% | |
0.25 d | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.37 d | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | |
— | — | — | — | — | — | — | — | — | — | — | — | |
4.05 d | 3.11 | 2.17 | 2.50 | 2.25 | 2.75 | 4.05 d | 3.11 | 2.17 | 2.50 | 2.25 | 2.75 | |
16 c | 28 | 19 | 36 | 22 | 48 | 16 c | 28 | 19 | 36 | 22 | 48 |
Administrative Class | Investor Class | |||||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||
(Unaudited) | (Unaudited) | |||||||||||
$12.32 | $13.48 | $13.44 | $12.69 | $12.50 | $13.10 | $12.32 | $13.48 | $13.44 | $12.69 | $12.50 | $13.10 | |
0.22 e | 0.37 e | 0.28 | 0.32 | 0.26 | 0.34 | 0.22 e | 0.37 e | 0.28 | 0.32 | 0.26 | 0.34 | |
(0.25) | (0.36) | 0.41 | 1.06 | 0.82 | —* | (0.25) | (0.36) | 0.41 | 1.06 | 0.82 | —* | |
(0.03) | 0.01 | 0.69 | 1.38 | 1.08 | 0.34 | (0.03) | 0.01 | 0.69 | 1.38 | 1.08 | 0.34 | |
(0.37) | (0.41) | (0.36) | (0.45) | (0.32) | (0.47) | (0.37) | (0.41) | (0.36) | (0.45) | (0.32) | (0.47) | |
(0.53) | (0.76) | (0.29) | (0.18) | (0.57) | (0.47) | (0.53) | (0.76) | (0.29) | (0.18) | (0.57) | (0.47) | |
(0.90) | (1.17) | (0.65) | (0.63) | (0.89) | (0.94) | (0.90) | (1.17) | (0.65) | (0.63) | (0.89) | (0.94) | |
11.39 | 12.32 | 13.48 | 13.44 | 12.69 | 12.50 | 11.39 | 12.32 | 13.48 | 13.44 | 12.69 | 12.50 | |
$ 18 | $ 18 | $ 18 | $ 17 | $ 16 | $ 14 | $ 18 | $ 18 | $ 18 | $ 17 | $ 15 | $ 14 | |
(0.02)% c | 0.12% | 5.37% | 11.33% | 9.62% | 2.69% | (0.02)% c | 0.12% | 5.37% | 11.33% | 9.62% | 2.69% | |
0.25 d | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.37 d | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | |
— | — | — | — | — | — | — | — | — | — | — | — | |
3.95 d | 2.94 | 2.13 | 2.50 | 2.14 | 2.61 | 3.95 d | 2.94 | 2.13 | 2.50 | 2.14 | 2.61 | |
16 c | 25 | 33 | 32 | 30 | 41 | 16 c | 25 | 33 | 32 | 30 | 41 |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR TARGET RETIREMENT 2030 FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 9.19 | $ 10.04 | $ 10.22 | $ 9.56 | $ 10.59 | $ 12.34 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.15 e | 0.24 e | 0.21 | 0.25 | 0.21 | 0.30 |
Net realized and unrealized gains/(losses) on investments | (0.21) | (0.23) | 0.35 | 1.04 | 0.56 | 0.03 |
Total from investment operations | (0.06) | 0.01 | 0.56 | 1.29 | 0.77 | 0.33 |
Less Distributions | ||||||
Dividends from net investment income | (0.26) | (0.28) | (0.27) | (0.33) | (0.26) | (0.44) |
Distributions from net realized capital gains1 | (0.55) | (0.58) | (0.47) | (0.30) | (1.54) | (1.64) |
Total distributions | (0.81) | (0.86) | (0.74) | (0.63) | (1.80) | (2.08) |
Net asset value end of period | 8.32 | 9.19 | 10.04 | 10.22 | 9.56 | 10.59 |
Net assets end of period (000s) | $23,493 | $25,084 | $24,727 | $23,994 | $22,862 | $22,478 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (0.39)% c | 0.13% | 5.79% | 14.19% | 9.64% | 2.75% |
Ratio of total expenses to average net assets2 | — | — | — | — | — | — |
Ratio of net expenses to average net assetsa,2 | — | — | — | — | — | — |
Ratio of net investment income (loss) to average net assetsa,2 | 3.69 d | 2.55 | 1.99 | 2.42 | 2.03 | 2.55 |
Portfolio turnover3 | 15 c | 24 | 22 | 31 | 27 | 39 |
HARBOR TARGET RETIREMENT 2035 FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 13.56 | $ 14.92 | $ 14.52 | $ 13.01 | $ 12.99 | $ 13.55 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.20 e | 0.30 e | 0.29 | 0.33 | 0.24 | 0.34 |
Net realized and unrealized gains/(losses) on investments | (0.33) | (0.26) | 0.58 | 1.85 | 0.87 | 0.02 |
Total from investment operations | (0.13) | 0.04 | 0.87 | 2.18 | 1.11 | 0.36 |
Less Distributions | ||||||
Dividends from net investment income | (0.35) | (0.36) | (0.33) | (0.40) | (0.25) | (0.41) |
Distributions from net realized capital gains1 | (0.59) | (1.04) | (0.14) | (0.27) | (0.84) | (0.51) |
Total distributions | (0.94) | (1.40) | (0.47) | (0.67) | (1.09) | (0.92) |
Net asset value end of period | 12.49 | 13.56 | 14.92 | 14.52 | 13.01 | 12.99 |
Net assets end of period (000s) | $10,697 | $ 9,007 | $ 7,708 | $ 5,397 | $ 2,794 | $ 2,235 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (0.79)% c | 0.34% | 6.19% | 17.43% | 9.86% | 2.58% |
Ratio of total expenses to average net assets2 | — | — | — | — | — | — |
Ratio of net expenses to average net assetsa,2 | — | — | — | — | — | — |
Ratio of net investment income (loss) to average net assetsa,2 | 3.34 d | 2.17 | 1.64 | 2.08 | 1.79 | 2.04 |
Portfolio turnover3 | 9 c | 22 | 39 | 12 | 41 | 45 |
Administrative Class | Investor Class | |||||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||
(Unaudited) | (Unaudited) | |||||||||||
$ 9.19 | $10.03 | $10.22 | $ 9.56 | $10.58 | $12.34 | $ 9.19 | $10.03 | $10.22 | $ 9.56 | $10.58 | $12.34 | |
0.15 e | 0.24 e | 0.20 | 0.24 | 0.20 | 0.30 | 0.15 e | 0.24 e | 0.20 | 0.24 | 0.20 | 0.30 | |
(0.22) | (0.22) | 0.35 | 1.05 | 0.58 | 0.02 | (0.22) | (0.22) | 0.35 | 1.05 | 0.58 | 0.02 | |
(0.07) | 0.02 | 0.55 | 1.29 | 0.78 | 0.32 | (0.07) | 0.02 | 0.55 | 1.29 | 0.78 | 0.32 | |
(0.26) | (0.28) | (0.27) | (0.33) | (0.26) | (0.44) | (0.26) | (0.28) | (0.27) | (0.33) | (0.26) | (0.44) | |
(0.55) | (0.58) | (0.47) | (0.30) | (1.54) | (1.64) | (0.55) | (0.58) | (0.47) | (0.30) | (1.54) | (1.64) | |
(0.81) | (0.86) | (0.74) | (0.63) | (1.80) | (2.08) | (0.81) | (0.86) | (0.74) | (0.63) | (1.80) | (2.08) | |
8.31 | 9.19 | 10.03 | 10.22 | 9.56 | 10.58 | 8.31 | 9.19 | 10.03 | 10.22 | 9.56 | 10.58 | |
$ 19 | $ 19 | $ 19 | $ 18 | $ 16 | $ 14 | $ 19 | $ 19 | $ 19 | $ 18 | $ 16 | $ 14 | |
(0.50)% c | 0.24% | 5.70% | 14.20% | 9.74% | 2.65% | (0.50)% c | 0.24% | 5.70% | 14.20% | 9.74% | 2.65% | |
0.25 d | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.37 d | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | |
— | — | — | — | — | — | — | — | — | — | — | — | |
3.67 d | 2.59 | 1.97 | 2.40 | 2.02 | 2.45 | 3.67 d | 2.59 | 1.97 | 2.40 | 2.02 | 2.45 | |
15 c | 24 | 22 | 31 | 27 | 39 | 15 c | 24 | 22 | 31 | 27 | 39 |
Administrative Class | Investor Class | |||||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||
(Unaudited) | (Unaudited) | |||||||||||
$13.55 | $14.91 | $14.51 | $13.01 | $12.99 | $13.54 | $13.55 | $14.91 | $14.51 | $13.01 | $12.99 | $13.54 | |
0.21 e | 0.31 e | 0.27 | 0.32 | 0.25 | 0.30 | 0.21 e | 0.31 e | 0.27 | 0.32 | 0.25 | 0.30 | |
(0.33) | (0.27) | 0.60 | 1.85 | 0.86 | 0.07 | (0.33) | (0.27) | 0.60 | 1.85 | 0.86 | 0.07 | |
(0.12) | 0.04 | 0.87 | 2.17 | 1.11 | 0.37 | (0.12) | 0.04 | 0.87 | 2.17 | 1.11 | 0.37 | |
(0.35) | (0.36) | (0.33) | (0.40) | (0.25) | (0.41) | (0.35) | (0.36) | (0.33) | (0.40) | (0.25) | (0.41) | |
(0.59) | (1.04) | (0.14) | (0.27) | (0.84) | (0.51) | (0.59) | (1.04) | (0.14) | (0.27) | (0.84) | (0.51) | |
(0.94) | (1.40) | (0.47) | (0.67) | (1.09) | (0.92) | (0.94) | (1.40) | (0.47) | (0.67) | (1.09) | (0.92) | |
12.49 | 13.55 | 14.91 | 14.51 | 13.01 | 12.99 | 12.49 | 13.55 | 14.91 | 14.51 | 13.01 | 12.99 | |
$ 20 | $ 20 | $ 20 | $ 19 | $ 16 | $ 14 | $ 19 | $ 19 | $ 19 | $ 18 | $ 16 | $ 14 | |
(0.72)% c | 0.34% | 6.19% | 17.36% | 9.87% | 2.65% | (0.72)% c | 0.34% | 6.19% | 17.36% | 9.87% | 2.65% | |
0.25 d | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.37 d | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | |
— | — | — | — | — | — | — | — | — | — | — | — | |
3.38 d | 2.27 | 1.80 | 2.30 | 1.93 | 2.13 | 3.38 d | 2.27 | 1.80 | 2.30 | 1.93 | 2.13 | |
9 c | 22 | 39 | 12 | 41 | 45 | 9 c | 22 | 39 | 12 | 41 | 45 |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR TARGET RETIREMENT 2040 FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 9.05 | $ 9.84 | $ 10.01 | $ 9.19 | $ 10.85 | $ 11.95 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.12 e | 0.18 e | 0.17 | 0.22 | 0.18 | 0.24 |
Net realized and unrealized gains/(losses) on investments | (0.24) | (0.10) | 0.46 | 1.52 | 0.50 | 0.04 |
Total from investment operations | (0.12) | 0.08 | 0.63 | 1.74 | 0.68 | 0.28 |
Less Distributions | ||||||
Dividends from net investment income | (0.20) | (0.22) | (0.23) | (0.26) | (0.20) | (0.30) |
Distributions from net realized capital gains1 | (0.59) | (0.65) | (0.57) | (0.66) | (2.14) | (1.08) |
Total distributions | (0.79) | (0.87) | (0.80) | (0.92) | (2.34) | (1.38) |
Net asset value end of period | 8.14 | 9.05 | 9.84 | 10.01 | 9.19 | 10.85 |
Net assets end of period (000s) | $18,129 | $19,805 | $18,933 | $17,963 | $15,554 | $14,927 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.05)% c | 0.94% | 6.77% | 20.63% | 9.76% | 2.16% |
Ratio of total expenses to average net assets2 | — | — | — | — | — | — |
Ratio of net expenses to average net assetsa,2 | — | — | — | — | — | — |
Ratio of net investment income (loss) to average net assetsa,2 | 3.07 d | 1.96 | 1.59 | 2.24 | 1.71 | 1.96 |
Portfolio turnover3 | 18 c | 18 | 22 | 22 | 27 | 45 |
HARBOR TARGET RETIREMENT 2045 FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 14.25 | $ 15.17 | $ 14.85 | $ 12.42 | $ 12.85 | $ 13.67 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.17 e | 0.23 e | 0.23 | 0.29 | 0.19 | 0.25 |
Net realized and unrealized gains/(losses) on investments | (0.40) | (0.06) | 0.80 | 2.58 | 0.81 | 0.05 |
Total from investment operations | (0.23) | 0.17 | 1.03 | 2.87 | 1.00 | 0.30 |
Less Distributions | ||||||
Dividends from net investment income | (0.27) | (0.29) | (0.31) | (0.31) | (0.19) | (0.29) |
Distributions from net realized capital gains1 | (0.69) | (0.80) | (0.40) | (0.13) | (1.24) | (0.83) |
Total distributions | (0.96) | (1.09) | (0.71) | (0.44) | (1.43) | (1.12) |
Net asset value end of period | 13.06 | 14.25 | 15.17 | 14.85 | 12.42 | 12.85 |
Net assets end of period (000s) | $ 5,744 | $ 5,523 | $ 4,239 | $ 3,340 | $ 1,911 | $ 1,209 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.48)% c | 1.23% | 7.17% | 23.75% | 9.62% | 1.97% |
Ratio of total expenses to average net assets2 | — | — | — | — | — | — |
Ratio of net expenses to average net assetsa,2 | — | — | — | — | — | — |
Ratio of net investment income (loss) to average net assetsa,2 | 2.64 d | 1.56 | 1.37 | 1.82 | 1.40 | 1.50 |
Portfolio turnover3 | 12 c | 15 | 21 | 20 | 16 | 59 |
Administrative Class | Investor Class | |||||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||
(Unaudited) | (Unaudited) | |||||||||||
$ 9.06 | $ 9.85 | $10.02 | $ 9.20 | $10.86 | $11.96 | $ 9.06 | $ 9.85 | $10.02 | $ 9.20 | $10.86 | $11.96 | |
0.12 e | 0.18 e | 0.16 | 0.21 | 0.17 | 0.23 | 0.12 e | 0.18 e | 0.16 | 0.21 | 0.17 | 0.23 | |
(0.24) | (0.10) | 0.47 | 1.53 | 0.51 | 0.05 | (0.24) | (0.10) | 0.47 | 1.53 | 0.51 | 0.05 | |
(0.12) | 0.08 | 0.63 | 1.74 | 0.68 | 0.28 | (0.12) | 0.08 | 0.63 | 1.74 | 0.68 | 0.28 | |
(0.20) | (0.22) | (0.23) | (0.26) | (0.20) | (0.30) | (0.20) | (0.22) | (0.23) | (0.26) | (0.20) | (0.30) | |
(0.59) | (0.65) | (0.57) | (0.66) | (2.14) | (1.08) | (0.59) | (0.65) | (0.57) | (0.66) | (2.14) | (1.08) | |
(0.79) | (0.87) | (0.80) | (0.92) | (2.34) | (1.38) | (0.79) | (0.87) | (0.80) | (0.92) | (2.34) | (1.38) | |
8.15 | 9.06 | 9.85 | 10.02 | 9.20 | 10.86 | 8.15 | 9.06 | 9.85 | 10.02 | 9.20 | 10.86 | |
$ 20 | $ 20 | $ 20 | $ 19 | $ 16 | $ 14 | $ 20 | $ 20 | $ 20 | $ 19 | $ 16 | $ 14 | |
(1.04)% c | 0.94% | 6.76% | 20.62% | 9.78% | 2.16% | (1.04)% c | 0.94% | 6.76% | 20.62% | 9.78% | 2.16% | |
0.25 d | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.37 d | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | |
— | — | — | — | — | — | — | — | — | — | — | — | |
3.02 d | 1.97 | 1.60 | 2.20 | 1.71 | 1.93 | 3.02 d | 1.97 | 1.60 | 2.20 | 1.71 | 1.93 | |
18 c | 18 | 22 | 22 | 27 | 45 | 18 c | 18 | 22 | 22 | 27 | 45 |
Administrative Class | Investor Class | |||||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||
(Unaudited) | (Unaudited) | |||||||||||
$14.25 | $15.17 | $14.84 | $12.42 | $12.85 | $13.67 | $14.25 | $15.17 | $14.84 | $12.42 | $12.85 | $13.67 | |
0.17 e | 0.24 e | 0.22 | 0.28 | 0.20 | 0.22 | 0.17 e | 0.24 e | 0.22 | 0.28 | 0.20 | 0.22 | |
(0.40) | (0.07) | 0.82 | 2.58 | 0.80 | 0.08 | (0.40) | (0.07) | 0.82 | 2.58 | 0.80 | 0.08 | |
(0.23) | 0.17 | 1.04 | 2.86 | 1.00 | 0.30 | (0.23) | 0.17 | 1.04 | 2.86 | 1.00 | 0.30 | |
(0.27) | (0.29) | (0.31) | (0.31) | (0.19) | (0.29) | (0.27) | (0.29) | (0.31) | (0.31) | (0.19) | (0.29) | |
(0.69) | (0.80) | (0.40) | (0.13) | (1.24) | (0.83) | (0.69) | (0.80) | (0.40) | (0.13) | (1.24) | (0.83) | |
(0.96) | (1.09) | (0.71) | (0.44) | (1.43) | (1.12) | (0.96) | (1.09) | (0.71) | (0.44) | (1.43) | (1.12) | |
13.06 | 14.25 | 15.17 | 14.84 | 12.42 | 12.85 | 13.06 | 14.25 | 15.17 | 14.84 | 12.42 | 12.85 | |
$ 21 | $ 21 | $ 21 | $ 20 | $ 16 | $ 14 | $ 21 | $ 21 | $ 21 | $ 19 | $ 15 | $ 14 | |
(1.48)% c | 1.23% | 7.24% | 23.66% | 9.62% | 1.97% | (1.48)% c | 1.23% | 7.24% | 23.66% | 9.62% | 1.97% | |
0.25 d | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.37 d | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | |
— | — | — | — | — | — | — | — | — | — | — | — | |
2.62 d | 1.63 | 1.40 | 2.06 | 1.50 | 1.50 | 2.62 d | 1.63 | 1.40 | 2.06 | 1.50 | 1.50 | |
12 c | 15 | 21 | 20 | 16 | 59 | 12 c | 15 | 21 | 20 | 16 | 59 |
Selected Data for a Share Outstanding for the Periods Presented
HARBOR TARGET RETIREMENT 2050 FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $ 10.39 | $ 11.40 | $ 11.46 | $ 10.17 | $ 11.75 | $ 13.06 |
Income from Investment Operations | ||||||
Net investment income/(loss)a | 0.10 e | 0.14 e | 0.15 | 0.22 | 0.16 | 0.20 |
Net realized and unrealized gains/(losses) on investments | (0.32) | 0.05 | 0.67 | 2.20 | 0.58 | 0.06 |
Total from investment operations | (0.22) | 0.19 | 0.82 | 2.42 | 0.74 | 0.26 |
Less Distributions | ||||||
Dividends from net investment income | (0.17) | (0.19) | (0.23) | (0.24) | (0.17) | (0.24) |
Distributions from net realized capital gains1 | (1.08) | (1.01) | (0.65) | (0.89) | (2.15) | (1.33) |
Total distributions | (1.25) | (1.20) | (0.88) | (1.13) | (2.32) | (1.57) |
Net asset value end of period | 8.92 | 10.39 | 11.40 | 11.46 | 10.17 | 11.75 |
Net assets end of period (000s) | $18,841 | $19,221 | $20,434 | $19,170 | $14,516 | $14,620 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.90)% c | 1.83% | 7.61% | 26.12% | 9.66% | 1.64% |
Ratio of total expenses to average net assets2 | — | — | — | — | — | — |
Ratio of net expenses to average net assetsa,2 | — | — | — | — | — | — |
Ratio of net investment income (loss) to average net assetsa,2 | 2.23 d | 1.35 | 1.17 | 1.88 | 1.41 | 1.47 |
Portfolio turnover3 | 11 c | 24 | 23 | 17 | 21 | 34 |
HARBOR TARGET RETIREMENT 2055 FUND | ||||||||
Institutional Class | Administrative Class | Investor Class | ||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, 2015 | 6-Month Period Ended April 30, 2016 | Year Ended October 31, 2015 | 6-Month Period Ended April 30, 2016 | Year Ended October 31, 2015 | |||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||
Net asset value beginning of period | $ 10.08 | $ 10.00 | $ 10.08 | $ 10.00 | $ 10.08 | $ 10.00 | ||
Income from Investment Operations | ||||||||
Net investment income/(loss)a | 0.10 e | 0.05 e | 0.10 e | 0.13 e | 0.10 e | 0.13 e | ||
Net realized and unrealized gains/(losses) on investments | (0.31) | 0.18 | (0.31) | 0.10 | (0.31) | 0.10 | ||
Total from investment operations | (0.21) | 0.23 | (0.21) | 0.23 | (0.21) | 0.23 | ||
Less Distributions | ||||||||
Dividends from net investment income | (0.14) | (0.15) | (0.14) | (0.15) | (0.14) | (0.15) | ||
Distributions from net realized capital gains1 | (0.04) | — | (0.04) | — | (0.04) | — | ||
Total distributions | (0.18) | (0.15) | (0.18) | (0.15) | (0.18) | (0.15) | ||
Net asset value end of period | 9.69 | 10.08 | 9.69 | 10.08 | 9.69 | 10.08 | ||
Net assets end of period (000s) | $ 859 | $ 762 | $ 10 | $ 10 | $ 10 | $ 10 | ||
Ratios and Supplemental Data (%) | ||||||||
Total returnb | (1.96)% c | 2.28% c | (1.95)% c | 2.28% c | (1.95)% c | 2.28% c | ||
Ratio of total expenses to average net assets2 | — | — | 0.25 d | 0.25 d | 0.37 d | 0.37 d | ||
Ratio of net expenses to average net assetsa,2 | — | — | — | — | — | — | ||
Ratio of net investment income (loss) to average net assetsa,2 | 2.15 d | 0.52 d | 2.11 d | 1.29 d | 2.11 d | 1.29 d | ||
Portfolio turnover3 | 25 c | 15 c | 25 c | 15 c | 25 c | 15 c |
Administrative Class | Investor Class | |||||||||||
6-Month Period Ended April 30, 2016 | Year Ended October 31, | 6-Month Period Ended April 30, 2016 | Year Ended October 31, | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2015 | 2014 | 2013 | 2012 | 2011 | |||
(Unaudited) | (Unaudited) | |||||||||||
$10.40 | $11.41 | $11.47 | $10.18 | $11.75 | $13.06 | $10.40 | $11.41 | $11.47 | $10.18 | $11.75 | $13.06 | |
0.10 e | 0.14 e | 0.15 | 0.22 | 0.16 | 0.19 | 0.10 e | 0.14 e | 0.15 | 0.22 | 0.16 | 0.19 | |
(0.32) | 0.05 | 0.67 | 2.20 | 0.59 | 0.07 | (0.32) | 0.05 | 0.67 | 2.20 | 0.59 | 0.07 | |
(0.22) | 0.19 | 0.82 | 2.42 | 0.75 | 0.26 | (0.22) | 0.19 | 0.82 | 2.42 | 0.75 | 0.26 | |
(0.17) | (0.19) | (0.23) | (0.24) | (0.17) | (0.24) | (0.17) | (0.19) | (0.23) | (0.24) | (0.17) | (0.24) | |
(1.08) | (1.01) | (0.65) | (0.89) | (2.15) | (1.33) | (1.08) | (1.01) | (0.65) | (0.89) | (2.15) | (1.33) | |
(1.25) | (1.20) | (0.88) | (1.13) | (2.32) | (1.57) | (1.25) | (1.20) | (0.88) | (1.13) | (2.32) | (1.57) | |
8.93 | 10.40 | 11.41 | 11.47 | 10.18 | 11.75 | 8.93 | 10.40 | 11.41 | 11.47 | 10.18 | 11.75 | |
$ 21 | $ 21 | $ 21 | $ 19 | $ 15 | $ 14 | $ 21 | $ 22 | $ 21 | $ 20 | $ 16 | $ 14 | |
(1.90)% c | 1.83% | 7.61% | 26.09% | 9.74% | 1.64% | (1.90)% c | 1.83% | 7.61% | 26.09% | 9.74% | 1.64% | |
0.25 d | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.37 d | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | |
— | — | — | — | — | — | — | — | — | — | — | — | |
2.23 d | 1.32 | 1.17 | 1.91 | 1.35 | 1.43 | 2.23 d | 1.32 | 1.17 | 1.91 | 1.35 | 1.43 | |
11 c | 24 | 23 | 17 | 21 | 34 | 11 c | 24 | 23 | 17 | 21 | 34 |
Selected Data for a Share Outstanding for the Periods Presented
* | Less than $0.01. |
1 | Includes both short-term and long-term capital gains. |
2 | Ratios of income and expenses to average net assets represents the expenses paid by the Fund but does not include the acquired fund fees and expenses from underlying funds. |
3 | Amounts do not include the activity of the underlying funds. |
a | Reflects the Distributor’s and Transfer Agent’s waiver, if any, or its 12b-1 and transfer agency fees, respectively. |
b | The total returns would have been lower had certain expenses not been waived during the periods shown. |
c | Unannualized. |
d | Annualized. |
e | Amounts are allocated based upon average shares outstanding during the period. |
Notes to Financial Statements—April 30, 2016 (Unaudited)
Level 1– | Quoted prices in active markets for identical securities. |
Level 2– | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
Level 3– | Significant unobservable inputs are used in situations where quoted prices or other observable inputs are not available or are deemed unreliable. Significant unobservable inputs may include the Funds’ own assumptions. |
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Purchases (000s) | Sales (000s) | Investment income from affiliated funds (000s) | Net Realized Gain/(Loss) | ||||||
Harbor Target Retirement Income Fund | Distributions received from affiliated funds (000s) | Sale of affiliated funds (000s) | |||||||
Underlying Funds | |||||||||
Harbor Capital Appreciation Fund | $ 84 | $ 98 | $ — | $ 23 | $ 8 | ||||
Harbor Mid Cap Growth Fund | 55 | 47 | 1 | 20 | (13) | ||||
Harbor Small Cap Growth Fund | 51 | 43 | — | 19 | (11) | ||||
Harbor Large Cap Value Fund | 59 | 94 | 2 | 18 | 29 | ||||
Harbor Mid Cap Value Fund | 39 | 58 | 4 | 5 | 21 | ||||
Harbor Small Cap Value Fund | 32 | 53 | 1 | 7 | 1 | ||||
Harbor International Fund | 91 | 115 | 11 | 18 | 1 | ||||
Harbor International Growth Fund | 46 | 94 | 4 | — | — | ||||
Harbor Global Growth Fund | 25 | 37 | — | 5 | 5 | ||||
Harbor Unconstrained Bond Fund | 75 | 158 | 23 | — | (10) | ||||
Harbor High-Yield Bond Fund | 142 | 265 | 43 | — | (41) | ||||
Harbor Bond Fund | 533 | 1,056 | 160 | 42 | (49) | ||||
Harbor Real Return Fund | 163 | 442 | 40 | — | (91) | ||||
Harbor Money Market Fund | 111 | 284 | 2 | — | — | ||||
Total | $1,506 | $2,844 | $291 | $157 | $(150) |
Purchases (000s) | Sales (000s) | Investment income from affiliated funds (000s) | Net Realized Gain/(Loss) | ||||||
Harbor Target Retirement 2015 Fund | Distributions received from affiliated funds (000s) | Sale of affiliated funds (000s) | |||||||
Underlying Funds | |||||||||
Harbor Capital Appreciation Fund | $ 62 | $ 69 | $ — | $ 17 | $ 1 | ||||
Harbor Mid Cap Growth Fund | 42 | 36 | 1 | 15 | (11) | ||||
Harbor Small Cap Growth Fund | 40 | 32 | — | 14 | (9) | ||||
Harbor Large Cap Value Fund | 51 | 79 | 2 | 14 | 1 | ||||
Harbor Mid Cap Value Fund | 39 | 54 | 3 | 4 | 2 | ||||
Harbor Small Cap Value Fund | 25 | 40 | 1 | 5 | (1) | ||||
Harbor International Fund | 85 | 108 | 8 | 14 | (21) | ||||
Harbor International Growth Fund | 43 | 79 | 3 | — | (4) | ||||
Harbor Global Growth Fund | 20 | 28 | — | 4 | (3) | ||||
Harbor Commodity Real Return Strategy Fund | 28 | 49 | 3 | — | (39) | ||||
Harbor Unconstrained Bond Fund | 42 | 54 | 12 | — | (4) | ||||
Harbor High-Yield Bond Fund | 112 | 145 | 26 | — | (26) | ||||
Harbor Bond Fund | 316 | 295 | 75 | 20 | (25) | ||||
Harbor Real Return Fund | 145 | 114 | 16 | — | (17) | ||||
Harbor Money Market Fund | 87 | 71 | 1 | — | — | ||||
Total | $1,137 | $1,253 | $151 | $107 | $(156) |
Notes to Financial Statements—Continued
Purchases (000s) | Sales (000s) | Investment income from affiliated funds (000s) | Net Realized Gain/(Loss) | ||||||
Harbor Target Retirement 2020 Fund | Distributions received from affiliated funds (000s) | Sale of affiliated funds (000s) | |||||||
Underlying Funds | |||||||||
Harbor Capital Appreciation Fund | $ 222 | $ 228 | $ 1 | $ 72 | $ 41 | ||||
Harbor Mid Cap Growth Fund | 151 | 127 | 4 | 63 | (36) | ||||
Harbor Small Cap Growth Fund | 142 | 114 | — | 61 | (28) | ||||
Harbor Large Cap Value Fund | 150 | 256 | 8 | 58 | 80 | ||||
Harbor Mid Cap Value Fund | 114 | 176 | 12 | 16 | 72 | ||||
Harbor Small Cap Value Fund | 82 | 146 | 2 | 22 | 2 | ||||
Harbor International Fund | 271 | 359 | 35 | 57 | 13 | ||||
Harbor International Growth Fund | 138 | 281 | 14 | — | 6 | ||||
Harbor Global Growth Fund | 75 | 102 | — | 16 | 13 | ||||
Harbor Commodity Real Return Strategy Fund | 142 | 166 | 16 | — | (168) | ||||
Harbor Unconstrained Bond Fund | 163 | 264 | 42 | — | (19) | ||||
Harbor Convertible Securities Fund | 82 | 368 | 16 | 19 | (19) | ||||
Harbor High-Yield Bond Fund | 320 | 675 | 109 | — | (110) | ||||
Harbor Bond Fund | 1,226 | 1,403 | 223 | 59 | (135) | ||||
Harbor Real Return Fund | 334 | 434 | 43 | — | (105) | ||||
Harbor Money Market Fund | 442 | 120 | 1 | — | — | ||||
Total | $4,054 | $5,219 | $526 | $443 | $(393) |
Purchases (000s) | Sales (000s) | Investment income from affiliated funds (000s) | Net Realized Gain/(Loss) | ||||||
Harbor Target Retirement 2025 Fund | Distributions received from affiliated funds (000s) | Sale of affiliated funds (000s) | |||||||
Underlying Funds | |||||||||
Harbor Capital Appreciation Fund | $ 131 | $ 85 | $ — | $ 36 | $ 12 | ||||
Harbor Mid Cap Growth Fund | 88 | 50 | 2 | 32 | (16) | ||||
Harbor Small Cap Growth Fund | 78 | 40 | — | 30 | (11) | ||||
Harbor Large Cap Value Fund | 103 | 102 | 4 | 29 | 27 | ||||
Harbor Mid Cap Value Fund | 70 | 63 | 6 | 8 | 22 | ||||
Harbor Small Cap Value Fund | 46 | 53 | 1 | 11 | (4) | ||||
Harbor International Fund | 186 | 143 | 17 | 28 | (9) | ||||
Harbor International Growth Fund | 92 | 101 | 7 | — | (1) | ||||
Harbor Global Growth Fund | 42 | 34 | — | 8 | 3 | ||||
Harbor Commodity Real Return Strategy Fund | 112 | 100 | 10 | — | (84) | ||||
Harbor Unconstrained Bond Fund | 138 | 104 | 17 | — | (7) | ||||
Harbor Convertible Securities Fund | 103 | 64 | 9 | 10 | (3) | ||||
Harbor High-Yield Bond Fund | 336 | 271 | 52 | — | (50) | ||||
Harbor Bond Fund | 671 | 490 | 85 | 22 | (32) | ||||
Harbor Real Return Fund | 205 | 139 | 14 | — | (25) | ||||
Total | $2,401 | $1,839 | $224 | $214 | $(178) |
Notes to Financial Statements—Continued
Purchases (000s) | Sales (000s) | Investment income from affiliated funds (000s) | Net Realized Gain/(Loss) | ||||||
Harbor Target Retirement 2030 Fund | Distributions received from affiliated funds (000s) | Sale of affiliated funds (000s) | |||||||
Underlying Funds | |||||||||
Harbor Capital Appreciation Fund | $ 269 | $ 315 | $ 1 | $ 92 | $ 100 | ||||
Harbor Mid Cap Growth Fund | 182 | 146 | 5 | 82 | (10) | ||||
Harbor Small Cap Growth Fund | 174 | 137 | — | 79 | (17) | ||||
Harbor Large Cap Value Fund | 168 | 329 | 10 | 75 | 106 | ||||
Harbor Mid Cap Value Fund | 129 | 215 | 15 | 20 | 99 | ||||
Harbor Small Cap Value Fund | 90 | 184 | 3 | 28 | 32 | ||||
Harbor International Fund | 291 | 439 | 45 | 74 | 51 | ||||
Harbor International Growth Fund | 149 | 369 | 18 | — | 42 | ||||
Harbor Global Growth Fund | 85 | 131 | — | 21 | 35 | ||||
Harbor Commodity Real Return Strategy Fund | 247 | 225 | 26 | — | (256) | ||||
Harbor Unconstrained Bond Fund | 167 | 141 | 29 | — | (10) | ||||
Harbor Convertible Securities Fund | 125 | 88 | 15 | 17 | (6) | ||||
Harbor High-Yield Bond Fund | 394 | 382 | 97 | — | (52) | ||||
Harbor Bond Fund | 840 | 748 | 151 | 40 | (74) | ||||
Harbor Real Return Fund | 251 | 154 | 17 | — | (37) | ||||
Total | $3,561 | $4,003 | $432 | $528 | $ 3 |
Purchases (000s) | Sales (000s) | Investment income from affiliated funds (000s) | Net Realized Gain/(Loss) | ||||||
Harbor Target Retirement 2035 Fund | Distributions received from affiliated funds (000s) | Sale of affiliated funds (000s) | |||||||
Underlying Funds | |||||||||
Harbor Capital Appreciation Fund | $ 239 | $ 59 | $ 1 | $ 43 | $ — | ||||
Harbor Mid Cap Growth Fund | 131 | 29 | 2 | 38 | (12) | ||||
Harbor Small Cap Growth Fund | 120 | 31 | — | 36 | (8) | ||||
Harbor Large Cap Value Fund | 203 | 67 | 5 | 34 | 4 | ||||
Harbor Mid Cap Value Fund | 137 | 48 | 7 | 9 | 11 | ||||
Harbor Small Cap Value Fund | 92 | 36 | 1 | 13 | (4) | ||||
Harbor International Fund | 351 | 101 | 20 | 34 | (19) | ||||
Harbor International Growth Fund | 192 | 60 | 8 | — | (5) | ||||
Harbor Global Growth Fund | 91 | 29 | — | 9 | (4) | ||||
Harbor Commodity Real Return Strategy Fund | 140 | 38 | 10 | — | (32) | ||||
Harbor Unconstrained Bond Fund | 124 | 33 | 9 | — | (2) | ||||
Harbor Convertible Securities Fund | 98 | 7 | 1 | 1 | — | ||||
Harbor High-Yield Bond Fund | 379 | 96 | 33 | — | (17) | ||||
Harbor Bond Fund | 579 | 191 | 52 | 13 | (7) | ||||
Harbor Real Return Fund | 89 | 20 | 3 | — | (2) | ||||
Total | $2,965 | $845 | $152 | $230 | $(97) |
Notes to Financial Statements—Continued
Purchases (000s) | Sales (000s) | Investment income from affiliated funds (000s) | Net Realized Gain/(Loss) | ||||||
Harbor Target Retirement 2040 Fund | Distributions received from affiliated funds (000s) | Sale of affiliated funds (000s) | |||||||
Underlying Funds | |||||||||
Harbor Capital Appreciation Fund | $ 324 | $ 335 | $ 1 | $106 | $ 122 | ||||
Harbor Mid Cap Growth Fund | 227 | 191 | 6 | 94 | — | ||||
Harbor Small Cap Growth Fund | 204 | 168 | — | 90 | 1 | ||||
Harbor Large Cap Value Fund | 232 | 379 | 12 | 86 | 136 | ||||
Harbor Mid Cap Value Fund | 164 | 255 | 18 | 24 | 90 | ||||
Harbor Small Cap Value Fund | 106 | 202 | 3 | 33 | 41 | ||||
Harbor International Fund | 402 | 505 | 52 | 85 | 31 | ||||
Harbor International Growth Fund | 163 | 353 | 21 | — | 13 | ||||
Harbor Global Growth Fund | 96 | 133 | — | 23 | 16 | ||||
Harbor Commodity Real Return Strategy Fund | 196 | 164 | 18 | — | (185) | ||||
Harbor Unconstrained Bond Fund | 118 | 119 | 14 | — | (9) | ||||
Harbor High-Yield Bond Fund | 407 | 386 | 55 | — | (56) | ||||
Harbor Bond Fund | 681 | 677 | 86 | 22 | (61) | ||||
Harbor Real Return Fund | 43 | 53 | 4 | — | (12) | ||||
Total | $3,363 | $3,920 | $290 | $563 | $ 127 |
Purchases (000s) | Sales (000s) | Investment income from affiliated funds (000s) | Net Realized Gain/(Loss) | ||||||
Harbor Target Retirement 2045 Fund | Distributions received from affiliated funds (000s) | Sale of affiliated funds (000s) | |||||||
Underlying Funds | |||||||||
Harbor Capital Appreciation Fund | $ 122 | $ 57 | $— | $ 35 | $ 15 | ||||
Harbor Mid Cap Growth Fund | 80 | 31 | 2 | 31 | (4) | ||||
Harbor Small Cap Growth Fund | 66 | 19 | — | 29 | (2) | ||||
Harbor Large Cap Value Fund | 92 | 63 | 4 | 28 | 18 | ||||
Harbor Mid Cap Value Fund | 68 | 41 | 6 | 8 | 14 | ||||
Harbor Small Cap Value Fund | 41 | 29 | 1 | 10 | 2 | ||||
Harbor International Fund | 179 | 99 | 16 | 27 | (5) | ||||
Harbor International Growth Fund | 88 | 68 | 7 | — | 2 | ||||
Harbor Global Growth Fund | 43 | 26 | — | 8 | 3 | ||||
Harbor Commodity Real Return Strategy Fund | 62 | 34 | 5 | — | (31) | ||||
Harbor Unconstrained Bond Fund | 37 | 20 | 3 | — | (1) | ||||
Harbor High-Yield Bond Fund | 120 | 60 | 11 | — | (12) | ||||
Harbor Bond Fund | 201 | 107 | 16 | 4 | (5) | ||||
Harbor Real Return Fund | 17 | 4 | — | — | — | ||||
Total | $1,216 | $658 | $ 71 | $180 | $ (6) |
Notes to Financial Statements—Continued
Purchases (000s) | Sales (000s) | Investment income from affiliated funds (000s) | Net Realized Gain/(Loss) | ||||||
Harbor Target Retirement 2050 Fund | Distributions received from affiliated funds (000s) | Sale of affiliated funds (000s) | |||||||
Underlying Funds | |||||||||
Harbor Capital Appreciation Fund | $ 378 | $ 224 | $ 2 | $129 | $ 88 | ||||
Harbor Mid Cap Growth Fund | 250 | 127 | 7 | 116 | 6 | ||||
Harbor Small Cap Growth Fund | 216 | 95 | — | 111 | 1 | ||||
Harbor Large Cap Value Fund | 210 | 213 | 14 | 106 | 76 | ||||
Harbor Mid Cap Value Fund | 154 | 152 | 22 | 29 | 71 | ||||
Harbor Small Cap Value Fund | 97 | 118 | 4 | 40 | 22 | ||||
Harbor International Fund | 441 | 315 | 63 | 104 | 25 | ||||
Harbor International Growth Fund | 152 | 222 | 26 | — | 7 | ||||
Harbor Global Growth Fund | 121 | 103 | — | 29 | 10 | ||||
Harbor Commodity Real Return Strategy Fund | 154 | 74 | 13 | — | (75) | ||||
Harbor Unconstrained Bond Fund | 65 | 31 | 4 | — | (2) | ||||
Harbor High-Yield Bond Fund | 232 | 91 | 20 | — | (19) | ||||
Harbor Bond Fund | 343 | 178 | 26 | 7 | (8) | ||||
Total | $2,813 | $1,943 | $201 | $671 | $202 |
Purchases (000s) | Sales (000s) | Investment income from affiliated funds (000s) | Net Realized Gain/(Loss) | ||||||
Harbor Target Retirement 2055 Fund | Distributions received from affiliated funds (000s) | Sale of affiliated funds (000s) | |||||||
Underlying Funds | |||||||||
Harbor Capital Appreciation Fund | $ 46 | $ 23 | $— | $ 6 | $ (1) | ||||
Harbor Mid Cap Growth Fund | 25 | 12 | — | 5 | (3) | ||||
Harbor Small Cap Growth Fund | 23 | 10 | — | 6 | (3) | ||||
Harbor Large Cap Value Fund | 45 | 27 | 1 | 5 | (2) | ||||
Harbor Mid Cap Value Fund | 31 | 19 | 1 | 1 | (2) | ||||
Harbor Small Cap Value Fund | 22 | 14 | — | 2 | (2) | ||||
Harbor International Fund | 67 | 35 | 2 | 5 | (5) | ||||
Harbor International Growth Fund | 41 | 25 | 1 | — | (2) | ||||
Harbor Global Growth Fund | 18 | 10 | — | 1 | (1) | ||||
Harbor Commodity Real Return Strategy Fund | 12 | 7 | 1 | — | (3) | ||||
Harbor Unconstrained Bond Fund | 3 | 2 | — | — | — | ||||
Harbor High-Yield Bond Fund | 11 | 7 | 1 | — | (1) | ||||
Harbor Bond Fund | 15 | 11 | 1 | — | (1) | ||||
Total | $359 | $202 | $ 8 | $ 31 | $(26) |
Notes to Financial Statements—Continued
Transfer Agent Fees | |
Institutional Class | 0.00% of the average daily net assets of all Institutional shares |
Administrative Class | 0.00% of the average daily net assets of all Administrative shares |
Investor Class | 0.12% of the average daily net assets of all Investor shares |
Notes to Financial Statements—Continued
Number of Shares Owned by Harbor Capital, Harbor Funds Distributors, and Harbor Services Group | Percentage of Outstanding Shares | ||||||||
Institutional Class | Administrative Class | Investor Class | Total | ||||||
Harbor Target Retirement Income Fund | 8,811 | 1,762 | 1,762 | 12,335 | 0.8% | ||||
Harbor Target Retirement 2015 Fund | 8,306 | 1,661 | 1,661 | 11,628 | 1.6 | ||||
Harbor Target Retirement 2020 Fund | 23,162 | 1,944 | 1,944 | 27,050 | 1.0 | ||||
Harbor Target Retirement 2025 Fund | 23,099 | 1,585 | 1,585 | 26,269 | 2.6 | ||||
Harbor Target Retirement 2030 Fund | 39,415 | 2,263 | 2,263 | 43,941 | 1.6 | ||||
Harbor Target Retirement 2035 Fund | 28,730 | 1,562 | 1,562 | 31,854 | 3.7 | ||||
Harbor Target Retirement 2040 Fund | 12,943 | 2,479 | 2,479 | 17,901 | 0.8 | ||||
Harbor Target Retirement 2045 Fund | 50,618 | 1,583 | 1,583 | 53,784 | 12.2 | ||||
Harbor Target Retirement 2050 Fund | 22,369 | 2,365 | 2,365 | 27,099 | 1.3 | ||||
Harbor Target Retirement 2055 Fund | 10,163 | 1,035 | 1,035 | 12,233 | 13.5 |
Identified Cost (000s) | Gross Unrealized | Net Unrealized Appreciation/ (Depreciation) (000s) | ||||||
Appreciation (000s) | (Depreciation) (000s) | |||||||
Harbor Target Retirement Income Fund | $14,140 | $ 51 | $ (700) | $ (649) | ||||
Harbor Target Retirement 2015 Fund | 7,784 | 10 | (324) | (314) | ||||
Harbor Target Retirement 2020 Fund | 26,411 | 211 | (1,449) | (1,238) | ` | |||
Harbor Target Retirement 2025 Fund | 12,188 | 58 | (580) | (522) | ||||
Harbor Target Retirement 2030 Fund | 24,354 | 506 | (1,329) | (823) | ||||
Harbor Target Retirement 2035 Fund | 11,315 | 26 | (605) | (579) | ||||
Harbor Target Retirement 2040 Fund | 18,159 | 801 | (791) | 10 | ||||
Harbor Target Retirement 2045 Fund | 5,987 | 94 | (295) | (201) | ||||
Harbor Target Retirement 2050 Fund | 18,610 | 1,071 | (798) | 273 | ||||
Harbor Target Retirement 2055 Fund | 923 | — | (44) | (44) |
Notes to Financial Statements—Continued
Fees and Expenses Example (Unaudited)
Annualized Expense Ratios | Expenses Paid During Period* | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor Target Retirement Income Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $1,011.00 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $1,009.90 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Investor Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $1,009.90 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Harbor Target Retirement 2015 Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $1,006.20 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $1,005.30 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Investor Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $1,006.20 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 |
Fees and Expenses Example—Continued
Annualized Expense Ratios | Expenses Paid During Period* | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor Target Retirement 2020 Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $1,002.20 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $1,002.30 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Investor Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $1,002.20 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Harbor Target Retirement 2025 Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $ 999.70 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 999.80 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Investor Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 999.80 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Harbor Target Retirement 2030 Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $ 996.10 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 995.00 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Investor Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 995.00 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Harbor Target Retirement 2035 Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $ 992.10 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 992.80 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Investor Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 992.80 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Harbor Target Retirement 2040 Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $ 989.50 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 989.60 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Investor Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 989.60 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 |
Fees and Expenses Example—Continued
Annualized Expense Ratios | Expenses Paid During Period* | Beginning Account Value November 1, 2015 | Ending Account Value April 30, 2016 | |||||
Harbor Target Retirement 2045 Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $ 985.20 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 985.20 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Investor Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 985.20 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Harbor Target Retirement 2050 Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $ 981.00 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 981.00 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Investor Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 981.00 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Harbor Target Retirement 2055 Fund | ||||||||
Institutional Class | 0.00% | |||||||
Actual | $0.00 | $1,000 | $ 980.40 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Administrative Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 980.50 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 | |||||
Investor Class | 0.00% | |||||||
Actual | $0.00** | $1,000 | $ 980.50 | |||||
Hypothetical (5% return) | 0.00 | 1,000 | 1,024.86 |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
** | Transfer agent fees and 12b-1 fees have been waived for the reporting period. |
Additional Information (Unaudited)
Additional Information—Continued
• | the nature, extent, and quality of the services provided by the Adviser, including the background, education, expertise and experience of the investment professionals of the Adviser who provide services to the Target Retirement Funds; |
• | the favorable history, reputation, qualifications and background of the Adviser, as well as the qualifications of its personnel; |
• | the profitability of the Adviser with respect to each Target Retirement Fund, including the effect of revenues of Harbor Services Group, Inc. (“Harbor Services Group”), the Target Retirement Funds’ transfer agent, and Harbor Funds Distributors, Inc. (“Harbor Funds Distributors”), the Target Retirement Funds’ principal underwriter, on such profitability; |
• | while no fees were proposed to be charged by the Adviser for investment advisory services, the Adviser would benefit from assets invested in the Target Retirement Funds in the form of increased advisory fees from the underlying Harbor Funds attributable to assets invested in such Funds by the Target Retirement Funds; |
• | the fees and expense ratios of each Target Retirement Fund relative to the quality of services provided and the fees and expense ratios of similar investment companies; |
• | the short- and long-term investment performance of each Target Retirement Fund in comparison to peer funds and the impact of the Target Retirement Funds’ glidepaths on relative performance; |
• | the compensation received by Harbor Services Group and Harbor Funds Distributors in consideration of the services each provides to the Target Retirement Funds, and any other “fall out” benefits that inure to the Adviser and its affiliates as a result of their relationship with the Target Retirement Funds; |
• | information received at regular meetings throughout the year related to Target Retirement Funds’ performance and services rendered by the Adviser; and |
• | information contained in materials provided by the Adviser and compiled by Access Data Corp., a Broadridge entity (“Broadridge”), as to the investment returns, advisory fees and total expense ratios of each share class of each Target Retirement Fund (and, in certain cases, total expense ratios of certain other classes) relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge. |
Additional Information—Continued
Additional Information—Continued
Additional Information—Continued
Name (Age) Position(s) with Fund | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years | Number of Portfolios In Fund Complex Overseen By Trustee | Other Directorships Of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years |
INDEPENDENT TRUSTEES | ||||
Scott M. Amero (52) Trustee | Since 2014 | Chairman (2015-Present) and Trustee (2011-2015), Rare (conservation non-profit); Trustee, Berkshire School (2014–Present); BlackRock, Inc., (publicly traded investment management firm) Vice Chairman and Global Chief Investment Officer, Fixed Income (2010), Vice Chairman and Global Chief Investment Officer, Fixed Income, and Co-Head, Fixed Income Portfolio Management (2007-2010). | 30 | None |
Raymond J. Ball (71) Trustee | Since 2006 | Sidney Davidson Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (2000-Present); Academic Affiliate, Analysis Group (litigation consulting firm) (2000-Present); Financial Reporting Faculty Advisory Group of the Institute of Chartered Accountants in England and Wales (2008-Present); and Advisory Board of the Center for Accounting Research & Education at University of Notre Dame (2006-Present). | 30 | None |
Donna J. Dean (64) Trustee | Since 2010 | Chief Investment Officer of the Rockefeller Foundation (a private foundation) (1995-Present); and Trustee of Queens University of Charlotte, North Carolina (2000-2014). | 30 | None |
Randall A. Hack (69) Trustee | Since 2010 | Founder and Senior Managing Director of Capstone Capital LLC (a private investment firm) (2003-Present); Director of Tower Development Corporation (cell tower developer) (2009-Present); and Advisory Director of Berkshire Partners (a private equity firm) (2002-2013). | 30 | Director of FiberTower Corporation (2002-2011). |
Robert Kasdin (58) Trustee | Since 2014 | Senior Vice President and Chief Operating Officer, Johns Hopkins Medicine (2015-Present); Senior Executive Vice President, Columbia University (2002-2015); Trustee, National September 11 Memorial & Museum at the World Trade Center (2005-Present); Trustee, The Metropolitan Museum of Art (2014-2015); Trustee (2004-2014) and President of the Board of Trustees (2006-2011), The Dalton School; Trustee, ARTstor Digital Library (a nonprofit digital images resource) (2013-Present); Director, Apollo Commercial Real Estate Finance, Inc. (2014-Present); and Director, Noranda Aluminum Holdings Corp. (2007-2014). | 30 | Director of Noranda Aluminum Holdings Corporation (2007-2014); Director of Apollo Commercial Real Estate Finance, Inc. (2014-Present). |
Rodger F. Smith (75) Trustee | Since 1987 | Managing Director, Greenwich Associates (a research based consulting firm) (1976-Present); and Chair of Trust Advisory Committee of Tau Beta Pi Association (engineering honor society) (1985-Present). | 30 | None |
Ann M. Spruill (62) Trustee | Since 2014 | Partner (1993-2008), Member of Executive Committee (1996-2008), Member Board of Directors (2002-2008), Grantham, Mayo, Van Otterloo & Co, LLC (private investment management firm) (with the firm since 1990); Member Investment Committee and Chair of Global Equities, Museum of Fine Arts, Boston (2000-Present); and Trustee, Financial Accounting Foundation (2014-Present). | 30 | None |
Additional Information—Continued
Name (Age) Position(s) with Fund | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years | Number of Portfolios In Fund Complex Overseen By Trustee | Other Directorships Of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years |
INTERESTED TRUSTEE | ||||
David G. Van Hooser (69)* Chairman, Trustee and President | Since 2000 | President (2002-Present), Director and Chairman of the Board (2000-Present), Harbor Capital Advisors, Inc.; Chief Executive Officer (2007-Present), Chief Financial Officer (2012-2015), Treasurer (2007-2012) and Director (2000-Present), Harbor Funds Distributors, Inc.; and Director (2000-Present), Harbor Services Group, Inc. | 30 | None |
Name (Age) Position(s) with Fund Address | Term of Office and Length of Time Served1 | Principal Occupation(s) During Past Five Years |
FUND OFFICERS NOT LISTED ABOVE** | ||
Charles F. McCain (46) Chief Compliance Officer | Since 2004 | Executive Vice President and General Counsel (2004-Present) and Chief Compliance Officer (2004-2014), Harbor Capital Advisors, Inc.; Director (2007-Present) and Chief Compliance Officer (2004-Present), Harbor Services Group, Inc.; and Director, Executive Vice President and Chief Compliance Officer (2007-Present), Harbor Funds Distributors, Inc. |
Anmarie S. Kolinski (44) Treasurer | Since 2007 | Executive Vice President and Chief Financial Officer (2007-Present), Harbor Capital Advisors, Inc.; Chief Financial Officer (2007-Present), Harbor Services Group, Inc.; and Chief Financial Officer (2015-Present) and Treasurer (2012-Present), Harbor Funds Distributors, Inc. |
Erik D. Ojala (41) Vice President and Secretary; AML Compliance Officer | Since 2007; Since 2010 | Senior Vice President and Associate General Counsel (2007-Present) and Secretary (2010-Present), Harbor Capital Advisors, Inc.; and Assistant Secretary (2014-Present), Harbor Services Group, Inc. |
Brian L. Collins (47) Vice President | Since 2005 | Executive Vice President and Chief Investment Officer (2004-Present), Harbor Capital Advisors, Inc. |
Charles P. Ragusa (56) Vice President | Since 2007 | Executive Vice President (2007-Present), Harbor Capital Advisors, Inc.; President (2007-Present), Harbor Services Group, Inc.; and Executive Vice President and AML Compliance Officer (2007-Present), Harbor Funds Distributors, Inc. |
Jodie L. Crotteau (44) Assistant Secretary | Since 2014 | Senior Vice President and Chief Compliance Officer, Harbor Capital Advisors, Inc. (2014-Present); Assistant Secretary (2015-present), Harbor Services Group, Inc.; Assistant Secretary (2016-present), Harbor Funds Distributors, Inc.; Vice President and Chief Compliance Officer, Grosvenor Registered Funds (2011-2014); Vice President, Grosvenor Capital Management, L.P. (2010-2014); Assistant Secretary (2005-2010) and AML Compliance Officer (2007-2010), Harbor Funds; Vice President, Secretary and Compliance Director (2007-2010), Harbor Capital Advisors, Inc.; Assistant Secretary (2005-2010), Harbor Services Group, Inc.; and Assistant Secretary (2007-2010), Harbor Funds Distributors, Inc. |
Susan A. DeRoche (63) Assistant Secretary | Since 2006 | Senior Vice President and Compliance Director (2007-Present) and Assistant Secretary (2006-Present), Harbor Capital Advisors, Inc.; Senior Vice President (2011–Present) and Secretary (2007-Present), Harbor Funds Distributors, Inc.; and Secretary (2014-Present) and Assistant Secretary (2012-2013), Harbor Services Group, Inc. |
John M. Paral (47) Assistant Treasurer | Since 2013 | Vice President (2012-Present) and Financial Reporting Manager (2007-Present), Harbor Capital Advisors, Inc. |
1 | Each Trustee serves for an indefinite term, until his successor is elected. Each Officer is elected annually. |
* | Mr. Van Hooser is deemed an “Interested Trustee” due to his affiliation with the Adviser and Distributor of Harbor Funds. |
** | Officers of the Funds are “interested persons” as defined in the Investment Company Act. |
111 South Wacker Drive, 34th Floor | Chicago, IL 60606-4302 | 800-422-1050 | harborfunds.com |
Chairman, President & Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Chief Compliance Officer
Treasurer
Vice President, Secretary &
AML Compliance Officer
Vice President
Vice President
Assistant Secretary
Assistant Secretary
Assistant Treasurer
111 South Wacker Drive
34th Floor
Chicago, IL 60606-4302
312-443-4400
111 South Wacker Drive
34th Floor
Chicago, IL 60606-4302
312-443-4600
P.O. Box 804660
Chicago, IL 60680-4108
800-422-1050
State Street Financial Center
1 Lincoln Street
Boston, MA 02111-2900
Table of Contents
(a) | The Registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the report to shareholders filed under Item 1 of this report on Form N-CSR. |
(b) | Not applicable. |
(a) | The Registrant’s Principal Executive and Principal Financial Officers concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these disclosure controls and procedures as of a date within 90 days of the filing of this report. |
(b) | There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
(a) | A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) is attached hereto. |
(b) | Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto. |
Chairman, President and Trustee
(Principal Executive Officer)
By: | /s/ David G. Van Hooser David G. Van Hooser | Chairman, President and Trustee (Principal Executive Officer) | July 1, 2016 |
By: | /s/ Anmarie S. Kolinski Anmarie S. Kolinski | Treasurer (Principal Financial and Accounting Officer) | July 1, 2016 |
Number | Description | |
99.CERT1 | Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). | |
99.CERT2 | Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). | |
99.906CERT | Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). |