When considering securities for the Fund, the portfolio manager uses an analysis of economic and market data as well as their knowledge of each country's political, social and economic culture. Using a value-oriented, bottom-up approach, the portfolio manager also looks for:
The Fund typically invests in a minimum of ten countries throughout the world at a time, and focuses on companies located in Europe, the Pacific Basin, and emerging industrialized nations whose economies and political regimes appear stable.
As of Quarter Ended 09/30/2014
YTD 1 Year 5 Year 10 Year Since Inception -3.06% 1.48% 7.32% 8.75% 11.23%
Performance data shown represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the past 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 or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.
The MSCI EAFE (ND) Index is an unmanaged index generally representative of major overseas stock markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.
The Harbor International Fund received a 4-star Overall Morningstar Rating™ as of 09/30/2014 out of 682 Foreign Large Blend funds. International Fund was rated 3-star among 682, 4-star among 612, and 4-star among 333 domestic Foreign Large Blend funds for the three-, five- and ten-year periods ended 09/30/2014, respectively. The Morningstar Rating is for the Administrative 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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