Harvard's top money investors were well rewarded for their billion-dollar efforts last year, according to figures released by the Harvard Management Company (HMC).

Bonuses for two of HMC's highest-paid managers reached the eight-figure mark, and three other bonuses given by HMC topped $5 million.

HMC's highest paid investment professionals for the last year was Jeffery Larson, who earned a $16.7 million after an impressive performance with foreign stocks, and bond specialist David Mittelman, who was paid $10.7 million.

By contrast, Harvard President Neil L. Rudenstine was paid less than $350,000 last year.

HMC's chief executive, Jack Meyer, said that the figures represented incentives based on performance--"not a salary."

"Every manager receives a modest salary," Meyer said. "The [five highest paid managers] earn that much compensation because they have added tremendous value for Harvard."

Performance bonuses are based on individual results by investment managers over a multi-year period. Managers do not receive bonuses solely because the markets see increases.

"If the S&P 500 index of stocks goes up 20 percent, the manager's goes up 20 percent, but he receives no bonus. He would earn only if he outperforms the benchmark," Meyer said.