Fund Facts  

Inception Date: Dec 2, 2002
Ticker Symbol: HYFIX
Morningstar Category:High Yield Bond
As of Mar 31, 2016
Fund Net Assets ($millions) $1,782

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks total return.

Principal Investment Strategies  

Under normal market conditions, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of below investment-grade, high-risk, corporate bonds that are rated below Baa3 by Moody's or below BBB- by S&P or Fitch, commonly referred to as "high yield" or "junk" bonds. It may invest up to 20% of its net assets in bank loans and up to 10% of its total assets in equity securities, including common stock. Additionally, the fund may invest a portion of its assets in credit default swaps in which the fund may be either the buyer or the seller.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Risk Glossary for additional information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Mar 31, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Harbor High-Yield Bond Inva2.38%2.38%-4.48%1.18%3.46%5.25%6.38%
BofA ML US High Yield Master II Indexa,b3.25%3.25%-3.99%1.75%4.71%6.85%N/A
Morningstar High Yield Bonda,c2.13%2.13%-4.17%1.06%3.84%5.55%N/A

Fund past performance, as shown, is no guarantee of how the fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total annual fund operating expensesa1.08%
Fee waiver and/or expense reimbursement0.04%
Total expenses1.04%

A contractual expense waiver exists for this fund and will expire on 02-28-2017.

 

a. Returns and/or expenses provided by Morningstar, Inc. Copyright © 2016. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ICMA-RC does not independently verify Morningstar data.

b. The BofA ML US High Yield Master II Index is a broad-based index consisting of all U.S.-dollar-denominated high-yield bonds with a minimum outstanding amount of $100 million and with a maturity of greater than one year. The quality rating is less than BBB.

c. The Morningstar Category Average is the equal-weighted average return of all funds per category, as identified by Morningstar, Inc.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Mar 30, 2016Mar 30, 2016$0.103050000
Dec 17, 2015Dec 17, 2015$0.147200000
Sep 24, 2015Sep 24, 2015$0.118610000
Jun 29, 2015Jun 29, 2015$0.123990000
Mar 30, 2015Mar 30, 2015$0.128000000
Dec 18, 2014Dec 18, 2014$0.350270000
Sep 25, 2014Sep 25, 2014$0.122580000
Jun 26, 2014Jun 26, 2014$0.142090000
Mar 27, 2014Mar 27, 2014$0.114910000
Dec 17, 2013Dec 17, 2013$0.465810000
Sep 26, 2013Sep 26, 2013$0.133280000
Jun 27, 2013Jun 27, 2013$0.137560000
Mar 28, 2013Mar 28, 2013$0.112340000
 

Morningstar Information

Morningstar Rating   As of Mar 31, 2016
Period Stars Category Size
Overall 3 Stars646
3-Year 3 Stars646
5-Year 3 Stars530
10-Year 3 Stars365

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Allocation of Assets As of Dec 31, 2015
Type of Asset Percent
Equity0%
Fixed Income93%
Cash/Other7%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Dec 31, 2015
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond81.3%
Foreign Bond11.2%
Preferred0.0%
Convertible0.0%
Cash6.7%
Other0.8%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Dec 31, 2015
SectorPercent
Corporate89.6%
Cash & Equivalents6.7%
Government1.4%
Securitized1.2%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Jun 30, 2013
Quality LevelPercent
AAA0.0%
AA0.0%
A0.0%
BBB2.2%
BB38.2%
B45.8%
Below B11.4%
Not Rated2.5%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Dec 31, 2015
Holding NamePercent
Reynolds Grp Issuer 5.75%1.3%
William Morris Endeavor Ent Term Loan B1.0%
Nrg Engy 6.25%1.0%
Hughes Satellite Sys 7.625%1.0%
Sirius Xm Radio 144A 6%0.9%
Cequel Comm Escrow I /Cap 144A 6.375%0.9%
Quicken Lns 144A 0.12%0.8%
Sinclair Tv Grp 5.375%0.8%
Upcb Fin Iv 144A 0.01%0.8%
Alliance Data Sys 144A 6.375%0.8%
 

Statistics

Portfolio Statistics As of Mar 31, 2016
Statistic3-Year5-Year
Beta0.940.89
Alpha-0.47-0.73
Standard Deviation5.645.90
 
 

Trading Restrictions

Redemption Fee  
Holding PeriodFee
90 days1.0%
 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2016 Morningstar, Inc.® All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.