Shenkman Capital to Manage New Harbor Convertible Securities Fund

CHICAGO, May 2, 2011 /PRNewswire/ -- Harbor Funds today announced the addition of the Harbor Convertible Securities Fund to its lineup of no-load mutual funds. The new Fund, which commences operations today, will be managed by Shenkman Capital Management, Inc.

The Harbor Convertible Securities Fund seeks to maximize total return by investing primarily in a portfolio of convertible securities, with a focus on securities rated below investment grade, commonly referred to as high-yield or junk bonds. The portfolio manager selects securities issued by companies that are believed to have potential for positive credit momentum and credit-rating upgrade and/or equity appreciation. In addition to considering company fundamentals, the portfolio manager also considers a range of more technical factors related to the convertible nature of these securities.  The portfolio manager will invest primarily in securities denominated in U.S. dollars, but may invest in securities denominated in other currencies.

"We are excited to partner with Shenkman Capital on another fund offering," said David G. Van Hooser, Chairman and Chief Executive Officer of Harbor Capital Advisors.  "Shenkman Capital's credit expertise and track record in the convertibles market makes them ideally suited to subadvise this fund."

Raymond F. Condon, a Senior Vice President and Portfolio Manager at Shenkman Capital, has over 34 years of investment experience and will serve as the portfolio manager for the Harbor Convertible Securities Fund.  Shenkman Capital, with offices in New York, NY, Stamford, CT, and London, U.K., has also managed the Harbor High-Yield Bond Fund since its inception in 2002.

There is no guarantee that the Fund's investment goal will be achieved. Convertible securities fluctuate in price and the value of a shareholder's investment in the Fund could go down. Convertible securities generally tend to be of lower credit quality; the value of a convertible security generally fluctuates with changes in the value of the underlying common stock and may also be sensitive to changes in interest rates. In addition, below-investment-grade securities are considered speculative because they have a high risk of issuer default, are subject to greater price volatility, and may be illiquid. The Fund charges a redemption fee of 1% on redemption of shares that are held for less than nine months. Other risks also apply; these are discussed in the Fund's prospectus.

The Harbor Funds lineup of actively managed no-load mutual funds had combined net assets of approximately $60.3 billion as of March 31, 2011. Each Harbor fund is managed by an institutional investment firm chosen by Harbor Capital Advisors, Inc. because of its experience in a specific asset class.

Investors should consider the Fund's investment objectives, risks, fees and expenses carefully before investing.  For this and other important information, please obtain a prospectus by calling 800-422-1050 or visiting www.harborfunds.com and read it carefully before investing.  

Distributed by Harbor Funds Distributors, Inc.

SOURCE Harbor Funds

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