




The Harbor Global Value Fund is subadvised by Pzena Investment Management, LLC. The Fund invests primarily in equity securities – mainly common stocks – of companies located throughout the world, including the U.S., developed and emerging market countries. Companies in the portfolio typically have market capitalizations in excess of $2 billion at the time of purchase.
The portfolio manager looks to identify companies that are undervalued relative to their long-term earnings potential, ranks them using a quantitative screening process, and then researches those that are the least expensive. The manager examines whether the problems that caused the company's earnings shortfall are permanent or temporary and selects the security for investment only when it's believed:
The Fund looks to invest in approximately 40-60 companies in a minimum of five countries, one of which may be the U.S. The Fund normally sells a security when the portfolio manager determines it has reached its target price; there has been a major change in the company's business; the expectations of earnings appear unlikely to be met or a more desirable investment opportunity has surfaced.
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As of Quarter-Ended 06/30/2010
YTD 1 Year 5 Year 10 Year Since Inception -9.63% 15.22% N/A N/A -11.04%
Performance data shown represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data shown. Investment returns and the value of an investment will fluctuate, and an investor's shares, when sold, may be worth more or less than their original cost. You can obtain performance data current to the most recent month-end (available within seven business days after the most recent month-end) by calling 800-422-1050 or visiting www.harborfunds.com.
The Harbor Funds performance shown assumes the reinvestment of dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized.
From time to time, certain fees and/or expenses have been voluntarily waived, which has resulted in higher returns. Without these waivers, the returns would have been lower. Voluntary waivers may be applied or discontinued at any time without notice.
The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. This unmanaged index does not reflect fees and expenses and is not available for direct investment.
The Harbor Global Value Fund received a 1-star Overall Morningstar Rating™ as of 07/31/2010 out of 593 World Stock funds. Global Value Fund was rated 1-star among 593 domestic World Stock funds for the three-year period ended 07/31/2010. The Morningstar Rating is for the Institutional share class only; other classes may have different performance characteristics.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar risk-adjusted return measure that accounts for variations in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.
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