UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549  

Form N-CSR  

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-4676  

Harbor Funds

(Exact name of Registrant as specified in charter)  

111 South Wacker Drive, 34th Floor
Chicago, Illinois 60606-4302

(Address of principal executive offices) (Zip code)   

Charles F. McCain, Esq. HARBOR FUNDS 111 South Wacker Drive, 34th Floor Chicago, Illinois 60606-4302 Christopher P. Harvey, Esq. DECHERT LLP One International Place – 40th Floor 100 Oliver Street Boston, MA 02110-2605

(Name and address of agent for service)  

Registrant’s telephone number, including area code: (312) 443-4400

Date of fiscal year end: April 30

Date of reporting period: April 30, 2023

ITEM 1 – REPORTS TO STOCKHOLDERS

The following are copies of reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1):

 

Semi-Annual Report

Harbor Funds

April 30, 2023 

Harbor Capital Appreciation Fund

Harbor Convertible Securities Fund

Harbor Core Bond Fund

Harbor Core Plus Fund

Harbor Disruptive Innovation Fund

Harbor Diversified International All Cap Fund

Harbor Global Leaders Fund

Harbor International Fund

Harbor International Core Fund (formerly, Harbor Overseas Fund)

Harbor International Growth Fund

Harbor International Small Cap Fund

Harbor Large Cap Value Fund

Harbor Mid Cap Fund

Harbor Mid Cap Value Fund

Harbor Small Cap Growth Fund

Harbor Small Cap Value Fund

 

 

Table of Contents

 

Harbor Funds
Harbor Capital Appreciation Fund
Portfolio of Investments	1
Harbor Convertible Securities Fund
Portfolio of Investments	3
Harbor Core Bond Fund
Portfolio of Investments	7
Harbor Core Plus Fund
Portfolio of Investments	13
Harbor Disruptive Innovation Fund
Portfolio of Investments	20
Harbor Diversified International All Cap Fund
Portfolio of Investments	22
Harbor Global Leaders Fund
Portfolio of Investments	29
Harbor International Fund
Portfolio of Investments	31
Harbor International Core Fund
Portfolio of Investments	38
Harbor International Growth Fund
Portfolio of Investments	47
Harbor International Small Cap Fund
Portfolio of Investments	50
Harbor Large Cap Value Fund
Portfolio of Investments	53
Harbor Mid Cap Fund
Portfolio of Investments	55
Harbor Mid Cap Value Fund
Portfolio of Investments	57
Harbor Small Cap Growth Fund
Portfolio of Investments	60
Harbor Small Cap Value Fund
Portfolio of Investments	62
Financial Statements
StatementS of Assets and Liabilities	65
StatementS of Operations	71
Statements of Changes In Net Assets	75
Financial Highlights	87
Notes to Financial Statements	120
Fees and Expenses Example	132
Additional Information
Proxy Voting	137
Householding	137
Quarterly Portfolio Disclosures	137
ADVISORY AGREEMENT APPROVALS	137
Review of Liqudity Risk Management Program	147

  
This material is intended for the Funds’ shareholders. It may be distributed to prospective investors only if it is preceded or accompanied by the current prospectus. Prospective investors should carefully consider the investment objectives, risks, charges and expenses of a Harbor Fund before investing. To obtain a summary prospectus or prospectus for this and other information, visit harborcapital.com or call 800-422-1050. Read it carefully before investing. 

Harbor Funds Distributors, Inc. is the Distributor of the Harbor Funds. 

Harbor Capital Appreciation Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Jennison Associates LLC

  

Sector Allocation (% of investments)

  
   

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—99.1%
Shares			Value
AUTOMOBILES—3.6%
	4,859,744	Tesla Inc.*	$798,504
BIOTECHNOLOGY—1.3%
	846,344	Vertex Pharmaceuticals Inc.*	288,375
BROADLINE RETAIL—7.4%
	11,642,216	Amazon.com Inc.*	1,227,671
	348,329	MercadoLibre Inc. (Brazil)*	444,987
			1,672,658
CAPITAL MARKETS—1.7%
	341,055	Goldman Sachs Group Inc.	117,132
	329,501	Moody's Corp.	103,173
	442,896	S&P Global Inc.	160,585
			380,890
CONSUMER FINANCE—0.5%
	682,450	American Express Co.	110,106
CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%
	1,003,628	Costco Wholesale Corp.	505,046
ENERGY EQUIPMENT & SERVICES—1.6%
	7,268,489	Schlumberger Ltd.	358,700
ENTERTAINMENT—1.4%
	850,115	Netflix Inc.*	280,478
	902,041	Roblox Corp.*	32,113
			312,591
FINANCIAL SERVICES—7.5%
	179,366	Adyen NV (Netherlands)*,1	288,215
	1,658,828	Mastercard Inc. Class A	630,404
	3,345,549	Visa Inc.	778,610
			1,697,229
GROUND TRANSPORTATION—1.7%
	12,164,173	Uber Technologies Inc.*	377,698

COMMON STOCKS—Continued
Shares			Value
HEALTH CARE EQUIPMENT & SUPPLIES—2.1%
	1,738,442	Dexcom Inc.*	$210,943
	877,329	Intuitive Surgical Inc.*	264,269
			475,212
HEALTH CARE PROVIDERS & SERVICES—2.0%
	891,692	UnitedHealth Group Inc.	438,793
HOTELS, RESTAURANTS & LEISURE—3.0%
	1,717,557	Airbnb Inc.*	205,540
	79,117	Chipotle Mexican Grill Inc.*	163,584
	1,282,570	Marriott International Inc.	217,190
	825,130	Starbucks Corp.	94,304
			680,618
INTERACTIVE MEDIA & SERVICES—6.8%
	5,571,697	Alphabet Inc. Class A*	598,066
	5,554,664	Alphabet Inc. Class C*	601,126
	1,406,165	Meta Platforms Inc.*	337,929
			1,537,121
IT SERVICES—1.1%
	1,627,450	Snowflake Inc.*	240,993
LIFE SCIENCES TOOLS & SERVICES—1.6%
	753,270	Danaher Corp.	178,457
	339,979	Thermo Fisher Scientific Inc.	188,654
			367,111
MEDIA—0.5%
	1,883,209	Trade Desk Inc.*	121,166
PERSONAL CARE PRODUCTS—1.4%
	639,096	L'Oreal SA (France)	305,435
PHARMACEUTICALS—6.7%
	3,599,040	AstraZeneca plc ADR (United Kingdom)2	263,521
	1,840,850	Eli Lilly & Co.	728,719
	3,035,280	Novo Nordisk AS ADR (Denmark)2	507,165
			1,499,405

1

Harbor Capital Appreciation Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.4%
	3,699,424	Advanced Micro Devices Inc.*	$330,617
	474,865	ASML Holding NV New York Registry Shares (Netherlands)	302,423
	746,350	Broadcom Inc.	467,588
	5,262,319	NVIDIA Corp.	1,460,241
			2,560,869
SOFTWARE—13.8%
	923,573	Adobe Inc.*	348,704
	1,218,496	Atlassian Corp. plc*	179,923
	988,109	Cadence Design Systems Inc.*	206,960
	1,256,954	CrowdStrike Holdings Inc.*	150,898
	5,881,345	Microsoft Corp.	1,807,102
	1,551,122	Salesforce.com Inc.*	307,696
	246,111	ServiceNow Inc.*	113,068
			3,114,351
SPECIALIZED REITs—1.3%
	1,442,651	American Tower Corp.	294,863
SPECIALTY RETAIL—4.1%
	739,562	Home Depot Inc.	222,268
	301,904	O'Reilly Automotive Inc.*	276,940
	3,126,743	TJX Companies Inc.	246,450
	303,934	ULTA Beauty Inc.*	167,598
			913,256

COMMON STOCKS—Continued
Shares			Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.3%
	9,629,017	Apple Inc.	$1,633,852
TEXTILES, APPAREL & LUXURY GOODS—5.9%
	1,037,943	Lululemon Athletica Inc.*	394,346
	679,413	LVMH Moet Hennessy Louis Vuitton SE (France)	653,514
	2,164,497	NIKE Inc.	274,285
			1,322,145
WIRELESS TELECOMMUNICATION SERVICES—1.2%
	1,951,464	T-Mobile US Inc.*	280,816
TOTAL COMMON STOCKS
(Cost $12,856,821)			22,287,803
PREFERRED STOCKS—0.7%
(Cost $106,445)
AUTOMOBILES—0.7%
	1,316,365	Dr. Ing. h.c. F. Porsche AG (Germany)*,1	164,834
TOTAL INVESTMENTS—99.8%
(Cost $12,963,266)			22,452,637
CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%			40,228
TOTAL NET ASSETS—100.0%			$22,492,865

 

FAIR VALUE MEASUREMENTS

As of April 30, 2023, the investments in Adyen NV, Dr. Ing. h.c.F. Porsche AG, L’Oreal SA, and LVMH Moet Hennessy Loius Vuitton SE (as disclosed in the preceding Portfolio of Investments) were classified as Level 2 and all other investments were classified as Level 1.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

*	Non-income producing security
1	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $453,049 or 2% of net assets.
2	Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

The accompanying notes are an integral part of the Financial Statements.

2

Harbor Convertible Securities Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: BlueCove Limited

  

Sector Allocation (% of investments)

  
  

Portfolio of Investments

Principal Amounts, Value and Cost in Thousands  

CONVERTIBLE BONDS—84.0%
Principal Amount			Value
AEROSPACE & DEFENSE—1.7%
		Axon Enterprise Inc.
$	500	0.500%—12/15/20271	$565
		Virgin Galactic Holdings
	200	2.500%—02/01/20271	83
			648
AIRLINES—1.8%
		American Airlines Group Inc.
	200	6.500%—07/01/2025	223
		Jetblue Airways Corp.
	600	0.500%—04/01/2026	470
			693
AUTO COMPONENTS—0.9%
		Fisker Inc.
	200	2.500%—09/15/20261	89
		Patrick Industries Inc.
	300	1.750%—12/01/2028	272
			361
BIOTECHNOLOGY—5.2%
		Bridgebio Pharma Inc.
	600	2.500%—03/15/2027	436
		Exact Sciences Corp.
	300	0.375%—03/15/2027	274
	400	1.000%—01/15/2025	447
			721
		Mannkind Corp.
	300	2.500%—03/01/2026	304
		Sarepta Therapeutics Inc.
	500	1.250%—09/15/20271	565
			2,026
CAPITAL MARKETS—2.3%
		Coinbase Global Inc.
	900	0.500%—06/01/2026	584
		New Mountain Finance Corp.
	200	7.500%—10/15/20251	202

CONVERTIBLE BONDS—Continued
Principal Amount			Value
CAPITAL MARKETS—Continued
		WisdomTree Investments
$	100	4.250%—06/15/2023	$108
			894
COMMUNICATIONS EQUIPMENT—0.6%
		Infinera Corp.
	200	2.500%—03/01/2027	218
CONSTRUCTION & ENGINEERING—0.7%
		Granite Construction Inc.
	200	2.750%—11/01/2024	257
CONSUMER FINANCE—1.6%
		EZCorp Inc.
	400	3.750%—12/15/20291	397
		SoFi Technologies Inc.
	300	0.000%—10/15/20261,2	215
			612
DIVERSIFIED CONSUMER SERVICES—0.3%
		Stride Inc.
	100	1.125%—09/01/2027	105
ELECTRICAL EQUIPMENT—1.0%
		Array Technologies Inc.
	300	1.000%—12/01/2028	315
		Sunrun Inc.
	100	0.000%—02/01/20262	68
			383
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.7%
		Insight Enterprises Inc.
	200	0.750%—02/15/2025	356
		Itron Inc.
	200	0.000%—03/15/20262	168
		Par Technology Corp.
	200	1.500%—10/15/2027	154
			678

3

Harbor Convertible Securities Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

CONVERTIBLE BONDS—Continued
Principal Amount			Value
ENERGY EQUIPMENT & SERVICES—1.6%
		Helix Energy Solutions
$	300	6.750%—02/15/2026	$396
		Oil States International Inc.
	200	4.750%—04/01/2026	209
			605
ENTERTAINMENT—2.2%
		Cinemark Holdings Inc.
	100	4.500%—08/15/2025	141
		Liberty Media Corp.
	200	2.250%—08/15/20271	212
		Live Nation Entertainment Inc.
	500	2.000%—02/15/2025	487
			840
FINANCIAL SERVICES—0.8%
		Block Inc.
	400	0.000%—05/01/20262	330
FOOD PRODUCTS—1.3%
		Chefs' Warehouse Inc
	100	2.375%—12/15/20281	101
		Post Holdings Inc.
	400	2.500%—08/15/20271	421
			522
HEALTH CARE EQUIPMENT & SUPPLIES—6.3%
		Alphatec Holdings Inc.
	400	0.750%—08/01/2026	413
		CONMED Corp.
	200	2.250%—06/15/20271	217
		Dexcom Inc.
	200	0.750%—12/01/2023	590
		Haemonetics Corp.
	600	0.000%—03/01/20262	514
		Insulet Corp.
	100	0.375%—09/01/2026	150
		Integer Holdings Corp.
	100	2.125%—02/15/20281	114
		Integra Lifesciences Holdings Corp.
	100	0.500%—08/15/2025	97
		Lantheus Holdings Inc. Co.
	200	2.625%—12/15/20271	266
		Mesa Laboratories Inc.
	100	1.375%—08/15/2025	92
			2,453
HEALTH CARE TECHNOLOGY—0.8%
		Teladoc Health Inc.
	400	1.250%—06/01/2027	321
HOTELS, RESTAURANTS & LEISURE—10.0%
		Airbnb Inc.
	800	0.000%—03/15/20262	699
		Booking Holdings Inc.
	300	0.750%—05/01/2025	449
		Carnival Corp. Co.
	100	5.750%—10/01/2024	117
		Cracker Barrel Old Count
	300	0.625%—06/15/2026	267
		DraftKings Inc.
	500	0.000%—03/15/20282	363

CONVERTIBLE BONDS—Continued
Principal Amount			Value
HOTELS, RESTAURANTS & LEISURE—Continued
		NCL Corp. Ltd.
$	100	1.125%—02/15/2027	$73
	600	2.500%—02/15/2027	455
			528
		Royal Caribbean Cruises Ltd.
	400	2.875%—11/15/2023	409
	400	4.250%—06/15/2023	406
	100	6.000%—08/15/20251	153
			968
		Shake Shack Inc.
	200	0.000%—03/01/20282	150
		The Cheesecake Factory Inc.
	400	0.375%—06/15/2026	335
			3,876
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.4%
		Ormat Technologies Inc.
	200	2.500%—07/15/20271	227
		Sunnova Energy International Inc.
	200	0.250%—12/01/2026	155
	200	2.625%—02/15/20281	163
			318
			545
INTERACTIVE MEDIA & SERVICES—2.1%
		Liberty Tripadvisor Holdings Inc.
	400	0.500%—06/30/20511	312
		Snap Inc.
	700	0.000%—05/01/20272	511
			823
INTERNET & DIRECT MARKETING RETAIL—2.7%
		Etsy Inc.
	400	0.125%—10/01/2026	538
		Wayfair Inc.
	600	0.625%—10/01/2025	455
	100	1.000%—08/15/2026	66
			521
			1,059
IT SERVICES—7.1%
		Block Inc.
	600	0.250%—11/01/2027	465
		Cloudflare Inc.
	700	0.000%—08/15/20262	581
		Fastly Inc.
	600	0.000%—03/15/20262	483
		Okta Inc.
	600	0.125%—09/01/2025	537
	400	0.375%—06/15/2026	339
			876
		Shift4 Payments Inc.
	400	0.500%—08/01/2027	358
			2,763
LEISURE PRODUCTS—0.2%
		Peloton Interactive Inc.
	100	0.000%—02/15/20262	75

4

Harbor Convertible Securities Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

CONVERTIBLE BONDS—Continued
Principal Amount			Value
MACHINERY—0.7%
		Greenbrier Cos. Inc.
$	100	2.875%—04/15/2028	$82
		John Bean Technologies Corp.
	200	0.250%—05/15/2026	185
			267
MEDIA—1.4%
		Dish Network Corp.
	900	0.000%—12/15/20252	443
	200	3.375%—08/15/2026	95
			538
METALS & MINING—0.7%
		ATI Inc.
	100	3.500%—06/15/2025	254
OIL, GAS & CONSUMABLE FUELS—1.9%
		Northern Oil And Gas Inc.
	200	3.625%—04/15/20291	227
		Peabody Energy Corp.
	200	3.250%—03/01/2028	291
		Pioneer Natural Resources Co.
	100	0.250%—05/15/2025	228
			746
PERSONAL CARE PRODUCTS—0.6%
		Beauty Health Co.
	300	1.250%—10/01/20261	247
PHARMACEUTICALS—1.5%
		Collegium Pharma Inc.
	400	2.875%—02/15/20291	356
		Revance Therapeutics Inc.
	200	1.750%—02/15/2027	244
			600
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%
		GEO Corrections Holdings Co.
	100	6.500%—02/23/20261	115
		Redfin Corp.
	400	0.000%—10/15/20252	295
			410
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.0%
		Enphase Energy Inc.
	100	0.250%—03/01/2025	211
		Impinj Inc.
	300	1.125%—05/15/2027	324
		MACOM Technology Solutions Holdings Inc.
	200	0.250%—03/15/2026	193
		Microchip Technology Inc.
	400	0.125%—11/15/2024	426
		ON Semiconductor Corp.
	200	0.000%—05/01/20272	295
		Wolfspeed Inc.
	100	1.750%—05/01/2026	121
			1,570
SOFTWARE—17.8%
		Alteryx Inc.
	400	1.000%—08/01/2026	335

CONVERTIBLE BONDS—Continued
Principal Amount			Value
SOFTWARE—Continued
		Bentley Systems Inc.
$	500	0.125%—01/15/2026	$473
	200	0.375%—07/01/2027	169
			642
		Blackline Inc.
	500	0.000%—03/15/20262	423
		Ceridian HCM Holding Inc.
	500	0.250%—03/15/2026	439
		Dropbox Inc.
	100	0.000%—03/01/20262	89
		Envestnet Inc. Co.
	400	0.750%—08/15/2025	373
		Guidewire Software Inc.
	500	1.250%—03/15/2025	483
		HubSpot Inc.
	100	0.375%—06/01/2025	156
		InterDigital Inc.
	300	3.500%—06/01/20271	327
		Microstrategy Inc.
	300	0.750%—12/15/2025	314
		Nutanix Inc.
	200	0.250%—10/01/2027	166
		Palo Alto Networks Inc.
	500	0.375%—06/01/2025	926
	100	0.750%—07/01/2023	205
			1,131
		Pegasystems Inc.
	500	0.750%—03/01/2025	453
		Porch Group Inc.
	500	0.750%—09/15/20261	163
		Progress Software Corp.
	200	1.000%—04/15/2026	213
		Rapid7 Inc.
	100	2.250%—05/01/2025	105
		Splunk Inc.
	300	0.500%—09/15/2023	295
	700	1.125%—09/15/2025-06/15/2027	653
			948
		Unity Software Inc.
	100	0.000%—11/15/20262	78
		Verint Systems Inc.
	100	0.250%—04/15/2026	89
			6,927
TOTAL CONVERTIBLE BONDS
(Cost $33,459)			32,646
CONVERTIBLE PREFERRED STOCKS—14.8%
Shares
AUTO COMPONENTS—1.1%
	3,700	Aptiv plc (Jersey)—5.500%	419
BANKS—3.3%
	100	Bank of America Corp—7.250%.	118
	1,000	Wells Fargo + Co—7.500%.	1,168
			1,286

5

Harbor Convertible Securities Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

CONVERTIBLE PREFERRED STOCKS—Continued
Shares			Value
CAPITAL MARKETS—0.9%
	5,800	KKR + Co. Inc—6.000%.	$371
CONSTRUCTION & ENGINEERING—0.0%
	14	Fluor Corp.—6.500%	16
ELECTRIC UTILITIES—4.9%
	8,966	American Electric Power—6.125%	456
	4,800	Nextera Energy Inc—6.219%.	235
	14,000	Nextera Energy Inc—6.926%.	663
	3,700	PG+E Corp—5.500%.	555
			1,909
HEALTH CARE EQUIPMENT & SUPPLIES—1.0%
	5,700	Becton Dickinson and Co—6.000%.	288
	900	Boston Scientific Corp.—5.500%	113
			401
HOTEL & RESORT REITs—0.8%
	12,400	RLJ Lodging Trust—1.950%	299

CONVERTIBLE PREFERRED STOCKS—Continued
Shares			Value
HOTELS, RESTAURANTS & LEISURE—0.1%
	800	Sabre Corp.—6.500%	$48
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.8%
	3,400	AES Corp.—6.875%	306
MACHINERY—1.0%
	3,400	RBC Bearings Inc.—5.000%	376
OIL, GAS & CONSUMABLE FUELS—0.9%
	7,200	El Paso Energy Capital—4.750%	334
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $5,833)			5,765
TOTAL INVESTMENTS—98.8%
(Cost $39,292)			38,411
CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%			479
TOTAL NET ASSETS—100.0%			$38,890

 

FAIR VALUE MEASUREMENTS

All investments as of April 30, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

1	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $5,738 or 15% of net assets.
2	Zero coupon bond

The accompanying notes are an integral part of the Financial Statements.

6

Harbor Core Bond Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Income Research + Management

  

Investment Allocation (% of investments)

  
  

Portfolio of Investments

Principal Amounts, Value and Cost in Thousands  

ASSET-BACKED SECURITIES—10.0%
Principal Amount			Value
		Aligned Data Centers LLC
		Series 2021-1A Cl. A2
$	385	1.937%—08/15/20461	$342
		American Tower Trust I
		Series 2028 Cl. 1
	514	5.490%—03/15/20281	526
		AMSR Trust
		Series 2021-SFR3 Cl. A
	410	1.476%—10/17/20381	365
		BA Credit Card Trust
		Series 2022-A2 Cl. A2
	366	5.000%—04/15/2028	371
		CF Hippolyta Issuer LLC
		Series 2020-1 Cl. A1
	136	1.690%—07/15/20601	123
		DB Master Finance LLC
		Series 2021-1A Cl. A2I
	168	2.045%—11/20/20511	150
		Discover Card Execution Note Trust
		Series 2022-A4 Cl. A
	291	5.030%—10/15/2027	295
		Domino's Pizza Master Issuer LLC
		Series 2021-1A Cl. A2I
	481	2.662%—04/25/20511	417
		FirstKey Homes Trust
		Series 2020-SFR2 Cl. A
	359	1.266%—10/19/20371	327
		Series 2021-SFR1
	372	1.538%—08/17/20381	331
			658
		Ford Credit Auto Owner Trust
		Series 2020-1 Cl. A
	250	2.040%—08/15/20311	237
		GM Financial Consumer Automobile Receivables Trust
		Series 2022-3 Cl A4
	288	3.710%—12/16/2027	283
		Home Partners of America Trust
		Series 2020-2 Cl. A
	259	1.532%—01/17/20411	222

ASSET-BACKED SECURITIES—Continued
Principal Amount			Value
		Series 2022-1
$	541	3.930%—04/17/20391	$517
			739
		Mercedes Benz Automobile Receivables Trust
		Series 2022-1 Cl. A4
	362	5.250%—02/15/2029	371
		Navient Private Education Refi Loan Trust
		Series 2021-A Cl. A
	130	0.840%—05/15/20691	114
		Series 2021-BA Cl. A
	287	0.940%—07/15/20691	253
			367
		NextGear Capital
		Series 2023 Cl. A
	322	5.740%—03/15/20281	331
		Oak Street Investment Grade Net Lease Fund
		Series 2020-1A Cl. A1
	334	1.850%—11/20/20501	300
		Palmer Square CLO Ltd.2
		Series 2013 Cl. 2A
	447	5.800% (3 Month USD LIBOR + 1.000) 10/17/20311,3	443
		Palmer Square Loan Funding Ltd.
		Series 2022-2A Cl. A1
	342	5.930% (3 Month CME Term SOFR + 1.270) 10/15/20301,3	340
		PFS Financing Corp.
		Series 2022-D Cl. A
	232	4.270%—08/15/20271	229
		Series 2023 Cl. A
	522	5.800%—03/15/20281	535
			764
		Progress Residential Trust
		Series 2019-SFR3 Cl. A
	441	2.271%—09/17/20361	420
		Series 2019-SFR4 Cl. A
	413	2.687%—10/17/20361	396
			816
		Sabey Data Center Issuer LLC
		Series 2020-1 Cl. A2
	202	3.812%—04/20/20451	193

7

Harbor Core Bond Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

ASSET-BACKED SECURITIES—Continued
Principal Amount			Value
		SBA Tower Trust
		Series 2022-1C
$	230	6.599%—01/15/20281	$242
		Stack Infrastructure Issuer LLC
		Series 2019-2A Cl. A2
	185	3.080%—10/25/20441	176
		Store Master Funding I-VII
		Series 2019-1 Cl. A1
	164	2.820%—11/20/20491	150
		Series 2018-1A Cl. A1
	193	3.960%—10/20/20481	188
			338
		Taco Bell Funding LLC
		Series 2021-1A Cl. A2II
	380	2.294%—08/25/20511	320
		Texas Natural Gas Securitization
		Series 2041 Cl. 1
	296	5.169%—04/01/2041	323
		Vantage Data Centers LLC
		Series 2020-2A Cl. A2
	251	1.992%—09/15/20451	214
		Wendy's Funding LLC
		Series 2021-1A Cl. A2I
	200	2.370%—06/15/20511	169
		Series 2019-1A Cl. A2I
	372	3.783%—06/15/20491	351
			520
TOTAL ASSET-BACKED SECURITIES
(Cost $10,954)			10,564
COLLATERALIZED MORTGAGE OBLIGATIONS—6.8%
		Barclays Commercial Mortgage Trust
		Series 2022-C18 Cl. A5
	357	5.710% (1 Month USD LIBOR + 1.040) 12/15/20553	379
		Benchmark Mortgage Trust
		Series 2021-B26 Cl. A3
	387	2.391%—06/15/2054	340
		BX Commercial Mortgage Trust
		Series 2021-VOLT Cl. A
	403	5.160% (1 Month USD LIBOR + 0.700) 09/15/20361,3	390
		Series 2019-XL Cl. A
	409	5.510% (1 Month Term SOFR + + 1.034) 10/15/20361,3	404
			794
		Commercial Mortgage Pass-Through Certificates
		Series 2014-CR21 Cl. A3
	224	3.528%—12/10/2047	216
		Series 2014-UBS3 Cl. A3
	441	3.546%—06/10/2047	430
			646
		Commercial Mortgage Trust
		Series 2016-COR1 Cl. A3
	387	2.826%—10/10/2049	361
		Flagstar Mortgage Trust
		Series 2021-8INV Cl. A3
	330	2.500%—09/25/20511	273
		Freddie Mac Seasoned Credit Risk Transfer Trust
		Series 2020-2 Cl. MA
	149	2.000%—11/25/2059	136
		Series 2020-3 Cl. MA
	176	2.000%—05/25/2060	159

COLLATERALIZED MORTGAGE OBLIGATIONS—Continued
Principal Amount			Value
		Series 2021-1 Cl. MA
$	249	2.000%—09/25/2060	$223
		Series 2021-3 Cl. MA
	278	2.000%—03/25/2061	248
		Series 2020-1 Cl. MA
	164	2.500%—08/25/2059	152
		Series 2017-2 Cl. MA
	56	3.000%—08/25/2056	53
		Series 2018-1 Cl. MA
	114	3.000%—05/25/2057	107
		Series 2019-2 Cl. MA
	180	3.500%—08/25/2058	173
			1,251
		FRESB Mortgage Trust
		Series 2019-SB63 Cl. A5H
	249	2.550% (1 Month USD LIBOR + 0.700) 02/25/20393	243
		GS Mortgage Backed Securities Trust
		Series 2020-INV1 Cl. A14
	169	2.930%—10/25/20501,3	146
		Series 2020-PJ4 Cl. A2
	108	3.000%—01/25/20511,3	94
			240
		GS Mortgage Securities Trust
		Series 2016-GS3 Cl. A4
	550	2.850%—10/10/2049	509
		MetLife Securitization Trust
		Series 2020-INV1 Cl. A2A
	128	2.500%—05/25/20501,3	108
		Morgan Stanley Bank of America Merill Lynch Trust
		Series 2015-C25 Cl. A4
	260	3.372%—10/15/2048	249
		Series 2015-C26 Cl. A5
	600	3.531%—10/15/2048	574
			823
		PSMC Trust
		Series 2021-2 Cl. A3
	465	2.500%—05/25/20511,3	410
		Series 2020-2 Cl. A2
	55	3.000%—05/25/20501,3	50
			460
		Tricon American Homes Trust
		Series 2020-SFR1 Cl. A
	334	1.499%—07/17/20381	302
		Wells Fargo Commercial Mortgage Trust
		Series 2015-C31 Cl. A4
	380	3.695%—11/15/2048	365
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $7,550)			7,094
CORPORATE BONDS & NOTES—30.9%
AEROSPACE & DEFENSE—1.1%
		BAE Systems Holdings Inc.
	361	3.400%—04/15/20301	333
		Boeing Co.
	349	5.150%—05/01/2030	352
	116	5.805%—05/01/2050	116
			468
		Lockheed Martin Corp.
	235	4.700%—05/15/2046	234

8

Harbor Core Bond Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
AEROSPACE & DEFENSE—Continued
		Northrop Grumman Corp.
$	148	5.250%—05/01/2050	$153
			1,188
AIRLINES—1.4%
		Air Canada Pass-Through Trust
	259	3.600%—03/15/20271	242
		Delta Air Lines Pass-Through Trust
	330	3.625%—07/30/2027	305
		United Airlines Pass-Through Trust
	210	3.100%—01/07/2030	192
	823	4.000%—04/11/2026	782
			974
			1,521
AUTOMOBILES—0.9%
		Apriv PLC / Aptiv Corp
	490	3.250%—03/01/2032	428
		General Motors Financial Co Inc.
	454	2.400%—10/15/2028	390
		Toyota Motor Credit Corp. MTN4
	147	3.375%—04/01/2030	139
			957
BANKS—4.9%
		Bank of America Corp. MTN4
	440	2.572%—10/20/20325	361
	116	4.330%—03/15/20505	100
	505	4.950%—07/22/20285	504
			965
		Barclays
	310	5.304%—08/09/20265	307
		Capital One Financial Co.
	513	5.470%—02/01/20295	505
		Citigroup Inc.
	171	3.400%—05/01/2026	165
	239	3.520%—10/27/20285	224
	279	4.410%—03/31/20315	267
			656
		Credit Suisse AG
	448	7.950%—01/09/2025	457
		Discover Financial Services
	135	6.700%—11/29/2032	143
		HSBC Holdings PLC
	212	7.390%—11/03/20285	228
		JPMorgan Chase & Co.
	586	4.200%—07/23/20295	565
	250	4.490%—03/24/20315	244
			809
		Lloyds Banking Group plc
	500	2.440% (U.S. Treasury 1 Year Constant Maturity Yield + 1.000) 02/05/20263	473
		Mitsubishi UFJ Finance Group
	310	5.017%—07/20/20285	309
		Toronto Dominion Bank MTN4
	340	1.950%—01/12/2027	308
			5,160

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
BEVERAGES—0.3%
		Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc.
$	358	4.900%—02/01/2046	$355
BIOTECHNOLOGY—0.3%
		Abbvie Inc.
	310	4.500%—05/14/2035	302
CAPITAL MARKETS—3.0%
		Bank of NY Mellon Corp. MTN4
	300	5.802%—10/25/20285	314
		Blackstone Holdings Finance Co. LLC
	173	2.800%—09/30/20501	101
	356	3.500%—09/10/20491	243
			344
		Goldman Sachs Group Inc.
	301	3.800%—03/15/2030	283
		KKR Group Finance Co. II LLC
	54	5.500%—02/01/20431	52
		KKR Group Finance Co. III LLC
	170	5.125%—06/01/20441	152
		Macquarie Group Ltd.
	493	1.340%—01/12/20271,5	442
		Moody's S Corp.
	300	3.250%—05/20/2050	219
		Morgan Stanley MTN4
	665	3.125%—07/27/2026	633
	295	3.620%—04/01/20315	270
			903
		UBS Group AG
	500	4.125%—04/15/20261	479
			3,188
COMMERCIAL SERVICES & SUPPLIES—0.2%
		Waste Management Inc.
	230	4.150%—04/15/2032	226
CONSTRUCTION MATERIALS—0.2%
		Carlisle Cos Inc.
	193	2.750%—03/01/2030	167
DIVERSIFIED FINANCIAL SERVICES—1.1%
		American Express Co.
	322	5.043%—05/01/20345	323
		Ferguson Finance plc
	510	3.250%—06/02/20301	447
		PNC Financial Services
	410	5.070%—01/24/20345	404
			1,174
DIVERSIFIED REITs—0.5%
		Healthpeak OP LLC Co.
	540	3.250%—07/15/2026	512
DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%
		AT&T Inc.
	240	2.300%—06/01/2027	220
	504	5.920% (3 Month USD LIBOR + 1.180) 06/12/20243	507
			727
		Verizon Communications Inc.
	162	4.500%—08/10/2033	157
			884

9

Harbor Core Bond Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
ELECTRIC UTILITIES—2.4%
		Berkshire Hathaway Energy Co.
$	275	6.125%—04/01/2036	$308
		Duke Energy Florida LLC
	330	3.800%—07/15/2028	323
		Eversource Energy
	200	2.900%—10/01/2024	194
		Exelon Corp.
	62	4.700%—04/15/2050	57
	243	5.100%—06/15/2045	230
			287
		Florida Power + Light Co.
	630	2.450%—02/03/2032	541
		Northern States Power
	158	4.500%—06/01/2052	149
		Southern Co.
	230	3.250%—07/01/2026	220
	308	4.250%—07/01/2036	286
			506
		Xcel Energy Inc.
	230	3.400%—06/01/2030	212
			2,520
ENTERTAINMENT—0.1%
		Magallanes Inc.
	155	5.141%—03/15/20521	124
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—1.0%
		Alexandria Real Estate Equities Inc
	290	2.000%—05/18/2032	224
	115	4.750%—04/15/2035	110
			334
		Digital Realty Trust LP
	253	3.600%—07/01/2029	227
		Federal Realty Investment Trust
	533	1.250%—02/15/2026	483
			1,044
FINANCIAL SERVICES—0.2%
		Berkshire Hathaway Finance Co.
	198	3.850%—03/15/2052	169
HEALTH CARE PROVIDERS & SERVICES—2.2%
		Cigna Corp.
	320	3.400%—03/01/2027	308
		CommonSpirit Health
	232	4.187%—10/01/2049	191
		CVS Pass-Through Trust
	173	5.773%—01/10/20331	172
	84	5.880%—01/10/2028	84
	507	8.353%—07/10/20311	550
			806
		Elevance Health Inc.
	425	4.750%—02/15/2033	428
		PeaceHealth Obligated Group
	590	1.375%—11/15/2025	538
			2,271
INSURANCE—2.5%
		AIA Group Ltd.
	419	3.600%—04/09/20291	398

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
INSURANCE—Continued
		Equitable Financial Life Global Funding
$	325	1.400%—07/07/20251	$299
		Five Corners Funding Trust
	150	4.419%—11/15/20231	149
		Ga Global Funding Trust
	420	3.850%—04/11/20251	404
		Liberty Mutual Group Inc.
	530	4.569%—02/01/20291	512
		Lincoln National Corp.
	276	3.400%—01/15/2031	223
		Mass Mutual Life Insurance Co.
	180	3.375%—04/15/20501	133
	160	5.672%—12/01/20521	167
			300
		MetLife, Inc. MTN4
	340	3.300%—03/21/20291	315
			2,600
INTERNET & DIRECT MARKETING RETAIL—0.3%
		Amazon.com Inc.
	371	4.100%—04/13/2062	323
MEDIA—0.8%
		Charter Communications Operating LLC / Charter Communications Operating Capital
	498	6.384%—10/23/2035	493
		COX Communications Inc.
	400	1.800%—10/01/20301	318
			811
MULTI-UTILITIES—0.8%
		PG&E Wildfire Recovery Funding LLC
	103	3.594%—06/01/2032	98
	330	4.022%—06/01/2033	324
	183	4.722%—06/01/2039	185
			607
		Rogers Communications Inc.
	257	5.450%—10/01/2043	244
			851
OIL, GAS & CONSUMABLE FUELS—1.4%
		Dominion Energy Inc.
	310	5.250%—08/01/2033	314
		Energy Transfer LP
	505	3.900%—07/15/2026	487
		Occidental Petroleum Corp.
	474	0.000%—10/10/20366	248
		Schlumberger Holdings Corp.
	192	3.900%—05/17/20281	186
		Southern Co. Gas Capital Corp.
	230	1.750%—01/15/2031	184
			1,419
PROFESSIONAL SERVICES—0.2%
		Verisk Analytics Inc.
	295	3.625%—05/15/2050	218
ROAD & RAIL—0.6%
		Canadian Pacific Railway Co.
	190	6.125%—09/15/2115	203
		Norfolk Southern Corp.
	155	4.837%—10/01/2041	148

10

Harbor Core Bond Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
ROAD & RAIL—Continued
		Ryder System Inc. MTN4
$	237	3.650%—03/18/2024	$233
			584
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%
		Broadcom Inc.
	272	4.110%—09/15/2028	262
		NXP BV/ NXP FDG/ NXP USA Co.
	450	3.150%—05/01/2027	422
			684
SOFTWARE—0.5%
		Oracle Corp.
	340	1.650%—03/25/2026	313
	343	3.950%—03/25/2051	259
			572
SPECIALTY RETAIL—1.1%
		Home Depot Inc.
	170	3.300%—04/15/2040	142
		Lowe's Cos. Inc.
	77	3.700%—04/15/2046	60
	199	5.000%—04/15/2040	192
	117	5.625%—04/15/2053	118
			370
		Penske Truck Leasing/Ptl
	637	5.550%—05/01/20281	642
			1,154
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%
		NXP BV/ NXP FDG/ NXP USA Co.
	265	2.700%—05/01/2025	252
TRADING COMPANIES & DISTRIBUTORS—0.5%
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	201	3.000%—10/29/2028	175
		Air Lease Corp.
	374	3.875%—07/03/2023	373
			548
WATER UTILITIES—0.2%
		Aquarion Co.
	238	4.000%—08/15/20241	235
WIRELESS TELECOMMUNICATION SERVICES—0.5%
		T Mobile USA Inc.
	511	5.050%—07/15/2033	515
TOTAL CORPORATE BONDS & NOTES
(Cost $33,781)			32,528
MORTGAGE PASS-THROUGH—25.2%
		Federal Home Loan Mortgage Corp.
	225	2.000%—06/01/2050	190
	2,701	2.500%—03/01/2051-05/01/2052	2,365
	2,349	3.000%—01/01/2033-08/01/2050	2,163
	152	3.370% (12 Month USD LIBOR + 1.597) 06/01/20473	153
	989	3.500%—05/01/2042	944
	763	4.000%—12/01/2037-02/01/2046	751
	137	4.500%—03/01/2049	137

MORTGAGE PASS-THROUGH—Continued
Principal Amount			Value
$	352	5.000%—10/01/2052	$353
	248	5.500%—12/01/2052	252
			7,308
		Federal National Mortgage Association
	2,866	2.000%—08/01/2050-04/01/2051	2,406
	3,773	2.500%—03/01/2035-04/01/2052	3,325
	2,266	3.000%—02/01/2035-08/01/2050	2,124
	821	3.500%—03/01/2048-06/01/2050	773
	3,581	4.000%—03/01/2038-09/01/2049	3,493
	158	4.310% (Fed 12 Month Treasury Average Constant Maturity Treasury + 2.268) 12/01/20363	159
	2,543	4.500%—05/01/2046-08/01/2052	2,527
	1,307	5.000%—07/01/2050-08/01/2052	1,315
	1,052	5.500%—11/01/2052	1,065
			17,187
		Government National Mortgage Association
	854	2.500%—01/20/2051	758
	391	4.000%—09/20/2041-09/15/2046	386
	845	4.500%—01/15/2042-08/20/2047	848
			1,992
TOTAL MORTGAGE PASS-THROUGH
(Cost $27,625)			26,487
MUNICIPAL BONDS—2.0%
		Metropolitan Water Reclamation District of Greater Chicago
	145	5.720%—12/01/2038	160
		Michigan State University
	83	4.165%—08/15/2122	67
		New York City Transitional Finance Authority
	440	3.950%—08/01/2032	423
		New York State Urban Development Corp.
	555	5.770%—03/15/2039	585
		Sales Tax Securitization Corp.
	530	4.637%—01/01/2040	511
		State of California
	300	7.500%—04/01/2034	376
TOTAL MUNICIPAL BONDS
(Cost $2,198)			2,122
U.S. GOVERNMENT OBLIGATIONS—24.8%
		U.S. Small Business Administration
		Series 2012-20C Cl. 1
	71	2.510%—03/01/2032	66
		Series 2017-20H Cl. 1
	105	2.750%—08/01/2037	98
		Series 2014-20K Cl. 1
	188	2.800%—11/01/2034	177
		Series 2015-20H Cl. 1
	194	2.820%—08/01/2035	183
		Series 2017-20J Cl. 1
	152	2.850%—10/01/2037	142
		Series 2018-20B Cl. 1
	184	3.220%—02/01/2038	175
		Series 2018-20G Cl. 1
	289	3.540%—07/01/2038	277
		Series 2022-25E Cl. 1
	409	3.940%—05/01/2047	395

11

Harbor Core Bond Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

U.S. GOVERNMENT OBLIGATIONS—Continued
Principal Amount			Value
		Series 2023-25B Cl. 1
$	302	4.610%—02/01/2048	$306
		Series 2022-25L Cl. 1
	379	4.710%—12/01/2047	385
		Series 2023-25A Cl. 1
	364	4.910%—01/01/2048	373
		Series 2023-25C Cl. 1
	518	4.930%—03/01/2048	533
		Series 2022-25K Cl. 1
	355	5.130%—11/01/2047	369
		Series 2023-10A Cl. 1
	525	5.168%—03/10/2033	533
			4,012
		U.S. Treasury Bonds
	1,284	2.250%—02/15/2052	958
	1,688	2.375%—02/15/2042	1,363
	4,381	3.000%—08/15/2052	3,850
	6,713	3.375%—08/15/2042	6,324

U.S. GOVERNMENT OBLIGATIONS—Continued
Principal Amount			Value
$	5,348	3.500%—01/31/2028	$5,342
	2,214	4.125%—01/31/2025	2,211
			20,048
		U.S. Treasury Inflation Index Notes7
	567	0.125%—01/15/2030	527
		U.S. Treasury Notes
	1,635	2.750%—08/15/2032	1,548
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $25,723)			26,135
TOTAL INVESTMENTS—99.7%
(Cost $107,831)			104,930
CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%			351
TOTAL NET ASSETS—100.0%			$105,281

 

FAIR VALUE MEASUREMENTS

All investments as of April 30, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

1	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $18,193 or 17% of net assets.
2	CLO after the name of a security stands for Collateralized Loan Obligation.
3	Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 2023. The variable rate for such securities may be based on the indicated reference rate and spread or on an underlying asset or pool of assets rather than a reference rate and may be determined by current interest rates, prepayments or other financial indicators.
4	MTN after the name of a security stands for Medium Term Note.
5	Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date.
6	Zero coupon bond
7	Inflation-protected securities (“IPS”) are securities in which the principal amount is adjusted for inflation and interest payments are applied to the inflation-adjusted principal.

The accompanying notes are an integral part of the Financial Statements.

12

Harbor Core Plus Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Income Research + Management

  

Investment Allocation (% of investments)

  
   

Portfolio of Investments

Principal Amounts, Value and Cost in Thousands  

ASSET-BACKED SECURITIES—11.4%
Principal Amount			Value
		Air Canada Pass-Through Trust
		Series 2017-1AA Cl. PTT
$	3,232	3.300%—07/15/20311	$2,891
		Aligned Data Centers LLC
		Series 2021-1A Cl. A2
	7,301	1.937%—08/15/20461	6,493
		American Airlines Pass-Through Trust
		Series 15-2 Cl. AA
	1,396	3.600%—03/22/2029	1,290
		American Tower Trust I
		Series 2028 Cl. 1
	3,029	5.490%—03/15/20281	3,098
		AMMC CLO 20 Ltd.2
		Series 2017-20A Cl. AR
	428	5.662% (3 Month USD LIBOR + 2.600) 04/17/20291,3	427
		AMMC CLO XII Ltd.2
		Series 2013-12A Cl. AR2
	4,178	5.542% (3 Month USD LIBOR + 2.050) 11/10/20301,3	4,128
		Apidos CLO XXVI2
		Series 2017-26A Cl. A1AR
	3,951	5.695% (3 Month USD LIBOR + 2.410) 07/18/20291,3	3,916
		Ares LII CLO Ltd.2
		Series 2019-52A Cl. A1R
	4,000	5.865% (3 Month USD LIBOR + 2.060) 04/22/20311,3	3,948
		Birch Grove CLO Ltd.2
		Series 19-AR
	4,000	5.899% (3 Month USD LIBOR + 1.880) 06/15/20311,3	3,925
		Catamaran CLO Ltd.2
		Series 2014-1A Cl. A1AR
	4,410	5.915% (3 Month USD LIBOR + 2.000) 04/22/20301,3	4,368
		CF Hippolyta Issuer LLC
		Series 2021-1A Cl. A1
	3,900	1.530%—03/15/20611	3,435
		DB Master Finance LLC
		Series 2021-1A Cl. A2II
	2,256	2.493%—11/20/20511	1,942
		Diamond Infrastructure Funding LLC
		Series 2021-1A
	4,375	1.760%—04/15/20491	3,791
		Domino's Pizza Master Issuer LLC
		Series 2021-1A Cl. A2I
	1,323	2.662%—04/25/20511	1,147

ASSET-BACKED SECURITIES—Continued
Principal Amount			Value
		FirstKey Homes Trust
		Series 2021-SFR1
$	7,344	1.538%—08/17/20381	$6,538
		GSAA Home Equity Trust
		Series 2006-20 Cl. 1A2
	3,208	4.866% (1 Month USD LIBOR + 3.310) 12/25/20463	976
		Home Partners of America Trust
		Series 2022-1
	3,214	3.930%—04/17/20391	3,074
		IXIS Real Estate Capital Trust
		Series 2005-HE1 Cl. M4
	643	5.556% (1 Month USD LIBOR + 2.840) 06/25/20353	640
		JetBlue Pass Through Trust
		Series 2015-2 Cl. AA
	3,911	4.000%—05/15/2034	3,609
		JPMorgan Mortgage Acquisition Corp.
		Series 2007-HE1 Cl. AF3
	660	4.188%—05/25/20354	443
		Morgan Stanley Capital Inc.
		Series 2007-HE1 Cl. A2C
	1,556	3.736% (1 Month USD LIBOR + 0.150) 11/25/20363	889
		Series 2007-HE6 Cl. A3
	2,969	4.686% (1 Month USD LIBOR + 2.230) 05/25/20373	2,613
			3,502
		New Economy Assets Phase 1 Sponsor LLC
		Series 2021 Cl. 1A1
	4,500	1.910%—10/20/20611	3,915
		Palmer Square Loan Funding Ltd.
		Series 2021-4A Cl. A1
	3,018	5.592% (3 Month USD LIBOR + 2.120) 10/15/20291,3	2,986
		Planet Fitness Master Issuer LLC
		Series 2022-1A Cl. A2I
	4,333	3.251%—12/05/20511	3,913
		Series 2018-1A Cl. A2II
	611	4.666%—09/05/20481	594
			4,507
		SBA Tower Trust
		Series 2022-1C
	3,034	6.599%—01/15/20281	3,188

13

Harbor Core Plus Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

ASSET-BACKED SECURITIES—Continued
Principal Amount			Value
		ServiceMaster Funding LLC
		Series 2021-1 Cl. A2I
$	3,185	2.865%—07/30/20511	$2,645
		Series 2020-1 Cl A2II
	368	3.337%—01/30/20511	294
			2,939
		Servpro Master Issuer LLC
		Series 2021-1A Cl A2
	3,430	2.394%—04/25/20511	2,847
		Sound Point CLO XII Ltd.2
		Series 2016-2A Cl. AR2
	1,142	5.858% (3 Month USD LIBOR + 2.610) 10/20/20281,3	1,136
		Specialty Underwriting & Residential Finance Trust
		Series 2006-BC4 Cl. A2B
	2,356	3.806% (1 Month USD LIBOR + 0.220) 09/25/20373	819
		Stack Infrastructure Issuer LLC
		Series 2021-1A Cl. A2
	7,000	1.877%—03/26/20461	6,249
		Taco Bell Funding LLC
		Series 2021-1A Cl. A2I
	6,913	1.946%—08/25/20511	6,083
		Trinity Rail Leasing 2020 LLC
		Series 2020-2A Cl. A2
	5,000	2.560%—11/19/20501	4,393
		United Airlines Pass-Through Trust
		Series 2019-2 Cl. AA
	1,150	2.700%—11/01/2033	993
		Vantage Data Centers Issuer LLC
		Series 2021-1A Cl. A2
	1,093	2.165%—10/15/20461	975
		VB-S1 Issuer LLC - Vbtel
		Series 2022-1A Cl. C2I
	6,810	3.156%—02/15/20521	6,184
		Wendy's Funding LLC
		Series 2021-1A Cl. A2I
	6,878	2.370%—06/15/20511	5,797
TOTAL ASSET-BACKED SECURITIES
(Cost $124,805)			116,592
COLLATERALIZED MORTGAGE OBLIGATIONS—11.1%
		Angel Oak Mortgage Trust
		Series 2022-1 Cl. A1
	3,542	2.881%—12/25/20661,4	3,148
		Argent Securities Inc.
		Series 2006-W4 Cl. A2C
	5,538	3.906% (1 Month USD LIBOR + 0.320) 05/25/20363	1,387
		Series 2004-W11 Cl. M3
	685	4.711% (1 Month USD LIBOR + 1.125) 11/25/20343	669
			2,056
		Banc of America Alternative Loan Trust
		Series 2006 -7 Cl. A3
	6,768	5.913%—10/25/20363	2,008
		Banc of America Funding Corp.
		Series 2007-C Cl. 7A5
	437	4.089% (1 Month USD LIBOR + 0.600) 05/20/20473	392
		BCAP LLC Trust
		Series 2007-AA2 Cl. 12A1
	2,849	4.006% (1 Month USD LIBOR + 0.420) 05/25/20473	2,589
		Series 2011-RR5 Cl. 12A1
	159	4.653%—03/26/20371,4	155

COLLATERALIZED MORTGAGE OBLIGATIONS—Continued
Principal Amount			Value
		Series 2011-RR4 Cl. 8A1
$	1,243	5.250%—02/26/20361,3	$569
			3,312
		Bear Stearns Adjustable Rate Mortgage Trust
		Series 2000-2 Cl. A1
	10	2.778%—11/25/20303	9
		Series 2004-1 Cl. 12A5
	134	2.989%—04/25/20343	122
			131
		Benchmark Mortgage Trust
		Series 2020-B21
	4,730	1.978%—12/17/2053	3,831
		Series 2019-B9 Cl. A5
	5,200	4.016%—03/15/2052	4,902
			8,733
		BX Commercial Mortgage Trust
		Series 2021-VOLT Cl. A
	1,429	5.159% (1 Month USD LIBOR + 4.510) 09/15/20361,3	1,381
		Series 2022-LP2
	3,824	5.491% (1 Month CME Term SOFR + 4.140) 02/15/20391,3	3,712
			5,093
		Citigroup Commercial Mortgage Trust
		Series 2015-GC27
	3,390	3.137%—02/10/2048	3,260
		COMM Mortgage Trust
		Series 2016-787S Cl. A
	5,400	3.545%—02/10/20361	4,978
		Series 2014-LC17
	6,500	3.917%—10/10/2047	6,317
			11,295
		Countrywide Alternative Loan Trust
		Series 2006-6BC Cl. 1A2
	1,694	3.986% (1 Month USD LIBOR + 0.400) 05/25/20363	1,333
		Series 2005-20CB Cl. 2A5
	1,234	5.500%—07/25/2035	855
		Series 2006-1R Cl.2A3
	2,862	6.000%—08/25/2037	1,506
			3,694
		Countrywide Asset-Backed Certificates
		Series 2006-2 Cl. M1
	263	4.186% (1 Month USD LIBOR + 0.600) 06/25/20363	260
		Credit Suisse First Boston Mortgage Securities Corp.
		Series 2006-C2 Cl. A3
	187	6.000%—11/25/2035	138
		DC Office Trust
		Series 2019-MTC Cl. A
	4,900	2.965%—09/15/20451	4,024
		Deutsche Alt-A Securities Inc. Mortgage Loan Trust
		Series 2007-AR2 Cl. A1
	2,631	3.886% (1 Month USD LIBOR + 0.300) 03/25/20373	2,478
		DSLA Mortgage Loan Trust
		Series 2006-AR1 Cl. 1A1A
	838	2.291% (Fed 12 Month Treasury Average Constant Maturity Treasury + 0.920) 3/19/20463	673
		First Franklin Mortgage Loan Trust
		Series 2006-FF14 Cl. A6
	8,000	3.896% (1 Month USD LIBOR + 0.310) 10/25/20363	6,344

14

Harbor Core Plus Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

COLLATERALIZED MORTGAGE OBLIGATIONS—Continued
Principal Amount			Value
		First Horizon Asset Securities Inc.
		Series 2005-AR6 Cl. 4A1
$	116	2.683%—02/25/20363	$106
		First Nationwide Trust
		Series 2001-3 Cl. 1A1
	—	6.750%—08/21/2031	—
		GS Mortgage Securities Trust
		Series 2015-GC30
	3,888	3.119%—05/10/2050	3,724
		GSMPS Mortgage Loan Trust
		Series 2006-RP2 Cl. 1AF1
	3,075	3.986% (1 Month USD LIBOR + 0.400) 04/25/20361,3	2,545
		GSR Mortgage Loan Trust
		Series 2005-AR3 Cl. 3A1
	189	3.081%—05/25/20353	139
		IndyMac ARM Trust
		Series 2001-H2 Cl. A2
	2	3.544%—01/25/20323	2
		IndyMac INDX Mortgage Loan Trust
		Series 2005-AR31 Cl. 1A1
	557	3.051%—01/25/20363	474
		JP Morgan Mortgage Trust
		Series 2006-A6 Cl. 1A4L
	983	3.640%—10/25/20363	740
		Series 2006-S1 Cl. 3A1
	43	5.500%—04/25/2036	42
			782
		Manhattan West Mortgage Trust
		Series 2020-1MW Cl. A
	4,900	2.130%—09/10/20391	4,248
		Merrill Lynch Alternative Note Asset Trust
		Series 2007-F1 Cl. 2A6
	423	6.000%—03/25/2037	170
		MetLife Securitization Trust
		Series 2018-1A Cl. A
	2,072	3.750%—03/25/20571,3	1,973
		Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2014-C14 Cl. A5
	2,638	4.064%—02/15/2047	2,599
		Onslow Bay Financial LLC
		Series 2018-1 Cl. A2
	2,248	4.236% (1 Month USD LIBOR + 0.650) 06/25/20571,3	2,130
		Residential Asset Securitization Trust
		Series 2007-A8 Cl. 2A1
	17,457	6.250%—08/25/2037	4,882
		Residential Funding Mortgage Securities
		Series 2007-SA1 Cl. 2A2
	135	4.261%—02/25/20373	92
		Saxon Asset Securities Trust
		Series 2006-3 Cl. A3
	1,514	3.756% (1 Month USD LIBOR + 0.170) 10/25/20463	1,475
		Sequoia Mortgage Trust
		Series 2023-1 Cl. A4
	4,820	5.000%—01/25/20531,3	4,759
		Series 2023-2 Cl. A4
	4,532	5.000%—03/25/20531,3	4,438
			9,197
		Structured Adjustable Rate Mortgage Loan Trust
		Series 2005-21A Cl. 3A1
	89	3.914%—04/25/20353	86
		Suntrust Adjustable Rate Mortgage Loan Trust
		Series 2007-S1 Cl. 1A
	228	3.360%—01/25/20373	169

COLLATERALIZED MORTGAGE OBLIGATIONS—Continued
Principal Amount			Value
		Towd Point Mortgage Trust
		Series 2019-1 Cl. A1
$	4,650	3.704%—03/25/20581,3	$4,449
		Tricon American Homes Trust
		Series 2020-SFR1 Cl. A
	2,316	1.499%—07/17/20381	2,096
		Washington Mutual Mortgage Pass Through Certificates Trust
		Series 2006-AR8 Cl. 1A4
	1,539	3.676%—08/25/20463	1,363
		Series 2005-AR6 Cl. 2A1A
	149	4.046% (1 Month USD LIBOR + 0.460) 04/25/20453	144
		Series 2005-AR13 Cl. A1A1
	73	4.166% (1 Month USD LIBOR + 0.580) 10/25/20453	69
			1,576
		Wells Fargo Commercial Mortgage Trust
		Series 2018-C48 Cl. A5
	7,117	4.302%—01/15/2052	6,864
		WFRBS Commercial Mortgage Trust
		Series 2014-C23
	6,450	3.917%—10/15/2057	6,243
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $131,167)			113,061
CORPORATE BONDS & NOTES—28.7%
AEROSPACE & DEFENSE—1.0%
		BAE Systems plc
	5,391	1.900%—02/15/20311	4,411
		Boeing Co.
	4,625	5.150%—05/01/2030	4,663
	1,214	5.805%—05/01/2050	1,209
			5,872
			10,283
AUTO COMPONENTS—0.4%
		Aptiv plc / Aptiv Corp.
	5,000	4.150%—05/01/2052	3,877
AUTOMOBILE COMPONENTS—0.2%
		ZF North America Capital Co.
	1,980	6.875%—04/14/20281	2,040
AUTOMOBILES—1.5%
		Ford Motor Credit Co. LLC
	4,000	3.375%—11/13/2025	3,720
	1,900	6.950%—03/06/2026	1,920
			5,640
		Volkswagen Group of America Finance LLC
	4,700	3.350%—05/13/20251	4,553
	4,800	4.750%—11/13/20281	4,801
			9,354
			14,994
BANKS—1.0%
		Citigroup Inc.
	4,700	2.570%—06/03/20315	3,980
		HSBC Holdings PLC
	2,850	7.390%—11/03/20285	3,070

15

Harbor Core Plus Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
BANKS—Continued
		JPMorgan Chase & Co.
$	4,000	1.470%—09/22/20275	$3,564
			10,614
BEVERAGES—0.4%
		Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc.
	4,441	4.900%—02/01/2046	4,406
BUILDING PRODUCTS—1.3%
		Carlisle Cos. Inc.
	3,250	2.200%—03/01/2032	2,576
		Carrier Global Corp.
	2,925	3.377%—04/05/2040	2,280
		Ferguson Finance plc
	4,800	4.650%—04/20/20321	4,592
		Fortune Brands Home & Security Inc.
	4,700	3.250%—09/15/2029	4,216
			13,664
CAPITAL MARKETS—4.2%
		Ares Finance Co. IV LLC
	4,500	3.650%—02/01/20521	2,997
		BGC Partners Inc.
	6,300	5.375%—07/24/2023	6,279
		BlackRock TCP Capital Corp.
	5,800	2.850%—02/09/2026	5,199
		Blackstone Holdings Finance Co. LLC
	6,000	3.200%—01/30/20521	3,834
		Block Financial LLC Co.
	3,600	3.875%—08/15/2030	3,195
		Golub Capital BDC Inc.
	5,800	2.500%—08/24/2026	5,021
		Hercules Capital Inc.
	2,816	2.625%—09/16/2026	2,410
		KKR Group Finance Co. X LLC
	3,000	3.250%—12/15/20511	1,981
		Oaktree Specialty Lending Corp.
	1,709	2.700%—01/15/2027	1,480
		Owl Rock Core Income Corp.
	5,700	4.700%—02/08/2027	5,214
		Sixth Street Specialty Lending Inc.
	5,500	2.500%—08/01/2026	4,859
			42,469
COMMERCIAL SERVICES & SUPPLIES—0.5%
		Allegion US Holding Co.
	1,927	5.411%—07/01/2032	1,944
		Triton Container International Ltd.
	3,519	2.050%—04/15/20261	3,134
			5,078
CONSUMER FINANCE—0.7%
		Navient Corp. MTN6
	1,704	6.125%—03/25/2024	1,691
		OneMain Finance Corp
	2,800	6.875%—03/15/2025	2,744
		Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc.
	2,856	2.875%—10/15/20261	2,546
			6,981

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
DIVERSIFIED CONSUMER SERVICES—0.4%
		Service Corp. International
$	4,400	4.000%—05/15/2031	$3,883
DIVERSIFIED FINANCIAL SERVICES—0.1%
		National Rural Utilities Cooperative Corp.
	1,222	4.750% (3 Month USD LIBOR + 2.910) 04/30/20433	1,191
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
		Verizon Communications Inc.
	2,915	3.700%—03/22/2061	2,170
ELECTRIC UTILITIES—1.7%
		Exelon Corp.
	3,100	4.050%—04/15/2030	2,980
	1,500	5.625%—06/15/2035	1,583
			4,563
		Jersey Central Power & Light Co.
	900	4.300%—01/15/20261	887
	1,600	4.700%—04/01/20241	1,588
			2,475
		New England Power Co.
	2,877	5.936%—11/25/20521	3,168
		NRG Energy Inc.
	2,865	7.000%—03/15/20331	2,976
		Pacific Gas & Electric Co.
	2,900	3.150%—01/01/2026	2,735
	1,700	3.400%—08/15/2024	1,653
			4,388
			17,570
ENTERTAINMENT—0.2%
		Magallanes Inc.
	2,000	5.141%—03/15/20521	1,600
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—3.3%
		Agree LP Co.
	1,400	2.900%—10/01/2030	1,194
		Alexandria Real Estate Equities Inc.
	2,100	2.750%—12/15/2029	1,824
	2,300	4.850%—04/15/2049	1,998
			3,822
		Boston Properties LP
	4,905	2.750%—10/01/2026	4,377
		Brandywine Operating Partnership LP
	3,000	4.100%—10/01/2024	2,823
		Digital Realty Trust LP
	5,500	4.450%—07/15/2028	5,245
		EPR Properties
	1,900	4.500%—06/01/2027	1,694
	600	4.950%—04/15/2028	536
			2,230
		Equinix Inc.
	5,000	1.000%—09/15/2025	4,542
		GLP Capital LP / GLP Financing II Inc.
	4,500	4.000%—01/15/2030	3,996
		Physicians Realty LP
	1,400	3.950%—01/15/2028	1,316
		Spirit Realty LP
	4,700	3.400%—01/15/2030	4,075
			33,620

16

Harbor Core Plus Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
HEALTH CARE PROVIDERS & SERVICES—1.3%
		CommonSpirit Health
$	1,325	4.187%—10/01/2049	$1,092
		CVS Pass-Through Trust
	382	6.943%—01/10/2030	394
	4,454	7.507%—01/10/20321	4,817
			5,211
		HCA Inc.
	4,000	5.375%—09/01/2026	4,031
		Pediatrix Medical Group Inc.
	3,347	5.375%—02/15/20301	3,061
			13,395
HOTELS, RESTAURANTS & LEISURE—0.8%
		Expedia Group Inc.
	3,450	6.250%—05/01/20251	3,493
		Marriott International Inc.
	5,000	3.500%—10/15/2032	4,388
			7,881
INDUSTRIAL CONGLOMERATES—0.8%
		Ashtead Capital Inc.
	4,540	5.550%—05/30/20331	4,519
		Textron Inc.
	3,800	2.450%—03/15/2031	3,226
			7,745
INSURANCE—0.8%
		GA Global Funding Trust
	4,000	1.950%—09/15/20281	3,420
		SBL Holdings Inc.
	5,675	5.000%—02/18/20311	4,728
			8,148
MEDIA—0.6%
		Charter Communications Operating LLC / Charter Communications Operating Capital
	4,775	5.375%—05/01/2047	3,912
	2,400	6.384%—10/23/2035	2,374
			6,286
METALS & MINING—0.5%
		Anglo American Capital plc
	5,267	3.875%—03/16/20291	4,881
OIL, GAS & CONSUMABLE FUELS—1.0%
		Kinder Morgan Inc.
	1,193	5.050%—02/15/2046	1,050
		New Fortress Energy Inc.
	2,020	6.750%—09/15/20251	1,927
		Occidental Petroleum Corp.
	13,200	0.000%—10/10/20367	6,895
			9,872
PHARMACEUTICALS—0.4%
		Takeda Pharmaceutical Co. Ltd.
	1,500	2.050%—03/31/2030	1,276
		Teva Pharmaceutical Finance Netherlands III BV
	3,000	6.750%—03/01/2028	2,990
			4,266

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
PROFESSIONAL SERVICES—0.2%
		KBR Inc.
$	1,642	4.750%—09/30/20281	$1,520
ROAD & RAIL—0.4%
		Canadian Pacific Railway Co.
	1,145	6.125%—09/15/2115	1,224
		Norfolk Southern Corp.
	3,800	4.050%—08/15/2052	3,200
			4,424
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%
		Broadcom Inc.
	6,904	3.137%—11/15/20351	5,350
	4,003	3.469%—04/15/20341	3,309
			8,659
		KLA Corp.
	1,230	5.650%—11/01/2034	1,297
		NXP BV/ NXP FDG/ NXP USA Co.
	4,600	3.875%—06/18/2026	4,455
			14,411
SOFTWARE—0.6%
		Oracle Corp.
	3,500	3.600%—04/01/2040	2,721
		VMware Inc.
	3,600	4.650%—05/15/2027	3,573
			6,294
SPECIALTY RETAIL—1.0%
		Group 1 Automotive Inc.
	2,900	4.000%—08/15/20281	2,576
		Lithia Motors Inc.
	2,956	3.875%—06/01/20291	2,563
		Lowe's Cos. Inc.
	2,113	5.625%—04/15/2053	2,127
		Macy's Retail Holdings LLC
	3,612	5.875%—03/15/20301	3,211
			10,477
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%
		Entegris Escrow Corp.
	3,210	5.950%—06/15/20301	3,055
TRADING COMPANIES & DISTRIBUTORS—1.0%
		Aircastle Ltd.
	6,200	2.850%—01/26/20281	5,412
		Aviation Capital Group LLC
	5,300	4.125%—08/01/20251	5,067
			10,479
WIRELESS TELECOMMUNICATION SERVICES—0.5%
		American Tower Corp.
	1,118	3.650%—03/15/2027	1,070
		Crown Castle International Corp.
	4,000	3.700%—06/15/2026	3,869
			4,939
TOTAL CORPORATE BONDS & NOTES
(Cost $317,161)			292,513

17

Harbor Core Plus Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

MORTGAGE PASS-THROUGH—25.4%
Principal Amount			Value
		Federal Home Loan Mortgage Corp.
$	30,884	2.500%—07/01/2050-05/01/2052	$26,898
	22,422	3.000%—12/15/2027-01/01/2050	12,422
	230	3.500%—01/01/2026-02/01/2035	223
	13,012	4.000%—03/01/2025-11/01/2048	12,720
	5	4.284% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 2.250) 08/01/20353	5
	—	4.342% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 2.253) 06/01/20243	—
	153	4.500%—12/01/2040-09/01/2041	153
	419	5.500%—02/01/2038-07/01/2038	436
	1,441	6.000%—01/01/2029-05/01/2040	1,499
			54,356
		Federal Home Loan Mortgage Corp. REMIC8
	1,382	2.725% (1 Month USD LIBOR + 0.350) 08/15/20403	1,343
	1,360	2.914% (1 Month USD LIBOR + 0.350) 10/15/20403	1,323
	4,112	3.000%—05/15/2035	372
	—	3.862% (1 Month USD LIBOR + 0.450) 11/15/20303	—
	4,335	4.000%—10/15/2042	724
			3,762
		Federal Home Loan Mortgage Corp. Structured Pass Through Certificates
		Series T-63 Cl. 1A1
	45	2.304% (Fed 12 Month Treasury Average Constant Maturity Treasury + 1.200) 02/25/20453	44
		Series E3 Cl. A
	10	3.814%—08/15/20323	10
			54
		Federal National Mortgage Association
	35,174	2.500%—06/01/2050-04/01/2052	30,702
	29,621	3.000%—11/01/2025-12/01/2050	27,014
	95	3.449% (Fed 12 Month Treasury Average Constant Maturity Treasury + 1.400) 10/01/20403	93
	32,814	3.500%—12/01/2025-01/01/2051	20,930
	197	3.764% (12 Month USD LIBOR + 1.715) 06/01/20353	201
	18	3.820% (12 Month USD LIBOR + 1.695) 05/01/20353	18
	249	3.943% (12 Month USD LIBOR + 1.693) 08/01/20353	245
	41,490	4.000%—02/01/2024-07/01/2051	40,599
	29,003	4.500%—05/01/2023-12/01/2050	28,884
	1,015	5.000%—10/01/2031-06/01/2044	1,027
	10,240	5.500%—01/01/2025-09/01/2041	10,599
	3,222	6.000%—07/01/2023-06/01/2040	3,339
			163,651
		Federal National Mortgage Association REMIC8
	11,003	0.369%—09/25/20573	457
	23	2.869%—05/25/20353	23
	1,667	2.874% (1 Month USD LIBOR + 0.310) 06/25/20553	1,624
	4,892	3.500%—10/25/2041	4,654
	7,154	4.000%—07/25/2050	1,406
	94	4.867%—12/25/20423	91
	10,465	5.000%—04/25/2033-05/25/2045	2,210
	2,289	6.000%—07/25/2041	386
			10,851
		Government National Mortgage Association
	588	3.000%—11/15/2049	542
	4,518	3.111%—07/20/20373	215
	3,690	3.211%—07/20/20373	312
	8,719	4.000%—03/20/2041-03/15/2050	4,716
	23,450	5.000%—08/15/2033-06/15/2050	19,711

MORTGAGE PASS-THROUGH—Continued
Principal Amount			Value
$	758	5.500%—02/20/2039	$144
	353	6.000%—10/20/2038	50
			25,690
		Government National Mortgage Association II
	1	2.000% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 10/20/20253	1
	122	2.625% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 09/20/2023-02/20/20323	121
	32	2.750% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 10/20/2025-11/20/20293	31
	5	2.875% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 05/20/20243	5
	6	3.000% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 07/20/2024-09/20/20243	6
	1,233	4.500%—02/20/2049	1,224
	49	5.000%—01/20/2049	49
			1,437
TOTAL MORTGAGE PASS-THROUGH
(Cost $281,509)			259,801
MUNICIPAL BONDS—0.6%
		New York State Dormitory Authority
	2,845	3.399%—03/15/2032	2,623
		New York State Urban Development Corp.
	3,900	1.496%—03/15/2027	3,528
TOTAL MUNICIPAL BONDS
(Cost $6,745)			6,151
U.S. GOVERNMENT OBLIGATIONS—21.9%
		Small Business Administration Participation Certificates
		Series 2003-20I Cl. 1
	2	5.130%—09/01/2023	2
		Series 2009-20A Cl. 1
	635	5.720%—01/01/2029	632
		Series 2008-20H Cl. 1
	964	6.020%—08/01/2028	949
			1,583
		U.S. Treasury Bonds
	2,619	1.375%—08/15/2050	1,577
	74,081	1.750%—08/15/2041	53,921
	34,359	2.000%—08/15/2051	24,199
	9,447	2.250%—02/15/2052	7,053
	7,730	2.375%—02/15/2042	6,241
	10,665	3.000%—08/15/2052	9,372
	1,006	3.250%—08/31/2024	990
	17,205	3.375%—08/15/2042	16,208
	57,392	3.500%—01/31/2028	57,334
	1,831	3.875%—01/15/2026	1,834
	6,070	4.125%—01/31/2025	6,061
			184,790

18

Harbor Core Plus Fund
Portfolio of Investments—Continued

Principal Amounts, Value and Cost in Thousands 

U.S. GOVERNMENT OBLIGATIONS—Continued
Principal Amount			Value
		U.S. Treasury Notes
$	39,490	2.750%—08/15/2032	$37,383
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $248,403)			223,756
TOTAL INVESTMENTS—99.1%
(Cost $1,109,790)			1,011,874
CASH AND OTHER ASSETS, LESS LIABILITIES—0.9%			9,073
TOTAL NET ASSETS—100.0%			$1,020,947

 

FAIR VALUE MEASUREMENTS

All investments as of April 30, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

1	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $256,942 or 25% of net assets.
2	CLO after the name of a security stands for Collateralized Loan Obligation.
3	Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 2023. The variable rate for such securities may be based on the indicated reference rate and spread or on an underlying asset or pool of assets rather than a reference rate and may be determined by current interest rates, prepayments or other financial indicators.
4	Step coupon security; the stated rate represents the rate in effect as of April 30, 2023.
5	Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date.
6	MTN after the name of a security stands for Medium Term Note.
7	Zero coupon bond
8	REMICs are collateralized mortgage obligations which can hold mortgages secured by any type of real property and issue multiple-class securities backed by those mortgages.

The accompanying notes are an integral part of the Financial Statements.

19

Harbor Disruptive Innovation Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Adviser: Harbor Capital Advisors, Inc.

  

Sector Allocation (% of investments)

  
 

  

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—99.8%
Shares			Value
AUTOMOBILES—1.2%
	6,004	Tesla Inc.*	$986
BIOTECHNOLOGY—11.5%
	5,434	89bio Inc.*	87
	32,035	Alkermes plc (Ireland)*	915
	51,339	Allogene Therapeutics Inc.*	279
	3,668	Apellis Pharmaceuticals Inc.*	306
	15,262	Arrowhead Pharmaceuticals Inc.*	540
	10,267	Ascendis Pharma AS ADR (Denmark)*,1	718
	216,283	Autolus Therapeutics plc ADR (United Kingdom)*,1	391
	22,211	Avidity Biosciences Inc.*	275
	18,613	Bicycle Therapeutics plc ADR (United Kingdom)*,1	368
	51,869	C4 Therapeutics Inc.*	157
	10,727	Fate Therapeutics Inc.*	65
	110,247	Freeline Therapeutics Holdings plc ADR (United Kingdom)*,1	37
	9,767	Intellia Therapeutics Inc.*	369
	49,829	Iovance Biotherapeutics Inc.*	281
	6,190	Krystal Biotech Inc.*	520
	11,034	Kymera Therapeutics Inc.*	348
	148,102	Magenta Therapeutics Inc.*	116
	98,498	Precision BioSciences Inc.*	83
	1,748	Prometheus Biosciences Inc.*	339
	23,634	REGENXBIO Inc.*	458
	32,711	Repare Therapeutics Inc. (Canada)*	293
	22,792	Replimune Group Inc.*	381
	47,977	Rocket Pharmaceuticals Inc.*	860
	2,451	Sarepta Therapeutics Inc.*	301
	257,020	Synlogic Inc.*	136
	65,825	TCR² Therapeutics Inc.*	116
	19,143	UniQure NV (Netherlands)*	372
			9,111
BROADLINE RETAIL—7.7%
	33,497	Amazon.com Inc.*	3,532
	2,048	MercadoLibre Inc. (Brazil)*	2,617
			6,149
CONSUMER STAPLES DISTRIBUTION—1.0%
	125,806	Dada Nexus Ltd. ADR (China)*,1	762

COMMON STOCKS—Continued
Shares			Value
CONTAINERS & PACKAGING—2.0%
	30,409	Ball Corp.	$1,617
ELECTRIC UTILITIES—2.1%
	21,802	NextEra Energy Inc.	1,671
ENTERTAINMENT—0.7%
	7,092	Sea Ltd. ADR (Singapore)*,1	540
FINANCIAL SERVICES—6.8%
	1,402	Adyen NV (Netherlands)*,2	2,253
	22,767	Block Inc.*	1,384
	10,931	Fiserv Inc.*	1,335
	23,879	Toast Inc.*	434
			5,406
HEALTH CARE EQUIPMENT & SUPPLIES—4.6%
	11,845	Dexcom Inc.*	1,437
	874	IDEXX Laboratories Inc.*	430
	1,080	Inspire Medical Systems Inc.*	289
	1,920	Insulet Corp.*	611
	5,140	Lantheus Holdings Inc.*	439
	1,114	The Cooper Companies Inc.	425
			3,631
HEALTH CARE PROVIDERS & SERVICES—0.9%
	160,085	Invitae Corp.*	218
	1,028	UnitedHealth Group Inc.	506
			724
HOTELS, RESTAURANTS & LEISURE—4.7%
	7,263	Airbnb Inc.*	869
	550	Chipotle Mexican Grill Inc.*	1,137
	981,180	Deliveroo plc (United Kingdom)*,2	1,350
	6,268	DoorDash Inc.*	384
			3,740
INSURANCE—1.1%
	6,309	The Progressive Corp.	861
INTERACTIVE MEDIA & SERVICES—1.8%
	13,558	Alphabet Inc. Class A*	1,455

20

Harbor Disruptive Innovation Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
IT SERVICES—5.6%
	16,984	Cloudflare Inc.*	$799
	2,725	MongoDB Inc.*	654
	19,289	Okta Inc.*	1,322
	11,803	Shopify Inc. (Canada)*	572
	7,289	Snowflake Inc.*	1,079
			4,426
LEISURE PRODUCTS—0.8%
	69,349	Peloton Interactive Inc.*	616
LIFE SCIENCES TOOLS & SERVICES—5.1%
	1,046	Bio-Rad Laboratories Inc.*	472
	5,575	Danaher Corp.	1,321
	5,913	ICON plc (Ireland)*	1,139
	926	Lonza Group AG (Switzerland)	577
	932	Thermo Fisher Scientific Inc.	517
			4,026
MACHINERY—0.6%
	3,558	Chart Industries Inc.*	474
PHARMACEUTICALS—1.7%
	12,803	Arvinas Inc.*	336
	7,579	Catalent Inc.*	380
	1,577	Eli Lilly & Co.	624
			1,340
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.2%
	6,530	Advanced Micro Devices Inc.*	583
	6,719	Applied Materials Inc.	760
	1,907	ASML Holding NV (Netherlands)	1,210
	4,286	Lam Research Corp.	2,246
	25,941	Microchip Technology Inc.	1,893
	3,451	NVIDIA Corp.	958
	9,427	Texas Instruments Inc.	1,576
	11,078	Wolfspeed Inc.*	516
			9,742

COMMON STOCKS—Continued
Shares			Value
SOFTWARE—24.5%
	309,728	Agora Inc. ADR (China)*,1	$1,038
	9,341	Atlassian Corp. plc*	1,379
	9,684	Cadence Design Systems Inc.*	2,028
	6,262	Datadog Inc. Class A*	422
	9,015	Dynatrace Inc.*	381
	13,866	Fortinet Inc.*	874
	2,177	HubSpot Inc.*	917
	10,219	Microsoft Corp.	3,140
	3,102	Palo Alto Networks Inc.*	566
	6,685	Salesforce.com Inc.*	1,326
	62,627	Samsara Inc.*	1,131
	4,993	ServiceNow Inc.*	2,294
	16,420	Smartsheet Inc.*	671
	6,669	Splunk Inc.*	575
	14,829	Workday Inc.*	2,760
			19,502
SPECIALTY RETAIL—1.2%
	236,459	Farfetch Ltd. (United Kingdom)*	953
WIRELESS TELECOMMUNICATION SERVICES—2.0%
	11,261	T-Mobile US Inc.*	1,620
TOTAL COMMON STOCKS
(Cost $86,618)			79,352
TOTAL INVESTMENTS—99.8%
(Cost $86,618)			79,352
CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%			151
TOTAL NET ASSETS—100.0%			$79,503

 

FAIR VALUE MEASUREMENTS

As of April 30, 2023, the investments in Adyen NV, ASML Holding NV, Deliveroo plc, and Lonza Group AG (as disclosed in the preceding Portfolio of Investments) were classified as Level 2 and all other investments were classified as Level 1.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

*	Non-income producing security
1	Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.
2	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $3,603 or 5% of net assets.

The accompanying notes are an integral part of the Financial Statements.

21

Harbor Diversified International All Cap Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Marathon Asset Management Limited

  

REGION BREAKDOWN (% of investments)

(Excludes short-term investments and derivatives)

 
   

The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2023, there was no foreign currency denomination that comprised more than 25% of the Fund’s net assets.

  

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—97.6%
Shares			Value
AEROSPACE & DEFENSE—1.2%
	18,020	Airbus SE (France)	$2,523
	332,518	BAE Systems plc (United Kingdom)	4,236
	105,778	Melrose Industries plc (United Kingdom)	545
	1,541,012	Rolls-Royce Holdings plc (United Kingdom)*	2,952
	11,143	Thales SA (France)	1,701
			11,957
AIR FREIGHT & LOGISTICS—0.1%
	213,073	National Express Group plc (United Kingdom)*	326
	24,037	Oesterreichische Post AG (Austria)	926
			1,252
AIRLINES—1.0%
	157,000	Air Canada (Canada)*	2,197
	57,207	Copa Holdings SA (Panama)	5,167

COMMON STOCKS—Continued
Shares			Value
AIRLINES—Continued
	253,817	EasyJet plc (United Kingdom)*	$1,592
	313,568	Qantas Airways Ltd. (Australia)*	1,383
			10,339
AUTO COMPONENTS—0.7%
	93,900	Bridgestone Corp. (Japan)	3,771
	104,008	Dowlais Group plc (United Kingdom)*	173
	238,097	Gestamp Automocion SA (Spain)1	1,031
	309,156	Johnson Electric Holdings Ltd. (Hong Kong)	346
	31,991	Magna International Inc. (Canada)	1,668
			6,989
AUTOMOBILES—0.4%
	32,587	Bayerische Motoren Werke AG (Germany)	3,653

22

Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
BANKS—11.2%
	152,780	Australia & New Zealand Banking Group Ltd (Australia)	$2,481
	609,208	Bank of Ireland Group plc (Ireland)*	6,301
	60,932	Bank of Nova Scotia (Canada)2	3,041
	3,534,142	Barclays plc (United Kingdom)	7,119
	113,027	BNP Paribas SA (France)*	7,303
	1,036,315	CaixaBank SA (Spain)	3,836
	53,213	Capitec Bank Holdings Ltd. (South Africa)	4,638
	52,384	Close Brothers Group plc (United Kingdom)	599
	16,067	Danske Bank AS (Denmark)*	340
	151,547	DBS Group Holdings Ltd. (Singapore)*	3,745
	89,678	DNB Bank ASA (Norway)2	1,577
	52,500	Fukuoka Financial Group Inc. (Japan)	989
	943,600	Grupo Financiero Banorte SAB de CV (Mexico)*	8,178
	189,711	HDFC Bank Ltd. ADR (India)3	13,242
	131,162	HSBC Holdings plc (Hong Kong)	941
	64,492	Intesa Sanpaolo SpA (Italy)*	170
	9,814,578	Lloyds Banking Group plc (United Kingdom)	5,962
	18,324,400	PT Bank Central Asia TBK (Indonesia)	11,340
	1,157,600	Resona Holdings Inc. (Japan)	5,769
	194,641	Shinhan Financial Group Co. Ltd. (South Korea)*	5,096
	360,018	Standard Chartered plc (United Kingdom)	2,852
	31,800	Sumitomo Mitsui Financial Group Inc. (Japan)	1,300
	119,700	Sumitomo Mitsui Trust Holdings Inc. (Japan)	4,315
	293,174	Svenska Handelsbanken AB (Sweden)	2,592
	358,863	UniCredit SpA (Italy)	7,111
	84,782	United Overseas Bank Ltd. (Singapore)	1,801
			112,638
BEVERAGES—3.1%
	28,576	Anheuser-Busch InBev SA NV (Belgium)	1,858
	428,400	Arca Continental SAB de CV (Mexico)	4,092
	50,700	Asahi Group Holdings Ltd. (Japan)	1,959
	16,293	Carlsberg AS (Denmark)	2,696
	32,454	Coca-Cola Europacific Partners plc (United States)	2,092
	130,944	Davide Campari-Milano NV (Italy)	1,688
	105,151	Diageo plc (United Kingdom)	4,796
	43,182	Heineken NV (Netherlands)	4,958
	428,100	Kirin Holdings Co. Ltd. (Japan)	6,955
	1,949	Pernod Ricard SA (France)	450
			31,544
BIOTECHNOLOGY—0.5%
	22,940	CSL Ltd. (Australia)	4,580
BUILDING PRODUCTS—1.1%
	209,547	Assa Abloy AB Class B (Sweden)2	4,993
	299,619	Fletcher Building Ltd. (New Zealand)	835
	7,273	Geberit AG (Switzerland)	4,142
	157,165	GWA Group Ltd. (Australia)	184
	26,500	LIXIL Group Corp. (Japan)	417
			10,571
CAPITAL MARKETS—2.1%
	301,260	3i Group plc (United Kingdom)	6,703
	49,781	Brookfield Asset Management A (Canada)	1,669
	199,122	Brookfield Corp. (Canada)	6,461
	134,085	IG Group Holdings plc (United Kingdom)	1,238
	451,206	Jupiter Fund Management plc (United Kingdom)	738
	565,200	Nomura Holdings Inc. (Japan)	2,026
	28,206	Rathbone Brothers plc (United Kingdom)	694
	125,173	St. James's Place plc (United Kingdom)	1,903
			21,432

COMMON STOCKS—Continued
Shares			Value
CHEMICALS—0.8%
	195,200	Air Water Inc. (Japan)	$2,467
	61,973	BASF SE (Germany)	3,206
	33,600	Nissan Chemical Corp. (Japan)	1,493
	27,100	Sumitomo Bakelite Co. Ltd. (Japan)	1,036
			8,202
COMMERCIAL SERVICES & SUPPLIES—1.2%
	12,000	AEON Delight Co. Ltd. (Japan)	266
	11,351	Befesa SA (Germany)1	511
	121,338	Brambles Ltd. (Australia)	1,149
	808,419	Cleanaway Waste Management Ltd. (Australia)	1,302
	37,300	Daiei Kankyo Co. Ltd. (Japan)*	506
	33,860	Elis SA (France)	672
	74,820	Ritchie Bros Auctioneers Inc. (Canada)2	4,281
	16,100	SECOM Co. Ltd. (Japan)	1,031
	1,119,646	Serco Group plc (United Kingdom)	2,142
			11,860
CONSTRUCTION & ENGINEERING—1.1%
	17,053	Ferrovial SA (Spain)	535
	192,700	Infroneer Holdings Inc. (Japan)	1,522
	380,100	Obayashi Corp. (Japan)	3,169
	267,900	Penta-Ocean Construction Co. Ltd. (Japan)	1,302
	167,805	SNC-Lavalin Group Inc. (Canada)	3,864
	5,855	Taisei Corp. (Japan)	199
			10,591
CONSTRUCTION MATERIALS—1.1%
	160,900	Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A (China)	690
	20,032	CRH plc (Ireland)	967
	55,073	Holcim Ltd. (Switzerland)*	3,639
	5,752	Imerys SA (France)	236
	23,762	James Hardie Industries PLC CDI (Australia)*3	530
	141,800	Taiheiyo Cement Corp. (Japan)	2,543
	8,516	Vicat SA (France)	248
	77,904	Wienerberger AG (Austria)	2,347
			11,200
CONSUMER FINANCE—0.2%
	322,755	International Personal Finance plc (United Kingdom)	399
	83,400	Marui Group Co. Ltd. (Japan)	1,329
	388,582	Non-Standard Finance plc (United Kingdom)*,1	3
	228,305	Provident Financial plc (United Kingdom)	646
			2,377
CONSUMER STAPLES DISTRIBUTION—0.2%
	83,484	HelloFresh SE (Germany)*	2,242
CONSUMER STAPLES DISTRIBUTION & RETAIL—0.6%
	120,369	Alimentation Couche-Tard Inc. (Canada)	6,008
CONTAINERS & PACKAGING—0.4%
	577,478	DS Smith plc (United Kingdom)	2,255
	152,800	Toyo Seikan Group Holdings Ltd. (Japan)	2,158
			4,413
DISTRIBUTORS—0.2%
	239,357	Inchcape plc (United Kingdom)	2,437
DIVERSIFIED FINANCIAL SERVICES—1.5%
	785,443	AMP Ltd. (Australia)*	594
	2,827,800	B3 Brasil Bolsa Balcao SA (Brazil)*	6,622

23

Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
DIVERSIFIED FINANCIAL SERVICES—Continued
	677,802	Chailease Holding Co. Ltd. (Taiwan)	$4,936
	98,896	Challenger Ltd. (Australia)	398
	21,058	Macquarie Group Ltd. (Australia)	2,569
			15,119
DIVERSIFIED TELECOMMUNICATION SERVICES—1.5%
	44,026	BCE Inc. (Canada)	2,116
	47,251	Deutsche Telekom AG (Germany)	1,139
	714,165	Koninklijke KPN NV (Netherlands)	2,605
	274,800	Nippon Telegraph & Telephone Corp. (Japan)	8,385
	285,461	Telstra Corp. Ltd. (Australia)	828
			15,073
ELECTRIC UTILITIES—0.2%
	22,711	Orsted AS (Denmark)1	2,038
ELECTRICAL EQUIPMENT—2.8%
	115,905	ABB Ltd. (Switzerland)	4,181
	3,635	Accelleron Industries AG (Switzerland)*	90
	232,208	Havells India Ltd. (India)*	3,498
	51,371	Legrand SA (France)	4,862
	235,800	Mitsubishi Electric Corp. (Japan)	2,924
	27,389	Schneider Electric SE (France)	4,776
	270,212	Vestas Wind Systems AS (Denmark)*	7,477
			27,808
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.1%
	653,315	Delta Electronics Inc. (Taiwan)	6,400
	22,200	Kyocera Corp. (Japan)	1,165
	11,900	Omron Corp. (Japan)	698
	60,000	TDK Corp. (Japan)	2,063
	33,700	Topcon Corp. (Japan)	480
			10,806
ENERGY EQUIPMENT & SERVICES—0.1%
	271,117	John Wood Group plc (United Kingdom)*	769
	113,028	Petrofac Ltd. (United Kingdom)*	102
	27,814	Technip Energies NV (France)	617
			1,488
ENTERTAINMENT—0.2%
	24,055	CTS Eventim AG & Co. KGaA (Germany)	1,585
	54,668	Modern Times Group MTG AB Class B (Sweden)*	439
			2,024
FINANCIAL SERVICES—0.4%
	68,643	Edenred (France)	4,460
FOOD & STAPLES RETAILING—2.5%
	269,788	Bid Corp. Ltd. (South Africa)	6,146
	252,675	Clicks Group Ltd. (South Africa)	3,689
	103,706	Koninklijke Ahold Delhaize NV (Netherlands)	3,566
	71,649	Loblaw Cos. Ltd. (Canada)	6,739
	17,800	Matsumotokiyoshi Holdings Co. Ltd. (Japan)	953
	279,974	Metcash Ltd. (Australia)	726
	35,600	Seven & I Holdings Co. Ltd. (Japan)	1,613
	466,255	Tesco plc (United Kingdom)	1,649
	140,921	X5 Retail Group NV GDR (Russia)*	—x
			25,081
FOOD PRODUCTS—1.1%
	828,000	China Mengniu Dairy Co. Ltd. (China)*	3,342
	710,000	First Pacific Co. Ltd. (Hong Kong)	238

COMMON STOCKS—Continued
Shares			Value
FOOD PRODUCTS—Continued
	57,600	Megmilk Snow Brand Co. Ltd. (Japan)	$827
	52,600	NH Foods Ltd. (Japan)	1,535
	52,300	Toyo Suisan Kaisha Ltd. (Japan)	2,335
	27,302	Viscofan SA (Spain)	1,871
	9,600	Yakult Honsha Co. Ltd. (Japan)	722
			10,870
GROUND TRANSPORTATION—1.3%
	80,427	Canadian Pacific Kansas City (Canada)	6,340
	574,454	Localiza Rent A Car Ltd. (Brazil)*	6,681
			13,021
HEALTH CARE EQUIPMENT & SUPPLIES—2.4%
	41,756	Coloplast AS Class B (Denmark)	6,016
	1,085,293	ConvaTec Group plc (United Kingdom)1	3,000
	76,743	Demant AS (Denmark)*	3,289
	27,172	EssilorLuxottica SA (France)	5,380
	52,594	Getinge AB Class B (Sweden)	1,335
	67,583	Koninklijke Philips NV (Netherlands)*	1,427
	41,193	Smith & Nephew plc (United Kingdom)	678
	7,715	Sonova Holding AG (Switzerland)	2,447
			23,572
HEALTH CARE PROVIDERS & SERVICES—0.8%
	62,136	Amplifon SpA (Italy)	2,281
	76,392	Fresenius Medical Care AG & Co. KGaA (Germany)	3,707
	97,400	MediPAL Holdings Corp. (Japan)	1,488
	42,300	Ship Healthcare Holdings Inc. (Japan)	746
			8,222
HOTELS, RESTAURANTS & LEISURE—3.1%
	50,344	Aristocrat Leisure Ltd. (Australia)	1,273
	40,401	Carnival plc (United Kingdom)*	334
	271,688	Compass Group plc (United Kingdom)	7,167
	258,158	Entain plc (United Kingdom)*	4,704
	42,686	Flutter Entertainment plc (Ireland)*	8,529
	287,000	Galaxy Entertainment Group Ltd. (Hong Kong)*	2,043
	13,563	InterContinental Hotels Group plc (United Kingdom)	933
	73,978	Playtech plc (United Kingdom)*	537
	1,182,276	SSP Group plc (United Kingdom)*	3,830
	231,851	TUI AG (Germany)*	1,483
			30,833
HOUSEHOLD DURABLES—1.3%
	92,367	Barratt Developments plc (United Kingdom)	581
	55,476	GN Store Nord AS (Denmark)*	1,481
	879,400	Midea Group Co. Ltd. (China)	7,218
	62,700	Sekisui Chemical Co. Ltd. (Japan)	892
	22,000	Sony Group Corp. (Japan)	1,991
	673,004	Taylor Wimpey plc (United Kingdom)	1,086
			13,249
HOUSEHOLD PRODUCTS—0.5%
	59,367	Reckitt Benckiser Group plc (United Kingdom)	4,797
INDUSTRIAL CONGLOMERATES—1.2%
	214,500	CK Hutchison Holdings Ltd. (Hong Kong)	1,434
	31,848	DCC plc (United Kingdom)	1,981
	99,900	Hitachi Ltd. (Japan)	5,526
	46,000	Jardine Matheson Holdings Ltd. (Hong Kong)	2,224
	156,100	Nisshinbo Holdings Inc. (Japan)	1,202
			12,367

24

Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
INSURANCE—6.3%
	76,354	Admiral Group plc (United Kingdom)	$2,219
	1,765,600	AIA Group Ltd. (Hong Kong)	19,222
	160,844	AXA SA (France)	5,250
	218,900	Dai-ichi Life Holdings Inc. (Japan)	4,072
	17,580	Fairfax Financial Holdings Ltd. (Canada)	12,285
	71,800	Great Eastern Holdings Ltd. (Singapore)	918
	5,889	Hannover Rueck SE (Germany)	1,258
	4,472	Helvetia Holding AG (Switzerland)	669
	74,250	Hiscox Ltd. (United Kingdom)	1,105
	186,600	Japan Post Holdings Co. Ltd. (Japan)	1,536
	19,350	Prudential plc (Hong Kong)	292
	155,369	Prudential plc. (United Kingdom)	2,377
	316,764	QBE Insurance Group Ltd. (Australia)	3,239
	98,603	Sampo OYJ (Finland)	5,001
	196,500	Tokio Marine Holdings Inc. (Japan)	3,951
			63,394
INTERACTIVE MEDIA & SERVICES—1.2%
	233,184	Auto Trader Group plc (United Kingdom)1	1,865
	36,022	Baidu Inc. ADR (China)*,3	4,345
	58,156	Carsales.com Ltd. (Australia)	922
	678,352	Rightmove plc (United Kingdom)	4,910
			12,042
INTERNET & DIRECT MARKETING RETAIL—1.8%
	11,534	Just Eat Takeaway.com NV (Netherlands)*,1	202
	53,247	Naspers Ltd. (South Africa)	9,492
	360,155	Vipshop Holdings Ltd. ADR (China)*,3	5,654
	39,189	Zalando SE (Germany)*,1	1,612
	61,800	ZOZO Inc. (Japan)	1,301
			18,261
IT SERVICES—2.3%
	13,901	ALTEN SA (France)	2,363
	299,985	Infosys Ltd. ADR (India)3	4,662
	83,400	NEC Corp. (Japan)	3,207
	49,100	NET One Systems Co. Ltd. (Japan)*	1,158
	38,700	NS Solutions Corp. (Japan)	1,053
	58,500	NTT Data Corp. (Japan)	795
	5,800	Reply SpA (Italy)	676
	99,400	SCSK Corp. (Japan)	1,501
	52,676	Softcat plc (United Kingdom)	887
	172,964	Tata Consultancy Services Ltd. (India)	6,829
			23,131
LEISURE PRODUCTS—0.7%
	12,416	Mips AB (Sweden)	671
	125,000	Sega Sammy Holdings Inc. (Japan)	2,337
	128,466	Spin Master Corp. (Canada)1	3,655
			6,663
LIFE SCIENCES TOOLS & SERVICES—0.4%
	38,262	Eurofins Scientific SE (France)	2,673
	7,884	Gerresheimer AG (Germany)	859
			3,532
MACHINERY—4.0%
	31,260	ALFA Laval AB (Sweden)	1,147
	21,218	Andritz AG (Austria)	1,378
	342,552	CNH Industrial NV (Italy)	4,820
	71,300	Daifuku Co. Ltd. (Japan)	1,314
	123,642	Fluidra SA (Spain)	2,118
	15,128	GEA Group AG (Germany)	711

COMMON STOCKS—Continued
Shares			Value
MACHINERY—Continued
	70,285	Iveco Group NV (Italy)*	$632
	26,900	Komatsu Ltd. (Japan)	669
	69,800	Kubota Corp. (Japan)	1,058
	88,600	Mitsubishi Heavy Industries Ltd. (Japan)	3,360
	34,600	Miura Co. Ltd. (Japan)	922
	101,600	NSK Ltd. (Japan)	574
	127,394	Rotork plc (United Kingdom)	525
	126,739	Sandvik AB (Sweden)2	2,582
	1,328,800	Sany Heavy Industry Co. Ltd. (China)	3,170
	27,037	Stabilus SA (Germany)	1,767
	542,500	Techtronic Industries Co. Ltd. (Hong Kong)	5,869
	27,800	Toyota Industries Corp. (Japan)	1,616
	94,295	Wartsila OYJ ABP (Finland)	1,093
	3,031,000	Weichai Power Co. Ltd. (China)	4,480
			39,805
MARINE—0.1%
	207,747	Irish Continental Group plc (Ireland)	1,072
	14,800	Kawasaki Kisen Kaisha Ltd. (Japan)	352
			1,424
MEDIA—1.6%
	193,200	Fuji Media Holdings Inc. (Japan)	1,811
	91,906	Future plc (United Kingdom)	1,304
	78,400	Hakuhodo DY Holdings Inc. (Japan)	924
	104,893	Informa plc (United Kingdom)	954
	2,084,163	ITV plc (United Kingdom)	2,121
	78,796	JCDecaux SA (France)*	1,744
	130,820	Nippon Television Holdings Inc. (Japan)	1,177
	23,388	Schibsted ASA Class A (Norway)	415
	10,497	Schibsted ASA Class B (Norway)	170
	86,200	TBS Holdings Inc. (Japan)	1,300
	45,453	Viaplay Group (Sweden)*	1,162
	218,153	WPP plc (United Kingdom)	2,542
			15,624
METALS & MINING—5.9%
	114,931	Acerinox SA (Spain)*	1,242
	379,615	African Rainbow Minerals Ltd. (South Africa)	4,769
	27,825	Alleima AB (Sweden)*	143
	152,107	ArcelorMittal SA (France)	4,321
	314,106	Barrick Gold Corp. (Canada)	5,972
	184,312	BHP Group Ltd. (Australia)	5,470
	92,997	BlueScope Steel Ltd. (Australia)	1,236
	36,100	Dowa Holdings Co. Ltd. (Japan)	1,179
	360,832	Evolution Mining Ltd. (Australia)	851
	176,584	First Quantum Minerals Ltd. (Canada)	4,291
	27,687	Franco-Nevada Corp. (Canada)	4,201
	1,220,113	Glencore plc (United Kingdom)*	7,202
	84,464	Newcrest Mining Ltd. (Australia)	1,613
	67,739	Rio Tinto plc (United Kingdom)	4,306
	320,373	Severstal PJSC GDR (Russia)*	—x
	125,172	Southern Copper Corp. (Peru)	9,617
	60,300	Sumitomo Metal Mining Co. Ltd. (Japan)	2,226
			58,639
OIL, GAS & CONSUMABLE FUELS—4.3%
	773,610	Beach Energy Ltd. (Australia)	762
	2,451,062	BP plc (United Kingdom)	16,444
	149,259	Canadian Natural Resources Ltd. (Canada)	9,095
	234,173	Equinor ASA (Norway)2	6,742
	209,600	INPEX Corp. (Japan)	2,294
	244,051	PrairieSky Royalty Ltd. (Canada)	3,851

25

Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
OIL, GAS & CONSUMABLE FUELS—Continued
	535,966	Santos Ltd. (Australia)	$2,539
	74,789	Woodside Energy Group Ltd. (Australia)	1,697
			43,424
PAPER & FOREST PRODUCTS—0.2%
	501,100	Oji Holdings Corp. (Japan)	1,969
PERSONAL PRODUCTS—1.3%
	531,971	Dabur India Ltd. (India)	3,473
	281,459	L'Occitane International SA (Hong Kong)	716
	578,909	Marico Ltd. (India)*	3,530
	98,815	Unilever plc (United Kingdom)	5,502
			13,221
PHARMACEUTICALS—3.0%
	103,383	Novo Nordisk AS (Denmark)	17,198
	34,875	Roche Holding AG (Switzerland)	10,921
	14,800	Sawai Group Holdings Co. Ltd. (Japan)	428
	64,900	Tsumura & Co. (Japan)	1,317
			29,864
PROFESSIONAL SERVICES—2.6%
	51,942	Adecco Group AG (Switzerland)*	1,787
	138,843	ALS Ltd. (Australia)	1,212
	1,863,282	Capita plc (United Kingdom)*	814
	101,560	Experian plc (United Kingdom)	3,596
	1,657,534	Hays plc (United Kingdom)	2,378
	92,006	Intertek Group plc (United Kingdom)	4,813
	98,366	IPH Ltd. (Australia)	532
	44,100	Nomura Co. Ltd. (Japan)	305
	120,711	PageGroup plc (United Kingdom)*	689
	40,100	Persol Holdings Co. Ltd. (Japan)	827
	12,623	Randstad NV (Netherlands)	686
	160,426	RELX plc (United Kingdom)	5,345
	155,762	RWS Holdings plc (United Kingdom)	500
	22,900	TechnoPro Holdings Inc. (Japan)	625
	7,519	Teleperformance (France)	1,503
			25,612
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6%
	163,700	Daiwa House Industry Co. Ltd. (Japan)	4,172
	46,176	Singapore Land Group Ltd (Singapore)	76
	209,500	Swire Pacific Ltd. (Hong Kong)	1,663
			5,911
ROAD & RAIL—0.2%
	27,300	East Japan Railway Co. (Japan)	1,562
	106,800	Senko Group Holdings Co. Ltd. (Japan)	763
			2,325
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.9%
	72,600	ASM Pacific Technology Ltd. (Hong Kong)	571
	16,054	ASML Holding NV (Netherlands)	10,188
	142,000	MediaTek Inc. (Taiwan)*	3,088
	195,900	Renesas Electronics Corp. (Japan)*	2,553
	3,400	ROHM Co. Ltd. (Japan)	256
	760,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	12,445
			29,101
SOFTWARE—1.0%
	4,083	Constellation Software Inc. (Canada)	7,992

COMMON STOCKS—Continued
Shares			Value
SOFTWARE—Continued
	12,250	Lumine Group Inc. (Canada)*	$165
	21,100	Oracle Corp. (Japan)	1,514
			9,671
SPECIALTY RETAIL—1.1%
	21,300	ABC-Mart Inc. (Japan)	1,210
	1,384,700	Esprit Holdings Ltd. (Hong Kong)*	113
	256,839	Pets at Home Group plc (United Kingdom)	1,246
	63,000	USS Co. Ltd. (Japan)	1,059
	106,659	WH Smith plc (United Kingdom)	2,116
	1,136,500	Zhongsheng Group Holdings Ltd (China)	4,855
			10,599
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.6%
	513,000	Advantech Co. Ltd. (Taiwan)	6,211
	20,869	Logitech International SA (Switzerland)	1,235
	18,704	Quadient SA (France)	372
	157,811	Samsung Electronics Co Ltd. (South Korea)	7,765
			15,583
TEXTILES, APPAREL & LUXURY GOODS—2.1%
	17,893	Adidas AG (Germany)	3,151
	41,541	Cie Financiere Richemont SA (Switzerland)	6,867
	56,177	Gildan Activewear Inc. (Canada)	1,829
	463,500	Li Ning Co. Ltd. (China)	3,315
	303,600	Samsonite International SA (Hong Kong)*,1	962
	443,600	Shenzhou International Group Holdings Ltd. (China)	4,261
	436,570	Stella International Holdings Ltd. (Hong Kong)	454
			20,839
THRIFTS & MORTGAGE FINANCE—0.3%
	74,355	Housing Development Finance Corp. Ltd. (India)	2,528
TRADING COMPANIES & DISTRIBUTORS—1.7%
	442,800	BOC Aviation Ltd. (China)1	3,510
	49,629	Brenntag SE (Germany)	4,045
	106,286	Bunzl plc (United Kingdom)	4,231
	104,587	Finning International Inc. (Canada)	2,710
	65,100	ITOCHU Corp. (Japan)	2,160
	29,891	Rexel SA (France)*	692
			17,348
TRANSPORTATION INFRASTRUCTURE—0.9%
	86,479	Getlink SE (France)	1,616
	326,634	Grupo Aeroportuario del Pacifico SAB de CV Class B (Mexico)	5,808
	52,400	Mitsubishi Logistics Corp. (Japan)	1,298
			8,722
WIRELESS TELECOMMUNICATION SERVICES—0.3%
	30,200	KDDI Corp. (Japan)	943
	35,984	Rogers Communications Inc. (Canada)	1,778
			2,721
TOTAL COMMON STOCKS
(Cost $875,568)			977,066

26

Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

PREFERRED STOCKS—0.3%
(Cost $2,967)
Shares			Value
AUTOMOBILES—0.3%
	18,856	Volkswagen AG (Germany)	$2,575
SHORT-TERM INVESTMENTS—0.9%
(Cost $9,176)
Shares
	9,176,318	State Street Navigator Securities Lending Government Money Market Portfolio (1 day yield of 4.840%)4	9,176
TOTAL INVESTMENTS—98.8%
(Cost $887,711)			988,817
CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%			12,198
TOTAL NET ASSETS—100.0%			$1,001,015

 

RIGHTS/WARRANTS 

Description	No. of Contracts	Strike Price	Expiration Date	Cost (000s)	Value (000s)
Localiza Rent A Car SA Right	2,570	BRL  41.15	05/11/2023	$ —	$9

 

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2023 based on the inputs used to value them. 

Asset Category	Quoted Prices Level 1 (000s)	Other Significant Observable Inputs Level 2 (000s)	Significant Unobservable Inputs Level 3 (000s)	Total (000s)
Investments in Securities
Common Stocks
Africa	$—	$28,734	$—	$28,734
Europe	173	428,567	—	428,740
Latin America	46,165	—	—	46,165
Middle East/Central Asia	17,904	19,858	—	37,762
North America	104,301	—	—	104,301
Pacific Basin	9,999	321,365	—	331,364
Preferred Stocks
Europe	—	2,575	—	2,575
Short-Term Investments
Investment Company-Securities Lending Investment Fund	9,176	—	—	9,176
Total Investments in Securities	$187,718	$801,099	$—	$988,817
Financial Derivative Instruments - Assets
Rights/Warrants	$9	$—	$—	$9
Total Investments	$187,727	$801,099	$—	$988,826

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.  

27

Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued

The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2023. 

Valuation Description	Beginning Balance as of 11/01/2022 (000s)	Purchases (000s)	Sales (000s)	Discount/ (Premium) (000s)	Total Realized Gain/(Loss) (000s)	Change in Unrealized Appreciation/ (Depreciation) (000s)	Transfers Into Level 3 (000s)	Transfers Out of Level 3 (000s)	Ending Balance as of 04/30/2023 (000s)	Unrealized Gain/ Loss as of 04/30/2023 (000s)
Common Stocks	$—	$—	$—	$—	$—	$—	$—	$—	$—	$(11,174 )

 

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy. 

Valuation Descriptions	Ending Balance as of 04/30/2023 (000s)	Valuation Technique	Unobservable Input(s)	Input Value(s)
Investments in Securities
Common Stocks
Severstal PJSC GDR (Russia)*	$ —	Market Approach	Estimated Recovery Value	$  0.00
X5 Retail Group NV GDR (Russia)*	—	Market Approach	Estimated Recovery Value	$  0.00
	$—

 

*	Non-income producing security
x	Fair valued in accordance with Harbor Funds' Valuation Procedures.
1	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $18,389 or 2% of net assets.
2	All or a portion of this security was out on loan as of April 30, 2023.
3	Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.
4	Represents the investment of collateral received from securities lending activities
BRL	Brazilian Real

The accompanying notes are an integral part of the Financial Statements.

28

Harbor Global Leaders Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Sands Capital Management, LLC

  

REGION BREAKDOWN (% of investments)

 
 

  

The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2023, there was no foreign currency denomination that comprised more than 25% of the Fund’s net assets.

  

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—99.5%
Shares			Value
AEROSPACE & DEFENSE—5.1%
	5,766	Axon Enterprise Inc. (United States)*	$1,215
	2,879	TransDigm Group Inc. (United States)*	2,202
			3,417
AUTO COMPONENTS—2.1%
	13,345	Aptiv plc (United States)*	1,373
BANKS—3.2%
	30,139	HDFC Bank Ltd. ADR (India)1	2,104
BROADLINE RETAIL—1.4%
	56,975	Coupang Inc. (South Korea)*	955
CAPITAL MARKETS—3.6%
	168,497	Allfunds Group plc (Netherlands)	1,118
	11,526	Intercontinental Exchange Inc. (United States)	1,255
			2,373
CHEMICALS—2.2%
	5,246	Sika AG (Switzerland)	1,449
COMMERCIAL SERVICES & SUPPLIES—3.7%
	308,650	Rentokil Initial plc (United Kingdom)	2,457
CONSUMER STAPLES DISTRIBUTION & RETAIL—3.9%
	41,130	Alimentation Couche-Tard Inc. (Canada)	2,053
	12,570	Zur Rose Group AG (Switzerland)*	550
			2,603
DIVERSIFIED CONSUMER SERVICES—3.9%
	142,733	Chegg Inc. (United States)*	2,566
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.9%
	5,760	Keyence Corp. (Japan)	2,598
ENTERTAINMENT—4.1%
	37,356	Liberty Media Corp. (United Kingdom)*	2,697

COMMON STOCKS—Continued
Shares			Value
FINANCIAL SERVICES—6.7%
	854	Adyen NV (Netherlands)*,2	$1,372
	13,152	Visa Inc. (United States)	3,061
			4,433
HEALTH CARE EQUIPMENT & SUPPLIES—2.3%
	7,982	Steris plc (United States)	1,505
HEALTH CARE PROVIDERS & SERVICES—1.6%
	2,157	UnitedHealth Group Inc. (United States)	1,061
INSURANCE—4.3%
	261,700	AIA Group Ltd. (Hong Kong)	2,849
IT SERVICES—6.4%
	38,700	Cloudflare Inc. (United States)*	1,821
	4,038	Globant SA (Argentina)*	633
	37,501	Shopify Inc. (Canada)*	1,817
			4,271
LIFE SCIENCES TOOLS & SERVICES—7.3%
	13,635	Bio-Techne Corp. (United States)	1,089
	10,168	Iqvia Holdings Inc. (United States)*	1,914
	2,966	Lonza Group AG (Switzerland)	1,850
			4,853
MEDIA—3.5%
	6,352	Charter Communications Inc. (United States)*	2,342
PHARMACEUTICALS—2.3%
	8,861	Zoetis Inc. (United States)	1,558
PROFESSIONAL SERVICES—5.1%
	31,814	CoStar Group Inc. (United States)*	2,448
	34,650	Recruit Holdings Co. Ltd. (Japan)	972
			3,420

29

Harbor Global Leaders Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.3%
	24,147	Entegris Inc. (United States)	$1,809
	10,326	Texas Instruments Inc. (United States)	1,727
			3,536
SOFTWARE—14.6%
	1,538	Constellation Software Inc. (Canada)	3,011
	6,650	Microsoft Corp. (United States)	2,043
	6,656	Roper Technologies Inc. (United States)	3,027
	3,600	ServiceNow Inc. (United States)*	1,654
			9,735
TRADING COMPANIES & DISTRIBUTORS—3.0%
	70,500	Monotaro Co. Ltd. (Japan)	1,066
	6,178	Siteone Landscape Supply Inc. (United States)*	913
			1,979
TOTAL COMMON STOCKS
(Cost $58,144)			66,134
TOTAL INVESTMENTS—99.5%
(Cost $58,144)			66,134
CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%			359
TOTAL NET ASSETS—100.0%			$66,493

 

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2023 based on the inputs used to value them. 

Asset Category	Quoted Prices Level 1 (000s)	Other Significant Observable Inputs Level 2 (000s)	Significant Unobservable Inputs Level 3 (000s)	Total (000s)
Common Stocks
Europe	$2,697	$8,796	$—	$11,493
Latin America	633	—	—	633
Middle East/Central Asia	2,104	—	—	2,104
North America	43,464	—	—	43,464
Pacific Basin	955	7,485	—	8,440
Total Investments in Securities	$49,853	$16,281	$—	$66,134

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

*	Non-income producing security
1	Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.
2	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $1,372 or 2% of net assets.

The accompanying notes are an integral part of the Financial Statements.

30

Harbor International Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Marathon Asset Management Limited

  

REGION BREAKDOWN (% of investments)

(Excludes short-term investments and derivatives)

 
   

The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2023, there was no foreign currency denomination that comprised more than 25% of the Fund’s net assets.

  

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—97.4%
Shares			Value
AEROSPACE & DEFENSE—1.8%
	99,453	Airbus SE (France)	$13,927
	1,811,226	BAE Systems plc (United Kingdom)	23,075
	583,894	Melrose Industries plc (United Kingdom)	3,008
	8,389,951	Rolls-Royce Holdings plc (United Kingdom)*	16,072
	59,693	Thales SA (France)	9,109
			65,191
AIR FREIGHT & LOGISTICS—0.2%
	1,162,135	National Express Group plc (United Kingdom)*	1,776
	127,905	Oesterreichische Post AG (Austria)	4,927
			6,703
AIRLINES—0.4%
	34,480	Copa Holdings SA (Panama)	3,114

COMMON STOCKS—Continued
Shares			Value
AIRLINES—Continued
	1,354,021	EasyJet plc (United Kingdom)*	$8,495
	944,149	Qantas Airways Ltd. (Australia)*	4,164
			15,773
AUTO COMPONENTS—0.8%
	499,400	Bridgestone Corp. (Japan)	20,055
	583,894	Dowlais Group plc (United Kingdom)*	973
	1,306,467	Gestamp Automocion SA (Spain)1	5,656
	73,395	Hankook Tire & Technology Co. Ltd. (South Korea)	1,896
	755,183	Johnson Electric Holdings Ltd. (Hong Kong)	844
			29,424

31

Harbor International Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
AUTOMOBILES—0.6%
	177,234	Bayerische Motoren Werke AG (Germany)	$19,865
	8,457	Hyundai Motor Co. (South Korea)	1,253
			21,118
BANKS—10.4%
	460,476	Australia & New Zealand Banking Group Ltd (Australia)	7,477
	187,503	Axis Bank Ltd. (India)	1,979
	3,250,702	Bank of Ireland Group plc (Ireland)*	33,622
	19,198,407	Barclays plc (United Kingdom)	38,674
	613,462	BNP Paribas SA (France)*	39,638
	5,716,728	CaixaBank SA (Spain)	21,161
	32,422	Capitec Bank Holdings Ltd. (South Africa)	2,826
	284,713	Close Brothers Group plc (United Kingdom)	3,254
	90,271	Danske Bank AS (Denmark)*	1,908
	455,834	DBS Group Holdings Ltd. (Singapore)*	11,264
	488,366	DNB Bank ASA (Norway)2	8,590
	278,200	Fukuoka Financial Group Inc. (Japan)	5,240
	570,900	Grupo Financiero Banorte SAB de CV (Mexico)*	4,948
	113,129	Hana Financial Group Inc. (South Korea)	3,555
	114,779	HDFC Bank Ltd. ADR (India)3	8,012
	378,769	HSBC Holdings plc (Hong Kong)	2,717
	344,334	Intesa Sanpaolo SpA (Italy)*	905
	301,100	Kasikornbank PCL (Thailand)	1,105
	53,468,913	Lloyds Banking Group plc (United Kingdom)	32,484
	11,079,000	PT Bank Central Asia TBK (Indonesia)	6,856
	6,049,800	Resona Holdings Inc. (Japan)	30,152
	118,804	Shinhan Financial Group Co. Ltd. (South Korea)*	3,110
	1,310,059	Standard Chartered plc (United Kingdom)	10,380
	168,300	Sumitomo Mitsui Financial Group Inc. (Japan)	6,879
	632,000	Sumitomo Mitsui Trust Holdings Inc. (Japan)	22,782
	1,586,346	Svenska Handelsbanken AB (Sweden)	14,023
	1,941,297	UniCredit SpA (Italy)	38,468
	254,600	United Overseas Bank Ltd. (Singapore)	5,407
			367,416
BEVERAGES—4.3%
	155,417	Anheuser-Busch InBev SA/NV (Belgium)	10,105
	259,200	Arca Continental SAB de CV (Mexico)	2,476
	267,200	Asahi Group Holdings Ltd. (Japan)	10,323
	87,092	Carlsberg AS (Denmark)	14,413
	176,192	Coca-Cola Europacific Partners plc (United States)	11,359
	701,957	Davide Campari-Milano NV (Italy)	9,046
	569,813	Diageo plc (United Kingdom)	25,993
	232,994	Heineken NV (Netherlands)	26,754
	2,254,500	Kirin Holdings Co. Ltd. (Japan)	36,625
	10,486	Pernod Ricard SA (France)	2,422
	7,091,900	Thai Beverage PCL (Singapore)	3,408
			152,924
BIOTECHNOLOGY—0.4%
	71,122	CSL Ltd. (Australia)	14,199
BUILDING PRODUCTS—1.6%
	1,134,584	Assa Abloy AB Class B (Sweden)	27,033
	953,112	Fletcher Building Ltd. (New Zealand)	2,658
	39,787	Geberit AG (Switzerland)	22,661
	496,690	GWA Group Ltd. (Australia)	580
	138,900	LIXIL Group Corp. (Japan)	2,186
			55,118
CAPITAL MARKETS—2.0%
	1,619,335	3i Group plc (United Kingdom)	36,029

COMMON STOCKS—Continued
Shares			Value
CAPITAL MARKETS—Continued
	738,887	IG Group Holdings plc (United Kingdom)	$6,821
	2,394,037	Jupiter Fund Management plc (United Kingdom)	3,918
	2,947,900	Nomura Holdings Inc. (Japan)	10,568
	151,987	Rathbone Brothers plc (United Kingdom)	3,738
	689,113	St. James's Place plc (United Kingdom)	10,480
			71,554
CHEMICALS—1.2%
	1,026,000	Air Water Inc. (Japan)	12,964
	335,979	BASF SE (Germany)	17,378
	178,400	Nissan Chemical Corp. (Japan)	7,929
	141,500	Sumitomo Bakelite Co. Ltd. (Japan)	5,411
			43,682
COMMERCIAL SERVICES & SUPPLIES—1.0%
	63,700	AEON Delight Co. Ltd. (Japan)	1,412
	60,176	Befesa SA (Germany)1	2,709
	351,226	Brambles Ltd. (Australia)	3,327
	2,480,914	Cleanaway Waste Management Ltd. (Australia)	3,995
	198,000	Daiei Kankyo Co. Ltd. (Japan)*	2,685
	176,840	Elis SA (France)	3,513
	84,900	SECOM Co. Ltd. (Japan)	5,436
	5,983,593	Serco Group plc (United Kingdom)	11,446
			34,523
CONSTRUCTION & ENGINEERING—1.0%
	91,092	Ferrovial SA (Spain)	2,856
	1,020,000	Infroneer Holdings Inc. (Japan)	8,057
	1,985,000	Obayashi Corp. (Japan)	16,549
	1,404,500	Penta-Ocean Construction Co. Ltd. (Japan)	6,828
	30,674	Taisei Corp. (Japan)	1,043
			35,333
CONSTRUCTION MATERIALS—1.6%
	97,700	Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A (China)	419
	108,851	CRH plc (Ireland)	5,252
	298,604	Holcim Ltd. (Switzerland)*	19,730
	18,826	Imerys SA (France)	774
	73,121	James Hardie Industries PLC CDI (Australia)*3	1,632
	746,100	Taiheiyo Cement Corp. (Japan)	13,378
	47,815	Vicat SA (France)	1,395
	416,685	Wienerberger AG (Austria)	12,552
			55,132
CONSUMER FINANCE—0.4%
	1,721,747	International Personal Finance plc (United Kingdom)	2,131
	441,800	Marui Group Co. Ltd. (Japan)	7,039
	2,290,775	Non-Standard Finance plc (United Kingdom)*,1	16
	1,292,989	Provident Financial plc (United Kingdom)	3,657
			12,843
CONSUMER STAPLES DISTRIBUTION—0.3%
	454,903	HelloFresh SE (Germany)*	12,215
CONTAINERS & PACKAGING—0.7%
	3,153,866	DS Smith plc (United Kingdom)	12,313
	794,400	Toyo Seikan Group Holdings Ltd. (Japan)	11,222
			23,535
DISTRIBUTORS—0.4%
	1,302,743	Inchcape plc (United Kingdom)	13,263

32

Harbor International Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
DIVERSIFIED FINANCIAL SERVICES—0.5%
	2,379,925	AMP Ltd. (Australia)*	$1,799
	1,717,300	B3 Brasil Bolsa Balcao SA (Brazil)*	4,021
	410,545	Chailease Holding Co. Ltd. (Taiwan)	2,990
	306,099	Challenger Ltd. (Australia)	1,232
	64,845	Macquarie Group Ltd. (Australia)	7,911
			17,953
DIVERSIFIED TELECOMMUNICATION SERVICES—1.9%
	260,604	Deutsche Telekom AG (Germany)	6,284
	3,827,943	Koninklijke KPN NV (Netherlands)	13,960
	1,447,700	Nippon Telegraph & Telephone Corp. (Japan)	44,175
	862,199	Telstra Corp. Ltd. (Australia)	2,501
			66,920
ELECTRIC UTILITIES—0.3%
	124,784	Orsted AS (Denmark)1	11,199
ELECTRICAL EQUIPMENT—3.8%
	626,045	ABB Ltd. (Switzerland)	22,584
	22,405	Accelleron Industries AG (Switzerland)*	552
	140,394	Havells India Ltd. (India)*	2,115
	281,049	Legrand SA (France)	26,602
	1,231,600	Mitsubishi Electric Corp. (Japan)	15,270
	147,241	Schneider Electric SE (France)	25,678
	1,456,016	Vestas Wind Systems AS (Denmark)*	40,289
			133,090
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%
	394,000	Delta Electronics Inc. (Taiwan)	3,860
	117,800	Kyocera Corp. (Japan)	6,183
	63,100	Omron Corp. (Japan)	3,701
	318,100	TDK Corp. (Japan)	10,936
	179,400	Topcon Corp. (Japan)	2,555
			27,235
ENERGY EQUIPMENT & SERVICES—0.2%
	1,491,610	John Wood Group plc (United Kingdom)*	4,232
	225,684	Petrofac Ltd. (United Kingdom)*	203
	147,525	Technip Energies NV (France)	3,273
			7,708
ENTERTAINMENT—0.3%
	124,318	CTS Eventim AG & Co. KGaA (Germany)	8,191
	296,479	Modern Times Group MTG AB Class B (Sweden)*	2,383
			10,574
FINANCIAL SERVICES—0.7%
	365,591	Edenred (France)	23,754
FOOD & STAPLES RETAILING—1.4%
	164,105	Bid Corp. Ltd. (South Africa)	3,739
	153,856	Clicks Group Ltd. (South Africa)	2,247
	561,597	Koninklijke Ahold Delhaize NV (Netherlands)	19,310
	94,200	Matsumotokiyoshi Holdings Co. Ltd. (Japan)	5,044
	887,147	Metcash Ltd. (Australia)	2,299
	190,600	Seven & I Holdings Co. Ltd. (Japan)	8,638
	2,548,518	Tesco plc (United Kingdom)	9,010
	95,013	X5 Retail Group NV GDR (Russia)*	—x
			50,287
FOOD PRODUCTS—1.2%
	501,000	China Mengniu Dairy Co. Ltd. (China)*	2,022
	1,716,000	First Pacific Co. Ltd. (Hong Kong)	575

COMMON STOCKS—Continued
Shares			Value
FOOD PRODUCTS—Continued
	300,600	Megmilk Snow Brand Co. Ltd. (Japan)	$4,315
	274,600	NH Foods Ltd. (Japan)	8,014
	1,516,000	Tingyi Cayman Islands Holding Corp. (China)	2,649
	274,300	Toyo Suisan Kaisha Ltd. (Japan)	12,247
	149,026	Viscofan SA (Spain)	10,215
	50,900	Yakult Honsha Co. Ltd. (Japan)	3,828
			43,865
GROUND TRANSPORTATION—0.1%
	349,793	Localiza Rent A Car Ltd. (Brazil)*	4,068
HEALTH CARE EQUIPMENT & SUPPLIES—3.6%
	225,498	Coloplast AS Class B (Denmark)	32,490
	5,813,020	ConvaTec Group plc (United Kingdom)1	16,071
	419,813	Demant AS (Denmark)*	17,992
	148,066	EssilorLuxottica SA (France)	29,314
	290,235	Getinge AB Class B (Sweden)	7,366
	367,869	Koninklijke Philips NV (Netherlands)*	7,766
	224,310	Smith & Nephew plc (United Kingdom)	3,694
	42,588	Sonova Holding AG (Switzerland)	13,506
			128,199
HEALTH CARE PROVIDERS & SERVICES—1.3%
	341,383	Amplifon SpA (Italy)	12,532
	413,965	Fresenius Medical Care AG & Co. KGaA (Germany)	20,087
	510,600	MediPAL Holdings Corp. (Japan)	7,801
	223,000	Ship Healthcare Holdings Inc. (Japan)	3,934
			44,354
HOTELS, RESTAURANTS & LEISURE—4.7%
	2,515,000	Ajisen China Holdings Ltd. (China)	314
	154,995	Aristocrat Leisure Ltd. (Australia)	3,921
	222,855	Carnival plc (United Kingdom)*	1,840
	1,475,488	Compass Group plc (United Kingdom)	38,925
	1,398,565	Entain plc (United Kingdom)*	25,483
	230,474	Flutter Entertainment plc (Ireland)*	46,053
	858,000	Galaxy Entertainment Group Ltd. (Hong Kong)*	6,107
	72,368	InterContinental Hotels Group plc (United Kingdom)	4,976
	393,221	Playtech plc (United Kingdom)*	2,854
	6,733,291	SSP Group plc (United Kingdom)*	21,815
	45,473	Trip.com Group Ltd. ADR (China)*,3	1,615
	1,271,019	TUI AG (Germany)*	8,128
	93,892	Yum China Holdings Inc. (China)	5,744
			167,775
HOUSEHOLD DURABLES—1.0%
	502,133	Barratt Developments plc (United Kingdom)	3,159
	301,374	GN Store Nord AS (Denmark)*	8,046
	544,400	Midea Group Co. Ltd. (China)	4,468
	332,300	Sekisui Chemical Co. Ltd. (Japan)	4,729
	117,500	Sony Group Corp. (Japan)	10,631
	3,706,463	Taylor Wimpey plc (United Kingdom)	5,982
			37,015
HOUSEHOLD PRODUCTS—0.7%
	320,874	Reckitt Benckiser Group plc (United Kingdom)	25,930
INDUSTRIAL CONGLOMERATES—1.7%
	650,000	CK Hutchison Holdings Ltd. (Hong Kong)	4,345
	169,885	DCC plc (United Kingdom)	10,570
	528,100	Hitachi Ltd. (Japan)	29,212
	141,800	Jardine Matheson Holdings Ltd. (Hong Kong)	6,855

33

Harbor International Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
INDUSTRIAL CONGLOMERATES—Continued
	21,154	LG Corp. (South Korea)	$1,384
	815,300	Nisshinbo Holdings Inc. (Japan)	6,277
			58,643
INSURANCE—5.3%
	414,650	Admiral Group plc (United Kingdom)	12,051
	2,464,000	AIA Group Ltd. (Hong Kong)	26,826
	878,019	AXA SA (France)	28,659
	1,150,100	Dai-ichi Life Holdings Inc. (Japan)	21,393
	208,500	Great Eastern Holdings Ltd. (Singapore)	2,664
	31,462	Hannover Rueck SE (Germany)	6,722
	24,493	Helvetia Holding AG (Switzerland)	3,664
	402,488	Hiscox Ltd. (United Kingdom)	5,990
	985,900	Japan Post Holdings Co. Ltd. (Japan)	8,116
	369,000	Ping An Insurance Group Co. of China Ltd. (China)	2,692
	54,950	Prudential plc (Hong Kong)	828
	667,273	Prudential plc. (United Kingdom)	10,210
	988,759	QBE Insurance Group Ltd. (Australia)	10,111
	535,512	Sampo OYJ (Finland)	27,159
	1,040,800	Tokio Marine Holdings Inc. (Japan)	20,927
			188,012
INTERACTIVE MEDIA & SERVICES—1.3%
	1,271,028	Auto Trader Group plc (United Kingdom)1	10,164
	41,586	Baidu Inc. ADR (China)*,3	5,016
	160,602	Carsales.com Ltd. (Australia)	2,547
	3,694,638	Rightmove plc (United Kingdom)	26,742
			44,469
INTERNET & DIRECT MARKETING RETAIL—0.7%
	62,031	Just Eat Takeaway.com NV (Netherlands)*,1	1,088
	32,348	Naspers Ltd. (South Africa)	5,766
	217,751	Vipshop Holdings Ltd. ADR (China)*,3	3,419
	207,686	Zalando SE (Germany)*,1	8,542
	326,000	ZOZO Inc. (Japan)	6,860
			25,675
IT SERVICES—2.0%
	76,274	ALTEN SA (France)	12,967
	181,372	Infosys Ltd. ADR (India)3	2,819
	439,100	NEC Corp. (Japan)	16,886
	257,800	NET One Systems Co. Ltd. (Japan)*	6,078
	202,900	NS Solutions Corp. (Japan)	5,522
	308,400	NTT Data Corp. (Japan)	4,189
	32,402	Reply SpA (Italy)	3,775
	525,800	SCSK Corp. (Japan)	7,938
	302,665	Softcat plc (United Kingdom)	5,100
	104,877	Tata Consultancy Services Ltd. (India)	4,141
			69,415
LEISURE PRODUCTS—0.5%
	68,736	Mips AB (Sweden)	3,717
	652,000	Sega Sammy Holdings Inc. (Japan)	12,187
			15,904
LIFE SCIENCES TOOLS & SERVICES—0.5%
	208,735	Eurofins Scientific SE (France)	14,580
	42,997	Gerresheimer AG (Germany)	4,685
			19,265
MACHINERY—4.2%
	66,109	ALFA Laval AB (Sweden)	2,425

COMMON STOCKS—Continued
Shares			Value
MACHINERY—Continued
	115,149	Andritz AG (Austria)	$7,478
	1,852,727	CNH Industrial NV (Italy)	26,071
	378,700	Daifuku Co. Ltd. (Japan)	6,978
	676,980	Fluidra SA (Spain)	11,597
	82,446	GEA Group AG (Germany)	3,878
	380,312	Iveco Group NV (Italy)*	3,422
	142,500	Komatsu Ltd. (Japan)	3,544
	366,600	Kubota Corp. (Japan)	5,555
	464,300	Mitsubishi Heavy Industries Ltd. (Japan)	17,606
	183,400	Miura Co. Ltd. (Japan)	4,885
	535,400	NSK Ltd. (Japan)	3,023
	693,744	Rotork plc (United Kingdom)	2,859
	692,420	Sandvik AB (Sweden)	14,105
	802,600	Sany Heavy Industry Co. Ltd. (China)	1,915
	147,265	Stabilus SA (Germany)	9,624
	505,000	Techtronic Industries Co. Ltd. (Hong Kong)	5,463
	147,500	Toyota Industries Corp. (Japan)	8,572
	512,624	Wartsila OYJ ABP (Finland)	5,945
	1,844,000	Weichai Power Co. Ltd. (China)	2,726
			147,671
MARINE—0.2%
	1,132,072	Irish Continental Group plc (Ireland)	5,840
	77,800	Kawasaki Kisen Kaisha Ltd. (Japan)	1,854
			7,694
MEDIA—2.4%
	1,010,800	Fuji Media Holdings Inc. (Japan)	9,476
	503,204	Future plc (United Kingdom)	7,141
	407,300	Hakuhodo DY Holdings Inc. (Japan)	4,799
	568,740	Informa plc (United Kingdom)	5,171
	11,463,468	ITV plc (United Kingdom)	11,668
	428,533	JCDecaux SA (France)*	9,487
	682,800	Nippon Television Holdings Inc. (Japan)	6,144
	130,169	Schibsted ASA Class A (Norway)	2,311
	57,830	Schibsted ASA Class B (Norway)	936
	451,200	TBS Holdings Inc. (Japan)	6,803
	219,200	Viaplay Group (Sweden)*	5,601
	1,181,610	WPP plc (United Kingdom)	13,771
			83,308
METALS & MINING—4.3%
	634,243	Acerinox SA (Spain)*	6,853
	229,676	African Rainbow Minerals Ltd. (South Africa)	2,885
	151,419	Alleima AB (Sweden)*	777
	825,717	ArcelorMittal SA (France)	23,458
	636,009	BHP Group Ltd. (Australia)	18,875
	257,885	BlueScope Steel Ltd. (Australia)	3,428
	188,500	Dowa Holdings Co. Ltd. (Japan)	6,158
	1,090,371	Evolution Mining Ltd. (Australia)	2,571
	106,837	First Quantum Minerals Ltd. (Canada)	2,596
	6,666,101	Glencore plc (United Kingdom)*	39,348
	252,855	Newcrest Mining Ltd. (Australia)	4,828
	366,904	Rio Tinto plc (United Kingdom)	23,325
	217,215	Severstal PJSC GDR (Russia)*	—x
	75,916	Southern Copper Corp. (Peru)	5,833
	317,200	Sumitomo Metal Mining Co. Ltd. (Japan)	11,708
			152,643
OIL, GAS & CONSUMABLE FUELS—4.3%
	2,350,350	Beach Energy Ltd. (Australia)	2,313
	13,300,786	BP plc (United Kingdom)	89,235
	1,274,002	Equinor ASA (Norway)2	36,680

34

Harbor International Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
OIL, GAS & CONSUMABLE FUELS—Continued
	1,097,200	INPEX Corp. (Japan)	$12,007
	1,713,557	Santos Ltd. (Australia)	8,117
	248,748	Woodside Energy Group Ltd. (Australia)	5,644
			153,996
PAPER & FOREST PRODUCTS—0.3%
	2,627,100	Oji Holdings Corp. (Japan)	10,324
PERSONAL PRODUCTS—1.0%
	20,757	AMOREPACIFIC Group (South Korea)	569
	322,354	Dabur India Ltd. (India)	2,104
	868,250	L'Occitane International SA (Hong Kong)	2,209
	350,011	Marico Ltd. (India)*	2,134
	533,090	Unilever plc (United Kingdom)	29,684
			36,700
PHARMACEUTICALS—4.6%
	559,672	Novo Nordisk AS (Denmark)	93,104
	188,713	Roche Holding AG (Switzerland)	59,094
	78,900	Sawai Group Holdings Co. Ltd. (Japan)	2,283
	340,100	Tsumura & Co. (Japan)	6,901
			161,382
PROFESSIONAL SERVICES—3.8%
	282,219	Adecco Group AG (Switzerland)*	9,708
	366,086	ALS Ltd. (Australia)	3,195
	9,849,469	Capita plc (United Kingdom)*	4,305
	557,299	Experian plc (United Kingdom)	19,731
	9,076,807	Hays plc (United Kingdom)	13,022
	498,065	Intertek Group plc (United Kingdom)	26,056
	309,467	IPH Ltd. (Australia)	1,674
	234,500	Nomura Co. Ltd. (Japan)	1,624
	659,132	PageGroup plc (United Kingdom)*	3,762
	216,700	Persol Holdings Co. Ltd. (Japan)	4,468
	69,047	Randstad NV (Netherlands)	3,752
	870,477	RELX plc (United Kingdom)	29,003
	861,547	RWS Holdings plc (United Kingdom)	2,766
	120,300	TechnoPro Holdings Inc. (Japan)	3,282
	41,351	Teleperformance (France)	8,264
			134,612
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%
	863,800	Daiwa House Industry Co. Ltd. (Japan)	22,017
	652,500	Swire Pacific Ltd. (Hong Kong)	5,180
			27,197
ROAD & RAIL—0.3%
	144,400	East Japan Railway Co. (Japan)	8,263
	564,000	Senko Group Holdings Co. Ltd. (Japan)	4,030
			12,293
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.5%
	219,700	ASM Pacific Technology Ltd. (Hong Kong)	1,727
	43,325	ASML Holding NV (Netherlands)	27,495
	86,000	MediaTek Inc. (Taiwan)*	1,870
	1,026,100	Renesas Electronics Corp. (Japan)*	13,373
	17,900	ROHM Co. Ltd. (Japan)	1,348
	462,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	7,565
			53,378
SOFTWARE—0.2%
	109,800	Oracle Corp. (Japan)	7,880

COMMON STOCKS—Continued
Shares			Value
SPECIALTY RETAIL—1.0%
	112,100	ABC-Mart Inc. (Japan)	$6,371
	3,987,400	Esprit Holdings Ltd. (Hong Kong)*	326
	1,400,939	Pets at Home Group plc (United Kingdom)	6,796
	332,300	USS Co. Ltd. (Japan)	5,584
	593,813	WH Smith plc (United Kingdom)	11,779
	690,000	Zhongsheng Group Holdings Ltd (China)	2,947
			33,803
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%
	309,000	Advantech Co. Ltd. (Taiwan)	3,741
	114,218	Logitech International SA (Switzerland)	6,759
	106,944	Quadient SA (France)	2,126
	190,264	Samsung Electronics Co Ltd. (South Korea)	9,362
			21,988
TEXTILES, APPAREL & LUXURY GOODS—1.9%
	97,229	Adidas AG (Germany)	17,123
	226,103	Cie Financiere Richemont SA (Switzerland)	37,375
	27,511	CIE Financiere Richemont SA (South Africa)	4,534
	281,000	Li Ning Co. Ltd. (China)	2,010
	910,800	Samsonite International SA (Hong Kong)*,1	2,886
	270,318	Shenzhou International Group Holdings Ltd. (China)	2,596
	926,521	Stella International Holdings Ltd. (Hong Kong)	965
			67,489
THRIFTS & MORTGAGE FINANCE—0.0%
	44,912	Housing Development Finance Corp. Ltd. (India)	1,527
TRADING COMPANIES & DISTRIBUTORS—1.8%
	267,700	BOC Aviation Ltd. (China)1	2,122
	269,927	Brenntag SE (Germany)	22,000
	582,408	Bunzl plc (United Kingdom)	23,184
	344,400	ITOCHU Corp. (Japan)	11,426
	160,041	Rexel SA (France)*	3,707
			62,439
TRANSPORTATION INFRASTRUCTURE—0.5%
	475,745	Getlink SE (France)	8,891
	197,484	Grupo Aeroportuario del Pacifico SAB de CV Class B (Mexico)	3,512
	275,400	Mitsubishi Logistics Corp. (Japan)	6,824
			19,227
WIRELESS TELECOMMUNICATION SERVICES—0.1%
	158,600	KDDI Corp. (Japan)	4,951
TOTAL COMMON STOCKS
(Cost $2,918,047)			3,451,757
PREFERRED STOCKS—0.4%
AUTOMOBILES—0.4%
	101,388	Volkswagen AG (Germany)	13,845
PERSONAL PRODUCTS—0.0%
	8,795	AMOREPACIFIC Group (South Korea)	169
TOTAL PREFERRED STOCKS
(Cost $16,057)			14,014

35

Harbor International Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

SHORT-TERM INVESTMENTS—0.1%
(Cost $4,158)
Shares			Value
	4,158,390	State Street Navigator Securities Lending Government Money Market Portfolio (1 day yield of 4.840%)4	$4,158
TOTAL INVESTMENTS—97.9%
(Cost $2,938,262)			3,469,929
CASH AND OTHER ASSETS, LESS LIABILITIES—2.1%			75,425
TOTAL NET ASSETS—100.0%			$3,545,354

 

RIGHTS/WARRANTS 

Description	No. of Contracts	Strike Price	Expiration Date	Cost (000s)	Value (000s)
CIE Financiere Richemont SA Warrant	74,788	ZAR  4.95	11/22/2023	$ —	$ 95
Localiza Rent A Car SA Right	1,597	BRL  41.15	05/11/2023	—	6
Total Rights/Warrants					$101

 

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2023 based on the inputs used to value them. 

Asset Category	Quoted Prices Level 1 (000s)	Other Significant Observable Inputs Level 2 (000s)	Significant Unobservable Inputs Level 3 (000s)	Total (000s)
Common Stocks
Africa	$4,535	$17,463	$—	$21,998
Europe	973	2,286,233	—	2,287,206
Latin America	27,972	—	—	27,972
Middle East/Central Asia	10,830	14,000	—	24,830
North America	13,955	—	—	13,955
Pacific Basin	16,899	1,058,897	—	1,075,796
Preferred Stocks
Europe	—	13,845	—	13,845
Pacific Basin	—	169	—	169
Short-Term Investments
Investment Company-Securities Lending Investment Fund	4,158	—	—	4,158
Total Investments in Securities	$79,322	$3,390,607	$—	$3,469,929
Financial Derivative Instruments - Assets
Rights/Warrants	$101	$—	$—	$101
Total Investments	$79,423	$3,390,607	$—	$3,470,030

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.  

The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2023. 

Valuation Description	Beginning Balance as of 11/01/2022 (000s)	Purchases (000s)	Sales (000s)	Discount/ (Premium) (000s)	Total Realized Gain/(Loss) (000s)	Change in Unrealized Appreciation/ (Depreciation ) (000s)	Transfers Into Level 3 (000s)	Transfers Out of Level 3 (000s)	Ending Balance as of 04/30/2023 (000s)	Unrealized Gain/ Loss as of 04/30/2023 (000s)
Common Stocks	$—	$—	$—	$—	$—	$—	$—	$—	$—	$(7,678 )

 

36

Harbor International Fund
Portfolio of Investments—Continued

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy. 

Valuation Descriptions	Ending Balance as of 04/30/2023 (000s)	Valuation Technique	Unobservable Input(s)	Input Value(s)
Investments in Securities
Common Stocks
Severstal PJSC GDR (Russia)*	$ —	Market Approach	Estimated Recovery Value	$  0.00
X5 Retail Group NV GDR (Russia)*	—	Market Approach	Estimated Recovery Value	$  0.00
	$—

 

*	Non-income producing security
x	Fair valued in accordance with Harbor Funds' Valuation Procedures.
1	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $60,453 or 2% of net assets.
2	All or a portion of this security was out on loan as of April 30, 2023.
3	Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.
4	Represents the investment of collateral received from securities lending activities
BRL	Brazilian Real
ZAR	South African Rand

The accompanying notes are an integral part of the Financial Statements.

37

Harbor International Core Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Acadian Asset Management LLC

  

REGION BREAKDOWN (% of investments)

 
 

  

The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2023, 25.6% of the Fund’s investments were denominated in Euro. No other foreign currency denomination comprised more than 25% of the Fund’s net assets.

  

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—97.1%
Shares			Value
AEROSPACE & DEFENSE—1.9%
	1,128	Dassault Aviation SA (France)	$221
	1,959	Kongsberg Gruppen ASA (Norway)	88
	12,645	QinetiQ Group plc (United Kingdom)	59
	539,952	Rolls-Royce Holdings plc (United Kingdom)*	1,034
	9,764	Thales SA (France)	1,490
			2,892
AIR FREIGHT & LOGISTICS—0.0%
	169	Mainfreight Ltd. (New Zealand)	8

COMMON STOCKS—Continued
Shares			Value
AIRLINES—2.5%
	103,975	Air Arabia PJSC (United Arab Emirates)	$62
	196,278	Deutsche Lufthansa AG (Germany)*	2,110
	391,553	Qantas Airways Ltd. (Australia)*	1,727
			3,899
AUTO COMPONENTS—0.2%
	5,641	Bulten AB (Sweden)	52
	4,933	ElringKlinger AG (Germany)	56
	8,700	Ichikoh Industries Ltd. (Japan)	35
	28,000	Johnson Electric Holdings Ltd. (Hong Kong)	31

38

Harbor International Core Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
AUTO COMPONENTS—Continued
	8,986	Martinrea International Inc. (Canada)	$94
	2,400	T. RAD Co. Ltd. (Japan)*	42
	6,500	Thai Stanley Electric PCL NVDR (Thailand)2	35
			345
BANKS—5.5%
	24,014	ABN AMRO Bank NV Dutch Depository Recepit (Netherlands)1,2	385
	119,012	Australia & New Zealand Banking Group Ltd (Australia)	1,932
	150,900	Bangkok Bank PCL NVDR (Thailand)2	696
	2,452	Bank Handlowy w Warszawie SA (Poland)	53
	71,494	Bank Leumi Le-Israel BM (Israel)	567
	834,000	China Construction Bank Corp. (China)	557
	32,260	Commercial Bank of Dubai PSC (United Arab Emirates)	39
	4,300	Ehime Bank Ltd. (The) (Japan)	27
	15,832	Erste Group Bank AG (Austria)	576
	53,361	Faisal Islamic Bank of Egypt (Egypt)	57
	352,712	Lloyds Banking Group plc (United Kingdom)	214
	261,577	NatWest Group plc (United Kingdom)	862
	22,000	North Pacific Bank Ltd. (Japan)	47
	741,065	PT Bank Danamon Indonesia TBK (Indonesia)	143
	14,933	Raiffeisen Bank International AG (Austria)	229
	3,400	Shikoku Bank Ltd. (Japan)	22
	139,939	Standard Chartered plc (United Kingdom)	1,109
	11,100	Towa Bank Ltd. (Japan)	46
	50,212	UniCredit SpA (Italy)	995
			8,556
BEVERAGES—1.2%
	56,842	Australian Vintage Ltd. (Australia)	19
	3,442	Coca-Cola HBC AG (Switzerland)*	105
	2,013	Corby Spirit and Wine Ltd. (Canada)	23
	14,638	Ginebra San Miguel Inc. (Philippines)	39
	16,942	Heineken Holding NV (Netherlands)	1,626
	3,800	Primo Water Corp. (Canada)	58
			1,870
BIOTECHNOLOGY—0.1%
	48,544	Aroa Biosurgery Ltd. (New Zealand)*	34
	1,926	Swedish Orphan Biovitrum AB (Sweden)*	47
			81
BROADLINE RETAIL—0.2%
	15,156	MINISO Group Holding Ltd. ADR (China)*,2	279
BUILDING PRODUCTS—1.3%
	10,800	BRC Asia Ltd. (Singapore)	14
	31,743	Compagnie de Saint-Gobain SA (France)	1,838
	5,400	Maezawa Kasei Industries Co. Ltd. (Japan)	65
	4,400	Okabe Co. Ltd. (Japan)	27
	97,898	RAS Al Khaimah Ceramics (United Arab Emirates)	70
			2,014
CAPITAL MARKETS—2.1%
	12,400	AGF Management Ltd. Class B (Canada)	69
	315	Cie Financiere Tradition SA (Switzerland)	42
	99,657	Deutsche Bank AG (Germany)	1,095
	956	Deutsche Boerse AG (Germany)	182
	2,082	Fiducian Group Ltd. (Australia)	8
	2,256	Foresight Group Holdings Ltd. (United Kingdom)*	12
	83,841	Investec plc (United Kingdom)	468
	4,100	IwaiCosmo Holdings Inc. (Japan)	40
	18,600	Japan Exchange Group Inc. (Japan)	302

COMMON STOCKS—Continued
Shares			Value
CAPITAL MARKETS—Continued
	131,408	Man Group plc (Jersey)	$376
	1,446	Titanium OYJ (Finland)	25
	5,500	TMX Group Ltd. (Canada)*	557
			3,176
CHEMICALS—2.8%
	2,500	Achilles Corp. (Japan)	27
	6,800	AirBoss of America Corp. (Canada)	36
	1,200	Asahi Yukizai Corp. (Japan)	28
	5,600	Carlit Holdings Co. Ltd. (Japan)	29
	2,900	DAI Nippon Toryo Co. Ltd. (Japan)	18
	89,325	Danakali Ltd. (Australia)*	24x
	18,476	DGL Group Ltd. (Australia)*	18
	2,900	Fujimori Kogyo Co. Ltd. (Japan)	67
	800	Hodogaya Chemical Co. Ltd. (Japan)	18
	318,537	Incitec Pivot Ltd. (Australia)	679
	2,800	Ishihara Sangyo Kaisha Ltd. (Japan)	24
	699	Johnson Matthey plc (United Kingdom)	17
	510	KPX Chemical Co. Ltd. (South Korea)	18
	2,800	Kyowa Leather Cloth Co. Ltd. (Japan)	11
	3,426	Misr Fertilizers Production Co. SAE (Egypt)	20
	2,000	Moresco Corp. (Japan)	17
	7,786	Neo Performance Materials Inc. (Canada)	52
	4,200	Nihon Parkerizing Co. Ltd. (Japan)	33
	2,200	Nippon Carbide Industries Co. Inc. (Japan)	21
	1,300	Okura Industrial Co. Ltd. (Japan)	20
	80,933	Orica Ltd. (Australia)	874
	728	PCC Rokita SA (Poland)	25
	7,100	Riken Technos Corp. (Japan)*	32
	5,600	Sekisui Kasei Co. Ltd. (Japan)	19
	2,985	Serge Ferrari Group (France)	46
	600	Soken Chemical & Engineering Co. Ltd. (Japan)	8
	3,904	Solvay SA (Belgium)	469
	1,100	Sumitomo Seika Chemicals Co. Ltd. (Japan)	35
	2,400	Tayca Corp. (Japan)	21
	16,600	Tokuyama Corp. (Japan)	271
	32,917	Yara International ASA (Norway)	1,325
			4,302
COMMERCIAL SERVICES & SUPPLIES—1.0%
	4,000	AEON Delight Co. Ltd. (Japan)	89
	2,100	AGS Corp. (Japan)	11
	800	AJIS Co. Ltd. (Japan)	14
	4,000	Azienda Bresciana Petroli Nocivelli SpA (Italy)*	17
	47,073	Brambles Ltd. (Australia)	446
	1,074	Cewe Stiftung + Co. KGAA (Germany)	110
	340	Fursys Inc. (South Korea)	7
	2,746	GL Events SA (France)*	66
	15,710	ISS AS (Denmark)*	328
	14,200	Kokuyo Co. Ltd. (Japan)	203
	1,800	Kyodo Printing Co. Ltd. (Japan)	37
	8,961	Mears Group plc (United Kingdom)	25
	2,400	NAC Co. Ltd. (Japan)	17
	5,900	Prestige International Inc. (Japan)	26
	1,900	SATO Holdings Corp. (Japan)	32
	1,501	SPIE SA (France)	47
	2,500	Takara + Co. Ltd. (Japan)	44
			1,519
CONSTRUCTION & ENGINEERING—0.3%
	406,000	Analogue Holdings Ltd. (Hong Kong)	76
	13,188	Boustead Singapore Ltd. (Singapore)	8
	305	Burkhalter Holding AG (Switzerland)*	33

39

Harbor International Core Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
CONSTRUCTION & ENGINEERING—Continued
	1,900	Dai-Ichi Cutter Kogyo KK (Japan)	$17
	424	Hochtief AG (Germany)	35
	1,706	Implenia AG (Switzerland)	77
	3,816	Lycopodium Ltd. (Australia)	26
	3,900	Meisei Industrial Co. Ltd. (Japan)	27
	905	Morgan Sindall Group plc (United Kingdom)	19
	122,700	Naim Holdings BHD (Malaysia)*	15
	3,722	Orascom Construction plc (United Arab Emirates)	12
	133,009	SRG Global Ltd. (Australia)	67
	7,700	Tomoe Corp. (Japan)	25
	1,500	Yondenko Corp. (Japan)	22
			459
CONSTRUCTION MATERIALS—0.7%
	4,100	Asia Pile Holdings Corp. (Japan)	22
	66,764	Breedon Group plc (United Kingdom)	58
	9,139	Heidelbergcement AG (Germany)	692
	12,394	Qatar National Cement Co. QPSC (Qatar)	14
	800	Shinagawa Refractories Co. Ltd. (Japan)	27
	29,705	Wagners Holding Co. Ltd. (Australia)*	15
	9,027	Wienerberger AG (Austria)	272
			1,100
CONSUMER FINANCE—0.0%
	3,300	AEON Financial Service Co. Ltd. (Japan)	29
	284	H&T Group plc (United Kingdom)	2
			31
CONSUMER STAPLES DISTRIBUTION—0.0%
	500	Tsuruha Holdings Inc. (Japan)	33
CONTAINERS & PACKAGING—0.2%
	9,998	DS Smith plc (United Kingdom)	39
	39,400	Hanwell Holdings Ltd. (Singapore)	11
	11,718	Orora Ltd. (Australia)	27
	6,177	Pro-Pac Packaging Ltd. (Australia)*	1
	1,900	Richards Packaging Income Fund (Canada)	54
	9,900	Thantawan Industry PCL NVDR (Thailand)2	9
	1,700	Tomoku Co. Ltd. (Japan)	20
	579	Vetropack Holding AG (Switzerland)	30
	1,308	Winpak Ltd. (Canada)	44
			235
DISTRIBUTORS—0.1%
	4,194	Inchcape plc (United Kingdom)	43
	52,861	Smiths News plc (United Kingdom)*	35
	1,731	Uni-Select Inc. (Canada)*	59
			137
DIVERSIFIED CONSUMER SERVICES—0.1%
	2,926	JLS Co. Ltd. (South Korea)	16
	22,700	JP-Holdings Inc. (Japan)*	52
	2,713	MegaStudy Co Ltd. (South Korea)	23
	4,500	Meiko Network Japan Co. Ltd. (Japan)	22
	3,700	Tear Corp. (Japan)	12
			125
DIVERSIFIED FINANCIAL SERVICES—0.0%
	95,700	Pacific Century Regional Developments Ltd. (Singapore)*	27
DIVERSIFIED TELECOMMUNICATION SERVICES—0.0%
	4,273	B Communications Ltd. (Israel)*	14

COMMON STOCKS—Continued
Shares			Value
DIVERSIFIED TELECOMMUNICATION SERVICES—Continued
	604	Magyar Telekom Telecommunications plc ADR (Hungary)2	$4
	125	Telefonica SA (Spain)*	1
			19
ELECTRICAL EQUIPMENT—1.6%
	36,551	ABB Ltd. (Switzerland)	1,318
	5,600	Chiyoda Integre Co. Ltd. (Japan)	96
	1,700	Daihen Corp. (Japan)	56
	2,000	Hammond Power Solutions Inc. (Canada)	59
	1,000	Mirai Industry Co. Ltd. (Japan)	16
	70,600	Mitsubishi Electric Corp. (Japan)	875
	2,500	Sinfonia Technology Co. Ltd. (Japan)	32
	2,200	Takaoka Toko Co. Ltd. (Japan)	33
	51,000	Xingye Alloy Materials Group Ltd. (Hong Kong)*	7
			2,492
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.0%
	912	AT&S Austria Technologie & Systemtechnik AG (Austria)*	28
	4,800	Azbil Corp. (Japan)	134
	7,300	Celestica Inc. (Canada)*	79
	2,300	Daitron Co. Ltd. (Japan)	44
	77,905	DataTec Ltd. (South Africa)*	155
	5,000	Kyosan Electric Manufacturing Co. Ltd. (Japan)	16
	265	Nedap NV (Netherlands)	16
	2,700	Nihon Denkei Co. Ltd. (Japan)	38
	7,200	Optex Group Co. Ltd. (Japan)	108
	3,800	Osaki Electric Co. Ltd. (Japan)	16
	12,592	Rakon Ltd. (New Zealand)*	8
	10	Schaffner Holding AG (Switzerland)	3
	2,700	Sigma Koki Co. Ltd. (Japan)	32
	2,700	SMK Corp. (Japan)	48
	3,689	Spectris plc (United Kingdom)	175
	2,000	Sun-Wa Technos Corp. (Japan)	28
	7,700	Topcon Corp. (Japan)	110
	29,000	Yokogawa Electric Corp. (Japan)	471
			1,509
ENERGY EQUIPMENT & SERVICES—0.9%
	8,560	Computer Modelling Group Ltd. (Canada)	45
	9,400	Ensign Energy Services Inc. (Canada)*	18
	13,597	Hunting plc (United Kingdom)	40
	62,210	MMA Offshore Ltd. (Australia)*	50
	6,500	MODEC Inc. (Japan)*	70
	10,553	Pason Systems Inc. (Canada)	92
	23,013	PHX Energy Services Corp. (Canada)	115
	5,730	Shawcor Ltd. (Canada)*	52
	9,418	Technip Energies NV (France)	209
	42,615	Tenaris SA (Luxembourg)	610
	14,300	Trican Well Service Ltd. (Canada)*	33
			1,334
ENTERTAINMENT—0.8%
	7,900	Ateam Inc. (Japan)	39
	9,800	Capcom Co. Ltd. (Japan)	369
	46,000	IGG Inc. (Singapore)*	38
	397	PlayWay SA (Poland)	40
	5,323	Spotify Technology SA (Sweden)*	711
			1,197
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—0.0%
	57,300	Pavilion Real Estate Investment Trust (Malaysia)*	18

40

Harbor International Core Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
FINANCIAL SERVICES—0.1%
	800	GMO Financial Gate Inc. (Japan)	$64
	2,200	Zenkoku Hosho Co. Ltd. (Japan)	81
			145
FOOD & STAPLES RETAILING—1.3%
	2,000	Axial Retailing Inc. (Japan)	52
	16,210	Eurocash SA (Poland)*	74
	8,600	George Weston Ltd. (Canada)	1,155
	6,564	Jeronimo Martins SGPS SA (Portugal)	166
	6,895	Kitwave Group plc (United Kingdom)*	23
	6,800	Lawson Inc. (Japan)	309
	2,600	Mitsubishi Shokuhin Co. Ltd. (Japan)	67
	3,600	Orsero SpA (Italy)	50
	2,700	Qol Holdings Co. Ltd. (Japan)	25
	1,300	Toho Co. Ltd. (Japan)	23
			1,944
FOOD PRODUCTS—0.4%
	12,400	AustAsia Group Ltd. (Singapore)*	5
	469,500	CCK Consolidated Holdings BHD (Malaysia)	75
	1,500,000	China Starch Holdings Ltd. (Hong Kong)	37
	39,400	Delfi Ltd. (Singapore)	34
	18,055	Finsbury Food Group plc (United Kingdom)	22
	848	Industrial Milk Co. (Luxembourg)*	3
	58,700	Kawan Food BHD (Malaysia)	28
	39,800	Kim Loong Resources BHD (Malaysia)	17
	579	Maeil Holdings Co. Ltd. (South Korea)	4
	1,760	Nestlé SA (Switzerland)	226
	5,437	PGG Wrightson Ltd. (New Zealand)	15
	376,800	PT Salim Ivomas Pratama TBK (Indonesia)	10
	27,953	Ridley Corp. Ltd. (Australia)	40
	1,562	Sajodaerim Corp. (South Korea)	31
	103,800	Sarawak Plantation BHD (Malaysia)	49
	23,330	Synlait Milk Ltd. (New Zealand)*	23
			619
GAS UTILITIES—0.0%
	4,400	Hiroshima Gas Co. Ltd. (Japan)	12
GROUND TRANSPORTATION—0.4%
	220	Jungfraubahn Holding AG (Switzerland)	38
	343,400	PT Blue Bird TBK (Indonesia)	41
	4,800	TFI International Inc. (Canada)	517
			596
HEALTH CARE EQUIPMENT & SUPPLIES—1.5%
	22,437	ADDvise Group AB (Sweden)*	32
	4,312	Carl Zeiss Meditec AG (Germany)	580
	6,515	Cochlear Ltd. (Australia)	1,068
	2,200	Fukuda Denshi Co. Ltd. (Japan)	68
	924	Ion Beam Applications (Belgium)	17
	4,800	JEOL Ltd. (Japan)	140
	5,000	JMS Co. Ltd. (Japan)	20
	36	Paul Hartmann AG (Germany)	9
	790	Sonova Holding AG (Switzerland)	250
	10,598	Viemed Healthcare Inc. (Canada)*	114
			2,298
HEALTH CARE PROVIDERS & SERVICES—0.1%
	5,406	Dedicare AB (Sweden)	76
	288	Ilex Medical Ltd. (Israel)	6
	4,800	Japan Medical Dynamic Marketing Inc. (Japan)	36
	60,000	Ladprao General Hospital PCL NVDR (Thailand)*,2	10

COMMON STOCKS—Continued
Shares			Value
HEALTH CARE PROVIDERS & SERVICES—Continued
	6,322	Oriola Corp. Class A (Finland)	$10
	951	Oriola OYJ (Finland)	2
			140
HEALTH CARE TECHNOLOGY—0.2%
	211	Ascom Holding AG (Switzerland)	2
	7,502	Pro Medicus Ltd. (Australia)	308
	300	Software Service Inc. (Japan)	19
			329
HOTELS, RESTAURANTS & LEISURE—3.1%
	81,600	After You PCL NVDR (Thailand)2	25
	22,805	Aristocrat Leisure Ltd. (Australia)	577
	169,000	Berjaya Food BHD (Malaysia)	34
	4,523	Betsson AB (Sweden)*	49
	10,222	Cie Des Alpes SA (France)	162
	1,859,100	Genting Singapore Ltd. (Singapore)	1,582
	24,720	Hollywood Bowl Group plc (United Kingdom)*	75
	83,100	Jaya Bersama Indo TBK PT (Indonesia)*	—x
	50,200	Kimly Ltd. (Singapore)	12
	37,898	La Francaise Des Jeux SAEM (France)1	1,620
	404,300	PT Champ Resto Indonesia TBK (Indonesia)*	33
	38,137	STS Holding SA (Poland)*	186
	8,233	Whitbread plc (United Kingdom)	337
	2,500	Yossix Holdings Co. Ltd. (Japan)	41
	61,600	Zen Corp. Group PCL NVDR (Thailand)*,2	27
			4,760
HOUSEHOLD DURABLES—0.1%
	5	Dom Development SA (Poland)	—
	1,500	FJ Next Holdings Co. Ltd. (Japan)	12
	3,800	JANOME Corp. (Japan)	17
	2,700	Nihon Trim Co. Ltd. (Japan)*	58
	1,479	Nikon Corp. (Japan)	15
	10,993	Toya SA (Poland)	17
			119
HOUSEHOLD PRODUCTS—0.0%
	2,200	ES Energy Save Holding AB (Sweden)*	29
INDUSTRIAL CONGLOMERATES—1.9%
	2,561	Industries Qatar QSC (Qatar)	9
	14,034	Qatar Industrial Manufacturing Co. QSC (Qatar)	11
	16,689	Siemens AG (Germany)	2,751
	8,221	Smiths Group plc (United Kingdom)	174
			2,945
INSURANCE—3.4%
	7,300	Allianz Malaysia BHD (Malaysia)	23
	21,539	Chesnara plc (United Kingdom)	75
	45,300	Dai-ichi Life Holdings Inc. (Japan)	843
	4,300	iA Financial Corp. Inc. (Canada)	289
	18,300	Japan Post Insurance Co. Ltd. (Japan)	297
	58,700	Manulife Financial Corp. (Canada)	1,159
	800	MS&AD Insurance Group Holdings Inc. (Japan)	26
	3,626	Muenchener Rueckversicherungs-Gesellschaft AG (Germany)	1,363
	145,600	PT Asuransi Tugu Pratama Indonesia TBK (Indonesia)*	23
	600	Sompo Holdings Inc. (Japan)	25
	562	Talanx AG (Germany)	28
	55,500	Tokio Marine Holdings Inc. (Japan)	1,116
			5,267

41

Harbor International Core Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
INTERACTIVE MEDIA & SERVICES—0.5%
	8,917	Autohome Inc. ADR (China)2	$264
	11,515	JOYY Inc. ADR (China)2	351
	13,600	Kakaku.com Inc. (Japan)	187
			802
INTERNET & DIRECT MARKETING RETAIL—0.0%
	9,200	Hai-O Enterprise BHD (Malaysia)	2
IT SERVICES—2.1%
	545	ALTEN SA (France)	93
	4,958	Atea ASA (Norway)*	68
	7,794	B3 Consulting Group AB (Sweden)	119
	1,400	Business Brain Showa-Ota Inc. (Japan)	20
	800	CDS Co. Ltd. (Japan)	11
	640	Comarch SA (Poland)	24
	62,386	Computershare Ltd. (Australia)	929
	4,200	Core Corp. (Japan)	52
	700	Fujitsu Ltd. (Japan)	93
	1,484	Hecto Financial Co. Ltd. (South Korea)	20
	5,800	Hennge KK (Japan)*	31
	1,300	Himacs Ltd. (Japan)	13
	2,600	ID Holdings Corp. (Japan)	21
	40,100	NEC Corp. (Japan)	1,542
	1,500	oRo Co. Ltd. (Japan)	27
	571	Sopra Steria Group SACA (France)	124
	4,200	Ubicom Holdings Inc. (Japan)	67
	1,500	VINX Corp. (Japan)	15
	700	Zuken Inc. (Japan)	18
			3,287
LEISURE PRODUCTS—0.1%
	2,400	Furyu Corp. (Japan)	20
	30,798	ME Group International plc (United Kingdom)*	50
	1,500	Sankyo Co. Ltd. (Japan)	66
	3,600	TOMY Co. Ltd. (Japan)	41
			177
MACHINERY—2.9%
	629	AG Growth International Inc. (Canada)	27
	8,100	Amada Co. Ltd. (Japan)	76
	3,623	Andritz AG (Austria)	235
	7,300	Daihatsu Diesel Manufacturing Co Ltd. (Japan)	34
	13,379	Deutz AG (Germany)	89
	5,396	Duerr AG (Germany)	187
	268	Exel Industries (France)	15
	1,327	Famur SA (Poland)*	1
	3,300	Freund Corp. (Japan)*	16
	4,800	Fuji Corp. (Japan)	80
	6,776	GEA Group AG (Germany)	319
	1,691	Georg Fischer AG (Switzerland)	123
	54	Groupe Gorge SA (France)*	1
	7,500	Hino Motors Ltd. (Japan)*	30
	1,800	Hoshizaki Corp. (Japan)	63
	6,457	IMI plc (United Kingdom)	130
	11,747	Iveco Group NV (Italy)*	106
	2,600	Iwaki Co. Ltd. (Japan)	25
	9,839	Knorr-Bremse AG (Germany)	690
	19,100	Miura Co. Ltd. (Japan)	509
	1,300	Nichias Corp. (Japan)	26
	8,800	Nippon Thompson Co. Ltd. (Japan)	38
	2,200	Nitto Kohki Co. Ltd. (Japan)	33
	2,900	OKUMA Corp. (Japan)	129
	371	Palfinger AG (Austria)	12

COMMON STOCKS—Continued
Shares			Value
MACHINERY—Continued
	409	Rational AG (Germany)	$296
	600	RIX Corp. (Japan)	12
	4,711	Schindler Holding AG (Switzerland)	1,053
	5,200	Shibaura Machine Co. Ltd. (Japan)	121
	4,700	Sodick Co. Ltd. (Japan)	26
	3,000	Toyo Machinery & Metal Co. Ltd. (Japan)	14
			4,516
MARINE—2.4%
	833	AP Moller - Maersk AS (Denmark)	1,506
	36,069	Hoegh Autoliners ASA (Norway)*	234
	2,544	Kuehne + Nagel International AG (Switzerland)	754
	1,228,800	Marco Polo Marine Ltd. (Singapore)*	42
	1,100	Nippon Concept Corp. (Japan)	13
	310,200	Samudera Shipping Line Ltd. (Singapore)*	311
	400,000	SITC International Holdings Co. Ltd. (Hong Kong)	740
	1,029	Stolt-Nielsen Ltd. (Bermuda)	30
	2,303	Western Bulk Chartering AS (Norway)	9
	1,724	Wilson ASA (Norway)	10
			3,649
MEDIA—1.1%
	1,200	AlphaPolis Co. Ltd. (Japan)*	30
	4,842	Bloomsbury Publishing plc (United Kingdom)	27
	16,020	Enero Group Ltd. (Australia)	19
	1,900	FAN Communications Inc. (Japan)	6
	85	GTN Ltd. (Australia)	—
	2,451	HighCo SA (France)	13
	300	Macbee Planet Inc. (Japan)*	33
	53,310	NZME Ltd. (New Zealand)	34
	158,443	Pico Far East Holdings Ltd. (Hong Kong)	27
	6,600	Proto Corp. (Japan)	58
	33,805	PRT Co. Ltd. (Australia)*	—x
	8,535	Publicis Groupe SA (France)	698
	16,315	Sky Network Television Ltd. (New Zealand)	27
	2,400	Vector Inc. (Japan)	23
	8,802	Wix.Com Ltd. (Israel)*	768
			1,763
METALS & MINING—8.1%
	1,595	Anglo American plc (United Kingdom)	49
	233,117	Base Resources Ltd. (Australia)	29
	108,690	BHP Group Ltd. (Australia)	3,226
	67,085	BlueScope Steel Ltd. (Australia)	892
	21,301	Boryszew SA (Poland)*	39
	15,929	Fortescue Metals Group Ltd. (Australia)	223
	17,744	Gem Diamonds Ltd. (United Kingdom)*	6
	137,331	Gerdau SA ADR (Brazil)2	685
	74,600	Grange Resources Ltd. (Australia)	31
	105,087	Iluka Resources Ltd. (Australia)	772
	6,948	Major Drilling Group International Inc (Canada)*	54
	17,660	Mineral Resources Ltd. (Australia)	871
	35,973	Perenti Global Ltd. (Australia)*	28
	327,104	Pilbara Minerals Ltd. (Australia)	931
	13,549	Rana Gruber ASA (Norway)	73
	37,573	Rio Tinto plc ADR (United Kingdom)2	2,404
	93,363	Sierra Rutile Holdings Ltd. (Australia)*	14
	405,202	South32 Ltd. (Australia)	1,145
	9,600	Stelco Holdings Inc. (Canada)	336
	5,500	Tree Island Steel Ltd. (Canada)	12
	18,759	Voestalpine AG (Austria)	650
	3,359	Zimplats Holdings Ltd. (Australia)	56
			12,526

42

Harbor International Core Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
MULTILINE RETAIL—0.0%
	2,400	Ryohin Keikaku Co. Ltd. (Japan)	$25
MULTI-UTILITIES—0.5%
	43,985	E.ON SE (Germany)	582
	45,600	Sembcorp. Industries Ltd. (Singapore)	146
	1,058	Telecom Plus plc (United Kingdom)	24
	169,100	YTL Power International BHD (Malaysia)	42
			794
OIL, GAS & CONSUMABLE FUELS—7.3%
	36,669	Awilco LNG AS (Norway)*	33
	1,365,900	Banpu PCL NVDR (Thailand)2	365
	70,113	BP plc ADR (United Kingdom)2	2,824
	55,749	CES Energy Solutions Corp. (Canada)	111
	64,200	Crescent Point Energy Corp. (Canada)	475
	7,000	Crew Energy Inc. (Canada)*	24
	59,304	Equinor ASA (Norway)3	1,707
	507,155	Horizon Oil Ltd. (Australia)	54
	19,700	InPlay Oil Corp. (Canada)*	41
	162,500	Lanna Resources PCL NVDR (Thailand)2	69
	3,518	Lubelski Wegiel Bogdanka SA (Poland)	33
	4,700	MEG Energy Corp. (Canada)*	78
	4,409	New Hope Corp. Ltd. (Australia)	16
	55,295	New Zealand Refining Co. Ltd. (New Zealand)*	51
	6,900	Obsidian Energy Ltd. (Canada)*	45
	10,529	OMV AG (Austria)	498
	1,000	Parkland Corp. (Canada)	24
	2,500	Pegasus Sewing Machine Manufacturing Co. Ltd. (Japan)	11
	114,000	PetroChina Co. Ltd. (China)	79
	3,079	Petroleo Brasileiro SA ADR (Brazil)2	33
	577,000	Petron Corp. (Philippines)*	35
	250,300	PT ABM Investama TBK (Indonesia)	57
	1,395,100	PT Adaro Energy TBK (Indonesia)	299
	1,443,900	PT AKR Corporindo TBK (Indonesia)	160
	551,700	PT Baramulti Suksessarana TBK (Indonesia)*	156
	104,000	PT Bayan Resources TBK (Indonesia)	152
	214,500	PT Bukit Asam TBK (Indonesia)	61
	32,900	PT Golden Energy Mines TBK (Indonesia)*	15
	182,800	PT Indika Energy TBK (Indonesia)*	33
	52,200	PT Prima Andalan Mandiri TBK (Indonesia)	25
	80,800	PT United Tractors TBK (Indonesia)	159
	136,800	PTT Exploration & Production PCL NVDR (Thailand)2	595
	121,882	Repsol SA (Spain)	1,790
	866,500	Resource Alam Indonesia TBK (Indonesia)*	29
	3,637	Shell plc (United Kingdom)	112
	10,883	Stanmore Resources Ltd. (Australia)*	22
	225,386	TerraCom Ltd. (Australia)	96
	281,000	Thai Oil PCL NVDR (Thailand)2	385
	2,184	Unimot SA (Poland)*	64
	4,788	Washington H Soul Pattinson & Co. Ltd. (Australia)	100
	83,223	Whitehaven Coal Ltd. (Australia)	399
			11,315
PAPER & FOREST PRODUCTS—0.4%
	15,838	Arctic Paper SA (Poland)	74
	2,600	Daiken Corp. (Japan)	45
	1,311	Midway Ltd. (Australia)*	1
	7,200	Mitsubishi Paper Mills Ltd. (Japan)	21
	7,047	Stella-Jones Inc. (Canada)	276
	21,100	Supremex Inc. (Canada)	89

COMMON STOCKS—Continued
Shares			Value
PAPER & FOREST PRODUCTS—Continued
	25,200	TA Ann Holdings BHD (Malaysia)	$17
	25,869	Western Forest Products Inc. (Canada)	20
			543
PASSENGER AIRLINES—1.1%
	20,430	Jet2 plc (United Kingdom)*	316
	316,300	Singapore Airlines Ltd. (Singapore)*	1,391
			1,707
PERSONAL CARE PRODUCTS—0.0%
	434	Interparfums SA (France)	34
PERSONAL PRODUCTS—0.0%
	2,600	Mandom Corp. (Japan)	31
PHARMACEUTICALS—10.5%
	4,400	DRI Healthcare Trust (Canada)	29
	5,082	GSK plc (United Kingdom)	92
	25,899	GSK plc ADR (United Kingdom)2	933
	1,436	Ipsen SA (France)	174
	6,515	Merck KGaA (Germany)	1,169
	31,700	Nippon Shinyaku Co. Ltd. (Japan)	1,450
	29,934	Novo Nordisk AS (Denmark)	4,980
	22,300	Ono Pharmaceutical Co. Ltd. (Japan)	449
	284	Orion OYJ Class A (Finland)	13
	30,600	Otsuka Holdings Co. Ltd. (Japan)	1,041
	13,785	Recordati Industria Chimica E Farmaceutica SpA (Italy)	634
	10,397	Roche Holding AG (Switzerland)	3,256
	5,600	Seikagaku Corp. (Japan)	34
	42,500	Shionogi + Co. Ltd. (Japan)	1,902
	274	Vetoquinol SA (France)	27
	1,322	Vitura Health Ltd. (Australia)*	—
			16,183
PROFESSIONAL SERVICES—2.4%
	600	Abist Co. Ltd. (Japan)	13
	2,500	Asia Air Survey Co. Ltd. (Japan)	16
	613	Bertrandt AG (Germany)	34
	3,529	Brunel International NV (Netherlands)	48
	1,700	Career Design Center Co. Ltd. (Japan)	26
	1,800	Creek & River Co. Ltd. (Japan)	28
	1,800	Dip Corp. (Japan)	44
	1,910	e-Credible Co. Ltd. (South Korea)	23
	5,300	en Japan Inc. (Japan)	95
	1,745	Impellam Group plc (United Kingdom)*	15
	1,100	JAC Recruitment Co. Ltd. (Japan)	21
	2,600	Matching Service Japan Co. Ltd. (Japan)	19
	2,400	Meitec Corp. (Japan)	41
	57,000	Nihon M&A Center Inc. (Japan)	436
	11,864	PageGroup plc (United Kingdom)*	68
	2,337	Poolia AB (Sweden)	2
	23,700	Recruit Holdings Co. Ltd. (Japan)	665
	5,300	SIGMAXYZ Holdings Inc. (Japan)	42
	8,500	Space Co. Ltd. (Japan)	58
	3,412	SThree plc (United Kingdom)	18
	500	Visional Inc. (Japan)*	26
	6,185	Wilmington plc (United Kingdom)	21
	14,260	Wolters Kluwer NV (Netherlands)	1,889
	1,600	YAMADA Consulting Group Co. Ltd. (Japan)	18
			3,666
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%
	946	Almogim Holdings Ltd. (Israel)*	1

43

Harbor International Core Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued
	3,500	Daito Trust Construction Co. Ltd. (Japan)	$332
	23,367	Emaar Development PJSC (United Arab Emirates)	35
	116,681	Ever Reach Group Holdings Co. Ltd. (Hong Kong)*	4
	998	K Wah International Holdings Ltd. (Hong Kong)	1
	75,300	KSL Holdings BHD (Malaysia)*	14
	120,700	LPN Development PCL NVDR (Thailand)2	16
	1,677	Melcor Developments Ltd. (Canada)	14
	20,963	Modern Land China Co. Ltd. (Hong Kong)*	—x
	2,400	Propnex Ltd. (Singapore)	2
	4,596,500	PT Agung Podomoro Land TBK (Indonesia)*	42
	118,500	Swire Pacific Ltd. (Hong Kong)	941
			1,402
ROAD & RAIL—0.3%
	4,400	Alps Logistics Co. Ltd. (Japan)	42
	1,900	Chilled & Frozen Logistics Holdings Co. Ltd. (Japan)	19
	50,609	FirstGroup plc (United Kingdom)*	71
	1,000	Maruzen Showa Unyu Co. Ltd. (Japan)	25
	3,400	Mullen Group Ltd. (Canada)	38
	14,007	PKP Cargo SA (Poland)*	53
	2,800	Sankyu Inc. (Japan)	99
	9,300	Seino Holdings Co. Ltd. (Japan)	103
			450
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.3%
	221,814	ASE Technology Holding ADR (Taiwan)2	1,522
	1,378	ChipMos Technologies Inc. ADR (Taiwan)2	33
	1,500	Disco Corp. (Japan)	171
	51,863	Infineon Technologies AG (Germany)	1,889
	3,100	MegaChips Corp. (Japan)	74
	2,000	Optorun Co. Ltd. (Japan)	30
	12,300	ROHM Co. Ltd. (Japan)	926
	900	RS Technologies Co. Ltd. (Japan)	20
	2,500	Sanken Electric Co. Ltd. (Japan)	188
	100	SCREEN Holdings Co. Ltd. (Japan)	8
	33,523	STMicroelectronics NV New York Registry Shares (France)	1,437
	1,172	Suess Microtec Se (Germany)*	31
	1,500	Tokyo Seimitsu Co. Ltd. (Japan)	55
	6,300	Ulvac Inc. (Japan)	250
			6,634
SOFTWARE—4.0%
	2,388	Altium Ltd. (Australia)	61
	18,482	Check Point Software Technologies Ltd. (Israel)*	2,354
	100	Constellation Software Inc. (Canada)	196
	14,600	Coveo Solutions Inc. (Canada)*	71
	3,500	Cybozu Inc. (Japan)	70
	1,100	Digital Arts Inc. (Japan)	41
	8,085	Enghouse Systems Ltd. (Canada)	222
	3,700	Intelligent Wave Inc. (Japan)	20
	5,400	ISB Corp. (Japan)	48
	3,999	LiveChat Software SA (Poland)*	134
	3,573	Monday.com Ltd. (Israel)*	436
	5,070	NICE Ltd. ADR (Israel)*,2	1,034
	600	NTT Data Intramart Corp. (Japan)	7
	2,700	Plus Alpha Consulting Co. Ltd. (Japan)	58
	38,155	Sage Group plc (United Kingdom)	393
	1,800	Soliton Systems KK (Japan)	14
	13,642	Symbio Holdings Ltd. (Australia)	19
	18,282	Technology One Ltd. (Australia)	184

COMMON STOCKS—Continued
Shares			Value
SOFTWARE—Continued
	1,801	Telcoware Co. Ltd. (South Korea)	$12
	17,119	WiseTech Global Ltd. (Australia)	784
			6,158
SPECIALTY RETAIL—2.4%
	2,300	ABC-Mart Inc. (Japan)	131
	6,743	Autosports Group Ltd. (Australia)	10
	21,823	Carasso Motors Ltd. (Israel)	97
	75,144	Card Factory plc (United Kingdom)*	104
	441	Castro Model Ltd. (Israel)*	4
	888	Delta Israel Brands Ltd. (Israel)	10
	4,300	Fuji Corp. (Japan)	42
	10,966	Hennes & Mauritz AB Class B (Sweden)	161
	80,290	Industria de Diseño Textil SA (Spain)	2,760
	6,986	Naturhouse Health SAU (Spain)*	13
	152,900	Padini Holdings BHD (Malaysia)*	139
	5,404	Pet Valu Holdings Ltd. (Canada)	145
	92,600	PT Map Aktif Adiperkasa (Indonesia)*	29
	70	Samse SA (France)	15
			3,660
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.2%
	30,700	Brother Industries Ltd. (Japan)	482
	1,100	Canon Inc. (Japan)	26
	1,712	EVS Broadcast Equipment SA (Belgium)	42
	75,300	Ricoh Co. Ltd. (Japan)	623
	49,100	Seiko Epson Corp. (Japan)	751
			1,924
TEXTILES, APPAREL & LUXURY GOODS—6.5%
	797	Bijou Brigitte AG (Germany)*	48
	20,533	Burberry Group plc (United Kingdom)	670
	117	Christian Dior SE (France)	107
	16,093	Cie Financiere Richemont SA (Switzerland)	2,660
	75,209	Geox SpA (Italy)*	85
	700	Goldwin Inc. (Japan)	64
	1,290	Hermes International (France)	2,801
	500	Jichodo Co. Ltd. (Japan)	26
	210,000	Justin Allen Holdings Ltd. (China)	15
	96	LVMH Moet Hennessy Louis Vuitton SE (France)	92
	94,100	MC Group PCL NVDR (Thailand)2	28
	12,252	Pandora AS (Denmark)*	1,134
	20,400	Prada SpA (Italy)	150
	600	Rhythm Co. Ltd. (Japan)	9
	42,600	Sabina PCL NVDR (Thailand)2	35
	5,838	Swatch Group AG (Switzerland)	2,003
	28,227	Texhong Textile Group Ltd. (Hong Kong)*	21
			9,948
TOBACCO—0.0%
	652,400	PT Wismilak Inti Makmur TBK (Indonesia)	48
TRADING COMPANIES & DISTRIBUTORS—1.0%
	60,000	APAC Resources Ltd. (Hong Kong)*	8
	2,000	Chori Co. Ltd. (Japan)	38
	18,900	Finning International Inc. (Canada)	490
	2,900	Gecoss Corp. (Japan)	19
	2,853	Howden Joinery Group plc (United Kingdom)	24
	2,349	Jacquet Metals SA (France)	46
	2,200	Kanaden Corp. (Japan)	19
	4,900	Kanematsu Corp. (Japan)	64
	800	Nanyo Corp. (Japan)	14
	252,987	New Times Energy Corp. Ltd. (Bermuda)*	4

44

Harbor International Core Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
TRADING COMPANIES & DISTRIBUTORS—Continued
	900	NICE Corp. (Japan)	$9
	2,300	Parker Corp. (Japan)	11
	34,095	Rexel SA (France)*	790
	900	Totech Corp. (Japan)	28
	500	Tsubakimoto Kogyo Co. Ltd. (Japan)	15
			1,579
TRANSPORTATION INFRASTRUCTURE—0.0%
	341,700	BTS Rail Mass Transit Growth Infrastructure Fund (Thailand)*	26
	91,000	Qilu Expressway Co. Ltd. (China)	27
			53
WIRELESS TELECOMMUNICATION SERVICES—0.1%
	3,400	Okinawa Cellular Telephone Co. (Japan)	76
TOTAL COMMON STOCKS
(Cost $143,258)			149,812
EXCHANGE-TRADED FUNDS—1.0%
(Cost $1,494)
Shares
CAPITAL MARKETS—1.0%
	20,917	iShares MSCI EAFE ETF (United States)	1,540

PREFERRED STOCKS—0.6%
Shares			Value
AUTO COMPONENTS—0.0%
	6,114	Schaeffler AG (Germany)	$45
MACHINERY—0.1%
	173	KSB SE & Co. KGaA (Germany)	94
OIL, GAS & CONSUMABLE FUELS—0.5%
	165,500	Petroleo Brasileiro SA (Brazil)	786
TOTAL PREFERRED STOCKS
(Cost $1,026)			925
TOTAL INVESTMENTS—98.7%
(Cost $145,778)			152,277
CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%			1,975
TOTAL NET ASSETS—100.0%			$154,252

 

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2023 based on the inputs used to value them. 

Asset Category	Quoted Prices Level 1 (000s)	Other Significant Observable Inputs Level 2 (000s)	Significant Unobservable Inputs Level 3 (000s)	Total (000s)
Common Stocks
Africa	$—	$232	$—	$232
Europe	8,352	71,828	—	80,180
Latin America	718	—	—	718
Middle East/Central Asia	4,592	953	—	5,545
North America	7,587	—	—	7,587
Pacific Basin	2,475	53,051	24	55,550
Exchange-Traded Funds
North America	1,540	—	—	1,540
Preferred Stocks
Europe	—	139	—	139
Latin America	786	—	—	786
Total Investments in Securities	$26,050	$126,203	$24	$152,277

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.  

45

Harbor International Core Fund
Portfolio of Investments—Continued

The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2023. Transfers into or out of Level 3 are recognized as of the last day in the fiscal quarter of the period in which the event or change in circumstances that caused the reclassification occured. 

Valuation Description	Beginning Balance as of 11/01/2022 (000s)	Purchases (000s)	Sales (000s)	Discount/ (Premium) (000s)	Total Realized Gain/(Loss) (000s)	Change in Unrealized Appreciation/ (Depreciation) (000s)	Transfers Into Level 3h (000s)	Transfers Out of Level 3 (000s)	Ending Balance as of 04/30/2023 (000s)	Unrealized Gain/ Loss as of 04/30/2023 (000s)
Common Stocks	$—	$—	$—	$—	$—	$—	$24	$—	$24	$(15 )

 

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy. 

Valuation Descriptions	Ending Balance as of 04/30/2023 (000s)	Valuation Technique	Unobservable Input(s)	Input Value(s)
Investments in Securities
Common Stocks
Danakali Ltd. (Australia)*	$ 24	Market Approach	Last Traded Price	AUD  0.41
Jaya Bersama Indo TBK PT (Indonesia)*	—	Market Approach	Estimated Recovery Value	IDR  0.00
Modern Land China Co. Ltd. (Hong Kong)*	—	Market Approach	Estimated Recovery Value	HKD  0.00
	$24

 

*	Non-income producing security
x	Fair valued in accordance with Harbor Funds' Valuation Procedures.
1	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $2,005 or 1% of net assets.
2	Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.
3	All or a portion of this security was out on loan as of April 30, 2023.
h	Transferred from Level 2 to Level 3 due to the unavailability of observable market data for pricing
AUD	Australian Dollar
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah

The accompanying notes are an integral part of the Financial Statements.

46

Harbor International Growth Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Baillie Gifford Overseas Limited

  

REGION BREAKDOWN (% of investments)

 
 

  

The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2023, there was no foreign currency denomination that comprised more than 25% of the Fund’s net assets.

  

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—97.2%
Shares			Value
AIR FREIGHT & LOGISTICS—0.6%
	11,424	DSV AS (Denmark)	$2,150
AUTO COMPONENTS—0.9%
	55,940	Denso Corp. (Japan)	3,377
AUTOMOBILES—0.2%
	23,260	Suzuki Motor Corp. (Japan)	811
BANKS—2.4%
	423,107	United Overseas Bank Ltd. (Singapore)	8,986
BEVERAGES—4.2%
	90,323	Anheuser-Busch InBev SA NV (Belgium)	5,873
	33,701	Remy Cointreau SA (France)	5,831
	3,296,140	Thai Beverage PCL (Thailand)	1,584
	265,045	United Spirits Ltd. (India)*	2,524
			15,812
BIOTECHNOLOGY—0.8%
	162,443	BeiGene Ltd. (China)*	3,188
BROADLINE RETAIL—2.6%
	133,383	Coupang Inc. (South Korea)*	2,236
	5,990	MercadoLibre Inc. (Brazil)*	7,652
			9,888

COMMON STOCKS—Continued
Shares			Value
BUILDING PRODUCTS—0.6%
	185,020	NIBE Industrier AB (Sweden)	$2,072
CAPITAL MARKETS—0.8%
	303,999	Hargreaves Lansdown plc (United Kingdom)	3,078
DIVERSIFIED FINANCIAL SERVICES—3.0%
	47,206	Exor NV (Netherlands)*	3,885
	340,771	Investor AB Class B (Sweden)	7,321
			11,206
ELECTRICAL EQUIPMENT—1.9%
	109,900	Contemporary Amperex Technology Co. Ltd. (China)	3,677
	70,280	Nidec Corp. (Japan)	3,478
			7,155
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.7%
	10,940	Keyence Corp. (Japan)	4,934
	91,660	Murata Manufacturing Co. Ltd. (Japan)	5,200
			10,134
ENTERTAINMENT—1.3%
	25,088	Spotify Technology SA (Sweden)*	3,352
	50,693	Ubisoft Entertainment SA (France)*	1,484
			4,836

47

Harbor International Growth Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
FINANCIAL SERVICES—2.3%
	3,641	Adyen NV (Netherlands)*,1	$5,851
	398,352	Wise plc (United Kingdom)*	2,758
			8,609
FOOD & STAPLES RETAILING—4.9%
	32,990	Cosmos Pharmaceutical Corp. (Japan)	3,245
	234,281	Jeronimo Martins SGPS SA (Portugal)	5,912
	927,680	Raia Drogasil SA (Brazil)*	4,888
	36,620	Sugi Holdings Co. Ltd. (Japan)	1,553
	689,197	Wal-Mart de Mexico SAB de CV (Mexico)	2,778
			18,376
GROUND TRANSPORTATION—0.9%
	44,352	Canadian Pacific Kansas City (Canada)	3,496
HEALTH CARE EQUIPMENT & SUPPLIES—4.5%
	34,565	Cochlear Ltd. (Australia)	5,668
	359,780	Olympus Corp. (Japan)	6,298
	77,440	Sysmex Corp. (Japan)	4,981
			16,947
HOTELS, RESTAURANTS & LEISURE—1.7%
	61,605	MakeMyTrip Ltd. (India)*	1,444
	750,096	Trainline plc (United Kingdom)*,1	2,347
	75,267	Trip.com Group Ltd. (China)*	2,676
			6,467
HOUSEHOLD PRODUCTS—1.7%
	114,140	Pigeon Corp. (Japan)	1,777
	118,400	Unicharm Corp. (Japan)	4,780
			6,557
INSURANCE—3.5%
	616,360	AIA Group Ltd. (Hong Kong)	6,710
	120,892	ICICI Lombard General Insurance Co. Ltd. (India)1	1,598
	685,600	Ping An Insurance Group Co. of China Ltd. (China)	5,002
			13,310
INTERACTIVE MEDIA & SERVICES—4.8%
	894,008	Auto Trader Group plc (United Kingdom)1	7,149
	172,448	Baidu Inc. Class A (China)*	2,596
	832,475	Rightmove plc (United Kingdom)	6,026
	839,400	Z Holdings Corp. (Japan)	2,299
			18,070
INTERNET & DIRECT MARKETING RETAIL—7.3%
	442,936	Alibaba Group Holding Ltd. (China)*	4,684
	35,519	Games Workshop Group plc (United Kingdom)	4,433
	228,240	Meituan Class B (China)*,1	3,901
	116,792	Prosus NV (Netherlands)*	8,740
	135,509	Zalando SE (Germany)*,1	5,573
			27,331
IT SERVICES—2.0%
	110,397	Shopify Inc. (Canada)*	5,349
	34,762	Topicus.Com Inc. (Canada)*	2,315
			7,664
LEISURE PRODUCTS—1.1%
	25,680	Shimano Inc. (Japan)	3,971

COMMON STOCKS—Continued
Shares			Value
LIFE SCIENCES TOOLS & SERVICES—3.3%
	6,255	Lonza Group AG (Switzerland)	$3,901
	5,778	Mettler-Toledo International Inc. (Switzerland)*	8,618
			12,519
MACHINERY—8.2%
	648,476	Atlas Copco AB Class A (Sweden)	9,380
	275,784	Epiroc AB Class B (Sweden)	4,748
	12,880	SMC Corp. (Japan)	6,424
	511,800	Techtronic Industries Co. Ltd. (Hong Kong)	5,537
	202,639	Weir Group plc (United Kingdom)	4,690
			30,779
OIL, GAS & CONSUMABLE FUELS—0.8%
	97,742	Reliance Industries Ltd. (India)	2,902
PERSONAL PRODUCTS—2.8%
	42,940	Kao Corp. (Japan)	1,735
	174,520	Shiseido Co. Ltd. (Japan)	8,748
			10,483
PROFESSIONAL SERVICES—2.6%
	107,523	Experian plc (United Kingdom)	3,807
	57,226	Intertek Group plc (United Kingdom)	2,994
	103,700	Recruit Holdings Co. Ltd. (Japan)	2,909
			9,710
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.5%
	13,954	ASML Holding NV (Netherlands)	8,856
	569,580	Longi Green Energy Technology Co. Ltd. (China)	2,877
	151,011	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)2	12,730
			24,463
SOFTWARE—2.1%
	44,199	Nemetschek SE (Germany)	3,455
	70,637	Xero Ltd. (New Zealand)*	4,409
			7,864
SPECIALTY RETAIL—0.6%
	189,375	AUTO1 Group SE (Germany)*,1	1,494
	214,687	Farfetch Ltd. (United Kingdom)*	865
			2,359
TEXTILES, APPAREL & LUXURY GOODS—8.9%
	17,724	Adidas AG (Germany)	3,121
	133,791	Burberry Group plc (United Kingdom)	4,367
	66,055	Cie Financiere Richemont SA (Switzerland)	10,919
	6,482	Kering SA (France)	4,151
	473,900	Li Ning Co. Ltd. China)	3,389
	7,976	LVMH Moet Hennessy Louis Vuitton SE (France)	7,672
			33,619
THRIFTS & MORTGAGE FINANCE—2.4%
	270,120	Housing Development Finance Corp. Ltd. (India)	9,185

48

Harbor International Growth Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
TRADING COMPANIES & DISTRIBUTORS—2.3%
	64,777	Ashtead Group plc (United Kingdom)	$3,735
	32,412	IMCD NV (Netherlands)	4,879
			8,614
TOTAL COMMON STOCKS
(Cost $291,967)			365,988
PREFERRED STOCKS—2.0%
(Cost $1,999)
HEALTH CARE EQUIPMENT & SUPPLIES—2.0%
	19,050	Sartorius AG (Germany)	7,404
TOTAL INVESTMENTS—99.2%
(Cost $293,966)			373,392
CASH AND OTHER ASSETS, LESS LIABILITIES—0.8%			3,188
TOTAL NET ASSETS—100.0%			$376,580

 

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2023 based on the inputs used to value them. 

Asset Category	Quoted Prices Level 1 (000s)	Other Significant Observable Inputs Level 2 (000s)	Significant Unobservable Inputs Level 3 (000s)	Total (000s)
Common Stocks
Europe	$12,835	$162,652	$—	$175,487
Latin America	15,318	—	—	15,318
Middle East/Central Asia	1,444	16,209	—	17,653
North America	11,160	—	—	11,160
Pacific Basin	14,966	131,404	—	146,370
Preferred Stocks
Europe	—	7,404	—	7,404
Total Investments in Securities	$55,723	$317,669	$—	$373,392

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

*	Non-income producing security
1	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $27,913 or 7% of net assets.
2	Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

The accompanying notes are an integral part of the Financial Statements.

49

Harbor International Small Cap Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Cedar Street Asset Management LLC

  

REGION BREAKDOWN (% of investments)

(Excludes derivatives) 

 
 

  

The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2023, 30.9% of the Fund’s investments were denominated in Euro and 25.4% were denominated in Japanese Yen. No other foreign currency denomination comprised more than 25% of the Fund’s net assets.

  

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—94.9%
Shares			Value
AIR FREIGHT & LOGISTICS—1.5%
	9,771,800	Singapore Post Ltd. (Singapore)	$3,743
AUTO COMPONENTS—0.7%
	1,647,230	Johnson Electric Holdings Ltd. (Hong Kong)	1,842
BANKS—1.5%
	1,975,665	Virgin Money UK plc (United Kingdom)	3,883
BEVERAGES—1.9%
	231,191	A.G. Barr plc (United Kingdom)	1,460
	1,745,278	C&C Group plc (Ireland)*	3,435
			4,895
BUILDING PRODUCTS—1.3%
	876,092	Genuit Group plc (United Kingdom)	3,311
CAPITAL MARKETS—1.5%
	1,773,798	TP ICAP Group plc (Jersey)	3,794
CHEMICALS—2.4%
	204,994	Neo Performance Materials Inc. (Canada)	1,359
	220,271	Victrex plc (United Kingdom)	4,654
			6,013
COMMERCIAL SERVICES & SUPPLIES—4.5%
	170,586	ISS AS (Denmark)*	3,567

COMMON STOCKS—Continued
Shares			Value
COMMERCIAL SERVICES & SUPPLIES—Continued
	109,942	Loomis AB (Sweden)	$3,519
	2,169,032	Serco Group plc (United Kingdom)	4,149
			11,235
CONSTRUCTION & ENGINEERING—1.6%
	957,551	Maire Tecnimont SpA (Italy)	4,110
CONSUMER FINANCE—1.5%
	46,508	Cembra Money Bank AG (Switzerland)	3,735
CONTAINERS & PACKAGING—3.2%
	331,688	Fuji Seal International Inc. (Japan)	3,770
	407,781	Transcontinental Inc. (Canada)	4,391
			8,161
DISTRIBUTORS—4.5%
	858,516	Bapcor Ltd. (Australia)	3,746
	402,078	Inchcape plc (United Kingdom)	4,093
	88,616	PALTAC Corp. (Japan)	3,400
			11,239
DIVERSIFIED FINANCIAL SERVICES—0.9%
	243,898	BFF Bank SpA (Italy)1	2,347
ELECTRICAL EQUIPMENT—1.3%
	79,726	Mersen SA (France)	3,216

50

Harbor International Small Cap Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—9.2%
	181,877	Amano Corp. (Japan)	$3,703
	319,961	Anritsu Corp. (Japan)	2,930
	74,118	AT&S Austria Technologie + Systemtechnik AG (Austria)	2,267
	93,021	Daiwabo Holdings Co. Ltd. (Japan)	1,755
	48,611	Landis+Gyr Group AG (Switzerland)*	4,027
	185,172	Optex Group Co. Ltd. (Japan)	2,787
	171,153	Topcon Corp. (Japan)	2,438
	254,520	Venture Corp. Ltd. (Singapore)	3,252
			23,159
ENERGY EQUIPMENT & SERVICES—1.6%
	186,135	Technip Energies NV (France)	4,130
FINANCIAL SERVICES—1.1%
	393,108	Illimity Bank Spa (Italy)*	2,774
FOOD & STAPLES RETAILING—0.9%
	242,652	Qol Holdings Co. Ltd. (Japan)	2,225
FOOD PRODUCTS—8.1%
	105,515	Ariake Japan Co. Ltd. (Japan)	4,279
	2,510,579	Aryzta AG (Switzerland)*	4,461
	508,336	AustAsia Group Ltd. (Singapore)*	207
	554,156	Elders Ltd. (Australia)	2,984
	290,098	Glanbia plc (Ireland)	4,399
	890,482	Japfa Ltd. (Singapore)	141
	133,805	Morinaga & Co. Ltd. (Japan)	3,965
			20,436
GAS UTILITIES—1.8%
	152,160	Rubis SCA (France)	4,497
HEALTH CARE EQUIPMENT & SUPPLIES—5.8%
	218,902	Ansell Ltd. (Australia)	3,895
	847,218	Arjo AB B Shares (Sweden)	3,758
	292,217	Eiken Chemical Co. Ltd. (Japan)	3,398
	122,720	JEOL Ltd. (Japan)	3,581
			14,632
HEALTH CARE PROVIDERS & SERVICES—1.7%
	228,674	Fagron NV (Belgium)	4,251
HOTELS, RESTAURANTS & LEISURE—2.8%
	200,205	RESORTTRUST, Inc. (Japan)	3,306
	867,862	Round One Corp. (Japan)	3,754
			7,060
INDUSTRIAL CONGLOMERATES—0.9%
	78,519	Indus Holding AG (Germany)	2,326
INSURANCE—4.7%
	99,478	ASR Nederland NV (Netherlands)	4,376
	223,303	Coface SA (France)	3,418
	839,789	Direct Line Insurance Group plc (United Kingdom)	1,815
	1,165,313	Mapfre SA (Spain)	2,334
			11,943

COMMON STOCKS—Continued
Shares			Value
IT SERVICES—1.7%
	137,475	Tietoevry OYJ (Finland)	$4,393
LEISURE PRODUCTS—2.4%
	161,400	Globeride Inc. (Japan)	2,959
	111,137	Spin Master Corp. (Canada)1	3,162
			6,121
MACHINERY—9.7%
	162,108	Construcciones y Auxiliar de Ferrocarrilies SA (Spain)	5,031
	407,169	Husqvarna AB (Sweden)	3,514
	23,540	Krones AG (Germany)	3,093
	213,900	METAWATER Co. Ltd. (Japan)	2,819
	142,340	Nabtesco Corp. (Japan)	3,431
	129,250	Norma Group SE (Germany)	3,075
	252,600	OSG Corp. (Japan)	3,548
			24,511
MEDIA—4.4%
	811,225	Atresmedia Corp. de Medios de Comunicacion SA (Spain)	3,244
	129,665	Criteo SA ADR (France)*,2	4,078
	77,776	RTL Group SA (Luxembourg)	3,646
			10,968
PERSONAL PRODUCTS—1.4%
	418,336	Ontex Group NV (Belgium)*	3,588
PROFESSIONAL SERVICES—1.2%
	206,762	Open Up Group Inc. (Japan)	3,063
ROAD & RAIL—1.4%
	724,198	Redde Northgate plc (United Kingdom)	3,425
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%
	421,046	X-FAB Silicon Foundries SE (Belgium)*,1	3,586
SOFTWARE—2.7%
	295,555	Computer Engineering & Consulting Ltd. (Japan)	3,073
	437,092	TomTom NV (Netherlands)*	3,747
			6,820
TEXTILES, APPAREL & LUXURY GOODS—1.7%
	4,243,253	Coats Group plc (United Kingdom)	4,178
TOTAL COMMON STOCKS
(Cost $223,158)			239,610
TOTAL INVESTMENTS—94.9%
(Cost $223,158)			239,610
CASH AND OTHER ASSETS, LESS LIABILITIES—5.1%			12,747
TOTAL NET ASSETS—100.0%			$252,357

 

51

Harbor International Small Cap Fund
Portfolio of Investments—Continued

RIGHTS/WARRANTS 

Description	No. of Contracts	Strike Price	Expiration Date	Cost (000s)	Value (000s)
Mersen SA Right	79,726	EUR  28.00	05/02/2023	$ —	$127

 

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2023 based on the inputs used to value them. 

Asset Category	Quoted Prices Level 1 (000s)	Other Significant Observable Inputs Level 2 (000s)	Significant Unobservable Inputs Level 3 (000s)	Total (000s)
Investments in Securities
Common Stocks
Europe	$4,398	$142,306	$—	$146,704
North America	8,912	—	—	8,912
Pacific Basin	—	83,994	—	83,994
Total Investments in Securities	$13,310	$226,300	$—	$239,610
Financial Derivative Instruments - Assets
Rights/Warrants	$127	$—	$—	$127
Total Investments	$13,437	$226,299	$—	$239,737

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

*	Non-income producing security
1	Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2023, the aggregate value of these securities was $9,095 or 4% of net assets.
2	Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.
EUR	EURO

The accompanying notes are an integral part of the Financial Statements.

52

Harbor Large Cap Value Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Aristotle Capital Management, LLC

  

Sector Allocation (% of investments)

 
 

 

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—97.4%
Shares			Value
AEROSPACE & DEFENSE—2.0%
	176,000	General Dynamics Corp.	$38,428
AUTO COMPONENTS—1.9%
	2,307,000	Cie Generale des Etablissements Michelin SCA ADR (France),1	36,543
BANKS—6.2%
	420,000	Commerce Bancshares Inc.	23,457
	301,000	Cullen/Frost Bankers Inc.	33,185
	4,072,000	Mitsubishi UFJ Financial Group Inc. ADR (Japan)1	25,572
	267,000	PNC Financial Services Group Inc.	34,777
			116,991
BEVERAGES—4.5%
	742,000	Coca-Cola Co.	47,599
	163,000	Constellation Brands Inc.	37,404
			85,003
BIOTECHNOLOGY—2.5%
	193,000	Amgen Inc.	46,270
CAPITAL MARKETS—4.7%
	168,000	Ameriprise Financial Inc.	51,260
	421,000	Blackstone Group Inc.	37,608
			88,868
CHEMICALS—7.8%
	1,181,000	Corteva Inc.	72,183
	226,000	Ecolab Inc.	37,932
	449,000	RPM International Inc.	36,831
			146,946
CONSTRUCTION MATERIALS—2.7%
	138,000	Martin Marietta Materials Inc.	50,122
CONSUMER FINANCE—2.2%
	428,000	Capital One Financial Corp.	41,644
CONSUMER STAPLES DISTRIBUTION—2.1%
	508,000	Sysco Corp.	38,984

COMMON STOCKS—Continued
Shares			Value
ELECTRIC UTILITIES—2.6%
	688,000	Xcel Energy Inc.	$48,098
ENTERTAINMENT—2.1%
	495,000	Activision Blizzard Inc.*	38,466
GAS UTILITIES—2.6%
	425,000	Atmos Energy Corp.	48,510
HEALTH CARE EQUIPMENT & SUPPLIES—4.0%
	539,000	Alcon Inc. (Switzerland)	39,067
	388,000	Medtronic plc (Ireland)	35,288
			74,355
HOUSEHOLD DURABLES—5.5%
	499,000	Lennar Corp. Class A	56,292
	7,126	Lennar Corp. Class B	697
	523,000	Sony Corp. ADR (Japan)1	46,898
			103,887
HOUSEHOLD PRODUCTS—2.4%
	284,000	Procter & Gamble Co.	44,412
INDUSTRIAL CONGLOMERATES—2.5%
	230,000	Honeywell International Inc.	45,963
INSURANCE—2.1%
	378,000	Cincinnati Financial Corp	40,234
LIFE SCIENCES TOOLS & SERVICES—2.7%
	216,000	Danaher Corp.	51,173
MACHINERY—6.6%
	310,000	Oshkosh Corp.	23,721
	172,000	Parker-Hannifin Corp.	55,880
	424,000	Xylem Inc.	44,028
			123,629
OIL, GAS & CONSUMABLE FUELS—4.3%
	1,774,000	Coterra Energy Inc.	45,414
	353,000	Phillips 66	34,947
			80,361

53

Harbor Large Cap Value Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
PHARMACEUTICALS—2.8%
	462,000	Merck & Co. Inc.	$53,347
RESIDENTIAL REITs—1.5%
	410,000	Equity Lifestyle Properties Inc.	28,249
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.0%
	694,000	Microchip Technology Inc.	50,655
	368,000	QUALCOMM Inc.	42,982
			93,637
SOFTWARE—12.1%
	136,000	Adobe Inc.*	51,348
	174,000	ANSYS Inc.*	54,622
	216,000	Autodesk Inc.*	42,075
	254,000	Microsoft Corp.	78,044
			226,089

COMMON STOCKS—Continued
Shares			Value
SPECIALIZED REITs—2.0%
	306,000	Crown Castle International Corp.	$37,666
TOTAL COMMON STOCKS
(Cost $1,340,168)			1,827,875
TOTAL INVESTMENTS—97.4%
(Cost $1,340,168)			1,827,875
CASH AND OTHER ASSETS, LESS LIABILITIES—2.6%			48,403
TOTAL NET ASSETS—100.0%			$1,876,278

 

FAIR VALUE MEASUREMENTS

All investments as of April 30, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

*	Non-income producing security
1	Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

The accompanying notes are an integral part of the Financial Statements.

54

Harbor Mid Cap Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: EARNEST Partners, LLC

  

Sector Allocation (% of investments)

 
 

 

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—98.0%
Shares			Value
AEROSPACE & DEFENSE—6.8%
	6,728	General Dynamics Corp.	$1,469
	25,986	Hexcel Corp.	1,873
	42,515	Spirit AeroSystems Holdings Inc.	1,265
	15,120	Woodward Inc.	1,452
			6,059
BANKS—1.2%
	93,554	KeyCorp	1,053
BUILDING PRODUCTS—2.2%
	37,683	Masco Corp.	2,016
CAPITAL MARKETS—7.3%
	16,738	Houlihan Lokey Inc.	1,529
	16,761	Intercontinental Exchange Inc.	1,826
	18,565	Raymond James Financial Inc.	1,681
	25,107	Stifel Financial Corp.	1,506
			6,542
CHEMICALS—4.2%
	7,653	Albemarle Corp.	1,420
	10,219	Eastman Chemical Co.	861
	22,726	Scotts Miracle-Gro Co.	1,518
			3,799
COMMERCIAL SERVICES & SUPPLIES—4.0%
	18,426	Republic Services Inc.	2,665
	20,437	Stericycle Inc.*	933
			3,598
COMMUNICATIONS EQUIPMENT—1.0%
	19,143	Lumentum Holdings Inc.*	924
CONSUMER STAPLES DISTRIBUTION—1.4%
	16,230	Sysco Corp.	1,245
CONTAINERS & PACKAGING—2.7%
	7,907	Packaging Corp. of America	1,070
	28,159	Sealed Air Corp.	1,351
			2,421

COMMON STOCKS—Continued
Shares			Value
ELECTRICAL EQUIPMENT—1.9%
	38,562	Sensata Technologies Holding plc (United Kingdom)	$1,675
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.8%
	12,508	Arrow Electronics Inc.*	1,431
	13,802	Keysight Technologies Inc.*	1,997
			3,428
ENERGY EQUIPMENT & SERVICES—1.9%
	34,955	ChampionX Corp.	947
	21,755	Helmerich & Payne Inc.	721
			1,668
ENTERTAINMENT—1.7%
	19,882	Activision Blizzard Inc.*	1,545
FINANCIAL SERVICES—1.6%
	12,970	Global Payments Inc.	1,462
GROUND TRANSPORTATION—1.5%
	43,833	CSX Corp.	1,343
HEALTH CARE EQUIPMENT & SUPPLIES—1.4%
	30,101	Dentsply Sirona Inc.	1,262
HEALTH CARE PROVIDERS & SERVICES—2.8%
	8,439	AmerisourceBergen Corp.	1,408
	4,855	Laboratory Corp. of America Holdings	1,101
			2,509
HOTELS, RESTAURANTS & LEISURE—2.4%
	14,149	Darden Restaurants Inc.	2,150
HOUSEHOLD DURABLES—2.0%
	16,484	D.R. Horton Inc.	1,810
INDUSTRIAL REITs—1.8%
	53,496	Americold Realty Trust Inc.	1,583
INSURANCE—6.5%
	12,831	Reinsurance Group of America Inc.	1,826

55

Harbor Mid Cap Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
INSURANCE—Continued
	9,704	RenaissanceRe Holdings Ltd. (Bermuda)	$2,090
	13,825	The Progressive Corp.	1,886
			5,802
IT SERVICES—1.4%
	15,097	Akamai Technologies Inc.*	1,237
LIFE SCIENCES TOOLS & SERVICES—5.5%
	14,056	Agilent Technologies Inc.	1,904
	3,445	Bio-Rad Laboratories Inc.*	1,553
	36,712	Syneos Health Inc.*	1,441
			4,898
MACHINERY—4.9%
	5,849	Cummins Inc.	1,375
	8,762	Dover Corp.	1,281
	6,659	Snap-on Inc.	1,727
			4,383
MULTI-UTILITIES—1.4%
	13,409	WEC Energy Group Inc.	1,289
OFFICE REITs—1.0%
	16,137	Boston Properties Inc.	861
OIL, GAS & CONSUMABLE FUELS—2.8%
	63,761	Coterra Energy Inc.	1,632
	22,865	Murphy Oil Corp.	840
			2,472
PHARMACEUTICALS—1.4%
	25,084	Catalent Inc.*	1,257
PROFESSIONAL SERVICES—1.4%
	8,462	Broadridge Financial Solutions Inc.	1,230

COMMON STOCKS—Continued
Shares			Value
REAL ESTATE MANAGEMENT & DEVELOPMENT—2.3%
	27,534	CBRE Group Inc.*	$2,111
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.8%
	10,242	Applied Materials Inc.	1,158
	22,009	Entegris Inc.	1,649
	14,542	Skyworks Solutions Inc.	1,540
			4,347
SOFTWARE—5.9%
	6,474	ANSYS Inc.*	2,032
	20,992	Black Knight Inc.*	1,147
	5,711	Synopsys Inc.*	2,121
			5,300
SPECIALIZED REITs—1.2%
	4,277	SBA Communications Corp.	1,116
SPECIALTY RETAIL—0.8%
	8,839	TJX Companies Inc.	697
TRADING COMPANIES & DISTRIBUTORS—3.1%
	37,383	Air Lease Corp.	1,503
	11,236	GATX Corp.	1,280
			2,783
TOTAL COMMON STOCKS
(Cost $85,177)			87,875
TOTAL INVESTMENTS—98.0%
(Cost $85,177)			87,875
CASH AND OTHER ASSETS, LESS LIABILITIES—2.0%			1,821
TOTAL NET ASSETS—100.0%			$89,696

 

FAIR VALUE MEASUREMENTS

All investments as of April 30, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

* Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

56

Harbor Mid Cap Value Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: LSV Asset Management

  

Sector Allocation (% of investments)

 
 

 

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—99.0%
Shares			Value
AEROSPACE & DEFENSE—1.4%
	3,700	Huntington Ingalls Industries Inc.	$746
	15,200	Moog Inc.	1,370
	25,300	Textron Inc.	1,693
			3,809
AUTO COMPONENTS—1.3%
	137,900	American Axle & Manufacturing Holdings Inc.*	986
	36,000	BorgWarner Inc.	1,733
	68,900	Goodyear Tire & Rubber Co.*	735
			3,454
AUTOMOBILES—1.3%
	62,200	Harley-Davidson Inc.	2,308
	17,400	THOR Industries Inc.	1,375
			3,683
BANKS—3.5%
	83,200	Citizens Financial Group Inc.	2,574
	42,800	Fifth Third Bancorp	1,121
	127,600	KeyCorp	1,437
	170,600	Regions Financial Corp.	3,115
	52,900	Zions Bancorporation	1,474
			9,721
BEVERAGES—1.6%
	72,300	Molson Coors Beverage Co.	4,300
BIOTECHNOLOGY—1.4%
	176,100	Ironwood Pharmaceuticals Inc.*	1,833
	8,800	United Therapeutics Corp.*	2,025
			3,858
BROADLINE RETAIL—1.4%
	44,700	eBay Inc.	2,076
	20,400	Kohl's Corp.	449
	82,300	Macy's Inc.	1,345
			3,870
BUILDING PRODUCTS—1.5%
	39,600	Owens Corning	4,230

COMMON STOCKS—Continued
Shares			Value
CAPITAL MARKETS—3.8%
	11,700	Ameriprise Financial Inc.	$3,570
	60,800	Bank of New York Mellon Corp.	2,589
	30,900	Jefferies Financial Group Inc.	990
	24,600	Lazard Ltd. (Bermuda)	770
	34,300	State Street Corp.	2,479
			10,398
CHEMICALS—3.4%
	56,013	Chemours Co.	1,629
	14,300	Eastman Chemical Co.	1,205
	95,300	Huntsman Corp.	2,553
	16,170	Ingevity Corp.*	1,160
	52,300	Koppers Holdings Inc.	1,716
	12,600	LyondellBasell Industries N.V. (Netherlands)	1,192
			9,455
CONSUMER FINANCE—3.0%
	117,500	Ally Financial Inc.	3,100
	10,900	Discover Financial Services	1,128
	166,600	Navient Corp.	2,755
	46,400	Synchrony Financial	1,369
			8,352
CONSUMER STAPLES DISTRIBUTION—3.3%
	14,329	Ingles Markets Inc.	1,319
	87,900	Kroger Co.	4,275
	71,500	Sprouts Farmers Market Inc.*	2,478
	31,500	Walgreens Boots Alliance Inc.	1,110
			9,182
CONTAINERS & PACKAGING—3.2%
	33,400	Berry Global Group Inc.	1,931
	30,010	Greif Inc.	1,884
	78,400	O-I Glass Inc.*	1,762
	37,300	Silgan Holdings Inc.	1,837
	45,900	WestRock Co.	1,374
			8,788
DIVERSIFIED CONSUMER SERVICES—0.5%
	36,800	H&R Block Inc.	1,248

57

Harbor Mid Cap Value Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
ELECTRIC UTILITIES—1.1%
	88,600	NRG Energy Inc.	$3,028
ELECTRICAL EQUIPMENT—1.0%
	21,800	Atkore Inc.*	2,754
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.7%
	23,300	Arrow Electronics Inc.*	2,666
	24,200	Avnet Inc.	998
	41,300	Jabil Inc.	3,228
	21,400	Methode Electronics Inc.	877
	37,427	Sanmina Corp.*	1,956
	10,300	SYNNEX Corp.	917
	69,900	TTM Technologies Inc.*	826
	69,800	Vishay Intertechnology Inc.	1,486
			12,954
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—1.1%
	99,400	Brandywine Realty Trust	390
	121,600	Brixmor Property Group Inc.	2,594
			2,984
FINANCIAL SERVICES—3.3%
	79,987	Banco Latinoamericano de Comercio Exterior SA (Panama)	1,440
	132,900	MGIC Investment Corp.	1,976
	19,700	PennyMac Financial Services Inc.	1,231
	77,000	Radian Group Inc.	1,869
	16,300	Voya Financial Inc.	1,247
	117,600	Western Union Co.	1,285
			9,048
FOOD PRODUCTS—2.8%
	24,900	Archer Daniels Midland Co.	1,944
	47,700	Conagra Brands Inc.	1,811
	23,800	Ingredion Inc.	2,527
	23,300	Tyson Foods Inc.	1,456
			7,738
GAS UTILITIES—1.8%
	40,000	National Fuel Gas Co.	2,236
	78,200	UGI Corp.	2,650
			4,886
GROUND TRANSPORTATION—0.8%
	26,268	Ryder System Inc.	2,079
HEALTH CARE PROVIDERS & SERVICES—4.6%
	41,800	Cardinal Health Inc.	3,432
	34,359	Centene Corp.*	2,368
	16,600	DaVita Inc.*	1,500
	4,800	Laboratory Corp. of America Holdings	1,088
	7,000	McKesson Corp.	2,550
	11,200	Universal Health Services Inc.	1,684
			12,622
HEALTH CARE REITs—0.9%
	114,400	Medical Properties Trust Inc.	1,003
	50,900	Omega Healthcare Investors Inc.	1,362
			2,365
HOTEL & RESORT REITs—1.0%
	137,900	Hersha Hospitality Trust	869

COMMON STOCKS—Continued
Shares			Value
HOTEL & RESORT REITs—Continued
	80,100	Sabra Health Care REIT Inc.	$913
	102,411	Service Properties Trust	898
			2,680
HOTELS, RESTAURANTS & LEISURE—0.6%
	56,500	Bloomin' Brands Inc.	1,399
	19,900	Ruth S Hospitality Group Inc.	322
			1,721
HOUSEHOLD DURABLES—4.8%
	49,557	Ethan Allen Interiors Inc.	1,384
	11,400	Meritage Homes Corp.	1,460
	53,900	PulteGroup Inc.	3,620
	53,700	Toll Brothers Inc.	3,432
	23,500	Whirlpool Corp.	3,280
			13,176
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.2%
	142,700	Vistra Corp.	3,405
INSURANCE—6.6%
	48,300	Aflac Inc.	3,374
	9,200	American Financial Group Inc.	1,129
	34,900	American International Group Inc.	1,851
	21,800	First American Financial Corp.	1,256
	62,400	Hartford Financial Services Group Inc.	4,430
	35,800	Lincoln National Corp.	778
	129,100	Old Republic International Corp.	3,262
	37,000	Universal Insurance Holdings Inc.	571
	37,000	Unum Group	1,561
			18,212
IT SERVICES—0.6%
	73,300	DXC Technology Co.*	1,748
LEISURE PRODUCTS—0.6%
	19,500	Brunswick Corp.	1,654
MACHINERY—6.8%
	32,700	AGCO Corp.	4,053
	67,000	Allison Transmission Holdings Inc.	3,269
	17,600	Cummins Inc.	4,137
	17,700	Snap-on Inc.	4,591
	24,500	Timken Co.	1,883
	70,400	Titan International Inc.*	687
			18,620
MEDIA—2.3%
	64,500	Fox Corp.	2,145
	15,600	Nexstar Media Group Inc.	2,706
	78,300	TEGNA Inc.	1,339
			6,190
METALS & MINING—1.2%
	13,000	Reliance Steel & Aluminum Co.	3,221
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)—0.3%
	41,650	Annaly Capital Management Inc.	832
OFFICE REITs—0.8%
	240,078	Franklin Street Properties Corp.	278
	52,750	Office Properties Income Trust	344

58

Harbor Mid Cap Value Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
OFFICE REITs—Continued
	139,000	Paramount Group Inc.	$602
	138,248	Piedmont Office Realty Trust Inc.	900
			2,124
OIL, GAS & CONSUMABLE FUELS—4.5%
	55,700	APA Corp.	2,053
	33,200	Devon Energy Corp.	1,774
	60,500	HF Sinclair Corp.	2,669
	22,200	Marathon Petroleum Corp.	2,708
	19,500	Phillips 66	1,930
	10,700	Valero Energy Corp.	1,227
	3,636	Vitesse Energy Inc.	67
			12,428
PAPER & FOREST PRODUCTS—0.3%
	17,200	Sylvamo Corp.	788
PASSENGER AIRLINES—1.1%
	36,000	Alaska Air Group Inc.*	1,564
	31,500	United Airlines Holdings Inc.*	1,380
			2,944
PHARMACEUTICALS—2.0%
	26,800	Jazz Pharmaceuticals plc (Ireland)*	3,765
	13,800	Prestige Consumer Healthcare Inc.*	849
	93,493	Viatris Inc.	872
			5,486
PROFESSIONAL SERVICES—0.8%
	27,500	ManpowerGroup Inc.	2,082
RETAIL REITs—1.8%
	19,400	Simon Property Group Inc.	2,198
	95,800	SITE Centers Corp.	1,182
	82,900	Tanger Factory Outlet Centers Inc.	1,626
			5,006

COMMON STOCKS—Continued
Shares			Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%
	123,600	Amkor Technology Inc.	$2,765
	25,600	Diodes Inc.*	2,040
			4,805
SPECIALTY RETAIL—4.1%
	24,100	Best Buy Co. Inc.	1,796
	9,500	Dick's Sporting Goods Inc.	1,378
	67,500	Foot Locker Inc.	2,834
	6,800	Group 1 Automotive Inc.	1,526
	36,200	ODP Corp.*	1,564
	15,700	Penske Automotive Group Inc.	2,176
			11,274
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.4%
	147,900	HP Inc.	4,394
	11,300	Seagate Technology Holdings plc (Ireland)	664
	93,900	Xerox Holdings Corp.	1,472
			6,530
TEXTILES, APPAREL & LUXURY GOODS—0.5%
	25,800	Capri Holdings Ltd. (Virgin Islands)*	1,071
	28,100	G-III Apparel Group Ltd.*	441
			1,512
TRADING COMPANIES & DISTRIBUTORS—0.3%
	10,758	Triton International Ltd. (Bermuda)	889
TOTAL COMMON STOCKS
(Cost $251,595)			272,133
TOTAL INVESTMENTS—99.0%
(Cost $251,595)			272,133
CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%			2,675
TOTAL NET ASSETS—100.0%			$274,808

 

FAIR VALUE MEASUREMENTS

All investments as of April 30, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

* Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

59

Harbor Small Cap Growth Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: Westfield Capital Management Company, L.P.

  

Sector Allocation (% of investments)

 
 

 

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—95.6%
Shares			Value
AEROSPACE & DEFENSE—2.3%
	319,156	Hexcel Corp.	$23,005
AUTO COMPONENTS—1.3%
	94,730	Visteon Corp.*	13,299
BIOTECHNOLOGY—11.8%
	398,010	89bio Inc.*	6,360
	1,082,901	Alkermes plc*	30,917
	178,931	Apellis Pharmaceuticals Inc.*	14,928
	285,150	Ascendis Pharma AS ADR (Denmark)*,1	19,949
	246,370	Iveric Bio Inc.*	8,103
	140,933	Prometheus Biosciences Inc.*	27,334
	654,185	Rocket Pharmaceuticals Inc.*	11,723
			119,314
BUILDING PRODUCTS—2.0%
	204,660	AAON Inc.	20,057
CAPITAL MARKETS—0.9%
	428,537	StepStone Group Inc.	9,441
CHEMICALS—3.3%
	417,350	Avient Corp.	16,072
	557,150	Axalta Coating Systems Ltd. (Bermuda)*	17,589
			33,661
COMMERCIAL SERVICES & SUPPLIES—2.0%
	228,940	Casella Waste Systems Inc.*	20,376
COMMUNICATIONS EQUIPMENT—1.6%
	119,413	F5 Networks Inc.*	16,044
CONSTRUCTION & ENGINEERING—1.9%
	420,219	Willscot Mobile Mini Holdings Corp.*	19,078
CONTAINERS & PACKAGING—0.2%
	441,691	Ranpak Holdings Corp.*	1,802
ELECTRICAL EQUIPMENT—3.7%
	83,235	Atkore Inc.*	10,515

COMMON STOCKS—Continued
Shares			Value
ELECTRICAL EQUIPMENT—Continued
	101,343	Encore Wire Corp.	$15,843
	259,690	Sensata Technologies Holding plc (United Kingdom)	11,284
			37,642
ENERGY EQUIPMENT & SERVICES—2.1%
	310,320	ChampionX Corp.	8,403
	1,584,760	Nextier Oilfield Solutions Inc.*	12,805
			21,208
FINANCIAL SERVICES—5.2%
	670,888	Flywire Corp.*	19,570
	305,500	Shift4 Payments Inc.*	20,703
	70,741	WEX Inc.*	12,546
			52,819
GROUND TRANSPORTATION—3.0%
	99,910	Saia Inc.*	29,750
HEALTH CARE EQUIPMENT & SUPPLIES—5.4%
	192,700	Haemonetics Corp.*	16,131
	90,330	Inspire Medical Systems Inc.*	24,175
	171,660	Lantheus Holdings Inc.*	14,668
			54,974
HEALTH CARE PROVIDERS & SERVICES—4.3%
	226,338	Amedisys Inc.*	18,175
	776,527	Option Care Health Inc.*	24,965
			43,140
HEALTH CARE TECHNOLOGY—1.2%
	971,420	Veradigm Inc*	12,133
HOTELS, RESTAURANTS & LEISURE—8.6%
	68,336	Churchill Downs Inc.	19,990
	222,030	Planet Fitness Inc.*	18,460
	191,390	Texas Roadhouse Inc.	21,172
	136,380	Wingstop Inc.	27,291
			86,913
INDUSTRIAL REITs—1.1%
	311,300	STAG Industrial Inc.	10,544

60

Harbor Small Cap Growth Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
INSURANCE—4.5%
	64,304	Kinsale Capital Group Inc.	$21,009
	158,184	Palomar Holdings Inc.*	7,950
	92,070	Primerica Inc.	16,804
			45,763
LEISURE PRODUCTS—1.3%
	178,323	BRP Inc. (Canada)	13,333
LIFE SCIENCES TOOLS & SERVICES—3.4%
	303,530	Azenta Inc.*	13,200
	46,371	Bio-Rad Laboratories Inc.*	20,904
			34,104
MACHINERY—4.2%
	263,604	ITT Inc.	22,259
	117,670	Lincoln Electric Holdings Inc.	19,745
			42,004
OIL, GAS & CONSUMABLE FUELS—3.8%
	624,080	Northern Oil And Gas Inc.	20,701
	275,700	PDC Energy Inc.	17,934
			38,635
PHARMACEUTICALS—1.0%
	897,936	Innoviva Inc.*	10,533
PROFESSIONAL SERVICES—1.5%
	167,418	WNS Holdings Ltd. ADR (India)*,1	15,096
RETAIL REITs—1.6%
	424,720	Spirit Realty Capital Inc.	16,335

COMMON STOCKS—Continued
Shares			Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.7%
	33,345	Impinj Inc.*	$2,946
	192,050	Macom Technology Solutions Holdings Inc.*	11,204
	156,271	Onto Innovation Inc.*	12,655
	83,376	Synaptics Inc.*	7,384
	98,500	Universal Display Corp.	13,146
			47,335
SOFTWARE—7.1%
	496,349	Box Inc.*	13,134
	254,570	Dynatrace Inc.*	10,763
	737,829	Samsara Inc.*	13,318
	607,100	Smartsheet Inc.*	24,812
	268,270	Tenable Holdings Inc.*	9,923
			71,950
SPECIALTY RETAIL—0.6%
	295,675	National Vision Holdings Inc.*	6,221
TOTAL COMMON STOCKS
(Cost $885,530)			966,509
TOTAL INVESTMENTS—95.6%
(Cost $885,530)			966,509
CASH AND OTHER ASSETS, LESS LIABILITIES—4.4%			44,790
TOTAL NET ASSETS—100.0%			$1,011,299

 

FAIR VALUE MEASUREMENTS

All investments as of April 30, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

*	Non-income producing security
1	Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

The accompanying notes are an integral part of the Financial Statements.

61

Harbor Small Cap Value Fund
Portfolio of Investments—April 30, 2023 (Unaudited)

 

Subadvisor: EARNEST Partners LLC

  

Sector Allocation (% of investments)

 
 

 

Portfolio of Investments

Value and Cost in Thousands  

COMMON STOCKS—96.6%
Shares			Value
AEROSPACE & DEFENSE—8.9%
	830,577	AAR Corp.*	$43,838
	810,501	Hexcel Corp.	58,421
	422,745	Moog Inc.	38,093
	1,078,062	Parsons Corp.*	46,896
			187,248
BANKS—10.5%
	842,623	Enterprise Financial Services Corp.	36,031
	1,000,938	First Merchants Corp.	29,207
	832,298	Heartland Financial USA Inc.	27,100
	620,337	South State Corp.	42,791
	1,256,191	Trustmark Corp.	30,010
	859,831	United Bankshares Inc.	28,486
	1,134,587	United Community Banks	28,251
			221,876
CAPITAL MARKETS—4.5%
	699,222	Houlihan Lokey Inc.	63,895
	514,522	Stifel Financial Corp.	30,856
			94,751
CHEMICALS—4.0%
	595,974	Cabot Corp.	42,767
	623,399	Scotts Miracle-Gro Co.	41,649
			84,416
COMMERCIAL SERVICES & SUPPLIES—4.6%
	896,542	Casella Waste Systems Inc.*	79,792
	2,059,236	Steelcase Inc.	16,474
			96,266
CONSUMER FINANCE—2.1%
	438,233	FirstCash Holdings Inc.	45,151
ELECTRICAL EQUIPMENT—1.7%
	441,101	EnerSys	36,598
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—7.5%
	360,223	Advanced Energy Industries Inc.	31,159
	747,405	CTS Corp.	29,306
	169,786	Littelfuse Inc.	41,129

COMMON STOCKS—Continued
Shares			Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued
	678,573	Methode Electronics Inc.	$27,815
	340,720	Plexus Corp.*	29,803
			159,212
ENERGY EQUIPMENT & SERVICES—3.5%
	1,981,537	Archrock Inc.	20,390
	436,883	Core Laboratories NV (Netherlands)	9,834
	456,014	DMC Global Inc.*	8,637
	1,938,456	Oceaneering International Inc.*	34,369
			73,230
FOOD PRODUCTS—2.4%
	844,344	Darling Ingredients Inc.*	50,298
GROUND TRANSPORTATION—1.1%
	297,700	Ryder System Inc.	23,566
HEALTH CARE EQUIPMENT & SUPPLIES—5.4%
	563,852	CONMED Corp.	70,803
	521,979	Integer Holdings Corp.*	42,985
			113,788
HEALTH CARE PROVIDERS & SERVICES—1.5%
	2,146,424	Pediatrix Medical Group Inc.*	30,758
HOTEL & RESORT REITs—1.0%
	1,489,074	Pebblebrook Hotel Trust	21,190
HOTELS, RESTAURANTS & LEISURE—4.8%
	1,211,420	Cheesecake Factory Inc.	40,812
	384,314	Cracker Barrel Old Country Store Inc.	40,799
	5,121,706	Sabre Corp.*	20,487
			102,098
HOUSEHOLD DURABLES—2.9%
	258,121	Helen of Troy Ltd.*	25,900
	274,666	Meritage Homes Corp.	35,171
			61,071
INDUSTRIAL REITs—1.9%
	1,170,724	STAG Industrial Inc.	39,652

62

Harbor Small Cap Value Fund
Portfolio of Investments—Continued

Value and Cost in Thousands 

COMMON STOCKS—Continued
Shares			Value
INSURANCE—3.7%
	540,908	Horace Mann Educators Corp.	$16,920
	337,852	Reinsurance Group of America Inc.	48,083
	454,867	United Fire Group Inc.	12,236
			77,239
MACHINERY—10.0%
	456,014	Albany International Corp.	41,593
	1,283,724	Flowserve Corp.	42,864
	667,100	Franklin Electric Co. Inc.	59,686
	582,415	SPX Technologies Inc.*	37,088
	398,704	Timken Co.	30,640
			211,871
OFFICE REITs—1.2%
	1,134,014	Corporate Office Properties Trust	25,958
PROFESSIONAL SERVICES—1.1%
	258,582	Trinet Group Inc.*	23,991
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.5%
	1,046,826	Amkor Technology Inc.	23,417
	414,715	Diodes Inc.*	33,053
	270,167	Entegris Inc.	20,241
	1,469,572	FormFactor Inc.*	40,134
			116,845

COMMON STOCKS—Continued
Shares			Value
SOFTWARE—3.6%
	1,338,790	Box Inc.*	$35,424
	647,184	Envestnet Inc.*	41,019
			76,443
TEXTILES, APPAREL & LUXURY GOODS—1.2%
	1,439,745	Wolverine World Wide Inc.	24,101
TRADING COMPANIES & DISTRIBUTORS—2.0%
	372,268	GATX Corp.	42,405
TOTAL COMMON STOCKS
(Cost $1,623,485)			2,040,022
TOTAL INVESTMENTS—96.6%
(Cost $1,623,485)			2,040,022
CASH AND OTHER ASSETS, LESS LIABILITIES—3.4%			72,786
TOTAL NET ASSETS—100.0%			$2,112,808

 

FAIR VALUE MEASUREMENTS

All investments as of April 30, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.

 

* Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

63

   

 

[THIS PAGE INTENTIONALLY LEFT BLANK]

64

Harbor Funds
StatementS of Assets and Liabilities—April 30, 2023 (Unaudited)

(All amounts in thousands, except per share amounts)

 

	Harbor Capital Appreciation Fund	Harbor Convertible Securities Fund	Harbor Core Bond Fund	Harbor Core Plus Fund	Harbor Disruptive Innovation Fund	Harbor Diversified International All Cap Fund	Harbor Global Leaders Fund
ASSETS
Investments, at identified cost	$12,963,266	$39,292	$107,831	$1,109,790	$86,618	$887,711	$58,144
Investments, at value (Including securities loaned of $0, $0, $0, $0, $0, $9,176 and $0)	$22,452,637	$38,411	$104,930	$1,011,874	$79,352	$988,817	$66,134
Cash	96,262	236	2,544	16,334	1,038	13,215	452
Foreign currency, at value (cost: $4,228, $0, $0, $3, $0, $2,458 and $0)	4,226	—	—	2	—	2,443	—
Receivables for:
Investments sold	163,757	402	169	3,831	—	13,919	—
Capital shares sold	24,159	—	7	746	19	459	21
Dividends	1,191	2	—	—	4	4,239	33
Interest	—	102	664	6,869	—	—	—
Securities lending income	—	—	—	—	—	3	—
Purchased options, at value (cost: $0, $0, $0, $0, $0, $0 and $0)	—	—	—	—	—	9	—
Withholding tax	963	—	4	—	1	894	7
Prepaid registration fees	69	24	14	20	21	27	24
Prepaid fund insurance	215	2	1	10	1	9	1
Other assets	3,107	32	9	386	68	128	12
Total Assets	22,746,586	39,211	108,342	1,040,072	80,504	1,024,162	66,684
LIABILITIES
Payables for:
Investments purchased	213,919	247	2,493	17,273	—	12,423	—
Capital shares reacquired	22,335	—	508	830	832	136	74
Collateral for securities loaned	—	—	—	—	—	9,176	—
Dividends to shareholders	—	—	5	100	—	—	—
Accrued expenses:
Tax compliance fee payable (see Note 2)	—	—	—	—	—	—	—
Management fees	10,217	17	20	209	47	612	39
12b-1 fees	204	—	—	2	4	4	2
Transfer agent fees	1,423	2	4	83	6	38	5
Trustees' fees and expenses	3,768	30	5	470	64	67	8
Other	1,855	25	26	158	48	691	63
Total Liabilities	253,721	321	3,061	19,125	1,001	23,147	191
NET ASSETS	$22,492,865	$38,890	$105,281	$1,020,947	$79,503	$1,001,015	$66,493
Net Assets Consist of:
Paid-in capital	$14,120,881	$55,406	$114,748	$1,202,333	$210,669	$951,534	$60,675
Total distributable earnings/(loss)	8,371,984	(16,516 )	(9,467 )	(181,386 )	(131,166 )	49,481	5,818
	$22,492,865	$38,890	$105,281	$1,020,947	$79,503	$1,001,015	$66,493

The accompanying notes are an integral part of the Financial Statements. 

65

	Harbor Capital Appreciation Fund	Harbor Convertible Securities Fund	Harbor Core Bond Fund	Harbor Core Plus Fund	Harbor Disruptive Innovation Fund	Harbor Diversified International All Cap Fund	Harbor Global Leaders Fund
NET ASSET VALUE PER SHARE BY CLASS
Retirement Class
Net assets	$7,441,421	$10,029	$72,695	$13,270	$10,550	$676,998	$15,684
Shares of beneficial interest1	98,798	1,028	8,019	1,289	2,269	57,673	628
Net asset value per share2	$75.32	$9.75	$9.06	$10.29	$4.65	$11.74	$24.97
Institutional Class
Net assets	$14,047,453	$27,126	$32,586	$997,110	$51,011	$304,853	$39,099
Shares of beneficial interest1	186,931	2,783	3,596	97,023	11,116	25,960	1,575
Net asset value per share2	$75.15	$9.75	$9.06	$10.28	$4.59	$11.74	$24.83
Administrative Class
Net assets	$201,939	$68	N/A	$10,567	$2,050	$9,243	$1,008
Shares of beneficial interest1	2,800	7	N/A	1,027	528	789	42
Net asset value per share2	$72.11	$9.58	N/A	$10.29	$3.88	$11.71	$23.99
Investor Class
Net assets	$802,052	$1,667	N/A	N/A	$15,892	$9,921	$10,702
Shares of beneficial interest1	11,561	172	N/A	N/A	4,585	851	457
Net asset value per share2	$69.38	$9.70	N/A	N/A	$3.47	$11.66	$23.43

 

1	Par value $0.01 (unlimited authorizations)
2	Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded to thousands.

66

Harbor Funds
StatementS of Assets and Liabilities—April 30, 2023 (Unaudited)—Continued

(All amounts in thousands, except per share amounts)

 

	Harbor International Fund	Harbor International Core Fund	Harbor International Growth Fund	Harbor International Small Cap Fund	Harbor Large Cap Value Fund	Harbor Mid Cap Fund
ASSETS
Investments, at identified cost	$2,938,262	$145,778	$293,966	$223,158	$1,340,168	$85,177
Investments, at value (Including securities loaned of $4,158, $0, $0, $0, $0 and $0)	$3,469,929	$152,277	$373,392	$239,610	$1,827,875	$87,875
Cash	52,364	1,016	2,508	10,964	30,706	1,998
Foreign currency, at value (cost: $11,222, $100, $6, $842, $0 and $0)	11,188	98	6	843	—	—
Receivables for:
Investments sold	71,450	—	493	660	16,654	—
Capital shares sold	1,313	215	49	766	1,101	—
Dividends	20,432	780	954	1,379	1,463	26
Interest	—	—	—	—	—	—
Securities lending income	39	—	—	1	—	—
Purchased options, at value (cost: $0, $0, $0, $0, $0, and $0)	101	—	—	127	—	—
Withholding tax	4,494	237	273	94	458	—
Prepaid registration fees	51	29	21	36	27	23
Prepaid fund insurance	31	1	4	2	22	1
Other assets	3,875	40	98	20	146	6
Total Assets	3,635,267	154,693	377,798	254,502	1,878,452	89,929
LIABILITIES
Payables for:
Investments purchased	65,792	—	312	1,651	—	—
Capital shares reacquired	694	82	159	119	836	149
Collateral for securities loaned	4,158	—	—	—	—	—
Dividends to shareholders	—	—	—	—	—	—
Accrued expenses:
Tax compliance fee payable (see Note 2)	10,737	—	—	—	—	—
Management fees	2,153	94	232	167	929	55
12b-1 fees	59	2	2	1	6	—
Transfer agent fees	274	12	26	15	80	3
Trustees' fees and expenses	3,630	4	84	8	153	4
Other	2,416	247	403	184	170	22
Total Liabilities	89,913	441	1,218	2,145	2,174	233
NET ASSETS	$3,545,354	$154,252	$376,580	$252,357	$1,876,278	$89,696
Net Assets Consist of:
Paid-in capital	$3,499,036	$151,668	$301,672	$233,267	$1,361,731	$88,246
Total distributable earnings/(loss)	46,318	2,584	74,908	19,090	514,547	1,450
	$3,545,354	$154,252	$376,580	$252,357	$1,876,278	$89,696

The accompanying notes are an integral part of the Financial Statements. 

67

	Harbor International Fund	Harbor International Core Fund	Harbor International Growth Fund	Harbor International Small Cap Fund	Harbor Large Cap Value Fund	Harbor Mid Cap Fund
NET ASSET VALUE PER SHARE BY CLASS
Retirement Class
Net assets	$594,840	$23,669	$78,503	$71,736	$1,169,000	$65,801
Shares of beneficial interest1	13,669	2,131	4,985	4,871	60,488	5,319
Net asset value per share2	$43.52	$11.11	$15.75	$14.73	$19.33	$12.37
Institutional Class
Net assets	$2,658,846	$119,335	$289,851	$175,143	$678,087	$23,054
Shares of beneficial interest1	60,848	10,756	18,440	11,891	35,076	1,864
Net asset value per share2	$43.70	$11.10	$15.72	$14.73	$19.33	$12.37
Administrative Class
Net assets	$11,604	N/A	$156	$521	$3,005	N/A
Shares of beneficial interest1	263	N/A	10	36	155	N/A
Net asset value per share2	$44.09	N/A	$15.68	$14.70	$19.34	N/A
Investor Class
Net assets	$280,064	$11,248	$8,070	$4,957	$26,186	$841
Shares of beneficial interest1	6,471	1,020	518	338	1,338	68
Net asset value per share2	$43.28	$11.03	$15.58	$14.67	$19.57	$12.32

68

Harbor Funds
StatementS of Assets and Liabilities—April 30, 2023 (Unaudited)—Continued

(All amounts in thousands, except per share amounts)

 

	Harbor Mid Cap Value Fund	Harbor Small Cap Growth Fund	Harbor Small Cap Value Fund
ASSETS
Investments, at identified cost	$251,595	$885,530	$1,623,485
Investments, at value (Including securities loaned of $0, $0, and $0)	$272,133	$966,509	$2,040,022
Cash	536	48,613	72,466
Foreign currency, at value (cost: $0, $0, and $0)	—	—	—
Receivables for:
Investments sold	2,193	9,298	1,888
Capital shares sold	79	1,105	1,019
Dividends	263	38	787
Interest	—	—	—
Securities lending income	—	—	—
Purchased options, at value (cost: $0, $0, and $0)	—	—	—
Withholding tax	—	—	—
Prepaid registration fees	26	32	39
Prepaid fund insurance	3	10	23
Other assets	83	102	145
Total Assets	275,316	1,025,707	2,116,389
LIABILITIES
Payables for:
Investments purchased	116	13,122	634
Capital shares reacquired	65	386	1,059
Collateral for securities loaned	—	—	—
Dividends to shareholders	—	—	—
Accrued expenses:
Tax compliance fee payable (see Note 2)	—	—	—
Management fees	172	620	1,308
12b-1 fees	6	2	9
Transfer agent fees	24	60	136
Trustees' fees and expenses	79	130	212
Other	46	88	223
Total Liabilities	508	14,408	3,581
NET ASSETS	$274,808	$1,011,299	$2,112,808
Net Assets Consist of:
Paid-in capital	$239,311	$1,039,285	$1,532,525
Total distributable earnings/(loss)	35,497	(27,986 )	580,283
	$274,808	$1,011,299	$2,112,808

The accompanying notes are an integral part of the Financial Statements. 

69

	Harbor Mid Cap Value Fund	Harbor Small Cap Growth Fund	Harbor Small Cap Value Fund
NET ASSET VALUE PER SHARE BY CLASS
Retirement Class
Net assets	$17,373	$352,445	$610,392
Shares of beneficial interest1	774	30,076	16,556
Net asset value per share2	$22.45	$11.72	$36.87
Institutional Class
Net assets	$227,122	$650,339	$1,459,101
Shares of beneficial interest1	10,114	55,998	39,586
Net asset value per share2	$22.46	$11.61	$36.86
Administrative Class
Net assets	$3,225	$612	$8,239
Shares of beneficial interest1	142	61	226
Net asset value per share2	$22.77	$9.96	$36.54
Investor Class
Net assets	$27,088	$7,903	$35,076
Shares of beneficial interest1	1,205	880	986
Net asset value per share2	$22.48	$8.99	$35.57

70

Harbor Funds
StatementS of Operations—Period Ended April 30, 2023 (Unaudited)

(All amounts in thousands)

 

	Harbor Capital Appreciation Fund	Harbor Convertible Securities Fund
Investment Income
Dividends	$83,741	$71
Interest	2,689	929
Net securities lending income	—	—
Foreign taxes withheld	(1,869 )	—
Foreign tax reclaims, net of applicable tax compliance fee (see Note 2)	—	—
Total Investment Income	84,561	1,000
Operating Expenses
Management fees	63,897	253
12b-1 fees:
Administrative Class	234	1
Investor Class	951	2
Shareholder communications	356	6
Custodian fees	281	11
Transfer agent fees:
Retirement Class	705	3
Institutional Class	6,650	27
Administrative Class	94	—
Investor Class	798	2
Professional fees	777	29
Trustees' fees and expenses	607	3
Registration fees	90	28
Miscellaneous	267	6
Total expenses	75,707	371
Management fees waived	(4,479 )	(17 )
Other expenses reimbursed	—	(36 )
Net expenses	71,228	318
Net Investment Income/(Loss)	13,333	682
Net Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions
Net realized gain/(loss) on:
Investments (net of foreign capital gains tax: $0, $0, $0, $0, $0, $(1), $0 and $(2))	(27,635 )	(10,709 )
In-kind redemptions	87,729	—
Foreign currency transactions	(194 )	—
Purchased options	—	—
Change in net unrealized appreciation/(depreciation) on:
Investments (net of foreign capital gains tax accrual: $0, $0, $0, $0, $0, $0, $0 and $0)	2,510,094	13,479
Purchased options	—	—
Translations of assets and liabilities in foreign currencies	13	—
Net gain/(loss) on investment transactions	2,570,007	2,770
Net Increase/(Decrease) in Net Assets Resulting from Operations	$2,583,340	$3,452

The accompanying notes are an integral part of the Financial Statements. 

71

 

Harbor Core Bond Fund	Harbor Core Plus Fund	Harbor Disruptive Innovation Fund	Harbor Diversified International All Cap Fund	Harbor Global Leaders Fund	Harbor International Fund
$—	$—	$140	$13,041	$209	$51,462
1,721	19,852	42	245	26	759
—	56	—	58	—	226
—	—	(2 )	(1,321 )	(17 )	(4,831 )
—	—	—	—	—	3,120
1,721	19,908	180	12,023	218	50,736
99	1,221	322	3,516	254	12,631
N/A	14	3	11	1	14
N/A	N/A	20	12	14	339
5	38	14	16	5	116
13	48	10	168	12	244
6	1	2	63	2	56
15	477	29	144	20	1,265
N/A	5	1	4	1	6
N/A	N/A	17	10	11	284
2	36	3	53	9	120
2	28	3	25	2	90
15	25	30	29	27	51
4	15	6	15	5	43
161	1,908	460	4,066	363	15,259
—	—	—	—	(17 )	—
(36 )	(44 )	(52 )	(540 )	(41 )	(2,012 )
125	1,864	408	3,526	305	13,247
1,596	18,044	(228 )	8,497	(87 )	37,489
(1,105 )	(11,846 )	(32,171 )	(11,182 )	(368 )	(26,728 )
—	—	—	—	—	—
—	—	(1 )	534	2	3,106
—	—	—	—	—	4
5,430	64,748	37,461	181,208	7,539	730,216
—	—	—	9	—	64
—	26	—	54	2	529
4,325	52,928	5,469	170,623	7,171	707,191
$5,921	$70,972	$5,241	$179,120	$7,084	$744,680

72

Harbor Funds
StatementS of Operations—Period Ended April 30, 2023 (Unaudited)—Continued

(All amounts in thousands)

 

	Harbor International Core Fund	Harbor International Growth Fund	Harbor International Small Cap Fund
Investment Income
Dividends	$2,936	$1,971	$3,026
Interest	42	44	236
Net securities lending income	5	—	1
Foreign taxes withheld	(279 )	(169 )	(304 )
Foreign tax reclaims, net of applicable tax compliance fee (see Note 2)	—	—	—
Total Investment Income	2,704	1,846	2,959
Operating Expenses
Management fees	468	1,397	790
12b-1 fees:
Administrative Class	N/A	—	1
Investor Class	8	9	4
Shareholder communications	7	9	5
Custodian fees	88	66	40
Transfer agent fees:
Retirement Class	2	8	5
Institutional Class	48	143	66
Administrative Class	—	—	—
Investor Class	7	8	3
Professional fees	28	44	11
Trustees' fees and expenses	3	10	4
Registration fees	23	28	31
Miscellaneous	6	9	6
Total expenses	688	1,731	966
Management fees waived	—	—	—
Other expenses reimbursed	(154 )	(166 )	(88 )
Net expenses	534	1,565	878
Net Investment Income/(Loss)	2,170	281	2,081
Net Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions
Net realized gain/(loss) on:
Investments (net of foreign capital gains tax: $0, $214, $0, $0, $0, $0, $0 and $0)	638	6,746	878
In-kind redemptions	—	—	—
Foreign currency transactions	(44 )	(7 )	(62 )
Purchased options	—	—	—
Change in net unrealized appreciation/(depreciation) on:
Investments (net of foreign capital gains tax accrual: $0, $172, $0, $0, $0, $0, $0 and $0)	11,130	70,065	26,570
Purchased options	—	—	127
Translations of assets and liabilities in foreign currencies	11	35	(5 )
Net gain/(loss) on investment transactions	11,735	76,839	27,508
Net Increase/(Decrease) in Net Assets Resulting from Operations	$13,905	$77,120	$29,589

The accompanying notes are an integral part of the Financial Statements. 

73

 

Harbor Large Cap Value Fund	Harbor Mid Cap Fund	Harbor Mid Cap Value Fund	Harbor Small Cap Growth Fund	Harbor Small Cap Value Fund
$20,616	$729	$4,299	$3,281	$15,326
796	31	43	720	1,192
—	—	—	—	—
(66 )	—	—	(7 )	(1 )
—	—	—	—	—
21,346	760	4,342	3,994	16,517
6,032	340	1,140	3,575	8,034
4	N/A	4	1	11
33	1	35	9	46
30	5	15	11	64
27	7	11	18	33
127	7	3	33	61
355	11	122	308	742
2	N/A	2	—	5
28	1	30	8	39
75	3	11	33	76
58	2	9	27	60
47	21	28	51	48
30	5	8	15	30
6,848	403	1,418	4,089	9,249
—	—	—	—	—
(368 )	(30 )	(82 )	—	—
6,480	373	1,336	4,089	9,249
14,866	387	3,006	(95 )	7,268
28,457	1,518	11,100	(61,900 )	181,727
—	—	—	—	—
—	—	—	1	—
—	—	—	—	—
40,808	665	(7,804 )	101,791	(183,188 )
—	—	—	—	—
—	—	—	—	—
69,265	2,183	3,296	39,892	(1,461 )
$84,131	$2,570	$6,302	$39,797	$5,807

74

Harbor Funds
Statements of Changes In Net Assets

(All amounts in thousands)

 

	Harbor Capital Appreciation Fund		Harbor Convertible Securities Fund		Harbor Core Bond Fund
	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
INCREASE/(DECREASE) IN NET ASSETS	(Unaudited)		(Unaudited)		(Unaudited)
Operations:
Net investment income/(loss)	$13,333	$(43,377)	$682	$503	$1,596	$1,820
Net realized gain/(loss) on investments	59,900	165,694	(10,709)	(4,062)	(1,105)	(4,988)
Change in net unrealized appreciation/(depreciation) of investments	2,510,107	(14,648,695)	13,479	(31,493)	5,430	(11,308)
Net increase/(decrease) in assets resulting from operations	2,583,340	(14,526,378)	3,452	(35,052)	5,921	(14,476)
Distributions to Shareholders
Retirement Class	—	(1,774,533)	(288)	(5,078)	(1,196)	(864)
Institutional Class	—	(4,236,598)	(579)	(20,117)	(670)	(1,726)
Administrative Class	—	(64,010)	(1)	(10)	N/A	N/A
Investor Class	—	(245,539)	(15)	(352)	N/A	N/A
Total distributions to shareholders	—	(6,320,680)	(883)	(25,557)	(1,866)	(2,590)
Net Increase/(Decrease) Derived from Capital Share Transactions	(1,774,583)	263,781	(126,401)	17,371	31,849	(56,045)
Net increase/(decrease) in net assets	808,757	(20,583,277)	(123,832)	(43,238)	35,904	(73,111)
Net Assets
Beginning of period	21,684,108	42,267,385	162,722	205,960	69,377	142,488
End of period	$22,492,865	$21,684,108	$38,890	$162,722	$105,281	$69,377

The accompanying notes are an integral part of the Financial Statements. 

75

 

Harbor Core Plus Fund		Harbor Disruptive Innovation Fund		Harbor Diversified International All Cap Fund		Harbor Global Leaders Fund		Harbor International Fund
November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
$18,044	$35,812	$(228)	$(515)	$8,497	$19,600	$(87)	$(274)	$37,489	$98,461
(11,846)	(47,933)	(32,172)	(89,319)	(10,648)	(11,363)	(370)	6,299	(23,618)	(1,372)
64,774	(199,083)	37,641	(42,370)	181,271	(272,409)	7,541	(50,292)	730,809	(1,118,338)
70,972	(211,204)	5,241	(132,204)	179,120	(264,172)	7,084	(44,267)	744,680	(1,021,249)
(284)	(4,079)	—	(23,847)	(9,126)	(59,014)	(1,241)	(2,179)	(17,969)	(18,874)
(21,572)	(43,520)	—	(77,166)	(3,990)	(22,740)	(3,157)	(7,958)	(81,213)	(68,529)
(230)	(541)	—	(2,270)	(102)	(638)	(75)	(154)	(332)	(269)
N/A	N/A	—	(25,465)	(93)	(661)	(863)	(2,404)	(7,758)	(6,320)
(22,086)	(48,140)	—	(128,748)	(13,311)	(83,053)	(5,336)	(12,695)	(107,272)	(93,992)
24,032	(358,945)	(33,958)	21,971	27,470	(50,281)	(2,808)	(18,033)	(108,889)	(438,491)
72,918	(618,289)	(28,717)	(238,981)	193,279	(397,506)	(1,060)	(74,995)	528,519	(1,533,732)
948,029	1,566,318	108,220	347,201	807,736	1,205,242	67,553	142,548	3,016,835	4,570,567
$1,020,947	$948,029	$79,503	$108,220	$1,001,015	$807,736	$66,493	$67,553	$3,545,354	$3,016,835

76

Harbor Funds
Statements of Changes In Net Assets—Continued

(All amounts in thousands)

 

	Harbor International Core Fund		Harbor International Growth Fund		Harbor International Small Cap Fund
	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
INCREASE/(DECREASE) IN NET ASSETS	(Unaudited)		(Unaudited)		(Unaudited)
Operations:
Net investment income/(loss)	$2,170	$2,572	$281	$1,312	$2,081	$1,648
Net realized gain/(loss) on investments	594	(6,072)	6,739	(3,649)	816	2,143
Change in net unrealized appreciation/(depreciation) of investments	11,141	(11,551)	70,100	(308,631)	26,692	(16,401)
Net increase/(decrease) in assets resulting from operations	13,905	(15,051)	77,120	(310,968)	29,589	(12,610)
Distributions to Shareholders
Retirement Class	(556)	(1,921)	—	(11,011)	(1,030)	(731)
Institutional Class	(2,011)	(3,283)	—	(55,495)	(2,528)	(3,330)
Administrative Class	N/A	N/A	—	(36)	(11)	(31)
Investor Class	(62)	(12)	—	(992)	(29)	(121)
Total distributions to shareholders	(2,629)	(5,216)	–	(67,534)	(3,598)	(4,213)
Net Increase/(Decrease) Derived from Capital Share Transactions	52,516	57,654	(46,731)	(146,117)	100,763	80,999
Net increase/(decrease) in net assets	63,792	37,387	30,389	(524,619)	126,754	64,176
Net Assets
Beginning of period	90,460	53,073	346,191	870,810	125,603	61,427
End of period	$154,252	$90,460	$376,580	$346,191	$252,357	$125,603

The accompanying notes are an integral part of the Financial Statements. 

77

 

Harbor Large Cap Value Fund		Harbor Mid Cap Fund		Harbor Mid Cap Value Fund		Harbor Small Cap Growth Fund		Harbor Small Cap Value Fund
November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
$14,866	$28,002	$387	$395	$3,006	$7,372	$(95)	$(1,568)	$7,268	$8,959
28,457	88,519	1,518	54	11,100	29,401	(61,899)	40,115	181,727	142,404
40,808	(435,986)	665	(6,927)	(7,804)	(49,490)	101,791	(301,227)	(183,188)	(335,267)
84,131	(319,465)	2,570	(6,478)	6,302	(12,717)	39,797	(262,680)	5,807	(183,904)
(61,110)	(52,480)	(2,210)	(799)	(2,850)	(756)	(14,253)	(83,797)	(39,751)	(32,266)
(33,052)	(36,416)	(657)	(507)	(18,642)	(4,476)	(26,126)	(148,196)	(97,526)	(107,712)
(145)	(126)	N/A	N/A	(233)	(37)	(33)	(230)	(577)	(624)
(1,145)	(979)	(25)	(17)	(2,052)	(306)	(406)	(2,234)	(2,454)	(3,413)
(95,452)	(90,001)	(2,892)	(1,323)	(23,777)	(5,575)	(40,818)	(234,457)	(140,308)	(144,015)
(220,127)	(40,120)	1,000	35,025	(24,958)	(111,979)	97,656	281,609	105,805	(229,263)
(231,448)	(449,586)	678	27,224	(42,433)	(130,271)	96,635	(215,528)	(28,696)	(557,182)
2,107,726	2,557,312	89,018	61,794	317,241	447,512	914,664	1,130,192	2,141,504	2,698,686
$1,876,278	$2,107,726	$89,696	$89,018	$274,808	$317,241	$1,011,299	$914,664	$2,112,808	$2,141,504

78

Harbor Funds
Statements of Changes in Net Assets—Capital Stock Activity

(All amounts in thousands)

 

	Harbor Capital Appreciation Fund		Harbor Convertible Securities Fund		Harbor Core Bond Fund
	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
	(Unaudited)		(Unaudited)		(Unaudited)
AMOUNT ($)
Retirement Class
Net proceeds from sale of shares	$666,223	$2,201,220	$9,934	$333	$31,887	$20,943
Reinvested distributions	—	1,592,630	288	5,077	1,161	817
Cost of shares reacquired	(1,193,892)	(2,000,911)	(34,777)	(687)	(4,344)	(11,313)
Cost of shares reacquired through in-kind redemptions	—	(104,908)	—	—	—	—
Net increase/(decrease) in net assets	$(527,669)	$1,688,031	$(24,555)	$4,723	$28,704	$10,447
Institutional Class
Net proceeds from sale of shares	$899,367	$2,793,878	$4,246	$41,896	$4,444	$5,104
Reinvested distributions	—	4,073,379	560	19,729	661	1,708
Cost of shares reacquired	(1,898,379)	(6,101,128)	(106,240)	(49,025)	(1,960)	(73,304)
Cost of shares reacquired through in-kind redemptions	(155,296)	(2,160,346)	—	—	—	—
Net increase/(decrease) in net assets	$(1,154,308)	$(1,394,217)	$(101,434)	$12,600	$3,145	$(66,492)
Administrative Class
Net proceeds from sale of shares	$14,616	$50,951	$7,132	$—	N/A	N/A
Reinvested distributions	—	59,341	1	10	N/A	N/A
Cost of shares reacquired	(22,756)	(142,425)	(7,154)	—	N/A	N/A
Net increase/(decrease) in net assets	$(8,140)	$(32,133)	$(21)	$10	N/A	N/A
Investor Class
Net proceeds from sale of shares	$41,750	$137,419	$1,349	$363	N/A	N/A
Reinvested distributions	—	240,718	15	352	N/A	N/A
Cost of shares reacquired	(126,216)	(376,037)	(1,755)	(677)	N/A	N/A
Net increase/(decrease) in net assets	$(84,466)	$2,100	$(391)	$38	N/A	N/A

The accompanying notes are an integral part of the Financial Statements. 

79

 

Harbor Core Plus Fund		Harbor Disruptive Innovation Fund		Harbor Diversified International All Cap Fund		Harbor Global Leaders Fund		Harbor International Fund
November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
$3,088	$24,136	$2,696	$9,859	$68,436	$118,341	$386	$1,792	$78,568	$98,153
283	4,079	—	23,286	9,017	58,029	1,201	2,059	16,714	18,178
(3,091)	(167,693)	(9,516)	(30,096)	(55,124)	(251,456)	(2,065)	(1,635)	(62,800)	(347,322)
—	—	—	—	—	—	—	—	—	—
$280	$(139,478)	$(6,820)	$3,049	$22,329	$(75,086)	$(478)	$2,216	$32,482	$(230,991)
$94,678	$92,911	$3,658	$40,752	$22,542	$69,833	$1,327	$6,957	$88,210	$1,135,261
20,752	41,739	—	55,436	3,287	19,287	3,055	7,698	76,238	63,912
(90,461)	(351,268)	(28,783)	(86,214)	(20,845)	(66,997)	(6,505)	(29,397)	(285,970)	(1,368,732)
—	—	—	—	—	—	—	—	—	—
$24,969	$(216,618)	$(25,125)	$9,974	$4,984	$22,123	$(2,123)	$(14,742)	$(121,522)	$(169,559)
$224	$1,569	$70	$442	$943	$1,298	$11	$148	$342	$1,230
230	538	—	2,269	102	638	75	154	326	265
(1,671)	(4,956)	(631)	(1,000)	(793)	(730)	(15)	(391)	(1,638)	(2,727)
$(1,217)	$(2,849)	$(561)	$1,711	$252	$1,206	$71	$(89)	$(970)	$(1,232)
N/A	N/A	$754	$10,514	$717	$1,955	$188	$606	$7,158	$15,131
N/A	N/A	—	23,829	93	661	857	2,383	7,669	6,246
N/A	N/A	(2,206)	(27,106)	(905)	(1,140)	(1,323)	(8,407)	(33,706)	(58,086)
N/A	N/A	$(1,452)	$7,237	$(95)	$1,476	$(278)	$(5,418)	$(18,879)	$(36,709)

80

Harbor Funds
Statements of Changes in Net Assets—Capital Stock Activity—Continued

(All amounts in thousands)

 

	Harbor International Core Fund		Harbor International Growth Fund		Harbor International Small Cap Fund
	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
	(Unaudited)		(Unaudited)		(Unaudited)
AMOUNT ($)
Retirement Class
Net proceeds from sale of shares	$905	$10,846	$1,264	$7,637	$40,739	$26,387
Reinvested distributions	556	1,921	—	9,892	1,029	731
Cost of shares reacquired	(1,430)	(4,158)	(11,186)	(27,149)	(7,010)	(3,508)
Cost of shares reacquired through in-kind redemptions	—	—	—	—	—	—
Net increase/(decrease) in net assets	$31	$8,609	$(9,922)	$(9,620)	$34,758	$23,610
Institutional Class
Net proceeds from sale of shares	$47,399	$54,089	$14,293	$63,120	$77,365	$64,841
Reinvested distributions	1,714	3,014	—	39,092	2,447	3,197
Cost of shares reacquired	(5,265)	(10,449)	(50,818)	(237,968)	(17,332)	(10,241)
Cost of shares reacquired through in-kind redemptions	—	—	—	—	—	—
Net increase/(decrease) in net assets	$43,848	$46,654	$(36,525)	$(135,756)	$62,480	$57,797
Administrative Class
Net proceeds from sale of shares	N/A	N/A	$11	$24	$—	$36
Reinvested distributions	N/A	N/A	—	36	11	31
Cost of shares reacquired	N/A	N/A	(36)	(347)	—	—
Net increase/(decrease) in net assets	N/A	N/A	$(25)	$(287)	$11	$67
Investor Class
Net proceeds from sale of shares	$9,599	$2,615	$396	$582	$3,822	$570
Reinvested distributions	62	12	—	983	29	121
Cost of shares reacquired	(1,024)	(236)	(655)	(2,019)	(337)	(1,166)
Net increase/(decrease) in net assets	$8,637	$2,391	$(259)	$(454)	$3,514	$(475)

The accompanying notes are an integral part of the Financial Statements. 

81

 

Harbor Large Cap Value Fund		Harbor Mid Cap Fund		Harbor Mid Cap Value Fund		Harbor Small Cap Growth Fund		Harbor Small Cap Value Fund
November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
$75,671	$348,261	$2,439	$45,026	$1,776	$6,964	$48,560	$60,506	$94,384	$175,100
44,632	35,373	2,210	798	2,844	756	13,969	81,741	25,422	21,850
(269,378)	(291,879)	(5,658)	(12,252)	(29,685)	(18,313)	(20,584)	(51,731)	(71,287)	(123,005)
—	—	—	—	—	—	—	—	—	—
$(149,075)	$91,755	$(1,009)	$33,572	$(25,065)	$(10,593)	$41,945	$90,516	$48,519	$73,945
$44,091	$178,362	$2,354	$9,725	$22,783	$57,830	$97,694	$221,233	$166,895	$288,779
29,109	31,988	657	507	17,471	4,303	24,279	140,465	88,682	99,186
(143,462)	(342,873)	(1,010)	(8,807)	(40,591)	(160,855)	(67,193)	(173,419)	(196,540)	(671,440)
—	—	—	—	—	—	—	—	—	—
$(70,262)	$(132,523)	$2,001	$1,425	$(337)	$(98,722)	$54,780	$188,279	$59,037	$(283,475)
$37	$95	N/A	N/A	$438	$652	$12	$91	$420	$1,029
144	125	N/A	N/A	142	23	33	230	511	557
(391)	(315)	N/A	N/A	(467)	(1,080)	(75)	(189)	(1,338)	(2,834)
$(210)	$(95)	N/A	N/A	$113	$(405)	$(30)	$132	$(407)	$(1,248)
$1,386	$7,760	$54	$242	$1,934	$5,569	$1,200	$2,086	$1,428	$4,759
1,083	931	25	17	1,961	293	395	2,183	2,316	3,282
(3,049)	(7,948)	(71)	(231)	(3,564)	(8,121)	(634)	(1,587)	(5,088)	(26,526)
$(580)	$743	$8	$28	$331	$(2,259)	$961	$2,682	$(1,344)	$(18,485)

82

Harbor Funds
Statements of Changes in Net Assets—Capital Stock Activity—Continued

(All amounts in thousands)

 

	Harbor Capital Appreciation Fund		Harbor Convertible Securities Fund		Harbor Core Bond Fund
	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
	(Unaudited)		(Unaudited)		(Unaudited)
SHARES
Retirement Class
Shares sold	9,798	24,726	982	30	3,591	2,385
Shares issued due to reinvestment of distributions	—	16,588	29	445	129	84
Shares reacquired	(17,391)	(24,703)	(3,415)	(56)	(483)	(1,132)
Shares reacquired through in-kind redemptions	—	(1,382)	—	—	—	—
Net increase/(decrease) in shares outstanding	(7,593)	15,229	(2,404)	419	3,237	1,337
Institutional Class
Shares sold	13,293	33,349	422	3,995	493	501
Shares issued due to reinvestment of distributions	—	42,475	57	1,729	74	171
Shares reacquired	(27,972)	(73,341)	(10,617)	(4,626)	(219)	(7,405)
Shares reacquired through in-kind redemptions	(2,168)	(30,336)	—	—	—	—
Net increase/(decrease) in shares outstanding	(16,847)	(27,853)	(10,138)	1,098	348	(6,733)
Administrative Class
Shares sold	223	633	737	—	N/A	N/A
Shares issued due to reinvestment of distributions	—	643	—	1	N/A	N/A
Shares reacquired	(348)	(1,779)	(737)	—	N/A	N/A
Net increase/(decrease) in shares outstanding	(125)	(503)	—	1	N/A	N/A
Investor Class
Shares sold	665	1,763	132	34	N/A	N/A
Shares issued due to reinvestment of distributions	—	2,705	1	31	N/A	N/A
Shares reacquired	(2,029)	(4,883)	(174)	(61)	N/A	N/A
Net increase/(decrease) in shares outstanding	(1,364)	(415)	(41)	4	N/A	N/A

The accompanying notes are an integral part of the Financial Statements. 

83

 

Harbor Core Plus Fund		Harbor Disruptive Innovation Fund		Harbor Diversified International All Cap Fund		Harbor Global Leaders Fund		Harbor International Fund
November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
305	2,119	582	1,653	5,979	10,154	15	59	1,922	2,586
28	350	—	3,230	849	4,733	53	60	434	402
(310)	(15,525)	(2,055)	(5,607)	(4,933)	(20,840)	(83)	(58)	(1,529)	(8,148)
—	—	—	—	—	—	—	—	—	—
23	(13,056)	(1,473)	(724)	1,895	(5,953)	(15)	61	827	(5,160)
9,297	8,400	811	6,128	2,039	5,624	53	222	2,158	28,770
2,042	3,725	—	7,775	309	1,573	135	227	1,971	1,406
(8,927)	(31,555)	(6,599)	(12,431)	(1,838)	(5,799)	(266)	(963)	(7,064)	(34,392)
—	—	—	—	—	—	—	—	—	—
2,412	(19,430)	(5,788)	1,472	510	1,398	(78)	(514)	(2,935)	(4,216)
22	140	18	98	87	108	1	5	8	30
23	48	—	375	9	52	3	5	8	6
(165)	(471)	(172)	(213)	(71)	(65)	(1)	(14)	(39)	(66)
(120)	(283)	(154)	260	25	95	3	(4)	(23)	(30)
N/A	N/A	224	1,688	64	172	8	20	174	370
N/A	N/A	—	4,405	9	54	40	74	200	139
N/A	N/A	(654)	(5,652)	(84)	(99)	(56)	(285)	(828)	(1,378)
N/A	N/A	(430)	441	(11)	127	(8)	(191)	(454)	(869)

84

Harbor Funds
Statements of Changes in Net Assets—Capital Stock Activity—Continued

(All amounts in thousands)

 

	Harbor International Core Fund		Harbor International Growth Fund		Harbor International Small Cap Fund
	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
	(Unaudited)		(Unaudited)		(Unaudited)
SHARES
Retirement Class
Shares sold	84	919	84	474	2,895	2,025
Shares issued due to reinvestment of distributions	53	157	—	488	77	50
Shares reacquired	(132)	(358)	(748)	(1,584)	(504)	(256)
Shares reacquired through in-kind redemptions	—	—	—	—	—	—
Net increase/(decrease) in shares outstanding	5	718	(664)	(622)	2,468	1,819
Institutional Class
Shares sold	4,369	5,060	948	3,777	5,531	4,917
Shares issued due to reinvestment of distributions	164	246	—	1,931	182	220
Shares reacquired	(487)	(968)	(3,467)	(14,928)	(1,227)	(747)
Shares reacquired through in-kind redemptions	—	—	—	—	—	—
Net increase/(decrease) in shares outstanding	4,046	4,338	(2,519)	(9,220)	4,486	4,390
Administrative Class
Shares sold	N/A	N/A	1	2	—	3
Shares issued due to reinvestment of distributions	N/A	N/A	—	2	1	2
Shares reacquired	N/A	N/A	(3)	(20)	—	—
Net increase/(decrease) in shares outstanding	N/A	N/A	(2)	(16)	1	5
Investor Class
Shares sold	874	249	26	35	269	42
Shares issued due to reinvestment of distributions	6	1	—	48	2	8
Shares reacquired	(95)	(22)	(44)	(128)	(23)	(80)
Net increase/(decrease) in shares outstanding	785	228	(18)	(45)	248	(30)

The accompanying notes are an integral part of the Financial Statements. 

85

 

Harbor Large Cap Value Fund		Harbor Mid Cap Fund		Harbor Mid Cap Value Fund		Harbor Small Cap Growth Fund		Harbor Small Cap Value Fund
November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022	November 1, 2022 through April 30, 2023	November 1, 2021 through October 31, 2022
(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
3,906	16,962	191	3,697	74	282	4,097	4,693	2,491	4,452
2,408	1,628	187	56	129	31	1,297	5,657	724	548
(13,819)	(13,983)	(448)	(921)	(1,251)	(740)	(1,770)	(3,906)	(1,864)	(3,074)
—	—	—	—	—	—	—	—	N/A	N/A
(7,505)	4,607	(70)	2,832	(1,048)	(427)	3,624	6,444	1,351	1,926
2,280	8,415	191	705	967	2,335	8,584	17,184	4,369	7,235
1,569	1,474	55	36	792	178	2,273	9,796	2,524	2,486
(7,302)	(16,559)	(79)	(678)	(1,760)	(6,634)	(5,840)	(12,362)	(5,173)	(16,748)
—	—	—	—	—	—	—	—	—	—
(3,453)	(6,670)	167	63	(1)	(4,121)	5,017	14,618	1,720	(7,027)
2	4	N/A	N/A	19	26	1	8	11	26
7	6	N/A	N/A	7	1	4	19	15	14
(20)	(14)	N/A	N/A	(20)	(43)	(8)	(17)	(35)	(73)
(11)	(4)	N/A	N/A	6	(16)	(3)	10	(9)	(33)
71	368	5	17	83	228	138	201	38	122
58	42	2	1	89	12	48	193	68	85
(154)	(376)	(6)	(17)	(153)	(341)	(72)	(149)	(137)	(666)
(25)	34	1	1	19	(101)	114	245	(31)	(459)

86

Harbor Funds Financial Highlights
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR CAPITAL APPRECIATION FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$66.82	$124.89	$99.19	$75.79	$73.98	$75.34
Income from Investment Operations
Net investment income/(loss)a,e	0.07	(0.06)	(0.27)	(0.08)	0.13	0.23
Net realized and unrealized gain/(loss) on investments	8.43	(39.22)	38.73	30.27	8.54	6.50
Total from investment operations	8.50	(39.28)	38.46	30.19	8.67	6.73
Less Distributions
Dividends from net investment income	—	—	—	(0.12)	(0.21)	(0.17)
Distributions from net realized capital gains	—	(18.79)	(12.76)	(6.67)	(6.65)	(7.92)
Total distributions	—	(18.79)	(12.76)	(6.79)	(6.86)	(8.09)
Net asset value end of period	75.32	66.82	124.89	99.19	75.79	73.98
Net assets end of period (000s)	$7,441,421	$7,108,919	$11,385,191	$9,549,061	$6,970,617	$5,393,675
Ratios and Supplemental Data (%)
Total returnb	12.72 %c	(36.03)%	41.33%	42.79%	13.73%	9.50%
Ratio of total expenses to average net assets^	0.64 d	0.64	0.63	0.64	0.63	0.62
Ratio of net expenses to average net assetsa	0.60 d	0.58	0.57	0.58	0.58	0.57
Ratio of net investment income/(loss) to average net assetsa	0.19 d	(0.07)	(0.25)	(0.09)	0.18	0.30
Portfolio turnover	15 c	34	48	51	40	40

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$64.08	$120.94	$96.68	$74.15	$72.54	$74.08
Income from Investment Operations
Net investment income/(loss)a,e	(0.04 )	(0.33)	(0.61)	(0.34)	(0.09)	(0.01)
Net realized and unrealized gain/(loss) on investments	8.07	(37.74)	37.63	29.54	8.35	6.39
Total from investment operations	8.03	(38.07)	37.02	29.20	8.26	6.38
Less Distributions
Dividends from net investment income	—	—	—	—	—	—
Distributions from net realized capital gains	—	(18.79)	(12.76)	(6.67)	(6.65)	(7.92)
Total distributions	—	(18.79)	(12.76)	(6.67)	(6.65)	(7.92)
Net asset value end of period	72.11	64.08	120.94	96.68	74.15	72.54
Net assets end of period (000s)	$201,939	$187,390	$414,600	$420,324	$345,550	$448,241
Ratios and Supplemental Data (%)
Total returnb	12.53 %c	(36.23)%	40.86%	42.32%	13.35%	9.16%
Ratio of total expenses to average net assets^	0.97 d	0.97	0.96	0.97	0.96	0.95
Ratio of net expenses to average net assetsa	0.93 d	0.91	0.90	0.91	0.91	0.90
Ratio of net investment income/(loss) to average net assetsa	(0.14 )d	(0.41)	(0.57)	(0.41)	(0.13)	(0.01)
Portfolio turnover	15 c	34	48	51	40	40

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

87

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$66.69	$124.78	$99.18	$75.78	$73.97	$75.32
0.04	(0.13)	(0.36)	(0.14)	0.08	0.18
8.42	(39.17)	38.72	30.26	8.53	6.50
8.46	(39.30)	38.36	30.12	8.61	6.68
—	—	—	(0.05)	(0.15)	(0.11)
—	(18.79)	(12.76)	(6.67)	(6.65)	(7.92)
—	(18.79)	(12.76)	(6.72)	(6.80)	(8.03)
75.15	66.69	124.78	99.18	75.78	73.97
$14,047,453	$13,590,549	$28,902,862	$25,579,181	$21,311,587	$22,366,214
12.69 %c	(36.08)%	41.22%	42.68%	13.63%	9.44%
0.72 d	0.72	0.71	0.72	0.71	0.70
0.68 d	0.66	0.65	0.66	0.66	0.65
0.11 d	(0.16)	(0.33)	(0.16)	0.11	0.23
15 c	34	48	51	40	40

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$61.68	$117.30	$94.19	$72.48	$71.15	$72.88
(0.08 )	(0.40)	(0.72)	(0.43)	(0.17)	(0.10)
7.78	(36.43)	36.59	28.81	8.15	6.29
7.70	(36.83)	35.87	28.38	7.98	6.19
—	—	—	—	—	—
—	(18.79)	(12.76)	(6.67)	(6.65)	(7.92)
—	(18.79)	(12.76)	(6.67)	(6.65)	(7.92)
69.38	61.68	117.30	94.19	72.48	71.15
$802,052	$797,250	$1,564,732	$1,282,355	$1,083,896	$1,327,790
12.48 %c	(36.31)%	40.71%	42.15%	13.21%	9.03%
1.08 d	1.08	1.08	1.09	1.08	1.07
1.04 d	1.02	1.01	1.03	1.03	1.02
(0.24 )d	(0.52)	(0.69)	(0.53)	(0.25)	(0.13)
15 c	34	48	51	40	40

88

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR CONVERTIBLE SECURITIES FUND
	Retirement Class
	6-Month Period Ended April 30, 2023m	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$9.82	$13.69	$12.49	$10.82	$10.47	$11.27
Income from Investment Operations
Net investment income/(loss)a,e	0.08	0.04	0.02	0.07	0.10	0.10
Net realized and unrealized gain/(loss) on investments	(0.02 )	(2.22)	2.43	2.02	0.92	0.19
Total from investment operations	0.06	(2.18)	2.45	2.09	1.02	0.29
Less Distributions
Dividends from net investment income	(0.13 )	(0.08)	(0.09)	(0.09)	(0.18)	(0.09)
Distributions from net realized capital gains	—	(1.61)	(1.16)	(0.33)	(0.49)	(1.00)
Total distributions	(0.13 )	(1.69)	(1.25)	(0.42)	(0.67)	(1.09)
Proceeds from redemption fees	N/A	N/A	—*	—*	—*	—*
Net asset value end of period	9.75	9.82	13.69	12.49	10.82	10.47
Net assets end of period (000s)	$10,029	$33,711	$41,250	$34,307	$24,697	$25,412
Ratios and Supplemental Data (%)
Total returnb	0.63 %c	(17.59)%	20.23%	19.93%	10.48%	2.80%
Ratio of total expenses to average net assets^	0.85 d	0.74	0.73	0.74	0.74	0.74
Ratio of net expenses to average net assetsa	0.72 d	0.68	0.67	0.69	0.69	0.69
Ratio of net investment income/(loss) to average net assetsa	1.69 d	0.35	0.15	0.60	0.98	0.95
Portfolio turnover	80 c	66	50	101	74	94

  

	Administrative Class
	6-Month Period Ended April 30, 2023m	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$9.78	$13.63	$12.46	$10.80	$10.44	$11.26
Income from Investment Operations
Net investment income/(loss)a,e	0.12	—*	(0.02)	0.03	0.07	0.07
Net realized and unrealized gain/(loss) on investments	(0.27 )	(2.20)	2.42	2.01	0.91	0.17
Total from investment operations	(0.15 )	(2.20)	2.40	2.04	0.98	0.24
Less Distributions
Dividends from net investment income	(0.05 )	(0.04)	(0.07)	(0.05)	(0.13)	(0.06)
Distributions from net realized capital gains	—	(1.61)	(1.16)	(0.33)	(0.49)	(1.00)
Total distributions	(0.05 )	(1.65)	(1.23)	(0.38)	(0.62)	(1.06)
Proceeds from redemption fees	N/A	N/A	—*	—*	—*	—*
Net asset value end of period	9.58	9.78	13.63	12.46	10.80	10.44
Net assets end of period (000s)	$68	$70	$85	$70	$59	$53
Ratios and Supplemental Data (%)
Total returnb	(1.50 )%c	(17.84)%	19.87%	19.48%	10.11%	2.27%
Ratio of total expenses to average net assets^	1.08 d	1.07	1.06	1.07	1.07	1.07
Ratio of net expenses to average net assetsa	0.97 d	1.01	1.00	1.02	1.02	1.01
Ratio of net investment income/(loss) to average net assetsa	2.49 d	0.02	(0.18)	0.29	0.64	0.63
Portfolio turnover	80 c	66	50	101	74	94

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

89

 

Institutional Class
6-Month Period Ended April 30, 2023m	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$9.82	$13.68	$12.48	$10.83	$10.48	$11.27
0.08	0.03	0.01	0.06	0.09	0.09
(0.02 )	(2.21)	2.43	2.00	0.92	0.20
0.06	(2.18)	2.44	2.06	1.01	0.29
(0.13 )	(0.07)	(0.08)	(0.08)	(0.17)	(0.08)
—	(1.61)	(1.16)	(0.33)	(0.49)	(1.00)
(0.13 )	(1.68)	(1.24)	(0.41)	(0.66)	(1.08)
N/A	N/A	—*	—*	—*	—*
9.75	9.82	13.68	12.48	10.83	10.48
$27,126	$126,865	$161,772	$117,269	$114,130	$93,424
0.57 %c	(17.62)%	20.18%	19.63%	10.39%	2.82%
0.93 d	0.82	0.81	0.82	0.82	0.82
0.80 d	0.76	0.75	0.77	0.77	0.76
1.66 d	0.27	0.06	0.55	0.89	0.88
80 c	66	50	101	74	94

  

Investor Class
6-Month Period Ended April 30, 2023m	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$9.77	$13.62	$12.46	$10.80	$10.45	$11.25
0.09	(0.01)	(0.04)	0.02	0.05	0.05
(0.06 )	(2.20)	2.43	2.00	0.92	0.19
0.03	(2.21)	2.39	2.02	0.97	0.24
(0.10 )	(0.03)	(0.07)	(0.03)	(0.13)	(0.04)
—	(1.61)	(1.16)	(0.33)	(0.49)	(1.00)
(0.10 )	(1.64)	(1.23)	(0.36)	(0.62)	(1.04)
N/A	N/A	—*	—*	—*	—*
9.70	9.77	13.62	12.46	10.80	10.45
$1,667	$2,076	$2,853	$2,420	$2,066	$1,861
0.32 %c	(17.92)%	19.76%	19.33%	9.99%	2.35%
1.26 d	1.18	1.17	1.19	1.19	1.19
1.14 d	1.12	1.11	1.14	1.14	1.13
1.92 d	(0.10)	(0.29)	0.17	0.52	0.51
80 c	66	50	101	74	94

90

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR CORE BOND FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018h
	(Unaudited)
Net asset value beginning of period	$8.64	$10.61	$11.06	$10.64	$9.84	$10.00
Income from Investment Operations
Net investment income/(loss)a,e	0.17	0.22	0.19	0.26	0.31	0.12
Net realized and unrealized gain/(loss) on investments	0.45	(1.90)	(0.19)	0.50	0.79	(0.19)
Total from investment operations	0.62	(1.68)	—	0.76	1.10	(0.07)
Less Distributions
Dividends from net investment income	(0.20 )	(0.29)	(0.23)	(0.27)	(0.30)	(0.09)
Distributions from net realized capital gains	—	—	(0.22)	(0.07)	—	—
Total distributions	(0.20 )	(0.29)	(0.45)	(0.34)	(0.30)	(0.09)
Net asset value end of period	9.06	8.64	10.61	11.06	10.64	9.84
Net assets end of period (000s)	$72,695	$41,312	$36,557	$29,428	$5,298	$3,061
Ratios and Supplemental Data (%)
Total returnb	7.16 %c	(16.14)%	(0.01)%	7.36%	11.34%	(0.73)%c
Ratio of total expenses to average net assets^	0.34 d	0.37	0.43	0.43	0.45	0.77d
Ratio of net expenses to average net assetsa	0.26 d	0.27	0.37	0.37	0.37	0.37d
Ratio of net investment income/(loss) to average net assetsa	3.73 d	2.28	1.77	2.35	2.98	2.98d
Portfolio turnover	52 c	60	47	70	61	97c

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

91

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$8.64	$10.61	$11.06	$10.64	$9.84	$10.00
0.16	0.20	0.18	0.26	0.30	0.12
0.45	(1.89)	(0.19)	0.50	0.79	(0.19)
0.61	(1.69)	(0.01)	0.76	1.09	(0.07)
(0.19 )	(0.28)	(0.22)	(0.27)	(0.29)	(0.09)
—	—	(0.22)	(0.07)	—	—
(0.19 )	(0.28)	(0.44)	(0.34)	(0.29)	(0.09)
9.06	8.64	10.61	11.06	10.64	9.84
$32,586	$28,065	$105,931	$86,173	$79,458	$52,249
7.12 %c	(16.21)%	(0.09)%	7.28%	11.26%	(0.75)%
0.42 d	0.45	0.51	0.51	0.53	0.85
0.34 d	0.36	0.45	0.45	0.45	0.45
3.62 d	2.03	1.70	2.35	2.89	2.86
52 c	60	47	70	61	97

92

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR CORE PLUS FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022l	2021	2020	2019	2018h
	(Unaudited)
Net asset value beginning of period	$9.78	$12.06	$12.35	$11.90	$11.09	$11.28
Income from Investment Operations
Net investment income/(loss)a,e	0.19	0.32	0.32	0.31	0.38	0.16
Net realized and unrealized gain/(loss) on investments	0.55	(2.18)	(0.21)	0.49	0.80	(0.16)
Total from investment operations	0.74	(1.86)	0.11	0.80	1.18	—*
Less Distributions
Dividends from net investment income	(0.23 )	(0.40)	(0.27)	(0.35)	(0.37)	(0.19)
Distributions from net realized capital gains	—	(0.02)	(0.13)	—	—	—
Total distributions	(0.23 )	(0.42)	(0.40)	(0.35)	(0.37)	(0.19)
Net asset value end of period	10.29	9.78	12.06	12.35	11.90	11.09
Net assets end of period (000s)	$13,270	$12,389	$172,699	$166,740	$12,802	$6,921
Ratios and Supplemental Data (%)
Total returnb	7.64 %c	(15.78)%	0.88%	6.82%	10.84%	0.01%c
Ratio of total expenses to average net assets^	0.31 d	0.42	0.53	0.58	1.06	1.16d
Ratio of net expenses to average net assetsa	0.30 d	0.36	0.43	0.48	0.96	1.06d
Ratio of net expenses excluding interest expense to average net assetsa	0.30 d	0.36	0.43	0.43	0.43	0.43d
Ratio of net investment income/(loss) to average net assetsa	3.78 d	2.83	2.63	2.56	3.30	3.44d
Portfolio turnover	19 c	219	370	558	644	674c

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022l	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$9.78	$12.08	$12.37	$11.92	$11.11	$11.69
Income from Investment Operations
Net investment income/(loss)a,e	0.17	0.29	0.28	0.28	0.35	0.31
Net realized and unrealized gain/(loss) on investments	0.56	(2.21)	(0.21)	0.48	0.79	(0.53)
Total from investment operations	0.73	(1.92)	0.07	0.76	1.14	(0.22)
Less Distributions
Dividends from net investment income	(0.22 )	(0.36)	(0.23)	(0.31)	(0.33)	(0.36)
Distributions from net realized capital gains	—	(0.02)	(0.13)	—	—	—
Total distributions	(0.22 )	(0.38)	(0.36)	(0.31)	(0.33)	(0.36)
Net asset value end of period	10.29	9.78	12.08	12.37	11.92	11.11
Net assets end of period (000s)	$10,567	$11,223	$17,270	$18,302	$19,498	$31,111
Ratios and Supplemental Data (%)
Total returnb	7.46 %c	(16.20)%	0.54%	6.44%	10.44%	(1.88)%
Ratio of total expenses to average net assets^	0.64 d	0.71	0.86	0.97	1.39	1.16
Ratio of net expenses to average net assetsa	0.63 d	0.67	0.76	0.87	1.29	1.06
Ratio of net expenses excluding interest expense to average net assetsa	0.63 d	0.67	0.76	0.76	0.76	0.76
Ratio of net investment income/(loss) to average net assetsa	3.45 d	2.64	2.29	2.32	3.01	2.69
Portfolio turnover	19 c	219	370	558	644	674

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

93

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022l	2021	2020	2019	2018
(Unaudited)
$9.77	$12.07	$12.36	$11.91	$11.10	$11.68
0.19	0.32	0.31	0.31	0.37	0.33
0.55	(2.21)	(0.21)	0.48	0.80	(0.52)
0.74	(1.89)	0.10	0.79	1.17	(0.19)
(0.23 )	(0.39)	(0.26)	(0.34)	(0.36)	(0.39)
—	(0.02)	(0.13)	—	—	—
(0.23 )	(0.41)	(0.39)	(0.34)	(0.36)	(0.39)
10.28	9.77	12.07	12.36	11.91	11.10
$997,110	$924,416	$1,376,349	$1,844,961	$1,958,600	$1,899,680
7.60 %c	(15.99)%	0.79%	6.72%	10.74%	(1.63)%
0.39 d	0.46	0.61	0.73	1.14	0.90
0.38 d	0.42	0.51	0.62	1.04	0.80
0.38 d	0.42	0.51	0.51	0.51	0.51
3.70 d	2.88	2.52	2.58	3.23	2.93
19 c	219	370	558	644	674

94

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR DISRUPTIVE INNOVATION FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021g	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$4.37	$14.40	$12.93	$10.91	$10.88	$11.25
Income from Investment Operations
Net investment income/(loss)a,e	(0.01 )	(0.01)	(0.08)	(0.06)	(0.04)	(0.03)
Net realized and unrealized gain/(loss) on investments	0.29	(4.60)	3.48	4.25	1.85	0.88
Total from investment operations	0.28	(4.61)	3.40	4.19	1.81	0.85
Less Distributions
Dividends from net investment income	—	—	—	—	—	—
Distributions from net realized capital gains	—	(5.42)	(1.93)	(2.17)	(1.78)	(1.22)
Total distributions	—	(5.42)	(1.93)	(2.17)	(1.78)	(1.22)
Net asset value end of period	4.65	4.37	14.40	12.93	10.91	10.88
Net assets end of period (000s)	$10,550	$16,353	$64,310	$64,242	$31,265	$144,137
Ratios and Supplemental Data (%)
Total returnb	6.41 %c	(46.85)%	27.41%	46.03%	21.38%	8.02%
Ratio of total expenses to average net assets^	0.86 d	0.83	0.85	0.83	0.82	0.80
Ratio of net expenses to average net assetsa	0.75 d	0.52	0.74	0.79	0.81	0.80
Ratio of net investment income/(loss) to average net assetsa	(0.35 )d	(0.15)	(0.56)	(0.53)	(0.37)	(0.28)
Portfolio turnover	35 c	75	182	113	70	85

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021g	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$3.66	$13.08	$11.93	$10.26	$10.37	$10.81
Income from Investment Operations
Net investment income/(loss)a,e	(0.01 )	(0.03)	(0.11)	(0.08)	(0.06)	(0.06)
Net realized and unrealized gain/(loss) on investments	0.23	(3.97)	3.19	3.92	1.73	0.84
Total from investment operations	0.22	(4.00)	3.08	3.84	1.67	0.78
Less Distributions
Dividends from net investment income	—	—	—	—	—	—
Distributions from net realized capital gains	—	(5.42)	(1.93)	(2.17)	(1.78)	(1.22)
Total distributions	—	(5.42)	(1.93)	(2.17)	(1.78)	(1.22)
Net asset value end of period	3.88	3.66	13.08	11.93	10.26	10.37
Net assets end of period (000s)	$2,050	$2,492	$5,518	$3,666	$2,687	$26,936
Ratios and Supplemental Data (%)
Total returnb	6.01 %c	(46.96)%	26.98%	45.42%	21.04%	7.68%
Ratio of total expenses to average net assets^	1.19 d	1.16	1.17	1.16	1.15	1.13
Ratio of net expenses to average net assetsa	1.08 d	0.86	1.06	1.12	1.14	1.12
Ratio of net investment income/(loss) to average net assetsa	(0.69 )d	(0.48)	(0.88)	(0.84)	(0.66)	(0.55)
Portfolio turnover	35 c	75	182	113	70	85

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

95

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021g	2020	2019	2018
(Unaudited)
$4.32	$14.31	$12.87	$10.88	$10.86	$11.24
(0.01 )	(0.01)	(0.09)	(0.06)	(0.05)	(0.04)
0.28	(4.56)	3.46	4.22	1.85	0.88
0.27	(4.57)	3.37	4.16	1.80	0.84
—	—	—	—	—	—
—	(5.42)	(1.93)	(2.17)	(1.78)	(1.22)
—	(5.42)	(1.93)	(2.17)	(1.78)	(1.22)
4.59	4.32	14.31	12.87	10.88	10.86
$51,011	$72,988	$220,842	$236,863	$198,544	$158,680
6.25 %c	(46.87)%	27.29%	45.84%	21.32%	7.94%
0.94 d	0.91	0.93	0.91	0.90	0.88
0.83 d	0.61	0.82	0.87	0.89	0.87
(0.44 )d	(0.24)	(0.64)	(0.58)	(0.48)	(0.36)
35 c	75	182	113	70	85

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021g	2020	2019	2018
(Unaudited)
$3.27	$12.36	$11.37	$9.88	$10.07	$10.54
(0.01 )	(0.03)	(0.12)	(0.09)	(0.08)	(0.08)
0.21	(3.64)	3.04	3.75	1.67	0.83
0.20	(3.67)	2.92	3.66	1.59	0.75
—	—	—	—	—	—
—	(5.42)	(1.93)	(2.17)	(1.78)	(1.22)
—	(5.42)	(1.93)	(2.17)	(1.78)	(1.22)
3.47	3.27	12.36	11.37	9.88	10.07
$15,892	$16,387	$56,531	$36,399	$20,891	$16,929
6.12 %c	(47.05)%	26.88%	45.32%	20.83%	7.57%
1.30 d	1.27	1.29	1.28	1.27	1.25
1.19 d	0.96	1.17	1.24	1.26	1.24
(0.80 )d	(0.59)	(0.99)	(0.96)	(0.85)	(0.72)
35 c	75	182	113	70	85

96

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$9.75	$13.83	$10.25	$11.17	$10.41	$11.79
Income from Investment Operations
Net investment income/(loss)a,e	0.10	0.23	0.21	0.14	0.26	0.21
Net realized and unrealized gain/(loss) on investments	2.05	(3.36)	3.50	(0.81)	0.92	(1.19)
Total from investment operations	2.15	(3.13)	3.71	(0.67)	1.18	(0.98)
Less Distributions
Dividends from net investment income	(0.16 )	(0.23)	(0.13)	(0.25)	(0.13)	(0.12)
Distributions from net realized capital gains	—	(0.72)	—	—	(0.29)	(0.28)
Total distributions	(0.16 )	(0.95)	(0.13)	(0.25)	(0.42)	(0.40)
Net asset value end of period	11.74	9.75	13.83	10.25	11.17	10.41
Net assets end of period (000s)	$676,998	$543,857	$853,454	$533,318	$499,288	$420,056
Ratios and Supplemental Data (%)
Total returnb	22.27 %c	(24.03)%	36.32%	(6.25)%	11.99%	(8.55)%
Ratio of total expenses to average net assets^	0.84 d	0.84	0.84	0.85	0.87	0.90
Ratio of net expenses to average net assetsa	0.72 d	0.72	0.71	0.70	0.68	0.74
Ratio of net investment income/(loss) to average net assetsa	1.85 d	1.98	1.54	1.32	2.42	1.87
Portfolio turnover	7 c	24	51	25	22	42

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$9.71	$13.77	$10.22	$11.14	$10.39	$11.76
Income from Investment Operations
Net investment income/(loss)a,e	0.08	0.20	0.16	0.10	0.22	0.22
Net realized and unrealized gain/(loss) on investments	2.05	(3.35)	3.48	(0.80)	0.92	(1.22)
Total from investment operations	2.13	(3.15)	3.64	(0.70)	1.14	(1.00)
Less Distributions
Dividends from net investment income	(0.13 )	(0.19)	(0.09)	(0.22)	(0.10)	(0.09)
Distributions from net realized capital gains	—	(0.72)	—	—	(0.29)	(0.28)
Total distributions	(0.13 )	(0.91)	(0.09)	(0.22)	(0.39)	(0.37)
Net asset value end of period	11.71	9.71	13.77	10.22	11.14	10.39
Net assets end of period (000s)	$9,243	$7,419	$9,213	$6,446	$6,800	$5,734
Ratios and Supplemental Data (%)
Total returnb	22.06 %c	(24.24)%	35.76%	(6.54)%	11.58%	(8.76)%
Ratio of total expenses to average net assets^	1.17 d	1.17	1.17	1.18	1.20	1.23
Ratio of net expenses to average net assetsa	1.05 d	1.05	1.04	1.03	1.01	1.06
Ratio of net investment income/(loss) to average net assetsa	1.50 d	1.73	1.17	0.99	2.06	1.96
Portfolio turnover	7 c	24	51	25	22	42

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

97

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$9.75	$13.82	$10.25	$11.17	$10.41	$11.79
0.10	0.23	0.19	0.13	0.25	0.20
2.05	(3.36)	3.50	(0.81)	0.92	(1.18)
2.15	(3.13)	3.69	(0.68)	1.17	(0.98)
(0.16 )	(0.22)	(0.12)	(0.24)	(0.12)	(0.12)
—	(0.72)	—	—	(0.29)	(0.28)
(0.16 )	(0.94)	(0.12)	(0.24)	(0.41)	(0.40)
11.74	9.75	13.82	10.25	11.17	10.41
$304,853	$248,130	$332,503	$247,212	$257,860	$238,470
22.27 %c	(24.04)%	36.12%	(6.33)%	11.90%	(8.62)%
0.92 d	0.92	0.92	0.93	0.95	0.98
0.80 d	0.80	0.79	0.78	0.76	0.82
1.75 d	1.99	1.43	1.25	2.34	1.72
7 c	24	51	25	22	42

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$9.66	$13.70	$10.17	$11.08	$10.33	$11.71
0.08	0.18	0.14	0.09	0.21	0.15
2.04	(3.33)	3.47	(0.80)	0.91	(1.17)
2.12	(3.15)	3.61	(0.71)	1.12	(1.02)
(0.12 )	(0.17)	(0.08)	(0.20)	(0.08)	(0.08)
—	(0.72)	—	—	(0.29)	(0.28)
(0.12 )	(0.89)	(0.08)	(0.20)	(0.37)	(0.36)
11.66	9.66	13.70	10.17	11.08	10.33
$9,921	$8,330	$10,072	$7,037	$9,122	$5,456
22.02 %c	(24.32)%	35.56%	(6.58)%	11.43%	(8.93)%
1.28 d	1.28	1.29	1.30	1.32	1.35
1.16 d	1.16	1.15	1.15	1.13	1.19
1.40 d	1.60	1.07	0.86	1.99	1.34
7 c	24	51	25	22	42

98

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR GLOBAL LEADERS FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$24.43	$41.81	$33.89	$30.81	$25.52	$25.33
Income from Investment Operations
Net investment income/(loss)a,e	(0.02 )	(0.04)	(0.09)	0.02	0.13	0.02
Net realized and unrealized gain/(loss) on investments	2.51	(13.64)	10.84	4.89	5.76	2.40
Total from investment operations	2.49	(13.68)	10.75	4.91	5.89	2.42
Less Distributions
Dividends from net investment income	—	—	—	(0.09)	—	(0.03)
Distributions from net realized capital gains	(1.95 )	(3.70)	(2.83)	(1.74)	(0.60)	(2.20)
Total distributions	(1.95 )	(3.70)	(2.83)	(1.83)	(0.60)	(2.23)
Net asset value end of period	24.97	24.43	41.81	33.89	30.81	25.52
Net assets end of period (000s)	$15,684	$15,702	$24,324	$17,703	$12,245	$6,846
Ratios and Supplemental Data (%)
Total returnb	10.94 %c	(35.22)%	33.12%	16.56%	23.72%	10.01%
Ratio of total expenses to average net assets^	0.95 d	0.92	0.87	0.90	0.92	0.96
Ratio of net expenses to average net assetsa	0.78 d	0.78	0.78	0.78	0.80	0.82
Ratio of net investment income/(loss) to average net assetsa	(0.13 )d	(0.14)	(0.24)	0.07	0.46	0.09
Portfolio turnover	6 c	29	27	55	47	20

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$23.58	$40.63	$33.10	$30.15	$25.06	$24.97
Income from Investment Operations
Net investment income/(loss)a,e	(0.05 )	(0.14)	(0.22)	(0.08)	0.06	(0.05)
Net realized and unrealized gain/(loss) on investments	2.41	(13.21)	10.58	4.77	5.63	2.34
Total from investment operations	2.36	(13.35)	10.36	4.69	5.69	2.29
Less Distributions
Dividends from net investment income	—	—	—	—	—	—
Distributions from net realized capital gains	(1.95 )	(3.70)	(2.83)	(1.74)	(0.60)	(2.20)
Total distributions	(1.95 )	(3.70)	(2.83)	(1.74)	(0.60)	(2.20)
Net asset value end of period	23.99	23.58	40.63	33.10	30.15	25.06
Net assets end of period (000s)	$1,008	$914	$1,757	$2,067	$3,050	$1,111
Ratios and Supplemental Data (%)
Total returnb	10.78 %c	(35.45)%	32.71%	16.13%	23.35%	9.61%
Ratio of total expenses to average net assets^	1.28 d	1.25	1.20	1.23	1.25	1.29
Ratio of net expenses to average net assetsa	1.11 d	1.11	1.11	1.11	1.13	1.15
Ratio of net investment income/(loss) to average net assetsa	(0.46 )d	(0.48)	(0.58)	(0.25)	0.22	(0.21)
Portfolio turnover	6 c	29	27	55	47	20

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

99

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$24.32	$41.67	$33.80	$30.75	$25.49	$25.31
(0.03 )	(0.08)	(0.13)	—*	0.11	0.01
2.49	(13.57)	10.83	4.86	5.75	2.38
2.46	(13.65)	10.70	4.86	5.86	2.39
—	—	—	(0.07)	—	(0.01)
(1.95 )	(3.70)	(2.83)	(1.74)	(0.60)	(2.20)
(1.95 )	(3.70)	(2.83)	(1.81)	(0.60)	(2.21)
24.83	24.32	41.67	33.80	30.75	25.49
$39,099	$40,193	$90,307	$78,120	$72,429	$33,574
10.87 %c	(35.27)%	33.02%	16.46%	23.63%	9.90%
1.03 d	1.00	0.95	0.98	1.00	1.04
0.86 d	0.86	0.86	0.86	0.88	0.90
(0.21 )d	(0.25)	(0.33)	0.01	0.37	0.03
6 c	29	27	55	47	20

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$23.09	$39.90	$32.59	$29.74	$24.76	$24.72
(0.07 )	(0.18)	(0.25)	(0.11)	(0.01)	(0.09)
2.36	(12.93)	10.39	4.70	5.59	2.33
2.29	(13.11)	10.14	4.59	5.58	2.24
—	—	—	—	—	—
(1.95 )	(3.70)	(2.83)	(1.74)	(0.60)	(2.20)
(1.95 )	(3.70)	(2.83)	(1.74)	(0.60)	(2.20)
23.43	23.09	39.90	32.59	29.74	24.76
$10,702	$10,744	$26,160	$20,865	$18,748	$12,416
10.70 %c	(35.50)%	32.53%	16.01%	23.18%	9.50%
1.39 d	1.36	1.31	1.35	1.37	1.41
1.22 d	1.22	1.22	1.23	1.25	1.27
(0.57 )d	(0.61)	(0.69)	(0.35)	(0.03)	(0.35)
6 c	29	27	55	47	20

100

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR INTERNATIONAL FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018j
	(Unaudited)
Net asset value beginning of period	$35.91	$48.47	$36.52	$39.00	$58.31	$69.91
Income from Investment Operations
Net investment income/(loss)a,e	0.48	1.09	0.72	0.91	0.91	1.21
Net realized and unrealized gain/(loss) on investments	8.47	(12.60)	11.73	(2.10)	1.62	(8.51)
Total from investment operations	8.95	(11.51)	12.45	(1.19)	2.53	(7.30)
Less Distributions
Dividends from net investment income	(1.34 )	(1.05)	(0.50)	(1.29)	(0.97)	(1.30)
Distributions from net realized capital gains	—	—	—	—	(20.87)	(3.00)
Total distributions	(1.34 )	(1.05)	(0.50)	(1.29)	(21.84)	(4.30)
Net asset value end of period	43.52	35.91	48.47	36.52	39.00	58.31
Net assets end of period (000s)	$594,840	$461,129	$872,647	$871,743	$1,299,776	$2,703,360
Ratios and Supplemental Data (%)
Total returnb	25.42 %c	(24.19)%	34.23%	(3.35)%	10.29%	(11.24)%
Ratio of total expenses to average net assets^	0.81 d	0.81	0.80	1.61n	0.80	0.74
Ratio of net expenses to average net assetsa	0.69 d	0.69	0.69	0.69n	0.67	0.64
Ratio of net investment income/(loss) to average net assetsa	2.35 d	2.57	1.55	2.52n	2.33	1.80
Portfolio turnover	7 c	14	21	12	12	64

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018j
	(Unaudited)
Net asset value beginning of period	$36.30	$48.95	$36.78	$39.26	$58.08	$69.57
Income from Investment Operations
Net investment income/(loss)a,e	0.41	1.02	0.57	0.47	0.76	0.88
Net realized and unrealized gain/(loss) on investments	8.58	(12.80)	11.84	(1.81)	1.70	(8.37)
Total from investment operations	8.99	(11.78)	12.41	(1.34)	2.46	(7.49)
Less Distributions
Dividends from net investment income	(1.20 )	(0.87)	(0.24)	(1.14)	(0.41)	(1.00)
Distributions from net realized capital gains	—	—	—	—	(20.87)	(3.00)
Total distributions	(1.20 )	(0.87)	(0.24)	(1.14)	(21.28)	(4.00)
Net asset value end of period	44.09	36.29	48.95	36.78	39.26	58.08
Net assets end of period (000s)	$11,604	$10,375	$15,464	$15,825	$70,981	$90,009
Ratios and Supplemental Data (%)
Total returnb	25.21 %c	(24.46)%	33.80%	(3.67)%	9.94%	(11.53)%
Ratio of total expenses to average net assets^	1.14 d	1.14	1.13	1.65n	1.13	1.07
Ratio of net expenses to average net assetsa	1.02 d	1.02	1.02	1.02n	1.00	0.97
Ratio of net investment income/(loss) to average net assetsa	2.00 d	2.40	1.22	1.25n	1.94	1.30
Portfolio turnover	7 c	14	21	12	12	64

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

101

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018j
(Unaudited)
$36.04	$48.64	$36.64	$39.12	$58.31	$69.90
0.47	1.12	0.70	0.92	0.84	1.04
8.50	(12.71)	11.76	(2.15)	1.67	(8.39)
8.97	(11.59)	12.46	(1.23)	2.51	(7.35)
(1.31 )	(1.01)	(0.46)	(1.25)	(0.83)	(1.24)
—	—	—	—	(20.87)	(3.00)
(1.31 )	(1.01)	(0.46)	(1.25)	(21.70)	(4.24)
43.70	36.04	48.64	36.64	39.12	58.31
$2,658,846	$2,298,600	$3,307,683	$2,750,824	$3,814,616	$8,577,147
25.35 %c	(24.25)%	34.15%	(3.43)%	10.18%	(11.31)%
0.89 d	0.89	0.89	1.76n	0.88	0.82
0.77 d	0.77	0.77	0.77n	0.75	0.72
2.28 d	2.68	1.50	2.52n	2.11	1.53
7 c	14	21	12	12	64

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018j
(Unaudited)
$35.63	$48.08	$36.22	$38.65	$57.66	$69.14
0.39	0.95	0.52	0.75	0.70	0.81
8.41	(12.57)	11.64	(2.12)	1.65	(8.33)
8.80	(11.62)	12.16	(1.37)	2.35	(7.52)
(1.15 )	(0.83)	(0.30)	(1.06)	(0.49)	(0.96)
—	—	—	—	(20.87)	(3.00)
(1.15 )	(0.83)	(0.30)	(1.06)	(21.36)	(3.96)
43.28	35.63	48.08	36.22	38.65	57.66
$280,064	$246,731	$374,773	$323,686	$510,270	$895,711
25.12 %c	(24.53)%	33.66%	(3.79)%	9.80%	(11.65)%
1.25 d	1.25	1.25	2.10n	1.25	1.19
1.13 d	1.13	1.13	1.14n	1.12	1.09
1.91 d	2.28	1.13	2.06n	1.80	1.21
7 c	14	21	12	12	64

102

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019i
	(Unaudited)
Net asset value beginning of period	$9.98	$14.02	$10.12	$10.31	$10.00
Income from Investment Operations
Net investment income/(loss)a,e	0.18	0.46	0.28	0.17	0.24
Net realized and unrealized gain/(loss) on investments	1.22	(3.14)	3.79	(0.09)	0.07
Total from investment operations	1.40	(2.68)	4.07	0.08	0.31
Less Distributions
Dividends from net investment income	(0.27 )	(0.36)	(0.17)	(0.27)	—
Distributions from net realized capital gains	—	(1.00)	—	—	—
Total distributions	(0.27 )	(1.36)	(0.17)	(0.27)	—
Net asset value end of period	11.11	9.98	14.02	10.12	10.31
Net assets end of period (000s)	$23,669	$21,221	$19,742	$13,790	$13,090
Ratios and Supplemental Data (%)
Total returnb	14.21 %c	(20.93)%	40.51%	0.64%	3.10%c
Ratio of total expenses to average net assets^	1.02 d	1.16	1.19	1.35	1.79d
Ratio of net expenses to average net assetsa	0.77 d	0.77	0.77	0.77	0.77d
Ratio of net investment income/(loss) to average net assetsa	3.30 d	4.05	2.14	1.73	3.61d
Portfolio turnover	49 c	100	108	80	73c

  

	Investor Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019i
	(Unaudited)
Net asset value beginning of period	$9.92	$13.96	$10.08	$10.28	$10.00
Income from Investment Operations
Net investment income/(loss)a,e	0.22	0.38	0.23	0.14	0.21
Net realized and unrealized gain/(loss) on investments	1.14	(3.10)	3.78	(0.11)	0.07
Total from investment operations	1.36	(2.72)	4.01	0.03	0.28
Less Distributions
Dividends from net investment income	(0.25 )	(0.32)	(0.13)	(0.23)	—
Distributions from net realized capital gains	—	(1.00)	—	—	—
Total distributions	(0.25 )	(1.32)	(0.13)	(0.23)	—
Net asset value end of period	11.03	9.92	13.96	10.08	10.28
Net assets end of period (000s)	$11,248	$2,331	$101	$35	$31
Ratios and Supplemental Data (%)
Total returnb	13.89 %c	(21.29)%	39.98%	0.14%	2.80%c
Ratio of total expenses to average net assets^	1.46 d	1.60	1.63	1.80	2.24d
Ratio of net expenses to average net assetsa	1.21 d	1.21	1.21	1.22	1.22d
Ratio of net investment income/(loss) to average net assetsa	4.03 d	3.67	1.73	1.41	3.17d
Portfolio turnover	49 c	100	108	80	73c

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

103

 

Institutional Class
6-Month Period Ended April 30, 2023
	2022	2021	2020	2019i
(Unaudited)
$9.97	$14.01	$10.11	$10.31	$10.00
0.19	0.43	0.29	0.17	0.24
1.21	(3.12)	3.77	(0.11)	0.07
1.40	(2.69)	4.06	0.06	0.31
(0.27 )	(0.35)	(0.16)	(0.26)	—
—	(1.00)	—	—	—
(0.27 )	(1.35)	(0.16)	(0.26)	—
11.10	9.97	14.01	10.11	10.31
$119,335	$66,908	$33,230	$13,226	$13,131
14.18 %c	(21.00)%	40.46%	0.48%	3.10%c
1.10 d	1.24	1.27	1.43	1.87d
0.85 d	0.85	0.85	0.85	0.85d
3.48 d	3.85	2.16	1.65	3.54d
49 c	100	108	80	73c

104

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR INTERNATIONAL GROWTH FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$12.76	$23.53	$19.10	$16.14	$13.70	$15.71
Income from Investment Operations
Net investment income/(loss)a,e	0.02	0.06	0.02	0.03	0.30	0.17
Net realized and unrealized gain/(loss) on investments	2.97	(8.96)	4.56	3.25	2.25	(1.99)
Total from investment operations	2.99	(8.90)	4.58	3.28	2.55	(1.82)
Less Distributions
Dividends from net investment income	—	(0.14)	(0.15)	(0.32)	(0.11)	(0.19)
Distributions from net realized capital gains	—	(1.73)	—	—	—	—
Total distributions	—	(1.87)	(0.15)	(0.32)	(0.11)	(0.19)
Net asset value end of period	15.75	12.76	23.53	19.10	16.14	13.70
Net assets end of period (000s)	$78,503	$72,107	$147,545	$163,202	$143,276	$93,815
Ratios and Supplemental Data (%)
Total returnb	23.43 %c	(40.76)%	24.00%	20.56%	18.81%	(11.74)%
Ratio of total expenses to average net assets^	0.86 d	0.83	0.81	0.83	0.83	0.81
Ratio of net expenses to average net assetsa	0.77 d	0.77	0.77	0.77	0.77	0.77
Ratio of net investment income/(loss) to average net assetsa	0.22 d	0.34	0.08	0.19	2.01	1.07
Portfolio turnover	6 c	18	12	24	16	17

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$12.73	$23.42	$19.05	$16.10	$13.66	$15.67
Income from Investment Operations
Net investment income/(loss)a,e	(0.01 )	(0.02)	(0.06)	(0.02)	0.22	0.08
Net realized and unrealized gain/(loss) on investments	2.96	(8.91)	4.54	3.24	2.28	(1.95)
Total from investment operations	2.95	(8.93)	4.48	3.22	2.50	(1.87)
Less Distributions
Dividends from net investment income	—	(0.03)	(0.11)	(0.27)	(0.06)	(0.14)
Distributions from net realized capital gains	—	(1.73)	—	—	—	—
Total distributions	—	(1.76)	(0.11)	(0.27)	(0.06)	(0.14)
Net asset value end of period	15.68	12.73	23.42	19.05	16.10	13.66
Net assets end of period (000s)	$156	$148	$662	$507	$390	$330
Ratios and Supplemental Data (%)
Total returnb	23.17 %c	(40.93)%	23.54%	20.17%	18.45%	(12.03)%
Ratio of total expenses to average net assets^	1.19 d	1.16	1.14	1.16	1.16	1.14
Ratio of net expenses to average net assetsa	1.10 d	1.10	1.10	1.10	1.10	1.10
Ratio of net investment income/(loss) to average net assetsa	(0.15 )d	(0.09)	(0.24)	(0.15)	1.50	0.51
Portfolio turnover	6 c	18	12	24	16	17

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

105

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$12.75	$23.50	$19.08	$16.13	$13.69	$15.69
0.01	0.04	—*	0.02	0.26	0.13
2.96	(8.94)	4.55	3.24	2.28	(1.95)
2.97	(8.90)	4.55	3.26	2.54	(1.82)
—	(0.12)	(0.13)	(0.31)	(0.10)	(0.18)
—	(1.73)	—	—	—	—
—	(1.85)	(0.13)	(0.31)	(0.10)	(0.18)
15.72	12.75	23.50	19.08	16.13	13.69
$289,851	$267,148	$709,080	$600,240	$414,528	$399,911
23.29 %c	(40.78)%	23.92%	20.42%	18.73%	(11.75)%
0.94 d	0.91	0.89	0.91	0.91	0.89
0.85 d	0.85	0.85	0.85	0.85	0.85
0.14 d	0.21	0.01	0.11	1.75	0.84
6 c	18	12	24	16	17

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$12.66	$23.30	$18.93	$16.00	$13.58	$15.57
(0.02 )	(0.02)	(0.11)	(0.04)	0.21	0.11
2.94	(8.89)	4.54	3.22	2.26	(1.98)
2.92	(8.91)	4.43	3.18	2.47	(1.87)
—	—	(0.06)	(0.25)	(0.05)	(0.12)
—	(1.73)	—	—	—	—
—	(1.73)	(0.06)	(0.25)	(0.05)	(0.12)
15.58	12.66	23.30	18.93	16.00	13.58
$8,070	$6,788	$13,523	$32,757	$34,238	$32,225
23.06 %c	(41.00)%	23.41%	20.06%	18.29%	(12.12)%
1.30 d	1.27	1.26	1.28	1.28	1.26
1.21 d	1.21	1.22	1.22	1.22	1.22
(0.20 )d	(0.10)	(0.49)	(0.27)	1.40	0.69
6 c	18	12	24	16	17

106

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR INTERNATIONAL SMALL CAP FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019k	2018
	(Unaudited)
Net asset value beginning of period	$12.65	$16.39	$11.37	$12.49	$12.38	$13.90
Income from Investment Operations
Net investment income/(loss)a,e	0.17	0.27	0.28	0.07	0.24	0.17
Net realized and unrealized gain/(loss) on investments	2.27	(2.91)	4.91	(0.82)	0.35	(1.50)
Total from investment operations	2.44	(2.64)	5.19	(0.75)	0.59	(1.33)
Less Distributions
Dividends from net investment income	(0.16 )	(0.28)	(0.17)	(0.37)	(0.10)	(0.09)
Distributions from net realized capital gains	(0.20 )	(0.82)	—	—	(0.38)	(0.10)
Total distributions	(0.36 )	(1.10)	(0.17)	(0.37)	(0.48)	(0.19)
Net asset value end of period	14.73	12.65	16.39	11.37	12.49	12.38
Net assets end of period (000s)	$71,736	$30,387	$9,559	$5,525	$19,408	$8,213
Ratios and Supplemental Data (%)
Total returnb	19.54 %c	(16.94)%	45.95%	(6.36)%	5.23%	(9.71)%
Ratio of total expenses to average net assets^	0.97 d	1.11	1.17	1.37	1.24	1.07
Ratio of net expenses to average net assetsa	0.88 d	0.88	0.88	0.88	0.88	0.87
Ratio of net investment income/(loss) to average net assetsa	2.36 d	2.04	1.79	0.64	1.98	1.19
Portfolio turnover	8 c	23	43	39	178	53

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019k	2018
	(Unaudited)
Net asset value beginning of period	$12.60	$16.33	$11.34	$12.46	$12.34	$13.87
Income from Investment Operations
Net investment income/(loss)a,e	0.12	0.29	0.20	0.06	0.15	0.11
Net realized and unrealized gain/(loss) on investments	2.30	(2.97)	4.93	(0.85)	0.40	(1.49)
Total from investment operations	2.42	(2.68)	5.13	(0.79)	0.55	(1.38)
Less Distributions
Dividends from net investment income	(0.12 )	(0.23)	(0.14)	(0.33)	(0.05)	(0.05)
Distributions from net realized capital gains	(0.20 )	(0.82)	—	—	(0.38)	(0.10)
Total distributions	(0.32 )	(1.05)	(0.14)	(0.33)	(0.43)	(0.15)
Net asset value end of period	14.70	12.60	16.33	11.34	12.46	12.34
Net assets end of period (000s)	$521	$436	$487	$333	$356	$309
Ratios and Supplemental Data (%)
Total returnb	19.38 %c	(17.25)%	45.44%	(6.65)%	4.90%	(10.06)%
Ratio of total expenses to average net assets^	1.30 d	1.44	1.50	1.70	1.57	1.40
Ratio of net expenses to average net assetsa	1.21 d	1.21	1.21	1.21	1.21	1.20
Ratio of net investment income/(loss) to average net assetsa	1.68 d	2.12	1.30	0.49	1.25	0.76
Portfolio turnover	8 c	23	43	39	178	53

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

107

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019k	2018
(Unaudited)
$12.65	$16.39	$11.37	$12.49	$12.37	$13.90
0.15	0.32	0.24	0.09	0.19	0.15
2.28	(2.97)	4.95	(0.86)	0.40	(1.50)
2.43	(2.65)	5.19	(0.77)	0.59	(1.35)
(0.15 )	(0.27)	(0.17)	(0.35)	(0.09)	(0.08)
(0.20 )	(0.82)	—	—	(0.38)	(0.10)
(0.35 )	(1.09)	(0.17)	(0.35)	(0.47)	(0.18)
14.73	12.65	16.39	11.37	12.49	12.37
$175,143	$93,640	$49,419	$25,716	$25,758	$50,358
19.47 %c	(17.00)%	45.87%	(6.48)%	5.25%	(9.83)%
1.05 d	1.19	1.25	1.45	1.32	1.15
0.96 d	0.96	0.96	0.96	0.96	0.95
2.20 d	2.32	1.53	0.76	1.60	1.05
8 c	23	43	39	178	53

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019k	2018
(Unaudited)
$12.58	$16.32	$11.34	$12.45	$12.34	$13.86
0.15	0.23	0.18	0.04	0.13	0.10
2.25	(2.92)	4.93	(0.84)	0.40	(1.48)
2.40	(2.69)	5.11	(0.80)	0.53	(1.38)
(0.11 )	(0.23)	(0.13)	(0.31)	(0.04)	(0.04)
(0.20 )	(0.82)	—	—	(0.38)	(0.10)
(0.31 )	(1.05)	(0.13)	(0.31)	(0.42)	(0.14)
14.67	12.58	16.32	11.34	12.45	12.34
$4,957	$1,140	$1,962	$398	$428	$619
19.24 %c	(17.29)%	45.25%	(6.76)%	4.70%	(10.08)%
1.41 d	1.55	1.61	1.82	1.69	1.52
1.32 d	1.32	1.32	1.33	1.33	1.32
2.19 d	1.66	1.16	0.36	1.10	0.73
8 c	23	43	39	178	53

108

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR LARGE CAP VALUE FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$19.50	$23.23	$17.11	$16.33	$14.37	$14.87
Income from Investment Operations
Net investment income/(loss)a,e	0.15	0.26	0.19	0.18	0.18	0.17
Net realized and unrealized gain/(loss) on investments	0.60	(3.16)	6.62	0.76	2.17	(0.13)
Total from investment operations	0.75	(2.90)	6.81	0.94	2.35	0.04
Less Distributions
Dividends from net investment income	(0.20 )	(0.22)	(0.17)	(0.16)	(0.16)	(0.13)
Distributions from net realized capital gains	(0.72 )	(0.61)	(0.52)	—	(0.23)	(0.41)
Total distributions	(0.92 )	(0.83)	(0.69)	(0.16)	(0.39)	(0.54)
Net asset value end of period	19.33	19.50	23.23	17.11	16.33	14.37
Net assets end of period (000s)	$1,169,000	$1,326,142	$1,472,349	$655,562	$457,908	$313,721
Ratios and Supplemental Data (%)
Total returnb	4.08 %c	(12.82)%	40.62%	5.80%	16.92%	0.18%
Ratio of total expenses to average net assets^	0.65 d	0.64	0.64	0.64	0.65	0.64
Ratio of net expenses to average net assetsa	0.61 d	0.61	0.61	0.61	0.61	0.60
Ratio of net investment income/(loss) to average net assetsa	1.51 d	1.26	0.90	1.08	1.19	1.12
Portfolio turnover	3 c	24	13	26	11	15

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$19.50	$23.21	$17.11	$16.33	$14.36	$14.84
Income from Investment Operations
Net investment income/(loss)a,e	0.11	0.19	0.13	0.13	0.14	0.13
Net realized and unrealized gain/(loss) on investments	0.60	(3.14)	6.59	0.75	2.17	(0.15)
Total from investment operations	0.71	(2.95)	6.72	0.88	2.31	(0.02)
Less Distributions
Dividends from net investment income	(0.15 )	(0.15)	(0.10)	(0.10)	(0.11)	(0.05)
Distributions from net realized capital gains	(0.72 )	(0.61)	(0.52)	—	(0.23)	(0.41)
Total distributions	(0.87 )	(0.76)	(0.62)	(0.10)	(0.34)	(0.46)
Net asset value end of period	19.34	19.50	23.21	17.11	16.33	14.36
Net assets end of period (000s)	$3,005	$3,228	$3,941	$11,502	$12,195	$15,460
Ratios and Supplemental Data (%)
Total returnb	3.87 %c	(13.06)%	40.05%	5.42%	16.60%	(0.23)%
Ratio of total expenses to average net assets^	0.98 d	0.97	0.97	0.97	0.98	0.97
Ratio of net expenses to average net assetsa	0.94 d	0.94	0.94	0.94	0.94	0.93
Ratio of net investment income/(loss) to average net assetsa	1.18 d	0.92	0.64	0.78	0.91	0.84
Portfolio turnover	3 c	24	13	26	11	15

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

109

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$19.50	$23.23	$17.11	$16.33	$14.37	$14.87
0.14	0.25	0.18	0.17	0.17	0.16
0.60	(3.17)	6.61	0.76	2.17	(0.13)
0.74	(2.92)	6.79	0.93	2.34	0.03
(0.19 )	(0.20)	(0.15)	(0.15)	(0.15)	(0.12)
(0.72 )	(0.61)	(0.52)	—	(0.23)	(0.41)
(0.91 )	(0.81)	(0.67)	(0.15)	(0.38)	(0.53)
19.33	19.50	23.23	17.11	16.33	14.37
$678,087	$751,476	$1,049,830	$880,755	$761,262	$605,040
4.01 %c	(12.90)%	40.52%	5.72%	16.83%	0.11%
0.73 d	0.72	0.72	0.72	0.73	0.72
0.69 d	0.69	0.69	0.69	0.69	0.68
1.43 d	1.17	0.84	1.02	1.12	1.05
3 c	24	13	26	11	15

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$19.72	$23.46	$17.28	$16.48	$14.49	$14.99
0.10	0.17	0.10	0.11	0.12	0.11
0.61	(3.18)	6.68	0.76	2.19	(0.14)
0.71	(3.01)	6.78	0.87	2.31	(0.03)
(0.14 )	(0.12)	(0.08)	(0.07)	(0.09)	(0.06)
(0.72 )	(0.61)	(0.52)	—	(0.23)	(0.41)
(0.86 )	(0.73)	(0.60)	(0.07)	(0.32)	(0.47)
19.57	19.72	23.46	17.28	16.48	14.49
$26,186	$26,880	$31,192	$23,527	$35,622	$45,548
3.78 %c	(13.15)%	39.96%	5.32%	16.39%	(0.27)%
1.09 d	1.08	1.08	1.09	1.10	1.09
1.05 d	1.05	1.05	1.06	1.06	1.05
1.07 d	0.81	0.47	0.67	0.79	0.70
3 c	24	13	26	11	15

110

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR MID CAP FUND
	Retirement Class				Institutional Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,			6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020f		2022	2021	2020f
	(Unaudited)				(Unaudited)
Net asset value beginning of period	$12.45	$14.52	$10.57	$10.00	$12.44	$14.51	$10.56	$10.00
Income from Investment Operations
Net investment income/(loss)a,e	0.05	0.09	0.05	0.05	0.05	0.09	0.04	0.04
Net realized and unrealized gain/(loss) on investments	0.28	(1.84)	3.93	0.53	0.28	(1.85)	3.93	0.53
Total from investment operations	0.33	(1.75)	3.98	0.58	0.33	(1.76)	3.97	0.57
Less Distributions
Dividends from net investment income	(0.07 )	(0.05)	(0.03)	(0.01)	(0.06 )	(0.04)	(0.02)	(0.01)
Distributions from net realized capital gains	(0.34 )	(0.27)	—	—	(0.34 )	(0.27)	—	—
Total distributions	(0.41 )	(0.32)	(0.03)	(0.01)	(0.40 )	(0.31)	(0.02)	(0.01)
Net asset value end of period	12.37	12.45	14.52	10.57	12.37	12.44	14.51	10.56
Net assets end of period (000s)	$65,801	$67,079	$37,135	$5,148	$23,054	$21,105	$23,710	$5,411
Ratios and Supplemental Data (%)
Total returnb	2.78 %c	(12.36)%	37.61%	5.86%c	2.76 %c	(12.43)%	37.54%	5.75%c
Ratio of total expenses to average net assets^	0.87 d	0.92	0.93	2.28d	0.95 d	1.00	1.01	2.36d
Ratio of net expenses to average net assetsa	0.80 d	0.80	0.80	0.80d	0.88 d	0.88	0.88	0.88d
Ratio of net investment income/(loss) to average net assetsa	0.88 d	0.65	0.40	0.54d	0.79 d	0.64	0.27	0.46d
Portfolio turnover	8 c	42	11	9c	8 c	42	11	9c

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

111

 

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020f
(Unaudited)
$12.37	$14.44	$10.54	$10.00
0.03	0.04	(0.01)	0.01
0.27	(1.84)	3.91	0.53
0.30	(1.80)	3.90	0.54
(0.01 )	—*	—*	—*
(0.34 )	(0.27)	—	—
(0.35 )	(0.27)	—*	—*
12.32	12.37	14.44	10.54
$841	$834	$949	$455
2.55 %c	(12.72)%	37.00%	5.42%c
1.31 d	1.36	1.38	2.73d
1.24 d	1.24	1.24	1.25d
0.43 d	0.28	(0.06)	0.07d
8 c	42	11	9c

112

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR MID CAP VALUE FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$23.93	$24.97	$16.83	$20.82	$21.39	$23.33
Income from Investment Operations
Net investment income/(loss)a,e	0.25	0.49	0.42	0.43	0.48	0.50
Net realized and unrealized gain/(loss) on investments	0.14	(1.18)	8.21	(3.73)	0.47	(1.52)
Total from investment operations	0.39	(0.69)	8.63	(3.30)	0.95	(1.02)
Less Distributions
Dividends from net investment income	(0.42 )	(0.35)	(0.49)	(0.54)	(0.37)	(0.33)
Distributions from net realized capital gains	(1.45 )	—	—	(0.15)	(1.15)	(0.59)
Total distributions	(1.87 )	(0.35)	(0.49)	(0.69)	(1.52)	(0.92)
Net asset value end of period	22.45	23.93	24.97	16.83	20.82	21.39
Net assets end of period (000s)	$17,373	$43,591	$56,156	$29,897	$102,945	$103,552
Ratios and Supplemental Data (%)
Total returnb	1.77 %c	(2.80)%	51.99%	(16.55)%	5.53%	(4.75)%
Ratio of total expenses to average net assets^	0.82 d	0.81	0.81	0.82	0.80	0.79
Ratio of net expenses to average net assetsa	0.77 d	0.77	0.78	0.80	0.77	0.76
Ratio of net investment income/(loss) to average net assetsa	2.12 d	2.00	1.78	2.39	2.39	2.15
Portfolio turnover	5 c	9	18	4	11	24

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$24.20	$25.24	$16.98	$20.98	$21.52	$23.47
Income from Investment Operations
Net investment income/(loss)a,e	0.21	0.41	0.34	0.36	0.42	0.43
Net realized and unrealized gain/(loss) on investments	0.14	(1.20)	8.31	(3.77)	0.48	(1.54)
Total from investment operations	0.35	(0.79)	8.65	(3.41)	0.90	(1.11)
Less Distributions
Dividends from net investment income	(0.33 )	(0.25)	(0.39)	(0.44)	(0.29)	(0.25)
Distributions from net realized capital gains	(1.45 )	—	—	(0.15)	(1.15)	(0.59)
Total distributions	(1.78 )	(0.25)	(0.39)	(0.59)	(1.44)	(0.84)
Net asset value end of period	22.77	24.20	25.24	16.98	20.98	21.52
Net assets end of period (000s)	$3,225	$3,291	$3,828	$4,945	$18,508	$42,557
Ratios and Supplemental Data (%)
Total returnb	1.57 %c	(3.14)%	51.53%	(16.85)%	5.19%	(5.06)%
Ratio of total expenses to average net assets^	1.15 d	1.14	1.14	1.15	1.13	1.12
Ratio of net expenses to average net assetsa	1.10 d	1.10	1.11	1.13	1.10	1.08
Ratio of net investment income/(loss) to average net assetsa	1.75 d	1.67	1.46	1.98	2.08	1.83
Portfolio turnover	5 c	9	18	4	11	24

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

113

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$23.93	$24.97	$16.83	$20.82	$21.38	$23.33
0.23	0.47	0.40	0.40	0.47	0.49
0.15	(1.18)	8.21	(3.73)	0.47	(1.54)
0.38	(0.71)	8.61	(3.33)	0.94	(1.05)
(0.40 )	(0.33)	(0.47)	(0.51)	(0.35)	(0.31)
(1.45 )	—	—	(0.15)	(1.15)	(0.59)
(1.85 )	(0.33)	(0.47)	(0.66)	(1.50)	(0.90)
22.46	23.93	24.97	16.83	20.82	21.38
$227,122	$242,004	$355,431	$277,767	$520,629	$714,309
1.71 %c	(2.88)%	51.87%	(16.64)%	5.48%	(4.85)%
0.90 d	0.89	0.89	0.90	0.88	0.87
0.85 d	0.85	0.86	0.88	0.85	0.83
2.00 d	1.93	1.71	2.25	2.33	2.09
5 c	9	18	4	11	24

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$23.90	$24.93	$16.80	$20.78	$21.31	$23.23
0.19	0.39	0.32	0.34	0.39	0.40
0.14	(1.18)	8.20	(3.74)	0.48	(1.53)
0.33	(0.79)	8.52	(3.40)	0.87	(1.13)
(0.30 )	(0.24)	(0.39)	(0.43)	(0.25)	(0.20)
(1.45 )	—	—	(0.15)	(1.15)	(0.59)
(1.75 )	(0.24)	(0.39)	(0.58)	(1.40)	(0.79)
22.48	23.90	24.93	16.80	20.78	21.31
$27,088	$28,355	$32,097	$26,785	$58,928	$82,539
1.52 %c	(3.20)%	51.26%	(16.94)%	5.08%	(5.20)%
1.26 d	1.25	1.25	1.27	1.25	1.24
1.21 d	1.21	1.22	1.25	1.22	1.20
1.64 d	1.57	1.36	1.89	1.95	1.71
5 c	9	18	4	11	24

114

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR SMALL CAP GROWTH FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$11.78	$19.95	$15.91	$13.18	$14.39	$15.08
Income from Investment Operations
Net investment income/(loss)a,e	—	(0.01)	(0.07)	(0.04)	(0.01)	(0.05)
Net realized and unrealized gain/(loss) on investments	0.46	(3.94)	5.41	3.25	1.56	0.82
Total from investment operations	0.46	(3.95)	5.34	3.21	1.55	0.77
Less Distributions
Dividends from net investment income	—	—	—	—	—	—
Distributions from net realized capital gains	(0.52 )	(4.22)	(1.30)	(0.48)	(2.76)	(1.46)
Total distributions	(0.52 )	(4.22)	(1.30)	(0.48)	(2.76)	(1.46)
Net asset value end of period	11.72	11.78	19.95	15.91	13.18	14.39
Net assets end of period (000s)	$352,445	$311,509	$399,174	$348,997	$281,603	$306,026
Ratios and Supplemental Data (%)
Total returnb	4.29 %c	(23.72)%	34.40%	24.93%	16.23%	5.11%
Ratio of total expenses to average net assets^	0.80 d	0.80	0.79	0.81	0.80	0.79
Ratio of net expenses to average net assetsa	0.80 d	0.79	0.78	0.80	0.80	0.79
Ratio of net investment income/(loss) to average net assetsa	0.04 d	(0.11)	(0.37)	(0.27)	(0.12)	(0.33)
Portfolio turnover	44 c	75	71	95	74	99

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$10.10	$17.80	$14.36	$11.98	$13.39	$14.17
Income from Investment Operations
Net investment income/(loss)a,e	(0.01 )	(0.05)	(0.12)	(0.08)	(0.05)	(0.09)
Net realized and unrealized gain/(loss) on investments	0.39	(3.43)	4.86	2.94	1.40	0.77
Total from investment operations	0.38	(3.48)	4.74	2.86	1.35	0.68
Less Distributions
Dividends from net investment income	—	—	—	—	—	—
Distributions from net realized capital gains	(0.52 )	(4.22)	(1.30)	(0.48)	(2.76)	(1.46)
Total distributions	(0.52 )	(4.22)	(1.30)	(0.48)	(2.76)	(1.46)
Net asset value end of period	9.96	10.10	17.80	14.36	11.98	13.39
Net assets end of period (000s)	$612	$648	$965	$866	$395	$769
Ratios and Supplemental Data (%)
Total returnb	4.21 %c	(24.00)%	33.91%	24.49%	15.87%	4.76%
Ratio of total expenses to average net assets^	1.13 d	1.13	1.12	1.14	1.13	1.12
Ratio of net expenses to average net assetsa	1.13 d	1.12	1.11	1.13	1.12	1.11
Ratio of net investment income/(loss) to average net assetsa	(0.29 )d	(0.44)	(0.69)	(0.62)	(0.44)	(0.65)
Portfolio turnover	44 c	75	71	95	74	99

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

115

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$11.68	$19.84	$15.84	$13.13	$14.35	$15.06
—	(0.03)	(0.08)	(0.05)	(0.03)	(0.06)
0.45	(3.91)	5.38	3.24	1.57	0.81
0.45	(3.94)	5.30	3.19	1.54	0.75
—	—	—	—	—	—
(0.52 )	(4.22)	(1.30)	(0.48)	(2.76)	(1.46)
(0.52 )	(4.22)	(1.30)	(0.48)	(2.76)	(1.46)
11.61	11.68	19.84	15.84	13.13	14.35
$650,339	$595,476	$721,405	$633,535	$440,553	$400,389
4.24 %c	(23.81)%	34.29%	24.87%	16.18%	4.97%
0.88 d	0.88	0.87	0.89	0.88	0.87
0.88 d	0.87	0.86	0.88	0.87	0.86
(0.05 )d	(0.19)	(0.45)	(0.35)	(0.20)	(0.40)
44 c	75	71	95	74	99

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$9.18	$16.60	$13.47	$11.28	$12.79	$13.62
(0.02 )	(0.06)	(0.13)	(0.08)	(0.06)	(0.11)
0.35	(3.14)	4.56	2.75	1.31	0.74
0.33	(3.20)	4.43	2.67	1.25	0.63
—	—	—	—	—	—
(0.52 )	(4.22)	(1.30)	(0.48)	(2.76)	(1.46)
(0.52 )	(4.22)	(1.30)	(0.48)	(2.76)	(1.46)
8.99	9.18	16.60	13.47	11.28	12.79
$7,903	$7,031	$8,648	$6,811	$6,670	$7,076
4.09 %c	(24.05)%	33.84%	24.32%	15.81%	4.58%
1.24 d	1.24	1.23	1.26	1.25	1.24
1.24 d	1.23	1.23	1.25	1.24	1.23
(0.40 )d	(0.55)	(0.81)	(0.71)	(0.57)	(0.77)
44 c	75	71	95	74	99

116

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

HARBOR SMALL CAP VALUE FUND
	Retirement Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$39.47	$45.11	$31.65	$33.55	$33.60	$36.16
Income from Investment Operations
Net investment income/(loss)a,e	0.14	0.18	0.12	0.21	0.21	0.17
Net realized and unrealized gain/(loss) on investments	(0.11 )	(3.38)	13.54	(1.59)	2.84	(1.98)
Total from investment operations	0.03	(3.20)	13.66	(1.38)	3.05	(1.81)
Less Distributions
Dividends from net investment income	(0.15 )	(0.08)	(0.20)	(0.20)	(0.15)	(0.06)
Distributions from net realized capital gains	(2.48 )	(2.36)	—	(0.32)	(2.95)	(0.69)
Total distributions	(2.63 )	(2.44)	(0.20)	(0.52)	(3.10)	(0.75)
Net asset value end of period	36.87	39.47	45.11	31.65	33.55	33.60
Net assets end of period (000s)	$610,392	$600,143	$599,016	$300,473	$230,861	$155,036
Ratios and Supplemental Data (%)
Total returnb	0.42 %c	(7.16)%	43.19%	(4.22)%	10.98%	(5.18)%
Ratio of total expenses to average net assets^	0.80 d	0.80	0.79	0.80	0.80	0.79
Ratio of net expenses to average net assetsa	0.80 d	0.79	0.78	0.80	0.80	0.79
Ratio of net investment income/(loss) to average net assetsa	0.74 d	0.46	0.27	0.67	0.67	0.45
Portfolio turnover	18 c	15	17	17	27	22

  

	Administrative Class
	6-Month Period Ended April 30, 2023	Year Ended October 31,
		2022	2021	2020	2019	2018
	(Unaudited)
Net asset value beginning of period	$39.06	$44.72	$31.41	$33.30	$33.36	$35.97
Income from Investment Operations
Net investment income/(loss)a,e	0.08	0.05	(0.02)	0.10	0.11	0.06
Net realized and unrealized gain/(loss) on investments	(0.11 )	(3.35)	13.42	(1.57)	2.82	(1.98)
Total from investment operations	(0.03 )	(3.30)	13.40	(1.47)	2.93	(1.92)
Less Distributions
Dividends from net investment income	(0.01 )	—	(0.09)	(0.10)	(0.04)	—
Distributions from net realized capital gains	(2.48 )	(2.36)	—	(0.32)	(2.95)	(0.69)
Total distributions	(2.49 )	(2.36)	(0.09)	(0.42)	(2.99)	(0.69)
Net asset value end of period	36.54	39.06	44.72	31.41	33.30	33.36
Net assets end of period (000s)	$8,239	$9,177	$11,962	$10,082	$6,537	$7,253
Ratios and Supplemental Data (%)
Total returnb	0.23 %c	(7.45)%	42.72%	(4.54)%	10.59%	(5.50)%
Ratio of total expenses to average net assets^	1.13 d	1.13	1.12	1.13	1.13	1.12
Ratio of net expenses to average net assetsa	1.13 d	1.12	1.11	1.13	1.12	1.11
Ratio of net investment income/(loss) to average net assetsa	0.41 d	0.13	(0.04)	0.32	0.35	0.16
Portfolio turnover	18 c	15	17	17	27	22

See page 119 for notes to the Financial Highlights.

The accompanying notes are an integral part of the Financial Statements. 

117

 

Institutional Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$39.44	$45.07	$31.63	$33.53	$33.57	$36.14
0.13	0.15	0.09	0.18	0.19	0.15
(0.11 )	(3.38)	13.52	(1.58)	2.84	(2.00)
0.02	(3.23)	13.61	(1.40)	3.03	(1.85)
(0.12 )	(0.04)	(0.17)	(0.18)	(0.12)	(0.03)
(2.48 )	(2.36)	—	(0.32)	(2.95)	(0.69)
(2.60 )	(2.40)	(0.17)	(0.50)	(3.07)	(0.72)
36.86	39.44	45.07	31.63	33.53	33.57
$1,459,101	$1,493,462	$2,023,164	$1,350,681	$1,346,098	$1,149,857
0.38 %c	(7.22)%	43.11%	(4.33)%	10.91%	(5.28)%
0.88 d	0.88	0.87	0.88	0.88	0.87
0.88 d	0.87	0.86	0.88	0.87	0.86
0.66 d	0.38	0.20	0.59	0.60	0.40
18 c	15	17	17	27	22

  

Investor Class
6-Month Period Ended April 30, 2023	Year Ended October 31,
	2022	2021	2020	2019	2018
(Unaudited)
$38.09	$43.72	$30.71	$32.56	$32.68	$35.29
0.06	0.01	(0.06)	0.07	0.08	0.01
(0.10 )	(3.28)	13.12	(1.55)	2.75	(1.93)
(0.04 )	(3.27)	13.06	(1.48)	2.83	(1.92)
—	—	(0.05)	(0.05)	—	—
(2.48 )	(2.36)	—	(0.32)	(2.95)	(0.69)
(2.48 )	(2.36)	(0.05)	(0.37)	(2.95)	(0.69)
35.57	38.09	43.72	30.71	32.56	32.68
$35,076	$38,722	$64,544	$51,370	$57,931	$70,819
0.21 %c	(7.56)%	42.56%	(4.67)%	10.48%	(5.60)%
1.24 d	1.24	1.23	1.25	1.25	1.24
1.24 d	1.23	1.23	1.25	1.24	1.23
0.30 d	0.01	(0.15)	0.23	0.24	0.03
18 c	15	17	17	27	22

118

Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented

 

*	Less than $0.01
^	Percentage does not reflect reduction for credit balance arrangements (see the “Custodian” section in Note 2 of the accompanying Notes to Financial Statements)
a	Reflects the Adviser’s waiver, if any, of its management fees and/or other operating expenses
b	The total returns would have been lower had certain expenses not been waived during the periods shown.
c	Unannualized
d	Annualized
e	Amounts are based on average daily shares outstanding during the period.
f	For the period December 1, 2019 (inception) through October 31, 2020
g	Effective September 1, 2021, the Board of Trustees appointed Harbor Capital Advisors, Inc. to manage the Fund’s assets based upon model portfolios provided by multiple non-discretionary subadvisors.
h	For the period June 1, 2018 (inception) through October 31, 2018
i	For the period March 1, 2019 (inception) through October 31, 2019
j	Effective August 22, 2018, the Board of Trustees appointed Marathon Asset Management Limited as subadvisor to Harbor International Fund.
k	Effective May 23, 2019, the Board of Trustees appointed Cedar Street Asset Management LLC as subadvisor to Harbor International Small Cap Fund.
l	Effective February 2, 2022, the Board of Trustees appointed Income Research+Management as the subadvisor to the Fund.
m	Effective March 1, 2023, the Board of Trustees appointed BlueCove Limited as subadvisor to Harbor Convertible Securities Fund.
n	The net investment income ratio includes dividends and interest income and related tax compliance fee and interest expense, from foreign tax reclaims and interest received by the Fund. The ratios of total expenses to average net assets include the tax compliance fee and related interest expense due to this receipt of foreign tax reclaims and interest income by the Fund. For the year ended October 31, 2020, the ratios of net expenses to average net assets including tax compliance fee for the Retirement Class, Institutional Class, Administrative Class, and Investor Class were 1.49%, 1.64%, 1.53%, and 1.98%, respectively.

The accompanying notes are an integral part of the Financial Statements. 

119

Harbor Funds
Notes to Financial Statements—April 30, 2023 (Unaudited)

Note 1—Organizational Matters

Harbor Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as an open-end management investment company. As of April 30, 2023, the Trust consists of the following separate portfolios (individually or collectively referred to as a “Fund” or the “Funds,” respectively). Harbor Capital Advisors, Inc. (the “Adviser” or “Harbor Capital”) is the investment adviser for the Funds. 

Harbor Capital Appreciation Fund	Harbor International Core Fund (formerly, Harbor Overseas Fund)
Harbor Convertible Securities Fund	Harbor International Growth Fund
Harbor Core Bond Fund	Harbor International Small Cap Fund
Harbor Core Plus Fund	Harbor Large Cap Value Fund
Harbor Disruptive Innovation Fund	Harbor Mid Cap Fund
Harbor Diversified International All Cap Fund	Harbor Mid Cap Value Fund
Harbor Global Leaders Fund	Harbor Small Cap Growth Fund
Harbor International Fund	Harbor Small Cap Value Fund

Effective March 1, 2023, Harbor Overseas Fund was renamed Harbor International Core Fund.

The Funds currently offer up to four classes of shares, designated as Retirement Class, Institutional Class, Administrative Class and Investor Class. The shares of each class represent an interest in the same portfolio of investments of the Funds and have equal rights with respect to voting, redemptions, dividends, and liquidations, except that: (i) certain expenses, subject to the approval of the Trust’s Board of Trustees (the “Board of Trustees”), may be applied differently to each class of shares in accordance with current regulations of the Securities and Exchange Commission (“SEC”) and the Internal Revenue Service; and (ii) shareholders of a class that bears distribution and service expenses under terms of a distribution plan have exclusive voting rights as to that distribution plan.

  Note 2—Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. Each Fund follows the investment company reporting requirements under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), which includes the accounting and reporting guidelines under Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

Security Valuation

Investments are valued pursuant to valuation procedures approved by the Board of Trustees. The valuation procedures permit the Adviser to use a variety of valuation methodologies, consider a number of subjective factors, analyze applicable facts and circumstances and, in general, exercise judgment, when valuing Fund investments. The methodology used for a specific type of investment may vary based on the circumstances and relevant considerations, including available market data.

Equity securities (including common stock, preferred stock, and convertible preferred stock), exchange-traded funds and financial derivative instruments (such as rights and warrants) that are traded on a national securities exchange or system (except securities listed on the National Association of Securities Dealers Automated Quotation (“NASDAQ”) system and United Kingdom securities) are valued at the last sale price on a national exchange or system on which they are principally traded as of the valuation date. Securities listed on the NASDAQ system or a United Kingdom exchange are valued at the official closing price of those securities. In the case of securities for which there are no sales on the valuation day, (i) securities traded principally on a U.S. exchange, including NASDAQ, are valued at the mean (or average) of the closing bid and ask price; and (ii) securities traded principally on a foreign exchange, including United Kingdom securities, are valued at the official bid price determined as of the close of the primary exchange. Shares of open-end registered investment companies that are held by a Fund are valued at net asset value. To the extent these securities are actively traded and fair valuation adjustments are not applied, they are normally categorized as Level 1 in the fair value hierarchy. Equity securities traded on inactive markets or valued by reference to similar instruments are normally categorized as Level 2 in the fair value hierarchy. For more information on the fair value hierarchy, please refer to the Fair Value Measurements and Disclosures section.

120

Harbor Funds
Notes to Financial Statements—Continued

Note 2—Significant Accounting Policies—Continued 

Debt securities (including corporate bonds, municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, mortgage-backed and asset-backed securities, foreign government obligations, and convertible securities, other than short-term securities, with a remaining maturity of less than 60 days at the time of acquisition), are valued using evaluated prices furnished by a pricing vendor selected by the Board of Trustees. An evaluated price represents an assessment by the pricing vendor using various market inputs of what the pricing vendor believes is the fair value of a security at a particular point in time. The pricing vendor determines evaluated prices for debt securities that would be transacted at institutional-size quantities using inputs including, but not limited to, (i) recent transaction prices and dealer quotes, (ii) transaction prices for what the pricing vendor believes are securities with similar characteristics, (iii) the pricing vendor’s assessment of the risk inherent in the security taking into account criteria such as credit quality, payment history, liquidity and market conditions, and (iv) various correlations and relationships between security price movements and other factors, such as interest rate changes, which are recognized by institutional traders. In the case of asset-backed and mortgage-backed securities, the inputs used by the pricing vendor may also include information about cash flows, prepayment rates, default rates, delinquency and loss assumption, collateral characteristics, credit enhancements and other specific information about the particular offering. Because many debt securities trade infrequently, the pricing vendor will often not have current transaction price information available as an input in determining an evaluated price for a particular security. When current transaction price information is available, it is one input into the pricing vendor’s evaluation process, which means that the evaluated price supplied by the pricing vendor will frequently differ from that transaction price. Securities that use similar valuation techniques and inputs as described above are normally categorized as Level 2 in the fair value hierarchy.

Short-term securities with a remaining maturity of less than 60 days at the time of acquisition that are held by a Fund are valued at amortized cost to the extent amortized cost represents fair value. Such securities are normally categorized as Level 2 in the fair value hierarchy.

A Fund may also use fair value pricing if the value of some or all of the Fund’s securities have been materially affected by events occurring before the Fund’s pricing time but after the close of the primary markets or exchanges on which the security is traded. This most commonly occurs with foreign securities, but may occur with other securities as well. In such cases, the Fund may apply a fair value factor supplied by the pricing vendor to a foreign security’s market close value to reflect changes in value that may have occurred between the close of the primary market or exchange on which the security is traded and the Fund’s pricing time. That factor may be derived using observable inputs such as a comparison of the trading patterns of a foreign security to intraday trading in the U.S. markets that are highly correlated to the foreign security or other information that becomes available after the close of the foreign market on which the security principally traded. When fair value pricing is employed, the prices of securities used by a Fund to calculate its net asset value may differ from market quotations, official closing prices or evaluated prices for the same securities, which means that the Fund may value those securities higher or lower than another given fund that uses market quotations, official closing prices or evaluated prices supplied by a pricing vendor in its calculation of net asset value. Securities valued using observable inputs, such as those described above, are normally categorized as Level 2 of the fair value hierarchy.

When reliable market quotations or evaluated prices supplied by a pricing vendor are not readily available or are not believed to accurately reflect fair value, securities fair value determinations are made by the Adviser as designated by the Board of Trustees pursuant to the Investment Company Act. Fair value determinations for investments which incorporate significant unobservable inputs are normally categorized as Level 3 in the fair value hierarchy.

Fair Value Measurements and Disclosures

Various inputs may be used to determine the value of each Fund’s investments, which are summarized in three broad categories defined as Level 1, Level 2, and Level 3. The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those investments. The assignment of an investment to Levels 1, 2, or 3 is based on the lowest level of significant inputs used to determine its fair value. 

Level 1–	Quoted prices in active markets for identical securities.
Level 2–	Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3–	Significant unobservable inputs are used in situations where quoted prices or other observable inputs are not available or are deemed unreliable. Significant unobservable inputs may include each Fund’s own assumptions.

121

Harbor Funds
Notes to Financial Statements—Continued

Note 2—Significant Accounting Policies—Continued 

The categorization of investments into Levels 1, 2, or 3, and a summary of significant unobservable inputs used for Level 3 investments, when applicable, can be found at the end of each Fund’s Portfolio of Investments schedule.

Each Fund used observable inputs in its valuation methodologies whenever they were available and deemed reliable.

Investment Income

Dividends declared on portfolio securities are accrued on the ex-dividend date. Dividend information on certain foreign securities may not be available on ex-dividend date, therefore, such dividends will be recorded as soon as reliable information becomes available. Distributions from real estate investment trust securities are recorded as dividend income, and may be reclassified as capital gains and/or return of capital, based on the information reported by the issuer, when available. Interest income is accrued daily as earned. Discounts and premiums on fixed income securities are amortized over the life of the respective securities (except for premiums on certain callable debt securities that are amortized to the earliest call date) using the effective yield method. Paydown gains and losses on mortgage-backed and asset-backed securities are recognized as a component of interest income. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income. Consent fees relating to corporate actions from investments held are recorded as income upon receipt.

Expenses

Expenses are charged directly to the Fund that incurred such expense whenever possible. With respect to expenses incurred by any two or more Harbor funds where amounts cannot be identified on a fund by fund basis, such expenses are generally allocated in proportion to the average net assets or the number of shareholders of each Fund.

Class Allocations

Income, common expenses and realized and unrealized gains/(losses) are determined at the Fund level and allocated daily to each class of shares based on the applicable net assets of the respective classes. Distribution and service fees, if any, and transfer agent fees are calculated daily at the class level based on the applicable net assets of each class and the expense rate(s) applicable to each class.

Securities Transactions

Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed). Realized gains or losses on security transactions are determined on the basis of identified cost.

Distribution to Shareholders

Distributions on Fund shares are recorded on the ex-dividend date.

Taxes

Each Fund is treated as a separate entity for U.S. federal tax purposes. Each Fund’s policy is to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) applicable to regulated investment companies and to distribute to its shareholders all of its taxable income within the prescribed time. It is also the intention of each Fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Internal Revenue Code. Therefore, no provision has been made for U.S. federal taxes on income, capital gains or unrealized appreciation of securities held or excise taxes on income and capital gains.

Each Fund may be subject to taxes imposed by foreign countries in which they invest. Such taxes are provided for in accordance with each Fund’s understanding of the applicable foreign country’s tax law and are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Certain Funds have filed for additional foreign tax reclaims related to prior years. These additional foreign tax reclaims are recorded as income when both the amount is known and significant contingencies or uncertainties regarding collectability are removed.

122

Harbor Funds
Notes to Financial Statements—Continued

Note 2—Significant Accounting Policies—Continued 

Management has analyzed each Fund’s tax positions for all open tax years (in particular, U.S. federal, state and local income tax returns for the tax years ended October 31, 2019–2021), including all positions expected to be taken upon filing the 2022 tax return (if applicable), in all material jurisdictions where each Fund operates, and has concluded that no provision for income tax is required in the Funds’ financial statements. Each Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

During 2020 and 2022, Harbor International Fund received payments, including interest, from member countries of the European Union based on foreign tax reclaims relating to amounts withheld on dividends received by the Fund during fiscal years October 31, 2009 through 2021. A portion of the foreign tax reclaims and interest received is due to the Internal Revenue Service (“IRS”), in the form of a tax compliance fee and that amount is based on the percentage of foreign tax credits previously passed through to the Fund’s shareholders. The estimated amount due to the IRS, including interest, is included in tax compliance fee payable in the Fund’s Statement of Asset and Liabilities. The Fund filed a closing agreement with the IRS related to the amount received in 2020 and in December 2022, the agreement was finalized and the related tax compliance fee, including interest, was paid to the IRS. The Fund will enter into another closing agreement with the IRS relating to the amounts received in 2022. The actual tax compliance fee and related interest due to the IRS will be determined based on the closing agreement with the IRS and may differ from estimates.

Custodian

Each Fund has credit balance arrangements with its custodian whereby positive balances in demand deposit accounts used by the transfer and shareholder servicing agent for clearing shareholder transactions in the Fund generate credits that are applied against gross custody expenses. Such custodial expense reductions, if any, are reflected on the  respective Fund’s accompanying Statement of Operations.

Foreign Currency Translations

Purchases and sales of securities are translated into U.S. dollars at the current exchange rate on the respective dates of the transactions. Income and withholding taxes are translated at the prevailing exchange rate when accrued or incurred. The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, when applicable, are translated into U.S. dollars based on the current exchange rates at period end.

Reported net realized gains and losses on foreign currency transactions, when applicable, represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income accrued and tax reclaims receivable and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities, when applicable, are included in the net realized and unrealized gain or loss on investments in the Statements of Operations.

Proceeds from Litigation

Each Fund may receive proceeds from shareholder litigation settlements involving current and/or previously held portfolio holdings. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/(loss) if the security has been disposed of by a Fund, or in unrealized gain/(loss) if the security is still held by a Fund.

New Accounting Pronouncements

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of this ASU is to provide optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate (“LIBOR”) and other reference rates that are expected to be discontinued. The ASU was effective immediately upon release of the update on March 12, 2020, and can generally be applied through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities

123

Harbor Funds
Notes to Financial Statements—Continued

Note 2—Significant Accounting Policies—Continued 

will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on each Fund’s investments (if applicable) and has determined that it is unlikely the ASU’s adoption will have a material impact on the Fund’s financial statements.

Certain instruments held by the Funds rely in some fashion upon LIBOR. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced plans to ultimately phase out the use of LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Funds or on certain instruments in which the Funds invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Funds.

Inflation-Indexed Bonds

Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted based on the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income even though investors do not receive the principal until maturity.

During the period, Harbor Core Bond Fund and Harbor Core Plus Fund invested in inflation-indexed bonds.

Rights and Warrants

Rights represent a privilege offered to holders of record of issued securities to subscribe (usually on a pro rata basis) for additional securities of the same class, of a different class or of a different issuer. Warrants are contracts that generally give the holder the right, but not the obligation, to buy a stated number of shares of common stock at a specified price at any time during the life of the warrant. Rights and warrants are typically written by the issuer of the security underlying the right or warrant. Although some rights and warrants may be non-transferable, others may be traded over-the-counter or on an exchange.

A Fund may acquire rights or warrants in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. The value of a right or warrant may not necessarily change with the value of the underlying securities. When a Fund acquires rights or warrants, it runs the risk that it will lose its entire investment in the rights or warrants, unless the Fund exercises the right or warrant, acquires the underlying securities, or enters into a closing transaction before expiration. Rights and warrants cease to have value if they are not exercised prior to their expiration date. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for rights or other warrants that expire are treated as realized losses. If a Fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the rights or warrants.

Rights or warrants outstanding at the end of the period, if any, are disclosed at the end of each applicable Fund’s Portfolio of Investments and are included in “Purchased options” in the Statements of Assets and Liabilities. Realized gain/(loss) and unrealized appreciation/(depreciation) recognized during the period are included in “Purchased options” in the Statements of Operations.

During the period, Harbor Diversified International All Cap Fund, Harbor International Fund, Harbor International Core Fund, and Harbor International Small Cap Fund held rights/warrants as a result of their investments in underlying securities.

124

Harbor Funds
Notes to Financial Statements—Continued

Note 2—Significant Accounting Policies—Continued 

Other Matters

The Funds in the normal course of business invest in financial instruments where the risk of potential loss exists due to changes in the market, economic, political and regulatory developments, as well as events such as war, terrorism or spread of infectious disease (market risk) or failure or inability of the counterparty to a transaction to perform (credit and counterparty risk). In addition, certain Funds invest primarily in foreign securities and as such are also subject to foreign currencies and foreign securities risks. Each Fund’s prospectus provides further details regarding the Fund’s principal risks.

  Note 3—Investment Portfolio Transactions

Investment Portfolio Transactions

Purchases and sales of investments, other than short-term securities and U.S. government obligations, for each Fund for the period ended April 30, 2023 were as follows: 

	Purchases (000s)	Sales (000s)
Harbor Capital Appreciation Fund	$3,138,167	$4,744,774*
Harbor Convertible Securities Fund	64,214	184,474
Harbor Core Bond Fund	93,955	42,830
Harbor Core Plus Fund	234,309	183,339
Harbor Disruptive Innovation Fund	32,204	62,067
Harbor Diversified International All Cap Fund	90,608	65,368
Harbor Global Leaders Fund	4,295	12,040
Harbor International Fund	219,107	415,784
Harbor International Core Fund	112,113	60,137
Harbor International Growth Fund	21,435	68,904
Harbor International Small Cap Fund	112,297	14,333
Harbor Large Cap Value Fund	54,392	346,132
Harbor Mid Cap Fund	6,964	9,262
Harbor Mid Cap Value Fund	14,588	59,363
Harbor Small Cap Growth Fund	447,359	414,867
Harbor Small Cap Value Fund	373,000	389,123

 

* Sales for this Fund include $154,663 in connection with in-kind redemptions of the Fund’s capital shares.

In-Kind Redemption Transactions

In accordance with the Trust’s prospectus, the Funds may distribute portfolio securities rather than cash as payment for a redemption of Fund shares. For financial reporting purposes, a Fund recognizes a gain or loss on the securities distributed related to the in-kind redemption. Such Fund-level gains and losses on in-kind redemptions are not taxable to shareholders. For the period ended April 30, 2023, and the year ended October 31, 2022, Harbor Capital Appreciation Fund realized gains of $87,729,000 and $1,270,427,000, respectively, upon the disposition of portfolio securities in connection with in-kind redemptions of the Fund’s shares.

Securities Lending

Each Fund may engage in securities lending, whereby a Fund lends its securities to financial institutions in order to increase its income. The Trust has engaged State Street Bank and Trust Company to act as its agent (the “Lending Agent”) with respect to the lending of portfolio securities of the Funds, pursuant to the terms and conditions of a Securities Lending Authorization Agreement (the “SLA Agreement”). Securities loans are required to be secured at all times during the term of the loan by collateral that is at least equal to the value of the loaned securities determined at the close of each business day. Collateral may consist of cash and/or securities issued by the U.S. Treasury. Any additional collateral that may be required to secure a loan is delivered to the Fund on the next business day. Cash collateral is recognized as the gross liability for securities loaned in the Statements of Assets and Liabilities. Non-cash collateral is not recorded in the Funds' Statements of Assets and Liabilities as it is held by the Lending Agent on behalf of the Funds, and the Funds do not have the ability to rehypothecate those securities. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio (the “Navigator

125

Harbor Funds
Notes to Financial Statements—Continued

Note 3—Investment Portfolio Transactions—Continued 

Portfolio”), a money market mutual fund that seeks to provide income while maintaining a stable net asset value of $1.00. There is no assurance that the Navigator Portfolio will maintain a stable net asset value and the Funds are subject to the risk of loss on the cash collateral invested. A portion of the earnings generated by the investment of the cash collateral is rebated to the borrower for the use of the cash collateral and these earnings (less any rebate) are then divided between the Fund and the Lending Agent, as a fee for its services, according to agreed-upon rates. The Lending Agent and a Fund will share in any shortfall in the rebate due to the borrower, according to agreed-upon rates.

In addition to receiving a fee from the borrower based on the demand for securities loaned and earning income on the investment of the cash collateral, a Fund receives substitute interest, dividends, or other amounts on the loaned securities, during the term of a loan. Net securities lending income is disclosed as such in the Statements of Operations and represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to the Lending Agent.

Loans may be terminated at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities that are identical to the loaned securities. The Funds bear the risk of delay in recovery of, or loss of rights in, the securities loaned and the risk that the value of the collateral falls below the value of the securities on loan. Each Fund seeks to mitigate this risk through the SLA Agreement, which provides that in the event of default, the Lending Agent may apply the proceeds of the cash collateral from the loaned securities toward the purchase of replacement securities. If such proceeds are insufficient or the collateral is unavailable, the Lending Agent will purchase replacement securities at its sole expense, or if unable to do so, the Lending Agent may credit to the Fund’s account an amount equal to the fair value of the unreturned loaned securities. As the securities loans are subject to termination by the Fund or the borrower at any time, the remaining contractual maturities of each securities lending transaction is considered to be overnight and continuous.

The following table shows the Funds that engaged in securities lending during the period and summarizes the value of equity securities loaned and related cash and non-cash collateral as of April 30, 2023. 

	Value of Securities on Loan (000s)	Cash Collateral (000s)	Non-Cash Collateral (000s)
Harbor Diversified International All Cap Fund	$18,315	$9,176	$10,110
Harbor International Fund	23,982	4,158	21,207
Harbor International Core Fund	1,627	—	1,714
Harbor International Small Cap Fund	—	—	—

  Note 4—FEES AND OTHER Transactions with Affiliates

Investment Adviser

Harbor Capital is a wholly owned subsidiary of ORIX Corporation. Harbor Capital is the Funds’ investment adviser and is also responsible for administrative and other services.

126

Harbor Funds
Notes to Financial Statements—Continued

Note 4—FEES AND OTHER Transactions with Affiliates—Continued 

Each Fund has a separate advisory agreement with Harbor Capital. The agreements provide for management fees based on an annual percentage rate of average daily net assets as follows: 

	Contractual Rate	Actual Rate
Harbor Capital Appreciation Fund	0.60%a	0.56%
Harbor Convertible Securities Fund	0.50b	0.58
Harbor Core Bond Fund	0.23	0.23
Harbor Core Plus Fund	0.25	0.25
Harbor Disruptive Innovation Fund	0.70	0.70
Harbor Diversified International All Cap Fund	0.75	0.75
Harbor Global Leaders Fund	0.75c	0.70
Harbor International Fund	0.75d	0.75
Harbor International Core Fund	0.75	0.75
Harbor International Growth Fund	0.75	0.75
Harbor International Small Cap Fund	0.85	0.85
Harbor Large Cap Value Fund	0.60e	0.60
Harbor Mid Cap Fund	0.75	0.75
Harbor Mid Cap Value Fund	0.75f	0.75
Harbor Small Cap Growth Fund	0.75	0.75
Harbor Small Cap Value Fund	0.75	0.75

 

a	The Adviser has contractually agreed to reduce the management fee to 0.56% on assets between $5 billion and $10 billion, 0.54% on assets between $10 billion and $20 billion and 0.53% on assets over $20 billion through February 29, 2024.
b	For the period November 1, 2022 through February 28, 2023, the management fee was 0.65%. In addition, the Adviser contractually agreed to reduce the management fee to 0.60% through February 28, 2023. Effective March 1, 2023, the contractual management fee was reduced to 0.50%.
c	The Adviser has contractually agreed to waive 0.05% of its management fee through February 29, 2024.
d	The management fee is 0.75% on assets up to $12 billion and 0.65% on assets in excess of $12 billion.
e	The management fee rate is 0.60% on assets up to $4 billion and 0.55% on assets over $4 billion.
f	The Adviser has contractually agreed to reduce the management fee to 0.70% on assets between $350 million and $1 billion and 0.65% on assets over $1 billion through February 29, 2024.

Harbor Capital has from time to time voluntarily or contractually agreed not to impose a portion of its management fees and/or to bear a portion of the expenses incurred in the operation of certain Funds in order to limit Fund expenses. Such waivers, if any, are reflected on the accompanying Statements of Operations. Interest expense, if any, is excluded from contractual limitations. During the period, the following expense limitation agreements were in effect: 

	Retirement Class	Institutional Class	Administrative Class	Investor Class	Expense Limitation Agreement Expiration Date
Harbor Convertible Securities Fund1	0.63%	0.71%	0.96%	1.07%	02/29/2024
Harbor Core Bond Fund	0.26	0.34	N/A	N/A	02/29/2024
Harbor Core Plus Fund	0.30	0.38	0.63	N/A	02/29/2024
Harbor Disruptive Innovation Fund	0.75	0.83	1.08	1.19	02/29/2024
Harbor Diversified International All Cap Fund	0.72	0.80	1.05	1.16	02/29/2024
Harbor Global Leaders Fund	0.78	0.86	1.11	1.22	02/29/2024
Harbor International Fund	0.69	0.77	1.02	1.13	02/29/2024
Harbor International Core Fund	0.77	0.85	1.10	1.21	02/29/2024
Harbor International Growth Fund	0.77	0.85	1.10	1.21	02/29/2024
Harbor International Small Cap Fund	0.88	0.96	1.21	1.32	02/29/2024
Harbor Large Cap Value Fund	0.61	0.69	0.94	1.05	02/29/2024
Harbor Mid Cap Fund	0.80	0.88	1.13	1.24	02/29/2024
Harbor Mid Cap Value Fund	0.77	0.85	1.10	1.21	02/29/2024

 

1 The operating expense limitation for the Fund was effective March 1, 2023.

All expense limitation agreements include the transfer agent fee waiver discussed in the Transfer Agent note.

127

Harbor Funds
Notes to Financial Statements—Continued

Note 4—FEES AND OTHER Transactions with Affiliates—Continued 

Distributor

Harbor Funds Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of Harbor Capital, is the distributor for Harbor Funds’ shares. Under the Trust’s current distribution plan pursuant to Rule 12b-1 under the Investment Company Act with respect to each Fund’s Administrative and Investor Class shares (each, a “12b-1 Plan”) as applicable, each Fund pays the Distributor compensation at the annual rate of 0.25% of the average daily net assets of its Administrative and Investor Class shares. Pursuant to each 12b-1 Plan, the Distributor is compensated for financing any activity that is primarily intended to result in the sale of Administrative and Investor Class shares of each Fund or for recordkeeping services or the servicing of shareholder accounts in a Administrative and Investor Class shares of each Fund. Such activities include, but are not limited to: printing of prospectuses and statements of additional information and reports for prospective shareholders (i.e., other than existing shareholders); preparation and distribution of advertising material and sales literature; expenses of organizing and conducting sales seminars; supplemental payments to dealers or other institutions such as asset-based sales charges, payments of recordkeeping fees under recordkeeping arrangements, or payments of service fees under shareholder service arrangements; and costs of administering each 12b-1 Plan.

Amounts payable by a Fund under each 12b-1 Plan need not be directly related to the expenses actually incurred by the Distributor on behalf of each Fund. Each 12b-1 Plan does not obligate each Fund to reimburse the Distributor for the actual expenses the Distributor may incur in fulfilling its obligations under each 12b-1 Plan. Thus, even if the Distributor’s actual expenses exceed the fee payable to the Distributor at any given time, each Fund will not be obligated to pay more than that fee. If the Distributor’s expenses are less than the fee it receives, the Distributor will retain the difference.

The fees attributable to each Fund’s respective class are shown on the accompanying Statements of Operations.

Transfer Agent

Harbor Services Group, Inc. (“Harbor Services Group”), a wholly-owned subsidiary of Harbor Capital, is the transfer and shareholder servicing agent for the Funds. The transfer agency and service agreement is reviewed and approved annually by the Board of Trustees and provides currently for compensation up to the following amounts per class of each Fund: 

	Transfer Agent Fees
Retirement Class	0.02% of the average daily net assets of all Retirement Class shares
Institutional Class	0.10% of the average daily net assets of all Institutional Class shares
Administrative Class	0.10% of the average daily net assets of all Administrative Class shares
Investor Class	0.21% of the average daily net assets of all Investor Class shares

Fees incurred for these transfer agent services are shown on each Fund’s Statement of Operations.

Affiliated Transactions

The Investment Company Act permits purchase and sale transactions among affiliated investment companies subject to an exemptive rule. Harbor Funds has adopted policies and procedures pursuant to such rule. During the period, the Funds did not enter into any transactions with any other Harbor fund.

Shareholders

As of April 30, 2023, Harbor Capital and its wholly owned subsidiaries collectively held 10% or more of the following shares of beneficial interest in each of the following Funds: 

	Number of Shares Owned by Harbor Capital and Subsidiaries					Percentage of Outstanding Shares
	Retirement Class	Institutional Class	Administrative Class	Investor Class	Total
Harbor Convertible Securities Fund	999,388	-	-	-	999,388	25.0%
Harbor International Small Cap Fund	44,612	1,777,322	29,528	29,343	1,880,805	11.0

128

Harbor Funds
Notes to Financial Statements—Continued

Note 4—FEES AND OTHER Transactions with Affiliates—Continued 

Independent Trustees

The fees and expenses of the Independent Trustees are included in “Trustees’ fees and expenses” on each Fund’s Statement of Operations.

The Board of Trustees has adopted a Deferred Compensation Plan for Independent Trustees (the “Plan”), which enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Trust. For purposes of determining the amount owed to a Trustee under the Plan, deferred amounts are treated as though they had been invested in shares of the Fund(s) selected by the Trustee. While not required to do so, each Fund makes an investment equal to the Trustee’s investment election. The deferred compensation liability and the offsetting deferred compensation investment asset are included as a component of “Accrued expenses – Trustees’ fees and expenses” and “Other assets”, respectively, in the Statements of Assets and Liabilities. Such amounts fluctuate with changes in the value of the selected Fund(s). The deferred compensation and related mark-to-market impact liability and an offsetting investment asset will remain on each Fund’s Statement of Assets and Liabilities until distributed in accordance with the Plan.

Indemnification

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that provide general indemnities to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

  NOTE 5—TAX INFORMATION

The identified cost for federal income tax purposes of investments owned by each Fund and its respective gross unrealized appreciation and depreciation as of April 30, 2023 are as follows: 

	Identified Cost (000s)	Gross Unrealized		Net Unrealized Appreciation/ (Depreciation) (000s)
		Appreciation (000s)	(Depreciation) (000s)
Harbor Capital Appreciation Fund*	$12,967,494	$10,056,882	$(567,536)	$9,489,346
Harbor Convertible Securities Fund*	39,292	799	(1,680)	(881)
Harbor Core Bond Fund*	107,831	1,462	(4,363)	(2,901)
Harbor Core Plus Fund*	1,109,793	10,290	(108,226)	(97,936)
Harbor Disruptive Innovation Fund*	86,618	6,524	(13,790)	(7,266)
Harbor Diversified International All Cap Fund*	890,169	176,916	(75,859)	101,057
Harbor Global Leaders Fund	58,144	16,553	(8,563)	7,990
Harbor International Fund*	2,949,484	785,521	(253,958)	531,563
Harbor International Core Fund*	145,878	12,119	(5,622)	6,497
Harbor International Growth Fund*	293,972	111,420	(32,170)	79,250
Harbor International Small Cap Fund	224,000	23,567	(7,005)	16,562
Harbor Large Cap Value Fund	1,340,168	538,704	(50,997)	487,707
Harbor Mid Cap Fund	85,177	8,106	(5,408)	2,698
Harbor Mid Cap Value Fund	251,595	63,055	(42,517)	20,538
Harbor Small Cap Growth Fund*	885,530	152,674	(71,969)	80,705
Harbor Small Cap Value Fund	1,623,485	554,139	(137,602)	416,537

 

* Capital loss carryforwards are available, which may reduce taxable income from future net realized gain on investments.

 

  Note 6—Derivatives

Each Fund’s derivative holdings do not qualify for hedge accounting treatment and as such are recorded at current fair value. For a discussion of risks related to these investments please refer to the descriptions of each type of derivative instrument in Note 2— Significant Accounting Policies.

129

Harbor Funds
Notes to Financial Statements—Continued

Note 6—Derivatives—Continued 

Each Fund’s derivative instruments outstanding as of the period ended April 30, 2023, if any, as disclosed in the Portfolio of Investments, and the related amounts of net realized and changes in net unrealized gains and losses on derivative instruments during the period as disclosed in the Statement of Operations, are indicators of the volume of derivative activity for each Fund.

Derivative Instruments

As of April 30, 2023, the fair values of derivatives, by primary risk exposure, were reflected in the Statement of Assets and Liabilities as follows:

HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND 

Statement of Assets and Liabilities Caption	Equity Contracts (000s)
Purchased options (rights/warrants)	$9

HARBOR INTERNATIONAL FUND 

Statement of Assets and Liabilities Caption	Equity Contracts (000s)
Purchased options (rights/warrants)	$101

HARBOR INTERNATIONAL SMALL CAP FUND 

Statement of Assets and Liabilities Caption	Equity Contracts (000s)
Purchased options (rights/warrants)	$127

Net realized gain/(loss) and the change in net unrealized appreciation / (depreciation) on derivatives, by primary risk exposure, for the period ended April 30, 2023, were:

HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND 

Change in net unrealized appreciation/(depreciation) on derivatives	Equity Contracts (000s)
Purchased options (rights/warrants)	$9

HARBOR INTERNATIONAL FUND 

Net realized gain/(loss) on derivatives	Equity Contracts (000s)
Purchased options (rights/warrants)	$4

 

Change in net unrealized appreciation/(depreciation) on derivatives	Equity Contracts (000s)
Purchased options (rights/warrants)	$64

HARBOR INTERNATIONAL SMALL CAP FUND 

Net realized gain/(loss) on derivatives	Equity Contracts (000s)
Purchased options (rights/warrants)	$127

130

Harbor Funds
Notes to Financial Statements—Continued

Note 7—Subsequent Events

At the meeting of the Board of Trustees held on May 22, 2023, the Board of Trustees voted to liquidate and dissolve Harbor Global Leaders Fund. The liquidation of the Fund is expected to occur on August 23, 2023. Additional information related to the liquidation can be found in the supplement to the Fund’s prospectus and statement of additional information as filed with the SEC on May 25, 2023.

Effective June 1, 2023, Harbor Capital contractually agreed to limit Harbor International Small Cap Fund’s operating expenses, excluding interest expense (if any), to 0.85%, 0.93%, 1.18%, and 1.29% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through May 31, 2024.

Through the date the financial statements were issued, there were no other subsequent events or transactions that would have materially impacted the financial statements or related disclosures as presented herein.

131

Harbor Funds
Fees and Expenses Example (Unaudited)

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees (if any) and (2) ongoing costs, including management fees, distribution and service (12b-1) fees (if any), and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2022 through April 30, 2023.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses for each share class. You may use the information in the respective class line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of the respective class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table for each share class below provides information about hypothetical account values and hypothetical expenses based on the respective Fund/Class’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the respective Fund/Class’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. 

	Annualized Expense Ratios*	Expenses Paid During Period**	Beginning Account Value (November 1, 2022)	Ending Account Value (April 30, 2023)
Harbor Capital Appreciation Fund
Retirement Class	0.60%
Actual		$3.17	$1,000	$1,127.20
Hypothetical (5% return)		3.01	1,000	1,021.75
Institutional Class	0.68%
Actual		$3.58	$1,000	$1,126.90
Hypothetical (5% return)		3.41	1,000	1,021.34
Administrative Class	0.93%
Actual		$4.90	$1,000	$1,125.30
Hypothetical (5% return)		4.66	1,000	1,020.07
Investor Class	1.04%
Actual		$5.48	$1,000	$1,124.80
Hypothetical (5% return)		5.21	1,000	1,019.51

132

Harbor Funds
Fees and Expenses Example—Continued

	Annualized Expense Ratios*	Expenses Paid During Period**	Beginning Account Value (November 1, 2022)	Ending Account Value (April 30, 2023)
Harbor Convertible Securities Fund
Retirement Class	0.72%
Actual		$3.58	$1,000	$1,006.30
Hypothetical (5% return)		3.61	1,000	1,021.14
Institutional Class	0.80%
Actual		$3.98	$1,000	$1,005.70
Hypothetical (5% return)		4.01	1,000	1,020.73
Administrative Class	0.97%
Actual		$4.77	$1,000	$985.00
Hypothetical (5% return)		4.86	1,000	1,019.87
Investor Class	1.14%
Actual		$5.66	$1,000	$1,003.20
Hypothetical (5% return)		5.71	1,000	1,019.00
Harbor Core Bond Fund
Retirement Class	0.26%
Actual		$1.34	$1,000	$1,071.60
Hypothetical (5% return)		1.30	1,000	1,023.47
Institutional Class	0.34%
Actual		$1.75	$1,000	$1,071.20
Hypothetical (5% return)		1.71	1,000	1,023.07
Harbor Core Plus Fund
Retirement Class	0.30%
Actual		$1.55	$1,000	$1,076.40
Hypothetical (5% return)		1.50	1,000	1,023.27
Institutional Class	0.38%
Actual		$1.95	$1,000	$1,076.00
Hypothetical (5% return)		1.91	1,000	1,022.86
Administrative Class	0.63%
Actual		$3.24	$1,000	$1,074.60
Hypothetical (5% return)		3.16	1,000	1,021.59
Harbor Disruptive Innovation Fund
Retirement Class	0.75%
Actual		$3.84	$1,000	$1,064.10
Hypothetical (5% return)		3.76	1,000	1,020.98
Institutional Class	0.83%
Actual		$4.25	$1,000	$1,062.50
Hypothetical (5% return)		4.16	1,000	1,020.58
Administrative Class	1.08%
Actual		$5.52	$1,000	$1,060.10
Hypothetical (5% return)		5.41	1,000	1,019.31
Investor Class	1.19%
Actual		$6.08	$1,000	$1,061.20
Hypothetical (5% return)		5.96	1,000	1,018.75

133

Harbor Funds
Fees and Expenses Example—Continued

	Annualized Expense Ratios*	Expenses Paid During Period**	Beginning Account Value (November 1, 2022)	Ending Account Value (April 30, 2023)
Harbor Diversified International All Cap Fund
Retirement Class	0.72%
Actual		$3.97	$1,000	$1,222.70
Hypothetical (5% return)		3.61	1,000	1,021.14
Institutional Class	0.80%
Actual		$4.41	$1,000	$1,222.70
Hypothetical (5% return)		4.01	1,000	1,020.73
Administrative Class	1.05%
Actual		$5.78	$1,000	$1,220.60
Hypothetical (5% return)		5.26	1,000	1,019.46
Investor Class	1.16%
Actual		$6.38	$1,000	$1,220.20
Hypothetical (5% return)		5.81	1,000	1,018.90
Harbor Global Leaders Fund
Retirement Class	0.78%
Actual		$4.08	$1,000	$1,109.40
Hypothetical (5% return)		3.91	1,000	1,020.83
Institutional Class	0.86%
Actual		$4.49	$1,000	$1,108.70
Hypothetical (5% return)		4.31	1,000	1,020.42
Administrative Class	1.11%
Actual		$5.80	$1,000	$1,107.80
Hypothetical (5% return)		5.56	1,000	1,019.15
Investor Class	1.22%
Actual		$6.37	$1,000	$1,107.00
Hypothetical (5% return)		6.11	1,000	1,018.59
Harbor International Fund
Retirement Class	0.69%
Actual		$3.85	$1,000	$1,254.20
Hypothetical (5% return)		3.46	1,000	1,021.29
Institutional Class	0.77%
Actual		$4.30	$1,000	$1,253.50
Hypothetical (5% return)		3.86	1,000	1,020.88
Administrative Class	1.02%
Actual		$5.70	$1,000	$1,252.10
Hypothetical (5% return)		5.11	1,000	1,019.61
Investor Class	1.13%
Actual		$6.30	$1,000	$1,251.20
Hypothetical (5% return)		5.66	1,000	1,019.05
Harbor International Core Fund
Retirement Class	0.77%
Actual		$4.09	$1,000	$1,142.10
Hypothetical (5% return)		3.86	1,000	1,020.88
Institutional Class	0.85%
Actual		$4.52	$1,000	$1,141.80
Hypothetical (5% return)		4.26	1,000	1,020.47
Investor Class	1.21%
Actual		$6.42	$1,000	$1,138.90
Hypothetical (5% return)		6.06	1,000	1,018.65

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	Annualized Expense Ratios*	Expenses Paid During Period**	Beginning Account Value (November 1, 2022)	Ending Account Value (April 30, 2023)
Harbor International Growth Fund
Retirement Class	0.77%
Actual		$4.27	$1,000	$1,234.30
Hypothetical (5% return)		3.86	1,000	1,020.88
Institutional Class	0.85%
Actual		$4.71	$1,000	$1,232.90
Hypothetical (5% return)		4.26	1,000	1,020.47
Administrative Class	1.10%
Actual		$6.08	$1,000	$1,231.70
Hypothetical (5% return)		5.51	1,000	1,019.20
Investor Class	1.21%
Actual		$6.69	$1,000	$1,230.60
Hypothetical (5% return)		6.06	1,000	1,018.65
Harbor International Small Cap Fund
Retirement Class	0.88%
Actual		$4.79	$1,000	$1,195.40
Hypothetical (5% return)		4.41	1,000	1,020.32
Institutional Class	0.96%
Actual		$5.22	$1,000	$1,194.70
Hypothetical (5% return)		4.81	1,000	1,019.92
Administrative Class	1.21%
Actual		$6.58	$1,000	$1,193.80
Hypothetical (5% return)		6.06	1,000	1,018.65
Investor Class	1.32%
Actual		$7.18	$1,000	$1,192.40
Hypothetical (5% return)		6.60	1,000	1,018.09
Harbor Large Cap Value Fund
Retirement Class	0.61%
Actual		$3.08	$1,000	$1,040.80
Hypothetical (5% return)		3.06	1,000	1,021.69
Institutional Class	0.69%
Actual		$3.49	$1,000	$1,040.10
Hypothetical (5% return)		3.46	1,000	1,021.29
Administrative Class	0.94%
Actual		$4.75	$1,000	$1,038.70
Hypothetical (5% return)		4.71	1,000	1,020.02
Investor Class	1.05%
Actual		$5.31	$1,000	$1,037.80
Hypothetical (5% return)		5.26	1,000	1,019.46
Harbor Mid Cap Fund
Retirement Class	0.80%
Actual		$4.03	$1,000	$1,027.80
Hypothetical (5% return)		4.01	1,000	1,020.73
Institutional Class	0.88%
Actual		$4.42	$1,000	$1,027.60
Hypothetical (5% return)		4.41	1,000	1,020.32
Investor Class	1.24%
Actual		$6.23	$1,000	$1,025.50
Hypothetical (5% return)		6.21	1,000	1,018.49

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	Annualized Expense Ratios*	Expenses Paid During Period**	Beginning Account Value (November 1, 2022)	Ending Account Value (April 30, 2023)
Harbor Mid Cap Value Fund
Retirement Class	0.77%
Actual		$3.85	$1,000	$1,017.70
Hypothetical (5% return)		3.86	1,000	1,020.88
Institutional Class	0.85%
Actual		$4.26	$1,000	$1,017.10
Hypothetical (5% return)		4.26	1,000	1,020.47
Administrative Class	1.10%
Actual		$5.49	$1,000	$1,015.70
Hypothetical (5% return)		5.51	1,000	1,019.20
Investor Class	1.21%
Actual		$6.05	$1,000	$1,015.20
Hypothetical (5% return)		6.06	1,000	1,018.65
Harbor Small Cap Growth Fund
Retirement Class	0.80%
Actual		$4.06	$1,000	$1,042.90
Hypothetical (5% return)		4.01	1,000	1,020.73
Institutional Class	0.88%
Actual		$4.45	$1,000	$1,042.40
Hypothetical (5% return)		4.41	1,000	1,020.32
Administrative Class	1.13%
Actual		$5.72	$1,000	$1,042.10
Hypothetical (5% return)		5.66	1,000	1,019.05
Investor Class	1.24%
Actual		$6.28	$1,000	$1,040.90
Hypothetical (5% return)		6.21	1,000	1,018.49
Harbor Small Cap Value Fund
Retirement Class	0.80%
Actual		$3.98	$1,000	$1,004.20
Hypothetical (5% return)		4.01	1,000	1,020.73
Institutional Class	0.88%
Actual		$4.37	$1,000	$1,003.80
Hypothetical (5% return)		4.41	1,000	1,020.32
Administrative Class	1.13%
Actual		$5.61	$1,000	$1,002.30
Hypothetical (5% return)		5.66	1,000	1,019.05
Investor Class	1.24%
Actual		$6.16	$1,000	$1,002.10
Hypothetical (5% return)		6.21	1,000	1,018.49

 

*	Reflective of all fee waivers and expense reimbursements
**	Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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Additional Information (Unaudited)

Proxy Voting

Harbor Funds has adopted Proxy Voting Policies and Procedures under which proxies relating to securities held by the Harbor funds are voted. In addition, Harbor Funds files Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. A description of Harbor Funds’ Proxy Voting Policies and Procedures and the proxy voting records (Form N-PX) are available (i) without charge, upon request, by calling Harbor toll-free at 800-422-1050; (ii) on Harbor’s website at harborcapital.com; and (iii) on the SEC’s website at sec.gov.

 
Householding

Harbor Funds has adopted a policy that allows it to send only one copy of a Fund’s prospectus, proxy materials, annual report and semi-annual report to certain shareholders residing at the same household. This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call the Shareholder Servicing Agent at 800-422-1050. Individual copies will be sent within thirty (30) days after the Shareholder Servicing Agent receives your instructions. Your consent to householding is considered valid until revoked.

 
Quarterly Portfolio Disclosures

The Funds file a complete portfolio of investments for their first and third fiscal quarters with the SEC as an exhibit to Form N-PORT. The Funds’ Form N-PORT exhibit is available (i) without charge, upon request, by calling Harbor toll-free at 800-422-1050, (ii) on Harbor’s website at harborcapital.com, and (iii) on the SEC’s website at sec.gov.

 
ADVISORY AGREEMENT APPROVALS

The Investment Company Act requires that the Investment Advisory and Subadvisory Agreement(s) of each Fund be approved initially, and following an initial two-year term, at least annually, by the Harbor Funds (the “Trust”) Board of Trustees (the “Board” or the “Trustees”), including a majority of the Independent Trustees voting separately.

FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE INVESTMENT ADVISORY AGREEMENTS AND SUBADVISORY AGREEMENTS OF THE HARBOR FUNDS

At a meeting of the Board held on February 17-18, 2023 (the “Meeting”), the Board, including the Independent Trustees voting separately, considered and approved the continuation of each Investment Advisory Agreement with Harbor Capital, the adviser to each Fund, and each Subadvisory Agreement with each Fund’s subadviser (each, a “Subadviser”) with respect to Harbor Capital Appreciation Fund, Harbor Convertible Securities Fund (Investment Advisory Agreement only), Harbor Core Bond Fund, Harbor Core Plus Fund, Harbor Disruptive Innovation Fund, Harbor Diversified International All Cap Fund, Harbor Global Leaders Fund, Harbor International Fund, Harbor International Core Fund (formerly, Harbor Overseas Fund), Harbor International Growth Fund, Harbor International Small Cap Fund, Harbor Large Cap Value Fund, Harbor Mid Cap Fund, Harbor Mid Cap Value Fund, Harbor Small Cap Growth Fund and Harbor Small Cap Value Fund (each a “Fund” and, collectively, the “Funds”). The Trustees noted that the Subadvisory Agreement for Harbor Convertible Securities Fund was considered and approved for an initial two-year term by the Board on November 13-14, 2022.

In evaluating each Investment Advisory Agreement and each Subadvisory Agreement, the Trustees reviewed materials furnished by Harbor Capital and each Subadviser, including information about their respective affiliates, personnel, and operations, and also relied upon their knowledge of Harbor Capital and the Subadvisers resulting from their quarterly meetings, periodic telephonic meetings and other prior communications. In connection with the Meeting, which had been called for the purpose of considering the continuation of the Investment Advisory Agreements and Subadvisory Agreements, and at prior meetings, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to Fund performance and the services rendered by Harbor Capital and each Subadviser. These materials included a comprehensive written response from Harbor Capital to a 15(c) request letter prepared by legal counsel to the Independent Trustees in consultation with the Independent Trustees. The Trustees also discussed with representatives of Harbor Capital, at the Meeting and at prior meetings, the Trust’s operations and Harbor Capital’s ability, consistent with the “manager-of-managers” structure of many Harbor funds, to (i) identify and recommend to the Trustees a subadviser for each such Fund, (ii) monitor and oversee the performance and investment capabilities of each subadviser, and (iii) recommend the replacement of a subadviser where appropriate. The Trustees specifically considered Harbor Capital’s history as a manager-of-managers, including its history of replacing subadvisers for particular Harbor funds in circumstances in which the Board and Harbor Capital had determined that a change in subadviser

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was in the best interests of a fund and its shareholders, whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadviser’s investment style, (ii) prolonged style inconsistency, (iii) material adverse changes in management or personnel, or (iv) other factors, such as if Harbor Capital were to identify another subadviser believed to better serve the shareholders than the existing subadviser.

At the Meeting, the Trustees, including all of the Independent Trustees voting separately, determined, in the exercise of their business judgment, that the terms of each Investment Advisory Agreement and each Subadvisory Agreement were fair and reasonable and approved the continuation for a one-year period of each such Investment Advisory Agreement and Subadvisory Agreement as being in the best interests of each Fund and its shareholders.

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or any Subadviser present and were represented throughout the process by legal counsel to the Independent Trustees and the Funds.

In considering the approval of each Fund’s Investment Advisory Agreement and, as applicable, Subadvisory Agreement, the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Among the factors considered by the Trustees were the following:

•

The nature, extent, and quality of the services provided by Harbor Capital and each Subadviser, including the background, education, expertise and experience of the investment professionals of Harbor Capital and each Subadviser providing services to the Funds;

•

The favorable history, reputation, qualifications and background of Harbor Capital and each Subadviser, as well as the qualifications of their respective personnel;

•

The profitability of Harbor Capital with respect to each Fund, including the effect of revenues of Harbor Services Group, Inc. (“Harbor Services Group”), the Funds’ transfer agent, and Harbor Funds Distributors, Inc. (“Harbor Funds Distributors”), the Funds’ principal underwriter, on such profitability;

•

The fees charged by Harbor Capital and Subadvisers for investment advisory and subadvisory services, respectively, including, in each case, the portion of the fee to be retained by Harbor Capital, after payment of subadvisory fees, for the investment advisory and related services, including investment, business, legal, compliance, trading (in the case of Harbor Disruptive Innovation Fund), financial and administrative services, that Harbor Capital provides;

•

The extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund’s advisory fee level reflects any economies of scale for the benefit of Fund investors;

•

The fees and expense ratios of each Fund relative to the quality of services provided and the fees and expense ratios of similar investment companies;

•

The short- and long-term investment performance of each Fund in comparison to peer groups and certain relevant benchmark indices and Harbor Capital’s efforts to address circumstances of underperformance where applicable;

•

The compensation received by Harbor Services Group and Harbor Funds Distributors in consideration of the services each provides to the Funds;

•

Any “fall out” benefits that might inure to Harbor Capital, the Subadvisers and their respective affiliates as a result of their relationship with the Funds;

•

Information received at regular meetings throughout the year related to Fund performance and services rendered by Harbor Capital, as well as each of the Subadvisers, and research arrangements with brokers who execute transactions on behalf of each applicable Subadviser;

•

Information contained in materials provided by Harbor Capital and compiled by Broadridge as to the investment returns, advisory fees and total expense ratios of the Institutional Class of each Fund (and, in certain cases, total expense ratios of the Investor Class) relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge; and

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•

Information contained in materials compiled by Morningstar as to the investment returns of the Institutional Class of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers.

Nature, Extent, and Quality of Services

The Trustees separately considered the nature, extent, and quality of the services provided by Harbor Capital and each Subadviser. In their deliberations as to the approval of each Fund’s Investment Advisory Agreement and, as applicable, Subadvisory Agreement(s), the Trustees were mindful of the fact that, by choosing to invest in a Fund, the shareholders had entrusted Harbor Capital with the responsibility, subject to the approval of the Trustees, for selecting each Fund’s Subadviser, overseeing and monitoring that Subadviser’s performance and replacing the Subadviser if necessary. The Trustees also considered as relevant to their determination the favorable history, reputation, qualifications and background of Harbor Capital and each Subadviser, as well as the qualifications of their respective personnel.

The Adviser’s Services. The Board evaluated the nature, extent, and quality of Harbor Capital’s services in light of the Board’s experience with Harbor Capital, as well as materials provided by Harbor Capital concerning the financial and other resources devoted by Harbor Capital to the Trust, including the breadth and depth of experience and expertise of the investment, accounting, administrative, legal and compliance professionals dedicated to the Trust’s operations. The Trustees determined that Harbor Capital has the expertise and resources to manage and operate effectively each Fund.

The Subadvisers’ Services. The Trustees’ consideration of the services provided by the Subadvisers included a review of each Subadviser’s portfolio managers, investment philosophy, style and processes and record of consistency therewith, performance results for different time periods, its approach to controlling risk, and the quality and extent of its investment capabilities and resources, including the nature and extent of research it receives from broker-dealers (to the extent applicable) and other sources. In their deliberations with respect to each applicable Fund, the Trustees considered the history of the Trust’s relationship with each Subadviser and the Trust’s experience with each Subadviser in this capacity.

The Trustees also considered each Subadviser’s breadth and depth of experience and investment results in managing other accounts similar to the respective Fund. The Trustees regularly receive presentations by investment professionals from the Subadvisers. The Trustees reviewed information concerning each Subadviser’s historical investment results in managing accounts and/or funds, as applicable, in a manner substantially similar to the relevant Fund.

Investment Performance, Advisory Fees and Expense Ratios

In considering each Fund’s performance, advisory fees and expense ratio, the Trustees requested and received from Harbor Capital data compiled by Broadridge and Morningstar. The Trustees also received information explaining the methodology for compilation of certain of this information and what it was intended to demonstrate. The Trustees analyzed the Institutional Class performance of each Fund, the advisory fees of each Fund, and the Institutional Class expenses of each Fund (after giving effect to waivers and/or reimbursements, if applicable, that reduced the fees or expenses of the Fund or its peer funds) and made certain observations and findings as to each Fund as noted below. The Trustees also reviewed certain Investor Class comparative fee and expense information they considered relevant to their deliberations. In evaluating performance, the Trustees recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results.

Harbor Capital Appreciation Fund. The Trustees considered Harbor Capital Appreciation Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund’s Institutional Class had underperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the fourth, third and third quartile, respectively, for the periods ended December 31, 2022. The Trustees also considered that the Fund had underperformed its primary benchmark, the Russell 1000® Growth Index, for the one-, three- and five-year periods ended December 31, 2022.

The Trustees considered the expertise of Jennison Associates LLC (“Jennison”) in managing assets generally and specifically with respect to the Fund’s strategy, noting that Jennison managed approximately $54 billion in assets in this strategy, out of a firm-wide total of approximately $164.1 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $21.7 billion, showed that the Fund’s contractual management fee was above the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below its

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group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor Convertible Securities Fund. The Trustees considered Harbor Convertible Securities Fund (inception date May 1, 2011), noting that, according to the Broadridge report, the Fund’s Institutional Class had outperformed its Broadridge group and universe medians for the one-year period ended December 31, 2022 and underperformed its Broadridge group and universe medians for the three- and five-year periods ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the first, third and third quartiles, respectively, for the periods ended December 31, 2022. The Trustees also considered that the Fund had outperformed its benchmark, the ICE Bank of America (“ICE BofA”) U.S. Convertible Ex Mandatory Index, for the one-year period ended December 31, 2022, and underperformed its benchmark for the three- and five-year periods ended December 31, 2022. The Trustees noted that BlueCove Limited (“BlueCove”) had been appointed the Fund’s subadviser for an initial two-year period effective March 1, 2023 and therefore the Fund’s performance for the periods shown was not attributable to BlueCove.

The Trustees considered the expertise of BlueCove in managing assets generally and in fixed income securities specifically, noting that BlueCove has a firm-wide total of $1.6 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $175 million, showed the Fund’s management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio of the Fund’s Institutional Class was below the group median and above the universe median.The Trustees also considered that Harbor Capital had agreed to implement a contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor Core Bond Fund. The Trustees considered Harbor Core Bond Fund (inception date June 1, 2018), noting that, according to the Broadridge report, the Fund’s Institutional Class had outperformed its Broadridge group and universe medians for the one-year period ended December 31, 2022, underperformed its Broadridge group medians for the three- and five-year periods ended December 31, 2022 and outperformed its Broadridge universe medians for the three- and five-year periods ended December 31, 2022. The Morningstar data presented showed that the Fund’s one- and three-year period rolling returns ranked in the second quartile for the periods ended December 31, 2022. The Trustees also considered that the Fund had underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-year period ended December 31, 2022 and outperformed the benchmark for the three-year and since inception period ended December 31, 2022.

The Trustees considered the expertise of Income Research & Management (“IR+M”) in managing assets generally and in the core bond strategy specifically, noting that IR+M managed approximately $14.4 billion in assets in this strategy, out of a firm-wide total of approximately $89.0 billion in assets under management as of December 31, 2022. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $75 million, showed the Fund’s management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio of the Fund’s Institutional Class was below the group and universe medians.The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024. The Trustees noted that Harbor Capital’s profitability in operating the Fund was negative.

Harbor Core Plus Fund. The Trustees considered Harbor Core Plus Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund’s Institutional Class had outperformed its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2022, underperformed its Broadridge group median for the five-year period ended December 31, 2022 and outperformed its Broadridge universe median for the five-year period ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the second quartile for the periods ended December 31, 2022. The Trustees considered that Harbor Core Plus Fund had underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-year period ended December 31, 2022, and outperformed its benchmark for the three- and five-year periods ended December 31, 2022. The Trustees noted the fact that IR+M had been appointed the Fund’s subadviser for an initial two-year term effective February 2, 2022 and therefore the Fund’s performance for the periods shown was not wholly attributable to IR+M.

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The Trustees considered the expertise of IR+M in managing assets generally and in the core plus strategy specifically, noting that IR+M managed approximately $1.3 billion in core plus assets out of a firm-wide total of approximately $89.0 billion in assets under management as of December 31, 2022. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $950 million, showed the Fund’s management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio of the Fund’s Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor Disruptive Innovation Fund. The Trustees considered Harbor Disruptive Innovation Fund (inception date November 1, 2000), noting that, according to the Broadridge report, the Fund’s Institutional Class had underperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the second, third and third quartile, respectively, for the periods ended December 31, 2022. The Trustees also considered that the Fund had underperformed its primary benchmark, the S&P 500 Index, for the one-, three- and five-year periods ended December 31, 2022.

The Trustees noted the fact that 4BIO Partners LLP (“4BIO Capital”), NZS Capital, LLC (“NZS Capital”), Sands Capital Management, LLC (“Sands Capital”), Tekne Capital Management, LLC (“Tekne”), and Westfield Capital Management Company, L.P. (“Westfield Capital”) had been appointed as the Fund’s subadvisers effective September 1, 2021 and that performance prior to that date is not attributable to 4BIO Capital, NZS Capital, Sands Capital, Tekne, and Westfield Capital. The Trustees further noted that, prior to that date, the Fund was compared to a different benchmark index. The Trustees considered the expertise of 4BIO Capital, NZS Capital, Sands Capital, Tekne, and Westfield Capital in the strategies for which they provide model portfolios.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $125 million, showed that the Fund’s contractual management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below its group and universe medians. The Trustees also considered that Harbor Capital had agreed to a contractual fee waiver/expense reimbursement arrangement with the Fund until at least February 29, 2024. The Trustees noted that Harbor Capital’s profitability in operating the Fund was negative.

Harbor Diversified International All Cap Fund. The Trustees considered Harbor Diversified International All Cap Fund (inception date November 2, 2015), noting that, according to the Broadridge report, the Fund’s Institutional Class had outperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the second quartile for the periods ended December 31, 2022. The Trustees also considered that the Fund had outperformed its benchmark, the MSCI All Country World Ex. U.S. (ND) Index, for the one-, three- and five-year periods ended December 31, 2022.

The Trustees considered the expertise of Marathon Asset Management Limited (“Marathon-London”) in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Marathon-London managed approximately $4.3 billion in assets in this strategy, out of a firm-wide total of approximately $38.5 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $825 million, showed the Fund’s management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below the group median and equal to the universe median. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024.The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor Global Leaders Fund. The Trustees considered Harbor Global Leaders Fund (inception date March 1, 2009), noting that, according to the Broadridge report, the Fund’s Institutional Class had underperformed its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2022 and outperformed its Broadridge group and universe medians for the five-year period ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the third, fourth, and second quartile, respectively, for the periods ended December 31, 2022. The Trustees considered that the Fund had underperformed its benchmark, the MSCI All Country World (ND) Index, for the one- and three-year periods ended December 31, 2022 and outperformed the benchmark for the five-year period ended December 31, 2022.

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The Trustees considered the expertise of Sands Capital in managing assets generally and in the international equity strategy specifically, noting that Sands Capital managed approximately $3.3 billion in assets in this strategy, out of a firm-wide total of approximately $38.9 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees noted that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $75 million, showed the Fund’s management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024. The Trustees noted that the Adviser’s profitability in operating the Fund was not excessive.

Harbor International Fund. The Trustees considered Harbor International Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund’s Institutional Class had outperformed its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2022, underperformed its Broadridge group median for the five-year period ended December 31, 2022 and outperformed its Broadridge universe median for the five-year period ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the first, first and third quartile, respectively, for the periods ended December 31, 2022. The Trustees considered that the Fund had outperformed its benchmark, the MSCI EAFE® (ND) Index, for the one- and three-year periods ended December 31, 2022 and underperformed the benchmark for the five-year period ended December 31, 2022.

The Trustees considered the expertise of Marathon-London in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Marathon-London managed approximately $20.3 billion in this strategy, out of a firm-wide total of approximately $38.5 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $3.05 billion, showed the Fund’s management fee was equal to the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor International Core Fund. The Trustees considered Harbor International Core Fund (formerly, Harbor Overseas Fund; inception date March 1, 2019), noting that, according to the Broadridge report, the Fund’s Institutional Class had outperformed its Broadridge group and universe medians for the one-year, three-year and since inception periods ended December 31, 2022. The Morningstar data presented showed that the Fund’s one- and three-year rolling returns ranked in the second and first quartile, respectively, for the periods ended December 31, 2022. The Trustees considered that the Fund had underperformed its benchmark, the MSCI EAFE (ND) Index, for the one-year period ended December 31, 2022, and outperformed its benchmark for the three-year and since inception periods ended December 31, 2022.

The Trustees considered the expertise of Acadian Asset Management LLC (“Acadian”) in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Acadian managed approximately $7.4 billion in assets in this strategy out of a firm-wide total of approximately $92.8 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $100 million, showed the Fund’s management fee was equal to the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below the group median and above the universe median. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024.The Trustees noted that Harbor Capital’s profitability in operating the Fund was negative.

Harbor International Growth Fund. The Trustees considered Harbor International Growth Fund (inception date November 1, 1993), noting that, according to the Broadridge report, the Fund’s Institutional Class had underperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the fourth quartile for the periods ended December 31, 2022. The Trustees considered that the Fund had underperformed its benchmark, the MSCI All Country World Ex. U.S. (ND) Index, for the one-, three- and five-year periods ended December 31, 2022. The Trustees noted, however, that based on data for the periods ended January 31, 2023, the Fund had outperformed the benchmark over recent short-term periods (one and three months) and had also outperformed the benchmark for the five-year period.

142

Harbor Funds
Additional Information—Continued

ADVISORY AGREEMENT APPROVALS—Continued 

The Trustees considered the expertise of Baillie Gifford Overseas Limited (“Baillie Gifford”) in managing assets generally and in the ACWI ex-US Focus strategy specifically, noting that Baillie Gifford managed approximately $9.2 billion in assets in this strategy, out of a firm-wide total of approximately $268.7 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $350 million, showed the Fund’s management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below the group median and above the universe median. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024.The Trustees noted that the Adviser’s profitability in operating the Fund was not excessive.

Harbor International Small Cap Fund. The Trustees considered Harbor International Small Cap Fund (inception date February 1, 2016), noting that, according to the Broadridge report, the Fund’s Institutional Class had outperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the first quartile for the periods ended December 31, 2022. The Trustees considered that the Fund had outperformed its benchmark, the MSCI EAFE Small Cap (ND) Index, for the one-, three- and five-year periods ended December 31, 2022.

The Trustees considered the expertise of Cedar Street in managing assets generally and in the international small cap strategy specifically, noting that Cedar Street managed approximately $338.5 million in assets in this strategy out of a firm-wide total of approximately $399.3 million in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $125 million, showed the Fund’s management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024.The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor Large Cap Value Fund. The Trustees considered Harbor Large Cap Value Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund’s Institutional Class had underperformed its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2022 and outperformed its Broadridge group and universe medians for the five-year period ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the fourth, third and second quartile, respectively, for the periods ended December 31, 2022. The Trustees also considered that the Fund had underperformed its benchmark, the Russell 1000® Value Index, for the one-year period ended December 31, 2022 and outperformed the benchmark for the three- and five-year periods ended December 31, 2022.

The Trustees considered the expertise of Aristotle Capital Management, LLC (“Aristotle”) in managing assets generally and in large cap value strategies specifically, noting that Aristotle managed approximately $42.5 billion in assets in the value equity strategy used by the Fund, out of a firm-wide total of approximately $48.6 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $2.125 billion, showed the Fund’s management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below its group median and above its universe median. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024. The Trustees noted that the Adviser’s profitability in operating the Fund was not excessive.

Harbor Mid Cap Fund. The Trustees considered Harbor Mid Cap Fund (inception date December 1, 2019), noting that, according to the Broadridge report, the Fund’s Institutional Class had underperformed its Broadridge group and universe medians for the one-year period ended December 31, 2022 and outperformed its Broadridge group and universe medians for the three-year and since inception periods ended December 31, 2022. The Morningstar data presented showed that the Fund’s one- and three-year rolling returns ranked in the third and second quartile, respectively, for the period ended December 31, 2022. The Trustees also considered that the Fund had outperformed its benchmark, the Russell Midcap® Index, for the one- and three-year periods ended December 31, 2022.

143

Harbor Funds
Additional Information—Continued

ADVISORY AGREEMENT APPROVALS—Continued 

The Trustees considered the expertise of EARNEST Partners LLC (“EARNEST”) in managing assets generally and in the mid cap strategy specifically, noting that EARNEST managed approximately $1.9 billion in assets in this strategy, out of a firm-wide total of approximately $26.2 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio manager in this strategy, noting that he is the founder of EARNEST.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $100 million, showed the Fund’s management fee was above the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below the group median and above the universe median. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor Mid Cap Value Fund. The Trustees considered Harbor Mid Cap Value Fund (inception date March 1, 2002), noting that, according to the Broadridge report, the Fund’s Institutional Class had outperformed its Broadridge group and universe medians for the one-year period ended December 31, 2022 and underperformed its Broadridge group and universe medians for the three-and five-year periods ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the second, third and fourth quartile, respectively, for the periods ended December 31, 2022. The Trustees considered that the Fund had outperformed its benchmark, the Russell Midcap® Value Index, for the one-year period ended December 31, 2022 and underperformed the benchmark for three- and five-year periods ended December 31, 2022.

The Trustees considered the expertise of LSV Asset Management (“LSV”) in managing assets generally and in the mid cap value strategy specifically, noting that LSV managed approximately $1.5 billion in assets in this strategy, out of a firm-wide total of approximately $91.3 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy, noting that one of the portfolio managers was a founding partner of LSV.

The Trustees noted that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $325 million, showed the Fund’s management fee was equal to the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was above the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2024. The Trustees noted that the Adviser’s profitability in operating the Fund was not excessive.

Harbor Small Cap Growth Fund. The Trustees considered Harbor Small Cap Growth Fund (inception date November 1, 2000), noting that, according to the Broadridge report, the Fund’s Institutional Class had outperformed its Broadridge group and universe medians for the one- and five-year periods ended December 31 2022, underperformed its Broadridge group median for the three-year period ended December 31, 2022 and outperformed its Broadridge universe median for the three-year period ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the second quartile for the periods ended December 31, 2022. The Trustees also considered that the Fund had outperformed its benchmark, the Russell 2000® Growth Index, for the one-, three- and five-year periods ended December 31, 2022.

The Trustees considered the expertise of Westfield Capital in managing assets generally and in the small cap growth strategy specifically, noting that Westfield Capital managed approximately $1.8 billion in assets in this strategy, out of a firm-wide total of approximately $13.3 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $925 million, showed the Fund’s contractual management fee was below the group median for the Institutional Class. The Broadridge data also showed that the Fund’s actual total expense ratio for the Fund’s Institutional Class was below the group and universe medians. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor Small Cap Value Fund. The Trustees considered Harbor Small Cap Value Fund (inception date December 14, 2001), noting that, according to the Broadridge report, the Fund’s Institutional Class had underperformed its Broadridge group median for the one-year period ended December 31, 2022, matched its Broadridge universe median for the one-year period ended December 31, 2022, underperformed its Broadridge group and universe medians for the three-year period ended December 31, 2022, and outperformed its Broadridge group and universe medians for the five-year period ended December 31, 2022. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the second, third and second quartile, respectively, for the periods ended December 31, 2022. The Trustees also considered that the Fund outperformed its benchmark, the Russell 2000®Value Index, for the one-, three- and five-year periods ended December 31, 2022.

144

Harbor Funds
Additional Information—Continued

ADVISORY AGREEMENT APPROVALS—Continued 

The Trustees considered the expertise of EARNEST in managing assets generally and in the small cap value strategy specifically, noting that EARNEST managed approximately $5.8 billion in assets in this strategy, out of a firm-wide total of approximately $26.2 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio manager in this strategy, noting that he is the founder of EARNEST.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $2.15 billion, showed the Fund’s management fee was below the group median. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below the group and universe median expense ratios. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

The Trustees also separately considered the allocation between Harbor Capital and each Subadviser of the relevant Fund’s investment advisory fee (i.e., the amount of the advisory fee retained by Harbor Capital relative to that paid to the relevant Subadviser as a subadvisory fee). They determined in each case that the allocation was reasonable and the product of arm’s length negotiation between Harbor Capital and the Subadviser.

Profitability

The Trustees also considered Harbor Capital’s profitability in operating each of the Funds (as well as on a fund complex-wide basis) as presented by Harbor Capital, and the allocation methodology used by Harbor Capital to compute such profitability. The Trustees concluded that the allocation methodology was reasonable and that a reasonable level of profitability was important to provide suitable incentives for Harbor Capital to continue to attract and maintain high-quality personnel and to invest in infrastructure and other resources to support and enhance the Funds’ operations. In considering Harbor Capital’s profitability generally, the Trustees also reviewed the compensation received by Harbor Services Group and Harbor Funds Distributors in consideration of the transfer agency and distribution services, respectively, that are provided to the Funds and any other benefits enjoyed by Harbor Capital and its affiliates as a result of their relationship with the Funds.

The Trustees also considered that profitability calculations with respect to advisory, transfer agency and distribution operations vary significantly depending on whether revenues on which the calculation is based are taken gross or net of amounts paid to third parties, such as subadvisory fee expenses and certain transfer agency expenses, and noted that subadvisory fee expenses are a direct expense of Harbor Capital. The Trustees also noted that Harbor Capital was, in certain cases, waiving a portion of its advisory fee and/or paying or reimbursing a portion of Fund expenses. The Trustees determined that Harbor Capital’s profitability in operating each Fund was not excessive.

Economies of Scale

The Trustees also considered the extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund’s advisory fee level reflects these economies of scale for the benefit of Fund investors. The Trustees specifically considered whether any advisory fee reduction “breakpoints” should be added to the advisory fee payable by any Fund. As noted above, the Trustees concluded that Harbor Capital’s profitability in each case was not excessive. They concluded that the Funds’ fee structures reflected economies of scale to date and that the addition of breakpoints in these fee structures was not required at the present time. The Trustees noted they intend to monitor each Fund’s asset growth in connection with future reviews of each Fund’s Investment Advisory Agreement to determine whether breakpoints may be appropriate at such time.

FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE Investment Advisory Agreement and subadvisory agreement OF Harbor Convertible Securities Fund

At a meeting of the Board held on November 13-14, 2022 (the “Meeting”), the Board approved the subadvisory agreement among Harbor Capital, the Trust on behalf of Harbor Convertible Securities Fund (the “Fund”) and BlueCove Limited (“BlueCove”). As a result, BlueCove replaced Shenkman Capital Management, Inc. (“Shenkman”) as subadviser to the Fund.

At the Meeting, the Board, including the Independent Trustees voting separately, unanimously determined, in the exercise of their business judgment, that it was in the best interests of the Fund and its shareholders for Shenkman to be replaced by BlueCove as subadviser to the Fund and that the terms of the new subadvisory agreement among the Trust, on behalf of the Fund, Harbor Capital and BlueCove were fair and reasonable. Accordingly, the Trustees approved the new subadvisory agreement for an initial two-year term. In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or BlueCove present and were represented throughout the process by legal counsel to the Independent Trustees and the Fund.

In connection with their approval of these changes, the Trustees also approved an amended and restated investment advisory agreement between Harbor Capital and the Trust, on behalf of the Fund, to lower the contractual fee rate payable to Harbor Capital thereunder.

145

Harbor Funds
Additional Information—Continued

ADVISORY AGREEMENT APPROVALS—Continued 

The Trustees considered that, given the lack of a reasonable, viable commercial growth path for the Fund, Harbor Capital determined that a change in subadviser would better enable the Fund to fulfill Harbor Capital’s goal of offering a vibrant, competitively priced, actively managed fund that could serve shareholders over the long term and gain additional traction in the marketplace. Harbor Capital believes that the hiring of BlueCove offers the Fund and its shareholders the opportunity for attractive risk-adjusted returns over the long term. Furthermore, Harbor Capital believes that BlueCove’s record as a strong partner to Harbor Capital would place the Fund in a better position to continue to grow and remain viable for shareholders over the long term.

In considering potential replacement subadvisers, Harbor Capital conducted research on asset managers across the fixed income universe and also relied on knowledge built from its ongoing monitoring of BlueCove, as an existing subadviser to certain series of Harbor ETF Trust, and other comparable managers. That research led to the identification of BlueCove as a firm in which Harbor Capital has a high degree of investment conviction. Harbor Capital believes that BlueCove will provide the investment approach needed to help the Fund become both sustainable and vibrant over the long term. At the Meeting, the Trustees received presentations by (i) Harbor Capital regarding its recommendation, and (ii) BlueCove regarding the firm’s experience, investment philosophy and process, operational and trading capabilities, and BlueCove’s proposed approach to managing the Fund’s assets, among other things.

In determining whether to approve the new subadvisory agreement, the Trustees reviewed materials furnished by Harbor Capital and BlueCove, including information regarding BlueCove, its investment philosophy and strategies, past performance, financial condition, operational capabilities and personnel. The Trustees also took into account their knowledge of BlueCove resulting from its role as subadviser to Harbor Scientific Alpha Income ETF and Harbor Scientific Alpha High-Yield ETF, and they considered Harbor Capital’s rationale for its recommendation to appoint BlueCove to succeed Shenkman as the Fund’s subadviser.

The Trustees considered that, in recommending BlueCove, Harbor Capital had conducted a search for a fixed income investment adviser and believed BlueCove had the potential to add value for the Fund’s shareholders.

Specific Factors

In considering the approval of the new subadvisory agreement, the Board, including the Independent Trustees, evaluated a number of factors relevant to their determination. They did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Among the factors considered by the Trustees in approving the new subadvisory agreement were the following:

The nature, extent, and quality of the services proposed to be provided by BlueCove, including the background, education, expertise and experience of the investment professionals of BlueCove who would provide investment management services to the Fund;

The favorable history, reputation, qualifications and background of BlueCove, as well as the reputations, qualifications and background of BlueCove’s personnel;

The proposed fee to be charged by BlueCove to Harbor Capital for subadvisory services, including the impact of any differences between the current and proposed subadvisory fees on the portion of the advisory fee to be retained by Harbor Capital, after payment of BlueCove’s fee, for the subadviser oversight, administration and manager-of-managers services Harbor Capital provides;

That Harbor Capital had agreed to reduce its contractual management fee rate;

The analysis of backtested investment performance of BlueCove in the style to be utilized in managing the Fund relative to the performance of the Fund under Shenkman;

The expected impact of the implementation of the subadvisory agreement and the new investment advisory agreement on the profitability of Harbor Capital with respect to the Fund;

Any “fall out” benefits that might inure to Harbor Capital, BlueCove and their affiliates as a result of the implementation of the new subadvisory agreement; and

The desire to continue to offer to Fund shareholders exposure to the convertible securities asset class through a fund that is competitively priced and viable over the long term.

The Trustees considered the nature, extent and quality of the services proposed to be provided by BlueCove in relation to the services provided by Shenkman since the inception of the Fund on May 1, 2011. In their deliberations, the Trustees were mindful of the fact that, by choosing to invest in the Fund, the Fund’s shareholders entrusted Harbor Capital with the responsibility,

146

Harbor Funds
Additional Information—Continued

ADVISORY AGREEMENT APPROVALS—Continued 

subject to the approval of the Trustees, for selecting the Fund’s subadviser, overseeing and monitoring that subadviser’s performance and replacing the subadviser if necessary. The Trustees also considered as relevant to their determination the depth, knowledge and experience level of the investment team, the quality of the investment process and the culture of BlueCove.

The Board considered the potential tax and financial impacts of liquidating portfolio holdings and realizing gains and incurring brokerage costs in transitioning the portfolio, and potential options for mitigating the tax consequences to Fund shareholders. The Trustees evaluated the tax ramifications of a subadviser change with respect to the estimated level of net realized and unrealized losses in the portfolio following the portfolio transition based on certain assumptions with respect to the market value of the portfolio securities and expected redemptions in the portfolio. The Board considered the portion of portfolio holdings that will likely be replaced as a result of the proposed engagement of BlueCove.

The Trustees also discussed other potential options for the Fund.

Subadvisory Fee. In considering the proposed subadvisory fee payable to BlueCove pursuant to the new subadvisory agreement, the Trustees compared the proposed fee to the fee payable to Shenkman under the prior subadvisory agreement. The Trustees noted that, based on the Fund’s assets as of September 30, 2022, the effective aggregate annual fee rate for the Fund under the prior subadvisory agreement with Shenkman was higher than the effective annual fee rate to be paid by Harbor Capital under the new subadvisory agreement with BlueCove. The Trustees also considered that the reduction in subadvisory fee will enable Harbor Capital to, effective March 1, 2023, reduce the Fund’s contractual management fee rate, which will result in a reduction in the Fund’s net expense ratios.

Advisory Agreement. The Trustees considered that, although they were being asked to approve an amended investment advisory agreement for the Fund to implement an advisory fee reduction, the Trustees would nonetheless have the opportunity to perform a full review of the agreement in connection with their annual review of investment advisory agreements, at which time the Trustees would consider the nature, extent and quality of services provided; investment performance; advisory fees and expense ratios; profitability; any “fall out” benefits; and economies of scale.

As a result of these deliberations, the Trustees agreed that the Fund’s prior subadvisory agreement should be terminated and voted to approve the new subadvisory agreement with BlueCove for the Fund as well as the amended and restated investment advisory agreement.

 
Review of Liqudity Risk Management Program

The Trust has adopted pursuant to Rule 22e-4 under the Investment Company Act (“Rule 22e-4”) a Liquidity Risk Management Program (the “Program”) for the Funds. The Board has designated a committee of Harbor Capital employees as the Program Administrator.

The Program is designed to assess and manage each Fund’s liquidity risk. For purposes of Rule 22e-4, “liquidity risk” is defined as the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. Components of the Program include: (i) periodic assessment of each Fund’s liquidity risk based on certain factors; (ii) classification of each Fund’s holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid and Illiquid) that reflect an estimate of liquidity under current market conditions; (iii) to the extent a Fund does not invest primarily in Highly Liquid investments, establishment of an appropriate Highly Liquid Investment Minimum (“HLIM”) (as defined in Rule 22e-4) for such Fund and ongoing monitoring of the Fund’s net assets to assess compliance with the Fund’s HLIM; (iv) a limit on the ability of a Fund to acquire illiquid investments in excess of 15% of the Fund’s net assets; and (v) periodic reporting to the Board.

At a meeting held on November 10, 2022, the Board of Trustees reviewed the operation and effectiveness of the Program for the period beginning October 1, 2021 and ending September 30, 2022 (the “period”). At the November 10, 2022 meeting, the Board reviewed a report prepared by, and received a presentation from, the Program Administrator regarding the operation of the Program, its adequacy, and the effectiveness of its implementation during the period. The Program Administrator’s report included, among other things, a review of: (i) the operation of the Program overall during the period; (ii) the activities conducted by the Program Administrator with respect to the Program; (iii) the level of portfolio investments classified into each of the four liquidity categories and the services provided by the third-party vendor engaged by the Trust to facilitate such classification with respect to certain of the Funds; and (iv) the most recent liquidity risk assessment for the Funds conducted by the Program Administrator in accordance with Rule 22e-4. Based upon its review, the Program Administrator determined that the Program was adequate and effective in facilitating the Funds’ compliance with Rule 22e-4 during the period.

147

 

 

  

 

FD.SAR.MF.0423

ITEM 2 – CODE OF ETHICS

Not applicable.

ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6 – INVESTMENTS

(a)

The Registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the report to shareholders filed under Item 1 of this report on Form N-CSR.

(b)

Not applicable.

ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees since the date of the Registrant’s prior report on Form N-CSR.

ITEM 11 – CONTROLS AND PROCEDURES

(a)

The Registrant’s Principal Executive and Principal Financial Officers concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these disclosure controls and procedures as of a date within 90 days of the filing of this report.

(b)

There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13 – EXHIBITS 

(a)	A certification for each of the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) is attached hereto.
(b)	A certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed June 23, 2023 on its behalf by the undersigned, thereunto duly authorized.

HARBOR FUNDS

By: /s/ Charles F. McCain

Charles F. McCain
Chairman, President and Trustee
(Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. 

By:	/s/ Charles F. McCain Charles F. McCain	Chairman, President and Trustee (Principal Executive Officer)	June 23, 2023
By:	/s/ John M. Paral John M. Paral	Treasurer (Principal Financial and Accounting Officer)	June 23, 2023

Exhibit Index 

Number	Description
99.CERT1	Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).
99.CERT2	Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).
99.906CERT	Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).