• Sig Segalas - 2nd Quarter, 2010
• Growth-stock portfolio could outperform in sluggish economy
• Stock prices reversed their year-long rally and fell in the second quarter of 2010, as fear returned to the financial markets, says Sig Segalas, Portfolio Manager of the Harbor Capital Appreciation Fund.
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• Michael Carmen - 2nd Quarter, 2010
• Broad based stock market decline reflected shift in investor psychology
• Investor sentiment shifted from positive to negative in the second quarter of 2010, resulting in a sharp retreat in the stock market, says Michael Carmen, Portfolio Manager of the Harbor Mid Cap Growth Fund.
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• Will Muggia - 2nd Quarter, 2010
• M&A moves helped Small Cap Growth Fund in a down quarter
• Merger and acquisition activity boosted the performance of the Harbor Small Cap Growth Fund against the backdrop of a sharp decline in stock market indices in the second quarter of 2010, says Portfolio Manager Will Muggia.
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• Rick Helm - 2nd Quarter, 2010
• Stocks reversed course in second quarter
• Stocks reached their year-to-date peaks in the second quarter of 2010 and then declined sharply as weak employment data combined with sovereign debt issues and the oil spill in the Gulf of Mexico...
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• Bhaskaran Swaminathan, Director of Research - 2nd Quarter, 2010
• Stock market retreat triggered by economic concerns
• Fears that the economic recovery could be faltering sparked a sharp decline in stock prices in the second quarter of 2010, says Bhaskaran Swaminathan, Director of Research for LSV Asset Management, subadviser for the Harbor Mid Cap Value Fund.
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• Paul Viera - 2nd Quarter, 2010
• Small-cap banks still facing serious challenges
• An underweighted exposure to the Financials sector helped the Harbor Small Cap Value Fund outperform its benchmark in the second quarter of 2010, according to Portfolio Manager Paul Viera.
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• Andrew Moloff - 2nd Quarter, 2010
• Profit-taking generates cash for new investments
• As stock prices fell in the second quarter of 2010, a cautious portfolio strategy helped the Harbor Small Company Value Fund take advantage of developing investment opportunities, according to Portfolio Manager Andrew Moloff.
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• Howard Appleby - 2nd Quarter, 2010
• Harbor International team focuses on long-term strategy
• Managers of the Harbor International Fund made a number of portfolio adjustments during the second quarter of 2010 but maintained their overall long-term strategy based on expectations of economic growth in most parts of the world.
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Harbor International Growth Fund

• No commentary available
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• John Goetz - 2nd Quarter, 2010
• Stock market decline reveals new opportunities
• A variety of new investment opportunities emerged in the wake of a broad-based decline in stock prices in the second quarter of 2010, according to John Goetz, Portfolio Manager of the Harbor Global Value Fund.
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Harbor Global Growth Fund

• No commentary available
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• PIMCO Investment Strategy Group - 2nd Quarter, 2010
• Fund outperformed benchmark in weak environment for commodities
• Commodity prices continued to ease in the second quarter of 2010 amid signs of weakness in the pace of economy recovery.
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• PIMCO Investment Strategy Group - 2nd Quarter, 2010
• Unconstrained Bond Fund designed for flexible management
• The Harbor Unconstrained Bond Fund posted a positive return for the second quarter of 2010, the first three-month period since its inception on April 1, 2010. The Fund returned 1.79% for the quarter.
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• Mark Flanagan - 2nd Quarter, 2010
• Bonds outperformed equities amid signs of economic weakness
• Emerging signs of economic weakness caused equity and fixed income markets to move in opposite directions in the second quarter of 2010, according to Mark Flanagan, Portfolio Manager of the Harbor High-Yield Bond Fund.
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• PIMCO Investment Strategy Group - 2nd Quarter, 2010
• Investors seeking safety boosted bond prices in second quarter
• Investment-grade bonds provided positive returns in the second quarter of 2010 while many major stock market indices posted declines of 10% or more.
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• PIMCO Investment Strategy Group - 2nd Quarter, 2010
• Inflation-protected bonds were among second quarter's leading performers
• Inflation-linked securities were among the best-performing asset classes in the second quarter of 2010 with a return of 3.82%, as measured by the Barclays Capital U.S. TIPS Index.
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• Ken O'Donnell - 2nd Quarter, 2010
• Weak recovery appears likely to keep short-term rates at low levels
• With a number of indicators pointing to a slowing pace of economic growth, short-term interest rates appear likely to remain low at least through the end of 2010, in the view of Ken O'Donnell, Portfolio Manager of the Harbor Short Duration Fund.
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• Ken O'Donnell - 2nd Quarter, 2010
• Low-rate environment could persist into early 2011
• Returns of money market instruments remained in the near-zero range in the second quarter of 2010, as the Federal Reserve continued its efforts to support the economic recovery by holding the target federal funds rate in a range of 0% to 0.25%.
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