Fund Description

The fund was incepted in December 2002 and is managed by Harbor Capital Advisors, Inc. The fund seeks total return. The fund invests primarily in below investment grade bonds of corporate issuers. The fund may also invest in private placements with registration rights. The fund invests at least 80% of its net assets 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, commonly referred to as ''high-yield ''or 'junk bonds.' Dividends and capital gains are distributed annually in December.