Harbor Money Market Fund Writes in a 1st Quarter, 2016 Commentary, "Money market returns remained stable, susceptible to Federal Reserve'​s accommodation policy.... Short-​term interest rates stabilized in the first quarter of 2016 after rising significantly at prior year end. In terms of the yield curve, December'​s monetary policy tightening by the U.​S. Federal Reserve (​the Fed) boosted short-​term interest rates off the near-​zero interest rate floor. Since year end, market sentiment has shifted considerably, reducing expectations for additional stages of tightening in the coming year. Against this backdrop, the Harbor Money Market Fund returned 0.​07% for the first quarter, in line with its benchmark, the BofA Merrill Lynch US 3-​Month Treasury Bill Index, which also posted a return of 0.​07%.... Portfolio Manager Ken O'​Donnell'​s comments were made in an April 11, 2016 interview." He discusses the "Growing Attractiveness of Money Market Securities," saying, "With improving returns, the relative attractiveness of money market funds should continue to draw interest from investors. At current yield levels, money market funds remain competitive relative to U.​S. Treasury bills and other short-​term government securities, and are likely to become increasingly competitive relative to short-​term deposit rates. From a sector perspective, we maintained the conservative strategy of investing exclusively in government and agency securities, which we believe should provide the most value on a risk-​adjusted basis."

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