# EDGAR Filing Document

**Accession Number:** 0000793769
**File Stem:** 0001193125-23-048883
**Filing Date:** 2023-2
**Character Count:** 2073324
**Document Hash:** b97e42b1059b9cf847c65a20baf7d496
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-048883.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001193125-23-048883

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 139

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARBOR FUNDS
- **CENTRAL INDEX KEY:** 0000793769
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04676
- **FILM NUMBER:** 23668255

**BUSINESS ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE
- **STREET 2:** 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-443-4400

**MAIL ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE
- **STREET 2:** 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARBOR FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARBOR GROWTH FUND
- **DATE OF NAME CHANGE:** 19871229
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARBOR FUNDS
- **CENTRAL INDEX KEY:** 0000793769
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-05852
- **FILM NUMBER:** 23668254

**BUSINESS ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE
- **STREET 2:** 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-443-4400

**MAIL ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE
- **STREET 2:** 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARBOR FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARBOR GROWTH FUND
- **DATE OF NAME CHANGE:** 19871229

## Series and Classes Contracts Data

### Harbor Capital Appreciation Fund (Series ID: S000000681)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001973 | Institutional Class  | HACAX           |
| C000001974 | Administrative Class | HRCAX           |
| C000001975 | Investor Class       | HCAIX           |
| C000166746 | Retirement Class     | HNACX           |

### Harbor Core Plus Fund (Series ID: S000000682)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001976 | Institutional Class  | HABDX           |
| C000001977 | Administrative Class | HRBDX           |
| C000200770 | Retirement Class     | HBFRX           |

### Harbor Disruptive Innovation Fund (Series ID: S000000685)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001982 | Institutional Class  | HAMGX           |
| C000001983 | Administrative Class | HRMGX           |
| C000001984 | Investor Class       | HIMGX           |
| C000166747 | Retirement Class     | HNMGX           |

### Harbor Small Cap Growth Fund (Series ID: S000000686)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001985 | Institutional Class  | HASGX           |
| C000001986 | Administrative Class | HRSGX           |
| C000001987 | Investor Class       | HISGX           |
| C000166748 | Retirement Class     | HNSGX           |

### Harbor Large Cap Value Fund (Series ID: S000000687)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001988 | Institutional Class  | HAVLX           |
| C000001989 | Administrative Class | HRLVX           |
| C000001990 | Investor Class       | HILVX           |
| C000166749 | Retirement Class     | HNLVX           |

### Harbor Mid Cap Value Fund (Series ID: S000000688)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001991 | Institutional Class  | HAMVX           |
| C000001992 | Administrative Class | HRMVX           |
| C000001993 | Investor Class       | HIMVX           |
| C000166750 | Retirement Class     | HNMVX           |

### Harbor Small Cap Value Fund (Series ID: S000000689)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001994 | Institutional Class  | HASCX           |
| C000001995 | Administrative Class | HSVRX           |
| C000001996 | Investor Class       | HISVX           |
| C000166751 | Retirement Class     | HNVRX           |

### Harbor International Fund (Series ID: S000000690)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000001997 | Institutional Class  | HAINX           |
| C000001998 | Administrative Class | HRINX           |
| C000001999 | Investor Class       | HIINX           |
| C000166752 | Retirement Class     | HNINX           |

### Harbor International Growth Fund (Series ID: S000000691)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000002000 | Institutional Class  | HAIGX           |
| C000002001 | Administrative Class | HRIGX           |
| C000002002 | Investor Class       | HIIGX           |
| C000166753 | Retirement Class     | HNGFX           |

### Harbor Global Leaders Fund (Series ID: S000025062)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000074559 | Institutional Class  | HGGAX           |
| C000074560 | Administrative Class | HRGAX           |
| C000074561 | Investor Class       | HGGIX           |
| C000166755 | Retirement Class     | HNGIX           |

### Harbor Convertible Securities Fund (Series ID: S000032104)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000099979 | Institutional Class  | HACSX           |
| C000099980 | Administrative Class | HRCSX           |
| C000099981 | Investor Class       | HICSX           |
| C000166756 | Retirement Class     | HNCVX           |

### Harbor Diversified International All Cap Fund (Series ID: S000051342)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000161865 | Institutional Class  | HAIDX           |
| C000161866 | Administrative Class | HRIDX           |
| C000161867 | Investor Class       | HIIDX           |
| C000166759 | Retirement Class     | HNIDX           |

### Harbor International Small Cap Fund (Series ID: S000052663)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000165335 | Institutional Class  | HAISX           |
| C000165336 | Administrative Class | HRISX           |
| C000165337 | Investor Class       | HIISX           |
| C000165338 | Retirement Class     | HNISX           |

### Harbor Core Bond Fund (Series ID: S000061981)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000200768 | Institutional Class | HACBX           |
| C000200769 | Retirement Class    | HCBRX           |

### Harbor International Core Fund (Series ID: S000064886)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000210021 | Administrative Class | HAOAX           |
| C000210022 | Institutional Class  | HAOSX           |
| C000210023 | Retirement Class     | HAORX           |
| C000210024 | Investor Class       | HAONX           |

### Harbor Mid Cap Fund (Series ID: S000067063)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000215755 | Administrative Class | HMCDX           |
| C000215756 | Investor Class       | HMCNX           |
| C000215757 | Retirement Class     | HMCRX           |
| C000215758 | Institutional Class  | HMCLX           |

?xml version='1.0' encoding='ASCII'? Harbor Funds Prospectus

**As filed with the Securities and Exchange Commission on February 24, 2023**

**File No. 33-5852**

**File No. 811-4676**

------

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

------

**FORM N-1A**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933* ☒**

**Post-Effective Amendment No. 171**

**☒**

**and**

**REGISTRATION STATEMENT**

***UNDER***

***THE INVESTMENT COMPANY ACT OF 1940* ☒**

**Amendment No. 173**

**☒**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**HARBOR FUNDS**

**(Exact name of Registrant as Specified in Charter)**

------

**111 South Wacker Drive, 34**<sup>th</sup> **Floor, Chicago, Illinois 60606**

**(Address of Principal Executive Offices)**

**(312) 443-4400**

**(Registrant's Telephone Number, including Area Code)**

------

---

| | |
|:---|:---|
| **CHARLES F. MCCAIN, ESQ.**<br> **Harbor Funds**<br> **111 South Wacker Drive – 34**<sup>th</sup> **Floor**<br> **Chicago, Illinois 60606**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **CHRISTOPHER P. HARVEY, ESQ.**<br> **Dechert LLP** <br> **One International Place – 40**<sup>th</sup> **Floor** <br> **100 Oliver Street**<br> **Boston, Massachusetts 02110**<br>|

---

**(Name and address of Agents for Service)**

------

It is proposed that this filing will become effective (check appropriate box)

☐

immediately upon filing pursuant to paragraph (b)

☒

on March 1, 2023 pursuant to paragraph (b)

☐

60 days after filing pursuant to paragraph (a)(1)

☐

on pursuant to paragraph (a)(1)

☐

75 days after filing pursuant to paragraph (a)(2)

☐

on pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

☐

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

![](g458923imgaddc8af21.jpg)

**Prospectus** 

**Harbor Funds** 

**March 1, 2023** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor Funds** | **Retirement** <br> **Class**<br>| **Institutional** <br> **Class**<br>| **Administrative** <br> **Class**<br>| **Investor** <br> **Class**<br>|
| Harbor Capital Appreciation Fund | HNACX | HACAX | HRCAX | HCAIX |
| Harbor Convertible Securities Fund | HNCVX | HACSX | HRCSX | HICSX |
| Harbor Core Bond Fund | HCBRX | HACBX | – | – |
| Harbor Core Plus Fund | HBFRX | HABDX | HRBDX | – |
| Harbor Disruptive Innovation Fund | HNMGX | HAMGX | HRMGX | HIMGX |
| Harbor Diversified International All Cap Fund | HNIDX | HAIDX | HRIDX | HIIDX |
| Harbor Global Leaders Fund | HNGIX | HGGAX | HRGAX | HGGIX |
| Harbor International Fund | HNINX | HAINX | HRINX | HIINX |
| Harbor International Core Fund<br> (formerly, Harbor Overseas Fund)<br>| HAORX | HAOSX | HAOAX | HAONX |
| Harbor International Growth Fund | HNGFX | HAIGX | HRIGX | HIIGX |
| Harbor International Small Cap Fund | HNISX | HAISX | HRISX | HIISX |
| Harbor Large Cap Value Fund | HNLVX | HAVLX | HRLVX | HILVX |
| Harbor Mid Cap Fund | HMCRX | HMCLX | HMCDX | HMCNX |
| Harbor Mid Cap Value Fund | HNMVX | HAMVX | HRMVX | HIMVX |
| Harbor Small Cap Growth Fund | HNSGX | HASGX | HRSGX | HISGX |
| Harbor Small Cap Value Fund | HNVRX | HASCX | HSVRX | HISVX |

---

The Securities and Exchange Commission (SEC) has not approved any Fund's shares as an investment or determined whether this Prospectus is accurate or complete. Anyone who tells you otherwise is committing a crime.

![(Harbor Funds Lighthouse Logo)](g458923img485928ca2.jpg)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Fund Summaries](#xx_1b25d06b-b20f-4d8f-a0e5-1c226655b960_1)** |  |
| [Harbor Capital Appreciation Fund](#xx_1b25d06b-b20f-4d8f-a0e5-1c226655b960_1) | 1 |
| [Harbor Convertible Securities Fund](#xx_161be0f0-18f1-426c-8274-b723fb885bff_1) | 5 |
| [Harbor Core Bond Fund](#xx_021990f5-77a3-4fa5-b970-feb 39aa58e1a_1) | 10 |
| [Harbor Core Plus Fund](#xx_4e3be731-b010-4168-8385-ea58f63df6fc_1) | 14 |
| [Harbor Disruptive Innovation Fund](#xx_f3396ef9-6436-4329-9fcb-e28148ee31a8_1) | 19 |
| [Harbor Diversified International All Cap Fund](#xx_089dfb15-e05f-4a8b-8df5-a6f00b81c40e_1) | 24 |
| [Harbor Global Leaders Fund](#xx_415a1534-1456-4856-aa96-f831c7dd21cd_1) | 28 |
| [Harbor International Fund](#xx_179ab79a-447a-439c-bbb8-8652966246b0_1) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Harbor International Core Fund (formerly,](#xx_d32e0eb7-1bba-4fd0-ab2c-952f6ed828e9_1)<br> [Harbor Overseas Fund)](#xx_d32e0eb7-1bba-4fd0-ab2c-952f6ed828e9_1)<br>| 37 |
| [Harbor International Growth Fund](#xx_f5abda43-0fce-4b30-b3bc-8b342c960298_1) | 41 |
| [Harbor International Small Cap Fund](#xx_7cb0104e-438a-4f27-b42a-7b5da91c193f_1) | 45 |
| [Harbor Large Cap Value Fund](#xx_c46e0cc3-63d8-48e7-bb42-3f8d5bf84500_1) | 49 |
| [Harbor Mid Cap Fund](#xx_0571f5c3-0740-4642-9088-7f879cdf8db1_1) | 53 |
| [Harbor Mid Cap Value Fund](#xx_2b63ba95-70c0-4182-b320-2d8d2f035e70_1) | 56 |
| [Harbor Small Cap Growth Fund](#xx_7c98d53f-a84f-4ba4-94ee-3ce5a91330b4_1) | 60 |
| [Harbor Small Cap Value Fund](#xx_2726ceab-b9cd-4fc4-9817-e7663d5df221_1) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Additional Information about](#xx_7f34cb2d-e08b-478b-b0c8-e8f898ecacfb_1)**<br> **[the Funds' Investments](#xx_7f34cb2d-e08b-478b-b0c8-e8f898ecacfb_1)**<br>|  |
| [Investment Objectives](#xx_7f34cb2d-e08b-478b-b0c8-e8f898ecacfb_1) | 68 |
| [Investment Policies](#xx_7f34cb2d-e08b-478b-b0c8-e8f898ecacfb_1) | 68 |
| [Principal Investments](#xx_7f34cb2d-e08b-478b-b0c8-e8f898ecacfb_1) | 68 |
| [Non-Principal Investments](#xx_7f34cb2d-e08b-478b-b0c8-e8f898ecacfb_8) | 75 |
| [Portfolio Turnover](#xx_7f34cb2d-e08b-478b-b0c8-e8f898ecacfb_9) | 76 |
| [Portfolio Holdings Disclosure Policy](#xx_7f34cb2d-e08b-478b-b0c8-e8f898ecacfb_9) | 76 |
| **[The Advisor](#xx_b5cd0097-8ef7-4ce7-aba8-f4aa0251bbff_1)** |  |
| [Harbor Capital Advisors, Inc.](#xx_b5cd0097-8ef7-4ce7-aba8-f4aa0251bbff_1) | 77 |
| [Portfolio Management](#xx_b5cd0097-8ef7-4ce7-aba8-f4aa0251bbff_3) | 79 |
| **[The Subadvisors](#xx_9a0739c7-14dc-4ab3-aad6-2b900f8c6df3_1)** |  |
| [Portfolio Management](#xx_9a0739c7-14dc-4ab3-aad6-2b900f8c6df3_1) | 80 |
| **[Your Harbor Funds Account](#xx_e2b2d3f7-09c2-44c6-ac14-23171c65003d_1)** |  |
| [Choosing a Share Class](#xx_e2b2d3f7-09c2-44c6-ac14-23171c65003d_1) | 95 |
| [Minimum Investment Exceptions](#xx_e2b2d3f7-09c2-44c6-ac14-23171c65003d_3) | 97 |
| [How to Purchase Shares](#xx_e2b2d3f7-09c2-44c6-ac14-23171c65003d_5) | 99 |
| [How to Exchange Shares](#xx_e2b2d3f7-09c2-44c6-ac14-23171c65003d_7) | 101 |
| [How to Sell Shares](#xx_e2b2d3f7-09c2-44c6-ac14-23171c65003d_9) | 103 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **[Shareholder and Account](#xx_8619a527-3451-472b-9608-044f817b5ce1_1)**<br> **[Policies](#xx_8619a527-3451-472b-9608-044f817b5ce1_1)**<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Important Information About Opening an](#xx_8619a527-3451-472b-9608-044f817b5ce1_1)<br> [Account](#xx_8619a527-3451-472b-9608-044f817b5ce1_1)<br>| 105 |
| [Rights Reserved by Harbor Funds](#xx_8619a527-3451-472b-9608-044f817b5ce1_1) | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Important Information Regarding State](#xx_8619a527-3451-472b-9608-044f817b5ce1_1)<br> [Escheatment Laws](#xx_8619a527-3451-472b-9608-044f817b5ce1_1)<br>| 105 |
| [Excessive Trading/Market-Timing](#xx_8619a527-3451-472b-9608-044f817b5ce1_2) | 106 |
| [Pricing of Fund Shares](#xx_8619a527-3451-472b-9608-044f817b5ce1_3) | 107 |
| [Paying for Shares by Check](#xx_8619a527-3451-472b-9608-044f817b5ce1_5) | 109 |
| [In-Kind Redemptions](#xx_8619a527-3451-472b-9608-044f817b5ce1_5) | 109 |
| [Methods to Meet Redemption Requests](#xx_8619a527-3451-472b-9608-044f817b5ce1_5) | 109 |
| [Accounts Below Share Class Minimums](#xx_8619a527-3451-472b-9608-044f817b5ce1_5) | 109 |
| [Statements and Reports](#xx_8619a527-3451-472b-9608-044f817b5ce1_5) | 109 |
| [Signature Guarantees](#xx_8619a527-3451-472b-9608-044f817b5ce1_6) | 110 |
| [Dividends, Distributions and Taxes](#xx_8619a527-3451-472b-9608-044f817b5ce1_7) | 111 |
| [Cost Basis](#xx_8619a527-3451-472b-9608-044f817b5ce1_8) | 112 |
| **[Investor Services](#xx_421236ef-40e1-47ae-92e6-e7d1a29cbab9_1)** |  |
| [Online Services](#xx_421236ef-40e1-47ae-92e6-e7d1a29cbab9_1) | 113 |
| [Telephone Services](#xx_421236ef-40e1-47ae-92e6-e7d1a29cbab9_1) | 113 |
| [Retirement Accounts](#xx_421236ef-40e1-47ae-92e6-e7d1a29cbab9_1) | 113 |
| [Automatic Investment Plan](#xx_421236ef-40e1-47ae-92e6-e7d1a29cbab9_2) | 114 |
| [Automatic Exchange Plan](#xx_421236ef-40e1-47ae-92e6-e7d1a29cbab9_2) | 114 |
| [Automatic Withdrawal Plan](#xx_421236ef-40e1-47ae-92e6-e7d1a29cbab9_2) | 114 |
| [Dividend Exchange Plan](#xx_421236ef-40e1-47ae-92e6-e7d1a29cbab9_2) | 114 |
| **[Financial Highlights](#xx_ebdc75ba-f8b4-4cde-b3f9-70396c76c7e1_1)** | 115 |
| [Financial Performance of the Funds](#xx_ebdc75ba-f8b4-4cde-b3f9-70396c76c7e1_1) | 115 |
| **[For More Information](#xx_e2be9752-61b0-497d-a274-8c685cd12d76_1)** |  |
| [Fund Details](#xx_e2be9752-61b0-497d-a274-8c685cd12d76_1) | 148 |

---

------

![](g458923logo_lighthouse.gif)

Harbor Capital Appreciation Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees<sup>1</sup> | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.04% | 0.12% | 0.12% | 0.23% |
| Total Annual Fund <br> Operating Expenses<br>| 0.64% | 0.72% | 0.97% | 1.08% |
| Fee Waiver<sup>1</sup> | (0.05)% | (0.05)% | (0.05)% | (0.05)% |
| Total Annual Fund <br> Operating Expenses <br> After Fee Waiver<sup>1</sup><br>| 0.59% | 0.67% | 0.92% | 1.03% |

---

<sup>1</sup> *The Advisor 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. Only the Fund's Board of Trustees may modify or terminate this agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $60 | $200 | $352 | $794 |
| Institutional | $68 | $225 | $396 | $890 |
| Administrative | $94 | $304 | $531 | $1185 |
| Investor | $105 | $339 | $591 | $1313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 34%.

**Principal Investment Strategy**

The Fund invests primarily in equity securities, principally common and preferred stocks, of U.S. companies with market capitalizations of at least $1 billion at the time of purchase and that the Subadvisor considers to have above average prospects for growth.

The Subadvisor uses a bottom-up approach, researching and evaluating individual companies, to manage the Fund's portfolio. This research includes visits to companies and discussions with company management.

In selecting stocks for the Fund's portfolio, the Subadvisor looks for companies that it believes have the following financial characteristics:

◾

Superior absolute and relative earnings growth

◾

Superior sales growth, improving sales momentum and high levels of unit growth

◾

High or improving profitability

◾

Strong balance sheets

In addition, the Subadvisor looks for companies that have actually achieved or exceeded expected earnings results and, in the opinion of the Subadvisor, are attractively valued relative to their growth prospects.

The Subadvisor focuses on stocks of companies that it believes have distinct attributes such as:

◾

Strong market position with a defensible franchise

◾

Unique marketing competence

◾

Strong research and development leading to superior new product flow

◾

Capable and disciplined management

The Subadvisor prefers companies that are in the early stages of demonstrating the above financial characteristics and other attributes.

The stocks of mid and large cap companies in the Fund's portfolio are those the Subadvisor expects to maintain or achieve above average earnings growth. As part of its investment process, the Subadvisor considers environmental, social and governance ("ESG") factors that it believes may have a material impact on an issuer and the value of its securities. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer. Sector allocations are the outcome of the Subadvisor's bottom-up investment process and may, from time to time, result in more substantial investments in particular sectors.

The Fund may invest up to 20% of its total assets in the securities of foreign issuers, including issuers located or doing business in emerging markets.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first three risks) include:

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse

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**Fund Summary**

**Harbor Capital Appreciation Fund**

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economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Growth Style Risk:** Over time, a growth oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Depositary Receipts Risk:** Depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the U.S. or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. Depositary receipts are subject to the risks associated with investing directly in foreign securities.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Foreign Securities Risk:** Because the Fund may invest in securities of foreign issuers, an investment in the Fund is subject to special risks in addition to those of U.S. securities. These risks include heightened political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, possible sanctions by governmental bodies of other countries and less stringent investor protection and disclosure standards of foreign markets. Foreign securities are sometimes less liquid and harder to value than securities of U.S. issuers. These risks are more significant for issuers in emerging market countries. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Large Cap Risk:** Large cap stocks may fall out of favor relative to small or mid cap stocks, which may cause the Fund to underperform other equity funds that focus on small or mid cap stocks.

**Mid Cap Risk:** The Fund's performance may be more volatile because it invests in mid cap stocks. Mid cap companies may have limited product lines, markets and financial resources. Securities of mid cap companies are usually less stable in price and less liquid than those of larger, more established companies. Additionally, mid cap stocks may fall out of favor relative to small or large cap stocks, which may cause the Fund to underperform other equity funds that focus on small or large cap stocks.

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Sector Risk:** Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Performance**

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared with those of the Fund's benchmark index and other comparative indices, which include securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Fund Summary**

**Harbor Capital Appreciation Fund**

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**Calendar Year Total Returns for Institutional Class Shares** ![](g458923img5ff3cfbf3.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

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| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 34.29% | Q2 2020 |
| Worst Quarter | -25.49% | Q2 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Capital Appreciation Fund | Harbor Capital Appreciation Fund | Harbor Capital Appreciation Fund | Harbor Capital Appreciation Fund | Harbor Capital Appreciation Fund | Harbor Capital Appreciation Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -37.67% | 8.05% | 12.84% | 11.23% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -37.72% | 7.97% | 12.78% | 11.21% | 12-29-1987 |
| After Taxes on <br> Distributions<br>| -37.72% | 5.62% | 10.71% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund <br> Shares<br>| -22.33% | 6.61% | 10.59% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -37.87% | 7.70% | 12.50% | 9.82% | 11-01-2002 |
| **Investor Class**<br> Before Taxes<br>| -37.94% | 7.57% | 12.37% | 9.66% | 11-01-2002 |
| Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) |
| **Russell 1000**<sup>®</sup> <br> **Growth**<sup>^</sup><br>| -29.14% | 10.96% | 14.10% | 10.51% |  |
| **S&P 500**<sup>^</sup> | -18.11% | 9.42% | 12.56% | 10.51% |  |

---

*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Jennison Associates LLC ("Jennison") has subadvised the Fund since May 1990.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The co- portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| ![](g458923imgdc5ef5204.jpg)<br>| **Kathleen A. McCarragher**<br> Jennison Associates LLC<br>|

---

Ms. McCarragher is a Director, Managing Director and the Head of Growth Equity of Jennison and has co-managed the Fund since 2013 and been involved in portfolio management for the Fund since 1998.

---

| | |
|:---|:---|
| ![](g458923img92618ef15.jpg)<br>| **Blair A. Boyer**<br> Jennison Associates LLC<br>|

---

Mr. Boyer is a Managing Director and the Co-Head of Large Cap Growth Equity of Jennison and has co-managed the Fund since 2019.

---

| | |
|:---|:---|
| ![](g458923imgd6253a7b6.jpg)<br>| **Natasha Kuhlkin, CFA**<br> Jennison Associates LLC<br>|

---

Ms. Kuhlkin is a Managing Director and a Large Cap Growth Equity Portfolio Manager of Jennison and has co-managed the Fund since 2019.

------

**Fund Summary**

**Harbor Capital Appreciation Fund**

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**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

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![](g458923logo_lighthouse.gif)

Harbor Convertible Securities Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks to maximize total returns (i.e., current income and capital appreciation).

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees<sup>1</sup> | 0.50% | 0.50% | 0.50% | 0.50% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses<sup>1</sup> | 0.16% | 0.24% | 0.24% | 0.35% |
| Total Annual Fund <br> Operating Expenses<br>| 0.66% | 0.74% | 0.99% | 1.10% |
| Expense <br> Reimbursement<sup>2</sup><br>| (0.03)% | (0.03)% | (0.03)% | (0.03)% |
| Total Annual Fund <br> Operating Expenses <br> After Expense <br> Reimbursement<sup>2</sup><br>| 0.63% | 0.71% | 0.96% | 1.07% |

---

<sup>1</sup> *Restated to reflect current fees.* 

<sup>2</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.63%, 0.71%, 0.96%, and 1.07% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate these agreements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $64 | $208 | $365 | $820 |
| Institutional | $73 | $234 | $409 | $916 |
| Administrative | $98 | $312 | $544 | $1210 |
| Investor | $109 | $347 | $603 | $1338 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 66%.

**Principal Investment Strategy**

Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of convertible securities.

Convertible securities are "hybrid" securities that possess both fixed income and equity characteristics. These convertible securities include corporate bonds; and preferred stocks that are convertible into common stock or its equivalent value. A convertible security generally performs more like a common stock when the price of the underlying stock is closer to or above the conversion price because it is more likely that the convertible security will be converted into stock. A convertible security generally performs more like a bond when the price of the underlying stock is well below the conversion price because it is more likely that the convertible security will mature without being converted. While the Fund has broad discretion to invest in all types of convertible securities, the Fund primarily invests in convertible bonds, which may be unrated, or may have ratings assigned by credit rating agencies, including below investment-grade ratings (known as "junk bonds"). To assess the quality of unrated securities, the Subadviser evaluates an issuer's probability of default using a proprietary default probability model that considers multiple variables, including capital structure of the firm, asset volatility, and annual cash outflows of interest and dividend payments. The Fund invests primarily in U.S. dollar denominated securities, including those of foreign issuers; however, the Fund may invest in securities denominated in other currencies.

The Subadvisor follows a structured investment process based on the testing of investment hypotheses using historical data. The Subadvisor's investment process utilizes proprietary quantitative models to produce investment recommendations. The Subadvisor's portfolio management team retains discretion with respect to all investment decisions. The Subadvisor generates proprietary insights based on its experience and reasoned intuition to form an investment hypothesis. Insights are a means to express isolated drivers of returns that the Subadvisor believes are likely to generate excess returns over time.

Using historical market data, the Subadvisor back-tests each investment hypothesis to determine whether actual observations appear consistent with the hypothesis over time. Insights are weighted in the Subadvisor's models according to their deemed strength in predicting returns, as determined by the Subadvisor through this testing process. In managing the Fund, the Subadvisor will rely on insights that seek to target company specific risk, which form the basis of security selection decisions and assess metrics such as company strength, company outlook, and valuation. The Subadvisor's models consider data from multiple sources, including issuer specific information such as company cash flow, default risk, earnings expectations, and price volatility.

The Subadvisor expects that the majority of the Fund's total returns will be generated from security selection of convertible securities. The Subadvisor's optimization process seeks to maximize total returns while minimizing expected risk and transaction costs. The Subadvisor measures risk at the portfolio level and on each instrument. The Subadvisor conducts performance measurement and risk analysis to seek to validate the accuracy of the investment process with the aim of achieving continuous improvement over time.

**Duration/Maturity:** Although duration may be one of the characteristics considered in security selection, the Fund does not focus on securities with any particular duration or maturity

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**Fund Summary**

**Harbor Convertible Securities Fund**

------

and does not seek to maintain the maturity of the Fund's portfolio in any particular range.

**Credit Quality:** The Fund invests primarily in convertible securities, which may be unrated, or may have ratings assigned by credit rating agencies, including below investment-grade ratings. The Subadvisor does not target a given weighted average portfolio quality; this varies from time to time, depending on the level of assets allocated to such securities.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Convertible securities fluctuate in price in response to various factors, including changes in interest rates, changes in the price of equity securities, changes in market conditions and issuer-specific events, and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments. Principal risks impacting the Fund (in alphabetical order after the first four risks) include:

**Convertible Securities Risk:** Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities are subject to risks associated with debt instruments, including interest rate and credit risk. The values of convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to many of the same risks as investing in common stock. Convertible securities generally tend to be of lower credit quality. A convertible security may also be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party, which could result in a loss to the Fund. Additionally, the Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Model Risk:** There are limitations inherent in every quantitative model. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, historical trends in data may not be predictive going forward. The strategies and techniques employed in a quantitative model cannot fully match the complexity of the financial markets and therefore sudden unanticipated changes in underlying market conditions can significantly impact their performance. The effectiveness of the given strategy or technique may deteriorate in an unpredictable fashion for any number of reasons including, but not limited to, an increase in the amount of assets managed or the use of similar strategies or techniques by other market participants and/or market dynamic shifts over time. In addition, factors that affect a security's value can change over time, and these changes may not be reflected in the quantitative

model. Any model may contain flaws the existence and effect of which may be discovered only after the fact or not at all. There can be no assurances that the strategies pursued or the techniques implemented in the quantitative model will be profitable, and various market conditions may be materially less favorable to certain strategies than others. Even in the absence of flaws, a model may not perform as anticipated.

**Credit Risk:** The issuer or guarantor of a security owned by the Fund could default on its obligation to pay principal or interest or its credit rating could be downgraded. Convertible securities are generally junior to the company's non-convertible debt so the company would normally have to pay interest on its nonconvertible debt before interest can be paid on the convertible securities. Credit risk may be higher for the Fund because it invests primarily in convertible securities of companies with debt rated below investment-grade.

**Foreign Securities Risk:** Because the Fund may invest in securities of foreign issuers, an investment in the Fund is subject to special risks in addition to those of U.S. securities. These risks include heightened political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, possible sanctions by governmental bodies of other countries and less stringent investor protection and disclosure standards of foreign markets. Foreign securities are sometimes less liquid and harder to value than securities of U.S. issuers. These risks are more significant for issuers in emerging market countries. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**High-Yield Risk:** There is a greater risk that the Fund will lose money because it invests primarily in below investment-grade convertible securities and unrated securities of similar credit quality (commonly referred to as "high-yield" or "junk" bonds). These securities are considered speculative because they have a higher risk of issuer default, are subject to greater price volatility and may be illiquid.

**Interest Rate Risk:** As interest rates rise, the values of convertible securities held by the Fund are likely to decrease and reduce the value of the Fund's portfolio. Convertible securities are normally much more sensitive to interest rate changes when they are valued more like the company's bonds than the company's common stock, such as when the conversion price for the convertible security is well above the common stock price. Rising interest rates may lead to increased redemptions, increased volatility and decreased liquidity in the fixed income markets, making it more difficult for the Fund to sell its convertible securities when the Subadvisor may wish to sell or must sell to meet redemptions. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also may be low or the Fund may be unable to maintain positive returns or minimize the volatility of the Fund's net asset value per share. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Liquidity Risk:** The market for convertible securities is less liquid than the market for non-convertible corporate bonds. The Fund may at times have greater difficulty buying or selling specific

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**Fund Summary**

**Harbor Convertible Securities Fund**

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convertible securities at prices the Subadvisor believes are reasonable, which would be adverse to the Fund. Valuation of investments may be difficult, particularly during periods of market volatility or reduced liquidity and for investments that trade infrequently or irregularly. In these circumstances, among others, an investment may be valued using fair value methodologies that are inherently subjective and reflect good faith judgments based on available information.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Performance**

Effective March 1, 2023, BlueCove Limited ("BlueCove") became the Fund's Subadvisor. Performance prior to that date is not attributable to BlueCove.

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923img8d7574387.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

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| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 23.06% | Q2 2020 |
| Worst Quarter | -13.17% | Q1 2020 |

---

------

**Fund Summary**

**Harbor Convertible Securities Fund**

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**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Convertible Securities Fund | Harbor Convertible Securities Fund | Harbor Convertible Securities Fund | Harbor Convertible Securities Fund | Harbor Convertible Securities Fund | Harbor Convertible Securities Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -15.24% | 6.31% | 5.95% | 5.49% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -15.26% | 6.21% | 5.89% | 5.44% | 05-01-2011 |
| After Taxes on <br> Distributions<br>| -15.52% | 3.73% | 3.68% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund <br> Shares<br>| -9.02% | 4.06% | 3.82% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -15.48% | 5.90% | 5.61% | 5.15% | 05-01-2011 |
| **Investor Class**<br> Before Taxes<br>| -15.55% | 5.83% | 5.51% | 5.05% | 05-01-2011 |
| Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) |
| **ICE BofA** <br> **U.S. Convertible** <br> **Bond Index**<sup>\*\*</sup><br>| -18.71% | 9.29% | 10.01% | 8.69% |  |
| **ICE BofA** <br> **U.S. Convertible Ex** <br> **Mandatory**<sup>^</sup><br>| -19.58% | 9.51% | 10.46% | 9.16% |  |

---

*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.* 

*\*\**

*Effective March 1, 2023, the Fund's benchmark index changed from the ICE BofA U.S. Convertible Ex Mandatory to the ICE BofA U.S. Convertible Bond Index as the Adviser believes this index is a more appropriate comparison in light of the Fund's new investment strategy.Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

BlueCove Limited ("BlueCove") has subadvised the Fund since March 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

BlueCove employs a team approach in which a number of portfolio management individuals will be involved in the day-to-day investment decision making of the Fund. Mr. Brodsky, Mr. Harper and Mr. Thomas are jointly responsible for managing the Fund.

---

| | |
|:---|:---|
| ![(Benjamin Brodsky photo)](g458923imgd1d74fd38.jpg)<br>| **Benjamin Brodsky, CFA**<br> BlueCove Limited<br>|

---

Mr. Brodsky is Chief Investment Officer of BlueCove and has managed the Fund since 2023.

---

| | |
|:---|:---|
| ![(Mike Harper photo)](g458923imgfc9a93e99.jpg)<br>| **Michael Harper, CFA**<br> BlueCove Limited<br>|

---

Mr. Harper is Head of Portfolio Management of BlueCove and has managed the Fund since 2023.

---

| | |
|:---|:---|
| ![(Benoy Thomas photo)](g458923img4f25d07510.jpg)<br>| **Benoy Thomas, CFA**<br> BlueCove Limited<br>|

---

Mr. Thomas is Head of Credit of BlueCove and has managed the Fund since 2023.

------

**Fund Summary**

**Harbor Convertible Securities Fund**

------

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $1000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $1000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $1000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

![](g458923logo_lighthouse.gif)

Harbor Core Bond Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks total return.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>|
| Management Fees<sup>1</sup> | 0.23% | 0.23% |
| Distribution and Service (12b-1) Fees |  |  |
| Other Expenses | 0.13% | 0.21% |
| Total Annual Fund Operating Expenses | 0.36% | 0.44% |
| Expense Reimbursement<sup>2</sup> | (0.10)% | (0.10)% |
| Total Annual Fund Operating Expenses After <br> Expense Reimbursement<sup>2</sup><br>| 0.26% | 0.34% |

---

<sup>1</sup> *Restated to reflect current fees.* 

<sup>2</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.26% and 0.34% for the Retirement Class and Institutional Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate this agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $27 | $106 | $192 | $446 |
| Institutional | $35 | $131 | $236 | $545 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 60%.

**Principal Investment Strategy**

The Fund invests primarily in investment-grade fixed income securities of issuers located in the U.S. Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of fixed income instruments. Fixed income instruments include bonds, debt securities and other similar instruments issued by various public- or private-sector entities.

The Subadvisor's approach is grounded in detailed bottom-up research and emphasizes careful security selection through:

◾

Rigorous fundamental credit analysis of the issuer,

◾

A detailed review of the structural features of the security, and

◾

Relative-value comparisons to other opportunities.

In order to be selected for the portfolio, a security must be attractive with respect to all three of these factors. If one factor deteriorates, the security becomes a candidate for sale.

When forming an opinion on the creditworthiness of an issuer, the Subadvisor evaluates many factors, including financial performance, balance sheet strength, management quality, operating risk, market position, industry fundamentals, event risk, and economic sensitivity. The Subadvisor's analysis also includes a detailed review of the underlying structural features of a bond, such as coupon type, redemption features, level of subordination, and collateral. For securitized bonds (such as mortgage-backed and asset-backed), the Subadvisor assesses factors such as issue sponsorship, structure, deal history, regulation, and liquidity. The Subadvisor also evaluates issuers with respect to environmental, social and governance ("ESG") factors and integrates consideration of these factors into its investment process. The key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer. The ESG criteria utilized by the Subadvisor is only one factor among others considered in the investment process.

The Subadvisor believes that it is difficult to predict the timing, direction, and magnitude of future interest-rate changes. Therefore, duration management and yield-curve positioning are not part of the Fund's strategy.

The portfolio is constructed from the bottom up and is comprised of U.S. dollar-denominated securities. The Subadvisor sets sector allocations based on its views of relative values between sectors and opportunities at the security level. A comprehensive risk overlay also influences portfolio construction. The Subadvisor systematically measures and monitors the Fund's key risk exposures. The overall aim of the portfolio construction process is to craft a portfolio of attractively priced securities (relative to other opportunities in the universe) that when combined together in a portfolio provide what the Subadvisor believes will be attractive expected return, reasonable risk exposures, and adequate liquidity.

At times, the Fund may invest a large percentage of its assets in investment-grade mortgage-backed and asset-backed securities.

**Credit Quality:** The Fund invests primarily in investment-grade securities.

**Duration:** The Fund's average duration, as calculated by the Subadvisor, is normally equal to that of its benchmark, plus or minus 10%. The duration of the Bloomberg U.S. Aggregate Bond Index as of December 31, 2022 was 6.22 years. Average duration is a weighted average of all bond durations in the Fund's portfolio, and is an approximate measure of the sensitivity of the market

------

**Fund Summary**

**Harbor Core Bond Fund**

------

value of the Fund's holdings to changes in interest rates. If the Fund's duration is longer than the market's duration, the Fund would be expected to experience a greater change in the value of its assets when interest rates are rising or falling than would the market as a whole.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Fixed income securities fluctuate in price in response to various factors, including changes in interest rates, changes in market conditions and issuer-specific events, and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments. Principal risks impacting the Fund (in alphabetical order after the first four risks) include:

**Interest Rate Risk:** As interest rates rise, the values of fixed income securities held by the Fund are likely to decrease and reduce the value of the Fund's portfolio. Securities with longer durations tend to be more sensitive to changes in interest rates and are usually more volatile than securities with shorter durations. For example, a 5 year average duration generally means the price of a fixed income security will decrease in value by 5% if interest rates rise by 1%. Rising interest rates may lead to increased redemptions, increased volatility and decreased liquidity in the fixed income markets, making it more difficult for the Fund to sell its fixed income securities when the Subadvisor may wish to sell or must sell to meet redemptions. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also may be low or the Fund may be unable to maintain positive returns or minimize the volatility of the Fund's net asset value per share. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

**Credit Risk:** The issuer or guarantor of a security owned by the Fund could default on its obligation to pay principal or interest or its credit rating could be downgraded. Likewise, a counterparty to a contractual instrument owned by the Fund could default on its obligation.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Mortgage- and Asset-Backed Securities Risk:** Mortgage and other asset-backed securities in the Fund's portfolio may have especially volatile prices because the embedded leverage can magnify the impact of the extension or contraction event on the underlying cash flow. Mortgage-related securities are also subject to prepayment and extension risks.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors

if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Extension Risk:** When interest rates are rising, certain callable fixed income securities may be extended because of slower than expected principal payments. This would lock in a below-market interest rate, increase the security's duration and reduce the value of the security.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Liquidity Risk:** A particular investment may be difficult to purchase or sell and the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. Valuation of investments may be difficult, particularly during periods of market volatility or reduced liquidity and for investments that trade infrequently or irregularly. In these circumstances, among others, an investment may be valued using fair value methodologies that are inherently subjective and reflect good faith judgments based on available information.

**Prepayment Risk:** When interest rates are declining, the issuer of a fixed income security, including a pass-through security such as a mortgage-backed or an asset-backed security, may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**U.S. Government Securities Risk:** Securities issued or guaranteed by U.S. government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. government. As a result, no assurance can be given that the U.S. government will provide financial support to these securities or issuers (such as securities issued by the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation). Although certain government securities are backed by the full faith and credit of the U.S. government (such as securities issued by the Government National Mortgage Association), circumstances could arise that would delay or prevent the payment of interest or principal. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future and, in these circumstances, the Fund's returns may be adversely affected.

------

**Fund Summary**

**Harbor Core Bond Fund**

------

**Performance**

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923img07607b5911.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 4.20% | Q2 2020 |
| Worst Quarter | -5.96% | Q1 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Core Bond Fund | Harbor Core Bond Fund | Harbor Core Bond Fund | Harbor Core Bond Fund | Harbor Core Bond Fund | Harbor Core Bond Fund |
| **Retirement Class**<br> Before Taxes<br>| -13.28% | N/A | N/A | 0.57% | 06-01-2018 |
| **Institutional Class**<br> Before Taxes<br>| -13.36% | N/A | N/A | 0.49% | 06-01-2018 |
| After Taxes on <br> Distributions<br>| -14.41% | N/A | N/A | -0.75% |  |
| After Taxes on <br> Distributions and Sale <br> of Fund Shares<br>| -7.89% | N/A | N/A | -0.05% |  |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **Bloomberg** <br> **U.S. Aggregate Bond**<sup>^</sup><br>| -13.01% | N/A | N/A | 0.35% |  |

---

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for the Retirement Class of shares will vary.

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Income Research + Management ("IR+M") has subadvised the Fund since 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| ![](g458923img41d22c6412.jpg)<br>| **William A. O'Malley, CFA**<br> Income Research + Management<br>|

---

Mr. O'Malley is a Managing Principal, Senior Portfolio Manager, and Director of Investment Team at IR+M and has served as a portfolio manager for the Fund since 2018.

---

| | |
|:---|:---|
| ![](g458923img7d34625113.jpg)<br>| **James E. Gubitosi, CFA**<br> Income Research + Management<br>|

---

Mr. Gubitosi is a Principal and Senior Portfolio Manager at IR+M and has served as a portfolio manager for the Fund since 2018.

---

| | |
|:---|:---|
| ![](g458923img7d9d473114.jpg)<br>| **Bill O'Neill, CFA**<br> Income Research + Management<br>|

---

Mr. O'Neill is a Principal and Senior Portfolio Manager at IR+M and has served as a portfolio manager for the Fund since 2018.

---

| | |
|:---|:---|
| ![](g458923imge54d7f0515.jpg)<br>| **Jake Remley, CFA**<br> Income Research + Management<br>|

---

Mr. Remley is a Principal and Senior Portfolio Manager at IR+M and has served as a portfolio manager for the Fund since 2018.

------

**Fund Summary**

**Harbor Core Bond Fund**

------

---

| | |
|:---|:---|
| ![](g458923img453aa1fb16.jpg)<br>| **Matt Walker, CFA**<br> Income Research + Management<br>|

---

Mr. Walker is a Senior Portfolio Manager at IR+M and has served as a portfolio manager for the Fund since 2018.

---

| | |
|:---|:---|
| ![](g458923imgd293883217.jpg)<br>| **Rachel Campbell, CFA**<br> Income Research + Management<br>|

---

Ms. Campbell is a Portfolio Manager and the Director of Securitized Research at IR+M and has served as a portfolio manager for the Fund since 2018.

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | |
|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>|
| Regular | $1000000 | $1000 |
| Individual Retirement Account (IRA) | $1000000 | $1000 |
| Custodial (UGMA/UTMA) | $1000000 | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

![](g458923logo_lighthouse.gif)

Harbor Core Plus Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks total return.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>|
| Management Fees<sup>1</sup> | 0.25% | 0.25% | 0.25% |
| Distribution and Service (12b-1) <br> Fees<br>|  |  | 0.25% |
| Other Expenses | 0.06% | 0.14% | 0.14% |
| Total Annual Fund Operating <br> Expenses<br>| 0.31% | 0.39% | 0.64% |
| Expense Reimbursement<sup>2</sup> | (0.01)% | (0.01)% | (0.01)% |
| Total Annual Fund Operating <br> Expenses After Expense <br> Reimbursement<sup>2</sup><br>| 0.30% | 0.38% | 0.63% |

---

<sup>1</sup> *Restated to reflect current fees.* 

<sup>2</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.30%, 0.38%, and 0.63% for the Retirement Class, Institutional Class, and Administrative Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate these agreements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $31 | $99 | $173 | $392 |
| Institutional | $39 | $124 | $218 | $492 |
| Administrative | $64 | $204 | $356 | $797 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 219%.

**Principal Investment Strategy**

The Fund invests primarily in U.S. dollar denominated fixed income securities. Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of fixed income instruments. Fixed income instruments include, but are not limited to: obligations issued or guaranteed by the U.S. Government, its agencies, or instrumentalities; corporate debt securities; municipal debt securities; U.S. dollar-denominated debt of foreign issuers; and securitized securities including mortgage-backed and asset-backed securities, which may also include non-agency mortgage-backed securities. These securities may have different types of interest rate payment and reset terms.

The Subadvisor's approach is grounded in detailed bottom-up research and emphasizes careful security selection through:

◾

Rigorous fundamental credit analysis of the issuer;

◾

A detailed review of the structural features of the security; and

◾

Relative-value comparisons to other opportunities.

In order to be selected for the portfolio, a security must be attractive with respect to all three of these factors. If one factor deteriorates, the security becomes a candidate for sale.

When forming an opinion on the creditworthiness of an issuer, the Subadvisor evaluates many factors, including financial performance, balance sheet strength, management quality, operating risk, market position, industry fundamentals, event risk, and economic sensitivity. The Subadvisor's analysis also includes a detailed review of the underlying structural features of a bond, such as coupon type, redemption features, level of subordination, and collateral.

The Subadvisor also evaluates issuers with respect to environmental, social and governance ("ESG") factors and integrates consideration of these factors into its investment process. The key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer. The ESG criteria utilized by the Subadvisor is only one factor among others considered in the investment process.

The Subadvisor believes that it is difficult to predict the timing, direction, and magnitude of future interest-rate changes. Therefore, duration management and yield-curve positioning are not part of the Fund's strategy.

The portfolio is constructed from the bottom up and is comprised of U.S. dollar-denominated securities. The Subadvisor sets sector allocations based on its views of relative values between sectors and opportunities at the security level. A comprehensive risk overlay also influences portfolio construction. The Subadvisor systematically measures and monitors the Fund's key risk exposures. The overall aim of the portfolio construction process is to craft a portfolio of attractively priced securities (relative to other opportunities in the universe) that when combined together in a portfolio provide what the Subadvisor believes will be attractive expected return, reasonable risk exposures, and adequate liquidity. The Fund may invest up to 10% of its total assets in preferred stock and convertible securities.

**Credit Quality:** The Fund invests primarily in investment-grade securities, but may invest up to 25% of its total assets in below investment-grade securities, commonly referred to as "high-yield" or "junk" bonds, as rated by Moody's Investor Service, Inc., Standard & Poor's Rating Services or Fitch, Inc., or, if unrated, as determined by the Fund's Subadvisor.

------

**Fund Summary**

**Harbor Core Plus Fund**

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**Duration:** The Fund's average duration, as calculated by the Subadvisor, is normally equal to that of its benchmark, plus or minus 0.5 years. The duration of the Bloomberg U.S. Aggregate Bond Index as of December 31, 2022 was 6.22 years. Average duration is a weighted average of all bond durations in the Fund's portfolio, and is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. If the Fund's duration is longer than the market's duration, the Fund would be expected to experience a greater change in the value of its assets when interest rates are rising or falling than would the market as a whole.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Fixed income securities fluctuate in price in response to various factors, including changes in interest rates, changes in market conditions and issuer-specific events, and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments. Principal risks impacting the Fund (in alphabetical order after the first five risks) include:

**Interest Rate Risk:** As interest rates rise, the values of fixed income securities held by the Fund are likely to decrease and reduce the value of the Fund's portfolio. Securities with longer durations tend to be more sensitive to changes in interest rates and are usually more volatile than securities with shorter durations. For example, a 5 year average duration generally means the price of a fixed income security will decrease in value by 5% if interest rates rise by 1%. Rising interest rates may lead to increased redemptions, increased volatility and decreased liquidity in the fixed income markets, making it more difficult for the Fund to sell its fixed income securities when the Subadvisor may wish to sell or must sell to meet redemptions. During periods when interest rates are low or there are negative interest rates, the Fund's yield (and total return) also may be low or the Fund may be unable to maintain positive returns or minimize the volatility of the Fund's net asset value per share. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

**Credit Risk:** The issuer or guarantor of a security owned by the Fund could default on its obligation to pay principal or interest or its credit rating could be downgraded. Likewise, a counterparty to a derivative or other contractual instrument owned by the Fund could default on its obligation. This risk may be higher for below investment-grade securities.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Mortgage- and Asset-Backed Securities Risk:** Mortgage and other asset-backed securities in the Fund's portfolio may have especially volatile prices because the embedded leverage can magnify the impact of the extension or contraction event on the underlying cash flow. Mortgage-related securities are also subject to prepayment and extension risks.

**High-Yield Risk:** There is a greater risk that the Fund will lose money because it invests in below investment-grade fixed income

securities and unrated securities of similar credit quality (commonly referred to as "high-yield" or "junk" bonds). These securities are considered speculative because they have a higher risk of issuer default, are subject to greater price volatility and may be illiquid.

**Convertible Securities Risk:** Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities are subject to risks associated with debt instruments, including interest rate and credit risk. The values of convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to many of the same risks as investing in common stock. Convertible securities generally tend to be of lower credit quality. A convertible security may also be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party, which could result in a loss to the Fund. Additionally, the Fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or declares bankruptcy.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Extension Risk:** When interest rates are rising, certain callable fixed income securities may be extended because of slower than expected principal payments. This would lock in a below-market interest rate, increase the security's duration and reduce the value of the security.

**High Portfolio Turnover Risk:** Higher portfolio turnover may adversely affect Fund performance by increasing Fund transaction costs and may lead to the realization and distribution to shareholders of higher capital gains, which may increase a shareholder's tax liability.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Liquidity Risk:** A particular investment may be difficult to purchase or sell and the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. Valuation of investments may be difficult, particularly during periods of market volatility or reduced liquidity and for investments that trade infrequently or irregularly. In these circumstances, among others, an investment may be valued using fair value methodologies that are inherently subjective and reflect good faith judgments based on available information.

**Municipal Risk:** Municipal securities are debt issues of governmental bodies, other than the U.S. Government, within the United States, including securities issued by or on behalf of states, territories, and possessions of the United States, by the District of Columbia, and by political subdivisions and their duly constituted agencies and instrumentalities. Municipal securities are subject to the risk that legislative changes and local and business

------

**Fund Summary**

**Harbor Core Plus Fund**

------

developments may adversely affect the yield or value of the Fund's investments in such securities. In addition, in order to be tax-exempt, municipal securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received by the Fund on the municipal securities to be taxable. The interest on these issues generally is not included in "gross income" for regular federal income tax purposes, subject, however, to many exceptions and limitations. Legislation to restrict or eliminate the federal income tax exemption for interest on municipal securities has, from time to time, been introduced before Congress. If such a proposal were enacted, the availability of municipal securities for investment by the Fund could be adversely affected.

**Preferred Securities Risk:** Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt securities in a company's capital structure in terms of priority to corporate income, subjecting them to greater credit risk than those debt securities. Generally, holders of preferred securities have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may obtain limited rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities, including common stock.

**Prepayment Risk:** When interest rates are declining, the issuer of a fixed income security, including a pass-through security such as a mortgage-backed or an asset-backed security, may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**U.S. Government Securities Risk:** Securities issued or guaranteed by U.S. government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. government. As a result, no assurance can be given that the U.S. government will provide financial support to these securities or issuers (such as securities issued by the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation). Although certain government securities are backed by the full faith and credit of the U.S. government (such as securities issued by the Government National Mortgage Association), circumstances could arise that would delay or prevent the payment of interest or principal. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future and, in these circumstances, the Fund's returns may be adversely affected.

**Performance**

Effective February 2, 2022, IR+M became the Fund's Subadvisor. Performance prior to that date is not attributable to IR+M.

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923imgb2b754b418.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 4.20% | Q2 2020 |
| Worst Quarter | -5.74% | Q1 2022 |

---

------

**Fund Summary**

**Harbor Core Plus Fund**

------

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Core Plus Fund | Harbor Core Plus Fund | Harbor Core Plus Fund | Harbor Core Plus Fund | Harbor Core Plus Fund | Harbor Core Plus Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -13.01% | 0.41% | 1.35% | 6.07% | 06-01-2018 |
| **Institutional Class**<br> Before Taxes<br>| -13.22% | 0.31% | 1.30% | 6.06% | 12-29-1987 |
| After Taxes on <br> Distributions<br>| -14.37% | -0.97% | -0.18% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund <br> Shares<br>| -7.81% | -0.26% | 0.37% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -13.51% | 0.06% | 1.05% | 3.63% | 11-01-2002 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **Bloomberg** <br> **U.S. Aggregate** <br> **Bond**<sup>^</sup><br>| -13.01% | 0.02% | 1.06% | 5.43% |  |

---

*\**

*Retirement Class shares commenced operations on June 1, 2018. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to June 1, 2018 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement and Administrative Class of shares will vary.

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Income Research + Management ("IR+M") has subadvised the Fund since 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| ![](g458923img41d22c6412.jpg)<br>| **William A. O'Malley, CFA**<br> Income Research + Management<br>|

---

Mr. O'Malley is a Managing Principal, Senior Portfolio Manager, and Director of Investment Team at IR+M and has served as a portfolio manager for the Fund since February 2022.

---

| | |
|:---|:---|
| ![](g458923img7d34625113.jpg)<br>| **James E. Gubitosi, CFA**<br> Income Research + Management<br>|

---

Mr. Gubitosi is a Principal and Senior Portfolio Manager at IR+M and has served as a portfolio manager for the Fund since February 2022.

---

| | |
|:---|:---|
| ![](g458923img7d9d473114.jpg)<br>| **Bill O'Neill, CFA**<br> Income Research + Management<br>|

---

Mr. O'Neill is a Principal and Senior Portfolio Manager at IR+M and has served as a portfolio manager for the Fund since February 2022.

---

| | |
|:---|:---|
| ![](g458923imge54d7f0515.jpg)<br>| **Jake Remley, CFA**<br> Income Research + Management<br>|

---

Mr. Remley is a Principal and Senior Portfolio Manager at IR+M and has served as a portfolio manager for the Fund since February 2022.

---

| | |
|:---|:---|
| ![](g458923img453aa1fb16.jpg)<br>| **Matt Walker, CFA**<br> Income Research + Management<br>|

---

Mr. Walker is a Senior Portfolio Manager at IR+M and has served as a portfolio manager for the Fund since February 2022.

---

| | |
|:---|:---|
| ![](g458923imgd293883217.jpg)<br>| **Rachel Campbell, CFA**<br> Income Research + Management<br>|

---

Ms. Campbell is a Portfolio Manager and the Director of Securitized Research at IR+M and has served as a portfolio manager for the Fund since February 2022.

------

**Fund Summary**

**Harbor Core Plus Fund**

------

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | |
|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>|
| Regular | $1000000 | $1000 | $50000 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $1000 | N/A |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $1000 | N/A |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

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![](g458923logo_lighthouse.gif)

Harbor Disruptive Innovation Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees | 0.70% | 0.70% | 0.70% | 0.70% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.13% | 0.21% | 0.21% | 0.32% |
| Total Annual Fund <br> Operating Expenses<br>| 0.83% | 0.91% | 1.16% | 1.27% |
| Expense <br> Reimbursement<sup>1</sup><br>| (0.08)% | (0.08)% | (0.08)% | (0.08)% |
| Total Annual Fund <br> Operating Expenses <br> After Expense <br> Reimbursement<sup>1</sup><br>| 0.75% | 0.83% | 1.08% | 1.19% |

---

<sup>1</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.75%, 0.83%, 1.08%, and 1.19% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate this agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $77 | $257 | $453 | $1018 |
| Institutional | $85 | $282 | $496 | $1112 |
| Administrative | $110 | $361 | $631 | $1402 |
| Investor | $121 | $395 | $689 | $1527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 75%.

**Principal Investment Strategy**

Under normal market conditions, the Fund invests primarily in equity securities, principally common stocks, of companies selected based on their potential for growth tied to disruptive innovation. The Fund defines "disruptive innovation" as the development of new products, services, technologies and/or other advancements that could disrupt and displace existing businesses and business models over time. While the Fund invests primarily in securities of U.S. companies, the Fund may invest up to 25% of its assets in foreign securities, including those located in emerging market countries. The Fund invests in securities across the market capitalization spectrum.

The Fund employs a multi-manager approach to achieve its investment objective. The Fund's investment adviser, Harbor Capital Advisors, Inc. (the "Advisor") is responsible for selecting and overseeing investment subadvisors (each, a "Subadvisor") for the Fund. Each Subadvisor is responsible for providing the Advisor with a model portfolio, which the Advisor will implement in its discretion in managing the Fund. Each Subadvisor has its own process for identifying and evaluating companies that, in the Subadvisor's view, have the potential for growth tied to disruptive innovation. A Subadvisor may recommend selling holdings when it believes that such company's prospects have deteriorated, future growth is unlikely, or for other reasons that a Subadvisor may identify. The Advisor is responsible for allocating the Fund's assets among each Subadvisor's strategy as well as implementing each strategy (which includes buying and selling securities as recommended by each Subadvisor). The Advisor does not expect to independently identify securities for investment for the Fund. The Advisor will determine allocations between each Subadvisor's strategy and adjust those allocations over time based upon its qualitative and quantitative assessment of each strategy and how those strategies work in combination to produce what the Advisor believes is an enhanced risk-adjusted investment outcome for the Fund.

Holdings are expected to be diversified across sectors, but the Fund may, from time to time, have substantial exposure to a particular sector. Sector allocations are the result of the investment process for the Fund.

The equity securities in which the Fund invests include common stocks as well as preferred securities. The Fund may invest in securities issued by equity real estate investment trusts (REITs). The Fund may also purchase American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depositary Receipts (GDRs), which are certificates typically issued by a bank or trust company that represent ownership interests in securities issued by a foreign or domestic company.

The Advisor has selected 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") to each serve as a Subadvisor to the Fund.

4BIO Capital recommends securities to the Advisor that reflect 4BIO Capital's focus on new companies developing emerging technologies to disrupt the advanced therapies space, which includes gene therapy, gene editing, cell therapy, ribonucleic acid (RNA) therapy (treatments that target RNA or deliver it to cells), targeted therapies (cancer treatments targeted at specific genes and proteins) and microbiome (the collection of microorganisms living in or on the human body). 4BIO Capital assesses company valuations with a view toward their future potential value creation and typically recommends divestment either upon the company's acquisition

------

**Fund Summary**

**Harbor Disruptive Innovation Fund**

------

by another market player or when 4BIO Capital believes that future growth is unlikely.

NZS Capital recommends securities of companies to the Advisor that it believes to be highly adaptable to the disruption presented by the transition of economies from analog to digital. Though many of the companies identified by NZS Capital for investment are in the technology and communication segments of the market, NZS Capital believes that disruption is increasingly impacting all sectors of the economy and may identify companies for investment across sectors.

Sands Capital recommends securities to the Advisor based on Sands Capital's belief that disruptive innovation improves upon the status quo, whether the innovations are on a large or small scale. Sands Capital identifies companies that it believes to have a leadership position in a promising business space, a significant competitive advantage, a clear mission, a value-add focus, financial strength and a rational valuation relative to the market and their business prospects. Sands Capital uses bottom-up research to identify companies across all sectors that it believes are benefitting from structural changes and secular trends that are distinct from cyclical economic factors.

Tekne recommends securities to the Advisor based on Tekne's belief that a disruptive innovation company is one that creates, uses or enables technology to change or influence an existing or new workflow, product or service. Tekne seeks to identify investments that it believes will derive success from longer-term growth rather than near-term momentum. Tekne relies on its expertise in the telecommunications, media and technology sectors as well as related industries such as fin-tech.

Westfield recommends securities to the Advisor based on Westfield's belief that disruptive innovation companies are those providing disruptive products or services to large addressable markets and that maintain a culture of continued innovation as they gain market share. Westfield will primarily focus on U.S. markets with a specialization in technology and health care.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first five risks) include:

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Disruptive Innovation Risk:** Companies that the Subadvisor and/or Advisor, as applicable, believes have the potential for growth tied to disruptive innovation may not in fact be successful. Companies developing new technologies, creating solutions, providing disruptive products or services, or which the Subadvisor and/or Advisor, as applicable, believes to have leadership positions or competitive advantages may not be able to capitalize on those developments or positions. Such companies may encounter competition, regulation or other barriers. These companies may also be exposed to risks applicable to sectors other than the disruptive innovation theme

for which they are chosen, and the securities issued by these companies may underperform the securities of other companies. The Fund may invest in a company that does not currently derive any revenue from disruptive innovations or technologies, and there is no assurance that a company will derive any revenue from disruptive innovations in the future. A disruptive innovation may constitute a small portion of a company's overall business. As a result, the success of a disruptive innovation may not affect the value of the equity securities issued by the company.

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Multi-Manager Risk:** The Subadvisors' investment styles and security recommendations may not always be complementary, which could affect the performance of the Fund. Moreover, the allocation of Fund assets among Subadvisors may lead the Fund to underperform relative to how it could have performed with a different allocation between Subadvisors.

**Non-Discretionary Implementation Risk:** Because the Fund is managed pursuant to model portfolios provided by non-discretionary Subadvisors, it is expected that trades will be effected on a periodic basis and therefore less frequently than would typically be the case if discretionary subadvisors were employed. Given that values of investments change with market conditions, this could cause the Fund's return to be lower than if the Fund employed discretionary subadvisors.

**Depositary Receipts Risk:** Depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the U.S. or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. Depositary receipts are subject to the risks associated with investing directly in foreign securities.

**Emerging Market Risk:** Foreign securities risks are more significant in emerging market countries. These countries may have relatively unstable governments and less-established market economies than developed countries. Emerging markets may face greater social, economic, regulatory and political uncertainties. These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries. Securities exchanges in emerging markets may suspend listed securities from trading for substantially longer periods of time than exchanges in developed markets, including for periods of a year or longer. If the Fund is holding a suspended security, that security would become completely illiquid as the Fund would not be able to dispose of the security until the suspension is lifted. In such instances, it can also be difficult to determine an appropriate valuation for the security because of a lack of trading and uncertainty as to when trading may resume.

**Foreign Currency Risk:** As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency

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**Fund Summary**

**Harbor Disruptive Innovation Fund**

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risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

**Foreign Securities Risk:** Because the Fund may invest in securities of foreign issuers, an investment in the Fund is subject to special risks in addition to those of U.S. securities. These risks include heightened political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, possible sanctions by governmental bodies of other countries and less stringent investor protection and disclosure standards of foreign markets. Foreign securities are sometimes less liquid and harder to value than securities of U.S. issuers. These risks are more significant for issuers in emerging market countries. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Growth Style Risk:** Over time, a growth oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**REIT Risk:** Investing in REITs will subject the Fund to additional risks. The REITs in which the Fund invests may decline in value as a result of factors affecting the real estate sector, such as changes in real estate values, changes in property taxes and government regulation affecting zoning, land use and rents, changes in interest rates, changes in the cash flow of underlying real estate assets, levels of occupancy, and market conditions, as well as the management skill and creditworthiness of the issuer. Investments in REITs are also subject to additional risks, including the risk that REITs are unable to generate cash flow to make distributions to unitholders and fail to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended.

**Sector Risk:** Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Small and Mid Cap Risk:** The Fund's performance may be more volatile because it may invest in issuers that are smaller companies. Smaller companies may have limited product lines, markets and financial resources. Securities of smaller companies are usually less stable in price and less liquid than those of larger, more

established companies. Additionally, small and mid cap stocks may fall out of favor relative to large cap stocks, which may cause the Fund to underperform other equity funds that focus on large cap stocks.

**Performance**

Effective September 1, 2021, Harbor Capital began to directly manage the Fund's portfolio using a multi-manager approach and the name and strategy of the Fund were changed. Performance prior to that date is attributable to the Fund's prior subadvisor utilizing a different strategy.

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923img0a67c73c19.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

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| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 41.44% | Q2 2020 |
| Worst Quarter | -30.16% | Q2 2022 |

---

------

**Fund Summary**

**Harbor Disruptive Innovation Fund**

------

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Disruptive Innovation Fund | Harbor Disruptive Innovation Fund | Harbor Disruptive Innovation Fund | Harbor Disruptive Innovation Fund | Harbor Disruptive Innovation Fund | Harbor Disruptive Innovation Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -44.33% | 3.82% | 8.95% | 4.52% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -44.40% | 3.75% | 8.89% | 4.49% | 11-01-2000 |
| After Taxes on <br> Distributions<br>| -44.40% | -1.74% | 4.43% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund <br> Shares<br>| -26.28% | 3.43% | 6.96% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -44.43% | 3.50% | 8.62% | 9.42% | 11-01-2002 |
| **Investor Class**<br> Before Taxes<br>| -44.48% | 3.40% | 8.51% | 9.29% | 11-01-2002 |
| Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) | Comparative Indices<br> (reflects no deduction for fees, expenses or taxes) |
| **S&P 500**<sup>^</sup> | -18.11% | 9.42% | 12.56% | 6.60% |  |
| **Russell 3000**<sup>®</sup> <br> **Growth**<sup>^</sup><br>| -28.97% | 10.45% | 13.75% | 6.01% |  |

---

*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

**Spenser P. Lerner, CFA**, Head of Multi-Asset Solutions, Managing Director and Portfolio Manager of Harbor Capital Advisors, Inc., has managed the Fund since 2021.

**Kristof Gleich, CFA**, President & CIO of Harbor Capital Advisors, Inc., has managed the Fund since 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisors**

The Advisor has engaged 4BIO Capital, NZS Capital, Sands Capital, Tekne and Westfield as subadvisors since 2021 to provide investment management services to the Fund on a non-discretionary basis.

------

**Fund Summary**

**Harbor Disruptive Innovation Fund**

------

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

![](g458923logo_lighthouse.gif)

Harbor Diversified International All Cap Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.09% | 0.17% | 0.17% | 0.28% |
| Total Annual Fund <br> Operating Expenses<br>| 0.84% | 0.92% | 1.17% | 1.28% |
| Expense <br> Reimbursement<sup>1</sup><br>| (0.12)% | (0.12)% | (0.12)% | (0.12)% |
| Total Annual Fund <br> Operating Expenses <br> After Expense <br> Reimbursement<sup>1</sup><br>| 0.72% | 0.80% | 1.05% | 1.16% |

---

<sup>1</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.72% 0.80%, 1.05%, and 1.16% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate this agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $74 | $256 | $454 | $1026 |
| Institutional | $82 | $281 | $498 | $1120 |
| Administrative | $107 | $360 | $632 | $1410 |
| Investor | $118 | $394 | $691 | $1535 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24%.

**Principal Investment Strategy**

The Fund invests primarily (no less than 65% of its total assets under normal market conditions) in common and preferred stocks of foreign companies, including those located in emerging market countries.

The Subadvisor's investment strategy focuses on identifying attractive long-term investment opportunities that can arise as a result of certain capital cycle, or supply-side, conditions. Capital cycle investing is based on the concept that the prospect of high returns will attract excessive capital and competition and the prospect of low returns will excessively depress new capital investments and discourage competition. The assessments of how management responds to the forces of the capital cycle through its capital allocation strategy and how it is incentivized are both critical to the investment outcome. While capital cycles are often observed at an industry level, particularly where the investment merits of an individual business are influenced by the rationality of actors within a given competitive ecosystem, they are first identified through bottom-up analysis at the company level. The Subadvisor broadly characterizes investments within two opposite points of the capital cycle:

◾

**High Return Phase:** Investments in the top half of the capital cycle, where high rates of return within a business and/or industry are being attained, are often characterized as having intrinsic pricing power that allow them to fend off competition and excess capital that would otherwise be drawn to the prospects of high returns. These types of investments can also be characterized as having a consolidated industry market structure with high barriers to entry.

◾

**Depressed Return Phase:** Investments in the bottom half of the capital cycle, where rates of return have fallen to or below the cost of capital and where capital is being repelled as a result, are often characterized as contrarian, deep value investments where an improvement in the economic returns of a business are not accurately discounted by the broad market. A consolidating market structure, where supply and competition are removed, or a radical shift in management strategy, are often conditions leading to these types of investments.

The Subadvisor uses fundamental, bottom-up qualitative analysis to evaluate businesses and the industry within which they operate. Research meetings with company management represent a significant aspect of the analysis conducted by the Subadvisor. Companies that the Subadvisor finds attractive include those that:

◾

Deploy capital effectively and efficiently

◾

Have high insider ownership and/or where company management are appropriately incentivized to focus on long-term results

◾

Operate in a monopolistic, oligopolistic or consolidating industry

◾

Show improving or high and sustainable returns on invested capital

◾

Generate attractive or improving free cash-flow

Given the contrarian and long-term nature of the capital cycle, the Subadvisor's investment strategy tends to result in a portfolio of investments that can differ significantly from the Fund's benchmark index, with average holding periods of seven years or more for individual company investments. As part of its investment process, the Subadvisor considers environmental, social and governance ("ESG") factors that it believes may have a material

------

**Fund Summary**

**Harbor Diversified International All Cap Fund**

------

impact on an issuer and the value of its securities. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer.

The Subadvisor allocates responsibility for sourcing investment opportunities among its portfolio managers by regions of the world, with different portfolio managers responsible for each of Europe, Japan, the Pacific Basin, emerging markets, and North America. The Subadvisor maintains an aggregate portfolio that is broadly regionally neutral relative to the benchmark index. All of the portfolio managers employ the capital cycle approach to investing across their respective regions in order to identify individual companies for investment. The investment ideas generated across each of the four regions are then combined into the Fund's overall portfolio. This results in a portfolio that generally maintains investments in between 450 and 550 companies. While inherently diversified, a bias towards smaller and mid cap businesses in niche industries, coupled with a particularly long holding period, result in a portfolio that is significantly differentiated from the Fund's benchmark index. The Fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first four risks) include:

**Capital Cycle Risk:** The Subadvisor's assessment of the capital cycle for a particular industry or company may be incorrect. Investing in companies at inopportune phases of the capital cycle can result in the Fund purchasing company stock at pricing levels that are higher than the market dynamics would support and therefore subject the Fund to greater risk that the stock price would decline rather than increase over time.

**Foreign Securities Risk:** An investment in the Fund is subject to special risks in addition to those of U.S. securities. These risks include heightened political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, possible sanctions by governmental bodies of other countries and less stringent investor protection and disclosure standards of foreign markets. Foreign securities are sometimes less liquid and harder to value than securities of U.S. issuers. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. The Fund's investments in foreign securities may also be subject to foreign withholding taxes.

Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that

affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Emerging Market Risk:** Foreign securities risks are more significant in emerging market countries. These countries may have relatively unstable governments and less-established market economies than developed countries. Emerging markets may face greater social, economic, regulatory and political uncertainties. These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries. Securities exchanges in emerging markets may suspend listed securities from trading for substantially longer periods of time than exchanges in developed markets, including for periods of a year or longer. If the Fund is holding a suspended security, that security would become completely illiquid as the Fund would not be able to dispose of the security until the suspension is lifted. In such instances, it can also be difficult to determine an appropriate valuation for the security because of a lack of trading and uncertainty as to when trading may resume.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Foreign Currency Risk:** As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

**Geographic Focus Risk:** The Fund may invest a substantial amount of its assets in securities of issuers located in a single country or geographic region. As a result, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically diversified fund and may result in increased volatility and greater losses.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

------

**Fund Summary**

**Harbor Diversified International All Cap Fund**

------

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Small and Mid Cap Risk:** The Fund's performance may be more volatile because it may invest in issuers that are smaller companies. Smaller companies may have limited product lines, markets and financial resources. Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Additionally, small and mid cap stocks may fall out of favor relative to large cap stocks, which may cause the Fund to underperform other equity funds that focus on large cap stocks.

**Performance**

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923imgf389dbdb20.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

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| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 19.80% | Q4 2020 |
| Worst Quarter | -27.37% | Q1 2020 |

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**Average Annual Total Returns — As of December 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Diversified International All Cap Fund | Harbor Diversified International All Cap Fund | Harbor Diversified International All Cap Fund | Harbor Diversified International All Cap Fund | Harbor Diversified International All Cap Fund | Harbor Diversified International All Cap Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -14.30% | 1.84% | N/A | 4.09% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -14.30% | 1.76% | N/A | 4.03% | 11-02-2015 |
| After Taxes on <br> Distributions<br>| -14.38% | 1.14% | N/A | 3.45% |  |
| After Taxes on <br> Distributions and <br> Sale of Fund Shares<br>| -8.05% | 1.49% | N/A | 3.26% |  |
| **Administrative Class**<br> Before Taxes<br>| -14.53% | 1.50% | N/A | 3.77% | 11-02-2015 |
| **Investor Class**<br> Before Taxes<br>| -14.63% | 1.39% | N/A | 3.64% | 11-02-2015 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **MSCI All Country** <br> **World Ex. U.S. (ND)**<sup>^</sup><br>| -16.00% | 0.88% | N/A | 4.11% |  |

---

*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Marathon Asset Management Limited ("Marathon-London") has subadvised the Fund since 2015.

------

**Fund Summary**

**Harbor Diversified International All Cap Fund**

------

**Portfolio Managers**

Marathon-London employs a team approach, in which each portfolio manager is allocated a distinct portion of assets to manage within the Fund's portfolio. Each portfolio manager selects stocks within their region independently from the other portfolio managers. Mr. Ostrer and Mr. Arah are jointly responsible for determining the allocations to each portfolio manager.

**REGIONAL FOCUS: EUROPE** 

**Neil M. Ostrer**

Marathon Asset Management Limited

Mr. Ostrer is a Portfolio Manager and co-founder of Marathon-London and has co-managed the Fund since 2015.

**Charles Carter**

Marathon Asset Management Limited

Mr. Carter is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2015.

**Nick Longhurst**

Marathon Asset Management Limited

Mr. Longhurst is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2015.

**REGIONAL FOCUS: JAPAN** 

**William J. Arah**

Marathon Asset Management Limited

Mr. Arah is a Portfolio Manager and co-founder of Marathon-London and has co-managed the Fund since 2015.

**Simon Somerville**

Marathon Asset Management Limited

Mr. Somerville is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2016.

**Toma Kobayashi**

Marathon Asset Management Limited

Mr. Kobayashi is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2022.

**REGIONAL FOCUS: EMERGING MARKETS** 

**Alex Duffy**

Marathon Asset Management Limited

Mr. Duffy is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2021.

**REGIONAL FOCUS: ASIA PACIFIC EX JAPAN** 

**Justin Hill**

Marathon Asset Management Limited

Mr. Hill is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2021.

**REGIONAL FOCUS: NORTH AMERICA** 

**Robert Anstey, CFA**

Marathon Asset Management Limited

Mr. Anstey is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2015.

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

![](g458923logo_lighthouse.gif)

Harbor Global Leaders Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees<sup>1</sup> | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.17% | 0.25% | 0.25% | 0.36% |
| Total Annual Fund <br> Operating Expenses<br>| 0.92% | 1.00% | 1.25% | 1.36% |
| Fee Waiver and <br> Expense <br> Reimbursement<sup>1</sup><br>| (0.14)% | (0.14)% | (0.14)% | (0.14)% |
| Total Annual Fund <br> Operating Expenses <br> After Fee Waiver and <br> Expense <br> Reimbursement<sup>1</sup><br>| 0.78% | 0.86% | 1.11% | 1.22% |

---

<sup>1</sup> *The Advisor has contractually agreed to waive 0.05% of its management fee and to limit the Total Annual Fund Operating Expenses, excluding interest expense (if any), to 0.78%, 0.86%, 1.11%, and 1.22% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate these agreements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $80 | $279 | $496 | $1118 |
| Institutional | $88 | $304 | $539 | $1212 |
| Administrative | $113 | $383 | $673 | $1499 |
| Investor | $124 | $417 | $731 | $1623 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the

Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 29%.

**Principal Investment Strategy**

The Fund invests primarily in the equity securities of companies located anywhere in the world, including in developed and emerging markets. Under normal market conditions, the Fund expects to invest in at least three countries, including the United States, and invest at least 40% of its assets in foreign companies.

The Fund may invest in companies at any stage of their growth lifecycles but will focus on companies that the Subadvisor believes are capable of generating sustainable, above-average, and relatively stable rates of earnings per share growth and strong free cash flows. The Subadvisor seeks investment opportunities in companies that the Subadvisor believes are leaders in their country, industry, or globally in terms of products, services, or execution. While the Fund may invest in equity securities of companies of any size, the Fund will primarily invest in large and mid-capitalization companies. As such, the Fund will generally not invest in companies with a market capitalization of less than $2 billion at the time of acquisition, and its total median market capitalization will typically be significantly greater than that of the MSCI All Country World Index, the Fund's benchmark.

In selecting securities for the Fund, the Subadvisor utilizes a fundamental, bottom-up, business-focused research approach. The Subadvisor seeks to identify growing businesses that meet the following six investment criteria:

◾

Sustainable above-average earnings growth;

◾

Leadership position in a promising business space;

◾

Significant competitive advantages;

◾

Clear mission and value-added focus;

◾

Financial strength; and

◾

Rational valuation relative to the market and business prospects.

Companies that the Subadvisor determines may meet all six investment criteria are then analyzed with in-depth qualitative and quantitative research, including competitive analysis and proprietary financial modeling. The Subadvisor integrates environmental, social, and governance factors into its investment process and as part of its overall portfolio decision making process.

The investment process generally results in a portfolio of 30-50 companies and, from time to time, may result in more substantial investments in particular sectors. Sector allocations are the outcome of the Subadvisor's bottom-up investment process. From time to time, the Fund may have significant investments in one or more countries. The Fund may invest up to the greater of 30% of its assets or three times the emerging markets component of the Index, in securities of companies located in emerging markets. As of December 31, 2022, the emerging markets component of the Index comprised 10.4% of the total index.

The Subadvisor believes that environmental, social and governance ("ESG") factors are implicit in the six investment criteria discussed above. The Subadvisor considers the context for each business when determining the ESG issues that matter to its investment case and their relative importance in expected business outcomes and long-term investment results. Accordingly, ESG factors may vary depending on region, country, industry and company. Analysis of ESG factors is integrated into the investment decision-making

------

**Fund Summary**

**Harbor Global Leaders Fund**

------

process to the extent the Subadvisor believes it may affect the sustainability of a company's value-creating potential.

The Fund intends to hold securities for the longer term, generally three to five years. The Subadvisor may sell or trim back a particular holding as a result of the Subadvisor's identification of an issue that negatively impacts the Subadvisor's assessment of one or more of the six investment criteria discussed above that the Subadvisor believes cannot be resolved within an acceptable time frame. The Subadvisor may also sell a holding if it believes the security has become materially overvalued relative to its underlying business, for risk management purposes, and/or if a more attractive investment opportunity is identified.

The equity securities in which the Fund invests include common stocks as well as preferred securities. The Fund may also purchase American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs and, together with ADRs and EDRs, "Depositary Receipts"), which are certificates typically issued by a bank or trust company that represent ownership interests in securities issued by a foreign or domestic company. The Fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies.

The Fund may use foreign exchange spot contracts and foreign exchange forwards to seek to hedge currency exposure. A foreign exchange spot contract is an agreement to buy or sell a specific currency for immediate delivery (i.e., "on the spot") as opposed to a set date in the future. The Fund may also invest in market access products, such as low exercise price warrants ("LEPWs") and participatory notes ("P-notes"), to seek to gain economic exposure to markets where holding an underlying local security is not feasible or economical. A "market access product" is a derivative security that provides market exposure to an underlying foreign issuer.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first five risks) include:

**Foreign Securities Risk:** An investment in the Fund is subject to special risks in addition to those of U.S. securities. These risks include heightened political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, possible sanctions by governmental bodies of other countries and less stringent investor protection and disclosure standards of foreign markets. Foreign securities are sometimes less liquid and harder to value than securities of U.S. issuers. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. The Fund's investments in foreign securities may also be subject to foreign withholding taxes.

Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Limited Number of Holdings Risk:** The Fund may invest in a limited number of companies. As a result, an adverse event affecting

a particular company may hurt the Fund's performance more than if it had invested in a larger number of companies. In addition, the Fund's performance may be more volatile than a fund that invests in a larger number of companies.

**Growth Style Risk:** Over time, a growth oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles.

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Depositary Receipts Risk:** Depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the U.S. or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. Depositary receipts are subject to the risks associated with investing directly in foreign securities.

**Emerging Market Risk:** Foreign securities risks are more significant in emerging market countries. These countries may have relatively unstable governments and less-established market economies than developed countries. Emerging markets may face greater social, economic, regulatory and political uncertainties. These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries. Securities exchanges in emerging markets may suspend listed securities from trading for substantially longer periods of time than exchanges in developed markets, including for periods of a year or longer. If the Fund is holding a suspended security, that security would become completely illiquid as the Fund would not be able to dispose of the security until the suspension is lifted. In such instances, it can also be difficult to determine an appropriate valuation for the security because of a lack of trading and uncertainty as to when trading may resume.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Foreign Currency Risk:** As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign

------

**Fund Summary**

**Harbor Global Leaders Fund**

------

currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

**Geographic Focus Risk:** The Fund may invest a substantial amount of its assets in securities of issuers located in a single country or geographic region. As a result, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically diversified fund and may result in increased volatility and greater losses.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Large Cap Risk:** Large cap stocks may fall out of favor relative to small or mid cap stocks, which may cause the Fund to underperform other equity funds that focus on small or mid cap stocks.

**Mid Cap Risk:** The Fund's performance may be more volatile because it invests primarily in mid cap stocks. Mid cap companies may have limited product lines, markets and financial resources. Securities of mid cap companies are usually less stable in price and less liquid than those of larger, more established companies. Additionally, mid cap stocks may fall out of favor relative to small or large cap stocks, which may cause the Fund to underperform other equity funds that focus on small or large cap stocks.

**Participatory Notes Risk:** The return on a P-note is linked to the performance of the issuers of the underlying securities. The performance of P-notes will not replicate exactly the performance of the issuers that they seek to replicate due to transaction costs and other expenses. P-notes are subject to counterparty risk since the notes constitute general unsecured contractual obligations of the financial institutions issuing the notes, and the Fund is relying on the creditworthiness of such institutions and has no rights under the notes against the issuers of the underlying securities. P-notes may also be less liquid and more difficult to sell.

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Sector Risk:** Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Warrants Risk:** Warrants are rights to purchase securities at specific prices valid for a specific period of time. While LEPWs seek to track the value of the underlying security, their prices will not necessarily move in parallel to the prices of the underlying securities, and warrant holders receive no dividends and have no voting rights or rights to the assets of the issuer of the underlying security. Warrants are also subject to counterparty risk since the Fund is relying on the creditworthiness of the financial institution issuing the warrant to meet its obligations under the terms of the warrant.

------

**Fund Summary**

**Harbor Global Leaders Fund**

------

**Performance**

Effective March 1, 2017, Sands Capital Management, LLC became the Fund's Subadvisor. Performance prior to that date is not attributable to Sands Capital.

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923imgd76cc70221.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 23.30% | Q2 2020 |
| Worst Quarter | -21.50% | Q2 2022 |

---

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Global Leaders Fund | Harbor Global Leaders Fund | Harbor Global Leaders Fund | Harbor Global Leaders Fund | Harbor Global Leaders Fund | Harbor Global Leaders Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -29.63% | 5.95% | 9.66% | 13.25% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -29.69% | 5.86% | 9.61% | 13.21% | 03-01-2009 |
| After Taxes on <br> Distributions<br>| -31.01% | 4.16% | 7.82% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund Shares<br>| -16.64% | 4.76% | 7.67% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -29.84% | 5.61% | 9.34% | 12.93% | 03-01-2009 |
| **Investor Class**<br> Before Taxes<br>| -29.92% | 5.48% | 9.21% | 12.79% | 03-01-2009 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **MSCI All Country** <br> **World (ND)**<sup>^</sup><br>| -18.36% | 5.23% | 7.98% | 11.04% |  |

---

*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

------

**Fund Summary**

**Harbor Global Leaders Fund**

------

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Sands Capital Management, LLC ("Sands Capital") has subadvised the Fund since March 1, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| ![](g458923img7f2e88ec22.jpg)<br>| **Sunil H. Thakor, CFA**<br> Sands Capital Management, LLC<br>|

---

Mr. Thakor, CFA is a Senior Portfolio Manager, Research Analyst at Sands Capital and has managed the Fund since 2017.

---

| | |
|:---|:---|
| ![](g458923img5d93fdee23.jpg)<br>| **Michael F. Raab, CFA**<br> Sands Capital Management, LLC<br>|

---

Mr. Raab, CFA is a Portfolio Manager, Senior Research Analyst at Sands Capital and has managed the Fund since 2019.

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

![](g458923logo_lighthouse.gif)

Harbor International Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term total return, principally from growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.06% | 0.14% | 0.14% | 0.25% |
| Total Annual Fund <br> Operating Expenses<br>| 0.81% | 0.89% | 1.14% | 1.25% |
| Expense <br> Reimbursement<sup>1</sup><br>| (0.12)% | (0.12)% | (0.12)% | (0.12)% |
| Total Annual Fund <br> Operating Expenses <br> After Expense <br> Reimbursement<sup>1</sup><br>| 0.69% | 0.77% | 1.02% | 1.13% |

---

<sup>1</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.69%, 0.77%, 1.02%, and 1.13% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate these agreements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $70 | $247 | $438 | $991 |
| Institutional | $79 | $272 | $481 | $1085 |
| Administrative | $104 | $350 | $616 | $1375 |
| Investor | $115 | $385 | $675 | $1501 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14%.

**Principal Investment Strategy**

The Fund invests primarily (no less than 65% of its total assets under normal market conditions) in common and preferred stocks of foreign companies located principally in developed markets across Europe, Japan and Asia Pacific ex Japan.

The Subadvisor's investment strategy focuses on identifying attractive long-term investment opportunities that can arise as a result of certain capital cycle, or supply-side, conditions. Capital cycle investing is based on the concept that the prospect of high returns will attract excessive capital and competition and the prospect of low returns will excessively depress new capital investments and discourage competition. The assessments of how management responds to the forces of the capital cycle through its capital allocation strategy and how it is incentivized are both critical to the investment outcome. While capital cycles are often observed at an industry level, particularly where the investment merits of an individual business are influenced by the rationality of actors within a given competitive ecosystem, they are first identified through bottom-up analysis at the company level. The Subadvisor broadly characterizes investments within two opposite points of the capital cycle:

◾

**High Return Phase:** Investments in the top half of the capital cycle, where high rates of return within a business and/or industry are being attained, are often characterized as having intrinsic pricing power that allow them to fend off competition and excess capital that would otherwise be drawn to the prospects of high returns. These types of investments can also be characterized as having a consolidated industry market structure with high barriers to entry.

◾

**Depressed Return Phase:** Investments in the bottom half of the capital cycle, where rates of return have fallen to or below the cost of capital and where capital is being repelled as a result, are often characterized as contrarian, deep value investments where an improvement in the economic returns of a business are not accurately discounted by the broad market. A consolidating market structure, where supply and competition are removed, or a radical shift in management strategy, are often conditions leading to these types of investments.

The Subadvisor uses fundamental, bottom-up qualitative analysis to evaluate businesses and the industry within which they operate. Research meetings with company management represent a significant aspect of the analysis conducted by the Subadvisor. Companies that the Subadvisor finds attractive include those that:

◾

Deploy capital effectively and efficiently

◾

Have high insider ownership and/or where company management are appropriately incentivized to focus on long-term results

◾

Operate in a monopolistic, oligopolistic or consolidating industry

◾

Show improving or high and sustainable returns on invested capital

◾

Generate attractive or improving free cash-flow

Given the contrarian and long-term nature of the capital cycle, the Subadvisor's investment strategy tends to result in a portfolio of investments that can differ significantly from the Fund's benchmark index, with average holding periods of seven years or more for individual company investments. As part of its investment process, the Subadvisor considers environmental, social and governance ("ESG") factors that it believes may have a material

------

**Fund Summary**

**Harbor International Fund**

------

impact on an issuer and the value of its securities. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer.

The Subadvisor allocates responsibility for sourcing investment opportunities among its portfolio managers by regions of the world, with different portfolio managers responsible for each of Europe, Japan, and the Pacific Basin and emerging markets. The Subadvisor maintains an aggregate portfolio that is broadly regionally neutral relative to the benchmark index. The portfolio also may have a modest exposure to emerging markets. All of the portfolio managers employ the capital cycle approach to investing across their respective regions in order to identify individual companies for investment. The investment ideas generated across each of the three regions are then combined into the Fund's overall portfolio. This results in an inherently diversified portfolio that generally maintains investments in between 350 and 450 companies. The Fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first four risks) include:

**Capital Cycle Risk:** The Subadvisor's assessment of the capital cycle for a particular industry or company may be incorrect. Investing in companies at inopportune phases of the capital cycle can result in the Fund purchasing company stock at pricing levels that are higher than the market dynamics would support and therefore subject the Fund to greater risk that the stock price would decline rather than increase over time.

**Foreign Securities Risk:** An investment in the Fund is subject to special risks in addition to those of U.S. securities. These risks include heightened political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, possible sanctions by governmental bodies of other countries and less stringent investor protection and disclosure standards of foreign markets. Foreign securities are sometimes less liquid and harder to value than securities of U.S. issuers. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. The Fund's investments in foreign securities may also be subject to foreign withholding taxes.

Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within

an industry. Equity securities generally have greater price volatility than fixed income securities.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Emerging Market Risk:** Foreign securities risks are more significant in emerging market countries. These countries may have relatively unstable governments and less-established market economies than developed countries. Emerging markets may face greater social, economic, regulatory and political uncertainties. These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries. Securities exchanges in emerging markets may suspend listed securities from trading for substantially longer periods of time than exchanges in developed markets, including for periods of a year or longer. If the Fund is holding a suspended security, that security would become completely illiquid as the Fund would not be able to dispose of the security until the suspension is lifted. In such instances, it can also be difficult to determine an appropriate valuation for the security because of a lack of trading and uncertainty as to when trading may resume.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Foreign Currency Risk:** As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

**Geographic Focus Risk:** The Fund may invest a substantial amount of its assets in securities of issuers located in a single country or geographic region. As a result, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically diversified fund and may result in increased volatility and greater losses.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will

------

**Fund Summary**

**Harbor International Fund**

------

be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Small and Mid Cap Risk:** The Fund's performance may be more volatile because it may invest in issuers that are smaller companies. Smaller companies may have limited product lines, markets and financial resources. Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Additionally, small and mid cap stocks may fall out of favor relative to large cap stocks, which may cause the Fund to underperform other equity funds that focus on large

cap stocks.

**Performance**

Effective August 22, 2018, Marathon Asset Management London ("Marathon-London) became the Fund's Subadvisor. Performance prior to that date is not attributable to Marathon-London.

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923imgeb160b9b24.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 19.40% | Q4 2022 |
| Worst Quarter | -24.85% | Q1 2020 |

---

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor International Fund | Harbor International Fund | Harbor International Fund | Harbor International Fund | Harbor International Fund | Harbor International Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -13.71% | 1.14% | 3.18% | 9.38% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -13.79% | 1.06% | 3.12% | 9.36% | 12-29-1987 |
| After Taxes on <br> Distributions<br>| -14.48% | -1.19% | 1.58% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund Shares<br>| -7.72% | 0.64% | 2.33% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -14.03% | 0.81% | 2.86% | 7.34% | 11-01-2002 |
| **Investor Class**<br> Before Taxes<br>| -14.11% | 0.69% | 2.74% | 7.20% | 11-01-2002 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **MSCI EAFE (ND)**<sup>^</sup> | -14.45% | 1.54% | 4.67% | 4.99% |  |

---

*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. In some cases, average annual total return "After Taxes on Distributions and Sale of Fund Shares" may exceed the return "Before Taxes" and/or "After Taxes on Distributions" due to an assumed tax benefit for any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

------

**Fund Summary**

**Harbor International Fund**

------

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Marathon-London has subadvised the Fund since August 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

Marathon-London employs a team approach, in which each portfolio manager is allocated a distinct portion of assets to manage within the Fund's portfolio. Each portfolio manager selects stocks within their region independently from the other portfolio managers. Mr. Ostrer and Mr. Arah are jointly responsible for determining the allocations to each portfolio manager.

**REGIONAL FOCUS: EUROPE** 

**Neil M. Ostrer**

Marathon Asset Management Limited

Mr. Ostrer is a Portfolio Manager and co-founder of Marathon-London and has co-managed the Fund since 2018.

**Charles Carter**

Marathon Asset Management Limited

Mr. Carter is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2018.

**Nick Longhurst**

Marathon Asset Management Limited

Mr. Longhurst is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2018.

**REGIONAL FOCUS: JAPAN** 

**William J. Arah**

Marathon Asset Management Limited

Mr. Arah is a Portfolio Manager and co-founder of Marathon-London and has co-managed the Fund since 2018.

**Simon Somerville**

Marathon Asset Management Limited

Mr. Somerville is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2018.

**Toma Kobayashi**

Marathon Asset Management Limited

Mr. Kobayashi is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2022.

**REGIONAL FOCUS: EMERGING MARKETS** 

**Alex Duffy**

Marathon Asset Management Limited

Mr. Duffy is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2021.

**REGIONAL FOCUS: ASIA PACIFIC ex JAPAN** 

**Justin Hill**

Marathon Asset Management Limited

Mr. Hill is a Portfolio Manager of Marathon-London and has co-managed the Fund since 2021.

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

![](g458923logo_lighthouse.gif)

Harbor International Core Fund (formerly, Harbor Overseas Fund)

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.41% | 0.49% | 0.49% | 0.60% |
| Total Annual Fund <br> Operating Expenses<br>| 1.16% | 1.24% | 1.49% | 1.60% |
| Expense <br> Reimbursement<sup>1</sup><br>| (0.39)% | (0.39)% | (0.39)% | (0.39)% |
| Total Annual Fund <br> Operating Expenses <br> After Expense <br> Reimbursement<sup>1</sup><br>| 0.77% | 0.85% | 1.10% | 1.21% |

---

<sup>1</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any) to 0.77% 0.85%, 1.10%, and 1.21% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate this agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $79 | $330 | $601 | $1374 |
| Institutional | $87 | $355 | $643 | $1466 |
| Administrative | $112 | $433 | $776 | $1746 |
| Investor | $123 | $467 | $834 | $1867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 100%.

**Principal Investment Strategy**

Under normal market conditions, the Fund invests at least 80% of its assets in a diversified portfolio of non-U.S. equity securities. The Fund invests primarily in the stocks of foreign companies located in developed markets, but it may also invest up to 15% of its assets in the securities of companies located in emerging markets. The Fund invests in stocks across the market capitalization spectrum.

The Subadvisor manages the Fund using an active, quantitative investment strategy. In selecting investments for the Fund, the Subadvisor forecasts expected returns for global equity markets and individual securities using a range of quantitative factors, including:

◾

Valuation

◾

Earnings

◾

Quality

◾

Price patterns

◾

Economic data

◾

Risk

The Subadvisor emphasizes those factors that it believes to have proven most effective in predicting returns.

In constructing the Fund's portfolio, the Subadvisor considers the company, country, and industry weightings of the Fund's benchmark index, the MSCI EAFE Index, as well as the portfolio's level of risk, estimated transaction costs, liquidity, and other considerations. In making buy and sell decisions, the Subadvisor analyzes the risk and expected return characteristics of the portfolio's current holdings as compared to the entire universe of companies. The Subadvisor also considers companies' environmental, social and governance ("ESG") initiatives that it believes may have a material impact on an issuer and the value of its securities. The Subadvisor engages with company management and seeks to identify inconsistencies between stated positions and actions.

The Subadvisor purchases securities that in its view have higher risk-adjusted expected returns and sells securities that in its view have lower risk-adjusted expected returns, provided that the costs of implementing the purchases and sales of such securities do not exceed the expected value added to the portfolio of such investment decisions, as determined by the Subadvisor. Throughout this process, the Subadvisor utilizes proprietary quantitative models to make its assessments and, except in very limited circumstances, follows the output of those models when making buy and sell decisions for the Fund's portfolio.

The equity securities in which the Fund invests include common stocks as well as preferred securities and securities issued by real estate investment trusts (REITs). The Fund may also purchase American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs), and other similar depositary receipts, which are certificates typically issued by a bank or trust company that represent ownership interests in securities issued by a foreign or domestic company. The Fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies.

------

**Fund Summary**

**Harbor International Core Fund (formerly, Harbor Overseas Fund)**

------

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first four risks) include:

**Foreign Securities Risk:** An investment in the Fund is subject to special risks in addition to those of U.S. securities. These risks include heightened political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, possible sanctions by governmental bodies of other countries and less stringent investor protection and disclosure standards of foreign markets. Foreign securities are sometimes less liquid and harder to value than securities of U.S. issuers. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. The Fund's investments in foreign securities may also be subject to foreign withholding taxes.

Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Model Risk:** There are limitations inherent in every quantitative model. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, historical trends in data may not be predictive going forward. The strategies and techniques employed in a quantitative model cannot fully match the complexity of the financial markets and therefore sudden unanticipated changes in underlying market conditions can significantly impact their performance. The effectiveness of the given strategy or technique may deteriorate in an unpredictable fashion for any number of reasons including, but not limited to, an increase in the amount of assets managed or the use of similar strategies or techniques by other market participants and/or market dynamic shifts over time. In addition, factors that affect a security's value can change over time, and these changes may not be reflected in the quantitative model. Any model may contain flaws the existence and effect of which may be discovered only after the fact or not at all. There can be no assurances that the strategies pursued or the techniques implemented in the quantitative model will be profitable, and various market conditions may be materially less favorable to certain strategies than others. Even in the absence of flaws, a model may not perform as anticipated.

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Depositary Receipts Risk:** Depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the U.S. or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. Depositary receipts are subject to the risks associated with investing directly in foreign securities.

**Emerging Market Risk:** Foreign securities risks are more significant in emerging market countries. These countries may have relatively unstable governments and less-established market economies than developed countries. Emerging markets may face greater social, economic, regulatory and political uncertainties. These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries. Securities exchanges in emerging markets may suspend listed securities from trading for substantially longer periods of time than exchanges in developed markets, including for periods of a year or longer. If the Fund is holding a suspended security, that security would become completely illiquid as the Fund would not be able to dispose of the security until the suspension is lifted. In such instances, it can also be difficult to determine an appropriate valuation for the security because of a lack of trading and uncertainty as to when trading may resume.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Foreign Currency Risk:** As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

**Geographic Focus Risk:** The Fund may invest a substantial amount of its assets in securities of issuers located in a single country or geographic region. As a result, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically diversified fund and may result in increased volatility and greater losses.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

------

**Fund Summary**

**Harbor International Core Fund (formerly, Harbor Overseas Fund)**

------

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**REIT Risk:** Investing in REITs will subject the Fund to additional risks. The REITs in which the Fund invests may decline in value as a result of factors affecting the real estate sector, such as changes in real estate values, changes in property taxes and government regulation affecting zoning, land use and rents, changes in interest rates, changes in the cash flow of underlying real estate assets, levels of occupancy, and market conditions, as well as the management skill and creditworthiness of the issuer. Investments in REITs are also subject to additional risks, including the risk that REITs are unable to generate cash flow to make distributions to unitholders and fail to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Small and Mid Cap Risk:** The Fund's performance may be more volatile because it may invest in issuers that are smaller companies. Smaller companies may have limited product lines, markets and financial resources. Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Additionally, small and mid cap stocks may fall out of favor relative to large cap stocks, which may cause the Fund to underperform other equity funds that focus on large cap stocks.

**Performance**

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows the performance of the Fund's Institutional Class during the period shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923img8f26dde225.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 17.47% | Q2 2020 |
| Worst Quarter | -20.62% | Q1 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor International Core Fund | Harbor International Core Fund | Harbor International Core Fund | Harbor International Core Fund | Harbor International Core Fund | Harbor International Core Fund |
| **Retirement Class**<br> Before Taxes<br>| -15.10% | N/A | N/A | 6.12% | 03-01-2019 |
| **Institutional Class**<br> Before Taxes<br>| -15.22% | N/A | N/A | 6.03% | 03-01-2019 |
| After Taxes on <br> Distributions<br>| -15.63% | N/A | N/A | 5.07% |  |
| After Taxes on <br> Distributions and Sale <br> of Fund Shares<br>| -8.57% | N/A | N/A | 4.84% |  |
| **Investor Class**<br> Before Taxes<br>| -15.52% | N/A | N/A | 5.64% | 03-01-2019 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **MSCI EAFE (ND)** | -14.45% | N/A | N/A | 3.61% |  |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement and Investor Class of shares will vary.

------

**Fund Summary**

**Harbor International Core Fund (formerly, Harbor Overseas Fund)**

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**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Acadian Asset Management LLC ("Acadian") has subadvised the Fund since 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| ![](g458923img9bff1ec726.jpg)<br>| **Brendan O. Bradley, Ph.D.**<br> Acadian Asset Management LLC<br>|

---

Mr. Bradley is an Executive Vice President and Chief Investment Officer at Acadian and has managed the Fund since its inception in 2019.

---

| | |
|:---|:---|
| ![](g458923img9f1b469e27.jpg)<br>| **Ryan D. Taliaferro, Ph.D.**<br> Acadian Asset Management LLC<br>|

---

Mr. Taliaferro is a Senior Vice President and Director of Equity Strategies at Acadian and has managed the Fund since its inception in 2019.

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

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![](g458923logo_lighthouse.gif)

Harbor International Growth Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.08% | 0.16% | 0.16% | 0.27% |
| Total Annual Fund <br> Operating Expenses<br>| 0.83% | 0.91% | 1.16% | 1.27% |
| Expense <br> Reimbursement<sup>1</sup><br>| (0.06)% | (0.06)% | (0.06)% | (0.06)% |
| Total Annual Fund <br> Operating Expenses <br> After Expense <br> Reimbursement<sup>1</sup><br>| 0.77% | 0.85% | 1.10% | 1.21% |

---

<sup>1</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.77%, 0.85%, 1.10%, and 1.21% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate this agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $79 | $259 | $455 | $1020 |
| Institutional | $87 | $284 | $498 | $1114 |
| Administrative | $112 | $363 | $633 | $1404 |
| Investor | $123 | $397 | $691 | $1529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18%.

**Principal Investment Strategy**

The Fund invests primarily (no less than 65% of its total assets under normal market conditions) in equity securities, including common and preferred stocks, of foreign companies that the Subadvisor believes will experience growth and benefit from sustainable competitive advantages in their markets. The Fund may invest in companies of any size located in, or economically tied to, any country or region outside of the United States, including developed foreign and emerging markets. The Fund normally invests in at least three different countries outside of the United States. The Fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies.

The Subadvisor primarily uses proprietary, fundamental research to seek to identify companies for investment that can exhibit sustained, above-average growth with attractive financial characteristics, such as superior profit margins and returns on invested capital. The Subadvisor normally evaluates these characteristics over a three- to five-year time horizon.

When evaluating individual companies for investment, the Subadvisor normally focuses on the following:

◾

**Opportunity:** The Subadvisor looks for companies that have identifiable and sustainable competitive advantages, which will enable the company to achieve above average growth rates. These competitive advantages include the degree to which there are barriers to entry in the market, the uniqueness of the company's product offerings, any enduring cost or technology advantages and the loyalty of the company's customers.

◾

**Execution:** The Subadvisor looks for companies that have management teams that are capable of capitalizing on the opportunities available to them. This analysis involves an assessment of the strength of the company's financial position, including its ability to fund growth opportunities internally through sufficiently attractive profit margins, and an assessment of the management team's actions, including how management chooses to put excess capital to work through reinvestment or acquisitions.

◾

**Valuation:** After assessing the growth opportunity and management team at each company being evaluated, the Subadvisor then compares the current stock price with the Subadvisor's view of the value of the company's future growth potential. The Subadvisor seeks to invest in companies which appear to be undervalued on this basis.

In addition to the investment considerations outlined above, the Subadvisor considers governance matters and integrates social and environmental (collectively, "ESG") factors into the decision-making process when the Subadvisor believes they are material to the long-term sustainable growth prospects for a company. The Subadvisor utilizes in-house ESG-related research to enhance its evaluation of individual companies. The extent to which ESG considerations are incorporated into the evaluation of individual companies is based on the materiality of any particular matter to the long-term sustainability of the company's business, as determined by the Subadvisor. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each company.

The Subadvisor may, from time to time and at its discretion, seek to hedge the value of a portion of the Fund's foreign currency exposure to attempt to preserve the value of the Fund's investments

------

**Fund Summary**

**Harbor International Growth Fund**

------

in U.S. dollar terms. However, the Subadvisor does not normally expect to hedge the Fund's foreign currency exposure.

The Subadvisor may sell or reduce the Fund's investment in a portfolio security if the Subadvisor detects a material diminution to either the company's growth opportunity or in the level of confidence the Subadvisor has in company management's ability to exploit that opportunity. The Subadvisor also regularly considers the company's valuation, and whether the current stock price has risen to a level that better reflects the Subadvisor's view of the company's future growth potential. However, the Subadvisor does not normally trade based upon short-term price movements, as it considers such moves to be poor predictors of long-term results.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first five risks) include:

**Foreign Securities Risk:** An investment in the Fund is subject to special risks in addition to those of U.S. securities. These risks include heightened political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, possible sanctions by governmental bodies of other countries and less stringent investor protection and disclosure standards of foreign markets. Foreign securities are sometimes less liquid and harder to value than securities of U.S. issuers. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. The Fund's investments in foreign securities may also be subject to foreign withholding taxes.

Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Growth Style Risk:** Over time, a growth oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles.

**Emerging Market Risk:** Foreign securities risks are more significant in emerging market countries. These countries may have relatively unstable governments and less-established market economies than developed countries. Emerging markets may face greater social, economic, regulatory and political uncertainties. These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries. Securities exchanges in emerging markets may suspend listed securities from trading for substantially longer periods of time than exchanges in developed markets, including for periods of a year or longer. If the Fund is holding a suspended security, that security would become completely illiquid as the Fund would not be able to dispose of the security until the suspension is lifted. In such instances, it can also be difficult to determine an appropriate valuation for the security because of a lack of trading and uncertainty as to when trading may resume.

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate

earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Foreign Currency Risk:** As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

**Geographic Focus Risk:** The Fund may invest a substantial amount of its assets in securities of issuers located in a single country or geographic region. As a result, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically diversified fund and may result in increased volatility and greater losses.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

------

**Fund Summary**

**Harbor International Growth Fund**

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**Performance**

Effective May 21, 2013, Baillie Gifford Overseas Limited ("Baillie Gifford") became the Fund's Subadvisor. Performance data prior to that date is not attributable to Baillie Gifford.

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923imgea38f9a728.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

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| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 26.14% | Q2 2020 |
| Worst Quarter | -20.31% | Q1 2020 |

---

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor International Growth Fund | Harbor International Growth Fund | Harbor International Growth Fund | Harbor International Growth Fund | Harbor International Growth Fund | Harbor International Growth Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -32.02% | 0.43% | 4.10% | 3.45% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -32.05% | 0.36% | 4.04% | 3.43% | 11-01-1993 |
| After Taxes on <br> Distributions<br>| -31.92% | -0.12% | 3.68% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund Shares<br>| -18.84% | 0.48% | 3.34% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -32.26% | 0.11% | 3.77% | 5.23% | 11-01-2002 |
| **Investor Class**<br> Before Taxes<br>| -32.32% | -0.01% | 3.66% | 5.11% | 11-01-2002 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **MSCI All Country** <br> **World Ex. U.S.** <br> **(ND)**<sup>^</sup><br>| -16.00% | 0.88% | 3.80% | N/A |  |

---

*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

Since Inception return not available since the index has not been in existence as long as the Fund.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

------

**Fund Summary**

**Harbor International Growth Fund**

------

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Baillie Gifford has subadvised the Fund since May 2013.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| ![](g458923img8a189d1429.jpg)<br>| **Iain Campbell**<br> Baillie Gifford<br>|

---

Mr. Campbell is a Portfolio Manager and member of the International All Cap Portfolio Construction Group at Baillie Gifford and has co-managed the Fund since 2013.

---

| | |
|:---|:---|
| ![](g458923img5b83be4230.jpg)<br>| **Joseph M. Faraday, CFA**<br> Baillie Gifford<br>|

---

Mr. Faraday is a Portfolio Manager and member of the International All Cap Portfolio Construction Group at Baillie Gifford and has co-managed the Fund since 2013.

---

| | |
|:---|:---|
| ![(STEPHEN PAICE PHOTO)](g458923imgb3f8f0fd31.jpg)<br>| **Stephen Paice**<br> Baillie Gifford<br>|

---

Mr. Paice is a Portfolio Manager and member of the International All Cap Portfolio Construction Group at Baillie Gifford and has co-managed the Fund since 2022.

---

| | |
|:---|:---|
| ![](g458923img48ee6b8332.jpg)<br>| **Sophie Earnshaw, CFA**<br> Baillie Gifford<br>|

---

Ms. Earnshaw is a Portfolio Manager and member of the International All Cap Portfolio Construction Group at Baillie Gifford and has co-managed the Fund since 2014.

---

| | |
|:---|:---|
| ![](g458923img24cc621533.jpg)<br>| **Milena Mileva**<br> Baillie Gifford<br>|

---

Ms. Mileva is a Portfolio Manager and member of the International All Cap Portfolio Construction Group at Baillie Gifford and has co-managed the fund since 2022.

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

![](g458923logo_lighthouse.gif)

Harbor International Small Cap Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees | 0.85% | 0.85% | 0.85% | 0.85% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.26% | 0.34% | 0.34% | 0.45% |
| Total Annual Fund <br> Operating Expenses<br>| 1.11% | 1.19% | 1.44% | 1.55% |
| Expense <br> Reimbursement<sup>1</sup><br>| (0.23)% | (0.23)% | (0.23)% | (0.23)% |
| Total Annual Fund <br> Operating Expenses <br> After Expense <br> Reimbursement<sup>1</sup><br>| 0.88% | 0.96% | 1.21% | 1.32% |

---

<sup>1</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.88%, 0.96%, 1.21%, and 1.32% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate this agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $90 | $330 | $589 | $1331 |
| Institutional | $98 | $355 | $632 | $1423 |
| Administrative | $123 | $433 | $765 | $1704 |
| Investor | $134 | $467 | $823 | $1826 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 23%.

**Principal Investment Strategy**

The Fund invests primarily in equity securities, principally common and preferred stocks, of foreign companies. Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in the securities of small cap companies. The Fund defines small cap companies as those with market capitalizations that fall within the range of the MSCI EAFE (Europe, Australasia and Far East) Small Cap (ND) Index at the time of purchase. As of December 31, 2022, the range of the Index was $99 million to $8.78 billion, but it is expected to change frequently.

The Subadvisor's investment process utilizes a range of screening and idea sourcing methodologies to shrink the universe of securities to a manageable level. The Subadvisor primarily utilizes bottom-up research to identify companies with attractive valuations, as determined by the Subadvisor, while taking into account macro-economic considerations. The Subadvisor's evaluation of companies includes an analysis of the corporate governance framework. The Subadvisor looks to identify companies that:

◾

demonstrate traditional value metrics primarily on a price to book, price to earnings, and/or dividend yield basis;

◾

have well-capitalized and transparent balance sheets and funding sources; and

◾

they believe have business models that are undervalued by the market.

From time to time, the investment process may result in substantial investments in one or more sectors, geographic regions and/or countries.

The Subadvisor may sell or trim a holding when the investment thesis with respect to a holding is realized or the investment thesis is negatively impacted by macro-economic, industry or company-specific considerations. The Subadvisor may also sell or trim a holding in order to manage position-size risk and/or if a more attractive investment opportunity is identified. As part of its investment process, the Subadvisor considers environmental, social and governance ("ESG") factors that it believes may have a material impact on an issuer and the value of its securities. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer.

Up to 15% of the Fund's total assets may be invested in emerging market companies, which the Fund defines as those countries included in the MSCI Emerging Markets Index, which currently includes countries located in the Americas, Europe, Middle East, Africa and Asia. The Fund also may invest in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depository Receipts (GDRs) (collectively, "Depositary Receipts"). Depositary Receipts are certificates typically issued by a bank or trust company that represent ownership interests in securities issued by a foreign or domestic company. The Fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks

------

**Fund Summary**

**Harbor International Small Cap Fund**

------

impacting the Fund (in alphabetical order after the first five risks) include:

**Foreign Securities Risk:** An investment in the Fund is subject to special risks in addition to those of U.S. securities. These risks include heightened political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, possible sanctions by governmental bodies of other countries and less stringent investor protection and disclosure standards of foreign markets. Foreign securities are sometimes less liquid and harder to value than securities of U.S. issuers. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. The Fund's investments in foreign securities may also be subject to foreign withholding taxes.

Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Small Cap Risk:** The Fund's performance may be more volatile because it invests primarily in issuers that are smaller companies. Smaller companies may have limited product lines, markets and financial resources. Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Additionally, small cap stocks may fall out of favor relative to mid or large cap stocks, which may cause the Fund to underperform other equity funds that focus on mid or large cap stocks.

**Value Style Risk:** Over time, a value oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles.

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Depositary Receipts Risk:** Depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the U.S. or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and

currencies. Depositary receipts are subject to the risks associated with investing directly in foreign securities.

**Emerging Market Risk:** Foreign securities risks are more significant in emerging market countries. These countries may have relatively unstable governments and less-established market economies than developed countries. Emerging markets may face greater social, economic, regulatory and political uncertainties. These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries. Securities exchanges in emerging markets may suspend listed securities from trading for substantially longer periods of time than exchanges in developed markets, including for periods of a year or longer. If the Fund is holding a suspended security, that security would become completely illiquid as the Fund would not be able to dispose of the security until the suspension is lifted. In such instances, it can also be difficult to determine an appropriate valuation for the security because of a lack of trading and uncertainty as to when trading may resume.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Foreign Currency Risk:** As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

**Geographic Focus Risk:** The Fund may invest a substantial amount of its assets in securities of issuers located in a single country or geographic region. As a result, any changes to the regulatory, political, social or economic conditions in such country or geographic region will generally have greater impact on the Fund than such changes would have on a more geographically diversified fund and may result in increased volatility and greater losses.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Sector Risk:** Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market

------

**Fund Summary**

**Harbor International Small Cap Fund**

------

disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Performance**

Effective May 23, 2019, Cedar Street Asset Management LLC ("Cedar Street") became the Fund's Subadvisor. Performance prior to that date is not attributable to Cedar Street.

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923img3c6bbe8b34.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 21.41% | Q4 2020 |
| Worst Quarter | -29.16% | Q1 2020 |

---

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor International Small Cap Fund | Harbor International Small Cap Fund | Harbor International Small Cap Fund | Harbor International Small Cap Fund | Harbor International Small Cap Fund | Harbor International Small Cap Fund |
| **Retirement Class**<br> Before Taxes<br>| -8.25% | 2.79% | N/A | 7.69% | 02-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -8.29% | 2.73% | N/A | 7.62% | 02-01-2016 |
| After Taxes on <br> Distributions<br>| -8.75% | 1.98% | N/A | 6.99% |  |
| After Taxes on <br> Distributions and <br> Sale of Fund Shares<br>| -4.43% | 2.15% | N/A | 6.13% |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -8.55% | 2.45% | N/A | 7.34% | 02-01-2016 |
| **Investor Class**<br> Before Taxes<br>| -8.69% | 2.33% | N/A | 7.22% | 02-01-2016 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **MSCI EAFE Small** <br> **Cap (ND)**<sup>^</sup><br>| -21.39% | -0.05% | N/A | 5.75% |  |

---

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

------

**Fund Summary**

**Harbor International Small Cap Fund**

------

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Cedar Street has subadvised the Fund since 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| ![](g458923img27dfa2de35.jpg)<br>| **Jonathan P. Brodsky**<br> Cedar Street<br>|

---

Mr. Brodsky, Founder and Principal at Cedar Street, has co-managed the Fund since 2019.

---

| | |
|:---|:---|
| ![](g458923img77a3fc3d36.jpg)<br>| **Waldemar A. Mozes**<br> Cedar Street<br>|

---

Mr. Mozes is the Director of Investments, Portfolio Manager, and Partner at Cedar Street and has co-managed the Fund since 2019.

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

![](g458923logo_lighthouse.gif)

Harbor Large Cap Value Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term total return.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.04% | 0.12% | 0.12% | 0.23% |
| Total Annual Fund <br> Operating Expenses<br>| 0.64% | 0.72% | 0.97% | 1.08% |
| Expense <br> Reimbursement<sup>1</sup><br>| (0.03)% | (0.03)% | (0.03)% | (0.03)% |
| Total Annual Fund <br> Operating Expenses <br> After Expense <br> Reimbursement<sup>1</sup><br>| 0.61% | 0.69% | 0.94% | 1.05% |

---

<sup>1</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.61%, 0.69%, 0.94%, and 1.05% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate this agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $62 | $202 | $354 | $796 |
| Institutional | $70 | $227 | $398 | $892 |
| Administrative | $96 | $306 | $533 | $1187 |
| Investor | $107 | $340 | $593 | $1314 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24%.

**Principal Investment Strategy**

The Fund invests primarily in equity securities, principally common and preferred stocks of large cap companies. Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of large cap companies.

The Fund defines large cap companies as those with market capitalizations that fall within the range of the Russell 1000<sup>®</sup> Value Index. As of December 31, 2022, the range of the Index was $306 million to $2.2 trillion, but it is expected to change frequently.

The Subadvisor employs a fundamental, bottom-up research driven approach to identify approximately 35 to 45 companies for investment by the Fund. The Subadvisor focuses on those companies that it believes are higher quality businesses that are undervalued by the market relative to what the Subadvisor believes to be their fair value.

The Subadvisor seeks to identify higher quality companies by focusing on the following attributes:

◾

Attractive business fundamentals

◾

Strong financials

◾

Experienced, motivated company management

◾

High and/or consistently improving market position, return on invested capital and operating margins

The Subadvisor then assesses the attractiveness of the valuations of those higher quality companies by analyzing a variety of valuation metrics, such as cash flow return on enterprise value, price-to-earnings, sales and free cash flow ratios and break-up values, among others.

The Subadvisor looks for potential catalysts for the company's business that could help unlock what the Subadvisor believes is the company's true value, including:

◾

Productive use of strong free cash flow

◾

Restructuring and/or productivity gains

◾

Change in management or control

◾

Innovative, competitively superior products

◾

Accretive acquisitions or divestitures

The Subadvisor also considers environmental, social and governance ("ESG") factors to be integral components its analysis and engages with companies on these topics. The key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer.

The Fund may invest up to 20% of its total assets in the securities of foreign issuers, including issuers located or doing business in emerging markets.

The Subadvisor may sell a holding if the value potential is realized, if warning signals emerge of fundamental deterioration, or if the valuation is no longer compelling relative to other investment opportunities.

------

**Fund Summary**

**Harbor Large Cap Value Fund**

------

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first four risks) include:

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Limited Number of Holdings Risk:** The Fund may invest in a limited number of companies. As a result, an adverse event affecting a particular company may hurt the Fund's performance more than if it had invested in a larger number of companies. In addition, the Fund's performance may be more volatile than a fund that invests in a larger number of companies.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**Value Style Risk:** Over time, a value oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles.

**Depositary Receipts Risk:** Depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the U.S. or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. Depositary receipts are subject to the risks associated with investing directly in foreign securities.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Foreign Securities Risk:** Because the Fund may invest in securities of foreign issuers, an investment in the Fund is subject to special risks in addition to those of U.S. securities. These risks include heightened political and economic risks, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, possible sanctions by governmental

bodies of other countries and less stringent investor protection and disclosure standards of foreign markets. Foreign securities are sometimes less liquid and harder to value than securities of U.S. issuers. These risks are more significant for issuers in emerging market countries. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Large Cap Risk:** Large cap stocks may fall out of favor relative to small or mid cap stocks, which may cause the Fund to underperform other equity funds that focus on small or mid cap stocks.

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

------

**Fund Summary**

**Harbor Large Cap Value Fund**

------

**Performance**

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923imgb4cffc8937.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 20.89% | Q2 2020 |
| Worst Quarter | -24.01% | Q1 2020 |

---

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Large Cap Value Fund | Harbor Large Cap Value Fund | Harbor Large Cap Value Fund | Harbor Large Cap Value Fund | Harbor Large Cap Value Fund | Harbor Large Cap Value Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -14.90% | 8.10% | 12.10% | 9.97% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -14.94% | 8.03% | 12.04% | 9.96% | 12-29-1987 |
| After Taxes on <br> Distributions<br>| -15.95% | 7.23% | 11.03% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund <br> Shares<br>| -8.15% | 6.27% | 9.79% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -15.16% | 7.74% | 11.74% | 9.13% | 11-01-2002 |
| **Investor Class**<br> Before Taxes<br>| -15.26% | 7.62% | 11.63% | 8.97% | 11-01-2002 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **Russell 1000**<sup>®</sup> <br> **Value**<sup>^</sup><br>| -7.54% | 6.67% | 10.29% | 10.24% |  |

---

*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

------

**Fund Summary**

**Harbor Large Cap Value Fund**

------

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Aristotle Capital Management, LLC ("Aristotle") has subadvised the Fund since May 2012.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| ![](g458923img4a4d2fb438.jpg)<br>| **Howard Gleicher, CFA**<br> Aristotle Capital Management, LLC<br>|

---

Mr. Gleicher is the Chief Executive Officer and Chief Investment Officer of Aristotle and has managed the Fund since 2012.

---

| | |
|:---|:---|
| ![](g458923imgfbad949a39.jpg)<br>| **Gregory D. Padilla, CFA**<br> Aristotle Capital Management, LLC<br>|

---

Mr. Padilla is a Portfolio Manager and Senior Global Research Analyst of Aristotle and has managed the Fund since 2018.

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

![](g458923logo_lighthouse.gif)

Harbor Mid Cap Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term total return.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.17% | 0.25% | 0.25% | 0.36% |
| Total Annual Fund <br> Operating Expenses<br>| 0.92% | 1.00% | 1.25% | 1.36% |
| Expense <br> Reimbursement<sup>1</sup><br>| (0.12)% | (0.12)% | (0.12)% | (0.12)% |
| Total Annual Fund <br> Operating Expenses <br> After Expense <br> Reimbursement<sup>1</sup><br>| 0.80% | 0.88% | 1.13% | 1.24% |

---

<sup>1</sup> *The Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.80%, 0.88%, 1.13%, and 1.24% for the Retirement Class, Institutional Class, Administrative Class, and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate this agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $82 | $281 | $498 | $1120 |
| Institutional | $90 | $306 | $541 | $1214 |
| Administrative | $115 | $385 | $675 | $1501 |
| Investor | $126 | $419 | $733 | $1625 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 42%.

**Principal Investment Strategy**

The Fund invests primarily in equity securities, principally common and preferred stocks, of U.S. mid cap companies. Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of mid cap companies.

The Fund defines mid cap companies as those with market capitalizations that fall within the range of the Russell Midcap<sup>®</sup> Index, provided that if the upper end of the capitalization range of that Index falls below $15 billion, the Fund will continue to define those companies with market capitalizations between the upper end of the range of the Index and $15 billion as mid cap companies. As of December 31, 2022, the range of the Index was $306 million to $53 billion, but it is expected to change frequently.

The Subadvisor employs a disciplined investment approach that seeks to identify companies that, in the Subadvisor's view, demonstrate strong business fundamentals and earnings prospects that are not fully captured in the companies' current market valuations. The Subadvisor uses a bottom-up investment process, employing fundamental and qualitative criteria to identify individual companies for potential investment in the Fund's portfolio. As part of its investment process, the Subadvisor considers environmental, social and governance ("ESG") factors that it believes may have a material impact on an issuer and the value of its securities. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer. The Subadvisor employs statistical analysis, which is designed to limit certain risks in the Fund's portfolio versus the Fund's benchmark. The Fund's sector weightings are a result of, and secondary to, individual stock selections.

The Subadvisor may sell a stock if one of the following situations arises:

◾

The company executes according to the Subadvisor's investment thesis and the market recognizes it in the stock's valuation;

◾

The investment process identifies a company the Subadvisor believes has superior return and risk characteristics. In this situation, the more attractive stock would force them to sell the less attractive stock so that they continue to own only their best investment ideas; or

◾

The company's prospects deteriorate as a result of poor business plan execution, new competitors, management changes, a souring business environment or other adverse effects.

The Fund expects to invest in approximately 50 to 70 companies.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first three risks) include:

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that

------

**Fund Summary**

**Harbor Mid Cap Fund**

------

affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Mid Cap Risk:** The Fund's performance may be more volatile because it invests primarily in mid cap stocks. Mid cap companies may have limited product lines, markets and financial resources. Securities of mid cap companies are usually less stable in price and less liquid than those of larger, more established companies. Additionally, mid cap stocks may fall out of favor relative to small or large cap stocks, which may cause the Fund to underperform other equity funds that focus on small or large cap stocks.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Performance**

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows the performance of the Fund's Institutional Class during the period shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar

to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923imgaf79639640.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 23.60% | Q2 2020 |
| Worst Quarter | -24.25% | Q1 2020 |

---

------

**Fund Summary**

**Harbor Mid Cap Fund**

------

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Mid Cap Fund | Harbor Mid Cap Fund | Harbor Mid Cap Fund | Harbor Mid Cap Fund | Harbor Mid Cap Fund | Harbor Mid Cap Fund |
| **Retirement Class**<br> Before Taxes<br>| -17.06% | N/A | N/A | 8.17% | 12-01-2019 |
| **Institutional Class**<br> Before Taxes<br>| -17.15% | N/A | N/A | 8.08% | 12-01-2019 |
| After Taxes on <br> Distributions<br>| -17.82% | N/A | N/A | 7.59% |  |
| After Taxes on <br> Distributions and Sale <br> of Fund Shares<br>| -9.75% | N/A | N/A | 6.26% |  |
| **Investor Class**<br> Before Taxes<br>| -17.43% | N/A | N/A | 7.70% | 12-01-2019 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **Russell Midcap**<sup>®</sup> | -17.32% | N/A | N/A | 6.49% |  |

---

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

EARNEST Partners LLC ("EARNEST Partners") has subadvised the Fund since 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Manager**

The portfolio manager is responsible for the day-to-day investment decision making for the Fund.

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| | |
|:---|:---|
| ![](g458923img70cfe33241.jpg)<br>| **Paul E. Viera**<br> EARNEST Partners LLC<br>|

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Mr. Viera is the Chief Executive Officer, a Portfolio Manager and the founder of EARNEST Partners and has managed the Fund since 2019.

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

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| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

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Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

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<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

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![](g458923logo_lighthouse.gif)

Harbor Mid Cap Value Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term total return.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees<sup>1</sup> | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.06% | 0.14% | 0.14% | 0.25% |
| Total Annual Fund <br> Operating Expenses<br>| 0.81% | 0.89% | 1.14% | 1.25% |
| Fee Waiver and <br> Expense <br> Reimbursement<sup>1</sup><br>| (0.04)% | (0.04)% | (0.04)% | (0.04)% |
| Total Annual Fund <br> Operating Expenses <br> After Fee Waiver and <br> Expense <br> Reimbursement<sup>1</sup><br>| 0.77% | 0.85% | 1.10% | 1.21% |

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<sup>1</sup> *The Advisor 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. Additionally, the Advisor has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.77%, 0.85%, 1.10% and 1.21% for the Retirement Class, Institutional Class, Administrative Class and Investor Class, respectively, through February 29, 2024. Only the Fund's Board of Trustees may modify or terminate this agreement.*

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**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $79 | $255 | $446 | $998 |
| Institutional | $87 | $280 | $489 | $1092 |
| Administrative | $112 | $358 | $624 | $1383 |
| Investor | $123 | $393 | $682 | $1508 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund

Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9%.

**Principal Investment Strategy**

The Fund invests primarily in equity securities, principally common stocks, of mid cap companies. Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of mid cap companies.

The Fund defines mid cap companies as those with market capitalizations that fall within the range of the Russell Midcap<sup>®</sup> Index, provided that if the upper end of the capitalization range of that Index falls below $15 billion, the Fund will continue to define those companies with market capitalizations between the upper end of the range of the Index and $15 billion as mid cap companies. As of December 31, 2022, the range of the Index was $306 million to $53 billion, but it is expected to change frequently.

The Subadvisor looks to identify companies that it believes are out of favor and thus undervalued in the marketplace at the time of purchase and have the potential for appreciation. The Subadvisor's active investment strategy uses a quantitative investment model to evaluate and recommend investment decisions for the Fund in a bottom-up, contrarian value approach. The primary components of the quantitative model are:

◾

Indicators of fundamental undervaluation, such as low price-to-cash flow or low price-to-earnings ratios

◾

Indicators of past negative market sentiment, such as poor past stock price performance

◾

Indicators of recent momentum, such as high recent stock price performance

◾

Control of incremental risk relative to the benchmark index

All such indicators are measured relative to the overall universe of mid cap companies. As part of its investment process, the Subadvisor considers environmental, social and governance ("ESG") factors that it believes may have a material impact on an issuer and the value of its securities. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer.

The Subadvisor utilizes its proprietary quantitative model to make its assessments and, except in very limited circumstances, follows the output of those models when making buy and sell decisions for the Fund's portfolio.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first five risks) include:

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within

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**Fund Summary**

**Harbor Mid Cap Value Fund**

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an industry. Equity securities generally have greater price volatility than fixed income securities.

**Value Style Risk:** Over time, a value oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles.

**Model Risk:** There are limitations inherent in every quantitative model. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, historical trends in data may not be predictive going forward. The strategies and techniques employed in a quantitative model cannot fully match the complexity of the financial markets and therefore sudden unanticipated changes in underlying market conditions can significantly impact their performance. The effectiveness of the given strategy or technique may deteriorate in an unpredictable fashion for any number of reasons including, but not limited to, an increase in the amount of assets managed or the use of similar strategies or techniques by other market participants and/or market dynamic shifts over time. In addition, factors that affect a security's value can change over time, and these changes may not be reflected in the quantitative model. Any model may contain flaws the existence and effect of which may be discovered only after the fact or not at all. There can be no assurances that the strategies pursued or the techniques implemented in the quantitative model will be profitable, and various market conditions may be materially less favorable to certain strategies than others. Even in the absence of flaws, a model may not perform as anticipated.

**Mid Cap Risk:** The Fund's performance may be more volatile because it invests primarily in mid cap stocks. Mid cap companies may have limited product lines, markets and financial resources. Securities of mid cap companies are usually less stable in price and less liquid than those of larger, more established companies. Additionally, mid cap stocks may fall out of favor relative to small or large cap stocks, which may cause the Fund to underperform other equity funds that focus on small or large cap stocks.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an

advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Performance**

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

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**Calendar Year Total Returns for Institutional Class Shares** ![](g458923img9e05d36642.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

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| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 23.43% | Q4 2020 |
| Worst Quarter | -39.73% | Q1 2020 |

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**Fund Summary**

**Harbor Mid Cap Value Fund**

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**Average Annual Total Returns — As of December 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Mid Cap Value Fund | Harbor Mid Cap Value Fund | Harbor Mid Cap Value Fund | Harbor Mid Cap Value Fund | Harbor Mid Cap Value Fund | Harbor Mid Cap Value Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -5.50% | 3.71% | 9.52% | 7.39% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -5.55% | 3.63% | 9.47% | 7.36% | 03-01-2002 |
| After Taxes on <br> Distributions<br>| -7.28% | 2.53% | 8.54% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund <br> Shares<br>| -2.08% | 2.67% | 7.62% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -5.84% | 3.36% | 9.19% | 8.36% | 11-01-2002 |
| **Investor Class**<br> Before Taxes<br>| -5.90% | 3.25% | 9.07% | 8.24% | 11-01-2002 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **Russell Midcap**<sup>®</sup> <br> **Value**<sup>^</sup><br>| -12.03% | 5.72% | 10.11% | 9.26% |  |

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*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. In some cases, average annual total return "After Taxes on Distributions and Sale of Fund Shares" may exceed the return "Before Taxes" and/or "After Taxes on Distributions" due to an assumed tax benefit for any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

LSV Asset Management ("LSV") has subadvised the Fund since September 2004.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

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| | |
|:---|:---|
| ![](g458923img3921d46b43.jpg)<br>| **Josef Lakonishok, Ph.D.**<br> LSV Asset Management<br>|

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Dr. Lakonishok is the Chief Executive Officer, Chief Investment Officer, a Portfolio Manager and Founding Partner of LSV and has co-managed the Fund since 2004.

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| | |
|:---|:---|
| ![](g458923img601e78a844.jpg)<br>| **Menno Vermeulen, CFA**<br> LSV Asset Management<br>|

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Mr. Vermeulen is a Portfolio Manager and Partner of LSV and has co-managed the Fund since 2004.

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| | |
|:---|:---|
| ![](g458923imgfbdbfd9545.jpg)<br>| **Puneet Mansharamani, CFA**<br> LSV Asset Management<br>|

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Mr. Mansharamani is a Portfolio Manager and Partner of LSV and has co-managed the Fund since 2006.

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| | |
|:---|:---|
| ![](g458923img75dc6d7f46.jpg)<br>| **Greg Sleight**<br> LSV Asset Management<br>|

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Mr. Sleight is a Portfolio Manager and Partner of LSV, has co-managed the Fund since 2015 and been involved in portfolio management for the Fund since 2014.

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| | |
|:---|:---|
| ![](g458923imgf10d1edc47.jpg)<br>| **Guy Lakonishok, CFA**<br> LSV Asset Management<br>|

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Mr. Lakonishok is a Portfolio Manager and Partner of LSV, has co-managed the Fund since 2015 and been involved in portfolio management for the Fund since 2014.

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**Fund Summary**

**Harbor Mid Cap Value Fund**

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**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

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| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

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Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

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<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

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![](g458923logo_lighthouse.gif)

Harbor Small Cap Growth Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term growth of capital.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.05% | 0.13% | 0.13% | 0.24% |
| Total Annual Fund <br> Operating Expenses<br>| 0.80% | 0.88% | 1.13% | 1.24% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $82 | $255 | $444 | $990 |
| Institutional | $90 | $281 | $488 | $1084 |
| Administrative | $115 | $359 | $622 | $1375 |
| Investor | $126 | $393 | $681 | $1500 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 75%.

**Principal Investment Strategy**

The Fund invests primarily in equity securities, principally common and preferred stocks of small cap companies. Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of small cap companies.

The Fund defines small cap companies as those with market capitalizations that fall within the range of the Russell 2000<sup>®</sup> Growth Index, provided that if the upper end of the capitalization range of that Index falls below $2.5 billion, the Fund will continue to define those companies with market capitalizations between the upper end of the range of the Index and $2.5 billion as small cap companies. As of December 31, 2022, the range of the Index was $6 million to $7.93 billion, but it is expected to change frequently.

The Subadvisor uses a bottom-up process to identify companies that meet the Subadvisor's strict fundamental criteria and then performs a qualitative review on each identified company to select approximately 60 to 80 companies for inclusion in the Fund's portfolio. The Subadvisor's research may include personal interviews and other contact with company management. Sector allocations are the outcome of the Subadvisor's bottom-up investment process.

In selecting stocks for the Fund's portfolio, the Subadvisor looks for companies that it believes possess the following characteristics:

◾

Accelerating earnings growth

◾

Strong balance sheets

◾

Attractive valuations as measured by price/earnings to growth ratios

In addition, the Subadvisor prefers companies that it believes possess the following qualitative characteristics:

◾

Superior company management

◾

Significant insider ownership

◾

Unique market positions and broad market opportunities

◾

Solid financial controls and accounting processes

In addition to the investment considerations outlined above, the Subadvisor integrates research into environmental, social and governance ("ESG") factors into its investment process. The key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer.

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first four risks) include:

**Small Cap Risk:** The Fund's performance may be more volatile because it invests primarily in issuers that are smaller companies. Smaller companies may have limited product lines, markets and financial resources. Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Additionally, small cap stocks may fall out of favor relative to mid or large cap stocks, which may cause the Fund to underperform other equity funds that focus on mid or large cap stocks.

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**Fund Summary**

**Harbor Small Cap Growth Fund**

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**Growth Style Risk:** Over time, a growth oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles.

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Sector Risk:** Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

**Performance**

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923img4f388d7448.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 31.89% | Q2 2020 |
| Worst Quarter | -23.69% | Q1 2020 |

---

------

**Fund Summary**

**Harbor Small Cap Growth Fund**

------

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Small Cap Growth Fund | Harbor Small Cap Growth Fund | Harbor Small Cap Growth Fund | Harbor Small Cap Growth Fund | Harbor Small Cap Growth Fund | Harbor Small Cap Growth Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -25.45% | 7.61% | 11.46% | 8.65% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -25.53% | 7.53% | 11.40% | 8.62% | 11-01-2000 |
| After Taxes on <br> Distributions<br>| -26.35% | 4.11% | 8.21% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund <br> Shares<br>| -14.54% | 5.46% | 8.63% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -25.74% | 7.24% | 11.07% | 10.03% | 11-01-2002 |
| **Investor Class**<br> Before Taxes<br>| -25.81% | 7.14% | 10.98% | 9.90% | 11-01-2002 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **Russell 2000**<sup>®</sup> <br> **Growth**<sup>^</sup><br>| -26.36% | 3.51% | 9.20% | 5.64% |  |

---

*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

Westfield Capital Management Company, L.P. ("Westfield") has subadvised the Fund since 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Managers**

The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| ![](g458923imgcc63ad0749.jpg)<br>| **William A. Muggia**<br> Westfield Capital Management Company, L.P.<br>|

---

Mr. Muggia is the President, Chief Investment Officer, Chief Executive Officer, a Portfolio Manager and Managing Partner of Westfield and has co-managed the Fund since 2000.

---

| | |
|:---|:---|
| ![](g458923imgaa29833650.jpg)<br>| **Richard D. Lee, CFA**<br> Westfield Capital Management Company, L.P.<br>|

---

Mr. Lee is the Deputy Chief Investment Officer, a Portfolio Manager and Managing Partner of Westfield and has co-managed the Fund since 2018. He has been a member of Westfield's Investment Committee since 2004.

---

| | |
|:---|:---|
| ![](g458923img460e7afa51.jpg)<br>| **Ethan J. Meyers, CFA**<br> Westfield Capital Management Company, L.P.<br>|

---

Mr. Meyers is the Director of Research, a Portfolio Manager and Managing Partner of Westfield and has co-managed the Fund since its inception in 2000.

---

| | |
|:---|:---|
| ![](g458923imgffbf690652.jpg)<br>| **John M. Montgomery**<br> Westfield Capital Management Company, L.P.<br>|

---

Mr. Montgomery is the Chief Operating Officer, a Managing Partner and Portfolio Strategist of Westfield and has co-managed the Fund since 2011.

------

**Fund Summary**

**Harbor Small Cap Growth Fund**

------

**Buying and Selling Fund Shares**

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

![](g458923logo_lighthouse.gif)

Harbor Small Cap Value Fund

**Fund Summary**

**Investment Objective** 

The Fund seeks long-term total return.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and <br> Service (12b-1) Fees<br>|  |  | 0.25% | 0.25% |
| Other Expenses | 0.05% | 0.13% | 0.13% | 0.24% |
| Total Annual Fund <br> Operating Expenses<br>| 0.80% | 0.88% | 1.13% | 1.24% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One**<br> **Year**<br>| &nbsp;&nbsp; **Three**<br> **Years**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Ten**<br> **Years**<br>|
| Retirement | $82 | $255 | $444 | $990 |
| Institutional | $90 | $281 | $488 | $1084 |
| Administrative | $115 | $359 | $622 | $1375 |
| Investor | $126 | $393 | $681 | $1500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Example, do affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15%.

**Principal Investment Strategy**

The Fund invests primarily in equity securities, principally common and preferred stocks, of small cap companies. Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of small cap companies.

The Fund defines small cap companies as those with market capitalizations that fall within the range of the Russell 2000<sup>®</sup> Index, provided that if the upper end of the capitalization range of that Index falls below $2.5 billion, the Fund will continue to define those companies with market capitalizations between the upper end of the range of the Index and $2.5 billion as small cap companies. As of December 31, 2022, the range of the Index was $6 million to $7.93 billion, but it is expected to change frequently.

The Subadvisor employs a disciplined investment approach that seeks to identify companies that, in the Subadvisor's view, demonstrate strong business fundamentals and earnings prospects that are not fully captured in the companies' current market valuations. The Subadvisor uses a bottom-up investment process, employing fundamental and qualitative criteria to identify individual companies for potential investment in the Fund's portfolio. As part of its investment process, the Subadvisor considers environmental, social and governance ("ESG") factors that it believes may have a material impact on an issuer and the value of its securities. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each issuer. The Subadvisor employs statistical analysis, which is designed to limit certain risks in the Fund's portfolio versus the Fund's benchmark. The Fund's sector weightings are a result of, and secondary to, individual stock selections.

The Subadvisor may sell a stock if one of the following situations arises:

◾

The company executes according to the Subadvisor's investment thesis and the market recognizes it in the stock's valuation;

◾

The investment process identifies a company the Subadvisor believes has superior return and risk characteristics. In this situation, the more attractive stock would force them to sell the less attractive stock so that they continue to own only their best investment ideas; or

◾

The company's prospects deteriorate as a result of poor business plan execution, new competitors, management changes, a souring business environment or other adverse effects.

The Fund expects to invest in approximately 55 to 70 companies.

------

**Fund Summary**

**Harbor Small Cap Value Fund**

------

**Principal Risks**

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other investment options. Principal risks impacting the Fund (in alphabetical order after the first four risks) include:

**Small Cap Risk:** The Fund's performance may be more volatile because it invests primarily in issuers that are smaller companies. Smaller companies may have limited product lines, markets and financial resources. Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Additionally, small cap stocks may fall out of favor relative to mid or large cap stocks, which may cause the Fund to underperform other equity funds that focus on mid or large cap stocks.

**Value Style Risk:** Over time, a value oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity funds that use different investing styles.

**Equity Risk:** The values of equity or equity-related securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities.

**Market Risk:** Securities markets are volatile and can decline significantly in response to adverse market, economic, political, regulatory or other developments, which may lower the value of securities held by the Fund, sometimes rapidly or unpredictably. Events such as war, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

**ESG Factors Risk:** The consideration of ESG factors by the Subadvisor and/or Advisor, as applicable, could cause the Fund to perform differently than other funds. ESG factors are not the only consideration used by the Subadvisor and/or Advisor, as applicable, in making investment decisions for the Fund and the Fund may invest in a company that scores poorly on ESG factors if it scores well on other criteria. ESG factors may not be considered for every investment decision.

**Issuer Risk:** An adverse event affecting a particular issuer in which the Fund is invested, such as an unfavorable earnings report, may depress the value of that issuer's stock, sometimes rapidly or unpredictably.

**Preferred Stock Risk:** Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Sector Risk:** Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**Selection Risk:** The Subadvisor's judgment about the attractiveness, value and growth potential of a particular security may be incorrect. The Subadvisor and/or Advisor, as applicable, potentially will be prevented from executing investment decisions at an advantageous time or price as a result of domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Subadvisor and/or Advisor, as applicable, believes represent an attractive opportunity or in which the Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities or prices sought by the Subadvisor and/or Advisor, as applicable, and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

------

**Fund Summary**

**Harbor Small Cap Value Fund**

------

**Performance**

The following bar chart and tables are intended to help you understand the risks and potential rewards of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Class has varied from one calendar year to another over the periods shown. The table shows how the Fund's average annual total returns of the share classes presented compared to the returns of the Fund's benchmark index, which includes securities with investment characteristics similar to those held by the Fund. Please note that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. To obtain updated performance information please visit the Fund's website at harborcapital.com or call 800-422-1050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Calendar Year Total Returns for Institutional Class Shares** ![](g458923img3dc45ca553.jpg)

During the time periods shown in the bar chart, the Fund's highest and lowest returns for a calendar quarter were:

---

| | | |
|:---|:---|:---|
|  | **Total Returns** | **Quarter/Year** |
| Best Quarter | 30.00% | Q4 2020 |
| Worst Quarter | -30.15% | Q1 2020 |

---

**Average Annual Total Returns — As of December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Annualized** | **Annualized** | **Annualized** | **Inception**<br> **Date** |
|  | **One**<br> **Year** | **Five**<br> **Years**<br>| **Ten**<br> **Years**<br>| **Since**<br> **Inception**<br>| **Inception**<br> **Date** |
| Harbor Small Cap Value Fund | Harbor Small Cap Value Fund | Harbor Small Cap Value Fund | Harbor Small Cap Value Fund | Harbor Small Cap Value Fund | Harbor Small Cap Value Fund |
| **Retirement Class**<sup>\*</sup><br> Before Taxes<br>| -9.47% | 5.01% | 10.47% | 9.68% | 03-01-2016 |
| **Institutional Class**<br> Before Taxes<br>| -9.53% | 4.93% | 10.41% | 9.65% | 12-14-2001 |
| After Taxes on <br> Distributions<br>| -11.02% | 3.71% | 9.10% | N/A |  |
| After Taxes on <br> Distributions and <br> Sale of Fund <br> Shares<br>| -4.62% | 3.70% | 8.27% | N/A |  |
| **Administrative** <br> **Class**<br> Before Taxes<br>| -9.77% | 4.66% | 10.13% | 9.85% | 11-01-2002 |
| **Investor Class**<br> Before Taxes<br>| -9.87% | 4.54% | 10.00% | 9.70% | 11-01-2002 |
| Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) | Comparative Index<br> (reflects no deduction for fees, expenses or taxes) |
| **Russell 2000**<sup>®</sup> <br> **Value**<sup>^</sup><br>| -14.48% | 4.13% | 8.48% | 8.12% |  |

---

*\**

*Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but potentially higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.* 

<sup>^</sup>

*Since Inception return based on the inception date of the Institutional Class shares.*

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on a shareholder's individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to tax-exempt shareholders or shareholders who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account. After-tax returns are shown for Institutional Class shares only. After-tax returns for each of the Retirement, Administrative, and Investor Class of shares will vary.

------

**Fund Summary**

**Harbor Small Cap Value Fund**

------

**Portfolio Management**

**Investment Advisor**

Harbor Capital Advisors, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subadvisor**

EARNEST Partners LLC ("EARNEST Partners") has subadvised the Fund since 2001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Manager**

The portfolio manager is responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| ![](g458923img70cfe33241.jpg)<br>| **Paul E. Viera**<br> EARNEST Partners LLC<br>|

---

Mr. Viera is the Chief Executive Officer, a Portfolio Manager and the founder of EARNEST Partners and has managed the Fund since 2001.

**Buying and Selling Fund Shares**

Effective at 4:00 p.m. Eastern Time on Tuesday, June 1, 2021, Harbor Small Cap Value Fund will be closed to new investors subject to limited exceptions. Please see the additional information regarding the closing parameters for the Fund in "*How to Purchase Shares*."

Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our website.

---

| | |
|:---|:---|
| **By Mail** | &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|
| **By Telephone** | 800-422-1050 |
| **By Visiting Our Website** | harborcapital.com |

---

Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.

The minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Retirement**<br> **Class**<sup>1</sup><br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<sup>2</sup><br>| **Investor**<br> **Class**<br>|
| Regular | $1000000 | $50000 | $50000 | $2500 |
| Individual Retirement<br> Account (IRA)<br>| $1000000 | $50000 | N/A | $1000 |
| Custodial<br> (UGMA/UTMA)<br>| $1000000 | $50000 | N/A | $1000 |

---

<sup>1</sup> *There is no minimum investment for (1) employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans; and (2) certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.*

<sup>2</sup> *Limited only to employer-sponsored retirement or benefit plans and financial intermediaries. There is no minimum investment for employer-sponsored retirement or benefit plans.*

**Tax Information** 

Distributions you receive from the Fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they are withdrawn.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The Fund, the Advisor and/or its related companies have in the past and could in the future pay intermediaries, which may include banks, broker-dealers, or financial professionals, for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales representative or visit your financial intermediary's website for more information.

------

**Additional Information about the Funds' Investments**

------

**Investment Objectives** 

Harbor Funds' Board of Trustees (the "Board of Trustees") may change a Fund's investment objective without shareholder approval.

------

**Investment Policies** 

For each of Harbor Convertible Securities Fund, Harbor Core Bond Fund, Harbor Core Plus 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, the Fund's 80% investment policy may be changed by the Fund upon 60 days' advance notice to the shareholders.

------

**Principal Investments**

Each Fund's principal investment strategies are described in the *Fund Summary* section.

The main risks associated with investing in each Fund are summarized in the respective *Fund Summary* section at the front of this Prospectus.

For additional risk factors that are not discussed in this Prospectus because they are not considered main risk factors, see Harbor Funds' *Statement of Additional Information*.

An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A Fund's shares will go up and down in price, meaning that you could lose money by investing in a Fund. Many factors influence a fund's performance and a Fund's investment strategy may not produce the intended results.

More detailed descriptions of certain of the main risks and additional risks of certain of the Funds are described below. For purposes of those descriptions, Domestic Equity funds include Harbor Capital Appreciation Fund, Harbor Disruptive Innovation 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. International and Global Equity Funds include 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 and Harbor International Small Cap Fund. Fixed Income Funds include Harbor Convertible Securities Fund, Harbor Core Bond Fund and Harbor Core Plus Fund.

The name, investment objective and policies of Harbor Disruptive Innovation Fund are similar to those of other funds advised by the Advisor. However, the investment results of the Fund may be higher or lower than, and there is no guarantee that the investment results of the Fund will be comparable to, any other of these funds.

**EQUITY SECURITIES** 

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Each Equity Fund may invest in common and preferred stocks as part of its principal investment strategy. Harbor Capital Appreciation Fund, Harbor Disruptive Innovation Fund, Harbor Large Cap Value Fund and each International and Global Fund may also invest in depositary receipts.

**COMMON STOCK** 

Common stocks are shares of a corporation or other entity that entitle the holder to a pro rata share of the profits of the corporation, if any, without preference over any other shareholder or class of shareholders. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock. Common stock usually carries with it the right to vote and frequently, an exclusive right to do so.

**PREFERRED STOCK** 

Preferred stock generally has a preference as to dividends and upon liquidation over an issuer's common stock but ranks junior to debt securities in an issuer's capital structure. Preferred stock generally pays dividends in cash or in additional shares of preferred stock at a defined rate. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer's common stock until all unpaid preferred stock dividends have been paid. Preferred stock also may be subject to optional or mandatory redemption provisions and generally carry no voting rights.

**DEPOSITARY RECEIPTS** 

Depositary receipts include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), International Depositary Receipts ("IDRs"), and Global Depositary Receipts ("GDRs"). ADRs (sponsored or unsponsored) are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying foreign securities. Most ADRs are traded on a U.S. stock exchange. Issuers of unsponsored ADRs are not contractually obligated to disclose material information in the U.S., so there may not be a correlation between such information and the market value of the unsponsored ADR. EDRs and IDRs are receipts typically issued by a European bank or trust company evidencing ownership of the underlying

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foreign securities. GDRs are receipts issued by either a U.S. or non-U.S. banking institution evidencing ownership of the underlying foreign securities.

**FOREIGN SECURITIES** 

Harbor Capital Appreciation Fund, Harbor Disruptive Innovation Fund, Harbor Large Cap Value Fund and each International and Global Fund may invest in equity securities of foreign developed market companies as part of their principal investment strategies. Harbor Capital Appreciation Fund, Harbor Disruptive Innovation Fund and Harbor Large Cap Value Fund and each International and Global Fund may invest in equity securities of emerging market companies as part of their principal investment strategies. Harbor Convertible Securities Fund is permitted to invest in convertible securities of foreign issuers.

The Advisor and/or Subadvisor, as applicable, is responsible for determining, with respect to the Fund(s) that it manages, whether a particular issuer would be considered a foreign or emerging market issuer. Normally, foreign or emerging market governments and their agencies and instrumentalities are considered foreign or emerging market issuers, respectively. In the case of non-governmental issuers, the Advisor and/or Subadvisor, as applicable, may consider an issuer to be a foreign or emerging market issuer if:

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the company has been classified by MSCI, FTSE, or S&P indices or another major index provider as a foreign or emerging market issuer;

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the equity securities of the company principally trade on stock exchanges in one or more foreign or emerging market countries;

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a company derives a substantial portion of its total revenue from goods produced, sales made or services performed in one or more foreign or emerging market countries or a substantial portion of its assets are located in one or more foreign or emerging market countries;

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the company is organized under the laws of a foreign or emerging market country or its principal executive offices are located in a foreign or emerging market country; and/or

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the Subadvisor and/or Advisor, as applicable, otherwise determines an issuer to be a foreign or emerging market issuer in its discretion based on any other factors relevant to a particular issuer.

Each Subadvisor and/or Advisor, as applicable, may weigh those factors differently when making a classification decision. Because the global nature of many companies can make the classification of those companies difficult and because the Subadvisors do not consult with one another with respect to the management of the Funds, the Subadvisors may, on occasion, classify the same issuer differently. Certain companies which are organized under the laws of a foreign or emerging market country may nevertheless be classified by a Subadvisor and/or Advisor, as applicable, as a domestic issuer. This may occur when the company's economic fortunes and risks are primarily linked to the U.S. and the company's principal operations are conducted from the U.S. or when the company's equity securities trade principally on a U.S. stock exchange.

Investing in securities of foreign companies and governments may involve risks which are not ordinarily associated with investing in domestic securities. These risks include changes in currency exchange rates and currency exchange control regulations or other foreign or U.S. laws or restrictions applicable to such investments. A decline in the exchange rate may also reduce the value of certain portfolio securities. Even though the securities are denominated in U.S. dollars, exchange rate changes may adversely affect the company's operations or financial health.

Fixed commissions on foreign securities exchanges are generally higher than negotiated commissions on U.S. exchanges, although each Fund endeavors to achieve the most favorable net results on portfolio transactions. There is generally less government supervision and regulation of securities exchanges, brokers, dealers and listed companies than in the U.S. Mail service between the U.S. and foreign countries may be slower or less reliable than within the U.S., thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Individual foreign economies may also differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position.

In addition, investments in foreign countries could be affected by other factors generally not thought to be present in the U.S. Such factors include the unavailability of financial information or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign securities markets; the possibility of expropriation; the imposition of foreign withholding and other taxes; the impact of political, social or diplomatic developments; limitations on the movement of funds or other assets of a Fund between different countries; difficulties in invoking legal process abroad and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries.

Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions. These delays in settlement could result in temporary periods when a portion of the assets of a Fund is uninvested and no return is earned thereon. The inability of a Fund to make intended security purchases due to settlement problems could cause a Fund to miss attractive investment opportunities. An inability to dispose of portfolio securities due to settlement problems could result either in losses to a Fund due

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to subsequent declines in value of the portfolio securities or, if a Fund has entered into a contract to sell the securities, could result in possible liability to the purchaser.

The Funds' custodian, State Street Bank and Trust Company, has established and monitors subcustodial relationships with banks and certain other financial institutions in the foreign countries in which the Funds may invest to permit the Funds' assets to be held in those foreign countries. These relationships have been established pursuant to Rule 17f-5 of the Investment Company Act of 1940, which governs the establishment of foreign subcustodial arrangements for funds. The Funds' subcustodial arrangements may be subject to certain risks including: (i) the inability of the Funds to recover assets in the event of the subcustodian's bankruptcy; (ii) legal restrictions on the Funds' ability to recover assets lost while under the care of the subcustodian; (iii) the likelihood of expropriation, confiscation or a freeze of the Funds' assets; and (iv) difficulties in converting the Funds' cash and cash equivalents to U.S. dollars. The Advisor and the Subadvisors have evaluated the political risk associated with an investment in a particular country.

Investing in securities of non-U.S. companies may entail additional risks especially in emerging countries due to the potential political and economic instability of certain countries. These risks include expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment and on repatriation of capital invested and the imposition of sanctions. Should one of these events occur, a Fund could lose its entire investment in any such country. A Fund's investments would similarly be adversely affected by exchange control regulation in any of those countries.

Even though opportunities for investment may exist in foreign countries, any changes in the leadership or policies of the governments of those countries, or in any other government that exercises a significant influence over those countries, may halt the expansion of or reverse the liberalization of foreign investment policies and thereby eliminate any investment opportunities that may currently exist. This is particularly true of emerging markets.

Certain countries in which the Funds may invest may have minority groups that advocate religious or revolutionary philosophies or support ethnic independence. Any action on the part of such individuals could carry the potential for destruction or confiscation of property owned by individuals and entities foreign to such country and could cause the loss of a Fund's investment in those countries.

Certain countries prohibit or impose substantial restrictions on investments in their capital and equity markets by foreign entities like the Funds. Certain countries require governmental approval prior to foreign investments or limit the amount of foreign investment in a particular company or limit the investment to only a specific class of securities of a company that may have less advantageous terms than securities of the company available for purchase by nationals. Moreover, the national policies of certain countries may restrict investment opportunities in issuers or industries deemed sensitive to national interests. In addition, some countries require governmental approval for the repatriation of investment income, capital or the proceeds of securities sales by foreign investors. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation, as well as by the application to it of other restrictions on investments. In particular, restrictions on repatriation could make it more difficult for a Fund to obtain cash necessary to satisfy the tax distribution requirements that must be satisfied in order for the Fund to avoid federal income or excise tax.

Global economies and financial markets are becoming increasingly interconnected and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In January 2020, the United Kingdom withdrew from the EU (referred to as "Brexit"). Brexit has resulted in volatility in European and global markets and could have significant negative impacts on financial markets in the United Kingdom and throughout Europe. Many areas of economic activity were outside the scope of the negotiating mandate and, therefore, the longer term economic, legal, political and social framework to be put in place between the United Kingdom and the EU is still unclear at this stage and is likely to lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the United Kingdom and in wider European markets for some time. This uncertainty may have an adverse effect on the economy generally and on the value of a Fund's investments.

**Emerging Markets Risk** 

Investments in emerging markets involve risks in addition to those generally associated with investments in foreign securities.

Political and economic structures in many emerging markets may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries. As a result, the risks described above relating to investments in foreign securities, including the risks of nationalization or expropriation of assets, would be heightened. In addition, unanticipated political or social developments may affect the values of a Fund's investments and the availability to the Fund of additional investments in such emerging markets. The small size and inexperience of the securities markets in certain emerging markets and the limited volume of trading in securities in those markets may make a Fund's investments in such countries less liquid and more volatile than investments

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in countries with more developed securities markets (such as the U.S., Japan and most Western European countries). In addition, emerging market countries may have more or less government regulation and generally do not impose as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the Advisor's or a Subadvisor's ability to evaluate local companies or their potential impact on a Fund's performance. The imposition of exchange controls (including repatriation restrictions), sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the U.S. and other governments, or from problems in share registration, settlement or custody, may also result in losses.

In addition, the U.S. and other nations and international organizations may impose economic sanctions or take other actions that may adversely affect issuers located in certain countries. In particular, the U.S. and/or other countries have imposed economic sanctions on certain Russian and Chinese individuals and/or corporate entities. The U.S. or other countries could also institute additional sanctions on Russia or China. Such sanctions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of a Fund's portfolio. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require a Fund to freeze its existing investments in companies located in certain countries, prohibiting the Fund from buying, selling or otherwise transacting in these investments. Countries subject to sanctions may undertake countermeasures or retaliatory actions which may further impair the value and liquidity of a Fund's portfolio and potentially disrupt its operations. Such events may have an adverse impact on the economies and debts of other emerging markets as well.

As a part of their principal investment strategies, Harbor International Core Fund and Harbor International Growth Fund may invest in eligible securities, such as China A-Shares, that are listed and traded on the Shanghai and Shenzhen Stock Exchanges through the China–Hong Kong Stock Connect program.

**MARKET ACCESS PRODUCTS** 

Harbor Global Leaders Fund may invest in market access products. A market access product is a derivative security that provides market exposure to an underlying foreign issuer. Examples of market access products are LEPWs and P-notes, both of which allow the holder to gain exposure to issuers in certain emerging market countries. A LEPW entitles the holder to purchase a security with an exercise price significantly below the market price of the underlying security. Because of its low exercise price, a LEPW is virtually certain to be exercised and the value and performance of its intrinsic value is effectively identical to that of the underlying security. These features are designed to allow participation in the performance of a security where there are legal or financial obstacles to purchasing the underlying security directly. Typically, when the LEPW is cash-settled, the buyer profits to the same extent as with a direct holding in the underlying security, but without having to transact in it. P-notes are derivatives that are generally traded over the counter and constitute general unsecured contractual obligations of the banks and broker-dealers that issue them. Generally, these banks and broker-dealers buy securities listed on certain foreign exchanges and then issue P-notes which are designed to replicate the performance of certain issuers and markets.

**REAL ESTATE INVESTMENT TRUSTS**

As part of its principal investment strategy, each of Harbor Disruptive Innovation Fund and Harbor International Core Fund may gain exposure to the real estate sector by investing in real estate investment trusts ("REITs"), and common, preferred and convertible securities of issuers in real estate-related industries. Each of these types of investments are subject, directly or indirectly, to risks associated with ownership of real estate, including changes in the general economic climate or local conditions (such as an oversupply of space or a reduction in demand for space), loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, including competition based on rental rates, variations in market value, changes in the financial condition of tenants, changes in operating costs, attractiveness and location of the properties, adverse changes in the real estate markets generally or in specific sectors of the real estate industry and possible environmental liabilities. Real estate-related investments may entail leverage and may be highly volatile.

REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not generally taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Nontraditional real estate carries additional risks. Income expectations may not be met, competitive new supply may emerge, and specialized property may be difficult to sell at its full expected value or require substantial investment before it can be adapted to an alternate use should its original purpose falter.

Along with the risks common to different types of real estate-related securities, REITs, no matter the type, involve additional risk factors. These include poor performance by the REIT's manager, changes to the

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tax laws, and failure by the REIT to qualify for tax-free distribution of income or exemption under the Investment Company Act of 1940. Furthermore, REITs are not diversified and are heavily dependent on cash flow.

**FIXED INCOME SECURITIES** 

Fixed income securities, as used generally in this Prospectus, includes:

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securities issued or guaranteed by the U.S. government, its agencies or government-sponsored enterprises;

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securities issued or guaranteed by a foreign government, governmental entity, supranational organization or government-sponsored enterprise;

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corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper, issued publicly or through private placements, including Rule 144A securities and Regulation S bonds;

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preferred stocks;

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when issued or delayed delivery debt securities;

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mortgage-backed and other asset-backed securities;

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inflation-indexed bonds issued both by governments and corporations;

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structured notes, including hybrid or "indexed" securities and event-linked bonds;

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loan participations and assignments;

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bank capital and trust preferred securities;

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delayed funding loans and revolving credit facilities;

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bank certificates of deposit, fixed time deposits and bankers' acceptances; and

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repurchase agreements on fixed income instruments and reverse repurchase agreements on fixed income instruments.

Each Fixed Income Fund invests in fixed income securities as part of its principal investment strategy.

Securities issued by U.S. government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury.

Certain fixed-income securities may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, inflation indexed, zero coupon, contingent, deferred, payment in-kind and auction rate features.

Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease liquidity in the fixed-income securities markets, making it harder for the Funds to sell their fixed-income investments at an advantageous time. Decreased market liquidity also may make it more difficult to value some or all of a Fund's fixed-income securities holdings. Certain countries have experienced negative interest rates on certain fixed-income securities. A low or negative interest rate environment may pose additional risks to the Funds because low or negative yields on a Fund's portfolio holdings may have an adverse impact on a Fund's ability to provide a positive yield to its shareholders, pay expenses out of Fund assets, or minimize the volatility of the Fund's net asset value per share. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on a Fund's investments and the markets where it trades.

**CREDIT QUALITY** 

Harbor Convertible Securities Fund invests primarily in below investment-grade securities, commonly referred to as "high-yield" or "junk" bonds. Harbor Core Bond Fund and Harbor Core Plus Fund may invest up to 20% and 25%, respectively, of its assets in below investment-grade securities.

Securities are investment-grade if:

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They are rated in one of the top four long-term rating categories of a nationally recognized statistical rating organization ("NRSRO").

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They have received a comparable short-term or other rating.

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They are unrated securities that the Subadvisor believes to be of comparable quality to rated investment-grade securities.

Securities are considered below investment-grade ("junk" bonds) if:

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They are rated below one of the top four long-term rating categories of a NRSRO.

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They are unrated securities that the Subadvisor believes to be of comparable quality.

If a security receives different ratings, a Fund will treat the security as being rated in the highest rating category. A Fund may choose not to sell securities that are downgraded below the Fund's minimum acceptable credit rating after their purchase. Each Fund's credit standards also apply to counterparties to over-the-counter derivative contracts or repurchase agreements, as applicable. An issuer, guarantor or

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counterparty could suffer a rapid decrease in credit quality rating, which would adversely affect the volatility of the value and liquidity of the Fund's investment. Credit ratings may not be an accurate assessment of liquidity or credit risk.

**MORTGAGE-RELATED AND ASSET-BACKED SECURITIES** 

Mortgage-related securities may be issued by private companies or by agencies of the U.S. government. Mortgage-related securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property.

At times, each of Harbor Core Bond Fund and Harbor Core Plus Fund may invest a large percentage of its assets in mortgage-backed and asset-backed securities.

Harbor Core Bond Fund and Harbor Core Plus Fund may use mortgage dollar rolls to finance the purchase of additional investments. A mortgage "dollar roll" transaction involves a sale by a Fund of a mortgage-backed security and a simultaneous agreement to repurchase a substantially similar (same type, coupon and maturity) security on a specified future day. Dollar rolls expose a Fund to the risk that it will lose money if the additional investments do not produce enough income to cover the Fund's dollar roll obligations.

For mortgage derivatives and structured securities that have embedded leverage features, small changes in interest or prepayment rates may cause large and sudden price movements. Mortgage derivatives can also become illiquid and hard to value in declining markets. Holders of privately issued mortgage-backed securities are dependent on, yet may have limited access to, information enabling them to evaluate the competence and integrity of the underlying originators and mortgage lending institutions.

Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables.

Mortgage-related and asset-backed securities are especially sensitive to prepayment and extension risk.

**GOVERNMENT SECURITIES** 

"Government securities," as defined under the Investment Company Act of 1940 and interpreted, include securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities. There are different types of government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-sponsored entity, such as Federal National Mortgage Association or Federal Home Fixed income securities, as used, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury and are therefore riskier than those that are insured or guaranteed by the U.S. Treasury.

**BELOW INVESTMENT-GRADE ("HIGH-YIELD") RISK** 

Below investment-grade fixed income securities are considered predominantly speculative by traditional investment standards. In some cases, these securities may be highly speculative and have poor prospects for reaching investment-grade standing. Below investment-grade fixed income securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest obligations. These securities may be subject to greater price volatility due to such factors as corporate developments, interest rate sensitivity, negative perceptions of the high-yield markets generally and limited secondary market liquidity. Such securities are also issued by less-established corporations desiring to expand. Risks associated with acquiring the securities of such issuers generally are greater than is the case with higher rated securities because such issuers are often less creditworthy companies or are highly leveraged and generally less able than more established or less leveraged entities to make scheduled payments of principal and interest.

The market values of high-yield, fixed income securities tend to reflect individual corporate developments to a greater extent than do those of higher rated securities, which react primarily to fluctuations in the general level of interest rates. Issuers of such high-yield securities may not be able to make use of more traditional methods of financing and their ability to service debt obligations may be more adversely affected than issuers of higher rated securities by economic downturns, specific corporate developments or the issuers' inability to meet specific projected business forecasts. These below investment-grade securities also tend to be more sensitive to economic conditions than higher-rated securities. Negative publicity about the high-yield bond market and investor perceptions regarding lower rated securities, whether or not based on the Funds' fundamental analysis, may depress the prices for such securities.

Since investors generally perceive that there are greater risks associated with below investment-grade securities of the type in which the Funds invest, the yields and prices of such securities may tend to fluctuate more than those for higher rated securities. In the lower quality segments of the fixed income securities market, changes in perceptions of issuers' creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the fixed income securities market, resulting in greater yield and price volatility.

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Another factor which causes fluctuations in the prices of fixed income securities is the supply and demand for similarly rated securities. In addition, the prices of fixed income securities fluctuate in response to the general level of interest rates. Fluctuations in the prices of portfolio securities subsequent to their acquisition will not affect cash income from such securities but will be reflected in a Fund's net asset value.

The risk of loss from default for the holders of high-yield, fixed income securities is significantly greater than is the case for holders of other debt securities because such high-yield, fixed income securities are generally unsecured and are often subordinated to the rights of other creditors of the issuers of such securities.

The secondary market for high-yield, fixed income securities is dominated by institutional investors, including mutual fund portfolios, insurance companies and other financial institutions. Accordingly, the secondary market for such securities is not as liquid as and is more volatile than the secondary market for higher rated securities. In addition, the trading volume for high-yield, fixed income securities is generally lower than that of higher rated securities and the secondary market for high-yield, fixed income securities could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. These factors may have an adverse effect on a Fund's ability to dispose of particular portfolio investments. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating a Fund's net asset value. A less liquid secondary market may also make it more difficult for a Fund to obtain precise valuations of the high-yield securities in its portfolio.

Federal legislation could adversely affect the secondary market for high-yield securities and the financial condition of issuers of these securities. The form of any proposed legislation and the probability of such legislation being enacted is uncertain.

Below investment-grade or high-yield, fixed income securities also present risks based on payment expectations. High-yield, fixed income securities frequently contain "call" or "buy-back" features, which permit the issuer to call or repurchase the security from its holder. If an issuer exercises such a "call option" and redeems the security, a Fund may have to replace such security with a lower yielding security, resulting in a decreased return for investors. A Fund may also incur additional expenses to the extent that it is required to seek recovery upon default in the payment of principal or interest on a portfolio security.

Credit ratings issued by credit rating agencies are designed to evaluate the safety of principal and interest payments of rated securities. They do not, however, evaluate the market value risk of below investment-grade securities and, therefore, may not fully reflect the true risks of an investment. In addition, credit rating agencies may or may not make timely changes in a rating to reflect changes in the economy or in the conditions of the issuer that affect the market value of the security. Consequently, credit ratings are used only as preliminary indicators of investment quality. Investments in below investment-grade and comparable unrated obligations will be more dependent on the Subadvisor's credit analysis than would be the case with investments in investment-grade debt obligations. The Subadvisors employs their own credit research and analysis, which may include a study of an issuer's existing debt, capital structure, ability to service debt and to pay dividends, the issuer's sensitivity to economic conditions, its operating history and the current trend of earnings. The Subadvisors continually monitors the investments in each Fund's portfolio and evaluates whether to dispose of or to retain below investment-grade and comparable unrated securities whose credit ratings or credit quality may have changed.

There are special tax considerations associated with investing in bonds, including high-yield bonds, structured as zero coupon or payment-in-kind securities. For example, a Fund is required to report the accrued interest on these securities as current income each year even though it may receive no cash interest until the security's maturity or payment date. The Fund may be required to sell some of its assets to obtain cash to distribute to shareholders in order to satisfy the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"), with respect to such accrued interest. These actions are likely to reduce the Fund's assets and may thereby increase its expense ratio and decrease its rate of return.

**DERIVATIVE INSTRUMENTS** 

Each Fund may use derivatives for any of the following purposes:

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To hedge against adverse changes in the market value of securities held by or to be bought for the Fund. These changes may be caused by changing stock market prices or currency exchange rates.

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As a substitute for purchasing or selling securities or foreign currencies.

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To manage the duration of a Fixed Income Fund's fixed income portfolio

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In non-hedging situations, to attempt to profit from anticipated market developments.

In general, a derivative instrument will obligate or entitle a Fund to deliver or receive an asset or a cash payment that is based on the change in value of a designated security, index, or other asset. Examples of derivatives are futures contracts, options, forward contracts, hybrid instruments, swaps, caps, collars and floors.

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Even a small investment in certain types of derivatives can have a big impact on a Fund's portfolio interest rate, stock market or currency exposure. Therefore, using derivatives can disproportionately increase a Fund's portfolio losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. A Fund may not fully benefit from or may lose money on derivatives if changes in their value do not correspond as expected to changes in the value of the Fund's portfolio holdings.

To the extent a Fund uses derivative instruments to attempt to hedge certain exposures or risks, there can be no assurance that the Fund's hedging will be effective. In addition, use of derivative instruments for hedging involves costs and may reduce gains or result in losses, which may adversely affect a Fund.

Counterparties to over-the-counter derivative contracts present the same types of credit risk as issuers of fixed income securities. Derivatives also can make a Fund's portfolio less liquid and harder to value, especially in declining markets. In addition, government legislation or regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the use, value or performance of derivatives.

**ESG INTEGRATION** 

As stated in the *Fund Summary*, the Subadvisors for certain Funds incorporate environmental, social and/or governance ("ESG") considerations in ther investment processes. As applicable, a Subadvisor's incorporation of ESG considerations in its investment process may cause it to make different investments for the Fund than funds that have a similar investment universe and/or investment style but that do not incorporate such considerations in their investment strategy or processes. As a result, the Fund may perform differently from funds that do not use such considerations. Additionally, the Fund's relative investment performance may be affected depending on whether such investments are in or out of favor with the market.

A Subadvisor is dependent on available information to assist in the evaluation process, and, because there are few generally accepted standards to use in evaluation, the process employed for the Fund may differ from processes employed for other funds. When integrating ESG factors into the investment process, a Subadvisor may rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, which may adversely impact the investment process.

A Fund may seek to identify companies that reflect certain ESG considerations, but investors may differ in their views of what constitutes positive or negative ESG-related outcomes. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor.

The ESG factors that may be evaluated as part of a Subadvisor's investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Further, the regulatory landscape with respect to ESG integration in the United States is still developing and future rules and regulations may require a Fund to modify or alter its investment process with respect to ESG integration.

**OPERATIONAL RISKS** 

An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, inadequate or failed processes, failure in systems and technology, cybersecurity breaches, changes in personnel and errors caused by third-party service providers. These errors or failures as well as other technological issues may adversely affect a Fund's ability to calculate its net asset value in a timely manner, including over a potentially extended period, or may otherwise adversely affect a Fund and its shareholders. While each Fund seeks to minimize such events through controls and oversight, there may still be failures that could causes losses to a Fund. In addition, similar incidents affecting issuers of securities held by a Fund may negatively impact Fund performance.

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**Non-Principal Investments**

In addition to the investment strategies described in this Prospectus, the Funds may also make other types of investments, and, therefore, may be subject to other risks. For additional information about the Funds, their investments and related risks, please see the Funds' *Statement of Additional Information*.

**TEMPORARY DEFENSIVE POSITIONS** 

A Fund may temporarily depart from its normal investment policies and strategies when the Subadvisor and/or Advisor, as applicable, believes that doing so is in the Fund's best interest, so long as the strategy or policy employed is consistent with the Fund's investment objective. For instance, a Fund may invest beyond its normal limits (if applicable) in derivatives or exchange traded funds that are consistent with the Fund's investment objective when those instruments are more favorably priced or provide needed liquidity, as might be the case if the Fund is transitioning assets from one Subadvisor to another or receives large cash flows that it cannot prudently invest immediately.

In addition, a Fund may take temporary defensive positions that are inconsistent with its normal investment policies and strategies—for instance, by allocating substantial assets to cash equivalent investments or other less volatile instruments—in response to adverse or unusual market, economic, political, or other

------

**Additional Information about the Funds' Investments**

------

conditions. In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objective.

------

**Portfolio Turnover**

The Funds do not expect to engage in frequent trading to achieve their principal investment strategies. The high portfolio turnover for Harbor Core Plus Fund in the most recent fiscal year was a result of the prior subadvisor's approach to managing the Fund and turnover resulting from the change in subadvisor. Harbor Core Plus Fund is not expected to engage in frequent trading under the current Subadvisor. Active and frequent trading in the Fund's portfolio may lead to the realization and distribution to shareholders of higher capital gains, which would increase the shareholders' tax liability. Frequent trading also increases transaction costs, which could detract from the Fund's performance. A portfolio turnover rate greater than 100% would indicate that a Fund sold and replaced the entire value of its securities holdings during the previous one-year period.

------

**Portfolio Holdings Disclosure Policy**

Each Fund's full portfolio holdings are published quarterly on the 15th day following quarter end on *harborcapital.com*. In addition, the Funds' top ten portfolio holdings as a percent of its total net assets will be published quarterly on the 10th day following quarter end on *harborcapital.com*. This information is available at *harborcapital.com* for the entire quarter.

Additional information about Harbor Funds' portfolio holdings disclosure policy is available in the *Statement of Additional Information*.

------

**The Advisor**

------

 **Harbor Capital Advisors, Inc.**

Harbor Capital Advisors, Inc. ("Harbor Capital" or the "Advisor") is the investment adviser to Harbor Funds. The Advisor, located at 111 South Wacker Drive, 34th Floor, Chicago, Illinois 60606-4302, is a wholly owned subsidiary of ORIX Corporation ("ORIX"), a global financial services company based in Tokyo, Japan. ORIX provides a range of financial services to corporate and retail customers around the world, including financing, leasing, real estate and investment banking services. The stock of ORIX trades publicly on both the New York (through American Depositary Receipts) and Tokyo Stock Exchanges.

The combined assets of Harbor Funds and the other products managed by the Advisor were approximately $38.3 billion as of December 31, 2022.

The Advisor may manage funds directly or employ a "manager-of-managers" approach in selecting and overseeing investment subadvisers (each, a "Subadvisor"). The Advisor makes day-to-day investment decisions with respect to each fund that it directly manages. In the case of subadvised funds, the Advisor evaluates and allocates each Harbor fund's assets to one or more Subadvisors. For Harbor funds that employ one or more discretionary subadvisors, the Subadvisors are responsible for the day-to-day management of the assets of the Harbor funds allocated to them. For Harbor funds that employ one or more non-discretionary Subadvisors, the Advisor will make day-to-day investment decisions with respect to each such fund to implement model portfolios provided by the non-discretionary Subadvisors. Subject to the approval of the Board of Trustees, the Advisor establishes, and may modify whenever deemed appropriate, the investment strategy of each Fund. The Advisor also is responsible for overseeing each Subadvisor and recommending the selection, termination and replacement of Subadvisors.

The Advisor also:

◾

Seeks to ensure quality control in each Subadvisor's investment process with the objective of adding value compared with returns of an appropriate risk and return benchmark or tracking an index, as applicable.

◾

Monitors and measures risk and return results against appropriate benchmarks and recommends whether a Subadvisor should be retained or changed.

◾

Focuses on cost control.

In order to more effectively manage the Funds, Harbor Funds and the Advisor have been granted an order from the Securities and Exchange Commission ("SEC") permitting the Advisor, subject to the approval of the Board of Trustees, to select Subadvisors not affiliated with the Advisor to serve as portfolio managers for the Harbor funds, and to enter into new subadvisory agreements and to materially modify existing subadvisory agreements with such unaffiliated subadvisors, all without obtaining shareholder approval.

In addition to its investment management services, the Advisor administers Harbor Funds' business affairs. The Advisor has agreed to contractually reduce its advisory fee, excluding interest expense (if any), of Harbor Capital Appreciation Fund, Harbor Global Leaders Fund and Harbor Mid Cap Value Fund until February 29, 2024, as disclosed in each Fund's "Fund Summary" section. The *Actual Advisory Fee Paid*, as shown in the table below, is for the fiscal year ended October 31, 2022. The Advisor pays a subadvisory fee to each Subadvisor out of its own assets. The Funds are not responsible for paying any portion of the subadvisory fee to a Subadvisor.

------

**The Advisor**

------

**Annual Advisory Fee Rates** 

(annual rate based on the Fund's average net assets)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Actual**<br> **Advisory**<br> **Fee Paid**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Contractual**<br> **Advisory**<br> **Fee**<br>|
| Harbor Capital Appreciation Fund | 0.55% | 0.60%<sup>a</sup> |
| Harbor Convertible Securities Fund | 0.60 | 0.50<sup>b</sup> |
| Harbor Core Bond Fund | 0.25 | 0.23<sup>c</sup> |
| Harbor Core Plus Fund | 0.31 | 0.25<sup>d</sup> |
| Harbor Disruptive Innovation Fund | 0.70 | 0.70 |
| Harbor Diversified International All Cap Fund | 0.75 | 0.75 |
| Harbor Global Leaders Fund | 0.70 | 0.75<sup>e</sup> <br>|
| Harbor International Fund | 0.75 | 0.75 |
| Harbor International Core Fund (formerly, Harbor Overseas 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 | 0.60 |  |
| Up to $4 billion |  | 0.60 |
| In excess of $4 billion |  | 0.55 |
| Harbor Mid Cap Fund | 0.75 | 0.75 |
| Harbor Mid Cap Value Fund | 0.74 | 0.75<sup>f</sup> |
| Harbor Small Cap Growth Fund | 0.75 | 0.75 |
| Harbor Small Cap Value Fund | 0.75 | 0.75 |

---

<sup>a</sup>

*The Advisor 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.* 

<sup>b</sup>

*The contractual management fee was reduced from 0.60% to 0.50% effective March 1, 2023.* 

<sup>c</sup>

*The contractual management fee was reduced from 0.34% to 0.23% effective December 1, 2021.* 

<sup>d</sup>

*The contractual management fee was reduced from 0.48% to 0.25% effective February 2, 2022.* 

<sup>e</sup>

*The Advisor has contractually agreed to waive 0.05% of its management fee through February 29, 2024.* 

<sup>f</sup>

*The Advisor 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.*

A discussion of the factors considered by the Board of Trustees when approving the investment advisory and investment subadvisory agreements of the Funds is available in the Funds' most recent semi-annual report to shareholders (for the six-month period ended April 30). A discussion of the factors considered by the Board of Trustees when approving the investment advisory agreement and subadvisory agreement for Harbor Convertible Securities Fund will be available in the Fund's next semi-annual report to shareholders.

From time to time, the Advisor or its affiliates may invest "seed" capital in a fund, typically to enable a fund to commence investment operations and/or achieve sufficient scale. The Advisor and its affiliates may hedge such seed capital exposure by investing in derivatives or other instruments expected to produce offsetting exposure. Such hedging transactions, if any, would occur outside of a fund.

------

**The Advisor**

------

**Portfolio Management**

The *Statement of Additional Information* provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager and each portfolio manager's ownership of shares in the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor Disruptive Innovation Fund**

Harbor Capital Advisors, Inc. ("Harbor Capital"), located at 111 S. Wacker Drive, 34<sup>th</sup> Floor, Chicago, IL 60606, serves as investment adviser to Harbor Disruptive Innovation Fund. The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

Harbor Capital manages the Fund's assets based upon model portfolios provided by multiple non-discretionary Subadvisors.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Spenser P. Lerner, CFA** | 2021 | Mr. Lerner joined Harbor Capital in 2020 and is the Head of <br> Multi-Asset Solutions, a Managing Director and Portfolio <br> Manager. Prior to joining Harbor Capital, Mr. Lerner was a <br> Vice President of Equity and Quantitative Investment Research <br> and Equity Manager Research for JP Morgan Asset Management. <br> Before that, he worked as a Research, Portfolio Management <br> and Quantitative Investment Strategy Associate for JP Morgan <br> Asset Management. Mr. Lerner began his investment career in <br> 2009.<br>|
| **Kristof Gleich, CFA** | 2021 | Mr. Gleich joined Harbor Capital in 2018 and is President & <br> CIO. Prior to joining Harbor Capital, Mr. Gleich was a Managing <br> Director and Global Head of Manager Selection at JP Morgan <br> Chase & Co. Before that, he served as a fund manager with <br> Architas. Mr. Gleich began his investment career in 2004.<br>|

---

------

**The Subadvisors**

------

**Portfolio Management**

The *Statement of Additional Information* provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager and each portfolio manager's ownership of shares in the Funds. For those Subadvisors that utilize an investment committee to make investment decisions for a Fund, additional information about the operation of the investment committee is set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor Capital Appreciation Fund**

Jennison Associates LLC ("Jennison"), located at 466 Lexington Avenue, New York, NY 10017, serves as Subadvisor to the Fund. The Fund's portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

The portfolio managers for the Fund are supported by other Jennison portfolio managers, research analysts and investment professionals. Team members conduct research, make securities recommendations and support the portfolio managers in all activities.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Kathleen A. McCarragher** | 2013 | Ms. McCarragher joined Jennison in 1998 and serves as a <br> Managing Director, the Head of Growth Equity, and a Large <br> Cap Growth Equity Portfolio Manager. Prior to joining Jennison, <br> Ms. McCarragher was a Managing Director and the Director <br> of Large Cap Growth Equities at Weiss, Peck & Greer. Prior <br> to that, she held various roles at State Street Research & <br> Management. Ms. McCarragher began her investment career <br> in 1982.<br>|
| **Blair A. Boyer** | 2019 | Mr. Boyer joined Jennison in 1993 and serves as Managing <br> Director, Co-Head of Large Cap Growth Equity. Mr. Boyer <br> co-managed international equity portfolios at Jennison for 10 <br> years before joining the Growth Equity team in 2003. Prior to <br> joining Jennison, Mr. Boyer held various investment roles at <br> Bleichroeder. Mr. Boyer began his investment career in 1983.<br>|
| **Natasha Kuhlkin, CFA** | 2019 | Ms. Kuhlkin joined Jennison in 2004 and serves as Managing <br> Director and a Large Cap Growth Equity Portfolio Manager <br> and Research Analyst. Prior to joining Jennison, Ms. Kuhlkin <br> was an Equity Research Analyst at Palisade Capital Management. <br> Prior to that, she was an Analyst with Evergreen Investment <br> Management. Ms. Kuhlkin began her investment career in 1998.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor Convertible Securities Fund**

BlueCove Limited ("BlueCove"), located at 10 New Burlington Street, London, W1S 3BE, England, serves as Subadvisor to Harbor Convertible Securities Fund. The portfolio managers are jointly and primarily responsible for the day-to-day portfolio management of the Fund.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Benjamin Brodsky, CFA** | 2023 | Mr. Brodsky joined BlueCove in 2018 and is Chief Investment <br> Officer. He was Co-Chief Investment Officer from 2018 until <br> 2019. Prior to joining BlueCove, Mr. Brodsky was Managing <br> Director and Deputy Chief Investment Officer of Systematic <br> Fixed Income at BlackRock. Mr. Brodsky previously held the <br> role of Global Head of Fixed Income Asset Allocation for Barclays <br> Global Investors before it merged with BlackRock in 2009. <br> Mr. Brodsky started his career in 1999 at Salomon Brothers <br> Asset Management.<br>|
| **Michael Harper, CFA** | 2023 | Mr. Harper joined BlueCove in 2018 and is Head of Portfolio <br> Management. Prior to joining BlueCove, Mr. Harper was <br> Managing Director and Head of Core Portfolio Management <br> at BlackRock (formerly Barclays Global Investors) from 2001 <br> to 2018. While at BlackRock, Mr. Harper was responsible for <br> building three new investment styles for EMEA and managed <br> the development of Smart Beta, Factor, and new systematic <br> strategies. <br>|

---

------

**The Subadvisors**

------

**Harbor Convertible Securities Fund — continued**

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Benoy Thomas, CFA** | 2023 | Mr. Thomas joined BlueCove in 2018 and is Head of Credit. <br> Prior to joining BlueCove, Mr. Thomas was a Managing Director <br> in Systematic Fixed Income at BlackRock focusing on Credit <br> and Capital structure investment strategies. During his 16 years <br> at BlackRock and Barclays Global Investors, Mr. Thomas helped <br> formulate investment insights and improve portfolio management <br> processes. Previously, Mr. Thomas was Assistant Vice President <br> of Global Markets at JP Morgan from 1999 to 2001.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor Core Bond Fund**

Income Research + Management ("IR+M"), located at 100 Federal Street, Boston, MA 02110, serves as Subadvisor to Harbor Core Bond Fund. The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

Investment decisions for the Fund are made by the Investment Committee. IR+M lists the following Investment Committee members, who are also senior members of the investment team, as having ultimate management responsibilities for the Fund.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **William A. O'Malley, CFA** | 2018 | Mr. O'Malley joined IR+M in 1994 and serves as the firm's Chief <br> Executive Officer, Co-Chief Investment Officer, and Senior <br> Portfolio Manager. He is also member of the Board of Trustees. <br> Prior to joining IR+M, Mr. O'Malley was a Vice President at <br> Wellington Management Company, LLP. Before joining <br> Wellington, he worked at The Vanguard Group and in Morgan <br> Stanley's Fixed Income Division. Mr. O'Malley began his <br> investment career in 1988.<br>|
| **James E. Gubitosi, CFA** | 2018 | Mr. Gubitosi joined IR+M in 2007 and serves as the firm's <br> Co-Chief Investment Officer and Senior Portfolio Manager. Prior <br> to joining IR+M, he was a Senior Analyst at Financial Architects <br> Partners. Mr. Gubitosi began his investment career in 2004.<br>|
| **Bill O'Neill, CFA** | 2018 | Mr. O'Neill joined IR+M in 2004 and is a Principal and Senior <br> Portfolio Manager. Prior to joining IR+M, he was a Trader at <br> Investors Bank and Trust. Mr. O'Neill began his investment <br> career in 2000.<br>|
| **Jake Remley, CFA** | 2018 | Mr. Remley joined IR+M in 2004 and is a Principal and Senior <br> Portfolio Manager. Prior to joining IR+M, he was an associate <br> with Lehman Brothers Holdings. Mr. Remley began his <br> investment career in 2001.<br>|
| **Matt Walker, CFA** | 2018 | Mr. Walker joined IR+M in 2007 and is a Senior Portfolio <br> Manager. Prior to joining IR+M, he was a Fixed Income <br> Operations Representative at State Street Corporation. Mr. Walker <br> began his investment career in 2003.<br>|
| **Rachel Campbell** | 2018 | Ms. Campbell joined IR+M in 2009 and is a Portfolio Manager <br> and the Director of Securitized Research. Prior to joining IR+M, <br> she was a Junior Risk Analyst at Cypress Tree Investment <br> Management. Ms. Campbell began her investment career in 2006.<br>|

---

------

**The Subadvisors**

------

**Harbor Core Plus Fund**

Income Research + Management ("IR+M"), located at 100 Federal Street, Boston, MA 02110, serves as Subadvisor to Harbor Core Plus Fund. The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

Investment decisions for the Fund are made by the Investment Committee. IR+M lists the following Investment Committee members, who are also senior members of the investment team, as having ultimate management responsibilities for the Fund.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **William A. O'Malley, CFA** | 2022 | Mr. O'Malley joined IR+M in 1994 and serves as the firm's Chief <br> Executive Officer, Co-Chief Investment Officer, and Senior <br> Portfolio Manager. He is also member of the Board of Trustees. <br> Prior to joining IR+M, Mr. O'Malley was a Vice President at <br> Wellington Management Company, LLP. Before joining <br> Wellington, he worked at The Vanguard Group and in Morgan <br> Stanley's Fixed Income Division. Mr. O'Malley began his <br> investment career in 1988.<br>|
| **James E. Gubitosi, CFA** | 2022 | Mr. Gubitosi joined IR+M in 2007 and serves as the firm's <br> Co-Chief Investment Officer and Senior Portfolio Manager. Prior <br> to joining IR+M, he was a Senior Analyst at Financial Architects <br> Partners. Mr. Gubitosi began his investment career in 2004.<br>|
| **Bill O'Neill, CFA** | 2022 | Mr. O'Neill joined IR+M in 2004 and is a Principal and Senior <br> Portfolio Manager. Prior to joining IR+M, he was a Trader at <br> Investors Bank and Trust. Mr. O'Neill began his investment <br> career in 2000.<br>|
| **Jake Remley, CFA** | 2022 | Mr. Remley joined IR+M in 2004 and is a Principal and Senior <br> Portfolio Manager. Prior to joining IR+M, he was an associate <br> with Lehman Brothers Holdings. Mr. Remley began his <br> investment career in 2001.<br>|
| **Matt Walker, CFA** | 2022 | Mr. Walker joined IR+M in 2007 and is a Senior Portfolio <br> Manager. Prior to joining IR+M, he was a Fixed Income <br> Operations Representative at State Street Corporation. Mr. Walker <br> began his investment career in 2003.<br>|
| **Rachel Campbell** | 2022 | Ms. Campbell joined IR+M in 2009 and is a Portfolio Manager <br> and the Director of Securitized Research. Prior to joining IR+M, <br> she was a Junior Risk Analyst at Cypress Tree Investment <br> Management. Ms. Campbell began her investment career in 2006.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor Disruptive Innovation Fund**

Each of the Subadvisors below provides a model portfolio to the Advisor, which the Advisor implements at its discretion with respect to a portion of the assets of the Fund. The Advisor is responsible for the day-to-day investment decision making for Harbor Disruptive Innovation Fund.

◾

4BIO Partners LLP, located at 78 Pall Mall, London SW1Y 5ES, United Kingdom

◾

NZS Capital, LLC, located at 1437 Larimer Street, Suite 200, Denver CO 80202

◾

Sands Capital Management, LLC, located at 1000 Wilson Boulevard, Suite 3000, Arlington, VA 22209

◾

Tekne Capital Management, LLC, located at 509 Madison Avenue, New York, NY 10022

◾

Westfield Capital Management Company, L.P., located at One Financial Center, 23rd Floor, Boston, MA 02111

------

**The Subadvisors**

------

**Harbor Diversified International All Cap Fund**

Marathon Asset Management Limited ("Marathon-London"), located at Orion House, 5 Upper St. Martin's Lane, London, WC2H 9EA, England, serves as Subadvisor to Harbor Diversified International All Cap Fund. The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

Marathon-London employs a team approach, in which the investment team is organized along regional lines and each portfolio manager is allocated his own distinct portion of assets within the Fund's portfolio to manage independently of the other portfolio managers. Mr. Ostrer and Mr. Arah are jointly responsible for determining the regional allocation.

---

| | | |
|:---|:---|:---|
| **REGIONAL FOCUS** | **PORTFOLIO MANAGERS** | **PROFESSIONAL EXPERIENCE** |
| **Europe** | &nbsp;&nbsp; **Neil M. Ostrer**<br> Since 2015<br>| &nbsp;&nbsp; Mr. Ostrer co-founded Marathon-London in 1986. Prior to that <br> he worked at Carnegie International as a Director of International <br> Sales. Mr. Ostrer began his investment career at G.T. <br> Management, where he began managing the G.T. European <br> Unit Trust before he was appointed Director, G.T. Management <br> UK. Mr. Ostrer began his investment career in 1981.<br>|
| **Europe** | &nbsp;&nbsp; **Charles Carter**<br> Since 2015<br>| &nbsp;&nbsp; Mr. Carter joined Marathon-London in 1998 and is a Portfolio <br> Manager focusing on investments in Europe. Mr. Carter began <br> his investment career 1989.<br>|
| **Europe** | &nbsp;&nbsp; **Nick Longhurst**<br> Since 2015<br>| &nbsp;&nbsp; Mr. Longhurst joined Marathon-London in 2003 and is a <br> Portfolio Manager focusing on investments in Europe. <br> Mr. Longhurst began his investment career in 1994.<br>|
| **Japan** | &nbsp;&nbsp; **William J. Arah**<br> Since 2015<br>| &nbsp;&nbsp; Mr. Arah co-founded Marathon-London in 1986 and has <br> managed assets at Marathon-London since 1987. Previously, <br> he was employed at Rowe and Pitman and at Goldman Sachs <br> based in Tokyo. Mr. Arah began his investment career in 1982.<br>|
| **Japan** | &nbsp;&nbsp; **Simon Somerville**<br> Since 2016<br>| &nbsp;&nbsp; Mr. Somerville joined Marathon-London in 2016 and is a Japan <br> Equity Portfolio Manager. Previously, he worked for Jupiter <br> Asset Management as Strategy Head, Head of Pan Asian Equities <br> and Co-Head of Asian Equities. Prior to that he worked for <br> Cazenove Fund Management as Head of Global and Japan <br> Equities. Mr. Somerville began his investment career in 1990.<br>|
| **Japan** | &nbsp;&nbsp; **Toma Kobayashi**<br> Since 2022<br>| &nbsp;&nbsp; Mr. Kobayashi joined Marathon-London in 2018 and is a <br> Portfolio Manager focusing on investments in Japan. Previously, <br> he worked for Orbis Investments as a Japanese equity analyst. <br> Mr. Kobayashi began his investment career in 2014.<br>|
| **Emerging** <br> **Markets**<br>| &nbsp;&nbsp; **Alex Duffy** <br> Since 2021<br>| &nbsp;&nbsp; Mr. Duffy joined Marathon-London in 2021 and is an Emerging <br> Markets Portfolio Manager. Prior to joining Marathon-London, <br> he worked at Fidelity International where he was a Portfolio <br> Manager of Global Emerging Markets. Mr. Duffy began his <br> investment career in 2004.<br>|
| **Asia Pacific** <br> **ex Japan**<br>| &nbsp;&nbsp; **Justin Hill**<br> Since 2021<br>| &nbsp;&nbsp; Mr. Hill joined Marathon-London in 2021 and is a Portfolio <br> Manager covering Asia Pacific ex Japan. Prior to joining <br> Marathon-London, he worked at BP Investment Management <br> where he was a Senior Portfolio Manager. Prior to that he worked <br> at Pictet Asset Management as a Senior Investment Manager. <br> Mr. Hill began his investment career in 1996.<br>|
| **North** <br> **America**<br>| &nbsp;&nbsp; **Robert Anstey, CFA**<br> Since 2015<br>| &nbsp;&nbsp; Mr. Anstey joined Marathon-London in 2014 and is a North <br> American Equity Portfolio Manager. Previously, he was Head <br> of U.S. Equities at Hermes Fund Managers Ltd. Prior to that <br> he worked at Bear Stearns as the U.S. Equity Sales Director <br> as well as on the U.S. Equity Sales team at private bank Brown <br> Brothers Harriman. Mr. Anstey began his investment career <br> in 1994.<br>|

---

------

**The Subadvisors**

------

**Harbor Global Leaders Fund**

Sands Capital Management, LLC ("Sands Capital"), located at 1000 Wilson Boulevard, Suite 3000, Arlington, VA 22209, serves as Subadvisor to Harbor Global Leaders Fund. The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Sunil H. Thakor, CFA** | 2017 | Mr. Thakor joined Sands Capital in 2004 and is a Senior Portfolio <br> Manager and Research Analyst. Prior to joining Sands Capital, <br> he was an Associate & Analyst at Charles River Associates, Inc. <br> Mr. Thakor began his investment career in 1999.<br>|
| **Michael F. Raab, CFA** | 2019 | Mr. Raab joined Sands Capital in 2007 and is a Portfolio Manager <br> and Senior Research Analyst. Prior to joining Sands Capital, <br> he was an Analyst at SNL Financial. Mr. Raab began his <br> investment career in 2006.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor International Fund**

Marathon Asset Management Limited ("Marathon-London"), located at Orion House, 5 Upper St. Martin's Lane, London, WC2H 9EA, England, serves as Subadvisor to Harbor International Fund. The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

Marathon-London employs a team approach, in which each portfolio manager is allocated their own distinct portion of assets to manage within the Fund's portfolio. Each portfolio manager selects stocks within their region independently from the other portfolio managers. Mr. Ostrer and Mr. Arah are jointly responsible for determining the allocations to each portfolio manager.

---

| | | |
|:---|:---|:---|
| **REGIONAL FOCUS** | **PORTFOLIO MANAGERS** | **PROFESSIONAL EXPERIENCE** |
| **Europe** | &nbsp;&nbsp; **Neil M. Ostrer**<br> Since 2018<br>| &nbsp;&nbsp; Mr. Ostrer co-founded Marathon-London in 1986. Prior to that <br> he worked at Carnegie International as a Director of International <br> Sales. Mr. Ostrer began his investment career at G.T. <br> Management, where he began managing the G.T. European <br> Unit Trust before he was appointed Director, G.T. Management <br> UK. Mr. Ostrer began his investment career in 1981.<br>|
| **Europe** | &nbsp;&nbsp; **Charles Carter**<br> Since 2018<br>| &nbsp;&nbsp; Mr. Carter joined Marathon-London in 1998 and is a Portfolio <br> Manager focusing on investments in Europe. Mr. Carter began <br> his investment career 1989.<br>|
| **Europe** | &nbsp;&nbsp; **Nick Longhurst**<br> Since 2018<br>| &nbsp;&nbsp; Mr. Longhurst joined Marathon-London in 2003 and is a <br> Portfolio Manager focusing on investments in Europe. <br> Mr. Longhurst began his investment career in 1994.<br>|
| **Japan** | &nbsp;&nbsp; **William J. Arah**<br> Since 2018<br>| &nbsp;&nbsp; Mr. Arah co-founded Marathon-London in 1986 and has <br> managed assets at Marathon-London since 1987. Previously, <br> he was employed at Rowe and Pitman and at Goldman Sachs <br> based in Tokyo. Mr. Arah began his investment career in 1982.<br>|
| **Japan** | &nbsp;&nbsp; **Simon Somerville**<br> Since 2018<br>| &nbsp;&nbsp; Mr. Somerville joined Marathon-London in 2016 and is a Japan <br> Equity Portfolio Manager. Previously, he worked for Jupiter <br> Asset Management as Strategy Head, Head of Pan Asian Equities <br> and Co-Head of Asian Equities. Prior to that he worked for <br> Cazenove Fund Management as Head of Global and Japan <br> Equities. Mr. Somerville began his investment career in 1990.<br>|
| **Japan** | &nbsp;&nbsp; **Toma Kobayashi**<br> Since 2022<br>| &nbsp;&nbsp; Mr. Kobayashi joined Marathon-London in 2018 and is a <br> Portfolio Manager focusing on investments in Japan. Previously, <br> he worked for Orbis Investments as a Japanese equity analyst. <br> Mr. Kobayashi began his investment career in 2014.<br>|
| **Emerging** <br> **Markets**<br>| &nbsp;&nbsp; **Alex Duffy** <br> Since 2021<br>| &nbsp;&nbsp; Mr. Duffy joined Marathon-London in 2021 and is an Emerging <br> Markets Portfolio Manager. Prior to joining Marathon-London, <br> he worked at Fidelity International where he was a Portfolio <br> Manager of Global Emerging Markets. Mr. Duffy began his <br> investment career in 2004. <br>|

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------

**The Subadvisors**

------

**Harbor International Fund — continued**

---

| | | |
|:---|:---|:---|
| **REGIONAL FOCUS** | **PORTFOLIO MANAGERS** | **PROFESSIONAL EXPERIENCE** |
| **Asia Pacific** <br> **ex Japan**<br>| &nbsp;&nbsp; **Justin Hill**<br> Since 2021<br>| &nbsp;&nbsp; Mr. Hill joined Marathon-London in 2021 and is a Portfolio <br> Manager covering Asia Pacific ex Japan. Prior to joining <br> Marathon-London, he worked at BP Investment Management <br> where he was a Senior Portfolio Manager. Prior to that he worked <br> at Pictet Asset Management as a Senior Investment Manager. <br> Mr. Hill began his investment career in 1996.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor International Core Fund (formerly, Harbor Overseas Fund)**

Acadian Asset Management LLC ("Acadian"), located at 260 Franklin Street, Boston, MA 02110, serves as Subadvisor to Harbor International Core Fund (formerly, Harbor Overseas Fund). The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Brendan O. Bradley, Ph.D.** | 2019 | Mr. Bradley joined Acadian in 2004 and is an Executive Vice <br> President and Chief Investment Officer. Mr. Bradley has served <br> as Acadian's Director of Portfolio Management, overseeing <br> portfolio management policy and was also previously the Director <br> of Acadian's Managed Volatility Strategies. He is a member of <br> the Acadian Executive Committee. Prior to Acadian, Mr. Bradley <br> was a Vice President at Upstream Technologies, where he <br> designed and implemented investment management systems <br> and worked with asset managers to help them enhance and <br> implement their investment goals. His professional background <br> also includes work as a Research Analyst and Consultant at <br> Samuelson Portfolio Strategies. Mr. Bradley began his investment <br> career in 1999.<br>|
| **Ryan D. Taliaferro, Ph.D.** | 2019 | Mr. Taliaferro joined Acadian in 2011 and currently serves as <br> a Senior Vice President and Director of Equity Strategies. <br> Previously he was the Lead Portfolio Manager for Acadian's <br> Managed Volatility Strategies. Prior to joining Acadian, <br> Mr. Taliaferro was a faculty member at Harvard Business School <br> where he taught corporate finance and asset pricing. Earlier, <br> he was a consultant at the Boston Consulting Group. <br> Mr. Taliaferro began his investment career in 2011.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor International Growth Fund**

Baillie Gifford Overseas Limited ("Baillie Gifford"), located at Calton Square, 1 Greenside Row, Edinburgh, Scotland, serves as Subadvisor to Harbor International Growth Fund. Each of the Portfolio Managers listed below are members of Baillie Gifford Overseas Limited's International All Cap Portfolio Construction Group, which has the responsibility for making the day-to-day investment decisions for the Fund using a team-based approach. The Portfolio Construction Group includes Portfolio Managers from Baillie Gifford Overseas Limited's regional equity specialist teams who participate in the investment decision making process across the Fund's portfolio.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Iain Campbell** | 2013 | Mr. Campbell joined Baillie Gifford in 2004. He is Portfolio <br> Manager on the Japan Equity Team and a member of Baillie <br> Gifford's International All Cap Portfolio Construction Group. <br> He previously served as an Analyst at Goldman Sachs. <br> Mr. Campbell began his investment career in 2004 and focuses <br> on developed Asian markets.<br>|
| **Joseph M. Faraday, CFA** | 2013 | Mr. Faraday joined Baillie Gifford in 2002 and is a member of <br> the International All Cap Portfolio Construction Group. <br> Mr. Faraday began his investment career in 2002. <br>|

---

------

**The Subadvisors**

------

**Harbor International Growth Fund — continued**

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Stephen Paice** | 2022 | Mr. Paice joined Baillie Gifford in 2005 and is the Head of the <br> European Equity Team. He is a member of the International <br> All Cap Portfolio Construction Group. Mr. Paice began his <br> investment career in 2005.<br>|
| **Sophie Earnshaw, CFA** | 2014 | Ms. Earnshaw joined Baillie Gifford in 2010. She is an Investment <br> Manager on the Emerging Markets Equity Team and a member <br> of the International All Cap Portfolio Construction Group. Ms. <br> Earnshaw began her investment career in 2010.<br>|
| **Milena Mileva** | 2022 | Ms. Mileva joined Baillie Gifford in 2009. She is an Investment <br> Manager in the UK Equity Team and will become a member <br> of the International All Cap Portfolio Construction Group in <br> April 2022. Ms. Mileva began her investment career in 2009.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor International Small Cap Fund**

Cedar Street Asset Management LLC ("Cedar Street"), located at 455 North Cityfront Plaza Drive, Suite 1710, Chicago, Illinois 60611, serves as Subadvisor to Harbor International Small Cap Fund. The portfolio managers of the Fund are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Jonathan P. Brodsky** | 2019 | Mr. Brodsky founded Cedar Street in 2016. Prior to founding <br> Cedar Street, Mr. Brodsky established the non-U.S. investment <br> practice at Advisory Research, Inc., ("ARI") a Chicago-based <br> asset management firm, with the two founders of ARI. Prior <br> to joining ARI in 2004, Mr. Brodsky worked for the U.S. Securities <br> and Exchange Commission's ("SEC") Office of International <br> Affairs, focusing on cross-border regulatory, corporate governance, <br> and enforcement matters. Prior to the SEC, Mr. Brodsky was <br> an investment banker in corporate finance for JPMorgan <br> Securities, Inc. Mr. Brodsky also worked for Ogilvy & Mather <br> in Beijing, China. Mr. Brodsky began his investment career in <br> 2000.<br>|
| **Waldermar A. Mozes** | 2019 | Mr. Mozes joined Cedar Street in 2016 and is the Director of <br> Investments, Portfolio Manager, and a Partner. Prior to joining <br> Cedar Street, Mr. Mozes spent over 7 years at TAMRO Capital <br> Partners LLC, an Alexandria, VA-based investment adviser <br> specializing in small cap strategies for institutional investors, <br> where he developed and implemented the international <br> investment capability. Mr. Mozes's previous investment experience <br> includes Equity Analyst – International Technology at Artisan <br> Partners; Associate Analyst – Semiconductors at JMP Securities; <br> and Equity Analyst Intern at Capital Group all in San Francisco, <br> CA. Mr. Mozes began his investment career in 2000.<br>|

---

------

**The Subadvisors**

------

**Harbor Large Cap Value Fund**

Aristotle Capital Management, LLC ("Aristotle"), located at 11100 Santa Monica Boulevard, Suite 1700, Los Angeles, CA 90025, serves as Subadvisor to Harbor Large Cap Value Fund. The portfolio managers are primarily responsible for the day-to-day portfolio management of the Fund. While the team aims for any portfolio decision to be unanimous among the two co-portfolio managers, Mr. Gleicher has ultimate responsibility for portfolio construction and investment decision making for the strategy.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Howard Gleicher, CFA** | 2012 | Mr. Gleicher founded Aristotle in 2006 and is the Chief Executive <br> Officer and Chief Investment Officer. Prior to founding Aristotle, <br> Mr. Gleicher co-founded Metropolitan West Capital Management, <br> LLC and served as the Chief Executive Officer and Chief <br> Investment Officer. Prior to that he was a Principal, Portfolio <br> Manager, and Investment Policy Committee member at <br> Needelman Asset Management, Inc. Mr. Gleicher has also served <br> as an Equity Portfolio Manager at Pacific Investment Management <br> Company. Mr. Gleicher began his investment career in 1984.<br>|
| **Gregory D. Padilla, CFA** | 2018 | Mr. Padilla joined Aristotle in 2014 and is a member of the <br> research team. Prior to joining Aristotle, Mr. Padilla was a <br> Managing Director and Portfolio Manager at Vinik Asset <br> Management, LP. and Tradewinds Global Investors, LLC. While <br> at Tradewinds, Mr. Padilla was a key member of the All-Cap <br> Equity strategy, the Global All-Cap strategy and Global Natural <br> Resource strategy. Mr. Padilla began his investment career in <br> 2006.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor Mid Cap Fund**

EARNEST Partners LLC ("EARNEST Partners"), located at 1180 Peachtree Street NE, Suite 2300, Atlanta, GA 30309, serves as Subadvisor to Harbor Mid Cap Fund. The portfolio manager is primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| **PORTFOLIO MANAGER** | **SINCE** |
| **Paul E. Viera** | 2019<br> Mr. Viera founded EARNEST Partners in 1998 and is the Chief <br> Executive Officer and a Portfolio Manager. He conceived and <br> developed Return Pattern Recognition<sup>®</sup>, the investment <br> methodology used to screen equities at EARNEST Partners. <br> Prior to forming EARNEST Partners he was a Global Partner <br> at Invesco Advisers, Inc. and a senior member of its Investment <br> Team. Mr. Viera began his investment career in 1985 at Bankers <br> Trust.<br>|

---

------

**The Subadvisors**

------

**Harbor Mid Cap Value Fund**

LSV Asset Management ("LSV"), located at 155 North Wacker Drive, Suite 4600, Chicago, IL 60606, serves as Subadvisor to Harbor Mid Cap Value Fund. The portfolio managers are jointly and primarily responsible for the day-to-day investment decision making for the Fund.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **Josef Lakonishok, Ph.D.** | 2004 | Dr. Lakonishok founded LSV in 1994 and is the Chief Executive <br> Officer and Chief Investment Officer. He heads the research <br> and investment team at LSV and is involved in all portfolio <br> management and research functions. Prior to founding LSV, <br> he was a Professor of Finance at the Johnson Graduate School <br> of Management at Cornell University. Before that, he held staff <br> and visiting professorships at Tel Aviv University, the University <br> of North Carolina at Chapel Hill, and the University of British <br> Columbia. Dr. Lakonishok began his investment career in 1976.<br>|
| **Menno Vermeulen, CFA** | 2004 | Menno Vermeulen joined LSV in 1995 and is a Partner and <br> Portfolio Manager. Prior to joining LSV, he worked at ABP, <br> the largest pension plan in Europe and one of the largest in <br> the world. Mr. Vermeulen worked closely with Dr. Lakonishok <br> to apply some of his academic theories initially to the Dutch <br> equity market. Mr. Vermeulen began his investment career in <br> 1993.<br>|
| **Puneet Mansharamani, CFA** | 2006 | Mr. Mansharamani joined LSV in 2000 and is a Partner and <br> Portfolio Manager. Mr. Mansharamani began his investment <br> career in 2000.<br>|
| **Greg Sleight** | 2015 | Mr. Sleight joined LSV in 2006 and is a Partner and Portfolio <br> Manager. Prior to joining LSV, Mr. Sleight served as a Project <br> Engineer at Crown Cork & Seal and prior to that he was a <br> Scientist at The Clorox Co. Mr. Sleight began his investment <br> career in 2006.<br>|
| **Guy Lakonishok, CFA** | 2015 | Mr. Lakonishok joined LSV in 2009 and is a Partner and Portfolio <br> Manager. Prior to joining LSV, Mr. Lakonishok served as a Vice <br> President at BlackRock. Mr. Lakonishok began his investment <br> career in 2002.<br>|

---

------

**The Subadvisors**

------

**Harbor Small Cap Growth Fund**

Westfield Capital Management Company, L.P. ("Westfield"), located at One Financial Center, 23<sup>rd</sup> Floor, Boston, MA 02111, serves as Subadvisor to Harbor Small Cap Growth Fund. Westfield's Investment Committee (the "Investment Committee") is jointly and primarily responsible for the day-to-day investment decision making for the Fund.

Investment decisions for the Fund are made by consensus of the Investment Committee, which is chaired by Mr. Muggia. Although the Investment Committee collectively acts as portfolio manager for the Fund, Westfield lists the following Investment Committee members, based either on seniority or role within the Investment Committee, as having day-to-day management responsibilities for the Fund.

---

| | | |
|:---|:---|:---|
| **PORTFOLIO MANAGERS** | **SINCE** | **PROFESSIONAL EXPERIENCE** |
| **William A. Muggia** | 2000 | Mr. Muggia joined Westfield in 1994 and is the Chief Executive <br> Officer, President, and Chief Investment Officer leading the <br> Investment Committee. Prior to joining Westfield, he worked <br> in the Technology Investment Banking Group at Alex Brown <br> & Sons, where his responsibilities included mergers and <br> acquisitions, restructuring, and spin-offs. Before that, he was <br> a Vice President at Kidder, Peabody & Company. Mr. Muggia <br> began his investment career in 1983.<br>|
| **Richard D. Lee, CFA** | 2018 | Mr. Lee joined Westfield in 2004 and is a Managing Partner <br> and Deputy Chief Investment Officer. He has been a member <br> of the Investment Committee since joining Westfield. Prior to <br> joining Westfield, Mr. Lee held various analyst positions at KL <br> Financial Group, Wit Soundview Technology Group, Hambrecht <br> & Quist, LLC, and Smith Barney. Mr. Lee began his investment <br> career in 1994.<br>|
| **Ethan J. Meyers, CFA** | 2000 | Mr. Meyers joined Westfield in 1999 and is a Managing Partner <br> and Director of Research as well as a member of the Investment <br> Committee. Prior to joining Westfield, Mr. Meyers worked as <br> a Research Analyst at Johnson Rice & Company LLC. Mr. Meyers <br> began his investment career in 1996.<br>|
| **John M. Montgomery** | 2011 | Mr. Montgomery joined Westfield in 2006 and is a Managing <br> Partner, Portfolio Strategist and the Chief Operating Officer as <br> well as a member of the Investment Committee. Prior to joining <br> Westfield, Mr. Montgomery was a Managing Director in the <br> equities division at Lehman Brothers. He has also held equities-<br> related positions at JP Morgan Securities and Morgan Stanley. <br> Mr. Montgomery began his investment career at Procter and <br> Gamble in 1987.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Harbor Small Cap Value Fund**

EARNEST Partners LLC, located at 1180 Peachtree Street NE, Suite 2300, Atlanta, GA 30309, serves as Subadvisor to Harbor Small Cap Value Fund. The portfolio manager is primarily responsible for the day-to-day investment decision making for the Fund.

---

| | |
|:---|:---|
| **PORTFOLIO MANAGER** | **SINCE** |
| **Paul E. Viera** | 2001<br> Mr. Viera founded EARNEST Partners in 1998 and is the Chief <br> Executive Officer and a Portfolio Manager. He conceived and <br> developed Return Pattern Recognition<sup>®</sup>, the investment <br> methodology used to screen equities at EARNEST Partners. <br> Prior to forming EARNEST Partners he was a Global Partner <br> at Invesco Advisers, Inc. and a senior member of its Investment <br> Team. Mr. Viera began his investment career in 1985 at Bankers <br> Trust.<br>|

---

------

**The Subadvisors**

------

**IR+M Aggregate Bond Composite Performance Information** 

The following table presents the past performance of the IR+M Aggregate Bond Composite (the "IR+M Composite"). IR+M is Subadvisor to Harbor Core Bond Fund. The IR+M Composite is comprised of all fee-paying accounts under discretionary management by IR+M that have investment objectives, policies and strategies substantially similar to those of the Fund. Returns include the reinvestment of interest, dividends and any other distributions. IR+M has prepared and presented the historical performance shown for the IR+M Composite (gross) in compliance with the Global Investment Performance Standards (GIPS<sup>®</sup>). The GIPS method for computing historical performance differs from the SEC's method. The gross performance data shown in the table does not reflect the deduction of investment advisory fees paid by the accounts comprising the IR+M Composite or certain other expenses that would be applicable to mutual funds. To calculate the performance of the IR+M Composite net of expenses, the Advisor applied the net Fund operating expenses payable by the Retirement and Institutional Classes of shares of the Fund for the fiscal year ended October 31, 2022, as applicable, as disclosed in the "Total Annual Fund Operating Expenses After Expense Reimbursement" line item of the Fund's fee table in the Fund Summary section. The net performance data may be more relevant to potential investors in the Fund in their analysis of the historical experience of IR+M in managing portfolios with substantially similar investment strategies and techniques to those of the Fund.

**The historical performance of the IR+M Composite is not that of Harbor Core Bond Fund and is not indicative of the Fund's future results.** The Fund's actual performance may vary significantly from the past performance of the IR+M Composite. While the accounts comprising the IR+M Composite incur inflows and outflows of cash from clients, there can be no assurance that the continuous offering of the Fund's shares and the Fund's obligation to redeem its shares will not adversely impact the Fund's performance. Also, not all of the accounts currently comprising the IR+M Composite are subject to certain investment limitations, diversification requirements and other restrictions imposed by the Investment Company Act of 1940 and the Internal Revenue Code. If these limitations, requirements and restrictions were applicable to the accounts in the IR+M Composite, they may have had an adverse effect on the performance results of the IR+M Composite. However, IR+M does not believe that such accounts would have been managed in a significantly different manner had they been subject to such investment limitations, diversification requirements and other restrictions.

------

**IR+M Aggregate Bond composite\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| IR+M Composite net of Retirement Class expenses | -12.99% | -2.10% | 0.42% | 1.43% |
| IR+M Composite net of Institutional Class expenses | -13.05% | -2.16% | 0.35% | 1.37% |
| IR+M Composite (gross) | -12.75% | -1.83% | 0.69% | 1.71% |
| Bloomberg U.S. Aggregate Bond Index\*\* | -13.01% | -2.71% | 0.02% | 1.06% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** |
|  | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| IR+M Composite net of Retirement <br> Class expenses<br>| 7.09% | -1.60% | 6.81% | 0.31% | 3.29% | 3.68% | -0.19% | 9.02% | 9.26% | -1.30% | -12.99% |
| IR+M Composite net of Institutional <br> Class expenses<br>| 7.02% | -1.66% | 6.74% | 0.24% | 3.22% | 3.62% | -0.25% | 8.95% | 9.19% | -1.37% | -13.05% |
| IR+M Composite (gross) | 7.39% | -1.33% | 7.10% | 0.59% | 3.57% | 3.97% | 0.09% | 9.32% | 9.56% | -1.03% | -12.75% |
| Bloomberg U.S. Aggregate Bond <br> Index\*\*<br>| 4.21% | -2.02% | 5.97% | 0.55% | 2.65% | 3.54% | 0.01% | 8.72% | 7.51% | -1.54% | -13.01% |

---

------

*\**

*This is not the performance of Harbor Core Bond Fund. As of December 31, 2022, the IR+M Composite was composed of 83 accounts, totaling approximately $14.4 billion. The inception date of the IR+M Composite was January 1, 1992.* 

*\*\**

*The Bloomberg U.S. Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. This unmanaged index does not reflect fees and expenses and is not available for direct investment.* 

------

**The Subadvisors**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**IR+M Core Plus Composite Performance Information** 

The following table presents the past performance of the IR+M Core Plus Composite (the "IR+M Composite"). IR+M is Subadvisor to Harbor Core Plus Fund. The IR+M Composite is comprised of all accounts under discretionary management by IR+M that have investment objectives, policies and strategies substantially similar to those of the Fund. Returns include the reinvestment of interest, dividends and any other distributions. IR+M has prepared and presented the historical performance shown for the IR+M Composite (gross) in compliance with the Global Investment Performance Standards (GIPS<sup>®</sup>). The GIPS method for computing historical performance differs from the SEC's method. The gross performance data shown in the table does not reflect the deduction of investment advisory fees paid by the accounts comprising the IR+M Composite or certain other expenses that would be applicable to mutual funds. To calculate the performance of the IR+M Composite net of expenses, the Advisor applied the net Fund operating expenses payable by the Institutional and Administrative Classes of shares of the Fund for the fiscal year ended October 31, 2022, as amended and restated, and disclosed in the "Total Annual Fund Operating Expenses After Expense Reimbursement" line item of the Fund's fee table in the Fund Summary section. The net performance data may be more relevant to potential investors in the Fund in their analysis of the historical experience of IR+M in managing portfolios with substantially similar investment strategies and techniques to those of the Fund.

**The historical performance of the IR+M Composite is not that of Harbor Core Plus Fund and is not indicative of the Fund's future results.** The Fund's actual performance may vary significantly from the past performance of the IR+M Composite. While the accounts comprising the IR+M Composite incur inflows and outflows of cash from clients, there can be no assurance that the continuous offering of the Fund's shares and the Fund's obligation to redeem its shares will not adversely impact the Fund's performance. Also, not all of the accounts currently comprising the IR+M Composite are subject to certain investment limitations, diversification requirements and other restrictions imposed by the Investment Company Act of 1940 and the Internal Revenue Code. If these limitations, requirements and restrictions were applicable to the accounts in the IR+M Composite, they may have had an adverse effect on the performance results of the IR+M Composite. However, IR+M does not believe that such accounts would have been managed in a significantly different manner had they been subject to such investment limitations, diversification requirements and other restrictions.

------

**IR+M CORE PLUS composite\*** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** |
|  | **1 Year** | **3 Years** | **Since Inception** |
| IR+M Composite net of Institutional Class expenses | -13.33% | -0.86% | 1.43% |
| IR+M Composite net of Administrative Class expenses | -13.40% | -0.94% | 1.35% |
| IR+M Composite (gross) | -13.07% | -0.57% | 1.73% |
| Bloomberg U.S. Aggregate Bond Index\*\* | -13.01% | -2.71% | 0.17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** |
|  | **2017\*\*\*** | **2018** | **2019** | **2020** | **2021** | **2022** |
| IR+M Composite net of Institutional Class expenses | 1.21% | -0.26% | 9.79% | 9.55% | 2.62% | -13.33% |
| IR+M Composite net of Administrative Class expenses | 1.17% | -0.34% | 9.70% | 9.47% | 2.54% | -13.40% |
| IR+M Composite (gross) | 1.21% | -0.26% | 9.79% | 9.55% | 2.62% | -13.33% |
| Bloomberg U.S. Aggregate Bond Index\*\* | 3.54% | 0.01% | 8.72% | 7.51% | -1.54% | -13.01% |

---

------

*\**

*This is not the performance of Harbor Core Plus Fund. As of December 31, 2022, the IR+M Composite was composed of 6 accounts, totaling approximately $1.3 billion. The inception date of the IR+M Composite is August 1, 2017.* 

*\*\**

*The Bloomberg U.S. Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. This unmanaged index does not reflect fees and expenses and is not available for direct investment.* 

*\*\*\**

*For the period of August 1, 2017 through December 31, 2017.* 

------

**The Subadvisors**

------

**Marathon-London MSCI EAFE Composite Performance Information** 

The following table presents the past performance of the Marathon-London MSCI EAFE Composite (the "Marathon EAFE Composite"). Marathon-London is Subadvisor to Harbor International Fund. The Marathon EAFE Composite is comprised of all fee-paying accounts under discretionary management by Marathon-London that have investment objectives, policies and strategies substantially similar to those of the Fund. Returns include the reinvestment of interest, dividends and any other distributions and are presented in U.S. dollars. Marathon-London has prepared and presented the historical performance shown for the Marathon EAFE Composite (gross) in compliance with the Global Investment Performance Standards (GIPS<sup>®</sup>). The GIPS method for computing historical performance differs from the SEC's method. The gross performance data shown in the table does not reflect the deduction of investment advisory fees paid by the accounts comprising the Marathon EAFE Composite or certain other expenses that would be applicable to mutual funds. To calculate the performance of the Marathon EAFE Composite net of expenses, the Advisor applied the net Fund operating expenses payable by the Retirement, Institutional, Administrative, and Investor Classes of shares of the Fund for the fiscal year ended October 31, 2022, as applicable, as disclosed in the "Total Annual Fund Operating Expenses After Expense Reimbursement" line item of the Fund's fee table in the Fund Summary section. The net performance data may be more relevant to potential investors in the Fund in their analysis of the historical experience of Marathon-London in managing portfolios with substantially similar investment strategies and techniques to those of the Fund.

**The historical performance of the Marathon EAFE Composite is not that of Harbor International Fund and is not indicative of the Fund's future results.** The Fund's actual performance may vary significantly from the past performance of the Marathon EAFE Composite. While the accounts comprising the Marathon EAFE Composite incur inflows and outflows of cash from clients, there can be no assurance that the continuous offering of the Fund's shares and the Fund's obligation to redeem its shares will not adversely impact the Fund's performance. Also, not all of the accounts currently comprising the Marathon EAFE Composite are subject to certain investment limitations, diversification requirements and other restrictions imposed by the Investment Company Act of 1940 and the Internal Revenue Code. If these limitations, requirements and restrictions were applicable to the accounts in the Marathon EAFE Composite, they may have had an adverse effect on the performance results of the Marathon EAFE Composite. However, Marathon-London does not believe that such accounts would have been managed in a significantly different manner had they been subject to such investment limitations, diversification requirements and other restrictions.

------

**marathon EAFE composite\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Marathon EAFE Composite net of Retirement Class <br> expenses<br>| -14.21% | 0.77% | 1.64% | 5.52% |
| Marathon EAFE Composite net of Institutional Class <br> expenses<br>| -14.28% | 0.68% | 1.56% | 5.44% |
| Marathon EAFE Composite net of Administrative Class <br> expenses<br>| -14.49% | 0.43% | 1.30% | 5.17% |
| Marathon EAFE Composite net of Investor Class <br> expenses<br>| -14.59% | 0.32% | 1.19% | 5.06% |
| Marathon EAFE Composite (gross) | -13.61% | 1.46% | 2.34% | 6.25% |
| MSCI EAFE (ND) Index\*\* | -14.45% | 0.87% | 1.54% | 4.67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** |
|  | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| Marathon EAFE Composite net of <br> Retirement Class expenses<br>| 17.14% | 28.53% | -4.62% | 6.34% | -1.93% | 23.43% | -13.83% | 23.03% | 9.07% | 9.34% | -14.21% |
| Marathon EAFE Composite net of <br> Institutional Class expenses<br>| 17.05% | 28.43% | -4.70% | 6.26% | -2.01% | 23.33% | -13.90% | 22.93% | 8.98% | 9.25% | -14.28% |
| Marathon EAFE Composite net of <br> Administrative Class expenses<br>| 16.75% | 28.11% | -4.93% | 5.99% | -2.26% | 23.02% | -14.12% | 22.63% | 8.71% | 8.98% | -14.49% |
| Marathon EAFE Composite net of <br> Investor Class expenses<br>| 16.62% | 27.97% | -5.04% | 5.88% | -2.36% | 22.89% | -14.21% | 22.49% | 8.59% | 8.86% | -14.59% |
| Marathon EAFE Composite (gross) | 17.95% | 29.42% | -3.96% | 7.08% | -1.25% | 24.28% | -13.24% | 23.88% | 9.83% | 10.10% | -13.61% |
| MSCI EAFE (ND) Index\*\* | 17.32% | 22.78% | -4.90% | -0.81% | 1.00% | 25.03% | -13.79% | 22.01% | 7.82% | 11.26% | -14.45% |

---

------

*\**

*This is not the performance of Harbor International Fund. As of December 31, 2022, the Marathon EAFE Composite was composed of 18 accounts, totaling approximately $18.4 billion. The inception date of the Marathon EAFE Composite was May 2, 2003.* 

*\*\**

*The MSCI EAFE (ND) Index is an unmanaged index generally representative of major overseas stock markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.* 

------

**The Subadvisors**

------

**EARNEST Partners Mid Capitalization Core Composite Performance Information** 

The following table presents the past performance of the EARNEST Partners Mid Capitalization Core Composite (the "EARNEST Composite"). EARNEST Partners is Subadvisor to Harbor Mid Cap Fund. The EARNEST Composite is comprised of all fee-paying accounts under fully discretionary management by EARNEST Partners that have investment objectives, policies and strategies substantially similar to those of the Fund. Returns include the reinvestment of interest, dividends and any other distributions and are presented in U.S. dollars. EARNEST Partners has prepared and presented the historical performance shown for the EARNEST Composite (gross) in compliance with the Global Investment Performance Standards (GIPS<sup>®</sup>). The GIPS method for computing historical performance differs from the SEC's method. The gross performance data shown in the table does not reflect the deduction of investment advisory fees paid by the accounts comprising the EARNEST Composite or certain other expenses that would be applicable to mutual funds. To calculate the performance of the EARNEST Composite net of expenses, the Advisor applied the net Fund operating expenses payable by the Retirement, Institutional, Administrative, and Investor Classes of shares of the Fund for the fiscal year ended October 31, 2022, as applicable, as disclosed in the "Total Annual Fund Operating Expenses After Expense Reimbursement" line item of the Fund's fee table in the Fund Summary section. The net performance data may be more relevant to potential investors in the Fund in their analysis of the historical experience of EARNEST Partners in managing portfolios with substantially similar investment strategies and techniques to those of the Fund.

**The historical performance of the EARNEST Composite is not that of Harbor Mid Cap Fund and is not indicative of the Fund's future results.** The Fund's actual performance may vary significantly from the past performance of the EARNEST Composite. While the accounts comprising the EARNEST Composite incur inflows and outflows of cash from clients, there can be no assurance that the continuous offering of the Fund's shares and the Fund's obligation to redeem its shares will not adversely impact the Fund's performance. Also, not all of the accounts currently comprising the EARNEST Composite are subject to certain investment limitations, diversification requirements and other restrictions imposed by the Investment Company Act of 1940 and the Internal Revenue Code. If these limitations, requirements and restrictions were applicable to all accounts in the EARNEST Composite, they may have had an adverse effect on the performance results of the EARNEST Composite. However, EARNEST does not believe that such accounts would have been managed in a significantly different manner had they been subject to such investment limitations, diversification requirements and other restrictions.

------

**EARNEST composite\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Composite net of Retirement Class expenses | -15.74% | 8.21% | 9.15% | 12.42% |
| Composite net of Institutional Class expenses | -15.80% | 8.12% | 9.06% | 12.33% |
| Composite net of Administrative Class expenses | -16.02% | 7.85% | 8.79% | 12.04% |
| Composite net of Investor Class expenses | -16.11% | 7.73% | 8.89% | 11.92% |
| EARNEST Composite (gross) | -15.06% | 9.08% | 10.02% | 13.32% |
| Russell Midcap<sup>®</sup> Index\*\* | -17.32% | 5.88% | 8.37% | 11.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** |
|  | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| Composite net of Retirement <br> Class expenses<br>| 15.52% | 30.53% | 9.69% | 0.46% | 15.57% | 25.15% | -10.83% | 37.12% | 20.29% | 24.99% | -15.74% |
| Composite net of Institutional <br> Class expenses<br>| 15.43% | 30.43% | 9.61% | 0.38% | 15.48% | 25.05% | -10.90% | 37.01% | 20.20% | 24.89% | -15.80% |
| Composite net of Administrative <br> Class expenses<br>| 15.14% | 30.10% | 9.33% | 0.13% | 15.19% | 24.74% | -11.13% | 36.67% | 19.90% | 24.58% | -16.02% |
| Composite net of Investor Class <br> expenses<br>| 15.01% | 29.96% | 9.21% | 0.02% | 15.06% | 24.60% | -11.22% | 36.52% | 19.76% | 24.44% | -16.11% |
| EARNEST Composite (gross) | 16.45% | 31.58% | 10.58% | 1.26% | 16.50% | 26.16% | -10.11% | 38.23% | 21.26% | 25.99% | -15.06% |
| Russell Midcap<sup>®</sup> Index\*\* | 17.28% | 34.76% | 13.22% | -2.44% | 13.80% | 18.52% | -9.06% | 30.54% | 17.10% | 22.58% | -17.32% |

---

------

*\**

*This is not the performance of Harbor Mid Cap Fund. As of December 31, 2022, the EARNEST Composite was composed of 39 accounts, totaling approximately $1.9 billion. The inception date of the EARNEST Composite was October 1, 2003.* 

*\*\**

*The Russell Midcap*<sup>®</sup> *Index is an unmanaged index generally representative of the U.S. market for medium capitalization stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell Midcap*<sup>®</sup> *Index and Russell*<sup>®</sup> *are trademarks of Frank Russell Company.* 

------

**The Subadvisors**

------

**Acadian Non-U.S. Equity Composite Performance Information** 

The following table presents the past performance of the Acadian Non-U.S. Composite (the "Acadian Composite"). Acadian is Subadvisor to Harbor International Core Fund. The Acadian Composite is comprised of all fee-paying accounts under discretionary management by Acadian that have investment objectives, policies and strategies substantially similar to those of the Fund. Returns include the reinvestment of interest, dividends and any other distributions and are presented in U.S. dollars. Acadian has prepared and presented the historical performance shown for the Acadian Composite (gross) in compliance with the Global Investment Performance Standards (GIPS<sup>®</sup>). The GIPS method for computing historical performance differs from the SEC's method. The gross performance data shown in the table does not reflect the deduction of investment advisory fees paid by the accounts comprising the Acadian Composite or certain other expenses that would be applicable to mutual funds. To calculate the performance of the Acadian Composite net of expenses, the Advisor applied the net Fund operating expenses payable by the Retirement, Institutional, Administrative and Investor Classes of shares of the Fund for the fiscal year ended October 31, 2022, as applicable, as disclosed in the "Total Annual Fund Operating Expenses After Expense Reimbursement" line item of the Fund's fee table in the Fund Summary section. The net performance data may be more relevant to potential investors in the Fund in their analysis of the historical experience of Acadian in managing portfolios with substantially similar investment strategies and techniques to those of the Fund.

**The historical performance of the Acadian Composite is not that of Harbor International Core Fund and is not indicative of the Fund's future results.** The Fund's actual performance may vary significantly from the past performance of the Acadian Composite. While the accounts comprising the Acadian Composite incur inflows and outflows of cash from clients, there can be no assurance that the continuous offering of the Fund's shares and the Fund's obligation to redeem its shares will not adversely impact the Fund's performance. Also, not all of the accounts currently comprising the Acadian Composite are subject to certain investment limitations, diversification requirements and other restrictions imposed by the Investment Company Act of 1940 and the Internal Revenue Code. If these limitations, requirements and restrictions were applicable to all accounts in the Acadian Composite, they may have had an adverse effect on the performance results of the Acadian Composite. However, Acadian does not believe that such accounts would have been managed in a significantly different manner had they been subject to such investment limitations, diversification requirements and other restrictions.

------

**ACADIAN composite\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** | **Average Annual Total Returns for the Periods Ended December 31, 2022:** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Acadian Composite net of Retirement Class expenses | -15.76% | 2.75% | 1.88% | 6.98% |
| Acadian Composite net of Institutional Class expenses | -15.83% | 2.66% | 1.80% | 6.89% |
| Acadian Composite net of Administrative Class <br> expenses<br>| -16.04% | 2.41% | 1.54% | 6.63% |
| Acadian Composite net of Investor Class expenses | -16.13% | 2.30% | 1.43% | 6.51% |
| Acadian Composite (gross) | -15.11% | 3.54% | 2.67% | 7.81% |
| MSCI EAFE (ND) Index\*\* | -14.45% | 0.87% | 1.54% | 4.67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** | **Calendar Year Total Returns for the Periods Ended December 31:** |
|  | **2012** | **2013** | **2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** |
| Acadian Composite net of <br> Retirement Class expenses<br>| 16.75% | 26.14% | -2.05% | 1.93% | 5.95% | 34.07% | -14.21% | 17.05% | 11.72% | 15.26% | -15.76% |
| Acadian Composite net of <br> Institutional Class expenses<br>| 16.65% | 26.04% | -2.13% | 1.85% | 5.87% | 33.97% | -14.28% | 17.86% | 11.63% | 15.16% | -15.83% |
| Acadian Composite net of <br> Administrative Class expenses<br>| 16.36% | 25.72% | -2.38% | 1.60% | 5.60% | 33.63% | -14.50% | 17.56% | 11.35% | 14.88% | -16.04% |
| Acadian Composite net of Investor <br> Class expenses<br>| 16.23% | 25.58% | -2.48% | 1.49% | 5.49% | 33.48% | -14.59% | 17.43% | 11.21% | 14.78% | -16.13% |
| Acadian Composite (gross) | 17.65% | 27.11% | -1.30% | 2.72% | 6.77% | 35.11% | -13.55% | 18.86% | 12.59% | 16.15% | -15.11% |
| MSCI EAFE (ND) Index\*\* | 17.32% | 22.78% | -4.90% | -0.81% | 1.00% | 25.03% | -13.79% | 22.01% | 7.82% | 11.26% | -14.45% |

---

------

*\**

*This is not the performance of Harbor International Core Fund. As of December 31, 2022, the Acadian Composite was composed of 17 accounts, totaling approximately $6.8 billion. The inception date of the Acadian Composite was January 1, 1995.* 

*\*\**

*The MSCI EAFE (ND) Index is an unmanaged index generally representative of major overseas stock markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.* 

------

**Your Harbor Funds Account**

**Choosing a Share Class**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other funds managed by the Advisor are offered by means of separate prospectuses. To obtain a prospectus for any of the Harbor Funds call 800-422-1050 or visit our website at *harborcapital.com*.

Each of the Harbor funds has multiple classes of shares, with each class representing an interest in the same portfolio of investments. However, the Funds' separate share classes have different expenses and, as a result, their investment performances will differ. Harbor Funds, the Advisor, Harbor Funds Distributors, Inc. (the "Distributor") and Harbor Services Group, Inc. ("Shareholder Services") do not provide investment advice or recommendations or any form of tax or legal advice to existing or potential shareholders with respect to investment transactions involving the Funds. When choosing a share class, you should consider the factors below:

---

| | |
|:---|:---|
| **Retirement Class** | Retirement Class shares are available to individual and institutional investors. |
|  | ◾ No 12b-1 fee and no intermediary fee of any kind paid by any Fund |
|  | ◾ Transfer agent fee of up to 0.02% of average daily net assets |
|  | ◾ $1,000,000 minimum investment in each Fund |
| **Institutional Class** | Institutional Class shares are available to individual and institutional investors. |
|  | ◾ No 12b-1 fee |
|  | ◾ Transfer agent fee of up to 0.10% of average daily net assets |
|  | &nbsp;&nbsp;&nbsp; ◾ $50,000 minimum investment in each Domestic Equity Fund and <br> International and Global Equity Fund<br>|
|  | ◾ $1,000 minimum investment in each Fixed Income Fund |
| **Administrative Class** | &nbsp;&nbsp;&nbsp; Harbor Core Bond Fund does not offer Administrative Class shares.<br> Administrative Class shares are available only to employer-sponsored <br> retirement or benefit plans and other non-retirement accounts maintained <br> by financial intermediaries. Employer-sponsored retirement and benefit plans <br> include: (i) plans established under Internal Revenue Code Sections 401(a), <br> 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase <br> pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree <br> health benefit plans. Administrative Class shares are not available through <br> personal plans, such as individual retirement accounts (IRAs), SEP IRAs, <br> Simple IRAs or individual 403(b) plans, unless investing through an account <br> maintained by a financial intermediary.<br>|
|  | ◾ 12b-1 fee of up to 0.25% of average daily net assets |
|  | ◾ Transfer agent fee of up to 0.10% of average daily net assets |
|  | &nbsp;&nbsp;&nbsp; ◾ $50,000 minimum investment in each Fund for accounts maintained by <br> financial intermediaries<br>|
|  | &nbsp;&nbsp;&nbsp; ◾ No minimum investment for employer-sponsored retirement or benefit <br> plans<br>|
| **Investor Class** | &nbsp;&nbsp;&nbsp; Harbor Core Bond Fund and Harbor Core Plus Fund do not offer Investor <br> Class shares. <br> Investor Class shares are available to individual and institutional investors.<br>|
|  | ◾ 12b-1 fee of up to 0.25% of average daily net assets |
|  | ◾ Transfer agent fee of up to 0.21% of average daily net assets |
|  | ◾ $2,500 minimum investment in each Fund for regular accounts |
|  | &nbsp;&nbsp;&nbsp; ◾ $1,000 minimum investment in each Fund for IRA and UTMA/UGMA <br> accounts<br>|

---

Meeting the minimum investment for a share class means you have purchased and maintained shares with a value at the time of purchase that is at least equal to that minimum investment amount. Redemptions out of your account can cause your account to fail to meet the minimum investment amount requirement. Changes in the market value of your account alone will not cause your account to either meet the minimum investment amount or fall below the minimum investment amount. See *"Accounts Below Share Class Minimums"*

------

**Distribution and Service (12b-1) Fees** 

Harbor Funds has adopted a distribution plan for each Fund's Administrative and Investor Classes of shares in accordance with Rule 12b-1 under the Investment Company Act of 1940. Under each plan, the Funds pay distribution and service fees to the Distributor for the sale, distribution and servicing of the Administrative and Investor Class shares. All or a substantial portion of these fees are paid to financial intermediaries, such as broker-dealers, banks and trust companies, that maintain accounts in Harbor Funds for their customers. Because the Funds pay these fees out of the Administrative and Investor Class

------

**Your Harbor Funds Account**

**Choosing a Share Class**

------

assets on an ongoing basis, over time these fees will increase the cost of your investment in Administrative and Investor Class shares and may cost you more than paying other types of sales charges.

------

**Transfer Agent Fees** 

The Funds pay Shareholder Services transfer agent fees (specified above) on a per-class basis for its services as shareholder servicing agent for each Fund. For each class except for the Retirement Class of shares, Shareholder Services uses a portion of these fees to pay unaffiliated financial intermediaries for providing certain recordkeeping, subaccounting and/or similar services to shareholders who hold their shares through accounts that are maintained by the financial intermediaries. These fees may consist of per fund or per sub-account charges that are assessed on a periodic basis (i.e., quarterly) and/or an asset based fee that is determined based upon the value of the assets maintained by the financial intermediary.

------

**Investing Through a Financial Intermediary** 

You may purchase Fund shares through a financial intermediary, which may include banks, broker-dealers, or financial professionals, or an organization that provides recordkeeping and consulting services to 401(k) plans or other employee benefit plans. These intermediaries may charge you a fee for this service and may require different minimum initial and subsequent investments than Harbor Funds. They may also impose other charges or restrictions in addition to those applicable to shareholders who invest in the Funds directly.

The Distributor and Shareholder Services have contracted with certain intermediaries to accept and forward purchase orders to the Funds on your behalf. These contracts may permit a financial intermediary to forward the purchase order and transmit the funds for the purchase order to Harbor Funds by the next business day. Your purchase order must be received in good order by these intermediaries before the close of regular trading on the NYSE to receive that day's share price.

The Distributor, Shareholder Services and/or the Advisor and their related companies have in the past and could in the future pay intermediaries for providing shareholder recordkeeping, subaccounting and other similar services to shareholders who hold their Institutional, Administrative and/or Investor Classes of shares of the Funds through accounts that are maintained by the intermediaries.

The Advisor has in the past and could in the future pay intermediaries for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems and data or other services related to the sale of Fund shares and related services, including making shares of a Fund and certain other Harbor funds available to their customers generally and in certain investment programs. Such payments, which may be significant to the intermediary or its representatives, are not made by a Fund. Rather, such payments are made by the Advisor or its affiliates from their own resources, which come directly or indirectly in part from fees paid by the Harbor fund complex. Payments of this type are sometimes referred to as revenue-sharing payments.

A financial intermediary may make decisions about which investment options it recommends or makes available, or the level of services provided, to its customers based on the payments or financial incentives it is eligible to receive. Therefore, such payments or other financial incentives offered or made to an intermediary create conflicts of interest between the intermediary (or its representatives) and its customers and may cause the intermediary to recommend a Fund or other Harbor funds over another investment. See the Statement of Additional Information for more information. Ask your sales representative or visit your financial intermediary's website for more information.

Harbor Funds, the Advisor, the Distributor, Shareholder Services and their respective trustees, directors, officers, employees and agents are not responsible for the failure of any intermediary to carry out its obligations to its customers, including any errors made by the intermediary when submitting purchase, redemption and exchange orders to Harbor Funds. Harbor Funds will not correct transactions that are submitted to Harbor Funds in error by the intermediary unless the intermediary has notified Harbor Funds of the error by 9:00 a.m. Eastern time on the following business day or prior to the deadline established between Harbor and the intermediary (i.e., on a trade date plus one [T+1] basis).

------

**Your Harbor Funds Account**

**Minimum Investment Exceptions**

------

**Retirement Class** 

You may purchase Retirement Class shares, notwithstanding the $1,000,000 minimum investment amount, if you qualify for any of the exceptions discussed below. You may be required to provide written confirmation of your eligibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employer-sponsored group retirement or benefit plans (with more than one participant) that maintain accounts with Harbor Funds at an omnibus or plan level, including: (i) plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, (ii) profit-sharing plans, cash balance plans and money purchase pension plans, (iii) non-qualified deferred compensation plans, and (iv) retiree health benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certain wrap or model-driven asset allocation program accounts for the benefit of clients of financial intermediaries, as approved by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Omnibus accounts maintained by financial intermediaries, including investment firms, banks and broker-dealers, provided that no asset-based fees are paid to such intermediaries with respect to assets invested in Retirement Class shares.

------

**Institutional Class** 

You may purchase Institutional Class shares, notwithstanding the minimum investment amount, if you qualify for any of the exceptions discussed below. You may be required to provide written confirmation of your eligibility. All of the exceptions below apply to Equity Funds and exceptions (e) and (i) below apply to Fixed Income Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shareholders who held shares of Harbor Funds on October 31, 2002 and have maintained a balance in a Harbor Funds account (hereinafter referred to as "original shareholders" or "grandfathered shareholders"). You will lose your "grandfathered" status if you deplete your account to a zero balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shareholders who received all or a portion of a grandfathered account due to death, divorce, a partnership dissolution, or as a gift of shares to a charitable organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Current officers, partners, employees or registered representatives of financial intermediaries which have entered into sales agreements with the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Members of the immediate family living in the same household of any of the persons included in items (a), (b) or (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Current trustees and officers of Harbor Funds, partners and employees of legal counsel to Harbor Funds, directors, officers or employees of the Advisor and its affiliates, and current directors, officers, or employees of any Subadvisor to any Harbor Funds, and members of the immediate family of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any trust, custodian, pension, profit-sharing or other benefit plan of the foregoing persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Employer-sponsored retirement plan participants that transfer into a separate account with Harbor Funds within 60 days from withdrawal out of their employer-sponsored retirement plan account at Harbor Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Individuals that transfer directly into a separate account with Harbor Funds from an omnibus account at Harbor Funds, provided those individuals beneficially owned shares of the same Harbor fund through the omnibus account for a reasonable period of time, as determined by the Distributor, prior to the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Omnibus accounts, mutual fund advisory platforms and investment platforms via a custodian or clearing firm, and employer-sponsored plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Certain family trust accounts as approved by the Distributor.

------

**Your Harbor Funds Account**

**Minimum Investment Exceptions**

------

**Administrative Class** 

You may purchase Administrative Class shares, notwithstanding the $50,000 minimum investment amount, if you qualify for any of the exceptions discussed below. You may be required to provide written confirmation of your eligibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Employer-sponsored retirement or benefit plans, including: qualified retirement plans, plans established under Internal Revenue Code Sections 401(a), 403(b) or 457, profit-sharing plans, cash balance plans, money purchase pension plans, nonqualified deferred compensation plans and retiree health benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Omnibus accounts established by financial intermediaries where the investment in the Fund is expected to meet the investment minimum amount within a reasonable period of time as determined by the Distributor.

------

**Investor Class** 

Harbor Funds may, in its discretion, waive or lower the investment minimum for the Investor Class of any Harbor fund.

------

**Your Harbor Funds Account**

**How to Purchase Shares**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Harbor Funds will not accept cash, money orders, cashier's checks, official checks, starter checks, third-party checks, credit card convenience checks, traveler's checks or checks drawn on banks outside the U.S.

Harbor Funds does not issue share certificates.

All orders to purchase shares received in good order by Harbor Funds or its agent before the close of regular trading on the New York Stock Exchange ("NYSE"), usually 4:00 p.m. Eastern time, will receive that day's share price. Orders received in good order after the close of the NYSE will receive the next business day's share price. All purchase orders are subject to acceptance by Harbor Funds. Checks and funds sent by wire or Automated Clearing House ("ACH") for direct purchases must be received by Harbor Funds prior to the close of regular trading of the NYSE to receive that day's share price. See *"Investing Through a Financial Intermediary"* if you are purchasing shares through a financial intermediary.

Harbor Funds at all times reserves the right to reject any purchase for any reason without prior notice, including if Harbor Funds determines that a shareholder or client of an intermediary has engaged in excessive short-term trading that Harbor Funds believes may be harmful to the Fund involved. For more information about Harbor Funds' policy on excessive trading, see *"Excessive Trading/Market Timing."* 

Harbor Funds reserves the right to verify the accuracy of the submitted banking information (ACH, wire) prior to activation of the banking instructions on your account. The verification may take as long as 10 business days.

The Funds are available for sale in all 50 United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam.

**Harbor Small Cap Value Fund** 

Harbor Small Cap Value Fund ("Small Cap Value Fund") is closed to new investors effective at 4:00 p.m. Eastern Time on Tuesday, June 1, 2021 (the "Small Cap Value Fund Close Date"). Small Cap Value Fund will continue to accept investments from existing shareholders and permit exchanges from other Harbor funds as long as the exchanging shareholder has an existing Small Cap Value Fund account. Shares of the Small Cap Value Fund will also continue to be sold to:

◾

Any participant in an employer-sponsored retirement or benefit plan that already includes the Small Cap Value Fund or has expressed in writing an interest in including the Small Cap Value Fund as an investment option on the Small Cap Value Fund Close date;

◾

Any participant in an employer-sponsored retirement or benefit plan who roll over into an IRA account with the Small Cap Value Fund some or all of the proceeds from a distribution if the participant held shares of the Small Cap Value Fund through such plan immediately prior to the distribution;

◾

Clients participating in retirement discretionary investment services, asset allocation programs sponsored by broker-dealers, banks, trust companies or other financial intermediaries, or as part of a financial advisors' discretionary investment or financial planning services who currently uses the Small Cap Value Fund, provided the Small Cap Value Fund is offered through such a service or program on the Small Cap Value Fund Close Date;

◾

Certain institutional and financial intermediary investors and shareholders investing through such intermediaries which have expressed an interest in investing in the Small Cap Value Fund, if approved by an officer of the Trust;

◾

Other investment services or products managed by the Advisor, including multi-asset strategies;

◾

Certain advisory clients and affiliated parties of the Small Cap Value Fund's Subadvisor upon the request of the Subadvisor if the investment is determined by an officer of the Trust not to adversely affect the Small Cap Value Fund; and

◾

Trustees and officers of the Trust and directors, officers and employees of the Advisor and the Small Cap Value Fund's Subadvisor.

The Small Cap Value Fund will remain closed until further notice. The Small Cap Value Fund reserves the right to modify the foregoing closure policy at any time and to reject any investment for any reason.

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**By Mail** 

**First class mail to:**

Harbor Funds

P.O. Box 804660

Chicago, IL 60680-4108

**Express or**

**registered mail to:**

Harbor Funds

111 South Wacker Drive

34th Floor

Chicago, IL 60606-4302

---

| | |
|:---|:---|
| **Open a new account** | **Add to an existing account** |
| Complete and sign the appropriate new account <br> application. If you are an institution, include a certified <br> copy of a corporate resolution identifying authorized <br> signers.<br>| &nbsp;&nbsp; Mail a completed Letter of Instruction or an <br> Additional Investments form (available from <br> *harborcapital.com*). The Additional Investments form <br> may also be included with your most recent <br> confirmation statement.<br>|

---

Make your check payable to: "Harbor Funds."

Shares purchased by check may be sold on any business day but the proceeds may not be available for up to 10 business days after the purchase of such shares to make sure the funds from your account have cleared.

If your check does not clear for any reason, your purchase will be cancelled and $25 may be deducted from your account. You may also be prohibited from future purchases.

Harbor Funds and Shareholder Services are not responsible for any mail that is lost, delayed or misdirected by the U.S. Postal Service or any other delivery service.

------

**Your Harbor Funds Account**

**How to Purchase Shares**

------

**By Telephone** 

**Call Harbor Funds at:**

800-422-1050

Please make note of your confirmation number when transacting via the telephone.

**Add to an existing account** 

You may submit orders for the purchase of shares by contacting a Shareholder Services Representative during our normal business hours, Monday through Friday between 8:00 a.m. and 6:00 p.m. Eastern time. If your order is submitted on a day that the NYSE is not open for regular trading, or if it is submitted after the close of regular trading on the NYSE, it will be effected, subject to acceptance, with the next business day's share price.

Payment for purchase of shares via the telephone may be made only through an ACH debit of your bank account. If your ACH transaction does not clear, your purchase will be cancelled and a service fee of $25 may be deducted from your account. You may be prohibited from future telephone purchases.

Shares purchased via the telephone may be sold on any business day but the proceeds may not be available for up to 3 business days after the purchase of such shares to make sure the funds from your account have cleared.

If you are unable to reach a Shareholder Services Representative by telephone (for example, during unusual market activity), you may send the purchase request by mail or via our website.

You must establish banking instructions on your account to purchase shares via the telephone. If banking instructions were not established at the time you opened your account, you can do this via telephone or in one of the following ways: (1) log in to your Harbor Funds account online and follow the menu steps to establish banking instructions, (2) complete the Account Services form through the DocuSign option at *harborcapital.com*, (3) or download the Account Services form return that form to Harbor Funds by mail.

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**By Wire** 

**Wire to:**

State Street Bank and

Trust Company

Boston, MA

ABA#: 0110 0002 8

Acct: DDA #3018-065-7 Supply Fund name, Fund number, account registration and account number

---

| | |
|:---|:---|
| **Open a new account** | **Add to an existing account** |
| Send the completed account application to <br> Shareholder Services at the address listed under <br> *"By Mail."*<br>| &nbsp;&nbsp; Instruct your bank to wire the amount of the <br> additional investment to State Street Bank and Trust <br> Company.<br>|
| Instruct your bank to wire the purchase amount to <br> State Street Bank and Trust Company.<br>|  |

---

Call a Shareholder Services Representative at 800-422-1050 if you are sending a wire of $100,000 or more.

------

**Online Access** 

**Visit our website:**

harborcapital.com

Please make note of your confirmation number when transacting online.

**Add to an existing account** 

If you have established online access for your account, you may submit an order to purchase shares via our website 24 hours a day. If your order is submitted on a day that the NYSE is not open for regular trading, or if it is submitted after the close of regular trading on the NYSE, it will be effected, subject to acceptance, with the next business day's share price.

Payment for purchase of shares through online access may be made only through an ACH debit of your bank account. If your ACH transaction does not clear, your purchase will be cancelled and $25 may be deducted from your account. You may be prohibited from future online purchases.

Shares purchased through online access may be sold on any business day, but the proceeds may not be available for up to 3 business days after the purchase of such shares to ensure the funds from your account have cleared.

If you are unable to access our website (for example, during unusual market activity), you may call a Shareholder Services Representative during normal business hours or send the purchase request by mail.

You must establish banking instructions on your account to purchase shares through the online account access system. If banking instructions were not established at the time you opened your account, you may add them to your account via the online account access system, by calling a Shareholder Services Representative at 800-422-1050 during our normal business hours, or you may download the Account Services form from our website at *harborcapital.com* and send it by mail.

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**Your Harbor Funds Account**

**How to Exchange Shares**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

An exchange is a redemption of shares from one Harbor fund and a purchase of shares into another Harbor fund.

Exchanges are taxable transactions for shareholders that are subject to tax, and you may realize a gain or a loss.

Class-to-class exchanges within the same Fund, however, are generally not taxable.

All orders to exchange shares received in good order by Harbor Funds or its agent before the close of regular trading on the NYSE, usually 4:00 p.m. Eastern time, will receive that day's share price. Orders received in good order after the close of the NYSE will receive the next day's share price. All exchanges are subject to acceptance by Harbor Funds.

The exchange privilege is not intended as a means for short-term or excessive trading. Harbor Funds at all times reserves the right to reject the purchase portion of any exchange transaction for any reason without prior notice if Harbor Funds determines that a shareholder or client of an intermediary has engaged in excessive short-term trading that Harbor Funds believes may be harmful to a Fund. For more information about Harbor Funds' policy on excessive trading, see *"Excessive Trading/Market Timing."* 

Exchanges must meet the applicable minimum initial investment amounts for each class of shares of each Harbor fund. You should consider the differences in investment objectives and expenses of a Harbor fund before making an exchange.

Harbor Funds may change or terminate its exchange policy on 60 days' prior notice.

**Retirement CLASS SHAREHOLDERS** 

The Retirement Class of shares is available to both individual and institutional investors who meet the minimum investment and other eligibility requirements.

You may exchange your shares of the Retirement Class for Retirement Class shares of any other Harbor fund. In addition, you may exchange your shares of the Retirement Class for shares of the Institutional, Administrative or Investor Class of another Harbor fund subject to the eligibility and minimum investment requirements for the Fund and class to be acquired.

**Institutional CLASS SHAREHOLDERS** 

This class of shares is available to both individual and institutional investors who meet the minimum investment requirement.

If you are an original shareholder (a shareholder of any Harbor fund as of October 31, 2002), you may exchange your Institutional Class shares for Institutional Class shares of any Harbor fund.

If you are not an original shareholder or do not qualify for another exception, you must meet the minimum initial investment requirements for each Fund.

You may exchange your shares of the Institutional Class for shares of the Retirement Class of another Harbor fund subject to the eligibility and minimum investment requirements for the Fund to be acquired.

**Administrative CLASS SHAREHOLDERS** 

You may exchange your shares of the Administrative Class for Administrative Class shares of any other Harbor fund available through your retirement plan or financial intermediary. In addition, you may exchange your shares of the Administrative Class for shares of either the Institutional or Investor Class of another Harbor fund if such class of shares is available through your retirement plan or financial intermediary.

**Investor CLASS SHAREHOLDERS** 

If you are an Investor Class shareholder, you may exchange your shares for Investor Class shares of another Harbor fund and for Institutional Class shares of any Harbor fund that does not currently offer Investor Class shares. Your exchanges out of any Harbor fund that does not currently offer Investor Class shares into another Harbor fund would be subject to the eligibility and minimum investment requirements for the Fund and class to be acquired.

------

**Your Harbor Funds Account**

**How to Exchange Shares**

------

**By Mail** 

**First class mail to:**

Harbor Funds

P.O. Box 804660

Chicago, IL 60680-4108

**Express or**

**registered mail to:**

Harbor Funds

111 South Wacker Drive

34th Floor

Chicago, IL 60606-4302

You may mail an exchange request to Shareholder Services. Indicate the Fund name, the Fund number, the number of shares or dollar amount to be exchanged and the account number. Sign the request exactly as the account holder's name(s) appear on the account registration.

Harbor Funds and Shareholder Services are not responsible for any mail that is lost, delayed or misdirected by the U.S. Postal Service or any other delivery service.

------

**By Telephone** 

**Call Harbor Funds at:**

800-422-1050

Please make note of your confirmation number when transacting via the telephone.

If your account has telephone exchange privileges, you may contact a Shareholder Services Representative during our normal business hours, Monday through Friday between 8:00 a.m. and 6:00 p.m. Eastern time. If your order is submitted on a day that the NYSE is not open for regular trading, or if it is submitted after the close of regular trading on the NYSE, it will be effected, subject to acceptance, with the next business day's share price.

If you are unable to reach a Shareholder Services Representative by telephone (for example, during unusual market activity), you may send the exchange request by mail or via our website.

------

**Online Access** 

**Visit our website:**

harborcapital.com

Please make note of your confirmation number when transacting online.

If you have established online access, you may submit an order to exchange shares via our website 24 hours a day. If your order is submitted on a day that the NYSE is not open for regular trading, or if it is submitted after the close of regular trading on the NYSE, it will be effected, subject to acceptance, with the next business day's share price.

If you are unable to access our website (for example, during unusual market activity), you may call a Shareholder Services Representative during normal business hours or send the exchange request by mail.

------

**Your Harbor Funds Account**

**How to Sell Shares**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Redemptions are taxable transactions for shareholders that are subject to tax, and you may realize a gain or a loss. Certain shareholders may be subject to backup withholding.

A Medallion signature guarantee may be required. See *"Shareholder and Account Policies"* for more information.

All orders to sell shares received in good order by Harbor Funds or its agent before the close of regular trading on the NYSE, usually 4:00 p.m. Eastern time, will receive that day's share price. Orders received in good order after the close of the NYSE will receive the next business day's share price. Harbor Funds has the right to suspend redemptions of shares and to postpone payment of proceeds for up to seven days, as permitted by law. Proceeds of the redemption (reduced by the amount of any tax withholding, if applicable) will be mailed by check payable to the shareholder of record at the address of record, wired or sent via ACH to the current banking instructions already on file.

The length of time Harbor Funds typically expects to pay proceeds from redemption requests varies based on the method by which you elect to receive the proceeds. Harbor Funds typically expects to pay redemption proceeds as follows: (i) for proceeds by check, Harbor Funds typically expects to mail the check by the next business day following the receipt of a redemption request that is in good order; (ii) for proceeds by wire, Harbor Funds typically expects to pay proceeds by the next business day following the receipt of a redemption request that is in good order; and (iii) for proceeds by ACH, Harbor Funds typically expects to transfer the proceeds to the shareholder's bank on the next business day following the receipt of the redemption request which will be made available to the redeeming shareholder on the second business day. For redemption requests settled through the National Securities Clearing Corporation, Harbor Funds typically expects the redemption transaction to settle (and proceeds to be paid) the next business day following the receipt of the redemption request in good order. For redemptions through an intermediary, Harbor Funds typically expects to pay redemption proceeds to the intermediary in accordance with the preceding statement. As previously noted, payments of redemption proceeds may take up to seven days, as permitted by law.

***If withholding information on IRA redemption requests is not specified,* Harbor Funds *will withhold the mandatory federal amount (currently 10%) and any applicable state amount.*** 

For information about Harbor Funds' policy on excessive trading, see *"Excessive Trading/Market Timing."* 

Harbor Funds and Shareholder Services do not pay interest on redemption proceeds.

Redemption proceeds, except for IRA redemption proceeds, sent by check that are not cashed within 180 days may be reinvested (without interest), in your account in the same Fund from which they were redeemed at the current day's net asset value ("NAV"). Redemption proceeds that are reinvested are subject to the risk of loss like any Fund investment. Additionally, if redemption checks are not cashed within 180 days, your account options will be changed to have future dividend and capital gains distributions reinvested.

------

**By Mail** 

**First class mail to:**

Harbor Funds

P.O. Box 804660

Chicago, IL 60680-4108

**Express or**

**registered mail to:**

Harbor Funds

111 South Wacker Drive

34th Floor

Chicago, IL 60606-4302

You may mail a written redemption request to Shareholder Services. State the Fund name, the Fund number, the number of shares or dollar amount to be sold and the account number. Sign the request exactly as the name or names (if more than one name) appear on the account registration.

Harbor Funds and Shareholder Services are not responsible for any mail that is lost, delayed or misdirected by the U.S. Postal Service or any other delivery service.

------

**By Telephone** 

**Call Harbor Funds at:**

800-422-1050

Please make note of your confirmation number when transacting via the telephone.

If your account has telephone redemption privileges, you may contact a Shareholder Services Representative during our normal business hours, Monday through Friday between 8:00 a.m. and 6:00 p.m. Eastern time. If your order is submitted on a day that the NYSE is not open for regular trading, or if it is submitted after the close of regular trading on the NYSE, it will be effected, subject to acceptance, with the next business day's share price.

Redemptions via the telephone will be paid by check, wire or ACH transfer only to the address or bank account of record.

Shares purchased via the telephone may be sold on any business day, but the proceeds may not be available for up to 3 business days after the purchase of such shares to make sure the funds from your account have cleared.

If you are unable to reach a Shareholder Services Representative by telephone (for example, during unusual market activity), you may send the redemption request by mail or via our website.

------

**Your Harbor Funds Account**

**How to Sell Shares**

------

**Online Access** 

**Visit our website:**

harborcapital.com

Please make note of your confirmation number when transacting online.

If you have established online access, you may submit an order to redeem shares via our website 24 hours a day. If your order is submitted on a day that the NYSE is not open for regular trading, or if it is submitted after the close of regular trading on the NYSE, it will be effected, subject to acceptance, with the next business day's share price.

Redemptions through online access will be paid by check, wire or ACH transfer only to the address or bank account of record.

Shares purchased through online access may be sold on any business day, but the proceeds may not be available for up to 3 business days after the purchase of such shares to ensure the funds from your account have cleared.

If you are unable to access our website (for example, during unusual market activity), you may call a Shareholder Services Representative during normal business hours or send the redemption request by mail.

------

**Shareholder and Account Policies**

------

**Transaction and Account Policies**

**Important Information About Opening an Account** 

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including Harbor Funds, to obtain, verify and record information that identifies each person who opens an account. This information is used to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations or is from a sanctioned country or associated with a sanctioned entity. As a result, unless this information is collected by the broker/dealer or other financial intermediary pursuant to an agreement, Harbor Funds must obtain the following information for each person that opens a new account:

◾

Name;

◾

Date of birth (for individuals);

◾

Residential or business street address (although post office boxes may be used as a mailing address); and

◾

Social Security number, taxpayer identification number or other identifying number.

You may also be asked for a copy of your driver's license, passport or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other legal entities.

Legal entity customers are required to provide the name, date of birth, address and social security number (or other government identification number such as a passport number or other similar information in the case of foreign persons) of individual(s), referred to as "beneficial owner(s)", who own 25% or more of the equity interest of the legal entity, as applicable, and an individual with significant responsibility to control, manage or direct the legal entity at the time that a new account is opened.

Federal law prohibits Harbor Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, Harbor Funds may restrict your ability to purchase additional shares until your identity is verified. Harbor Funds may close your account or take other appropriate action if they are unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed. If the NAV on the redemption date is lower than the NAV on your original purchase date, you will receive less than your original investment amount when the account is closed.

------

**Rights Reserved by Harbor Funds** 

Harbor Funds reserves the following rights: (1) to accept initial purchases by telephone, online access, or mail; (2) to refuse any purchase or exchange order for any reason; (3) to cancel or rescind a purchase order for non-payment; (4) to cease offering a Fund's shares at any time to all or certain groups of investors; (5) to freeze any account and suspend account services when notice has been received of a dispute between the registered or beneficial account owners, or there is reason to believe a fraudulent transaction may occur; (6) to otherwise modify the conditions of purchases and any services at any time; (7) to act on instructions reasonably believed to be genuine; and (8) to involuntarily redeem your account at the net asset value calculated the day the account is redeemed if a Fund or its agent is unable to verify the identity of the person(s) or entity opening an account or becomes aware of information regarding a shareholder or shareholder's account, which indicates that the identity of the shareholder can no longer be verified.

These actions will be taken when, in the sole discretion of management, they are deemed to be in the best interest of the Fund or if required by law.

If the NYSE is closed because of inclement weather, technology problems or any other reason on a day it would normally be open for business, or the NYSE has an unscheduled early closing on a day it has opened for business, Harbor Funds reserves the right to treat such day as a business day and accept purchase and redemption orders until (and calculate a Fund's NAV as of) the normally scheduled close of regular trading on the NYSE for that day.

------

**Important Information Regarding State Escheatment Laws** 

**Mutual fund accounts can be considered abandoned property.** States are looking at inactive mutual fund accounts as possible abandoned or unclaimed property. Under certain circumstances determined by your state, Harbor Funds may be legally obligated to escheat (or transfer) an investor's account to the appropriate state's unclaimed property administrator. Harbor Funds will not be liable to investors or their representatives for good faith compliance with state unclaimed or abandoned property (escheatment) laws. If you invest in a Fund through a financial intermediary, we encourage you to contact the financial intermediary regarding applicable state escheatment laws.

Escheatment laws vary by state, and states have different criteria for defining inactivity and abandoned property. Generally, a mutual fund account may be subject to "escheatment" (i.e., considered to be abandoned or unclaimed property) if the account owner has not initiated any activity in the account or established

------

**Shareholder and Account Policies**

------

contact with a Fund for an "inactivity period" as specified in applicable state laws. If a Fund is unable to establish contact with an investor, the Fund will determine whether the investor's account must legally be considered abandoned and whether the assets in the account must be transferred to the appropriate state's unclaimed property administrator. Typically, an investor's last known address of record determines the state that has jurisdiction.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. Other states may provide similar processes for shareholders.

Retirement accounts that are considered abandoned may be subject to state and federal withholding in addition to an early withdrawal penalty, if applicable, upon remittance to the state in which the account is registered.

We strongly encourage you to contact us at least once every year to review your account information. Below are ways in which you can assist us in safeguarding your Fund investments.

◾

If you have established online access for your account, log in to your account at *harborcapital.com* to view your account information. Please note, simply visiting our public website does not establish contact with us under state escheatment laws.

◾

Call one of our Shareholder Services Representatives at 800-422-1050, Monday through Friday, between 8:00 a.m. and 6:00 p.m. Eastern time.

◾

Take action on letters received in the mail from Harbor Funds concerning account inactivity, outstanding checks and/or escheatment or abandoned property and follow the directions in these letters. To avoid escheatment, we advise that you promptly respond to any such letters.

------

**Excessive Trading/Market-Timing** 

Some investors try to profit from a strategy called market-timing — moving money into mutual funds for the short-term when they expect prices to rise and taking money out when they expect prices to fall. The Funds are intended for long-term investment purposes only. Harbor Funds has taken reasonable steps to identify and seek to discourage excessive short-term trading.

Excessive short-term trading into and out of a Fund can disrupt portfolio investment strategies, increase expenses, and negatively impact investment returns for all shareholders, including long-term shareholders who do not generate these costs. Certain Funds invest a significant portion of their assets in small cap stocks, stocks of emerging market companies or high-yield bonds. Some of these holdings may not trade every day or may not trade frequently throughout a trading day. As a result, these Funds may be more susceptible to a short-term trading strategy by which an investor seeks to profit based upon the investor's belief that the values of a Fund's portfolio securities, as reflected by the Fund's net asset value on any given day, do not fully reflect the current fair market value of such securities. In the case of Funds that invest primarily in foreign securities, some investors may also seek to profit from the fact that foreign markets or exchanges normally close earlier in the day than U.S. markets or exchanges. These investors may seek to take advantage of information that becomes available after the close of the foreign markets or exchanges, but before a Fund prices its shares, which may affect the prices of the foreign securities held by the Fund. If those investors are successful, long-term shareholders could experience dilution in the value of their shares.

The Board of Trustees has adopted policies and procedures and has authorized Harbor Funds to take the following actions to discourage excessive short-term trading activity in the Funds.

You may make no more than four round trips in the same Fund in any 12-month period. A "round trip" is a purchase into a Fund followed by a redemption out of the same Fund (including by exchange) or a redemption out of a Fund (including by exchange) followed by a purchase into the same Fund within a 30-day period. When a purchase or redemption transaction is paired with another transaction to make one round trip, neither of those transactions is paired with a third transaction to make a second round trip. For example, if a shareholder purchases shares of a Fund on May 1, redeems those shares of the same Fund on May 15 and then purchases shares in the same Fund again on June 5, the shareholder would have engaged in one round trip. The purchase on May 1 would be paired with the redemption on May 15 because the transactions occurred within a 30-day period. However, the redemption on May 15 would not be paired with the purchase on June 5 to create a second round trip because the May 15 redemption already constituted part of the earlier round trip. Different restrictions may apply if you invest through an intermediary.

Harbor Funds will limit, for a period of 60 days, future purchases into a Fund by any investor who makes more than four round trips in the same Fund in a 12-month period. Harbor Funds monitors trading activity in all accounts maintained directly with Harbor Funds. If Harbor Funds discovers what it believes to be excessive trading or market timing activity in any Fund, it may limit future purchases or terminate the exchange privilege for a shareholder on a temporary or permanent basis at any time, including after one round trip. Harbor Funds may also prohibit a shareholder from opening new accounts or adding to existing

------

**Shareholder and Account Policies**

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accounts in any Harbor fund. The trading history of accounts under common ownership or control within any of the Funds may be considered in enforcing these policies. As described under *"Pricing of Fund Shares,"* Harbor Funds has also implemented fair value pricing procedures, which may have the effect of reducing market timing activity in some Funds. In addition, the Funds reserve the right to reject any purchase request (including the purchase portion of any exchange) by any investor or group of investors for any reason without prior notice, including, if they believe the trading activity in the account(s) would be harmful or disruptive to a Fund. For example, a Fund may refuse a purchase order if the Fund's portfolio manager believes he or she would be unable to invest the money effectively in accordance with the Fund's investment policies or the Fund would otherwise be adversely affected due to the size of the transaction, frequency of trading or other factors. Purchases placed (directly or through a financial intermediary) in violation of the Funds' exchange limits or excessive trading policy may be rejected by a Fund.

The four round trip limitation imposed under the excessive trading policy does not apply to (i) minimum required distributions from retirement accounts; (ii) return of excess contributions in retirement accounts where the excess is reinvested into the same Funds; (iii) purchases of shares in retirement accounts with participant payroll or employer contributions or loan repayments; (iv) transaction requests submitted by mail to Harbor Funds from shareholders who hold their accounts directly with Harbor Funds (transactions submitted by fax or wire are not considered mail transactions); (v) transactions involving the reinvestment of dividend and capital gains distributions; (vi) transactions initiated through an automatic investment, exchange or withdrawal plan; (vii) transactions pursuant to an automatic rebalancing or asset allocation program established with Harbor Funds; (viii) transactions involving the transfer of shares from one account to another account of the same shareholder in the same Fund and the conversion of shares from one class to another class in the same Fund; (ix) transactions initiated by a plan sponsor; (x) Section 529 College Savings Plans; (xi) Harbor funds that invest in other Harbor funds; (xii) involuntary redemptions of shares to pay Fund or account fees; (xiii) transactions below a dollar amount applicable to all accounts in a Fund that Harbor has determined, in its sole discretion, are not likely to adversely affect the management of the Fund; and (xiv) omnibus accounts maintained by financial intermediaries.

When financial intermediaries establish omnibus accounts with Harbor Funds, Harbor Funds monitors trading activity in the account at the omnibus level. Because activity in the omnibus account represents the aggregate trading activity of the intermediary's underlying customers, Harbor Funds monitors trading activity in omnibus accounts in a different manner than it does in accounts which Harbor Funds believes are owned directly by the investor. If Harbor Funds detects what it believes may be excessive short-term trading or market timing activity in an omnibus account, Harbor Funds will seek to investigate and take appropriate action. This may include requesting that the intermediary provide its customers' underlying transaction information so that Harbor Funds can assess whether an underlying customer's transaction activity was reflective of excessive short-term trading or market timing activity. If necessary, Harbor Funds may limit or prohibit additional purchases of Fund shares by an intermediary or by certain of the intermediary's customers. Because Harbor Funds normally monitors trading activity at the omnibus account level, Harbor Funds may not be able to detect or prevent excessive short-term trading or market timing activity at the underlying customer level.

In addition, certain financial intermediaries may impose restrictions on short-term trading that may differ from those of Harbor Funds. Harbor Funds may choose to rely on the intermediary's restrictions on short-term trading in place of its own if Harbor Funds determines, in its discretion, that the intermediary's restrictions provide reasonable protection for the Funds from excessive short-term trading activity.

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**Pricing of Fund Shares** 

Each Fund's share price, called its net asset value (NAV) per share, is generally calculated each day the NYSE is open for trading as of the close of regular trading on the NYSE, generally 4:00 p.m. Eastern time. The NAV per share for each class of shares outstanding is computed by dividing the net assets of the Fund attributable to that class by the number of Fund shares outstanding for that class. On holidays or other days when the NYSE is closed, the NAV is generally not calculated and the Funds generally do not transact purchase or redemption requests. However, on those days the value of a Fund's assets may be affected to the extent that the Fund holds foreign securities that trade on foreign markets that are open.

If the NYSE is closed because of inclement weather, technology problems or any other reason on a day it would normally be open for business, or the NYSE has an unscheduled early closing on a day it has opened for business, Harbor Funds reserves the right to treat such day as a business day and accept purchase and redemption orders until, and calculate a Fund's NAV as of, the normally scheduled close of regular trading on the NYSE for that day, so long as the Advisor believes there generally remains an adequate market to obtain reliable and accurate market quotations. Harbor Funds may elect to remain open and price Fund shares on days when the NYSE is closed but the primary securities markets on which the Funds' securities trade remain open.

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**Shareholder and Account Policies**

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Investments are valued pursuant to valuation procedures approved by the Board of Trustees. The valuation procedures permit the Advisor 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. As a general matter, accurately fair valuing investments is difficult and can be based on inputs and assumptions that may not always be correct.

Each Fund generally values portfolio securities and other assets for which market quotes are readily available at market value for purposes of calculating the Fund's NAV. In the case of equity securities, market value is generally determined on the basis of last reported sales prices, or if no sales are reported, on quotes obtained from a quotation reporting system, established market makers, or independent pricing vendors. In the case of fixed income securities and non-exchange traded derivative instruments, fair market value is generally determined using prices provided by independent pricing vendors. The prices provided by independent pricing vendors reflect the pricing vendor's assessment using various market inputs of what it believes are the fair market values of the securities at the time of pricing. Those market inputs include recent transaction prices and dealer quotations for the securities, transaction prices for what the independent pricing vendor believes are similar securities and various relationships between factors such as interest rate changes and security prices that are believed to affect the prices of individual securities. Because many fixed income securities trade infrequently, the independent pricing vendor often does not have as a market input, current transaction price information when determining a price for a particular security on any given day. When current transaction price information is available, it is one input into the independent pricing vendor's evaluation process, which means that the price supplied by the pricing vendor may differ from that transaction price. Short-term fixed income investments having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair value. Exchange-traded options, futures and options on futures are generally valued at the settlement price determined by the relevant exchange.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from independent pricing vendors. As a result, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares.

When reliable market quotations or prices supplied by an independent pricing vendor are not readily available or are not believed to accurately reflect fair value, securities are generally priced at their fair value, determined according to fair value pricing procedures adopted by the Board of Trustees. 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. When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations, official closing prices or prices supplied by an independent pricing vendor for the same securities. This means a Fund may value those securities higher or lower than another given fund that uses market quotations, official closing prices or prices supplied by an independent pricing vendor. The fair value prices used by a Fund may also differ from the prices that the Fund could obtain for those securities if the Fund were to sell those securities at the time the Fund determines its NAV.

Current day share prices are normally available after 7:00 p.m. Eastern time at *harborcapital.com*.

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**Shareholder and Account Policies**

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**Paying for Shares by Check** 

If you purchase Fund shares by check:

◾

Make your check payable to: "Harbor Funds."

◾

No third-party checks, starter checks, money orders, cashier's checks, official checks, credit card convenience checks, traveler's checks or checks drawn on banks outside the U.S. are accepted.

◾

If your check does not clear for any reason, your purchase will be cancelled and a service fee of $25 may be deducted from your Harbor Funds account. You also may be prohibited from future purchases.

◾

Although you can redeem shares at any time, proceeds may not be made available to you until the Fund collects payment for your purchase. This may take up to 10 business days for shares purchased by check, up to 3 business days for shares purchased by ACH or up to 1 business day for shares purchased by wire.

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**In-Kind Redemptions** 

Harbor Funds agrees to redeem shares of each Fund solely in cash up to the lesser of $250,000 or 1% of the NAV of the Fund during any 90-day period for any one shareholder. Harbor Funds reserves the right to pay redemptions exceeding $250,000 or 1% of the NAV of the redeeming Fund, either totally or partially, by an in-kind redemption of securities (instead of cash) from the applicable Fund. The securities redeemed in-kind would be valued for this purpose by the same method as is used to calculate the Fund's NAV per share. Redemptions, whether made in cash or in-kind, are taxable transactions for those shareholders who are subject to tax. If you receive an in-kind redemption, you should expect to incur transaction costs. You also may incur an additional tax liability upon the disposition of the securities received in the redemption.

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**Methods to Meet Redemption Requests** 

In order to meet redemption requests, Harbor Funds typically expects to use holdings of cash or cash equivalents and/or proceeds from the sale of portfolio holdings. On a less regular basis, a Fund may meet redemption requests by accessing a custodian overdraft facility, borrowing through Harbor Funds' interfund lending program, or borrowing through other sources. These methods may be used during both normal and stressed conditions. In addition, Harbor Funds reserves the right to pay redemption proceeds in-kind as described above.

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**Accounts Below Share Class Minimums** 

If your account balance falls below the required minimum investment due to redemptions and/or exchanges out of the class of shares in which you are invested, Shareholder Services may request that the account balance be increased. If your account balance is not increased within 60 days, Harbor Funds reserves the right to redeem your account in full at the then-current NAV or the account may be moved into a share class that has a lower minimum investment. If you are an Institutional Class investor and do not maintain the required minimum investment, Harbor Funds reserves the right to exchange your Institutional Class shares at the then-current NAV for shares of that Fund's Investor Class. If you are a Retirement Class investor and do not maintain the required minimum investment, Harbor Funds reserves the right to exchange your Retirement Class shares at the then-current NAV for shares of that Fund's Institutional Class.

Shareholders seeking to establish accounts with amounts that are below the $50,000 Institutional Class required minimum investment for the applicable Harbor fund and who are not eligible for an exemption or waiver of this minimum will automatically be invested in the Investor Class shares for that Fund.

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**Statements and Reports** 

You will receive a confirmation statement from Harbor Funds after each transaction affecting your account unless your account is maintained by a financial intermediary. Shareholders participating in an automatic plan, however, will receive only quarterly confirmations for all transactions occurring during the relevant quarter. Dividend information will be confirmed quarterly. You should verify the accuracy of your confirmation statements immediately after you receive them and contact a Shareholder Services Representative regarding any errors or discrepancies.

Each Fund produces financial reports, which includes a list of the Fund's portfolio holdings semi-annually, and updates its prospectus at least annually.

Unless you instruct Harbor Funds otherwise by contacting a Shareholder Services Representative, Harbor Funds will mail only one financial report, prospectus or proxy statement to shareholders with the same last name in your household, even if more than one person in your household has a Harbor Funds account. This process is known as "householding." Please call a Shareholder Services Representative at 800-422-1050 if you would like to receive additional copies of these documents. Individual copies will be sent within 30 days after Shareholder Services receives your instructions. Your consent to householding is considered valid until revoked.

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**Shareholder and Account Policies**

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**Signature Guarantees** 

Harbor Funds believes that certain redemption instructions may involve a greater risk of potential fraud. In seeking to ensure that the redemption instructions are genuine, Harbor Funds requires that the shareholder obtain and provide a Medallion signature guarantee to Harbor Funds with the instructions. A Medallion signature guarantee assures that a signature is genuine and protects shareholders from unauthorized account transfers.

A Medallion signature guarantee is required if any of the following are applicable:

◾

You would like a check made payable to anyone other than the shareholder(s) of record.

◾

You would like a check mailed to an address that has been changed within 10 business days of the redemption request.

◾

You would like a check mailed to an address other than the address of record.

◾

You would like your redemption proceeds sent by wire or ACH to a bank account that has been changed on Harbor Funds' records within 10 business days of the redemption request or to an account other than a bank account of record.

Harbor Funds may waive or require a Medallion signature guarantee under certain circumstances at Harbor Funds' sole discretion. Harbor Funds may also accept or require a Signature Validation stamp (SVP) under certain circumstances at Harbor Funds' sole discretion.

A Medallion signature guarantee may be refused if any of the following are applicable:

◾

It does not appear valid or in good form.

◾

The transaction amount exceeds the surety bond limit of the Medallion guarantee.

◾

The guarantee stamp has been reported as stolen, missing or counterfeit.

**How to Obtain a Medallion Signature Guarantee** 

A Medallion signature guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency, savings association, or other financial institution which participates in a Medallion program recognized by the Securities Transfer Association. Signature guarantees from financial institutions that do not participate in a Medallion program will not be accepted. A signature guarantee cannot be provided by a notary public.

If you are a Harbor Funds shareholder and are visiting outside the United States, a foreign bank properly authorized to do business in that country or a U.S. consulate may be able to authenticate your signature. In its discretion, Shareholder Services may accept such an authentication in lieu of a Medallion signature guarantee.

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**Shareholder and Account Policies**

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You may receive dividends and capital gains distributions in cash or reinvest them. Dividends and capital gains distributions will be reinvested in additional shares of the same Fund unless you elect otherwise.

This Prospectus provides general tax information only. You should consult your tax adviser about particular federal, state, local or foreign taxes that may apply to you. If you are investing through a tax-deferred retirement account, such as an IRA, special tax rules apply.

**Dividends, Distributions and Taxes**

Each Fund expects to distribute all or substantially all of its net investment income and realized capital gains, if any, each year. Each Fund, except as indicated below, declares and pays any dividends from net investment income and capital gains at least annually in December. Harbor Core Bond Fund and Harbor Core Plus Fund declare and pay any dividends from net investment income monthly. Harbor Convertible Securities Fund and Harbor Large Cap Value Fund declare and pay any dividends from net investment income quarterly. Each Fund may also pay dividends and capital gain distributions at other times if necessary to avoid federal income or excise tax. Each Fund expects distributions, if any, to be from capital gains and/or net investment income.

For U.S. federal income tax purposes, distributions of net long-term capital gains are taxable as long-term capital gains which may be taxable at different rates depending on their source and other factors. Distributions of net short-term capital gains are taxable as ordinary income. Dividends from net investment income are taxable either as ordinary income or, if so reported by a Fund and certain other conditions (including holding period requirements) are met by the Fund and the shareholder, as "qualified dividend income" ("QDI"). QDI is taxable to individual shareholders at a maximum rate of 15% or 20% for U.S. federal income tax purposes (depending on whether the individual's income exceeds certain threshold amounts). More information about QDI is included in the Funds' *Statement of Additional Information*. Dividends and capital gains distributions are taxable whether you receive them in cash or reinvest them in additional Fund shares.

Generally, you should avoid investing in a Fund shortly before an anticipated dividend or capital gain distribution. If you purchase shares of a Fund just before the distribution, you will pay the full price for the shares and receive a portion of the purchase price back as a taxable distribution. Dividends paid to you may be included in your gross income for tax purposes, even though you may not have participated in the increase in the NAV of the Fund. This is referred to as "buying a dividend." For example: On December 16, you invest $5,000, buying 250 shares for $20 each. If the Fund pays a distribution of $1 per share on December 17, the Fund's net asset value per share will drop to $19 (excluding any market value change). You would still have an investment worth only $5,000 (250 shares x $19 = $4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you would owe tax on the $250 distribution you received — even if you reinvest the distribution in more shares.

When you sell or exchange Fund shares, you generally will realize a capital gain or capital loss in an amount equal to the difference between the net amount of the sale proceeds (or in the case of an exchange, the fair market value of the shares) you receive and your tax basis for the shares that you sell or exchange. Early each year, each Fund will send you information about each Fund's dividends and distributions and any shares you sold during the previous calendar year unless your account is maintained by a financial intermediary.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gains distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) earned by U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

If you do not provide Harbor Funds with your correct social security number or other taxpayer identification number, along with certifications required by the Internal Revenue Service ("IRS"), you may be subject to a backup withholding tax, currently at a rate of 24%, on any dividends and capital gain distributions, redemptions, exchanges and any other payments to you. Investors other than U.S. persons may be subject to different U.S. federal income tax treatment, including withholding tax at the rate of 30% (or lower applicable treaty rate) on amounts treated as ordinary dividends or otherwise "withholdable payments" from a Fund, as discussed in more detail in the Funds' *Statement of Additional Information*.

Each Fund will send dividends and capital gain distributions elected to be received as cash to the address of record or bank of record on the account. Your distribution option will automatically be converted to having all dividends and other distributions reinvested in additional shares if any of the following occur:

◾

Postal or other delivery service is unable to deliver checks to the address of record;

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Dividends and capital gains distributions are not cashed within 180 days; or

◾

Bank account of record is no longer valid.

Dividends and capital gains distribution checks that are not cashed within 180 days may be reinvested in your account in the same Fund that was the source of the payments at the current day's NAV. When reinvested, those amounts are subject to the risk of loss like any investment.

Harbor Funds and Shareholder Services do not have any obligation, under any circumstances, to pay interest on dividends or capital gains distributions sent to a shareholder.

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**Shareholder and Account Policies**

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**Cost Basis** 

Shares acquired after January 1, 2012 are referred to as "covered" shares, while shares acquired prior to January 1, 2012 are referred to as "non-covered" shares. For covered shares, Harbor Funds is required to report cost basis information to you as well as the IRS on Form 1099-B. The cost basis information provided to you for non-covered shares will not be reported to the IRS. Both covered and non-covered shares will each receive their own individual cost basis calculation.

Harbor Funds offers average cost basis information, if available, to shareholders for noncovered shares on quarterly statements in addition to the required cost basis information for covered shares. Cost basis information on taxable transactions that represent noncovered shares will be noted on Form 1099-B, but not reported to the IRS.

Under cost basis regulations that began in 2012, you can select a different cost basis method for the covered shares in your Harbor Funds account. You can do this in one of four ways: (1) log in to your Harbor Funds account online and follow the menu steps to select a different cost basis method, (2) complete the Cost Basis Election form through the DocuSign option at *harborcapital.com*, (3) download the Cost Basis Election form and return that form to Harbor Funds by mail or by fax, or (4) contact Shareholder Services at 800-422-1050 to request that a copy of the Cost Basis Election form be mailed to you for completion and return to Harbor Funds by mail or fax.

If you do not elect a cost basis method, Harbor Funds will use the average cost method for calculating cost basis of your covered shares.

For more information on cost basis and which method is right for you, please contact your tax advisor.

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**Investor Services**

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Harbor Funds provides a variety of services to manage your account.

If you already have a Harbor Funds account, call a Shareholder Services Representative at 800-422-1050 to request an Account Services form to add these features or you may download the form from our website at *harborcapital.com*.

**Online Services** 

**harborcapital.com** 

Our website is normally available 24 hours a day. It provides you with the ability to access your account information, submit transactions, request forms and applications, and obtain additional information on each of the Funds.

When you establish an account, you will automatically be granted online transaction privileges.

To perform transactions via our website, you must first register for online access in order to authorize us to transmit account information online and to accept online instructions. Go to *harborcapital.com* to register for online access.

Online transactions are subject to the same minimums and terms as other transactions.

Shareholder Services uses procedures designed to confirm that instructions communicated via online access are genuine, including requiring that certain identifying information be provided, prior to acting upon instructions and sending written confirmation of online transactions. To the extent that Shareholder Services uses reasonable procedures to confirm that instructions received through our website are genuine, Harbor Funds, Shareholder Services and the Distributor are not liable for acting on these instructions.

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**Telephone Services** 

**800-422-1050** 

You may contact a Shareholder Services Representative during our normal business hours, Monday through Friday between 8:00 a.m. and 6:00 p.m. Eastern time. When you establish an account, you will be granted telephone transaction privileges unless you specifically instruct us otherwise in writing.

Telephone transactions are subject to the same minimums and terms as other transactions.

Procedures designed to confirm that instructions communicated by telephone are genuine, including requiring that certain identifying information be provided prior to acting upon instructions, recording all telephone instructions and sending written confirmation of telephone instructions, are used by Shareholder Services. To the extent that reasonable procedures are used to confirm that instructions given by telephone are genuine, Harbor Funds, Shareholder Services, or the Distributor will not be liable for acting in accordance with these instructions.

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**Retirement Accounts** 

For information on establishing retirement accounts, please call 800-422-1050 or visit our website at *harborcapital.com*.

◾

Traditional IRA — An individual retirement account. You may be able to deduct the contribution from taxable income, thereby reducing your current income taxes. Taxes on investment earnings are deferred until the money is withdrawn. Withdrawals are taxed as additional ordinary income when received. Non-deductible contributions, if any, are withdrawn tax-free. Withdrawals before age 59½ are assessed a 10% premature withdrawal penalty in addition to income tax, unless an exception applies. There is no age limit on making contributions to Traditional IRAs. If your 70<sup>th</sup> birthday is after July 1, 2019, you do not need to take withdrawals until you reach age 73. Those who have already begun taking Required Minimum Distributions (RMDs) must continue to do so.

◾

Roth IRA — An individual retirement account. Your contributions are never tax deductible; however, all earnings in the account are tax-free. You do not pay income taxes on qualified withdrawals from your Roth IRA if certain requirements are met. There is no age limitation on making contributions to Roth IRAs and there is no requirement that you begin making minimum withdrawals at any age.

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SEP IRA — A type of Traditional IRA funded by employer contributions. A Harbor Funds Traditional IRA may be used in connection with a Simplified Employee Pension (SEP) plan maintained by your employer. Assets grow tax-deferred and distributions are taxable as income.

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Other Retirement Plans — a Fund may be used as an investment option in many other kinds of employer-sponsored retirement plans. All of these accounts need to be established by the trustee of the plan.

◾

SIMPLE IRA — A Savings Incentive Match Plan for Employees IRA (SIMPLE IRA) is a plan that certain small employers can set up for the benefit of their employees. Harbor Funds does not offer SIMPLE IRAs.

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**Investor Services**

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Shareholders participating in an automatic investment, exchange or withdrawal plan, or dividend exchange plan will receive only quarterly confirmations of all transactions.

Harbor Funds may amend or terminate the automatic plans without notice to participating shareholders.

Your automatic investment plan, automatic exchange plan, automatic withdrawal plan, or dividend exchange plan may be suspended if postal or other delivery services are unable to deliver the transaction confirmation statements to you at the address of record. In case of a suspended dividend exchange plan, your distributions will be reinvested in the current Fund, and shares represented by such reinvested dividends will not be exchanged.

**Automatic Investment Plan** 

You may direct Harbor Funds to purchase a specific dollar amount of a Fund on a scheduled basis through an ACH transaction by providing valid banking instructions on your account application or Automatic Transactions form.

If your ACH transaction does not clear, your purchase will be cancelled and a service fee of $25 may be deducted from your account. You may also be prohibited from future automatic investment plan purchases.

If you already have a Harbor Funds account, you may: (1) log in to your Harbor Funds account online and follow the menu steps to establish an automatic investment plan, (2) complete the Automatic Transactions form through the DocuSign option at *harborcapital.com*, (3) download the Automatic Transactions form and return that form to Harbor Funds by mail or by fax, or (4) contact Shareholder Services at 800-422-1050.

By using the automatic investment or exchange plans, you are purchasing shares of a Fund on a scheduled basis without regard to fluctuations in NAV per share. Over time, your average cost per share may be higher or lower than if you tried to time the market. While regular investment plans do not guarantee a profit and will not protect you against loss in a declining market, they can be an effective way to invest for retirement, a home, educational expenses, and other long-term financial goals. See *"Dividends, Distributions and Taxes"* regarding the potential adverse tax consequences of purchasing shares shortly before an anticipated dividend or capital gains distribution.

**Automatic Exchange Plan** 

You may direct Harbor Funds to automatically exchange between Funds on a scheduled basis. The Fund being exchanged out of and the Fund being exchanged into must already be established with an account balance greater than zero and must continue to meet the minimum requirements for its respective class of shares. Exchanges may be taxable transactions depending on the type of account and you may realize a gain or a loss.

**Automatic Withdrawal Plan** 

You may direct Harbor Funds to withdraw a specific dollar amount on a scheduled basis during the year.

If automatic withdrawals continuously exceed reinvested dividends and capital gain distributions, the account will eventually be depleted. Withdrawals are redemptions of shares and therefore may be taxable transactions depending on the type of account, and you may realize a gain or a loss. To understand how such withdrawals will affect you, you should consult your tax adviser.

**Dividend Exchange Plan** 

You may invest dividends and capital gain distributions from one Harbor fund in shares of another Harbor fund, provided you have opened an account in the other Harbor fund with a balance greater than zero and have satisfied the applicable minimum investment requirements. When dividends and/or capital gain distributions from one Harbor fund are used to purchase shares in another Harbor fund, the shares are purchased on the date the dividends and/or capital gains would have otherwise been paid to you (the "ex-dividend date") at the share price in effect as of the ex-dividend date. Purchases are credited to your account on the ex-dividend date.

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**Financial Highlights**

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The financial highlights table is intended to help you understand the financial performance of each Fund. Certain information reflects financial results for a single Fund share. Total returns represent the rate that a shareholder would have earned/lost on an investment in a Fund (assuming reinvestment of all dividends and distributions).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR CAPITAL APPRECIATION FUND** | **HARBOR CAPITAL APPRECIATION FUND** | **HARBOR CAPITAL APPRECIATION FUND** | **HARBOR CAPITAL APPRECIATION FUND** | **HARBOR CAPITAL APPRECIATION FUND** | **HARBOR CAPITAL APPRECIATION FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$124.89** | $99.19 | $75.79 | $73.98 | $75.34 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **(0.06)** | (0.27) | (0.08) | 0.13 | 0.23 |
| Net realized and unrealized gain/(loss) on investments | **(39.22)** | 38.73 | 30.27 | 8.54 | 6.50 |
| Total from investment operations | **(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 | **66.82** | 124.89 | 99.19 | 75.79 | 73.98 |
| Net assets end of period (000s) | **$7108919** | $11385191 | $9549061 | $6970617 | $5393675 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(36.03)%** | 41.33%  | 42.79%  | 13.73%  | 9.50%  |
| Ratio of total expenses to average net assets^ | **0.64** | 0.63 | 0.64 | 0.63 | 0.62 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.58** | 0.57 | 0.58 | 0.58 | 0.57 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **(0.07)** | (0.25) | (0.09) | 0.18 | 0.30 |
| Portfolio turnover | **34** | 48 | 51 | 40 | 40 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$120.94** | $96.68 | $74.15 | $72.54 | $74.08 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **(0.33)** | (0.61) | (0.34) | (0.09) | (0.01) |
| Net realized and unrealized gain/(loss) on investments | **(37.74)** | 37.63 | 29.54 | 8.35 | 6.39 |
| Total from investment operations | **(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 | **64.08** | 120.94 | 96.68 | 74.15 | 72.54 |
| Net assets end of period (000s) | **$187390** | $414600 | $420324 | $345550 | $448241 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(36.23)%** | 40.86%  | 42.32%  | 13.35%  | 9.16%  |
| Ratio of total expenses to average net assets^ | **0.97** | 0.96 | 0.97 | 0.96 | 0.95 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.91** | 0.90 | 0.91 | 0.91 | 0.90 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **(0.41)** | (0.57) | (0.41) | (0.13) | (0.01) |
| Portfolio turnover | **34** | 48 | 51 | 40 | 40 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

This information has been audited by Ernst & Young LLP, an independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' most recent annual report to shareholders, which is available upon request.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$124.78** | $99.18 | $75.78 | $73.97 | $75.32 |
| **(0.13)** | (0.36) | (0.14) | 0.08 | 0.18 |
| **(39.17)** | 38.72 | 30.26 | 8.53 | 6.50 |
| **(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) |
| **66.69** | 124.78 | 99.18 | 75.78 | 73.97 |
| **$13590549** | $28902862 | $25579181 | $21311587 | $22366214 |
| **(36.08)%** | 41.22%  | 42.68%  | 13.63%  | 9.44%  |
| **0.72** | 0.71 | 0.72 | 0.71 | 0.70 |
| **0.66** | 0.65 | 0.66 | 0.66 | 0.65 |
| **(0.16)** | (0.33) | (0.16) | 0.11 | 0.23 |
| **34** | 48 | 51 | 40 | 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$117.30** | $94.19 | $72.48 | $71.15 | $72.88 |
| **(0.40)** | (0.72) | (0.43) | (0.17) | (0.10) |
| **(36.43)** | 36.59 | 28.81 | 8.15 | 6.29 |
| **(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) |
| **61.68** | 117.30 | 94.19 | 72.48 | 71.15 |
| **$797250** | $1564732 | $1282355 | $1083896 | $1327790 |
| **(36.31)%** | 40.71%  | 42.15%  | 13.21%  | 9.03%  |
| **1.08** | 1.08 | 1.09 | 1.08 | 1.07 |
| **1.02** | 1.01 | 1.03 | 1.03 | 1.02 |
| **(0.52)** | (0.69) | (0.53) | (0.25) | (0.13) |
| **34** | 48 | 51 | 40 | 40 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR CONVERTIBLE SECURITIES FUND** | **HARBOR CONVERTIBLE SECURITIES FUND** | **HARBOR CONVERTIBLE SECURITIES FUND** | **HARBOR CONVERTIBLE SECURITIES FUND** | **HARBOR CONVERTIBLE SECURITIES FUND** | **HARBOR CONVERTIBLE SECURITIES FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$13.69** | $12.49 | $10.82 | $10.47 | $11.27 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.04** | 0.02 | 0.07 | 0.10 | 0.10 |
| Net realized and unrealized gain/(loss) on investments | **(2.22)** | 2.43 | 2.02 | 0.92 | 0.19 |
| Total from investment operations | **(2.18)** | 2.45 | 2.09 | 1.02 | 0.29 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(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 | **(1.69)** | (1.25) | (0.42) | (0.67) | (1.09) |
| Proceeds from redemption fees | **—** | —<sup>\*</sup> <br>| —<sup>\*</sup> <br>| —<sup>\*</sup> <br>| —<sup>\*</sup> <br>|
| Net asset value end of period | **9.82** | 13.69 | 12.49 | 10.82 | 10.47 |
| Net assets end of period (000s) | **$33711** | $41250 | $34307 | $24697 | $25412 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(17.59)%** | 20.23%  | 19.93%  | 10.48%  | 2.80%  |
| Ratio of total expenses to average net assets^ | **0.74** | 0.73 | 0.74 | 0.74 | 0.74 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.68** | 0.67 | 0.69 | 0.69 | 0.69 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **0.35** | 0.15 | 0.60 | 0.98 | 0.95 |
| Portfolio turnover | **66** | 50 | 101 | 74 | 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$13.63** | $12.46 | $10.80 | $10.44 | $11.26 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **—**<sup>\*</sup> <br>| (0.02) | 0.03 | 0.07 | 0.07 |
| Net realized and unrealized gain/(loss) on investments | **(2.20)** | 2.42 | 2.01 | 0.91 | 0.17 |
| Total from investment operations | **(2.20)** | 2.40 | 2.04 | 0.98 | 0.24 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(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 | **(1.65)** | (1.23) | (0.38) | (0.62) | (1.06) |
| Proceeds from redemption fees | **—** | —<sup>\*</sup> <br>| —<sup>\*</sup> <br>| —<sup>\*</sup> <br>| —<sup>\*</sup> <br>|
| Net asset value end of period | **9.78** | 13.63 | 12.46 | 10.80 | 10.44 |
| Net assets end of period (000s) | **$70** | $85 | $70 | $59 | $53 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(17.84)%** | 19.87%  | 19.48%  | 10.11%  | 2.27%  |
| Ratio of total expenses to average net assets^ | **1.07** | 1.06 | 1.07 | 1.07 | 1.07 |
| Ratio of net expenses to average net assets<sup>a</sup> | **1.01** | 1.00 | 1.02 | 1.02 | 1.01 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **0.02** | (0.18) | 0.29 | 0.64 | 0.63 |
| Portfolio turnover | **66** | 50 | 101 | 74 | 94 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$13.68** | $12.48 | $10.83 | $10.48 | $11.27 |
| **0.03** | 0.01 | 0.06 | 0.09 | 0.09 |
| **(2.21)** | 2.43 | 2.00 | 0.92 | 0.20 |
| **(2.18)** | 2.44 | 2.06 | 1.01 | 0.29 |
| **(0.07)** | (0.08) | (0.08) | (0.17) | (0.08) |
| **(1.61)** | (1.16) | (0.33) | (0.49) | (1.00) |
| **(1.68)** | (1.24) | (0.41) | (0.66) | (1.08) |
| **—** | —<sup>\*</sup> <br>| —<sup>\*</sup> <br>| —<sup>\*</sup> <br>| —<sup>\*</sup> <br>|
| **9.82** | 13.68 | 12.48 | 10.83 | 10.48 |
| **$126865** | $161772 | $117269 | $114130 | $93424 |
| **(17.62)%** | 20.18%  | 19.63%  | 10.39%  | 2.82%  |
| **0.82** | 0.81 | 0.82 | 0.82 | 0.82 |
| **0.76** | 0.75 | 0.77 | 0.77 | 0.76 |
| **0.27** | 0.06 | 0.55 | 0.89 | 0.88 |
| **66** | 50 | 101 | 74 | 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$13.62** | $12.46 | $10.80 | $10.45 | $11.25 |
| **(0.01)** | (0.04) | 0.02 | 0.05 | 0.05 |
| **(2.20)** | 2.43 | 2.00 | 0.92 | 0.19 |
| **(2.21)** | 2.39 | 2.02 | 0.97 | 0.24 |
| **(0.03)** | (0.07) | (0.03) | (0.13) | (0.04) |
| **(1.61)** | (1.16) | (0.33) | (0.49) | (1.00) |
| **(1.64)** | (1.23) | (0.36) | (0.62) | (1.04) |
| **—** | —<sup>\*</sup> <br>| —<sup>\*</sup> <br>| —<sup>\*</sup> <br>| —<sup>\*</sup> <br>|
| **9.77** | 13.62 | 12.46 | 10.80 | 10.45 |
| **$2076** | $2853 | $2420 | $2066 | $1861 |
| **(17.92)%** | 19.76%  | 19.33%  | 9.99%  | 2.35%  |
| **1.18** | 1.17 | 1.19 | 1.19 | 1.19 |
| **1.12** | 1.11 | 1.14 | 1.14 | 1.13 |
| **(0.10)** | (0.29) | 0.17 | 0.52 | 0.51 |
| **66** | 50 | 101 | 74 | 94 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR CORE BOND FUND** | **HARBOR CORE BOND FUND** | **HARBOR CORE BOND FUND** | **HARBOR CORE BOND FUND** | **HARBOR CORE BOND FUND** | **HARBOR CORE BOND FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018**<sup>h</sup> <br>|
| Net asset value beginning of period | **$10.61** | $11.06 | $10.64 | $9.84 | $10.00 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.22** | 0.19 | 0.26 | 0.31 | 0.12 |
| Net realized and unrealized gain/(loss) on investments | **(1.90)** | (0.19) | 0.50 | 0.79 | (0.19) |
| Total from investment operations | **(1.68)** |  | 0.76 | 1.10 | (0.07) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.29)** | (0.23) | (0.27) | (0.30) | (0.09) |
| Distributions from net realized capital gains | **—** | (0.22) | (0.07) |  |  |
| Total distributions | **(0.29)** | (0.45) | (0.34) | (0.30) | (0.09) |
| Net asset value end of period | **8.64** | 10.61 | 11.06 | 10.64 | 9.84 |
| Net assets end of period (000s) | **$41312** | $36557 | $29428 | $5298 | $3061 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(16.14)%** | (0.01)% | 7.36%  | 11.34%  | (0.73)%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets^ | **0.37** | 0.43 | 0.43 | 0.45 | 0.77<sup>d</sup> <br>|
| Ratio of net expenses to average net assets<sup>a</sup> | **0.27** | 0.37 | 0.37 | 0.37 | 0.37<sup>d</sup> <br>|
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **2.28** | 1.77 | 2.35 | 2.98 | 2.98<sup>d</sup> <br>|
| Portfolio turnover | **60** | 47 | 70 | 61 | 97<sup>c</sup> |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018**<sup>h</sup> <br>|
| **$10.61** | $11.06 | $10.64 | $9.84 | $10.00 |
| **0.20** | 0.18 | 0.26 | 0.30 | 0.12 |
| **(1.89)** | (0.19) | 0.50 | 0.79 | (0.19) |
| **(1.69)** | (0.01) | 0.76 | 1.09 | (0.07) |
| **(0.28)** | (0.22) | (0.27) | (0.29) | (0.09) |
| **—** | (0.22) | (0.07) |  |  |
| **(0.28)** | (0.44) | (0.34) | (0.29) | (0.09) |
| **8.64** | 10.61 | 11.06 | 10.64 | 9.84 |
| **$28065** | $105931 | $86173 | $79458 | $52249 |
| **(16.21)%** | (0.09)% | 7.28%  | 11.26%  | (0.75)%<sup>c</sup> <br>|
| **0.45** | 0.51 | 0.51 | 0.53 | 0.85<sup>d</sup> <br>|
| **0.36** | 0.45 | 0.45 | 0.45 | 0.45<sup>d</sup> <br>|
| **2.03** | 1.70 | 2.35 | 2.89 | 2.86<sup>d</sup> <br>|
| **60** | 47 | 70 | 61 | 97<sup>c</sup> |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR CORE PLUS FUND** | **HARBOR CORE PLUS FUND** | **HARBOR CORE PLUS FUND** | **HARBOR CORE PLUS FUND** | **HARBOR CORE PLUS FUND** | **HARBOR CORE PLUS FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022**<sup>l</sup> <br>| **2021** | **2020** | **2019** | **2018**<sup>h</sup> <br>|
| Net asset value beginning of period | **$12.06** | $12.35 | $11.90 | $11.09 | $11.28 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.32** | 0.32 | 0.31 | 0.38 | 0.16 |
| Net realized and unrealized gain/(loss) on investments | **(2.18)** | (0.21) | 0.49 | 0.80 | (0.16) |
| Total from investment operations | **(1.86)** | 0.11 | 0.80 | 1.18 | —<sup>\*</sup> <br>|
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.40)** | (0.27) | (0.35) | (0.37) | (0.19) |
| Distributions from net realized capital gains | **(0.02)** | (0.13) |  |  |  |
| Total distributions | **(0.42)** | (0.40) | (0.35) | (0.37) | (0.19) |
| Net asset value end of period | **9.78** | 12.06 | 12.35 | 11.90 | 11.09 |
| Net assets end of period (000s) | **$12389** | $172699 | $166740 | $12802 | $6921 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(15.78)%** | 0.88%  | 6.82%  | 10.84%  | 0.01%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets^ | **0.42** | 0.53 | 0.58 | 1.06 | 1.16<sup>d</sup> <br>|
| Ratio of net expenses to average net assets<sup>a</sup> | **0.36** | 0.43 | 0.48 | 0.96 | 1.06<sup>d</sup> <br>|
| Ratio of net expenses excluding interest expense to average net assets<sup>a</sup> | **0.36** | 0.43 | 0.43 | 0.43 | 0.43<sup>d</sup> <br>|
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **2.83** | 2.63 | 2.56 | 3.30 | 3.44<sup>d</sup> <br>|
| Portfolio turnover | **219** | 370 | 558 | 644 | 674<sup>c</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022**<sup>l</sup> <br>| **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$12.08** | $12.37 | $11.92 | $11.11 | $11.69 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.29** | 0.28 | 0.28 | 0.35 | 0.31 |
| Net realized and unrealized gain/(loss) on investments | **(2.21)** | (0.21) | 0.48 | 0.79 | (0.53) |
| Total from investment operations | **(1.92)** | 0.07 | 0.76 | 1.14 | (0.22) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.36)** | (0.23) | (0.31) | (0.33) | (0.36) |
| Distributions from net realized capital gains | **(0.02)** | (0.13) |  |  |  |
| Total distributions | **(0.38)** | (0.36) | (0.31) | (0.33) | (0.36) |
| Net asset value end of period | **9.78** | 12.08 | 12.37 | 11.92 | 11.11 |
| Net assets end of period (000s) | **$11223** | $17270 | $18302 | $19498 | $31111 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(16.20)%** | 0.54%  | 6.44%  | 10.44%  | (1.88)% |
| Ratio of total expenses to average net assets^ | **0.71** | 0.86 | 0.97 | 1.39 | 1.16 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.67** | 0.76 | 0.87 | 1.29 | 1.06 |
| Ratio of net expenses excluding interest expense to average net assets<sup>a</sup> | **0.67** | 0.76 | 0.76 | 0.76 | 0.76 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **2.64** | 2.29 | 2.32 | 3.01 | 2.69 |
| Portfolio turnover | **219** | 370 | 558 | 644 | 674 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022**<sup>l</sup> <br>| **2021** | **2020** | **2019** | **2018** |
| **$12.07** | $12.36 | $11.91 | $11.10 | $11.68 |
| **0.32** | 0.31 | 0.31 | 0.37 | 0.33 |
| **(2.21)** | (0.21) | 0.48 | 0.80 | (0.52) |
| **(1.89)** | 0.10 | 0.79 | 1.17 | (0.19) |
| **(0.39)** | (0.26) | (0.34) | (0.36) | (0.39) |
| **(0.02)** | (0.13) |  |  |  |
| **(0.41)** | (0.39) | (0.34) | (0.36) | (0.39) |
| **9.77** | 12.07 | 12.36 | 11.91 | 11.10 |
| **$924416** | $1376349 | $1844961 | $1958600 | $1899680 |
| **(15.99)%** | 0.79%  | 6.72%  | 10.74%  | (1.63)% |
| **0.46** | 0.61 | 0.73 | 1.14 | 0.90 |
| **0.42** | 0.51 | 0.62 | 1.04 | 0.80 |
| **0.42** | 0.51 | 0.51 | 0.51 | 0.51 |
| **2.88** | 2.52 | 2.58 | 3.23 | 2.93 |
| **219** | 370 | 558 | 644 | 674 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR DISRUPTIVE INNOVATION FUND** | **HARBOR DISRUPTIVE INNOVATION FUND** | **HARBOR DISRUPTIVE INNOVATION FUND** | **HARBOR DISRUPTIVE INNOVATION FUND** | **HARBOR DISRUPTIVE INNOVATION FUND** | **HARBOR DISRUPTIVE INNOVATION FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021**<sup>g</sup> <br>| **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$14.40** | $12.93 | $10.91 | $10.88 | $11.25 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **(0.01)** | (0.08) | (0.06) | (0.04) | (0.03) |
| Net realized and unrealized gain/(loss) on investments | **(4.60)** | 3.48 | 4.25 | 1.85 | 0.88 |
| Total from investment operations | **(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 | **4.37** | 14.40 | 12.93 | 10.91 | 10.88 |
| Net assets end of period (000s) | **$16353** | $64310 | $64242 | $31265 | $144137 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(46.85)%** | 27.41%  | 46.03%  | 21.38%  | 8.02%  |
| Ratio of total expenses to average net assets^ | **0.83** | 0.85 | 0.83 | 0.82 | 0.80 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.52** | 0.74 | 0.79 | 0.81 | 0.80 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **(0.15)** | (0.56) | (0.53) | (0.37) | (0.28) |
| Portfolio turnover | **75** | 182 | 113 | 70 | 85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021**<sup>g</sup> <br>| **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$13.08** | $11.93 | $10.26 | $10.37 | $10.81 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **(0.03)** | (0.11) | (0.08) | (0.06) | (0.06) |
| Net realized and unrealized gain/(loss) on investments | **(3.97)** | 3.19 | 3.92 | 1.73 | 0.84 |
| Total from investment operations | **(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 | **3.66** | 13.08 | 11.93 | 10.26 | 10.37 |
| Net assets end of period (000s) | **$2492** | $5518 | $3666 | $2687 | $26936 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(46.96)%** | 26.98%  | 45.42%  | 21.04%  | 7.68%  |
| Ratio of total expenses to average net assets^ | **1.16** | 1.17 | 1.16 | 1.15 | 1.13 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.86** | 1.06 | 1.12 | 1.14 | 1.12 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **(0.48)** | (0.88) | (0.84) | (0.66) | (0.55) |
| Portfolio turnover | **75** | 182 | 113 | 70 | 85 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021**<sup>g</sup> <br>| **2020** | **2019** | **2018** |
| **$14.31** | $12.87 | $10.88 | $10.86 | $11.24 |
| **(0.01)** | (0.09) | (0.06) | (0.05) | (0.04) |
| **(4.56)** | 3.46 | 4.22 | 1.85 | 0.88 |
| **(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) |
| **4.32** | 14.31 | 12.87 | 10.88 | 10.86 |
| **$72988** | $220842 | $236863 | $198544 | $158680 |
| **(46.87)%** | 27.29%  | 45.84%  | 21.32%  | 7.94%  |
| **0.91** | 0.93 | 0.91 | 0.90 | 0.88 |
| **0.61** | 0.82 | 0.87 | 0.89 | 0.87 |
| **(0.24)** | (0.64) | (0.58) | (0.48) | (0.36) |
| **75** | 182 | 113 | 70 | 85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021**<sup>g</sup> <br>| **2020** | **2019** | **2018** |
| **$12.36** | $11.37 | $9.88 | $10.07 | $10.54 |
| **(0.03)** | (0.12) | (0.09) | (0.08) | (0.08) |
| **(3.64)** | 3.04 | 3.75 | 1.67 | 0.83 |
| **(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) |
| **3.27** | 12.36 | 11.37 | 9.88 | 10.07 |
| **$16387** | $56531 | $36399 | $20891 | $16929 |
| **(47.05)%** | 26.88%  | 45.32%  | 20.83%  | 7.57%  |
| **1.27** | 1.29 | 1.28 | 1.27 | 1.25 |
| **0.96** | 1.17 | 1.24 | 1.26 | 1.24 |
| **(0.59)** | (0.99) | (0.96) | (0.85) | (0.72) |
| **75** | 182 | 113 | 70 | 85 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$13.83** | $10.25 | $11.17 | $10.41 | $11.79 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.23** | 0.21 | 0.14 | 0.26 | 0.21 |
| Net realized and unrealized gain/(loss) on investments | **(3.36)** | 3.50 | (0.81) | 0.92 | (1.19) |
| Total from investment operations | **(3.13)** | 3.71 | (0.67) | 1.18 | (0.98) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.23)** | (0.13) | (0.25) | (0.13) | (0.12) |
| Distributions from net realized capital gains | **(0.72)** |  |  | (0.29) | (0.28) |
| Total distributions | **(0.95)** | (0.13) | (0.25) | (0.42) | (0.40) |
| Net asset value end of period | **9.75** | 13.83 | 10.25 | 11.17 | 10.41 |
| Net assets end of period (000s) | **$543857** | $853454 | $533318 | $499288 | $420056 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(24.03)%** | 36.32%  | (6.25)% | 11.99%  | (8.55)% |
| Ratio of total expenses to average net assets^ | **0.84** | 0.84 | 0.85 | 0.87 | 0.90 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.72** | 0.71 | 0.70 | 0.68 | 0.74 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **1.98** | 1.54 | 1.32 | 2.42 | 1.87 |
| Portfolio turnover | **24** | 51 | 25 | 22 | 42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$13.77** | $10.22 | $11.14 | $10.39 | $11.76 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.20** | 0.16 | 0.10 | 0.22 | 0.22 |
| Net realized and unrealized gain/(loss) on investments | **(3.35)** | 3.48 | (0.80) | 0.92 | (1.22) |
| Total from investment operations | **(3.15)** | 3.64 | (0.70) | 1.14 | (1.00) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.19)** | (0.09) | (0.22) | (0.10) | (0.09) |
| Distributions from net realized capital gains | **(0.72)** |  |  | (0.29) | (0.28) |
| Total distributions | **(0.91)** | (0.09) | (0.22) | (0.39) | (0.37) |
| Net asset value end of period | **9.71** | 13.77 | 10.22 | 11.14 | 10.39 |
| Net assets end of period (000s) | **$7419** | $9213 | $6446 | $6800 | $5734 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(24.24)%** | 35.76%  | (6.54)% | 11.58%  | (8.76)% |
| Ratio of total expenses to average net assets^ | **1.17** | 1.17 | 1.18 | 1.20 | 1.23 |
| Ratio of net expenses to average net assets<sup>a</sup> | **1.05** | 1.04 | 1.03 | 1.01 | 1.06 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **1.73** | 1.17 | 0.99 | 2.06 | 1.96 |
| Portfolio turnover | **24** | 51 | 25 | 22 | 42 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$13.82** | $10.25 | $11.17 | $10.41 | $11.79 |
| **0.23** | 0.19 | 0.13 | 0.25 | 0.20 |
| **(3.36)** | 3.50 | (0.81) | 0.92 | (1.18) |
| **(3.13)** | 3.69 | (0.68) | 1.17 | (0.98) |
| **(0.22)** | (0.12) | (0.24) | (0.12) | (0.12) |
| **(0.72)** |  |  | (0.29) | (0.28) |
| **(0.94)** | (0.12) | (0.24) | (0.41) | (0.40) |
| **9.75** | 13.82 | 10.25 | 11.17 | 10.41 |
| **$248130** | $332503 | $247212 | $257860 | $238470 |
| **(24.04)%** | 36.12%  | (6.33)% | 11.90%  | (8.62)% |
| **0.92** | 0.92 | 0.93 | 0.95 | 0.98 |
| **0.80** | 0.79 | 0.78 | 0.76 | 0.82 |
| **1.99** | 1.43 | 1.25 | 2.34 | 1.72 |
| **24** | 51 | 25 | 22 | 42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$13.70** | $10.17 | $11.08 | $10.33 | $11.71 |
| **0.18** | 0.14 | 0.09 | 0.21 | 0.15 |
| **(3.33)** | 3.47 | (0.80) | 0.91 | (1.17) |
| **(3.15)** | 3.61 | (0.71) | 1.12 | (1.02) |
| **(0.17)** | (0.08) | (0.20) | (0.08) | (0.08) |
| **(0.72)** |  |  | (0.29) | (0.28) |
| **(0.89)** | (0.08) | (0.20) | (0.37) | (0.36) |
| **9.66** | 13.70 | 10.17 | 11.08 | 10.33 |
| **$8330** | $10072 | $7037 | $9122 | $5456 |
| **(24.32)%** | 35.56%  | (6.58)% | 11.43%  | (8.93)% |
| **1.28** | 1.29 | 1.30 | 1.32 | 1.35 |
| **1.16** | 1.15 | 1.15 | 1.13 | 1.19 |
| **1.60** | 1.07 | 0.86 | 1.99 | 1.34 |
| **24** | 51 | 25 | 22 | 42 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR GLOBAL LEADERS FUND** | **HARBOR GLOBAL LEADERS FUND** | **HARBOR GLOBAL LEADERS FUND** | **HARBOR GLOBAL LEADERS FUND** | **HARBOR GLOBAL LEADERS FUND** | **HARBOR GLOBAL LEADERS FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$41.81** | $33.89 | $30.81 | $25.52 | $25.33 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **(0.04)** | (0.09) | 0.02 | 0.13 | 0.02 |
| Net realized and unrealized gain/(loss) on investments | **(13.64)** | 10.84 | 4.89 | 5.76 | 2.40 |
| Total from investment operations | **(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 | **(3.70)** | (2.83) | (1.74) | (0.60) | (2.20) |
| Total distributions | **(3.70)** | (2.83) | (1.83) | (0.60) | (2.23) |
| Net asset value end of period | **24.43** | 41.81 | 33.89 | 30.81 | 25.52 |
| Net assets end of period (000s) | **$15702** | $24324 | $17703 | $12245 | $6846 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(35.22)%** | 33.12%  | 16.56%  | 23.72%  | 10.01%  |
| Ratio of total expenses to average net assets^ | **0.92** | 0.87 | 0.90 | 0.92 | 0.96 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.78** | 0.78 | 0.78 | 0.80 | 0.82 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **(0.14)** | (0.24) | 0.07 | 0.46 | 0.09 |
| Portfolio turnover | **29** | 27 | 55 | 47 | 20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$40.63** | $33.10 | $30.15 | $25.06 | $24.97 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **(0.14)** | (0.22) | (0.08) | 0.06 | (0.05) |
| Net realized and unrealized gain/(loss) on investments | **(13.21)** | 10.58 | 4.77 | 5.63 | 2.34 |
| Total from investment operations | **(13.35)** | 10.36 | 4.69 | 5.69 | 2.29 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **—** |  |  |  |  |
| Distributions from net realized capital gains | **(3.70)** | (2.83) | (1.74) | (0.60) | (2.20) |
| Total distributions | **(3.70)** | (2.83) | (1.74) | (0.60) | (2.20) |
| Net asset value end of period | **23.58** | 40.63 | 33.10 | 30.15 | 25.06 |
| Net assets end of period (000s) | **$914** | $1757 | $2067 | $3050 | $1111 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(35.45)%** | 32.71%  | 16.13%  | 23.35%  | 9.61%  |
| Ratio of total expenses to average net assets^ | **1.25** | 1.20 | 1.23 | 1.25 | 1.29 |
| Ratio of net expenses to average net assets<sup>a</sup> | **1.11** | 1.11 | 1.11 | 1.13 | 1.15 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **(0.48)** | (0.58) | (0.25) | 0.22 | (0.21) |
| Portfolio turnover | **29** | 27 | 55 | 47 | 20 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$41.67** | $33.80 | $30.75 | $25.49 | $25.31 |
| **(0.08)** | (0.13) | —<sup>\*</sup> <br>| 0.11 | 0.01 |
| **(13.57)** | 10.83 | 4.86 | 5.75 | 2.38 |
| **(13.65)** | 10.70 | 4.86 | 5.86 | 2.39 |
| **—** |  | (0.07) |  | (0.01) |
| **(3.70)** | (2.83) | (1.74) | (0.60) | (2.20) |
| **(3.70)** | (2.83) | (1.81) | (0.60) | (2.21) |
| **24.32** | 41.67 | 33.80 | 30.75 | 25.49 |
| **$40193** | $90307 | $78120 | $72429 | $33574 |
| **(35.27)%** | 33.02%  | 16.46%  | 23.63%  | 9.90%  |
| **1.00** | 0.95 | 0.98 | 1.00 | 1.04 |
| **0.86** | 0.86 | 0.86 | 0.88 | 0.90 |
| **(0.25)** | (0.33) | 0.01 | 0.37 | 0.03 |
| **29** | 27 | 55 | 47 | 20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$39.90** | $32.59 | $29.74 | $24.76 | $24.72 |
| **(0.18)** | (0.25) | (0.11) | (0.01) | (0.09) |
| **(12.93)** | 10.39 | 4.70 | 5.59 | 2.33 |
| **(13.11)** | 10.14 | 4.59 | 5.58 | 2.24 |
| **—** |  |  |  |  |
| **(3.70)** | (2.83) | (1.74) | (0.60) | (2.20) |
| **(3.70)** | (2.83) | (1.74) | (0.60) | (2.20) |
| **23.09** | 39.90 | 32.59 | 29.74 | 24.76 |
| **$10744** | $26160 | $20865 | $18748 | $12416 |
| **(35.50)%** | 32.53%  | 16.01%  | 23.18%  | 9.50%  |
| **1.36** | 1.31 | 1.35 | 1.37 | 1.41 |
| **1.22** | 1.22 | 1.23 | 1.25 | 1.27 |
| **(0.61)** | (0.69) | (0.35) | (0.03) | (0.35) |
| **29** | 27 | 55 | 47 | 20 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR INTERNATIONAL FUND** | **HARBOR INTERNATIONAL FUND** | **HARBOR INTERNATIONAL FUND** | **HARBOR INTERNATIONAL FUND** | **HARBOR INTERNATIONAL FUND** | **HARBOR INTERNATIONAL FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018**<sup>j</sup> <br>|
| Net asset value beginning of period | **$48.47** | $36.52 | $39.00 | $58.31 | $69.91 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **1.09** | 0.72 | 0.91 | 0.91 | 1.21 |
| Net realized and unrealized gain/(loss) on investments | **(12.60)** | 11.73 | (2.10) | 1.62 | (8.51) |
| Total from investment operations | **(11.51)** | 12.45 | (1.19) | 2.53 | (7.30) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(1.05)** | (0.50) | (1.29) | (0.97) | (1.30) |
| Distributions from net realized capital gains | **—** |  |  | (20.87) | (3.00) |
| Total distributions | **(1.05)** | (0.50) | (1.29) | (21.84) | (4.30) |
| Net asset value end of period | **35.91** | 48.47 | 36.52 | 39.00 | 58.31 |
| Net assets end of period (000s) | **$461129** | $872647 | $871743 | $1299776 | $2703360 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(24.19)%** | 34.23%  | (3.35)% | 10.29%  | (11.24)% |
| Ratio of total expenses to average net assets^ | **0.81** | 0.80 | 1.61<sup>m</sup> <br>| 0.80 | 0.74 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.69** | 0.69 | 0.69<sup>m</sup> <br>| 0.67 | 0.64 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **2.57** | 1.55 | 2.52<sup>m</sup> <br>| 2.33 | 1.80 |
| Portfolio turnover | **14** | 21 | 12 | 12 | 64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018**<sup>j</sup> <br>|
| Net asset value beginning of period | **$48.95** | $36.78 | $39.26 | $58.08 | $69.57 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **1.02** | 0.57 | 0.47 | 0.76 | 0.88 |
| Net realized and unrealized gain/(loss) on investments | **(12.80)** | 11.84 | (1.81) | 1.70 | (8.37) |
| Total from investment operations | **(11.78)** | 12.41 | (1.34) | 2.46 | (7.49) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.87)** | (0.24) | (1.14) | (0.41) | (1.00) |
| Distributions from net realized capital gains | **—** |  |  | (20.87) | (3.00) |
| Total distributions | **(0.87)** | (0.24) | (1.14) | (21.28) | (4.00) |
| Net asset value end of period | **36.29** | 48.95 | 36.78 | 39.26 | 58.08 |
| Net assets end of period (000s) | **$10375** | $15464 | $15825 | $70981 | $90009 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(24.46)%** | 33.80%  | (3.67)% | 9.94%  | (11.53)% |
| Ratio of total expenses to average net assets^ | **1.14** | 1.13 | 1.65<sup>m</sup> <br>| 1.13 | 1.07 |
| Ratio of net expenses to average net assets<sup>a</sup> | **1.02** | 1.02 | 1.02<sup>m</sup> <br>| 1.00 | 0.97 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **2.40** | 1.22 | 1.25<sup>m</sup> <br>| 1.94 | 1.30 |
| Portfolio turnover | **14** | 21 | 12 | 12 | 64 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018**<sup>j</sup> <br>|
| **$48.64** | $36.64 | $39.12 | $58.31 | $69.90 |
| **1.12** | 0.70 | 0.92 | 0.84 | 1.04 |
| **(12.71)** | 11.76 | (2.15) | 1.67 | (8.39) |
| **(11.59)** | 12.46 | (1.23) | 2.51 | (7.35) |
| **(1.01)** | (0.46) | (1.25) | (0.83) | (1.24) |
| **—** |  |  | (20.87) | (3.00) |
| **(1.01)** | (0.46) | (1.25) | (21.70) | (4.24) |
| **36.04** | 48.64 | 36.64 | 39.12 | 58.31 |
| **$2298600** | $3307683 | $2750824 | $3814616 | $8577147 |
| **(24.25)%** | 34.15%  | (3.43)% | 10.18%  | (11.31)% |
| **0.89** | 0.89 | 1.76<sup>m</sup> <br>| 0.88 | 0.82 |
| **0.77** | 0.77 | 0.77<sup>m</sup> <br>| 0.75 | 0.72 |
| **2.68** | 1.50 | 2.52<sup>m</sup> <br>| 2.11 | 1.53 |
| **14** | 21 | 12 | 12 | 64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019** | **2018**<sup>j</sup> <br>|
| **$48.08** | $36.22 | $38.65 | $57.66 | $69.14 |
| **0.95** | 0.52 | 0.75 | 0.70 | 0.81 |
| **(12.57)** | 11.64 | (2.12) | 1.65 | (8.33) |
| **(11.62)** | 12.16 | (1.37) | 2.35 | (7.52) |
| **(0.83)** | (0.30) | (1.06) | (0.49) | (0.96) |
| **—** |  |  | (20.87) | (3.00) |
| **(0.83)** | (0.30) | (1.06) | (21.36) | (3.96) |
| **35.63** | 48.08 | 36.22 | 38.65 | 57.66 |
| **$246731** | $374773 | $323686 | $510270 | $895711 |
| **(24.53)%** | 33.66%  | (3.79)% | 9.80%  | (11.65)% |
| **1.25** | 1.25 | 2.10<sup>m</sup> <br>| 1.25 | 1.19 |
| **1.13** | 1.13 | 1.14<sup>m</sup> <br>| 1.12 | 1.09 |
| **2.28** | 1.13 | 2.06<sup>m</sup> <br>| 1.80 | 1.21 |
| **14** | 21 | 12 | 12 | 64 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)** | **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)** | **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)** | **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)** | **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019**<sup>i</sup> <br>|
| Net asset value beginning of period | **$14.02** | $10.12 | $10.31 | $10.00 |
| **Income from Investment Operations** |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.46** | 0.28 | 0.17 | 0.24 |
| Net realized and unrealized gain/(loss) on investments | **(3.14)** | 3.79 | (0.09) | 0.07 |
| Total from investment operations | **(2.68)** | 4.07 | 0.08 | 0.31 |
| **Less Distributions** |  |  |  |  |
| Dividends from net investment income | **(0.36)** | (0.17) | (0.27) |  |
| Distributions from net realized capital gains | **(1.00)** |  |  |  |
| Total distributions | **(1.36)** | (0.17) | (0.27) |  |
| Net asset value end of period | **9.98** | 14.02 | 10.12 | 10.31 |
| Net assets end of period (000s) | **$21221** | $19742 | $13790 | $13090 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return<sup>b</sup> | **(20.93)%** | 40.51%  | 0.64%  | 3.10%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets^ | **1.16** | 1.19 | 1.35 | 1.79<sup>d</sup> <br>|
| Ratio of net expenses to average net assets<sup>a</sup> | **0.77** | 0.77 | 0.77 | 0.77<sup>d</sup> <br>|
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **4.05** | 2.14 | 1.73 | 3.61<sup>d</sup> <br>|
| Portfolio turnover | **100** | 108 | 80 | 73<sup>c</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019**<sup>i</sup> <br>|
| Net asset value beginning of period | **$13.96** | $10.08 | $10.28 | $10.00 |
| **Income from Investment Operations** |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.38** | 0.23 | 0.14 | 0.21 |
| Net realized and unrealized gain/(loss) on investments | **(3.10)** | 3.78 | (0.11) | 0.07 |
| Total from investment operations | **(2.72)** | 4.01 | 0.03 | 0.28 |
| **Less Distributions** |  |  |  |  |
| Dividends from net investment income | **(0.32)** | (0.13) | (0.23) |  |
| Distributions from net realized capital gains | **(1.00)** |  |  |  |
| Total distributions | **(1.32)** | (0.13) | (0.23) |  |
| Net asset value end of period | **9.92** | 13.96 | 10.08 | 10.28 |
| Net assets end of period (000s) | **$2331** | $101 | $35 | $31 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return<sup>b</sup> | **(21.29)%** | 39.98%  | 0.14%  | 2.80%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets^ | **1.60** | 1.63 | 1.80 | 2.24<sup>d</sup> <br>|
| Ratio of net expenses to average net assets<sup>a</sup> | **1.21** | 1.21 | 1.22 | 1.22<sup>d</sup> <br>|
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **3.67** | 1.73 | 1.41 | 3.17<sup>d</sup> <br>|
| Portfolio turnover | **100** | 108 | 80 | 73<sup>c</sup> |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019**<sup>i</sup> <br>|
| **$14.01** | $10.11 | $10.31 | $10.00 |
| **0.43** | 0.29 | 0.17 | 0.24 |
| **(3.12)** | 3.77 | (0.11) | 0.07 |
| **(2.69)** | 4.06 | 0.06 | 0.31 |
| **(0.35)** | (0.16) | (0.26) |  |
| **(1.00)** |  |  |  |
| **(1.35)** | (0.16) | (0.26) |  |
| **9.97** | 14.01 | 10.11 | 10.31 |
| **$66908** | $33230 | $13226 | $13131 |
| **(21.00)%** | 40.46%  | 0.48%  | 3.10%<sup>c</sup> <br>|
| **1.24** | 1.27 | 1.43 | 1.87<sup>d</sup> <br>|
| **0.85** | 0.85 | 0.85 | 0.85<sup>d</sup> <br>|
| **3.85** | 2.16 | 1.65 | 3.54<sup>d</sup> <br>|
| **100** | 108 | 80 | 73<sup>c</sup> |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR INTERNATIONAL GROWTH FUND** | **HARBOR INTERNATIONAL GROWTH FUND** | **HARBOR INTERNATIONAL GROWTH FUND** | **HARBOR INTERNATIONAL GROWTH FUND** | **HARBOR INTERNATIONAL GROWTH FUND** | **HARBOR INTERNATIONAL GROWTH FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$23.53** | $19.10 | $16.14 | $13.70 | $15.71 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.06** | 0.02 | 0.03 | 0.30 | 0.17 |
| Net realized and unrealized gain/(loss) on investments | **(8.96)** | 4.56 | 3.25 | 2.25 | (1.99) |
| Total from investment operations | **(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 | **12.76** | 23.53 | 19.10 | 16.14 | 13.70 |
| Net assets end of period (000s) | **$72107** | $147545 | $163202 | $143276 | $93815 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(40.76)%** | 24.00%  | 20.56%  | 18.81%  | (11.74)% |
| Ratio of total expenses to average net assets^ | **0.83** | 0.81 | 0.83 | 0.83 | 0.81 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.77** | 0.77 | 0.77 | 0.77 | 0.77 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **0.34** | 0.08 | 0.19 | 2.01 | 1.07 |
| Portfolio turnover | **18** | 12 | 24 | 16 | 17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$23.42** | $19.05 | $16.10 | $13.66 | $15.67 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **(0.02)** | (0.06) | (0.02) | 0.22 | 0.08 |
| Net realized and unrealized gain/(loss) on investments | **(8.91)** | 4.54 | 3.24 | 2.28 | (1.95) |
| Total from investment operations | **(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 | **12.73** | 23.42 | 19.05 | 16.10 | 13.66 |
| Net assets end of period (000s) | **$148** | $662 | $507 | $390 | $330 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(40.93)%** | 23.54%  | 20.17%  | 18.45%  | (12.03)% |
| Ratio of total expenses to average net assets^ | **1.16** | 1.14 | 1.16 | 1.16 | 1.14 |
| Ratio of net expenses to average net assets<sup>a</sup> | **1.10** | 1.10 | 1.10 | 1.10 | 1.10 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **(0.09)** | (0.24) | (0.15) | 1.50 | 0.51 |
| Portfolio turnover | **18** | 12 | 24 | 16 | 17 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$23.50** | $19.08 | $16.13 | $13.69 | $15.69 |
| **0.04** | —<sup>\*</sup> <br>| 0.02 | 0.26 | 0.13 |
| **(8.94)** | 4.55 | 3.24 | 2.28 | (1.95) |
| **(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) |
| **12.75** | 23.50 | 19.08 | 16.13 | 13.69 |
| **$267148** | $709080 | $600240 | $414528 | $399911 |
| **(40.78)%** | 23.92%  | 20.42%  | 18.73%  | (11.75)% |
| **0.91** | 0.89 | 0.91 | 0.91 | 0.89 |
| **0.85** | 0.85 | 0.85 | 0.85 | 0.85 |
| **0.21** | 0.01 | 0.11 | 1.75 | 0.84 |
| **18** | 12 | 24 | 16 | 17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$23.30** | $18.93 | $16.00 | $13.58 | $15.57 |
| **(0.02)** | (0.11) | (0.04) | 0.21 | 0.11 |
| **(8.89)** | 4.54 | 3.22 | 2.26 | (1.98) |
| **(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) |
| **12.66** | 23.30 | 18.93 | 16.00 | 13.58 |
| **$6788** | $13523 | $32757 | $34238 | $32225 |
| **(41.00)%** | 23.41%  | 20.06%  | 18.29%  | (12.12)% |
| **1.27** | 1.26 | 1.28 | 1.28 | 1.26 |
| **1.21** | 1.22 | 1.22 | 1.22 | 1.22 |
| **(0.10)** | (0.49) | (0.27) | 1.40 | 0.69 |
| **18** | 12 | 24 | 16 | 17 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR INTERNATIONAL SMALL CAP FUND** | **HARBOR INTERNATIONAL SMALL CAP FUND** | **HARBOR INTERNATIONAL SMALL CAP FUND** | **HARBOR INTERNATIONAL SMALL CAP FUND** | **HARBOR INTERNATIONAL SMALL CAP FUND** | **HARBOR INTERNATIONAL SMALL CAP FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019**<sup>k</sup> <br>| **2018** |
| Net asset value beginning of period | **$16.39** | $11.37 | $12.49 | $12.38 | $13.90 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.27** | 0.28 | 0.07 | 0.24 | 0.17 |
| Net realized and unrealized gain/(loss) on investments | **(2.91)** | 4.91 | (0.82) | 0.35 | (1.50) |
| Total from investment operations | **(2.64)** | 5.19 | (0.75) | 0.59 | (1.33) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.28)** | (0.17) | (0.37) | (0.10) | (0.09) |
| Distributions from net realized capital gains | **(0.82)** |  |  | (0.38) | (0.10) |
| Total distributions | **(1.10)** | (0.17) | (0.37) | (0.48) | (0.19) |
| Net asset value end of period | **12.65** | 16.39 | 11.37 | 12.49 | 12.38 |
| Net assets end of period (000s) | **$30387** | $9559 | $5525 | $19408 | $8213 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(16.94)%** | 45.95%  | (6.36)% | 5.23%  | (9.71)% |
| Ratio of total expenses to average net assets^ | **1.11** | 1.17 | 1.37 | 1.24 | 1.07 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.88** | 0.88 | 0.88 | 0.88 | 0.87 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **2.04** | 1.79 | 0.64 | 1.98 | 1.19 |
| Portfolio turnover | **23** | 43 | 39 | 178 | 53 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019**<sup>k</sup> <br>| **2018** |
| **$16.39** | $11.37 | $12.49 | $12.37 | $13.90 |
| **0.32** | 0.24 | 0.09 | 0.19 | 0.15 |
| **(2.97)** | 4.95 | (0.86) | 0.40 | (1.50) |
| **(2.65)** | 5.19 | (0.77) | 0.59 | (1.35) |
| **(0.27)** | (0.17) | (0.35) | (0.09) | (0.08) |
| **(0.82)** |  |  | (0.38) | (0.10) |
| **(1.09)** | (0.17) | (0.35) | (0.47) | (0.18) |
| **12.65** | 16.39 | 11.37 | 12.49 | 12.37 |
| **$93640** | $49419 | $25716 | $25758 | $50358 |
| **(17.00)%** | 45.87%  | (6.48)% | 5.25%  | (9.83)% |
| **1.19** | 1.25 | 1.45 | 1.32 | 1.15 |
| **0.96** | 0.96 | 0.96 | 0.96 | 0.95 |
| **2.32** | 1.53 | 0.76 | 1.60 | 1.05 |
| **23** | 43 | 39 | 178 | 53 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019**<sup>k</sup> <br>| **2018** |
| **$16.32** | $11.34 | $12.45 | $12.34 | $13.86 |
| **0.23** | 0.18 | 0.04 | 0.13 | 0.10 |
| **(2.92)** | 4.93 | (0.84) | 0.40 | (1.48) |
| **(2.69)** | 5.11 | (0.80) | 0.53 | (1.38) |
| **(0.23)** | (0.13) | (0.31) | (0.04) | (0.04) |
| **(0.82)** |  |  | (0.38) | (0.10) |
| **(1.05)** | (0.13) | (0.31) | (0.42) | (0.14) |
| **12.58** | 16.32 | 11.34 | 12.45 | 12.34 |
| **$1140** | $1962 | $398 | $428 | $619 |
| **(17.29)%** | 45.25%  | (6.76)% | 4.70%  | (10.08)% |
| **1.55** | 1.61 | 1.82 | 1.69 | 1.52 |
| **1.32** | 1.32 | 1.33 | 1.33 | 1.32 |
| **1.66** | 1.16 | 0.36 | 1.10 | 0.73 |
| **23** | 43 | 39 | 178 | 53 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR LARGE CAP VALUE FUND** | **HARBOR LARGE CAP VALUE FUND** | **HARBOR LARGE CAP VALUE FUND** | **HARBOR LARGE CAP VALUE FUND** | **HARBOR LARGE CAP VALUE FUND** | **HARBOR LARGE CAP VALUE FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$23.23** | $17.11 | $16.33 | $14.37 | $14.87 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.26** | 0.19 | 0.18 | 0.18 | 0.17 |
| Net realized and unrealized gain/(loss) on investments | **(3.16)** | 6.62 | 0.76 | 2.17 | (0.13) |
| Total from investment operations | **(2.90)** | 6.81 | 0.94 | 2.35 | 0.04 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.22)** | (0.17) | (0.16) | (0.16) | (0.13) |
| Distributions from net realized capital gains | **(0.61)** | (0.52) |  | (0.23) | (0.41) |
| Total distributions | **(0.83)** | (0.69) | (0.16) | (0.39) | (0.54) |
| Net asset value end of period | **19.50** | 23.23 | 17.11 | 16.33 | 14.37 |
| Net assets end of period (000s) | **$1326142** | $1472349 | $655562 | $457908 | $313721 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(12.82)%** | 40.62%  | 5.80%  | 16.92%  | 0.18%  |
| Ratio of total expenses to average net assets^ | **0.64** | 0.64 | 0.64 | 0.65 | 0.64 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.61** | 0.61 | 0.61 | 0.61 | 0.60 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **1.26** | 0.90 | 1.08 | 1.19 | 1.12 |
| Portfolio turnover | **24** | 13 | 26 | 11 | 15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$23.21** | $17.11 | $16.33 | $14.36 | $14.84 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.19** | 0.13 | 0.13 | 0.14 | 0.13 |
| Net realized and unrealized gain/(loss) on investments | **(3.14)** | 6.59 | 0.75 | 2.17 | (0.15) |
| Total from investment operations | **(2.95)** | 6.72 | 0.88 | 2.31 | (0.02) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.15)** | (0.10) | (0.10) | (0.11) | (0.05) |
| Distributions from net realized capital gains | **(0.61)** | (0.52) |  | (0.23) | (0.41) |
| Total distributions | **(0.76)** | (0.62) | (0.10) | (0.34) | (0.46) |
| Net asset value end of period | **19.50** | 23.21 | 17.11 | 16.33 | 14.36 |
| Net assets end of period (000s) | **$3228** | $3941 | $11502 | $12195 | $15460 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(13.06)%** | 40.05%  | 5.42%  | 16.60%  | (0.23)% |
| Ratio of total expenses to average net assets^ | **0.97** | 0.97 | 0.97 | 0.98 | 0.97 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.94** | 0.94 | 0.94 | 0.94 | 0.93 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **0.92** | 0.64 | 0.78 | 0.91 | 0.84 |
| Portfolio turnover | **24** | 13 | 26 | 11 | 15 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$23.23** | $17.11 | $16.33 | $14.37 | $14.87 |
| **0.25** | 0.18 | 0.17 | 0.17 | 0.16 |
| **(3.17)** | 6.61 | 0.76 | 2.17 | (0.13) |
| **(2.92)** | 6.79 | 0.93 | 2.34 | 0.03 |
| **(0.20)** | (0.15) | (0.15) | (0.15) | (0.12) |
| **(0.61)** | (0.52) |  | (0.23) | (0.41) |
| **(0.81)** | (0.67) | (0.15) | (0.38) | (0.53) |
| **19.50** | 23.23 | 17.11 | 16.33 | 14.37 |
| **$751476** | $1049830 | $880755 | $761262 | $605040 |
| **(12.90)%** | 40.52%  | 5.72%  | 16.83%  | 0.11%  |
| **0.72** | 0.72 | 0.72 | 0.73 | 0.72 |
| **0.69** | 0.69 | 0.69 | 0.69 | 0.68 |
| **1.17** | 0.84 | 1.02 | 1.12 | 1.05 |
| **24** | 13 | 26 | 11 | 15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$23.46** | $17.28 | $16.48 | $14.49 | $14.99 |
| **0.17** | 0.10 | 0.11 | 0.12 | 0.11 |
| **(3.18)** | 6.68 | 0.76 | 2.19 | (0.14) |
| **(3.01)** | 6.78 | 0.87 | 2.31 | (0.03) |
| **(0.12)** | (0.08) | (0.07) | (0.09) | (0.06) |
| **(0.61)** | (0.52) |  | (0.23) | (0.41) |
| **(0.73)** | (0.60) | (0.07) | (0.32) | (0.47) |
| **19.72** | 23.46 | 17.28 | 16.48 | 14.49 |
| **$26880** | $31192 | $23527 | $35622 | $45548 |
| **(13.15)%** | 39.96%  | 5.32%  | 16.39%  | (0.27)% |
| **1.08** | 1.08 | 1.09 | 1.10 | 1.09 |
| **1.05** | 1.05 | 1.06 | 1.06 | 1.05 |
| **0.81** | 0.47 | 0.67 | 0.79 | 0.70 |
| **24** | 13 | 26 | 11 | 15 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **HARBOR MID CAP FUND** | **HARBOR MID CAP FUND** | **HARBOR MID CAP FUND** | **HARBOR MID CAP FUND** | **HARBOR MID CAP FUND** | **HARBOR MID CAP FUND** | **HARBOR MID CAP FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020**<sup>f</sup> <br>| **2022** | **2021** | **2020**<sup>f</sup> <br>|
| Net asset value beginning of period | **$14.52** | $10.57 | $10.00 | **$14.51** | $10.56 | $10.00 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.09** | 0.05 | 0.05 | **0.09** | 0.04 | 0.04 |
| Net realized and unrealized gain/(loss) on investments | **(1.84)** | 3.93 | 0.53 | **(1.85)** | 3.93 | 0.53 |
| Total from investment operations | **(1.75)** | 3.98 | 0.58 | **(1.76)** | 3.97 | 0.57 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | **(0.05)** | (0.03) | (0.01) | **(0.04)** | (0.02) | (0.01) |
| Distributions from net realized capital gains | **(0.27)** |  |  | **(0.27)** |  |  |
| Total distributions | **(0.32)** | (0.03) | (0.01) | **(0.31)** | (0.02) | (0.01) |
| Net asset value end of period | **12.45** | 14.52 | 10.57 | **12.44** | 14.51 | 10.56 |
| Net assets end of period (000s) | **$67079** | $37135 | $5148 | **$21105** | $23710 | $5411 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>b</sup> | **(12.36)%** | 37.61%  | 5.86%<sup>c</sup> <br>| **(12.43)%** | 37.54%  | 5.75%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets^ | **0.92** | 0.93 | 2.28<sup>d</sup> <br>| **1.00** | 1.01 | 2.36<sup>d</sup> <br>|
| Ratio of net expenses to average net assets<sup>a</sup> | **0.80** | 0.80 | 0.80<sup>d</sup> <br>| **0.88** | 0.88 | 0.88<sup>d</sup> <br>|
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **0.65** | 0.40 | 0.54<sup>d</sup> <br>| **0.64** | 0.27 | 0.46<sup>d</sup> <br>|
| Portfolio turnover | **42** | 11 | 9<sup>c</sup> | **42** | 11 | 9<sup>c</sup> |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020**<sup>f</sup> <br>|
| **$14.44** | $10.54 | $10.00 |
| **0.04** | (0.01) | 0.01 |
| **(1.84)** | 3.91 | 0.53 |
| **(1.80)** | 3.90 | 0.54 |
| **—**<sup>\*</sup> <br>| —<sup>\*</sup> <br>| —<sup>\*</sup> <br>|
| **(0.27)** |  |  |
| **(0.27)** | —<sup>\*</sup> <br>| —<sup>\*</sup> <br>|
| **12.37** | 14.44 | 10.54 |
| **$834** | $949 | $455 |
| **(12.72)%** | 37.00%  | 5.42%<sup>c</sup> <br>|
| **1.36** | 1.38 | 2.73<sup>d</sup> <br>|
| **1.24** | 1.24 | 1.25<sup>d</sup> <br>|
| **0.28** | (0.06) | 0.07<sup>d</sup> <br>|
| **42** | 11 | 9<sup>c</sup> |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR MID CAP VALUE FUND** | **HARBOR MID CAP VALUE FUND** | **HARBOR MID CAP VALUE FUND** | **HARBOR MID CAP VALUE FUND** | **HARBOR MID CAP VALUE FUND** | **HARBOR MID CAP VALUE FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$24.97** | $16.83 | $20.82 | $21.39 | $23.33 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.49** | 0.42 | 0.43 | 0.48 | 0.50 |
| Net realized and unrealized gain/(loss) on investments | **(1.18)** | 8.21 | (3.73) | 0.47 | (1.52) |
| Total from investment operations | **(0.69)** | 8.63 | (3.30) | 0.95 | (1.02) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.35)** | (0.49) | (0.54) | (0.37) | (0.33) |
| Distributions from net realized capital gains | **—** |  | (0.15) | (1.15) | (0.59) |
| Total distributions | **(0.35)** | (0.49) | (0.69) | (1.52) | (0.92) |
| Net asset value end of period | **23.93** | 24.97 | 16.83 | 20.82 | 21.39 |
| Net assets end of period (000s) | **$43591** | $56156 | $29897 | $102945 | $103552 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(2.80)%** | 51.99%  | (16.55)% | 5.53%  | (4.75)% |
| Ratio of total expenses to average net assets^ | **0.81** | 0.81 | 0.82 | 0.80 | 0.79 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.77** | 0.78 | 0.80 | 0.77 | 0.76 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **2.00** | 1.78 | 2.39 | 2.39 | 2.15 |
| Portfolio turnover | **9** | 18 | 4 | 11 | 24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$25.24** | $16.98 | $20.98 | $21.52 | $23.47 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.41** | 0.34 | 0.36 | 0.42 | 0.43 |
| Net realized and unrealized gain/(loss) on investments | **(1.20)** | 8.31 | (3.77) | 0.48 | (1.54) |
| Total from investment operations | **(0.79)** | 8.65 | (3.41) | 0.90 | (1.11) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.25)** | (0.39) | (0.44) | (0.29) | (0.25) |
| Distributions from net realized capital gains | **—** |  | (0.15) | (1.15) | (0.59) |
| Total distributions | **(0.25)** | (0.39) | (0.59) | (1.44) | (0.84) |
| Net asset value end of period | **24.20** | 25.24 | 16.98 | 20.98 | 21.52 |
| Net assets end of period (000s) | **$3291** | $3828 | $4945 | $18508 | $42557 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(3.14)%** | 51.53%  | (16.85)% | 5.19%  | (5.06)% |
| Ratio of total expenses to average net assets^ | **1.14** | 1.14 | 1.15 | 1.13 | 1.12 |
| Ratio of net expenses to average net assets<sup>a</sup> | **1.10** | 1.11 | 1.13 | 1.10 | 1.08 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **1.67** | 1.46 | 1.98 | 2.08 | 1.83 |
| Portfolio turnover | **9** | 18 | 4 | 11 | 24 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$24.97** | $16.83 | $20.82 | $21.38 | $23.33 |
| **0.47** | 0.40 | 0.40 | 0.47 | 0.49 |
| **(1.18)** | 8.21 | (3.73) | 0.47 | (1.54) |
| **(0.71)** | 8.61 | (3.33) | 0.94 | (1.05) |
| **(0.33)** | (0.47) | (0.51) | (0.35) | (0.31) |
| **—** |  | (0.15) | (1.15) | (0.59) |
| **(0.33)** | (0.47) | (0.66) | (1.50) | (0.90) |
| **23.93** | 24.97 | 16.83 | 20.82 | 21.38 |
| **$242004** | $355431 | $277767 | $520629 | $714309 |
| **(2.88)%** | 51.87%  | (16.64)% | 5.48%  | (4.85)% |
| **0.89** | 0.89 | 0.90 | 0.88 | 0.87 |
| **0.85** | 0.86 | 0.88 | 0.85 | 0.83 |
| **1.93** | 1.71 | 2.25 | 2.33 | 2.09 |
| **9** | 18 | 4 | 11 | 24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$24.93** | $16.80 | $20.78 | $21.31 | $23.23 |
| **0.39** | 0.32 | 0.34 | 0.39 | 0.40 |
| **(1.18)** | 8.20 | (3.74) | 0.48 | (1.53) |
| **(0.79)** | 8.52 | (3.40) | 0.87 | (1.13) |
| **(0.24)** | (0.39) | (0.43) | (0.25) | (0.20) |
| **—** |  | (0.15) | (1.15) | (0.59) |
| **(0.24)** | (0.39) | (0.58) | (1.40) | (0.79) |
| **23.90** | 24.93 | 16.80 | 20.78 | 21.31 |
| **$28355** | $32097 | $26785 | $58928 | $82539 |
| **(3.20)%** | 51.26%  | (16.94)% | 5.08%  | (5.20)% |
| **1.25** | 1.25 | 1.27 | 1.25 | 1.24 |
| **1.21** | 1.22 | 1.25 | 1.22 | 1.20 |
| **1.57** | 1.36 | 1.89 | 1.95 | 1.71 |
| **9** | 18 | 4 | 11 | 24 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR SMALL CAP GROWTH FUND** | **HARBOR SMALL CAP GROWTH FUND** | **HARBOR SMALL CAP GROWTH FUND** | **HARBOR SMALL CAP GROWTH FUND** | **HARBOR SMALL CAP GROWTH FUND** | **HARBOR SMALL CAP GROWTH FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$19.95** | $15.91 | $13.18 | $14.39 | $15.08 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **(0.01)** | (0.07) | (0.04) | (0.01) | (0.05) |
| Net realized and unrealized gain/(loss) on investments | **(3.94)** | 5.41 | 3.25 | 1.56 | 0.82 |
| Total from investment operations | **(3.95)** | 5.34 | 3.21 | 1.55 | 0.77 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **—** |  |  |  |  |
| Distributions from net realized capital gains | **(4.22)** | (1.30) | (0.48) | (2.76) | (1.46) |
| Total distributions | **(4.22)** | (1.30) | (0.48) | (2.76) | (1.46) |
| Net asset value end of period | **11.78** | 19.95 | 15.91 | 13.18 | 14.39 |
| Net assets end of period (000s) | **$311509** | $399174 | $348997 | $281603 | $306026 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(23.72)%** | 34.40%  | 24.93%  | 16.23%  | 5.11%  |
| Ratio of total expenses to average net assets^ | **0.80** | 0.79 | 0.81 | 0.80 | 0.79 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.79** | 0.78 | 0.80 | 0.80 | 0.79 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **(0.11)** | (0.37) | (0.27) | (0.12) | (0.33) |
| Portfolio turnover | **75** | 71 | 95 | 74 | 99 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$17.80** | $14.36 | $11.98 | $13.39 | $14.17 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **(0.05)** | (0.12) | (0.08) | (0.05) | (0.09) |
| Net realized and unrealized gain/(loss) on investments | **(3.43)** | 4.86 | 2.94 | 1.40 | 0.77 |
| Total from investment operations | **(3.48)** | 4.74 | 2.86 | 1.35 | 0.68 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **—** |  |  |  |  |
| Distributions from net realized capital gains | **(4.22)** | (1.30) | (0.48) | (2.76) | (1.46) |
| Total distributions | **(4.22)** | (1.30) | (0.48) | (2.76) | (1.46) |
| Net asset value end of period | **10.10** | 17.80 | 14.36 | 11.98 | 13.39 |
| Net assets end of period (000s) | **$648** | $965 | $866 | $395 | $769 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(24.00)%** | 33.91%  | 24.49%  | 15.87%  | 4.76%  |
| Ratio of total expenses to average net assets^ | **1.13** | 1.12 | 1.14 | 1.13 | 1.12 |
| Ratio of net expenses to average net assets<sup>a</sup> | **1.12** | 1.11 | 1.13 | 1.12 | 1.11 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **(0.44)** | (0.69) | (0.62) | (0.44) | (0.65) |
| Portfolio turnover | **75** | 71 | 95 | 74 | 99 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$19.84** | $15.84 | $13.13 | $14.35 | $15.06 |
| **(0.03)** | (0.08) | (0.05) | (0.03) | (0.06) |
| **(3.91)** | 5.38 | 3.24 | 1.57 | 0.81 |
| **(3.94)** | 5.30 | 3.19 | 1.54 | 0.75 |
| **—** |  |  |  |  |
| **(4.22)** | (1.30) | (0.48) | (2.76) | (1.46) |
| **(4.22)** | (1.30) | (0.48) | (2.76) | (1.46) |
| **11.68** | 19.84 | 15.84 | 13.13 | 14.35 |
| **$595476** | $721405 | $633535 | $440553 | $400389 |
| **(23.81)%** | 34.29%  | 24.87%  | 16.18%  | 4.97%  |
| **0.88** | 0.87 | 0.89 | 0.88 | 0.87 |
| **0.87** | 0.86 | 0.88 | 0.87 | 0.86 |
| **(0.19)** | (0.45) | (0.35) | (0.20) | (0.40) |
| **75** | 71 | 95 | 74 | 99 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$16.60** | $13.47 | $11.28 | $12.79 | $13.62 |
| **(0.06)** | (0.13) | (0.08) | (0.06) | (0.11) |
| **(3.14)** | 4.56 | 2.75 | 1.31 | 0.74 |
| **(3.20)** | 4.43 | 2.67 | 1.25 | 0.63 |
| **—** |  |  |  |  |
| **(4.22)** | (1.30) | (0.48) | (2.76) | (1.46) |
| **(4.22)** | (1.30) | (0.48) | (2.76) | (1.46) |
| **9.18** | 16.60 | 13.47 | 11.28 | 12.79 |
| **$7031** | $8648 | $6811 | $6670 | $7076 |
| **(24.05)%** | 33.84%  | 24.32%  | 15.81%  | 4.58%  |
| **1.24** | 1.23 | 1.26 | 1.25 | 1.24 |
| **1.23** | 1.23 | 1.25 | 1.24 | 1.23 |
| **(0.55)** | (0.81) | (0.71) | (0.57) | (0.77) |
| **75** | 71 | 95 | 74 | 99 |

---

------

**Financial Highlights**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HARBOR SMALL CAP VALUE FUND** | **HARBOR SMALL CAP VALUE FUND** | **HARBOR SMALL CAP VALUE FUND** | **HARBOR SMALL CAP VALUE FUND** | **HARBOR SMALL CAP VALUE FUND** | **HARBOR SMALL CAP VALUE FUND** |
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| **Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$45.11** | $31.65 | $33.55 | $33.60 | $36.16 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.18** | 0.12 | 0.21 | 0.21 | 0.17 |
| Net realized and unrealized gain/(loss) on investments | **(3.38)** | 13.54 | (1.59) | 2.84 | (1.98) |
| Total from investment operations | **(3.20)** | 13.66 | (1.38) | 3.05 | (1.81) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **(0.08)** | (0.20) | (0.20) | (0.15) | (0.06) |
| Distributions from net realized capital gains | **(2.36)** |  | (0.32) | (2.95) | (0.69) |
| Total distributions | **(2.44)** | (0.20) | (0.52) | (3.10) | (0.75) |
| Net asset value end of period | **39.47** | 45.11 | 31.65 | 33.55 | 33.60 |
| Net assets end of period (000s) | **$600143** | $599016 | $300473 | $230861 | $155036 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(7.16)%** | 43.19%  | (4.22)% | 10.98%  | (5.18)% |
| Ratio of total expenses to average net assets^ | **0.80** | 0.79 | 0.80 | 0.80 | 0.79 |
| Ratio of net expenses to average net assets<sup>a</sup> | **0.79** | 0.78 | 0.80 | 0.80 | 0.79 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **0.46** | 0.27 | 0.67 | 0.67 | 0.45 |
| Portfolio turnover | **15** | 17 | 17 | 27 | 22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value beginning of period | **$44.72** | $31.41 | $33.30 | $33.36 | $35.97 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>a,e</sup> | **0.05** | (0.02) | 0.10 | 0.11 | 0.06 |
| Net realized and unrealized gain/(loss) on investments | **(3.35)** | 13.42 | (1.57) | 2.82 | (1.98) |
| Total from investment operations | **(3.30)** | 13.40 | (1.47) | 2.93 | (1.92) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | **—** | (0.09) | (0.10) | (0.04) |  |
| Distributions from net realized capital gains | **(2.36)** |  | (0.32) | (2.95) | (0.69) |
| Total distributions | **(2.36)** | (0.09) | (0.42) | (2.99) | (0.69) |
| Net asset value end of period | **39.06** | 44.72 | 31.41 | 33.30 | 33.36 |
| Net assets end of period (000s) | **$9177** | $11962 | $10082 | $6537 | $7253 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>b</sup> | **(7.45)%** | 42.72%  | (4.54)% | 10.59%  | (5.50)% |
| Ratio of total expenses to average net assets^ | **1.13** | 1.12 | 1.13 | 1.13 | 1.12 |
| Ratio of net expenses to average net assets<sup>a</sup> | **1.12** | 1.11 | 1.13 | 1.12 | 1.11 |
| Ratio of net investment income/(loss) to average net assets<sup>a</sup> | **0.13** | (0.04) | 0.32 | 0.35 | 0.16 |
| Portfolio turnover | **15** | 17 | 17 | 27 | 22 |

---

See page 147 for notes to the Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$45.07** | $31.63 | $33.53 | $33.57 | $36.14 |
| **0.15** | 0.09 | 0.18 | 0.19 | 0.15 |
| **(3.38)** | 13.52 | (1.58) | 2.84 | (2.00) |
| **(3.23)** | 13.61 | (1.40) | 3.03 | (1.85) |
| **(0.04)** | (0.17) | (0.18) | (0.12) | (0.03) |
| **(2.36)** |  | (0.32) | (2.95) | (0.69) |
| **(2.40)** | (0.17) | (0.50) | (3.07) | (0.72) |
| **39.44** | 45.07 | 31.63 | 33.53 | 33.57 |
| **$1493462** | $2023164 | $1350681 | $1346098 | $1149857 |
| **(7.22)%** | 43.11%  | (4.33)% | 10.91%  | (5.28)% |
| **0.88** | 0.87 | 0.88 | 0.88 | 0.87 |
| **0.87** | 0.86 | 0.88 | 0.87 | 0.86 |
| **0.38** | 0.20 | 0.59 | 0.60 | 0.40 |
| **15** | 17 | 17 | 27 | 22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| **2022** | **2021** | **2020** | **2019** | **2018** |
| **$43.72** | $30.71 | $32.56 | $32.68 | $35.29 |
| **0.01** | (0.06) | 0.07 | 0.08 | 0.01 |
| **(3.28)** | 13.12 | (1.55) | 2.75 | (1.93) |
| **(3.27)** | 13.06 | (1.48) | 2.83 | (1.92) |
| **—** | (0.05) | (0.05) |  |  |
| **(2.36)** |  | (0.32) | (2.95) | (0.69) |
| **(2.36)** | (0.05) | (0.37) | (2.95) | (0.69) |
| **38.09** | 43.72 | 30.71 | 32.56 | 32.68 |
| **$38722** | $64544 | $51370 | $57931 | $70819 |
| **(7.56)%** | 42.56%  | (4.67)% | 10.48%  | (5.60)% |
| **1.24** | 1.23 | 1.25 | 1.25 | 1.24 |
| **1.23** | 1.23 | 1.25 | 1.24 | 1.23 |
| **0.01** | (0.15) | 0.23 | 0.24 | 0.03 |
| **15** | 17 | 17 | 27 | 22 |

---

------

**Financial Highlights**

------

---

| | |
|:---|:---|
| \* | Less than $0.01 |
| ^ | Percentage does not reflect reduction for credit balance arrangements. |
| 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 Fund changed its name and Harbor Capital Advisors, Inc. was appointed by the Board of Trustees to manage the Fund's assets based <br> upon model portfolios provided by multiple non-discretionary subadvisors.<br>|
| 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 subadviser 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 Fund's name changed from Harbor Bond Fund to Harbor Core Plus Fund and the Board of Trustees appointed Income Research+Management <br> as the subadvisor to the Fund.<br>|
| m | The net investment income ratio includes dividends and interest income and related tax compliance fee and interest expense, from foreign tax reclaims and interest <br> 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 <br> 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 <br> Retirement Class, Institutional Class, Administrative Class, and Investor Class were 1.49%, 1.64%, 1.53%, and 1.98%, respectively.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Fund Details**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Share prices are available on our website at *harborcapital.com* after 7:00 p.m. Eastern time or by calling 800-422-1050 during normal business hours.

Other Harbor funds managed by the Advisor are offered by means of separate prospectuses. To obtain a prospectus for any of the Harbor funds visit our website at *harborcapital.com* or call 800-422-1050 during normal business hours.

---

| | | |
|:---|:---|:---|
| **FUND**<br> **NUMBER**<br>| &nbsp;&nbsp; **TICKER**<br> **SYMBOL**<br>|  |
| **HARBOR Funds** | **HARBOR Funds** | **HARBOR Funds** |
| **Harbor Capital Appreciation Fund** | **Harbor Capital Appreciation Fund** | **Harbor Capital Appreciation Fund** |
| 2512 | HNACX | Retirement Class |
| 2012 | HACAX | Institutional Class |
| 2212 | HRCAX | Administrative Class |
| 2412 | HCAIX | Investor Class |
| **Harbor Convertible Securities Fund** |  |  |
| 2534 | HNCVX | Retirement Class |
| 2034 | HACSX | Institutional Class |
| 2234 | HRCSX | Administrative Class |
| 2434 | HICSX | Investor Class |
| **Harbor Core Bond Fund** |  |  |
| 2543 | HCBRX | Retirement Class |
| 2043 | HACBX | Institutional Class |
| **Harbor Core Plus Fund** |  |  |
| 2514 | HBFRX | Retirement Class |
| 2014 | HABDX | Institutional Class |
| 2214 | HRBDX | Administrative Class |
| **Harbor Disruptive Innovation Fund** | **Harbor Disruptive Innovation Fund** | **Harbor Disruptive Innovation Fund** |
| 2519 | HNMGX | Retirement Class |
| 2019 | HAMGX | Institutional Class |
| 2219 | HRMGX | Administrative Class |
| 2419 | HIMGX | Investor Class |
| **Harbor Diversified International All Cap Fund** | **Harbor Diversified International All Cap Fund** | **Harbor Diversified International All Cap Fund** |
| 2538 | HNIDX | Retirement Class |
| 2038 | HAIDX | Institutional Class |
| 2238 | HRIDX | Administrative Class |
| 2438 | HIIDX | Investor Class |
| **Harbor Global Leaders Fund** | **Harbor Global Leaders Fund** | **Harbor Global Leaders Fund** |
| 2530 | HNGIX | Retirement Class |
| 2030 | HGGAX | Institutional Class |
| 2230 | HRGAX | Administrative Class |
| 2430 | HGGIX | Investor Class |
| **Harbor International Fund** | **Harbor International Fund** | **Harbor International Fund** |
| 2511 | HNINX | Retirement Class |
| 2011 | HAINX | Institutional Class |
| 2211 | HRINX | Administrative Class |
| 2411 | HIINX | Investor Class |
| **Harbor International Core Fund (formerly, Harbor Overseas Fund)** | **Harbor International Core Fund (formerly, Harbor Overseas Fund)** | **Harbor International Core Fund (formerly, Harbor Overseas Fund)** |
| 2544 | HAORX | Retirement Class |
| 2044 | HAOSX | Institutional Class |
| 2244 | HAOAX | Administrative Class |
| 2444 | HAONX | Investor Class |
| **Harbor International Growth Fund** | **Harbor International Growth Fund** | **Harbor International Growth Fund** |
| 2517 | HNGFX | Retirement Class |
| 2017 | HAIGX | Institutional Class |
| 2217 | HRIGX | Administrative Class |
| 2417 | HIIGX | Investor Class  |

---

------

**Fund Details**

------

---

| | | |
|:---|:---|:---|
| **FUND**<br> **NUMBER**<br>| &nbsp;&nbsp; **TICKER**<br> **SYMBOL**<br>|  |
| **HARBOR Funds— continued** | **HARBOR Funds— continued** | **HARBOR Funds— continued** |
| **Harbor International Small Cap Fund** | **Harbor International Small Cap Fund** | **Harbor International Small Cap Fund** |
| 2539 | HNISX | Retirement Class |
| 2039 | HAISX | Institutional Class |
| 2239 | HRISX | Administrative Class |
| 2439 | HIISX | Investor Class |
| **Harbor Large Cap Value Fund** | **Harbor Large Cap Value Fund** | **Harbor Large Cap Value Fund** |
| 2513 | HNLVX | Retirement Class |
| 2013 | HAVLX | Institutional Class |
| 2213 | HRLVX | Administrative Class |
| 2413 | HILVX | Investor Class |
| **Harbor Mid Cap Fund** | **Harbor Mid Cap Fund** | **Harbor Mid Cap Fund** |
| 2546 | HMCRX | Retirement Class |
| 2046 | HMCLX | Institutional Class |
| 2246 | HMCDX | Administrative Class |
| 2446 | HMCNX | Investor Class |
| **Harbor Mid Cap Value Fund** | **Harbor Mid Cap Value Fund** | **Harbor Mid Cap Value Fund** |
| 2523 | HNMVX | Retirement Class |
| 2023 | HAMVX | Institutional Class |
| 2223 | HRMVX | Administrative Class |
| 2423 | HIMVX | Investor Class |
| **Harbor Small Cap Growth Fund** | **Harbor Small Cap Growth Fund** | **Harbor Small Cap Growth Fund** |
| 2510 | HNSGX | Retirement Class |
| 2010 | HASGX | Institutional Class |
| 2210 | HRSGX | Administrative Class |
| 2410 | HISGX | Investor Class |
| **Harbor Small Cap Value Fund** | **Harbor Small Cap Value Fund** | **Harbor Small Cap Value Fund** |
| 2522 | HNVRX | Retirement Class |
| 2022 | HASCX | Institutional Class |
| 2222 | HSVRX | Administrative Class |
| 2422 | HISVX | Investor Class |

---

------

**Updates Available** 

For updates on the Harbor Funds following the end of each calendar quarter, please visit our website at *harborcapital.com*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![](g458923img237ca95054.gif)

[THIS PAGE INTENTIONALLY LEFT BLANK]

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![](g458923img779850ab55.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| ![(Lighthouse Logo)](g458923img038be0ae56.jpg) | **For more information** |
| ![(Lighthouse Logo)](g458923img038be0ae56.jpg) | &nbsp;&nbsp; **For investors who would like more information about the Funds, the following** <br> **documents are available upon request:**<br>|

---

**Annual/Semi-Annual Reports** 

Additional information about the each Fund's investments is available in the Funds' annual and semi-annual reports to shareholders. The annual report contains a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year.

**Statement of Additional Information (SAI)** 

The SAI provides more detailed information about each Fund and is incorporated into this prospectus by reference and therefore is legally part of this prospectus.

This prospectus is not an offer to sell securities in places other than the United States, its territories, and those countries where shares of a Fund are registered for sale.

**Investment Adviser** 

Harbor Capital Advisors, Inc.

111 South Wacker Drive, 34th Floor

Chicago, IL 60606-4302

312-443-4400

**Distributor** 

Harbor Funds Distributors, Inc.

111 South Wacker Drive, 34th Floor

Chicago, IL 60606-4302

312-443-4600

**Shareholder Inquiries** 

P.O. Box 804660

Chicago, IL 60680-4108

800-422-1050

**Obtain Documents** 

Free copies of the annual and semi-annual reports, the SAI, and other information about the Funds are available:

---

| | |
|:---|:---|
| ![(Globe Icon)](g458923img4e7daf2157.jpg)<br>| harborcapital.com |
| ![(Phone Icon)](g458923imgada3e08558.jpg)<br>| 800-422-1050 |
| ![](g458923img7c850c0859.jpg)<br>| &nbsp;&nbsp; Harbor Funds<br> P.O. Box 804660<br> Chicago, IL 60680-4108<br>|

---

Investors may get text-only copies:

---

| | |
|:---|:---|
| ![(Globe Icon)](g458923img4e7daf2157.jpg)<br>| sec.gov |
| ![(Envelope Icon)](g458923img332ef4a460.jpg)<br>| publicinfo@sec.gov (for a fee) |

---

**Trustees & Officers** 

---

| | |
|:---|:---|
| **Charles F. McCain**<br> *Chairman, President & Trustee*<br> **Scott M. Amero**<br> *Trustee*<br> **Donna J. Dean**<br> *Trustee*<br> **Robert Kasdin**<br> *Trustee*<br> **Kathryn L. Quirk**<br> *Trustee*<br> **Douglas J. Skinner**<br> *Trustee*<br> **Ann M. Spruill**<br> *Trustee*<br> **Landis Zimmerman**<br> *Trustee*<br>| &nbsp;&nbsp; **Erik D. Ojala**<br> *Chief Compliance Officer*<br> **John M. Paral**<br> *Treasurer*<br> **Kristof M. Gleich**<br> *Vice President*<br> **Gregg M. Boland**<br> *Vice President and* <br> *AML Compliance Officer*<br> **Richard C. Sarhaddi**<br> *Vice President*<br> **Lora A. Kmieciak**<br> *Vice President*<br> **Diane J. Johnson**<br> *Vice President*<br> **Diana R. Podgorny**<br> *Secretary*<br> **Lana M. Lewandowski**<br> *Assistant Secretary*<br>|

---

Investment Company Act File No. 811-4676

FD.P.0323

------

![](g458923imgc5ca512d1.jpg)

111 South Wacker Drive, 34<sup>th</sup> Floor

Chicago, IL 60606-4302

harborcapital.com

------

**STATEMENT OF ADDITIONAL INFORMATION – March 1, 2023**

------

Harbor Funds ("Harbor" or the "Trust") is an open-end management investment company (or mutual fund) registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and includes the following series (individually or collectively referred to as a "Fund" or the "Funds").

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Retirement**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Administrative**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| Harbor Capital Appreciation Fund | HNACX | HACAX | HRCAX | HCAIX |
| Harbor Convertible Securities Fund | HNCVX | HACSX | HRCSX | HICSX |
| Harbor Core Bond Fund | HCBRX | HACBX | -- | -- |
| Harbor Core Plus Fund | HBFRX | HABDX | HRBDX | -- |
| Harbor Disruptive Innovation Fund | HNMGX | HAMGX | HRMGX | HIMGX |
| Harbor Diversified International All Cap Fund | HNIDX | HAIDX | HRIDX | HIIDX |
| Harbor Global Leaders Fund | HNGIX | HGGAX | HRGAX | HGGIX |
| Harbor International Fund | HNINX | HAINX | HRINX | HIINX |
| Harbor International Core Fund (formerly, Harbor Overseas Fund) | HAORX | HAOSX | HAOAX | HAONX |
| Harbor International Growth Fund | HNGFX | HAIGX | HRIGX | HIIGX |
| Harbor International Small Cap Fund | HNISX | HAISX | HRISX | HIISX |
| Harbor Large Cap Value Fund | HNLVX | HAVLX | HRLVX | HILVX |
| Harbor Mid Cap Fund | HMCRX | HMCLX | HMCDX | HMCNX |
| Harbor Mid Cap Value Fund | HNMVX | HAMVX | HRMVX | HIMVX |
| Harbor Small Cap Growth Fund | HNSGX | HASGX | HRSGX | HISGX |
| Harbor Small Cap Value Fund | HNVRX | HASCX | HSVRX | HISVX |

---

This Statement of Additional Information is not a prospectus, but provides additional information that should be read in conjunction with the Prospectus of the respective Fund dated March 1, 2023, as amended or supplemented from time to time. Additional information about each Fund's investments is available at *harborcapital.com* or in the respective Fund's Annual and Semi-Annual reports to shareholders. Investors can obtain free copies of the Prospectus and the Statement of Additional Information, the Annual Reports, which contain the Funds' audited financial statements, the Semi-Annual Reports, request other information and discuss their questions about the Funds by calling 800-422-1050, by writing to Harbor Funds at 111 South Wacker Drive, 34<sup>th</sup> Floor, Chicago, IL 60606-4302 or by visiting our website at *harborcapital.com*. The financial statements of the Funds as of and for the period ended October 31, 2022, have been audited by Ernst & Young LLP, an independent registered public accounting firm, and are incorporated by reference in this Statement of Additional Information.

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**TABLE OF CONTENTS**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| [ADDITIONAL POLICIES AND INVESTMENT TECHNIQUES](#xx_cbb4575b-5c57-4363-b0ae-036b6fe93eff_1) | 1 |
| [Investment Policies](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_1) | 2 |
| [Asset-Backed Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_4) | 5 |
| [Below Investment-Grade Fixed Income Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_4) | 5 |
| [Borrowing](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_6) | 7 |
| [Cash Equivalents](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_6) | 7 |
| [Collateralized Debt Obligations](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_6) | 7 |
| [Common Stocks](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_7) | 8 |
| [Convertible Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_7) | 8 |
| [Cybersecurity Risks](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_7) | 8 |
| [Delayed Funding and Revolving Credit Facilities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_8) | 9 |
| [Derivative Instruments](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_8) | 9 |
| [Duration](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_14) | 15 |
| [Event-Linked Exposure](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_15) | 16 |
| [Fixed Income Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_15) | 16 |
| [Foreign Currency Transactions](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_15) | 16 |
| [Foreign Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_17) | 18 |
| [Forward Commitments and When-Issued Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_20) | 21 |
| [Illiquid Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_21) | 22 |
| [Inflation-Indexed Bonds](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_21) | 22 |
| [Interfund Lending](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_22) | 23 |
| [Investments in Other Investment Companies](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_23) | 24 |
| [Liquidation of Funds](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_23) | 24 |
| [Loan Originations, Participations and Assignments](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_23) | 24 |
| [Mortgage "Dollar Roll" Transactions](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_24) | 25 |
| [Mortgage-Backed Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_25) | 26 |
| [Municipal Bonds](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_27) | 28 |
| [Partnership Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_28) | 29 |
| [Preferred Stocks](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_29) | 30 |
| [Real Estate Investment Trusts](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_29) | 30 |
| [Regulatory Risk and Other Market Events](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_29) | 30 |
| [Repurchase Agreements](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_30) | 31 |
| [Restricted Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_30) | 31 |
| [Reverse Repurchase Agreements](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_30) | 31 |
| [Rights and Warrants](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_31) | 32 |
| [Securities Lending](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_31) | 32 |
| [Short Sales](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_31) | 32 |
| [Small to Mid Companies](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_32) | 33 |
| [Sovereign Debt Obligations](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_32) | 33 |
| [Special Purpose Acquisition Companies](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_32) | 33 |
| [Structured Products](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_33) | 34 |
| [Trust-Preferred Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_35) | 36 |
| [U.S. Government Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_35) | 36 |
| [Variable and Floating Rate Securities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_36) | 37 |
| [Variable Interest Entities](#xx_7d33a145-500e-49e5-bfe7-d412939b77f7_36) | 37 |
| [Investment Restrictions](#xx_b1dc8879-b780-441d-8f15-2bddcc08cb09_1) | 38 |
| [Fundamental Investment Restrictions](#xx_b1dc8879-b780-441d-8f15-2bddcc08cb09_1) | 38 |
| [Non-Fundamental Investment Restrictions](#xx_b1dc8879-b780-441d-8f15-2bddcc08cb09_2) | 39 |
| [Trustees and Officers](#xx_a24982d9-9129-4fd9-8cd7-97885e7f5e9f_1) | 40 |
| [The AdvisOr and SubadvisOrs](#xx_166f2a4c-6884-4905-96de-3358ff55f50d_1) | 49 |
| [The Portfolio Managers](#xx_744aaa9d-036b-49bb-9164-94cb9a1da965_1) | 54 |
| [The Distributor](#xx_8620e52c-8f83-417d-992b-e0946fd289e8_1) | 72 |
| [Shareholder Services](#xx_b550ffe7-6adf-4d51-846e-ebfa256eb8ac_1) | 75 |
| [Code of Ethics](#xx_d94f1141-19fb-425b-bbe6-a5967a788017_1) | 76 |
| [Portfolio Holdings](#xx_395497d1-e1e8-4d23-a32c-316d194118d9_1) | 77 |
| [Proxy Voting](#xx_9690ad89-b39f-41ab-9d90-4e9c45f62286_1) | 80 |
| [Proxy Voting Guidelines](#xx_9690ad89-b39f-41ab-9d90-4e9c45f62286_3) | 82 |
| [Portfolio Transactions](#xx_3681fb82-9784-4afe-a284-444305ed2843_1) | 83 |
| [Net Asset Value](#xx_4df39929-5b86-4d1c-a51f-7439586a0a34_1) | 87 |
| [Tax Information](#xx_df5ca962-726b-4db4-a883-7e5bedcba918_1) | 89 |
| [Organization and Capitalization](#xx_c85842d7-b069-4eea-9090-5b75deca7e73_1) | 95 |
| [Custodian](#xx_70864afa-a443-4974-a37e-faea03f6bdcc_1) | 103 |
| [Independent Registered Public Accounting Firm and Financial Statements](#xx_b6fc4776-5fb7-434b-b0b5-9a3e920a852c_1) | 104 |
| [Appendix a – Proxy Voting](#xx_b5de7571-1407-40b7-b9c0-07e59715a664_1) | 105 |

---

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**ADDITIONAL POLICIES AND INVESTMENT TECHNIQUES**

------

Each Fund is a diversified management investment company that has its own investment objective that it pursues through separate investment policies, as described in the Prospectus and below. The following discussion elaborates on the presentation of certain of the Funds' investment policies contained in the Prospectus.

A Fund may temporarily depart from its normal investment policies and strategies when the Fund's Subadvisor and/or the Advisor, as applicable, believes that doing so is in the Fund's best interest, so long as the strategy or policy employed is consistent with the Funds investment objective. For instance, a Fund may invest beyond its normal limits in derivatives or exchange traded funds that are consistent with the Fund's investment objective when those instruments are more favorably priced or provide needed liquidity, as might be the case if the Fund is transitioning assets from one Subadvisor to another or receives large cash flows that it cannot prudently invest immediately.

In addition, a Fund may take temporary defensive positions that are inconsistent with its normal investment policies and strategies—for instance, by allocating substantial assets to cash equivalent investments or other less volatile instruments— in response to adverse or unusual market, economic, political, or other conditions. In doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objective.

------

**80% Requirement** 

Certain Funds are subject to an 80% investment policy, as set forth in its prospectus. Such a Fund need not sell non-qualifying securities that appreciated in value in order to bring its investments in compliance with the 80% requirement. However, any future investments must be made in a manner to bring the Fund's investments in compliance with the 80% requirement. This policy may be changed by the Fund upon 60 days' advanced notice to the shareholders.

The market value of derivatives that have economic characteristics similar to the investments included in a Fund's 80% policy will be counted for purposes of this policy.

------

**Investment Policies**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **✓ Applicable** | **Harbor**<br> **Capital**<br> **Appreciation**<br> **Fund**<br>| **Harbor**<br> **Convertible**<br> **Securities**<br> **Fund**<br>| **Harbor**<br> **Core**<br> **Bond**<br> **Fund**<br>| **Harbor**<br> **Core Plus**<br> **Fund**<br>| **Harbor**<br> **Disruptive**<br> **Innovation**<br> **Fund**<br>| **Harbor**<br> **Diversified**<br> **International**<br> **All Cap**<br> **Fund**<br>|
| Asset-Backed Securities |  |  | ✓ | ✓ |  |  |
| Below Investment-Grade Fixed Income Securities |  | ✓ |  |  |  |  |
| Borrowing | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash Equivalents | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Collateralized Debt Obligations |  |  | ✓ | ✓ |  |  |
| Common Stocks | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Convertible Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cybersecurity Risks | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Delayed Funding and Revolving Credit Facilities |  | ✓ | ✓ | ✓ |  |  |
| Derivative Instruments | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Duration |  | ✓ | ✓ | ✓ |  |  |
| Event-Linked Exposure |  | ✓ |  |  |  |  |
| Fixed Income Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Foreign Currency Transactions | ✓ | ✓ |  | ✓ | ✓ | ✓ |
| Foreign Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Forward Commitments and When-Issued Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Illiquid Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Inflation-Indexed Bonds |  |  | ✓ | ✓ |  |  |
| Interfund Lending | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Investments in Other Investment Companies | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Liquidation of Funds | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Loan Originations, Participations and Assignments |  | ✓ | ✓ | ✓ |  |  |
| Mortgate "Dollar Roll" Transactions |  |  | ✓ | ✓ |  |  |
| Mortgage-Backed Securities |  |  | ✓ | ✓ |  |  |
| Municipal Bonds |  |  | ✓ | ✓ |  |  |
| Partnership Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Preferred Stocks | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Real Estate Investment Trusts | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Regulatory Risk and Other Market Events | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Repurchase Agreements | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Restricted Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Reverse Repurchase Agreements |  | ✓ |  |  |  |  |
| Rights and Warrants | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Securities Lending | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Short Sales | ✓ | ✓ | ✓ | ✓ | ✓ |  |
| Small to Mid Companies | ✓ | ✓ |  |  | ✓ | ✓ |
| Sovereign Debt Obligation | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Special Purpose Acquisition Companies |  |  |  |  | ✓ |  |
| Structured Products |  |  | ✓ | ✓ |  |  |
| Trust-Preferred Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| U.S. Government Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Variable and Floating Rate Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Variable Interest Entities |  |  |  |  |  | ✓ |

---

------

**Investment Policies**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **✓ Applicable** | **Harbor**<br> **Global**<br> **Leaders**<br> **Fund**<br>| **Harbor**<br> **International**<br> **Fund**<br>| **Harbor**<br> **International**<br> **Core Fund**<br> **(formerly,** <br> **Harbor**<br> **Overseas Fund)**<br>| **Harbor**<br> **International**<br> **Growth**<br> **Fund**<br>| **Harbor**<br> **International**<br> **Small Cap**<br> **Fund**<br>| **Harbor**<br> **Large Cap**<br> **Value**<br> **Fund**<br>|
| Asset-Backed Securities |  |  |  |  |  |  |
| Below Investment-Grade Fixed Income Securities |  |  |  |  |  |  |
| Borrowing | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash Equivalents | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Collateralized Debt Obligations |  |  |  |  |  |  |
| Common Stocks | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Convertible Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cybersecurity Risks | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Delayed Funding and Revolving Credit Facilities |  |  |  |  |  |  |
| Derivative Instruments | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Duration |  |  |  |  |  |  |
| Event-Linked Exposure |  |  |  |  |  |  |
| Fixed Income Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Foreign Currency Transactions | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Foreign Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Forward Commitments and When-Issued Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Illiquid Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Inflation-Indexed Bonds |  |  |  |  |  |  |
| Interfund Lending | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Investments in Other Investment Companies | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Liquidation of Funds | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Loan Originations, Participations and Assignments |  |  |  |  |  |  |
| Mortgate "Dollar Roll" Transactions |  |  |  |  |  |  |
| Mortgage-Backed Securities |  |  |  |  |  |  |
| Municipal Bonds |  |  |  |  |  |  |
| Partnership Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Preferred Stocks | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Real Estate Investment Trusts | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Regulatory Risk and Other Market Events | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Repurchase Agreements | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Restricted Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Reverse Repurchase Agreements |  |  |  |  |  |  |
| Rights and Warrants | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Securities Lending | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Short Sales | ✓ |  | ✓ |  | ✓ | ✓ |
| Small to Mid Companies | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Sovereign Debt Obligation | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Special Purpose Acquisition Companies |  |  |  |  |  |  |
| Structured Products |  |  |  |  |  |  |
| Trust-Preferred Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| U.S. Government Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Variable and Floating Rate Securities | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Variable Interest Entities | ✓ | ✓ | ✓ | ✓ | ✓ |  |

---

------

**Investment Policies**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **✓ Applicable** | **Harbor**<br> **Mid Cap**<br> **Fund**<br>| **Harbor**<br> **Mid Cap**<br> **Value**<br> **Fund**<br>| **Harbor**<br> **Small Cap**<br> **Growth**<br> **Fund**<br>| **Harbor**<br> **Small Cap**<br> **Value**<br> **Fund**<br>|
| Asset-Backed Securities |  |  |  |  |
| Below Investment-Grade Fixed Income Securities |  |  |  |  |
| Borrowing | ✓ | ✓ | ✓ | ✓ |
| Cash Equivalents | ✓ | ✓ | ✓ | ✓ |
| Collateralized Debt Obligations |  |  |  |  |
| Common Stocks | ✓ | ✓ | ✓ | ✓ |
| Convertible Securities | ✓ | ✓ | ✓ | ✓ |
| Cybersecurity Risks | ✓ | ✓ | ✓ | ✓ |
| Delayed Funding and Revolving Credit Facilities |  |  |  |  |
| Derivative Instruments | ✓ | ✓ | ✓ | ✓ |
| Duration |  |  |  |  |
| Event-Linked Exposure |  |  |  |  |
| Fixed Income Securities | ✓ | ✓ | ✓ | ✓ |
| Foreign Currency Transactions | ✓ | ✓ | ✓ | ✓ |
| Foreign Securities | ✓ | ✓ | ✓ | ✓ |
| Forward Commitments and When-Issued Securities | ✓ | ✓ | ✓ | ✓ |
| Illiquid Securities | ✓ | ✓ | ✓ | ✓ |
| Inflation-Indexed Bonds |  |  |  |  |
| Interfund Lending | ✓ | ✓ | ✓ | ✓ |
| Investments in Other Investment Companies | ✓ | ✓ | ✓ | ✓ |
| Liquidation of Funds | ✓ | ✓ | ✓ | ✓ |
| Loan Originations, Participations and Assignments |  |  |  |  |
| Mortgate "Dollar Roll" Transactions |  |  |  |  |
| Mortgage-Backed Securities |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| Partnership Securities | ✓ | ✓ | ✓ | ✓ |
| Preferred Stocks | ✓ | ✓ | ✓ | ✓ |
| Real Estate Investment Trusts | ✓ | ✓ | ✓ | ✓ |
| Regulatory Risk and Other Market Events | ✓ | ✓ | ✓ | ✓ |
| Repurchase Agreements | ✓ | ✓ | ✓ | ✓ |
| Restricted Securities | ✓ | ✓ | ✓ | ✓ |
| Reverse Repurchase Agreements |  |  |  |  |
| Rights and Warrants | ✓ | ✓ | ✓ | ✓ |
| Securities Lending | ✓ | ✓ | ✓ | ✓ |
| Short Sales | ✓ | ✓ | ✓ | ✓ |
| Small to Mid Companies | ✓ | ✓ | ✓ | ✓ |
| Sovereign Debt Obligation | ✓ | ✓ | ✓ | ✓ |
| Special Purpose Acquisition Companies |  |  |  |  |
| Structured Products |  |  |  |  |
| Trust-Preferred Securities | ✓ | ✓ | ✓ | ✓ |
| U.S. Government Securities | ✓ | ✓ | ✓ | ✓ |
| Variable and Floating Rate Securities | ✓ | ✓ | ✓ | ✓ |
| Variable Interest Entities |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The investment policies below are applicable to each Fund as indicated in the preceding table. Unless otherwise noted, each Fund may make the types of investments, and is subject to the types of risks, described in each applicable investment policy.

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**Investment Policies**

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**Asset-Backed Securities** 

Permitted investments include asset-backed securities and in securities that represent individual interests in pools of consumer loans and trade receivables similar in structure to mortgage-backed securities. The assets are securitized either in a pass-through structure (similar to a mortgage pass-through structure) or in a pay-through structure (similar to a collateralized mortgage obligation ("CMO") structure). Although the collateral supporting asset-backed securities generally is of a shorter maturity than mortgage loans and historically has been less likely to experience substantial prepayments, no assurance can be given as to the actual maturity of an asset-backed security because prepayments of principal may be made at any time. Payments of principal and interest typically are supported by some form of credit enhancement, such as a letter of credit, surety bond, limited guarantee by another entity or having a priority to certain of the borrower's other securities. The degree of credit enhancement varies, and generally applies to only a fraction of the asset-backed security's par value until exhausted. If the credit enhancement of an asset-backed security held by a Fund has been exhausted, and if any required payments of principal and interest are not made with respect to the underlying loans, a Fund may experience losses or delays in receiving payment.

Other types of mortgage-backed and asset-backed securities may be developed in the future, and a Fund may invest in them if the relevant Fund's Subadvisor and/or the Advisor, as applicable, determines they are consistent with the Fund's investment objectives and policies.

Asset-backed securities entail certain risks not presented by mortgage-backed securities. Asset-backed securities do not have the benefit of the same type of security interest in the related collateral. Asset-backed securities are often subject to more rapid repayment than their stated maturity date would indicate as a result of the pass-through of prepayments of principal on the underlying loans. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate. Accordingly, a Fund's ability to maintain positions in these securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.

In a rising interest rate environment, a declining prepayment rate will extend the average life of many mortgage-backed securities. This possibility is often referred to as extension risk. Extending the average life of a mortgage-backed security increases the risk of depreciation due to future increases in market interest rates.

Credit card receivables are generally unsecured and the debtors on such receivables are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set-off certain amounts owed on the credit cards, thereby reducing the balance due. Automobile receivables generally are secured, but by automobiles rather than residential real property. Most issuers of automobile receivables permit the loan servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the asset-backed securities. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have a proper security interest in the underlying automobiles. Therefore, there is the possibility that, in some cases, recoveries on repossessed collateral may not be available to support payments on these securities.

------

**Below Investment-Grade Fixed Income Securities** 

Below investment-grade fixed income securities are considered predominantly speculative by traditional investment standards. In some cases, these securities may be highly speculative and have poor prospects for reaching investment-grade standing. Below investment-grade fixed income securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer's inability to meet principal and interest obligations. These securities may be subject to greater price volatility due to such factors as corporate developments, interest rate sensitivity, negative perceptions of the high-yield markets generally and limited secondary market liquidity. Such securities are also issued by less-established corporations desiring to expand. Risks associated with acquiring the securities of such issuers generally are greater than is the case with higher rated securities because such issuers are often less creditworthy companies or are highly leveraged and generally less able than more established or less leveraged entities to make scheduled payments of principal and interest.

The market values of high-yield, fixed income securities tend to reflect individual corporate developments to a greater extent than do those of higher rated securities, which react primarily to fluctuations in the general level of interest rates. Issuers of such high-yield securities may not be able to make use of more traditional methods of financing and their ability to service debt obligations may be more adversely affected than issuers of higher rated securities by economic downturns, specific corporate developments or the issuers' inability to meet specific projected business forecasts. These below investment-grade securities also tend to be more sensitive to economic conditions than higher-rated securities. Negative publicity about the high-yield bond market and investor perceptions regarding lower rated securities, whether or not based on the Fund's fundamental analysis, may depress the prices for such securities.

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**Investment Policies**

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**Below Investment-Grade** 

**Fixed Income** 

**Securities — Continued**

Since investors generally perceive that there are greater risks associated with below investment-grade securities of the type in which the Fund invests, the yields and prices of such securities may tend to fluctuate more than those for higher rated securities. In the lower quality segments of the fixed income securities market, changes in perceptions of issuers' creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the fixed income securities market, resulting in greater yield and price volatility.

Another factor which causes fluctuations in the prices of fixed income securities is the supply and demand for similarly rated securities. In addition, the prices of fixed income securities fluctuate in response to the general level of interest rates. Fluctuations in the prices of portfolio securities subsequent to their acquisition will not affect cash income from such securities but will be reflected in a Fund's net asset value.

The risk of loss from default for the holders of high-yield, fixed income securities is significantly greater than is the case for holders of other debt securities because such high-yield, fixed income securities are generally unsecured and are often subordinated to the rights of other creditors of the issuers of such securities.

The secondary market for high-yield, fixed income securities is dominated by institutional investors, including mutual fund portfolios, insurance companies and other financial institutions. Accordingly, the secondary market for such securities is not as liquid as and is more volatile than the secondary market for higher rated securities. In addition, the trading volume for high-yield, fixed income securities is generally lower than that of higher rated securities and the secondary market for high-yield, fixed income securities could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. These factors may have an adverse effect on a Fund's ability to dispose of particular portfolio investments. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating a Fund's net asset value. A less liquid secondary market may also make it more difficult for a Fund to obtain precise valuations of the high-yield securities in its portfolio.

Federal legislation could adversely affect the secondary market for high-yield securities and the financial condition of issuers of these securities. The form of any proposed legislation and the probability of such legislation being enacted is uncertain.

Below investment-grade or high-yield, fixed income securities also present risks based on payment expectations. High-yield, fixed income securities frequently contain "call" or "buy-back" features, which permit the issuer to call or repurchase the security from its holder. If an issuer exercises such a "call option" and redeems the security, a Fund may have to replace such security with a lower yielding security, resulting in a decreased return for investors. A Fund may also incur additional expenses to the extent that it is required to seek recovery upon default in the payment of principal or interest on a portfolio security.

Credit ratings issued by credit rating agencies are designed to evaluate the safety of principal and interest payments of rated securities. They do not, however, evaluate the market value risk of below investment-grade securities and, therefore, may not fully reflect the true risks of an investment. In addition, credit rating agencies may or may not make timely changes in a rating to reflect changes in the economy or in the conditions of the issuer that affect the market value of the security. Consequently, credit ratings are used only as preliminary indicators of investment quality. Investments in below investment-grade and comparable unrated obligations will be more dependent on credit analysis by each Fund's Subadvisor and/or the Advisor, as applicable, than would be the case with investments in investment-grade debt obligations. Each Fund's Subadvisor and/or the Advisor, as applicable, employs their own credit research and analysis, which includes a study of an issuer's existing debt, capital structure, ability to service debt and to pay dividends, the issuer's sensitivity to economic conditions, its operating history and the current trend of earnings. Each Fund's Subadvisor and/or the Advisor, as applicable, monitors the investments in each Fund's portfolio and evaluate whether to dispose of or to retain below investment-grade and comparable unrated securities whose credit ratings or credit quality may have changed. There can be no assurance that the analysis of the Fund's Subadvisor and/or the Advisor, as applicable, will be accurate or complete. A Fund may be subject to substantial losses in the event of credit deterioration or bankruptcy of one or more issuers or reference obligors in its portfolio.

There are special tax considerations associated with investing in bonds, including high-yield bonds, structured as zero coupon or payment-in-kind securities. For example, a Fund is required to report the accrued interest on these securities as current income each year even though it may receive no cash interest until the security's maturity or payment date. The Fund may be required to sell some of its assets to obtain cash to distribute to shareholders in order to satisfy the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"), with respect to such accrued interest. These actions are likely to reduce the Fund's assets and may thereby increase its expense ratio and decrease its rate of return.

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**Investment Policies**

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**Borrowing** 

Borrowing is permitted for temporary administrative or emergency purposes and this borrowing may be unsecured. Borrowing may exaggerate the effect on any increase or decrease in the market value of the Fund's portfolio. Money borrowed will be subject to interest costs, which may or may not be recovered by appreciation of the securities purchased. The Fund also may be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

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**Cash Equivalents** 

Cash equivalents include short-term obligations issued or guaranteed as to interest and principal by the U.S. government or any agency or instrumentality thereof (including repurchase agreements collateralized by such securities). The Fund may also invest in obligations of domestic and/or foreign banks, which include certificates of deposit, bankers' acceptances and fixed time deposits. The Fund may also invest in obligations of other banks or savings and loan associations if such obligations are insured by the Federal Deposit Insurance Corporation ("FDIC"). Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions and the remaining maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party, although there is no market for such deposits.

Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of U.S. banks, including the possibilities that their liquidity could be impaired because of further political and economic developments, that their obligations may be less marketable than comparable obligations of U.S. banks, that a foreign jurisdiction might impose withholding taxes on interest income payable on those obligations, that foreign deposits may be seized or nationalized, that foreign governmental restrictions such as exchange controls may be adopted which might adversely affect the payment of principal and interest on those obligations and that the selection of those obligations may be more difficult because there may be less publicly available information concerning foreign banks or the accounting, auditing, and financial reporting standards, practices and requirements applicable to foreign banks may differ from those applicable to U.S. banks. Foreign banks are not generally subject to examination by any U.S. government agency or instrumentality.

The Fund may also invest in commercial paper that at the date of investment is rated at least A-1 by S&P, P-1 by Moody's or F-1 by Fitch Ratings (P-3 for Harbor Core Plus Fund) or, if not rated, is issued or guaranteed as to payment of principal and interest by companies that at the date of investment have an outstanding debt issue rated AA or better by S&P or equivalently rated by Moody's or Fitch Ratings; short-term corporate obligations that at the date of investment are rated AA or better by S&P or equivalently rated by Moody's or Fitch Ratings, and other debt instruments, including unrated instruments, determined to be of comparable high quality and liquidity.

The Fund may hold cash and invest in cash equivalents pending investment of proceeds from new sales or to meet ordinary daily cash needs.

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**Collateralized Debt Obligations** 

Collateralized debt obligations ("CDOs") include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a security issued by a trust that is backed by a diversified pool of high risk, below investment-grade fixed income securities. A CLO is a security issued by a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment-grade or equivalent unrated loans.

For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche, which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than their underlying securities and can be rated investment-grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, and aversion to CBO or CLO securities as a class.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a Fund as illiquid securities. However, an active dealer market may

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**Investment Policies**

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**Collateralized Debt** 

**Obligations — Continued**

exist for CDOs allowing a CDO to qualify for transactions under Rule 144A of the 1933 Act. In addition to the normal risks associated with fixed income securities discussed elsewhere in this SAI and the Fund's prospectuses (i.e.*,* interest rate risk and default risk), CDOs carry additional risks including, but are not limited to, the possibility that: (i) distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) a Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. These risks have recently led to actual defaults and market losses on CDOs known as "structured investment vehicles" or "SIVs."

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**Common Stocks** 

Common stocks are shares of a corporation or other entity that entitle the holder to a pro rata share of the profits of the corporation, if any, without preference over any other shareholder or class of shareholders. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock. Common stock usually carries with it the right to vote and frequently, an exclusive right to do so.

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**Convertible Securities** 

Convertible securities are bonds, preferred stocks and other securities that normally pay a fixed rate of interest or dividend and give the owner the option to convert the security into common stock. While the value of convertible securities depends in part on interest rate changes and the credit quality of the issuer, the price will also change based on the price of the underlying stock. While convertible securities generally have less potential for gain than common stock, their income provides a cushion against the stock price's decline. They generally pay less income than non-convertible bonds.

***CONTINGENT CONVERTIBLE INSTRUMENTS*** 

Contingent convertible securities ("CoCos") are a form of hybrid debt security that are intended to either convert into equity or have their principal written down upon the occurrence of certain "triggers." The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution's continued viability as a going-concern. CoCos' unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. Some additional risks associated with CoCos include, but are not limited to:

◾

*Loss absorption risk.* CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution's discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses.

◾

*Subordinated instruments.* CoCos will, in the majority of circumstances, be issued in the form of subordinated debt instruments in order to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution or winding-up of an issuer prior to a conversion having occurred, the rights and claims of the holders of the CoCos (such as a Fund) against the issuer with respect to or arising under the terms of the CoCos shall generally rank junior to the claims of all holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer's underlying equity securities following a trigger, each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument.

◾

*Market value will fluctuate based on unpredictable factors.* The value of CoCos is unpredictable and will be influenced by many factors including, without limitation: (i) the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; (ii) supply and demand for the CoCos; (iii) general market conditions and available liquidity; and (iv) economic, financial and political events that affect the issuer, its particular market or the financial markets in general.

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**Cybersecurity Risks** 

As the use of technology increases, a Fund may be more susceptible to operational risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause a Fund to lose proprietary information, suffer data corruption, or lose operational capacity. Cyber attacks include, among other things, stealing or corrupting confidential information and other data that is maintained online or digitally for financial gain, denial-of-service attacks on websites causing operational disruption, and the unauthorized release of confidential information and other data.

Cybersecurity breaches affecting a Fund or the Advisor, each Fund's Subadvisor(s) custodian, transfer agent, other third-party service providers, intermediaries and others may adversely impact a Fund and its shareholders. A cybersecurity breach may cause disruptions and impact the Funds' business operations, which could potentially result in financial losses, inability to determine a Fund's net asset value, impediments to trading, reputational damage, the inability of shareholders to transact business, violation of applicable law, regulatory penalties and/or fines, and compliance and other costs. Indirect cybersecurity breaches at third-party service providers, intermediaries, trading counterparties, governmental

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**Investment Policies**

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**Cybersecurity Risks —** 

**Continued**

and other regulatory authorities, and exchange and other financial market operators may subject a Fund's shareholders to the same risks associated with direct cybersecurity breaches. Further, indirect cybersecurity breaches at an issuer of securities in which a Fund invests may similarly negatively impact a Fund's shareholders because of a decrease in the value of these securities.

The Trust has established policies and procedures designed to reduce the risks associated with cybersecurity breaches and other operational disruptions. However, there is no guarantee that such efforts will succeed, especially since the Trust does not directly control the cybersecurity systems of issuers or third-party service providers. There is a risk that cybersecurity breaches will not be detected. In addition, there are inherent limitations to these policies and procedures and certain risks may not yet be identified and new risks may emerge in the future. The Funds and their shareholders could be negatively impacted as a result of any cybersecurity breaches or operational disruptions.

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**Delayed Funding and Revolving Credit Facilities** 

Delayed funding loans and revolving credit facilities are borrowing arrangements in which the lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. A revolving credit facility differs from a delayed funding loan in that as the borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest. These commitments may have the effect of requiring a Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid).

The Fund may invest in delayed funding loans and revolving credit facilities with credit quality comparable to that of issuers of its securities investments. Delayed funding loans and revolving credit facilities may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, a Fund may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value. The Fund currently intend to treat delayed funding loans, and revolving credit facilities for which there is no readily available market, as illiquid for purposes of the limitation on illiquid investments. Participation interests in revolving credit facilities will be subject to the limitations discussed in "Loan Participations and Assignments." Delayed funding loans and revolving credit facilities are considered to be debt obligations for purposes of each Fund's investment restriction relating to the lending of funds or assets by a Fund.

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**Derivative Instruments** 

Derivative instruments are securities or contracts that provide for payments based on or "derived" from the performance of an underlying asset, index or other economic benchmark. Essentially, a derivative instrument is a financial arrangement or a contract either entered into between two parties (unlike a stock or a bond) or traded on an exchange and subject to central clearing. Transactions in derivative instruments can be, but are not necessarily, riskier than investments in conventional stocks, bonds and money market instruments.

A derivative instrument is more accurately viewed as a way of reallocating risk among different parties or substituting one type of risk for another. Every investment by the Fund, including an investment in conventional securities, reflects an implicit prediction about future changes in the value of that investment. Every Fund investment also involves a risk that the expectations of the Subadvisor and/or the Advisor, as applicable, will be wrong. Transactions in derivative instruments often enable the Fund to take investment positions that more precisely reflect the expectations of the Subadvisor and/or the Advisor, as applicable, concerning the future performance of the various investments available to the Fund. Derivative instruments can be a legitimate and often cost-effective method of accomplishing the same investment goals as could be achieved through other investments in conventional securities.

Derivative contracts include options, futures contracts and swap agreements. The principal risks associated with derivative instruments are:

◾

<u>Market Risk</u>: The risk that the instrument will decline in value or that an alternative investment would have appreciated more, but this is similar to the risk of investing in conventional securities.

◾

<u>Leverage And Associated Price Volatility</u>: Leverage causes increased volatility in the price of the derivative and magnifies the impact of adverse market changes, but this risk may be consistent with the investment objective of even a conservative fund in order to achieve an average portfolio volatility that is within the expected range for that type of fund.

◾

<u>Counterparty Credit Risk</u>: The use of an over-the-counter derivative instrument involves the risk that a loss may be sustained as a result of the failure of another party to the contract (usually referred to as a "counterparty") to make required payments or otherwise comply with the contract's terms. For example, in an option contract, this involves the risk to the option buyer that the writer will not buy or sell the underlying asset as agreed. In general, counterparty risk can be reduced by having an organization with extremely good credit act as an intermediary between

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**Investment Policies**

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**Derivative Instruments —** 

**Continued**

the two parties. Currently, some derivatives such as certain interest rate swaps and certain credit default index swaps are subject to central clearing. Central clearing is expected to reduce counterparty credit risk, but central clearing does not make derivatives risk-free.

◾

<u>Liquidity And Valuation Risk</u>: Many derivative instruments are traded in institutional markets rather than on an exchange. Nevertheless, many derivative instruments are actively traded and can be priced generally with as much accuracy as conventional securities. Derivative instruments that are custom-designed to meet the specialized investment needs of a relatively narrow group of institutional investors, may be less liquid and more difficult to value. Derivatives also can create the risk that a Fund will need to make ongoing margin and settlement payments required under the transaction.

◾

<u>Correlation Risk</u>: There may be imperfect correlation between the price of the derivative and the underlying asset. For example, there may be price disparities between the trading markets for the derivative contract and the underlying asset.

◾

<u>Operational Risk</u>: The risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error.

◾

<u>Legal Risk:</u> The risk that there is insufficient documentation, insufficient capacity or authority of the counterparty, or legality or enforceability of a contract.

Rule 18f-4 prescribes parameters for the use of derivatives, reverse repurchase agreements and certain other transactions by registered investment companies. Rule 18f-4 requires the Fund to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to value-at-risk ("VaR") leverage limits and derivatives risk management program and reporting requirements. Generally, these requirements apply unless the Fund satisfies a "limited derivatives users" exception. When the Fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether the Fund satisfies the limited derivatives users exception, but for portfolios subject to the VaR testing requirement, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. The SEC also provided guidance in connection with Rule 18f-4 regarding the use of securities lending collateral that may limit the Fund's securities lending activities. In addition, under Rule 18f-4, the Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security (as defined under Section 18(g) of the 1940 Act), provided that, (i) the Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). The Fund may otherwise engage in when-issued, forward-settling and non-standard settlement cycle securities transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a "derivatives transaction" for purposes of compliance with Rule 18f-4. Furthermore, the Fund is permitted to enter into an unfunded commitment agreement if the Fund reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due.

These requirements may limit the ability of the Fund to use derivatives, reverse repurchase agreements and similar financing transactions, when-issued, delayed delivery and forward commitment transactions, and unfunded commitment agreements as part of its investment strategies. These requirements may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors.

**OPTIONS TRANSACTIONS, FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS** 

***Options Transactions*.** Harbor Large Cap Value Fund, Harbor Core Bond Fund and Harbor Core Plus Fund are not authorized to engage in options transactions on currency. Harbor International Fund and Harbor International Growth Fund are not authorized to engage in options transactions on currencies for speculative purposes.The Fund may purchase and write (sell) call and put options on any securities in which it may invest, on any securities index based on securities in which it may invest or on any currency in which Fund investments may be denominated. These options may be

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**Investment Policies**

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**Derivative Instruments —** 

**Continued**

listed on national domestic securities exchanges or foreign securities exchanges or traded in the over-the-counter market. Each Fund may write covered put and call options and purchase put and call options to enhance total return, as a substitute for the purchase or sale of securities or currency, or to protect against declines in the value of portfolio securities and against increases in the cost of securities to be acquired.

***Writing Options.*** A call option on securities or currency written by the Fund obligates the Fund to sell specified securities or currency to the holder of the option at a specified price if the option is exercised at any time before the expiration date. A put option on securities or currency written by the Fund obligates the Fund to purchase specified securities or currency from the option holder at a specified price if the option is exercised at any time before the expiration date. Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security. Writing covered call options may deprive the Fund of the opportunity to profit from an increase in the market price of the securities or foreign currency assets in its portfolio. Writing covered put options may deprive the Fund of the opportunity to profit from a decrease in the market price of the securities or foreign currency assets to be acquired for its portfolio.

The Fund may terminate its obligations under an exchange traded call or put option by purchasing an option identical to the one it has written. Obligations under over-the-counter options may be terminated only by entering into an offsetting transaction with the counterparty to such option. Such purchases are referred to as "closing purchase transactions."

***Purchasing Options.*** The Fund would normally purchase call options in anticipation of an increase, or put options in anticipation of a decrease ("protective puts"), in the market value of securities or currencies of the type in which it may invest. The Fund may also sell call and put options to close out its purchased options.

The purchase of a call option would entitle the Fund, in return for the premium paid, to purchase specified securities or currency at a specified price during the option period. The Fund would ordinarily realize a gain on the purchase of a call option if, during the option period, the value of such securities or currency exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund would realize either no gain or a loss on the purchase of the call option.

The purchase of a put option would entitle the Fund, in exchange for the premium paid, to sell specified securities or currency at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund's portfolio securities or the currencies in which they are denominated. Put options may also be purchased by the Fund for the purpose of affirmatively benefiting from a decline in the price of securities or currencies that it does not own. The Fund would ordinarily realize a gain if, during the option period, the value of the underlying securities or currency decreased below the exercise price sufficiently to cover the premium and transaction costs; otherwise, the Fund would realize either no gain or a loss on the purchase of the put option. Gains and losses on the purchase of put options may be offset by countervailing changes in the value of the Fund's portfolio securities.

Options transactions will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are traded. These limitations govern the maximum number of options in each class which may be written or purchased by a single investor or group of investors acting in concert, regardless of whether the options are written or purchased on the same or different exchanges, boards of trade or other trading facilities or are held or written in one or more accounts or through one or more brokers. Thus, the number of options that the Fund may write or purchase may be affected by options written or purchased by other investment advisory clients of the Subadvisor and/or the Advisor, as applicable,. An exchange, board of trade or other trading facility may order the liquidation of positions found to be in excess of these limits, and it may impose certain other sanctions. Commodity exchanges may also establish daily limits on the amount that the price of a futures contract or related option can vary from the previous day's settlement price. Once the daily limit is reached, no trades may be made that day at a price beyond the limit. This may prevent the Fund from closing out positions and limiting its losses. Position limits adopted by the CFTC may limit the Funds' ability to obtain indirect exposure to commodities through commodity futures contracts and related options or may increase the cost of such exposure.

***Futures Contracts and Options on Futures Contracts*.** Harbor Large Cap Value Fund, Harbor Core Bond Fund and Harbor Core Plus Fund are not authorized to enter into currency futures contracts and options on such contracts. Harbor International Fund and Harbor International Growth Fund are not authorized to enter into futures contracts on currencies or engage in options transactions with respect to futures contracts for speculative purposes. Otherwise, to seek to increase total return or hedge against changes in interest rates, securities prices or currency exchange rates, the Fund may

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**Derivative Instruments —** 

**Continued**

purchase and sell various kinds of futures contracts, and purchase and write call and put options on these futures contracts. The Fund may also enter into closing purchase and sale transactions with respect to any of these contracts and options. The futures contracts may be based on various securities (such as U.S. government securities), securities indices, foreign currencies, commodities and commodity indices and any other financial instruments and indices. All futures contracts entered into by the Fund are traded on U.S. or foreign exchanges or boards of trade that are licensed, regulated or approved by the Commodity Futures Trading Commission ("CFTC").

A futures contract may generally be described as an agreement between two parties to buy and sell particular financial instruments, currencies, commodities or indices for an agreed price for a designated period (or to deliver the final cash settlement price, in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contract). A futures contract on an index is an agreement in which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of these securities is made. A commodity futures contract is an agreement between two parties, in which one party agrees to buy a commodity, such as an energy, agricultural or metal commodity from the other party at a later date at a price and quantity agreed-upon when the contract is made.

Positions taken in the futures markets are not normally held to maturity but are instead liquidated through offsetting transactions (same exchange, underlying security or index, and delivery months) that may result in a profit or a loss. While futures contracts on securities, currency or commodities will usually be liquidated in this manner, the Fund may instead make, or take, delivery of the underlying securities, currency or commodities whenever it appears economically advantageous to do so. A clearing corporation associated with the exchange on which futures contracts are traded guarantees that, if still open, the sale or purchase will be performed on the settlement date. The Fund may suffer losses if it is unable to close out its position because of an illiquid secondary market and there is no assurance that a portfolio manager will be able to close out its position when the Subadvisor and/or the Advisor, as applicable, considers it appropriate or desirable to do so. In the event of adverse price movements, the Fund may be required to continue making daily cash payments to maintain its required margin. If the Fund has insufficient cash, it may have to sell portfolio securities to meet daily margin requirements at a time when the Subadvisor and/or the Advisor, as applicable, would not otherwise elect to do so. In addition, the Fund may be required to deliver or take delivery of instruments underlying futures contracts it holds.

***Options On Futures Contracts.*** Except as noted above, the Fund may purchase and write options on futures for the same purposes as its transactions in futures contracts. The purchase of put and call options on futures contracts will give the Fund the right (but not the obligation) for a specified price to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of an option on a futures contract, the Fund obtains the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.

***Risks Associated With Options Transactions, Futures Contracts and Options on Futures Contracts***. The writing and purchase of futures contracts and options on futures is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The successful use of futures contracts and options on futures depends in part on the Subadvisor and/or the Advisor, as applicable,'s ability to predict future price fluctuations and, for hedging transactions, the degree of correlation between the futures contracts or options and the relevant securities or currency or other markets.

Transactions in futures contracts and options on futures involve brokerage costs and require margin deposits.

While transactions in futures contracts and options on futures may reduce certain risks, these transactions themselves entail certain other risks. For example, unanticipated changes in interest rates, securities prices or currency exchange rates, among other things, may result in a poorer overall performance for the Fund than if it had not entered into any futures contracts or options transactions.

Perfect correlation between the Fund's futures positions and portfolio positions may be impossible to achieve. In the event of an imperfect correlation between a futures position and the portfolio position that is intended to be protected, the desired protection may not be obtained and the Fund may be exposed to risk of loss. In addition, it is not possible to hedge fully or protect against currency fluctuations affecting the value of securities denominated in foreign currencies because the value of such securities is likely to fluctuate as a result of independent factors not related to currency fluctuations.

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**Derivative Instruments —** 

**Continued**

There is no assurance that a liquid secondary market on a domestic or foreign options exchange will exist for any particular exchange-traded futures contract or option on a futures contract or at any particular time. If the Fund is unable to effect a closing purchase transaction with respect to covered options it has written, the Fund will not be able to sell the underlying securities or currencies until the options expire or are exercised. Similarly, if the Fund is unable to effect a closing sale transaction with respect to options it has purchased, it would have to exercise the options in order to realize any profit and will incur transaction costs upon the purchase or sale of underlying securities or currencies. The Fund's ability to terminate over-the-counter options is more limited than with exchange-traded options and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations. Some futures contracts or options on futures may become illiquid under adverse market conditions. In addition, during periods of market volatility, a commodity exchange may suspend or limit trading in a futures contract or related option, which may make the instrument temporarily illiquid and difficult to price.

The CFTC and various exchanges have rules limiting the maximum net long or short positions which any person or group may own, hold or control in any given futures contract or option on such futures contract. The Advisor and/or Subadvisor, as applicable, will need to consider whether the exposure created under these contracts might exceed the applicable limits in managing the Funds, and the limits may constrain the ability of the Fund to use such contracts.

**SWAPS, CAPS, FLOORS AND COLLARS** 

Harbor Convertible Securities Fund, Harbor Core Bond Fund and Harbor Core Plus Fund may enter into swaps, caps, floors, and collars for hedging purposes or to seek to increase total return. For purposes of other investment policies and restrictions, the Fund may value derivative instruments at market value, notional value or full exposure value (i.e., the sum of the notional amount for the contract plus the market value). For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines because such value reflects the Fund's actual economic exposure during the term of the credit default swap agreement. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Funds for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Most types of over-the-counter swap agreements entered into by the Funds will calculate the obligations of the parties to the agreement on a "net basis." Consequently, the Fund's current obligations (or rights) under an over-the-counter swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). Certain types of swaps are exchange-traded and subject to clearing. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps.

The Fund may from time to time combine swaps with options. Interest rate swaps involve the exchange of respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments. Mortgage swaps are similar to interest rate swaps in that they represent commitments to pay and receive interest. The notional principal amount, however, is tied to a reference pool or pools of mortgages. Currency swaps involve the exchange of their respective rights to make or receive payments in specified currencies. The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payment of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling the interest rate floor.

Interest rate and mortgage swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate and mortgage swaps is limited to the net amount of interest payments that the Fund is contractually obligated to make. In contrast, currency swaps usually involve the delivery of a gross payment stream in one designated currency in exchange for the gross payment stream in another designated currency. Therefore, the entire payment stream under a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations.

Each Fund may enter into swap transactions for the purpose of achieving the approximate economic equivalent of a purchase or sale of foreign equity securities (to the extent the investment policies for such fund otherwise permits it to purchase foreign equity securities) when the Fund is not able to purchase or sell foreign equity securities directly because of administrative or other similar restrictions, such as the need to establish an account with a local sub-custodian prior to purchase or sale, applicable to U.S. mutual funds in that local market.

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**Investment Policies**

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**Derivative Instruments —** 

**Continued**

Each Fund may invest in loan originations, participations or assignments; mortgage- and asset-backed securities; options, futures contracts and options on futures contracts; foreign currency transactions; or other derivative instruments, to the extent permitted in the Fund's prospectus or this Statement of Additional Information, notwithstanding that such securities and/or instruments may be considered swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

***Credit Default Swaps*.** Harbor Convertible Securities Fund, Harbor Core Bond Fund and Harbor Core Plus Fund may enter into credit default swap agreements. The "buyer" in a credit default contract is obligated to pay the "seller" a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or "par value," of the reference obligation in exchange for the reference obligation or the net cash-settlement amount. The Fund may be either the buyer or seller in a credit default swap transaction. If the Fund is a buyer and no event of default occurs, the Fund will lose its investment and recover nothing. However, if an event of default occurs, the Fund (if the buyer) will receive the full notional value of the reference obligation that may have little or no value.

***OTHER RISKS ASSOCIATED WITH DERIVATIVES*** 

***Risks Associated with Commodity Derivatives*.** There are several additional risks associated with transactions in commodity futures contracts and other commodity derivatives.

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<u>Storage Risk</u>*.* Unlike the financial derivatives markets, in certain commodity derivatives markets there are costs of physical storage associated with purchasing the underlying commodity. The price of the commodity derivative will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the storage costs for an underlying commodity change while the Fund is invested in a derivative on that commodity, the value of the derivative may change proportionately.

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<u>Reinvestment Risk</u>. In the commodity futures markets, producers of the underlying commodity may decide to hedge the price risk of selling the commodity by selling futures contracts today to lock in the price of the commodity at delivery tomorrow. In order to induce speculators to purchase the other side of the same futures contract, the commodity producer generally must sell the futures contract at a lower price than the expected future spot price. Conversely, if most hedgers in the futures market are purchasing futures contracts to hedge against a rise in prices, then speculators will only sell the other side of the futures contract at a higher futures price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications for the Fund. If the nature of hedgers and speculators in futures markets has shifted when it is time for the Fund to reinvest the proceeds of a maturing contract in a new futures contract, the Fund might reinvest at higher or lower futures prices, or choose to pursue other investments.

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<u>Other Economic Factors</u>. The commodities that underlie commodity derivatives may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks which subject the Fund's investments to greater volatility than investments in traditional securities.

***Hedging And Other Strategies*.** The Fund will engage in futures and related options and other derivatives transactions either for bona fide hedging purposes or to seek to increase total return. Hedging is an attempt to establish with more certainty than would otherwise be possible the effective price or rate of return on portfolio securities or securities that the Fund proposes to acquire or the exchange rate of currencies in which portfolio securities are quoted or denominated. When interest rates are rising or securities prices are falling, the Fund can seek to offset a decline in the value of its current portfolio securities through the sale of futures contracts or other derivatives. When interest rates are falling or securities prices are rising, the Fund, through the purchase of futures contracts or other derivatives, can attempt to secure better rates or prices than might later be available in the market when it effects anticipated purchases. The Fund may seek to offset anticipated changes in the value of a currency in which its portfolio securities, or securities that it intends to purchase, are quoted or denominated by purchasing and selling futures contracts on such currencies or other currency derivatives.

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**Investment Policies**

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**Derivative Instruments —** 

**Continued**

The Fund may, for example, take a "short" position in the futures market by selling futures contracts in an attempt to hedge against an anticipated rise in interest rates or a decline in market prices or foreign currency rates that would adversely affect the dollar value of the Fund's portfolio securities. Such futures contracts may include contracts for the future delivery of securities held by the Fund or securities with characteristics similar to those of the Fund's portfolio securities. Similarly, the Fund may sell futures contracts on any currencies in which its portfolio securities are quoted or denominated or in one currency to hedge against fluctuations in the value of securities denominated in a different currency if, among other reasons, there is an established historical pattern of correlation between the two currencies.

When a short hedging position is successful, any depreciation in the value of portfolio securities will be substantially offset by appreciation in the value of the derivatives position. On the other hand, any unanticipated appreciation in the value of the Fund's portfolio securities would be substantially offset by a decline in the value of the derivatives position.

On other occasions, the Fund may take a "long" position by purchasing derivatives. This would be done, for example, when the Fund anticipates the subsequent purchase of particular securities when it has the necessary cash, but expects the prices or currency exchange rates then available in the applicable market to be less favorable than prices that are currently available. The Fund may also purchase derivatives as a substitute for transactions in securities, commodities or foreign currency, to alter the investment characteristics of or currency exposure associated with portfolio securities or to gain or increase its exposure to a particular securities or commodities market or currency.

***Commodity Pool Operator Status.*** The Advisor is registered as a "commodity pool operator" under the Commodity Exchange Act, as amended ("CEA") and is a member of the National Futures Association. However, the Advisor with respect to the Funds, has filed a notice of eligibility with the National Futures Association to claim an exclusion from the definition of the term CPO under the CEA, and, therefore, the Advisor is not subject to registration or regulation as a CPO under the CEA and the rules thereunder with respect to the Funds. Because the Advisor intends to operate the Funds in a manner that would permit each to continue to remain eligible for the exclusion, each of the Funds will be limited in its ability to use certain financial instruments regulated under the CEA, including futures contracts and options on futures contracts, which may adversely impact a Fund's return. In the event the Advisor becomes unable to rely on the exclusion and operates the Fund subject to CFTC regulation, the Fund may incur additional expenses.

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**Duration** 

Duration is a measure of average maturity that was developed to incorporate a bond's yield, coupons, final maturity and call features into one measure. Duration can be one of the characteristics used in security selection for a fixed income fund, except that the fixed income Funds do not focus on securities with a particular duration.

Most debt obligations provide interest ("coupon") payments in addition to a final ("par") payment at maturity. Some obligations also feature call provisions. Depending on the relative magnitude of these payments, debt obligations may respond differently to changes in the level and structure of interest rates. Traditionally, a debt security's "term-to-maturity" has been used as a proxy for the sensitivity of the security's price to changes in interest rates (which is the "interest rate risk" or "volatility" of the security). However, "term-to-maturity" measures only the time until a debt security provides its final payment and doesn't take into account the pattern of the security's payments prior to maturity. Duration is a measure of the average life of a fixed income security on a present value basis. Duration is computed by calculating the length of the time intervals between the present time and the time that the interest and principal payments are scheduled (or in the case of a callable bond, expected to be received), and weighing them by the present values of the cash to be received at each future point in time. For any fixed income security with interest payments occurring prior to the payment of principal, duration is always less than maturity. In general, the lower the stated or coupon rate of interest of a fixed income security, the longer the duration of the security. Conversely, the higher the stated or coupon rate of interest of a fixed income security, the shorter the duration of the security.

Generally speaking, if interest rates move up by 100 basis points, the value of a fixed income security with a five-year duration will decline by five points. If the fixed income security's duration was three years, it would decline by three points; two years — two points; and so on. To the extent a Fund is invested in fixed income securities, the value of the Fund's portfolio will decrease in a similar manner given the conditions illustrated above.

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**Investment Policies**

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**Duration — Continued**

Futures, options and options on futures have durations that, in general, are closely related to the duration of the securities that underlie them. Holding long futures or call option positions will lengthen the portfolio duration by approximately the same amount that holding an equivalent amount of the underlying securities would. Short futures or put option positions have durations roughly equal to the negative duration of the securities that underlie those positions, and have the effect of reducing portfolio duration by approximately the same amount that selling an equivalent amount of the underlying securities would.

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**Event-Linked Exposure** 

Event-linked exposure may be obtained by investing in "event-linked bonds" or "event-linked swaps," or implement "event-linked strategies." Event-linked exposure results in gains that typically are contingent on the nonoccurrence of a specific "trigger" event, such as a hurricane, earthquake, or other physical or weather-related phenomena. Some event-linked bonds are commonly referred to as "catastrophe bonds." They may be issued by government agencies, insurance companies, reinsurers, special purpose corporations or other on-shore or off-shore entities (such special purpose entities are created to accomplish a narrow and well-defined objective, such as the issuance of a note in connection with a reinsurance transaction). If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, a Fund investing in the bond may lose all or a portion of its entire principal invested in the bond. If no trigger event occurs, the Fund will recover its principal plus interest. For some event-linked bonds, the trigger event or losses may be based on company-wide losses, index-portfolio losses, industry indices, or readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for extensions of maturity that are mandatory or optional at the discretion of the issuer in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. In addition to the specified trigger events, event-linked bonds may also expose the Fund to certain unanticipated risks including, but not limited to, issuer risk, credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences.

Event-linked bonds are a relatively new type of financial instrument. As such, there is no significant trading history of these securities, and there can be no assurance that a liquid market in these instruments will develop. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that a Fund may be forced to liquidate positions when it would not be advantageous to do so. Event-linked bonds are typically rated, and a Fund will only invest in catastrophe bonds that meet the credit quality requirements for the Fund.

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**Fixed Income Securities** 

Corporate and foreign governmental debt securities are subject to the risk of the issuer's inability to meet principal and interest payments on the obligations (credit risk) and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (market risk). Except to the extent that values are independently affected by currency exchange rate fluctuations, when interest rates decline, the value of fixed income securities can generally be expected to rise. Conversely, when interest rates rise, the value of fixed income securities can be expected to decline. The Fund's Subadvisor and/or the Advisor, as applicable, will consider both credit risk and market risk in making investment decisions for the Fund.

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**Foreign Currency Transactions** 

The value of investments in securities denominated in foreign currencies and the value of dividends and interest earned may be significantly affected by changes in currency exchange rates. Some foreign currency values may be volatile, and there is the possibility of governmental controls on currency exchange or governmental intervention in currency markets, which could adversely affect the Fund. Foreign currency exchange transactions will be conducted either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering into forward contracts to purchase or sell foreign currencies. Currency positions are not considered to be an investment in a foreign government for industry concentration purposes.

Forward foreign currency exchange contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates. A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (usually less than one year) from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded in the interbank market conducted directly between traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement, and commissions are not typically charged for trades. Although foreign exchange dealers do not generally charge a fee for conversion, they do realize a profit based on the difference (the spread) between the price at which they are buying and selling various currencies.

Harbor International Small Cap Fund, Harbor Core Plus Fund and Harbor Convertible Securities Fund may enter into forward foreign currency exchange contracts for non-hedging purposes, such as to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

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**Investment Policies**

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**Foreign Currency** 

**Transactions — Continued**

A contract for the purchase or sale of a security denominated in a foreign currency may be entered into in order to "lock in" the U.S. dollar price of the security. By entering into a forward contract for the purchase or sale, for a fixed amount of U.S. dollars, of the amount of foreign currency involved in the underlying security transactions, the Fund will be able to protect itself against a possible loss. Such loss would result from an adverse change in the relationship between the U.S. dollar and the foreign currency during the period between the date on which the security is purchased or sold and the date on which payment is made or received.

When the Subadvisor and/or the Advisor, as applicable, believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar, it may also enter into a forward contract to sell the amount of foreign currency for a fixed amount of dollars that approximates the value of some or all of the relevant Fund's portfolio securities denominated in such foreign currency. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible, since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures.

Harbor International Small Cap Fund, Harbor Core Plus Fund and Harbor Convertible Securities Fund may engage in cross-hedging by using foreign contracts in one currency to hedge against fluctuations in the value of securities denominated in a different currency if the Fund's Subadvisor and/or the Advisor, as applicable, determines, for example, that there is a pattern of correlation between the two currencies. These practices may be limited by the requirements for qualification of the Fund as a regulated investment company for tax purposes. Harbor International Small Cap Fund and Harbor Core Plus Fund may also purchase and sell forward contracts for non-hedging purposes when its Subadvisor anticipates that the foreign currency will appreciate or depreciate in value but that securities in that currency do not present attractive investment opportunities and are not held in the Fund's portfolio.

When foreign currency exchange contracts are used for hedging purposes, a Fund will not enter into forward contracts to sell currency or maintain a net exposure to such contracts if their consummation would obligate the Fund to deliver an amount of foreign currency in excess of the value of the Fund's portfolio securities or other assets denominated in that currency. At the consummation of the forward contract, the Fund may either make delivery of the foreign currency or terminate its contractual obligation to deliver by purchasing an offsetting contract obligating it to purchase the same amount of such foreign currency at the same maturity date. If the Fund chooses to make delivery of the foreign currency, it may be required to obtain such currency through the sale of portfolio securities denominated in such currency or through conversion of other assets of the Fund into such currency. If the Fund engages in an offsetting transaction, it will incur a gain or a loss to the extent that there has been a change in forward contract prices. Closing purchase transactions with respect to forward contracts are usually made with the currency trader who is a party to the original forward contract.

Transactions in forward contracts may be entered into only when deemed appropriate by the Subadvisor and/or the Advisor, as applicable. The Fund generally will not enter into a forward contract with a term of greater than one year. The Fund may experience delays in the settlement of its foreign currency transactions.

Using forward contracts to protect the value of a Fund's portfolio securities against a decline in the value of a currency does not eliminate fluctuations in the underlying prices of the securities. It simply establishes a rate of exchange that can be achieved at some future point in time. The precise projection of short-term currency market movements is not possible, and short-term hedging provides a means of fixing the dollar value of only a portion of a Fund's foreign assets.

While a Fund may enter into forward foreign currency exchange contracts to reduce currency exchange rate risks, transactions in such contracts involve certain other risks. Unanticipated changes in currency prices may result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. Certain strategies could minimize the risk of loss due to a decline in the value of the hedged foreign currency, but they could also limit any potential gain that might result from an increase in the value of the currency. Moreover, there may be imperfect correlation between a Fund's portfolio holdings of securities denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may cause a Fund to sustain losses that will prevent the Fund from achieving a complete hedge or expose the Fund to risk of foreign exchange loss.

An issuer of fixed income securities may be domiciled in a country other than the country in whose currency the instrument is denominated. The Fund may also invest in debt securities denominated in the European Currency Unit ("ECU"), which is a "basket" consisting of a specified amount, in the currencies of certain of the member states of the European Community. The specific amounts of currencies comprising the ECU may be adjusted by the Council of Ministers of the European Community from time to time to reflect changes in relative values of the underlying currencies. In addition, the Fund may invest in securities denominated in other currency "baskets."

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**Investment Policies**

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**Foreign Currency** 

**Transactions — Continued**

A Fund's activities in foreign currency contracts, currency futures contracts and related options and currency options may be limited by the requirements of Subchapter M of the Code for qualification as a regulated investment company.

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**Foreign Securities** 

The Fund's Subadvisor and/or the Advisor, as applicable, is responsible for determining, with respect to the Fund(s) managed, whether a particular issuer would be considered a foreign or emerging market issuer. Normally, foreign or emerging market governments and their agencies and instrumentalities are considered foreign or emerging market issuers, respectively. In the case of non-governmental issuers, each Fund's Subadvisor and/or the Advisor, as applicable, may consider an issuer to be a foreign or emerging market issuer if:

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the company has been classified by MSCI, FTSE, or S&P indices or another major index provider as a foreign or emerging market issuer;

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the securities of the company principally trade on stock exchanges in one or more foreign or emerging market countries;

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a company derives a substantial portion of its total revenue from goods produced, sales made or services performed in one or more foreign or emerging market countries or a substantial portion of its assets are located in one or more foreign or emerging market countries;

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the company is organized under the laws of a foreign or emerging market country or its principal executive offices are located in a foreign or emerging market country; and/or

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the Subadvisor and/or the Advisor, as applicable, otherwise determines an issuer to be a foreign or emerging markets issuer in its discretion based on any other factors relevant to a particular issuer.

Each Fund's Subadvisor and/or the Advisor, as applicable, may weigh those factors differently when making a classification decision. Because the global nature of many companies can make the classification of those companies difficult and because the Funds' Subadvisors and/or the, Advisor, as applicable, do not consult with one another with respect to the management of their respective Funds, the Subadvisors may, on occasion, classify the same issuer differently. Certain companies which are organized under the laws of a foreign or emerging market country may nevertheless be classified by a Fund's Subadvisor and/or the Advisor, as applicable, as a domestic issuer. This may occur when the company's economic fortunes and risks are primarily linked to the U.S. and the company's principal operations are conducted from the U.S. or when the company's equity securities trade principally on a U.S. stock exchange.

***FOREIGN SECURITIES RISKS*** 

Investing in securities of foreign companies and governments may involve risks which are not ordinarily associated with investing in domestic securities. These risks include changes in currency exchange rates and currency exchange control regulations or other foreign or U.S. laws or restrictions applicable to such investments. A decline in the exchange rate may also reduce the value of certain portfolio securities. Even though the securities are denominated in U.S. dollars, exchange rate changes may adversely affect the company's operations or financial health.

Fixed commissions on foreign securities exchanges are generally higher than negotiated commissions on U.S. exchanges, although each Fund endeavors to achieve the most favorable net results on portfolio transactions. There is generally less government supervision and regulation of securities exchanges, brokers, dealers and listed companies than in the U.S. Mail service between the U.S. and foreign countries may be slower or less reliable than within the U.S., thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Individual foreign economies may also differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position.

In addition, investments in foreign countries could be affected by other factors generally not thought to be present in the U.S. Such factors include the unavailability of financial information or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign securities markets; the possibility of expropriation; the imposition of foreign withholding and other taxes; the impact of political, social or diplomatic developments; limitations on the movement of funds or other assets of a Fund between different countries; difficulties in invoking legal process abroad and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries.

Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions. These delays in settlement could result in temporary periods when a portion of the assets of a Fund is uninvested and no return is earned thereon. The inability of a Fund to make

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**Investment Policies**

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**Foreign Securities —** 

**Continued**

intended security purchases due to settlement problems could cause a Fund to miss attractive investment opportunities. An inability to dispose of portfolio securities due to settlement problems could result either in losses to a Fund due to subsequent declines in value of the portfolio securities or, if a Fund has entered into a contract to sell the securities, could result in possible liability to the purchaser.

The Funds' custodian has established and monitors subcustodial relationships with banks and certain other financial institutions in the foreign countries in which the Funds may invest to permit the Funds' assets to be held in those foreign countries. These relationships have been established pursuant to Rule 17f-5 of the Investment Company Act, which governs the establishment of foreign subcustodial arrangements for mutual funds. The Funds' subcustodial arrangements may be subject to certain risks including: (i) the inability of the Funds to recover assets in the event of the subcustodian's bankruptcy; (ii) legal restrictions on the Funds' ability to recover assets lost while under the care of the subcustodian; (iii) the likelihood of expropriation, confiscation or a freeze of the Funds' assets; and (iv) difficulties in converting the Funds' cash and cash equivalents to U.S. dollars. The Advisor and Subadvisor(s) have evaluated the political risk associated with an investment in a particular country.

Investing in securities of non-U.S. companies may entail additional risks especially in emerging countries due to the potential political and economic instability of certain countries. These risks include expropriation, nationalization, confiscation or the imposition of restrictions on foreign investment and on repatriation of capital invested and the imposition of sanctions. Should one of these events occur, a Fund could lose its entire investment in any such country. A Fund's investments would similarly be adversely affected by exchange control regulation in any of those countries.

Even though opportunities for investment may exist in foreign countries, any changes in the leadership or policies of the governments of those countries, or in any other government that exercises a significant influence over those countries, may halt the expansion of or reverse the liberalization of foreign investment policies and thereby eliminate any investment opportunities that may currently exist. This is particularly true of emerging markets.

Certain countries in which the Funds may invest may have minority groups that advocate religious or revolutionary philosophies or support ethnic independence. Any action on the part of such individuals could carry the potential for destruction or confiscation of property owned by individuals and entities foreign to such country and could cause the loss of a Fund's investment in those countries.

Certain countries prohibit or impose substantial restrictions on investments in their capital and equity markets by foreign entities like the Funds. Certain countries require governmental approval prior to foreign investments or limit the amount of foreign investment in a particular company or limit the investment to only a specific class of securities of a company that may have less advantageous terms than securities of the company available for purchase by nationals. Moreover, the national policies of certain countries may restrict investment opportunities in issuers or industries deemed sensitive to national interests. In addition, some countries require governmental approval for the repatriation of investment income, capital or the proceeds of securities sales by foreign investors. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation, as well as by the application to it of other restrictions on investments. In particular, restrictions on repatriation could make it more difficult for a Fund to obtain cash necessary to satisfy the tax distribution requirements that must be satisfied in order for the Fund to avoid federal income or excise tax.

Global economies and financial markets are becoming increasingly interconnected and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. In January 2020, the United Kingdom withdrew from the EU (referred to as "Brexit"). Brexit has resulted in volatility in European and global markets and could have significant negative impacts on financial markets in the United Kingdom and throughout Europe. The longer term economic, legal, political and social framework to be put in place between the United Kingdom and the EU is unclear at this stage and is likely to lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the United Kingdom and in wider European markets for some time. This uncertainty may have an adverse effect on the economy generally and on the value of a Fund's investments.

***EMERGING MARKETS*** 

Investments in emerging markets involve risks in addition to those generally associated with investments in foreign securities.

Political and economic structures in many emerging markets may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries. As a result, the risks described above relating to investments in foreign securities, including the risks of nationalization or expropriation of assets, would be heightened. In addition, unanticipated political or social developments may affect the values of a Fund's investments and the availability to the Fund of additional investments in such emerging markets. The small size

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**Investment Policies**

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**Foreign Securities —** 

**Continued**

and inexperience of the securities markets in certain emerging markets and the limited volume of trading in securities in those markets may make a Fund's investments in such countries less liquid and more volatile than investments in countries with more developed securities markets (such as the U.S., Japan and most Western European countries).

Emerging market countries may have more or less government regulation and generally do not impose as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. The degree of cooperation between issuers in emerging and frontier market countries with foreign and U.S. financial regulators may vary significantly. Accordingly, regulators may not have sufficient access to audit and oversee issuers, and there could be less information available about issuers in certain emerging market countries. As a result, the ability of the Advisor or a Subadvisor to evaluate local companies or their potential impact on a Fund's performance could be inhibited. The imposition of exchange controls (including repatriation restrictions), sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses.

In addition, the U.S. and other nations and international organizations may impose economic sanctions or take other actions that may adversely affect issuers located in certain countries. In particular, the U.S. and other countries have imposed economic sanctions on certain Russian individuals and corporate entities. The U.S. or other countries could also institute broader sanctions on Russia. Such sanctions, any future sanctions or other actions, or even the threat of further sanctions or other actions, may negatively affect the value and liquidity of a Fund's portfolio. For example, a Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require a Fund to freeze its existing investments in companies located in certain countries, prohibiting the Fund from buying, selling or otherwise transacting in these investments. Countries subject to sanctions may undertake countermeasures or retaliatory actions which may further impair the value and liquidity of a Fund's portfolio and potentially disrupt its operations. Such events may have an adverse impact on the economies and debts of other emerging markets as well.

On June 3, 2021, President Biden issued Executive Order 14032 (the "Order"), entitled "Executive Order on Addressing the Threat From Securities Investments That Finance Certain Companies of the People's Republic of China." The Order restricts transactions in publicly traded securities, or any publicly traded securities that are derivative of, or are designed to provide investment exposure to such securities, of Chinese military industrial complex companies ("CMIC") by any United States person. The scope and implementation of the sanctions may change as additional guidance is issued. A Fund could be adversely affected by these sanctions. In particular, a Fund may not be permitted to invest in a CMIC in which it otherwise might invest.

In addition, because of ongoing regional armed conflict in Europe, including an ongoing large-scale invasion of Ukraine by Russia that commenced in February 2022, Russia has been the subject of economic sanctions imposed by countries throughout the world, including the United States. Such sanctions have included, among other things, freezing the assets of particular entities and persons. The imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by Russia or companies located in or economically tied to Russia, downgrades in the credit ratings of Russian securities or those of companies located in or economically tied to Russia, devaluation of Russia's currency, and increased market volatility and disruption in Russia and throughout the world. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.

***INVESTING THROUGH STOCK CONNECT*** 

Harbor International Core Fund (formerly, Harbor Overseas Fund) and Harbor International Growth Fund may invest in eligible securities, such as China A-Shares ("Stock Connect Securities") that are listed and traded on the Shanghai and Shenzhen Stock Exchanges through the China–Hong Kong Stock Connect program ("Stock Connect"). Stock Connect is a mutual market access program that allows Chinese investors to trade securities listed on the Hong Kong Stock Exchange via Chinese brokers and non-Chinese investors (such as the Funds) to purchase certain Shanghai- and Shenzhen-listed securities through brokers in Hong Kong without obtaining a special license. Purchases of securities through Stock Connect are subject to a number of restrictions, including market-wide trading volume and market cap quota limitations. Although individual investment quotas do not apply, participants in Stock Connect are subject to daily and aggregate investment quotas, which could restrict a Fund's ability to invest in Stock Connect Securities.

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**Investment Policies**

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**Foreign Securities —** 

**Continued**

Investments in Stock Connect Securities are generally subject to regulation by both Hong Kong and China and Shanghai Stock Exchange or Shenzhen Stock Exchange listing rules, which are subject to change by these regulators. Investors may not sell, purchase or transfer Stock Connect Securities except through Stock Connect. Regulators may suspend or terminate Stock Connect trading in certain circumstances, which may adversely affect a Fund's ability to trade Stock Connect Securities. A Fund may also be prohibited from trading Stock Connect Securities during local holidays.

Stock Connect transactions are not subject to the investor protection programs of the Hong Kong, Shanghai or Shenzhen Stock Exchanges. Although Chinese regulators have indicated that ultimate investors hold a beneficial interest in Stock Connect Securities, the Chinese law surrounding the rights of beneficial owners of securities and the legal mechanisms available to beneficial owners for enforcing their rights are underdeveloped and untested. As the law evolves, there is a risk that a Fund's ability to enforce its ownership rights may be uncertain, which could subject the Fund to significant losses. Trading in Stock Connect Securities may be subject to various fees, taxes and market charges imposed by Chinese market participants and regulatory authorities and may result in greater trading expenses borne by a Fund.

**ADRs, EDRs, IDRs, AND GDRs** 

Each equity Fund, Harbor Core Plus Fund and Harbor Core Bond Fund may invest in American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), International Depositary Receipts ("IDRs"), and Global Depositary Receipts ("GDRs"). ADRs (sponsored or unsponsored) are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying foreign securities. Most ADRs are traded on a U.S. stock exchange. Issuers of unsponsored ADRs are not contractually obligated to disclose material information in the U.S., so there may not be a correlation between such information and the market value of the unsponsored ADR. EDRs and IDRs are receipts typically issued by a European bank or trust company evidencing ownership of the underlying foreign securities. GDRs are receipts issued by either a U.S. or non-U.S. banking institution evidencing ownership of the underlying foreign securities.

***PARTICIPATORY NOTES ("P-NOTES")*** 

Harbor Diversified International All Cap Fund, Harbor Global Leaders Fund, Harbor International Fund, Harbor International Core Fund (formerly, Harbor Overseas Fund) and Harbor International Small Cap Fund may invest in P-Notes, to seek to gain economic exposure to markets where holding an underlying security is not feasible. Harbor Global Leaders Fund may invest up to 20% of its net assets in P-Notes. P-Notes are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. When purchasing a P-Note, the posting of margin is not required because the full cost of the P-Note (plus commission) is paid at the time of purchase. When the P-Note matures, the issuer will pay to, or receive from, the purchaser the difference between the minimal value of the underlying instrument at the time of purchase and that instrument's value at maturity. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies or foreign securities markets that they seek to replicate.

In addition, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. The holder of a P-Note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with an underlying security or instrument. However, the holder of a P-Note does not receive the same voting rights as it would if it directly owned the underlying security or instrument. P-Notes are generally traded over-the-counter. P-Notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them. There is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under a P-Note against the issuer of the underlying security. In addition, a Fund will incur transaction costs as a result of investment in P-Notes.

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**Forward Commitments and When-Issued Securities** 

Securities may be purchased on a when-issued basis and purchased or sold on a forward commitment basis including "TBA" (to be announced) purchase and sale commitments. Purchasing securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines prior to the settlement date. This risk is in addition to the risk of decline in value of the Fund's other assets. Although a Fund would generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring securities for its portfolio, the Fund may dispose of a when-issued security or forward commitment prior to settlement if each Fund's Subadvisor and/or the Advisor, as applicable, deems it appropriate to do so. A Fund may enter into a forward-commitment sale to hedge its portfolio positions or to sell securities it owned under a delayed delivery arrangement. Proceeds of such a sale are not received until the contractual settlement date. A Fund may realize short-term gains or losses upon such purchases and sales. These transactions involve a commitment by the Fund to purchase or sell securities at a future date (ordinarily one or

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**Investment Policies**

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**Forward Commitments and** 

**When-Issued Securities —** 

**Continued**

two months later). The price of the underlying securities (usually expressed in terms of yield) and the date when the securities will be delivered and paid for (the settlement date) are fixed at the time the transaction is negotiated. When-issued purchases and forward commitment transactions are negotiated directly with the other party, and such commitments are not traded on exchanges.

When-issued purchases and forward commitment transactions enable a Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. For instance, in periods of rising interest rates and falling prices, the Fund might sell securities it owns on a forward commitment basis to limit its exposure to falling prices. In periods of falling interest rates and rising prices, the Fund might sell securities it owns and purchase the same or a similar security on a when-issued or forward commitment basis, thereby obtaining the benefit of currently higher yields.

The value of securities purchased on a when-issued or forward commitment basis and any subsequent fluctuations in their value are reflected in the computation of the Fund's net asset value starting on the date of the agreement to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date. When the Fund makes a forward commitment to sell securities it owns, the proceeds to be received upon settlement are included in the Fund's assets. Fluctuations in the market value of the underlying securities are not reflected in the Fund's net asset value as long as the commitment to sell remains in effect. Settlement of when-issued purchases and forward commitment transactions generally takes place within two months after the date of the transaction, but the Fund may agree to a longer settlement period.

A Fund will purchase securities on a when-issued basis or purchase or sell securities on a forward commitment basis only with the intention of completing the transaction and actually purchasing or selling the securities. If deemed advisable as a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment after it is entered into. The Fund also may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. The Fund may realize a capital gain or loss in connection with these transactions.

Recently finalized Financial Industry Regulatory Authority, Inc. ("FINRA") rules include mandatory margin requirements that will require a Fund to post collateral in connection with its TBA transactions, which could increase the cost of TBA transactions to the Fund and impose added operational complexity.

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**Illiquid Securities** 

The Fund will not invest more than 15% of its net assets in illiquid investments, as defined in Rule 22e-4 under the Investment Company Act. Fund investments will be considered illiquid if the Fund reasonably expects that such investments cannot be sold or disposed of in current market conditions within seven calendar days or less without the sale or disposition significantly changing the market values of the investments. The Trust, on behalf of the Fund, has established a liquidity risk management program in accordance with Rule 22e-4 under the Investment Company Act, which provides for the assessment, management and periodic review each Fund's liquidity risk, the classification and monthly review of the Fund's portfolio investments, the determination and periodic review of, and procedures to address a shortfall in, the Fund's highly liquid investment minimum, if applicable, and limiting the Fund's illiquid investments to 15% of the Fund's net assets.

The Board of Trustees has adopted procedures for determining the liquidity of Fund investments that apply to all Funds. The Board of Trustees has delegated to the Advisor and Subadvisors the daily function of determining and monitoring the liquidity of Fund investments in accordance with procedures adopted by the Board of Trustees. The Board of Trustees retains oversight of the liquidity determination process.

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**Inflation-Indexed Bonds** 

Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index accruals as part of a semiannual coupon.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or twenty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semiannual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months were 1%, the mid-year par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole years' inflation equaling 3%, the end-of-year par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).

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**Investment Policies**

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**Inflation-Indexed Bonds —** 

**Continued**

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently, the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed and will fluctuate. The Funds may also invest in other inflation-related bonds, which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation.

Therefore, if inflation was to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted by that government to reflect a comparable inflation index. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the U.S.

Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

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**Interfund Lending** 

The SEC has granted the Trust and the Advisor an exemptive order permitting the Funds to participate in an interfund lending program whereby the Funds may directly lend to and borrow money from each other for temporary or emergency purposes, such as to satisfy redemption requests or to cover unanticipated cash shortfalls, subject to the terms and conditions of the exemptive order.

Any interfund loan made would be preferable to borrowing from a bank from the perspective of the borrowing Fund and more beneficial than an alternative short-term investment from the perspective of a lending Fund. In accordance with the exemptive order, no Fund may lend its uninvested cash to another Fund if the loan would cause the lending Fund's aggregate outstanding loans through the interfund lending program to exceed 15% of its current net assets at the time of the loan. In addition, a Fund's loans to another Fund may not exceed 5% of the lending Fund's net assets. The duration of each interfund loan will be limited to the time required to obtain cash sufficient to repay such loan, but the duration of the loan may not exceed seven days. Each interfund loan may be called on one business day's notice by the lending Fund and may be repaid on any day by a borrowing Fund.

A Fund may borrow on an unsecured basis (i.e., without posting collateral) through the interfund lending program only if the borrowing Fund's outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of its total assets, provided, that if the borrowing Fund has a secured loan outstanding from any other lender, including another Fund, the lending Fund's interfund loan will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. If a Fund's aggregate borrowings from all sources immediately after the interfund borrowing would exceed 10% of the Fund's total assets, the Fund may borrow through the interfund lending program only on a secured basis. A Fund may not borrow through the interfund lending program nor from any other source if its total outstanding borrowings immediately after the borrowing would exceed 33⅓% of its total assets or any limits provided for by the Fund's investment policies or restrictions.

The limitations discussed above and the other conditions of the SEC exemptive order are designed to minimize the risks associated with interfund lending for both borrowing Funds and lending Funds. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the loan could be called on one business day's notice or not renewed, in which case the Fund may need to borrow from a bank at higher rates if an interfund loan were not available from another Fund. Furthermore, a delay in repayment to a lending Fund could result in a lost investment opportunity or additional lending costs.

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**Investment Policies**

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**Investments in Other Investment Companies** 

The Fund may invest in the securities of other investment companies as permitted under the Investment Company Act and the rules and regulations thereunder. Securities of other investment companies, including shares of closed-end investment companies, business development companies, unit investment trusts and open-end investment companies, represent interests in professionally managed portfolios that may invest in any type of security. These investment companies often seek to perform in a similar fashion to a broad-based securities index. Investing in other investment companies involves substantially the same risks as investing directly in the underlying securities but may involve additional expenses at the investment company level, such as portfolio management fees and operating expenses. In addition, these types of investments involve the risk that they will not perform in exactly the same fashion, or in response to the same factors, as the index or underlying instruments. Certain types of investment companies, such as closed-end investment companies and exchange traded funds (commonly known as "ETFs"), issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. Others are continuously offered at net asset value but may also be traded in the secondary market.

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**Liquidation of Funds** 

The Board of Trustees may determine to close and/or liquidate a Fund at any time, which may have adverse tax consequences to shareholders. In the event of the liquidation of a Fund, shareholders will receive a liquidating distribution in cash or in-kind equal to their proportionate interest in the Fund. A liquidating distribution would generally be a taxable event to shareholders, resulting in a gain or loss for tax purposes, depending upon a shareholder's basis in his or her shares of the Fund. A shareholder of a liquidating Fund will not be entitled to any refund or reimbursement of expenses borne, directly or indirectly, by the shareholder (such as Fund operating expenses), and a shareholder may receive an amount in liquidation less than the shareholder's original investment.

It is the intention of any Fund expecting to close or liquidate to retain its qualification as a regulated investment company under the Code during the liquidation period and, therefore, not to be taxed on any of its net capital gains realized from the sale of its assets or ordinary income earned that it timely distributes to shareholders. In the unlikely event that a Fund should lose its status as a regulated investment company during the liquidation process, the Fund would be subject to taxes which would reduce any or all of the types of liquidating distributions.

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**Loan Originations, Participations and Assignments** 

The Fund may invest in loan originations, participations and assignments of portions of such loans. Additionally, the Fund may participate directly in lending syndicates to corporate borrowers. When a Fund is one of the original lenders, it will have a direct contractual relationship with the borrower and can enforce compliance by the borrower with the terms of the relevant credit agreement. Original lenders also negotiate voting and consent rights under the credit agreement. Actions subject to lender vote or consent generally require the vote or consent of the holders of some specified percentage of the outstanding principal amount. Participations, originations and assignments involve special types of risk, including credit risk, interest rate risk, liquidity risk, and the risks of being a lender. If a Fund purchases a participation, it may be able to enforce its rights only through the lender and may assume the credit risk of the lender in addition to the borrower.

A Fund may purchase participations in commercial loans, which may be secured or unsecured. Loan participations typically represent direct participation in a loan owed by a corporate borrower, and generally are offered by banks, other financial institutions or lending syndicates. A Fund may participate in lending syndications, or can buy part of a loan, becoming a co-lender. When purchasing loan participations, a Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an offering bank or other financial intermediary. The participation interests in which a Fund invests may not be rated by any nationally recognized rating service.

A loan is often administered by an agent bank acting as agent for all holders. The agent bank administers the terms of the loan, as specified in the loan agreement. In addition, the agent bank is normally responsible for the collection of principal and interest payments from the corporate borrower and the apportionment of these payments to the institutions that are parties to the loan agreement. Unless a Fund has direct recourse against the corporate borrower, under the terms of the loan or other indebtedness, the Fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower.

A financial institution's employment as agent bank might be terminated in the event that it fails to observe a requisite standard of care or becomes insolvent. A successor agent bank would generally be appointed to replace the terminated agent bank, and assets held by the agent bank under the loan agreement should remain available to holders of such indebtedness. However, if assets held by the agent bank for the benefit of a Fund were determined to be subject to the claims of the agent bank's general creditors, the Fund might incur certain costs and delays in realizing payment on a loan or loan participation and could suffer a loss of principal and/or interest. In situations involving other interposed financial institutions (i.e., an insurance company or governmental agency) similar risks may arise.

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**Investment Policies**

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**Loan Originations,** 

**Participations and** 

**Assignments — Continued**

Lenders and purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the corporate borrower for payment of principal and interest. If a Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund's share price and yield could be adversely affected. Loans that are fully secured offer a Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, the collateral may be difficult to liquidate, decline in value or be insufficient or unavailable to satisfy a borrower's obligation. As a result, the Fund may not receive money or payment to which it is entitled under the loan.

A Fund may invest in loan participations with credit quality comparable to that of issuers of its securities investments. Indebtedness of companies whose creditworthiness is poor involves substantially greater risks and may be highly speculative. Some companies may never pay off their indebtedness or may pay only a small fraction of the amount owed. Consequently, when investing in indebtedness of companies with poor credit, a Fund bears a substantial risk of losing the entire amount invested.

Each Fund, in applying its investment restrictions, generally will treat the corporate borrower as the "issuer" of indebtedness held by the Fund. In the case of loan participations where a bank or other lending institution serves as a financial intermediary between a Fund and the corporate borrower, and where the participation does not shift the direct debtor-creditor relationship with the corporate borrower to the Fund, SEC interpretations require the Fund to treat both the lending bank or other lending institution and the corporate borrower as "issuers" for the purposes of applying diversification restrictions. Treating a financial intermediary as an issuer of indebtedness may restrict a Fund's ability to invest in indebtedness related to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the underlying borrowers represent many different companies and industries.

Loans and other types of direct indebtedness may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete and transactions in loans are typically subject to long settlement periods (often longer than seven days). Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the Fund's Subadvisor and/or Advisor, as applicable, believes to be a fair price and, as a result, a Fund's ability to meet redemption obligations may be impaired. Thus, a Fund may be adversely affected by selling other, more liquid, investments at an unfavorable time and/or under unfavorable conditions, by having to engage in borrowing transactions, such as borrowing against a credit facility, or by taking other actions to raise cash to meet redemption obligations or pursue other investment opportunities. In addition, valuation of illiquid indebtedness involves a greater degree of judgment in determining a Fund's net asset value than if that value were based on available market quotations and could result in significant variations in the Fund's daily share price. Nevertheless, some loan interests are traded among certain financial institutions and accordingly may be deemed liquid. As the market for different types of indebtedness develops, the liquidity of these instruments is expected to improve. In addition, a Fund currently intends to treat indebtedness for which there is no readily available market as illiquid for purposes of a Fund's limitation on illiquid investments. Investments in loan participations are considered to be debt obligations for purposes of a Fund's investment restrictions relating to the lending of funds or assets by a Fund.

Investments in loans through a direct assignment of the financial institution's interests with respect to the loan may involve additional risks to a Fund. For example, if a loan is foreclosed, a Fund could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, a Fund could be held liable as co-lender. In certain circumstances, loans may not be deemed to be securities. As a result, as an investor in such loans, a Fund may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement and any anti-fraud protections available under applicable state law. In the absence of definitive regulatory guidance, a Fund relies on the Subadvisors research in an attempt to avoid situations where fraud or misrepresentation could adversely affect a Fund.

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**Mortgage "Dollar Roll" Transactions** 

Mortgage "dollar roll" transactions are permitted with selected banks and broker-dealers. In a dollar roll, the Fund sells mortgage-backed securities and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future day. A Fund will only enter into covered rolls. A "covered roll" is a specific type of dollar roll for which there is an offsetting cash or cash equivalent security position that matures on or before the forward settlement date of the dollar roll transaction. Covered rolls are not treated as a borrowing or other senior security and will be excluded from the calculation of a Fund's borrowings and other senior securities. For financial reporting and tax purposes, a Fund treats mortgage dollar rolls as two separate transactions: one involving the purchase of a security and a separate transaction involving a sale. A Fund does not currently intend to enter into mortgage dollar roll transactions that are accounted for as financing.

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**Investment Policies**

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**Mortgage-Backed Securities** 

Investments in mortgage-backed securities are permitted. The Advisor/Subadvisors will monitor regularly the ratings of securities held by each Fund that they manage and the creditworthiness of their issuers.

Harbor Core Bond Fund and Harbor Core Plus Fund may invest in mortgage pass-through certificates and multiple-class pass-through securities, such as real estate mortgage investment conduits ("REMIC") pass-through certificates, CMOs and stripped mortgage-backed securities ("SMBS"), and other types of "mortgage-backed securities" that may be available in the future. A mortgage-backed security may be an obligation of the issuer backed by a mortgage or pool of mortgages or a direct interest in an underlying pool of mortgages. Some mortgage-backed securities, such as CMOs, make payments of both principal and interest at a variety of intervals; others make semiannual interest payments at a predetermined rate and repay principal at maturity (like a typical bond). Mortgage-backed securities are based on different types of mortgages, including those on commercial real estate or residential properties. Mortgage-backed securities often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. In practice, however, unscheduled or early payments of principal and interest on the underlying mortgages may make the securities' effective maturity shorter than this, and the prevailing interest rates may be higher or lower than the current yield of a Fund's portfolio at the time the Fund receives the payments for reinvestment. Mortgage-backed securities may have less potential for capital appreciation than comparable fixed income securities, due to the likelihood of increased prepayments of mortgages as interest rates decline. If a Fund buys mortgage-backed securities at a premium, mortgage foreclosures and prepayments of principal by mortgagors (which may be made at any time without penalty) may result in some loss of the Fund's principal investment to the extent of the premium paid.

The values of mortgage-backed securities may also change due to shifts in the market's perception of issuers. In addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole. Non-governmental mortgage-backed securities may offer higher yields than those issued by government entities, but also may be subject to greater price changes than governmental issues.

Mortgage-related securities that are backed by pools of subprime mortgages are generally subject to a greater level of non-payment risk than mortgage-related securities that are not backed by pools of subprime mortgages. Subprime mortgages are loans made to borrowers with lower credit ratings and/or a shorter credit history and such borrowers are more likely to default on their obligations under the loan than more creditworthy borrowers. As a result, subprime mortgages underlying a mortgage-related security can experience a significant rate of non-payment. To the extent a Fund invests in mortgage-related securities backed by subprime mortgages, the Fund's investment will be particularly susceptible to non-payment risk and the risks generally associated with investments in mortgage-related securities. Thus, the value of the Fund's investment may be adversely affected by borrower non-payments, changes in interest rates, developments in the real estate market and other market and economic developments.

***GUARANTEED MORTGAGE PASS-THROUGH SECURITIES*** 

Guaranteed mortgage pass-through securities represent participation interests in pools of residential mortgage loans and are issued by U.S. governmental or private lenders and guaranteed by the U.S. government or one of its agencies or instrumentalities, including but not limited to the Government National Mortgage Association ("GNMA" or "Ginnie Mae"), the Federal National Mortgage Association ("FNMA" or "Fannie Mae") and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). Ginnie Mae certificates are guaranteed by the full faith and credit of the U.S. government for timely payment of principal and interest on the certificates. Fannie Mae certificates are guaranteed by Fannie Mae, a federally chartered and privately owned corporation, for full and timely payment of principal and interest on the certificates. Freddie Mac certificates are guaranteed by Freddie Mac, a corporate instrumentality of the U.S. government, for timely payment of interest and the ultimate collection of all principal of the related mortgage loans. Securities issued or guaranteed by entities such as Fannie Mae or Freddie Mac are not issued or guaranteed by the U.S. government.

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**Investment Policies**

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**Mortgage-Backed** 

**Securities — Continued**

of credit. The insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. There can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements, and the protection afforded by insurance or guarantees may be insufficient to cover all losses if underlying mortgage borrowers default at a greater than expected rate.

Mortgage-related securities without insurance or guarantees may be purchased if the Subadvisor and/or the Advisor, as applicable, determines that the securities meet a Fund's quality standards. Mortgage-related securities issued by certain private organizations may not be readily marketable.

***MULTIPLE-CLASS PASS-THROUGH SECURITIES AND COLLATERALIZED MORTGAGE OBLIGATIONS*** 

CMOs and REMIC pass-through or participation certificates may be issued by, among others, U.S. government agencies and instrumentalities as well as private issuers. REMICs are CMO vehicles that qualify for special tax treatment under the Code and invest in mortgages principally secured by interests in real property and other investments permitted by the Code. CMOs and REMIC certificates are issued in multiple classes and the principal of and interest on the mortgage assets may be allocated among the several classes of CMOs or REMIC certificates in various ways. Each class of CMOs or REMIC certificates, often referred to as a "tranche," is issued at a specific adjustable or fixed interest rate and must be fully retired no later than its final distribution date. Generally, interest is paid or accrues on all classes of CMOs or REMIC certificates on a monthly basis.

Typically, CMOs are collateralized by Ginnie Mae, Fannie Mae or Freddie Mac certificates but also may be collateralized by other mortgage assets, such as whole loans or private mortgage pass-through securities. Debt service on CMOs is provided from payments of principal and interest on collateral of mortgaged assets and any reinvestment income thereon.

***STRIPPED MORTGAGE-BACKED SECURITIES*** 

SMBS are derivative multiple-class mortgage-backed securities that are created when a U.S. government agency or a financial institution separates the interest and principal components of a mortgage-backed security and sells them as individual securities. SMBS are usually structured with two classes that receive different proportions of interest and principal distributions on a pool of mortgage assets. A typical SMBS will have one class receiving some of the interest and most of the principal, while the other class will receive most of the interest and the remaining principal. The holder of the "principal-only" security ("PO") receives the principal payments made by the underlying mortgage-backed security, while the holder of the "interest-only" security ("IO") receives interest payments from the same underlying security. The prices of stripped mortgage-backed securities may be particularly affected by changes in interest rates. As interest rates fall, prepayment rates tend to increase, which tends to reduce prices of IOs and increase prices of POs. Rising interest rates can have the opposite effect. Although the market for these securities is increasingly liquid, the relevant Subadvisor and/or the Advisor, as applicable, may determine that certain stripped mortgage-backed securities issued by the U.S. government, its agencies or instrumentalities are not readily marketable. If so, these securities, together with privately-issued stripped mortgage-backed securities, will be considered illiquid for purposes of a Fund's limitation on investments in illiquid securities. The yields and market risk of interest only and principal only SMBS, respectively, may be more volatile than those of other fixed income securities. The staff of the SEC considers privately issued SMBS to be illiquid.

***REVERSE MORTGAGES*** 

Mortgage-related securities include, among other things, securities that reflect an interest in reverse mortgages. In a reverse mortgage, a lender makes a loan to a homeowner based on the homeowner's equity in his or her home. While a homeowner must be age 62 or older to qualify for a reverse mortgage, reverse mortgages may have no income restrictions. Repayment of the interest or principal for the loan is generally not required until the homeowner dies, sells the home, or ceases to use the home as his or her primary residence.

There are three general types of reverse mortgages: (1) single-purpose reverse mortgages, which are offered by certain state and local government agencies and nonprofit organizations; (2) federally-insured reverse mortgages, which are backed by the U. S. Department of Housing and Urban Development; and (3) proprietary reverse mortgages, which are privately offered loans. A mortgage-related security may be backed by a single type of reverse mortgage. Reverse mortgage-related securities include agency and privately issued mortgage-related securities. The principal government guarantor of reverse mortgage-related securities is Ginnie Mae.

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**Investment Policies**

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**Mortgage-Backed** 

**Securities — Continued**

Reverse mortgage-related securities may be subject to risks different than other types of mortgage-related securities due to the unique nature of the underlying loans. The date of repayment for such loans is uncertain and may occur sooner or later than anticipated. The timing of payments for the corresponding mortgage-related security may be uncertain. Because reverse mortgages are offered only to persons 62 and older and there may be no income restrictions, the loans may react differently than traditional home loans to market events.

***RISK FACTORS ASSOCIATED WITH MORTGAGE-BACKED SECURITIES*** 

Investing in mortgage-backed securities involves certain risks, including the failure of a counterparty to meet its commitments, adverse interest rate changes and the effects of prepayments on mortgage cash flows. In addition, investing in the lowest tranche of CMOs and REMIC certificates involves risks similar to those associated with investing in equity securities. However, due to adverse tax consequences under current tax laws, a Fund does not intend to acquire "residual" interests in REMICs. Further, the yield characteristics of mortgage-backed securities differ from those of traditional fixed income securities. The major differences typically include more frequent interest and principal payments (usually monthly), the adjustability of interest rates, and the possibility that prepayments of principal may be made substantially earlier than the final distribution date.

Prepayment rates are influenced by changes in current interest rates and a variety of economic, geographic, social and other factors and cannot be predicted with certainty. Both adjustable rate mortgage loans and fixed rate mortgage loans may be subject to a greater rate of principal prepayments in a declining interest rate environment and to a lesser rate of principal prepayments in an increasing interest rate environment. Under certain interest rate and prepayment rate scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding any direct or indirect governmental, agency or other guarantee. When a Fund reinvests amounts representing payments and unscheduled prepayments of principal, it may obtain a rate of interest that is lower than the rate on existing adjustable rate mortgage pass-through securities. Thus, mortgage-backed securities, and adjustable rate mortgage pass-through securities in particular, may be less effective than other types of U.S. government securities as a means of "locking in" interest rates.

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**Municipal Bonds** 

The Fund may invest in securities issued by states, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multistate agencies or authorities. Municipal bonds share the attributes of fixed income securities in general, but are generally issued by states, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multi-state agencies or authorities. The municipal bonds that a Fund may purchase include general obligation bonds and limited obligation bonds (or revenue bonds), including industrial development bonds issued pursuant to former federal tax law. General obligation bonds are obligations involving the credit of an issuer possessing taxing power and are payable from such issuer's general revenues and not from any particular source. Limited obligation bonds are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source. Tax-exempt private activity bonds and industrial development bonds generally also are revenue bonds and thus are not payable from the issuer's general revenues. The credit and quality of private activity bonds and industrial development bonds are usually related to the credit of the corporate user of the facilities. Payment of interest on and repayment of principal of such bonds is the responsibility of the corporate user (and/or any guarantor).

Under the Code, certain limited obligation bonds are considered "private activity bonds" and interest paid on such bonds is treated as an item of tax preference for purposes of calculating federal alternative minimum tax liability.

A Fund may invest in municipal warrants, which are essentially call options on municipal bonds. In exchange for a premium, municipal warrants give the purchaser the right, but not the obligation, to purchase a municipal bond in the future. A Fund may purchase custodial receipts representing the right to receive either the principal amount or the periodic interest payments or both with respect to specific underlying municipal bonds. A Fund may invest in municipal bonds with credit enhancements such as letters of credit, municipal bond insurance and Standby Bond Purchase Agreements ("SBPAs"). A Fund may invest in Residual Interest Bonds ("RIBs"), which brokers create by depositing a municipal bond in a trust. The trust in turn issues a variable rate security and RIBs.

Municipal bonds are subject to credit and market risk. Generally, prices of higher quality issues tend to fluctuate less with changes in market interest rates than prices of lower quality issues and prices of longer maturity issues tend to fluctuate more than prices of shorter maturity issues.

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**Investment Policies**

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**Municipal Bonds —** 

**Continued**

Prices and yields on municipal bonds are dependent on a variety of factors, including general money market conditions, the financial condition of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation and the rating of the issue. A number of these factors, including the ratings of particular issues, are subject to change from time to time. Information about the financial condition of an issuer of municipal bonds may not be as extensive as information made available by corporations whose securities are publicly traded.

Obligations of issuers of municipal bonds are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors. Congress or state legislatures may seek to extend the time for payment of principal or interest, or both, or to impose other constraints upon enforcement of such obligations. There is also the possibility that as a result of litigation or other conditions, the power or ability of issuers to meet their obligations for the payment of interest and principal on their municipal bonds may be materially affected or their obligations may be found to be invalid or unenforceable. Such litigation or conditions may from time to time have the effect of introducing uncertainties in the market for municipal bonds or certain segments thereof, or of materially affecting the credit risk with respect to particular bonds. Adverse economic, business, legal or political developments might affect all or a substantial portion of a Fund's municipal bonds in the same manner.

The bankruptcy of a large city is rare, making its consequences difficult to predict. A Fund's investments in securities affected by a city's bankruptcy may decline in value and could reduce the Fund's performance. In addition, difficulties in the municipal securities markets could result in increased illiquidity, volatility and credit risk, and a decrease in the number of municipal securities investment opportunities. The value of municipal securities may also be affected by uncertainties involving the taxation of municipal securities or the rights of municipal securities holders in the event of a bankruptcy. Proposals to restrict or eliminate the federal income tax exemption for interest on municipal securities are introduced before Congress from time to time. These legal uncertainties could affect the municipal securities market generally, certain specific segments of the market, or the relative credit quality of particular securities.

The secondary market for municipal bonds typically has been less liquid than that for taxable fixed income securities, and this may affect a Fund's ability to sell particular municipal bonds at then-current market prices, especially in periods when other investors are attempting to sell the same securities. Additionally, municipal bonds rated below investment-grade (i.e., high-yield municipal bonds) may not be as liquid as higher-rated municipal bonds. Reduced liquidity in the secondary market may have an adverse impact on the market price of a municipal bond and on a Fund's ability to sell a municipal bond in response to changes or anticipated changes in economic conditions or to meet the Fund's cash needs. Reduced liquidity may also make it more difficult to obtain market quotations based on actual trades for purposes of valuing a Fund's portfolio.

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**Partnership Securities** 

The Fund may invest in securities issued by publicly traded partnerships or master limited partnerships or limited liability companies (together referred to as "PTPs/MLPs"). These entities may be publicly traded on stock exchanges or markets such as the New York Stock Exchange ("NYSE"), the NYSE Alternext US LLC ("NYSE Alternext") and NASDAQ. PTPs/MLPs often own businesses or properties relating to energy, natural resources or real estate, or may be involved in the film industry or research and development activities. Generally, PTPs/MLPs are operated under the supervision of one or more managing partners or members. Limited partners, unit holders, or members (such as a Fund, if it invests in a partnership) are not involved in the day-to-day management of the company. Limited partners, unit holders, or members are allocated income and capital gains associated with the partnership project in accordance with the terms of the partnership or limited liability company agreement.

At times PTPs/MLPs may potentially offer relatively high yields compared to common stocks. Because PTPs/MLPs are generally treated as partnerships or similar limited liability "pass-through" entities for tax purposes, they do not ordinarily pay income taxes, but pass their earnings on to unit holders (except in the case of some publicly-traded firms that may be taxed as corporations). For tax purposes, limited partners, unit holders, or members may be allocated taxable income with respect to only a portion of the distributions attributed to them because certain other portions may be attributed to the repayment of initial investments and may thereby lower the cost basis of the units or shares owned by unit or share holders. As a result, unit holders may effectively defer taxation on the receipt of some distributions until they sell their units. These tax consequences may differ for different types of entities.

Although the high yields potentially offered by these investments may be attractive, PTPs/MLPs have some disadvantages and present some risks. Investors in a partnership or limited liability company may have fewer protections under state law than investors in a corporation. Distribution and management fees may be substantial. Losses are generally considered passive and cannot offset income other than income or gains relating to the same entity. These tax consequences may differ for different types of entities. Many PTPs/MLPs may operate in certain limited sectors such as, without limitation, energy, natural resources, and real estate, which may be volatile or subject to periodic downturns, including

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**Investment Policies**

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**Partnership Securities —** 

**Continued**

as a result of geopolitical events. Growth may be limited because most cash is paid out to limited partners, unit holders, or members rather than retained to finance growth. The performance of PTPs/MLPs may be partly tied to interest rates. Rising interest rates, a poor economy, or weak cash flows are among the factors that can pose significant risks for investments in PTPs/MLPs. Investments in PTPs/MLPs also may be illiquid at times.

The Fund may also invest in relatively illiquid securities issued by limited partnerships or limited liability companies that are not publicly traded. These securities, which may represent investments in certain areas such as real estate or private equity, may present many of the same risks of PTPs/MLPs. In addition, they may present other risks including higher management and distribution fees, uncertain cash flows, potential calls for additional capital, and very limited liquidity.

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**Preferred Stocks** 

Preferred stock generally has a preference as to dividends and upon liquidation over an issuer's common stock but ranks junior to debt securities in an issuer's capital structure. Preferred stock generally pays dividends in cash or in additional shares of preferred stock at a defined rate. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer's common stock until all unpaid preferred stock dividends have been paid. Preferred stock also may be subject to optional or mandatory redemption provisions and generally carry no voting rights. In the case of Harbor Core Plus Fund and Harbor Core Bond Fund, investments in preferred stocks are limited to 10% of each Fund's total assets.

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**Real Estate Investment Trusts**

The Fund may gain exposure to the real estate sector by investing in real estate investment trusts ("REITs"), and common, preferred and convertible securities of issuers in real estate-related industries. Harbor Core Plus Fund, Harbor Convertible Securities Fund and Harbor Core Bond Fund may also invest in loans or other investments secured by real estate and may, as a result of default, foreclosure or otherwise, take possession of and hold real estate as a direct owner (see "Loan Participations and Assignments"). Each of these types of investments are subject, directly or indirectly, to risks associated with ownership of real estate, including changes in the general economic climate or local conditions (such as an oversupply of space or a reduction in demand for space), loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, including competition based on rental rates, variations in market value, changes in the financial condition of tenants, changes in operating costs, attractiveness and location of the properties, adverse changes in the real estate markets generally or in specific sectors of the real estate industry and possible environmental liabilities. Real estate-related investments may entail leverage and may be highly volatile.

REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not generally taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

There are three general categories of REITs: Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.

Along with the risks common to different types of real estate-related securities, REITs, no matter the type, involve additional risk factors. These include poor performance by the REIT's manager, changes to the tax laws, and failure by the REIT to qualify for tax-free distribution of income or exemption under the Investment Company Act of 1940. Furthermore, REITs are not diversified and are heavily dependent on cash flow.

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**Regulatory Risk and Other Market Events** 

Financial entities are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. Legislative or administrative changes or court decisions relating to the Code may adversely affect a Fund and/or the issuers of securities held by a Fund.

The Funds' investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offer Rate ("LIBOR") and other similar types of reference rates (each, a "Reference Rate"). In 2017, the United Kingdom's Financial Conduct Authority warned that LIBOR and certain other Reference Rates may cease to be available or appropriate for use after 2021. At

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**Investment Policies**

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**Regulatory Risk and Other** 

**Market Events —** 

**Continued**

the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund's investments resulting from a substitute Reference Rate may also adversely affect the Fund's performance and/or net asset value. Until then, the Funds may continue to invest in instruments that reference such rates or otherwise use such Reference Rates due to favorable liquidity or pricing. The termination of certain Reference Rates presents risks to the Funds. At this time, it is not possible to exhaustively identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the United Kingdom or elsewhere. In addition, in connection with supervisory guidance from U.S. regulators, some U.S. regulated entities have ceased to enter into most new LIBOR contracts since January 1, 2022. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades, adversely impacting a Fund's overall financial condition or results of operations.

Events such as natural disasters, pandemics, epidemics, and social unrest in one country, region, or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, the occurrence of, among other events, natural or man-made disasters, severe weather or geological events, fires, floods, earthquakes, outbreaks of disease (such as COVID-19, avian influenza or H1N1/09), epidemics, pandemics, malicious acts, cyber-attacks, terrorist acts or the occurrence of climate change, may also adversely impact the performance of a Fund. Such events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. Moreover, such negative political and economic conditions and events could disrupt the processes necessary for a Fund's operations. In addition, governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to support the markets. Such conditions, events and actions may result in greater market risk.

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**Repurchase Agreements** 

Repurchase agreements may be entered into with domestic or foreign banks or with any member firm of FINRA, or any affiliate of a member firm that is a primary dealer in U.S. government securities. Each repurchase agreement counterparty must meet the minimum credit quality requirements applicable to the respective Fund generally and meet any other appropriate counterparty criteria as determined by the Fund's Subadvisor and/or the Advisor, as applicable,. The minimum credit quality requirements are those applicable to a Fund's purchase of securities generally such that if a Fund is permitted to only purchase securities which are rated investment-grade (or the equivalent if unrated), the Fund could only enter into repurchase agreements with counterparties that have debt outstanding that is rated investment-grade (or the equivalent if unrated). In a repurchase agreement, a Fund buys a security at one price and simultaneously agrees to sell it back at a higher price. Such agreements must be adequately collateralized to cover the counterparty's obligation to the Fund to close out the repurchase agreement. The securities will be regularly monitored to ensure that the collateral is adequate. In the event of the bankruptcy of the seller or the failure of the seller to repurchase the securities as agreed, the Fund could suffer losses, including loss of interest on or principal of the securities and costs associated with delay and enforcement of the repurchase agreement.

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**Restricted Securities** 

Restricted securities are securities acquired in an unregistered, private sale from the issuing company or from an affiliate of the issuer. Restricted securities would be required to be registered under the Securities Act of 1933 (the "1933 Act") prior to distribution to the general public, but they may be eligible for resale to "qualified institutional buyers" under Rule 144A under the 1933 Act. It may be expensive or difficult for a Fund to dispose of restricted securities in the event that registration is required or an eligible purchaser cannot be found. Although certain of these securities may be readily sold, others may be illiquid, and their sale may involve substantial delays and additional costs.

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**Reverse Repurchase Agreements** 

The Fund may enter into reverse repurchase agreements with banks for temporary or emergency purposes. The Fund may enter into reverse repurchase agreements with banks and broker-dealers to the extent permitted by the Fund's restrictions on borrowing. A reverse repurchase agreement involves the sale of a portfolio security by the Fund, coupled with an agreement to repurchase the security at a specified time and price. During the reverse repurchase agreement, the Fund continues to receive principal and interest payments on the underlying securities. The use of repurchasing agreements involves leverage. Leveraging may exaggerate the effect on the Fund's net asset value of any increase

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**Investment Policies**

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**Reverse Repurchase** 

**Agreements — Continued**

or decrease in the market value of the Fund's portfolio. Money borrowed for leveraging will be subject to interest costs, which may or may not be recovered by appreciation of the securities purchased; and in certain cases, interest costs may exceed the return received on the securities purchased. An increase in interest rates could reduce or eliminate the benefits of leverage and could reduce the net asset value of the Fund's shares.

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**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 options to buy a stated number of shares of common stock at a specified price at any time during the life of the warrant. The holders of rights and warrants have no voting rights, receive no dividends and have no ownership rights with respect to the assets of the issuer. The value of a right or warrant may not necessarily change with the value of the underlying securities. Rights and warrants cease to have value if they are not exercised prior to their expiration date. Investments in rights and warrants are thus speculative and may result in a total loss of the money invested.

***LOW EXERCISE PRICE WARRANT ("LEPW")*** 

Harbor Global Leaders Fund may invest in LEPWs to seek to gain economic exposure to markets where holding an underlying security is not feasible. Harbor Global Leaders Fund may invest up to 20% of its net assets in LEPWs. A LEPW is a type of warrant with an exercise price that is very low relative to the market price of the underlying instrument at the time of issue (e.g., one cent or less). The buyer of a LEPW effectively pays the full value of the underlying common stock at the outset. As in the case of any exercise of warrants, there may be a time delay between the time a holder of LEPWs gives instructions to exercise and the time the price of the common stock relating to exercise or the settlement date is determined, during which time the price of the underlying security could change significantly. In addition, the exercise or settlement date of the warrants may be affected by certain market disruption events, such as difficulties relating to the exchange of a local currency into U.S. Dollars, the imposition of capital controls by a local jurisdiction or changes in the laws relating to foreign investments. These events could lead to a change in the exercise date or settlement currency of the warrants, or postponement of the settlement date. In some cases, if the market disruption events continue for a certain period of time, the warrants may become worthless resulting in a total loss of the purchase price of the warrants.

Because of its low exercise price, a LEPW is virtually certain to be exercised and the value and performance of its intrinsic value is effectively identical to that of the underlying security. These features are designed to allow participation in the performance of a security where there are legal or financial obstacles to purchasing the underlying security directly. If the LEPW is cash-settled, the buyer profits to the same extent as with a direct holding in the underlying security, but without having to transact in it.

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**Securities Lending** 

The Fund may seek to increase its income by lending portfolio securities. Under present regulatory policies, loans may be made only to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash or liquid assets. Such collateral will be maintained on a current basis at an amount at least equal to the market value of the securities loaned. The Fund would have the right to call a loan and obtain the securities loaned at any time on five days' notice. For the duration of a loan, the Fund would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and would also receive compensation from the investment of the collateral. The Fund would not, however, have the right to vote any securities having voting rights during the existence of the loan. In the event of an important vote to be taken among holders of the securities or of the giving or withholding of their consent on a material matter affecting the investment, the Fund would call the loan. As with other extensions of credit, there are risks of delay in recovery or loss of rights in the collateral should the borrower of the securities fail financially. However, the loans would be made only to firms deemed by the Advisor to be of good standing, and when, in the judgment of the Advisor, the consideration that can be earned currently from securities loans of this type justifies the attendant risk. If the Advisor decides to make securities loans, it is intended that the value of the securities loaned would not exceed 33⅓% of the value of the total assets of the Fund.

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**Short Sales** 

The Fund may engage in short sales of securities to: (i) offset potential declines in long positions in similar securities, (ii) increase the flexibility of the Fund; (iii) for investment return; (iv) as part of a risk arbitrage strategy; and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. A short sale is a transaction in which a Fund sells a security it does not own in anticipation that the market price of that security will decline.

When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. In connection with short sales of securities, the Fund may pay a fee to borrow securities or maintain an arrangement with a broker to borrow securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities.

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**Investment Policies**

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**Short Sales — Continued**

If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

The Funds may invest pursuant to a risk arbitrage strategy to take advantage of a perceived relationship between the value of two securities. Frequently, a risk arbitrage strategy involves the short sale of a security.

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**Small to Mid Companies** 

Smaller companies may (i) be subject to more volatile market movements than securities of larger, more established companies; (ii) have limited product lines, markets or financial resources; and (iii) depend upon a limited or less experienced management group. The securities of smaller companies may be traded only on the over-the-counter market or on a regional securities exchange and may not be traded daily or in the volume typical of trading on a national securities exchange. Disposition by the Fund of a smaller company's securities in order to meet redemptions may require the Fund to sell these securities at a discount from market prices, over a longer period of time or during periods when disposition is not desirable. These risks are more significant in the context of smaller companies.

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**Sovereign Debt Obligations** 

Sovereign debt obligations, such as foreign government debt or foreign treasury bills, involve special risks that are not present in corporate debt obligations. The foreign issuer of the sovereign debt or the foreign governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and a Fund may have limited or no recourse in the event of a default. For example, there may be no bankruptcy or similar proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. During periods of economic uncertainty, the market prices of sovereign debt, and the Fund's net asset value, to the extent it invests in such securities, may be more volatile than prices of debt obligations of U.S. issuers, and may result in illiquidity. In the past, certain foreign countries have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debt. As a holder of government sovereign debt, a Fund may be requested to participate in the restructuring of sovereign indebtedness, including the rescheduling of debt payments and the extension of further loans to government debtors, which may adversely affect the Fund. There can be no assurance that such restructuring will result in the repayment of all or part of the debt. Certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness. Harbor Core Bond Fund and Harbor Core Plus Fund may only invest in U.S. dollar denominated sovereign debt obligations.

A sovereign debtor's willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange, the relative size of the debt service burden, the sovereign debtor's policy toward principal international lenders and local political constraints. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies and other entities to reduce principal and interest arrearages on their debt. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to service its debts.

The recent global economic crisis brought several European economies close to bankruptcy and many other economies into recession and weakened the banking and financial sectors of many countries. For example, in the past several years the governments of countries in the European Union experienced large public budget deficits, the effects of which remain unknown and may slow the overall recovery of European economies from the recent global economic crisis. In addition, due to large public deficits, some European countries may be dependent on assistance from other European governments and institutions or multilateral agencies and offices. Such assistance may require a country to implement reforms or reach a certain level of performance. If a country receiving assistance fails to reach certain objectives or receives an insufficient level of assistance it could cause a deep economic downturn and could significantly affect the value of a Fund's investments in that country's sovereign debt obligations.

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**Special Purpose Acquisition Companies** 

The Fund may invest in stock, warrants, and other securities of special purpose acquisition companies ("SPACs") or similar special purpose entities that pool funds to seek potential acquisition opportunities. A SPAC is typically a publicly traded company that raises funds through an initial public offering ("IPO") for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC's IPO. The securities of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until a transaction is completed, a SPAC generally

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**Investment Policies**

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**Special Purpose** 

**Acquisition Companies —** 

**Continued**

invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market funds and similar investments. If an acquisition or merger that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the SPAC's shareholders, less certain permitted expenses, and any rights or warrants issued by the SPAC will expire worthless.

Because SPACs and similar entities are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. An investment in a SPAC is subject to a variety of risks, including that (i) a portion of the monies raised by the SPAC for the purpose of effecting an acquisition or merger may be expended prior to the transaction for payment of taxes and other expenses; (ii) prior to any acquisition or merger, a SPAC's assets are typically invested in U.S. government securities, money market funds and similar investments whose returns or yields may be significantly lower than those of the Fund's other investments; (iii) the Fund generally will not receive significant income from its investments in SPACs (both prior to and after any acquisition or merger) and, therefore, the Fund's investments in SPACs will not significantly contribute to the Fund's distributions to shareholders; (iv) attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases; (v) an attractive acquisition or merger target may not be identified at all, in which case the SPAC will be required to return any remaining monies to shareholders; (vi) if an acquisition or merger target is identified, the Fund may elect not to participate in, or vote to approve, the proposed transaction or the Fund may be required to divest its interests in the SPAC, due to regulatory or other considerations, in which case the Fund may not reap any resulting benefits; (vii) the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be redeemed by the SPAC at an unfavorable price; (viii) any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders and/or antitrust and securities regulators; (ix) under any circumstances in which the Fund receives a refund of all or a portion of its original investment (which typically represents a pro rata share of the proceeds of the SPAC's assets, less any applicable taxes), the returns on that investment may be negligible, and the Fund may be subject to opportunity costs to the extent that alternative investments would have produced higher returns; (x) to the extent an acquisition or merger is announced or completed, shareholders who redeem their shares prior to that time may not reap any resulting benefits; (xi) the Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; (xii) an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; (xiii) an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC; (xiv) only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC interest's intrinsic value; and (xv) the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

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**Structured Products** 

Structured products include instruments such as credit-linked securities, commodity-linked notes and structured notes, which are potentially high-risk derivatives. For example, a structured product may combine a traditional stock, bond, or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a structured product is tied (positively or negatively) to the price of some commodity, currency or securities index or another interest rate or some other economic factor (each a "benchmark"). The interest rate or (unlike most fixed income securities) the principal amount payable at maturity of a structured product may be increased or decreased, depending on changes in the value of the benchmark. An example of a structured product could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a structured product would be a combination of a bond and a call option on oil.

Structured products can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management, and increased total return. Structured products may not bear interest or pay dividends. The value of a structured product or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a structured product. Under certain conditions, the redemption value of a structured product could be zero. Thus, an investment in a structured product may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of

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**Investment Policies**

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**Structured Products —** 

**Continued**

structured products also exposes a Fund to the credit risk of the issuer of the structured product. These risks may cause significant fluctuations in the net asset value of the Fund. Harbor Core Bond Fund and Harbor Core Plus Fund will not invest more than 5% of their respective total assets in a combination of credit-linked securities or commodity-linked notes.

***CREDIT-LINKED SECURITIES*** 

Credit-linked securities are issued by a limited purpose trust or other vehicle that, in turn, invests in a basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order to provide exposure to certain high yield or other fixed income markets. For example, a Fund may invest in credit-linked securities as a cash management tool in order to gain exposure to the high yield markets and/or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, investments in credit-linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the trust's receipt of payments from, and the trust's potential obligations to, the counterparties to the derivative instruments and other securities in which the trust invests. For instance, the trust may sell one or more credit default swaps, under which the trust would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the trust would be obligated to pay the counterparty the par (or other agreed upon) value of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive as an investor in the trust. A Fund's investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is expected that the securities will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments.

***STRUCTURED NOTES AND INDEXED SECURITIES*** 

Structured notes are derivative debt instruments, the interest rate or principal of which is determined by an unrelated indicator (for example, a currency, security, commodity or index thereof). The terms of the instrument may be "structured" by the purchaser and the borrower issuing the note. Indexed securities may include structured notes as well as securities other than debt securities, the interest rate or principal of which is determined by an unrelated indicator. Indexed securities may include a multiplier that multiplies the indexed element by a specified factor and, therefore, the value of such securities may be very volatile. The terms of structured notes and indexed securities may provide that in certain circumstances no principal is due at maturity, which may result in a loss of invested capital. Structured notes and indexed securities may be positively or negatively indexed, so that appreciation of the unrelated indicator may produce an increase or a decrease in the interest rate or the value of the structured note or indexed security at maturity may be calculated as a specified multiple of the change in the value of the unrelated indicator. Therefore, the value of such notes and securities may be very volatile. Structured notes and indexed securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the unrelated indicator. Structured notes or indexed securities also may be more volatile, less liquid, and more difficult to accurately price than less complex securities and instruments or more traditional debt securities. To the extent a Fund invests in these notes and securities, however, each Fund's Subadvisor and/or the Advisor, as applicable, will analyze these notes and securities in its overall assessment of the effective duration of the Fund's holdings in an effort to monitor the Fund's interest rate risk.

Certain issuers of structured products may be deemed to be investment companies as defined in the Investment Company Act. As a result, a Fund's investments in these structured products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the Investment Company Act.

***EQUITY-LINKED SECURITIES AND EQUITY-LINKED NOTES*** 

Harbor Global Leaders Fund may invest a portion of their respective assets in equity-linked securities. Equity-linked securities are privately issued derivative securities that have a return component based on the performance of a single stock, a basket of stocks, or a stock index. Equity-linked securities are often used for many of the same purposes as, and share many of the same risks with, other derivative instruments.

An equity-linked note is a note, typically issued by a company or financial institution, whose performance is tied to a single stock, a basket of stocks, or a stock index. Generally, upon the maturity of the note, the holder receives a return of principal based on the capital appreciation of the linked securities. The terms of an equity-linked note may also provide for the periodic interest payments to holders at either a fixed or floating rate. Because the notes are equity linked, they may return a lower amount

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**Investment Policies**

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**Structured Products —** 

**Continued**

at maturity due to a decline in value of the linked security or securities. To the extent a Fund invests in equity-linked notes issued by foreign issuers, it will be subject to the risks associated with the debt securities of foreign issuers and with securities denominated in foreign currencies. Equity-linked notes are also subject to default risk and counterparty risk.

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**Trust-Preferred Securities** 

The primary benefit for the financial institution in using this particular structure is that the trust-preferred securities issued by the trust are treated by the financial institution as debt securities for tax purposes (as a consequence of which the expense of paying interest on the securities is tax deductible), but are treated as more desirable equity securities for purposes of the calculation of capital requirements. In certain instances, the structure involves more than one financial institution and thus, more than one trust. In such a pooled offering, an additional separate trust may be created. This trust will issue securities to investors and use the proceeds to purchase the trust-preferred securities issued by other trust subsidiaries of the participating financial institutions. In such a structure, the trust-preferred securities held by the investors are backed by other trust-preferred securities issued by the trust subsidiaries.

The risks associated with trust-preferred securities typically include the financial condition of the financial institution(s), as the trust typically has no business operations other than holding the subordinated debt issued by the financial institution(s) and issuing the trust-preferred securities and common stock backed by the subordinated debt. If a financial institution is financially unsound and defaults on interest payments to the trust, the trust will not be able to make dividend payments to holders of the trust-preferred securities such as the Funds.

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**U.S. Government Securities** 

Total U.S. public debt as a percentage of gross domestic product has grown since the beginning of the 2008 financial downturn. U.S. government agencies project that the U.S. will continue to maintain high debt levels in the near future. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented.

A high national debt level may increase market pressures to meet government funding needs, which may drive debt cost higher and cause the U.S. Treasury to sell additional debt with shorter maturity periods, thereby increasing refinancing risk. A high national debt also raises concerns that the U.S. government will be unable to pay investors at maturity. Unsustainable debt levels could cause declines in currency valuations and prevent the U.S. government from implementing effective fiscal policy.

On August 5, 2011, S&P lowered its long-term sovereign credit rating on the U.S. In explaining the downgrade, the S&P cited, among other reasons, controversy over raising the statutory debt ceiling and growth in public spending. The market prices and yields of securities supported by the full faith and credit of the U.S. government may be adversely affected by any actual or potential downgrade in the rating of U.S. long-term sovereign debt and such a downgrade may lead to increased interest rates and volatility.

Securities issued by U.S. government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. Ginnie Mae, a wholly owned U.S. government corporation, is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest on securities issued by institutions approved by Ginnie Mae and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. government) include Fannie Mae and Freddie Mac. On September 7, 2008, the Federal Housing Finance Agency

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**Investment Policies**

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**U.S. Government** 

**Securities — Continued**

("FHFA") placed Fannie Mae and Freddie Mac in conservatorship, while the Treasury agreed to purchase preferred stock as needed to ensure that both Fannie Mae and Freddie Mac maintain a positive net worth (guaranteeing up to $100 billion for each entity). As a consequence, certain fixed-income securities of Fannie Mae and Freddie Mac have more explicit U.S. government support. No assurance can be given as to whether the U.S. government will continue to support Fannie Mae and Freddie Mac. In addition, the future of Fannie Mae and Freddie Mac is uncertain because Congress has been considering proposals as to whether Fannie Mae and Freddie Mac should be nationalized, privatized, restructured or eliminated altogether. Fannie Mae and Freddie Mac are also the subject of continuing legal actions and investigations which may have an adverse effect on these entities.

In addition to securities issued by Ginnie Mae, Fannie Mae, Freddie Mac, and FHFA, U.S. government securities include obligations of federal home loan banks and federal land banks, Federal Farm Credit Banks Consolidated Systemwide Bonds and Notes, securities issued or guaranteed as to principal or interest by Tennessee Valley Authority and other similar securities as may be interpreted from time to time.

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**Variable and Floating Rate Securities** 

Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations must provide that interest rates are adjusted periodically based upon some appropriate interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event based, such as a change in the prime rate. Variable and floating rate securities that cannot be disposed of promptly within seven days and in the usual course of business without taking a reduced price will be treated as illiquid and subject to the limitation on investments in illiquid securities.

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**Variable Interest Entities** 

A Fund's investments in emerging markets may also include investments in U.S.- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals/entities affiliated with the business structured as a variable interest entity ("VIE"). Instead of directly owning the equity interests in a Chinese company, the listed company has contractual arrangements with the Chinese company, which are expected to provide the listed company with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China. By entering into contracts with the listed company that sells shares to U.S. investors, the China-based companies and/or related individuals/entities indirectly raise capital from U.S. investors without distributing ownership of the China-based companies to U.S. investors.

Even though the listed company does not own any equity in the China-based company, the listed company expects to exercise power over and obtain economic rights from the China-based company based on the contractual arrangements. All or most of the value of an investment in these companies depends on the enforceability of the contracts between the listed company and the China-based VIE. If the parties to the contractual arrangements do not meet their obligations as intended or there are effects on the enforceability of these arrangements from changes in Chinese law or practice, the listed company may lose control over the China-based company, and investments in the listed company's securities may suffer significant economic losses.

The contractual arrangements permit the listed issuer to include the financial results of the China-based VIE as a consolidated subsidiary. The listed company often is organized in a jurisdiction other than the United States or China (e.g., the Cayman Islands), which likely will not have the same disclosure, reporting, and governance requirements as the United States.

Risks associated with such investments include the risk that the Chinese government could determine at any time and without notice that the underlying contractual arrangements on which control of the VIE is based violate Chinese law, which may result in a significant loss in the value of an investment in a listed company that uses a VIE structure; that a breach of the contractual agreements between the listed company and the China-based VIE (or its officers, directors, or Chinese equity owners) will likely be subject to Chinese law and jurisdiction, which raises questions about whether and how the listed company or its investors could seek recourse in the event of an adverse ruling as to its contractual rights; and that investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the listed company, which may adversely impact the value of investments of the listed company.

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**Investment Restrictions**

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**Fundamental Investment Restrictions** 

The following restrictions may not be changed with respect to a Fund without the approval of the majority of outstanding voting securities of the Fund (which, under the Investment Company Act and the rules thereunder and as used in the Prospectuses and this Statement of Additional Information, means the lesser of (1) 67% of the shares of that Fund present at a meeting if the holders of more than 50% of the outstanding shares of that Fund are present in person or by proxy, or (2) more than 50% of the outstanding shares of that Fund). Investment restrictions that involve a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition or encumbrance of securities or assets of, or borrowings by or on behalf of, each Fund with the exception of borrowings permitted by Investment Restriction (2) listed below.

A Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) with respect to 75% of the total assets of the Fund, purchase the securities of any issuer if such purchase would cause more than 5% of the Fund's total assets (taken at market value) to be invested in the securities of such issuer, or purchase securities of any issuer if such purchase would cause more than 10% of the total voting securities of such issuer to be held by the Fund, except obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities and with respect to the Harbor Convertible Securities Fund, shares of other investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) borrow money, except to the extent permitted by, or to the extent not prohibited by, applicable law and any applicable exemptive relief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) act as underwriter of the securities issued by others, except to the extent that the purchase of securities in accordance with each Fund's investment objective and policies directly from the issuer thereof and the later disposition thereof may be deemed to be underwriting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) invest 25% or more of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry (excluding the U.S. government or any of its agencies or instrumentalities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) issue senior securities, except as permitted under the Investment Company Act, and except that Harbor Funds may issue shares of beneficial interest in multiple series or classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) purchase, hold or deal in real estate, although the Fund may purchase and sell securities that are secured by real estate or interests therein, securities of real estate investment trusts and mortgage-related securities and may hold and sell real estate acquired by the Fund as a result of the ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) (except for Harbor Convertible Securities Fund), invest in commodities or commodity contracts, except that each Fund may invest in currency and financial instruments and contracts that are commodities or commodity contracts that are not deemed to be prohibited commodities or commodities contracts for the purpose of this restriction. Harbor Convertible Securities Fund may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments; provided that this restriction shall not prohibit the Fund from purchasing or selling options, futures contracts and related options thereon, forward contracts, swaps, caps, floors, collars and any other financial instruments or from investing in securities or other instruments backed by physical commodities or as otherwise permitted by (i) the Investment Company Act, (ii) the rules and regulations promulgated by the SEC under the Investment Company Act, or (iii) an exemption or other relief applicable to the Fund from the provisions of the Investment Company Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) make loans to other persons, except to the extent permitted by, or to the extent not prohibited by, applicable law and any applicable exemptive relief.

Notwithstanding the investment policies and restrictions of each Fund, a Fund may invest its assets in an open-end management investment company with substantially the same investment objective, policies and restrictions as the Fund.

For purposes of fundamental investment restriction no. 4, each Fund will consider concentration to be the investment of more than 25% of the value of its total assets in any one industry. In addition, telephone companies are considered to be in a separate industry from water, gas or electric utilities; personal credit finance companies and business credit finance companies are deemed to be in separate industries; banks and insurance companies are deemed to be in separate industries; wholly owned finance companies are considered to be in the industry of their parents if their activities are primarily related to financing the activities of their parents; and privately issued mortgage-backed securities collateralized by mortgages insured or guaranteed by the U.S. government, its agencies or instrumentalities do not represent interests in any industry.

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**Investment Restrictions**

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**Fundamental Investment** 

**Restrictions — Continued**

For purposes of fundamental investment restriction no. 7, each Fund interprets its policy with respect to the investment in commodities or commodity contracts to permit the Fund, subject to the Fund's investment objectives and general investment policies (as stated in the Fund's Prospectus and elsewhere in this Statement of Additional Information), to invest in commodity futures contracts and options thereon, commodity-related swap agreements, hybrid instruments, and other commodity-related derivative instruments.

From time to time, each Fund may voluntarily participate in actions (for example, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as a Fund, and the acquisition is determined to be beneficial to Fund shareholders ("Voluntary Action"). Unless otherwise indicated, all percentage limitations on Fund investments (as stated throughout this Statement of Additional Information or in the Prospectuses) that are not (i) specifically included in the above section or (ii) imposed by the Investment Company Act, rules thereunder, the Code or related regulations (the "Elective Investment Restrictions"), will apply only at the time a transaction is entered into. For purposes of this policy, certain Non-Fundamental Investment Restrictions, as noted below, are also considered Elective Investment Restrictions. The percentage limitations and absolute prohibitions with respect to Elective Investment Restrictions are not applicable to a Fund's acquisition of securities or instruments through a Voluntary Action.

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**Non-Fundamental Investment Restrictions** 

In addition to the investment restrictions and policies mentioned above, the Trustees of Harbor Funds have voluntarily adopted the following policies and restrictions, which are observed in the conduct of the affairs of the Funds. These represent intentions of the Trustees based upon current circumstances. They differ from fundamental investment policies because they may be changed or amended by action of the Trustees without prior notice to or approval of shareholders. Accordingly, each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) purchase securities on margin, except for use of short-term credit necessary for clearance of purchases and sales of portfolio securities, but it may make margin deposits in connection with covered transactions in options, futures, options on futures and short positions. For purposes of this restriction, the posting of margin deposits or other forms of collateral in connection with swap agreements is not considered purchasing securities on margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make short sales of securities, except as permitted under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) invest more than 15% of the Fund's net assets in illiquid investments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) invest in other companies for the purpose of exercising control or management.

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**Trustees and Officers**

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The business and affairs of the Trust shall be managed by or under the direction of the Trustees, and they shall have all powers necessary or desirable to carry out that responsibility. The Trustees shall have full power and authority to take or refrain from taking any action and to execute any contracts and instruments that they may consider necessary or desirable in the management of the Trust. Any determination made by the Trustees in good faith as to what is in the interests of the Trust shall be conclusive. The Trustees serve on the Board of Trustees of Harbor Funds and Harbor ETF Trust.

Information pertaining to the Trustees and Officers of Harbor Funds is set forth below. The address of each Trustee and Officer is: [Name of Trustee or Officer] c/o Harbor Funds, 111 South Wacker Drive, 34th Floor, Chicago, IL 60606-4302.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name (Age)** <br> **Position(s) with Fund**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<sup>1</sup> <br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Portfolios**<br> **In Fund**<br> **Complex**<br> **Overseen By**<br> **Trustee**<br>| **Other Directorships**<br> **Of Public Companies**<br> **and Other Registered**<br> **Investment Companies**<br> **Held by Trustee During**<br> **Past Five Years**<br>|
| **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  | **INDEPENDENT TRUSTEES**  |
| Scott M. Amero (59)<br> Trustee<br>| Since 2014 | Chairman (2015-2020) and Trustee (2011-Present), Rare (conservation <br> nonprofit); Trustee, Root Capital (2022-Present); Trustee, The Nature <br> Conservancy, Massachusetts Chapter (2018-Present); Trustee, Adventure <br> Scientists (conservation nonprofit) (2020-Present); Vice Chairman and Global <br> Chief Investment Officer, Fixed Income (2010), Vice Chairman and Global <br> Chief Investment Officer, Fixed Income, and Co-Head, Fixed Income Portfolio <br> Management (2007-2010), BlackRock, Inc. (publicly traded investment <br> management firm).<br>| 27 |  |
| Donna J. Dean (71)<br> Trustee<br>| Since 2010 | Chief Investment Officer of the Rockefeller Foundation (a private foundation) <br> (2001-2019).<br>| 27 |  |
| Robert Kasdin (64)<br> Trustee<br>| Since 2014 | Senior Vice President and Chief Operating Officer (2015-2022) and Chief <br> Financial Officer (2018-2022), Johns Hopkins Medicine; Trustee and Member <br> of the Finance Committee, National September 11 Memorial & Museum at <br> the World Trade Center (2005-2019); Director, Apollo Commercial Real Estate <br> Finance, Inc. (2014-Present); and Director, The Y in Central Maryland <br> (2018-2022).<br>| 27 | Director of Apollo <br> Commercial Real Estate <br> Finance, Inc. (2014-<br> Present).<br>|
| Kathryn L. Quirk (70)<br> Trustee<br>| Since 2017 | Member, Board of Directors and Co-Chair, Governance Committee, Just <br> World International Inc. (nonprofit) (2020 – Present); Vice President, Senior <br> Compliance Officer and Head, U.S. Regulatory Compliance, Goldman Sachs <br> Asset Management (2013-2017); Deputy Chief Legal Officer, Asset <br> Management, and Vice President and Corporate Counsel, Prudential <br> Insurance Company of America (2010-2012); Co-Chief Legal Officer, Prudential <br> Investment Management, Inc., and Chief Legal Officer, Prudential Investments <br> and Prudential Mutual Funds (2008-2012); Vice President and Corporate <br> Counsel and Chief Legal Officer, Mutual Funds, Prudential Insurance Company <br> of America, and Chief Legal Officer, Prudential Investments (2005-2008); Vice <br> President and Corporate Counsel and Chief Legal Officer, Mutual Funds, <br> Prudential Insurance Company of America (2004-2005); Member, Management <br> Committee (2000-2002), General Counsel and Chief Compliance Officer, Zurich <br> Scudder Investments, Inc. (1997-2002).<br>| 27 |  |
| Douglas J. Skinner (61)<br> Trustee<br>| Since 2020 | Professor of Accounting (2005-Present), Deputy Dean for Faculty (2015-2016, <br> 2017-Present), Interim Dean (2016-2017), University of Chicago Booth School <br> of Business.<br>| 27 |  |
| Ann M. Spruill (69)<br> Trustee<br>| Since 2014 | Partner (1993-2008), member of Executive Committee (1996-2008), Member <br> Board of Directors (2002-2008), Grantham, Mayo, Van Otterloo & Co, LLC <br> (private investment management firm) (with the firm since 1990); Member <br> Investment Committee and Chair of Global Public Equities, Museum of Fine <br> Arts, Boston (2000-2020); and Trustee, Financial Accounting Foundation <br> (2014-2020).<br>| 27 |  |
| Landis Zimmerman (64)<br> Trustee<br>| Since 2022 | Independent, non-fiduciary advisor, Gore Creek Asset Management (2006-<br> Present); Member, Japan Science and Technology Agency Investment <br> Advisory Committee (2021-Present); Chief Investment Officer of the Howard <br> Hughes Medical Institute (2004-2021).<br>| 27 |  |

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**Trustees and Officers**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name (Age)** <br> **Position(s) with Fund**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<sup>1</sup><br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Portfolios**<br> **In Fund**<br> **Complex**<br> **Overseen By**<br> **Trustee**<br>| **Other Directorships**<br> **Of Public Companies**<br> **and Other Registered**<br> **Investment Companies**<br> **Held by Trustee During**<br> **Past Five Years**<br>|
| **INTERESTED TRUSTEE**  | **INTERESTED TRUSTEE**  | **INTERESTED TRUSTEE**  | **INTERESTED TRUSTEE**  | **INTERESTED TRUSTEE**  |
| Charles F. McCain (53)\*<br> Chairman, Trustee<br> and President<br>| Since 2017 | Chief Executive Officer (2017-Present), Director (2007-Present), President <br> and Chief Operating Officer (2017), Executive Vice President and General <br> Counsel (2004-2017), and Chief Compliance Officer (2004-2014), Harbor Capital <br> Advisors, Inc.; Director and Chairperson (2019-Present), Harbor Trust <br> Company, Inc.; Director (2007-Present) and Chief Compliance Officer <br> (2004-2017), Harbor Services Group, Inc.; Chief Executive Officer (2017-<br> Present), Director (2007-Present), Chief Compliance Officer and Executive <br> Vice President (2007-2017), Harbor Funds Distributors, Inc.; Chief Compliance <br> Officer, Harbor Funds (2004-2017); and Chairman, President and Trustee, <br> Harbor ETF Trust (2021-Present).<br>| 27 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Name (Age)**<br> **Position(s) with Fund**<br>| **Term of**<br> **Office and**<br> **Length of**<br> **Time Served**<sup>1</sup> <br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>|
| **FUND OFFICERS NOT LISTED ABOVE**<sup>\*\*</sup>  | **FUND OFFICERS NOT LISTED ABOVE**<sup>\*\*</sup>  | **FUND OFFICERS NOT LISTED ABOVE**<sup>\*\*</sup>  |
| Erik D. Ojala (48)<br> Chief Compliance Officer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Since 2017<br>| Executive Vice President and General Counsel (2017-Present), Secretary (2010-Present) and Chief Compliance Officer <br> (2022-2023); Senior Vice President and Associate General Counsel (2007-2017), Harbor Capital Advisors, Inc.; Director <br> and Secretary (2019-Present) and Chief Compliance Officer (2022-2023), Harbor Trust Company, Inc.; Director, Executive <br> Vice President (2017-Present) and Chief Compliance Officer (2017-2021, 2022-Present), Harbor Funds Distributors, Inc.; <br> Director (2017-Present), Assistant Secretary (2014-Present) and Chief Compliance Officer (2022-2023), Harbor Services <br> Group, Inc.; AML Compliance Officer (2010-2017) and Vice President and Secretary (2007-2017), Harbor Funds; and <br> Chief Compliance Officer, Harbor ETF Trust (2021-Present).<br>|
| Richard C. Sarhaddi (49)<br> Vice President<br>| Since 2023 | Senior Vice President and Chief Compliance Officer (2023 – Present), Harbor Capital Advisors, Inc., Harbor Services <br> Group, Inc. and Harbor Trust Company, Inc.; Vice President, Harbor Funds (2023-Present); Vice President, Harbor ETF <br> Trust (2023-Present); Chief Compliance Officer (2022-2023), Vanguard Personalized Indexing Management, LLC; Head <br> of U.S. Direct Investor Advice Compliance, (2018 – 2023), The Vanguard Group, Inc.; Director & Lead Counsel, Digital <br> Services / Intelligent Portfolios (2015 – 2018), Charles Schwab & Co., Inc.<br>|
| Kristof M. Gleich (43)<br> Vice President<br>| Since 2019 | President (2018-Present) and Chief Investment Officer (2020), Harbor Capital Advisors, Inc.; Director, Vice Chairperson, <br> President (2019-Present) and Chief Investment Officer (2020-Present), Harbor Trust Company, Inc.; Vice President, <br> Harbor Funds (2019-Present); Vice President, Harbor ETF Trust (2021-Present); and Managing Director, Global Head <br> of Manager Selection (2010-2018), JP Morgan Chase & Co.<br>|
| Gregg M. Boland (59)<br> Vice President and AML <br> Compliance Officer<br>| Since 2022 | Executive Vice President (2020-Present), Vice President (2019-2020), Harbor Capital Advisors, Inc.; President (2019-Present), <br> Senior Vice President – Operations (2016-2019), and Vice President – Operations (2007-2015), Harbor Services Group, <br> Inc.; Senior Vice President, AML Compliance Officer, and OFAC Officer (2019-Present), Harbor Funds Distributors, <br> Inc.; Vice President, Harbor Funds (2019-Present) and Vice President, Harbor ETF Trust (2021-Present).<br>|
| Diana R. Podgorny (43)<br> Secretary<br>| Since 2018 | Senior Vice President and Deputy General Counsel (2022-Present), Senior Vice President and Assistant General Counsel <br> (2020-2022), and Vice President and Assistant General Counsel (2017-2020), Harbor Capital Advisors, Inc.; Director <br> and Vice President (2020-Present), Harbor Trust Company, Inc.; Secretary, Harbor Funds (2018-Present); and Secretary, <br> Harbor ETF Trust (2021-Present).<br>|
| Lana M. Lewandowski (43)<br> Assistant Secretary<br>| Since 2017 | Vice President and Compliance Director (2022-Present), Legal & Compliance Manager (2016-2022) and Legal Specialist <br> (2012-2015), Harbor Capital Advisors, Inc.; AML Compliance Officer (2017-2022) and Assistant Secretary (2017-Present), <br> Harbor Funds; and AML Compliance Officer (2021-2022) and Assistant Secretary (2021-Present), Harbor ETF Trust.<br>|
| John M. Paral (54)<br> Treasurer<br>| Since 2022 | Senior Vice President – Fund Administration and Analysis (2022-Present), Director of Fund Administration and Analysis <br> (2017-2022), Vice President (2012-2022) and Financial Reporting Manager (2007-2017), Harbor Capital Advisors, Inc.; <br> Treasurer (2022-Present) and Assistant Treasurer (2013-2022), Harbor Funds; and Treasurer (2022-Present) and Assistant <br> Treasurer (2021-2022), Harbor ETF Trust.<br>|
| Lora A. Kmieciak (58)<br> Vice President<br>| Since 2022 | Executive Vice President and Chief Financial Officer (2022-Present), Senior Vice President – Fund Administration and <br> Analysis (2017-2022) and Senior Vice President - Business Analysis (2015-2017), Harbor Capital Advisors, Inc.; Vice <br> President (2020 – 2022) and Director (2022-Present), Harbor Trust Company, Inc.; Assistant Treasurer (2017-2022) and <br> Vice President (2022-Present), Harbor Funds; and Assistant Treasurer (2021-2022) and Vice President (2022-Present), <br> Harbor ETF Trust.<br>|
| Diane J. Johnson (57)<br> Vice President<br>| Since 2022 | Vice President (2022-Present) and Tax Director (2009-Present), Harbor Capital Advisors, Inc.; Vice President (2022-Present), <br> Harbor Funds; and Vice President (2022-Present), Harbor ETF Trust.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> *Each Trustee serves for an indefinite term, until his or her successor is elected. Each Officer is elected annually.*

*\** *Mr. McCain is deemed an "Interested Trustee" due to his affiliation with the Advisor and Distributor of Harbor Funds.*

*\*\** *Officers of the Funds are "interested persons" as defined in the Investment Company Act.*

------

**Trustees and Officers**

------

**Additional Information About the Trustees** 

The following sets forth information about each Trustee's specific experience, qualifications, attributes and/or skills that serve as the basis for the person's continued service in that capacity. These encompass a variety of factors, including, but not limited to, their financial and investment experience, academic background, willingness to devote the time and attention needed to serve, and past experience as Trustees of the Trust, other investment companies, operating companies or other types of entities. No one factor is controlling, either with respect to the group or any individual. As discussed further below, the evaluation of the qualities and ultimate selection of persons to serve as Independent Trustees is the responsibility of the Trust's Nominating Committee, consisting solely of Independent Trustees. The inclusion of a particular factor below does not constitute an assertion by the Board of Trustees or any individual Trustee that a Trustee has any special expertise that would impose any greater responsibility or liability on such Trustee than would exist otherwise.

***Scott M. Amero.*** Mr. Amero retired in 2010 after a 20-year career at BlackRock, Inc., where he was then Vice Chairman and Global Chief Investment Officer, Fixed Income, and Co-Head of Fixed Income Portfolio Management. He currently is on the Board of Trustees for Rare, a conservation nonprofit, a Trustee of Root Capital, a Trustee of the Massachusetts chapter of The Nature Conservancy, a Trustee for Adventure Scientists, a conservation nonprofit, and a member of the Advisory Board of the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School. Mr. Amero has extensive investment experience and has served as a Trustee of Harbor Funds since 2014 and of Harbor ETF Trust since 2021.

***Donna J. Dean.*** Ms. Dean served as the Chief Investment Officer of the Rockefeller Foundation from 2001 through 2019. The Rockefeller Foundation is a philanthropic organization established by the Rockefeller family in 1913 to promote the well-being of humanity. As Chief Investment Officer, Ms. Dean was responsible for leading a team of investment professionals in managing the Rockefeller Foundation's endowment. Ms. Dean was responsible for establishing strategy for the endowment's investment program, including diversifying the endowment's portfolio of investments across a range of asset classes including public and private equities, fixed income, emerging markets, real assets (such as resources and real estate), hedge funds and distressed debt. Prior to joining the Rockefeller Foundation in 1995, Ms. Dean spent seven years at Yale University, where she served as Director of Investments, with responsibility for real estate as well as oversight of the New Haven Initiative community investment program. Ms. Dean has significant investment experience and has served as a Trustee of Harbor Funds since 2010 and of Harbor ETF Trust since 2021.

***Robert Kasdin.*** Mr. Kasdin served as the Senior Vice President and Chief Operating Officer of Johns Hopkins Medicine from 2015 to 2022 and also as Chief Financial Officer of Johns Hopkins Medicine from 2018 to 2022. Prior to joining Johns Hopkins Medicine, he served as Senior Executive Vice President of Columbia University from 2002 to 2015. Prior to joining Columbia University, he served as the Executive Vice President and Chief Financial Officer of the University of Michigan, Treasurer and Chief Investment Officer for The Metropolitan Museum of Art in New York City, and Vice President and General Counsel for Princeton University Investment Company. He started his career as a corporate attorney at Davis Polk & Wardwell. Mr. Kasdin previously served on the board of The Y in Central Maryland and on the Board of the National September 11 Memorial & Museum at the World Trade Center Foundation, Inc. He serves on the Board of Directors of Apollo Commercial Real Estate Finance, Inc. and is a member of the Council on Foreign Relations. Mr. Kasdin has significant business experience and has served as a Trustee of Harbor Funds since 2014 and of Harbor ETF Trust since 2021.

***Kathryn L. Quirk.*** Ms. Quirk retired in March 2017 after nearly thirty-five years of serving in various legal, compliance and senior management roles in the asset management industry as well as serving as an officer of several investment companies. Prior to her retirement, she served at Goldman Sachs Asset Management as Head of U.S. Regulatory Compliance from 2013-2017. Prior to joining Goldman Sachs, she was Vice President and Corporate Counsel at Prudential Insurance Company of America, a subsidiary of Prudential Financial Inc., an insurance and financial services company. During that time, she also served as Deputy Chief Legal Officer, Asset Management at Prudential Insurance Company of America; Co-Chief Legal Officer at Prudential Investment Management, Inc.; Chief Legal Officer at Prudential Investments LLC; and Chief Legal Officer of the Prudential Mutual Funds. Prior to joining Prudential, Ms. Quirk worked at Zurich Scudder Investments, Inc., an asset management company, where she held several senior management positions, including General Counsel, Chief Compliance Officer, Chief Risk Officer, Corporate Secretary, Managing Director, and served on the board of directors and management committee. She started her career as an attorney at Debevoise & Plimpton LLP. She currently is on the Board of Directors and is Co-Chair of the Governance Committee of Just World International, Inc., a not-for-profit organization funding education and nutrition programs. Ms. Quirk has extensive investment management industry and legal experience and has served as a Trustee of Harbor Funds since 2017 and of Harbor ETF Trust since 2021.

------

**Trustees and Officers**

------

**Additional Information** 

**About the Trustees —** 

**Continued**

***Douglas J. Skinner.*** Mr. Skinner is the Sidney Davidson Distinguished Service Professor of Accounting and Deputy Dean for Faculty at the University of Chicago Booth School of Business, where his prior positions include Eric J. Gleacher Distinguished Service Professor of Accounting, John P. and Lillian A. Gould Professor of Accounting, Neubauer Family Faculty Fellow, Interim Dean, and Executive Director of the Accounting Research Center. Mr. Skinner joined the University of Chicago Business School's faculty in 2005 from the University of Michigan Business School, where he served as the KPMG Professor of Accounting. Mr. Skinner's teaching and research has a particular emphasis on corporate disclosure practices, corporate financial reporting, and corporate finance. Mr. Skinner is a Senior Fellow at the Asian Bureau of Finance and Economic Research. Mr. Skinner is the author or co-author of numerous publications in leading accounting and finance academic journals. Mr. Skinner has served as a Trustee of Harbor Funds since 2020 and of Harbor ETF Trust since 2021.

***Ann M. Spruill.*** Ms. Spruill retired in 2008 after an 18-year career at GMO & Co. LLC, where she was a partner, portfolio manager and the Head of International Active Equities Division. She also served as a member of the Executive Committee and the Board of Directors of that firm. GMO & Co. LLC is a privately-owned global investment management firm. Ms. Spruill served as a Trustee for the Financial Accounting Foundation. She served as a member of the Investment Committee and Chair of Global Public Equities for the Museum of Fine Arts, Boston and serves as a Trustee of the University of Rhode Island. Ms. Spruill has significant investment experience and has served as a Trustee of Harbor Funds since 2014 and of Harbor ETF Trust since 2021.

***Landis Zimmerman.*** Mr. Zimmerman retired in 2021 after serving 17 years as Vice President and Chief Investment Officer of the Howard Hughes Medical Institute. Prior to joining Howard Hughes Medical Institute, he served as Managing Director for investments at the University of Pennsylvania from 1998-2004, Associate Director of Investments of the Rockefeller Foundation from 1996-1998, Associate Director at Bear, Stearns & Co. Inc. from 1994-1996, and Vice President at J.P. Morgan Securities Inc. from 1985-1994. He began his career as Assistant Treasurer at Chemical Bank in 1981. He is currently an independent, non-fiduciary advisor for Gore Creek Asset Management, a family investment office, and is a member of the Japan Science and Technology Agency Investment Advisory Committee. Mr. Zimmerman has served as a Trustee of Harbor Funds and Harbor ETF Trust since 2022.

***Charles F. McCain.*** Mr. McCain has served as Chief Executive Officer of Harbor Capital Advisors since 2017 and as a Director since 2007. Mr. McCain previously served as President and Chief Operating Officer of Harbor Capital Advisors during 2017, Executive Vice President and General Counsel of Harbor Capital Advisors from 2004-2017 and as Chief Compliance Officer of Harbor Capital Advisors from 2004-2014. He served as Harbor Funds' Chief Compliance Officer from 2004-2017. He has served as a Director and Chairperson of Harbor Trust Company, Inc. since 2019. He also has served as a Director of Harbor Services Group, Inc. since 2007, and as the Chief Compliance Officer of Harbor Services Group, Inc. from 2004-2017. He has also served as a Director of Harbor Funds Distributors, Inc. since 2007, and as the Chief Compliance Officer and Executive Vice President of Harbor Funds Distributors, Inc. from 2007-2017. Prior to joining Harbor Capital Advisors in 2004, Mr. McCain was a Junior Partner at the law firm of Wilmer Cutler Pickering Hale and Dorr LLP. Mr. McCain has extensive business, investment, legal and compliance experience and has served as a Trustee and Chairman of the Board of Harbor Funds since 2017 and as a Trustee and Chairman of the Board of Harbor ETF Trust since 2021.

------

**Board Leadership Structure** 

As indicated above, the business and affairs of the Trust shall be managed by or under the direction of the Trustees. The Trustees have delegated day-to-day management of the affairs of the Trust to the Advisor, subject to the Trustees' oversight. The Board of Trustees is currently comprised of eight Trustees, seven of whom are Independent Trustees. All Independent Trustees serve on the Audit Committee and Nominating Committee, as discussed below. The Chairman of the Board of Trustees is an Interested Trustee.

The Independent Trustees determined that it was appropriate to appoint a Lead Independent Trustee to facilitate communication among the Independent Trustees and with management. Accordingly, the Independent Trustees have appointed Ms. Quirk to serve as Lead Independent Trustee. Among other responsibilities, the Lead Independent Trustee coordinates with management and the other Independent Trustees regarding review of agendas for board meetings; serves as chair of meetings of the Independent Trustees; and, in consultation with the other Independent Trustees and as requested or appropriate, communicates with management, counsel, third party service providers and others on behalf of the Independent Trustees.

The Trustees believe that this leadership structure is appropriate given, among other things, the size and number of funds offered by the Trust; the size and committee structure of the Board of Trustees; management's accessibility to the Independent Trustees, both individually and collectively through the Lead Independent Trustee; and the active and engaged role played by each Trustee with respect to oversight responsibilities.

------

**Trustees and Officers**

------

**Board Committees** 

All Independent Trustees serve on the Audit Committee and the Nominating Committee. The functions of the Audit Committee include recommending an independent registered public accounting firm to the Trustees, monitoring the independent registered public accounting firm's performance, reviewing the results of audits and responding to certain other matters deemed appropriate by the Trustees. The Nominating Committee is responsible for the selection and nomination of candidates to serve as Independent Trustees. The Nominating Committee will also consider nominees recommended by shareholders to serve as Trustees provided that shareholders submit such recommendations in writing to Harbor Funds Nominating Committee, c/o Harbor Funds, 111 South Wacker Drive, 34th Floor, Chicago, IL 60606-4302 within a reasonable time before any meeting.

During Harbor Funds fiscal year ended October 31, 2022, the Board of Trustees held 16 meetings, the Audit Committee held 3 meetings and the Nominating Committee held 2 meetings. The Board of Trustees does not have a compensation committee.

------

**Risk Oversight** 

The Board of Trustees considers its role with respect to risk management to be one of oversight rather than active management. The Trust faces a number of types of risks, including investment risk, legal and compliance risk, operational risk (including business continuity risk), reputational and business risk. The Board of Trustees recognizes that not all risks potentially affecting the Trust can be identified in advance, and that it may not be possible or practicable to eliminate certain identifiable risks. As part of the Trustees' oversight responsibilities, the Trustees generally oversee the Funds' risk management policies and processes, as these are formulated and implemented by the Trust's management. These policies and processes seek to identify relevant risks and, where practicable, lessen the possibility of their occurrence and/or mitigate the impact of such risks if they were to occur. Various parties, including management of the Trust, the Trust's independent registered public accounting firm and other service providers provide regular reports to the Board of Trustees on various operations of the Trust and related risks and their management. In particular, the Funds' Chief Compliance Officer regularly reports to the Trustees with respect to legal and compliance risk management, the Chief Financial Officer reports on financial operations, and a variety of other management personnel report on other risk management areas, including the operations of certain affiliated and unaffiliated service providers to the Trust. The Audit Committee maintains an open and active communication channel with both the Trust's personnel and its independent auditor, largely, but not exclusively, through its chair.

------

**Trustees and Officers**

------

**Trustee Compensation** 

**For the fiscal year ended**

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate**<br> **Compensation**<br> **From Harbor Funds**<br>| **Pension or**<br> **Retirement**<br> **Benefits Accrued**<br> **As Part of Fund**<br> **Expenses**<br>| **Total**<br> **Compensation**<br> **From Fund Complex Paid to Trustees\***<br>|
| Charles F. McCain, Chairman, President <br> and Trustee<br>| -0- | -0- | -0- |
| Scott M. Amero, Trustee | $270000 | -0- | $300000 |
| Donna J. Dean, Trustee | $270000 | -0- | $300000 |
| Robert Kasdin, Trustee<sup>1</sup> | $270000 | -0- | $300000 |
| Kathryn L. Quirk, Trustee<sup>1,2</sup> | $315000 | -0- | $350000 |
| Douglas J. Skinner, Trustee<sup>3</sup> | $292500 | -0- | $325000 |
| Ann M. Spruill, Trustee<sup>1</sup> | $270000 | -0- | $300000 |
| Landis Zimmerman, Trustee<sup>4</sup> | $90000 | -0- | $100000 |

---

<sup>\*</sup>

*Includes amounts paid by Harbor Funds and Harbor ETF Trust.* 

<sup>1</sup>

*During the fiscal year ended October 31, 2022, Mr. Kasdin and Mses. Quirk and Spruill elected to defer at least a portion of their compensation pursuant to the Harbor Funds Deferred Compensation Plan for Independent Trustees. As of October 31, 2022, the total value of Mr. Kasdin's and Mses. Quirk and Spruill's accounts under that plan was $2,095,058, $830,414 and $1,956,516, respectively.* 

<sup>2</sup>

*In consideration of her services as Lead Trustee, Ms. Quirk received $45,000 from the Harbor Funds and $5,000 from the Harbor ETF Trust in addition to the compensation payable to each other Independent Trustee for the fiscal year ended October 31, 2022.* 

<sup>3</sup>

*In consideration of his service as Audit Committee Chair, Mr. Skinner received $22,500 from the Harbor Funds and $2,500 from the Harbor ETF Trust in addition to the compensation payable to each other Independent Trustee for the fiscal year ended October 31, 2022.* 

<sup>4</sup>

*Mr. Zimmerman was appointed as a member of the Board of Trustees of the Harbor Funds effective August 9, 2022.* 

------

**Trustees and Officers**

------

**Trustee Ownership of Fund Shares** 

As of January 31, 2022, the Trustees and Officers of Harbor Funds as a group owned 2%, 2%, 3%, 1%, and 2% of the outstanding shares of beneficial interest of Harbor Core Bond Fund, Harbor Disruptive Innovation Fund, Harbor Global Leaders Fund, Harbor Mid Cap Fund, and Harbor International Core Fund, respectively and less than 1% of the outstanding shares of beneficial interest of each class of each other Fund.

The Fund shares beneficially owned by the Trustees as of December 31, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Ownership in Each Fund** | **Dollar Range of Ownership in Each Fund** | **Aggregate Dollar Range of**<br> **Ownership in Harbor Funds**<br>|
| **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  |
| Scott M. Amero | Harbor Diversified International All Cap Fund | Over $100,000 | Over $100,000 |
|  | Harbor Core Bond Fund | $50001-$100000 |  |
|  | Harbor Small Cap Growth Fund | Over $100,000 |  |
| Donna J. Dean | Harbor Capital Appreciation Fund | $50001-$100000 | Over $100,000 |
|  | Harbor Core Plus Fund | Over $100,000 |  |
|  | Harbor Convertible Securities Fund | Over $100,000 |  |
|  | Harbor Disruptive Innovation Fund | $10001-$50000 |  |
|  | Harbor International Core Fund | $10001-$50000 |  |
|  | Harbor International Growth Fund | $10001-$50000 |  |
|  | Harbor Large Cap Value Fund | Over $100,000 |  |
|  | Harbor Mid Cap Fund | $10001-$50000 |  |
|  | Harbor Small Cap Growth Fund | $10001-$50000 |  |
|  | Harbor Small Cap Value Fund | $10001-$50000 |  |
| Robert Kasdin<sup>1</sup> <br>| Harbor Global Leaders Fund | Over $100,000 | Over $100,000 |
|  | Harbor International Core Fund | Over $100,000 |  |
|  | Harbor Large Cap Value Fund | Over $100,000 |  |
|  | Harbor Small Cap Value Fund | Over $100,000 |  |
| Kathryn L. Quirk<sup>1</sup> | Harbor Capital Appreciation Fund | $50001-$100000 | Over $100,000 |
|  | Harbor Core Bond Fund | $10001-$50000 |  |
|  | Harbor Core Plus Fund | Over $100,000 |  |
|  | Harbor Disruptive Innovation Fund | $50001-$100000 |  |
|  | Harbor Diversified International All Cap Fund | $50001-$100000 |  |
|  | Harbor Global Leaders Fund | $10001-$50000 |  |
|  | Harbor International Growth Fund | $50001-$100000 |  |
|  | Harbor Large Cap Value Fund | Over $100,000 |  |
|  | Harbor Mid Cap Fund | $10001-$50000 |  |
|  | Harbor Mid Cap Value Fund | $50001-$100000 |  |
|  | Harbor Small Cap Growth Fund | $50001-$100000 |  |
| Douglas J. Skinner | Harbor Capital Appreciation Fund | $50001-$100000 | Over $100,000 |
|  | Harbor Core Bond Fund | Over $100,000 |  |
|  | Harbor Mid Cap Value Fund | Over $100,000 |  |
|  | Harbor Small Cap Value Fund | Over $100,000 |  |
| Ann M. Spruill<sup>1</sup> <br>| Harbor Capital Appreciation Fund | Over $100,000 | Over $100,000 |
|  | Harbor Core Bond Fund | Over $100,000 |  |
|  | Harbor Diversified International All Cap Fund | $50001-$100000 |  |
|  | Harbor Global Leaders Fund | $50001-$100000 |  |
|  | Harbor International Fund | Over $100,000 |  |
|  | Harbor International Growth Fund | Over $100,000 |  |
|  | Harbor International Small Cap Fund | Over $100,000 |  |
| Landis Zimmerman | Harbor Core Bond Fund | $10001-$50000 | $50001-$100000  |

---

------

**Trustees and Officers**

------

**Trustee Ownership of Fund** 

**Shares — Continued**

---

| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Ownership in Each Fund** | **Dollar Range of Ownership in Each Fund** | **Aggregate Dollar Range of**<br> **Ownership in Harbor Funds**<br>|
| **Interested Trustee**  | **Interested Trustee**  | **Interested Trustee**  | **Interested Trustee**  |
| Charles F. McCain<sup>2</sup> <br>| Harbor Capital Appreciation Fund | Over $100,000 | Over $100,000 |
|  | Harbor Core Bond Fund | Over $100,000 |  |
|  | Harbor Core Plus Fund | Over $100,000 |  |
|  | Harbor Convertible Securities Fund | Over $100,000 |  |
|  | Harbor Disruptive Innovation Fund | Over $100,000 |  |
|  | Harbor Diversified International All Cap Fund | Over $100,000 |  |
|  | Harbor Global Leaders Fund | Over $100,000 |  |
|  | Harbor International Fund | Over $100,000 |  |
|  | Harbor International Core Fund | Over $100,000 |  |
|  | Harbor International Growth Fund | Over $100,000 |  |
|  | Harbor International Small Cap Fund | Over $100,000 |  |
|  | Harbor Large Cap Value Fund | Over $100,000 |  |
|  | Harbor Mid Cap Fund | Over $100,000 |  |
|  | Harbor Mid Cap Value Fund | Over $100,000 |  |
|  | Harbor Small Cap Growth Fund | Over $100,000 |  |
|  | Harbor Small Cap Value Fund | Over $100,000 |  |

---

<sup>1</sup>

*Under the Harbor Funds Deferred Compensation Plan for Independent Trustees, a participating Trustee may elect to defer his or her trustee fees. Any such deferred fees are maintained in a deferral account that is credited with income and gains and charged with losses as though the participating Trustee invested the amount deferred directly in shares of one or more Funds selected by the participating Trustee. Harbor Funds in turn invests those deferred fees directly in shares of the Funds selected by the participating Trustee so that Harbor Funds' actual returns match the income, gains and losses attributed to the deferral account. The dollar ranges shown for each Harbor fund listed for Mr. Kasdin and Mses. Quirk and Spruill includes the value of the shares of each Fund that correspond to the value of their respective deferral accounts under the Harbor Funds Deferred Compensation Plan for Independent Trustees that has been deemed to be invested by the participating Trustee in each of those Funds.* 

<sup>2</sup>

*Under the Advisor's Non-Qualified Plan, a participant may elect to defer a portion of his or her compensation for investment in one or more of the Funds. The Advisor invests the full amount of that deferred compensation in the Funds selected by the participant and in turn credits the participant with the income and gains and charges the participant with losses incurred by those Funds. The dollar ranges shown for certain of the Funds listed for Mr. McCain include the value of the shares of each Fund in his deferral account in the Non-Qualified Plan.* 

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**Trustees and Officers**

------

**Material Relationships of the Independent Trustees** 

For purposes of the discussion below, the italicized terms have the following meanings:

◾

the *immediate family members* of any person are their spouse, children in the person's household (including step and adoptive children) and any dependent of the person.

◾

an entity in a *control relationship* means any person who controls, is controlled by or is under common control with the named person. For example, ORIX Corporation ("ORIX") is an entity that is in a control relationship with the Advisor.

◾

a *related fund* is a registered investment company or an entity exempt from the definition of an investment company pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act, in each case for which the Advisor or any of its affiliates acts as investment adviser or for which Harbor Funds Distributors, Inc. (the "Distributor") or any of its affiliates acts as principal underwriter. For example, the related funds of Harbor Funds include all of the Funds in the Harbor family and any other U.S. and non-U.S. funds managed by the Advisor's affiliates.

As of December 31, 2022, none of the Independent Trustees, nor any member of their immediate families, beneficially owned any securities issued by the Advisor, ORIX, or any other entity in a control relationship to the Advisor or the Distributor. During the calendar years 2021 and 2022, none of the Independent Trustees, nor any member of their immediate families, had any direct or indirect interest (the value of which exceeds $120,000), whether by contract, arrangement or otherwise, in the Advisor, the Distributor, ORIX, or any other entity in a control relationship to the Advisor or the Distributor. During the calendar years 2021 and 2022, none of the Independent Trustees, nor any member of their immediate families, has had an interest in a transaction or a series of transactions in which the aggregate amount involved exceeded $120,000 and to which any of the following were a party (each a "fund-related party"):

◾

a Harbor Fund;

◾

an officer of Harbor Funds;

◾

a related fund;

◾

an officer of any related fund;

◾

the Advisor;

◾

the Distributor;

◾

an officer of the Advisor or the Distributor;

◾

any affiliate of the Advisor or the Distributor; or

◾

an officer of any such affiliate.

During the calendar years 2021 and 2022, none of the Independent Trustees, nor any member of their immediate families, had any relationship exceeding $120,000 in value with any Fund-related party, including, but not limited to, relationships arising out of (i) payments for property and services, (ii) the provision of legal services, (iii) the provision of investment banking services (other than as a member of the underwriting syndicate) or (iv) the provision of consulting services.

During the calendar years 2021 and 2022, none of the Independent Trustees, nor any member of their immediate families, served as an officer for an entity on which an officer of any of the following entities also served as a director:

◾

the Advisor;

◾

the Distributor; or

◾

ORIX or any other entity in a control relationship with the Advisor or the Distributor.

During the calendar years 2021 and 2022, no immediate family member of any of the Independent Trustees, had any position, including as an officer, employee or director, with any Harbor funds. During the calendar years 2021 and 2022, none of the Independent Trustees, nor any member of their immediate families, had any position, including as an officer, employee, director or partner, with any of:

◾

any related fund;

◾

the Advisor;

◾

the Distributor;

◾

any affiliated person of Harbor Funds; or

◾

ORIX or any other entity in a control relationship to the Advisor or the Distributor.

------

**The AdvisOr and SubadvisOrs**

------

**The Advisor** 

Harbor Capital Advisors, Inc., a Delaware corporation, serves as the investment adviser (the "Advisor") for each Fund pursuant to a separate investment advisory agreement with Harbor Funds on behalf of each Fund (each, an "Investment Advisory Agreement"). Pursuant to each Investment Advisory Agreement, the Advisor is responsible for providing a range of management, oversight, legal, compliance, financial and administrative services for each Fund as set forth in more detail below:

***Management Services.*** Subject to the approval of the Board of Trustees, the Advisor is responsible for establishing the investment policies, strategies and guidelines for each Fund, and for recommending modifications to those policies, strategies and guidelines whenever the Advisor deems modifications to be necessary or appropriate. The Advisor is also responsible for providing, either through itself or through a Subadvisor selected, paid and supervised by the Advisor, investment research, and advice, and for furnishing continuously an investment program for each Fund consistent with the investment objectives and policies of the Fund. For Harbor funds that employ one or more non-discretionary Subadvisors, the Advisor will also make day-to-day investment decisions with respect to each such fund to implement model portfolios provided by the non-discretionary Subadvisors.

***Selection and Oversight of Subadvisors.*** The Advisor is responsible for the Subadvisors it selects to manage the assets of or provide non-discretionary investment advisory services for the Funds and for recommending to the Board of Trustees the hiring, termination and replacement of Subadvisors. The Advisor is responsible for overseeing the Subadvisors and for reporting to the Board of Trustees periodically on each Fund's and Subadvisor's performance. The Advisor normally utilizes both qualitative and quantitative analysis to evaluate existing and prospective Subadvisors, including thorough reviews and assessments of (i) the Subadvisor's investment process, personnel and investment staff; (ii) the Subadvisor's investment research capabilities; (iii) the Subadvisor's ownership and organization structures; (iv) the Subadvisor's legal, compliance and operational infrastructure; (v) the Subadvisor's brokerage practices; (vi) any material changes in the Subadvisor's business, operations or staffing; (vii) the performance of each Fund and the Subadvisor relative to benchmark and peers; (viii) each Fund's portfolio characteristics, and (ix) the composition of each Fund's portfolio.

***Legal, Compliance, Financial and Administrative Services.*** The Advisor is responsible for regularly providing various other services on behalf of each Fund, including, but not limited to,: (i) providing the Funds with office space, facilities, equipment and personnel as the Advisor deems necessary to provide for the effective administration of the affairs of the Funds, including providing from among the Advisor's directors, officers and employees, persons to serve as interested Trustee(s), officers and employees of Harbor Funds and paying the salaries of such persons; (ii) coordinating and overseeing the services provided by the Funds' transfer agent, custodian, legal counsel and independent auditors; (iii) coordinating and overseeing the preparation and production of meeting materials for the Board of Trustees, as well as such other materials that the Board of Trustees may from time to time reasonably request; (iv) coordinating and overseeing the preparation and filing with the SEC of registration statements, notices, shareholder reports, proxy statements and other material for the Funds required to be filed under applicable laws; (v) developing and implementing procedures for monitoring compliance with the Funds' investment objectives, policies and guidelines and with applicable regulatory requirements; (vi) providing legal and regulatory support for the Funds in connection with the administration of the affairs of the Funds, including the assigning of matters to the Funds' legal counsel on behalf of the Funds and supervising the work of such outside counsel; (vii) overseeing the determination and publication of each Fund's net asset value in accordance with the Funds' valuation policies; (viii) preparing and monitoring expense budgets for the Funds, and reviewing the appropriateness and arranging for the payment of Fund expenses; and (ix) furnishing to the Funds such other administrative services as the Advisor deems necessary, or the Board of Trustees reasonably requests, for the efficient operation of the Funds.

The Advisor is a wholly-owned subsidiary of ORIX Corporation ("ORIX"), a global financial services company based in Tokyo, Japan. ORIX provides a range of financial services to corporate and retail customers around the world, including financing, leasing, real estate and investment banking services. The stock of ORIX trades publicly on both the New York (through ADRs) and Tokyo Stock Exchanges.

------

**Advisory Fees** 

For its services, each Fund pays the Advisor an advisory fee, which is an annual rate based on the Fund's average net assets. The following table sets forth for each Fund the contractual advisory fee rate and the fees paid to the Advisor for the past three fiscal years before the effect of any fee waiver (shown below) in effect for the past three fiscal years that reduced the advisory fee paid.

------

**The AdvisOr and SubadvisOrs**

------

**Advisory Fees —** 

**Continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contractual**<br> **Advisory Fee**<br> **Annual Rate**<br> **Based on Average**<br> **Net Assets** | **Advisory Fee Paid for Year Ended October 31**<br> **(000s)** | **Advisory Fee Paid for Year Ended October 31**<br> **(000s)** | **Advisory Fee Paid for Year Ended October 31**<br> **(000s)** |
|  | **Contractual**<br> **Advisory Fee**<br> **Annual Rate**<br> **Based on Average**<br> **Net Assets** | **2022** | **2021** | **2020** |
| **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  |
| Harbor Capital Appreciation Fund | 0.60% | $178346 | $244596 | $201730 |
| (Reduction due to fee waiver) |  | (14807) | (22536) | (17535) |
| Harbor Convertible Securities Fund | 0.50 | 1163 | 1201 | 941 |
| (Reduction due to fee waiver) |  | (89) | (92) | (72) |
| Harbor Core Bond Fund | 0.23 | 210 | 432 | 341 |
| Harbor Core Plus Fund | 0.25 | 3998 | 8314 | 9619 |
| (Reduction due to fee waiver) |  | (65) | (366) | (502) |
| Harbor Disruptive Innovation Fund | 0.70 | 1289 | 3309 | 2084 |
| (Reduction due to fee waiver) |  | N/A | (115) | (83) |
| Harbor Diversified International All Cap Fund | 0.75 | 7439 | 8399 | 5921 |
| (Reduction due to fee waiver) |  | N/A | (108) | (536) |
| Harbor Global Leaders Fund | 0.75 | 700 | 1035 | 873 |
| (Reduction due to fee waiver) |  | (47) | (69) | (58) |
| Harbor International Fund | 0.75 | 28074 | 35369 | 35092 |
| Harbor International Core Fund (formerly, Harbor <br> Overseas Fund)<br>| 0.75 | 492 | 322 | 198 |
| Harbor International Growth Fund | 0.75 | 4264 | 6560 | 4726 |
| Harbor International Small Cap Fund | 0.85 | 622 | 421 | 304 |
| Harbor Large Cap Value Fund | 0.60/0.55<sup>a</sup> | 13825 | 13313 | 8138 |
| Harbor Mid Cap Fund | 0.75 | 463 | 330 | 68 |
| Harbor Mid Cap Value Fund | 0.75 | 2904 | 3286 | 3524 |
| (Reduction due to fee waiver) |  | (23) | (44) | (60) |
| Harbor Small Cap Growth Fund | 0.75 | 7103 | 8711 | 6305 |
| Harbor Small Cap Value Fund | 0.75 | 17143 | 18901 | 11906 |

---

<sup>a</sup>

*0.60% on the first $4 billion and 0.55% thereafter.* 

------

**The AdvisOr and SubadvisOrs**

------

**The Subadvisors** 

The Advisor has engaged the services of investment subadvisers (each, a "Subadvisor") to provide discretionary and non-discretionary advisory services for each Fund.

The Advisor pays each Subadvisor out of its own resources; the Funds have no obligation to pay the Subadvisors. Each Subadvisor has entered into a subadvisory agreement with the Advisor and Harbor Funds, on behalf of each respective Fund. Each discretionary Subadvisor is responsible for providing the Fund with advice concerning the investment management of the Fund's portfolio, which advice shall be consistent with the investment objectives and policies of the Fund. Each discretionary Subadvisor determines what securities shall be purchased, sold or held for the respective Fund and what portion of such Fund's assets are held uninvested. Each non-discretionary Subadvisor provides investment advice to the Advisor, which is responsible for the day-to-day investment decision making for the Fund.

Each discretionary and non-discretionary Subadvisor is responsible for its own costs of providing services to the respective Fund. Each discretionary and non-discretionary Subadvisor's subadvisory fee rate is based on a stated percentage of the Fund's average annual net assets.

***Harbor Capital Appreciation Fund.*** The Fund is subadvised by Jennison Associates LLC ("Jennison"). Jennison is a direct, wholly owned subsidiary of PGIM, Inc., which is a direct, wholly owned subsidiary of PGIM Holding Company LLC, which is a direct, wholly owned subsidiary of Prudential Financial, Inc.

***Harbor Convertible Securities Fund.*** The Fund is subadvised by BlueCove Limited ("BlueCove"). BlueCove is a private limited company organized under the laws of England and Wales. BlueCove is located at 10 New Burlington Street, London W1S 3BE, United Kingdom.

***Harbor Core Bond Fund and Harbor Core Plus Fund.*** The Funds are subadvised by Income Research + Management ("IR+M"). IR+M has been independent and privately owned since its founding in 1987 by members of the Sommers family and certain employees.

***Harbor Disruptive Innovation Fund.*** The Fund operates as a multi-manager fund. In managing the Fund, the Advisor utilizes non-discretionary model portfolios provided by the following Subadvisors:

◾

4BIO Partners LLP ("4BIO Capital"). 4BIO Capital is a London-based venture capital limited liability partnership that is employee owned.

◾

NZS Capital, LLC ("NZS Capital"). NZS Capital, a limited liability company, is controlled by Jason Bradley Slingerlend, Brinton Johns, and Jupiter Investment Management Holdings LLC;

◾

Sands Capital Management, LLC ("Sands Capital"). Sands Capital is an independent investment management firm ultimately controlled by Frank M. Sands, Sands Capital's CEO and CIO. Frank M. Sands controls Sands Capital by virtue of his position as, among other things, trustee, manager, or officer, respectively, of various intermediate holding entities and trusts through which voting or management rights with respect to Sands Capital are held and/or exercised;

◾

Tekne Capital Management, LLC ("Tekne"). Tekne is a limited liability company with Tekne Capital Partners, LP serving as member and direct majority owner. Beeneet Kothari, who is the Chief Executive officer Tekne, is the controlling owner of Tekne Capital Partners, LP; and

◾

Westfield Capital Management, L.P. ("Westfield"). Westfield is 100% employee owned. The day-to-day management and strategic decisions of Westfield are controlled by Westfield's Management Committee.

***Harbor Diversified International All Cap Fund and Harbor International Fund.*** The Funds are subadvised by Marathon Asset Management Limited ("Marathon-London"). Marathon-London is predominantly owned by its founding partners, with the remaining equity shared between a number of key employees.

***Harbor Global Leaders Fund.*** The Fund is subadvised by Sands Capital. Sands Capital is an independent investment management firm ultimately controlled by Frank M. Sands, Sands Capital's CEO and CIO. Frank M. Sands controls Sands Capital by virtue of his position as, among other things, trustee, manager, or officer, respectively, of various intermediate holding entities and trusts through which voting or management rights with respect to Sands Capital are held and/or exercised.

***Harbor International Core Fund (formerly, Harbor Overseas Fund).*** The Fund is subadvised by Acadian Asset Management LLC ("Acadian"). Acadian was founded in 1986 and is a subsidiary of BrightSphere Affiliate Holdings LLC, which is an indirectly wholly owned subsidiary of BrightSphere Investment Group plc ("BSIG"), a publicly listed company on the NYSE.

***Harbor International Growth Fund.*** The Fund is subadvised by Baillie Gifford Overseas Limited ("Baillie Gifford"). Baillie Gifford, a registered company incorporated in Scotland, is located at Calton Square, 1 Greenside Row, Edinburgh, Scotland. Baillie Gifford was organized in 1983 and is a wholly owned subsidiary of Baillie Gifford & Co. Baillie Gifford & Co. is a partnership and is wholly owned by partners who work at the firm.

------

**The AdvisOr and SubadvisOrs**

------

**The** 

**Subadvisors**

 **—** 

**Continued**

***Harbor International Small Cap Fund.*** The Fund is subadvised by Cedar Street Asset Management LLC ("Cedar Street"). Cedar Street is an employee-owned professional investment management firm. Jonathan Brodsky is the controlling managing member.

Cedar Street and Harbor Capital have entered into an arrangement by which Harbor Capital may acquire: (i) a less than 5% non-voting ownership stake in Cedar Street, which arrangement would be tied to asset levels achieved by the Fund, and (ii) a less than 25% ownership stake in Cedar Street in the event that the firm seeks to sell equity in the firm to a third party.

***Harbor Large Cap Value Fund.*** The Fund is subadvised by Aristotle Capital Management, LLC ("Aristotle"). Aristotle was founded in 1959 through predecessor entities. Aristotle is a limited liability company owned by its employees and Board of Managers.

***Harbor Mid Cap Fund and Harbor Small Cap Value Fund.*** The Funds are subadvised by EARNEST Partners LLC ("EARNEST Partners"). EARNEST Partners is controlled by Paul Viera, who is an employee of EARNEST Partners.

***Harbor Mid Cap Value Fund.*** The Fund is subadvised by LSV Asset Management ("LSV"). LSV is a Delaware general partnership between the management team and current and retired employee partners (61%) and SEI Funds, Inc. (39%). The day-to-day management and strategic decisions of the Subadvisor are controlled by LSV's Executive Committee and other senior employee partners of LSV.

***Harbor Small Cap Growth Fund.*** The Fund is subadvised by Westfield. Westfield is 100% employee owned. The day-to-day management and strategic decisions of Westfield are controlled by Westfield's Management Committee.

------

**The AdvisOr and SubadvisOrs**

------

**Subadvisory Fees** 

The fees paid by the Advisor to each Subadvisor for the past three fiscal years are set forth in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Fee Paid by the Advisor to Subadvisor**<br> **For Year Ended October 31**<br> **(000s)** | **Fee Paid by the Advisor to Subadvisor**<br> **For Year Ended October 31**<br> **(000s)** | **Fee Paid by the Advisor to Subadvisor**<br> **For Year Ended October 31**<br> **(000s)** |
|  | **2022** | **2021** | **2020** |
| **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  |
| Harbor Capital Appreciation Fund | $63407 | $86654 | $71799 |
| Harbor Convertible Securities Fund |  |  |  |
| BlueCove Limited<sup>1</sup> | N/A | N/A | N/A |
| Shenkman Capital Management, Inc. | 716 | 739 | 579 |
| Harbor Core Bond Fund | 124 | 216 | 170 |
| Harbor Core Plus Fund<sup>2</sup> |  |  |  |
| Income Research + Management for the period February 2, 2022 to October 31, <br> 2022<br>| 1225 | N/A | N/A |
| Pacific Investment Management Company LLC for the period November 1, 2020 to <br> February 1, 2022<br>| 898 | 3962 | 4510 |
| Harbor Disruptive Innovation Fund<sup>3</sup> <br>|  |  |  |
| 4BIO Partners LLP for the period September 1, 2021 to October 31, 2022 | 79 | 31 | N/A |
| NZS Capital LLC for the period September 1, 2021 to October 31, 2022 | 276 | 66 | N/A |
| Sands Capital Management, LLC for the period September 1, 2021 to October 31, <br> 2022<br>| 115 | 47 | N/A |
| Tekne Capital Management, LLC for the period September 1, 2021 to October 31, <br> 2022<br>| 128 | 62 | N/A |
| Wellington Management Company, LLP for the period November 1, 2020 to <br> August 31, 2021<br>| N/A | 1563 | 1144 |
| Westfield Capital Management Co for the period September 1, 2021 to October 31, <br> 2022<br>| 219 | 67 | N/A |
| Harbor Diversified International All Cap Fund | 4213 | 4647 | 3302 |
| Harbor Global Leaders Fund | 374 | 552 | 466 |
| Harbor International Fund | 15897 | 19572 | 19546 |
| Harbor International Core Fund (formerly, Harbor Overseas Fund) | 295 | 193 | 119 |
| Harbor International Growth Fund | 2208 | 3120 | 2379 |
| Harbor International Small Cap Fund | 365 | 248 | 179 |
| Harbor Large Cap Value Fund | 4866 | 4688 | 2961 |
| Harbor Mid Cap Fund | 277 | 198 | 41 |
| Harbor Mid Cap Value Fund | 1480 | 1658 | 1771 |
| Harbor Small Cap Growth Fund | 4157 | 5011 | 3729 |
| Harbor Small Cap Value Fund | 8263 | 9068 | 6219 |

---

<sup>1</sup>

*BlueCove Limited became Subadvisor to Harbor Convertible Securities Fund on March 1, 2023. Accordingly, no subadvisory fees were paid to BlueCove prior to that date.* 

<sup>2</sup>

*Income Research + Management became Subadvisor to Harbor Core Plus Fund on February 2, 2022. Accordingly, no subadvisory fees were paid to IR+M prior to that date.* 

<sup>3</sup>

*4BIO Capital, NZS Capital, Sands Capital, Tekne and Westfield became Subadvisor to Harbor Disruptive Innovation Fund on September 1, 2021. Accordingly, no subadvisory fees were paid to 4BIO Capital, NZS* 

*Capital, Sands Capital, Tekne or Westfield prior to that date.* 

------

**The Portfolio Managers**

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**Other Accounts Managed** 

The portfolio managers primarily responsible for the day-to-day management of the Funds also manage other registered investment companies, other pooled investment vehicles and/or other accounts, (collectively, the "Portfolios") as indicated below. The following table identifies, as of October 31, 2022, (unless otherwise noted): (i) the number of other registered investment companies, pooled investment vehicles and other accounts managed by the portfolio manager(s); (ii) the total assets of such companies, vehicles and accounts, and (iii) the number and total assets of such companies, vehicles and accounts with respect to which the advisory fee is based on performance.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Other Registered**<br> **Investment Companies** | **Other Registered**<br> **Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>|
| **HARBOR CAPITAL APPRECIATION FUND**  | **HARBOR CAPITAL APPRECIATION FUND**  | **HARBOR CAPITAL APPRECIATION FUND**  | **HARBOR CAPITAL APPRECIATION FUND**  | **HARBOR CAPITAL APPRECIATION FUND**  | **HARBOR CAPITAL APPRECIATION FUND**  | **HARBOR CAPITAL APPRECIATION FUND**  |
| **Kathleen A. McCarragher** |  |  |  |  |  |  |
| All Accounts | 20 | $29693 | 9 | $9348 | 10\* | $1375 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 9493 | 0 | 0 | 0 | 0 |
| **Blair A. Boyer** |  |  |  |  |  |  |
| All Accounts | 16 | 28331 | 8 | 9047 | 25\* | 6338 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 9493 | 0 | 0 | 0 | 0 |
| **Natasha Kuhlkin, CFA** |  |  |  |  |  |  |
| All Accounts | 16 | 16738 | 11 | 9308 | 29\* | 2241 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 | 0 | 0 | 0 | 0 | 0 |
| **HARBOR CONVERTIBLE SECURITIES FUND**  | **HARBOR CONVERTIBLE SECURITIES FUND**  | **HARBOR CONVERTIBLE SECURITIES FUND**  | **HARBOR CONVERTIBLE SECURITIES FUND**  | **HARBOR CONVERTIBLE SECURITIES FUND**  | **HARBOR CONVERTIBLE SECURITIES FUND**  | **HARBOR CONVERTIBLE SECURITIES FUND**  |
| **Benjamin Brodsky, CFA** |  |  |  |  |  |  |
| All Accounts | 0 | $— | 3 | $952 | 1 | $598 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 3 | 952 | 0 | 0 |
| **Michael Harper, CFA** |  |  |  |  |  |  |
| All Accounts | 0 |  | 3 | 952 | 1 | 598 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 3 | 952 | 0 | 0 |
| **Benoy Thomas, CFA** |  |  |  |  |  |  |
| All Accounts | 0 |  | 2 | 917 | 1 | 598 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 2 | 917 | 0 | 0 |
| **HARBOR CORE BOND FUND**  | **HARBOR CORE BOND FUND**  | **HARBOR CORE BOND FUND**  | **HARBOR CORE BOND FUND**  | **HARBOR CORE BOND FUND**  | **HARBOR CORE BOND FUND**  | **HARBOR CORE BOND FUND**  |
| **William A. O'Malley, CFA** |  |  |  |  |  |  |
| All Accounts | 6 | $3528 | 25 | $13220 | 690 | $67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **James E. Gubitosi, CFA** |  |  |  |  |  |  |
| All Accounts | 6 | 3528 | 25 | 13220 | 690 | 67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **Bill O'Neill, CFA** |  |  |  |  |  |  |
| All Accounts | 6 | 3528 | 25 | 13220 | 690 | 67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **Jake Remley, CFA** |  |  |  |  |  |  |
| All Accounts | 6 | 3528 | 25 | 13220 | 690 | 67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **Matthew Walker, CFA** |  |  |  |  |  |  |
| All Accounts | 6 | 3528 | 25 | 13220 | 690 | 67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 | —  |

---

------

**The Portfolio Managers**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Other Registered**<br> **Investment Companies** | **Other Registered**<br> **Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>|
| **HARBOR CORE BOND FUND — Continued** | **HARBOR CORE BOND FUND — Continued** | **HARBOR CORE BOND FUND — Continued** | **HARBOR CORE BOND FUND — Continued** | **HARBOR CORE BOND FUND — Continued** | **HARBOR CORE BOND FUND — Continued** | **HARBOR CORE BOND FUND — Continued** |
| **Rachel Campbell** |  |  |  |  |  |  |
| All Accounts | 6 | $3528 | 25 | $13220 | 690 | $67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **HARBOR CORE PLUS FUND**  | **HARBOR CORE PLUS FUND**  | **HARBOR CORE PLUS FUND**  | **HARBOR CORE PLUS FUND**  | **HARBOR CORE PLUS FUND**  | **HARBOR CORE PLUS FUND**  | **HARBOR CORE PLUS FUND**  |
| **William A. O'Malley, CFA** |  |  |  |  |  |  |
| All Accounts | 6 | $3528 | 25 | $13220 | 690 | $67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **James E. Gubitosi, CFA** |  |  |  |  |  |  |
| All Accounts | 6 | 3528 | 25 | 13220 | 690 | 67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **Bill O'Neill, CFA** |  |  |  |  |  |  |
| All Accounts | 6 | 3528 | 25 | 13220 | 690 | 67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **Jake Remley, CFA** |  |  |  |  |  |  |
| All Accounts | 6 | 3528 | 25 | 13220 | 690 | 67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **Matthew Walker, CFA** |  |  |  |  |  |  |
| All Accounts | 6 | 3528 | 25 | 13220 | 690 | 67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **Rachel Campbell** |  |  |  |  |  |  |
| All Accounts | 6 | 3528 | 25 | 13220 | 690 | 67059 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **HARBOR DISRUPTIVE INNOVATION FUND**  | **HARBOR DISRUPTIVE INNOVATION FUND**  | **HARBOR DISRUPTIVE INNOVATION FUND**  | **HARBOR DISRUPTIVE INNOVATION FUND**  | **HARBOR DISRUPTIVE INNOVATION FUND**  | **HARBOR DISRUPTIVE INNOVATION FUND**  | **HARBOR DISRUPTIVE INNOVATION FUND**  |
| **Spenser P. Lerner, CFA** |  |  |  |  |  |  |
| All Accounts | 1 | $7 | 0 | $— | 0 | $— |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **Kristof Gleich, CFA** |  |  |  |  |  |  |
| All Accounts | 1 | 7 | 0 |  | 0 |  |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND**  | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND**  | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND**  | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND**  | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND**  | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND**  | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND**  |
| **Neil M. Ostrer** |  |  |  |  |  |  |
| All Accounts | 1 | $2858 | 11 | $17303 | 32 | $17001 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 | 0 | 11 | 17303 | 3 | 671 |
| **Charles Carter** |  |  |  |  |  |  |
| All Accounts | 2 | 7566 | 14 | 19926 | 44 | 21429 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 4709 | 14 | 19926 | 6 | 1944 |
| **Nick Longhurst** |  |  |  |  |  |  |
| All Accounts | 1 | 2858 | 10 | 16817 | 32 | 17001 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 | 0 | 10 | 16817 | 3 | 671 |
| **William J. Arah** |  |  |  |  |  |  |
| All Accounts | 1 | 2858 | 10 | 17447 | 31 | 18791 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 | 0 | 10 | 17447 | 4 | 834  |

---

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**The Portfolio Managers**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Other Registered**<br> **Investment Companies** | **Other Registered**<br> **Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>|
| **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND — Continued** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND — Continued** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND — Continued** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND — Continued** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND — Continued** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND — Continued** | **HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND — Continued** |
| **Simon Somerville** |  |  |  |  |  |  |
| All Accounts | 2 | $7566 | 14 | $18936 | 43 | $23219 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 4709 | 14 | 18936 | 7 | 2106 |
| **Toma Kobayashi** |  |  |  |  |  |  |
| All Accounts | 2 | 6226 | 7 | 11018 | 30 | 13343 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 | 0 | 7 | 11018 | 4 | 2358 |
| **Alex Duffy** |  |  |  |  |  |  |
| All Accounts | 2 | 7566 | 14 | 20183 | 41 | 20612 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 4709 | 14 | 20183 | 6 | 1944 |
| **Justin Hill** |  |  |  |  |  |  |
| All Accounts | 2 | 7566 | 9 | 18315 | 41 | 20612 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 4709 | 9 | 18315 | 6 | 1944 |
| **Robert Anstey, CFA** |  |  |  |  |  |  |
| All Accounts | 1 | 4709 | 7 | 4456 | 22 | 13681 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 4709 | 7 | 4456 | 5 | 1156 |
| **HARBOR GLOBAL LEADERS FUND**  | **HARBOR GLOBAL LEADERS FUND**  | **HARBOR GLOBAL LEADERS FUND**  | **HARBOR GLOBAL LEADERS FUND**  | **HARBOR GLOBAL LEADERS FUND**  | **HARBOR GLOBAL LEADERS FUND**  | **HARBOR GLOBAL LEADERS FUND**  |
| **Sunil H. Thakor, CFA** |  |  |  |  |  |  |
| All Accounts | 1 | $19.2 | 10 | $2961 | 12 | $1159 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 2 | 594 |
| **Michael F. Raab, CFA** |  |  |  |  |  |  |
| All Accounts | 0 |  | 6 | 2541 | 4 | 597 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 2 | 594 |
| **HARBOR INTERNATIONAL FUND**  | **HARBOR INTERNATIONAL FUND**  | **HARBOR INTERNATIONAL FUND**  | **HARBOR INTERNATIONAL FUND**  | **HARBOR INTERNATIONAL FUND**  | **HARBOR INTERNATIONAL FUND**  | **HARBOR INTERNATIONAL FUND**  |
| **Neil M. Ostrer** |  |  |  |  |  |  |
| All Accounts | 1 | $2858 | 11 | $17303 | 32 | $17001 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 | 0 | 11 | 17303 | 3 | 671 |
| **Charles Carter** |  |  |  |  |  |  |
| All Accounts | 2 | 7566 | 14 | 19926 | 44 | 21429 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 4709 | 14 | 19926 | 6 | 1944 |
| **Nick Longhurst** |  |  |  |  |  |  |
| All Accounts | 1 | 2858 | 10 | 16817 | 32 | 17001 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 | 0 | 10 | 16817 | 3 | 671 |
| **William J. Arah** |  |  |  |  |  |  |
| All Accounts | 1 | 2858 | 10 | 17447 | 31 | 18791 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 | 0 | 10 | 17447 | 4 | 834 |
| **Simon Somerville** |  |  |  |  |  |  |
| All Accounts | 2 | 7566 | 14 | 18936 | 43 | 23219 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 4709 | 14 | 18936 | 7 | 2106 |
| **Toma Kobayashi** |  |  |  |  |  |  |
| All Accounts | 2 | 3722 | 7 | 11018 | 30 | 13343 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 | - | 7 | 11018 | 4 | 2358  |

---

------

**The Portfolio Managers**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Other Registered**<br> **Investment Companies** | **Other Registered**<br> **Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>|
| **HARBOR INTERNATIONAL FUND — Continued** | **HARBOR INTERNATIONAL FUND — Continued** | **HARBOR INTERNATIONAL FUND — Continued** | **HARBOR INTERNATIONAL FUND — Continued** | **HARBOR INTERNATIONAL FUND — Continued** | **HARBOR INTERNATIONAL FUND — Continued** | **HARBOR INTERNATIONAL FUND — Continued** |
| **Alex Duffy** |  |  |  |  |  |  |
| All Accounts | 2 | $7566 | 14 | $20183 | 41 | $20612 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 4709 | 14 | 20183 | 6 | 1944 |
| **Justin Hill** |  |  |  |  |  |  |
| All Accounts | 2 | 7566 | 9 | 18315 | 41 | 20612 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 4709 | 9 | 18315 | 6 | 1944 |
| **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)**  | **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)**  | **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)**  | **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)**  | **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)**  | **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)**  | **HARBOR INTERNATIONAL CORE FUND (FORMERLY, HARBOR OVERSEAS FUND)**  |
| **Brendan O. Bradley, Ph.D.** |  |  |  |  |  |  |
| All Accounts | 15 | $7492 | 85 | $21611 | 198 | $51978 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 14 | 1697 | 22 | 7761 |
| **Ryan D. Taliaferro, Ph.D.** |  |  |  |  |  |  |
| All Accounts | 15 | 7492 | 85 | 21611 | 198 | 51978 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 14 | 1697 | 22 | 7761 |
| **HARBOR INTERNATIONAL GROWTH FUND**  | **HARBOR INTERNATIONAL GROWTH FUND**  | **HARBOR INTERNATIONAL GROWTH FUND**  | **HARBOR INTERNATIONAL GROWTH FUND**  | **HARBOR INTERNATIONAL GROWTH FUND**  | **HARBOR INTERNATIONAL GROWTH FUND**  | **HARBOR INTERNATIONAL GROWTH FUND**  |
| **Iain Campbell** |  |  |  |  |  |  |
| All Accounts | 5 | $3872 | 4 | $388 | 37 | $7940 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 2 | 301 |
| **Joe Faraday, CFA** |  |  |  |  |  |  |
| All Accounts | 5 | 3872 | 3 | 244 | 35 | 7879 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 2 | 301 |
| **Stephen Paice** |  |  |  |  |  |  |
| All Accounts | 5 | 3872 | 7 | 1661 | 37 | 8042 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 2 | 301 |
| **Sophie Earnshaw, CFA** |  |  |  |  |  |  |
| All Accounts | 8 | 4229 | 11 | 2098 | 44 | 13767 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 3 | 2461 |
| **Milena Mileva** |  |  |  |  |  |  |
| All Accounts | 5 | 3872 | 8 | 1424 | 41 | 9364 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 2 | 301 |
| **HARBOR INTERNATIONAL SMALL CAP FUND**  | **HARBOR INTERNATIONAL SMALL CAP FUND**  | **HARBOR INTERNATIONAL SMALL CAP FUND**  | **HARBOR INTERNATIONAL SMALL CAP FUND**  | **HARBOR INTERNATIONAL SMALL CAP FUND**  | **HARBOR INTERNATIONAL SMALL CAP FUND**  | **HARBOR INTERNATIONAL SMALL CAP FUND**  |
| **Jonathan P. Brodsky** |  |  |  |  |  |  |
| All Accounts | 0 | $— | 2 | $180 | 2 | $16 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **Waldemar A. Mozes** |  |  |  |  |  |  |
| All Accounts | 0 |  | 2 | 180 | 2 | 16 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 0 |  |
| **HARBOR LARGE CAP VALUE FUND**  | **HARBOR LARGE CAP VALUE FUND**  | **HARBOR LARGE CAP VALUE FUND**  | **HARBOR LARGE CAP VALUE FUND**  | **HARBOR LARGE CAP VALUE FUND**  | **HARBOR LARGE CAP VALUE FUND**  | **HARBOR LARGE CAP VALUE FUND**  |
| **Howard Gleicher, CFA** |  |  |  |  |  |  |
| All Accounts | 11 | $14633 | 20 | $9354 | 1367 | $22448 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 9982 |  |  | 3 | 570  |

---

------

**The Portfolio Managers**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Other Registered**<br> **Investment Companies** | **Other Registered**<br> **Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>| **# of**<br> **Accounts**<br>| **Total Assets**<br> **(in millions)**<br>|
| **HARBOR LARGE CAP VALUE FUND — Continued** | **HARBOR LARGE CAP VALUE FUND — Continued** | **HARBOR LARGE CAP VALUE FUND — Continued** | **HARBOR LARGE CAP VALUE FUND — Continued** | **HARBOR LARGE CAP VALUE FUND — Continued** | **HARBOR LARGE CAP VALUE FUND — Continued** | **HARBOR LARGE CAP VALUE FUND — Continued** |
| **Gregory D. Padilla, CFA** |  |  |  |  |  |  |
| All Accounts | 9 | $14173 | 17 | $8767 | 1362 | $21401 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 1 | 9982 |  |  | 3 | 570 |
| **HARBOR MID CAP FUND and HARBOR SMALL CAP VALUE FUND**  | **HARBOR MID CAP FUND and HARBOR SMALL CAP VALUE FUND**  | **HARBOR MID CAP FUND and HARBOR SMALL CAP VALUE FUND**  | **HARBOR MID CAP FUND and HARBOR SMALL CAP VALUE FUND**  | **HARBOR MID CAP FUND and HARBOR SMALL CAP VALUE FUND**  | **HARBOR MID CAP FUND and HARBOR SMALL CAP VALUE FUND**  | **HARBOR MID CAP FUND and HARBOR SMALL CAP VALUE FUND**  |
| **Paul E. Viera** |  |  |  |  |  |  |
| All Accounts | 3 | $175 | 13 | $4842 | 6071 | $13530 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 5 | 1082 |
| **HARBOR MID CAP VALUE FUND**  | **HARBOR MID CAP VALUE FUND**  | **HARBOR MID CAP VALUE FUND**  | **HARBOR MID CAP VALUE FUND**  | **HARBOR MID CAP VALUE FUND**  | **HARBOR MID CAP VALUE FUND**  | **HARBOR MID CAP VALUE FUND**  |
| **Josef Lakonishok, Ph.D.** |  |  |  |  |  |  |
| All Accounts | 34 | $16560 | 64 | $20505 | 321 | $50497 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0\*\* |  | 7\*\*\* | 1550 | 68 | 11240 |
| **Menno Vermeulen, CFA** |  |  |  |  |  |  |
| All Accounts | 34 | 16560 | 64 | 20505 | 321 | 50497 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0\*\* |  | 7\*\*\* | 1550 | 68 | 11240 |
| **Puneet Mansharamani, CFA** |  |  |  |  |  |  |
| All Accounts | 34 | 16560 | 64 | 20505 | 321 | 50497 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0\*\* |  | 7\*\*\* | 1550 | 68 | 11240 |
| **Greg Sleight** |  |  |  |  |  |  |
| All Accounts | 34 | 16560 | 64 | 20505 | 321 | 50497 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0\*\* |  | 7\*\*\* | 1550 | 68 | 11240 |
| **Guy Lakonishok, CFA** |  |  |  |  |  |  |
| All Accounts | 34 | 16560 | 64 | 20505 | 321 | 50497 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0\*\* |  | 7\*\*\* | 1550 | 68 | 11240 |
| **HARBOR SMALL CAP GROWTH FUND**  | **HARBOR SMALL CAP GROWTH FUND**  | **HARBOR SMALL CAP GROWTH FUND**  | **HARBOR SMALL CAP GROWTH FUND**  | **HARBOR SMALL CAP GROWTH FUND**  | **HARBOR SMALL CAP GROWTH FUND**  | **HARBOR SMALL CAP GROWTH FUND**  |
| **William A. Muggia** |  |  |  |  |  |  |
| All Accounts | 8 | $2270 | 10 | $1388 | 269 | $8975 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 1 | 31 | 25 | 2130 |
| **Richard D. Lee, CFA** |  |  |  |  |  |  |
| All Accounts | 7 | 22129 | 7 | 1337 | 219 | 8058 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 22 | 1668 |
| **Ethan J. Meyers, CFA** |  |  |  |  |  |  |
| All Accounts | 7 | 22129 | 7 | 1337 | 219 | 8058 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 22 | 1668 |
| **John M. Montgomery** |  |  |  |  |  |  |
| All Accounts | 7 | 22129 | 7 | 1337 | 219 | 8058 |
| Accounts where advisory fee is based on account <br> performance (subset of above)<br>| 0 |  | 0 |  | 22 | 1668 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**The Portfolio Managers**

------

**Acadian Asset Management LLC** 

***CONFLICTS OF INTEREST*** 

A conflict of interest may arise as a result of a portfolio manager being responsible for multiple accounts, including the Fund, which may have similar or different investment guidelines and objectives. In addition to the Fund, these accounts may include other mutual funds managed on an advisory or subadvisory basis, separate accounts and collective trust accounts. An investment opportunity may be suitable for the Fund as well as for any of the other managed accounts. However, the investment may not be available in sufficient quantity for all of the accounts to participate fully. In addition, there may be limited opportunity to sell an investment held by both the Fund and the other accounts. The other accounts may have similar investment objectives or strategies as the Fund, may track the same benchmarks or indexes as the Fund tracks, and may sell securities that are eligible to be held, sold or purchased by the Fund. A portfolio manager may be responsible for accounts that have different advisory fee schedules, which may create the incentive for the portfolio manager to favor one account over another in terms of access to investment opportunities. A portfolio manager may also manage accounts whose investment objectives and policies differ from those of the Fund, which may cause the portfolio manager to effect trading in one account that may have an adverse effect on the value of the holdings within another account, including the Fund.

To address and manage these potential conflicts of interest, Acadian has adopted compliance policies and procedures to allocate investment opportunities and to ensure that each of its clients is treated on a fair and equitable basis. Such policies and procedures include, but are not limited to, trade allocation and trade aggregation policies, portfolio manager assignment practices and oversight by Acadian's investment management and Acadian's compliance team.

***COMPENSATION*** 

Compensation structure varies among professionals, although the basic package involves a generous base salary, strong bonus potential, profit sharing participation, various benefits, and, among the majority of senior investment professionals and certain other key employees, equity interest in the firm as part of the Acadian Key Employee Limited Partnership.

Compensation is highly incentive-driven, with Acadian often paying in excess of 100% of base pay for performance bonuses. Bonuses are tied directly to the individual's contribution and performance during the year, with members of the investment team evaluated on such factors as their contributions to the investment process, account retention, asset growth, and overall firm performance. Since portfolio management in Acadian's equity strategies is a team approach, investment team members' compensation is not linked to the performance of specific accounts but rather to the individual's overall contribution to the success of the team and the firm's profitability. This helps to ensure an "even playing field" as investment team members are strongly incentivized to strive for the best possible portfolio performance for all clients rather than only for select accounts.

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Messrs. Bradley and Taliaferro did not beneficially own any shares of Harbor International Core Fund (formerly, Harbor Overseas Fund).

------

**Aristotle Capital Management, LLC** 

***CONFLICTS OF INTEREST*** 

Potential conflicts of interest could arise when there is side-by-side management of private funds, separately managed accounts and mutual funds. These conflicts may arise through trade allocation and through selections of portfolio securities. Aristotle seeks to mitigate conflict related to trade allocation through its trade rotation procedures.

With regard to portfolio selections and the different positions that Aristotle's portfolio managers may take related to different strategies, a potential conflict could arise when different classes of a security are purchased for different portfolios in the same strategy or one strategy is long in a position and another is short in the same security. When different classes of a security are purchased across several portfolios, this often due to the availability of the security and not due to a preference for one class over another among client portfolios and often a portfolio could end up with both classes. Aristotle manages strategies that include a long/short component. In this case, the long/short component would be in line with hedge on the position. However, it is acknowledged, that a separate strategy could be long only in the same security which could pose a conflict.

Aristotle acknowledges its responsibility for identifying material conflicts of interest related to voting proxies. In order to ensure that Aristotle is aware of the facts necessary to identify conflicts, management of Aristotle must disclose to the Chief Compliance Officer any personal conflicts such as officer or director positions held by them, their spouses or close relatives, in any portfolio company. Conflicts based on business relationships with Aristotle or any affiliate of Aristotle will be considered only to the extent that Aristotle has actual knowledge of such relationships. If a conflict may exist which cannot be otherwise addressed by the Chief Investment Officer or his designee, Aristotle may choose one of several options including: (1) "echo" or "mirror" voting the proxies in the same proportion

------

**The Portfolio Managers**

------

**Aristotle Capital** 

**Management, LLC —** 

**Continued**

as the votes of other proxy holders that are not Aristotle clients; (2) if possible, erecting information barriers around the person or persons making the voting decision sufficient to insulate the decision from the conflict; or (3) if agreed upon in writing with the client, forwarding the proxies to affected clients and allowing them to vote their own proxies.

***COMPENSATION*** 

All Aristotle investment professionals are compensated by competitive base salaries and are eligible to receive an annual bonus that reflects an individual's team contribution to company objectives. (Market indices are not used in determining an employee's annual bonus.) Each portfolio manager at Aristotle is an equity partner of the firm and receives a portion of the overall profits of Aristotle as part of his ownership interest. Aristotle's culture is driven by a collegial and collaborative atmosphere that inspires teamwork and does not foster a "zero sum" environment where individual analysts are perceived to be in competition with one another.

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Mr. Gleicher beneficially owned shares of Harbor Large Cap Value Fund with a value over $1,000,000 and Mr. Padilla did not own any shares of the Harbor Large Cap Value Fund.

------

**Baillie Gifford Overseas Limited** 

***CONFLICTS OF INTEREST*** 

Baillie Gifford has a duty to act in the best interests of its clients and to treat them fairly when providing investment services to them. Baillie Gifford acts as investment manager or adviser to both pooled funds and separately managed segregated accounts both on a discretionary and advisory basis. In some cases both have similar objectives and similar strategies. From time to time, there may be situations that give rise to a conflict of interest.

A conflict can arise between the interests of Baillie Gifford and its affiliates, the Partners of Baillie Gifford & Co and employees, and the interests of a client of Baillie Gifford. A conflict of interest can also arise between the interests of one client of Baillie Gifford and another client. In such circumstances we have put in place effective organizational and administrative arrangements to ensure that reasonable steps are taken to prevent the conflict of interest from adversely affecting the interests of our clients. In addition, where Baillie Gifford pays or accepts any fee or commission, or provide or receive any non-monetary benefit in relation to our investment services, the firm takes care to ensure that such benefits do not place Baillie Gifford or any third party firm in a situation which would not be in compliance with the general duty to act in accordance with the best interests of its clients.

Baillie Gifford maintains a firm-wide Conflicts of Interest Policy and Matrix which identifies conflicts and potential conflicts of interest that exist within the group and the procedures and controls that have been adopted to prevent or manage these conflicts. It is subject to review and approval by the Compliance Committee and the relevant management body of each regulated entity within the Baillie Gifford group. Each Partner of Baillie Gifford & Co and employee has a responsibility for the identification of conflicts through adherence to Baillie Gifford's Code of Ethics.

Once a conflict has been identified Baillie Gifford must determine whether it may result in a material risk of damage to the interests of its clients and must specify procedures to be followed and measures to be adopted in order to manage the conflict.

The Group Compliance Committee is responsible for the oversight of this Policy and the Conflicts Matrix. A Conflicts of Interest Risk Assessment is conducted annually in October with a written report presented to the Group Compliance Committee in November. The assessment considers whether all conflicts of interest have been identified and added to the matrix, and also documents the compliance monitoring in place for existing conflicts of interest to assess the adequacy of the mitigating controls. In addition to the annual assessment, the Operational Compliance Committee consider emerging conflicts of interest and compliance risks quarterly and will escalate to the Group Compliance Committee as appropriate. We have also established a group within the Compliance Department that is convened on an ad-hoc basis to consider any material/emerging conflicts of interest matters.

This process ensures that senior management within Baillie Gifford are engaged in the conflicts identification and management process with a view to ensuring the risks arising from conflicts are appropriately and effectively mitigated.

The day-to-day maintenance of the Policy is the responsibility of the Compliance Department.

***COMPENSATION*** 

As of April 1, 2022, the remuneration for non-partner Investment Managers (Portfolio Managers and Researchers) at Baillie Gifford has three key elements: (i) base salary, (ii) an Annual Performance Award and (iii) a Long-Term Profit Award. In addition, portfolio managers are eligible for the standard retirement benefits and health and welfare benefits available to all Baillie Gifford employees.

------

**The Portfolio Managers**

------

**Baillie Gifford Overseas** 

**Limited — Continued**

The Annual Performance Award ("APA") for non-partner Investment Managers is determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 80% of the APA arrangement is determined by the investment performance of the investment team, the Portfolio Construction Groups ("PCGs"), or a combination of both that the individual has been part of, over the specified investment time horizon, reflecting Baillie Gifford's emphasis on long term investing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% of the APA arrangement is determined by the firms Net Promoter Score, emphasizing the importance of client service and the role all staff play in this.

Within the firm each Investment Team and the PCG have pre-determined performance targets. These targets, along with the relevant portfolios being measured, are established and agreed with each Head of Department following consultation with the Remuneration Committee and the Investment Leadership Groups.

The Long-Term Profit Award ("LTPA") element delivers a share of the firm's profitability to each member of staff. The level of award each individual receives is determined by their role and contribution to the long-term performance of the firm.

All Investment Managers defer between 20% and 40% of their total annual variable remuneration (both APA and LTPA elements). Awards deferred are held for a period of three years and are invested in a range of funds managed by Baillie Gifford that broadly reflect the firm's investment policy.

Partner remuneration comprises a fixed base salary and a share of the partnership profits. The profit share is calculated as a percentage of total partnership profits based on seniority, role within Baillie Gifford and length of service. The basis of the profit share is detailed in the Baillie Gifford Partnership Agreement. The main staff benefits, such as pension benefits, are not available to partners, who therefore provide for benefits from their own personal funds.

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Messrs. Campbell, Faraday and Paice and Mses. Earnshaw and Mileva did not beneficially own any shares of Harbor International Growth Fund.

------

**BlueCove Limited** 

***CONFLICTS OF INTEREST*** 

As a firm with multiple clients, BlueCove may, in the normal course of business, be faced with situations that have the potential to give rise to conflicts of interest. Conflicts of interest may occur due to side by side management of client portfolios, which may have overlapping or opposing investment strategies. Members of BlueCove's Portfolio Management team may be engaged in managing client portfolios contemporaneously. Different client portfolios may have differing fee structures. Furthermore, it is not possible to anticipate every situation that may present the risk of a conflict of interest over time. However, in accordance with regulatory requirements, BlueCove maintains and operates effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from adversely affecting the interests of its clients. BlueCove's organizational and administrative arrangements include a comprehensive suite of compliance polices, employee training and attestations, and a transparent investment process.

***COMPENSATION*** 

In setting and reviewing fixed compensation, BlueCove takes account of the need to ensure that fixed and variable components of total compensation are appropriately balanced. Fixed compensation is intended to be set at a level that allows BlueCove to operate a fully flexible policy on variable compensation while remaining competitive so as to attract and retain key talent.

Variable compensation is discretionary and will only be paid if it is sustainable according to the financial situation of BlueCove as a whole and justified according to the overall firm performance, investment team performance and the performance of the individual concerned. In setting performance targets applicable to discretionary variable compensation, there is an emphasis placed on establishing targets that are closely aligned with the strategic focus of BlueCove. Non-financial performance related to BlueCove's defined values and behaviors is also taken into account, and this includes compliance with controls and standards governing the relationships with clients and investors, risk management, and value-based behaviors. The target-setting process is also designed to avoid, or to mitigate where avoidance is not possible, conflicts of interest being created or incentivizing conflicts of interest or other behavior that would breach BlueCove's policies, values or commitment to clients.

BlueCove employees do not receive compensation from any fund for which BlueCove provides investment management services.

BlueCove operates an ownership culture amongst employees via its equity incentive plan. Each employee has an equity interest, allowing them to share in the growth of the business.

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**The Portfolio Managers**

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**BlueCove Limited —** 

**Continued**

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Messrs. Brodsky, Harper and Thomas did not beneficially own any shares of Harbor Convertible Securities Fund.

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**Cedar Street Asset Management LLC** 

***CONFLICTS OF INTEREST*** 

Conflicts can occur between interests of Cedar Street and its clients or between the interests of different clients. For example, Cedar Street may be viewed as having a conflict of interest when: (i) making decisions about whether and how to allocate limited investment opportunities among clients; (ii) causing a client to enter into a transaction with another client; and (iii) making decisions for one client that appear inconsistent with decisions made for another (i.e., buying an asset for one client while selling the same asset for another or selling an asset of one client while continuing to hold the same asset for another). Another example is where different clients have competing interests. This is often accentuated when hedge funds are managed alongside other long only portfolios. A further example would be where the portfolio managers are responsible for managing other accounts that charge performance-based compensation and accounts that charge only an asset-based fee (i.e., a non-performance based fee). Performance based fee arrangements may create an incentive for a portfolio manager to favor higher fee-paying accounts over other accounts in the allocation of investment opportunities.

When evaluating brokers, Cedar Street may not always select the broker with the lowest commission rate. The primary criteria considered in selecting a broker is the ability of the broker, in Cedar Street's opinion, to secure execution at the best security price available with respect to each transaction, in light of the overall quality of brokerage and research services provided.

Cedar Street has adopted policies and procedures to attempt to manage its conflicts of interests.

***COMPENSATION*** 

All investment team compensation is currently a fixed salary with equity participation. As firm assets grow the general composition of investment team compensation will include fixed salary (near industry average levels), variable bonus (including deferrals and claw-back provisions), equity dividends, and retirement contributions. Any variable compensation is based on overall investment team performance measured over a multi-year time horizon. Individuals that make extraordinary contributions to team performance will be provided opportunities to purchase additional equity. Cedar Street's guiding principle for variable compensation will be to align the long-term interests of clients with long-term interests of Cedar Street employees. As a result, no employee who provides services to Harbor International Small Cap Fund will have an incentive to take undue risks.

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Messrs. Brodsky and Mozes beneficially own shares of Harbor International Small Cap Fund with a value of $1,000,000.

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**EARNEST Partners LLC** 

***CONFLICTS OF INTEREST*** 

EARNEST Partners is responsible for managing Harbor Mid Cap Fund and Harbor Small Cap Value Fund in addition to other client accounts which may include, but are not limited to, proprietary accounts, separate accounts and other pooled investment vehicles. EARNEST Partners may manage other client accounts which may have higher fee arrangements than Harbor Mid Cap Fund and Harbor Small Cap Value Fund and/or may also have performance-based fees. Side-by-side management of these other client accounts may create potential conflicts of interest which may relate to, among other things, the allocation of investment opportunities and the aggregation and allocation of transactions.

EARNEST Partners seeks best execution with respect to all securities transactions and to aggregate and allocate the securities to client accounts in a manner that it believes to be fair and equitable. EARNEST Partners has implemented policies and procedures that it believes are reasonably designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management. Specifically, EARNEST Partners manages client accounts to model portfolios that are approved by its investment team, and aggregates and then allocates securities transactions to client accounts in a manner that EARNEST Partners believes to be fair and equitable.

***COMPENSATION*** 

All EARNEST Partners personnel are paid a fixed salary and a discretionary bonus. A portion of the bonus may consist of profit sharing and/or deferred compensation. EARNEST Partners also matches a portion of employees' 401(k) contributions, if any. The bonus is a function of client satisfaction with respect to investment results and service.

Mr. Viera is an owner of the firm. Equity ownership and profits derived therefrom are another component of compensation for the portfolio manager.

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**The Portfolio Managers**

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**EARNEST Partners LLC —** 

**Continued**

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Mr. Viera did not beneficially own any shares of Harbor Mid Cap Fund or Harbor Small Cap Value Fund. Harbor Mid Cap Fund commenced operations December 1, 2019.

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**Harbor Capital**

**Advisors, Inc.** 

***CONFLICTS OF INTEREST*** 

The Advisor may have various interests arising out of its side-by side management of accounts that create incentive to favor one account over another. These include: affiliated accounts in which the Advisor manages accounts on behalf of Harbor as well as on behalf of its clients; single subadvisor and multi-manager products where the individual or group responsible for managing multi-manager products may have access, directly or indirectly, to material non-public information regarding one or more underlying managers as a result of such manager also serving as a subadvisor to a single-subadvisor product, including with respect to management of ETF creation baskets; large accounts and clients which may generate more revenue than smaller accounts or certain strategies which may have higher fees than others, resulting in a potential incentive to favor such high revenue or fee generating accounts; recommendations to different clients to buy or sell securities of the same kind or class at prices that may be different or to execute trades of securities of the same kind or class in opposite directions for different accounts; non-discretionary accounts or models in which a client may be disadvantaged if the Advisor delivers the model investment portfolio after initiating trading for the discretionary accounts or a discretionary client disadvantaged if the non-discretionary clients receive the model investment portfolio and start trading prior to when the Advisor begins trading for the discretionary clients; client accounts which only permit holding securities long versus those that permit short selling and where different client accounts are selling short and holding long potentially impacting the value of the security; the investment of assets of different clients at different levels of an issuer's capital structure; and financial interests of investment professionals who may invest or have other direct or indirect interests in investment vehicles the Advisor manages, including mutual funds, creating incentive to favor such accounts over others.

Conflicts that are not eliminated are addressed through disclosure and/or adoption of policies and procedures to manage or mitigate such conflicts. The Advisor seeks to disclose material conflicts of interest to our clients and prospective clients and seek to manage and mitigate conflicts through governance, oversight and the adoption of additional policies and procedures.

***COMPENSATION*** 

The Advisor's compensation methodology for the portfolio managers consists of the following components:

***Base Salary.*** Base salary is a fixed amount determined each year. Each portfolio manager's base salary is based upon the responsibilities of his or her position with the Advisor, years of service and contribution to the long-term performance of the Advisor.

***Annual Cash Bonus.*** Portfolio managers generally participate in at least one and possibly more bonus programs of the Advisor.

◾



*Employee Bonus Plan ("EBP")*. Virtually every full-time employee of the Advisor participates in the EBP. The EBP provides for a possible incentive payment based upon the Advisor's EBIT (earnings before interest and taxes) margin percentage compared to its budgeted EBIT margin percentage. Good control over costs is an important factor in achieving the EBP objectives.

◾



*Senior Management Incentive Program ("SMIP")*. Most senior professionals of the Advisor participate in the SMIP or a similar incentive plan. The objectives of the SMIP can vary from year to year, although for front-line portfolio managers, objectives will include performance of the portfolios compared to benchmarks, performance against budgeted earnings and other objectives as may be determined from year to year.

Target percentages for both the EBP and SMIP are established as a percentage of each portfolio manager's base salary. The percentages used in the calculation of both the EBP and SMIP are determined annually through a performance evaluation process based on qualitative and quantitative factors.

***Harbor Cash Appreciation Rights ("H-CARs").*** H-CARs represents a long-term incentive plan for senior personnel and certain other staff who have made, and are expected to make, significant contributions to the long-term value of the Advisor. H-CARs may be awarded each year and have an initial value expressed in dollars and equivalent H-CAR units. The value of the awards change over time based upon a formula linked to the Advisor's pre-tax profitability, with the awards normally vesting in equal amounts over three and five years. Individual awards are typically determined based upon an assessment of the participant's past and expected future contributions to the performance of the Advisor.

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Mr. Gleich beneficially owned shares of Harbor Disruptive Innovation Fund with a value between $100,001 and $500,000 and Mr. Lerner beneficially owned shares of Harbor Disruptive Innovation Fund with a value between $10,001 and $50,000.

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**The Portfolio Managers**

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**Income Research + Management** 

***CONFLICTS OF INTEREST*** 

IR+M's management of other accounts may give rise to potential conflicts of interest in connection with its management of the Fund's investments on the one hand and the investments of the other accounts on the other. The other accounts might have similar investment objectives as the Fund or hold, purchase or sell securities that are eligible to be held, purchased or sold by the Fund. IR+M does not believe that these conflicts, if any, are material or, to the extent any such conflicts are material, IR+M believes that it has adopted policies and procedures that are reasonably designed to manage those conflicts.

A potential conflict of interest may arise as a result of IR+M's portfolio managers' day-to-day management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of Fund trades. It is theoretically possible that IR+M's portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund. However, IR+M has adopted policies and procedures believed to be reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

A potential conflict of interest may arise as a result of IR+M's portfolio managers' management of the Fund and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the Fund. This conflict of interest may be exacerbated to the extent that IR+M or its portfolio managers receive, or expect to receive, greater compensation from their management of certain other accounts, that have higher base fee rates or incentives fees, than from the Fund. Notwithstanding this theoretical conflict of interest, it is IR+M's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, IR+M has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while IR+M's portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Fund, such securities might not be suitable for the Fund given their investment objectives and related restrictions.

***COMPENSATION*** 

All employees are compensated with a competitive salary plus bonus. The firm bonus pool is dictated by the profitability of IR+M, with the individual's amount based on the employee's overall contribution to the firm's success. IR+M does not have quantitative drivers for the bonus pool. The goal is to have collaborative, high-performing teams that deliver for IR+M clients, not to incentivize individual contributions over results. To better represent our growing firm and mindset, we retired our CREED and adopted our Core Values. Our Core Values ensure our dedication to these premises: Invested – in our people and in the community around us; Respectful – of our differences and reaching out to learn, grow and make our firm more inclusive; Positive – that we are better together; and Motivated – to advocate for change and to enjoy the journey.

All employees also receive competitive health benefits and may participate in the company-funded profit sharing plan after completing the required length of service with the firm. Separate from compensation, as a long-term incentive, key employees may be offered the opportunity to purchase equity in IR+M and participate in the growth of the company and its profitability.

The bonus component of portfolio manager compensation is based upon factors such as team contribution, input to risk management and the overall investment management process, contributions to client service, and contributions to firm culture. For analysts and traders, evaluations are based upon factors including team contribution, quality of research within assigned sectors and the broader market, input to risk management and the overall investment management process, and contributions to firm culture.

As mentioned above, separate from compensation, as a long-term incentive, key employees may be offered the opportunity to purchase equity in IR+M. Equity participation is driven by significant and consistent contribution and demonstrated commitment to the firm.

IR+M does not believe its compensation structure provides any IR+M employee with incentive to take undue risks.

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Mr. O'Malley beneficially owned shares of Harbor Core Bond Fund with a value between $100,001 and $500,000, Mr. Gubitosi beneficially owned shares of Harbor Core Bond Fund with a value between $10,001 and $50,000 and Messrs. O'Neill, Remley and Walker and Ms. Campbell did not beneficially own any shares of Harbor Core Bond Fund; and Messrs. O'Malley, Gubitosi, O'Neill, Remley and Walker and Ms. Campbell did not beneficially own any shares of Harbor Core Plus Fund.

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**The Portfolio Managers**

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**Jennison Associates LLC** 

***CONFLICTS OF INTEREST*** 

Jennison manages accounts with asset-based fees alongside accounts with performance-based fees. This side-by-side management can create an incentive for Jennison and its investment professionals to favor one account over another. Specifically, Jennison has the incentive to favor accounts for which it receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees.

Other types of side-by-side management of multiple accounts can also create incentives for Jennison to favor one account over another. Examples are detailed below, followed by a discussion of how Jennison addresses these conflicts.

◾

Long only accounts/long-short accounts: Jennison manages accounts in strategies that hold only long securities positions as well as accounts in strategies that are permitted to sell securities short. As a result, Jennison may hold a long position in a security in some client accounts while selling the same security short in other client accounts. For example, Jennison permits quantitatively hedged strategies to short securities that are held long in other strategies. Additionally, Jennison permits securities that are held long in quantitatively derived strategies to be shorted by other strategies. The strategies that sell a security short held long by another strategy could lower the price for the security held long. Similarly, if a strategy is purchasing a security that is held short in other strategies, the strategies purchasing the security could increase the price of the security held short. By the same token, sales in a long only account can increase the value of a short position while shorting could create an opportunity to purchase a long position at a lower price. As a result, Jennison has conflicts of interest in determining the timing and direction of investments.

◾

Multiple strategies: Jennison may buy or sell, or may direct or recommend that one client buy or sell, securities of the same kind or class that are purchased or sold for another client, at prices that may be different. Jennison may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, due to differences in investment strategy or client direction. Different strategies effecting trading in the same securities or types of securities may appear as inconsistencies in Jennison's management of multiple accounts side-by-side.

◾

Investments at different levels of an issuer's capital structure: To the extent different clients invest across multiple strategies or asset classes, Jennison may invest client assets in the same issuer, but at different levels in the capital structure. Interests in these positions could be inconsistent or in potential or actual conflict with each other.

◾

Affiliated accounts/unaffiliated accounts and seeded/nonseeded accounts and accounts receiving asset allocation assets from affiliated investment advisers: Jennison manages accounts for its affiliates and accounts in which it has an interest alongside unaffiliated accounts. Jennison could have an incentive to favor its affiliated accounts over unaffiliated accounts. Additionally, at times Jennison's affiliates provide initial funding or otherwise invest in vehicles managed by Jennison. When an affiliate provides "seed capital" or other capital for a fund or account, it may do so with the intention of redeeming all or part of its interest at a particular future point in time or when it deems that sufficient additional capital has been invested in that fund or account. Jennison typically requests seed capital to start a track record for a new strategy or product. Managing "seeded" accounts alongside "non-seeded" accounts can create an incentive to favor the "seeded" accounts to establish a track record for a new strategy or product. Additionally, Jennison's affiliated investment advisers could allocate their asset allocation clients' assets to Jennison. Jennison could have an incentive to favor accounts used by its affiliate for their asset allocation clients to receive more assets from the affiliate.

◾

Non-discretionary accounts or models: Jennison provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. Recommendations for some non-discretionary models that are derived from discretionary portfolios are communicated after the discretionary portfolio has traded. The non-discretionary clients could be disadvantaged if Jennison delivers the model investment portfolio to them after Jennison initiates trading for the discretionary clients. Discretionary clients could be disadvantaged if the non-discretionary clients receive their model investment portfolio and start trading before Jennison has started trading for the discretionary clients.

◾

Higher fee paying accounts or products or strategies: Jennison receives more revenues from (1) larger accounts or client relationships than smaller accounts or client relationships and from (2) managing discretionary accounts than advising non-discretionary models and from (3) non-wrap fee accounts than from wrap fee accounts and from (4) charging higher fees for some strategies than others. The differences in revenue that Jennison receives could create an incentive for Jennison to favor the higher fee paying or higher revenue generating account or product or strategy over another.

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**The Portfolio Managers**

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**Jennison Associates** 

**LLC — Continued**

◾

Personal interests: The performance of one or more accounts managed by Jennison's investment professionals is taken into consideration in determining their compensation. Jennison also manages accounts that are investment options in its employee benefit plans such as its defined contribution plans or deferred compensation arrangements and where its employees may have personally invested alongside other accounts where there is no personal interest. These factors could create an incentive for Jennison to favor the accounts where it has a personal interest over accounts where Jennison does not have a personal interest.

***How Jennison Addresses These Conflicts of Interest*** 

The conflicts of interest described above could create incentives for Jennison to favor one or more accounts or types of accounts over others in the allocation of investment opportunities, aggregation and timing of investments. Portfolios in a particular strategy with similar objectives are managed similarly to the extent possible. Accordingly, portfolio holdings and industry and sector exposure tend to be similar across a group of accounts in a strategy that have similar objectives, which tends to minimize the potential for conflicts of interest among accounts within a product strategy. While these accounts have many similarities, the investment performance of each account will be different primarily due to differences in guidelines, individual portfolio manager's decisions, timing of investments, fees, expenses and cash flows.

Additionally, Jennison has developed policies and procedures that seek to address, mitigate and assess these conflicts of interest.

◾

Jennison has adopted trade aggregation and allocation procedures that seek to treat all clients (including affiliated accounts) fairly. These policies and procedures address the allocation of limited investment opportunities, such as initial public offerings (IPOs) and new issues, and the allocation of transactions across multiple accounts, and the timing of transactions between its non-wrap accounts.

◾

Jennison has policies that limit the ability to short securities in portfolios that primarily rely on its fundamental research and investment processes (fundamental portfolios) if the security is held long in other fundamental portfolios.

◾

Jennison has adopted procedures to review allocations or performance dispersion between accounts with performance fees and non-performance fee based accounts and to review overlapping long and short positions among long accounts and long-short accounts.

◾

Jennison has adopted a code of ethics and policies relating to personal trading.

◾

Jennison has adopted a conflicts of interest policy and procedures.

◾

Jennison provides disclosure of these conflicts as described in its Form ADV.

***COMPENSATION*** 

Ms. McCarragher, Mr. Boyer, and Ms. Kuhlkin serve as the portfolio managers of Harbor Capital Appreciation Fund. Jennison seeks to maintain a highly competitive compensation program designed to attract and retain outstanding investment professionals and to align the interests of investment professionals with those of clients and overall firm results. Jennison recognizes individuals for their achievements and contributions and continues to promote those who exemplify the same values and level of commitment that are hallmarks of the organization.

Jennison sponsors a profit sharing retirement plan for all eligible employees. The contribution to the profit sharing retirement plan for portfolio managers is based on a percentage of the portfolio manager's total compensation, subject to a maximum determined by applicable law. In addition to eligibility to participate in retirement and welfare plans, senior investment professionals, including portfolio managers and senior research analysts, are eligible to participate in a voluntary deferred compensation program where all or a portion of the cash bonus can be deferred. Participants in the deferred compensation plan are permitted to allocate the deferred amounts among various options that track the gross-of-fee pre-tax performance of accounts or composites of accounts managed by Jennison.

Investment professionals are typically compensated with a combination of base salary and cash bonus. Overall firm profitability determines the size of the investment professional compensation pool. In general, the discretionary cash bonus represents the majority of an investment professional's compensation.

Investment professional total compensation for Jennison's fixed income team is determined through a process that evaluates numerous qualitative factors. Not all factors are applicable to every investment professional, and there is no particular weighting or formula for considering the factors. Jennison's compensation system values both individual impact and teamwork.

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**The Portfolio Managers**

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**Jennison Associates** 

**LLC — Continued**

The portfolio managers' compensation is expected to be derived from their impact on overall client investment performance and overall business performance of Jennison's fixed income business and not the specific investment performance or value of an account or grouping of accounts.

The factors reviewed for the portfolio managers are listed below.

The quantitative factors reviewed for the portfolio managers may include:

◾

One-, three-, five-year and longer term pre-tax investment performance for groupings of accounts managed in the same strategy (composite) relative to market conditions, pre-determined passive indices and industry peer group data for the product strategy (e.g., large cap growth, large cap value). Some portfolio managers may manage or contribute ideas to more than one product strategy, and the performance of the other product strategies is also considered in determining the portfolio manager's overall compensation.

◾

The investment professional's contribution to client portfolio's pre-tax one-, three-, five-year and longer-term performance from the investment professional's recommended stocks relative to market conditions, the strategy's passive benchmarks, and the investment professional's respective coverage universes.

The qualitative factors reviewed for the portfolio managers may include:

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The quality of the portfolio manager's investment ideas and consistency of the portfolio manager's judgment;

◾

Qualitative factors such as teamwork and responsiveness;

◾

Individual factors such as years of experience and responsibilities specific to the individual's role such as being a team leader or supervisor are also factored into the determination of an investment professional's total compensation; and

◾

Historical and long-term business potential of the product strategies.

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Ms. McCarragher, Mr. Boyer and Ms. Kuhlkin beneficially owned shares of Harbor Capital Appreciation Fund with a value of over $1,000,000 each.

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**LSV Asset Management** 

***CONFLICTS OF INTEREST*** 

Below is a discussion of the current conflicts of interest that have been identified by LSV and the policies and procedures that have been put in place to monitor such conflicts and to seek to ensure that such conflicts are addressed in the best interests of the client. Where a material conflict may arise between a client and LSV or its employees, LSV must eliminate such conflict or expose the conflict through full and fair disclosure. Conflicts of interest may be defined as any existing or prospective business relationships in which the firm or its employees may have actual or potential incentives to place their interests above those of the client, and thereby violate the firm's fiduciary responsibilities to the client. As a general matter, all employees are required to report such conflicts of interest to Compliance so that steps may be taken to address them. In addition, the Chief Compliance Officer ("CCO") is also responsible for monitoring LSV's relationships with other firms for potential conflicts of interest, including potential conflicts with respect to SEI Investments Company ("SEI"). LSV does not believe any of its current relationships present a material conflict of interest with respect to its clients..

The Code of Ethics and Personal Trading Policy (the "Policy") is the primary document governing the ethical standards applicable to employees. In addition to a general requirement that all recommendations and decisions with respect to clients must be solely in the interest of such clients, the Policy contains policies governing specific types of conflicts of interest that may arise such as engagement in outside business activities and acceptance of gifts and entertainment. All employees are required to comply with the Policy.

The same team of portfolio managers is responsible for the day-to-day management of all of LSV's accounts. LSV uses a proprietary quantitative investment model to manage all of LSV's accounts. LSV relies extensively on its quantitative investment model regarding the advisability of investing in a particular company. Any investment decisions are generally made based on whether a buy or sell signal is received from the proprietary quantitative investment model. Accounts or funds with performance-based fees and accounts or funds in which employees may be invested could create an incentive to favor those accounts or funds over other accounts or funds in the allocation of investment opportunities. In addition, it is possible that a short position may be taken on a security that is held long in another portfolio.

LSV seeks to make allocations of investment opportunities in a manner that it considers fair, reasonable and equitable without favoring or disfavoring, consistently or consciously, any particular client.

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**The Portfolio Managers**

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**LSV Asset Management —** 

**Continued**

LSV has procedures designed to ensure that all clients are treated fairly and to prevent these potential conflicts from influencing the allocation of investment opportunities among clients. On a quarterly basis, the Forensic Testing Committee, consisting of the CCO, Compliance Officer, Chief Operating Officer and Compliance Analyst, reviews, among other things, allocations of investment opportunities among clients and the allocation of partially-filled block trades, including allocations to accounts or funds with performancebased fees or in which employees may be invested, to confirm consistency with LSV's policies and procedures.

LSV provides model portfolios to a number of clients, (each a "Model Adviser" and collectively the "Model Advisers") including SEI Investments Management Corporation ("SIMC"), a wholly owned subsidiary of SEI. These model portfolios are currently utilized in relation to a managed account program and several registered investment company sub-advisory relationships and may be offered in additional ways in the future. The model portfolios utilize some of the same strategies that are offered to LSV's other accounts. After LSV has provided the model portfolio to the Model Adviser, both initially and at each rebalance of the model portfolio, the Model Adviser or its delegates determine the timing and manner of purchase or sale with respect to the model portfolio recommendations. Some Model Advisers may generally implement the model portfolio recommendations as provided by LSV, while others may retain complete discretion as to the extent to which the model recommendations are implemented. The portfolio management team maintains a calendar of rebalance dates for the model portfolios similar to other LSV portfolios. In order to seek to ensure the fair treatment of all clients, LSV provides model portfolios to the Model Advisers on a staggered schedule relative to our other portfolios, so that the Portfolio Management team delivers the model portfolios on a rebalance schedule that differs from the rebalance schedule of the other portfolios. As a result, the model portfolios may experience different account performance, including potentially less favorable prices, than LSV's accounts that it trades directly. However, the same software and procedures that are used for other LSV portfolios are also used with respect to the model portfolios. In addition, the model portfolios are constructed based on the most up-to-date rankings in LSV's quantitative investment model. LSV's policies require that the CCO be made aware of any changes to this process. More information with respect to the process followed by LSV and the Model Advisers is contained in our Model Portfolio Policy.

On a quarterly basis, the Forensic Testing Committee reviews a report which shows the timing of the submission of the model portfolios with respect to the rebalancing of certain portfolios in applicable strategies actively managed by LSV and the timing of the submission of model portfolios in the same strategies sent to the Model Advisers to be used to rebalance the applicable model portfolios.

LSV or its funds may contract for services with an entity or person with whom LSV or its employees has a relationship or from which LSV or its employees otherwise derives financial or other benefits. The existence of and nature of such relationships raises conflicts of interest between LSV and/or its employees, on the one hand, and LSV's clients and funds, on the other hand, in determining whether to engage such service providers and, if engaged, on what terms and conditions. LSV or its employees may, because of its or such person's financial or other benefits, have an incentive to engage a service provider even if a different entity or person is more qualified to provide the applicable services and/or can provide such services at a lesser cost. These entities are subject to the same vendor management policies and procedures that apply to all third party vendors, which are designed to manage any such conflict, including an annual review by persons at LSV that do not have such a conflict. For example, LSV currently has a relationship with a data services provider in which certain of LSV's employees have a minority investment. The services are provided directly to and paid for by LSV and not any client or fund. LSV believes the services offered by the provider are at least as good as or better than the services provided by the provider's competitors and that the provider's services have comparable (or in some cases, more desirable) terms and conditions

Part 2A of LSV's Form ADV is used to provide clients with information regarding current or potential conflicts of interest.

***COMPENSATION*** 

Messrs. J. Lakonishok, Vermeulen, Mansharamani, Sleight and G. Lakonishok receive a fixed base salary and bonus which is a function of overall firm profitability and individual performance. In addition, each is a partner and receives a portion of the overall profit of the firm as part of his ownership interest.

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Messrs. J. Lakonishok, Vermeulen, Mansharamani, Sleight and G. Lakonishok did not beneficially own any shares of Harbor Mid Cap Value Fund.

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**The Portfolio Managers**

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**Marathon Asset Management Limited** 

***CONFLICTS OF INTEREST*** 

Conflicts can occur between interests of Marathon-London and its clients or between the interests of different clients. For example, Marathon-London may be viewed as having a conflict of interest when: (i) making decisions about whether and how to allocate limited investment opportunities among clients; (ii) causing a client to enter into a transaction with another client; and (iii) making decisions for one client that appear inconsistent with decisions made for another (i.e., buying an asset for one client while selling the same asset for another or selling an asset of one client while continuing to hold the same asset for another). Another example is where different clients have competing interests. This is often accentuated when hedge funds are managed alongside other long only portfolios. A further example would be where the portfolio managers are responsible for managing other accounts that charge performance-based compensation and accounts that charge only an asset-based fee (i.e., a non-performance based fee). Performance based fee arrangements may create an incentive for a portfolio manager to favor higher fee-paying accounts over other accounts in the allocation of investment opportunities. Marathon-London has adopted policies and procedures to attempt to manage its conflicts of interests.

***COMPENSATION*** 

Each non-founder portfolio manager (Messrs. Carter, Longhurst, Somerville, Duffy, Hill, Kobayashi and Anstey) is paid a base salary plus a performance bonus, based on their outperformance of the portfolios they manage relative to the appropriate benchmark. The founder member portfolio managers (Messrs. Arah and Ostrer) are paid a base salary and a proportionate share of the profitability of Marathon-London in relation to their stake in the business. None of the compensation for any portfolio manager is directly related to the performance of either Harbor International Fund or Harbor Diversified International All Cap Fund in isolation, but is indirectly linked to the success of the respective Fund and other clients.

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Messrs. Ostrer, Carter, Longhurst, Arah, Somerville, Kobayashi, Duffy, Hill, and Anstey did not beneficially own any shares of Harbor Diversified International All Cap Fund; and Messrs. Ostrer, Carter, Longhurst, Arah, Somerville, Kobayashi, Duffy, and Hill did not beneficially own any shares of Harbor International Fund.

------

**Sands Capital Management, LLC** 

**CONFLICTS OF INTEREST** 

The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with his management of the Global Leaders Fund's investments, on the one hand, and the investments of the other accounts on the other. The other accounts may have similar, different, or overlapping investment objectives and strategies as the Fund, and such accounts may be managed by one, or any combination, of portfolio managers. Therefore, a potential conflict of interest may arise as a result of the similar, different, or overlapping investment objectives and strategies, whereby a portfolio manager could favor one account over another. Another potential conflict could include the portfolio managers' knowledge about the size, timing and possible market impact of the Fund's trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. However, Sands Capital has established policies and procedures intended to result in the fair and equitable allocation of investment opportunities among Sands Capital's clients over time.

**COMPENSATION** 

Sands Capital compensates the portfolio managers for their management of the Fund. The portfolio managers' compensation consists of a salary, qualitative bonus, and a profit sharing and 401(k) plan. Additional compensation may be in the form of an investment results bonus and equity in Sands LP. Salary is benchmarked to be competitive with the industry worldwide. The qualitative bonus is based on a target set at the beginning of the year and on the individual's responsibilities and objectives that are agreed upon at the beginning of each year. At the end of the year, this bonus is paid out after a formal review of the individual's actual contribution to investment performance and client service work. The investments result bonus is calculated from the performance variance of Sands Capital's composite returns and their respective benchmarks over 1, 3 and 5 year periods, weighted towards the 3 and 5 year results.

**SECURITIES OWNERSHIP** 

As of October 31, 2022, Mr. Thakor and Mr. Raab each beneficially owned shares of Harbor Global Leaders Fund with a value over $1,000,000.

------

**The Portfolio Managers**

------

**Westfield Capital Management**

**Company, L.P.** 

***CONFLICTS OF INTEREST*** 

The simultaneous management of multiple accounts by Westfield's investment professionals creates a possible conflict of interest as they must allocate their time and investment ideas across multiple accounts. This may result in the Investment Committee or portfolio managers allocating unequal attention and time to the management of each client account as each has different objectives, benchmarks, investment restrictions and fees. For most client accounts, investment decisions are made at the Investment Committee level. Once an idea has been approved, it is implemented across all eligible and participating accounts within the strategy.

Although the Investment Committee collectively acts as portfolio manager on most client accounts, there are some client accounts that are managed by a portfolio manager who also serves as a member of the Investment Committee. This can create a conflict of interest because investment decisions for these individually managed accounts do not require approval by the Investment Committee; thus, there is an opportunity for individually managed client accounts to trade in a security ahead of Investment Committee managed client accounts. Trade orders for individually managed accounts must be communicated to the Investment Committee. Additionally, the Compliance team performs periodic reviews of such accounts to ensure procedures have been followed.

Westfield has clients with performance-based fee arrangements. A conflict of interest can arise between those portfolios that incorporate a performance fee and those that do not. When the same securities are recommended for both types of accounts, it is Westfield's policy to allocate investments, on a pro-rata basis, to all participating and eligible accounts, regardless of the account's fee structure. Westfield's Operations team performs ongoing reviews of each product's model portfolio versus each client account. Discrepancies are researched, and exceptions are documented.

In placing each transaction for a client's account, Westfield seeks best execution of that transaction except in cases where Westfield does not have the authority to select the broker or dealer, as stipulated by the client. Westfield attempts to bundle directed brokerage accounts with non-directed accounts, and then utilize step-out trades to satisfy the directed arrangements. Clients who do not allow step-out trades generally will be executed after non-directed accounts.

Because of Westfield's interest in receiving third-party research services, there may be an incentive for Westfield to select a broker or dealer based on such interest rather than the clients' interest in receiving most favorable execution. To mitigate the conflict that Westfield may have an incentive beyond best execution to utilize a particular broker, broker and research votes are conducted and reviewed on a quarterly basis. These votes provide the opportunity to recognize the unique research efforts of a wide variety of firms, as well as the opportunity to compare aggregate commission dollars with a particular broker to ensure appropriate correlation. Westfield's Best Execution Committee also reviews transaction cost analysis data quarterly to monitor trading and commission activity.

Some Westfield clients have elected to retain certain brokerage firms as consultants or to invest their assets through a broker-sponsored wrap program for which Westfield acts as a manager. Several of these firms are on Westfield's approved broker list. Since Westfield may gain new clients through such relationships and will interact closely with such firms to service the client, there may be an incentive for Westfield to select a broker or dealer based on such interest rather than the clients' interest. To help ensure independence in the brokerage selection process, brokerage selection is handled by Westfield's Traders, while client relationships are managed by Westfield's Marketing/Client Service team.

Personal accounts may give rise to conflicts of interest. Westfield and its employees will, from time to time, for their own investment accounts, purchase, sell, hold or own securities or other assets which may be recommended for purchase, sale or ownership for one or more clients. Westfield has a Code of Ethics which regulates trading in such accounts; requirements include regular reporting and preclearance of transactions. Compliance reviews personal trading activity regularly.

Westfield serves as manager to the General Partners of private funds, for which they also provide investment advisory services. Westfield and its employees have also invested their own funds in such vehicles and other investment strategies that are advised by the firm. Allowing such investments and having a financial interest in the private funds can create an incentive for the firm to favor these accounts because Westfield's financial interests are more directly tied to the performance of such accounts. To help ensure all clients are treated equitably and fairly, Westfield allocates investment opportunities on a pro-rata basis. Compliance conducts periodic reviews of client accounts to ensure procedures have been followed.

In addition to a base salary and a performance-based bonus award, Westfield's Marketing and Client Service team's compensation is based on a percentage of annual revenue generated by new separate accounts and/or significant contributions to existing client accounts but excludes any subadvised or advised mutual funds. This incentive poses a conflict in that members of the team could encourage

------

**The Portfolio Managers**

------

**Westfield Capital** 

**Management** 

**Company, L.P. —** 

**Continued**

investment in a product(s) that may not be suitable. To mitigate such risk, team members are not incentivized to sell one product versus another. Nor do they have specific sales targets. Further, Westfield's new account process includes a review of client contracts and investment policy statements to ensure the recommended product is suitable prior to funding. Lastly, all incentive compensation is reviewed and approved by Westfield's COO and CFO.

***COMPENSATION*** 

Members of the Westfield Investment Committee may be eligible to receive various components of compensation:

◾

Investment Committee members receive a base salary commensurate with industry standards.

◾

Investment Committee members are also eligible to receive an annual performance-based bonus award. The amount awarded is based on the employee's individual performance attribution and overall contribution to the investment performance of Westfield.

◾

Investment Committee members may be eligible to receive equity interests in the future profits of Westfield. Individual awards are typically determined by a member's overall performance within the firm, including but not limited, to contribution to company strategy, participation in marketing and client service initiatives, as well as longevity at the firm. Key members of Westfield's management team who receive equity interests in the firm enter into agreements restricting post-employment competition and solicitation of clients and employees of Westfield. This compensation is in addition to the base salary and performance-based bonus. Equity interest grants typically vest over five years.

***SECURITIES OWNERSHIP*** 

As of October 31, 2022, Messrs. Muggia, Lee, and Montgomery did not beneficially own any shares of Harbor Small Cap Growth Fund. Mr. Meyers beneficially owned shares of Harbor Small Cap Growth Fund with a value between $100,001 and $500,000.

------

**The Distributor**

------

**Harbor Funds**

**Distributors, Inc.** 

Harbor Funds Distributors, Inc. (the "Distributor") acts as the principal underwriter and distributor of each Fund's shares and continually offers shares of the Funds pursuant to a distribution agreement approved by the Board of Trustees. Its mailing address is Harbor Funds Distributors, Inc., 111 South Wacker Drive, 34th Floor, Chicago, IL 60606-4302. Charles F. McCain is a Director and the Chief Executive Officer of the Distributor; John S. Halaby is the President of the Distributor; Erik D. Ojala is a Director, Executive Vice President and Chief Compliance Officer of the Distributor; Jacob J. Kunkel is the Vice President, Chief Financial Officer and Treasurer of the Distributor; and Gregg M. Boland is a Senior Vice President, the AML Compliance Officer, and the OFAC Officer of the Distributor. The Distributor is a Delaware corporation, a registered broker-dealer and a wholly owned subsidiary of the Advisor.

Harbor Funds has authorized one or more brokers to accept on its behalf purchase and redemption orders. These brokers are authorized to designate other intermediaries to accept purchase and redemption orders on behalf of Harbor Funds. Harbor Funds is deemed to have received a purchase or redemption order when an authorized broker or, if applicable, the broker's authorized designee, receives the order prior to the close of regular trading on the NYSE. Shareholders' orders will be priced at the net asset value per share next determined after they are accepted in good order by an authorized broker or the broker's authorized designee.

------

**Distribution Plans** 

The Trust has adopted distribution plans pursuant to Rule 12b-1 under the Investment Company Act with respect to each Fund's Administrative Class shares and Investor Class shares (collectively the "Plans"). Each Fund, pursuant to the Plans, pays the Distributor compensation at the annual rate of up to 0.25% of the average daily net assets of Administrative Class shares and of Investor Class shares.

Each of the Plans compensates the Distributor for (1) distribution services; (2) recordkeeping services; and (3) personal and account maintenance services performed and expenses incurred by the Distributor in connection with the Administrative Class and Investor Class shares of the Funds. Distribution services and expenses for which the Distributor may be compensated pursuant to the Plans include, without limitation: (i) compensation to and expenses (including allocable overhead, travel and telephone expenses) of (A) dealers, brokers and other dealers who are members of FINRA, or their respective officers, sales representatives and employees, (B) the Distributor and any of its affiliates and any of their respective officers, sales representatives and employees, (C) banks and their officers, sales representatives and employees, who engage in or support distribution of the Administrative Class and Investor Class shares of the Funds; (ii) printing and distribution of reports and prospectuses for other than existing shareholders; and (iii) preparation, printing and distribution of sales literature and advertising materials. Recordkeeping services for which the Distributor or any of its affiliates and any financial intermediaries may be compensated pursuant to the Plans include, without limitation, to the extent not otherwise provided by or on behalf of a Fund: (i) acting, or arranging for another party to act, as recordholder and nominee of Administrative Class and Investor Class shares of the Funds beneficially owned by certain shareholders; (ii) establishing and maintaining individual accounts and records with respect to Administrative Class and Investor Class shares of the Funds; (iii) processing and issuing confirmations concerning orders to purchase, redeem and exchange Administrative Class and Investor Class shares of the Funds; (iv) receiving and transmitting funds representing the purchase price or redemption proceeds of Administrative Class and Investor Class shares of the Funds; (v) facilitating the processing of transactions in a Fund or providing electronic, computer or other database information regarding a Fund to shareholders; (vi) developing, maintaining and supporting systems necessary to support accounts for Administrative Class and Investor Class shares of the Funds; and (vii) performing any other services which do not constitute "personal and account maintenance services" within the meaning of applicable FINRA rules. Personal and account maintenance services for which the Distributor or any of its affiliates and any financial intermediaries may be compensated pursuant to the Plans include, without limitation: payments made to or on account of the Distributor or any of its affiliates and any financial intermediaries, or their respective officers, sales representatives and employees, who respond to inquiries of, and furnish assistance to, shareholders regarding their ownership of Administrative Class and Investor Class shares of the Funds or their accounts or who provide similar services not otherwise provided by or on behalf of a Fund. Nothing in the Plans is intended to or shall cause there to be any implication that compensation for the distribution, recordkeeping and personal and account maintenance services described in the Plans may be made only pursuant to a plan of distribution under Rule 12b-1.

Amounts payable by a Fund under the Plans need not be directly related to the expenses actually incurred by the Distributor on behalf of each Fund. The Plans do not obligate the Funds to reimburse the Distributor for the actual expenses the Distributor may incur in fulfilling its obligations under the Plans. Thus, even if the Distributor's actual expenses exceed the fee payable to the Distributor at any given time, the Funds 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 Distributor**

------

**Distribution Plans —** 

**Continued**

The Distributor may from time to time waive or reduce any portion of its 12b-1 fee for Administrative Class shares and Investor Class shares. Voluntary fee waivers or reductions may be rescinded at any time without further notice to investors. During periods of voluntary fee waivers or reductions, the Distributor will retain its ability to be reimbursed for such fee prior to the end of each fiscal year.

Selected dealers and other financial intermediaries entitled to receive compensation for selling Fund shares and/or providing recordkeeping and/or shareholder servicing services to the intermediaries' customers who invest in a Fund may receive different compensation related to shares of one particular class over another. Under the Plans, certain financial intermediaries that have entered into service agreements and that sell shares of the Funds on an agency basis may receive payments from the Distributor pursuant to the respective Plans for distribution services and/or providing shareholder servicing services to the intermediaries' customers who invest in a Fund.

Payments for distribution and service fees are accrued daily and may not exceed 0.25% per annum of daily net assets attributable to Administrative Class shares and Investor Class shares, respectively.

Payments pursuant to the Plans are subject to any applicable limitations imposed by rules of FINRA.

As required by Rule 12b-1, the Plans and related forms of agreements were approved by the Board of Trustees, including a majority of the trustees who are not "interested persons" (as defined in the Investment Company Act) of the Trust and who have no direct or indirect financial interest in the operation of the Plans or in any agreements related to the Plans (the "Rule 12b-1 Trustees"). In approving the Plans in accordance with the requirements of Rule 12b-1, the Rule 12b-1 Trustees considered various factors and determined that there is a reasonable likelihood that the Plans would benefit each class of the Funds and its respective shareholders.

The anticipated benefits that may result from the Plans with respect to each Fund and/or the classes of each Fund and/or the classes of each Fund and its shareholders include, but are not limited to, the following: (1) lower brokerage costs; (2) relatively predictable flow of cash; and (3) a well-developed, dependable network of shareholder service agents to help to curb sharp fluctuations in rates of redemptions and sales, thereby reducing the chance that an unanticipated increase in net redemptions could adversely affect the performance of each Fund.

Unless terminated earlier in accordance with their terms, the Plans continue from year to year as long as such continuance is specifically approved, in person, at least annually by the Board of Trustees, including a majority of the Rule 12b-1 Trustees. A Plan may be terminated as to a Fund or class by the vote of a majority of the Rule 12b-1 Trustees or, with respect to a particular class, by the vote of a majority of the outstanding voting securities of that class.

Any change in the Plans that would increase materially the distribution expenses paid by the applicable class requires shareholder approval; otherwise, the Plans may be amended by the Board of Trustees, including a majority of the Rule 12b-1 Trustees, by votes cast in person at a meeting called for the purpose of voting upon such amendment. As long as the Plans are in effect, the selection or nomination of the Independent Trustees is committed to the discretion of the Independent Trustees.

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**The Distributor**

------

**Actual Fees Paid to Harbor Funds Distributors Pursuant to the Distribution Plans** 

The actual fees paid by the Funds to the Distributor pursuant to the Plans for the year ended October 31, 2022 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Paid to Distributor** | **Total Paid to Distributor** | **Retained by Distributor**<sup>1</sup> | **Retained by Distributor**<sup>1</sup> | **Paid to Intermediaries**<sup>2</sup> | **Paid to Intermediaries**<sup>2</sup> |
|  | **Administrative**<br> **Class**<br> **(000s)**<br>| **Investor**<br> **Class**<br> **(000s)**<br>| **Administrative**<br> **Class**<br> **(000s)**<br>| **Investor**<br> **Class**<br> **(000s)**<br>| **Administrative**<br> **Class**<br> **(000s)**<br>| **Investor**<br> **Class**<br> **(000s)**<br>|
| **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  |
| Harbor Capital Appreciation Fund | $673 | $2692 | $8 | $29 | $665 | $2663 |
| Harbor Convertible Securities Fund |  | 6 |  | 1 |  | 5 |
| Harbor Core Bond Fund | N/A | N/A | N/A | N/A | N/A | N/A |
| Harbor Core Plus Fund | 38 | N/A | 2 | N/A | 36 | N/A |
| Harbor Disruptive Innovation Fund | 9 | 74 |  | 1 | 9 | 73 |
| Harbor Diversified International All Cap <br> Fund.<br>| 22 | 23 |  |  | 22 | 23 |
| Harbor Global Leaders Fund | 3 | 39 |  | 2 | 3 | 37 |
| Harbor International Fund | 32 | 762 | 1 | 24 | 31 | 738 |
| Harbor International Core Fund (formerly, <br> Harbor Overseas Fund)<br>| N/A | 2 | N/A | 1 | N/A | 1 |
| Harbor International Growth Fund | 1 | 24 |  | 2 | 1 | 22 |
| Harbor International Small Cap Fund | 1 | 3 | 1 | 1 |  | 2 |
| Harbor Large Cap Value Fund | 9 | 70 | 1 | 3 | 8 | 67 |
| Harbor Mid Cap Fund | N/A | 2 | N/A | 2 | N/A |  |
| Harbor Mid Cap Value Fund | 9 | 78 | 1 | 2 | 8 | 76 |
| Harbor Small Cap Growth Fund | 2 | 18 |  | 1 | 2 | 17 |
| Harbor Small Cap Value Fund | 26 | 118 | 1 | 4 | 25 | 114 |

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<sup>1</sup>

*Amounts retained by the Distributor for administrative expenses.* 

<sup>2</sup>

*Amounts paid by the Distributor to intermediaries for the distribution, recordkeeping, shareholder servicing,* 

*maintenance of shareholder accounts, and/or other administrative services.* 

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**Shareholder Services**

------

**Harbor Services**

**Group, Inc.** 

Harbor Services Group, Inc. ("Shareholder Services") acts as the shareholder servicing agent for each Fund and in that capacity maintains certain financial and accounting records of the Funds. Its mailing address is P.O. Box 804660, Chicago, IL 60680-4108. Shareholder Services is a Delaware corporation, a registered transfer agent and a wholly owned subsidiary of the Advisor. Charles F. McCain is a Director of Shareholder Services; Erik D. Ojala is a Director, Chief Compliance Officer and the Secretary of Shareholder Services; Gregg M. Boland is the President of Shareholder Services; and Lora A. Kmieciek is the Chief Financial Officer of Shareholder Services.

The Shareholder Servicing Agreement has been approved by the Trustees of the Funds and provides for compensation up to the following amounts per class of each Fund:

---

| | |
|:---|:---|
| **Share Class** | **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 |

---

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**Payments to Financial Intermediaries** 

Unaffiliated financial intermediaries, including broker-dealers, banks, trust companies, employee benefit plan and retirement plan administrators, could be compensated for providing distribution, subaccounting, recordkeeping and/or similar services to shareholders who hold their Fund shares through accounts that are maintained by the intermediary. Financial intermediary fees may be in the form of asset-based, transaction-based, or flat fees. The Distributor, Shareholder Services and/or the Advisor have in the past and could in the future compensate, out of their own assets, certain unaffiliated financial intermediaries for providing shareholder recordkeeping, subaccounting and other similar services to shareholders who hold their shares of the Funds through accounts that are maintained by the financial intermediaries.

In addition, the Advisor and its affiliates have in the past and could in the future pay certain financial intermediaries for certain activities related to the Funds, other Harbor funds or products in general. This may include activities that are designed to make registered representatives, other professionals and individual investors more knowledgeable about products, including the Funds and other Harbor funds, or for other activities, such as marketing and/or fund promotion activities and presentations, educational training programs, conferences, data analytics and support, the development of technology platforms and reporting systems.

The Advisor has in the past and could in the future also make payments to financial intermediaries for certain printing, publishing and mailing costs or materials relating to the Funds, other Harbor funds or products or for promoting or making shares of the Funds, other Harbor funds or products available to their clients, which may include intermediaries that allow customers to buy and sell fund shares without paying a commission or other transaction charge. The Advisor or its affiliates make these payments from their own assets and not from the assets of the Funds. These payments do not increase the expenses paid by investors for the purchase of Fund shares, or the cost of owning a Fund. Payments of the type described above are sometimes referred to as revenue-sharing payments.

Payments to a financial intermediary may be significant to the intermediary, and amounts that intermediaries pay to your salesperson or other investment professional may also be significant for your salesperson or other investment professional. Because a financial intermediary may make decisions about which investment options it will recommend or make available to its clients or what services to provide for various products based on payments it receives or is eligible to receive, these payments could create conflicts of interest between the intermediary and its clients and these financial incentives may cause the intermediary to recommend the Funds, other Harbor funds or products over other investments. The same conflicts of interest and financial incentives exist with respect to your salesperson or investment professional if he or she receives similar payments from his or her firm.

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**Code of Ethics**

------

**Code of Ethics** 

Harbor Funds, the Advisor, the Distributor and the Subadvisors have each adopted a code of ethics that complies in all material respects with Rule 17j-1 under the Investment Company Act. These codes of ethics are designed to prevent trustees/directors, officers and designated employees who have access to information concerning portfolio securities transactions of Harbor Funds ("Access Persons") from using that information for their personal benefit or to the disadvantage of Harbor Funds. These codes of ethics are also designed to prevent both Access Persons and all employees of the Advisor from profiting from short-term trading in shares of any Harbor Funds. The codes of ethics do permit Access Persons to engage in personal securities transactions for their own account, including securities that may be purchased or held by Harbor Funds, but impose significant restrictions on such transactions and require Access Persons to report all of their personal securities transactions (except for transactions in certain securities where the potential for a conflict of interest is very low, such as unaffiliated open-end mutual fund shares and money market instruments). Each of the codes of ethics is on public file with, and is available from, the SEC.

The Advisor relies on each Subadvisor to fulfill its responsibility for monitoring the personal trading activities of the Subadvisor's personnel in accordance with the Subadvisor's code of ethics. Each Subadvisor provides Harbor Funds Board of Trustees with a quarterly certification of the Subadvisor's compliance with its code of ethics and with Rule 17j-1 and a report of any significant violations of its code of ethics.

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**Portfolio Holdings**

------

**Portfolio Holdings Disclosure Policy** 

The Board of Trustees has adopted policies and procedures that govern the disclosure of the Funds' portfolio holdings and the disclosure of statistical information about the Funds' portfolios.

These policies and procedures are designed to strike an appropriate balance between providing enough information to help investors understand the Funds' recent historical performance and at the same time ensuring that investors do not receive information which would enable them to trade based on that information to the detriment of the Fund or its other shareholders. As an overarching principle, these policies and procedures prohibit the Funds and any service provider to the Funds, including the Advisor, from entering into any arrangement to receive any compensation or consideration, either directly or indirectly, in return for the disclosure of a Fund's non-public portfolio holdings.

These policies and procedures provide that each Fund's full list of portfolio holdings is published quarterly with a 15-day lag, on *harborcapital.com* and top ten portfolio holdings as a percentage of its total net assets are published quarterly, with a 10-day lag, on *harborcapital.com*. This information remains available on *harborcapital.com* until the information is updated for the subsequent period.

For purposes of these policies and procedures, "portfolio holdings" means the individual securities or other instruments held by a Fund. This includes equity and fixed income securities, such as stocks and bonds, and derivative contracts, such as futures, options and swaps held by the Funds. "Portfolio holdings" does not include information that is derived from (but does not include) individual portfolio holdings, such as statistical information about a Fund or a Fund's aggregate cash position. Statistical information includes information such as how a Fund's portfolio is divided (in percentage terms) among various industries, sectors, countries, value and growth stocks, small, mid and large cap stocks, credit quality ratings, and maturities. Statistical information also includes financial characteristics about a Fund's portfolio such as alpha, beta, R-squared, information ratio, Sharpe ratio, various earnings and price based ratios (such as price-to-earnings, price-to-book, and earnings growth), duration, maturity, market capitalization, and portfolio turnover.

While statistical information is not considered "portfolio holdings," the policies and procedures adopted by the Board of Trustees limit the disclosure of statistical information derived from portfolio holdings which have not yet been publicly disclosed to further ensure that such information could not be used in a manner that is adverse to the Funds. Specifically, statistical information derived from non-public portfolio holdings data may only be based on a Fund's month end portfolio holdings data and then may only be released beginning 5 days after that month end date. In addition, only the Officers of the Trust and certain employees of the Advisor are authorized to release such statistical information and they may not do so if they reasonably believe that the recipient of that statistical information, could use that information as a basis on which to trade in the Fund shares to the detriment of the Fund or its other shareholders. Statistical information may be provided to existing or potential shareholders in the Funds and to their representatives for the sole purpose of helping to explain a Fund's recent historical performance.

Current and prospective investors from time to time may request different or more extensive historical portfolio holdings information for a Fund than has previously been publicly disclosed (such as information as of dates other than prior calendar and fiscal quarter ends) to assist them in their assessment of the consistency of the investment process of the Subadvisor and/or the Advisor, as applicable, through different past market environments. To the extent the requested portfolio holdings information is for periods that precede the date of the most recent publicly disclosed portfolio holdings information, it is considered stale and may be released to investors or prospective investors and others upon request without needing to be separately publicly disclosed. Because historical portfolio holdings information must have been superseded by the public disclosure of more recent portfolio holdings information before it can be released, the information should normally not enable any recipient to trade for its own benefit to the detriment of the Fund.

The policies and procedures adopted by the Board of Trustees also prohibit the disclosure of non-public portfolio holdings to third parties except in certain limited circumstances where Harbor Funds or a service provider has a legitimate business purpose for disclosing that information and the recipients are subject to a duty of confidentiality, including a duty not to trade on the non-public information. The Chief Compliance Officer of Harbor Funds must authorize any such disclosure in those limited circumstances.

Non-public portfolio holdings are disclosed daily (or as otherwise indicated) with no lag, to the following persons for the sole purpose of assisting the service provider in carrying out its designated responsibilities for the Fund or Funds:

◾

The Advisor with respect to all Funds and each Subadvisor solely with respect to the Fund(s) for which it serves as Subadvisor;

◾

The Funds' custodian and accounting agent;

◾

Morningstar, Inc. ("Morningstar"), which provides analytic services and ratings, for the purpose of assisting the Advisor and clients in assessing the Funds' performance and portfolio attributes;

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**Portfolio Holdings**

------

**Portfolio Holdings** 

**Disclosure Policy —** 

**Continued**

◾

FactSet Research System Inc. ("FactSet"), which provides data collection and analytic services, for the sole purpose of assisting the Advisor in assessing the Funds' performance and portfolio attributes;

◾

Bloomberg Finance L.P. ("Bloomberg"), which provides data collection and analytic services, for the sole purpose of assisting the Advisor in assessing the Funds' performance and portfolio attributes;

◾

Glass, Lewis & Co. LLC ("Glass Lewis"), which provides proxy voting information services for the sole purpose of assisting certain Subadvisors in voting proxies on behalf of the Funds;

◾

Institutional Shareholder Services ("ISS"), which provides proxy voting-related information services for the purpose of assisting certain Subadvisors in voting proxies on behalf certain Funds, proxy voting-related services for the purpose of assisting the Advisor in voting proxies on behalf of certain Funds and to comply with applicable disclosure requirements, and securities class action services for the purpose of assisting the Advisor in monitoring for class action litigation in which the Funds may be entitled to participate with respect to a recovery settlement;

◾

Donnelley Financial LLC, which provides services for the sole purpose of assisting the Advisor in the preparation of financial and related reports for the Funds that are included in periodic reports made publicly available to Fund shareholders, such as the annual and semi-annual shareholder reports, and in other required regulatory filings;

◾

Automated Securities Clearance LLC ("FIS"), which provides an automated solution for the sole purpose of assisting the Advisor in complying with personal trading regulations.

◾

FactSet, Bloomberg, Eagle Investment Systems LLC and Glass Lewis, each of which provides services to Jennison, for the sole purpose of assisting Jennison in performing its services as Subadvisor to Harbor Capital Appreciation Fund;

◾

Electra and Simcorp, which provide services to IR+M, for the sole purpose of assisting IR+M in performing its services as Subadvisor to Harbor Core Bond Fund and Harbor Core Plus Fund;

◾

SS&C Advent, Eze Software, Cowen Prime Services, Bloomberg, each of which provides services to the Advisor, for the sole purpose of assisting the Advisor in performing its services as Advisor to Harbor Disruptive Innovation Fund;

◾

FactSet, StatPro Group plc, and ISS, each of which provides services to Marathon-London, for the sole purpose of assisting Marathon-London in performing its services as Subadvisor to Harbor Diversified International All Cap Fund and Harbor International Fund;

◾

FactSet, Advent and LongView Trading Systems, each of which provides services to Sands Capital, for the sole purpose of assisting Sands Capital in performing its services as Subadvisor to Harbor Global Leaders Fund;

◾

FactSet, StatPro Group plc, SunGard APT and Style Research, each of which provides services to Baillie Gifford, for the sole purpose of assisting Baillie Gifford in performing its services as Subadvisor to Harbor International Growth Fund;

◾

Advent, Bloomberg, Enfusion and Northern Trust, each of which provides services to Cedar Street, for the sole purpose of assisting Cedar Street in performing its services as Subadvisor to Harbor International Small Cap Fund;

◾

SS&C Advent, Charles River, Instinet, ISS, Neovest and FactSet, each of which provides services to Aristotle for the sole purpose of assisting Aristotle in performing its services as Subadvisor to Harbor Large Cap Value Fund;

◾

FactSet, ISS, Bloomberg, SS&C Advent and DTCC CTM, each of which provides services to EARNEST Partners, for the sole purpose of assisting EARNEST Partners in performing its services as Subadvisor to Harbor Mid Cap Fund and Harbor Small Cap Value Fund;

◾

Northern Trust, which provides services to LSV, for the sole purpose of assisting LSV in performing its services as Subadvisor to Harbor Mid Cap Value Fund;

◾

Electra Information Systems, Inc. ("Electra"), which provides services to Acadian, for the sole purpose of assisting Acadian in performing its services as Subadvisor to Harbor International Core Fund; and

◾

FactSet, Eze Software, InvestCloud, StarCompliance, LightSpeed Data Solutions, Bloomberg, SS&C Advent, ISS and Global Trading Analytics, each of which provides services to Westfield, for the sole purpose of assisting Westfield in performing its services as Subadvisor to Harbor Small Cap Growth Fund.

------

**Portfolio Holdings**

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**Portfolio Holdings** 

**Disclosure Policy —** 

**Continued**

Harbor Funds seeks to avoid potential conflicts between the interests of the Funds' shareholders and those of the Funds' service providers and ensure that non-public portfolio holdings information is disclosed only when such disclosure is in the best interests of a Fund and its shareholders. Harbor Funds seeks to accomplish this by permitting such disclosure solely for the purpose of assisting the service provider in carrying out its designated responsibilities for a Fund and by requiring any such disclosure to be authorized in the manner described above. The Board of Trustees receives a report at least annually concerning the effectiveness and operation of the Funds' policies and procedures, including those governing the disclosure of portfolio information.

The Advisor, each Subadvisor and their affiliates may provide investment advice to clients (including funds) other than the Funds that have investment objectives that may be substantially similar to those of the Funds. These clients may have portfolios consisting of holdings substantially similar to those of the Funds and may be subject to different holdings disclosure policies that provide for more frequent disclosure than under the Funds' policies and procedures. In some cases, such portfolio holdings are made publicly available on a daily basis. These clients are not subject to the portfolio holdings disclosure policies and procedures described herein and do not owe the Advisor, respective Subadvisor or Fund a duty of confidentiality with respect to disclosure of their portfolio holdings.

------

**Proxy Voting**

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**Proxy Voting Policy** 

**DELEGATED PROXY VOTING RESPONSIBILITY** 

***<u>Oversight</u>*** 

For Funds with a discretionary Subadvisor, Harbor Capital delegates proxy voting to the Subadvisor. In each instance where proxy voting responsibility has been delegated to one or more Subadvisors, Harbor Capital's Legal and Compliance Team is responsible for the oversight with respect to such delegated responsibilities, including reviewing the proxy voting policies, procedures, and/or proxy voting guidelines of each such Subadvisor (the "Subadvisor Proxy Voting Guidelines"). The Legal and Compliance Team must determine that the Subadvisor Proxy Voting Guidelines are reasonably designed to ensure that the Subadvisor would be able to administer the proxy voting process generally and vote proxies specifically in a manner which would be in the best interests of the respective client before Harbor Capital will delegate proxy voting responsibility to a Subadvisor. The Legal and Compliance Team will review any amendments to the Subadvisor Proxy Voting Guidelines to ensure that the guidelines continue to meet that standard. Harbor Capital will not delegate voting authority to any third party that does not also serve in a fiduciary capacity. In addition, each Subadvisor must accept the delegation of this responsibility.

Harbor Capital does not review individual voting decisions by the Subadvisors but considers their proxy voting policies, procedures, and/or guidelines as part of its overall assessment of the Subadvisor's compliance program. If Harbor Capital is not satisfied with the Subadvisor's overall performance, including as a result of proxy voting decisions which are not in Harbor Capital's client's best interests, Harbor Capital may recommend to the Board of Trustees the replacement of the Subadvisor.

Harbor Capital will normally not be privy to a Subadvisor's proxy voting decision until after the vote is cast and the shareholder meeting has occurred. While Harbor Capital does retain the right to override any proxy voting decision by a Subadvisor (when Harbor Capital believes that a voting decision would not be in the best interests of its client), Harbor Capital does not expect to be able to exercise that authority as a matter of course. Such an override could only occur in the unusual circumstance where the Subadvisor consults with Harbor Capital prior to casting a vote.

The Subadvisors operate independently of each other and it is feasible that the Subadvisors will come to different voting decisions on the same or similar proposals. As long as the Subadvisors are acting in what they believe to be the best interests of the client when making their proxy voting decisions, Harbor Capital believes that the client will, as a whole, benefit from each Subadvisor applying its own analysis to the proxy voting decision. Differences in such analyses may occur, for example, depending on whether a Subadvisor considers a proxy advisory firm's recommendations or additional information provided by an issuer during the proxy voting process.

***<u>Conflicts of Interest</u>*** 

Delegation of proxy voting responsibility to Subadvisors should generally adequately address any possible conflicts of interest with respect to Harbor Capital. In addition, as part of the Legal and Compliance Team's review of the Subadvisor Proxy Voting Guidelines, the Legal and Compliance Team seeks to ensure that the Subadvisor has implemented its own procedures to monitor and resolve conflicts of interest in the proxy voting process.

***<u>Recordkeeping</u>*** 

For assets with respect to which proxy voting responsibilities have been delegated to one or more Subadvisors, each such Subadvisor is responsible for retaining the materials regarding votes cast by them. Each Subadvisor is required to provide to Harbor Capital, upon request, the necessary information regarding its proxy voting record to enable Harbor Capital to prepare the Form N-PX for subadvised products. Harbor Capital will retain this information, along with each Subadvisor's Proxy Voting Guidelines and any certifications provided by the Subadvisors as to their compliance with their policies and procedures, for six years.

For the proxy voting policy of each discretionary Subadvisor, please see Appendix A.

**PROXY VOTING RESPONSIBILITY RETAINED BY HARBOR CAPITAL** 

In each instance where Harbor Capital has retained proxy voting authority, the Investment Operations Team ("Investment Ops") will generally administer proxy voting. Harbor Capital is obligated to vote proxies in a manner consistent with its fiduciary duty to act in the best interests of shareholders. Normally, this means that Investment Ops will vote or administer the voting of ballots in accordance with Harbor Capital's proxy voting guidelines (the "Proxy Voting Guidelines").

In order to facilitate the proxy voting process with respect to assets for which Harbor Capital retains proxy voting responsibilities, Harbor Capital engages a proxy advisory firm (the "Advisory Firm") to provide research, analysis, and voting recommendation consistent with the Proxy Voting Guidelines. In addition, the Advisory Firm will provide research and reporting related to the proxy proposals.

------

**Proxy Voting**

------

**Proxy Voting Policy —** 

**Continued**

***<u>Meeting Notification</u>*** 

Harbor Capital utilizes the Advisory Firm's voting agent services to notify it of upcoming shareholder meetings for portfolio companies, to vote proxies on its behalf in accordance with Harbor Capital's Proxy Voting Guidelines and to administer the transmission of votes. The Advisory Firm tracks and reconciles holdings against incoming proxy ballots. Meeting and record date information is updated daily through the Advisory Firm's web-based application. The Advisory Firm also is responsible for maintaining copies of all proxy statements received and for promptly providing such materials upon Harbor Capital's request. All efforts will be made to vote proxies in a timely manner, and any delay in voting a ballot will be investigated to determine the cause and how to prevent recurrence in the future.

***<u>Vote Determination</u>*** 

Ballots that are processed by the Advisory Firm will be voted in accordance with the Proxy Voting Guidelines. In evaluating certain corporate action proposals, Investment Ops will gather information from a variety of sources, including, but not limited to, management or shareholders of a company presenting a proposal, and independent proxy research services (such as the Advisory Firm). Final authority and responsibility for proxy voting decisions rests with Harbor Capital, taking into account the Proxy Voting Guidelines and Harbor Capital's fiduciary duty to act in the best interests of clients. Investment Ops is responsible for maintaining documentation and assuring that it adequately reflects the basis for any vote that is cast in a manner that deviates from the Proxy Voting Guidelines.

***<u>Vote Execution, Monitoring of the Voting Process and Minutes</u>*** 

Ballots will be cast in accordance with the Proxy Voting Guidelines by the Advisory Firm. The Advisory Firm will then transmit the votes to the proxy agents or custodian banks.

While not expected to be a frequent occurrence, Investment Ops can change a vote already submitted by the Advisory Firm, if necessary.

Investment Ops is responsible for preparing minutes to document the rationale for instances where Harbor Capital voted against in a manner different from the Proxy Voting Guidelines of the Advisory Firm and for decisions with respect to corporate actions. Such minutes will be retained for six years.

***<u>Conflicts of Interest</u>*** 

Where Harbor Capital retains proxy voting responsibilities, Investment Ops has the obligation to assess the extent, if any, to which there may be a material conflict between the interests of an account on the one hand and Harbor Capital and its affiliates, directors, officers, employees (and other similar persons) on the other hand.

If Investment Ops determines that a conflict may exist, it will resolve the conflict as outlined below and promptly report the matter and its resolution to Harbor Capital's Chief Compliance Officer. Harbor Capital is authorized to resolve any such conflict in a manner that is in the best interests of its clients. Normally, a conflict will be resolved in accordance with the following:

◾

If the proposal that gives rise to a conflict is specifically addressed in the Proxy Voting Guidelines, the proxy will be voted in accordance with the pre-determined Proxy Voting Guidelines, provided that such pre-determined guidelines involve little or no discretion on the part of Investment Ops;

◾

Investment Ops may disclose the conflict to Harbor Capital's affected client and obtain the client's consent before voting in the manner approved by such client;

◾

Harbor Capital may engage an independent third party to determine how the proxy should be voted; or

◾

Harbor Capital may, where feasible, establish an ethical wall or other informational barriers between the person(s) involved in the conflict and the person(s) making the voting decision in order to insulate the decision maker from the conflict.

A member of the Legal and Compliance Team will report all conflicts, and the management thereof, to Harbor Capital's Board of Directors on an annual basis.

Harbor Capital will use commercially reasonable efforts to determine whether a conflict may exist, and a conflict will be deemed to exist if, and only if, Investment Ops knew, or reasonably should have known, of the conflict at the time of the vote.

***<u>Recordkeeping</u>*** 

Where Harbor Capital retains proxy voting responsibilities, the Advisory Firm will serve as recordkeeper for all ballots processed through the Advisory Firm, including any research reports provided in the voting decisions. Harbor Capital will require sufficient information regarding its proxy voting record to enable Investment Ops to prepare the Form N-PX for such products, if applicable.

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**Proxy Voting Guidelines**

------

**Proxy Voting Policy —** 

**Continued**

**REPORTING** 

A Vote Summary will be prepared for each client that requests Harbor Capital to furnish proxy voting records. The report specifies the portfolio companies, meeting dates, proxy proposals, and votes which have been cast for the client during the period and the position taken with respect to each issue. Reports normally cover quarterly or annual periods. All client requests for proxy information will be recorded and fulfilled by Harbor Capital.

*Effective December 1, 2022*

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**Proxy Voting Guidelines** 

Harbor Capital's goal and intent is to vote or administer the voting of all proxies in the best interests of shareholders.

*<u>Management</u> <u>and Shareholder Proposals</u>* 

Harbor Capital will generally vote in accordance with Institutional Shareholder Services' Proxy Voting Guidelines – Benchmark Policy Recommendations (the "ISS Benchmark Policies") for both domestic and foreign markets. A link to ISS Benchmark Policies can be found in Appendix A – Proxy Voting.

*<u>Foreign Markets</u>* 

Corporate governance standards, disclosure requirements and voting processes vary significantly among the foreign markets in which we may invest. Harbor Capital will generally vote or administer the voting of proxies in foreign markets in a manner that is believed to be consistent with the objective of these Proxy Voting Guidelines, while taking into account differing practices by market.

There may be instances in which Harbor Capital elects not to vote or administer the voting of proxies relating to foreign securities. Many foreign markets require that securities be blocked or re-registered in order to vote at a company's shareholder meeting. Generally, Harbor Capital will not vote proxies in foreign markets that require the securities be blocked or re-registered to vote, depending on whether such an action would result in a loss of liquidity imposed by these requirements. If Harbor Capital determines that a proposal is expected to have a significant economic impact on the investment, Harbor Capital may elect to vote such proposal.

In addition, the costs of voting in foreign markets (e.g., custodian fees and voting agency fees) can be substantially higher than for U.S. holdings. As a result, Harbor Capital may choose not to vote proxies in foreign markets in instances where the issues presented are unlikely to have a material impact on the value of a client's investment in that foreign security.

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**Portfolio Transactions**

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The Advisor and/or Subadvisor, as applicable, is responsible for making specific decisions to buy and sell securities for the portion of Fund assets that it manages. The Advisor and/or Subadvisor, as applicable, is also responsible for selecting brokers and dealers to effect these transactions and negotiating, if possible, brokerage commissions and dealers' charges.

Purchases and sales of securities on a securities exchange are effected by brokers, and each Fund pays a brokerage commission for this service. In transactions on stock exchanges in the United States, these commissions are negotiated, whereas on many foreign stock exchanges the commissions are fixed. In the over-the-counter market, securities (i.e., debt securities) are normally traded on a "net" basis with dealers acting as principal for their own accounts without a stated commission, although the price of the securities usually includes a profit to the dealer. In underwritten offerings, securities are purchased at a fixed price which includes an amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount. On occasion, certain money market instruments may be purchased directly from an issuer, in which case no commissions or discounts are paid.

The primary consideration in placing portfolio security transactions with broker-dealers for execution is to obtain and maintain the availability of execution at the most favorable prices and in the most effective manner possible. The Advisor and/or Subadvisor, as applicable, attempts to achieve this result by selecting broker-dealers to execute portfolio transactions on behalf of each Fund and other clients taking into account such factors as the broker-dealers' professional capability, the value and quality of their brokerage services and the level of their brokerage commissions.

Under each Investment Advisory Agreement and Subadvisory Contract and as permitted by Section 28(e) of the Securities Exchange Act of 1934, the Advisor and/or Subadvisor, as applicable, may cause a Fund to pay a commission to broker-dealers who provide brokerage and research services to the Subadvisor and/or the Advisor, as applicable, for effecting a securities transaction for a Fund. Such commission may exceed the amount other broker-dealers would have charged for the transaction, if the Subadvisor and/or the Advisor, as applicable, determines in good faith that the greater commission is reasonable relative to the value of the brokerage and research services provided by the executing broker-dealer viewed in terms of either a particular transaction or the overall responsibilities the Subadvisor and/or the Advisor, as applicable, has to a Fund or to its other clients. The term "brokerage and research services" includes advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or of purchasers or sellers of securities, furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts, and effecting securities transactions and performing functions incidental thereto, such as clearance and settlement.

Although commissions paid on every transaction will, in the judgment of the Advisor and/or Subadvisor, as applicable, be reasonable in relation to the value of the brokerage services provided, commissions exceeding those that another broker might charge may be paid to broker-dealers who were selected to execute transactions on behalf of the Funds and the other clients of the Subadvisor and/or the Advisor, as applicable, in part for providing advice as to the availability of securities or of purchasers or sellers of securities and services in effecting securities transactions and performing functions incidental thereto such as clearance and settlement.

Research provided by brokers is used for the benefit of all of the clients of the Subadvisor and/or the Advisor, as applicable, and not solely or necessarily for the benefit of the Funds. Investment management personnel of the Advisor and/or Subadvisor, as applicable, attempt to evaluate the quality of research provided by brokers. Results of this effort are sometimes used by the Advisor and/or Subadvisor, as applicable, as a consideration in the selection of brokers to execute portfolio transactions.

In certain instances there may be securities that are suitable for a Fund's portfolio as well as for that of another Fund or one or more of the other clients of the Subadvisor and/or the Advisor, as applicable,. Investment decisions for a Fund and for other clients of the Subadvisor and/or the Advisor, as applicable, are made with a view to achieving their respective investment objectives. It may develop that a particular security is bought or sold for only one client even though it might be held by, or bought or sold for, other clients. Likewise, a particular security may be bought for one or more clients when one or more other clients are selling that same security. Some simultaneous transactions are inevitable when several clients receive investment advice from the same investment adviser, particularly when the same security is suitable for the investment objectives of more than one client. When two or more clients are simultaneously engaged in the purchase or sale of the same security, the securities are allocated among clients in a manner believed to be equitable to each. It is recognized that in some cases this system could have a detrimental effect on the price or volume of the security in a particular transaction as far as a Fund is concerned. Harbor Funds believes that over time its ability to participate in volume transactions will produce better executions for the Funds.

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**Portfolio Transactions**

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**Broker Commissions** 

The investment advisory fee that each Fund pays to the Advisor will not be reduced as a consequence of a Subadvisor's receipt of brokerage and research services. Subject to the applicable legal requirements, to the extent a Fund's portfolio transactions are used to obtain such services, the brokerage commissions paid by the Fund will exceed those that might otherwise be paid by an amount that cannot be presently determined. Such services would be useful and of value to such Subadvisor and/or the Advisor, as applicable, in serving both the Funds and other clients and, conversely, such services obtained by the placement of brokerage business of other clients would be useful to such Subadvisor and/or the Advisor, as applicable, in carrying out its obligations to the Funds.

The table below sets forth information concerning the payment of commissions (which do not include dealer "spreads" (markups or markdowns) on principal trades) by the Funds, including the amount of such commissions paid to affiliates (if any) for the indicated fiscal years.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Brokerage**<br> **Commissions Paid To**<br> **Brokers Who Provided** <br> **Research Year Ended** <br> **10/31/2022**<br> **(000s)** | **Total Brokerage Commission**<br> **(000s)** | **Total Brokerage Commission**<br> **(000s)** | **Total Brokerage Commission**<br> **(000s)** |
|  | **Total Brokerage**<br> **Commissions Paid To**<br> **Brokers Who Provided** <br> **Research Year Ended** <br> **10/31/2022**<br> **(000s)** | **2022** | **2021** | **2020** |
| **Harbor FUNDS**  | **Harbor FUNDS**  | **Harbor FUNDS**  | **Harbor FUNDS**  | **Harbor FUNDS**  |
| Harbor Capital Appreciation Fund | $2623 | $5215 | $7925 | $9152 |
| Harbor Convertible Securities Fund<sup>1</sup> |  |  |  |  |
| Harbor Core Bond Fund |  |  |  |  |
| Harbor Core Plus Fund |  | 14 | 26 | 81 |
| Harbor Disruptive Innovation Fund |  | 118 | 284 | 168 |
| Harbor Diversified International All Cap Fund | 201 | 208 | 494 | 186 |
| Harbor Global Leaders Fund | 2 | 21 | 29 | 49 |
| Harbor International Fund | 413 | 417 | 878 | 733 |
| Harbor International Core Fund (formerly, Harbor Overseas Fund)<sup>2</sup> |  | 45 | 26 | 11 |
| Harbor International Growth Fund |  | 129 | 105 | 141 |
| Harbor International Small Cap Fund |  | 101 | 54 | 39 |
| Harbor Large Cap Value Fund | 480 | 499 | 399 | 655 |
| Harbor Mid Cap Fund |  | 28 | 15 | 6 |
| Harbor Mid Cap Value Fund |  | 32 | 37 | 77 |
| Harbor Small Cap Growth Fund | 867 | 1150 | 1188 | 1063 |
| Harbor Small Cap Value Fund |  | 599 | 688 | 695 |

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<sup>1</sup>

*On March 1, 2023, BlueCove Limited replaced Shenkman Capital Management, Inc. as investment subadvisor to Harbor Convertible Securities Fund.* 

<sup>2</sup>

*On March 1, 2023, the Fund was renamed from Harbor Overseas Fund to Harbor International Core Fund.*

The brokerage commissions paid are reflected in the total return of a Fund. The brokerage commissions paid may vary by the style of the Fund, by whether the securities being purchased are domestic or foreign, by the number of transactions during the year and by the investment style employed by the Subadvisor. The brokerage commissions paid expressed in dollars or in percentage terms may vary from year to year depending on market conditions or other factors.

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**Portfolio Transactions**

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**Securities Issued by Regular Broker-Dealers** 

During the fiscal year ended October 31, 2022, the following Funds purchased securities issued by the following regular broker-dealers of Harbor Funds, which had the following values as of October 31, 2022:

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| | | |
|:---|:---|:---|
| **Fund** | **Regular Broker-Dealer (or Parent)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Aggregate Holdings**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000s)**<br>|
| Harbor Capital Appreciation Fund | Goldman Sachs Group Inc. | $303947 |
| Harbor Core Bond Fund | Morgan Stanley Co Incorporated | 2555 |
|  | J.P. Morgan Securities LLC | 3100 |
|  | Goldman Sachs & Co. LLC | 748 |
|  | BofA Securities, Inc. | 797 |
| Harbor Core Plus Fund | Credit Suisse AG | 14295 |
|  | J.P. Morgan Securities LLC | 8406 |
|  | BofA Securities, Inc. | 9238 |
| Harbor Diversified International Fund | Nomura Holdings, Inc. | 3604 |
| Harbor International Fund | Nomura Holdings, Inc. | 20952 |
| Harbor Large Cap Value Fund | JPMorgan Chase & Co. | 33334 |

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**Portfolio Transactions**

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**Securities Lending** 

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. During the fiscal year ended October 31, 2022, the Lending Agent managed the day-to-day operation of the Trust's securities lending program, within the scope of lending permitted for each Fund. The Lending Agent selected borrowers for each loan made by the Funds from an approved borrower list, monitored the creditworthiness of each borrower on an ongoing basis, negotiated the terms and conditions of each loan agreement, in a manner consistent with the terms and conditions of the Securities Lending Authorization Agreement between the Trust and the Lending Agent (the "SLA Agreement"), and entered into loan agreements with such borrowers. The Lending Agent also selected the securities loaned by the Funds and credited substitute interest, dividends and other distributions paid with respect to the loaned securities to each Fund's account. During the fiscal year ended October 31, 2022, the Lending Agent was responsible for collateral management, including receiving approved collateral from borrowers in accordance with the minimum initial capitalization requirements set forth in the SLA Agreement, marking-to-market the value of the loaned securities and approved collateral daily, and obtaining additional approved collateral from borrowers, as necessary. In addition, the Lending Agent invested cash collateral received from borrowers into a pooled investment vehicle approved by the Advisor. Upon the termination of each loan of a Fund's portfolio securities, the Lending Agent arranged for the return of loaned securities by the borrower to the Fund and the return of collateral to the borrower. During the fiscal year ended October 31, 2022, the Lending Agent also maintained records, and provided monthly reports to the Funds related to loans made and income derived from such loans.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Diversified**<br> **International**<br> **All Cap**<br> **(000s)**<br>| **Global**<br> **Leaders**<br> **(000s)**<br>| **International**<br> **(000s)**<br>| **International Core**<br> **(formerly, Overseas)**<br> **(000s)**<br>| **International**<br> **Growth**<br> **(000s)**<sup>2</sup><br>|
| Gross income from securities lending activities | $57 | $3 | $221 | $20 | $— |
| Fees and/or compensation for securities <br> lending activities and related services:<br>|  |  |  |  |  |
| Fees paid to securities lending agent from a <br> revenue split<br>| 5 | 3 | 19 | 2 |  |
| Fees paid for any cash collateral management <br> services that are not included in the <br> revenue split<br>|  |  | 1 |  |  |
| Administrative fees not included in revenue <br> split<br>|  |  |  |  |  |
| Indemnification fee not included in revenue <br> split<br>|  |  |  |  |  |
| Rebate (paid to borrower) | 5 |  | 17 |  |  |
| Other fees not included in revenue split |  |  |  |  |  |
| Aggregate fees/compensation for securities <br> lending activities<br>| 10 | 3 | 37 | 2 |  |
| Net income from securities lending activities<sup>1</sup> | $47 | $— | $184 | $18 | $— |

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<sup>1</sup>

*The amount shown for net income from securities lending activities may not correspond with the amount shown in the Fund's annual report due to timing differences related to certain adjustments that may occur between the Lending Agent and borrowers, which are recorded when identified.* 

<sup>2</sup>

*Rounds to less than $1,000.* 

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**Net Asset Value**

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The net asset value ("NAV") per share of each class of each Fund is generally determined by the Fund's Custodian after the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4 p.m., Eastern time) on each day when the NYSE is open for trading. If the NYSE closes early (scheduled), the determination of net asset value may be accelerated to that time. Shares will generally not be priced on days that the NYSE is closed. If the NYSE is closed because of inclement weather, technology problems or any other reason on a day it would normally be open for business, or the NYSE has an unscheduled early closing on a day it has opened for business, Harbor Funds reserves the right to treat such day as a business day and accept purchase and redemption orders until, and calculate a Fund's NAV as of, the normally scheduled close of regular trading on the NYSE for that day, so long as the Advisor believes there generally remains an adequate market to obtain reliable and accurate market quotations. Harbor Funds may elect to remain open and price Fund shares on days when the NYSE is closed but the primary securities markets on which the Funds' securities trade remain open. The NYSE is generally closed on the following holidays: New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

Equity securities, 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 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 were no sales on the valuation day, securities traded principally: (i) on a U.S. exchange, including NASDAQ, will be valued at the mean between the closing bid and asked price; (ii) on a foreign exchange, including United Kingdom securities, will be valued at the official bid price determined as of the close of the primary exchange.

Futures contracts and options on futures contracts are normally valued at the price that would be required to settle the contract on the market where any such option or futures contract is principally traded. Options on equity securities are normally valued using the last sale price on the relevant securities exchange. Swaps are valued using prices supplied by a pricing vendor based on the underlying characteristics of the swaps. Forward foreign currency exchange contracts are valued at their respective fair values determined on the basis of the mean between the last current bid and asked prices based on quotations supplied to a pricing service by independent dealers.

Debt securities, other than short-term securities with a remaining maturity of less than 60 days at the time they are acquired, are valued using evaluated prices furnished by a pricing service selected by the Advisor. An evaluated price represents an assessment by the pricing service using various market inputs of what the pricing service believes is the fair market value of a security at a particular point in time. The pricing service 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 service 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. 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 service's evaluation process, which means that the evaluated price supplied by the pricing service will frequently differ from that transaction price. Short-term securities with a remaining maturity of less than 60 days at the time they are acquired are stated at amortized cost which approximates fair value.

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 are generally priced at their fair value. The Board of Trustees has designated the Advisor to perform fair value determinations pursuant to Rule 2a-5 under the Investment Company Act. 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. 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 the Fund may value those securities higher or lower than another fund that uses market quotations, official closing prices or evaluated prices supplied by a pricing vendor.

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**Net Asset Value**

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It is possible that the fair value determined in good faith in accordance with the Funds' valuation procedures may differ from valuations for the same security or other asset determined by other funds using their own valuation procedures. Although the Funds' valuation procedures are designed to value a security at the price a Fund may reasonably expect to receive upon its current sale in an orderly transaction, there can be no assurance that any fair value determination would, in fact, approximate the amount that a Fund would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available.

Portfolio securities traded on more than one U.S. national securities exchange or foreign securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. The value of all assets and liabilities expressed in foreign currencies will be converted into U.S. dollar values at the mean between the buying and selling rates of such currencies against U.S. dollars last quoted by any major bank. If such quotations are not available, the rate of exchange will be determined in good faith by or under procedures approved by the Board of Trustees.

Trading in securities on European and Far Eastern securities exchanges and over-the-counter markets is normally completed well before the close of business on each business day in New York (i.e., a day on which the NYSE is scheduled to be open for trading). In addition, European or Far Eastern securities trading generally or in a particular country or countries may not take place on all business days in New York. Furthermore, trading takes place in Japanese markets on certain Saturdays and in various foreign markets on days that are not business days in New York and on which the Funds' net asset values may not be calculated. Such calculation does not take place contemporaneously with the determination of the prices of the majority of the portfolio securities used in such calculation. As a result, closing market prices for foreign securities may not fully reflect events that occur between the time their prices are determined and the close of the regular trading on the NYSE (or such other time at which the Fund calculates NAV consistent with its policies and procedures) and thus may no longer be considered reliable. The Funds will use the fair value of the foreign securities, determined in accordance with the fair value procedures approved by the Board of Trustees, in place of closing market prices to calculate their net asset values if the Advisor believes that events between the close of the foreign market and the close of regular trading on the NYSE (or such other time at which the Fund calculates NAV consistent with its policies and procedures) would materially affect the value of some or all of a particular Fund's securities. In the case of each equity Fund, the fair value pricing procedures recognize that volatility in the U.S. equity markets may cause prices of foreign securities determined at the close of the foreign market or exchange on which the securities are traded to no longer be reliable when the Fund's net asset values are determined and that these price differences may have an effect on the net asset value, particularly for global/international Funds. As a result, a fair value information service provided by an independent third-party pricing vendor will normally be used to determine the fair value of foreign equity security held by each equity Fund.

The proceeds received by each Fund for each issue or sale of its shares, and all net investment income, realized and unrealized gain and proceeds thereof, subject only to the rights of creditors, will be specifically allocated to such Fund and constitute the underlying assets of such Fund. The underlying assets of each Fund will be segregated on the books of account, and will be charged with the liabilities in respect to such Fund and with a share of the general liabilities of Harbor Funds. Expenses with respect to any two or more funds are to be allocated in proportion to the net asset values of the respective Funds except where allocations of direct expenses can otherwise be reasonably determined, in which case the expenses are allocated directly to the Fund which incurred that expense.

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 appropriate 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 appropriate net assets of each class and the specific expense rate(s) applicable to each class.

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Each Fund is treated as a separate taxpayer for federal income tax purposes.

Each Fund has elected or intends to elect to be treated, has qualified, and intends to continue to qualify each year as a regulated investment company under Subchapter M of the Code, which requires meeting certain requirements relating to its sources of income, diversification of its assets, and distribution of its income to shareholders. In order to qualify as a regulated investment company under Subchapter M of the Code, each Fund must, among other things, (i) derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies and net income derived from an interest in a qualified publicly traded partnership (as defined in Section 851(h) of the Code) (the "90% income test") and (ii) diversify its holdings so that at the end of each quarter of each taxable year: (a) at least 50% of the value of the Fund's total assets is represented by (1) cash and cash items, U.S. government securities, securities of other regulated investment companies, and (2) other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the Fund's total assets is invested in (1) the securities (other than U.S. government securities and securities of other regulated investment companies) of any one issuer, (2) the securities (other than securities of other regulated investment companies) of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (3) the securities of one or more qualified publicly traded partnerships. For purposes of the 90% income test, the character of income earned by certain entities in which a Fund invests that are not treated as corporations for U.S. federal income tax purposes (i.e., partnerships (other than qualified publicly traded partnerships) or trusts) will generally pass through to the Fund. Consequently, each Fund may be required to limit its equity investments in such entities that earn fee income, rental income or other non-qualifying income.

If a Fund qualifies as a regulated investment company and distributes to its shareholders each taxable year an amount equal to or exceeding the sum of (i) 90% of its "investment company taxable income" as that term is defined in the Code (which includes, among other things, dividends, taxable interest, and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses) without regard to the deduction for dividends paid and (ii) 90% of the excess of its gross tax-exempt interest, if any, over certain disallowed deductions, the Fund generally will not be subject to U.S. federal income tax on any income of the Fund, including "net capital gain" (the excess of net long-term capital gain over net short-term capital loss), distributed to shareholders. However, if the Fund meets such distribution requirements, but chooses to retain a portion of its investment company taxable income or net capital gain, it generally will be subject to U.S. federal income tax at regular corporate rates on the amount retained. Each Fund intends to distribute at least annually all or substantially all of its investment company taxable income, net tax-exempt interest, and net capital gain. If a Fund does not qualify as a regulated investment company, it will be treated as a U.S. corporation subject to U.S. federal income tax, thereby subjecting any income earned by a Fund to tax at the corporate level and to a further tax at the shareholder level when such income is distributed.

Each Fund will be subject to a 4% nondeductible U.S. federal excise tax on certain amounts not distributed (and not treated as having been distributed) on a timely basis in accordance with annual minimum distribution requirements. Each Fund intends under normal circumstances to seek to avoid liability for such tax by satisfying such distribution requirements.

Certain dividends and distributions declared by a Fund as of a record date in October, November or December and paid by the Fund in January of the following year will be taxable to shareholders as if received on December 31 of the prior year. In addition, certain other distributions made after the close of a taxable year of a Fund may be "spilled back" and treated as paid by the Fund (except for the purposes of the 4% excise tax) during such taxable year. In such case, shareholders generally will be treated as having received such dividends in the taxable year in which the distributions were actually made.

In general, assuming the distributing Fund has sufficient earnings and profits, dividends from investment company taxable income will be taxable either as ordinary income or, if so reported by a Fund and certain other requirements are met by the Fund and the shareholder, as "qualified dividend income," which is taxable to individual shareholders at a maximum 15% or 20% U.S. federal income tax rate.

Dividend income distributed to individual shareholders will qualify for the maximum 15% or 20% U.S. federal income tax rate to the extent that such dividends are attributable to "qualified dividend income," as that term is defined in Section 1(h)(11)(B) of the Code, from a Fund's (or, if applicable, underlying fund's) investments in common and preferred stock of U.S. companies and stock of certain qualified foreign corporations, provided that certain holding period and other requirements are met by the Fund (and, if applicable, underlying fund) and the shareholders. A foreign corporation generally

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is treated as a qualified foreign corporation if it is incorporated in a possession of the U.S. or it is eligible for the benefits of certain income tax treaties with the U.S. A foreign corporation that does not meet such requirements will be treated as qualifying with respect to dividends paid by it if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the U.S. Dividends from passive foreign investment companies do not qualify for the maximum 15% or 20% U.S. federal income tax rate.

A dividend that is attributable to qualified dividend income of a Fund that is paid by the Fund to an individual shareholder will not be taxable as qualified dividend income to such shareholder if (1) the dividend is received with respect to any share of the Fund held for fewer than 61 days during the 121 day-period beginning on the date which is 60 days before the date on which such share became ex-dividend with respect to such dividend (or, in the case of certain preferred stocks, at least 91 days during the 181-day period beginning on the date which is 90 days before the date on which the stock became ex-dividend with respect to such dividend), (2) to the extent that the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, or (3) the shareholder elects to have the dividend treated as investment income for purposes of the limitation on deductibility of investment interest.

Distributions from net capital gain, if any, that are reported as capital gain dividends are taxable as long-term capital gains for U.S. federal income tax purposes without regard to the length of time the shareholder has held shares of a Fund. Capital gain dividends distributed by a Fund to individual shareholders generally will qualify for the maximum 15% or 20% U.S. federal income tax rate on long-term capital gains, subject to limited exceptions. A shareholder should also be aware that the benefits of the favorable tax rate applicable to long-term capital gains and qualified dividend income may be impacted by the application of the alternative minimum tax to individual shareholders. The maximum individual rate applicable to "qualified dividend income" and long-term capital gains is generally either 15% or 20%, depending on whether the individual's income exceeds certain threshold amounts.

Distributions by a Fund in excess of the Fund's current and accumulated earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in its shares and any such amount in excess of that basis will be treated as gain from the sale of shares, as discussed below. For U.S. federal income tax purposes, all dividends and distributions are taxable whether a shareholder receives them in cash or reinvests them in additional shares of the distributing Fund. The U.S. federal income tax status of all distributions will be reported to shareholders annually.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from sales or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

Distributions from net investment income of Harbor Capital Appreciation Fund, Harbor Convertible Securities 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 may qualify in part for a dividends-received deduction for shareholders that are corporations. The dividends-received deduction is reduced to the extent that shares of the payor of the dividend or a Fund are treated as debt-financed under the Code and is eliminated if such shares are deemed to have been held for less than a minimum period, generally 46 days (or, in the case of certain preferred stocks, 91 days), extending before and after each dividend. Any corporate shareholder should consult its tax adviser regarding the possibility that its tax basis in its shares may be reduced for federal income tax purposes by reason of "extraordinary dividends" received with respect to the shares. To the extent such basis would be reduced below zero, current recognition of income may be required.

If any Fund that is permitted to acquire stock of foreign corporations acquires an equity interest in a passive foreign investment company (PFIC), it could become liable for U.S. federal income tax and additional interest charges upon the receipt of certain distributions from, or the disposition of its investment in, the PFIC, even if all such income or gain is timely distributed to its shareholders. In general, a foreign corporation is classified as a PFIC for a taxable year if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. Because any credit or deduction for this tax could not be passed through to such Fund's shareholders, the tax would in effect reduce the Fund's economic return from its PFIC investment. Elections may

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generally be available to these Funds that would lessen the effect of these adverse tax consequences. However, such elections could also require these Funds to recognize income (which would have to be distributed to the Funds' shareholders to avoid a tax on the Fund) without any distribution from the PFIC of cash corresponding to such income and could result in the treatment of capital gains as ordinary income.

The federal income tax rules applicable to certain investments or transactions within each Fund are unclear in certain respects, and a Fund will be required to account for these investments or transactions under tax rules in a manner that, under certain circumstances, may affect the amount, timing or character of its distributions to shareholders. Each Fund will monitor these investments or transactions to seek to ensure that it continues to comply with the tax requirements necessary to maintain its status as a regulated investment company.

Harbor Convertible Securities Fund may invest significantly, and certain other Funds may invest to a lesser extent, in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk of, or in, default present special tax issues for such a Fund. Tax rules are not entirely clear about issues such as when a Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, or how payments received on obligations in a workout context are taxable. These and other issues will be addressed by a Fund, in the event it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its taxation as a regulated investment company and does not become subject to U.S. federal income or excise tax.

Certain Funds may invest in zero coupon securities, deferred interest securities or other securities with original issue discount (or with market discount that the Fund elects to include market discount in income currently). Such Funds must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, each Fund must distribute, at least annually, all or substantially all of its net income, including such accrued income, to shareholders to qualify as a regulated investment company under the Code and avoid U.S. federal income and excise taxes. Therefore, such Funds may have to dispose of their portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage themselves by borrowing the cash, to satisfy distribution requirements.

Due to certain adverse tax consequences, the Funds do not intend, absent a change in applicable law, to acquire residual interests in REMICs. If a Fund invests in certain REITs or in REMIC residual interests, a portion of the Fund's income may be classified as "excess inclusion income." A shareholder that is otherwise not subject to tax may be taxable on their share of any such excess inclusion income as "unrelated business taxable income." In addition, tax may be imposed on the Fund on the portion of any excess inclusion income allocable to any shareholders that are classified as disqualified organizations.

A Fund's transactions involving options, futures contracts, forward contracts, swaps, and short sales, including such transactions that may be treated as constructive sales of appreciated positions in a Fund's portfolio and transactions that involve foreign exchange gain or loss, will be subject to special tax rules, the effect of which may be to accelerate income to the Fund, defer Fund losses, cause adjustments in the holding periods of securities, convert capital gain or loss into ordinary income or loss or affect the treatment as short-term or long-term of certain capital gains and losses. These rules could therefore affect the amount, timing and character of distributions to shareholders and result in the recognition of income or gain without a corresponding receipt of cash. A Fund may, therefore, need to obtain cash from other sources in order to satisfy the applicable tax distribution requirements.

Shareholders subject to the information reporting requirements of the Code, including most non-corporate shareholders, must provide their social security or other taxpayer identification numbers and certain required certifications. Harbor may refuse to accept an application or may be required to withhold (as "backup withholding") 24% of reportable payments, including dividends , capital gain distributions and proceeds from the redemption or exchange of shares if correct numbers and certifications are not provided, if a shareholder informs the Fund that backup withholding is currently applicable to the shareholder, or if the Fund is notified by the Internal Revenue Service ("IRS") or a broker that a number provided is incorrect or that a shareholder is subject to backup withholding for failure to report all taxable interest or dividend payments.

Investors other than U.S. persons may be subject to different U.S. federal income tax treatment, including withholding tax at the rate of 30% (or lower applicable treaty) on amounts treated as ordinary dividends from a Fund (other than certain dividends derived from short-term capital gains and qualified U.S. source interest income of the Fund, provided that the Fund chooses to make a specific report relating to such dividends). However, depending on the circumstances, a Fund may report all, some or none of its potentially eligible dividends as eligible for this exemption, and a portion of a Fund's distributions (i.e. interest and dividends from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding. The 15% or 20% maximum rate applicable to qualified

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dividend income is applicable only to investors that are U.S. persons. If an effective IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, is provided, a non-U.S. person may qualify for a lower treaty rate on amounts treated as ordinary dividends from a Fund. Further, unless an effective IRS Form W-8BEN, IRS Form W-8BEN-E or other authorized withholding certificate is on file, backup withholding is withheld on certain other payments from the Fund. None of the Funds expects to be a "U.S. real property holding corporation" as defined in Section 897(c)(2) of the Code and, therefore, none expects to be subject to look-through rules for gains from the sale or exchange of U.S. real property interests. If a Fund were a U.S. real property holding corporation, certain distributions by the Fund to non-U.S. shareholders would be subject to U.S. federal withholding tax at a rate of up to 21% and non-U.S. shareholders owning more than 5% of the Fund within one year of certain distribution would be required to file a U.S. federal income tax return to report such gains. Also, non-U.S. shareholders may be subject to U.S. estate tax with respect to their Fund shares. Shareholders should consult their own tax advisers on these matters.

U.S. tax withholding (at a 30% rate or lower applicable treaty rate) is required on payments of dividends made to certain non-U.S. entities that fail to comply with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to enable a determination of whether withholding is required.

For taxable years before 2026, non-corporate taxpayers generally may deduct 20% of "qualified business income" derived either directly or through partnerships or S corporations. For this purpose, "qualified business income" generally includes ordinary REIT dividends and income derived from MLP investments. Final regulations permit a Fund to pass through to non-corporate shareholders the character of ordinary REIT dividends so as to allow such shareholders to claim this deduction. There currently is no mechanism for a Fund that invests in MLPs to similarly pass through to non-corporate shareholders the character of income derived from MLP investments. The likelihood and timing of any legislation or other guidance that would enable the Funds to pass through to non-corporate shareholders the ability to claim this deduction with respect to income derived from MLP investments is uncertain.

Certain distributions reported by a Fund as Section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Code Section 163(j). Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that a Fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

In general, provided that a Fund qualifies as a regulated investment company under the Code, such Fund will be exempt from Delaware corporation income tax.

Withdrawals under the automatic withdrawal plan and exchanges under the automatic exchange plan involve redemptions of Fund shares, which may have tax consequences for shareholders.

At the time of an investor's purchase of a Fund's shares, a portion of the purchase price may be attributable to realized or unrealized appreciation in the Fund's portfolio or undistributed taxable income of the Fund. Consequently, subsequent distributions by the Fund with respect to these shares from such appreciation or income may be taxable to such investor even if the net asset value of the investor's shares is, as a result of the distributions, reduced below the investor's cost for such shares and the distributions economically represent a return of a portion of the investment.

Redemptions and exchanges are taxable events for shareholders that are subject to tax. Shareholders should consult their own tax advisers with reference to their individual circumstances to determine whether any particular transaction in a Fund's shares is properly treated as a sale for tax purposes, as the following discussion assumes, and the tax treatment of any gains or losses recognized in such transactions. In general, if Fund shares are sold, the shareholder will recognize gain or loss equal to the difference between the amount realized on the sale and the shareholder's adjusted basis in the shares sold. Any loss realized by a shareholder upon the redemption, exchange or other disposition of shares with a tax holding period of six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain with respect to such shares. All or a portion of any loss realized on a redemption or other disposition of shares may be disallowed under tax rules relating to wash sales to the extent of other investments in such Fund (including pursuant to the reinvestment of dividends and/or capital gain distributions) within a period of 61 days beginning 30 days before and ending 30 days after a sale or other disposition of shares.

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Under Treasury regulations, if a shareholder recognizes a loss with respect to fund shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder, in any single taxable year (or a greater amount over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. Shareholders who own portfolio securities directly are in many cases excepted from this reporting requirement but, under current guidance, shareholders of regulated investment companies are not excepted. A shareholder who fails to make the required disclosure to the IRS may be subject to substantial penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether or not the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

Shareholders that are exempt from U.S. federal income tax, such as retirement plans that are qualified under Section 401 of the Code, generally are not subject to U.S. federal income tax on Fund dividends or distributions or on sales or exchanges of Fund shares unless the acquisition of the Fund shares was debt-financed. A plan participant whose retirement plan invests in a Fund generally is not taxed on Fund dividends or distributions received by the plan or on sales or exchanges of Fund shares by the plan for U.S. federal income tax purposes. However, distributions to plan participants from a retirement plan account generally are taxable as ordinary income and different tax treatment, including penalties on certain excess contributions and deferrals, certain pre-retirement and post-retirement distributions and certain prohibited transactions is accorded to accounts maintained as qualified retirement plans. Shareholders and plan participants should consult their tax advisers for more information.

Each Fund that invests in foreign securities may be subject to foreign withholding or other foreign taxes on its income from foreign securities (possibly including, in some cases, capital gains) which would, if imposed, reduce the yield on or return from those investments. Tax conventions between certain countries and the United States may reduce or eliminate those foreign taxes in some cases. 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 and Harbor International Small Cap Fund may be eligible to elect to pass certain of such taxes as related foreign tax credits or deductions through to shareholders and if eligible may or may not choose to make such election. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) its pro rata share of the foreign taxes paid by the applicable Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his taxable income or to use it (subject to limitations) as a foreign tax credit against his or her U.S. federal income tax liability. The availability of such credits or deductions is subject to certain requirements, restrictions and limitations under the Code. Other Funds may also be subject to foreign taxes with respect to their foreign investments.

At October 31, 2022, the following Funds had capital loss carryforwards for federal tax purposes which will reduce each Fund's taxable income arising from future net realized gain on investments to the extent permitted by the Code. This will reduce the amount of the distribution to shareholders that would otherwise be necessary to relieve each Fund of any federal tax liability. The capital loss carryforwards do not expire. Any such losses carried forward will retain their character as short-term or long-term. In the event that a Fund were to experience an ownership change as defined under the Code, the capital loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation.

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| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryforwards ($000s):** | **Capital Loss Carryforwards ($000s):** | **Capital Loss Carryforwards ($000s):** |
|  | **Short-Term** | **Long-Term** | **Total** |
| **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  | **HARBOR FUNDS**  |
| Harbor Capital Appreciation Fund | $(863537) | $- | $(863537) |
| Harbor Convertible Securities Fund | (3183) | (687) | (3870) |
| Harbor Core Bond Fund | (3229) | (2284) | (5513) |
| Harbor Core Plus Fund | (39057) | (31756) | (70813) |
| Harbor Disruptive Innovation Fund | (64378) | (6014) | (70392) |
| Harbor Diversified International All Cap Fund | (1859) | - | (1859) |
| Harbor International Fund | (414304) | - | (414304) |
| Harbor International Core Fund (formerly, Harbor Overseas Fund) | (5785) | (133) | (5918) |
| Harbor International Growth Fund | (1383) | - | (1383) |
| Harbor Small Cap Growth Fund \* | (938) | (34735) | (35673) |

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*A portion of the Harbor Small Cap Growth Fund capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.* 

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**Tax Information**

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In determining its net capital gain, including also in connection with determining the amount available to support a capital gain dividend, its taxable income and its earnings and profits, a Fund generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss, if any, from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October 31, and its (ii) other net ordinary loss, if any, attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

The foregoing discussion relates solely to U.S. federal income tax law for shareholders who are U.S. persons (i.e., U.S. citizens or residents and U.S. domestic corporations, partnerships, trusts or estates) and who are subject to tax under such law. Except as otherwise provided, this discussion does not address special tax rules that may be applicable to certain classes of investors, such as tax-exempt or tax-deferred plans, accounts or entities, insurance companies, and financial institutions. Dividends, capital gain distributions, and ownership of or gains realized on the exchange or redemption of shares of the Fund may also be subject to state, local or foreign taxes. In some states, a state and/or local tax exemption may be available to the extent distributions of a Fund are attributable to the interest it receives on (or in the case of intangible property taxes, the value of its assets is attributable to) direct obligations of the U.S. government, provided that in some states certain thresholds for holdings of such obligations and/or reporting requirements are satisfied. A Fund will not seek to satisfy any threshold or reporting requirement that may apply in particular taxing jurisdictions. Shareholders should consult their own tax advisers as to the federal, state, local or foreign tax consequences of ownership of shares of the Fund in their particular circumstances.

Changes in applicable tax authority could materially affect the conclusions discussed above and could adversely affect the Funds, and such changes often occur.

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**Organization and Capitalization**

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**General** 

Harbor Funds is an open-end investment company established as a Massachusetts business trust in 1986 and reorganized as a Delaware statutory trust in 1993. Each share represents an equal proportionate interest in the Fund to which it relates with each other share in that Fund. Shares entitle their holders to one vote per share. Shares have noncumulative voting rights, do not have preemptive or subscription rights and are transferable. Pursuant to the Investment Company Act, shareholders of each Fund are required to approve the adoption of any investment advisory agreement relating to such Fund and of any changes in fundamental investment restrictions or policies of such Fund. Pursuant to an exemptive order granted by the SEC, shareholders are not required to vote to approve a new or amended subadvisory agreement for subadvisors unaffiliated with the Advisor. Shares of a Fund will be voted with respect to that Fund only, except for the election of Trustees and the ratification of independent accountants. The Trustees are empowered, without shareholder approval, by the Trust's Agreement and Declaration of Trust (the "Declaration of Trust") and By-Laws to create additional series of shares and to classify and reclassify any new or existing series of shares into one or more classes. In addition, the Board of Trustees may determine to close, merge, liquidate or reorganize a Fund at any time in accordance with the Declaration of Trust and governing law.

Unless otherwise required by the Investment Company Act or the Declaration of Trust, Harbor has no intention of holding annual meetings of shareholders. Shareholders may remove a Trustee by the affirmative vote of at least two-thirds of the Trust's outstanding shares, and the Trustees shall promptly call a meeting for such purpose when requested to do so in writing by the record holders of not less than 10% of the outstanding shares of the Trust. Shareholders may, under certain circumstances, communicate with other shareholders in connection with requesting a special meeting of shareholders. However, at any time that less than a majority of the Trustees holding office were elected by the shareholders, the Trustees will call a special meeting of shareholders for the purpose of electing Trustees.

The prospectuses and this Statement of Additional Information do not purport to create any contractual obligations between Harbor Funds or any Fund and its shareholders. Further, shareholders are not intended third-party beneficiaries of any contracts entered into by (or on behalf of) the Funds, including contracts with the Advisor and other service providers.

Prior to September 1, 2021, Harbor Disruptive Innovation Fund was named Harbor Mid Cap Growth Fund. Prior to February 2, 2022, Harbor Core Plus Fund was named Harbor Bond Fund. Prior to March 1, 2023, Harbor International Core Fund was named Harbor Overseas Fund.

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**Shareholder and Trustee Liability** 

Harbor Funds is organized as a Delaware statutory trust, and, under Delaware law, the shareholders of such a trust are not generally subject to liability for the debts or obligations of the trust. Similarly, Delaware law provides that no Fund will be liable for the debts or obligations of any other Fund. However, no similar statutory or other authority limiting statutory trust shareholder liability exists in many other states. As a result, to the extent that a Delaware statutory trust or a shareholder is subject to the jurisdiction of courts in such other states, the courts may not apply Delaware law and may thereby subject the Delaware statutory trust shareholders to liability. To guard against this risk, the Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of the Advisor. Notice of such disclaimer will normally be given in each agreement, obligation or instrument entered into or executed by the Advisor or the Trustees. The Declaration of Trust provides for indemnification by the relevant Fund for any loss suffered by a shareholder as a result of an obligation of the Fund. The Declaration of Trust also provides that the Advisor shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Advisor and satisfy any judgment thereon. The Trustees believe that, in view of the above, the risk of personal liability of shareholders is remote.

The Declaration of Trust further provides that the Trustees will not be liable for errors of judgment or mistakes of fact or law, but nothing in the Declaration of Trust protects a Trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

------

**25% or Greater Ownership** 

The following table identifies those investors who own 25% or more of each Fund's shares (all share classes taken together) as of January 31, 2023, and are therefore presumed to control the respective Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **25% or Greater Ownership** | **25% or Greater Ownership** | **25% or Greater Ownership** | **25% or Greater Ownership** | **25% or Greater Ownership** | **25% or Greater Ownership** |
| **Shareholder Name** | &nbsp;&nbsp; **Capital**<br> **Appreciation** <br> **Fund**<br>| &nbsp;&nbsp; **Convertible**<br> **Securities** <br> **Fund**<br>| &nbsp;&nbsp; **Disruptive** <br> **Innovation** <br> **Fund**<br>| &nbsp;&nbsp; **Diversified** <br> **International** <br> **All Cap Fund**<br>| &nbsp;&nbsp; **Harbor** <br> **International** <br> **Core Fund**<br>|
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>|  |  |  |  | 49% |
| KNOXVILLE UTILITIES BOARD PENSION<br> KNOXVILLE, TN<br>|  | 28% |  |  | —  |

---

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**Organization and Capitalization**

------

**25% or Greater** 

**Ownership — Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **25% or Greater Ownership — Continued** | **25% or Greater Ownership — Continued** | **25% or Greater Ownership — Continued** | **25% or Greater Ownership — Continued** | **25% or Greater Ownership — Continued** | **25% or Greater Ownership — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Capital**<br> **Appreciation** <br> **Fund**<br>| &nbsp;&nbsp; **Convertible**<br> **Securities** <br> **Fund**<br>| &nbsp;&nbsp; **Disruptive** <br> **Innovation** <br> **Fund**<br>| &nbsp;&nbsp; **Diversified** <br> **International** <br> **All Cap Fund**<br>| &nbsp;&nbsp; **Harbor**<br> **International** <br> **Core Fund**<br>|
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 31% |  | 31% | 35% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **25% or Greater Ownership — Continued** | **25% or Greater Ownership — Continued** | **25% or Greater Ownership — Continued** | **25% or Greater Ownership — Continued** | **25% or Greater Ownership — Continued** | **25% or Greater Ownership — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **International** <br> **Small Cap** <br> **Fund**<br>| &nbsp;&nbsp; **Large**<br> **Cap**<br> **Value Fund**<br>| &nbsp;&nbsp; **Mid Cap** <br> **Fund**<br>| &nbsp;&nbsp; **Mid**<br> **Cap**<br> **Value Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Growth Fund**<br>|
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>| 57% |  |  |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>|  | 27% | 77% | 26% | 33% |

---

To the extent these shareholders have and exercise voting power with respect to shares of the Funds, their voting decisions will have a significant effect on the outcome of any matter submitted to shareholders of the respective Fund and/or the Trust generally.

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**5% or Greater Ownership**

**of Share Class** 

The following table identifies those investors who beneficially own 5% or more of the voting securities of a class of each Fund's shares as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Institutional Class** | **5% or Greater Ownership – Institutional Class** | **5% or Greater Ownership – Institutional Class** | **5% or Greater Ownership – Institutional Class** | **5% or Greater Ownership – Institutional Class** |
| **Shareholder Name** | &nbsp;&nbsp; **Capital**<br> **Appreciation** <br> **Fund**<br>| &nbsp;&nbsp; **Convertible**<br> **Securities** <br> **Fund**<br>| &nbsp;&nbsp; **Core Bond** <br> **Fund**<br>| &nbsp;&nbsp; **Core Plus** <br> **Fund**<br>|
| ATTN MUTUAL FUND ADMINISTRATOR<br> OAKS, PA<br>|  | 15% | 40% |  |
| AXOS CLEARING LLC<br> ENGLEWOOD, CO<br>|  | 7% |  |  |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>| 19% | 11% | 34% | 19% |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 32% | 11% | 8% | 21% |
| PERSHING LLC<br> JERSEY CITY, NJ<br>|  | 39% |  | 6% |
| TD AMERITRADE INC FOR THE<br> OMAHA, NE<br>|  |  |  | 6% |
| VANGUARD BROKERAGE SERVICES<br> EL PASO, TX<br>|  |  |  | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Disruptive** <br> **Innovation** <br> **Fund**<br>| &nbsp;&nbsp; **Diversified** <br> **International** <br> **All Cap Fund**<br>| &nbsp;&nbsp; **Global** <br> **Leaders** <br> **Fund**<br>| &nbsp;&nbsp; **International** <br> **Fund**<br>|
| ATTN MUTUAL FUND ADMINISTRATOR<br> OAKS, PA<br>|  | 19% |  |  |
| ATTN MUTUAL FUND OPERATIONS<br> PITTSBURGH, PA<br>|  | 7% |  |  |
| BAND & CO C/O US BANK NA<br> MILWAUKEE, WI<br>|  | 5% |  |  |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>| 12% | 13% | 10% | 25% |
| JOHN HANCOCK TRUST COMPANY LLC<br> WESTWOOD, MA<br>|  | 11% |  |  |
| LPL FINANCIAL<br> SAN DIEGO, CA<br>|  |  | 29% |  |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 32% | 25% | 19% | 24% |
| PERSHING LLC<br> JERSEY CITY, NJ<br>| 6% |  |  | —  |

---

------

**Organization and Capitalization**

------

**5% or Greater Ownership**

**of Share Class —** 

**Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Disruptive** <br> **Innovation** <br> **Fund**<br>| &nbsp;&nbsp; **Diversified** <br> **International** <br> **All Cap Fund**<br>| &nbsp;&nbsp; **Global** <br> **Leaders** <br> **Fund**<br>| &nbsp;&nbsp; **International** <br> **Fund**<br>|
| RELIANCE TRUST CO FBO<br> ATLANTA, GA<br>|  | 12% |  |  |
| WELLS FARGO CLEARING SERVICES, LLC<br> SAINT LOUIS, MO<br>| 7% |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **International** <br> **Core Fund**<br>| &nbsp;&nbsp; **International** <br> **Growth Fund**<br>| &nbsp;&nbsp; **International** <br> **Small Cap** <br> **Fund**<br>| &nbsp;&nbsp; **Large**<br> **Cap**<br> **Value Fund**<br>|
| ATTN MUTUAL FUND ADMINISTRATOR<br> OAKS, PA<br>|  | 14% |  |  |
| CAPINCO<br> MILWAUKEE, WI<br>|  | 27% |  |  |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>| 60% | 10% | 56% | 11% |
| HARBOR CAPITAL ADVISORS INC<br> CHICAGO, IL<br>| 14% |  | 19% |  |
| JOHN HANCOCK TRUST COMPANY LLC<br> WESTWOOD, MA<br>|  |  |  | 12% |
| LPL FINANCIAL<br> SAN DIEGO, CA<br>|  |  |  | 11% |
| MERRILL LYNCH PIERCE FENNER & SMITH<br> JACKSONVILLE, FL<br>|  |  |  | 11% |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 9% | 20% | 11% | 15% |
| RBC CAPITAL MARKETS LLC<br> MINNEAPOLIS, MN<br>|  |  |  | 7% |
| RELIANCE TRUST CO FBO<br> ATLANTA, GA<br>|  |  | 6% |  |
| SPRINGTRUST 3<br> OLNEY, MD<br>| 14% |  |  |  |
| TD AMERITRADE INC FOR THE<br> OMAHA, NE<br>|  |  |  | 10% |
| WELLS FARGO CLEARING SERVICES, LLC<br> SAINT LOUIS, MO<br>|  |  |  | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Mid Cap** <br> **Fund**<br>| &nbsp;&nbsp; **Mid**<br> **Cap**<br> **Value Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Growth Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Value Fund**<br>|
| ATTN MUTUAL FUND ADMINISTRATOR<br> OAKS, PA<br>| 52% |  |  |  |
| CAPINCO<br> MILWAUKEE, WI<br>| 23% |  |  |  |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>|  | 17% | 12% | 25% |
| JOHN HANCOCK LIFE INSURANCE COMPANY<br> BOSTON, MA<br>|  | 7% |  |  |
| LPL FINANCIAL<br> SAN DIEGO, CA<br>|  | 8% |  | 8% |
| MERRILL LYNCH PIERCE FENNER & SMITH<br> JACKSONVILLE, FL<br>|  | 6% | 5% |  |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 7% | 20% | 37% | 14% |
| PIMS/PRUDENTIAL RETIREMENT AS<br> ISELIN, NJ<br>|  | 5% |  |  |
| UBATCO & CO<br> LINCOLN, NE<br>|  |  | 13% | —  |

---

------

**Organization and Capitalization**

------

**5% or Greater Ownership**

**of Share Class —** 

**Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** | **5% or Greater Ownership – Institutional Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Mid Cap**<br> **Fund**<br>| &nbsp;&nbsp; **Mid**<br> **Cap**<br> **Value Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Growth Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Value Fund**<br>|
| WELLS FARGO CLEARING SERVICES, LLC<br> SAINT LOUIS, MO<br>|  | 11% |  | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Administrative Class** | **5% or Greater Ownership – Administrative Class** | **5% or Greater Ownership – Administrative Class** | **5% or Greater Ownership – Administrative Class** | **5% or Greater Ownership – Administrative Class** | **5% or Greater Ownership – Administrative Class** |
| **Shareholder Name** | &nbsp;&nbsp; **Capital**<br> **Appreciation** <br> **Fund**<br>| &nbsp;&nbsp; **Convertible**<br> **Securities** <br> **Fund**<br>| &nbsp;&nbsp; **Core Plus** <br> **Fund**<br>| &nbsp;&nbsp; **Disruptive** <br> **Innovation** <br> **Fund**<br>| &nbsp;&nbsp; **Diversified** <br> **International** <br> **All Cap Fund**<br>|
| AMERICAN ENTERPRISE INVESTMENT <br> SVC<br> MINNEAPOLIS, MN<br>|  |  | 8% |  |  |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>| 8% |  | 7% |  |  |
| C/O PACIFIC PREMIER TRUST<br> OAKS, PA<br>|  | 99% |  |  |  |
| EMPOWER TRUST FBO<br> GREENWOOD VILLAGE, CO<br>| 10% |  | 13% | 21% |  |
| FIIOC<br> COVINGTON, KY<br>| 12% |  |  |  |  |
| MATC FBO GREECE COIN & STAMP INC.<br> PITTSBURGH, PA<br>| 5% |  | 6% |  |  |
| MATRIX TRUST COMPANY AS AGENT FOR<br> TUPELO, MS<br>|  |  |  | 8% |  |
| MERRILL LYNCH PIERCE FENNER & SMITH<br> JACKSONVILLE, FL<br>| 11% |  |  |  |  |
| MORGAN STANLEY SMITH BARNEY LLC<br> JERSEY CITY, NJ<br>|  |  | 8% |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 17% |  | 22% | 20% | 100% |
| PERSHING LLC<br> JERSEY CITY, NJ<br>|  |  | 6% |  |  |
| RAYMOND JAMES<br> ST PETERSBURG, FL<br>|  |  |  | 6% |  |
| VANGUARD BROKERAGE SERVICES<br> EL PASO, TX<br>|  |  | 7% | 29% |  |
| VANGUARD FIDUCIARY TRUST CO<br> VALLEY FORGE, PA<br>| 15% |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Global** <br> **Leaders** <br> **Fund**<br>| &nbsp;&nbsp; **International** <br> **Fund**<br>| &nbsp;&nbsp; **International** <br> **Growth Fund**<br>| &nbsp;&nbsp; **International** <br> **Small Cap** <br> **Fund**<br>|
| ASCENSUS TRUST COMPANY FBO<br> FARGO, ND<br>| 8% |  |  |  |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>|  | 21% |  |  |
| FIIOC<br> COVINGTON, KY<br>| 9% |  |  |  |
| FNB NOMINEE<br> DENVER, CO<br>|  | 16% | 33% |  |
| HARBOR CAPITAL ADVISORS INC<br> CHICAGO, IL<br>|  |  |  | 83% |
| MATC FBO GREECE COIN & STAMP INC.<br> PITTSBURGH, PA<br>|  |  | 21% |  |
| MORGAN STANLEY SMITH BARNEY LLC<br> JERSEY CITY, NJ<br>| 33% |  |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>|  | 17% | 12% |  |
| PERSHING LLC<br> JERSEY CITY, NJ<br>|  |  | 25% | —  |

---

------

**Organization and Capitalization**

------

**5% or Greater Ownership**

**of Share Class —** 

**Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Global** <br> **Leaders** <br> **Fund**<br>| &nbsp;&nbsp; **International** <br> **Fund**<br>| &nbsp;&nbsp; **International** <br> **Growth Fund**<br>| &nbsp;&nbsp; **International** <br> **Small Cap** <br> **Fund**<br>|
| STATE STREET BANK AND TRUST<br> BOSTON, MA<br>|  | 8% |  |  |
| TD AMERITRADE INC FOR THE<br> OMAHA, NE<br>| 46% |  |  | 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** | **5% or Greater Ownership – Administrative Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Large**<br> **Cap**<br> **Value Fund**<br>| &nbsp;&nbsp; **Mid**<br> **Cap**<br> **Value Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Growth Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Value Fund**<br>|
| ASCENSUS TRUST COMPANY FBO<br> FARGO, ND<br>| 7% |  |  |  |
| ATTN MUTUAL FUND OPERATIONS<br> PITTSBURGH, PA<br>|  |  | 22% |  |
| FIIOC<br> COVINGTON, KY<br>|  | 22% |  |  |
| FNB NOMINEE<br> DENVER, CO<br>| 7% | 5% |  | 8% |
| MATC FBO GREECE COIN & STAMP INC.<br> PITTSBURGH, PA<br>|  | 8% |  |  |
| MERRILL LYNCH PIERCE FENNER & SMITH<br> JACKSONVILLE, FL<br>|  | 38% |  | 10% |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 5% | 15% | 50% | 33% |
| PAI TRUST COMPANY INC<br> DE PERE, WI<br>|  |  | 19% |  |
| STATE STREET BANK AND TRUST<br> BOSTON, MA<br>| 72% |  |  |  |
| TD AMERITRADE INC FOR THE<br> OMAHA, NE<br>|  |  | 6% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Investor Class** | **5% or Greater Ownership – Investor Class** | **5% or Greater Ownership – Investor Class** | **5% or Greater Ownership – Investor Class** | **5% or Greater Ownership – Investor Class** | **5% or Greater Ownership – Investor Class** |
| **Shareholder Name** | &nbsp;&nbsp; **Capital**<br> **Appreciation** <br> **Fund**<br>| &nbsp;&nbsp; **Convertible**<br> **Securities** <br> **Fund**<br>| &nbsp;&nbsp; **Disruptive** <br> **Innovation** <br> **Fund**<br>| &nbsp;&nbsp; **Diversified** <br> **International** <br> **All Cap Fund**<br>| &nbsp;&nbsp; **Global** <br> **Leaders** <br> **Fund**<br>|
| ASCENSUS TRUST COMPANY FBO<br> FARGO, ND<br>|  |  |  |  | 6% |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>| 25% | 75% | 13% | 97% | 25% |
| C/O MISSIONSQUARE RETIREMENT<br> WASHINGTON, DC<br>|  |  | 16% |  |  |
| LPL FINANCIAL<br> SAN DIEGO, CA<br>|  | 6% |  |  |  |
| MERRILL LYNCH PIERCE FENNER & SMITH<br> JACKSONVILLE, FL<br>|  |  | 9% |  |  |
| MORGAN STANLEY SMITH BARNEY LLC<br> JERSEY CITY, NJ<br>| 10% |  |  |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 25% |  | 22% |  | 37% |
| NATIONWIDE TRUST COMPANY FSB<br> COLUMBUS, OH<br>|  |  | 7% |  |  |
| PERSHING LLC<br> JERSEY CITY, NJ<br>|  | 5% |  |  |  |
| TD AMERITRADE INC FOR THE<br> OMAHA, NE<br>| 5% | 8% |  |  | 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Organization and Capitalization**

------

**5% or Greater Ownership**

**of Share Class —** 

**Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Investor Class — Continued** | **5% or Greater Ownership – Investor Class — Continued** | **5% or Greater Ownership – Investor Class — Continued** | **5% or Greater Ownership – Investor Class — Continued** | **5% or Greater Ownership – Investor Class — Continued** | **5% or Greater Ownership – Investor Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **International** <br> **Fund**<br>| &nbsp;&nbsp; **International** <br> **Core Fund**<br>| &nbsp;&nbsp; **International** <br> **Growth Fund**<br>| &nbsp;&nbsp; **International** <br> **Small Cap** <br> **Fund**<br>| &nbsp;&nbsp; **Large**<br> **Cap**<br> **Value Fund**<br>|
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>| 29% | 91% | 26% | 49% | 31% |
| HARBOR CAPITAL ADVISORS INC<br> CHICAGO, IL<br>|  |  |  | 16% |  |
| MORGAN STANLEY SMITH BARNEY LLC<br> JERSEY CITY, NJ<br>| 8% |  |  |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 34% |  | 15% |  | 33% |
| NATIONWIDE TRUST COMPANY FSB<br> COLUMBUS, OH<br>|  |  | 12% |  |  |
| TD AMERITRADE INC FOR THE<br> OMAHA, NE<br>| 5% |  | 15% | 15% | 10% |
| VANGUARD BROKERAGE SERVICES<br> EL PASO, TX<br>|  |  | 10% | 9% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Investor Class — Continued** | **5% or Greater Ownership – Investor Class — Continued** | **5% or Greater Ownership – Investor Class — Continued** | **5% or Greater Ownership – Investor Class — Continued** | **5% or Greater Ownership – Investor Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Mid Cap** <br> **Fund**<br>| &nbsp;&nbsp; **Mid**<br> **Cap**<br> **Value Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Growth Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Value Fund**<br>|
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>|  | 22% | 56% | 26% |
| EMPOWER TRUST FBO<br> GREENWOOD VILLAGE, CO<br>|  |  | 5% |  |
| LPL FINANCIAL<br> SAN DIEGO, CA<br>|  |  |  | 5% |
| MERRILL LYNCH PIERCE FENNER & SMITH<br> JACKSONVILLE, FL<br>|  |  |  | 5% |
| MORGAN STANLEY SMITH BARNEY LLC<br> JERSEY CITY, NJ<br>|  | 13% |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>|  | 30% | 19% | 29% |
| NATIONWIDE TRUST COMPANY FSB<br> COLUMBUS, OH<br>|  |  | 8% |  |
| PERSHING LLC<br> JERSEY CITY, NJ<br>| 85% |  |  |  |
| TD AMERITRADE INC FOR THE<br> OMAHA, NE<br>| 5% | 9% |  | 8% |
| WELLS FARGO CLEARING SERVICES, LLC<br> SAINT LOUIS, MO<br>|  |  |  | 9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Retirement Class** | **5% or Greater Ownership – Retirement Class** | **5% or Greater Ownership – Retirement Class** | **5% or Greater Ownership – Retirement Class** | **5% or Greater Ownership – Retirement Class** |
| **Shareholder Name** | &nbsp;&nbsp; **Capital**<br> **Appreciation** <br> **Fund**<br>| &nbsp;&nbsp; **Convertible**<br> **Securities** <br> **Fund**<br>| &nbsp;&nbsp; **Core Bond** <br> **Fund**<br>| &nbsp;&nbsp; **Core Plus** <br> **Fund**<br>|
| ATTN MUTUAL FUND ADMINISTRATOR<br> OAKS, PA<br>|  |  | 39% |  |
| CAPINCO<br> MILWAUKEE, WI<br>|  | 42% | 6% |  |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>| 8% |  |  |  |
| C/O FASCORE LLC<br> GREENWOOD VILLAGE, CO<br>| 7% |  |  | 5% |
| C/O RELIANCE TRUST COMPANY WI<br> GREEN BAY, WI<br>|  |  | 12% |  |
| INDIVIDUAL Account Shareholder<br> NEW YORK, NY<br>|  |  |  | 11% |
| IRA INDIVIDUALLY ESTABLISHED Account Shareholder<br> LONGMONT, CO<br>|  |  |  | 8%  |

---

------

**Organization and Capitalization**

------

**5% or Greater Ownership**

**of Share Class —** 

**Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Capital**<br> **Appreciation** <br> **Fund**<br>| &nbsp;&nbsp; **Convertible**<br> **Securities** <br> **Fund**<br>| &nbsp;&nbsp; **Core Bond** <br> **Fund**<br>| &nbsp;&nbsp; **Core Plus** <br> **Fund**<br>|
| KNOXVILLE UTILITIES BOARD PENSION<br> KNOXVILLE, TN<br>|  | 56% |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 31% |  |  | 60% |
| RELIANCE TRUST CO FBO<br> ATLANTA, GA<br>|  |  | 25% |  |
| SSS FAMILY INVESTMENTS LP<br> OVERLAND PARK, KS<br>|  |  |  | 11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Disruptive** <br> **Innovation** <br> **Fund**<br>| &nbsp;&nbsp; **Diversified** <br> **International** <br> **All Cap Fund**<br>| &nbsp;&nbsp; **Global** <br> **Leaders** <br> **Fund**<br>| &nbsp;&nbsp; **International** <br> **Fund**<br>|
| ATTN MUTUAL FUND ADMINISTRATOR<br> OAKS, PA<br>|  | 11% |  | 8% |
| CAPINCO<br> MILWAUKEE, WI<br>|  | 8% |  |  |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>|  | 10% |  |  |
| C/O MISSIONSQUARE RETIREMENT<br> BERLIN, CT<br>| 6% |  |  |  |
| C/O MISSIONSQUARE RETIREMENT<br> MARIETTA, GA<br>| 37% |  |  |  |
| DISTRICT OF COLUMBIA 401A DEF CONTR<br> WASHINGTON, DC<br>|  |  |  | 9% |
| EDWARD D JONES & CO<br> MARYLAND HEIGHTS, MO<br>|  |  |  | 34% |
| HOWARD P COLHOUN FAM FOUNDATION<br> GLYNDON, MD<br>|  |  | 7% |  |
| INDIVIDUAL Account Shareholder<br> GLYNDON, MD<br>|  |  | 16% |  |
| INDIVIDUALS Account Shareholder<br> FORT MYERS, FL<br>|  |  | 10% |  |
| MERRILL LYNCH PIERCE FENNER & SMITH<br> JACKSONVILLE, FL<br>|  |  |  | 6% |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 40% | 39% | 20% | 19% |
| VANGUARD FIDUCIARY TRUST CO<br> VALLEY FORGE, PA<br>|  |  | 41% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **International** <br> **Core Fund**<br>| &nbsp;&nbsp; **International** <br> **Growth Fund**<br>| &nbsp;&nbsp; **International** <br> **Small Cap** <br> **Fund**<br>| &nbsp;&nbsp; **Large**<br> **Cap**<br> **Value Fund**<br>|
| ATTN MUTUAL FUND ADMINISTRATOR<br> OAKS, PA<br>|  | 10% |  | 24% |
| CAPINCO<br> MILWAUKEE, WI<br>|  | 22% |  |  |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>|  | 10% | 61% | 12% |
| C/O FIDUCIARY TRUST COMPANY INTL<br> NEW YORK, NY<br>|  | 10% |  |  |
| HARBOR CAPITAL ADVISORS INC<br> CHICAGO, IL<br>| 60% |  |  |  |
| HOCO<br> KANSAS CITY, MO<br>|  | 32% |  |  |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 40% |  | 7% | 34%  |

---

------

**Organization and Capitalization**

------

**5% or Greater Ownership**

**of Share Class —** 

**Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **International** <br> **Core Fund**<br>| &nbsp;&nbsp; **International**<br> **Growth Fund**<br>| &nbsp;&nbsp; **International** <br> **Small Cap** <br> **Fund**<br>| &nbsp;&nbsp; **Large**<br> **Cap**<br> **Value Fund**<br>|
| SAXON & CO<br> CLEVELAND, OH<br>|  |  | 27% | 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** | **5% or Greater Ownership – Retirement Class — Continued** |
| **Shareholder Name** | &nbsp;&nbsp; **Mid Cap** <br> **Fund**<br>| &nbsp;&nbsp; **Mid**<br> **Cap**<br> **Value Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Growth Fund**<br>| &nbsp;&nbsp; **Small**<br> **Cap**<br> **Value Fund**<br>|
| ASSOCIATED TRUST COMPANY FBO<br> GREEN BAY, WI<br>|  |  | 13% |  |
| ATTN MUTUAL FUND OPERATIONS<br> PITTSBURGH, PA<br>|  |  | 5% |  |
| CHARLES SCHWAB & CO INC<br> SAN FRANCISCO, CA<br>|  |  |  | 9% |
| DCGT AS TTEE AND/OR CUST<br> DES MOINES, IA<br>|  |  | 18% |  |
| MERRILL LYNCH PIERCE FENNER & SMITH<br> JACKSONVILLE, FL<br>|  |  |  | 18% |
| NATIONAL FINANCIAL SERVICES LLC<br> JERSEY CITY, NJ<br>| 100% | 82% | 26% | 16% |
| PERSHING LLC<br> JERSEY CITY, NJ<br>|  |  |  | 6% |
| VANGUARD FIDUCIARY TRUST CO<br> VALLEY FORGE, PA<br>|  |  | 14% |  |
| VOYA INSTITUTIONAL TRUST COMPANY<br> BRAINTREE, MA<br>|  |  | 11% |  |
| ZIONS FIRST NATIONAL BANK 0<br> SALT LAKE CTY, UT<br>|  |  |  | 21% |

---

------

**Custodian**

------

**State Street Bank and Trust Company** 

State Street Bank and Trust Company (the "Custodian") has been retained to act as custodian of the Funds' assets and, in that capacity, maintains certain financial and accounting records of the Funds. The Custodian's mailing address is State Street Financial Center, 1 Lincoln Street, Boston, MA 02111-2900.

------

**Independent Registered Public Accounting Firm and Financial Statements**

------

**Ernst & Young LLP** 

Ernst & Young LLP, 155 North Wacker Drive, Chicago, IL 60606, serves as the Funds' independent registered public accounting firm, providing audit and tax services. The financial statements of the Funds as of and for the period ended October 31, 2022, have been audited by Ernst & Young LLP, an independent registered public accounting firm, and are incorporated by reference in this Statement of Additional Information.

------

**Appendix a – Proxy Voting**

------

Certain of the Subadvisors' proxy voting policies and procedures make reference to Institutional Shareholder Services ("ISS") and/or Glass, Lewis & Co. ("Glass Lewis") voting guidelines.

ISS's proxy voting guidelines can be accessed at *issgovernance.com/policy-gateway/voting-policies/*.

Glass Lewis's proxy voting guidelines can be accessed at *glasslewis.com/guidelines/*.

------

**Acadian Asset Management LLC** 

**POLICY** 

Whether Acadian will have proxy voting responsibility on behalf of a separate account client is subject to negotiation as part of the overall investment management agreement executed with each client. We will have voting responsibility for all Acadian branded funds.

Should a separate account client desire that Acadian vote proxies on their behalf, Acadian will accept such authority and agree with the client as part of the investment management agreement whether votes should be cast in accordance with Acadian's proxy voting policy or in accordance with a client specific proxy voting policy. Should the client wish to retain voting responsibility themselves, Acadian would have no further involvement in the voting process but would remain available to provide reasonable assistance to the client as needed.

Acadian utilizes the services of Institutional Shareholder Services ("ISS"), an unaffiliated proxy firm, to help manage the proxy voting process and to research and vote proxies. Acadian has adopted the ISS voting policies for use when contractually directed by the client to votes proxies on their behalf in accordance with our proxy voting policy. We review the ISS policies at least annually and believe that they are reasonably designed to ensure that we vote proxies in the best interest of clients and that our voting decisions are insulated from any potential material conflicts of interest.

Should a client contractually direct Acadian to vote proxies on their behalf in accordance with Client specific voting policies and procedures, we will still utilize the services of ISS to cast the votes in accordance with the client's instructions.

When voting proxies on behalf of our clients, Acadian assumes a fiduciary responsibility to vote in our clients' best interests. In addition, with respect to benefit plans under the Employee Retirement Income Securities Act (ERISA), Acadian acknowledges its responsibility as a fiduciary to vote proxies prudently and solely in the best interest of plan participants and beneficiaries. So that it may fulfill these fiduciary responsibilities to clients, Acadian has adopted and implemented these written policies and procedures reasonably designed to ensure that it votes proxies in the best interest of clients.

**PROCEDURES** 

*<u>Proxy Voting Guidelines</u>* 

Acadian acknowledges it has a duty of care to its clients that requires it to monitor corporate events and vote client proxies when instructed by the client to do so. To assist in this effort, Acadian has retained ISS to research and vote its proxies. ISS provides proxy-voting analysis and votes proxies in accordance with predetermined guidelines. Relying on ISS to vote proxies is intended to help ensure that Acadian votes in the best interest of its clients and insulates Acadian's voting decisions from any potential material conflicts of interest. Acadian will also accept specific written proxy voting instructions from a client and communicate those instructions to ISS to implement when voting proxies involving that client's portfolio.

In specific instances where ISS will not vote a proxy, will not provide a voting recommendation, or other instances where there is an unusual cost or requirement related to a proxy vote, Acadian's Head of Investment Operations will coordinate with members of our investment team to conduct an analysis to determine whether the costs related to the vote outweigh the potential benefit to our client. If we determine, in our discretion, that it is in the best of interest of our client not to participate in the vote Acadian will not participate in the vote on behalf of our client. If we determine that a vote would be in the best interest of our client, Acadian will provide voting direction back to ISS and ensure the vote is cast as they instruct.

Unless contrary instructions are received from a client, Acadian has instructed ISS to not vote proxies in so-called "share blocking" markets. Share-blocking markets are markets where proxy voters have their securities blocked from trading during the period of the annual meeting. The period of blocking typically lasts from a few days to two weeks. During the period, any portfolio holdings in these markets cannot be sold without a formal recall. The recall process can take time, and in some cases, cannot be accomplished at all. This makes a client's portfolio vulnerable to a scenario where a stock is dropping in attractiveness but cannot be sold because it has been blocked. Shareholders who do not vote are not subject to the blocking procedure.

------

**Appendix a – Proxy Voting**

------

**Acadian Asset** 

**Management LLC —** 

**Continued**

Acadian also reserves the right to override ISS vote recommendations under certain circumstances. Acadian will only do so if they believe that voting contrary to the ISS recommendation is in the best interest of clients. The reasons for any overrides and for voting against the ISS recommendation will be documented.

*<u>Conflicts of Interest</u>* 

Occasions may arise during the voting process in which the best interest of clients conflicts with Acadian's interests. In these situations, ISS will continue to follow the same predetermined guidelines as formally agreed upon between Acadian and ISS before such conflict of interest existed. Conflicts of interest generally include (i) business relationships where Acadian has a substantial business relationship with, or is actively soliciting business from, a company soliciting proxies, or (ii) personal or family relationships whereby an employee of Acadian has a family member or other personal relationship that is affiliated with a company soliciting proxies, such as a spouse who serves as a director of a public company. A conflict could also exist if a substantial business relationship exists with a proponent or opponent of a particular initiative.

If Acadian learns that a conflict of interest exists, the Head of Investment Operations will work with our compliance and investment team as needed to document (i) the details of the conflict of interest, (ii) whether or not the conflict is material, and (iii) procedures to ensure that Acadian makes proxy voting decisions based on the best interests of clients. If Acadian determines that a material conflict exists, it will defer to ISS to vote the proxy in accordance with the predetermined voting policy.

*<u>Voting Policies</u>* 

Acadian has adopted the proxy voting policies developed by ISS, summaries of which can be found at http://www.issgovernance.com/policy and which are deemed to be incorporated herein. The policies have been developed based on ISS' independent, objective analysis of leading corporate governance practices and their support of long-term shareholder value. Acadian may change its proxy voting policy from time to time without providing notice of changes to clients.

*<u>Voting Process</u>* 

Acadian's Head of Investment Operations acts as coordinator with ISS including ensuring proxies Acadian is responsible to vote are forwarded to ISS, overseeing that ISS is voting assigned client accounts and maintaining appropriate authorization and voting records.

After ISS is notified by the custodian of a proxy that requires voting and/or after ISS cross references their database with a routine download of Acadian holdings and determines a proxy requires voting, ISS will review the proxy and make a voting proposal based on the recommendations provided by their research group. Any electronic proxy votes will be communicated to the proxy solicitor by ISS Global Proxy Distribution Service and Broadridge's Proxy Edge Distribution Service, while non-electronic ballots, or paper ballots, will be faxed, telephoned or sent via Internet. ISS assumes responsibility for the proxies to be transmitted for voting in a timely fashion and maintains a record of the vote, which is provided to Acadian on a monthly basis. Proxy voting records specific to a client's account are available to each client upon request.

*<u>Proxy Voting Record</u>* 

Acadian will maintain a record containing the following information regarding the voting of proxies: (i) the name of the issuer, (ii) the exchange ticker symbol, (iii) the CUSIP number, (iv) the shareholder meeting date, (v) a brief description of the matter brought to vote; (vi) whether the proposal was submitted by management or a shareholder, (vii) how Acadian/ ISS voted the proxy (for, against, abstained) and (viii) whether the proxy was voted for or against management.

*<u>Obtaining a Voting Proxy Report</u>* 

Clients may request a copy of these policies and procedures and/or a report on how their individual securities were voted by contacting Acadian at 617-850-3500 or by email at compliance-reporting@acadian-asset.com.

------

**Aristotle Capital Management, LLC** 

**PROXY VOTING** 

Aristotle Capital has adopted written Proxy Voting Policies and Procedures ("Proxy Procedures"), as required by Rule 206(4)-6, governing conflict of interest resolution, disclosure, reporting and recordkeeping relating to voting proxies.

**GENERAL GUIDELINES** 

Aristotle Capital has adopted Proxy Voting Policies and Procedures that provide that if Aristotle Capital has proxy voting authority for securities of its advisory clients, Aristotle Capital will vote such proxies for the exclusive benefit, and in the best economic interest, of those clients and their beneficiaries, as determined by Aristotle Capital in good faith, subject to any restrictions or directions from a client. Such voting responsibilities will be exercised in a manner that is consistent with the

------

**Appendix a – Proxy Voting**

------

**Aristotle Capital** 

**Management, LLC —** 

**Continued**

general antifraud provisions of the Advisers Act, as well as with Aristotle Capital's fiduciary duties under federal and state law to act in the best interests of its clients. When voting proxies for non-model holdings, Aristotle Capital can vote in accordance with Institutional Shareholder Services ("ISS") recommendation. (Non-model holdings refers to securities where the client has provided instruction to Aristotle Capital to restrict trading the securities.) Otherwise, the following policies and procedures are implemented.

**OPERATIONAL GUIDELINES** 

On occasion, Aristotle Capital may determine not to vote a particular proxy. This may be done, for example where: (1) the cost of voting the proxy outweighs the potential benefit derived from voting; (2) a proxy is received with respect to securities that have been sold before the date of the shareholder meeting and are no longer held in a client account; (3) the terms of an applicable securities lending agreement prevent Aristotle Capital from voting with respect to a loaned security; (4) despite reasonable efforts, Aristotle Capital receives proxy materials without sufficient time to reach an informed voting decision and vote the proxies; (5) the terms of the security or any related agreement or applicable law preclude Aristotle Capital from voting; or (6) the terms of an applicable advisory agreement reserve voting authority to the client or another party.

**IDENTIFYING AND ADDRESSING CONFLICTS OF INTEREST**

Aristotle Capital acknowledges its responsibility for identifying material conflicts of interest related to voting proxies. In order to ensure that Aristotle Capital is aware of the facts necessary to identify conflicts, management of Aristotle Capital must disclose to the CCO any personal conflicts such as officer or director positions held by them, their spouses or close relatives, in any portfolio company. Conflicts based on business relationships with Aristotle Capital or any affiliate of Aristotle Capital will be considered only to the extent that Aristotle Capital has actual knowledge of such relationships. If a conflict may exist which cannot be otherwise addressed by the CIO, Aristotle Capital may choose one of several options including: (1) "echo" or "mirror" voting the proxies in the same proportion as the votes of other proxy holders that are not Aristotle Capital clients; (2) if possible, erecting information barriers around the person or persons making the voting decision sufficient to insulate the decision from the conflict; or (3) if agreed upon in writing with the client, forwarding the proxies to affected clients and allowing them to vote their own proxies.

**CLIENT REQUESTS FOR INFORMATION** 

Investment advisory clients may request a copy of Aristotle Capital's Proxy Procedures and/or information about how Aristotle Capital has voted securities in their account by contacting Aristotle Capital. Aristotle Capital will not disclose proxy votes for a client to other clients or third parties unless specifically requested, in writing, by the client. However, to the extent that Aristotle Capital may serve as sub-adviser to another adviser to a client, Aristotle Capital will be deemed to be authorized to provide proxy voting records on such account to such other adviser.

Aristotle Capital is responsible for voting proxies for all portfolio securities of the mutual fund clients and keeping certain records relating to how the proxies were voted as required by the Advisers Act. Aristotle Capital will provide these records to the mutual fund's Trust Board in order for the required N-PX filings on behalf of the mutual fund to be made each year in August. Aristotle Capital shall provide a complete voting record for the Fund, as required by the Proxy Rule. Special rules apply when Aristotle Capital is asked to cast a proxy vote that presents a conflict between the interests of a Fund's shareholders, and those of Aristotle Capital or an affiliated person of Aristotle Capital.

**POLICY: PROXY VOTING DISCLOSURE**

A description of the Proxy Procedures appears in Aristotle Capital's Form ADV Part 2.

Cross-Reference: Proxy Voting Policies and Procedures are set forth as Appendix H.

------

**Appendix a – Proxy Voting**

------

**Baillie Gifford Overseas Limited** 

**VOTING GUIDELINES** 

Baillie Gifford has adopted the Governance and Sustainability Principles and Guidelines (the "Guidelines") to vote proxies related to securities held by the Funds.

The Guidelines are developed and administered by the Governance & Sustainability Team of the Baillie Gifford Group. This Governance & Sustainability Team sits alongside the investment teams and is responsible for the voting of proxies. The Head of ESG is a partner in the firm, and reports into the ESG Oversight Group.

The Guidelines cover Baillie Gifford's approach to governance and sustainability matters including the following areas:

◾

Prioritization of long-term value creation

◾

A constructive and purposeful Board

◾

Long-term focused renumeration with stretching targets

◾

Fair treatment of stakeholders

◾

Sustainable business practices

Baillie Gifford recognizes that given the range of markets in which the Funds invest, one set of standards is unlikely to be appropriate. The Guidelines consequently take an issues based approach covering standards from a global perspective.

**PRAGMATIC & FLEXIBLE APPROACH** 

Baillie Gifford recognizes that companies within particular markets operate under significantly differing conditions. The Guidelines are intended to provide an insight into how Baillie Gifford approaches voting and engagement on behalf of clients with it being important to note that Baillie Gifford assesses every company individually. With respect to voting, Baillie Gifford will evaluate proposals on a case-by-case basis, based on what it believes to be in the best long-term interests of clients, rather than rigidly applying a policy.

In evaluating each proxy, the Governance & Sustainability Team follows the Guidelines, while also considering third party analysis, Baillie Gifford and its affiliates own research and discussions with company management.

The Governance & Sustainability Team oversees voting analysis and execution in conjunction with the investment teams.

Baillie Gifford may elect not to vote on certain proxies. While Baillie Gifford endeavors to vote a Fund's shares in all markets, on occasion this may not be possible due to a practice known as share blocking, whereby voting shares would result in prevention from trading for a certain period of time. When voting in these markets, Baillie Gifford assesses the benefits of voting clients' shares against the relevant restrictions. Baillie Gifford may also not vote where it has sold out of a stock following the record date.

**CONFLICTS OF INTEREST** 

Baillie Gifford recognizes the importance of managing potential conflicts of interest that may exist when voting a proxy solicited by a company with whom the Baillie Gifford Group has a material business or personal relationship. The Governance & Sustainability Team of the Baillie Gifford Group is responsible for monitoring possible material conflicts of interest with respect to proxy voting.

In most instances, applying the Guidelines to vote proxies will adequately address any possible conflicts of interest.

Proxy votes that involve a potential conflict of interest are managed in line with Baillie Gifford's Conflicts of Interest Policy and, where additional oversight is appropriate, the Governance & Sustainability Team report the conflict to the IMG for discussion. The IMG, which comprises several senior Baillie Gifford & Co. partners, will review the voting rationale, consider whether business relationships between Baillie Gifford and the company have influenced the proposed vote and decide the course of action to be taken in the best interest of clients.

------

**BlueCove Limited** 

**PROXY VOTING POLICY** 

<u>Proxy Voting Policy:</u> This Policy sets out BlueCove's approach to proxy voting.

<u>Ownership and Accountability:</u> BlueCove's Head of Compliance is responsible for the design of this Policy. BlueCove's Head of Compliance will ensure that this Policy is reviewed not less than annually.

------

**Appendix a – Proxy Voting**

------

**BlueCove Limited**

 **—** 

**Continued**

<u>Proxy Voting Explained</u>: In its capacity as an investment manager, BlueCove may have authority to vote as a proxy on behalf of client funds and managed or segregated accounts. BlueCove will vote proxies in the best interests of clients. BlueCove's Policy acknowledges that from time to time refraining from voting may be in the best interests of clients. The Head of Portfolio Management is responsible for monitoring for situations that require a proxy vote.

<u>Maintenance of Records</u>: The Compliance Team will maintain a record of any proxy voting situations that may occur. The records will include the decision of how BlueCove voted and supporting documentation. BlueCove's Policy and the records of any proxy votes carried out by BlueCove will be available to clients upon request.

<u>Resolution of Conflicts of Interest</u>: BlueCove is privately owned and, other than a wholly owned subsidiary in the United States, has no affiliations with any other company or entity. The subsidiary in the United States does not and is not anticipated to manage investment distinct from those investments managed by the UK parent. BlueCove does not hold or manage any proprietary funds or investments. As such, BlueCove does not anticipate that it will find itself in conflict with client funds when considering a proxy vote. However, should BlueCove ever find itself in conflict with the interests of a client, BlueCove's interests will be subordinate to the interests of the client.

It is also possible that various client funds or portfolios may find themselves in conflict in the context of a proxy vote. Should there be a situation in which client Fund A is in conflict with client Fund B, then BlueCove will consider the relative number of relevant shares or bonds held by Fund A and B and will vote in favor of the Fund which has the proportionally largest position in the relevant shares or bonds in terms of the NAV of the relevant client fund. For example, if Fund A has 50,000 of XYZ bonds which constitute 1% of Fund A's NAV, and Fund B has 20,000 of XYZ bonds which constitute 10% of Fund B's NAV, then BlueCove will vote in favor of Fund B. Should multiple client funds find themselves in conflict, then BlueCove will vote in favor of the client fund with the biggest proportionate position.

Should Fund A and B have the same proportionate position to two decimal places in the relevant shares or bonds, then BlueCove will refrain from voting the position.

<u>Exceptions from this Policy</u>: Exceptions from BlueCove's Policy may be granted by way of the written approval of BlueCove's Chief Investment Officer. Any exceptions and supporting documentation will be recorded by the Compliance Team.

------

**Cedar Street Asset Management LLC** 

**PROXY VOTING POLICY** 

Cedar Street frequently invests a material portion of the Funds' capital in equity securities. As a registered investment adviser, the Firm owes its Investors a duty of care, loyalty and respect with regards to proxy voting activities conducted on behalf the Funds and Clients. In addition, as a fiduciary and a registered investment advisor, Cedar Street is required to vote (or abstain) proxies in a manner that is consistent with the best interests of the Firm's Investors. Cedar Street will make these policies and procedures available to our Investors upon request. Also, we acknowledge that our Investors have a right to information about how we vote Fund proxies and we will also make that information available upon request.

***What is the requirement?*** 

In addition to voting in the best interests of their investors, SEC registered investment advisers must keep a record of all proxies received, the manner in which they voted and any documentation that was material to their decision to vote a particular way. Additionally, each registered adviser must have a policy and procedure that is designed to appropriately address conflicts of interest with respect to their proxy voting activity on behalf of clients. As a further point, registered advisers must also deliver their proxy voting log to any client upon their request.

***How do we comply?*** 

The CCO will ensure that the Firm retains the following records in connection with proxies:

◾

The name of the issuer of the portfolio security;

◾

The exchange ticker symbol of the portfolio security;

◾

The Council on Uniform Securities Identification Procedures ("CUSIP") number

◾

for the portfolio security;

◾

The date the proxy was received and reviewed by Cedar Street;

◾

The date of the shareholder meeting date of the portfolio company;

◾

Whether Cedar Street cast its vote on the matter;

◾

How Cedar Street cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and

------

**Appendix a – Proxy Voting**

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**Cedar Street Asset** 

**Management LLC —** 

**Continued**

◾

Whether the registrant cast its vote for or against management.

Prior to voting proxies, Cedar Street will determine if there are any conflicts of interest related to the proxy in question in accordance with the general guidelines below. If a conflict is identified, Cedar Street will then make a determination (which may be in consultation with outside legal counsel or compliance consultants) as to whether the conflict is material or not. Cedar Street will proceed to vote proxies without material conflicts by majority. Cedar Street also has the flexibility to abstain from a particular proxy vote or to outsource a particular proxy vote to an independent third party when it is determined to be in the best interests of its Clients.

In voting proxies in the best interest of its Clients, Cedar Street will consider the specific strategy surrounding the equity investment. It will then apply the following proxy voting procedures:

**<u>Proxy Voting Procedures:</u>** The Firm's Head of Trading and Operations or their designee including a third-party shareholder service provider, reviews proxy ballots and generally votes in accordance with the research recommendations of a major third-party institutional shareholder service provider that is an outsourced independent third party. If the Firm is no longer in a position in a particular security, the Firm will abstain from voting on that security.

**<u>Identification of Material Conflicts of Interest:</u>** As the Firm is utilizing a third-party shareholder service provider's researched recommendations, any potential conflict has generally been mitigated. To the extent that the Firm wishes to vote contrary to a third-party shareholder service provider's recommendations, it is understood that conflicts may arise, and conflicts of interest shall be reviewed prior to casting the Firm's vote. Access Persons and Employees of Cedar Street are required to disclose relationships that may potentially cause conflicts of interest with respect to proxy voting including but not limited to records related to personal holdings, transactions in securities and records of Outside Business Activities as defined in the Firm's Code of Ethics and relationships with officers and directors of publicly traded companies as defined in the Firm's Code of Ethics. Additionally, both the Firm's business arrangements and the business and personal relationships of Employees and Access Persons each have the potential to result in proxy voting conflicts of interest under certain circumstances.

As stated above, Access Persons and Employees are required to disclose any business arrangements or personal relationships or other relationships that have the potential to create proxy voting conflicts. In the event that any Employee or Access Person of the Firm becomes aware of the potential for a proxy voting conflict of interest, such Employee or Access Person is required to report such potential conflict to the CCO immediately. Failure to appropriately report information to the CCO that may constitute a material conflict of interest with respect to proxy voting constitutes a serious breach of Firm policy and may result in disciplinary action up to and including termination of employment.

The Firm's CCO, or their designee will monitor third party shareholder service provider's due diligence statements, regarding material conflicts of interest identified by each such third party shareholder service providing proxy research recommendations. No less than annually, the Firm's CCO, or their designee will pull each third party shareholder service provider's due diligence questionnaire, Form ADV (where applicable), and any additional disclosure documents that may be applicable to conflicts of interest disclosed by each third party shareholder service provider utilized. Where necessary, the Firm's CCO, or their designee, will reach out to the third party shareholder service provider's compliance department to further clarify potential conflicts of interest.

Conflicts identified by any such disclosure may cause the Firm to vote proxies in a manner that is inconsistent with such third party shareholder service provider's recommendation. In such instances where a conflict of interest has been identified between the Firm and a third party shareholder service provider proxy research recommendations, the Firm will vote based on the best interest of each Client, as identified in this proxy policy.

**<u>Third Party Shareholder Service Provider Due Diligence</u>** 

On not less than an annual basis, the Firm's CCO, or their designee, shall review the policies and procedures, reputation, and news involving each shareholder service provider's ability to provide the Firm with accurate research. The CCO, or their designee's evaluation of each shareholder service provider may include but is not limited to:

◾

Departure of key stake holders, including executives, in the company;

◾

Conflicts of interest that may influence the objective nature of research provided;

◾

Affiliations that may affect the objective nature of research provided;

◾

Active, pending or potential litigation ;

◾

Enforcement actions by any administrative entity; and

◾

Reputation including negative press.

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**Appendix a – Proxy Voting**

------

**Cedar Street Asset** 

**Management LLC —** 

**Continued**

The Firm's CCO will take into consideration the overall ability of each shareholder service provider's ability to provide ongoing research support.

**<u>Distribution of Proxy Voting Conflicts Questionnaire:</u>** If a proxy is received by the Firm, it must be delivered to the Firm's CCO for review. The CCO is responsible for review of the Firm's records that may constitute material conflicts of interest as described above. Following the review of the Firm's records, at her discretion, the CCO may also distribute a questionnaire to all Access Persons and Employees indicating that a proxy related to a particular issue is in the Firm's possession. Access Persons and Employees will have a prescribed period of time in which to report any additional potential conflicts of which they are aware prior to the Firm returning a proxy vote. Following the CCO's review for conflicts and the distribution of the proxy conflict check notice, if no material conflicts of interest are noted, the Firm's Head of Trading and Operations or designee will cast the proxy vote in a manner that is consistent with the best interests of the Firm's Investors and provide a copy of such vote to the Firm's CCO for appropriate recordkeeping.

**<u>Resolution of Material Conflicts of Interest:</u>** In the event that the review of Firm records or the proxy voting conflict questionnaire distribution or other records provided to the CCO indicate the presence or the potential presence of a material conflict of interest between the Firm and its Clients, a shareholder's representative elected by the vote of the Client may be consulted in order to assess the appropriateness of the Firm's vote on behalf of the Client. In the case of an individual Client, such Client may be individually consulted in order to assess the appropriateness of the Firm's vote on behalf of such Client.

The Client or shareholder's representative may be informed of the opinion of the Firm related to the vote but must also be informed of the potential conflict of interest in great detail, providing any and all information related to the conflict that is necessary to understand the nature of such conflict. Additionally, any further information requested by the shareholder's representative or the Client related to the vote or the Firm's conflict of interest must be provided directly to the shareholder's representative or Client directly by the CCO.

In the event that Cedar Street does not vote in accordance with the research recommendations of a major third-party institutional shareholder service provider, and in the absence of specific voting guidelines from a Client, or shareholder's representative, where applicable, Cedar Street will resolve material conflicts of interest by either abstention from voting such proxies, or voting such proxies in the best interests of each Client according to, but not limited to, the following factors:

◾

whether the proposal relates to a routine corporate housekeeping matter;

◾

whether the proposal's anticipated costs and associated benefits with the

◾

proposal are in the best interests of the Client;

◾

whether the proposal was recommended by management and Cedar Street's opinion of management;

◾

whether the proposal acts to entrench existing management, makes it more difficult to replace members of the issuer's board or implicates other corporate governance matters; and

◾

whether the proposal fairly compensates management for past and future performance, including the impact on liquidity if any.

Such factors may result in different voting results among Clients for proxies from the same issuer. Cedar Street will promptly forward any claim forms it receives to the Client's custodian and provide reasonable assistance to the extent necessary (e.g. provide factual information in its possession as reasonably requested).

------

**EARNEST Partners LLC** 

**PROXY POLICIES** 

As a general rule, EARNEST Partners will accept authority to vote Client securities. EARNEST Partners and the Client will agree upon the scope of EARNEST Partners' authority and responsibilities to vote proxies on behalf of the Client in an investment management agreement. Clients can generally direct EARNEST Partners in writing to vote on their behalf according to specific proxy voting guidelines or how to vote on their behalf in a particular solicitation. Absent any written direction from the Client and provided EARNEST Partners (or our designee, as applicable) receive the proxies timely and in good order, EARNEST Partners will seek to vote the proxies in accordance with our then current proxy voting policies and procedures as generally described below.

In addition, the following will generally be adhered to unless EARNEST Partners is instructed otherwise in writing by the Client:

◾

While EARNEST Partners engages with portfolio companies on a regular basis, EARNEST Partners will not actively engage in conduct that involves an attempt to change or influence the control of a portfolio company.

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**Appendix a – Proxy Voting**

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**EARNEST Partners LLC —** 

**Continued**

◾

EARNEST Partners will not participate in a proxy solicitation or otherwise seek proxy voting authority from any other portfolio company shareholder.

◾

EARNEST Partners will not act in concert with any other portfolio company shareholders in connection with any proxy issue or other activity involving the control or management of a portfolio company.

◾

All communications with portfolio companies or fellow shareholders will be for the sole purpose of expressing and discussing EARNEST Partners' concerns for its Clients' interests and not in an attempt to influence the control of management.

**PROXY PROCEDURES** 

EARNEST Partners has designated a Proxy Director. The Proxy Director, in consultation with EARNEST Partners' Investment Team, will consider each issue presented on each portfolio company proxy. The Proxy Director will also use available resources, including proxy evaluation services, to assist in the analysis of proxy issues. Absent any written direction from the Client, proxy issues presented to the Proxy Director will be voted in accordance with the judgment of the Proxy Director, taking into account the general policies outlined above and EARNEST Partners' Proxy Voting Guidelines (currently Institutional Shareholder Services (ISS) Taft-Hartley Proxy Voting Guidelines with respect to institutional Clients subject to The Employee Retirement Income Security Act of 1974 (ERISA), ISS Public Fund Proxy Voting Guidelines with respect to institutional Clients that are state or municipal government entities, and ISS Sustainability Proxy Voting Guidelines for all other Clients, as determined by EARNEST Partners). Therefore, it is possible that actual votes may differ from the general policies and EARNEST Partners' Proxy Voting Guidelines. EARNEST Partners utilizes an electronic vote management system (currently ISS) that generally: (1) populates EARNEST Partners' votes shown on the electronic voting platform with recommendations based on EARNEST Partners' Proxy Voting Guidelines described above ("pre-population"); and (2) automatically submits EARNEST Partners' votes to be counted ("automated voting"). Pre-population and automated voting generally occur prior to the submission deadline for proxies to be voted at the shareholder meeting. In the event new material public information becomes available or a report is found to contain a material error, a proxy alert ("alert") is issued to inform EARNEST Partners of any corrections and, if necessary, any resulting changes in the vote recommendations. Alerts are distributed to EARNEST Partners through the same platform used to distribute the regular research and voting recommendations. This ensures that EARNEST Partners receives each alert related to an original report, which is attached to the relevant original company meeting report. If EARNEST Partners has cast its vote before receiving an alert, EARNEST Partners may cancel and change its vote at any time before the meeting cut-off date, if EARNEST Partners determines that such a change is warranted by the new information. In the case where EARNEST Partners believes it has a material conflict of interest with a Client, the Proxy Director will utilize the services of outside third party professionals (currently ISS) to assist in its analysis of voting issues and the actual voting of proxies to ensure that a decision to vote the proxies was based on the Client's best interest and was not the product of a conflict of interest. In general, ISS Taft-Hartley Proxy Voting Guidelines have a worker-owner view of long-term corporate value based on the AFL-CIO proxy voting guidelines orientation, ISS Public Fund Proxy Voting Guidelines have a long-term best interests of public plan participants and beneficiaries orientation, and ISS Sustainability Proxy Voting Guidelines have a Principles for Responsible Investment (PRI) orientation. In the event the services of an outside third-party professional are not available in connection with a conflict of interest, EARNEST Partners will seek the advice of the Client.

A detailed description of EARNEST Partners' specific Proxy Voting Guidelines will be furnished upon written request. You may also obtain information about how EARNEST Partners has voted with respect to portfolio company securities by calling, writing, or emailing EARNEST Partners at:

EARNEST Partners

1180 Peachtree Street NE, Suite 2300

Atlanta, GA 30309

invest@earnestpartners.com

404-815-8772

EARNEST Partners reserves the right to change these policies and procedures at any time without notice.

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**Income Research + Management** 

**PROXY VOTING POLICY** 

Income Research & Management's ("IR+M") policy regarding proxy voting (the "Proxy Policy") consists of (1) the statement of policy, (2) identification of the person(s) responsible for implementing this policy, (3) the procedures adopted by IR+M to implement the policy, and (4) the guidelines utilized by IR+M when enacting this policy.

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**Appendix a – Proxy Voting**

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**Income Research +** 

**Management — Continued**

**Statement of Policy** 

The Advisers Act requires IR+M at all times to act solely in the best interest of its clients. Rule 206(4)-6 of the Advisers Act requires any adviser who votes proxies on behalf of clients to have written policies and procedures that are reasonably designed to ensure an adviser votes such proxies in the best interest of clients.

It is generally IR+M's policy that each client is responsible for voting all of the proxies with respect to the securities he ld in their accounts. Therefore, IR+M has adopted a Proxy Policy that it believes is reasonably designed to ensure that IR+M does not vote proxies for its clients, and that all proxy materials are forwarded to clients so that they can exercise their voting authority. In the event that IR+M has been delegated the responsibility to vote proxies on behalf of a client, this Proxy Policy addresses the treatment of this circumstance. Such proxies will be voted pursuant to the proxy voting guidelines below. For IR&M Private Funds, the custodian, BNY Mellon, is instructed to send proxy ballots to IR+M. Similarly, IR+M has instructed Global Trust Company, the Trustee for the IR+M Collective Investment Trust (CITs) to forward all proxies received to IR+M as it has legal authority to vote proxies. Such proxies will be reviewed for applicability according to our process and if appropriate will be processed pursuant to the voting guidelines set forth in the Proxy Policy.

**Who is Responsible for Implementing this Policy?** 

The Chief Compliance Officer ("CCO") is responsible for the overall implementation and monitoring of this policy. The CCO can delegate any of his or her responsibilities under this policy to another person (the "Delegate").

**Procedures to Implement this Policy** 

***Client Disclosure*** 

The Advisers Act requires IR+M to provide clients with a description of its proxy voting policy. IR+M takes the necessary steps to ensure that clients are provided with adequate disclosure as to the parameters of the Proxy Policy. All clients and prospective clients will receive disclosure of a summary of the Proxy Policy on Form ADV Part 2.

In the event IR+M votes proxies on behalf of a client, IR+M will, upon request from the client, provide a record of how such proxy votes were cast on behalf of that client.

***Administration*** 

In implementing these procedures, IR+M will ensure:

◾

The appropriate employees are aware of IR+M's general policy not to vote proxies on behalf of its clients, and that any exceptions to this policy are documented.

◾

Voting responsibility between IR+M and the client is clear in the investment management agreement.

◾

Any proxies that are received by IR+M are forwarded on to the client in a timely manner, if IR+M is not responsible for voting such proxies.

◾

Our clients may obtain a copy of the Proxy Policy upon request.

***Maintaining Records*** 

IR+M creates and maintains appropriate records to ensure proper implementation and administration of this policy and will preserve such records in accordance with our internal policies.

**Guidelines** 

If IR+M is delegated voting authority, it is generally our policy to vote in accordance with the issuer's management recommendation absent countervailing considerations. If we believe the issuer's management position on a particular issue is not in the best interests of our clients, we will vote contrary to the issuer's management's recommendation. IR+M will apply these same guidelines for voting proxies to all such accounts for which it has voting authority.

***Conflicts of Interest*** 

A material conflict of interest may arise in the course of IR+M's proxy voting activities. Such a conflict of interest might exist when (1) an issuer who is soliciting proxy votes also has a client relationship with IR+M, (2) an IR+M client is involved in a proxy contest, or (3) when an IR+M employee has a personal interest in a proxy matter. When such a conflict of interest does arise, and in order to insure that proxies are voted solely in IR+M's clients' best interests, the CCO may consult the Executive Committee of IR+M, as well as legal counsel to help determine how the items of a particular proxy ballot should be voted.

**Effective:** September 2009

**Revised:** April 2018

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**Appendix a – Proxy Voting**

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**Jennison Associates, LLC** 

**I.POLICY** 

Jennison (or the "Company") has adopted the following policy and related procedures to guide the voting of proxies in a manner that is consistent with Jennison's fiduciary duties and the requirements of Rule 206(4)-6 under the Advisers Act.

In the absence of any written delegation or when proxy voting authority has been delegated in writing to Jennison by clients, Jennison will exercise this voting authority in each client's best interests. The Company will not consider its own interests, or those of any affiliates, when voting proxies.

Unless otherwise specified by a client, "best interest" means the client's best economic interest over the long term, as determined by Jennison's portfolio managers and analysts ("Investment Professionals") covering the issuer. We recognize that the nature of ballot issues, including environmental and social issues ("ESG"), can vary widely depending on the company, industry practices, the company's operations and geographic footprint, to name a few, and will consider relevant issues, including ESG issues, in a manner consistent with our fiduciary duties and the goal of maximizing shareholder value

Jennison's proxy voting policy and procedures and proxy voting records are publically available on our website. Clients may obtain a copy of our guidelines, as well as the proxy voting records for that client's securities, by contacting the client service representative responsible for the client's account.

**II.PROCEDURES** 

**<u>Proxy Voting Guidelines</u>** 

Jennison has adopted proxy voting guidelines ("Guidelines") with respect to certain recurring issues. When Jennison is responsible for voting proxies, Jennison considers these guidelines except, where appropriate, when Jennison accepts custom guidelines.

The Guidelines are reviewed annually and as necessary by the Company's Proxy Voting Committee and Investment Professionals, and are revised when a change is appropriate. The Proxy Team maintains the Guidelines and distributes copies to the Investment Professionals following confirmation of any change. The Guidelines are meant to convey Jennison's general approach to voting decisions on certain issues. Nevertheless, Investment Professionals are responsible for reviewing all proposals related to fundamental strategies individually and making final decisions based on the merits of each voting opportunity.

If an Investment Professional believes that Jennison should vote in a way that is different from the Guidelines, the Proxy Team is notified. In certain circumstances, an Investment Professional may conclude that different clients should vote in different ways, or that it is in the best interests of some or all clients to abstain from voting. The Proxy Team will notify each Investment Professional's supervisor of any Guideline overrides authorized by that Investment Professional.

The Proxy Team is responsible for maintaining Investment Professionals' reasons for deviating from the Guidelines.

**<u>Client-Specific Voting Mandates</u>** 

Any client's specific voting instructions must be communicated or confirmed by the client in writing, either through a provision in the investment advisory contract or through other written correspondence. Such instructions may call for Jennison to vote the client's securities according to the client's own voting guidelines, or may indicate that the Company is not responsible for voting the client's proxies. We try to accommodate such requests where appropriate.

The Proxy Team reviews Client Directed Custom Guidelines and approves operational implementation, and certain instructions may only be implemented on a best efforts basis. The Proxy Team is responsible for communicating such instructions to the third party vendor.

**<u>Use of a Third Party Voting Service</u>** 

Jennison has engaged an independent third party proxy voting vendor that provides research and analytical services, operational implementation and recordkeeping and reporting services. The proxy voting vendor will cast votes in accordance with the Company's Guidelines; however, notwithstanding the Guidelines, Investment Professionals for fundamental strategies are responsible for reviewing the facts and circumstances related to each proposal in order to make all final voting decisions.

The third party proxy voting vendor is responsible for operational implementation of Client Directed Custom Guidelines and Jennison Custom Guidelines ("Client Directed Custom Guidelines and Jennison Custom Guidelines are collectively Custom Guidelines"). The ballots received for clients/accounts with Custom Guidelines will be automatically voted in accordance with the Custom Guideline recommendations by the third party proxy voting vendor.

**<u>Identifying and Addressing Potential Material Conflicts of Interest</u>** 

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**Appendix a – Proxy Voting**

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**Jennison Associates,** 

**LLC — Continued**

There may be instances where Jennison's interests conflict materially, or appear to conflict materially, with the interests of clients in connection with a proxy vote (a "Material Conflict"). Examples of potential Material Conflicts include, but are not limited to:

◾

Jennison managing the pension plan of the issuer.

◾

Jennison or its affiliates have a material business relationship with the issuer.

◾

Jennison has a material investment in a security that the investment professional who is responsible for voting that security's proxy also holds the same security personally.

If an Investment Professional or any other employee perceives a Material Conflict, he or she must promptly report the matter to the Chief Compliance Officer.

If the Proxy Voting Committee determines that a Material Conflict is present and if the Investment Professional is recommending a vote that deviates from the Guidelines or there is no specific recommended Guideline vote and decisions are made on a case-by-case basis, then the voting decision must be reviewed and approved by the Investment Professional's supervisor and the Proxy Committee prior to casting the vote.

Jennison will not abstain from voting a proxy for the purpose of avoiding a Material Conflict.

**<u>Quantitatively Derived Holdings and the Jennison Managed Accounts</u>** 

In voting proxies for non-fundamental strategies such as quantitatively derived holdings and Jennison Managed Accounts (i.e. "wrap") where the securities are not held elsewhere in the firm, proxies will be voted utilizing the Guidelines. Additionally, in those circumstances where no specific Guidelines exist, the Company will consider the recommendations of the proxy voting vendor.

**<u>International Holdings</u>** 

Jennison will exercise opportunities to vote on international holdings on a best efforts basis. Such votes will be cast based on the same principles that govern domestic holdings.

In some countries casting a proxy vote can adversely affect a client, such as countries that restrict stock sales around the time of the proxy vote by requiring "share blocking" as part of the voting process. The Investment Professional covering the issuer will weigh the expected benefits of voting proxies on international holdings against any anticipated costs or limitations, such as those associated with share blocking. Jennison may abstain from voting if it anticipates that the costs or limitations associated with voting outweigh the benefits.

**<u>Securities Lending</u>** 

Jennison may be unable to vote proxies when the underlying securities have been lent out pursuant to a client's securities lending program. The Company does not know when securities are on loan and are therefore not available to be voted. In rare circumstances, Investment Professionals may ask the Proxy Team to work with the client's custodian to recall the shares so that Jennison can vote. Efforts to recall loaned securities are not always effective since such requests must be submitted prior to the record date for the upcoming proxy vote; therefore voting shares on loan is on a best efforts basis. In determining whether to call back securities that are out on loan, the Investment Professional will consider whether the benefit to the client in voting the matter outweighs the benefit to the client in keeping the security out on loan.

**<u>Disclosure to Advisory Clients</u>** 

Jennison will provide a copy of these Policies and Procedures and the Guidelines to any client upon request. The Company will also provide any client with information about how Jennison has voted that client's proxies upon request. Any such requests should be directed to the client service representative responsible for the client's account who will coordinate with the Proxy Team.

**<u>Compliance Reporting for Investment Companies</u>** 

Upon request, the Proxy Team will provide to each investment company for which Jennison acts as sub-adviser reporting needed to satisfy their regulatory and board requirements, including, but not limited to, information required for Form NP-X.

**III.INTERNAL CONTROLS** 

**<u>Supervisory Notification</u>** 

The Proxy Team will notify each Investment Professional's supervisor of any Guideline overrides authorized by that Investment Professional. The supervisor reviews the overrides ensuring that they were made based on clients' best interests, and that they were not influenced by any Material Conflict or other considerations.

**<u>The Proxy Voting Committee</u>** 

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**Appendix a – Proxy Voting**

------

**Jennison Associates,** 

**LLC — Continued**

The Proxy Voting Committee consists of representatives from Operations, Operational Risk, Legal, and Compliance. It meets at least quarterly, and has the following responsibilities:

◾

Review potential Material Conflicts and decide whether a material conflict is present, and needs to be addressed according to these policies and procedures.

◾

Review proposed amendments to the Guidelines in consultation with the Investment Professionals and make revisions as appropriate.

◾

Review these Policies and Procedures annually for accuracy and effectiveness, and recommend and adopt any necessary changes.

◾

Review all Guideline overrides.

◾

Review quarterly voting metrics and analysis published by the Proxy Team.

◾

Review accuracy of the application of Custom Guidelines

◾

Review the performance of the proxy voting vendor and determine whether Jennison should continue to retain their services.

◾

The Committee will consider the following factors while conducting their review:

◾

Accuracy and completeness of research reports.

◾

Engagement with issuers.

◾

Potential conflicts of interest.

◾

Overall administration of Jennison's proxy voting recommendations.

**IV.ESCALATING CONCERNS** 

Any concerns about aspects of the policy that lack specific escalation guidance may be reported to the reporting employee's supervisor, the Chief Compliance Officer, Chief Legal Officer, Chief Risk Officer, Chief Ethics Officer, Chief Operating Officer or Chief Executive Officer. Alternatively Jennison has an Ethics Reporting Hotline phone number and email address that enable employees to raise concerns anonymously. Information about the Ethics Reporting Hotline phone number and email address can be found on the Jennison intranet's "Ethics" web page.

**V.DISCIPLINE AND SANCTIONS** 

All Jennison employees are responsible for understanding and complying with the policies and procedures outlined in this policy. The procedures described in this policy are intended to ensure that Jennison and its employees act in full compliance with the law. Violations of this policy and related procedures will be communicated to your supervisor and to senior management through Jennison's Compliance Council, and may lead to disciplinary action.

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**LSV Asset Management** 

**Proxy Voting**

LSV's proxy voting responsibilities on behalf of a client's account are expressly stated in the applicable agreement with such client. If LSV is responsible for voting proxies, the agreement with each client will typically state whether the votes will be cast in accordance with this proxy voting policy or in accordance with the client's proxy voting policy. In either case, LSV will make appropriate arrangements with each account custodian to have proxies forwarded on a timely basis, and will endeavor to correct delays or other problems relating to timely delivery of proxies and proxy materials to the extent it is aware of such delays or problems. If the client elects to retain proxy voting responsibility, LSV will have no involvement in the proxy voting process for that client.

To satisfy its fiduciary duty in making any voting determination, an investment adviser must make the determination in the best interests of the client and must not place the investment adviser's own interests ahead of the interests of the client. In addition, with respect to Employee Retirement Income Security Act of 1974 ("ERISA") plan clients, LSV is required to consider those factors that may affect the value of the client's investment and may not subordinate the interests of the participants and beneficiaries in their retirement income or financial benefits under the plan to any other objective, or promote benefits or goals unrelated to those financial interests of the plan's participants and beneficiaries.

In general, LSV's quantitative investment process does not provide output or analysis that would be functional in analyzing proxy issues. As a result, LSV does not consider proxy voting to be a material factor in its investment strategy or results. LSV, therefore, has retained an expert independent third party to assist in proxy voting, currently Glass Lewis & Co. ("GLC"). LSV's selection of GLC was made after careful consideration of GLC's proxy voting services, including related voting policies and expertise. GLC implements LSV's proxy voting process, develops proxy voting guidelines, and provides analysis of proxy issues on a case-by-case basis. Where LSV has been responsible for voting proxies for a client, LSV votes in accordance with GLC's standard guidelines, as updated from time to time, which can be found at https://www.glasslewis.com/guidelines. For new clients who wish

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**Appendix a – Proxy Voting**

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**LSV Asset Management —** 

**Continued**

to make LSV responsible for voting proxies, LSV intends to vote in accordance with GLC's climate guidelines, as updated from time to time, which are described by GLC at https://www.glasslewis.com/climate-policy, and which may be obtained from LSV and applied to existing clients' accounts upon request. LSV describes available GLC guidelines to clients on at least an annual basis. Those guidelines generally are aligned with LSV's investment goals, and LSV's use of GLC, therefore, is not a delegation of LSV's fiduciary obligation to vote proxies for clients. GLC's guidelines have been developed based on, among other things, GLC's focus on facilitating shareholder voting in favor of governance structures that drive performance and create shareholder value. LSV believes that GLC's guidelines are reasonably designed to ensure that proxies are voted in the best interests of LSV's clients. Although it is expected to be rare, LSV reserves the right to vote issues contrary to, or issues not covered by, GLC's guidelines when LSV believes it is in the best interests of the client and LSV does not have a material conflict of interest. In certain circumstances, clients are permitted to direct their vote in a particular solicitation. Direction from a client on a particular proxy vote will take precedence over GLC's guidelines. Where the client has engaged LSV to vote proxies and has also provided proxy voting guidelines to LSV, those guidelines will be followed with the assistance of GLC.

GLC assists LSV with voting execution, including through an electronic vote management system that allows GLC to: (1) populate each client's votes shown on GLC's electronic voting platform with GLC's recommendations under applicable guidelines ("pre-population"); and (2) automatically submit the client's votes to be counted ("automated voting"). There will likely be circumstances where, before the submission deadline for proxies to be voted at the shareholder meeting, an issuer intends to file or has filed additional soliciting materials with the SEC regarding a matter to be voted upon. It is possible in such circumstances that LSV's use of pre-population and automated voting could result in votes being cast that do not take into account such additional information. In order to address this concern, GLC actively monitors information sources for supplemental or updated information and has in place a system to allow for issuer feedback on its voting recommendations. Such updated information and feedback is considered by GLC and voting recommendations are modified as appropriate. LSV's pre-populated votes would then also be automatically updated. GLC's processes in this area are part of LSV's review of their services as described below.

LSV conducts a number of periodic reviews to seek to ensure votes are cast in accordance with this policy and applicable GLC guidelines. In addition, on a semi-annual basis, LSV requires GLC to, among other things, provide confirmations regarding its policies and procedures and reporting on any changes to such policies and procedures. As part of such semi-annual process, LSV also obtains information regarding the capacity and competency of GLC to provide proxy advisory services to LSV.

In the voting process, conflicts can arise between LSV's interests and that of its clients, or between clients' interests due to each client's objectives. In such situations, LSV will continue to vote the proxies in accordance with the recommendations of GLC based on each client's applicable guidelines. A written record will be maintained explaining the reasoning for the vote recommendation. LSV also monitors GLC's conflicts of interest policies and procedures on a periodic basis.

LSV may be unable or may choose not to vote proxies in certain situations. For example, and without limitation, LSV may refrain from voting a proxy if (i) the cost of voting the proxy exceeds the expected benefit to the client, (ii) LSV is not given enough time to process the vote, (iii) voting the proxy requires the security to be "blocked" or frozen from trading or (iv) it is otherwise impractical or impossible to vote the proxy, such as in the case of voting a foreign security that must be cast in person.

Clients may receive a copy of this proxy voting policy and LSV's voting record for their account by request. In addition, clients are sent a copy of their respective guidelines and a summary of other available options on an annual basis and may elect to change their guidelines at any time. LSV will additionally provide any mutual fund for which LSV acts as adviser or sub-adviser, a copy of LSV's voting record for the fund so that the fund may fulfill its obligation to report proxy votes to fund shareholders.

LSV may modify this policy and use of GLC from time to time.

<u>Recordkeeping</u> 

LSV will retain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Copies of its proxy voting policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each proxy statement received regarding client securities (maintained by the proxy voting service and/or available on EDGAR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A record of each vote cast on behalf of a client (maintained by the proxy voting service).

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**Appendix a – Proxy Voting**

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**LSV Asset Management —** 

**Continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of any document created that was material to the voting decision or that memorializes the basis for that decision (maintained by the proxy voting service).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of clients' written requests for proxy voting information and a copy of LSV's written response to a client's request for proxy voting information for the client's account.

LSV will ensure that it may obtain access to the proxy voting service's records promptly upon LSV's request.

The above listed information is intended to, among other things, enable clients to review LSV's proxy voting procedures and actions taken in individual proxy voting situations.

LSV will maintain required materials in an easily accessible place for not less than five years from the end of the fiscal year during which the last entry took place.

<u>Consideration of Environmental, Social and Governance Factors</u> 

LSV became a signatory to the Principles for Responsible Investment ("PRI") in April 2014. GLC is also a signatory to the PRI. The PRI provides a framework, through its six principles, for consideration of environmental, social and governance ("ESG") factors in portfolio management and investment decision-making. The six principles ask an investment manager, to the extent consistent with its fiduciary duties, to seek to: (1) incorporate ESG issues into investment analysis and decision-making processes; (2) be an active owner and incorporate ESG issues into its ownership policies and practices; (3) obtain appropriate disclosure on ESG issues by the entities in which it invests; (4) promote acceptance and implementation of the PRI principles within the investment industry; (5) work to enhance its effectiveness in implementing the PRI principles; and (6) report on its activities and progress toward implementing the PRI principles. Voting in favor of effective disclosure and governance of ESG issues is incorporated into GLC's standard guidelines, as well as a supplement GLC maintains for shareholder initiatives. GLC's climate guidelines are substantially similar, but go further to encourage enhanced disclosure of climate-related governance measures, risk mitigation, and metrics or targets. Through utilizing these GLC guidelines, LSV incorporates ESG issues into its proxy voting decision-making processes. Further, through GLC, LSV is able to offer ESG-focused guidelines that include an additional level of analysis on behalf of clients seeking to vote to encourage company actions that are consistent with widely-accepted enhanced ESG practices.

------

**Marathon Asset Management Limited** 

**GENERAL** 

Marathon considers that the ability to influence management is an integral part of the investment management function. Marathon strongly adheres to the policy that good corporate governance is totally consistent with enhancing shareholder value. It is Marathon's policy to exercise voting rights wherever it is practical to do so and if permitted under a client's IMA/IAA.

A Proxy Voting Dashboard is available on the Marathon Asset Management website showing our vote history with a 180-day lag. Marathon has also been a member of the Principles for Responsible Investment since January 2019. Separately, the firm is a signatory to the UK Stewardship Code by the UK's Financial Reporting Council. Marathon is also a signatory to the Japanese Stewardship Code.

**PROXY ADVISORS** 

In order to facilitate the proxy voting process, Marathon Asset Management has retained Institutional Shareholder Services ("ISS") as an expert in the proxy voting and corporate governance area. ISS are an independent proxy advisor firm who specialize in providing a variety of fiduciary-level proxy advisory and voting services.

ISS also assist the firm by developing and updating their own set of guidelines which are incorporated into our guidelines by reference. They provide research and analysis on stock within all of Marathon's portfolios, they will vote the ballots through their online portal and will give recommendations based on each agenda item compiled by their analysts in each region.

Marathon does not automatically accept the pre-populated responses input by ISS, nor automatically submits the clients' votes. Instead all proxy events & supporting documentation (including internal research) are reviewed by the relevant portfolio manager(s)/analyst(s) for their consideration. Each PM has the option to accept the ISS recommendation, or to vote against the rationale provided by ISS. In these cases, a written explanation on the reasons to vote against the recommendation will be retained. This will include any new information filed by an issuer that may impact their decision. Typically, Marathon aims to submit a response at the date of the earliest custodian date (not ISS date, which can be later). If it becomes apparent that new information is about to be filed by an issuer that could have a significant bearing on the proxy voting decision, the team responsible for submitting Marathon's response would be asked to reach out to the relevant custodian to discuss delaying submission.

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**Appendix a – Proxy Voting**

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**Marathon Asset** 

**Management Limited —** 

**Continued**

Written confirmation of the portfolio managers' decision with regards to a proxy voting matter is received in writing by the relevant team, prior to submission via the ISS platform. In extremis, if matters materially altered as a result of information released by the issuer and Marathon had already filed, the relevant team would look to re-submit, talking to custodians as needed.

Where possible, all agenda items will be voted on a case by case basis with no pre-defined policy on how to vote certain events with PMs following any pre-defined client instructions accordingly. Marathon may engage with clients where voting authority has been retained by the client in order to discuss Marathon's view on a matter. Separately, on any contentious issue Marathon may also look to contact clients to ensure their respective custodian recalls and restrict any stock on loan to enable all share to be voted. Note: Marathon's overriding objective when investing or voting proxies is to achieve economic benefit for our clients within their agreed risk parameters. Portfolio Managers will expressly prioritize these economic aims over unrelated objectives which would lead them either to sacrifice investment return or take on additional investment risk to promote non-pecuniary goals.

The decision by Marathon to retain ISS is reviewed each year with input from investment managers, compliance and the proxy voting team. This review precedes the annual service review.

**PROXY VOTING PROCESS** 

In addition to providing advice on specific policy voting issues, ISS also coordinate the actual exercise of the proxy vote. This entails receiving voting instructions from Marathon and transmitting them to each clients' custodian for processing.

Marathon's proxy team have access to the ISS web platform where ballots are collated from each custodian and linked to the appropriate meeting. These meetings are monitored and recorded in a central spreadsheet. Once the research has been updated, it will be sent to the Investment Manager to solicit their response by the stated deadline. From time to time, proxy votes will be solicited which involves special circumstances and require additional research and discussion. Any additional discussion may be conducted as soon as practical and with best endeavors before the ballot deadlines.

ISS provides a full reporting facility to Marathon detailing voting recommendations and actual votes transmitted to custodians; this reporting is available to clients on request. Marathon's voting history is also published on its website 180 days after the meeting.

There may, from time to time, be instances when votes cast by Marathon on a client's behalf are rejected. This could be for various reasons outside of Marathon's control; including missing documentation that needs to be provided by the beneficial owner e.g. there are some countries that require Power of Attorney documentation which authorizes a local agent to facilitate the voting instruction on behalf of the client in the local market. If the appropriate documentation is not available for use, a vote instruction may be rejected. On a best efforts basis, Marathon requests custodians to provide a list of missing POAs for each of our clients on an annual basis to avoid these issues.

Quarterly checks are also completed across different markets and mandates to ensure ballots are being received from the custodian. Quarterly checks on voting will also be conducted by Risk to ensure accuracy and to flag any concerns or breaches to this policy.

**SPECIAL CIRCUMSTANCES** 

Marathon considers their ability to engage with management of companies in which it invests carefully but also considers the right to be able to call a special meeting an important stewardship tool. As such, Marathon may from time to time, either independently or in collaboration with other shareholders call for special meetings.

**CONFLICTS OF INTEREST** 

Occasions may arise during the voting process where a potential conflict of interest could arise. Such conflicts could include: (i) where portfolio managers have opposing views in connection with voting shares of a company they are both invested in; (ii) where Marathon has a separate material relationship with, or is soliciting business from, a company lobbying for proxies; or (iii) where a personal relationship exists, such as where a friend or relation is serving as a director of a company soliciting proxies. A conflict could also exist if a material business relationship exists with a proponent or opponent of a particular initiative. Where Marathon identifies a material conflict of interest, the team involved will raise the matter with Compliance. Such reporting will include full details of the issue including why the conflict is deemed material with confirmation how the proxy vote is to be undertaken in the best interests of all clients thereby helping to mitigate any conflict identified.

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**Appendix a – Proxy Voting**

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**Sands Capital Management, LLC** 

Rule 206(4)-6 under the Advisers Act requires registered investment advisers to adopt and implement written policies and procedures reasonably designed to ensure advisers vote proxies in the best interest of their clients. The procedures must address material conflicts that may arise in connection with proxy voting. Rule 206(4)-6 further requires advisers to describe to clients their proxy voting policies and procedures and to provide copies of such policies and procedures to clients upon their request. Lastly, the Rule requires advisers to disclose how clients may obtain information on how the adviser voted their proxies.

To comply with Rule 206(4)-6, Sands Capital Management, LLC ("SCM") has adopted and implemented this Policy and the procedures described herein.

**POLICY** 

SCM's policy is to vote client proxies in the best interest of its clients. Proxies are an asset of a client, which must be treated by SCM with the same care, diligence and loyalty as any asset belonging to a client. In voting proxies SCM should consider the short- and long-term implications of each proposal. In voting proxies, SCM typically is neither an activist in corporate governance nor an automatic supporter of management. However, because SCM believes that the management teams of most companies it invests in generally seek to serve shareholder interests, SCM believes that voting proxy proposals in the client's best economic interests usually means voting with the recommendations of these management teams. Any specific voting instructions provided by an advisory client or its designated agent in writing will supersede this Policy. Clients with their own general or specific proxy voting and governance policies may wish to have their proxies voted by an independent third party or other named fiduciary or agent, at the client's expense.

**PROXY COMMITTEE** 

SCM has established a Proxy Committee, which consists of five permanent members: the Chief Administrative Officer ("CAO"), the Chief Compliance Officer ("CCO"), a Director of Client Relations, the Director of ESG Research, and a member of the Directing Research Team (the "DRT"). The Proxy Committee meets at least annually, and as necessary to fulfill its responsibilities. A majority of the members of the Proxy Committee constitutes a quorum for the transaction of business. The CAO or designee acts as secretary of the Proxy Committee and maintains a record of Proxy Committee meetings and actions.

The Proxy Committee is responsible for: (i) the oversight and administration of proxy voting on behalf of SCM's clients, including developing, authorizing, implementing and updating this Policy and the procedures described herein; (ii) overseeing the proxy voting process, including reviewing reports on proxy voting activity at least annually, and as necessary, to fulfill its responsibilities; and (iii) engaging and overseeing third-party service provider(s), as necessary or appropriate, to ensure SCM receives the applicable proxy statements or to provide SCM information, research or other services to facilitate SCM's proxy voting decisions.

The Proxy Committee has developed a set of criteria to be used when evaluating proxy issues. These criteria and general proxy voting guidelines are set forth in the Proxy Voting Guidelines, which are attached hereto as Attachment A (the "Guidelines"). The Proxy Committee may amend or supplement the Guidelines from time to time. All Guidelines are to be applied generally and not absolutely, such that the evaluation of each proposal incorporates considerations specific to the company whose proxy is being voted.

**RETENTION AND OVERSIGHT OF PROXY ADVISORY FIRMS** 

Institutional Shareholder Service (ISS), Glass Lewis, and Stakeholders Empowerment Services (SES) ("Proxy Research Providers") re independent advisers that specialize in providing a variety of fiduciary- level proxy-related services to institutional investment managers, plan sponsors, custodians, consultants, and other institutional investors. The services provided may include in-depth research, global issuer analysis and voting recommendations. SCM has retained Proxy Research Providers to analyze proxy issues and to make vote recommendations on those issues. While we review the recommendations of one or more Proxy Research Providers in making proxy voting decisions, we are in no way obligated to follow such recommendations. SCM votes all proxies based on its own proxy voting policies in the best interests of clients. In addition to research, ISS provides vote execution, reporting, and recordkeeping services to SCM. As part of SCM's ongoing oversight responsibilities, SCM performs periodic due diligence on the Proxy Research Providers.

**PROCEDURES FOR IDENTIFICATION AND VOTING OF PROXIES** 

The following procedures are designed to resolve material conflicts of interest before voting client proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SCM maintains a list of all clients for which it votes proxies. The list may be maintained either in hard copy or electronically, and is updated by the Investment Operations Team, which obtains proxy voting information from client agreements or internal account onboarding documentation.

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**Appendix a – Proxy Voting**

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**Sands Capital** 

**Management, LLC —** 

**Continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As part of the account opening procedure, the Investment Operations Team will note whether or not SCM is responsible for voting proxies for the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Where SCM has the authority to vote proxies, the Investment Operations and Client Relations Teams will work with the client to ensure that SCM is designated to receive proxy voting materials from companies or intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. SCM has retained one or more third parties to assist in the coordination, voting and recordkeeping of proxies (see Retention and Oversight of Proxy Advisory Firms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The CAO, through a proxy voting designee working as a proxy administrator, receives all proxy voting materials and has overall responsibility for ensuring that proxies are voted and submitted in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. SCM's Investment Research Team (the "Research Team") is responsible for reviewing proxy proposals for portfolio securities. Prior to a proxy voting deadline, the appropriate Research Team member will decide as how to vote each proxy proposal based on his or her analysis of the proposal and the Guidelines. In evaluating a proxy proposal, a Research Team member may consider information from a number of sources, including management of the company, shareholder groups and independent proxy research services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If the Research Team or Proxy Administrator becomes aware of potential factual errors, incompleteness or methodological weaknesses in the Proxy Research Providers analysis, they must escalate this issue to the CAO or CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SCM believes that engagement with issuers is important to good corporate governance and to assist in making proxy voting decisions. SCM may engage with issuers to discuss specific ballot items to be voted on in advance of an annual or special meeting to obtain further information or clarification on the proposals. SCM may also engage with management on a range of environmental, social or corporate governance issues throughout the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. SCM Staff Members involved in the process are responsible for assessing whether there is any material conflict between the interests of SCM or its affiliates or associates and the interests of its clients with respect to proxy voting by considering the situations identified in the Conflicts of Interest section of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. If no material conflicts of interest have been identified, SCM will vote proxies according to this Policy (including by not voting if SCM deems that to be in its clients' best interest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Upon detection of a conflict of interest, the conflict will be brought to the attention of the Proxy Committee for resolution. See Conflicts of Interest section for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SCM is not required to vote every client proxy provided that electing not to vote is consistent with SCM's fiduciary obligations. SCM shall at no time ignore or neglect its proxy voting responsibilities. However, there may be times when refraining from voting is in the client's best interest, such as when an analysis of a particular client proxy reveals that the cost of voting the proxy may exceed the expected benefit to the client. See Proxies of Certain Global Issuers below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SCM may process certain proxies without voting them or may systematically vote with management. Examples include, without limitation, proxies issued by companies SCM has decided to sell, proxies issued for securities that SCM did not select for a client portfolio, such as, securities that were selected by a previous adviser, unsupervised or non-managed securities held in a client's account (such as ETFs), money market securities, or other securities selected by clients or their representatives other than SCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. In the event that SCM votes the same proxy in two directions, it shall maintain documentation to support its voting (this may occur if a client requires SCM to vote a certain way on an issue, while SCM deems it beneficial to vote in the opposite direction for its other clients) in SCM's files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The CAO and the applicable Research Team member must report any attempts by SCM's personnel to influence the voting of client proxies in a manner that is inconsistent with this Policy, as well as any attempts by persons or entities outside SCM seeking to influence the voting of client proxies. Reporting shall be made to the CCO, or if the CCO is the person attempting to influence the voting, then to SCM's General Counsel.

16. All proxy votes will be recorded and the following information must be maintained:

◾

The name of the issuer of the portfolio security;

◾

The security identifier of the portfolio holding.

◾

The Council on Uniform Securities Identification Procedures ("*CUSIP*") or similar number, in each case, if any, for the security;

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**Appendix a – Proxy Voting**

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**Sands Capital** 

**Management, LLC —** 

**Continued**

◾

The shareholder meeting date;

◾

The number of shares SCM is voting firm-wide;

◾

A brief identification of the matter voted on;

◾

Whether the matter was proposed by the issuer or by a security holder;

◾

Whether or not SCM cast its vote on the matter;

◾

How SCM voted (e.g., for or against proposal, or abstain; for or withhold regarding election of directors);

◾

Whether SCM cast its vote with or against management; and

◾

Whether any client requested an alternative vote of its proxy.

**SECURITIES LENDING** 

If a client participates in a securities lending program, SCM will not be able to vote the proxy of the shares out on loan. SCM will generally not seek to recall for voting the client shares on loan. However, under rare circumstances, for voting issues that may have a particularly significant impact on the investment (a "Significant Event"), SCM may request a client to recall securities that are on loan if SCM determines that the benefit of voting outweighs the costs and lost revenue to the client and the administrative burden of retrieving the securities. The Research Team member who is responsible for voting the proxy will notify the Proxy Committee in the event they believe a recall of loaned securities is necessary.

In determining whether a recall of a security is warranted, SCM will take into consideration whether the benefit of the vote would be in the client's best interest despite the costs and the lost revenue to the client and the administrative burden of retrieving the securities. SCM may use third-party service providers to assist it in identifying and evaluating whether an event constitutes a Significant Event. From time to time, the Proxy Committee will deem certain matters to be Significant Events and will adjust the foregoing standard accordingly.

**PROXIES OF ISSUERS IN CERTAIN COUNTRIES** 

It is SCM's policy to seek to vote all proxies for client securities over which it has proxy voting authority where SCM can reasonably determine that voting such proxies will be in the best interest of its clients.

Voting proxies of issuers in certain countries may give rise to a number of administrative or operational issues that may cause SCM to determine that voting such proxies are not in the best interest of its clients or that it is not reasonably possible to determine whether voting such proxies will be in the best interests of its clients. While not exhaustive, the following list of considerations highlights some potential instances in which a proxy vote might not be entered.

◾

SCM may receive meeting notices without enough time to fully consider the proxy or after the cut- off date for voting.

◾

A market may require SCM to provide local agents with a power of attorney or consularization prior to implementing SCM's voting instructions.

◾

Proxy materials may not be available in English.

◾

SCM may be unable to enter an informed vote in certain circumstances due to the lack of information provided in the proxy statement or by the issuer or other resolution sponsor.

◾

Proxy voting in certain countries may require "share blocking." In such cases, shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting with a designated depositary. During this blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients' custodian banks. Absent compelling reasons to the contrary, SCM believes that the benefit to the client of exercising the vote is outweighed by the cost of voting (i.e., not being able to sell the shares during this period). Accordingly, if share blocking is required SCM generally elects not to vote those shares. The applicable Research Team member in conjunction with the Proxy Committee retains the final authority to determine whether to block the shares in the client's portfolio or to pass on voting the meeting.

The rationale for not voting a client proxy must be documented and the documentation must be maintained in SCM's files.

**CONFLICTS OF INTEREST** 

The following potential conflicts of interest have been identified:

◾

SCM provides services to an institutional client or is in the process of being engaged to provide services to an institutional client that is affiliated with an issuer that is held in the SCM's client

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**Appendix a – Proxy Voting**

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**Sands Capital** 

**Management, LLC —** 

**Continued**

portfolios. For example, SCM may be retained to manage Company A's pension fund, where Company A is a public company and SCM's client accounts hold shares of Company A. Another example is SCM's clients may hold an investment in an issuer affiliated with an adviser of a fund vehicle sub-advised by SCM.

◾

SCM provides services to an individual, or is in the process of being engaged to provide services to an individual, who is an officer or director of an issuer that is held in SCM's client portfolios;

◾

A Staff Member maintains a personal or business relationship (not an advisery relationship) with issuers or individuals that serve as officers or directors of issuers. For example, the spouse of a Staff Member may be a high-level executive of an issuer that is held in SCM's client portfolios. The spouse could attempt to influence SCM to vote in favor of management; and

◾

SCM or a Staff Member personally owns a significant number of an issuer's securities that are also held in SCM's client portfolios. The Staff Member may seek to vote proxies in a different direction for his or her personal holdings than would otherwise be warranted by this Policy. The Staff Member could oppose voting the proxies according to the policy and successfully influence SCM to vote proxies in contradiction to this Policy.

◾

The issuer is a vendor whose products or services are material or significant to the business of to the business of SCM or its affiliates.

Due to the difficulty of predicting and identifying all material conflicts, Staff Members are responsible for notifying the CAO or the CCO of any material conflict that may impair SCM's ability to vote proxies in an objective manner. Upon such notification, the CAO or the CCO will notify the Proxy Committee of the conflict.

In the event that the Proxy Committee determines that SCM has a conflict of interest with respect to a proxy proposal, the Proxy Committee will also determine whether the conflict is "material" to that proposal. The Proxy Committee may determine on a case-by-case basis that a particular proposal does not involve a material conflict of interest. To make this determination, the Proxy Committee must conclude that the proposal is not directly related to SCM's conflict with the issuer. If the Proxy Committee determines that a conflict is not material, then SCM may vote the proxy in accordance with the recommendation of the relevant Research Team member.

In the event that the Proxy Committee determines that SCM has a material conflict of interest with respect to a proxy proposal, SCM will vote on the proposal in accordance with the determination of the Proxy Committee. Prior to voting on the proposal, SCM may: (i) contact an independent third party (such as another plan fiduciary) to recommend how to vote on the proposal and vote in accordance with the

recommendation of such third party (or have the third party vote such proxy); or (ii) with respect to clients that are not subject to ERISA, fully disclose the nature of the conflict to the client and obtain the client's consent as to how SCM will vote on the proposal (or otherwise obtain instructions from the client as to how to vote the proxy).

**RECORDKEEPING** 

SCM must maintain the documentation described in the following section for a period of not less than five years in an easily accessible place, the first two years at its principal place of business. The CAO will be responsible for the following procedures and for ensuring that the required documentation is retained.

*<u>Outside third party request to review proxy votes</u>:* 

◾

Staff Members must be thoughtful and cautious in sharing how SCM plans to vote its clients' proxies. Until the vote has been cast and the relevant shareholder meeting has transpired, SCM generally treats information about SCM's voting as confidential. Staff Members may not disclose SCM's vote prior to the meeting or commit to any third party to vote a certain way without the prior consent of the CCO or General Counsel. Notwithstanding the previous sentence, Staff Members are permitted to prudently express SCM's thoughts or opinions on topics in discussions with the relevant companies, advisors (3rd party research providers), and other shareholders prior to voting as a part of SCM's ongoing education and engagement.

◾

Once the vote has been cast and the relevant shareholder meeting has transpired, analysts can choose to share how SCM voted with the relevant company or other shareholders, if necessary, as part of SCM's ongoing engagement with management and the company's shareholder base.

◾

All disclosures of votes in response to requests for vote information not originating from the company must be approved by the CAO prior to the disclosure of the vote. All written requests

------

**Appendix a – Proxy Voting**

------

**Sands Capital** 

**Management, LLC —** 

**Continued**

must be retained in the permanent file. The CAO or designee will record the identity of the outside third party, the date of the request, and the disposition (e.g., provided a written or oral response to client's request, referred to third party, not a proxy voting client, other dispositions, etc.) in a suitable place.

◾

As is consistent with SCM's Advertising and Marketing Policy, all Staff Members must refer inquiries from the press to the Director, Portfolio Analysis and Communications.

*<u>Proxy statements received regarding client securities</u>:* 

◾

Proxy statements must be maintained in accordance with this Policy.

**Note:** SCM is permitted to rely on proxy statements filed on the SEC's EDGAR system instead of keeping its own copies.

*<u>Proxy voting records:</u>* 

◾

◾

Documentation or notes or any communications received from third parties, other industry analysts, third-party service providers, company's management discussions, etc. that were material in the basis for the decision, must be maintained in accordance with this Policy.

◾

Clients may request their proxy voting record for the 5-year period prior to their request. Records prior to that 5-year request will be provided on a best efforts basis.

**DISCLOSURE** 

SCM will ensure that Part 2A of Form ADV is updated as necessary to reflect: (i) all material changes to this Policy and the procedures described herein; and (ii) information about how clients may obtain information on how SCM voted their securities. In addition, certain voting records are available on SCM's website at www.sandscapital.com.

**RESPONSIBILITY** 

The CAO is responsible for overseeing and implementing this Policy.

------

**Westfield Capital Management Company, L.P.** 

**INTRODUCTION** 

Westfield will offer to vote proxies for all client accounts. Westfield believes that the voting of proxies can be an important tool for investors to promote best practices in corporate governance. Therefore, Westfield seeks to vote all proxies in the best interest of our clients which includes ERISA plan participants and beneficiaries, as applicable. Westfield also recognizes that the voting of proxies with respect to securities held in client accounts is an investment responsibility having economic value. Based on this, Westfield votes all ballots received for client accounts and covers all costs associated with voting proxy ballots.

In accordance with Rule 206(4)-6 under the Investment Advisers Act of 1940 (the "Act"), Westfield has adopted and implemented policies and procedures that we believe are reasonably designed to ensure that proxies are voted in the best interest of our clients. Westfield's authority to vote proxies for our clients is established in writing, usually by the investment advisory contract. Clients can change such authority at any time with prior written notice to Westfield. Clients can also contact their Marketing representative or the Operations Department (wcmops@wcmgmt.com) for a report of how their accounts' securities were voted.

**OVERSIGHT OF PROXY VOTING FUNCTION** 

Westfield has engaged a third-party service provider, Institutional Shareholder Services, Inc. (the "vendor"), to assist with proxy voting. Westfield's Operations Proxy team (the "Proxy team") will:

◾

oversee the vendor; this includes performing annual audits of the proxy votes and conducting annual due diligence;

◾

ensure required proxy records are retained according to applicable rules and regulations and internal policy;

◾

distribute proxy reports prepared by the vendor for internal and external requests;

◾

review the proxy policy and voting guidelines at least annually; and

◾

identify material conflicts of interest that may impair Westfield's ability to vote shares in our clients' best interest.

------

**Appendix a – Proxy Voting**

------

**Westfield Capital** 

**Management Company,** 

**L.P. — Continued**

**PROXY VOTING GUIDELINES** 

Westfield utilizes the vendor's proxy voting guidelines, which consider market-specific best practices, transparency, and disclosure when addressing shareholder matters. Westfield does not select a client's voting policy. Clients must choose the policy that best fits their requirements. Clients may choose to vote in accordance with the vendor's U.S. proxy voting guidelines (i.e., Standard Guidelines), Taft-Hartley guidelines which are in full conformity with the AFL-CIO's proxy voting guidelines, Socially Responsible Investing Guidelines ("SRI") or Sustainability Guidelines. A summary of ISS' voting guidelines is located at the end of this policy.

The vendor reviews the above listed policies annually to ensure they are still considering market-specific best practices, transparency, and disclosure when addressing shareholder matters. Westfield reviews these changes annually to ensure they are in our clients' best interests.

Generally, information on Westfield's proxy voting decisions or status of votes will not be communicated or distributed to external solicitors. On occasion, Westfield may provide such information to solicitors if we believe a response will benefit our clients or a response is requested from the Westfield security analyst or portfolio manager.

**PROXY VOTING PROCESS** 

The vendor tracks proxy meetings and reconciles proxy ballots received for each meeting. Westfield will use best efforts in obtaining any missing ballots; however, we vote only those proxy ballots the vendor has received. For any missing ballots, the vendor and/or Westfield will contact custodians to locate such missing ballots. Since there can be many factors affecting proxy ballot retrieval, it is possible that Westfield will not receive a ballot in time to place a vote. Clients who participate in securities lending programs should be aware that Westfield will not call back any shares on loan for proxy voting purposes. However, Westfield could request a client call back shares if we determine there is the potential for a material benefit in doing so.

For each meeting, the vendor reviews the agenda and applies a vote recommendation for each proposal based on the written guidelines assigned to the applicable accounts. Proxies will be voted in accordance with the guidelines, unless the Westfield analyst or portfolio manager believes that following the vendor's guidelines would not be in the clients' best interests.

With limited exceptions, an analyst or portfolio manager may request to override the Standard or the Sustainability Guidelines at any time on or before the meeting cutoff date. In addition, certain proxy ballots (e.g., contentious proposals) may necessitate further review from the analyst or portfolio manager. The Proxy team will attempt to identify such ballots and bring them to the analyst's or portfolio manager's attention. If the analyst or portfolio manager chooses to vote against the vendor's stated guidelines in any instance, he/she must make the request in writing and provide a rationale for the vote against the stated guidelines. No analyst or portfolio manager overrides are permitted in the Taft-Hartley and SRI guidelines.

**CONFLICTS OF INTEREST** 

Compliance and the Proxy team are responsible for identifying conflicts of interest that could arise when voting proxy ballots on behalf of Westfield's clients. Per Westfield's Code of Ethics and other internal policies, all employees should avoid situations where potential conflicts may exist. Westfield has put in place certain reviews to ensure proxies are voted solely on the investment merits of the proposal. In identifying potential conflicts, Compliance will review many factors, including, but not limited to existing relationships with Westfield or an employee, and the vendor's disclosed conflicts. If an actual conflict of interest is identified, it is reviewed by the Compliance and/or the Proxy teams. If it is determined that the conflict is material in nature, the analyst or portfolio manager may not override the vendor's recommendation. Westfield's material conflicts are coded within the vendor's system. These meetings are flagged within the system to ensure Westfield does not override the vendor's recommendations.

Annually, Westfield will review ISS' policies regarding their disclosure of their significant relationships to determine if there are conflicts that would impact Westfield. Westfield will also review their Code of Ethics which specifically identifies their actual or potential conflicts. During the annual due diligence visit Westfield ensures that ISS still has firewalls in place to separate the staff that performs proxy analyses and research from the members of ISS Corporate Solutions, Inc.

**PROXY REPORTS** 

Westfield can provide account specific proxy reports to clients upon request or at scheduled time periods (e.g., quarterly). Client reporting requirements typically are established during the initial account set-up stage, but clients may modify this reporting schedule at any time with prior written notice to Westfield. The reports will contain at least the following information:

◾

company name

------

**Appendix a – Proxy Voting**

------

**Westfield Capital** 

**Management Company,** 

**L.P. — Continued**

◾

meeting agenda

◾

how the account voted on each agenda item

◾

how management recommended the vote to be cast on each agenda item

◾

rationale for any votes against the established guidelines (rationale is not always provided for votes that are in-line with guidelines since these are set forth in the written guidelines)

**RECORDKEEPING** 

In accordance with Rule 204-2 of the Investment Advisers Act of 1940, proxy voting records will be maintained for at least five years. The following records will be retained by either Westfield or the proxy vendor:

◾

a copy of the Proxy Voting Polices and Guidelines and amendments that were in effect during the required time period;

◾

electronic or paper copies of each proxy statement received by Westfield or the vendor with respect to securities in client accounts (Westfield may also rely on obtaining copies of proxy statements from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system);

◾

records of each vote cast for each client;

◾

◾

written reports to clients on proxy voting and all client requests for information and Westfield's response;

◾

disclosure documentation to clients on how they may obtain information on how Westfield voted their securities

------

![](g458923imgc5ca512d1.jpg)

111 South Wacker Drive, 34th Floor

Chicago, Illinois 60606-4302

800-422-1050

harborcapital.com

FD.SAI.0323

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**HARBOR FUNDS**

**PART C. OTHER INFORMATION** 

---

| | | |
|:---|:---|:---|
| **Item 28.** | **Exhibits** |  |
| a. | (1) | &nbsp;&nbsp; [Amended and Restated Agreement and Declaration of Trust dated December 16, 2016, filed with](https://www.sec.gov/Archives/edgar/data/793769/000119312517324943/d484073dex99a1.htm)<br> [Post-Effective Amendment No. 131 on October 30, 2017](https://www.sec.gov/Archives/edgar/data/793769/000119312517324943/d484073dex99a1.htm)<br>|
|  | (2) | &nbsp;&nbsp; [Establishment and Designation of Series of Shares of Beneficial Interest, $.01 Par Value Per Share dated](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99a2.htm)<br> [August 19, 2020, filed with Post-Effective Amendment No. 152 on September 12, 2019](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99a2.htm)<br>|
| b. |  | &nbsp;&nbsp; [Amended and Restated By-Laws dated December 1, 2020 – filed with Post-Effective Amendment No. 164](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99b.htm)<br> [on June 4, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99b.htm)<br>|
| c. |  | &nbsp;&nbsp; [Article VI of the Amended and Restated Agreement and Declaration of Trust dated December 16, 2016 and](http://www.sec.gov/Archives/edgar/data/793769/000119312517324943/d484073dex99a1.htm)<br> [Article III of the Amended and Restated By-Laws dated December 16, 2016; filed with Post-Effective](http://www.sec.gov/Archives/edgar/data/793769/000119312517324943/d484073dex99a1.htm)<br> [Amendment No. 131 on October 30, 2017](http://www.sec.gov/Archives/edgar/data/793769/000119312517324943/d484073dex99a1.htm)<br>|
| d. | (1) | &nbsp;&nbsp; [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Capital](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d4.htm)<br> [Appreciation Fund – dated July 1, 2013, filed with Post-Effective Amendment No. 101 on August 15, 2013](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d4.htm)<br>|
|  | (2) | &nbsp;&nbsp; [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Jennison Associates LLC](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d28.htm)<br> [– Harbor Capital Appreciation Fund – dated July 1, 2013, filed with Post-Effective Amendment No. 101 on](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d28.htm)<br> [August 15, 2013](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d28.htm)<br>|
|  | (3) | &nbsp;&nbsp; [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d3.htm)<br> [Disruptive Innovation Fund – dated September 1, 2021 – filed with Post-Effective Amendment No. 164 on](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d3.htm)<br> [June 4, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d3.htm)<br>|
|  | (4) | &nbsp;&nbsp; [Non-Discretionary Model Portfolio Provider Agreement between the Registrant, Harbor Capital Advisors,](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d4.htm)<br> [Inc. and 4BIO Partners, LLP – Harbor Disruptive Innovation Fund – dated September 1, 2021 – filed with](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d4.htm)<br> [Post-Effective Amendment No. 164 on June 4, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d4.htm)<br>|
|  | (5) | &nbsp;&nbsp; [Non-Discretionary Model Portfolio Provider Agreement between the Registrant, Harbor Capital Advisors,](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d5.htm)<br> [Inc. and NZS Capital, LLC – Harbor Disruptive Innovation Fund – dated September 1, 2021 – filed with](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d5.htm)<br> [Post-Effective Amendment No. 164 on June 4, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d5.htm)<br>|
|  | (6) | &nbsp;&nbsp; [Non-Discretionary Model Portfolio Provider Agreement between the Registrant, Harbor Capital Advisors,](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d6.htm)<br> [Inc. and Sands Capital Management, LLC – Harbor Disruptive Innovation Fund – dated September 1, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d6.htm)<br> [– filed with Post-Effective Amendment No. 164 on June 4, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d6.htm)<br>|
|  | (7) | &nbsp;&nbsp; [Non-Discretionary Model Portfolio Provider Agreement between the Registrant, Harbor Capital Advisors,](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d7.htm)<br> [Inc. and Tekne Capital Management, LLC – Harbor Disruptive Innovation Fund – dated September 1, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d7.htm)<br> [– filed with Post-Effective Amendment No. 164 on June 4, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d7.htm)<br>|
|  | (8) | &nbsp;&nbsp; [Non-Discretionary Model Portfolio Provider Agreement between the Registrant, Harbor Capital Advisors,](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d8.htm)<br> [Inc. and Westfield Capital Management Company, L.P. – Harbor Disruptive Innovation Fund – dated](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d8.htm)<br> [September 1, 2021 – filed with Post-Effective Amendment No. 164 on June 4, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99d8.htm)<br>|
|  | (9) | &nbsp;&nbsp; [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Large](https://www.sec.gov/Archives/edgar/data/793769/000119312520048528/d850565dex99d6.htm)<br> [Cap Value Fund – dated March 1, 2020, filed with Post-Effective Amendment No. 160 on February 25,](https://www.sec.gov/Archives/edgar/data/793769/000119312520048528/d850565dex99d6.htm)<br> [2020](https://www.sec.gov/Archives/edgar/data/793769/000119312520048528/d850565dex99d6.htm)<br>|
|  | (10) | &nbsp;&nbsp; [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Aristotle Capital](https://www.sec.gov/Archives/edgar/data/793769/000119312520048528/d850565dex99d32.htm)<br> [Management, LLC – Harbor Large Cap Value Fund – dated March 1, 2020, filed with Post-Effective](https://www.sec.gov/Archives/edgar/data/793769/000119312520048528/d850565dex99d32.htm)<br> [Amendment No. 160 on February 25, 2020](https://www.sec.gov/Archives/edgar/data/793769/000119312520048528/d850565dex99d32.htm)<br>|
|  | (11) | &nbsp;&nbsp; [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Mid](https://www.sec.gov/Archives/edgar/data/793769/000119312519239003/d740852dex99d55.htm)<br> [Cap Fund – dated December 1, 2019, filed with Post-Effective Amendment No. 151 on September 5, 2019](https://www.sec.gov/Archives/edgar/data/793769/000119312519239003/d740852dex99d55.htm)<br>|
|  | (12) | &nbsp;&nbsp; [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and EARNEST Partners LLC](https://www.sec.gov/Archives/edgar/data/793769/000119312519239003/d740852dex99d56.htm)<br> [– Harbor Mid Cap Fund – dated December 1, 2019, filed with Post-Effective Amendment No. 151 on](https://www.sec.gov/Archives/edgar/data/793769/000119312519239003/d740852dex99d56.htm)<br> [September 5, 2019](https://www.sec.gov/Archives/edgar/data/793769/000119312519239003/d740852dex99d56.htm)<br>|
|  | (13) | &nbsp;&nbsp; [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Mid](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d10.htm)<br> [Cap Value Fund – dated July 1, 2013, filed with Post-Effective Amendment No. 101 on August 15, 2013](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d10.htm)<br>|
|  | (14) | &nbsp;&nbsp; [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and LSV Capital](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99d34.htm)<br> [Management – Harbor Mid Cap Value Fund – dated October 1, 2019, filed with Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99d34.htm)<br> [No. 152 on September 12, 2019](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99d34.htm)<br>|
|  | (15) | &nbsp;&nbsp; [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Small](http://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d2.htm)<br> [Cap Growth Fund – dated July 1, 2013; filed with Post-Effective Amendment No. 101 on August 15, 2013](http://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d2.htm)<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Amended and Restated Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d16.htm) [Westfield Capital Management Company, L. P. – Harbor Small Cap Growth Fund – dated February 1, 2022](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d16.htm) [– filed filed with Post-Effective Amendment No. 169 on February 23, 2022](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Small](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d9.htm) [Cap Value Fund – dated July 23, 2013, filed with Post-Effective Amendment No. 101 on August 15, 2013](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d9.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and EARNEST Partners LLC](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d31.htm) [– Harbor Small Cap Value Fund – dated July 1, 2013, filed with Post-Effective Amendment No. 101 on](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d31.htm) [August 15, 2013](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d31.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor](https://www.sec.gov/Archives/edgar/data/793769/000119312515358002/d24155dex99d20.htm) [Diversified International All Cap Fund – dated November 1, 2015, filed with Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/793769/000119312515358002/d24155dex99d20.htm) [No. 116 on October 29, 2015](https://www.sec.gov/Archives/edgar/data/793769/000119312515358002/d24155dex99d20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Marathon Asset](https://www.sec.gov/Archives/edgar/data/793769/000119312520318254/d918761dex99d21.htm) [Management LLP - Harbor Diversified International All Cap Fund – dated September 23, 2020, filed with](https://www.sec.gov/Archives/edgar/data/793769/000119312520318254/d918761dex99d21.htm) [Post-Effective Amendment No. 162 on December 15, 2020](https://www.sec.gov/Archives/edgar/data/793769/000119312520318254/d918761dex99d21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Global](https://www.sec.gov/Archives/edgar/data/793769/000119312515063431/d847053dex99d15.htm) [Leaders Fund (f/k/a Harbor Global Growth Fund) – dated March 1, 2014, filed with Post-Effective](https://www.sec.gov/Archives/edgar/data/793769/000119312515063431/d847053dex99d15.htm) [Amendment No. 113 on February 26, 2015](https://www.sec.gov/Archives/edgar/data/793769/000119312515063431/d847053dex99d15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Sands Capital](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99d38.htm) [Management, LLC – Harbor Global Leaders Fund – dated October 1, 2019, filed with Post-Effective](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99d38.htm) [Amendment No. 152 on September 12, 2019](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99d38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d5.htm) [International Fund – dated July 1, 2013, filed with Post-Effective Amendment No. 101 on August 15, 2013](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Marathon Asset](https://www.sec.gov/Archives/edgar/data/793769/000119312520318254/d918761dex99d29.htm) [Management LLP – Harbor International Fund – dated September 23, 2020, filed with Post-Effective](https://www.sec.gov/Archives/edgar/data/793769/000119312520318254/d918761dex99d29.htm) [Amendment No. 162 on December 15, 2020](https://www.sec.gov/Archives/edgar/data/793769/000119312520318254/d918761dex99d29.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d3.htm) [International Growth Fund – dated July 1, 2013, filed with Post-Effective Amendment No. 101 on](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d3.htm) [August 15, 2013](https://www.sec.gov/Archives/edgar/data/793769/000119312513336741/d583237dex99d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Baillie Gifford Overseas](https://www.sec.gov/Archives/edgar/data/793769/000119312520048528/d850565dex99d27.htm) [Limited – Harbor International Growth Fund – dated March 1, 2020, filed with Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/793769/000119312520048528/d850565dex99d27.htm) [No. 160 on February 25, 2020](https://www.sec.gov/Archives/edgar/data/793769/000119312520048528/d850565dex99d27.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor](https://www.sec.gov/Archives/edgar/data/793769/000119312516442043/d48851dex99d21.htm) [International Small Cap Fund – dated February 1, 2016, filed with Post-Effective Amendment No. 120 on](https://www.sec.gov/Archives/edgar/data/793769/000119312516442043/d48851dex99d21.htm) [January 28, 2016](https://www.sec.gov/Archives/edgar/data/793769/000119312516442043/d48851dex99d21.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Cedar Street Asset](https://www.sec.gov/Archives/edgar/data/793769/000119312519239003/d740852dex99d44.htm) [Management LLC - Harbor International Small Cap Fund – dated May 23, 2019, filed with Post-Effective](https://www.sec.gov/Archives/edgar/data/793769/000119312519239003/d740852dex99d44.htm) [Amendment No. 151 on September 5, 2019](https://www.sec.gov/Archives/edgar/data/793769/000119312519239003/d740852dex99d44.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor](https://www.sec.gov/Archives/edgar/data/793769/000119312518346087/d658051dex99d54.htm) [Overseas Fund – dated March 1, 2019, filed with Post-Effective Amendment No. 144 on December 10,](https://www.sec.gov/Archives/edgar/data/793769/000119312518346087/d658051dex99d54.htm) [2018](https://www.sec.gov/Archives/edgar/data/793769/000119312518346087/d658051dex99d54.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Acadian Asset](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99d51.htm) [Management LLC – Harbor Overseas Fund – dated October 1, 2019, filed with Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99d51.htm) [No. 152 on September 12, 2019](https://www.sec.gov/Archives/edgar/data/793769/000119312519243119/d799516dex99d51.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor Core](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d37.htm) [Plus Fund – dated February 2, 2022 – filed with Post-Effective Amendment No. 169 on February 23, 2022](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d37.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and Income Research &](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d38.htm) [Management – Harbor Core Plus Fund – dated February 2, 2022 – filed with Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d38.htm) [No. 169 on February 23, 2022](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) [Amended and Restated Investment Advisory Agreement between the Registrant and Harbor Capital](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d41.htm) [Advisors, Inc. – Harbor Core Bond Fund – dated December 1, 2021 – filed with Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d41.htm) [No. 169 on February 23, 2022](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d41.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) [Amended and Restated Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d42.htm) [Income Research + Management – Harbor Core Bond Fund – dated December 1, 2021 – filed with](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d42.htm) [Post-Effective Amendment No. 169 on February 23, 2022](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99d42.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) [Investment Advisory Agreement between the Registrant and Harbor Capital Advisors, Inc. – Harbor](d458923dex99d35.htm) [Convertible Securities Fund – dated March 1, 2023, filed herewith](d458923dex99d35.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) [Subadvisory Agreement between the Registrant, Harbor Capital Advisors, Inc. and BlueCove Limited –](d458923dex99d36.htm) [Harbor Convertible Securities Fund – dated March 1, 2023, filed herewith](d458923dex99d36.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) [Contractual Expense Limitation between the Registrant on behalf of certain series and Harbor Capital](d458923dex99d37.htm) [Advisors, Inc. dated March 1, 2023 – filed herewith](d458923dex99d37.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) [Contractual Advisory Fee Waiver between the Registrant on behalf of certain series and Harbor Capital](d458923dex99d38.htm) [Advisors, Inc. dated March 1, 2023 – filed herewith](d458923dex99d38.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. (1) [Distribution Agreement between Registrant and Harbor Funds Distributors, Inc. dated July 1, 2013, filed](http://www.sec.gov/Archives/edgar/data/793769/000119312517167475/d368418dex99e1.htm) [with Post-Effective Amendment No. 128 on May 11, 2017](http://www.sec.gov/Archives/edgar/data/793769/000119312517167475/d368418dex99e1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amendment to Distribution Agreement between Registrant and Harbor Funds Distributors, Inc. dated](d458923dex99e2.htm) [March 1, 2023, filed herewith](d458923dex99e2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. (1) [Custodian Agreement between the Registrant and State Street Bank and Trust Company dated](https://www.sec.gov/Archives/edgar/data/793769/000119312520318254/d918761dex99g1.htm) [November 19, 1986, as amended through December 1, 2019, filed with Post-Effective Amendment No. 162](https://www.sec.gov/Archives/edgar/data/793769/000119312520318254/d918761dex99g1.htm) [on December 15, 2020](https://www.sec.gov/Archives/edgar/data/793769/000119312520318254/d918761dex99g1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Amendment to Custodian Agreement between the Registrant and State Street Bank and Trust Company](d458923dex99g2.htm) [dated March 1, 2023 – filed herewith](d458923dex99g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. (1) [Transfer Agency and Service Agreement between the Registrant and Harbor Services Group, Inc. (f/k/a](http://www.sec.gov/Archives/edgar/data/793769/000095012401500444/k60975ex99-h.txt) [Harbor Transfer, Inc.) dated June 7, 2001, filed with Post-Effective Amendment No. 32 on April 20, 2001](http://www.sec.gov/Archives/edgar/data/793769/000095012401500444/k60975ex99-h.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Transfer Agency and Service Agreement Fee Schedule dated March 1, 2023 - filed herewith](d458923dex99h2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Rule 12d1-4 Fund of Funds Investment Agreement – filed with Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99h3.htm) [No. 169 on February 23, 2022](https://www.sec.gov/Archives/edgar/data/793769/000119312522050163/d276492dex99h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. [Legal Opinion of General Counsel – filed herewith](d458923dex99i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. [Consent of Independent Registered Public Accounting Firm – filed herewith](d458923dex99j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. (1) [Administrative Class Shares Distribution Plan adopted August 31, 2011; filed with Post-Effective](http://www.sec.gov/Archives/edgar/data/793769/000119312512082066/d289374dex99m1.htm) [Amendment No. 96 on February 27, 2012](http://www.sec.gov/Archives/edgar/data/793769/000119312512082066/d289374dex99m1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Investor Class Shares Distribution Plan adopted August 31, 2011; filed with Post-Effective Amendment](http://www.sec.gov/Archives/edgar/data/793769/000119312512082066/d289374dex99m2.htm) [No. 96 on February 27, 2012](http://www.sec.gov/Archives/edgar/data/793769/000119312512082066/d289374dex99m2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. [Multiple Class Plan pursuant to Rule 18f-3 dated August 7, 2017, filed with Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/793769/000119312517261023/d408104dex99n.htm) [No. 130 on August 17, 2017](https://www.sec.gov/Archives/edgar/data/793769/000119312517261023/d408104dex99n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. [Power of Attorney dated December 15, 2022 – filed with Post-Effective Amendment No. 170 on](https://www.sec.gov/Archives/edgar/data/793769/000119312522307509/d402269dex99o.htm) [December 16, 2022](https://www.sec.gov/Archives/edgar/data/793769/000119312522307509/d402269dex99o.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. (1) [Harbor Funds Code of Ethics dated December 1, 2022 – filed herewith](d458923dex99p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Harbor Capital Advisors, Inc. and Harbor Funds Distributors, Inc. Code of Ethics and Standards of Conduct](d458923dex99p2.htm) [dated December 1, 2022 – filed herewith](d458923dex99p2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [4BIO Partners LLP Code of Ethics – filed with](https://www.sec.gov/Archives/edgar/data/793769/000119312521263390/d169378dex99p3.htm) Post-Effective Amendment No. 167 on September 1, 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Acadian Asset Management LLC Code of Ethics dated January 2023 – filed herewith](d458923dex99p4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Aristotle Capital Management, LLC Code of Ethics dated October 4, 2022 – filed herewith](d458923dex99p5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Baillie Gifford Overseas Limited Code of Ethics dated October 2022 – filed herewith](d458923dex99p6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [BlueCove Limited Code of Ethics dated October 24, 2022 – filed herewith](d458923dex99p7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [Cedar Street Asset Management LLC Code of Ethics dated April 2019, filed with Post-Effective](https://www.sec.gov/Archives/edgar/data/793769/000119312519239003/d740852dex99p24.htm) [Amendment No. 151 on September 5, 2019](https://www.sec.gov/Archives/edgar/data/793769/000119312519239003/d740852dex99p24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [EARNEST Partners LLC Code of Ethics dated July 10, 2018, filed with Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/793769/000119312518346087/d658051dex99p8.htm) [No. 144 on December 10, 2018](https://www.sec.gov/Archives/edgar/data/793769/000119312518346087/d658051dex99p8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [Income Research + Management Code of Ethics dated July 14, 2022 – filed herewith](d458923dex99p10.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Jennison Associates LLC Code of Ethics dated October 31, 2022 – filed herewith](d458923dex99p11.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [LSV Asset Management Code of Ethics dated May 12, 2022 – filed herewith](d458923dex99p12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Marathon Asset Management LLP Code of Ethics dated November 4, 2022 – filed herewith](d458923dex99p13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [NZS Capital LLC Code of Ethics dated March 31, 2020 – filed with Post-Effective Amendment No. 164](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99p16.htm) [on June 4, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99p16.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Sands Capital Management, LLC Code of Ethics dated September 2020, filed with Post-Effective](https://www.sec.gov/Archives/edgar/data/793769/000119312521052554/d127232dex99p20.htm) [Amendment No. 163 on February 23, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521052554/d127232dex99p20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [Tekne Capital Management, LLC Code of Ethics dated December 2020 – filed with Post-Effective](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99p20.htm) [Amendment No. 164 on June 4, 2021](https://www.sec.gov/Archives/edgar/data/793769/000119312521183161/d176149dex99p20.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [Westfield Capital Management Company, L.P. Code of Ethics dated May 13, 2022 – filed herewith](d458923dex99p18.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| 101.DEF | XBRL Taxomony Extension Definition Linkbase |
| 101.LAB | XBRL Taxomony Extension Label Linkbase |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase |

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**Item 29. Persons Controlled by or Under Common Control with Registrant**

None

**Item 30. Indemnification**

The Registrant maintains directors and officers insurance that, subject to the terms, conditions and deductibles of the policy, covers Trustees and officers of the Registrant while acting in their capacities as such. The issuer of the policy is the Chubb Custom Insurance Company, Chubb Group of Insurance Companies.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "1933 Act"), may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 31. Business or Other Connections of Investment Adviser**

The business of Harbor Capital Advisors, Inc. is summarized under "The Adviser" section in the Prospectuses constituting Part A of this Registration Statement, which summaries are incorporated herein by reference.

The business or other connections of each director and officer of Harbor Capital Advisors, Inc. is currently listed in the investment adviser registration on Form ADV for Harbor Capital Advisors, Inc. (File No. 801-60367), and is hereby incorporated herein by reference thereto.

For information as to the business, profession, vocation or employment of a substantial nature of each director, officer or partner of each of the Subadvisers, reference is made to the respective Form ADV, as amended, filed under the Investment Advisers Act of 1940, each of which is incorporated herein by reference. The file number for each Subadviser is listed below.

---

| | |
|:---|:---|
| **File Number** | **Subadviser** |
| 801-121342 | 4BIO Partners LLP |
| 801-28078 | Acadian Asset Management LLC |
| 801-60014 | Aristotle Capital Management, LLC |
| 801-21051 | Baillie Gifford Overseas Limited |
| 801-121056 | BlueCove Limited |
| 801-114121 | Cedar Street Asset Management LLC |
| 801-56189 | EARNEST Partners, LLC |
| 801-29482 | Income Research + Management |
| 801-5608 | Jennison Associates LLC |
| 801-47689 | LSV Asset Management |
| 801-63397 | Marathon Asset Management LLP |
| 801-119089 | NZS Capital, LLC |
| 801-64820 | Sands Capital Management, LLC |
| 801-76834 | Tekne Capital Management, LLC |
| 801-69413 | Westfield Capital Management Company, L.P. |

---

------

**Item 32. Principal Underwriter**

(a) None

(b) The following table sets forth information concerning each director and officer of the Registrant's principal underwriter, Harbor Funds Distributors, Inc.:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Business Address** | **Positions and Offices**<br> **with Underwriter**<br>| **Positions and Offices with**<br> **Registrant**<br>|
| Charles F. McCain | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| &nbsp;&nbsp; Director, Chief Executive <br> Officer<br>| &nbsp;&nbsp; Chairman, Trustee and <br> President<br>|
| John S. Halaby | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| President |  |
| Erik D. Ojala | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| &nbsp;&nbsp; Director, Executive Vice<br> President and Chief <br> Compliance Officer<br>| Chief Compliance Officer |
| Gregg M. Boland | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| &nbsp;&nbsp; Senior Vice President and<br> AML Compliance Officer<br>| &nbsp;&nbsp; Vice President and AML <br> Compliance Officer<br>|
| Ben A. Coll | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| Senior Vice President |  |
| Ross W. Frankenfield | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Senior Vice President |  |
| Matthew D. McLaughlin | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| Senior Vice President |  |
| Rebecca Muse-Orlinoff | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Senior Vice President |  |
| Mary B. Gordon | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| Senior Vice President |  |
| Johanna Z. Vogel | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| Senior Vice President |  |
| Chase A. Bower | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| Senior Vice President |  |
| Dale J. Korman | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| Senior Vice President |  |
| Kurt G. Gustafson | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Senior Vice President |  |
| John Montague | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| Senior Vice President |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Business Address** | **Positions and Offices**<br> **with Underwriter**<br>| **Positions and Offices with**<br> **Registrant**<br>|
| Jacob J. Kunkel | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| &nbsp;&nbsp; Vice President, Chief Financial <br> Officer and Treasurer<br>|  |
| Stephanie A. Nee | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Vice President and Secretary |  |
| Joseph P. Alkaraki | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Vice President |  |
| Stephen J. Evangelista | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Vice President |  |
| Bryan P. Griffin | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Vice President |  |
| Steph R. Rezendes | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Vice President |  |
| Alexandra R. Richardson | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Vice President |  |
| Thomas J. Pelletier | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Vice President |  |
| Scott C. Sinclair | &nbsp;&nbsp; 33 Arch Street<br> 20th Floor<br> Boston, Massachusetts 02110<br>| Vice President |  |
| Joseph R. Shields | &nbsp;&nbsp; 111 South Wacker Drive<br> 34<sup>th</sup> Floor<br> Chicago, Illinois 60606<br>| Vice President |  |

---

(c) Not applicable

**Item 33. Location of Accounts and Records**

The books, accounts, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are maintained at the offices of the Registrant, Harbor Capital Advisors, Inc., Harbor Funds Distributors, Inc., and Harbor Services Group, Inc. each of which is located at 111 South Wacker Drive, 34th Floor, Chicago, IL 60606. Records also are maintained by each Fund's respective subadviser at their respective locations identified in this Registration Statement.

Records relating to the duties of the Registrant's custodian are maintained by State Street Bank and Trust Company, 1 Lincoln Street, Boston, Massachusetts 02111.

**Item 34. Management Services**

Not applicable

**Item 35. Undertakings**

None

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, the State of Illinois, on February 21, 2023.

Harbor Funds

By: /s/ Charles F. McCain

------

Charles F. McCain

President and Trustee

Pursuant to the requirements of the Securities Act, this Amendment has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signatures | Title | Date |
| /s/ Charles F. McCain<br>Charles F. McCain<br>| &nbsp;&nbsp;&nbsp;&nbsp; President and Trustee<br> (Principal Executive Officer)<br>| February 21, 2023 |
| /s/ John M. Paral<br>John M. Paral<br>| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer (Principal Financial and<br> Accounting Officer)<br>| February 21, 2023 |
| /s/ Scott M. Amero\*<br>Scott M. Amero<br>| Trustee | February 21, 2023 |
| /s/ Donna J. Dean\*<br>Donna J. Dean<br>| Trustee | February 21, 2023 |
| /s/ Robert Kasdin\*<br>Robert Kasdin<br>| Trustee | February 21, 2023 |
| /s/ Kathryn L. Quirk\*<br>Kathryn L. Quirk<br>| Trustee | February 21, 2023 |
| /s/ Douglas J. Skinner\*<br>Douglas J. Skinner<br>| Trustee | February 21, 2023 |
| /s/ Ann M. Spruill\*<br>Ann M. Spruill <br>| Trustee | February 21, 2023 |
| /s/ Landis Zimmerman\*<br>Landis Zimmerman<br>| Trustee | February 21, 2023 |

---

By\* /s/ Charles F. McCain

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles F. McCain

As Attorney-in-Fact

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: February 21, 2023

\* Pursuant to [Powers of Attorney dated December 15, 2022 filed with Post-Effective Amendment No. 170 on December 16, 2022](https://www.sec.gov/Archives/edgar/data/793769/000119312522307509/d402269dex99o.htm).

------

## Ex-99.D(35)

March 1, 2023

Harbor Capital Advisors, Inc.

111 South Wacker Drive, 34<sup>th</sup> Floor

Chicago, Illinois 60606-4302

**Investment Advisory Agreement** 

**(Harbor Convertible Securities Fund)** 

------

Dear Sirs:

Harbor Funds (the "Trust") has been organized under the laws of Delaware to engage in the business of an investment company. The shares of beneficial interest of the Trust ("Shares") are divided into multiple series, including Harbor Convertible Securities Fund (the "Fund"), as established pursuant to a written instrument executed by the Trustees of the Trust. Series may be terminated, and additional series established, from time to time by action of the Trustees. The Trust, on behalf of the Fund, has selected you to act as the investment adviser of the Fund and to provide certain other services, as more fully set forth below, and you are willing to act as such investment adviser and to perform such services under the terms and conditions hereinafter set forth. Accordingly, the Trust agrees with you as follows:

**1.**  **<u>Delivery of Fund Documents:</u>** The Trust has furnished you with copies properly certified or
authenticated of each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Agreement and Declaration of Trust of the Trust, as in effect on the date hereof (the "Declaration of
Trust").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** By-Laws of the Trust as in effect on the date hereof (the "By-Laws").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Resolutions of the Trustees selecting you as investment adviser and approving the form of this Agreement.

The Trust will furnish you from time to time with copies, properly certified or authenticated, of all amendments of or supplements to the foregoing, including future resolutions of the Trustees approving the continuance of the items listed in (c) above.

**2.**  **<u>Name of Fund:</u>** The Trust may use the name "Harbor Funds" or any name derived from
the name "Harbor Capital Advisors" in connection with the Fund only for so long as this Agreement or any extension, renewal or amendment hereof remains in effect, including any similar agreement with any organization which shall have
succeeded to your business as investment adviser. At such time as such an agreement shall no longer be in effect, the Trust (to the extent that it lawfully can) will cause the Fund to cease to use such a name or any other name indicating that it is
advised by or otherwise connected with you or any organization which shall have so succeeded to your business.

------

**INVESTMENT ADVISORY AGREEMENT** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

**3.**  **<u>Advisory and Other Services:</u>** You will regularly provide the Fund with investment
research, advice and supervision and will furnish continuously an investment program for the Fund consistent with the investment objectives and policies of the Fund. You will determine what securities and other financial instruments shall be
purchased for the Fund, what securities and other financial instruments shall be held or sold by the Fund, and what portion of the Fund's assets shall be held uninvested, subject always to the provisions of the Trust's Declaration of Trust
and By-Laws and of the Investment Company Act of 1940, as amended (the "Investment Company Act"), and to the investment objectives, policies and restrictions of the Fund, as each of the same shall be
from time to time in effect, and subject, further to such policies and instructions as the Trustees may from time to time establish. You shall advise and assist the officers of the Trust in taking such steps as are necessary or appropriate to carry
out the decisions of the Trustees and the appropriate committees of the Trustees regarding the conduct of the business of the Trust insofar as it relates to the Fund.

In addition to providing the Fund with investment advisory services, you will also regularly provide, or cause one of your affiliates to provide, the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** provide the Trust with office space, facilities, equipment and personnel as you deem necessary to provide for
the effective administration of the affairs of the Trust, including providing from among your directors, officers and employees, persons to serve as Trustees, officers and employees of the Trust and paying the salaries of such persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** coordinate and oversee the services provided by the Trust's transfer agent, custodian, legal
counsel and independent auditors, including serving as the liaison between such service providers and the Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** coordinate and oversee the preparation and production of meeting materials for the Trustees, as well as
such other materials as the Trustees may from time to time reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** coordinate and oversee the preparation and filing with the U.S. Securities and Exchange Commission
("SEC") of registration statements, notices, shareholder reports, proxy statements and other material for the Fund required to be filed under applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** develop and implement procedures for monitoring compliance with the Fund's investment objectives, policies
and guidelines and with applicable regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** provide legal and regulatory support for the Fund in connection with the administration of the affairs
of the Trust, including the assignment of matters to the Trust's legal counsel on behalf of the Trust and supervising the work of such outside counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** oversee the determination and publication of the Fund's net asset value in accordance with the
Trust's valuation policies;

------

**INVESTMENT ADVISORY AGREEMENT** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** prepare and monitor expense budgets for the Trust and the Fund, and review the appropriateness and arrange for
the payment of Fund expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** furnish to the Fund such other administrative services as you deem necessary, or the Trustees reasonably
request, for the efficient operation of the Trust and Fund.

**4.**  **<u>Subadvisers:</u>** You may engage one or more investment advisers which are either
registered as such or specifically exempt from registration under the Investment Advisers Act of 1940, as amended, to act as subadvisers to provide with respect to the Fund certain services set forth in Paragraphs 3 and 7 hereof, all as shall be set
forth in a written contract to which the Trust, on behalf of the Fund, and you shall be parties, which contract shall be subject to approval in accordance with the requirements of the Investment Company Act and as such requirements may be modified
by rule, regulation or order of the SEC. Subject always to the discretion and control of the Trustees, you will monitor and oversee each subadviser's management of the Fund's investment operations in accordance with the investment
objectives and related investment policies of the Fund, as set forth in the Trust's registration statement with the SEC and review and report to the Trustees periodically on the performance of such subadviser.

**5.**  **<u>Allocation of Charges and Expenses:</u>** You will pay the compensation and expenses of all
officers and executive employees of the Trust and will make available, without expense to the Trust, the services of such of your partners and employees as may duly be elected officers or Trustees of the Trust, subject to their individual consent to
serve and to any limitations imposed by law. You will pay the Trust's office rent and will provide investment advisory, research and statistical facilities and all clerical services relating to research, statistical and investment work. You
will pay all expenses you incur in the performance of your duties under this Agreement. You will not be required to pay any expenses of the Trust other than those specifically allocated to you in this Paragraph 5. In particular, but without limiting
the generality of the foregoing, you will not be required to pay: organization expenses of the Trust; clerical salaries; fees and expenses incurred by the Trust in connection with membership in investment company organizations; brokers'
commissions; payment for portfolio pricing services to a pricing agent, if any; legal, auditing or accounting expenses; taxes or governmental fees; the fees and expenses of the transfer agent of the Trust; the cost of preparing share certificates or
any other expenses, including clerical expenses of issue, redemption or repurchase of shares of beneficial interest of the Trust; the expenses of and fees for registering or qualifying securities for sale and of maintaining the registration of the
Trust and registering the Trust as a broker or a dealer; the fees and expenses of Trustees of the Trust who are not affiliated with you; the cost of preparing and distributing reports and notices to shareholders; the fees or disbursements of
custodians of the Trust's assets, including expenses incurred in the performance of any obligations enumerated by the Declaration of Trust or By-Laws of the Trust insofar as they govern agreements with
any such custodian; or litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Trust's business. You shall not be required to pay expenses of activities which are primarily intended to
result in sales of Shares of the Trust if and to the extent that (i) such expenses are required to be borne by a principal underwriter which acts as the distributor of the Trust's Shares pursuant to an underwriting agreement which provides
that the underwriter shall assume some or all of such expenses, or (ii) the Trust on behalf of the Fund shall have adopted a plan in conformity with Rule 12b-1 under the Investment Company Act providing
that the Trust (or some other party) shall assume some or all of such expenses. You shall be required to pay the foregoing expenses that are not required to be paid by the principal underwriter pursuant to the underwriting agreement or are not
permitted to be paid by the Trust (or some other party) pursuant to such a plan.

------

**INVESTMENT ADVISORY AGREEMENT** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

**6.**  **<u>Compensation of the Adviser:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** For all services to be rendered and payments made as provided in Paragraphs 3, 4 and 5 hereof, the Trust
on behalf of the Fund will pay you on the last day of each month a fee equal to the sum of 0.50% per annum of the average daily net assets of the Fund, as defined below. The "average daily net assets" of the Fund are defined as the
average of the values placed on the net assets as of 4:00 P.M. (New York time), on each day on which the net asset value of the Fund's portfolio is determined consistent with the provisions of Rule 22c-1 under the Investment Company Act or, if the Fund lawfully determines the value of the net assets of its portfolio as of some other time on each business day, as of such time. The value of the net assets of the Fund shall be determined pursuant to
the applicable provisions of the Declaration of Trust of the Trust. If the determination of net asset value is suspended for any particular business day, then for the purposes of this Paragraph 6, the value of the net assets of the Fund as last
determined shall be deemed to be the value of the net assets as of the close of the New York Stock Exchange, or as of such other time as the value of the net assets of the Fund's portfolio may lawfully be determined, on that day. If the
determination of the net asset value of the Shares of the Fund has been suspended for a period including such month, your compensation payable at the end of such month shall be computed on the basis of the value of the net assets of the Fund as last
determined (whether during or prior to such month). If the Fund determines the value of the net assets of its portfolio more than once on any day, the last such determination thereof on that day shall be deemed to be the sole determination thereof
on that day for the purposes of this Paragraph 6. If this Agreement is terminated as of any date not the last day of a month, such fee shall be based on the average daily net assets of the Fund in that period from the beginning of such month to such
date of termination, and shall be the proportion of such average daily net assets as the number of calendar days in such period bears to the number of calendar days in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** You agree that your compensation for any month shall include, and thus be reduced by, the amount, if any, which
you pay to any subadviser engaged pursuant to Paragraph 4 hereof. You agree that the Trust on behalf of the Fund shall not be required to pay any fee to any such subadviser.

------

**INVESTMENT ADVISORY AGREEMENT** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

**7.**  **<u>Avoidance of Inconsistent Position:</u>** In connection with purchases or sales of portfolio
securities and other financial instruments for the account of the Fund, neither you nor any of your partners, directors, officers or employees nor any subadviser engaged by you pursuant to Paragraph 4 hereof will act as a principal or agent or
receive any commission. You or your agent shall arrange for the placing of all orders for the purchase and sale of portfolio securities and other financial instruments for the Fund's account with brokers or dealers selected by you. In the
selection of such brokers or dealers and the placing of such orders, you are directed at all times to seek for the Fund the most favorable execution and net price available. It is also understood that it is desirable for the Fund that you have
access to supplemental investment and market research and security and economic analyses provided by certain brokers who may execute brokerage transactions at a higher cost to the Fund than may result when allocating brokerage to other brokers on
the basis of seeking the most favorable price and efficient execution. Therefore, you are authorized to place orders for the purchase and sale of securities and other financial instruments for the Fund with such certain brokers, subject to review by
the Trustees from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to you in connection with your services to other clients. If any occasion should
arise in which you give any advice to clients of yours concerning the Shares of the Fund, you will act solely as investment counsel for such clients and not in any way on behalf of the Fund. Your services to the Fund pursuant to this Agreement are
not to be deemed to be exclusive and it is understood that you may render investment advice, management and other services to others.

**8.**  **<u>Limitation of Liability of Adviser:</u>** You shall not be liable for any error of judgment or
mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on your part in the performance of your duties or
from reckless disregard by you of your obligations and duties under this Agreement. Any person, even though also employed by you, who may be or become an employee of and paid by the Trust or the Fund shall be deemed, when acting within the scope of
his employment by the Trust, to be acting in such employment solely for the Trust and not as your employee or agent.

**9.**  **<u>Duration and Termination of this Agreement:</u>** This Agreement shall remain in force until
March 1, 2024 and from year to year thereafter, but only so long as such continuance is specifically approved at least annually in the manner prescribed in the Investment Company Act and the rules and regulations thereunder. This Agreement may,
on 60 days written notice, be terminated at any time without the payment of any penalty, by the Trustees, by vote of a majority of the outstanding voting securities of the Fund, or by you. This Agreement shall automatically terminate in the event of
its assignment. In interpreting the provisions of this Agreement, the definitions contained in Section 2(a) of the Investment Company Act (particularly the definitions of "interested person," "assignment" and "majority
of the outstanding voting securities"), as from time to time amended, shall be applied, subject, however, to such exemptions as may be granted by the SEC by any rule, regulation or order.

**10.**  **<u>Amendment of this Agreement:</u>** No provisions of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Agreement shall be effective until approved by vote
of the Trustees, including a majority of the Trustees who are not interested persons of you or of the Trust, cast in person at a meeting called for the purpose of voting on such approval and no *material* amendment of this Agreement shall be
effective until approved by vote of the holders of a majority of the outstanding voting securities of the Fund <u>and</u> by the Trustees, cast in person at a meeting called for the purpose of voting on such approval.

**11.**  **<u>Governing Law:</u>** This Agreement shall be governed by and construed in accordance with the
laws of the State of Illinois, without giving effect to the choice of law principles thereof, and the Investment Company Act. To the extent that the applicable laws of the State of Illinois conflict with the applicable provisions of the Investment
Company Act, the latter shall control.

------

**INVESTMENT ADVISORY AGREEMENT** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

**12.**  **<u>Miscellaneous:</u>** It is understood and expressly stipulated that neither the holders of
shares of the Trust or the Fund nor the Trustees shall be personally liable hereunder. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect
their construction or effect. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

The name "Harbor Funds" is the designation of the Trustees for the time being under the Declaration of Trust dated June 8, 1993, as amended from time to time, and all persons dealing with the Trust or the Fund must look solely to the property of the Trust or the Fund for the enforcement of any claims against the Trust as neither the Trustees, officers, agents or shareholders assume any personal liability for obligations entered into on behalf of the Trust. No series of the Trust shall be liable for any claims against any other series of the Trust.

**13.**  **<u>Confidentiality</u>.** You shall maintain all non-public information regarding the Fund's portfolio, including the list of portfolio securities and other financial instruments held by the Fund, which you receive or have access to in the course of
performing your duties hereunder as strictly confidential. You shall not disclose or disseminate such non-public information to any third party unless such disclosure is approved in writing by the Fund. You
shall not use non-public information regarding the Fund's portfolio as a basis to place or recommend any transactions in securities or other financial instruments for yourself or any third party.

If you are in agreement with the foregoing, please sign the form of acceptance on the accompanying counterpart of this letter and return such counterpart to the Trust, whereupon this letter shall become a binding contract.

---

| | |
|:---|:---|
| **HARBOR FUNDS ON BEHALF OF** | **HARBOR FUNDS ON BEHALF OF** |
| **HARBOR CONVERTIBLE SECURITIES FUND** | **HARBOR CONVERTIBLE SECURITIES FUND** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain |
|  | President |

---

------

**INVESTMENT ADVISORY AGREEMENT** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

The foregoing Agreement is hereby accepted as of the date thereof.

---

| | |
|:---|:---|
| **HARBOR CAPITAL ADVISORS, INC.** | **HARBOR CAPITAL ADVISORS, INC.** |
| By: | /s/ Kristof Gleich |
|  | Kristof Gleich |
|  | President |

---

## Ex-99.D(36)

March 1, 2023

BlueCove Limited

10 New Burlington Street

London W1S 3BE, United Kingdom

**Investment Advisory Agreement For Subadviser** 

**Harbor Convertible Securities Fund** 

------

Dear Sir or Madam:

Harbor Capital Advisors, Inc. (the "Adviser"), a Delaware corporation, with its principal offices at 111 South Wacker Drive, Chicago, Illinois 60606, is the investment adviser to Harbor Funds (the "Trust") on behalf of Harbor Convertible Securities Fund (the "Fund"). The Trust has been organized as a statutory trust under the laws of the State of Delaware to engage in the business of an investment company. The Trust is an open-end, management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The shares of beneficial interest of the Trust (the "Shares") are divided into multiple series, including the Fund, as established pursuant to resolutions adopted by the Board of Trustees of the Trust (the "Board" or the "Trustees"). Pursuant to authority granted the Adviser by the Trust's Trustees, the Adviser has selected BlueCove Limited ("you", "your" or "yourself") to act as the sole sub-investment adviser of the Fund and to provide certain other services, as more fully set forth herein (the "Agreement"). You are willing to act as such a sub-investment adviser and to perform such services under the Agreement. Accordingly, the Adviser and the Trust on behalf of the Fund, severally and not jointly, agree with you as follows:

**1.**  **<u>Delivery of Fund Documents</u>.** The Adviser has furnished you with copies, properly
certified or authenticated, of each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Agreement and Declaration of Trust of the Trust, as in effect on the date hereof (the "Declaration of
Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** By-Laws of the Trust as in effect on the date hereof (the "By-Laws"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Resolutions of the Trustees selecting the Adviser as investment adviser and you as a sub-investment adviser and approving the form of this Agreement.

The Adviser will furnish you from time to time with copies of all material amendments of or supplements to the foregoing.

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

**2.**  **<u>Advisory Services</u>.** You will regularly provide the Fund with advice concerning the
investment management of the Fund's assets, which advice shall be consistent with the investment objectives and policies of the Fund as set forth in the Fund's Prospectus and Statement of Additional Information, as amended or supplemented,
and any investment guidelines or other instructions received in writing from the Adviser (the "Guidelines"). The Board or the Adviser may, from time to time, make additions to and withdrawals from the assets of the Fund. You will determine
what securities and other financial instruments shall be purchased for the Fund's assets, what securities and other financial instruments shall be held or sold by the Fund's assets, and what portion of such assets shall be held uninvested,
subject always to the provisions of the Trust's Declaration of Trust and By-Laws, and to the investment objectives, policies and restrictions of the Fund, as each of the same shall be from time to time in
effect as set forth in the Fund's Prospectus and Statement of Additional Information, as amended or supplemented, or any investment guidelines or other instructions received by you in writing from the Adviser, and subject, further, to such
policies and instructions as the Board may from time to time establish and deliver to you. In accordance with paragraph 5, you or your agent shall arrange for the placing of all orders for the purchase and sale of portfolio securities with brokers
or dealers selected by you for the Fund.

Your investment authority shall include the authority to purchase, sell, cover open positions, and generally to deal in securities and financial instruments, such as financial futures contracts and options thereon, subject always to the investment objectives, policies and restrictions of the Fund as set forth in the Prospectus and Statement of Additional Information for the Fund. To implement your investment authority, you are authorized to: (i) open and maintain brokerage accounts for securities and derivative instruments, including financial futures and options and swaps (such accounts hereinafter referred to as "brokerage accounts") on behalf of and in the name of the Fund and (ii) execute for and on behalf of the Fund, standard customer agreements with a broker or brokers.

You shall have no responsibility for actions taken in reliance on the Declaration of Trust; the By-Laws; the Fund's written investment objectives and policies; the Prospectus and Statement of Additional Information; and written instructions, each as in effect from time to time. You will conform your conduct to, and will ensure that your management of the Fund's assets complies with, applicable requirements of the Fund's compliance policies and procedures adopted pursuant to Rule 38a-1 under the Investment Company Act provided to you ("Fund Policies and Procedures"), the Investment Company Act and Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"), and all rules and regulations thereunder, the requirements for qualification of the Fund as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), all other applicable federal and state laws and regulations, and with the provisions of the Fund's Prospectus and Statement of Additional Information, as amended or supplemented, included in the Fund's effective registration statement filed on Form N-1A under the Securities Act of 1933, as amended ("Securities Act"), and the Investment Company Act (the "Registration Statement").

The Board has delegated to you discretionary authority to exercise voting rights with respect to all proxies solicited by or with respect to the issuers of securities and other investments in the Fund. You shall be responsible for the administration of the proxy voting process and exercise these voting rights or refrain from voting in accordance with your then-current proxy voting policy, procedures and/or guidelines, as provided to us from time to time and based on the best interests of the Fund's shareholders. You are authorized to instruct the Fund's custodian as necessary in order for you to receive proxies and shareholder communications relating to securities held in the Fund. You will maintain appropriate records detailing your voting of proxies on behalf of the Fund and, upon the Adviser's reasonable request, will provide a report setting forth the names of the issuers, proposals voted on, how the Fund's shares were voted and your resolution of any conflicts of interest. For the avoidance of doubt, you will not be responsible for filing Form N-PX or any other regulatory filings in connection with your discretionary authority to exercise of voting rights with respect to the Fund.

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

You shall maintain written compliance policies and procedures pursuant to Rule 206(4)-7 under the Investment Advisers Act that are reasonably designed to ensure compliance by you with the Investment Advisers Act and the rules thereunder, which shall include compliance policies and procedures that are reasonably designed to prevent yourself and the Fund from violating the requirements referenced in the preceding paragraphs and applicable federal securities laws. You agree to provide the Trust and the Adviser with such reports and certifications and with such access to your officers and employees as the Trust or Adviser may reasonably request for the purpose of assessing the adequacy of your compliance policies and procedures. You agree to notify the Adviser immediately upon detection of any breach of any of the Fund's Policies and Procedures or Guidelines and of any violation of any applicable law or regulation, including the Investment Company Act and Subchapter M of the Code, relating to the Fund. You also agree to notify us promptly upon detection of any material violations of your compliance policies and procedures that relate to your management of the Fund or your activities as an investment adviser generally, when the violation could be considered material to your advisory clients.

You shall keep the Fund's books and records that are specified in this Agreement as required to be maintained by you and shall timely furnish to the Adviser all information relating to your services hereunder needed by the Adviser to keep other books and records of the Fund required by Rule 31a-1 under the Investment Company Act. You agree that all records which you maintain for the Fund are the property of the Fund and you shall surrender promptly upon request and without any charge to the Fund any of such records required to be maintained by you. Notwithstanding the foregoing, you shall be entitled to maintain copies of such records as are required to be maintained by you under applicable law and/or pursuant to your compliance policies and procedures.

Upon reasonable request from the Adviser, you will reasonably assist the Valuation Committee of the Adviser in valuing securities or other financial instruments of the Fund as may be required from time to time, including making available information of which you have knowledge related to the securities or other financial instruments being valued. You will not be responsible for determining or ratifying the valuations of the securities or other assets included in the Fund that are used by the Fund for purposes of determining its net asset value ("NAV") and assessing compliance with applicable laws and regulations and the Fund Policies and Procedures that depend on such valuations or NAV determinations.

If permitted under applicable law, you shall promptly provide the Trust and the Adviser with any non-public information you receive as a result of transactions entered into on behalf of the Fund that is not received by another service provider to the Fund regarding class action claims or any other legal matters involving any security or other financial instrument held in the Fund and shall cooperate with the Trust and the Adviser to the extent necessary for the Trust or the Adviser to pursue and/or participate in any such action or matter.

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

In the performance of your duties hereunder, you are and shall be an independent contractor and unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent the Trust or the Fund in any way or otherwise be deemed to be an agent of the Trust or the Fund or of the Adviser. You will make appropriate officers and employees available to meet, which may be done virtually or by teleconference, with the Trustees and the Trust's or Adviser's officers at least quarterly on due notice to review the investments and investment program of the Fund in light of current and prospective economic and market conditions. You will cooperate with the Trust's independent public accountants and take all reasonable action in the performance of services and obligations under this Agreement to assure that the information needed by such accountants is made available to them for the expression of their opinion without any qualification as to the scope of their audit, including, but not limited to, their opinion included in the Trust's annual report under the Investment Company Act and annual amendment to the Trust's registration statement under the Investment Company Act.

The Trust and the Adviser acknowledge that you are not authorized to hold client money or client assets, and you will not hold cash or assets on behalf of the Trust (but this shall not affect your ability to deal with investments on behalf of the Fund).

Nothing in this Agreement shall limit or restrict the right of any of your directors, officers and employees to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any business, whether of a similar or a dissimilar nature, nor limit or restrict your right to engage in any other business or to render service of any kind to any other corporation, firm, individual or association, except as specifically prescribed in paragraph 4.

You may not delegate to any person, including to one or more companies that you control, are controlled by, or are under common control with, or to specified employees of any such companies, any of your duties under this Agreement without the prior written consent of the Adviser.

**3.**  **<u>Allocation of Charges and Expenses</u>.** You will bear your own costs of providing
services hereunder. You will not be required to pay any expenses of the Fund, which include: (i) any Fund expenses payable by the Adviser under the Fund's agreement with the Adviser (the "Adviser Agreement"); (ii) costs of
borrowing money, including interest expenses; taxes and governmental fees; acquired fund fees and expenses; brokers' commissions and any other transaction-related expenses and fees arising out of transactions effected on behalf of the Fund;
litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business; and (iii) other expenses specified in the Advisory Agreement or disclosed in each Fund's prospectus
as payable by the Fund.

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

**4.**  **<u>Compensation of the Subadviser</u>.** For all investment management services to be
rendered hereunder, the Adviser will pay to you a fee, as set forth in Schedule A hereto, quarterly in arrears, based on a percentage of the average daily net assets (as defined below) of the portion of each Fund that you managed during the quarter.
"Average daily net assets" means the average of the values placed on the net assets of the Fund that you managed on each day on which the net asset value of the Fund's portfolio is determined. The net assets of the Fund are valued by
the Fund's custodian in the manner specified in the Fund's Prospectus and Statement of Additional Information, as amended or supplemented. If determination of the value of net assets is suspended for any particular business day, then for
the purposes of this paragraph 4, the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets. If the Fund's custodian determines the value of the net assets of the Fund's portfolio more
than once on any day, the last such determination thereof on that day shall be deemed to be the sole determination thereof on that day for the purposes of this paragraph 4.

**5.**  **<u>Avoidance of Inconsistent Position and Brokerage</u>.** In connection with purchases or
sales of securities and other financial instruments for the account of the Fund, neither you nor any of your directors, officers, employees or affiliates will act as a principal or agent or receive any compensation in connection with the purchase or
sale of securities and other financial instruments by the Fund, other than the compensation provided for in this Agreement, except as permitted by the Investment Company Act and approved by the Board. You or your agent shall arrange for the placing
of all orders for the purchase and sale of securities and other financial instruments for the Fund's account with brokers or dealers selected by you. In the selection of such brokers or dealers and the placing of such orders, you are directed
at all times to seek for the Fund the most favorable execution and net price available. You will pay directly out of your own resources for research. If any occasion should arise in which you give any advice to clients of yours concerning the Shares
of the Fund, you will act solely as investment counsel for such clients and not in any way on behalf of the Fund.

You will advise the Trust's custodian and the Adviser on a prompt basis of each purchase and sale of a security and other financial instrument, specifying the name of the issuer, the description and amount or number of shares of the security purchased, the market price, commission and gross or net price, trade date, settlement date and identity of the effecting broker or dealer and such other information as may be reasonably required. From time to time as the Board or the Adviser may request, you will furnish to the Trust's officers and to each of its Trustees reports on portfolio transactions and reports on issues of securities and other financial instruments held in the portfolios, all in such detail as the Trust or the Adviser may reasonably request.

On occasions when you deem the purchase or sale of a security or other financial instrument to be in the best interest of the Fund as well as other of your clients, you, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities or other financial instruments to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities or other financial instruments so purchased or sold, as well as the expenses incurred in the transaction, shall be made by you in the manner you consider to be the most equitable and consistent with your fiduciary obligations to the Fund and to such other clients.

**6.**  **<u>Limitation of Liability of Subadviser.</u>** You shall not be liable for any error of judgment
or mistake of law or for any loss suffered by the Fund or the Adviser in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on your part or from reckless
disregard by you of your obligations and duties under this Agreement.

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

**7.**  **<u>Representations and Warranties</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** You represent and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. You are an investment adviser registered under the Investment Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. You are registered as a Commodity Trading Advisor ("CTA") and a Commodity Pool Operator
("CPO") under the Commodity Exchange Act ("CEA") with the Commodity Futures Trading Commission ("CFTC") and you are a member of the National Futures Association ("NFA");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. You are a private limited company duly organized and properly registered and operating under the laws of
England and Wales with the power to own and possess its assets, perform your obligations under this Agreement, and to carry on your business as it is now being, and to be, conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The execution, delivery and performance of this Agreement are within your powers and have been duly authorized
by all necessary action and no action by or in respect of, or filing with, any governmental body, agency or official is required on your part for the execution, delivery and performance of this Agreement, and your execution, delivery and performance
of this Agreement does not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) your governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other
instrument binding upon you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. You will maintain insurance coverage in such amounts considered commercially reasonable and appropriate under
current industry practice for an investment adviser of your size and business model, as such may change from time to time, and will promptly provide the Adviser with notification of any materially adverse changes to or cancellation of such coverage;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. You will promptly notify the Adviser and the Trust if you suffer a material adverse change in your business
that would materially impair your ability to perform your relevant duties for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Adviser represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Adviser is an investment adviser registered under the Investment Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Adviser is or will be registered as a CTA and a CPO under the CEA with the CFTC and the NFA, or is not
required to register pursuant to an applicable exemption;

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Adviser is a Delaware corporation duly organized under the laws of the State of Delaware and in good
standing with the power to own and possess its assets, perform the Adviser's obligations under this Agreement, and to carry on the Adviser's business as it is being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The execution, delivery and performance of this Agreement are within the Adviser's powers and have been
duly authorized by all necessary action and no action by or in respect of, or filing with, any governmental body, agency or official is required on the Adviser's part for the execution, delivery and performance of this Agreement, and the
Adviser's execution, delivery and performance of this Agreement does not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Adviser's governing instruments, or
(iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The Adviser Agreement for the Fund includes the provisions required by Section 15(a) of the Investment
Company Act and was approved by: (i) the Board and its Trustees in accordance with the requirements of Section 15 of the Investment Company Act and (ii) "a majority of the outstanding voting securities" of each Fund, as such term
is defined in the Investment Company Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The Adviser has been duly authorized by the Fund's Board pursuant to the applicable Adviser Agreement to
delegate to you the provision of investment services to the Fund as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The Trust, on behalf of the Fund, represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Fund is a duly constituted series of the Trust with the power to own and possess its assets, perform the
Fund's obligations under this Agreement, and to carry on the Fund's business as it is being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Trust is duly organized under the laws of the State of Delaware and in good standing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The execution, delivery and performance of this Agreement are within the Fund's powers and have been duly
authorized by all necessary action and no action by or in respect of, or filing with, any governmental body, agency or official is required on the Fund's part for the execution, delivery and performance of this Agreement, and the Fund's
execution, delivery and performance of this Agreement does not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Fund's governing instruments, or (iii) any agreement,
judgment, injunction, order, decree or other instrument binding upon the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. To the best of the Trust's knowledge, the Fund's Registration Statement is currently effective and
complies in all material respects with the requirements of the Securities Act and the Investment Company Act and the rules and regulations thereunder;

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. To the best of the Trust's knowledge, the Fund is currently in material compliance and shall at all times
continue to materially comply with the requirements imposed upon the Fund by applicable law and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. the Fund has adopted and implemented written policies and procedures, as required by Rule 38a-1 under the Investment Company Act, which are reasonably designed to prevent violations of the federal securities laws by the Fund, its employees, officers and agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. the Fund has received a copy of your Form ADV (Parts 1 and 2); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. this Agreement has been approved: (a) by the Fund's Board and its Trustees in accordance with the
requirements of Section 15 of the Investment Company Act and (b) by a vote of "a majority of the Fund's outstanding voting securities" of the Fund, as such term is defined in the Investment Company Act, or otherwise in
accordance with any applicable exemption from such requirements granted to the Adviser and the Fund pursuant to an order issued by the U.S. Securities and Exchange Commission ("SEC").

**8.**  **<u>Duration and Termination of this Agreement; Survival</u>.** This Agreement shall remain
in force until March 1, 2025 and from year to year thereafter, but only so long as such continuance, and the continuance of the Adviser as investment adviser of the Fund, is specifically approved at least annually in the manner prescribed in
the Investment Company Act and the rules and regulations thereunder, subject however, to such exemptions as may be granted by the SEC by any rule, regulation or order. This Agreement may, on 30 days' written notice, be terminated at any time
with respect to the Fund without penalties charged to the Fund, by the Board, by vote of a majority of the outstanding voting securities of the Fund, by the Adviser, or by you. This Agreement will terminate immediately upon its assignment or the
assignment of the investment advisory agreement between the Adviser and the Trust, on behalf of the Fund. In interpreting the provisions of this Agreement, the definitions contained in Section 2(a) of the Investment Company Act (particularly
the definitions of "interested person", "assignment" and "majority of the outstanding voting securities"), as from time to time amended, shall be applied, subject however, to such exemptions as may be granted by the SEC
by any rule, regulations or order. The provisions of paragraphs 6, 10 and 13 shall survive the termination of this Agreement.

**9.**  **<u>Amendment of this Agreement</u>.** No provision of this Agreement may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought, and no material amendment of this Agreement shall be effective until
approved by the Board of Trustees, including a majority of the Trustees who are not interested persons of the Adviser or you or of the Trust.

It shall be your responsibility to furnish such information requested by the Board from you as may reasonably be necessary in order for the Trustees to evaluate this Agreement or any proposed amendments thereto for the purposes of casting a vote pursuant to paragraphs 8 or 9 hereof.

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

**10.**  **<u>Governing Law</u>** . This Agreement shall be governed by and construed in accordance with the
laws of the State of Illinois without regard to conflict of law principles and the Investment Company Act. To the extent that the applicable laws of the State of Illinois conflict with the applicable provisions of the Investment Company Act, the
latter shall control.

**11.**  **<u>Miscellaneous</u>** . It is understood and expressly stipulated that neither the holders of
Shares of the Trust or the Fund nor the Trustees shall be personally liable hereunder. All persons dealing with the Trust or the Fund must look solely to the property of the Trust or the Fund for the enforcement of any claims against the Trust or
the Fund as none of the Trustees, officers, agents or shareholders assume any personal liability for obligations entered into on behalf of the Trust or the Fund. No series of the Trust shall be liable for any claims against any other series or
assets of the Trust.

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The Schedule to this Agreement forms part of it.

This Agreement does not, and is not intended to, create any third-party beneficiary or otherwise confer rights, privileges, claims or remedies upon any shareholder or other person other than the parties (including the Trust with respect to the Fund) and their respective successors and permitted assigns.

The Adviser acknowledges that it has received information regarding your regulatory status.

**12.**  **<u>Prohibition on Consulting with other Subadvisers</u>.** You are not permitted to consult
with any other subadviser to the Trust with respect to transactions by the Fund in securities or other financial instruments.

**13.**  **<u>Confidentiality</u>.** You shall maintain all non-public information regarding the Fund's portfolio, including the list of portfolio securities held by the Fund, which you receive or have access to in the course of performing your duties hereunder as
strictly confidential. You shall not disclose or disseminate such non-public information to any third party unless such disclosure is made in the proper performance of your duties hereunder, approved in
writing by the Fund or the Adviser, or is otherwise required by law. Without limiting the generality of the foregoing, you may disclose information to the Fund's service providers in connection with your duties under this Agreement. You shall
not use your knowledge of non-public information regarding the Fund's portfolio as a basis to place or recommend any securities transactions for your own or your affiliates' (or your respective
directors, officers and employees) benefit to the detriment of the Fund. If you are requested or required by law to disclose any confidential information by any regulatory authority or pursuant to an order of a court or a facially valid
administrative, legislative or other subpoena, then to the extent permitted by applicable law you shall immediately notify the Adviser of the request to allow the Adviser the opportunity to legally contest or limit the scope and terms of any such
disclosure required by law. Information that was or becomes generally available to the public, other than as a result of disclosure by you in violation of this provision, will not be considered non-public or
confidential information for purposes of this paragraph.

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

The Adviser shall regard as confidential all information that it may receive related to your investment models, investment factors, and investment and trading processes that were utilized in making and implementing investment recommendations for the Fund under this Agreement. You retain all rights in and to any investment models, investment factors, investment and trading processes used by or on behalf of the Fund and any models, factors or processes based upon or derived from them, including any improvements thereon made in the course of providing services hereunder.

**14.**  **<u>Use of Names</u>** . Neither party shall use the name, trademark or trade name of the other party
or any of its affiliates in any advertising, promotional or other material, whether in written, electronic or other form, distributed to any unaffiliated third party without obtaining specific prior written approval of the non-disclosing party.

Notwithstanding the foregoing, both parties agree that for so long as the Fund remains in existence and you serve as subadviser to the Fund, subject to the terms of this paragraph 14, (i) the Adviser shall have a non-exclusive, non-transferable, royalty-free license to reproduce, distribute, publicly display or otherwise use your name, including any short form thereof, logo or other identifying mark, and trade name (collectively, the "Adviser Licensed IP") on its website and in advertising, promotional and marketing materials for the Trust (collectively, "Adviser Materials"); and (ii) the Sub-Adviser shall have a non-exclusive, non-transferable, royalty-free license to reproduce, distribute, publicly display or otherwise use each Fund's name, including any short form thereof, logo or other identifying mark, and trade name, along with your relationship with the Adviser and the Fund (collectively, the "Sub-Adviser Licensed IP") solely for the purpose of identifying the Fund and/or the Adviser as clients and as required by applicable law (collectively, "Sub-Adviser Materials").

The Adviser will be permitted to use the Adviser Licensed IP in any Adviser Materials solely for the purpose of identifying you as the subadviser to the Fund or including you in a listing of entities that serve as subadvisers to the series of the Trust, without your prior approval. With respect to all other Adviser Materials, the Adviser's use of the Adviser Licensed IP will be subject to your prior review and approval of a sample of such Adviser Materials, and you agree to use reasonable efforts to review such samples of Adviser Materials within five business days of their receipt. Following your review and approval of a sample of any Adviser Materials containing the Adviser Licensed IP, the Adviser will thereafter be permitted to modify such Adviser Materials (and use such modified Adviser Materials), without your approval, including, without limitation, in order to update statistical data or identifying information regarding any new or existing series or subadviser of the Trust, provided that the modifications do not materially change the character or substance of the Adviser Materials. Notwithstanding anything to the contrary herein, the Adviser agrees that it will provide copies of any Adviser Materials containing the Adviser Licensed IP for review by you, from time to time, upon your reasonable request.

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

The Adviser agrees that it will not edit, excerpt or modify the Adviser Licensed IP in any way. You and the Adviser both acknowledge that neither party will acquire any right, title or interest to the Adviser Licensed IP or the Sub-Adviser Licensed IP, respectively, or any of the goodwill associated therewith. The Adviser further agrees that it will be responsible for ensuring that all Adviser Materials containing the Adviser Licensed IP which are used to market the Fund to current and prospective investors will comply with applicable laws, rules and regulations. You further agree that you will be responsible for ensuring that all Sub-Adviser Materials containing the Sub-Adviser Licensed IP which are used as contemplated in this paragraph 14 will comply with applicable laws, rules and regulations.

*[Signatures appear on the following page]* 

------

**BLUECOVE LIMITED** 

**HARBOR CONVERTIBLE SECURITIES FUND** 

**MARCH 1, 2023** 

------

If you are in agreement with the foregoing, please sign the form of acceptance on the accompanying counterpart of this Agreement and return one such counterpart to the Fund and the other such counterpart to the Adviser, whereupon this Agreement shall become a binding contract.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

---

| | |
|:---|:---|
| **HARBOR FUNDS ON BEHALF OF** | **HARBOR FUNDS ON BEHALF OF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HARBOR CONVERTIBLE SECURITIES FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HARBOR CONVERTIBLE SECURITIES FUND** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain, President |
| **HARBOR CAPITAL ADVISORS, INC.** | **HARBOR CAPITAL ADVISORS, INC.** |
| By: | /s/ Kristof Gleich |
|  | Kristof Gleich, President |

---

The foregoing Agreement is hereby accepted as of the date thereof.

---

| | |
|:---|:---|
| **BLUECOVE LIMITED** | **BLUECOVE LIMITED** |
| By: | /s/ Alex Khein |
| Name: | Alex Khein |
| Title: | CEO |

---

## Ex-99.D(37)

![LOGO](g458923g0223031043603.jpg)

March 1, 2023

Charles F. McCain

Harbor Funds

111 South Wacker Drive, 34<sup>th</sup> Floor

Chicago, IL 60606

---

| | |
|:---|:---|
| RE: | **Contractual Expense Limitations – March 1, 2023 through February 29, 2024**  |

---

Dear Mr. McCain:

In connection with our service as investment adviser to the specific Harbor funds listed below, we hereby agree to limit the total annual operating expenses, excluding interest expense (if any), of each class of shares of such Harbor funds until February 29, 2024 in the manner set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor Disruptive Innovation Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.75% | 0.83% | 1.08% | 1.19% |
| **Harbor Large Cap Value Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.61% | 0.69% | 0.94% | 1.05% |
| **Harbor Mid Cap Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.80% | 0.88% | 1.13% | 1.24% |
| **Harbor Mid Cap Value Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.77% | 0.85% | 1.10% | 1.21% |
| **Harbor Diversified International All Cap Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.72% | 0.80% | 1.05% | 1.16% |
| **Harbor Global Leaders Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.78% | 0.86% | 1.11% | 1.22% |

---

111 SOUTH WACKER DRIVE, 34TH FLOOR \| CHICAGO, ILLINOIS 60606-4302

T 800-422-1050 \| F 312-443-4444 \| www.harborcapital.com

------

Mr. McCain

March 1, 2023

Page 2 of 3

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor International Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.69% | 0.77% | 1.02% | 1.13% |
| **Harbor International Growth Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.77% | 0.85% | 1.10% | 1.21% |
| **Harbor International Small Cap Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.88% | 0.96% | 1.21% | 1.32% |
| **Harbor International Core Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.77% | 0.85% | 1.10% | 1.21% |
| **Harbor Convertible Securities Fund** | **Retirement<br>Class** | **Institutional**<br>**Class** | **Administrative<br>Class** | **Investor<br>Class** |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.63% | 0.71% | 0.96% | 1.07% |
| **Harbor Core Plus Fund** | **Retirement<br>Class** | **Institutional<br>Class** | **Administrative<br>Class** |  |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.30% | 0.38% | 0.63% |  |
| **Harbor Core Bond Fund** | **Retirement<br>Class** | **Institutional<br>Class** |  |  |
|  Total annual Fund operating expenses (expressed as a percentage of average daily net assets) | 0.26% | 0.34% |  |  |

---

We shall have no ability to terminate or modify this expense limitation agreement through February 29, 2024. This agreement shall automatically expire without further action by the parties at the close of business on February 29, 2024.

Please acknowledge your agreement with the foregoing as of the date set forth above by signing in the space provided below and returning an executed original to my attention.

------

Mr. McCain

March 1, 2023

Page 3 of 3

---

| | |
|:---|:---|
| **HARBOR CAPITAL ADVISORS, INC.** | **HARBOR CAPITAL ADVISORS, INC.** |
| By: | /s/ Erik D. Ojala |
|  | Erik D. Ojala, Executive Vice President |

---

---

| | |
|:---|:---|
| Agreed and Accepted: | Agreed and Accepted: |
| **HARBOR FUNDS** | **HARBOR FUNDS** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain, President |

---

## Ex-99.D(38)

![LOGO](g458923g0223031043603.jpg)

March 1, 2023

Charles F. McCain

Harbor Funds

111 South Wacker Drive, 34<sup>th</sup> Floor

Chicago, IL 60606

---

| | |
|:---|:---|
| RE: | **Contractual Advisory Fee Waivers – March 1, 2023 through February 29, 2024**  |

---

Dear Mr. McCain:

In connection with our service as investment adviser to the specific Harbor funds listed below, we hereby agree to reduce our advisory fee with respect to each such Harbor fund until February 29, 2024 in the manner set forth below. This agreement may not be amended and shall automatically expire at the close of business on February 29, 2024 without further action by either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Harbor Capital Appreciation Fund: We agree to reduce our advisory fee from 0.60% to 0.56% on assets between
$5 billion and $10 billion, to 0.54% on assets between $10 billion and $20 billion and to 0.53% on assets over $20 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Harbor Mid Cap Value Fund: We agree to reduce our advisory fee from 0.75% to 0.70% on assets between
$350 million and $1 billion and to 0.65% on assets over $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Harbor Global Leaders Fund: We hereby agree to reduce our advisory fee rate from 0.75% to 0.70%.

Please acknowledge your agreement with the foregoing as of the date set forth above by signing in the space provided below and returning an executed original to my attention.

---

| | |
|:---|:---|
| **HARBOR CAPITAL ADVISORS, INC.** | **HARBOR CAPITAL ADVISORS, INC.** |
| By: | /s/ Erik D. Ojala |
|  | Erik D. Ojala, Executive Vice President |

---

---

| | |
|:---|:---|
| Agreed and Accepted | Agreed and Accepted |
| **HARBOR FUNDS** | **HARBOR FUNDS** |
| By: | /s/ Charles F. McCain |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles F. McCain, President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles F. McCain, President |

---

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

T 800-422-1050 \| F 312-443-4444 \| www.harborcapital.com

## Ex-99.E(2)

![LOGO](g458923g0223113724237.jpg)

March 1, 2023

Harbor Funds Distributors, Inc.

111 South Wacker Drive, 34<sup>th</sup> Floor

Chicago, Illinois 60606-4302

**Re: <u>Distribution Agreement (the "Agreement")</u>** 

Ladies and Gentlemen:

Attached is an amendment to the Agreement dated July 1, 2013, as amended, between Harbor Funds (the "Trust") and you. Pursuant to §15 of the Agreement, the Trust proposes that the Agreement be amended to replace Exhibit A to the Agreement which lists all of the series of the Trust which are included in and are covered by the Agreement.

Please indicate your acceptance of the foregoing by executing the two originals of this letter agreement, returning one to the Trust and retaining one for your records.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **Harbor Funds** | **Harbor Funds** |
| By: | /s/ Erik D. Ojala |
|  | Erik D. Ojala |
|  | Chief Compliance Officer |

---

---

| | |
|:---|:---|
| **Agreed and Accepted:**<br> **Harbor Funds Distributors, Inc.** | **Agreed and Accepted:**<br> **Harbor Funds Distributors, Inc.** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain |
|  | Chief Executive Officer |

---

------

**EXHIBIT A** 

**Harbor Funds:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Harbor Capital Appreciation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Harbor Convertible Securities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Harbor Core Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Harbor Core Plus Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Harbor Disruptive Innovation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Harbor Diversified International All Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Harbor Global Leaders Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Harbor International Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Harbor International Core Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Harbor International Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Harbor International Small Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Harbor Large Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Harbor Mid Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Harbor Mid Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Harbor Small Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Harbor Small Cap Value Fund

P.O. Box 804660 \| Chicago, I llinois 60680-4108

800-422-1050 \| www.harborfunds.com

Distributed by Harbor Funds Distributors, Inc.

## Ex-99.G(2)

![LOGO](g458923dsp2.jpg)

March 1, 2023

State Street Bank & Trust Company

1 Lincoln Street

Boston, MA 02111

Re: Harbor Funds (the "Trust")

In accordance with Paragraph 14 of the Custodian Contract dated November 19, 1986, as amended from time to time (the "Contract"), between the Trust and State Street Bank and Trust Company ("the "Custodian"), the Trust hereby requests that the Contract be amended to include each series of the Trust listed on Exhibit A hereto as a Fund thereunder, and that you render such services as Custodian for such Funds as provided for under the terms of the Contract.

Please acknowledge your agreement to the foregoing by executing two copies of this letter, returning one to the Trust and retaining one copy for your records.

---

| | |
|:---|:---|
| **HARBOR FUNDS** | **HARBOR FUNDS** |
| By: | /s/ Erik D. Ojala |
|  | Erik D. Ojala |
|  | Chief Compliance Officer |

---

Agreed to effective the 1<sup>st</sup> day of March, 2023

**STATE STREET BANK AND TRUST COMPANY** 

---

| | |
|:---|:---|
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President |

---

------

**EXHIBIT A** 

------

**Harbor Funds:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Harbor Capital Appreciation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Harbor Convertible Securities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Harbor Core Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Harbor Core Plus Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Harbor Disruptive Innovation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Harbor Diversified International All Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Harbor Global Leaders Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Harbor International Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Harbor International Core Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Harbor International Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Harbor International Small Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Harbor Large Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Harbor Mid Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Harbor Mid Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Harbor Small Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Harbor Small Cap Value Fund

## Ex-99.H(2)

**TRANSFER AGENCY AND SERVICE AGREEMENT** 

**FEE SCHEDULE** 

**Effective March 1, 2023** 

Fee Schedule for Services as Transfer Agent, Dividend Disbursing Agent and Shareholder Servicing Agent for the Institutional Class, Administrative Class, Investor Class and Retirement Class, as applicable, of the following Funds:

**HARBOR FUNDS** 

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

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

Fees for the Institutional Class and Administrative Class are based on the average daily net asset value of the respective Fund. Fees are billable on a monthly basis at a rate of up to 0.10% of the average daily net assets for the preceding month.

Fees for the Investor Class are based on the average daily net asset value of the respective Fund. Fees are billable on a monthly basis at a rate of up to 0.21% of the average daily net assets for the preceding month.

Fees for the Retirement Class are based on the average daily net asset value of the respective Fund. Fees are billable on a monthly basis at a rate of up to 0.02% of the average daily net assets for the preceding month.

All mass mailings to shareholders shall be the responsibility of each Fund, except that Harbor Services Group, Inc. shall provide the Fund with the appropriate mailing labels.

---

| | |
|:---|:---|
|  **HARBOR FUNDS on behalf of**<br> **each of the Funds listed above** | **HARBOR SERVICES GROUP, INC.** |
| /s/ Erik D. Ojala | /s/ Gregg M. Boland |
|  Erik D. Ojala, Chief Compliance Officer | Gregg M. Boland, President |

---

## Ex-99.I

![LOGO](g458923g0218130933291.jpg)

February 20, 2023

Harbor Funds

111 South Wacker Drive, 34<sup>th</sup> Floor

Chicago, IL 60606-4302

---

| | |
|:---|:---|
| **RE:** | **Post-Effective Amendment No. 171 to the Registration Statement on Form N-1A for Harbor Funds**  |

---

Ladies and Gentlemen:

This opinion is given in connection with the filing by Harbor Funds (the "Trust"), a Delaware statutory trust ("Trust"), of Post-Effective Amendment No. 171 to the Trust's Registration Statement on Form N-1A ("Registration Statement") under the Securities Act of 1933, as amended (the "1933 Act"), and Amendment No. 173 to the Registration Statement under the Investment Company Act of 1940, as amended (the "Amendment"). The Amendment is being filed for the purposes of (i) incorporating comments received from the staff of the Securities and Exchange Commission (the "Commission") with respect to the prospectus and statement of additional information; (ii) making other non-material changes to the prospectus and statement of additional information; (iii) updating the financial statements; and (iv) filing the required Interactive Data File.

In connection with the opinions set forth herein, I have examined the following Trust documents: the Trust's Agreement and Declaration of Trust; the Trust's By-Laws; pertinent provisions of the laws of the State of Delaware; and such other Trust records, certificates, resolutions, documents and statutes that I have deemed relevant in order to render the opinion expressed herein. In addition, I have reviewed and relied upon a Certificate of Good Standing dated February 13, 2023 issued by the Delaware Secretary of State.

In rendering this opinion I have assumed, without independent verification, (i) the due authority of all individuals signing in representative capacities and the genuineness of signatures; (ii) the authenticity, completeness and continued effectiveness of all documents or copies furnished to me; (iii) that any resolutions provided have been duly adopted by the Trust's Board of Trustees; (iv) that the facts contained in the instruments and certificates or statements of public officials, officers and representatives of the Trust on which I have relied for the purposes of this opinion are true and correct; and (v) that no amendments, agreements, resolutions or actions have been approved, executed or adopted which would limit, supersede or modify the items described above. Where documents are referred to in resolutions approved by the Board of Trustees, or in the Amendment, I have assumed such documents are the same as in the most recent form provided to me, whether as an exhibit to the Amendment or otherwise. When any opinion set forth below relates to the existence or standing of the Trust, such opinion is based entirely upon and is limited by the items referred to above, and I understand that the foregoing assumptions, limitations and qualifications are acceptable to you.

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

T 800-422-1050 \| F 312-443-4444 \| www.harborcapital.com

------

---

| |
|:---|
| Harbor Funds |
| Page 2 of 2 |
| February 20, 2023 |

---

Based on such examination, I am of the opinion that:

1. The Trust is a Delaware statutory trust duly organized, validly existing, and in good standing under the laws
of the State of Delaware; and

2. The shares of the Funds to be offered for sale by the Trust, when issued in the manner contemplated by the
Amendment when effective under the rules of the Commission, will be legally issued, fully-paid and non-assessable when sold in accordance with the terms of the Amendment and the requirements of applicable
federal and state law and delivered by the Trust against receipt of the net asset value of the shares.

In rendering the opinion above, insofar as it relates to the good standing and valid existence of the Trust, I have relied solely on a Certificate of the Secretary of State of the State of Delaware, dated as of February 13, 2023, and such opinion is limited accordingly and is rendered as of the date of such Certificate.

This opinion is limited to the Delaware Statutory Trust Act statute (which for this purpose includes applicable provisions of the Delaware Constitution and reported judicial decisions interpreting these laws), and I express no opinion with respect to the laws of any other jurisdiction or to any other laws of the State of Delaware. Further, I express no opinion as to compliance with any state or federal securities laws, including the securities laws of the State of Delaware.

---

| |
|:---|
|  Sincerely, |
|  /s/ Erik D. Ojala |
|  Erik D. Ojala |
|  General Counsel |

---

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

T 800-422-1050 \| F 312-443-4444 \| www.harborcapital.com

## Ex-99.J

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the references to our firm under the captions "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm and Financial Statements" in the Statement of Additional Information, each dated March 1, 2023, and each included in this Post-Effective Amendment No. 171 on the Registration Statement (Form N-1A, File No. 33-5852) of Harbor Funds (the "Registration Statement").

We also consent to the incorporation by reference of our report dated December 21, 2022, with respect to 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 and Harbor Small Cap Value Fund, (the "Funds") (sixteen of the funds constituting Harbor Funds) included in the Annual Report to Shareholders (Form N-CSR) for the year ended October 31, 2022, into this Registration Statement filed with the Securities and Exchange Commission.

![LOGO](g458923g0222131630770.jpg)

Chicago, IL

February 24, 2023

## Ex-99.P(1)

![LOGO](g458923dsp1.jpg)

------

CODE OF ETHICS FOR HARBOR TRUSTS

------

This Code of Ethics is divided into three parts. The first part contains the Statement of General Principles and Legal Requirements for each Harbor Funds and Harbor ETF Trust (each a "<u>Trust</u>" and together the "<u>Trusts</u>") and each series thereof a "<u>Fund</u>" and collectively, the "<u>Funds</u>". The second part of this Code of Ethics contains provisions relating exclusively to the Independent Trustees of the Trusts. The third part contains provisions applicable to all employees, directors and officers of Harbor Capital Advisors, Inc. ("**<u>Harbor Capital</u>**") as well as to access persons of each Trust who are also access persons of Harbor Capital. The fourth part contains recordkeeping and other miscellaneous provisions.

The Board of Trustees of each Trust has determined that the high standards established by Harbor Capital may, without change, be appropriately applied by each Trust to those access persons of the Trusts who are also access persons of Harbor Capital and, accordingly, may have opportunities for knowledge of and, in some cases, influence over, a Fund's portfolio transactions. The trustees who are unaffiliated with Harbor Capital (the "<u>Independent Trustees</u>") have comparatively less current knowledge and considerably less influence over specific purchases and sales of securities by the Funds. Therefore, this Code of Ethics contains separate provisions exclusively applicable to such Independent Trustees.

Any Advisory Board Member of a Trust who is not an interested person of such Trust within the meaning of Section 2(a)(19) of the 1940 Act will be treated as an Independent Trustee under this Code of Ethics and subject to the same provisions and requirements as an Independent Trustee.

Statement of General Principles

It is the policy of each Harbor Funds and Harbor ETF Trust that no access person will engage in any act, practice or course of conduct that would violate the provisions of Section 17 (j) of the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), and Rule 17j-1 thereunder. The fundamental position of the Trusts is, and has been, that each access person will place at all times the interests of the Funds and its shareholders first. Each access person must avoid any situation involving an actual or potential conflict of interest or possible impropriety with respect to his or her duties and responsibilities to the Funds. Each access person must not take advantage of his or her position of trust and responsibility with the Funds and must avoid any situation that might compromise or call into question his or her exercise of full independent judgment in the best interests of the Funds.

Accordingly, private financial transactions by access persons of the Funds must be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an access person's position of trust and responsibility.

Without limiting in any manner the fiduciary duty owed by access persons to the Funds or the provisions of this Code of Ethics, it should be noted that the Funds considers it proper that purchases and sales be made by its access persons in the marketplace of securities owned by the Funds; provided, however, that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in, this Code of Ethics. Such personal securities transactions should also be made in amounts consistent with the normal investment practice of the person involved, and with an investment, rather than a short-term trading, outlook. In making personal investment decisions with respect to any security, extreme care must be exercised by access persons to insure that the prohibitions of this Code of Ethics are not violated.

It bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code of Ethics will not automatically insulate from scrutiny personal securities transactions which show a pattern of abuse by an access person of his or her fiduciary duty to the Funds.

Code of Ethics for Harbor Trusts Page 1 of 7 Eff 12/01/2022

------

A. Legal Requirements

Section 17 (j) the 1940 Act provides, among other things, that it is unlawful for any affiliated person of the Funds to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by the Funds in contravention of such rules and regulations as the Securities and Exchange Commission (the "<u>Commission</u>") may adopt to define and prescribe means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative. Pursuant to Section 17 (j), the Commission has adopted rule 17j-1 which states that it is unlawful for any affiliated person of the Funds in connection with the purchase or sale of a security held or to be acquired (as defined in the Rule) by the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme or artifice to defraud the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Funds any untrue statement of a material fact or omit to state to the Funds a material fact
necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon
the Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Funds.

B. Definitions

For purposes of this Code of Ethics, the following definitions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term " <u>access person</u> " with respect to the Funds will mean any trustee, officer or advisory
person (as definedherein) of the Funds. The term "access person" with respect to Harbor Capital will mean all employees of Harbor Capital and any director or officer of Harbor Capital who, in the ordinary course of business makes,
participates in or obtains information regarding the purchase or sale of covered securities by the Funds, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Funds regarding the purchase
or sale of covered securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The term " <u>advisory person</u> " will mean (i) every trustee, director, officer or employee of
the Funds and Harbor Capital (or of any company in control relationship to the Funds and Harbor Capital) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale
of a security (as defined below) by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales and (ii) every natural person in a control relationship to the Funds and Harbor Capital who
obtains information concerning recommendations made to the Funds with regard to the purchase or sale of a security. Directors of Harbor Capital who (i) are not employees of Harbor Capital, (ii) are not involved in the day-to-day business activities of Harbor Capital, and (iii) do not have access to nonpublic information regarding any Fund's portfolio holdings, securities
transactions or investment recommendations, are not considered "advisory persons" under this Code of Ethics unless they obtain access to or come into possession of such nonpublic information or are otherwise designated as an access person
under Harbor Capital's Code of Ethics. The term "advisory person" will not mean, for purposes of this Code of Ethics, any employee, director or officer of any Investment Partner to the Funds that is not otherwise affiliated with
Harbor Capital.

Code of Ethics for Harbor Trusts Page 2 of 7 Eff 12/01/2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The term " <u>beneficial ownership</u> " will mean a direct or indirect "pecuniary interest"
(as defined in subparagraph (a) (2) of Rule 16a-1 under the Securities Exchange Act of 1934, as amended) that is held or shared by a person directly or indirectly (through any contract, arrangement,
understanding, relationship or otherwise) in a security. While the definition of "pecuniary interest" in subparagraph (a) (2) of Rule 16a-1 is complex, the term generally means the opportunity
directly or indirectly to provide or share in any profit derived from a transaction in a security. An indirect pecuniary interest in securities by a person would be deemed to exist as a result of:

ownership of securities by any of such person's immediate family members sharing the same household (including child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother- or father-in-law, sister- or brother-in-law, and son- or daughter-in-law) but the presumption of such beneficial ownership may be rebutted;

the person's partnership interest in the portfolio securities held by a general or limited partnership;

the existence of a performance-related fee (not simply an asset-based fee) received by such person as broker, dealer, investment adviser or manager to a securities account;

the person's right to receive dividends from a security provided such right is separate or separable from the underlying securities;

the person's interest in securities held by a trust under certain circumstances; and

the person's right to acquire securities through the exercise or conversion of a "derivative security" (which term excludes (a) a broad-based index option or future, (b) a right with an exercise or conversion privilege at a price that is not fixed, and (c) a security giving rise to the right to receive such other security only pro rata and by virtue of a merger, consolidation or exchange offer involving the issuer of the first security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The term " <u>control</u> " will mean the power to exercise a controlling influence over the management
or policies or the Funds or Harbor Capital, unless such power is solely the result of an official position with the Funds or Harbor Capital, all as determined in accordance with Section 2 (a) (9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The term " <u>Independent Trustee</u> " will mean a trustee of a Trust who  **<u>is not</u>** an "interested person" of such Trust within the meaning of Section 2 (a) (19) of the 1940 Act. Section 2(a)(19) of the Act authorizes the Commission to issue an order finding that a person is an "interested
person" due to a material business or professional relationship with a fund or certain persons or entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The term " <u>Funds</u> " will mean Harbor Funds and Harbor ETF Trust, each a Delaware statutory trust,
and any series of Harbor Funds and Harbor ETF Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The term " <u>managed account</u> " will mean a fully discretionary account opened or maintained by an
access person (or such access person's immediate family member) for which a registered investment adviser, bank or other investment manager acting in a similar fiduciary capacity, exercises sole investment discretion. Further, the access person
(or such access person's immediate family member) may not be consulted or have any input on specific transactions placed by the investment manager in the managed account prior to their execution. An account must be approved as a managed account
by a Designated Code of Ethics Officer, the Chief Compliance Officer, or General Counsel before it may be treated as such under this Code of Ethics. An access person requesting the approval of a managed account must submit documentation to assess
whether the account would qualify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The term " <u>material non-public information</u> " with
respect to an issuer will mean information, not yet released to the public, which would have a substantial likelihood of affecting a reasonable investor's decision to buy or sell any securities of such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The term " <u>purchase</u> " will include the writing of an option to purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The term " <u>Review Officer</u> " will mean the Chief Compliance Officer of the Funds or such officer
or employee of Harbor Capital designated from time to time by the Chief Compliance Officer to receive and review reports of purchases and sales by access persons of the Funds. The term " <u>Alternate Review Officer</u> " will mean the
officer(s) of the Funds or officer or employee of Harbor Capital designated from time to time by the Chief Compliance Officer to support the Review Officer. The Alternate Review Officer(s) will have the same authority to act under this Code of
Ethics as the Review Officer. The Alternate Review Officer will receive and review reports of purchases and sales by the Review Officer.

Code of Ethics for Harbor Trusts Page 3 of 7 Eff 12/01/2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The term " <u>sale</u> " will include the writing of an option to sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The term " <u>security</u> " will have the meaning set forth in Section 2 (a) (36) of the
1940 Act, except that it will not include shares of registered open-end investment companies other than shares of the Funds, securities issued by the United States government, short-term securities which are
"government securities" within the meaning of Section 2 (a) (16) of the 1940 Act, bankers' acceptances, bank certificates of deposit, commercial paper and such other money market instruments as may be designated from time to
time by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. A security is " <u>being considered for purchase or sale</u> " when a recommendation to purchase or
sell a security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The term " <u>significant remedial action</u> " will mean any action that has a material financial
effect upon an access person, such as firing, suspending or demoting the access person, imposing a substantial fine or requiring the disgorging of profits.

Rules Applicable to Independent Trustees

A. Prohibited Activities

While the scope of actions which may violate the Statement of General Principles set forth above cannot be defined exactly, such actions would always include at least the following prohibited activities.

No Independent Trustee may profit by securities transactions of a short-term trading nature (including market timing) involving shares of the Funds. Transactions which involve a purchase and sale, or sale and purchase, of shares of the same series of the Funds within thirty (30) calendar days will be deemed to be of a short-term trading nature and thus prohibited unless prior written approval of the transaction is obtained from the Chief Compliance Officer. This restriction does not apply to the Harbor Money Market Fund, Managed Accounts, an automatic dividend reinvestment plan or automatic investment, exchange or withdrawal plans.

No Independent Trustee will, directly or indirectly, purchase or sell securities in such a way that the Independent Trustee knew, or reasonably should have known, that such securities transactions compete in the market with actual or considered securities transactions for the Funds, or otherwise personally act to injure the Funds' securities transactions.

No Independent Trustee will use the knowledge of securities purchased or sold by the Funds or securities being considered for purchase or sale by the Funds to profit personally, directly or indirectly, by the market effect of such transactions.

No Independent Trustee will, directly or indirectly, communicate to any person who is not an access person any material non-public information relating to the Funds or any issuer of any security owned by the Funds, including, without limitation, non-public portfolio holdings information of the Funds and non-public information regarding the purchase or sale or considered purchase or sale of a security on behalf of the Funds.

B. Transactions Exempt from Preclearance

The Statement of General Principles and the Prohibited Activities set forth in the above Section I, Paragraph A and Section II, Paragraph A, respectively, will not be deemed to be violated by any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales for an account over which the Independent Trustee has no direct or indirect influence or
control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases or sales which are non-volitional on the part of the
Independent Trustee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases or sales pursuant to an automatic investment plan, which is a program by which regular periodic
purchases or withdrawals are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases made by exercising rights distributed by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired by the Independent Trustee from the issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Tenders of securities pursuant to tender offers which are expressly condition on the tender offer's
acquisition of all of the securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchases or sales in a Managed Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Purchases or sales of exchange-traded funds (ETFs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Purchases or sales for which the Independent Trustee has received prior written approval from the Chief
Compliance Officer or Review Officer. Prior approval will be granted only if a purchase or sale of securities is consistent with the purposes of this Code of Ethics, Section 17 (j) of the 1940 Act and Rule 17j-1 thereunder.

C. Personal Reporting Requirements

No Independent Trustee will be required to submit to the Funds a report of any securities transactions during each quarterly period in which such Independent Trustee has, or by reason of such transactions acquires or disposes of, any beneficial ownership of a security (whether or not one of the exemptions listed in Section B applies) unless such Independent Trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling his or her official duties as a trustee of the Funds, should have known that, during the fifteen (15) day period immediately preceding the date of the transaction by the Independent Trustee such security was purchased or sold by the Funds or such security was being considered by the Funds or Harbor Capital for purchase or sale by the Funds; provided that, because monitoring the publication of the portfolio holdings of series of Harbor ETF Trust is not construed to be within the ordinary course of fulfilling the duties of a trustee, the publication or availability of such portfolio holdings will not be construed to impart actual or constructive knowledge of such series' portfolio transactions on a trustee.. Any required report will contain the following information:

the trade date of each transaction and a description of each security;

the nature of each transaction (i.e., purchase, sale or other type of acquisition or disposition);

the price at which each transaction was effected and the number of units;

the name of the broker, dealer or bank with or through whom each transaction was effected; and

the date that the report was submitted by the access person;

Such report will be made not later than thirty (30) days after the end of each calendar quarter in which the transaction (s) to which the report relates was effected.

D. Annual Certification of Compliance

All Independent Trustees will certify annually that they (i) have read and understand this Code of Ethics and recognize that they are subject hereto, (ii) have complied with the requirements of this Code of Ethics and (iii) have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of this Code of Ethics.

E. Joint Participation

Independent Trustees should be aware that a specific provision of the 1940 Act prohibits such persons, in the absence of an order of the Commission, from effecting a transaction in which the Funds is a "joint or a joint and several participant" with such person. Any transaction which suggests the possibility of a question in this area should be presented to legal counsel for review.

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F. Electronic Reporting

Any of the information which is required to be submitted under this Code of Ethics may be submitted in electronic format.

Rules Applicable to Access Persons of the Funds Who Are Also Access Persons of Harbor Capital

A. Incorporation of Harbor Capital's Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The provisions of Harbor Capital's Code of Ethics, are incorporated herein by reference as the Funds'
Code of Ethics applicable to access persons (other than the Independent Trustees) of the Funds who are also access persons of Harbor Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A violation of Harbor Capital's Code of Ethics will constitute a violation of this Code of Ethics.

B. Reports

Access persons of the Funds who are access persons of Harbor Capital will file the reports required under Harbor Capital's Code of Ethics with the Review Officer and, if the Review Officer is an access person of the Funds, he or she will submit his or her reports to the Alternate Review Officer.

Miscellaneous

A. Recordkeeping Requirements

The Funds will maintain and preserve in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code of Ethics (and any prior code of ethics that was in effect at any time during the past five
years) for a period of five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of this Code of Ethics and of any action taken as a result of such violation for a
period of five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report (or computer printout) submitted under this Code of Ethics for a period of five years,
only those reports submitted during the previous two years must be maintained and preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A list of all persons who are, or within the past five years were, required to make reports pursuant to this
Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The names of each person who is serving or who has served as Review Officer within the past five years.

B. Confidentiality

All information obtained from any access person hereunder will be kept in strict confidence by the Funds, except that reports of securities transactions hereunder will be made available to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation.

C. Annual Review by the Board of Trustees

The Chief Compliance Officer of the Funds and Chief Compliance Officer of Harbor Capital must prepare an annual report to the Funds' Board of Trustees setting forth the following information relating to compliance with this Code of Ethics during the previous year:

A summary of existing procedures concerning personal investing and, for the Board's approval, any changes in the procedures made during the past year, provided however, that any material change to this Code of Ethics must be presented to the Board for approval within six months of such change;

Code of Ethics for Harbor Trusts Page 6 of 7 Eff 12/01/2022

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A report of any violations requiring significant remedial action during the past year;

A report of any waiver(s) granted during the past year from any provision of the respective codes of ethics for the Funds or Harbor Capital (which will not include pre-clearance or other approvals provided for in the codes, such as for managed accounts, as they are not considered waivers);

A summary of any recommended changes, for the Board's approval, in existing restrictions or procedures based upon the Funds' or Harbor Capital's experience under their respective codes of ethics, evolving industry practices or developments in applicable laws or regulations; and

A certification that the Funds and Harbor Capital have each adopted procedures which are reasonably necessary to prevent access persons from violating their respective codes of ethics.

D. Disclosure of Personal Securities Transactions

The Funds undertake to include in its Registration Statement disclosure relating to whether access persons are permitted to engage in personal securities transactions and the general restrictions and procedures by which access persons are governed in those transactions.

E. The Investment PartnerInvestment Partners to the Funds

Each such Investment Partner is subject to its own code of ethics, which must be approved by the Board of Trustees when the Investment Partner is initially engaged. Each Investment Partner is also required to inform the Board of any material change to the Investment Partner's Code of Ethics promptly. The Board of Trustees is required to approve any material change to the rInvestment Partner's Code of Ethics within six months of such change.

Each Investment Partner is required to certify quarterly that there have been no material violations of the Investment Partner's code of ethics during the most recent calendar quarter. If there have been any material violations of the Investment Partner's code of ethics, the Investment Partner must provide a report of such violations and what remedial action, if any, that was taken.

Each Investment Partner must also certify that it has adopted procedures reasonably necessary to prevent its access persons (as that term is defined in Rule 17j-1) from violating its code of ethics.

F. Amendment to the Code of Ethics

Any material amendment to this Code of Ethics or to Harbor Capital's Code of Ethics must be approved by the Board of Trustees within six months of such amendment. Any amendment to Harbor Capital's Code of Ethics will be deemed an amendment to this Code of Ethics effective thirty (30) days after written notice of each amendment will have been received by the Secretary of the Funds, unless the Funds' Board of Trustees expressly determines that such amendment will become effective at an earlier date or will not be adopted.

G. Interpretation and Waiver

The Funds' Board of Trustees may from time to time adopt such interpretations of this Code of Ethics as it deems appropriate.

The Chief Compliance Officer may, after consultation with the Chairman of the Board of Trustees, waive compliance by any person with respect to any provision of this Code of Ethics if he or she finds that such a waiver: (i) is necessary to alleviate hardship or in view of unforeseen circumstances and is otherwise appropriate under all the relevant facts and circumstances; (ii) will not be inconsistent with the purposes and objectives of this Code of Ethics; (iii) will not adversely affect the interests of the shareholders of the Funds; (iv) does not contravene applicable law; and (v) is not likely to permit a securities transaction or conduct that would violate provisions of applicable laws or regulations. However, waivers will be granted only in rare instances and some provisions of this Code of Ethics that are mandated by law or regulation cannot be waived. The Chairman, and not the Chief Compliance Officer, has authority to waive compliance by the Chief Compliance Officer with respect to any provision of this Code of Ethics in the circumstances discussed above. Any waiver will be in writing, will contain a statement of the basis for it, and a copy will be retained by the Review Officer for a period of five years.

*Effective December 1, 2022* 

Code of Ethics for Harbor Trusts Page 7 of 7 Eff 12/01/2022

## Ex-99.P(2)

![LOGO](g458923dsp009.jpg)

Code of Ethics and Standards of Conduct Effective December 1, 2022

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![LOGO](g458923snap0274.jpg)

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  **A MESSAGE FROM OUR CEO** | **3** |
|  **STANDARDS OF CONDUCT** | **4** |
|  **WHO IS SUBJECT TO HARBOR'S CODE OF ETHICS?** | **5** |
|  **SUMMARY OF REQUIREMENTS** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Certification Requirements** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Trading and Reporting Requirements** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PTA System** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Reportable Accounts** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Reportable Securities** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Harbor-Sponsored Product Holdings** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Personal Trading Preclearance Requirements** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial and Annual Holdings Reports** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Quarterly Transaction Reports** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Duplicate Statements and Trade Confirmations** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Trading Restrictions** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prohibited Activities** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Blackout Period** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Additional Requirements for Registered Representatives** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Additional Requirements for Investment Professionals** | **13** |
|  **COMPLIANCE WITH HARBOR'S CODE OF ETHICS** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Escalating Concerns** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Waivers of the Code of Ethics** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Confidentiality** | **16** |

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**MESSAGE FROM OUR CEO** 

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| | |
|:---|:---|
| ![LOGO](g458923g0217174614733.jpg) | We are privileged to be entrusted with the responsibility of managing our clients' money. This is a serious responsibility. Our clients have placed their trust in us to help them achieve their investment goals. Saving for retirement, buying a first home, paying for a child's college tuition are but some of the investment goals we are helping our clients to achieve.<br>We must earn our clients' trust each and every day. We do that by demonstrating through our words and actions our commitment to acting in the best interests of our clients. I appreciate that it may not always be easy to place our clients' interest ahead of our own personal interests. This is a commitment we must make not only to our clients but to each of our fellow Harbor employees if we are to be successful as a firm. |

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| | |
|:---|:---|
| Our success as a firm depends on our ability to work together, collaboratively, as One Harbor. We are so much greater together than the sum of our individual parts. With that collective strength comes collective responsibility. Each of us must act with high ethical and professional standards every day so that we support our Harbor colleagues who are making the same daily commitment back to us. A misstep by one of us is felt by all of us. | <br> **The reputation of a thousand years may be determined by the conduct of one hour.**<br>~ Japanese Proverb<br>|

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That does not mean that mistakes will never be made. Unfortunately, they will occur even with the best of intentions. Our commitment to our clients and to each other also means that we will acknowledge when something has gone wrong, fix it to the best of our ability and then learn from it to avoid repeating that misstep in the future.

This Code of Ethics and Standards of Conduct (the "**Code of Ethics**") is a formal policy to help guide our actions and describe the expectations that we keep for our fellow employees. It is important that each of us understand this Code of Ethics, agree to comply with its requirements, and uphold the ideals that are the foundation of Harbor.

Thank you for your continual efforts and service to our clients. Your acting with integrity will contribute to our future success.

Sincerely,

![LOGO](g458923g0217174615046.jpg)

Charles F. McCain

Chief Executive Officer

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**STANDARDS OF CONDUCT** 

The Code of Ethics applies to all employees and officers of Harbor Capital Advisors, Inc. ("**Harbor Capital**"), and its subsidiaries: Harbor Funds Distributors, Inc. ("**HFD**"), Harbor Trust Company, Inc., and Harbor Services Group, Inc. (collectively, "**Harbor**").

Our business is highly regulated, and we are committed as a firm to act with integrity and in accordance with both the letter and the spirit of the law.

The fundamental position of Harbor is, and has been, that each of our employees owes a fiduciary duty to the clients of Harbor to place the interests of those clients above the employees' own interests. All employees must conduct their activities and carry out their responsibilities at all times in accordance with the following standards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client interests must come first. Each employee will place at all times the interests of each client of Harbor
first. In particular, each employee must avoid serving his or her own personal interests ahead of the interests of Harbor clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each employee must avoid any situation involving an actual or potential impropriety with respect to his or her
duties and responsibilities to Harbor clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No employee will take advantage of his or her position of trust and responsibility at Harbor and must avoid any
situation that might compromise or call into question his or her exercise of full independent judgment in the best interests of Harbor clients.

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| | |
|:---|:---|
| <br> **Several other policies exist to ensure Harbor and its employees are held to the highest ethical standards, including:**<br>• Conflicts of Interest<br>• Gifts, Entertainment, Anti-Bribery and FCPA<br>• Insider Trading<br>• Outside Business Activities<br>• Political Contributions | • Avoid violations of the federal securities laws. No employee will engage in any act, practice or course of conduct that would violate any applicable federal securities laws<sup>1</sup>.<br>Harbor's policies reflect its desire to detect and prevent not only situations involving actual or potential conflict of interests, but also those situations involving an appearance of conflict or of unethical conduct. Harbor's business is one dependent upon public confidence. The mere appearance or possibility of doubtful loyalty is as important to avoid as actual disloyalty itself. The appearance of impropriety could tarnish Harbor's name and damage its reputation to the detriment of all those with whom we do business. |

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<sup>1</sup> Federal securities laws include the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Advisers Act of 1940, the Investment Company Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to investment advisers and investment companies, and any rules adopted thereunder by the SEC or the Department of Treasury. 

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**WHO IS SUBJECT TO HARBOR'S CODE OF ETHICS?** 

Permanent employees and interns of Harbor are subject to all requirements and responsibilities underlined in the Code of Ethics.

Temporary personnel (excluding interns) and consultants whose tenure with Harbor exceeds 60 consecutive days and who have access to Harbor's systems and network are subject to the Code of Ethics.

Independent Trustees<sup>2</sup> and Executive Directors of Harbor Capital not employed or compensated by Harbor are excluded from the "Personal Trading and Required Reporting" under this Code of Ethics.

Adherence to the Code of Ethics is a basic condition of employment. Failure to adhere to our Code of Ethics may result in disciplinary action, including termination of employment.

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<sup>2</sup> The term "<u>independent trustee</u>" refers to any trustee of Harbor Funds and Harbor ETF Trust (each a "Trust" and together the "Trusts") that is unaffiliated with Harbor Capital. The term "independent trustee" will mean a trustee of a Trust who <u>is not</u> an "interested person" of such Trust within the meaning of Section 2 (a) (19) of the 1940 Act. *Refer to the "Code of Ethics for Harbor Trusts****"*** *for more information.* 

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**SUMMARY OF REQUIREMENTS** 

Below is a summary of certifications, personal trade reporting, and preclearance requirements. These items are further described in this Code of Ethics.

Certification Requirements

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| | | |
|:---|:---|:---|
| **Upon Hire** | **Quarterly** | **Annually** |
| Due within 10 days of start date<br>• Initial Holdings of Reportable Securities (including holdings as of a date not more than 45 days prior to the date of hire)<br>• Reportable Accounts Certification<br>• Code of Ethics Certification | Due within 30 calendar days after each quarter end<br>• Quarterly Transactions Report<br>• Reportable Accounts Certification<br>• Code of Ethics Certification | Due within 45 calendar days after calendar year end<br>• Annual Holdings Certification<br>• |

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Personal Trading and Reporting Requirements<sup>3</sup>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Reporting Requirements** | **Reporting Requirements** | **Reporting Requirements** | **Personal Trading Requirements<sup>4</sup>** | **Personal Trading Requirements<sup>4</sup>** | **Personal Trading Requirements<sup>4</sup>** |
|  | **Initial**<br>**Holdings** | **Quarterly**<br>**Transactions** | **Annual**<br>**Holdings** | **Duplicate**<br>**Statements &**<br>**Confirms** | **Preclearance** | **30 Day Holding**<br>**Period** |
|  **Security Type** |  |  |  |  |  |  |
|  **Stocks, Bonds & Notes** | Y | Y | Y | Y | Y | Y |
|  **ETFs<sup>5</sup>** | Y | Y | Y | Y | N | Y |
|  **Options** | Y | Y | Y | Y | Y | Y |
|  **Affiliated Mutual Funds<sup>6</sup>** | Y | Y | Y | Y | N | Y |
|  **Non-Affiliated Mutual Funds** | N | N | N | N | N | N |
|  **Closed-End Funds** | Y | Y | Y | Y | Y | Y |
|  **Money Market Funds** | N | N | N | N | N | N |
|  **IPO's** | N/A | Y | Y | Y | Y | Y |
|  **Private Securities** | Y | Y | Y | Y | Y | Y |
|  **Account Type** |  |  |  |  |  |  |
|  **Managed Account** | Y | Y | Y | Y | Exempt | Exempt |
|  **Wrap Sponsored Program** | Y | Y | Y | Y | Exempt | Exempt |
|  **Non-Reportable**<br> i.e., 529 Plans | Exempt | Exempt | Exempt | Exempt | Exempt | Exempt |

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<sup>3</sup> Employees who are also **Registered Representatives** associated with HFD have an additional preclearance requirement pursuant to FINRA Rule 3210 related to the opening of an account at a **Financial Institution** and should refer to the "Reportable Accounts" section for more information. 

<sup>4</sup> Employees who are Investment Professionals are subject to additional personal trading requirements as described under section "Additional Requirements for Investment Professionals".

<sup>5</sup> Non-Affiliated and Harbor ETFs

<sup>6</sup> No reporting is required if account is directly held with Harbor under your SSN or through a Harbor retirement account.

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**PERSONAL TRADING AND REQUIRED REPORTING** 

PTA System

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|:---|:---|
| **FIS Protegent Personal Trading Assistant (PTA System) is the software utilized by Harbor to administer Harbor's Code of Ethics.** | ![LOGO](g458923g0217174616483.jpg) |

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The **Designated COE Officers** are identified on the home page of the PTA System.

Reportable Accounts

You are required to report all investment accounts with which you, your spouse, domestic partner, child, or any other immediate family member (living in the same household) have beneficial ownership or interests. **Reportable Accounts** include, but are not limited to, any account held at a broker-dealer or bank in which any securities are or could be held for the employee's direct or indirect benefit. A Reportable Account can exclusively hold non-reportable securities. Even if you choose to only invest in non-reportable securities, if your account has the ability to hold reportable securities as later described in this Code of Ethics, the account would be deemed a Reportable Account. Examples of Reportable Accounts are identified below:

---

| | |
|:---|:---|
| **Reportable** | **Non-Reportable** |
| • A brokerage account | • A direct mutual fund account |
| • A former 401(k) account that holds Reportable Securities | • A former 401(k) account that holds only mutual funds |
| • An IRA established at a broker-dealer or bank | • An IRA established directly with a mutual fund company and the investments are limited to such mutual fund company's offerings |
| • A transfer agent account (e.g., Computershare) that holds Reportable Securities | • An IRA established directly with a mutual fund company and the investments are limited to such mutual fund company's offerings |
| • A brokerage account that holds only mutual funds | • A cash savings account |
| • **A Wrap Account** | • A money market account |
| • An employee stock compensation account | • A cryptocurrency account (e.g., Bitcoin wallet) |
| • **A Managed Account** (requires approval) | • A 529 college savings plan |
| • An account that may hold **Affiliated Mutual Funds** | • **A Non-Controlled Account<sup>7</sup>**  |
| • **A Fidelity BrokerageLink<sup>®</sup>** self-directed brokerage account that you have added to your Harbor 401(k) account |  |

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<sup>7</sup> A **Non-Controlled Account** is an account which you may be presumed to have beneficial ownership of but you have (i) no direct or indirect influence or control over the account, and (ii) you are not consulted and do not have any input on specific transactions placed in the account prior to execution. 

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![LOGO](g458923snap0275.jpg)

**Account Exemptions** 

A **Managed Account** is a fully discretionary account opened or maintained by you (or immediate family member living in the same household) for which a broker, investment adviser, bank, etc., exercises sole investment discretion. You (or immediate family member) may not be consulted or have any input on specific transactions placed in the account prior to execution. A Managed Account may be exempted from the Code of Ethics' preclearance requirements and 30-day short-term trading restriction upon written request and approval by a Designated COE Officer, the Chief Compliance Officer, or General Counsel.

An asset allocation account or wrap sponsored program ("**Wrap Account**") by a financial institution such as a broker-dealer or bank where all investment and trading decisions are made by the program sponsor in accordance with a pre- determined asset allocation model (i.e., a hard coded model program) and the employee (or family member to the extent the employee is the beneficial owner of those shares) has no discretion over the particular investments selected or trades placed. A Wrap Account may be exempted from the Code of Ethics' preclearance requirements and 30-day short-term trading restriction upon written request and approval by a Designated COE Officer, the Chief Compliance Officer, or General Counsel.

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**Reportable Securities** 

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| | |
|:---|:---|
| **Reportable Securities include:** | **Reportable Securities DO NOT include:** |
| • Stocks (common and preferred) or other equity securities, including any security convertible into equity securities<br>• Bonds and Notes<br>• Exchange-Traded Funds (ETFs)<br>• Depositary Receipts<br>• Derivatives, including options and futures<br>• Closed-End Funds<br>• Real Estate Investment Trusts (REITs)<br>• Voluntary Corporate Actions<br>• Private Securities Transactions<br>• Limited Partnerships and Limited Liability<br>• Company interests<br>• Warrants and Rights<br>• Affiliated Mutual Funds<br>• Harbor-Sponsored Products<br>• Initial Public Offering (IPO) investments<br>• Initial Coin Offerings (ICOs) and Virtual Tokens | • Shares of non-affiliated open-end mutual funds<br>• Direct obligations of the U.S. Government<br>• Shares of money market funds<br>• Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality debt instruments, including repurchase agreements<br>• Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Affiliated Mutual Funds<br>• Cryptocurrencies |

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**Harbor-Sponsored Product Holdings** 

Ownership of shares or interests in a **Harbor-Sponsored Product** in any account held directly on Harbor's books and records or directly within a Harbor-sponsored retirement or employee benefit plan are not required to be reported under this Code of Ethics (shares or interests of Harbor-Sponsored Products held within a Fidelity BrokerageLink account connected to your Harbor 401(k) account are reportable). The ownership of shares or interests in a Harbor-Sponsored Product that is held directly on Harbor's books and records or directly within a Harbor-sponsored retirement or employee benefit plan are monitored by the Legal and Compliance Team. Reporting in the PTA System is required for any other type of account that may invest in a Harbor-Sponsored Product, which could include, for example, a spouse's 401(k) plan or a former employer's 401(k) plan.

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**Personal Trading Preclearance Requirements** 

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|:---|:---|
| Preclearance is required prior to trading into or out of Reportable Securities, unless an exception applies. Requests for preclearance are required to be entered in the PTA System. If your request has been approved or denied, you will receive immediate notification and are | <br>**Preclearance Window**<br>Once approved, a preclearance is valid 1 business day, the day of the request.<br>|
| only permitted to transact if your preclearance has been approved. A preclearance approval is valid for one (1) day, the day of request, (the "**Preclearance Window**"). If you do not execute your transaction within the Preclearance Window, an additional preclearance request must be submitted and approved prior to trading. If your preclearance request is denied, you are prohibited from buying or selling such security. | only permitted to transact if your preclearance has been approved. A preclearance approval is valid for one (1) day, the day of request, (the "**Preclearance Window**"). If you do not execute your transaction within the Preclearance Window, an additional preclearance request must be submitted and approved prior to trading. If your preclearance request is denied, you are prohibited from buying or selling such security. |

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<u>Note:</u> Participation in IPOs and private securities transactions also require preclearance approval by a Designated COE Officer and will be considered on a case-by-case basis.

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|:---|:---|
| ![LOGO](g458923g0217174616858.jpg) | **Caution on short sales, margin transactions, and options** |
| ![LOGO](g458923g0217174616858.jpg) | You may engage in short sale, margin transactions, and may purchase or sell options provided you receive preclearance. Please note, however, that these types of transactions are complex and can have unintended consequences. For example, any sale |
| by your broker to cover a margin call or to buy in a short position will be in violation of the Code of Ethics unless precleared. Likewise, any volitional sale of securities acquired at the expiration of a long call option will be in violation of the Code of Ethics unless precleared. A non-volitional exercise or expiration of options on securities does not require preclearance. You are responsible for ensuring any subsequent volitional actions relating to these types of transactions meet the requirements of the Code of Ethics. | by your broker to cover a margin call or to buy in a short position will be in violation of the Code of Ethics unless precleared. Likewise, any volitional sale of securities acquired at the expiration of a long call option will be in violation of the Code of Ethics unless precleared. A non-volitional exercise or expiration of options on securities does not require preclearance. You are responsible for ensuring any subsequent volitional actions relating to these types of transactions meet the requirements of the Code of Ethics. |

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**Preclearance Exceptions** 

• ETFs

• Dividend reinvestment plans

• Non-volitional transactions

• Holdings acquired through an Automatic Investment Plan

• Transactions in an Exempt Account, i.e., Managed Accounts, Wrap, Non-Controlled

Initial and Annual Holdings Reports

You must disclose all Reportable Accounts and all Reportable Securities you hold within 10 calendar days after you begin employment at or association with Harbor. You will be required to review and update your holdings and securities account information annually thereafter.

For initial holdings reports, holdings information must be current as of a date no more than 45 days prior to the date you became covered by the Code of Ethics. Please note that you cannot make personal trades until you have filed an initial holdings report via the PTA System.

Page 10 of 16

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![LOGO](g458923snap0275.jpg)

For subsequent annual reports, holdings information must be current as of a date no more than 45 days prior to the date the report is submitted. Please note that your annual holdings report must account for both volitional and non-volitional transactions.

At the time you file your intial and annual reports, you will be asked to confirm that you have read and understand the Code of Ethics.

New employees that fail to submit their initial certifications and initial holdings report within 10 calendar days of employment start date are prohibited from engaging in any transactions until such report is completed.

Quarterly Transaction Reports

You must submit a quarterly transaction report no later than 30 calendar days after each quarter end via the PTA System, even if you did not make any personal trades during that quarter. In the reports, you must either confirm that you did not make any personal trades (except for those resulting from non-volitional events) or provide information regarding all volitional transactions in Reportable Securities.

---

| |
|:---|
| **Non-volitional transactions include:** |
| • Investments made through automatic dividend reinvestment or rebalancing plans and stock purchase plan acquisitions |
| • Transactions that result from corporate actions applicable to all similar security holders (such as splits, tender offers, mergers, and stock dividends) |

---

**Duplicate Statements and Trade Confirmations** 

You are required to provide Harbor with duplicate copies of confirmations and periodic statements for all Reportable Securities transactions and Reportable Accounts. It is your responsibility to direct your broker to deliver duplicate confirmations and statements to Harbor. This applies to all accounts with Reportable Securities, including Managed Accounts. Certain brokers provide Harbor with brokerage account data directly to our PTA System on a daily basis, referred to as an electronic feed. Submission of transactions and holdings to Harbor via an electronic feed into the PTA System satisfies this duplicate copies requirement.

**Short-Term Trading Restrictions** 

Reportable Securities are subject to a 30-day holding period. Transacting in a Reportable Security requires it to be held for at least 30 calendar days prior to requesting to sell. Purchase date is considered calendar day 1 and the holding can be sold on calendar day 31. Conversely, if you have sold a Reportable Security in the last 30 calendar days, you will be prohibited from purchasing the security again until the 30 calendar days has lapsed. The short-term trading restriction does not apply to the following:

Page 11 of 16

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![LOGO](g458923snap0275.jpg)

**Short-Term Trading Exceptions** 

• Dividend reinvestments

• Non-volitional transactions

• Transactions in an Automatic Investment Plan

• Transactions in an Exempt Account, i.e., Managed Accounts, Wrap Account

Prohibited Activities

Transactions in any security while in possession of material non-public information are strictly prohibited. Such transactions are unethical and illegal. Refer to Harbor's *Insider Trading* policy for further information.

**Blackout Period** 

An employee may not, directly or indirectly, purchase or sell **any** security or equivalent security in which he or she has, or by reason of such purchase acquires, any beneficial ownership within a period of seven (7) calendar days after a client has purchased or sold such security.

---

| |
|:---|
| **FINRA Rule 3210 & 3280 Compliance** |
| Registered Representatives of HFD, **under Rule 3210**, are required to obtain approval **prior to opening an account** with a FINRA broker-dealer or other Financial Institution in which reportable securities transactions (as described in this Code) can be effected and in which the Registered Representative has beneficial interest. |
| Registered Representatives of HFD, **under Rule 3280**, are required to obtain approval from their supervisory principal **prior to engaging in a private securities transaction**. |

---

**Additional Requirements for Registered Representatives** 

**Reportable Accounts** 

Employees who are Registered Representatives associated with HFD, have a preclearance requirement related to opening an account at a **Financial Institution**<sup>8</sup>. Registered Representatives of HFD are required to obtain the written consent of HFD prior to opening an account with a FINRA broker-dealer or other Financial Institution in which reportable securities transactions can be effected and in which the Registered Representative has beneficial interest.

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<sup>8</sup> A **Financial Institution** includes, for purposes of FINRA Rule 3210, any broker-dealer registered under the Securities Exchange Act of 1934, any domestic or foreign broker-dealer that is not a member of FINRA, investment adviser, bank, insurance company, trust company, credit union, and investment company. 

Page 12 of 16

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![LOGO](g458923snap0275.jpg)

On the PTA System dashboard, there is an approval request form, "Registered Rep Request to Open/Maintain Account(s)," to complete for existing accounts (new hires or new Registered Representatives) and approval for a new account (existing Registered Representatives).

Once an account is approved in the PTA System, you are required to provide written notice to the FINRA broker-dealer or other Financial Institution of your association with HFD. In the case of a new hire or an existing employee becoming a Registered Representative of HFD, the Registered Representative must provide written notice to the FINRA broker-dealer or other Financial Institution of your association with HFD within 30 calendar days of becoming associated with HFD.

**Private Securities Transactions** 

Registered Representatives associated with HFD, are also required to preclear and obtain approval from their supervisory principal and the Legal and Compliance Team prior to engaging in a Private Securities Transactions. Preclearance for Private Securities Transactions can be made by submitting a personal trade request via the PTA System and answering "yes" to the Private Offering field of the preclearance form.

Registered Representatives should also refer to HFD's *Private Securities Transactions* policy for more detailed information around the requirements related to Rule 3280.

**Additional Requirements for Investment Professionals** 

Investment Professionals are employees who, in connection with their regular functions or duties, have portfolio management responsibilities, have direct authority to buy or sell securities in a client account, or assists operationally with the execution of such transactions in a client account. Investment Professionals are required to adhere to additional personal trading rules and restrictions related to the products by which they have these additional responsibilities. However, as no set of rules can anticipate every situation, you must remember to place our clients' interests first whenever you transact in securities that are also held in client accounts you manage.

**Investment Professional Blackout Period** 

An Investment Professional may not, directly or indirectly, purchase or sell any security or equivalent security in which he or she has, or by reason of such purchase acquires, any beneficial ownership within a period of seven (7) calendar days before and after any client has purchased or sold such security.

If you anticipate receiving a cash flow or redemption request in a client portfolio that will result in the purchase or sale of securities that you also hold in your personal account, you should take care to avoid transactions in those securities in your personal account in the days leading up to the client transactions. However, unanticipated cash flows and redemptions in client accounts and unexpected market events do occur from time to time, and a personal trade made in the prior 7 days should never prevent you from buying or selling a security in a client account if the trade would be in the client's best interest. If you find yourself in that situation and need to buy or sell a security in a client account within the 7 calendar days following your personal transaction in a security of the same issuer, you should attempt to notify a Designated COE Officer or the Chief Compliance Officer in advance of placing the trade. If you are unable to reach any of those individuals and the trade is time sensitive, you should proceed with the client trade and notify a Designated COE Officer or the Chief Compliance Officer promptly after submitting it.

Page 13 of 16

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![LOGO](g458923snap0275.jpg)

**Short Sales by an Investment Professional** 

An Investment Professional may not personally take a short position in a security of an issuer in which he or she holds a long position in a client account.

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![LOGO](g458923snap0274.jpg)

**COMPLIANCE WITH HARBOR'S CODE OF ETHICS** 

The Legal and Compliance Team is responsible for monitoring compliance with the Code of Ethics. Members of the Legal and Compliance Team will periodically request certifications and review holdings and transaction reports for potential violations. They may also request additional information or reports.

It is our collective responsibility to uphold the Code of Ethics. In addition to the formal reporting requirements described in this Code of Ethics, you have a responsibility to report any violations of the Code of Ethics. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code of Ethics, or become aware of a violation of the Code of Ethics by another individual, you should consult the Chief Compliance Officer, General Counsel, or a Designated COE Officer.

Potential violations of the Code of Ethics will be investigated and considered by a Designated COE Officer and/or members of the Legal and Compliance Team. All violations of the Code of Ethics will be reported to the Chief Compliance Officer. Violations are taken seriously and may result in sanctions or other consequences, including:

• A warning

• Referral to your direct manager and/or Department Head

• Reversal of a trade and/or disgorgement of profits

• A limitation or restriction on personal investing

• Termination of employment

• Referral to civil or criminal authorities

If you become aware of any potential conflicts of interest that you believe are not addressed by our Code of Ethics or other policies, please contact the Chief Compliance Officer or General Counsel. You also have the right to report violations of law or regulation directly to relevant government agencies. You do not need Harbor's prior authorization to make any such report or disclosures and are not required to notify Harbor that you have done so.

**Escalating Concerns** 

Harbor strives to create a "speak up" culture and encourages its employees to come forward with any compliance concerns. Harbor has adopted a *Whistleblowing* policy to facilitate the reporting of compliance concerns by providing an open and transparent environment in which employees feel safe to "speak up" through (i) multiple accessible channels to report compliance concerns in good faith and free from the risk of retaliation; and (ii) procedures to ensure that compliance concerns are investigated promptly, fairly and in accordance with legal obligations.

The *Whistleblowing* policy outlines the steps employees should take to report any compliance concern that they reasonably believe, or suspect have taken place or are taking place involving Harbor.

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![LOGO](g458923snap0275.jpg)

**Waivers of the Code of Ethics** 

Determinations as to the meanings and effects of this Code of Ethics may be made by the Chief Compliance Officer and/or General Counsel in the event of a dispute or matter of interpretation.

If necessary, after consultation with Harbor Capital's Chief Executive Officer and General Counsel, the Chief Compliance Officer may waive any requirement of this Code of Ethics if the Chief Compliance Officer finds that such a waiver: (i) is necessary to alleviate hardship and is otherwise appropriate under all facts and circumstances; (ii) will not be inconsistent with objectives of this Code of Ethics; (iii) will not adversely affect the interests of Harbor clients; (iv) does not violate applicable law; and (v) is not likely to allow a securities transaction or conduct that would violate applicable laws or regulations.

Waivers will be granted only in rare instances and must be in writing.

**Confidentiality** 

All information obtained from any employee hereunder will be kept in strict confidence by Harbor, except that reports of securities transactions hereunder will be made available to the Securities and Exchange Commission, or any other regulatory or self-regulatory organization, to the extent required by law or regulation.

Page 16 of 16

## Ex-99.P(4)

![LOGO](g458923g13l46.jpg)

**ACADIAN ASSET MANAGEMENT LLC** 

**CODE OF ETHICS** 

**JANUARY 2023** 

------

**Table of Contents** 

---

| | |
|:---|:---|
|  Summary of Material Code Changes | 5 |
|  Introduction | 6 |
|  General Principles | 7 |
|  Scope of the Code | 7 |
|  Persons Covered by the Code | 7 |
|  Reportable Investment Accounts | 8 |
|  Securities Covered by the Code | 9 |
|  Blackout Periods and Restrictions | 9 |
|  Short-Term Trading | 10 |
|  BrightSphere Stock | 10 |
|  Securities Transactions requiring Pre-clearance | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Public Offerings | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited of Private Offerings | 12 |
|  Exceptions specific to Certain Accounts and Transaction Types | 12 |
|  Standards of Business Conduct | 13 |
|  Compliance with Laws and Regulations | 13 |
|  Conflicts of Interest | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts among Client Interests | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Competing with Client Trades | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Personal Interest | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Referrals/Brokerage | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vendors and Suppliers | 14 |
|  Market Manipulation | 14 |
|  Insider Trading and Regulation FD | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material Non-public Information | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSIG and Nonpublic Acadian Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penalties | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regulation FD | 17 |
|  Gifts and Entertainment | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Statement | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gifts | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipt | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offer | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERISA, Taft Hartley and Public Plan Clients and Prospects | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 19 |

---

Updated as of January 2023 2

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providing | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accepting | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERISA, Taft Hartley and Public Plan Clients and Prospects | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense Reports for Gifts and Entertainment | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conferences | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reporting of Gifts and Entertainment | 20 |
|  Political Contributions and Compliance with the Pay-to-Play Rule Requirements | 20 |
|  Anti-bribery and Corruption Policy | 22 |
|  Charitable Contributions | 22 |
|  Confidentiality | 23 |
|  Service on a Board of Directors | 23 |
|  Partnerships | 24 |
|  Other Outside Activities | 24 |
|  Marketing and Promotional Activities | 24 |
|  Affiliated Broker-Dealers | 24 |
|  Compliance Procedures | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting of Access Person Investment Accounts | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duplicate Statements | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Securities Transactions Pre-clearance | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Approval of Political Contributions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reporting of Transactions | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reporting of Gifts and Entertainment | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reporting of Private Investments | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reporting of Political Contributions | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Acknowledgment | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MNPI Acknowledgment | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Reporting | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hire Reporting | 28 |
|  Review and Enforcement | 28 |
|  Certification of Compliance | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Certification | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acknowledgement of Amendments | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Certification | 29 |
|  Access Person Disclosure and Reporting | 29 |
|  Record keeping | 31 |
|  Form ADV Disclosure | 31 |
|  Administration and Enforcement of the Code | 31 |

---

Updated as of January 2023 3

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| | |
|:---|:---|
|  Responsibility to Know Rules | 31 |
|  Excessive or Inappropriate Trading | 32 |
|  Training and Education | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hires | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual | 32 |
|  Compliance and Risk Committee Approval | 32 |
|  Report to Fund CCOs and Boards | 32 |
|  Report to Senior Management | 32 |
|  Reporting Violations and Whistleblowing Protections | 33 |
|  Fraud Policy | 33 |
|  Sanctions | 35 |
|  Further Information about the Code and Supplements | 36 |
|  Persons Responsible for Enforcement and Training | 36 |
| Appendices (in pdf only) | 36 |
| A. CFA Institute Asset Manager Code of Professional Conduct | 36 |

---

Updated as of January 2023 4

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**Summary of Code Changes** 

Primarily non-material administrative updates and clarifications. Also added additional reporting requirements which were implemented during 2022.

Updated as of January 2023 5

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**Introduction** 

Acadian Asset Management LLC ("Acadian") has adopted this Code of Ethics (the "Code") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") and rule amendments under Section 204 of the Advisers Act. The Code sets forth standards of conduct expected of Acadian's employees, and certain consultants, and contractors. Acadian has also adopted the CFA Institute Asset Manager Code of Professional Conduct attached as Appendix A. Compliance with the Code is a condition of employment.

The policies and procedures outlined in the Code are intended to promote compliance with fiduciary standards by Acadian and our Access Persons. As a fiduciary, Acadian has the responsibility to render professional, continuous, and unbiased investment advice, owes our clients a duty of honesty, good faith and fair dealing, must act at all times in the best interests of our clients, and must avoid or disclose conflicts of interests.

This Code is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protect Acadian's clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guard against violations of the securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Educate Access Persons regarding Acadian's expectations and the laws governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remind Access Persons that they are in a position of trust and must act with complete propriety at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protect the reputation of Acadian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish policies and procedures for Access Persons to follow so that Acadian may determine whether Access
Persons are complying with our ethical principles and regulatory requirements.

This Code is based upon the principle that the members of our Board of Managers, Executive Management Team, Executive Committee, officers, and other Access Persons owe a fiduciary duty to, among others, our clients to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (i) materially serving their own personal interests ahead of clients; (ii) materially taking inappropriate advantage of their position with Acadian; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of Acadian's Chief Compliance Officer to report violations of the Code to Acadian's Compliance and Risk Committee, the Executive Management Team, the Executive Committee, and if deemed necessary, to our Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

**<u>My Compliance Office</u>**

My Compliance Office ("MCO"), (formerly Schwab Compliance Technologies ("SCT")), is the primary system we utilize to transmit all Code related requests and for required reporting.

Updated as of January 2023 6

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**Part 1. General Principles** 

Our principles and philosophy regarding ethics stress Acadian's overarching fiduciary duty to our clients and the obligation of our Access Persons to uphold that fundamental duty. In recognition of the trust and confidence placed in Acadian by our clients and to give effect to the belief that Acadian's operations should be directed to benefit our clients, Acadian has adopted the following general principles to guide the actions of our Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of clients are paramount. All Access Persons must conduct themselves and their operations to give
maximum effect to this belief by placing the interests of clients before their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal transactions in securities by Access Persons must be accomplished so as not to conflict materially
with the interests of any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Access Persons must avoid actions or activities that allow (or appear to allow) a person to profit or
benefit from his or her position with respect to a client, or that otherwise bring into question the person's independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Personal, financial, and other potentially sensitive information concerning the firm, our clients, our
prospects, and other Access Persons will be kept strictly confidential. Access Persons will only access this information if it is required to complete their jobs and will only disclose such information to others if it is required to complete their
jobs and to deliver the services for which the client has contracted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All Access Persons will conduct themselves honestly, with integrity and in a professional manner to preserve
and protect Acadian's reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. All Access Persons will comply with all laws and regulations applicable to our business activities.

The U.S. Securities and Exchange Commission (the "SEC") and U.S. federal law require that the Code not only be adopted but that it also is enforced with reasonable diligence.

The Compliance Group will keep records of any violation of the Code and of the actions taken as a result of such violations. Failure to comply with the Code may result in disciplinary action, including monetary penalties and the potential for the termination of employment. In addition, non-compliance with the Code can have severe ramifications, including enforcement actions by regulatory authorities, criminal fines, civil injunctions and penalties, disgorgement of profits, and sanctions on your ability to remain employed in any capacity in the investment advisory business.

**Part 2. Scope of the Code** 

**A.** **Persons Covered by the Code** 

Whether an individual is considered an "Access Person" or "Supervised Person" under the Code and thus subject to Code compliance is dependent upon various factors including: job responsibilities, systems access, and if a contractor, length and scope of engagement. Ultimate determination as to whether any individual or action is subject to or exempt from the Code, or if a Code exception should be granted, is left to the Chief Compliance Officer.

Updated as of January 2023 7

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An "Access Person(s)" includes employees, consultants, and contractors, whose job responsibilities require him or her to access Acadian's research and/or trading databases to perform their job requirements. Any other employee, consultant or contractor not meeting that definition is a "Supervised Person."

Certain *immediate family members<sup>1</sup>,* or other persons subject to the financial support of an Access Person, are subject to certain requirements imposed on an "Access Person" under the Code. For these individuals, an Access Person must report their covered investment accounts, pre-clear their personal securities transactions in covered securities in private investments and partnerships, ensure their personal securities transactions comply with blackout and sixty-day trading restrictions, and provide duplicate copies of their account statements upon request.

Each Access Person should inform a Compliance Officer when their immediate family members change. Each Access Person is also required to ensure that any immediate family member as defined herein, or person subject to the Access Person's financial support, is complying with applicable Code requirements. Access Persons should educate these individuals on their requirements. Oversight is a must. Non-compliance with the Code by any immediate family member will have the same ramifications on the Access Person as if it were the Access Person him or herself who did not comply.

Members of Acadian's Board of Managers employed by our immediate parent company, BrightSphere Affiliate Holdings, LLC or our ultimate parent company, BrightSphere Investment Group Inc ("BSIG or BrightSphere"), along with any other non-resident officer, director, manager or immediate family member of an Access Person, who is subject to another Code of Ethics that complies with Rule 204A-1 under the Advisers Act and whose Code has been reviewed and approved by Acadian's Chief Compliance Officer, or who does not have access to Acadian's internal research and trading databases, shall be exempt from the requirements imposed by this Code.

**B.** **Reportable Investment Accounts** 

Each Access Person must report any accounts in which he or she has a direct or indirect beneficial interest in which a covered security is eligible for purchase or sale. Examples of reportable accounts typically include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual and joint accounts including accounts established through your employment with Acadian such as a 401K
and/or deferred compensation account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts in the name of an *immediate family member* as defined in the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts in the name of any individual subject to your financial support

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trust accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estate accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts where you have power of attorney or trading authority

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other types of accounts in which you have a present or future interest in the income, principal or right to
obtain title to securities.

**<u>Exception</u>:** 529 plans that are not managed or offered by an affiliate are not considered a reportable account under the Code. Further, any transactions within such plans do not require pre-clearance or reporting on a holdings report.

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<sup>1</sup> An *immediate family member* is defined to include any relative by blood or marriage living in an Access Person's household who is subject to the Access Person's financial support or any other individual living in the household subject to the Access Person's financial support (spouse, minor children, a domestic partner etc.). 

Updated as of January 2023 8

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**C.** **Securities Covered by the Code** 

For purposes of the Code and our reporting requirements, the term "covered security" will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any stock or corporate bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depositary Receipts (e.g., ADRs, EDRs and GDRs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• municipal, Government Sponsored Entities (GSE) and agency bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment or futures contracts with the exception of currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commodity futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options or warrants to purchase or sell securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited partnerships meeting the SEC's definition of a "security" (including limited liability and
other companies that are treated as partnerships for U.S. federal income tax purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UITs, foreign (offshore) mutual funds, and closed-end investment
companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of open-end mutual funds, UCITS funds, and CITS that <u>are</u> advised or sub-advised by Acadian<sup>2</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• private investment funds (including Acadian managed commingled funds), hedge funds, and investment clubs.

Additional types of securities may be added at the discretion of the Compliance Group as new types of securities are offered and traded in the market and/or Acadian's business changes.

However, the following are excluded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt
obligations, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by money market funds (domiciled inside or outside the United States); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of open-end mutual funds that <u>are not</u> advised or sub-advised by Acadian or one of Acadian's affiliates, including all companies under the BrightSphere ownership umbrellas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 plans that are not managed or offered by an affiliate.

Cryptocurrencies:

Initial coin offerings ("ICOs") **<u>are securities</u>** under current SEC rules. As such, you are required to seek pre-approval for investments in ICOs, report the accounts you open to hold ICOs, and report transactions in ICOs (e.g. same as if you were buying an equity IPO). ICOs are subject to the 60-day hold requirements. Bitcoin ETFs would be subject to the same requirements.

Bitcoin, bitcoin cash and bitcoin futures **<u>are NOT securities</u>** under current SEC regulations and therefore "trading" in such cryptocurrencies are not reportable under the Code at this time.

**D.** **Blackout Periods and Restrictions.** 

Access Persons will be permitted to trade subject to the following conditions:

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<sup>2</sup> A transaction in fund advised or sub-advised by Acadian is subject to pre-clearance requirements unless the transaction is occurring in Acadian's 401K or deferred compensation plans. However, all holdings in such funds, including those owned in your 401K and deferred compensation accounts, must be reported on your year-end holdings report. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **No personal trades will be permitted in any individual security on the same day that Acadian trades that security or a similar line of the same security on behalf of any client.** 

For purposes of clarity, this applies to any individual stock, bond, ETF, Depositary Receipt, and to any individual security underlying any Depositary Receipt or a different class of the security (option as an example) being traded. For example, the purchase of an ADR would not be permitted if we were trading in the underlying security and vice versa.

Acadian's Compliance Group may allow exceptions to this "blackout" policy on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running, conflicts of interest, or client detriment, are not present and the equity of the situation strongly supports an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Short-Term Trading Restriction.** 

Access Persons are reminded that they are specifically prohibited from engaging in any form of market timing or short-term trading in funds advised or sub-advised by Acadian or in any other covered security.

For any transaction requiring preclearance, Acadian has adopted a sixty (60) day hold requirement in an effort to avoid conflicts of interests and to ensure that the interests of our clients are placed first. This requirement is intended to deter front running, market manipulation and the potential misuse of Acadian internal resources.

Acadian's Compliance Group may allow exceptions to this short-term trading restriction on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running or conflicts of interest, are not present <u>and</u> the equity of the situation strongly supports an exemption.

Unless an exception is granted by the Compliance Group, no Access Person may execute opposing trades (buy/sell, sell/buy) in a covered security within sixty (60) calendar days. Trades made in violation of this prohibition may be subject to being unwound or any profit realized may be subject to disgorgement to a charity or to a client if appropriate at the discretion of the Compliance Group.

An Access Person wishing to execute a short-term trade must request an exception when entering the pre-clearance request.

**E.** **BrightSphere Stock** 

<u>For Clients</u>:

Acadian is restricted from purchasing or recommending the purchase or sale of BrightSphere stock ("BSIG") on behalf of our clients.

<u>For Access Persons</u>:

Acadian Access Persons, Supervised Persons, or their immediate family members may invest in BSIG. To reduce the risk that such investment might be found to have resulted from insider trading or another violation of securities laws, BrightSphere has established a policy setting forth when trading in BSIG is not permitted or appropriate. This Policy applies to all Acadian Access Persons, Supervised Persons, or their immediate family members.

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**Mandatory Requirements/Prohibitions of BrightSphere's policy:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits trading in BSIG when in possession of material, nonpublic information ("MNPI").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits communicating MNPI to any third-party unless for legitimate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits engaging in any transaction involving BSIG during a blackout period. Blackout periods will be
communicated to Acadian compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits engaging in short sales of BSIG or trading in naked options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requires obtaining <u>pre-clearance from BSIG</u> prior to trading in any
BSIG security.

Please send your pre-clearance request to Acadian compliance and we will facilitate on your behalf with BSIG.

**F.** **Securities Transactions requiring Pre-clearance** 

With limited exceptions noted in section G below, discretionary transactions executed by an Access Person in the following covered securities must be "pre-cleared" with the Compliance Group in accordance with the procedures outlined herein prior to execution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any stock or corporate bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs comprised of less than 25 covered securities as defined in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depositary Receipts (e.g. ADRs, EDRs and GDRs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment or futures contracts with the exception of currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options or warrants to purchase or sell a covered security as defined by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited partnerships meeting the SEC's definition of a "security" (including limited liability and
other companies that are treated as partnerships for U.S. federal income tax purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UITs, foreign mutual funds, and closed-end investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of open-end mutual funds, UCITS fund, and CITS that <u>are</u> advised or sub-advised by Acadian (unless in the Acadian 401K or deferred compensation plan),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• private investment funds (including Acadian managed commingled funds), hedge funds, and investment clubs.

Additional types of securities may be added to the pre-clearance requirements at the discretion of the Compliance Group as new types of securities are offered and traded in the market and/or Acadian's business changes.

**Initial Public Offerings** Acadian as a firm typically does not participate in initial public offerings (IPO). Access Persons must pre-clear for their personal accounts purchases of any securities in an IPO. Such pre-clearance is <u>required</u> even if the purchase is made on behalf of the Access Person by a broker or investment adviser without the Access Person's influence or control in a fully discretionary managed account. Acadian will maintain a written record of any decision, and the reasons supporting the decision, to approve the personal acquisition of an IPO for at least five years after the end of the fiscal year in which the approval was granted. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that: (i) the investment did not result from directing the Firm's brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to eligible clients, and (iii) the Access Person's investment decisions for clients will not be unduly influenced by his or her personal holdings, and investment decisions are based solely on the best interests of clients.

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**Limited or Private Offerings** Access Persons must pre-clear for their personal accounts purchases or sales of any securities in limited or private offerings (commonly referred to as private placements). Such pre-clearance is <u>required</u> even if the transaction is made on behalf of the Access Person by a broker or investment adviser without the Access Person's influence or control in a fully discretionary managed account. Acadian will maintain a record of any decision, and the reasons supporting the decision to approve the personal acquisition of a private placement for at least five years after the end of the fiscal year in which the approval was granted. Before granting such approval, Acadian will evaluate such investment to determine that the investment creates no material conflict between the Access Person and Acadian. Acadian may consider approving the transaction if it can determine that: (i) the investment did not result from directing the Firm's brokerage business to the underwriter of the issuer of the security, (ii) the Access Person is not misappropriating an opportunity that should have been offered to eligible clients, and (iii) the Access Person's investment decisions for clients will not be unduly influenced by his or her personal holdings, and investment decisions are based solely on the best interests of clients. Access Persons are permitted to invest in private offerings offered and/or managed by Acadian provided they meet the investment qualifications of the particular investment.

Investment accounts established through your employment with Acadian, including your 401K account and any deferred compensation account, are reportable accounts but are exempt from the requirements to pre-clear trades. Notwithstanding, if any of the holdings in these accounts are in "affiliated" funds you must report any holdings on your year-end holdings report. For example, this would include the required reporting of any affiliate-managed fund in the deferred compensation plan as well as in the 401K plan.

**G.**  **<u>Exceptions specific to certain account and transaction types</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Other than transactions in Initial Public Offerings or Limited or Private Offerings as described above,
transactions occurring within investment accounts in which the Access Person had no direct or indirect influence or control over the transactions do not require pre-clearance, are not subject to blackout or
holding period restrictions, and do not require reporting on holding reports provided the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The account is disclosed to a compliance officer before trading commences and the compliance officer is provided
with necessary documentation to confirm that the Access Person will not have direct or indirect influence over transactions in the account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Access Person and/or the investment manager for the account provides written confirmation periodically at the
request of a compliance officer that the Access Person did not have any direct or indirect influence on any of the transactions executed in the account.

Examples of such accounts include accounts where the Access Person has granted to a broker, dealer, trust officer or other third-party non-Access Person full discretion to execute transactions on behalf of the Access Person without consultation or Access Person input or direction (an example would be Managed Accounts and the party directing the transaction has utilized such discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Transactions occurring within a reported investment account that are part of an automatic dividend reinvestment
plan, or a pre-established dollar cost averaging type contribution plan do not require pre-clearance, are not subject to blackout or holding period restrictions, and do
not require reporting on holding reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following transactions in covered securities within a reported investment account are exempt from the
Code's pre-clearance, blackout and short-term trading requirements but must be disclosed on year-end holding reports:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. purchases or sales that are involuntary on the part of the Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. purchases or sales within Acadian's 401k or deferred compensation plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. purchases or sales effected upon the exercise of rights issued by an issuer pro rata to all holders of a class
of our securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. purchases or sales of currencies and interest rate instruments or futures or options on them

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. purchases or sales of municipal, Government Sponsored Entities (GSE) and agency bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. purchases or sales of commodity futures or commodity future ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. purchase or sales of non-affiliated broad index ETFs (defined as having
minimum of 25 covered securities as defined by the Code)

**Part 3. Standards of Business Conduct** 

The Code sets forth standards of business conduct that we require of our Access Persons. Access Persons should maintain the highest ethical standards in carrying out Acadian's business activities. Acadian's reputation is one of our most important assets. Maintaining the trust and confidence of clients is a vital responsibility. This section sets forth Acadian's business conduct standards.

**A.** **Compliance with Laws and Regulations** 

Each Access Person must comply with all laws and regulations applicable to our business, including all securities laws, and all firm policies and procedures including, but not limited to, those found in this Code of Ethics, the Compliance Manual, the IT Security Policy, and the Employee Handbook. Access Persons are not permitted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. engage in any act, practice, or course of conduct that operates or would operate as a fraud, deceit, or
manipulative practice upon any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. make false or misleading statements, spread rumors, or fail to disclose material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. engage in any manipulative practice with respect to securities, including price or market manipulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. utilize or transmit to others "inside" information as more fully described herein.

**B.** **Conflicts of Interest** 

As a fiduciary, Acadian has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of our clients. Compliance with this duty can be achieved by trying to avoid conflicts of interest, including those between personal and Acadian related activities, and by fully disclosing all material facts concerning any conflict that does arise with respect to any client. Client specific conflicts are reviewed and addressed directly with the individual client. We conduct an ongoing review for actual and potential conflicts that may be systemic to Acadian and our processes. We disclose these conflicts as part of our Compliance Manual, which is typically updated annually, as well as in Form ADV, Part 2A, which is updated and delivered annually to each client. Examples of certain conflicts related to the Code include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Conflicts among Client Interests.** Conflicts of interest may arise where Acadian or our Access Persons
have reason to favor the interests of one client over another client (e.g., larger accounts over smaller accounts, accounts compensated by performance fees over accounts not so compensated, accounts in which Access Persons have made material
personal investments, or accounts of close friends or relatives of Access Persons, etc.). Access Persons are prohibited from engaging in inappropriate favoritism of one client over another client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Competing with Client Trades.** As referenced in the section on Personal Transactions, an Access Person is
prohibited from engaging in any securities transactions on the day Acadian trades in the security on behalf of a client and any other transaction that would result in a material negative impact to a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Disclosure of Personal Interest.** Access Persons are prohibited from recommending, implementing or
considering any securities transaction for a client without having first disclosed to the Compliance Group any material beneficial ownership, business or personal relationship, Board membership, or other material interest in the issuer. A member of
the Compliance Group will analyze the conflict and determine the appropriate course of action including potential recusal of the Access Person from the decision of the placement of the security at issue on a no-buy list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Referrals/Brokerage.** Access Persons are required to act in the best interests of our clients regarding
execution and other costs paid by clients for brokerage services. As part of this principle, Access Persons will strictly adhere to Acadian's policies and procedures regarding brokerage allocation, best execution, soft dollars and other related
policies. Access Persons should refrain from undertaking personal investment transactions with the same individual employee at a broker-dealer firm with whom Acadian conducts business for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Vendors and Suppliers.** Each Access Person is required to disclose any personal investments or other
interests in vendors or suppliers with respect to which that person negotiates or makes decisions on behalf of Acadian. Access Persons with such interests are prohibited from negotiating or making decisions regarding Acadian's business with
those companies.

**C.** **Market Manipulation** 

Access Persons are prohibited from making any statements or taking any action intended to manipulate the price of a security or the market for a security. Manipulative conduct includes the creation or spreading of false rumors or other information intended to influence the price of a security. Access Persons are advised to ensure any statement that they may make in a public forum is true, accurate, and not misleading. This includes any statements that you may make independent of your employment with Acadian or beyond your authority as an Access Person, including via any personal blogs, websites or chat rooms.

Acadian only permits employees to use Acadian approved electronic communication systems to send and receive external correspondence related to your role at Acadian. This includes, but it not limited to, sales and investment related correspondence. Acadian employees shall have no expectation of privacy in the content or attachments of any electronic communication sent or received through any approved electronic communication systems including, but not limited to, the Acadian email system, Bloomberg Email and Instant Messaging systems, Teams, and for those who have been pre-approved by the Compliance team, LinkedIn.

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The use of personal address email, text, instant messaging other than Bloomberg, or the use of personal social media sites such as Facebook, Twitter, Whats App, and LinkedIn to conduct Acadian related business or to solicit prospects or clients is prohibited unless preapproved in writing by a compliance officer.

**D.** **Insider Trading and Regulation FD** 

As a general rule, it is against the law to buy or sell any securities while in possession of material, non-public information relevant to that security (sometimes called "inside information"), or to communicate such information to others who trade on the basis of such information (commonly known as "tipping"). Information is "material" as to a security if a reasonable investor would consider the information significant in deciding whether to buy, hold or sell the security, i.e., any information that might affect the price of the security. Material information can be positive or negative and can relate to virtually any aspect of the Company's business.

Access Persons are prohibited from trading, either personally or on behalf of others, while in possession of material non-public information and from communicating material non-public information to others in violation of the law. This specifically includes personally trading or informing others of the securities held in a client portfolio or transactions contemplated on behalf of any client.

**Insider Trading - Material Non-Public Information.**

The term "material non-public information" relates not only to issuers but may also include Acadian's AUM, internal information, securities recommendations and client securities holdings and transactions. Information is "material" when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this is information the disclosure of which will have a substantial effect on the price of a company's securities. Examples of events or developments that should be presumed to be "material" with respect to Acadian's activities that should not be discussed outside Acadian and should only be discussed internally with those with a need to know include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowledge of a trend in revenues, earnings, or assets under management not yet fully disclosed to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition, material loss, or regulatory action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material change in the number of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant legal exposure due to actual, pending or threatened litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a purchase or sale of substantial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in senior management or other major personnel changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our auditors or a notification from its auditors that we may no longer rely on the auditor's
audit report.

These examples are illustrative only; many other types of information may be considered "material," depending on the circumstances. The materiality of particular information is subject to reassessment on a regular basis. Information is "non-public" as to a security until it has been effectively communicated to the marketplace through a press release or other appropriate news media and enough time has elapsed to permit the investment market to absorb and evaluate the information. In many cases, this process may require the passage of several trading days after any initial disclosure. If there can be any doubt whatsoever as to whether information has been effectively communicated to the marketplace, such information should be considered non-public until such time as there is no doubt. You should direct any questions about whether information is material to the Compliance Group.

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**<u>BSIG and Nonpublic Acadian Information</u>** 

As the sole remaining affiliate of BSIG, certain information specific to Acadian's business activities could be deemed by investors to be material nonpublic information ("MNPI") of BSIG.

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision or it could reasonably be expected to have a substantial effect on the price of BSIG's securities.

"Nonpublic" information is information that has not been previously disclosed to the general public by means of a press release, SEC filing or other media for broad public access. Disclosure to even a large group of analysts or stockholders does not constitute disclosure to the public.

Of specific potential concern to BSIG is the public release (both in writing or verbally) of Acadian's firm wide AUM and firm wide cash flows prior to their public release by BSIG. As a result, the following policies and procedures have been implemented:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acadian's firm wide AUM will only be made available for external dissemination following its release as part
of BSIG's quarterly public filings. The most recent publicly available AUM will be used in all external materials and staled until BSIG publicly releases the following quarterly AUM information. That new number will then be staled thereafter
until the next BSIG public filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Firm wide cash flows will also be staled as of the most recent public filing and remain staled at that date in
all external materials until the BSIG publicly releases the next quarter end cash flow numbers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will no longer publicly release AUM and cash flow information for specific individual strategies in any manner
that in the aggregate would result in the release of more than 50% of firm wide AUM and cash flow amounts. Any AUM and cash flow numbers that can be aggregated to the firm wide AUM and cash flows must be staled to reflect the most recent publicly
available information.

Please note, these changes impact the dissemination of firm wide information; we are still able to provide more current month end AUM and cash flow information for individual strategies, as we currently do in many external materials, as long as what is provided cannot be aggregated to the firm wide level.

The above applies to both written and verbal communication. Any information that cannot be provided in external written content also cannot be shared verbally with any external party until the public filing has been made.

BSIG has agreed that an exception can be made to the above policy changes for clients, prospects, and consultants that execute with Acadian an MNPI acknowledgement. The content of this MNPI acknowledgment is non-negotiable. Once executed by an authorized representative of the entity wishing to receive the more current information, we will be able to provide that entity, going forward, with month end information, with a 7-business day lag. This MNPI acknowledgement will be tracked in Conga and owned by the Compliance team.

While it is not practical to compile an exhaustive list, other information concerning any of the following items specific to Acadian or BSIG should be reviewed carefully to determine whether such information is, or is not, also MNPI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings, including whether BSIG will or will not meet expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material changes in Acadian assets under management;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material changes in the number of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mergers, acquisitions, tender offers, joint ventures, or changes in assets under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition or loss of an important client or contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in compensation policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A change in auditors or auditor notification that Acadian or BSIG may no longer rely on an audit report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A change in an auditor's opinion with respect to Acadian's or BSIG's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuance by the auditors of a going concern qualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financings and other events regarding BSIG's securities (e.g., defaults on debt securities, calls of
securities for redemption, repurchase plans, stock splits, public or private sales of additional securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions with directors, officers or principal security holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulatory approvals or changes in regulations and any analysis of how they affect BSIG; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant litigation.

**Insider Trading - Penalties** 

Both the Securities and Exchange Commission (the "SEC") and the New York Stock Exchange ("NYSE") are very effective at detecting and pursuing insider trading cases and they have aggressively prosecuted insider traders and tippers. Any person who engages in insider trading or tipping can face a substantial jail term (up to 20 years), civil penalties of up to three times the profit gained (or loss avoided) by that person and/or his or her "tippee," and criminal fines of up to $5,000,000. In addition, if it is found that the Company failed to take appropriate steps to prevent insider trading, the Company may be subject to significant criminal fines and civil penalties of up to $1,000,000 or, if greater, three times the profit gained (or loss avoided) as a result of the insider trading.

You may also be sued by those seeking to recover damages for insider trading violations. Regardless of whether a government inquiry occurs, Acadian views seriously any violation of our insider trading policies, and such violations constitute grounds for disciplinary sanctions, including immediate dismissal and reporting to legal and regulatory authorities.

**Before executing any trade for yourself or others, including clients, an Access Person must determine whether he or she has access to material non-public information.** 

If you think that you might have access to material non-public information, you should take the following steps:

1. report the information and proposed trade immediately to the Chief Compliance Officer.

2. do not purchase or sell the securities on behalf of yourself or others, including clients.

3. do not communicate the information inside or outside Acadian, other than to the Chief Compliance Officer or his
designee.

**<u>Regulation FD</u>**

As an affiliate of BrightSphere Investment Group Inc. ("BSIG"), a publicly traded company, Acadian is committed to fair disclosure of information related to Acadian or BSIG that could influence the value of BSIG's securities and will not act to advantage any particular analyst or investor, consistent with the United States Securities and Exchange Commission's (the "SEC's") Fair Disclosure Regulation ("Regulation FD").

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BSIG will continue to provide current and potential investors with information reasonably required to make an informed decision on whether to invest in BSIG's securities, as required by law or as determined appropriate by BSIG management.

Acadian prohibits Access Persons from making any disclosure of material nonpublic information about Acadian or BSIG to anyone outside Acadian (other than for business purposes to persons who first are obliged to maintain confidentiality with respect to such information) unless BSIG discloses it to the public at the same time in a manner consistent with Regulation FD. Examples of activities subject to this policy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly earnings releases and related conference calls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing guidance as to BSIG's financial performance or results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact with financial analysts covering BSIG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing analyst reports and similar materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Referring to or distributing analyst reports regarding BSIG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Analyst and investor visits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Speeches, interviews, seminars and conferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Responding to market rumors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Responding to media inquiries regarding financial or other material events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Postings on Acadian's or BSIG's website.

**E.** **Gifts and Entertainment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General Statement** 

A conflict of interest occurs when the personal interests of Access Persons interfere or could potentially interfere with their responsibilities to Acadian and our clients. Access Persons may not accept inappropriate gifts, favors, entertainment, special accommodations or other things of material value that could influence their decision-making or make them feel beholden to a person or firm. Access Persons are expressly prohibited from letting gifts, gratuities or entertainment influence their selection of any broker, dealer or vendor for Acadian business. Similarly, Access Persons may not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a client feel beholden to Acadian or the Access Person.

Supervisors of specific business units have the discretion to set more restrictive entertainment and gift policies than those in this Code that individuals subject to their supervision must comply with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Gifts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Receipt** - No Access Person may receive gifts totaling more than de minimis value ($100 per calendar
year) from any person or entity that does investment related business with or on behalf of Acadian. For example, regardless of the number of employees at XYZ broker who provide a gift, the aggregate value of the gifts that can be accepted by an
Access Person from all individuals associated with XYZ broker is $100. Promotional items containing the name and/or logo of the provider shall not be considered a gift provided its estimated value is under $100.

Access Persons are expressly prohibited from soliciting any gift related to our investment activities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Offer** - No Access Person may give or offer any gift of more than de minimis value ($100 per year) to
existing clients or prospective clients. Access Persons may not give gifts if the intent is to retain or gain investment related business. In certain countries in which we may conduct business, the offer of a gift may be a cultural norm. In such
cases, it may be permissible to exceed the de minimis value provided the gift is reasonable in value and has been approved by a Senior Manager.

<u>Gifts to ERISA, Taft-Hartley, and Public Plan Clients and Prospects</u>

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of gifts of any value to their representatives. The Compliance Group should be consulted prior to providing any type of gift of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of a gift alone, without actually providing the gift, could be a violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Cash** - No Access Person may give or accept cash gifts or cash equivalents to or from a client or
prospective client or any other entity that conducts investment related business with or on behalf of Acadian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Entertainment** -

<u>Providing Entertainment</u>: No Access Person may provide extravagant or excessive entertainment to a client, prospective client, or any person or entity that does or seeks to do investment related business with or on behalf of Acadian. Access Persons may occasionally provide business entertainment events, at a venue where business is typically discussed, such as dinner or a sporting event, of reasonable value, provided that the Access Person is present.

<u>Accepting Entertainment</u>: The firm recognizes that Access Person participation in entertainment provided by those with whom we conduct investment related business may be beneficial and further legitimate business interests. However, the acceptance of extravagant or excessive entertainment from a client, prospective client, or any person or entity that does or seeks to do investment related business with Acadian is not permitted.

Access Persons are permitted to attend occasional business meals, at a venue where business is typically discussed, of reasonable value, provided that the person or a representative of the organization providing the meal is present.

Access Persons are also permitted to attend other entertainment events, such as sporting events, subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A representative of the hosting organization must be present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The primary purpose of the invitation must be to discuss business or to build a business relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You must receive prior written approval from your supervisor regardless of the value of the entertainment being
provided.

Access Persons are expressly prohibited from soliciting any entertainment related to our investment activities.

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<u>Entertainment to ERISA, Taft-Hartley and Public Plan Clients and Prospects</u>

Regulations relating to the investment management of ERISA, state or municipal pension funds, and Taft-Hartley clients often severely restrict or prohibit the offer of entertainment of any value (Including coffee, meals, drinks etc.) to their representatives. The Compliance Group should be consulted prior to providing any type of entertainment of any value to such clients or prospects as restrictions vary and many require detailed reporting be provided of such activity both by Acadian as provider and by the recipient. It is also advisable as a best practice to consult with the intended recipient before making such an offer as the offer of entertainment alone, without actually providing the entertainment, could be a violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Detailed Expense Reports Required for Gifts and Entertainment** 

For all gifts and entertainment purchased for or provided to a client or prospect, make certain that the expense report submitted for reimbursement clearly discloses what was provided, the names of each individual recipient, and the organization that each recipient represented. Appropriate supporting receipts must be provided. Certain ERISA, public plan clients, and Taft-Hartley plan clients require that we provide detailed gift and entertainment reports related to their representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Conferences -** Access Person attendance at all third-party sponsored industry conferences is subject to
supervisor approval. If the conference involves potential clients, prospects, or consultants, and Acadian's attendance at the conference will be paid for by the host or a third party (including conference fee, travel and lodging as examples),
this should be disclosed prior to attendance to the Compliance Group. The Compliance Group will review, among other factors, the purpose of the conference, the conference agenda, and the proposed costs that will be paid or reimbursed by the third
party. With the exception of the need to obtain prior supervisor approval, the above guidance does not apply to BrightSphere sponsored and hosted conferences.

It is against Acadian policy to sponsor or pay to attend any conference where our payment is a primary consideration of whether we will be awarded business from any client or prospective client who may be in attendance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Quarterly Reporting** - Acadian will require all Access Persons to report any gifts or entertainment
received on a quarterly basis. Gifts and entertainment provided will be monitored through the periodic review of expense reports.

**F.** **Political Contributions and Compliance with the Pay-to-Play Rule Requirements** 

Acadian as a firm is prohibited from making political contributions. Political contributions requested by a client or prospect will be prohibited as these may be deemed as an attempt to retain or win business. Employees, contractors, or consultants of Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, the requirements in this section are not applicable to these individuals.

Rule 206(4)-5 (the "Rule") under the Advisers Act seeks to curtail "pay to play" practices by investment advisers that provide advisory services to a state or local government entity or to an investment pool in which a state or local governmental entity invests.

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There are three key elements of the Rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a two-year "time-out" from receiving compensation for providing advisory services to certain government entities after certain political contributions are made,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a prohibition on soliciting contributions and payments, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a prohibition from paying third parties for soliciting government clients.

For purposes of the Code and the Rule, an "<u>official</u>" is any person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a government entity, if the office: (i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity, or (ii) has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity.

A "<u>government entity</u>" includes all state and local governments, their agents, and instrumentalities, as well as all public pension plans and other collective government funds, including participant-directed plans such as 403(b), 457, and 529 plans. These entities are typically pension plans that are separate legal entities from state and local governments, but have elected officials as board members.

To ensure Acadian complies with the Rule, all Acadian Access Persons will be required to adhere to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Submit a written pre-approval form to the Compliance Group and receive
compliance approval prior to making any political contribution to an "official" (includes incumbents, candidates, and committees as defined above) of a "government entity", regardless of contribution amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Submit quarter–end and year-end reports of all political
contributions made to any official of a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A prohibition from directly or indirectly soliciting political contributions on behalf of any official of a
government entity if such individual can directly or indirectly influence the investment advisory business or from soliciting payments to a political party of a state or locality where the investment adviser is providing or seeking to provide
investment advisory services to a government entity. Pursuant to this provision, Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indirectly making political contributions to politicians through, for example, spouses, lawyers or affiliated
companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "bundling" a large number of small contributions to influence an election in the state or locality in
which the Investment Adviser is seeking business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• soliciting contributions from professional service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consenting to the use of Acadian's name on fundraising literature for a candidate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sponsoring a meeting or conference which features an official as an attendee or guest speaker and which involves
fundraising for the official (and, in this case, expenses incurred by the Access Person for hosting the event (such as the cost of the facility or refreshments, or reimbursement of any of the official's expenses for the event) would be a
contribution by the Investment Adviser, thereby triggering the two-year "time-out" provisions of the Rule).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A prohibition on paying any non-regulated third party for soliciting
advisory business from U.S. based government clients on our behalf.

Failure of each Access Person to adhere to the requirements of the Rule could result in Acadian being prohibited from receiving compensation from a government entity for a period of two-years from the date of the contribution.

**G.** **Anti-Bribery and Corruption Policy and risks related to employee acts including political contributions and gifts/entertainment** 

The U.S. Foreign Corrupt Practices Act (the "FCPA") prohibits corrupt payments to foreign officials for the purpose of obtaining or keeping business. The person making or authorizing the payment must have a corrupt intent, and the payment must be intended to induce the recipient to misuse his official position to direct business wrongfully to the payer or to any other person. You should note that the FCPA does not require that a corrupt act succeed in its purpose. The offer or promise of a corrupt payment can constitute a violation of the statute. The FCPA prohibits any corrupt payment intended to influence any act or decision of a foreign official in his or her official capacity, to induce the official to do or omit to do any act in violation of his or her lawful duty, to obtain any improper advantage, or to induce a foreign official to use his or her influence improperly to affect or influence any act or decision. The FCPA prohibits paying, offering, promising to pay (or authorizing to pay or offer) money or anything of value. The prohibition extends only to corrupt payments to a foreign official, a foreign political party or party official, or any candidate for foreign political office. A "foreign official" means any officer or employee of a foreign government, a public international organization, or any department or agency thereof, or any person acting in an official capacity.

Obligations imposed on Access Persons go further than compliance with the FCPA. Bribery and corrupt business practices create unfair markets, erode public trust and stifle long-term economic development and are contrary to Acadian's values. Bribery or corruption in any manner or for any purpose or benefit will not be tolerated and any such action by an Access Person or the firm is strictly prohibited. Access Persons must be committed to ethical and legal business conduct and must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act legally and with integrity at all times to safeguard its staff members, resources, tangible and intangible
assets, and our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Create and maintain a trust-based and inclusive internal culture in which bribery and corruption are not
tolerated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct all business relationships in an ethical and lawful manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperate fully with law enforcement and regulators locally within the bounds of local legislation.

Access Persons who deliberately breach the policy will be subject to disciplinary action, potentially leading to dismissal.

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. Access Persons must closely adhere to the gift and entertainment and the political contributions policies and procedures described herein. Any suspicions of bribery or corruption should be reported in accordance with the Whistleblowing policy set out in this Code. Acadian and all Access Persons are expected to cooperate fully with any law enforcement or regulatory inquiry into any bribery or corruption allegation.

**H.** **Charitable Contributions** 

Although Acadian encourages our Access Persons to be charitable, no donations should be made or should appear to have been made for the purpose of obtaining or retaining client business. No donations should be made in the name of any client if such a donation would result in a violation of the client's ethical requirements. This is typically the case with state and municipal clients.

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Any request from a client or prospect for a charitable donation should be brought to the attention of a Compliance Officer. Any charitable donation made in response to a client or prospect request should be nominal as not to appear to have been made to obtain or retain the business and should be done in accordance with Acadian's charitable giving policies.

**I.** **Confidentiality** 

Access Persons have the highest fiduciary obligation to protect and keep confidential at all times sensitive non-public information related to our clients, prospects, Access Persons, and the firm. Please also refer to your obligations to protect information from disclosure under Insider Trading and Regulation FD sections of this Code. This information may include, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any prospect or client's identity (unless the client consents), any information regarding a client's
financial circumstances, business practices, or advice furnished to a client by Acadian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. information on specific client accounts, including recent or impending securities transactions by clients and
activities of the portfolio managers for client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. specific information on Acadian's investments for clients (including former clients) and prospective
clients and account transactions and holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. information on other Access Persons, including their social security numbers, financial account information and
account numbers, compensation, benefits, position level and performance rating; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. information on Acadian's firm wide assets under management and cash flows, business activities, including
new services, products, research, technologies, investment process, and business initiatives, unless disclosure has been authorized by Acadian.

Access Persons should not access information on any client, prospect, consultant, or employee that is not required to perform their specific job functions. Access Persons should not discuss or release any non-public information that they may be authorized to access and view to any internal party or external party unless that party has a compelling business need to receive the information.

Access Persons should be sensitive to the problem of inadvertent or accidental disclosure, through careless conversation in a public place or the failure to safeguard papers and documents. Documents and papers should be kept in appropriately marked file folders and locked in file cabinets when appropriate. Any confidential information that must be transmitted over email or via the internet should also be protected in accordance with Acadian's IT Security Policy.

**J.** **Service on a Board of Directors** 

Prior to accepting a position as an officer, director, trustee, partner, or Controlling person in any other company or business venture not related to Acadian, or as a member of an investment organization (e.g., an investment club), Access Persons must disclose the position to the Compliance Group.

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While the prior disclosure of Board membership or service on a charitable/non-profit organization is generally not required, disclosure and pre-approval would be required if your service involved participation on the finance, treasury, or investment committees or their functional roles or equivalents. Acadian may place specific restrictions on such service.

Each Board position should also be disclosed to the Compliance Group at least annually. Notice of such positions may be given to a compliance officer of any Fund advised or sub-advised by the Company.

As a firm policy, Acadian will restrict from our potential investment universe, and will not invest in or recommend client investment in, any publicly traded company for which an Access Person serves as a Board member.

**K*.*** **Partnerships** 

Any non-Acadian related non-investment partnership or similar arrangement, either participated in or formulated by an Access Person, should be disclosed to the Compliance Group prior to formation, or if already in existence at the time of employment, as part of New Hire reporting. Any such partnership interest should also be disclosed to the Compliance Group at least annually. Investment partnerships such as participating as a passive "partner" in a hedge fund would require pre-clearance and reporting on holdings reports.

**L.** **Other Outside Activities** 

Access Persons may not engage in outside business interests or employment that could in any way materially conflict with the proper performance of their duties as Access Persons of Acadian. All Access Persons should inform their Department Supervisor and Human Resources prior to accepting any employment outside of Acadian if it had the potential of impacting or conflicting with their responsibilities to Acadian. Supervisors will involve the Compliance Group as needed.

**M.** **Marketing and Promotional Activities** 

Acadian has instituted policies and procedures relating to our creation and distribution of marketing, performance, advertising, and promotional materials to ensure compliance with relevant securities laws and GIPs. All oral and written statements made by Access Persons to the public, regardless of format or audience, must be professional, accurate, balanced and not misleading in any way.

**N.** **Affiliated Broker-Dealers** 

Certain employees of Acadian are affiliated with a third-party limited-purpose broker-dealer related to the offer and sale of funds. Acadian will not utilize the services of this broker-dealer to trade for the accounts of any firm client. Acadian will also abide by any restrictions imposed by a client regarding the use of any specific broker-dealer including those that may be an affiliate of a client.

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**Part 4. Compliance Procedures** 

Access Persons are expected to respond truthfully and accurately to all requests for information. With general exceptions as outlined below, any reports, statements or confirmations described herein, submitted through the MCO system, or created under this Code will be treated as confidential to the extent possible.

Access Persons should be aware that copies of such reports, statements or confirmations, or summaries of each, may be provided to their supervisors, to senior management, to BrightSphere, to compliance personnel and the Board of Directors of any registered investment company client, to outside counsel, and/or to regulatory authorities upon appropriate request. To the extent possible, efforts will be made to preserve the confidentiality of any personal information contained on any such report prior to providing is to the requesting party.

**A.** **Reporting of Access Person Investment Accounts** 

All Access Persons are required to notify the Compliance Group in writing of any investment account in which he or she has direct or indirect beneficial interest in which a security can be purchased.

**B.** **Duplicate Statements** 

Acadian's Compliance Group, in its discretion, will determine if the receipt of duplicate investment account statements for any Access Person's investment account will further enhance the Compliance Group's ability to oversee and enforce the Code. Such statements will typically not be required if the investment firm issuing such statements has an agreement in place with MCO to directly feed employee transaction information into MCO for our access.

If Acadian's Compliance Group determines a feed from MCO is not available for a specific brokerage account, the employee will be responsible for providing duplicate copies of the statements to Acadian's Compliance Group. Statements can be provided via mail (Acadian's Compliance Group can provide mailing address) or by uploading statements to their quarterly disclosure reporting in MCO.

The purpose of receiving "duplicates" is to independently confirm Code compliance, especially as it relates to compliance with pre-clearance of trades, the blackout period, and reporting. Duplicate investment account statements will typically be requested directly from the broker or adviser for any Access Person investment accounts where the Access Person exercises investment discretion over the account and has the ability to trade in covered securities including individual stocks, Acadian or affiliated managed funds, or other types of covered securities that may conflict with the type of investments Acadian makes for our clients.

Duplicate investment account statements are typically not requested or received from the following types of accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts in which individual stocks, bonds, Depository Receipts, ETFs, and Acadian advised or sub-advised mutual funds cannot be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts where the Access Person has no direct or indirect influence or control over transactions in the account;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acadian's 401k and deferred compensation plan accounts.

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**C.** **Pre-clearance of Personal Securities Transactions** 

All Access Persons must strictly comply with Acadian's policies and procedures regarding personal securities transactions in covered securities including requesting pre-clearance before trading in a covered security.

**<u>Pre-clearance approval is typically only effective on the day granted.</u>** 

Pre-clearance requests, once granted, are only effective until the close of the market on which the "cleared" security trades. If the trade is not executed before market close on the day the pre-clearance was requested and granted, then the request would need to be re-submitted the following day. For example, pre-clearance requests granted on Monday in the U.S. for a security trading in the U.S. are effective until the close of U.S. markets that Monday.

One exception relates to the pre-clearance of a security trading on a foreign exchange. A request to trade a security trading on a foreign exchange made after close of the exchange but prior to the reopen of the exchange for the next trading day would be approved until the close of that foreign exchange on the next trading day.

No one, including the Chief Compliance Officer, is authorized to approve his or her own trades.

**D.** **Pre-Approval of Political Contributions** 

Access Persons must submit a pre-approval request to a member of the Compliance Group and receive compliance approval prior to making any political contribution to any "official" of a "government entity" regardless of contribution amount. Please refer to the Political Contributions section of the Code for the definition of official, government entity, and additional details.

**E.** **Quarterly Reporting through MCO** 

**1.** **Transactions ** ** 

Within **t<u>hirty (30) calendar days</u>** of each quarter end (i.e. end of April, July, October, and January) all Access Persons must submit a quarterly report to the Compliance Group to report either no reportable trading activity or all transactions involving covered securities in reportable accounts in which they have direct or indirect Beneficial Ownership and the account in which the security was purchased or sold as well as duplicate statements associated with the quarter if an MCO feed is not available for employee brokerage accounts<sup>3</sup>.

**2.** **Gifts and Entertainment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any gifts or entertainment received from any person or organization doing or seeking to do investment related business with Acadian. A Supervisor approval is required when there is a reportable item. A report is required even if there is nothing to report but supervisor approval on such report is not required.

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<sup>3</sup> Transactions in in covered securities in Acadian's 401K plan and deferred compensation plan do not require quarterly reporting. Year-end holdings in these accounts must be reported.

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**3.** **Private Investments** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they either have no private investments to report or attest to all pre-existing private investments including any that were acquired within the previous quarter.

**4.** **Political Contributions** 

<u>**Within thirty (30) calendar days**</u> of each quarter end (end of April, July, October, and January) all Access Persons must submit a quarterly report of any political contributions made to any official of a government entity as defined in the Code. A signed report is required even if there is nothing to report. Access Persons located in Acadian's non-U.S. affiliated offices are prohibited from donating to any candidate in a U.S. election. As such, reporting requirements related to political contributions are not applicable to these individuals. Notwithstanding, each must comply with any reporting requirements that may be established specific to their office.

**5.** **Communication Acknowledgment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies related to approved methods of electronic communication.

**6.** **MNPI Acknowledgment** 

Within **<u>thirty (30) calendar days</u>** of each quarter end (end of April, July, October, and January) all Access Persons must submit a report to certify that they acknowledge and comply with firm policies and procedures related to material non-public information.

**F.** **Annual Reporting through MCO** 

<u>**By January 30th**</u> of each year, each Access Person must complete and submit a listing as of December 31 of the prior year of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each investment account in which they have a direct or indirect interest in which a security can be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) their investment holdings in covered securities (including a separate report for "private
investments") including security name, share amount, price per share and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a listing of all non-Acadian and non-investment related directorships or partnerships in which they are involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a list of all political contributions made including candidate name, elected office, amount, and date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any other reports requested by the Compliance Group specific to the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Affirmation acknowledging receipt of and compliance with the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Affirmation acknowledging receipt of and compliance with the Compliance Manual.

Your year-end investment holdings report must contain <u>all</u> holdings in covered securities in <u>any covered accounts</u> including those positions held in Acadian's 401K plan, and deferred compensation plan. To be considered complete, these reports must contain the quantity and value of each reported holding as of December 31.

On an annual basis, each Access Person will also be required to provide certification of their receipt of the Code of Ethics and an acknowledgement of their obligation to comply with its requirements.

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**G.** **New Hire Reporting through MCO** 

New Access Persons are required to file the following attestations within **ten (10) business days** of their hire date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Affirmation acknowledging receipt of and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Report of Reportable Investment Accounts along with a copy of the last issued holdings statement for
each account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Initial Report of Securities Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Access Person Partnership Involvement Relationship Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Access Person Report of Director/Relationship Involvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Access Person Report of Political Contributions for prior two years from hire date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Communication Acknowledgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. MNPI Acknowledgment.

**H.** **Review and Enforcement of Personal Transaction Compliance and General Code Compliance** 

The Compliance Group will periodically review personal securities transactions reports and other reports submitted by Access Persons. The review may include, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An assessment of whether the Access Person followed the Code and any required internal procedures, such as pre-clearance, including the comparison of "Pre-clearance" submissions to any account statements that may have been received from brokers, advisers or other sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comparison of personal trading to any blackout period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An assessment of whether the Access Person and Acadian are trading in the same securities and, if so, whether
clients are receiving terms as favorable as the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Periodically analyzing the Access Person's trading for patterns that may indicate potential compliance
issues including front running, excessive or short-term trading or market timing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any pattern of trading or activity raising the appearance that the Access Person may be taking advantage of
their position at Acadian.

Before any determination is made that a code violation has been committed by an Access Person, the Access Person will have the opportunity to supply additional explanatory material. If the Chief Compliance Officer initially determines that a material violation has occurred, he will prepare a written summary of the occurrence, together with all supporting information/documentation including any explanatory material provided by the Access Person, and present the situation to Access Person's manager, the Compliance and Risk Committee, and, if the Chief Compliance Officer and Committee deem it necessary, to the Acadian Executive Management Team and Executive Committee, or the Board of Managers. Depending on the incident, BrightSphere may become involved as well as outside counsel for evaluation and recommendation for resolution.

Acadian's Chief Compliance Officer reports all Code violations and their resolution, regardless of materiality, to Acadian's Compliance and Risk Committee at least quarterly. Further, if the Chief Compliance Officer and the Committee deem it necessary, a Code violation may also be reported to the Acadian Executive Management Team and Executive Committee, the Board of Managers, and the Board of Directors of any U.S. registered investment company for which Acadian acts as adviser or sub-adviser.

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**I.** **Certification of Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Initial Certification.** Compliance with the Code is a condition of hire and ongoing employment at
Acadian. Each Access Person is provided with a copy of the Code when hired and receives training on the Code from a Compliance Officer. Acadian requires all Access Persons to certify that they have: (a) received a copy of the Code;
(b) read and understand all provisions of the Code; and (c) agreed to comply with the terms of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Acknowledgement of Amendments.** Acadian will provide Access Persons with any material amendments to our
Code and Access Persons will submit an acknowledgement that they have received, read, and understood the amendments to the Code. Acadian and members of our compliance staff will make every attempt to bring important changes to the attention of
Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Annual Certification.** All Access Persons and supervised persons are required annually to certify that
they have received, read, understood, and complied with the Code.

**Part 5. Access Person Disclosures and Reporting Obligations** 

Acadian has certain disclosure obligations to our clients and regulators. Each Access Person has an immediate and ongoing obligation to notify a Compliance Officer if any of the responses to the questions listed below are "yes" or become "yes" at any time.

(1) In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been convicted of or plead guilty to nolo contendere ("no contest") in a domestic, foreign, or
military court to any felony?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) been charged with any felony?

(2) In the past ten years, have you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) been convicted of or plead guilty or nolo contendere ("no contest") in a domestic, foreign or
military court to a misdemeanor involving: investments or an investment related business, or any fraud, false statements, or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any
of these offenses?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) been charged with a misdemeanor listed in 2(a)?

3. Has the SEC or the Commodity Futures trading Association (CFTC) ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) found you to have made a false statement or omission?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) found you to have been involved in a violation of SEC or CFTC regulations or statutes?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) found you to have been a cause of an investment related business having its authorization to do business
denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) entered an order against you in connection with investment related activity?

Updated as of January 2023 29

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) imposed a civil money penalty on you or ordered you to cease and desist from any activity?

4. Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory
authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ever found you to have made a false statement or omission, or been dishonest, unfair, or unethical?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ever found you to have been involved in a violation of investment related regulations or statutes?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ever found you to have been a cause of an investment related business having its authorization to do business
denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the past ten years, entered an order against you in connection with an investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ever denied, suspended, revoked or otherwise prevented you from associating with an investment related
business?

5. Has any self-regulatory organization or commodities exchange ever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) found you to have made a false statement or omission?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) found you to have been involved in a violation of its rules?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) found you to have been the cause of an investment related business having its authorization to do business
denied, suspended, revoked, or restricted?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disciplined you by barring or suspending you from association with other advisers or otherwise restricting your
activities?

6. Has the authorization to act as an attorney, accountant, or federal contractor granted to you ever been revoked
or suspended?

7. Are you the subject of any regulatory proceeding?

8. Has any domestic or foreign court:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the past ten years, enjoined you in connection with any investment related activity?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ever found that you were involved in a violation of investment related statutes or regulations?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ever dismissed, pursuant to a settlement agreement, an investment related civil action brought against you by a
state or foreign financial regulatory authority?

9. Are you now the subject of any civil proceeding that could result in a "yes" answer to item 8 above?

Updated as of January 2023 30

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**Part 6. Record Keeping** 

Acadian will maintain the following records pertaining to the Code in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each Code that has been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of the Code and any action taken as a result of such violation for five years from the
end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of all acknowledgements of receipt of the Code and amendments for each person who is currently, or
within the past five years was, an Access Person (these records must be kept for five years after the individual ceases to be an Access Person of Acadian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holdings and transactions reports made pursuant to the Code for the prior five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of the names of persons who are currently, or within the past five years were, Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision and supporting reasons for approving the acquisition of covered securities by Access
Persons including IPOs and limited offerings for at least five years after the end of the fiscal year in which approval was granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of persons responsible for reviewing Access Persons' reports currently or during the last five
years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of reports provided to the Board of Directors of any U.S. registered management investment company for
which Acadian acts as adviser or sub-adviser regarding the Code for the past five years.

**Part 7. Form ADV Disclosure** 

Acadian includes within our Form ADV, Part 2A a description of Acadian's Code and a description of conflicts identified with our investment process and operations. We will deliver a copy of Form ADV, Part 2A to each client annually and will provide a copy of our Code to any client or prospective client upon request.

**Part 8. Administration and Enforcement of the Code** 

**Responsibility to Know the Rules** 

Access Persons are responsible for their actions under the law and are therefore required to be sufficiently familiar with applicable federal and state securities laws and regulations to avoid violating them. Claimed ignorance of any rule or regulation or of any requirement under this Code or any other Acadian policy or procedure is not a defense for misconduct.

Updated as of January 2023 31

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**A.** **Excessive or Inappropriate Trading** 

Acadian understands that it is appropriate for Access Persons to participate in the public securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that limits potential conflicts with the interests of any client account. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades, or other measures as deemed appropriate by the Compliance Group), may compromise the best interests of any client if such excessive trading is conducted during the workday or using Acadian resources. Accordingly, if personal trading rises to such dimension as to create an environment that is not consistent with the Code, such personal transactions may be brought to the attention of the Access Person's supervisor and may not be approved or may be limited by the Compliance Group.

**B.** **Training and Education** 

<u>New Hires</u>

Employment at Acadian is contingent upon compliance with the Code. Each new hire receives a copy of the Code and must complete an affirmation of receipt and understanding. A member of the Compliance Group will meet with each new hire within their first week of employment to review the Code and to respond to any questions.

<u>Annual</u>

Mandatory annual Code training is required for all Access Persons. This training will be developed and led if in person by members of the Compliance Group and will reinforce key sections of the Code as well as any other compliance related issues as determined by business changes or regulatory focus.

**C.** **Compliance and Risk Committee Approval** 

The Code will be submitted to Acadian's Compliance and Risk Committee annually for approval.

**D.** **Report to the Board(s) of Investment Company Clients** 

At the frequency requested and in compliance with Rule 17j-1 of the Investment Company Act of 1940, Acadian will comply with any reporting requirements imposed by the Board of Directors of each of our U.S. registered investment company clients as well as any other reporting related to our Code requested by any client. A copy of our Code is provided to clients and prospects upon request. Reports typically provided to Fund Board's include a description of any issues arising under the Code since the last report, information about material violations of the Code, sanctions imposed in response to such violations, and any material changes made to the Code. Acadian will also provide reports when requested certifying that we have adopted procedures reasonably necessary to prevent Access Persons from violating the code.

**E.** **Report to Senior Management** 

The Chief Compliance Officer will provide a report on a quarterly basis to Acadian's Compliance and Risk Committee noting any violations of the Code. Any material violations will be escalated promptly.

Updated as of January 2023 32

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**F.** **Reporting Violations and Whistleblowing Protections** 

Acadian is committed to fostering an environment of ethical and fair business conduct that requires all Access Persons to act honestly and with integrity at all times. Access Persons are required to report to the Chief Compliance Officer or a senior manager all potential instances of serious malpractice, material violations of company policies, and material violations of the Code. Access Persons are required to cooperate fully with any and all investigations into such matters. Failure to adhere to these policies will be considered a violation of the Code and will subject the Access Person to disciplinary action including the potential for termination.

Good faith reports of such potentially serious or material violations may be made without fear of retribution either directly to the Chief Compliance Officer or on a confidential basis via either a written statement in a sealed envelope or in any other way the Access Person feels is necessary to preserve his or her confidentiality. A report can also be made to the BrightSphere Fraud Hotline listed in the Fraud section below. These reports will be treated as confidential, and the source of the report protected to the extent permitted by law provided that the "whistleblower" (1) genuinely believes that the knowledge or suspicions disclosed are true and relate to serious malpractice; and (2) that the communication is clear from the outset that a confidential "whistleblowing" disclosure is being made. All such reports will be investigated promptly and thoroughly, and all legal requirements will be complied with.

**G.** **Fraud Policy** 

Access Persons are expected to act legally, ethically, and with integrity at all times to safeguard our employees, resources, assets and reputation. The commission of a fraud of any kind is prohibited. Failure by any Access Person to comply with this policy could result in disciplinary action being taken against that individual.

For the purpose of the Code, fraud is defined as: "Any deliberate action or inaction involving dishonesty or deception, which may result in the diminution of client account or shareholder value, either through financial loss or reputational damage, whether or not there is personal benefit to the fraudster."

**What Constitutes Fraud?** 

The legal definition of fraud may vary depending on the legal statutes of the various jurisdictions in which Acadian operates. In some jurisdictions, no precise legal definition of fraud exists, although many of the offenses referred to as fraud may be prohibited by local statute or be deemed criminal offenses by local statute. The term is generally used to describe acts such as: deception, bribery, forgery, extortion, corruption, theft, conspiracy, embezzlement, misappropriation, false representation, concealment of material facts and collusion. Some examples of fraud include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dishonest or fraudulent activities, such as embezzlement, deceit, collusion or conspiracy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bribery, corruption or abuse of office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Theft

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Abuse or misuse of company property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliberate misapplication or misappropriation of company funds or assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliberate or suspicious unacceptable loss of assets in the care of any member of BSIG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forgery or alteration of documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making use of or knowingly possessing forged or falsified documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing false or misleading information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliberate theft, sale or misuse of sensitive documentation or information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliberate false creation of records within or unauthorized amendments to databases, administration systems and
accounting records

Updated as of January 2023 33

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Targeted attempts to use technology/electronic communications to hack or breach security controls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intentional destruction (excepted as allowed per our Record Management Policy) or suspicious disappearance of
records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concealment of material facts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deliberate intentional misapplication of accounting principles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any improper act, which may damage the reputation of BSIG or any of its members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any similar or related activity or irregularity

Fraud can be perpetrated internally by employees or contractors, externally by clients, intermediaries or other third parties.

Any individual who is unclear as to what may constitute an act of fraud should seek further guidance from his/her direct manager or from the Chief Compliance Officer as appropriate.

**What should I do if I suspect fraud has been committed?** 

All staff is encouraged to immediately report any fraud that is suspected or discovered. Any such activity should be reported initially to their immediate manager and/or the Chief Compliance Officer, except where either of those individuals is suspected of involvement.

Immediate managers are responsible for reporting all instances of suspected or discovered fraud to the Chief Compliance Officer who is responsible for escalating as required under relevant firm policy.

The reporting of suspected or known fraud may be made and will be investigated in accordance with the Whistleblowing policies described within the Code and, if made in good faith, will be protected from retaliation.

Acadian encourages Access Persons to report compliance and any other business concerns to Acadian's Chief Compliance Officer and General Counsel or via the confidential BrightSphere l Fraud Hotline at the numbers or URL below.

---

| | | |
|:---|:---|:---|
| Scott Dias | 617-850-3519 | sdias@acadian-asset.com |
| SVP, Chief Compliance Officer and<br> General Counsel<br> Acadian |  |  |
| Richard Hart<br> Chief Legal Officer<br> BSIG | 617-369-7341 | rhart@bsig.com |

---

By Secure Ethics Reporting Hotline:

**US:**

1-866-921-6714

**Australia:**

0011-800-2002-0033

**United Kingdom:**

0-800-092-3586

**Singapore:**

001-800-2002-0033

Webform URL:

<u>https://www.integritycounts.ca/org/BSIG</u>

E-mail: <u>bsig@integritycounts.ca</u>

Updated as of January 2023 34

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Fax:

1-604-926-5668

Mail:

PO Box 91880, West Vancouver,

British Columbia V7V 4S4 Canada

***None of the provisions of Acadian employee handbook, compliance manual (including its related policies and code of ethics), offer letter provided to you, or any agreement regarding your employment that you may have entered into with Acadian prohibits you from voluntarily communicating with enforcement or regulatory authorities regarding possible violations of law.***

**H.** **Sanctions** 

Any violation of the Code may result in disciplinary action including, but not limited to, a warning, fines, disgorgement, suspension, demotion, or termination of employment. In addition to sanctions, violations may result in referral to civil or criminal authorities where appropriate.

The following is a non-exclusive list of factors that will be considered when determining the appropriateness of any sanction related to a Code violation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What requirement was violated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client harm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequency of occurences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of willful or reckless disregard of the Code requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your honest and timely cooperation

Updated as of January 2023 35

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**I.** **Further Information about the Code and Supplements** 

Access Persons are encouraged to contact any member of the Compliance Group with any questions about permissible conduct under the Code.

BrightSphere's Anti-bribery and Corruption Risk Policy, Fraud Policy, Whistleblowing Arrangements and Sanctions Compliance policy are adopted as supplements to the Code.

**Persons Responsible for Code Enforcement** 

---

| | | |
|:---|:---|:---|
|  **Boston:** |  |  |
|  Alison Peabody | Compliance Officer | apeabody@acadian-asset.com |
|  Mary Bidgood | Compliance Officer | mbidgood@acadian-asset.com |
|  Kelly Gately | Compliance Officer | kgately@acadian-asset.com |
|  Scott Dias | Chief Compliance Officer | sdias@acadian-asset.com |
|  **London:** |  |  |
|  Katy Tyler | Compliance Officer | ktyler@acadian-asset.com |
|  **Sydney:** |  |  |
|  Nita Lo | Compliance Officer | nlo@acadian-asset.com |
|  **Singapore:** |  |  |
|  Nicholas Lim | Compliance Officer | nlim@acadian-asset.com |

---

Do not hesitate to contact any member of the Compliance Group with questions about the Code by either emailing <u>Compliance-reporting@acadian-asset.com</u> or contacting directly one of the individuals noted above.

**<u>Training and Certification</u>** 

Training on Code requirements will be provided by members of the Compliance Group. Additional training on firm policies may also be provided by members of the Human Resources Group.

Acadian's Compliance and Risk Committee, Executive Management Team, Executive Committee, and our Board of Managers are also responsible for Code implementation and enforcement.

All Access Persons will be subject to annual Code of Ethics training. A copy the Code and any amendments will be provided to all Access Persons and supervised persons annually along with a request for a written acknowledgment of receipt and compliance.

**Appendices** 

A. CFA Institute Asset Manager Code of Professional Conduct

Updated as of January 2023 36

## Ex-99.P(5)

![LOGO](g458923g0218152931546.jpg)

**ARISTOTLE CAPITAL MANAGEMENT, LLC** 

**CODE OF ETHICS** 

*Updated 10/04/2022* 

*Reviewed 10/04/2022* 

This Code of Ethics ("Code") is adopted in compliance with the requirements of U.S. securities laws applicable to registered investment advisers and registered investment companies. Registered investment advisers are required by Rule 204A-1 under the Investment Advisers Act of 1940, as amended ("Advisers Act"), to adopt a code of ethics which, among other things, sets forth the standards of business conduct required of their Access Persons, reflects the fiduciary obligations of the Adviser and its Access Persons and requires those Access Persons to comply with the Federal Securities Laws. Similarly, each registered investment company and its adviser and principal underwriter must adopt a code of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended ("Company Act"). In conformity with this rule, this Code is adopted by Aristotle Capital Management, LLC ("Aristotle Capital" or the "Adviser"), in its role as investment adviser to separately managed accounts, as a discretionary investment adviser to a private pooled investment vehicles ("Private Fund"), as a discretionary adviser or sub-adviser to registered investment companies ("Mutual Funds"), and as sub- adviser to Collective Investment Trusts (CITs).

**1.** **Standards of Business Conduct** 

We seek to foster a reputation for integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in us by our clients, including individual accounts as well as the Private Fund and Mutual Funds (collectively, "Clients") and their investors, is something we value and endeavor to protect. To further that goal, we have adopted this Code and implemented policies and procedures to prevent fraudulent, deceptive and manipulative practices and to ensure compliance with the Federal Securities Laws and the fiduciary duties owed to our Clients.

We are fiduciaries to our Clients. As such, we have affirmative duties of care, honesty, loyalty and good faith to act in the best interests of our Clients. Our Clients' interests are paramount to and come before our personal interests. Our Supervised Persons, as defined in this Code, are also expected to behave as fiduciaries with respect to our Clients. This means that each must render disinterested advice, protect Client assets (including nonpublic information about a Client or a Client's account) and act always in the best interest of our Clients. We must also strive to identify and avoid conflicts of interest, however such conflicts may arise.

Access Persons and Supervised Persons of Aristotle Capital must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ any device, scheme or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make to a Client or an investor or prospective investor in any of the Mutual Funds or Private Fund managed by
Aristotle Capital any untrue statement of a material fact or omit to state to a Client or any investor or prospective investor in any of the Mutual Funds or Private Fund managed by Aristotle Capital a material fact necessary in order to make the
statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a
Client or any investor or prospective investor in any of the Mutual Funds or Private Fund managed by Aristotle Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any manipulative practice with respect to a Client or any investor or prospective investor in any of
the Mutual Funds or Private Fund managed by Aristotle Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use their positions, or any investment opportunities presented by virtue of their positions, to personal
advantage or to the detriment of a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct personal trading activities in contravention of this Code or applicable legal principles or in such a
manner as may be inconsistent with the duties owed to Clients as a fiduciary.

------

To assure compliance with these restrictions and the Federal Securities Laws, as defined in this Code, we have adopted, and agreed to be governed by, the provisions of this Code in addition to the procedures contained in the applicable Compliance Manual and the CFA Institute Code of Ethics and Standards of Professional Conduct.<sup>1</sup>However, Access Persons and Supervised Persons are expected to comply not merely with the "letter of the law", but with the spirit of the laws, this Code and applicable Compliance Manual.

Should you have any doubt as to whether this Code applies to you, you should contact the Chief Compliance Officer (CCO).

**2.** **Definitions** 

As used in the Code, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.*** **Access Persons are any of the Firm's Supervised Persons who:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic
information regarding the portfolio holdings of any reportable fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Is involved in making securities recommendations to Clients or has access to such recommendations that are
nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Is a director, officer, or partner of the firm; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Is any other person who the CCO determines to be an Access Person.

For purposes of this Code, Aristotle Capital has determined that all full-time employees are Access Persons. The CCO will inform all Access Persons of their status as such and will maintain a list of Access Persons. The *Firm's Access Person list is available upon request.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.*** **Automatic Investment Plan** means any program in which regular periodic purchases (or
withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including, but not limited to, any dividend reinvestment plan (DRIP).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.*** **Beneficial Ownership** generally means having a direct or indirect pecuniary interest in a
security and is legally defined to be beneficial ownership as used in Rule 16a-1(a)(2) under Section 16 of the Securities Exchange Act of 1934, as amended ("Exchange Act"). However, any
transactions or holdings reports required by Section 4.C of this Code may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the
security or securities to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.*** **Chief Compliance Officer** or **CCO** means the Adviser's Chief Compliance Officer,
as designated on Form ADV, Part 1, Schedule A, or the CCO's designee, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E.*** **Covered Associate** as defined by Rule 206(4)-5(Pay to Play rule) means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any general partner, managing member or executive officer, or other individual with a similar status or
function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any employee who solicits a government entity for the investment adviser and any person who supervises,
directly or indirectly, such employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any political action committee controlled by the investment adviser or by any person described in paragraphs
(f)(2)(i) and (f)(2)(ii) of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.*** A **Domestic Partner** is an unmarried person who shares common living quarters with an
employee and lives in a committed, intimate relationship that is not legally defined as marriage by the state in which the partners reside.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*** **Federal Securities Laws** means: (1) the Securities Act of 1933, as amended
("Securities Act"); (2) the Exchange Act; (3) the Sarbanes-Oxley Act of 2002; (4) the Advisers Act; (5) title V of the Gramm-Leach-Bliley Act; (6) any rules adopted by the SEC under the foregoing statutes; (8) the Bank
Secrecy Act, as it applies to investment advisers; and (9) any rules adopted under relevant provisions of the Bank Secrecy Act by the SEC or the Department of the Treasury.

------

<sup>1</sup> Applicable compliance manuals include, among others, the Adviser's policies and procedures adopted pursuant to Advisers Act Rule 206(4)-7. Access Persons and Supervised Persons are required to comply with relevant compliance procedures, whether or not listed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***H.*** **Initial Public Offering** or **IPO** means an offering of securities registered under the
Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Exchange Act Sections 13 or 15(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***I.*** **Limited Offering and Private Placements** means an offering that is exempt from registration
under the Securities Act Sections 4(2) or 4(6) or pursuant to Securities Act Rules 504, 505 or 506. Limited Offerings of securities issued by Aristotle Capital or any Private Fund are included in the term Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***J.*** **Purchase or Sale of a Security** includes, among other things, the writing of an option to
purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***K.*** **Reportable Fund** means: (1) any registered investment company advised or sub-advised by Aristotle Capital; or (2) any registered investment company whose investment adviser or principal underwriter controls, is controlled by or is under common control with any Aristotle Capital
entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***L.*** **Reportable Security** means any security as defined in Advisers Act Section 202(a)(18)
and Company Act Section 2(a)(36) <u>except</u> (1) direct obligations of the Government of the United States; (2) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments,
including repurchase agreements; (3) shares issued by money market funds; (4) shares issued by open-end funds; and (5) shares issued by unit investment trusts that are invested exclusively in
one or more open-end funds, none of which are Reportable Funds. For purposes of this Code, the term Reportable Security, which provides a broader exemption than the term "Covered Security",<sup>2</sup>is used for compliance with both Rule 204A-1 and Rule 17j-1, except as otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***M.*** **Security Held or to be Acquired** means any Reportable Security which, within a
(1) day, (i) is or has been held by a Client, or (ii) is being or has been considered by a Client or the Adviser for purchase by a Client. This definition also includes any option to purchase or sell any security convertible into or
exchangeable for a Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***N.*** **Supervised Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any director, officer, or partner of the firm (including any other person of a similar status or performing a
similar role); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any employee of the firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any other persons who provide advice on behalf of the adviser and are subject to the adviser's supervision
and control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any other person who the CCO deems to be a Supervised Person.

Contractors and consultants may, in certain circumstances, be deemed to be Supervised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***O.*** **StarCompliance** is the electronic system which receives and processes reportable personal
transactions and certifications under this Code.

**3.** **Compliance with Governing Laws, Regulations and Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** All Access Persons shall comply with all applicable federal and state laws and rules and regulations of
any governmental agency or self-regulatory organization governing his or her activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Each Access Person, at the time of hire, will receive information on how to access the Code and the
related procedures therein. Further, each Access Person must complete and submit a statement on an annual basis that he or she has reviewed the Code. Each Access Person shall have and maintain knowledge of and shall comply with the provisions of
this Code and any procedures that are subsequently amended or adopted hereunder.

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<sup>2</sup> Covered Security under Rule 17j-1 means any security as defined in Company Act Section 2(a)(36) except (1) direct obligations of the Government of the United States; (2) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (3) shares issued by open-end registered investment companies. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** All Access Persons shall comply with all the laws and regulations concerning insider trading and with
the Adviser's prohibition against insider trading as specified below under Substantive Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** All Access Persons shall comply with limitations on political activity as specified under the
substantive restrictions below, and shall notify the CCO of any political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** Any Access Person having supervisory responsibility shall exercise reasonable supervision over other
Access Persons subject to his or her control, with the purpose of preventing any violation by such persons of applicable statutes and regulations, or the provisions of this Code adopted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** Any Access Person encountering evidence that appears to be a violation of applicable statutes or
regulations or provisions of this Code shall report such evidence to the CCO or such other person as appointed in procedures adopted hereunder. Any such action by the Access Person responsible for the reporting shall remain confidential, unless the
Access Person waives confidentiality or federal or state law or authorities compel disclosure. The failure to report such evidence may result in disciplinary proceedings or further action as deemed appropriate by the Adviser.

**4.** **Substantive Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Blackout Period**. No Access Person shall buy or sell a Reportable Security on the same day as any trades
in the Reportable Security are made for Client accounts unless the Client transaction is a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bringing a new Client's account of Reportable Securities in line with the existing accounts in the strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an immaterial cash flow in a Client's account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an account liquidation related to an account termination request.

A relaxation of, or exemption from, these procedures may only be granted by the CCO after the personal trading request and authorization form has been reviewed. The price paid or received by a Client account for any Reportable Security should not be affected by a buying or selling interest on the part of an Access Person, or otherwise result in an inappropriate advantage to the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** No Access Persons may transact in securities issued by a company on the Restricted List for which
Aristotle Capital is in possession of inside information, unless such purchase or sale is approved pursuant to Aristotle Capital's policies and procedures on Insider Trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **IPO and Limited Offering Restrictions**. Access Persons may not acquire any securities issued as part of
an IPO or a Limited Offering, absent prior CCO approval using the form attached as **Exhibit A or through StarCompliance**. Any such approval will take into account, among other factors, whether the investment opportunity should be
reserved for a Client and whether the opportunity is being offered to such person because of his or her position with Aristotle Capital. Once pre-approval has been granted, the pre-approved transaction must be executed within twenty-four hours. An Access Person who has been authorized to acquire such securities must disclose their interests if considering an investment in such
securities for a Client. Any decision to acquire the issuer's securities on behalf of a Client shall be subject to review by Access Persons with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Other Trading Restrictions**. Access Persons may not: (1) hold more than 5% of the outstanding
securities of a single company without the approval of the CCO; or (2) engage in frequent trading in securities (e.g., day trading).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Short Swing Profits**. Access Persons may not profit from the purchase and sale or sale and purchase of a
security within a 15 calendar day period, unless the transaction was authorized by the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Gift Policy**. Access Persons must not give or accept gifts from any entity doing business with or on
behalf of the Adviser, Private Fund or Mutual Funds in contravention of the Gifts Policy outlined below. Gifts of an extraordinary or extravagant nature to an employee should be declined or returned in order not to compromise the reputation of the
employee or the firm. Gifts of nominal value or those that are customary in the industry such as meals or entertainment may be appropriate but should first be approved by the CCO. Any form of a loan by an employee to a client or by a client to an
employee is not allowed as a matter of firm policy and good business practice.

Access Persons must report gifts and/or entertainment given or received in excess of $25 to Compliance by completing the Gift Reporting Form, through StarCompliance, attached as **Exhibit H.**

Access Persons must obtain approval from Compliance to give or accept gifts and/or entertainment in excess of $250 (either one single gift, or in aggregate, within one calendar year) to any individual or entity. Access Persons must seek approval by completing the Gift Reporting Form through StarCompliance.

Limits may be lower as required by certain third parties, such as clients or business partners, among others. In such cases, the lower limit will apply. Access Persons must be aware of and shall comply with such lower limits.

A relaxation of, or exemption from, these procedures may only be granted by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Political Contributions**. All Access Persons must disclose all political contributions. Political
contributions by Access Persons are subject to the following limits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All contributions must be reported to the CCO. Contributions in excess of the amounts stated below must be pre-approved by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) $350 in an election in which an Access Person can vote for

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) $150 in an election in which an Access Person cannot vote

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The CCO may permit higher contribution amounts, depending on the circumstances. The contribution must be pre-cleared and reported to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Limits may be lower as required by state or local law, in such cases the lower requirements will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Exceptions to the above approval criteria may be granted only in limited circumstances at the discretion of the
CCO after examination of the specific facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Contributions in excess of the limits above will be evaluated with the consideration of the Covered Associate
definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Using the firm's name or funds to support political candidates or issues, or elected or appointed
government officials is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Please refer to the policies and procedures related to political contributions in the adviser's Compliance
Manual. A Political Contribution Pre-clearance Request Form can be found in **Exhibit G** of this Code's Appendix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Conflicts of Interest**. Access Persons must provide disinterested advice and any relevant potential
personal or business conflicts of interest must be disclosed to the CCO and, where appropriate, "Information Wall" procedures may be utilized to avoid potential conflicts of interest. Access Persons must avoid engaging in any activity
which might reflect poorly upon themselves or Aristotle Capital or which would impair their ability to discharge their duties with respect to Aristotle Capital and Aristotle Capital's Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Fair Treatment**. Access Persons must avoid taking any action which would favor one Client or group of
Clients over another in violation of our fiduciary duties and applicable law. Access Persons must comply with relevant provisions of our compliance manuals designed to detect, prevent or mitigate such conflicts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Outside Business Activities.** Must be reviewed and approved by Compliance, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being employed or compensated by any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in any other business including part-time, evening or weekend employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serving as an officer, director, partner, etc., in any other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership interest in any non-publicly traded company or other private
investments; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any public speaking or writing activities.

Written approval for any of the above activities is to be obtained by an employee before undertaking any such activity so that a determination may be made that the activities do not interfere with any of the employee's responsibilities at the firm and any conflicts of interests in such activities may be addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Service as Outside Director, Trustee or Executor**. Access Persons shall not serve on the boards of
directors of publicly traded companies, or in any similar capacity, absent the prior approval of such service by the CCO following the receipt of a written request for such approval attached here as **Exhibit I**. In the event such a request is
approved, information barrier procedures may be utilized to avoid potential conflicts of interest. Other than by virtue of their position with Aristotle Capital or with respect to a family member, no Access Person may serve as a trustee, executor or
fiduciary. Similarly, Access Persons may not serve on a creditor's committee. In appropriate circumstances the CCO may grant exemptions from this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Forfeitures**. If there is a violation of paragraphs A, B, C or D above, the CCO may determine whether any
profits should be forfeited and may be paid to one or more Clients for the benefit of the Client(s). The CCO will determine whether gifts accepted in violation of paragraph E need to be forfeited, if practicable, and/or dealt with in any manner
determined appropriate and in the best interests of our Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.** **Reporting Violations**. Any Supervised Person who believes that a violation of this Code has taken place
must promptly report that violation to the CCO. To the extent that such reports are provided to a designee, the designee shall provide periodic updates to the CCO with respect to violations reported. Supervised Persons may make these reports
anonymously and no adverse action shall be taken against any such person making such a report in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.** **Waivers**. CCO may grant waivers of any substantive restriction in appropriate circumstances (*e.g*.,
personal hardship) and will maintain records necessary to justify such waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**O.** **Brokerage Accounts**. Access Persons must disclose all brokerage accounts that he/she has direct or
indirect beneficial ownership or discretionary authority to the CCO and instruct their brokers to provide timely duplicate account statements or electronic holdings and transaction data (through StarCompliance) to the CCO. Access Persons must submit
holdings and transaction reports for Reportable Securities and Reportable Funds in which the access person has, or acquires, any direct or indirect beneficial ownership. An Access Person is presumed to be a beneficial owner of Reportable Securities
and/or Reportable Funds that are held by his or her immediate family members sharing the Access Person's household and any Domestic Partner's accounts.

A sample duplicate account statement and confirmations request letter is included as **Exhibit E**.

**5.** **Pre-clearance and Reporting Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Pre-clearance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Access Person shall obtain prior written approval from the CCO in the form attached as **Exhibit A** (or through similar format, including without limitation through StarCompliance) for all personal securities transactions in Reportable Securities and Reportable Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Access Persons may not acquire any securities issued as part of an IPO, Limited Offering, private placement, or
private partnership absent prior approval in the form attached as **Exhibit A** (or through similar format, including without limitation through StarCompliance) of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Pre-clearance Exceptions**. Pre-clearance requirements do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchases or sales effected in any account over which the Access Person has no direct or indirect influence or
control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchases or sales of Reportable Securities which are not eligible for purchase or sale by any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Purchases or sales of open-end funds. Access Persons are reminded that
"front- running" Client transactions or trading on the basis of material, nonpublic inside or confidential information violates not only this Code, but our insider trading policies and procedures as well as other securities laws and, if
proven, can be punishable by fines and other penalties;<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Purchases or sales which are non-volitional on the part of either the
Access Person or the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Transactions in securities which are not Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Purchases which are part of an Automatic Investment Plan or DRIP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Purchases effected upon the exercise of rights issued by an issuer *pro rata* to all holders of a class of
its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Any investment grade fixed income securities transaction, or series of related transactions, involving 100
units ($100,000 principal amount) or less in the aggregate, if the Access Person has no prior knowledge of transactions in such securities on behalf of a Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Transactions in GNMA securities

Access Persons should consult the CCO if there are any questions about whether one of the exemptions listed above applies to a given transaction. Aristotle Capital may, from time to time and in the sole discretion of the CCO, maintain a "Restricted List" of securities in which Access Persons may not trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Required Reports.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Initial and Annual Holdings Reports**. Each Access Person must submit to the CCO for review the Initial
Holdings Report (example attached as **Exhibit B** or such other form designated by the CCO, including through StarCompliance): (i) not later than ten (10) days after becoming an Access Person, reflecting the Access Person's holdings as
of a date not more than 45 days prior to becoming an Access Person; and (ii) annually (attached as **Exhibit C** or such other form designated by the CCO, including through StarCompliance), on a date selected by the CCO, as of a date not
more than 45 days prior to the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Holdings Reports must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the title and type of security and as applicable, the exchange ticker symbol or CUSIP number, number of shares,
and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership;

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<sup>3</sup> Purchases or sales of ETFs are still subject to the Reporting Requirements set forth in Section 4.C., below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of any broker, dealer or bank with which the Access Person maintains an account in which any
securities are held for the Access Person's direct or indirect benefit. (Note that even those accounts that hold only non-Reportable Securities must be included); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Brokerage statements containing all required information may be substituted for the Holdings Report Form if
submitted timely. To the extent that a brokerage statement or confirmation lacks some of the information otherwise required to be reported, you may submit a holdings report containing the missing information as a supplement to the statement or
confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Quarterly Reports**. Within 30 days after the end of each calendar quarter, each Access Person must submit
a report to the CCO for review covering all transactions within the quarter in non-excepted Reportable Securities in the form attached as **Exhibit D** or such other form designated by the CCO, including through StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Transactions reports must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of the transaction, the title and, as applicable, the exchange, ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Brokerage account statements or electronic holdings and transaction data (through StarCompliance) containing
all required information may be substituted for the attached form if submitted timely. To the extent that a brokerage statement or confirmation lacks some of the information otherwise required to be reported, you may submit a transactions report
containing the missing information as a supplement to the statement or confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Exceptions to Reporting Requirements**. The reporting requirements of Section 5.C. apply to all
transactions in Reportable Securities other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) transactions with respect to securities held in accounts over which the Access Person had no direct or indirect
influence or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) transactions effected pursuant to an Automatic Investment Plan or DRIP.

In the event the discretion over the account changes such that the Access Person has direct or indirect influence or control, the Access Person must promptly report to the CCO and begin providing quarterly account statements. An Access Person will generally be deemed to have direct or indirect influence or control over any account in which he or she:

1) Directs the purchases and/or sales of investments;

2) Suggests purchases and/or sales of investments to the trustee or third-party discretionary manager; or

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3) Consults with a trustee or third-party discretionary manager as to the particular allocation of investments to be made in the account and the manager acts upon such consultation.

Please note that granting a third-party discretionary investment authority over an account does not, by itself, exempt an account from the reporting requirements. Similarly, trusts over which an Access Person is the grantor or beneficiary may also be subject to the reporting requirements, regardless of whether a trustee has management authority.

Aristotle Capital will conduct additional due diligence to determine whether an Access Person may have any direct or indirect influence or control over the investment decisions of such accounts, which may include:

1) Evaluating the relationship between the Access Person and the person managing the account;

2) Requesting completion of periodic certifications by the Access Person or third party managers regarding the Access Person's influence over the account;

3) Requesting periodic completion of holdings or transaction reports to identify transactions that would have been prohibited pursuant to this Code, absent reliance on the reporting exemption; or

4) Periodically request statements for accounts managed by third-parties where there is no identified direct or indirect influence or control over the investment decisions in an account.

If an Access Person is unsure as to whether an account is qualified for the exemption, he/she should consult with the CCO. In the event it is determined that the Access Person may have direct or indirect influence or control over investment decisions, the Access Person will be required to pre-clear trades for all Reportable Securities and Reportable Funds in the account as well as provide account statements as required with any reportable account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Duplicate Statements and Trade Confirmations**. Each Access Person, with respect to each brokerage account
in which such Access Person has any direct or indirect beneficial interest, may choose to arrange that the broker shall mail directly to the CCO at the same time they are mailed or furnished to such Access Person (1) duplicate copies of broker
trade confirmations covering each transaction in a Reportable Security and each Reportable Fund in such account and (2) copies of periodic statements with respect to the account, provided, however, that such duplicate copies need not be filed
for transactions involving Non-Reportable Securities. This requirement also may be waived by the CCO in situations when the CCO determines that duplicate copies are unnecessary. A sample duplicate account
statement and confirmation request letter is attached here at **Exhibit E .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Prohibition on Self Pre-clearance**. No Access Person shall pre-clear his/her own trades, review their own reports or approve their own exemptions from this Code. When such actions are to be undertaken with respect to a personal transaction of the CCO, the President, Chief
Executive Officer **,** Chief Investment Officer, Chief Risk Officer or other senior compliance person will perform such actions as are required of the CCO by this Code.

**6.** **Code Notification and Access Person Certifications** 

The CCO shall provide notice to all Access Persons of their status under this Code, and shall deliver a copy of the Code to each Access Person annually. Additionally, each Access Person will be provided a copy of any Code amendments. After reading the Code or amendment and the CFA Institute Code of Ethics, each Access Person shall make the certification contained in **Exhibit F** or such other form designated by the CCO, including through StarCompliance. Annual certifications are due within 45 days after the end of each calendar year. Certifications with respect to amendments to the Code must be returned to the CCO within a reasonably prompt time. To the extent that any Code related training sessions or seminars are held, the CCO shall keep records of such sessions and the Access Persons attending. (A copy of the CFA Institute Code of Ethics and Standards of Professional Conduct is included in **Exhibit J.)**

**7.** **Review of Required Code Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Reports required to be submitted pursuant to the Code will be reviewed by the CCO on a periodic basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Any material violation or potential material violation of the Code must be promptly reported to the CCO.
The CCO will investigate any such violation or potential violation and report violations the CCO determines to be "material" to the President and/or the Board, as appropriate, with a recommendation of such action to be taken against any
individual who is determined to have violated the Code, as is necessary and appropriate to cure the violation and prevent future violations. Other violations shall be handled by the CCO in a manner the CCO deems to be appropriate. However, sanctions
more severe than a warning or censure must be approved by the President or the Board, as applicable.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** The CCO will keep a written record of all investigations in connection with any Code violations
including any action taken as a result of the violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** Sanctions for violations of the Code include: verbal or written warnings and censures, monetary
sanctions, disgorgement or dismissal. Where a particular Client has been harmed by the action, disgorgement may be paid directly to the Client; otherwise, monetary sanctions shall be paid to an appropriate charity determined by the President or CCO.

**8.** **Recordkeeping and Review** 

This Code, a record of all certifications of an Access Person's receipt of the Code or any amendments thereto, any written prior approval for a Reportable Securities transaction given pursuant to Section 5.A. of the Code, a copy of each report by an Access Person, a record of any violation of the Code and any action taken as a result of the violation, any written report hereunder by the CCO, and lists of all persons required to make and/or review reports under the Code shall be preserved with the Adviser's records, for the periods and in the manner required by Advisers Act Rule 204-2. To the extent appropriate and permissible, the CCO may choose to keep such records electronically.

**9.** **Review of Code** 

The CCO shall review this Code and its operation annually and may determine to make amendments to the Code as a result of that review. Material and non-material amendments to this Code should be made and distributed as described in Section 6. Code Notifications and Access Person Certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Disciplinary Actions**. Any violation of this Code, for any reason or any degree of severity (whether or
not the Access Person intended to violate the Code), may be grounds for disciplinary action, including dismissal.

The Adviser may take one or more of the following disciplinary actions including but not limited to: issuing a letter of instruction; requiring a meeting with the CCO; issuing a violation report; issuing a letter of reprimand; requiring disgorgement of profits; requiring trade(s) to be broken at the Access Person's expense; requiring corrective action, suspension, or dismissal and the reporting of the violation to the appropriate regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Procedural Non-compliance**. Non-compliance with the procedural requirements of this Code (i.e. failure to submit holdings reports in a timely manner) will be documented. Repeated failure to disclose or repeated non-compliance (i.e. three similar failures to comply in one year) will be considered a violation and may result in disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Violations of Trading Non-compliance.** Failure to comply, whether
intentional or not, with the pre-clearance requirements and/or substantive prohibitions of this Code with respect to trading activity may result in disciplinary action as identified above in Section 9.A.
Additionally, if a violation occurs which creates an actual conflict of interest with a Client account, the Adviser reserves the right to treat such violation as one that warrants disciplinary action.

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<sup>4</sup> To the extent that the President also serves as CCO, no such report or approval will be required.

## Ex-99.P(6)

![LOGO](g458923dsp025.jpg)

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---

| | |
|:---|:---|
| **CODE OF ETHICS** | **2022** |

---

---

| | | |
|:---|:---|:---|
|  **INDEX OF UPDATES** | **INDEX OF UPDATES** | **3** |
| **1. INTRODUCTION** | **1. INTRODUCTION** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** | **APPLICATION** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** | **SCOPE** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** | **PURPOSE** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** | **STAFF OBLIGATIONS** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** | **VIOLATIONS** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** | **INTERPRETATION AND WAIVER** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** | **MONITORING** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** | **MATERIAL CHANGES** | **7** |
| **2. ETHICAL PRINCIPLES** | **2. ETHICAL PRINCIPLES** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** | **INTRODUCTION** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** | **GUIDING ETHICAL PRINCIPLES** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** | **RESOLVING ETHICAL ISSUES** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. CONFLICTS OF INTEREST** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. CONFLICTS OF INTEREST** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** | **INTRODUCTION** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** | **IDENTIFICATION AND TYPES OF CONFLICT OF INTEREST** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** | **DUTY TO DISCLOSE** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** | **OUTSIDE BUSINESS INTERESTS AND PERSONAL ASSOCIATIONS** | **12** |
| **4. PERSONAL ACCOUNT DEALING POLICY** | **4. PERSONAL ACCOUNT DEALING POLICY** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** | **HIGH LEVEL OVERVIEW** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** | **GENERAL RULE ON PA DEALING** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** | **APPLICATION OF PERSONAL ACCOUNT DEALING POLICY** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** | **PROHIBITED AND EXEMPT SECURITIES AND TRANSACTIONS** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** | **PROCEDURES FOR OBTAINING PERMISSION** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** | **PRACTICAL PROCEDURES TO BE FOLLOWED IN SPECIAL CIRCUMSTANCES** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** | **REPORTING REQUIREMENTS** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8** | **SUMMARY TABLE OF SECURITY TYPES AND PRE-CLEARANCE AND REPORTING REQUIREMENTS** | **22** |
| **5. INDUCEMENTS POLICY** | **5. INDUCEMENTS POLICY** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** | **GUIDELINES** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** | **RESTRICTIONS IN CONNECTION WITH THE SALE OF PACKAGE PRODUCTS, I.E. OEICS** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** | **PACKAGED PRODUCTS GUIDANCE ON REASONABLE INDIRECT BENEFITS** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** | **FINRA SPECIFIC REQUIREMENTS FOR REGISTERED PERSONS OF BGFS** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** | **SPECIFIC REQUIREMENTS FOR BGA(HK)** | **30** |
| **6. ACKNOWLEDGEMENT AND CERTIFICATION** | **6. ACKNOWLEDGEMENT AND CERTIFICATION** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** | **RECEIPT AND ACKNOWLEDGEMENT OF THE CODE** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** | **ANNUAL REPORT TO BAILLIE GIFFORD BOARDS** | **31** |

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**Index of Updates** 

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| Date | Reason for change | Material<br>Change | Regulatory<br>Requirement |
| October 2017 | Changes made to reflect MiFID II requirements. New requirements on Inducements relating to MiFID, equivalent third country or optional exemption business under FCA COBS 2.3A for firms which make personal recommendations to a retail client in the UK and, in particular, rules on inducements relating to the provision of investment services and ancillary services that the FCA will adopt under new FCA COBS 2.3A 5R. Chapter 5 updated with minor housekeeping changes throughout. | Yes | Yes |
| May 2018 | 4.5.1. Separate broker notification letter for BGFS representatives no longer required.<br> 4.5.1. New paragraph added about broker confirmations.<br> 4.8. Minor updates to description of unlisted investments in the summary table.<br> Minor housekeeping changes throughout the policy to change all references to holdings reports to Code of Ethics Declarations. | No | No |
| August 2018 | Minor updates to summary table in section 4.8 to include references to cryptocurrencies and structured deposits. | No | No |
| September 2018 | Removal of references to Baillie Gifford Life Limited. This entity is no longer carrying out insurance business and has applied for the cancellation of all its regulatory permissions. | No | No |
| October 2018 | New Guidance for partners and staff considering external appointments section added to the Conflicts of Interest chapter of the Code of Ethics Policy, plus a link to the guidance note. Not a material change as this is the publication of guidance and not a Code of Ethics Policy change. Summary table in section 4.8 updated to consolidate the two rows relating to exchange traded funds into one row. | No | No |
| November 2018 | Housekeeping update to the PA dealing policy following changes to the workplace pension arrangements. | No | No |
| January 2019 | Additional client requirement added to the list of clients with specific requirements link in section 5.1.15.<br> Change of job title for Lindsay Gold from Head of Compliance to Compliance Director (Page 5).<br> Reference to CFTC added in Section 6.0.<br> Changes to ensure BGE is covered by the policy. | No<br> No<br> No<br> No | No<br> No<br> Yes<br> No |
| March 2019 | Updates to summary table in section 4.8 to reflect the 3 security types added. Certificate of Deposit, Fixed Term Deposit and Fixed Term Bond. | No | No |
| April 2019 | Changed Lindsay Gold's title from Head of Compliance to Compliance Director and changed Monitoring, Ethics Conduct and Assurance team name to Monitoring and Ethics team. | No | No |
| July 2019 | Update political contributions sections to confirm that pre-clearance can be obtained from US based Compliance Counsel and the Code of Ethics team, rather than the Compliance Director. | No | No |
| September 2019 | Updates made to reference the new FCA Conduct Rules introduced under SMCR and make enhancements to the Outside Business Interests section. | Yes | Yes |
| September 2019 | OBI section of the policy updates to include a new table of examples and a new streamlined process which consolidates the pre-existing Code of Ethics policy and the HR OBI and Employment Policy which has since been decommissioned. | Yes | No |
| September 2019 | Whistleblowing Policy removed (now standalone), BGA(HK) semi-annual declaration process referenced and various housekeeping amendments. | No | No |
| March 2020 | Additional conflict disclosure requirements for investment decision makers to reflect an increased industry focus in this area. | Yes | No. |
| December 2020 | Housekeeping changes to change 'unlisted investments' to 'private companies' and clarifying personal associations | No | No |

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| January 2021 | Alastair Maclean replaces Lindsay Gold, as Director, Group Compliance and Legal. | No | Yes |
| May 2021 | Addition of section 3.4.3 Disclosure Procedures for External Board/Committee Appointments.<br> Minor housekeeping updates to clarify the policy which included: adding ETFs to the section in 4.3; FX and cryptocurrency in 4.4.2.1; Automatic sales for fees in 4.4.2.2; updating various links throughout the policy; updating the Group Compliance and Legal Director title throughout. | No | No |
| August 2021 | Housekeeping changes: No change to process, tidying up policy wording and making it clearer. | No | No |
| January 2022 | References to: 1) Compliance Monitoring and Ethics Team updated to Compliance Code of Ethics Team; and 2) Head of Compliance Monitoring and Ethics updated to Head of Group Compliance Staff Regulatory Responsibilities. | No | No |
| March 2022 | Post-Brexit updates made for UK/EU MiFID references throughout the policy. Name change for the Policies Training & Reporting team to Events & Global Registrations team. | No | No |
| May 2022 | Following a query from an Investment Trust Board, we have decided to tighten up the language around PA dealing during BG Investment Trust share buy-backs. New section 4.4.5. added.<br> Various minor housekeeping updates. | No<br> No | No<br> No |
| October 2022 | Additional language added to clarify the definition of 'immediate family member' and 'known close associate' regarding the subject of Politically Exposed Appointments in section 3.4.1 Types of Outside Business Interests. | No | No |

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**Letter from the Joint Senior Partner and Group Compliance, Legal and Governance Services Director** 

Dear Colleagues,

The Code of Ethics Policy is a very important area for us because our clients have put a great deal of trust in Baillie Gifford to manage their assets in their long-term interests. For us to respect that trust there are two things that we must focus on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Firstly, making sure that we put clients' interests at the heart of everything that we do; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secondly, making sure that we identify and manage any conflicts of interest between our interests and those of
the client.

The compliance culture and ethics of a firm are vitally important to clients and regulators alike. Our clients refer to the Code of Ethics Policy as the "window on the culture of the firm". They are interested in adherence with the policy and often ask for information on code violations as an indicator of the overall culture of the firm.

Regulators have also put 'culture' and 'conduct' at the centre of their agenda. Culture is regarded as the DNA of the business; shaping behaviours and ethics. At Baillie Gifford we have built our reputation by our conduct as individuals, acting with integrity and in the interests of our clients.

The Code of Ethics Policy sets out the processes, procedures and principles in this area and we ask you to give it your full attention. If you have any questions, please do not hesitate to contact a member of the Compliance Code of Ethics team or email CodeofEthicsQueries@bailliegifford.com.

Thank you.

Andrew Telfer Alastair Maclean <br> Joint Senior Partner of Baillie Gifford & Co Director, Group Compliance, Legal and Governance Services

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**1. Introduction** 

**1.1** **Application** 

The Code of Ethics applies to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All employees of Baillie Gifford entities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Partners

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed term, temporary and agency staff

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interns and summer students

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secondees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individuals providing services via Personal Service Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contractors (with systems access)

Each of these individuals and in some specified cases, persons who are connected to the individual, are required to comply with the Code of Ethics which forms part of the 'Personal Responsibilities' section of the Group Compliance Manual (located via the Landing Page on the Loop) and their employment contract. These individuals are known as 'access persons' for the purposes of US securities laws.

**1.2** **Scope** 

The Code covers all firms within the Baillie Gifford Group and has been adopted by the relevant Boards of Baillie Gifford regulated entities within the Group and the Group's Compliance Committee. It is designed to ensure compliance with relevant regulatory requirements applicable to the Baillie Gifford Group and in particular UK FCA, CBI and US SEC requirements.

The Code of Ethics covers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the FCA Conduct Rules which apply to the vast majority of
staff<sup>1</sup><sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• guiding ethical principles which apply to all staff

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing conflicts of interest which may occur between Baillie Gifford and the personal interests of members of
staff

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal dealings in shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving and giving of gifts, hospitality and other forms of inducement.

**1.3** **Purpose** 

At Baillie Gifford we have a fiduciary duty to our clients when acting as their investment manager or adviser. This requires us at all times to act in the best interests of our clients and to treat them fairly. We must avoid situations where we place our own interests ahead of the interests of clients. The Code of Ethics is designed to assist us in ensuring we meet these fiduciary standards when acting for clients.

**1.4** **Staff Obligations** 

As a member of staff, you are obliged to comply with your regulatory obligations under the various regulatory systems to which the Group is subject, including applicable federal securities laws. You are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Read and adhere to the Code of Ethics. If you have any questions, please email <u>CodeofEthicsQueries@bailliegifford.com (secure mailbox); and</u> 

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<sup>1</sup> The Conduct Rules do not apply to 'ancillary staff' not performing a financial services role. This would cover our mailroom staff, security guards, cleaning and catering staff.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete and submit a Code of Ethics Declaration and submit a Certificate of Compliance on first becoming a
member of staff and annually thereafter.

You will be provided with details of any changes to the Code at the time these are made. Training will be provided on the terms of the Code as part of your staff induction and annually thereafter, or more frequently in the event of a material change.

**1.5** **Violations** 

Failure on the part of members of staff or their Connected Persons (where applicable) to follow these procedures will be taken seriously and regarded as a disciplinary matter under the rules and procedures set out in the Staff Handbook. If it is determined that gross misconduct has taken place, the member of staff may be subject to instant dismissal without payment in lieu of notice.

In addition, any conduct by a member of staff that violates the Code of Ethics, including the Ethical Principles, will be considered from an FCA Conduct Rule Breach perspective (see section 2.1 below for details of the FCA Conduct Rules). If it is deemed that a Code of Ethics violation is significant in nature (e.g. evidence of intent; client materially affected; trend of repeated violations etc.), it may be escalated within Baillie Gifford to be assessed further by senior members of the HR, Compliance and Business Risk departments. Depending on the severity of the case, a formal Conduct Rule Breach may subsequently be reported to the FCA in accordance with regulatory reporting timelines.

Any member of staff who becomes aware of a violation of the Code of Ethics must promptly report that violation to the Group Compliance, Legal and Governance Services Director , who may, at his discretion, refer the violation to the Legal and Compliance Partner as well as the relevant Board and Compliance Committee for resolution in terms of section 1.6 below.

**1.6** **Interpretation and Waiver** 

With respect to matters of interpretation or dispute arising under the Code of Ethics, the Group Compliance, Legal and Governance Services Director may refer to the Compliance Committee of Baillie Gifford who may, exercising their reasonable judgment, make determinations as to the meaning and effect of the Code of Ethics. The Group Compliance, Legal and Governance Services Director may, in consultation with the Compliance Committee, grant written waivers of the provisions of the Code in appropriate instances. However, waivers will be granted only in rare instances and some provisions of the Code that are mandated by law or regulation cannot be waived. The Group Compliance, Legal and Governance Services Director is responsible for maintaining appropriate records of and preparing any reports required with respect to, any waivers of provisions of the Code.

**1.7** **Monitoring** 

Adherence by staff to the terms of the Code will be monitored by the Compliance Department. The issue, receipt and content of Code of Ethics Declarations and Certificates will be co-ordinated and monitored by that Department. Regular monitoring of personal account dealing, gifts and entertainment records and other forms of inducements will also be undertaken to ensure there are no actions which are contrary to our regulatory obligations and that we always act in the best interests of clients. The results of this monitoring will be reported to the relevant Boards and Compliance Committee.

**1.8** **Material Changes** 

Material changes to the Code of Ethics must be ratified by the relevant Boards of the SEC regulated firms and investment companies within the Group and the Group's Compliance Committee.

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**2. Ethical Principles** 

**2.1** **Introduction** 

Baillie Gifford's reputation and success is based upon its professional conduct and maintenance of high ethical standards. It is expected and indeed demanded from our clients that we adhere to robust ethical standards in all aspects of our activities.

This section of the Code of Ethics sets out guiding principles which apply to all staff relating to ethical conduct. It also provides some guidance on addressing and resolving ethical issues.

In addition, many individuals within the Group will be subject to ethical principles and codes of conduct which are adopted by various professional organisations to which they are members. Baillie Gifford's Code of Ethics is designed to be complementary to, and consistent, with these other standards.

The FCA's Senior Managers and Certification Regime (SMCR) introduces a set of Conduct Rules which reflect the core standards expected of staff who work within the Financial Services industry. These can be found in the FCA's Code of Conduct sourcebook (COCON) and are composed of nine rules, five of which are applicable to all staff (other than 'ancillary staff' referred to earlier) and four additional rules applicable only to Senior Managers. The five Conduct Rules which are applicable to all staff are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You must act with integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You must act with due care, skill and diligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You must be open and cooperative with the FCA, PRA and other regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You must pay due regard to the interests of customers and treat them fairly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. You must observe proper standards of market conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. These conduct rules compliment Baillie Gifford's own guiding ethical principles and are embedded within these. The four additional rules applicable only to Senior Managers are covered separately in the SMCR Policy.

The Code of Ethics cannot cover every ethical situation that might arise at Baillie Gifford. After having read and understood the content of the Code of Ethics Policy, all members of staff will be responsible for complying not only with its letter, but also with its spirit and principles. These are set out in the Guiding Ethical Principles below.

**2.2** **Guiding Ethical Principles** 

Each member of staff must follow these guiding principles:

*2.2.1. Fairness* 

To act fairly at all times when dealing with clients and counterparties of Baillie Gifford. Fairness requires impartiality, objectivity, and honesty.

For example, when communicating with clients you should make every reasonable effort to provide full, fair and accurate information and should avoid withholding any relevant information.

A non-exhaustive list of other examples of conduct that might breach the fairness principle is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleading a client about the risks of an investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleading a client about the likely performance of a product by providing inappropriate projections of future
returns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failing to acknowledge, or seek to resolve, mistakes in dealing with clients.

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*2.2.2. Honesty and integrity* 

To act honestly and with integrity in fulfilling the responsibilities of your role and seek to avoid any acts or omissions or business practices which damage Baillie Gifford's reputation or which are deceitful, oppressive, or improper.

For example, Baillie Gifford should only employ fair methods to win or retain business for the firm. Staff should avoid offering unduly lavish or overly frequent gifts and hospitality and should avoid 'pay to play' practices, i.e. making political contributions to those in a position to influence the selection of Baillie Gifford. Baillie Gifford is committed to carrying on business fairly, honestly and openly and has a zero-tolerance approach to bribery.

A non-exhaustive list of other examples of conduct that might breach the honesty and integrity principle is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Falsifying documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing false or inaccurate information to a client, regulator, auditor, Baillie Gifford itself or a third
party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mismarking the value of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleading others in Baillie Gifford about the nature of risks being accepted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failing to disclose personal dealing activity; receipt or provision of gifts and entertainment; political
contributions or other outside business interests as required by the Code of Ethics.

*2.2.3. Adherence to law and regulation* 

To observe applicable law, regulations and professional conduct standards when carrying out your activities and to interpret and apply them to the best of your knowledge and ability according to these guiding ethical principles. To be open and cooperative with Baillie Gifford's regulators.

For example, you must familiarise yourself with, and adhere to at all times, the requirements contained in the: Anti-Financial Crime Policy; the Anti-Money Laundering, Counter-Terrorist Financing & Sanctions Policy; the Anti-Bribery & Corruption Policy; the Code of Ethics Policy; the Market Abuse and Insider Dealing Policy; Data Protection Policy; and Information Security & Electronic Communications Policy. These policies set out your personal compliance responsibilities and are available to all staff in the 'Personal Responsibilities' section of the Group Compliance Manual.

A non-exhaustive list of conduct that might breach the open and cooperative with regulators principle is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing false or inaccurate information to regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failing to supply a regulator with appropriate documents or information when requested or required to do so and
within the time limits attaching to that request or requirement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failing to attend an interview or answer questions put by a regulator.

*2.2.4. Market conduct* 

When executing transactions or engaging in any form of market dealings, to observe the standards of market integrity, good practice and conduct required by, or expected of, participants in that market. To comply with relevant market codes and exchange rules.

*2.2.5. Loyalty to clients* 

To place the interests of our clients ahead of your own interests and to manage fairly and effectively, and to the best of your ability, any relevant conflict of interest. To the extent feasible, conflicts of interest should be avoided or at least appropriately managed and disclosed in accordance with Baillie Gifford's conflicts procedures.

Baillie Gifford's investment recommendations and other proprietary information are for the exclusive use of our clients. We should not use this proprietary information for personal benefit. If in doubt, refer to the Compliance Department for guidance.

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*2.2.6. Maintaining confidentiality* 

To respect the confidentiality of information on current, former and prospective clients which is obtained through your work and refrain from using or disclosing this for unethical purposes or illegal advantage.

For example, you must be extremely careful when sharing confidential client data with an outside party and should only do so if it is absolutely necessary. Authorisation may be required from your Head of Department for this. If in doubt, you should refer to the Information Security and Electronic Communications Policy (located in the Staff Handbook on the Loop) which includes the three levels of data security classification and rules on how to handle this data.

*2.2.7. Transparency* 

If you are in any doubt that you may have a conflict of interest, or if you think that there could be a perception of one, you should disclose the details to your Head of Department, to the Compliance Department or to the relevant chairperson of the board, committee or group concerned, as appropriate.

For example, consider the situation where you have a personal shareholding in a company and you are contributing to an investment discussion on whether to buy or sell this company for clients. It is essential to disclose this potential conflict to the chairperson and other members of that decision-making group. Please see section 3.3 for further details on additional disclosure requirements for investment decision makers (investors and CD staff on Portfolio Construction Groups).

**2.3 Resolving Ethical Issues** 

In business life we will be confronted from time to time with ethical issues to determine. In dealing with these an important consideration is any impact the decision may have on clients. Also, has the process of coming to the decision been fair, with full consideration of the facts, issues and alternatives? Has it involved all stakeholders with an interest? Have you identified any competing interests or conflicts of interest? These questions would be relevant where considering whether to accept a gift or entertainment, and also considering the implications of an incident.

**3. Conflicts of Interest** 

**3.1 Introduction** 

Inherent throughout the Code of Ethics is the principle that all members of staff have a responsibility to place the interests of the Group's clients ahead of their own and resolve conflicts in favour of the Group's clients. In order to achieve this, all activities undertaken by members of staff must be conducted in such a manner as to avoid any actual or potential conflicts of interest or any abuse of an individual's position of trust and responsibility. Furthermore, all action taken by staff must be undertaken in a manner which does not interfere with the interests of Baillie Gifford's clients or take unfair advantage of Baillie Gifford's relationship with its clients.

**3.2 Identification and Types of Conflict of Interest** 

*3.2.1. What is a conflict of interest?* 

A conflict of interest arises when personal matters or obligations interfere with business activities and influence the decisions made by members of staff, which have or could have a detrimental effect on the firm's clients. When considering conflicts of interest, it is important to consider how the situation would be viewed by an independent party.

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*3.2.2. Identification of conflicts of interest* 

Conflicts of interests which require to be identified by members of staff are those which arise between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Group, its connected persons and a client of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one client of the Group and another client of the Group.

*3.2.3. Types of conflicts of interest* 

When identifying whether a conflict of interest arises in the course of business and whether the existence of this conflict may adversely affect the interests of a client, staff should consider whether the individual, firm or certain persons connected with the firm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are likely to make a financial gain or avoid a financial loss at the expense of a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has an interest in the outcome of the service provided to the client or of a transaction carried out on behalf
of the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has a financial or other incentive to favour the interest of another client or group of clients over the
interests of the client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• carries on the same business as the client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receives or will receive from a person (other than the client) an inducement in relation to the service
provided, in the form of monies, goods or services, other than the standard commission or fee.

The Group Compliance Manual (located via the Landing Page on the Loop) contains Baillie Gifford's conflicts policy and matrix. This matrix details potential and actual conflicts of interest which have been recognised by the firm. Please refer to this document for further information regarding the types of conflict which have been identified.

If you are in doubt about whether a conflict has arisen please consult the Group Compliance, Legal and Governance Services Director.

**3.3 Duty to Disclose** 

All members of staff have in the first instance an obligation to manage or avoid all conflicts of interest. If it is not possible to manage or avoid a conflict of interest, then the potential or actual conflict which may impair your objectivity when undertaking your daily activities must be disclosed. All disclosures should be made to your Head of Department and the Group Compliance, Legal and Governance Services Director.

Baillie Gifford does not prohibit investors from investing in the same stocks as our clients. Nevertheless, there is an inherent conflict of interest risk that needs to be carefully managed should investors choose to do this.

Additional disclosure requirements for investment decision makers.

Investment decision makers should make the following protective disclosures where appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment decision makers should declare any pre-existing personal
shareholdings in a company if they are contributing to an investment discussion on whether to trade in that company for clients. This potential conflict must be disclosed to the chairperson of the relevant decision-making group, whom failing another
member of that decision-making group. On occasion, it may be prudent for an investment decision maker to step out of an investment discussion if it is felt that a conflict, or perception of a conflict, cannot be managed effectively. Such a course of
action should be determined on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment decision makers must also declare any personal trading activity in a company held by clients if they
have been, or will be, involved in an investment discussion concerning that company. This disclosure requirement is regardless of whether the company is being traded for clients at the time. Again, this potential conflict must be disclosed to the
chairperson of the relevant decision-making group, whom failing another investment decision maker in that decision-making group.

For both scenarios above, Investors have the option of retaining their own contemporaneous record of any disclosures made or notifying the Compliance Department who will record the protective disclosure in the Code of Ethics System. Notifications to Compliance should be emailed to <u>CodeofEthicsQueries@bailliegifford.com</u> (secure mailbox). An audit trail record would be beneficial in the event of any retrospective enquiry.

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**3.4 Outside Business Interests and Personal Associations** 

A personal conflict of interest can arise in relation to certain outside business interests or personal associations. Members of staff must ensure that they do not engage in any activities that would detract, divert from or conflict with, the proper performance of their Baillie Gifford employment or would conflict with the interests of the firm or our clients. Members of staff must also ensure that any personal association does not affect, or reasonably appear to affect, our conduct or actions in Baillie Gifford and therefore conflict with our duties to clients or the firm. To ensure that we comply with the requirements of global regulation, we require members of staff and Partners to inform Compliance at <u>CodeofEthicsQueries@bailliegifford.com</u> of any external interests at any time during employment.

*3.4.1 Types of Outside Business Interests* 

The following table is a non-exhaustive list of potential outside business interests. If you have any other interests or activities that you think may need to be disclosed, please contact the Compliance Code of Ethics team for guidance at CodeofEthicsQueries@bailliegifford.com (secure mailbox).

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| ***Outside Business Interest*** | ***Disclosure Requirements*** |
| **Paid work out with Baillie Gifford.** | In general, all regular paid work outwith Baillie Gifford should be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>). In addition, such work should also be agreed with your line manager and/or head of department as appropriate.<br>Discretion can be used for any ad hoc paid work that is de minimis in nature and has no obvious connection to Baillie Gifford business. Such paid work is unlikely to require disclosure. |
| **Business related external directorships, non-executive directorships or other external board/committee appointments (e.g. nominations committee or board observer positions).**<br>Business related would include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Listed companies;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private companies in which Baillie Gifford invests or is likely to invest;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade bodies or professional bodies;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clients;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suppliers etc. | All such positions must be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>Additional disclosure and approval requirements are outlined in section 3.4.3. |
| **Non-business related external directorships or non-executive directorships.**<br>Non-business related would include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private family run businesses;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One-person limited companies;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charitable organisations or not for Profit organisations (where not a client). | All such appointments must be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>No additional approval is required. |

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| **External investment or finance related roles at educational, charitable, religious or social organisations.**<br>Investment or finance related roles would include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment adviser;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trustee;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• treasurer etc. | All investment adviser related roles should be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>In addition, such roles should also be agreed with your line manager and/or Head of Department as appropriate. |
| **Politically exposed appointments** | A politically exposed person, or 'PEP', is an individual who is or has, at any time in the preceding year, been entrusted with prominent public functions, or is an immediate family member, or a known close associate of such a person), whether paid or unpaid.<br>An "immediate family member" of a PEP includes a spouse or civil partner of the PEP. Parents and children of the PEP, and the children's spouses, are also covered.<br>A "known close associate" of a PEP means an individual either:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Known to have joint beneficial ownership of a legal entity or legal arrangement, or any other close business relationship, with a PEP; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Who has sole beneficial ownership of a legal entity or legal arrangement that is known to have been set up for the PEP's benefit.<br>This broadly relates to business/commercial relationships with the PEP rather than social relationships – it would include trustees of trusts for the benefit of the PEP; individuals who are co-trustees with, in partnership with, joint owners of a company or business with, or in any other close business relationship with, the PEP.<br>All such appointments must be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>In addition, such roles should also be disclosed to your line manager and/or Head of Department as appropriate. |

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*3.4.2 Outside Business Interests disclosure procedures* 

The Compliance Code of Ethics team are the central hub for all outside business interest disclosures. This team will disseminate relevant information as appropriate to the Human Resources Department, Group Governance Services Department and the Events & Global Registrations and Anti-Financial Crime teams.

Outside business interest disclosures should be emailed to the Compliance Code of Ethics team (<u>CodeofEthicsQueries@bailliegifford.com</u>) at the earliest opportunity. Where possible, this should be prior to the commencement of any role or appointment. Disclosures should contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Date the outside business interest commenced or ceased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name of the external company/organisation and brief description of what they do;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brief description of your role/involvement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details of any remuneration if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Details of any connection to Baillie Gifford (e.g. client or prospective client, investee company, broker,
supplier etc.).

If applicable, the Compliance Code of Ethics team will obtain approval from the Group Compliance, Legal and Governance Services Director on your behalf and will either confirm that this has been received or will request further information if required.

Please note that Partners or Chief Executive Officers of Baillie Gifford subsidiary companies who require to seek approval from the joint Senior Partners for external appointments, must seek this approval themselves.

In addition to the above:

- **Requirements for FCA Regulated Roles**

The Firm is required to ensure that individuals in FCA regulated roles are fit and proper to perform the activities for which they are regulated and that they do not engage in any activities which could conflict with the performance of their role. In addition to the above requirements, individuals in regulated roles must inform Compliance when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they become aware that a company, partnership or unincorporated association of which the individual has been
controller, director, senior manager, partner or company secretary (either during the time they held the position or within one year of such involvement) has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been put into liquidation, wound up, ceased trading, had a receiver or administrator appointed or entered into a
voluntary arrangement with its creditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been adjudged by a court liable for any fraud, misfeasance, wrongful trading or misconduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been investigated or been involved in an investigation by an inspector appointed under companies or any other
legislation, or required to produce documents to the Secretary of State, or any other authority, under any such legislation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been convicted of any criminal offence, censured, disciplined or publicly criticised, by any inquiry, by the
Takeover Panel or any governmental or statutory authority, or any other regulatory body

- **Specific Requirements for BGFS**

Registered Persons of BGFS are required to obtain prior written approval from the Chief Compliance Officer of BGFS for any Contractor, Director, Office or Partner appointments or any work for which they expect to receive compensation outside of their Baillie Gifford employment. Please note that this supersedes the requirement to obtain approval from the Group Compliance, Legal and Governance Services Director.

- **Specific Requirements for BGA(HK)**

Licensed Persons of BGA(HK) are required to obtain prior written approval from the Compliance Officer of BGA(HK) for any Director appointments or any work for which they will receive compensation outside of their Baillie Gifford employment. ****The Compliance Code of Ethics team will co-ordinate this. ****In addition to the above, there are also SFC Notification requirements relating to any directorships, partnerships or proprietorships taken on by a licenced representative. The BGA(HK) Compliance Officer will advise on the relevant steps to take with regards to this notification.

*3.4.3 Disclosure and Approval Requirements Procedures for Business-related External Positions* 

From time to time, Investors or other relevant Baillie Gifford staff may be invited to take up a business-related external position (see section 3.4.1 for details). Such roles may be linked to public or private company in which our clients have a shareholding interest and are often offered to the largest shareholders. This type of opportunity is in alignment with our long term investment approach and our stewardship policy for greater engagement with our investee companies on corporate governance, long term incentives and performance matters.

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Whilst there are benefits to accepting such positions, there are also potential conflicts of interest that need to be carefully managed. Each business-related external position needs to be considered on a case by case basis to ensure participation in such a role would not conflict with the duties owed to Baillie Gifford's clients. The disclosure and approval requirements for such positions are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All business-related external positions must be approved by the Director of Group Compliance, Legal and
Governance Services for approval. Where deemed appropriate, the Director will discuss the case with the Chair of the Equity Leadership Group and the Management Committee will be informed for noting. The factors taken into consideration when
assessing each opportunity will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scope, time commitment and any remuneration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The likelihood of receiving Material Non-Public Information
("MNPI")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any potential conflicts of interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Committee on Foreign Investment in the United States ("CFIUS") requirements if applicable (legal advice
may be required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, prior approval must also be sought from the individual's Head of Department. For Partners and
Chief Executive Officers of Baillie Gifford subsidiary companies should seek prior approval from the joint Senior Partners.

*3.4.4 Personal Associations* 

We also must take steps to ensure that any personal interest or personal association does not affect, or reasonably appear to affect, our conduct or actions in Baillie Gifford and therefore conflict with our duties to clients or the firm. Any Significant Relationship with another person working in a relevant business connected to Baillie Gifford may need to be disclosed by email to the Compliance Department (<u>CodeofEthicsQueries@bailliegifford.com</u>).

Relevant businesses would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clients of Baillie Gifford

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consultants/advisers to clients of Baillie Gifford or investors in Baillie Gifford funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Companies in which Baillie Gifford invests on behalf of our clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other organisations with which Baillie Gifford has a contractual relationship.

A relationship with another person would be deemed significant if an independent third party might reasonably consider that it could affect your actions or those of a personal associate (whether or not it does so affect your conduct). If you have a relationship with an associated person that could potentially give rise to a conflict of interest, or the perception of one, then this should be disclosed to the Compliance Department. The Compliance Department will determine if the relationship needs to be recorded and whether any action needs to be taken to manage the conflict.

Please note that personal associations can go further than our definition of connected person under PA Dealing, i.e. this disclosure requirement is not limited to immediate family members living in your household. Some examples of potential personal associations that may need to be disclosed/recorded are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A personal friend works at a supplier and is directly involved in the Baillie Gifford account and/or you are
directly involved in the appointment of that supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A close friend works at an audit firm and is directly involved in an external review of your department.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An extended family member works at a company that Baillie Gifford invests in for clients, in a role where they
are likely to have access to sensitive business information.

Please note that none of the personal association examples above would fall under our definition of connected persons for PA Dealing purposes, however potentially would be disclosable under this section of the Code of Ethics. However, please also note that not every instance of the above would necessarily have to be recorded. Each scenario would be considered on a case-by-case basis to establish what, if any, conflict risk there is.

These disclosures are designed to ensure that our work is carried out on behalf of clients in an environment that is free from any suggestion of improper influence. If you are in any doubt as to whether a business interest or personal association or relationship needs to be disclosed, please contact a member of the Compliance Department for guidance.

*3.4.5 Record Keeping and Annual Certification* 

A record of all Outside Business Interests and Personal Associations disclosed to Compliance will be maintained in the Code of Ethics System. These will form part of your personal Annual Code of Ethics Declaration. Updates can be made to these disclosures when completing your annual declaration, or alternately at any point throughout the year by emailing the details to Compliance (<u>CodeofEthicsQueries@bailliegifford.com</u>).

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**4. Personal Account Dealing Policy** 

**4.1 High Level Overview** 

Baillie Gifford's first priority is in ensuring that in all circumstances, the firm's clients' interests are placed first and each client obtains the best execution of trades which we can arrange on their behalf. In order to ensure that this priority is consistently met, all staff have a responsibility to ensure that in no circumstances will clients be disadvantaged by employee PA Dealing.

The basic premise of Baillie Gifford's PA Dealing Policy is that PA Dealing is permitted subject to a number of restrictions. Baillie Gifford therefore gives general permission to all members of staff and to their Connected Persons (defined later) to carry out investment transactions in designated investments in accordance with the following procedures. All staff must ensure that undertaking PA Dealing activities does not distract them from their day-to-day responsibilities.

**4.2 General Rule on PA dealing** 

A member of staff or their Connected Persons are prohibited from

1. Entering into a PA deal where

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) that person is prohibited from entering into it under the law and regulations governing market abuse and
insider dealing as set out in the Baillie Gifford Market Abuse Policy. The Policy requires that no member of staff make personal use of material non-public information or engage in a securities transaction
available only by reason of his or her position within Baillie Gifford. If a member of staff is aware that an investment opportunity is being actively considered by Baillie Gifford, they must first ensure that this is made available to Baillie
Gifford before taking personal advantage of the opportunity. It is the personal responsibility of the member of staff to ensure that they are familiar with the provisions of that Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) it involves the misuse or improper disclosure of confidential or proprietary information relating to clients or
transactions for clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) it conflicts or is likely to conflict with an obligation under Europe's Markets in Financial Instruments
Directive II (MiFID II) / the UK's MiFID Org Regulation, the UK version of Europe's Markets in Financial Instruments Directive II (MiFID II) or other regulatory obligations which Baillie Gifford owes to its clients.

2. Advising, recommending or procuring any other person to enter into a transaction which would be precluded under
1 above.

3. Disclosing any information or opinion to any other person where it is reasonably likely that the result of that
disclosure will lead to an activity precluded under 1 or 2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Entering into a PA deal or purchasing a contract of insurance, the purpose of which is to hedge away the risk
of any downward adjustment in deferred remuneration which that member of staff may be entitled to receive under the firm's remuneration policy.

A person will be considered to have undertaken such personal hedging if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The staff member enters into a contract with a third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The contract requires the third party to make payments directly or indirectly to the staff member that are
linked to or commensurate with the amounts by which the staff member's variable remuneration has been reduced.

Failure on the part of members of staff or their Connected Persons to follow these procedures will be regarded as a disciplinary matter under the rules and procedures set out in the Code. If it is determined that gross misconduct has taken place, the member of staff may be subject to instant dismissal without payment in lieu of notice (If you are in any doubt as to whether an intended transaction for yourself or for a Connected Person is subject to the rules of the Policy you should check with the Compliance Department beforehand).

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The remainder of this policy details the following information:

4.3 Application of Personal Account Dealing Policy

4.4 Prohibited and Exempt Securities and Transactions

4.5 Practical Procedures for Obtaining Permission

4.6 Practical Procedures to be followed in Special Circumstances

4.7 Reporting Requirements

4.8 Summary table of Security Types and Pre-Clearance and Reporting Requirements

**4.3 Application of Personal Account Dealing Policy** 

The PA dealing rules apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All those listed in section 1.1 of this Policy

And 'Connected Persons' which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Immediate family (immediate family includes spouses, co-habitees, children under the age of 18 and immediate family members sharing the same household. It would also include parents/in-laws or other persons where decision making as to their investments is taken by them under
advice from the member of staff);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organisations for whom members of staff have an active investment advisory input (this could include charities,
churches, clubs etc);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trusts where as trustee the member of staff exercises investment influence (i.e. as sole trustee or a trustee
exercising a considerable influence. In this case the trust must be made aware of the connection with Baillie Gifford & Co and must be requested to report transactions in securities of companies under our management to the member of staff
serving as a trustee. He should then report the transaction to the Group Compliance, Legal and Governance Services Director); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicates where friends/family group together for the purpose of purchasing shares

Throughout this Policy, the above categories are referred to as *Connected Persons*.

The Policy applies to the following types of instruments ("covered securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BG OEICS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Trusts and other close end vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• private companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• spread betting on financial instruments.

It also applies to any investment in any of the above instruments through a wrapper product such as an ISA, SIPP, share plan, Variable Insurance Product or the Baillie Gifford workplace pension available through Aegon's ARC platform.

The table in section 4.8 sets out various security types and transactions and whether they are covered by the Personal Account Dealing Policy, Preclearance and Reporting Requirements.

If a member of staff is in any doubt as to whether an instrument is included or not in the Policy they should contact the Compliance Code of Ethics Team or email <u>CodeofEthicsQueries@bailliegifford.com</u>.

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**4.4 Prohibited and Exempt Securities and Transactions** 

*4.4.1. Prohibited securities and transactions* 

No member of staff is permitted to purchase or sell, directly or indirectly, any security in which he or she acquires any direct or indirect personal holding and which, to his or her knowledge, is currently being purchased or sold by Baillie Gifford or which, to his or her knowledge, Baillie Gifford is actively considering recommending for purchase or sale. These prohibitions shall continue until the time that Baillie Gifford decides not to recommend such purchase or sale, or if this recommendation is made, until the time that Baillie Gifford completes, or decides not to enter into, the recommended purchase or sale. These prohibitions also apply to any purchase and sale by any member of staff of any convertible security, option, warrant or other derivative security, or any private placement of any issuer whose underlying securities are being actively considered for recommendation to, or are currently being purchased or sold by, Baillie Gifford. Any profits realised on trades made by members of staff within the proscribed period may require to be disgorged, particularly where the member of staff had, or was in a position to have had, knowledge of the fact that securities were being purchased or sold on behalf of Baillie Gifford's clients.

*4.4.2. Exempt securities and transactions* 

*4.4.2.1 Securities exempt from pre-clearance requirements* 

The pre-clearance and reporting obligations shall not apply to the following exempt securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) purchases or sales of securities that are direct obligations of the government of the United States or United
Kingdom, bankers' acceptances, bank certificates of deposit, commercial paper, high-quality short-term debt instruments (including repurchase agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) shares of money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) shares of registered open-end management investment companies other
than the Baillie Gifford sponsored OEICS and mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) shares of US unit investment trusts (i.e. variable insurance contracts that are funded by insurance company
separate accounts organised as unit investment trusts) that are invested exclusively in one or more registered investment companies. Please note that UK Investment Trusts are not exempt securities and that pre-clearance requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) FX or cryptocurrency transactions

The pre-clearance requirements shall not apply to the following transactions (although revised holdings will need to be disclosed in your Annual Code of Ethics Declaration):-

*4.4.2.2 Transactions exempt from pre-clearance requirements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) purchases effected upon the exercise of rights (e.g. automatic reinvestment of dividends) provided by an issuer
pro rata to all holders of a class of its securities to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) personal transactions effected under a discretionary portfolio management service where there is no prior
communication in connection with the transaction between the portfolio manager and the relevant member of staff or other person for whose account the transaction is executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) personal transactions in any default fund available in Baillie Gifford's workplace pension available
through Aegon's ARC platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) ongoing monthly transactions in an automatic investment plan, where permission was obtained for the initial
investment and there has been no change to the standing instruction thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) sales automatically placed by the broker to cover ongoing management fees.

*4.4.3. Prohibition on short-term profits* 

No member of staff may engage in the purchase and sale, or sale and purchase, of the same (or equivalent) securities within 60 calendar days. All profits realised on such short-term trades will normally require to be disgorged. Subject to pre-clearance a securities transaction which occurs within the 60-day period as a result of a change in personal circumstances which takes place or becomes known during the period may not be considered a violation of this section or subject to the disgorgement rule upon review and approval of the Group Compliance, Legal and Governance Services Director.

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*4.4.4. Investor PA trades ("Blackout Period")* 

Investment Personnel are not permitted to PA trade in the seven calendar day period after a fund/strategy that they are involved in has traded in the same security.

In addition, Investment Personnel are not permitted to PA trade in the seven calendar day period before a fund/strategy that they are involved in trades in the same security, where they were aware, at the point of requesting permission to trade and at the point of placing their PA dealing instruction, that a client order in that security was pending.

All profits realised on trades by Portfolio Managers within the proscribed period will normally require to be disgorged.

*4.4.5. Baillie Gifford Investment Trust share buy-backs* 

If a member of staff has specific knowledge about a Baillie Gifford Investment Trust share buy-back, i.e. specific knowledge around the price, timing and volume of the transaction, they should refrain from any PA dealing in that Investment Trust until such times as the share buy-back is complete. A general awareness of share buy-backs or share buy-back programmes would not preclude a member of staff from PA dealing in that Investment Trust.

**4.5 Procedures for Obtaining Permission** 

Prior to undertaking a PA Deal, members of staff are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain permission to use their desired broker (it is only necessary to follow this procedure on the first
occasion of using a particular stockbroker); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to obtain internal pre-clearance from the Code of Ethics System (every
time a PA deal is undertaken).

It is important that members of staff take all reasonable steps to ensure that these procedures are followed by whoever is dealing. The onus is on the member of staff to obtain permission and ensure that contract notes are sent to the Head of Group Compliance Staff Regulatory Responsibilities where the dealing is for a Connected Person.

*4.5.1. Procedures for obtaining broker permission* 

Before a member of staff or a Connected Person begins to effect a transaction with a particular firm of stockbroker's permission must be obtained to use that broker. It should be noted that this also applies to on-line dealing. The reason for this permission is to inform the Broker that the member of staff works for Baillie Gifford and to ensure that brokers supply to the Head of Group Compliance Staff Regulatory Responsibilities, no later than 30 days after the end of the quarter in which the trading activity occurred, duplicate copies of confirmations of all personal securities transactions. Such confirmations may also contain a statement declaring that the reporting or recording of any such transaction shall not be construed as an admission that the member of staff making the report has any direct or indirect beneficial ownership in the security.

Each confirmation received from the broker shall be treated confidentially and will be maintained on file by the Compliance Department. The reports are, however, available for inspection by authorised members of the staff of regulatory authorities supervising Baillie Gifford's investment business.

**Note**: No broker confirmation letters are required for transactions undertaken in an automatic investment plan, including the Baillie Gifford workplace pension available through Aegon's ARC platform. Furthermore, no Non–Executive Director of a Baillie Gifford company shall be required to report or provide broker confirmation unless the Director knew or should have known that during the 15 calendar days before and after such Director's transaction in any security, Baillie Gifford purchased or sold the same security, or Baillie Gifford considered purchasing or selling the same security.

In addition, broker confirmation letters may not be required if your broker operates a transaction data feed to Baillie Gifford's Code of Ethics System (although your broker may require a separate declaration for this). Should, for whatever reason, a broker be unable to provide duplicate copies of personal transactions directly to Baillie Gifford, the staff member must promptly provide copies of their trade confirmations directly to the Code of Ethics team. This should be provided in email format to the secure team mailbox.

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Please contact <u>CodeofEthicsQueries@bailliegifford.com</u> for further details.

Every member of staff must (for their own dealing and that of a Connected Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify the firm of stockbrokers that they work at Baillie Gifford & Co;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not accept or request any credit or special dealing facilities in connection with his dealings (The only
exception to this rule is that the Management Committee may give special dispensation for members of staff to agree on rates. Where this permission is given the details must be supplied to the Group Compliance, Legal and Governance Services
Director);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify the Head of Group Compliance Staff Regulatory Responsibilities that they or their Connected Person
proposes to deal with the particular firm of stockbrokers and obtain his permission to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare the relevant Broker Authorisation letter (either member of staff letter or Connected Person). Take two
copies of the letter, both copies must be signed by the Head of Group Compliance Staff Regulatory Responsibilities with one being sent to the stockbroker and the other copy sent to the Head of Group Compliance Staff Regulatory Responsibilities ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure that a copy of the contract note is sent by the stockbroker to the Group Compliance, Legal and Governance
Services Director or an electronic confirmation if provided through an on-line dealing service.

The 'quick guide' document sets out the procedures for obtain<u>ing broker consent via a data feed through the Code of Ethics System</u>.

Click on the appropriate link below to obtain a copy of the Baillie Gifford Broker Notification Letter, required for brokers without a data feed:

<u>Letter 1 (Broker authorisation for member of staff)</u>

<u>Letter 2 (Broker authorisation for Connected Persons)</u>

*4.5.2. Procedures for obtaining internal permission* 

In addition to broker permission being obtained, members of staff are also required to obtain electronic internal pre-clearance from the Code of Ethics System. Pre-clearance of a PA deal will remain valid until close of business on the next business day from the time permission is obtained. If the proposed transaction is not completed during the period in which the pre-clearance is granted, the member of staff must seek additional pre-clearance prior to completing the transaction. In the case of postal deals (e.g. deals that require an application form or instruction form to be completed, i.e. dealing is not direct through a broker); your dealing instruction should be sent within this pre-clearance period, although the trade itself does not have to be executed.

The 'quick guide' video sets out the procedures for <u>submitting Trade Requests through the Code of Ethics System</u>.

PA Dealing information will be reviewed and monitored by the Compliance Department. Should the monitoring conducted by the Compliance Department detect a potential violation of this Code or any apparent trading irregularity, that Department shall take whatever steps deemed appropriate under the circumstances to investigate said potential violation or trading irregularity. If the Compliance Department reasonably believes a violation or trading irregularity to exist, said violation or trading irregularity shall be reported to the Group Compliance, Legal and Governance Services Director.

**4.6 Practical procedures to be followed in special circumstances** 

**Remote Access to the Code of Ethics System**: Remote access is available on all Baillie Gifford devices. If a member of staff is away from the office (e.g. on business or on holiday), trade requests can be submitted through all BG devices.

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**Maternity/Parental Leave:** If you are out of the office on maternity leave, or a period of flexible parental leave exceeding four weeks, there is no requirement for you to obtain PA dealing permission for any trades conducted by you (or a Connected Person) during this leave. If applicable, shareholdings in the Code of Ethics System can be amended upon your return to the office.

**Limit Orders:** The use of buy or sell limit orders is not prohibited under this policy, however, these must be carefully managed by members of staff as pre-clearance is only valid until close of business on the next business day from the time permission is obtained. If, upon expiry of the permission period, the limit price has not been met, the member of staff must obtain fresh permission via the Code of Ethics System or ensure the limit instruction is cancelled.

**Stop Loss Orders:** As for limit orders, stop loss orders (i.e. instruction to automatically sell securities if the share price reaches a pre-determined minimum price) are not prohibited under this policy, however, these must be carefully managed by members of staff as pre-clearance is only valid until close of business on the next business day from the time permission is obtained. If you wish to maintain a stop loss instruction beyond the permission period, fresh permission must be obtained via the Code of Ethics System.

**4.7 Reporting Requirements** 

*4.7.1. Initial reporting requirements* 

All new members of staff are required to disclose all personal securities holdings in which they have any direct or indirect holdings to the Compliance Department, within 10 days of commencing employment. The information provided must be current and no more than 45 days prior to the date the person joined the firm. Initial Code of Ethics Declarations must be submitted to Compliance via the Code of Ethics System.

*4.7.2. Annual reporting requirements* 

Each member of staff is also required to file an annual report disclosing all personal securities holdings by 1 February of each year. The information must be current as of a date no more than 45 days prior to the date the report was submitted. Annual Code of Ethics Declarations must be submitted electronically via the Code of Ethics System. The 'quick guide' video sets out the procedures for <u>submitting an Annual Declaration via the Code of Ethics System</u>.

**Note**: Declarations must include shares owned through an automatic investment plan. Each declaration may also contain a statement declaring that the reporting or recording of any such transaction shall not be construed as an admission that the member of staff making the report has any direct or indirect beneficial ownership in the security. Non–Executive Directors of Baillie Gifford companies are not required to provide initial or annual Code of Ethics Declarations.

*4.7.3. Specific Requirements for BGA(HK)* 

Semi-Annual Holdings Disclosure – This requirement applies to all BGA(HK) employees, licenced persons, Managers-in-Charge, Directors, other than non-executive directors and it is in addition to the annual declaration. Each member of staff is required to file a report disclosing all personal securities holdings semi-annually in January and July each year. The information must be current and no more than 45 days prior to the date the report is submitted. Holdings reports must include shares owned through an automatic investment plan. This semi-annual exercise is coordinated and managed by the Compliance Department.

**4.8 Summary table of Security Types and Pre-Clearance and Reporting Requirements** 

This list is not all inclusive and may be updated from time to time. Please contact the Compliance Code of Ethics team for guidance as needed or email <u>CodeofEthicsQueries@bailliegifford.com</u>.

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| **Security Type** | **Covered by**<br> **Code of**<br> **Ethics Policy**<br> **("Covered**<br> **Security")?** | **Pre-clearance**<br> **Required?** | **Include in**<br> **Code of**<br> **Ethics**<br> **Declaration?** |
| Equity securities (publicly traded) | Yes | Yes | Yes |
| Derivatives (futures and options) | Yes | Yes | Yes |
| Corporate Bonds | Yes | Yes | Yes |
| Government securities | No | No | No |
| BG managed Investment Trusts | Yes | Yes | Yes |
| Non-BG managed Investment Trusts | Yes | Yes | Yes |
| BG managed OEICs | Yes | Yes | Yes |
| Non-BG managed OEICs, Unit Trusts, mutual funds or other open-end vehicles | No | No | No |
| Private companies:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New issues, IPOs, private placements;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity Crowd funding. | Yes | Yes | Yes |
| Venture Capital Trusts ("VCTs"), Enterprise Investment Scheme ("EIS"), business angel investments. | Yes | Yes | Yes |
| Spread betting on a covered security | Yes | Yes | Yes |
| Spread betting on financial markets or non-financial instruments | No | No | No |
| ETFs ("Exchange traded fund") | Yes | Yes | Yes |
| Cash ISAs | No | No | No |
| Cryptocurrencies | No | No | No |
| Structured Deposits in instruments covered by the Policy, e.g. shares, corporate bonds etc. | Yes | Yes | Yes |
| Structured Deposits in instruments not covered by the Policy, e.g. indices, exchange rates etc. | No | No | No |
| Certificate of Deposit | No | No | No |
| Fixed Term Deposit | No | No | No |
| Fixed Term Bond | No | No | No |
| Peer-to-peer lending | No | No | No |
| Default fund(s) investments held within Baillie Gifford's workplace pension (ARC) | No | No | No |
| Covered securities held within Baillie Gifford's workplace pension (ARC) | Yes | Yes | Yes |
| Investments within the Baillie Gifford Select SIPP | Yes | Yes | Yes |
| Covered securities held within an ISA, SIPP, share plan or Variable Insurance Product. | Yes | Yes | Yes |
| Covered securities held within a discretionary portfolio management service | Yes | No | Yes |
|  Covered securities acquired as a result of a corporate action\*:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus (or Scrip) issues;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights issues;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Takeovers;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reorganisations;<br> \* w*here the member of staff has no influence over the timing and/or it is a set price (note: any subsequent sale of these securities would require pre-clearance).* | Yes | No | Yes |
| Sale of nil-paid rights or the part sale of nil-paid rights to fund a partial take up of new shares. | Yes | No | Yes |
| Free shares acquired as a result of de-mutualisation (note: any subsequent sale of these securities would require pre-clearance). | Yes | No | Yes |
| Employee Incentive Share Schemes (Connected Persons):<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Putting money aside for the future purchase of shares;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buying shares at a set date and price;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any subsequent sale of these shares | No<br> Yes<br> Yes | No<br> No<br> Yes | No<br> Yes<br> Yes |
| Monthly direct debit investments (in covered securities):<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial monthly investment;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ongoing monthly investments (if no change to initial instruction);<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change to initial instruction (increase, decrease, cancel, switch). | Yes<br> Yes<br> Yes | Yes<br> No<br> Yes | Yes<br> Yes<br> Yes |
|  Transfer of covered security:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from one person to another;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from one product to another;<br> where there is no change to the underlying holding (excluding shares sold to cover fees).<br> \* *you will need to inform Compliance of the new account where the shares will be held.* | Yes | No | Yes\* |

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**5. Inducements Policy** 

An area where a conflict of interest may arise is in the context of the giving or receipt of a gift or hospitality which may be viewed as a form of inducement.

Baillie Gifford must take reasonable steps to ensure that it and any person acting on its behalf does not pay or accept any fee or commission or provide or receive any non-monetary benefit if it is likely to conflict to a material extent with any duty that Baillie Gifford owes to its customers or any duty which the recipient firm owes to its customers.

This Inducements Policy sets out the principles and procedures which all members of staff within Baillie Gifford must adhere to with regard to the giving or receipt of a gift or hospitality or anything else which may be viewed as an inducement, such as donations or political contributions.

The overriding principle is that all members of staff should not accept gifts, favours, entertainment, hospitality or other inducements of material value that could be seen as likely to influence their decision-making or make them feel beholden to a person or other firm.

Similarly, Baillie Gifford and its members of staff should not offer gifts, favours, entertainment, hospitality or other inducements of value that could be viewed as overly generous or aimed at influencing decision-making or making the recipient feel beholden to Baillie Gifford or that member of staff.

**Note**: These general principles apply in addition to the more specific guidelines set out below. However, the guidelines do not attempt to cover every situation and must be interpreted in the light of the particular circumstances of each case. If you are in any doubt about any particular situation, you should consult with your Head of Department or the Compliance Department.

The remainder of this policy details the following information:

5.1 Guidelines for Gifts & Entertainment, Donations and Political Contributions.

5.2 Restrictions in Connection with the Sale of Packaged Products, i.e. OEICs.

5.3 Packaged Products Guidance on Reasonable Indirect Benefits

5.4 FINRA Specific Requirements for Registered Persons of BGFS

5.5 Specific Requirements for BGA(HK)

**5.1 Guidelines** 

*5.1.1. Application to all staff* 

The general principles and guidelines apply to all staff within Baillie Gifford irrespective of whether they are in direct contact with clients or potential clients or not.

*5.1.2. Application to all third parties* 

Whilst the FCA and CBI requirements relate to managing or minimising conflicts which affect the services provided to our clients and to firms who in turn are advising clients, our principles also apply to other third parties who supply goods or services, whether these are supplied to clients or on the clients' behalf or are supplied to Baillie Gifford itself. This ensures that the standards set are consistently applied by all staff and for all relationships.

*5.1.3. No Solicitation* 

Baillie Gifford expressly prohibits staff from soliciting for themselves or for members of their family or for the firm itself, gifts, hospitality, entertainment or anything of value from a client, potential client, supplier or any other entity with which Baillie Gifford does business (other than fees and expenses properly due and payable).

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*5.1.4. No Cash Gifts* 

No member of staff may give or accept any financial instruments, including cash gifts to or from a client, potential client, or any entity that does business with or on behalf of Baillie Gifford. This applies equally to the giving or receiving of promotional competition prizes.

*5.1.5. Donations* 

As a general rule, no cash donations should be made in connection with our clients or prospective clients. Donations of non-cash prizes are acceptable, providing they meet the criteria in the Inducements policy. Cash donations are more likely to be viewed as giving rise to a conflict and our general policy is that these should be avoided. Any cash donations which are proposed, as an exception to the general rule, should be pre-cleared with the Group Compliance, Legal and Governance Services Director. For example, it may be permissible to make a cash donation to a charity on the death of a long standing contact as a client, although the amount of the donation should be carefully considered.

Please note that this does not affect charitable donations, approved via our Sponsorship Committee, which are not connected with our clients or prospects.

*5.1.6. Political Contributions Policy* 

Political contributions by financial services firms and their personnel have come under increased regulatory scrutiny in the US. Regulators have expressed concern that some in the financial services industry are inappropriately influencing the awarding of business for state and local government entities by making political contributions to officials holding or running for office. These 'pay-to-play' activities are now restricted by numerous federal, state, and local laws. The Securities and Exchange Commission (SEC) has enacted a pay-to-play rule for investment advisors. This rule restricts the political contributions and political fundraising activities that may be engaged in by investment advisors and their personnel. The consequences for violations of the SEC rule and other state and local laws are significant. In the event of a violation, Baillie Gifford could be prohibited or restricted from doing business with certain government entities.

Given the scale of our activities in the US, the following procedures apply to all staff within Baillie Gifford, irrespective of whether they are in direct contact with clients or potential clients or not, and to their 'connected persons' (see section 4.3 of the Code of Ethics for a definition of connected persons). There will also be additional reporting obligations for US based staff. The requirements are as follows:

1. All members of staff are required to obtain preclearance from the Compliance Department before either they or a
connected person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any political contributions, either directly or indirectly, to US federal, state or local officials; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• participate in any political fund-raising activity in the US.

Preclearance requests should be submitted by email to Baillie Gifford's US based Compliance Counsel and the Code of Ethics Team.

2. All members of staff must confirm on an annual basis, that they have disclosed to the Compliance Department any
political contributions made to US federal, state or local officials and any political fund-raising activity in the US. This disclosure will form part of the Annual Code of Ethics Declaration that staff submit via the Code of Ethics System.

3. In addition to requirement (2) above, US based staff must confirm on a quarterly basis that they have
disclosed to the Compliance Department any political contributions made to US federal, state or local officials and any political fund-raising activity in the US. The disclosure should be submitted via the Code of Ethics System upon request from the
Compliance Department.

4. Upon joining the firm, all new members of staff must disclose to the Compliance Department any political
contributions made to US federal, state or local officials and any political fund-raising activity in the US within the previous two years. This disclosure will form part of the existing Personal Compliance Responsibilities Certificate that all new
staff are required to submit upon joining the firm.

Whilst strictly speaking the above requirements apply to US political contributions only, members of staff should also give due consideration to all other political contributions (UK or otherwise) from a general conflict of interest and transparency perspective. Staff should disclose to the Compliance Department, any political contributions that may give rise to an actual conflict of interest, a potential conflict of interest or the perception of one.

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*5.1.7. De Minimis Gifts* 

Gifts given or received which are of a de minimis nature due to their characteristics or likely cost are unlikely to give grounds for suggestions of undue influence and are therefore exempt. Typical examples of de minimis gifts would include umbrellas, diaries and pens with advertising logos for the donor company.

The Compliance Department should be consulted in any questionable situation.

*5.1.8. Gifts which are not De Minimis* 

All gifts given or received which are not de minimis must be recorded in the Code of Ethics System. It is generally acceptable for members of staff to retain gifts received that are below £50 in value (or equivalent in another currency), provided this is not with undue frequency. In the case of gifts received above £50 in value (or equivalent in another currency), the member of staff concerned should consult with their Head of Department as to the appropriate course of action. In the majority of cases gifts above £50 (or equivalent in another currency) which are received should be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• surrendered to the Events Team for use for charitable purposes or distribution as part of the firm's annual
Christmas raffle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• returned to the third party concerned; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributed amongst the Department in the case of perishable gifts, e.g. hampers.

Where the member of staff wishes to retain a gift above £50 (or equivalent in another currency), then he or she should pay for the estimated cost of the gift above this limit and this amount should be given to the Finance Department for use for charitable purposes.

Similarly, gifts above £50 in value (or equivalent in another currency) should generally not be given by a member of staff.

*5.1.9. Promotional Competition/Prizes* 

In offering any promotional competition or prizes, the member of staff responsible should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consider the likely impact or influence the prize would have on the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consult with a Partner or the relevant Board on the likely impact of the competition on the brand of Baillie
Gifford.

In all cases the prize offered should be of reasonable value, i.e. it should not be excessive or inappropriate.

Any competition prizes won by a member of staff at a business-related event, e.g. a conference or seminar, should be recorded for transparency in the Code of Ethics System.

*5.1.10. Business Lunches/ Dinners* 

The establishment and maintenance of strong relationships with our clients, suppliers, intermediaries and consultants is integral to our ability to provide effective investment management services. Routine business lunches or dinners are good mechanisms for building and maintaining relationships and are unlikely to give grounds for suggestion of undue influence unless they become overly frequent or are unduly lavish.

Routine business lunches and dinners given do not require to be reported. These should be recorded in Baillie Gifford's expenses system. The Business Expense Claims procedure will provide an adequate control over the magnitude of costs incurred by Baillie Gifford when giving such lunches and dinners.

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Many of Baillie Gifford's clients (particularly those covered by ERISA) are subject to specific reporting requirements regarding their acceptance of business lunches and dinners. In order for Baillie Gifford to ensure that it is able to provide clients with their required information, the following additional information should be recorded on the Business Expense Claim Form, with respect to any clients for whom we have hosted a business lunch or dinner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the client being entertained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The names of the individuals being entertained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The total cost of the lunch or dinner.

Generally, routine business lunches and dinners received do not need to be reported. The exception to this is business lunches and dinners received from UK or European financial institution or intermediary that provides advice or portfolio management services to retail clients (UK/EU MiFID firms). Such lunches and dinners do need to be recorded in the Code of Ethics System.

*5.1.11. Entertainment/Hospitality Given* 

All members of staff must exercise discretion in offering hospitality. Members of staff should not provide extravagant or excessive entertainment to a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of Baillie Gifford or our clients. Similarly, a member of staff should not provide entertainment to such parties with undue frequency.

With the exception of occasions where the client is a UK/EU MiFID firm (see below), members of staff may provide entertainment or hospitality, such as a dinner (unconnected with business), sporting, charitable or cultural event of reasonable value provided that the person or Baillie Gifford is present at the event. If the person or Baillie Gifford is not present, then the entertainment becomes a gift and the procedures in section 5.1.8 apply, i.e. gifts above £50 (or equivalent in another currency) should generally not be given by a member of staff.

In considering the hospitality or entertainment event, you should note that attending expensive or exclusive sporting or cultural events can draw criticism. Invitations should not be offered if they could be construed as being unusual or risk creating a sense of obligation to the host or bias in their favour.

In situations of any doubt, consult with your Head of Department.

**All entertainment or hospitality must be recorded in the Code of Ethics System.** 

In many cases the value of an event will not be clear. Here, you should give your best estimate of the value at the time the decision is taken, considering the street value of the event in the eyes of a third party.

An acceptable minor non-monetary benefit is one which is capable of enhancing the quality of service provided to the client and consists of hospitality of a reasonable de minimis value such as food and drink during a business meeting, conference, seminar or training event. Baillie Gifford have set a de minimis limit of £100 (or equivalent in another currency) per head to allow a reasonable level of hospitality at business events. "Standalone" hospitality that is not directly linked to a business event, e.g. sporting events, is no longer permitted. These restrictions apply to hospitality provided to UK/EU MiFID firms only and not to hospitality provided to UK or Overseas segregated clients or suppliers).

*5.1.12. Entertainment/Hospitality Received* 

All members of staff must exercise discretion in accepting hospitality. Members of staff should not accept extravagant or excessive entertainment from a client, prospective client, a business in which Baillie Gifford invests, or any person or entity that does or seeks to do business with or on behalf of Baillie Gifford or our clients. Similarly, a member of staff should not accept entertainment from such parties with undue frequency.

Members of staff may accept entertainment or hospitality, such as a dinner (unconnected with business), sporting, charitable or cultural event of reasonable value provided that the person or firm providing the entertainment is present at the event. If the person or firm is not present, then the entertainment becomes a gift and the procedures in section 5.1.8 apply, i.e. gifts above £50 (or equivalent in another currency) should generally not be accepted by a member of staff.

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It is the policy of the firm not to accept standalone hospitality from broker firms. For this purpose, standalone hospitality would include invitations to and attendance at sporting or cultural events and any associated travel, accommodation, drinks and meals. This policy would not affect routine business lunches or dinners, or reasonable hospitality attached to conferences or other educational events or social events which are distributed widely and of a de minimis nature (i.e. under £100 (or equivalent in another currency) per head). This covers by way of example a broker drinks evening at which the broader asset management community is invited.

In considering the hospitality or entertainment event, you should note that attending expensive or exclusive sporting or cultural events can draw criticism. Invitations should not be accepted if they could be construed as being unusual or risk creating a sense of obligation to the host or bias in their favour.

In situations of any doubt, consult with your Head of Department.

All entertainment or hospitality must be recorded in the Code of Ethics System.

In many cases the value of an event will not be clear. Here, you should give your best estimate of the value at the time the decision is taken, considering the street value of the event in the eyes of a third party.

Do not hesitate to ask the host for further information about the event (e.g. cost) in order to reach a decision.

*5.1.13. Travel/Accommodation Costs* 

In the case of a member of staff receiving hospitality or entertainment, travel and accommodation costs should be paid for by that member of staff or a request made to the organiser of the event that the individual member of staff be invoiced for these costs. Where the third party has arranged a discounted hotel rate or other reduction in the cost of the accommodation or travel, it is reasonable for the member of staff to accept this reduced rate. Likewise, where the host provides communal transport which is not excessive or unduly lavish, for example the use of a mini bus.

In the case of Baillie Gifford offering hospitality, travel expenses will ordinarily be paid for by the recipient of the entertainment or hospitality. However, there may be occasions where reasonable accommodation costs can be provided by Baillie Gifford subject to this meeting the general principles of this Policy.

*5.1.14. Disclosure* 

A key aspect of Baillie Gifford's Inducements Policy is disclosure. Under our procedures, all gifts (other than de minimis) and hospitality which are given or received are recorded in the Code of Ethics System. Disclosures should be made to your normal gifts and entertainment representatives for Trading, Investors and Clients Department, and Compliance for all other departments.

Likewise, all members of staff should consider if an inducement which has been offered or received should be disclosed to a client, or potential client. This will depend upon the circumstances of each case. As an example, where a fee is paid to a third-party consultant in order to place details of Baillie Gifford on a consultant database, we should disclose this payment to any potential client of the consultant who considers us for an investment mandate.

*5.1.15. Client Specific Code of Ethics Requirements* 

A small number of Baillie Gifford's clients have specific code of ethics requirements which go beyond Baillie Gifford's Inducements Policy. Members of staff, and Client Contacts in particular, should consider these additional requirements when giving gifts and/or entertainment to these clients.

For record keeping purposes, Compliance maintain a list of clients with specific Code of Ethics requirements.

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**5.2 Restrictions in Connection with the Sale of Package Products, i.e. OEICs** 

If a firm is required to disclose commission (or commission equivalent) (under COBS 6.4) to a client in relation to the sale of a packaged product, a member of staff should not enter into any of the following arrangements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volume overrides where commission (or commission equivalent) paid in respect of several transactions is more than
a simple multiple of the commission (or commission equivalent) payable in respect of one transaction of the same kind; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an agreement to indemnify the payment of commission (or commission equivalent) on terms that would or might
confer an additional financial benefit on the recipient in the event of the commission (or commission equivalent) becoming repayable.

**5.3 Packaged Products Guidance on Reasonable Indirect Benefits** 

The general principles at the beginning of this section are particularly important in relation to packaged products. Staff must not pay or accept any fee or commission or provide or receive any non-monetary benefit if it is likely to conflict to a material extent with any duty the firm owes to its customers or any duty which the recipient firm (which includes independent intermediaries) owes to its customers.

In relation to the sale of packaged products, we are only able to provide minor non-monetary benefits if they are designed to enhance the quality of service to the client. The list below indicates the kind of benefits that are capable of enhancing the quality of the service provided to a client and, depending on the circumstances, are capable of being given or received without conflicting with client's best interests. However, these need to be considered on a case by case basis.

Benefits are unlikely to give rise to conflicts if they are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reasonable and proportionate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of a limited scale and nature,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not need to be relied upon by the intermediary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could reasonably not be expected to result in the channelling of business from the intermediary to Baillie
Gifford, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not result in the intermediary recovering more than its reasonable costs.

The list below summarises the kind of reasonable non-monetary benefits which the provider firm can give or receive. This list is summary only and any member of staff should contact the Compliance Department for further guidance before deciding whether to give or accept the benefit (\* = only if available to independent intermediaries generally):

1. Gifts, hospitality and promotional competition prizes of a reasonable value. Gifts and corporate hospitality
given to intermediaries must not exceed an aggregate limit of £1,000 (or equivalent in another currency) per intermediary firm, per calendar year. This limit applies to gifts and corporate hospitality only and excludes conferences, seminars
and training events. For large intermediary firms, the £1,000 (or equivalent in another currency) limit can be applied at regional office level. In addition, events must be designed for business purposes that result in advisers being able to
provide a better service to their customers.

2. A product provider can assist another firm to promote its packaged products so that the quality of its service
to clients is enhanced.

Points (3) to (6) in relation to joint marketing exercises:

3. Generic product literature (letter heading, leaflets, forms and envelopes) as long as the literature enhances
the quality of the service to the client and is not primarily of promotional benefit to the product provider, and the distribution cost is borne by the intermediary.

4. Freepost envelopes\*

5. Product specific literature (for example, key features, minimum information) subject to specific conditions.

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6. Draft articles, news items and financial promotions for publication in the intermediary's magazine as long
as any cost borne by the provider firm is not more than market rate and excludes any distribution costs.

7. Take part or pay towards the cost of seminars and conferences organised by another firm as long as it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For a genuine business purpose

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reasonable and proportionate.

Any costs paid should be associated with the level of Baillie Gifford's participation and by reference to the time that Baillie Gifford staff have played an active role. Baillie Gifford should not be paying all an advisory firm's costs incurred in running a seminar or conference.

8. Freephone link \*

9. Technical services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quotations and projections relating to its packaged products and advice on completion of forms or other documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to data processing facilities or to data related to the firm's business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to 3rd party electronic dealing or quotation systems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Software giving information about the firm's packaged products. Any payments to an intermediary that go
beyond that which is required to operate software supplied by Baillie Gifford would not be permitted. Likewise, any payments to develop an intermediary's general IT systems would not be permitted.

10. Generic technical information in writing, not necessarily related to the firm's business\* or if it is of a
specialist nature is made available to a particular class of intermediary.

11. Training facilities (lectures, venues, written material, software) \*

If Baillie Gifford is giving an advisory firm training on the features and benefits of its products or services, the training should be made reasonably available to all advisory firms that could recommend Baillie Gifford's products, even if only on a first-come, first-served basis.

Please note, that whilst this section applies to packaged products, the arrangements in (12) above can also be applied to our institutional business, although consideration must be given to overseas clients with specific code of ethics requirements on inducements.

**5.4 FINRA Specific Requirements for Registered Persons of BGFS** 

Registered persons of BGFS are not permitted to give or receive any gifts of value in excess of $100 per individual per year to another FINRA member's registers persons.

Small gifts of less than $100 per year per recipient are aggregated toward the annual gift limit. For further information on BGFS's Gifts and Entertainment policy, please see the BGFS Written Supervisory Procedures.

**5.5 Specific Requirements for BGA(HK)** 

Employees and Licensed Representatives of BGA(HK) are bound by the HKD equivalent (on a day to day basis) of all GBP values quoted within this policy.

As such, employees and Licensed Representatives are not permitted to give or receive any gift of value in excess of the HKD equivalent of £50.

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| **CODE OF ETHICS** | **2022** |

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**6. Acknowledgement and Certification** 

**6.1 Receipt and Acknowledgement of the Code** 

All members of staff are required to receive a copy of the Code of Ethics and any amendments to the Code of Ethics. All members of staff are required to complete an annual certification, confirming that they have read the Code of Ethics and acknowledging that they are subject to its requirements. Further, all members of staff confirm through the annual certification that they have complied with the Code and that they have disclosed or reported all information required to be disclosed or reported according to the requirements of the Code.

All certifications of receipt of the Code shall be filed with the Compliance Department by submitting a Certificate of Compliance.

**6.2 Annual Report to Baillie Gifford Boards** 

The Group Compliance, Legal and Governance Services Director will prepare and submit to the appropriate Baillie Gifford Boards an annual report which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certifies that the firm or investment company as appropriate has adopted procedures designed to prevent Access
Persons from violating the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies any violations of the current procedures for personal securities investing and management's
recommended response; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• makes any recommended changes in the procedures, as appropriate, based on operating experience under the Code,
evolving industry practices or amendments to applicable laws or regulations.

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| **CODE OF ETHICS** | **2022** |

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**Baillie Gifford & Co Head Office** 

**Calton Square, 1 Greenside Row, Edinburgh EH1 3AN** 

**Telephone <sup>+</sup>44 (0)131 275 2000 www.bailliegifford.com**

## Ex-99.P(7)

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**BlueCove Limited** 

**Code of Ethics** 

**24 October 2022** 

This Code of Ethics is the sole property of BlueCove Limited and its affiliates (collectively, "BlueCove" or the "Firm") and must be returned to the Firm upon termination of a supervised person's association with the Firm. The contents of the Code of Ethics are strictly confidential. Supervised persons may not duplicate, copy or reproduce the Code of Ethics in whole or in part or make it available in any form to non-supervised persons without prior approval in writing from the Firm's Chief Compliance Officer.

This Code of Ethics was most recently updated and approved by the Board on 24 October 2022.

**BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**

**Authorised and regulated by the Financial Conduct Authority**

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**Table of Contents**

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|  Introduction | Introduction | 2 |
| I. | General | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | Statement of General Principles | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | Initial Receipt and Review of the Code of Ethics | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | Annual Review of the Compliance Manual and Code of Ethics | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | Exceptions | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | Reporting Violations of the Code of Ethics | 7 |
| II. | Prevention and Detection of Insider Trading | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | Policy on Insider Trading | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | Procedures for Identifying and Reporting MNPI | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | Private Investments in Public Entities | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | Communications with Public Companies and Research Consultants | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | Contacts with Unaffiliated Advisers and Buy-Side Firms | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. | Prohibition on Abusive Market Activities (Spreading False Rumours and Other Manipulative Conduct) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. | Restricting Access to MNPI | 12 |
| III. | Supervised Persons' Conduct | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | Conflicts of Interest | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | Outside Business Activities | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | Gifts and Entertainment | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. | United States Political Contributions Policy | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. | Personal Trading Policies and Procedures | 19 |
| IV. | Bad Actor Rule | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. | Definitions | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. | Verification of Rule 506 Covered Persons | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. | Remedial Actions | 27 |

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| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 1 |

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Introduction

This Code of Ethics (the "**Code**") applies to Access Persons<sup>1</sup> and Supervised Persons of BlueCove. All BlueCove employees are both Access Persons and Supervised Persons. BlueCove at its sole discretion may without limitation designate non-employees such as contractors or other service providers as Access Persons and Supervised Persons.

The Code is intended to prevent violations by the Firm, Supervised Persons (defined below) and Access Persons (defined below) of the securities laws and other applicable laws and regulations, and requires that Supervised Persons and Access Persons put the interests of the Clients (defined below) before their own personal interests at all times. The Code sets forth policies and procedures covering areas such as: conflicts of interests; participating in outside business activities; giving and receiving gifts and participating in entertainment activities funded by firms that do business with the Firm; political contributions; certain personal relationships; preventing and detecting insider trading; and personal investment and trading of Covered Persons (defined below) and Access Persons. This Code is intended to govern the activities and conduct of Supervised Persons and Access Persons on behalf of the Firm, as well as certain personal activities of Supervised Persons and Access Persons. The Code does not attempt to serve as a comprehensive guide regarding the conduct of Supervised Persons, but rather is intended to establish general rules of conduct and procedures applicable to all Supervised Persons and Access Persons.

Compliance by Access Persons with the Federal Securities Laws of the United States; the relevant laws of the United Kingdom and European Union; the terms and provisions of the Compliance Manual, including, without limitation, the Code; and any other applicable laws, rules, and regulations is a condition of employment and continued employment with the Firm.<sup>2</sup> Access Persons who have supervisory responsibility should ensure that the employees they supervise are familiar with and comply with the Federal Securities Laws, the relevant laws of the United Kingdom and European Union, the Manual, and all other applicable laws, rules, and regulations.

The designated Chief Compliance Officer (the "**CCO**") is responsible for administering and implementing this Code. All Supervised Persons and Access Persons are required to be thoroughly familiar with the Firm's standards and procedures as described in this Code. Any questions regarding this Code, or other compliance issues, must be directed to the CCO. The CCO may assign to a designee any duties or responsibilities set forth in this Code. References to the CCO throughout this Code should be understood to encompass the CCO or a designee.

Referenced forms in this Manual are available through ComplySci. Completing these forms &/or pre-clearance requests available through ComplySci is the required method and email may be used only in such cases where the on-line ComplySci system is unavailable or where this has been specifically approved by the CCO.

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<sup>1</sup> Capitalized terms not defined in the Introduction of the Code are defined in the text of this Code, or in the relevant section of the Firm's Compliance Manual, or have the meaning given such terms under applicable law.

<sup>2</sup> The Firm may determine that a consultant or intern engaged by the Firm should be subject to the Code because of the nature and / or scope of the consultant's/intern's access to information about the Firm's business. Accordingly, the Firm may require that the entry into or maintenance of a consulting arrangement be conditioned on the consultant complying with one or more requirements of the Code. 

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| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 2.0 |

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The following defined terms are used throughout the Code:

**"Access Person,"** as defined in the Advisers Act means any Supervised Person of the Firm who: (i) has access to non-public information regarding Clients' investments, including the purchase or sale of Securities; (ii) has access to non-public information regarding the portfolio holdings of any Client; (iii) is involved in making investment and Securities recommendations to the Clients; (iv) has access to such recommendations that are non-public; or (v) is a director, officer or partner of the Firm. BlueCove considers all employees to be Access Persons. BlueCove at its sole discretion may without limitation designate non-employees such as contractors or other service providers as Access Persons and Supervised Persons.

**"Advisers Act"** means the Investment Advisers Act of 1940, as amended.

**"Beneficial Ownership"** as used in this Code incorporates the definition of beneficial owner contained in Rule 16(a)-1(a)(2) under the Securities Exchange Act. This generally means that a person is a beneficial owner if he or she has a direct or indirect pecuniary interest in the Securities held or shared directly or indirectly through any contract, arrangement, understanding, relationship or otherwise. A Supervised Person or Access Person is presumed to be a Beneficial Owner of Securities that are held by his or her Covered Persons.

**"BlueCove Public Fund"** means any UCITS fund, ETF, or other fund that is available to the general public in any country or region, and for which BlueCove (or any affiliate of BlueCove) acts as investment manager, adviser, subadvisor, or in any similar or comparable capacity.

**"Chief Compliance Officer"** or **"CCO"** means the Firm's Head of Compliance who is BlueCove's designated Chief Compliance Officer Dave Edwards or such other person as may be designated from time to time.

**"Chief Executive Officer"**, or **"CEO"** means Alex Khein or such other person as may be designated from time to time.

**"Client"** means any entity to which the Firm provides investment advisory or management services, including investment funds and private accounts. As of the date of this Code, the Firm's Clients are private funds, a Cayman Islands special purpose vehicle, and European UCITS funds, but may also include separately managed accounts and US funds registered under the Investment Companies Act of 1940 at a future date.

**"Covered Person"** means any immediate family member of the Supervised Person's or Access Person's household, including domestic partners and any person to whom the Supervised Person or Access Person provides material financial support to or who are claimed as dependents. For the avoidance of doubt, fiancé(e)s who are living with a Supervised Person or Access Person are considered Covered Persons, but roommates or live-in girlfriends or boyfriends are not considered Covered Persons.

**"Covered Transactions"** include transactions of the following: bonds (except government bonds), shares, notes, convertible securities, listed REITs, ADRs, GDRs and similar instruments, single name futures and options, single name CDS and related derivatives, warrants, rights and similar instruments. Covered Transactions also include any subscriptions, redemptions, purchases, sales, and any other form of acquisition or disposal of any BlueCove Public Fund.

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| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 3.0 |

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**"Firm"** means BlueCove Limited and each affiliated entity under common control, which are engaged in the business of providing investment advisory or management services.

**"Fund"** means any pooled investment vehicle (e.g., a private fund vehicle) to which the Firm provides investment advisory or management services.

**"General Counsel"** means Dan Bebello, or such other person as may be designated from time to time.

**"Initial Public Offering"** or **"IPO"** means an offering of Securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

**"Discretionary or Third-Party Managed Account"** means an account for which the Covered Person/Access Person has designated investment discretion entirely to a third party. In such account, the Covered Person/Access Person cannot: (i) suggest purchases or sales of investments in the account to a trustee or a third party manager; (ii) direct purchases or sales of investments in the account; or (iii) consult with a trustee or a third party manager as to the particular allocation of investments in the account (this excludes discussions regarding overall asset allocation).

**"Personal Trading Account"** means a personal investment or trading account of a Covered Person or Access Person or a related account. Specifically, Personal Trading Account includes: (i) trusts for which a Covered Person or Access Person acts as trustee, executor, custodian or discretionary manager; (ii) accounts for the benefit of the Supervised Person or Access Person's spouse or minor child; (iii) accounts for the benefit of a relative residing with the Supervised Person or Access Person; and (iv) accounts for the benefit of any person to whom the Supervised Person or Access Person provides material financial support.

A Personal Trading Account may also include an investment or trading account over which a Covered Person or Access Person has, directly or indirectly, influence or exercises control or provides investment advice.

**"Private Placement"** means an offering of Securities that is exempt from registration under the Securities Act, including Section 4(2) or Section 4(6) or pursuant to Rules 504, 505 or 506 of Regulation D and will generally also includes initial coin offerings or joint fundraising ventures related to cryptocurrency products.

**"Reportable Fund"** means (i) any fund for which BlueCove Limited serves as an investment adviser as defined in section 2(a)(20) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(20)); or (ii) any fund whose investment adviser or principal underwriter controls BlueCove Limited, is controlled by BlueCove Limited, or is under common control with BlueCove Limited. For purposes of this section, control has the same meaning as it does in section 2(a)(9) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(9)).

**"SEC"** means the U.S. Securities and Exchange Commission.

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| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 4.0 |

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**"Security"** or **"Securities"** means any, or a combination of any, note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof) or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency or, in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of or warrant or right to subscribe to or purchase any of the foregoing. For purposes of this Code, all "Securities" are deemed to be "Reportable Securities" as defined in SEC Rule 204A-1.

**"Securities Act"** means the Securities Act of 1933, as amended.

**"Securities Exchange Act"** means the Securities Exchange Act of 1934, as amended.

**"Supervised Person"** means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of the Firm or other person who provides investment advice on behalf of the Firm and is subject to the supervision and control of the Firm. All employees are deemed to be both Supervised Persons and Access Persons. BlueCove at its sole discretion may, and without limitation, designate non-employees such as contractors or other service providers as Access Persons and Supervised Persons.

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| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 5.0 |

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I. General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Statement of General Principles

This Code describes the Firm's policies and procedures covering a wide range of activities applicable to Supervised Persons, and has been adopted, in conjunction with the Firm's Compliance Manual (the "**Manual**"), to satisfy the obligations of an investment adviser registered with the SEC in connection with Rule 206(4)-7 under the Advisers Act. As an investment adviser, the Firm has a fiduciary duty to place Clients' interests before the interests of the Firm and its Supervised Persons.

It is critical that Supervised Persons avoid any situation that might present, or appear to present, any actual or potential conflict of interest with the interests of the Clients, or compromise or appear to compromise, Supervised Persons' ability to exercise fully their independent best judgment for the benefit of the Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Initial Receipt and Review of the Code of Ethics

Upon hire, each employee is required to certify and acknowledge, by way of completing the Initial Certification in ComplySci, his or her receipt of this Code. The Initial Certification must be completed no later than thirty (30) days from the date of hire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** Annual Review of the Compliance Manual and Code of Ethics

All employees are required to certify quarterly via ComplySci, and no later than the date specified by the CCO, that they have read and understood, and are subject to, the Manual and the Code. Each quarterly certification will also state that the Supervised Person has complied with the policies and procedures included in the Manual, and all of the requirements of the Code, during the prior quarter, and that the Supervised Person has disclosed, reported, or caused to be reported all Securities holdings and Securities transactions as required by the Code during the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** Exceptions

Any exceptions from the policies and procedures set forth in this Code may be granted only by the CCO or General Counsel in writing. A Supervised Person should contact the CCO or General Counsel if he or she believes a particular situation warrants an exception.

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| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 6.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** Reporting Violations of the Code of Ethics

BlueCove regards any violation of the Code as a breach of Firm rules. Accordingly, any Supervised Person who violates any element of the Code may be subject to remedial and / or disciplinary action, following BlueCove's disciplinary policy in the employee handbook which may include, but is not limited to, any one or more of the following: (1) a warning; (2) disgorgement of profits; (3) imposition of a fine (which may be substantial); (4) demotion (which may be substantial); (5) withholding of salary and / or bonus; (6) suspension of employment (with or without pay); (7) termination of employment; or (8) referral to governmental authorities for possible civil action or criminal prosecution. All Supervised Persons are advised to promptly report all violations or suspected violations of the Code to the CCO. Any violations reported to, or independently discovered by, the CCO shall be promptly reviewed, investigated and documented by the CCO and Human Resources ("HR") and reported to the Firm's General Counsel and CEO. The CCO will determine, in consultation with the HR, what disciplinary and remedial action is warranted following BlueCove's disciplinary policy in the employee handbook, taking into consideration the relevant facts and circumstances, including the severity of the violation, possible harm to Clients and their investors and whether the Supervised Person has previously engaged in any improper conduct. In the event that the suspected improper activity involves the CCO, the Supervised Person should promptly report such activity to the General Counsel and HR.

All reported Code violations will be treated as being made on an anonymous basis. Any retaliation for reporting a violation of the Code will constitute a further violation of the Code, as well as a possible violation of the anti-retaliation provisions of the SEC's Whistleblower Rule, Section 21F of the Securities Exchange Act. For more information, please refer to the "Whistleblower Policy" in the Manual.

II. Prevention and Detection of Insider Trading

The Firm forbids any of its Access Persons and Covered Persons from trading in the Securities of an issuer for which an Access Person, Covered Person or the Firm may possess material non-public information ("**MNPI**"), which is also known as "inside information". Such trading by an Access Person or Covered Person is forbidden for Personal Trading Accounts, the Clients managed by the Firm and any other account over which an Access Person or Covered Person may have influence or control and regardless of whether the Access Person or Covered Person has a pecuniary interest in the accounts. In addition, an Access Person or Covered Person may not facilitate the trading of Securities based on MNPI or violate his or her duty of confidentiality with respect to such information by intentionally communicating such MNPI to others, unless they have a need to know such information as described in more detail below. The Policies and Procedures apply to every Access Person and Covered Person, and extend to activities within and outside their duties at the Firm.

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| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 7.0 |

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The act of trading, or facilitating trading, based on MNPI is commonly known as "insider trading." The term "insider trading" is not defined in the federal securities laws, but is generally used to refer to the use of MNPI obtained directly or indirectly from an officer, director or employee of a public company and used improperly (for example, in violation of a duty of confidentiality) to trade in the company's Securities (whether or not one is an "insider") or the communication of MNPI to others. The persons covered by these restrictions include not only "insiders" of publicly traded companies, but also any other person who, under certain circumstances, learns of MNPI about a public company from individuals such as financial and investment advisers, attorneys, accountants, consultants or bank lending officers. In addition, the prohibition extends to MNPI derived from a governmental official's position or gained from the performance of the official's responsibilities (including Congressmen and Congresswomen and their staffs). "Insider trading" also refers to the improper use of non-public information about a tender offer obtained directly or indirectly from a prospective bidder. These laws also prohibit the dissemination of inside information to others who may use that knowledge to trade Securities (so-called "tipping"). Similarly, the "tippee" is liable if he or she knew, or should have known, that the information from the "tipper" was derived from a confidential source. These prohibitions apply to all Covered Persons and extend to activities within and outside their duties at the Firm. If a Supervised Person learns of information that he or she believes may be considered inside information, he or she must contact the CCO immediately before taking any action.

It is generally understood that United States laws prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Trading by an insider, while in possession of MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Trading by a non-insider, while in possession of MNPI, where the
information either was disclosed to the non-insider in violation of an insider's duty (including a duty of a lawyer, banker, accountant, or other confidential adviser to the issuer) to keep it
confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. An insider or a non-insider described in clause (ii) above from
communicating MNPI to others.

In addition, UK and European laws and regulations prohibit trading on the basis of MNPI regardless of how the information was obtained. For the avoidance of doubt, UK and European laws and regulations, and the policies of the Firm prohibit insider dealing, which occurs where a person possesses MNPI or inside information, and uses that information by acquiring or disposing of financial instruments to which that information relates. Any usage of that MNPI or inside information in making investment decisions, including a decision not to buy or sell, and including the cancellation or amendment of an order, and including encouraging another person to deal or not to deal, is also prohibited.

Trading Securities while in possession of MNPI or improperly communicating that information to others may expose the Covered Person and the Firm to severe penalties. Criminal sanctions may include a fine and imprisonment. The SEC can recover the profits gained or losses avoided through the violative trading, impose a penalty of up to three times the illicit windfall, and issue an order permanently barring a Supervised Person from the securities industry. A Covered Person may be sued by investors seeking to recover damages for insider trading violations. The Firm may face regulatory or civil liability based on the Covered Person's actions. Finally, the Firm may impose sanctions on the Supervised Person, up to and including termination of services/employment.

Supervised Persons should also note that intentionally creating, spreading or using false rumours to affect the price of any Security would violate the anti-fraud provisions of federal securities laws, as well as contravene the individual conduct rules set out by the UK FCA. Such conduct is contradictory to the Firm's Code as well as the Firm's expectations regarding appropriate behaviour of its Supervised Persons. The circulation of such rumours or sensational information that might reasonably be expected to affect market conditions for one or more Securities, a sector or market, or unjustly affect any person or entity, is strictly prohibited.

The rules contained in these procedures apply to all Personal Trading Accounts and any other accounts over which a Covered Person may have influence or control regardless of whether the Covered Person has a pecuniary interest in the accounts. As referenced above, the rules also apply to Supervised Persons' activities on behalf of the Firm and extend outside their duties to the Firm.

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| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 8.0 |

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The law of insider trading is not always clear and is continuously developing. An individual may be legitimately uncertain about the application of the rules in a particular circumstance. Often a single question can forestall disciplinary action or complex legal problems. For these reasons, a Supervised Person must notify the CCO immediately if he or she has any reason to believe that a violation of these procedures has occurred or is about to occur, or if he or she has any questions regarding the applicability of these procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Policy on Insider Trading** 

No Covered Person may trade in any Security, or make any investment decision relating to any security, either personally or on behalf of others (including the Clients), while in possession of MNPI about such Security, nor may any Covered Person communicate MNPI to others to trade in violation of the law. All Supervised Persons should exercise care to adhere to this policy and to take reasonable steps to ensure that the Firm and other Supervised Persons and Covered Persons adhere to the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Material Information** 

Information is material if there is a substantial likelihood that a reasonable investor would consider that information important in making his or her investment decisions (i.e., purchase, hold or sell or abstain from any investment action, including voting a Security). Generally, this includes the disclosure of any information that may have a substantial effect on the price of a company's Securities. Information may be material even if it relates to speculative or contingent events. No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. If disclosure of the information could affect the market price of the Security, positively or negatively, the information could be considered material. For this reason, a Supervised Person should direct any questions about whether information is material to the CCO.

Material information may also relate to the market for a company's Securities. Information about a significant order to purchase or sell Securities may, in some cases, be material. Pre-publication information regarding reports to be published in the financial press also may be material. Similarly, advance notice of an investment bank's intent to upgrade, downgrade or make other commentary regarding an issuer could be considered material in addition to "non-public" as discussed below.

Additionally, political intelligence, such as information learned from current or former government officials or government employees (whether domestic or foreign) could be deemed material. For example, this could cover, but not be limited to, confidential information about the results of non-public government hearings or regulatory decisions, which could be deemed material. Other scenarios related to political intelligence may also be deemed material information (and also non-public). For example, (i) non-public information provided by a congressperson or congressional staffer obtained from an executive branch department or agency (e.g., Treasury, FRB, FDA, FTC, etc.) regarding a matter under consideration by such department or agency; (ii) information provided by a congressperson learned during the course of committee meetings that has not become public; or non-public information provided by a domestic or foreign government official or a representative of the office of a domestic or foreign government official.

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| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 9.0 |

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| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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Sources of material information can include examples not mentioned herein. Should you have questions or if you are unclear whether information is material, <u>always</u> consult the CCO or General Counsel as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Non-Public Information** 

Information is "non-public" until it has been disseminated broadly to investors in the marketplace. Information is public after it has become available to the general public through a public filing with the SEC or other government agency, a news reporting service, or by way of general circulation, and after sufficient time has passed so that the information has been disseminated widely. For example, if the chief financial officer of a public company reports earnings data to a select group of analysts before reporting it publicly, that information would be considered "non-public" until officially released by the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Procedures for Identifying and Reporting MNPI** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Identifying and Reporting MNPI** 

Before a Supervised Person executes any trade for a Personal Trading Account or for a Client or any other accounts over which a Supervised Person may have influence, and regardless of whether the Supervised Person has a pecuniary interest in the accounts, he or she must determine whether they are aware of MNPI with respect to such trade. If the Supervised Person thinks that he or she might be aware of MNPI with respect to such trade, he or she should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Report the information and proposed trade immediately to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Do not purchase or sell the Securities on behalf of the Clients, Covered Persons, or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Do not cancel or amend any order relating to the Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Do not communicate the information inside or outside the Firm, other than to the CCO or General Counsel, unless
specifically instructed to do so by the CCO or General Counsel.

After the CCO has reviewed the issue, the CCO will determine whether the information is material and non-public and what action, if any, the Firm should take. A Supervised Person should consult with the CCO before taking any action or engaging in any transaction that involves non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Proper Use of Confidential Information and Understanding "Need to Know"** 

You may use confidential information only in a manner that is consistent with the purposes for which it was created or obtained by the Firm and in accordance with the terms of any applicable confidentiality obligation. Any other use of confidential information, except as authorized by the CCO or General Counsel, is a violation of these Policies and Procedures and may also be a violation of applicable laws or regulations.

All confidential information must be handled with the utmost care and should be disclosed only to other employees of the Firm and third-parties (such as the Firm's outside counsel or accountants) who have a valid business, legal or regulatory reason for receiving the information, i.e., persons who have a "need to know" the information in order to serve the Firm or its Clients, and who can be expected to maintain the information in confidence. Moreover, you may not disclose confidential information to any person under any circumstances in which it appears likely that such person will misuse or disseminate the information.

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|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 10.0 |

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| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Receipt of Material Nonpublic Information** 

Unless you have previously been authorized by the CCO to receive MNPI, you must notify the CCO before you request or accept MNPI about a Security or issuer. As referenced in Restricted List Section below, the CCO, in consultation with senior management and/or outside counsel, will determine whether to place any issuers on the Restricted List before authorizing you or any other Firm personnel to receive such information. If a third-party suggests that he/she is about to disclose to you MNPI, stop the conversation immediately and contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Trading While in Possession of Material Nonpublic Information** 

Covered Persons are prohibited from buying or selling, or causing or recommending the purchase or sale of, a Security or related instrument for any account, including any Personal Trading Account or Client account, while you or anyone else at the Firm is in possession of MNPI relating to that Security or its issuer. Exceptions from this prohibition may be granted in certain very limited circumstances and only by way of the written permission of the CCO or General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Private Investments in Public Entities** 

Investment professionals of the Firm may be approached by third parties that wish to solicit the Firm's participation in a private offering of Securities of a publicly traded company. Such offerings often occur in connection with events that are not generally known by the public and which, upon revelation to the public, could have a significant effect on the price of the company's stock. If any Supervised Person becomes aware of such a transaction, the information must be reported to the CCO immediately so that the CCO can determine whether trading in the Security should be restricted.

The CCO must be informed prior to the Firm signing a confidentiality agreement (a "**CA**") relating to a private investment in public equity with a publicly-traded company. The CCO will retain all such CAs in the Firm's compliance files. Only senior personnel who are authorized signatories under the guidance of the General Counsel of the Firm are authorized to sign CAs on behalf of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Communications with Public Companies and Research Consultants** 

Contacts with public companies are not a material part of the Firm's research efforts.

Should any Supervised Person speak to an officer, director, employee or agent (including lawyers, accountants and consultants) of a public company, the Supervised Person must ensure that such person understands that the Supervised Person is not permitted to accept any MNPI, unless specifically authorized to do so by the CCO. Supervised Persons are not permitted to consult with Expert Network/Research Consultants without the prior written permission of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Contacts with Unaffiliated Advisers and Buy-Side Firms** 

When speaking to unaffiliated investment advisors and other buy-side firms, you must safeguard the confidentiality of Client information, including definitive information about portfolio holdings, pending orders, and investment recommendations whose effect may not yet be reflected in the marketplace.

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|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 11.0 |

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|:---|:---|
| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Prohibition on Abusive Market Activities (Spreading False Rumours and Other Manipulative Conduct)** 

State and federal securities laws of the United States prohibiting insider trading also prohibit conduct that is intended to manipulate Securities prices or otherwise affect market conditions by injecting false or inaccurate information into the marketplace. UK and European law and regulation also prohibits market manipulation.

If you have any questions about whether particular conduct is or could be manipulative, you must contact the CCO immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Restricting Access to MNPI** 

Supervised Persons in possession of MNPI about a public company may not communicate such information inside or outside of the Firm, with the sole exception of reporting the MNPI to the CCO or General Counsel. Supervised Persons should disclose MNPI only with the permission of the CCO or General Counsel, and only to other employees of the Firm and third parties (such as the Firm's outside counsel or accountants) who have a "need to know" the information in order to serve the Firm or its Clients, and who can be expected to maintain the information in confidence. In addition, care should be taken that all MNPI is maintained in confidence. Supervised Persons should keep in mind that as a fiduciary, the Firm owes its Clients a duty of honesty and good faith, and must act solely in the best interests of the Clients. In that regard, Supervised Persons should take care to protect the confidentiality of the Firm's nonpublic Securities recommendations and nonpublic information about the Client holdings and transactions. Information about Client orders, portfolios, investment intentions, and recommendations are to be treated as confidential and should not be disclosed except as necessary to serve the business purposes of the Client, or with Client consent.

It is responsibility of each Supervised Person to take appropriate actions to safeguard confidential information. In general, Supervised Persons should avoid discussing the Firm or its Clients' business affairs with, or in the presence of, persons who do not have a need to know the information. Supervised Persons should avoid discussions involving such matters in public places where the discussion may be overheard by unauthorized persons; for example, hallways, elevators, taxicabs, trains, subways or airplanes.

Documents containing confidential information should not be left in an area where unauthorized persons may have access to them. They should be stored in locked file cabinets or other secure locations; they should not be left exposed overnight on desks, printers, fax machines, or in work rooms. Care should be taken when disposing of such materials.

At all times, Supervised Persons should use common sense, good judgment and caution and conform to other applicable policies of the Firm regarding information security, privacy, and record retention, including data protection policy and equal opportunities, respectful working and anti-harassment policy which are in the employee handbook and data protection clause in employment contract.

Supervised Persons may not make unauthorized electronic or physical copies of confidential information. Upon termination of employment or affiliation with the Firm, each Supervised Person must return to the Firm all confidential information in their possession or under their control, including all copies thereof in any media.

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 12.0 |

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| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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The Firm has adopted this policy and these procedures to help avoid conflicts and appearances of impropriety and the unlawful use of MNPI, including confidential and proprietary information of the Firm.

III. Supervised Persons' Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Conflicts of Interest

As stated above, the interests of Clients must be recognized, respected, and have precedence over those of the Firm and Supervised Persons at all times. In any decision relating to personal investments or other matters, Supervised Persons must avoid serving their own personal interests ahead of any Client's interests. It is critical that Supervised Persons avoid any situation that might compromise, or appear to compromise, their exercise of fully independent judgement in the interests of Clients. All personal investment and other activities of Supervised Persons must comply fully with this Code, and to the extent practicable, avoid any actual or potential conflicts of interest.

The Firm strives to identify and mitigate, to the extent practicable, all perceived, potential and actual conflicts of interest that may affect the Firm's and its Supervised Persons' provision of advisory services to the Clients. It is not possible for every possible conflict to be addressed in the Firm's Code; however, Supervised Persons should be particularly sensitive to the existence of actual or potential conflicts of interest not addressed herein, and should promptly report to the CCO any situation or circumstance which may give rise to a conflict of interest.

It is a violation of this Code for any Supervised Person, without the prior written consent of the CCO, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Rebate or pay any part of the compensation received from the Firm to any person, firm, or corporation, directly
or indirectly, that does business with or on behalf of the Firm for the purpose of inducing any firm or corporation to do business with the Firm or a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Accept, directly or indirectly from any person, firm, corporation, or association, other than the Firm,
compensation of any nature as a bonus, commission, fee, gratuity, consulting fee, or other consideration in connection with any transaction on behalf of the Firm or a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Accept, directly or indirectly, from any person, firm, corporation, association or other entity that does
business with or on behalf of the Firm, any gift, entertainment or other item of more than de minimis value provided, however, that Supervised Persons may accept gifts in accordance with the Firm's policies related to gifts and entertainment as
set forth in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Participate in entertainment with clients, brokers and other service providers, in particular in the finance or
asset management sector, unless it is reasonable in cost and scope and is not so frequent or lavish as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Own any Security or have, directly or indirectly, any financial interest in any other organization engaged in
any Securities, financial or financial-related business, except for: (a) ownership, or other interests in the Firm; and (b) stock ownership, or other financial interest of a class of stock, or other classification of interests in
accordance with the Firm's policies related to personal trading as set forth in this Code; or

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 13.0 |

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| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Influence, directly or indirectly, investment decisions on behalf of the Firm's Clients, or the allocation
of Client brokerage for the benefit (in any form) of any Covered Persons, relatives or friends of the Supervised Person.

To assist the Firm in identifying and managing conflicts and potential conflicts of interest to the Firm and the Clients, Supervised Persons must, by way of ComplySci, submit to the CCO completed compliance certifications or other questionnaires described below including, among other things, information about their outside business activities; certain personal relationships; political contributions; and personal investments, including personal investments of the Covered Persons.

Failure to report information required by the Code in a timely, accurate and complete manner is a breach of the Code and can have the consequences outlined above.

In addition to the provisions of this Code, the Firm has adopted a Conflicts of Interest Policy. All Supervised Persons are required to follow the Conflicts of Interest Policy at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Outside Business Activities

Supervised Persons are expected to devote all or substantially all of their business time to performing their duties to the Firm. Business activities other than employment at the Firm may present conflicts of interest. Accordingly, each Supervised Person must disclose upon hire, within 30 days of becoming a Supervised Person, all Outside Business Activities (described below) to the CCO. Disclosures should be made via ComplySci. In addition to disclosing existing Outside Business Activities, Supervised Persons must receive written approval from the CCO before engaging in any new Outside Business Activity. Approval via ComplySci will constitute written approval from the CCO.

"**Outside Business Activities**" captured under this policy include, but are not limited to, any activity that calls for a material time commitment or provides compensation in return for investment-related or other-business-related activity. The following Outside Business Activities are also captured: (i) serving as an officer, director, trustee or partner of any business organization; (ii) participating as a member of a limited liability company or a limited partner of a limited partnership; or (iii) serving as a consultant, teacher, lecturer, publisher of articles or radio or television guest.

For example, Supervised Persons and Access Persons (but not Covered Persons) must obtain pre-approval to participate in any Limited Offerings (which the SEC defines as an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(a)(2) or section 4(a)(5) (15 U.S.C. 77d(a)(2) or 77d(a)(5)) or pursuant to §§ 230.504 or 230.506 of the Advisers Act),", or serving on any board of directors, creditors' committee or investment committee, in each case whether for a for-profit organization or non-profit organization (family private foundations, family partnerships, and personal or family pension trusts for which Firm personnel serve without compensation are excepted from this prohibition) and regardless of whether compensation is received for such activities. Supervised Persons should consult with the CCO if they are unsure if an activity is an Outside Business Activity. Compensation may be defined, without limitation, as cash or non-cash salaries, commissions, director's fees and consulting, finders, advisory and other fees.

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|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 14.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Reporting** 

As stated above, existing Outside Business Activities must be reported upon hire, within 30 days of becoming a Supervised Person by way of ComplySci. Both existing Outside Business Activities as well as pre-approvals for all new Outside Business Activities, must be submitted via ComplySci.<sup>3</sup>

The CCO will approve or deny preclearance requests based on the nature of the activity, the time commitment, compensation, and other factors that could raise any conflict of interests with the Firm and its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Board or Creditors' Committee Positions** 

Each Supervised Person, within 30 days of commencement of Supervised Person status, must disclose to the CCO any position(s) he or she holds on a board of directors or a similar body, or on an investment or creditors' committee. The CCO may require that the Supervised Person resign from a position(s) which the Supervised Person holds if the circumstances surrounding the position necessitate such action.

Unless prior approval is granted by the CCO and the Supervised Person's Supervisor, the Firm generally does not permit Supervised Persons to serve as an officer, partner or employee of another company or business or as a member of an external board or committee or trustees of any business organization, other than a civic or charitable organization.<sup>4</sup> These types of positions can present particular conflicts of interest, and a determination of a Supervised Person's eligibility to serve in such a position necessarily involves an assessment of whether such service would be consistent with the interests of the Firm or compromise the Supervised Person's fiduciary duty to the Clients.

Under no circumstances may a Supervised Person represent or suggest that his or her association with any Outside Business Activity in any way reflects the approval by the Firm of that organization, such organization's Securities, its manner of doing business or any person connected with such organization or its activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Gifts and Entertainment

The following Gifts and Entertainment policy imposes limits on, and monitors the nature and quantity of, "business-related" gifts, gratuities and entertainment, as this is another area where conflicts of interest may arise. "Business-related" gifts, gratuities and entertainment are those that the Firm's Supervised Persons give to, or receive from, a person or firm that: (i) conducts business with or provides services to the Firm; (ii) may do business or is being solicited to do business with the Firm; or (iii) is associated with an organization that conducts or seeks to conduct business with the Firm. In addition, Supervised Persons may not be compensated, directly or indirectly, except by the Firm or when otherwise approved by the Firm (including approval by the CCO or others, as provided elsewhere in this Code).

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<sup>3</sup> The CCO must submit pre-approval requests on his own behalf to the General Counsel.

<sup>4</sup> Serving as an officer or on the board of directors for a Client's underlying portfolio company will not be deemed as an Outside Business Activity.

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|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 15.0 |

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| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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This policy is not intended to prevent Supervised Persons from giving or receiving gifts or entertainment, provided that such gifts and entertainment are not extravagant, costly, lavish or excessive. The policy is intended to ensure that the practice of giving and accepting gifts or entertainment is not abused and does not compromise the integrity, objectivity or fiduciary responsibilities of the Firm or its Supervised Persons, create an appearance of impropriety or raise potential conflicts of interest. For purposes of this policy, value is the higher of cost or fair market value. Gifts and entertainment given among Supervised Persons are not subject to the guidelines set forth below.

If there is any question as to the scope or application of this Policy, Supervised Persons should consult with the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Preapproval Process and Prohibitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Gifts** 

A "**gift**" refers to any object or thing of value provided for the recipient's personal use or enjoyment. If, for example, the giver of tickets for an event does not intend in advance to be present at such event, then the tickets will be deemed a gift. Gifts up to £50 must be precleared via ComplySci.<sup>5</sup> Requests for preclearance of gifts over £50 will generally be declined. Giving or receiving gifts of cash or cash equivalents such as gift vouchers is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Entertainment** 

"**Entertainment**" refers to meals or other entertainment events where the giver intends to participate in or attend the event with the recipient (e.g., the giver accompanies the recipient to the meal). If the giver intends to participate in the event, then such an event will be deemed entertainment. Each Supervised Person may offer or accept business-related entertainment of up to £20 per person in value to or from any third party with whom the Firm conducts business, or could reasonably expect to conduct business, without the prior written approval of the CCO, provided that the Supervised Person and the business associate both attend and that such entertainment is not so frequent, costly, lavish or excessive as to raise questions of impropriety. For entertainment that exceeds £20 but is not over £150, a Supervised Person must submit a preclearance request via ComplySci. Requests for preclearance of entertainment over £150 will generally be declined. The acceptance of tickets to sporting events such as rugby or football matches is generally prohibited. Giving tickets to events such as rugby or football matches is also prohibited.

It is acknowledged that in certain circumstances, it may not be possible to pre-clear the provision or acceptance of entertainment. In such circumstances, employees must report the entertainment as soon as possible and must take all reasonable steps to adhere to the monetary limits in this policy. Failure to pre-clear in such circumstances shall not constitute a breach of this policy.

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<sup>5</sup> The CCO must submit any pre-approval request on his own behalf to the General Counsel.

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|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 16.0 |

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| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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Supervised Persons may attend seminars sponsored or paid for by any third party with whom the Firm conducts business, or could reasonably be expected to conduct business, provided that attendance at the seminar is not so costly or lavish as to raise conflict of interest issues, does not impair compliance with the Firm's duty to act honestly, fairly, and professionally in the best interests of the Client, and provided that the seminar is designed to enhance the quality of the relevant service to the Client.

Notwithstanding the restrictions listed above, gift baskets containing food and other similar items with a value of more than £20 may be accepted on behalf of the Firm if, upon acceptance, they are placed in a common area of any of the Firm's office(s) and the contents are made available to all employees.

The term "gift" generally does not include any gifts, benefits, compensation or consideration given to or received from a personal acquaintance (who is not a Government Official) for reasons unrelated to a Supervised Person's professional duties (such as housewarming, graduation or birthday gifts).

If there is any question as to whether any gift or event may raise conflict of interest issues, the CCO must be consulted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Prohibited Conduct** 

No gift or entertainment should ever be accepted with the expectation of any *quid pro quo* from the Firm or any Supervised Person. Supervised Persons are prohibited from giving, and must tactfully refuse, any gift of cash, gift certificates or cash equivalents. Supervised Persons may not give or accept any gift or entertainment from any third party that is inappropriate under the circumstances, or inconsistent with applicable law or regulation; for example, the Pay to Play Rule or the Foreign Corrupt Practices Act ("FCPA") described in more detail below and in the Manual.

To ensure compliance with the FCPA, Supervised Persons are prohibited from directly or indirectly paying or giving, offering or promising to pay, give or authorize or approving such offer or payment, of any funds, gifts, services or anything else of any value, no matter how small, or seemingly insignificant, to any "government official" (as defined under the FCPA) for any business or Firm-related reasons. For more information, please refer to the "Foreign Corrupt Practices Act" section of the Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. United States Political Contributions Policy

Rule 206(4)-5 under the Advisers Act (the "Pay to Play Rule") addresses practices commonly known as "pay to play," where an investment adviser or its Supervised Persons directly or indirectly make contributions or other payments to certain U.S. public officials or candidates with the intent of soliciting investment advisory business. Violations of the Pay to Play Rule can have serious implications. Specifically, the Firm can be precluded from receiving fees from a U.S. state or local government entity for up to two years following the violative contribution.

The Political Contributions Policy is designed to ensure that Political Contributions (as defined below) by Supervised Persons do not violate the Pay to Play Rule in addition to state or local laws that could affect the Firm's ability to accept compensation from certain government clients (primarily state pension funds).

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|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 17.0 |

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| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

For purposes of this Political Contributions policy, the following definitions apply:

**"Political Contribution"** means a contribution to any candidate or official for federal, state or local public office. Specifically, a Political Contribution is any gift, subscription, loan, advance, deposit of money or thing of value made for the purpose of supporting a candidate for or influencing an election to office. This includes, for example, repaying a candidate's campaign debt incurred in connection with any such election or paying the transition or inaugural expenses of the successful candidate for any such election. "Political Contribution" also includes "in-kind" and monetary contributions to a candidate or official, as well as indirect contributions (e.g., contributions made at the behest of a Supervised Person through a family member or friend). This term includes contributions made to a political action committee (as defined below).

**"Political Fundraising"** means to fundraise and/or communicate, directly or indirectly, for the purpose of obtaining or arranging a Political Contribution or otherwise facilitate the Political Contributions made by other parties.

**"Political Action Committee"** or **"PAC"** means an organization that raises money privately to influence elections or legislation.

**"Solicitation Activity"** means coordinating, or soliciting any person or PAC to make, any (i) Political Contributions; or (ii) payments to a political party of a state or locality where the Firm is providing or seeking to provide investment advisory services to a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Preclearance and Disclosure** 

Supervised Persons are required to disclose Political Contributions made by themselves and their Covered Persons, within the past two (2) years at the time of hire and annually thereafter.

Supervised Persons and their Covered Persons, must obtain prior written approval from the CCO before making any Political Contribution to or participating in any political Solicitation Activity on behalf of any political candidate, official, party or organization. A Supervised Person may request approval from the CCO by completing and submitting a preclearance request via ComplySci. <sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Corporate Contributions** 

Supervised Persons may not use personal or corporate funds to make Political Contributions on behalf of or in the name of the Firm. All requests for Political Contributions to be made on behalf of or in the name of the Firm should be directed to the CCO.

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<sup>6</sup> The CCO shall submit his pre-approval requests to the General Counsel.

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|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 18.0 |

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|:---|:---|
| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Charitable Contributions Distinguished** 

Contributions to a charity are not considered Political Contributions unless made to, through, in the name of or to a fund controlled by a federal, state or local candidate or official. This Political Contributions policy is not intended to impede legitimate, charitable fund-raising activities. Any questions regarding whether an organization is a charity should be directed to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **International Contributions** 

Political Contributions made by the Firm or Supervised Persons to politically connected individuals or entities, anywhere in the world, with the intention of influencing such individuals or entities for business purposes are strictly prohibited. For more information, please refer to sections of the Manual on the FCPA and the UK Bribery Act 2010.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Placement Agents** 

No Supervised Person may directly or indirectly use a third-party or an affiliate to solicit investment advisory services business without pre-approval from the CCO. Among other things, the CCO will ensure that the third-party or affiliate is a permissible placement agent under the Pay to Play Rule and Rule 206(4)-3, the Cash Solicitation Rule under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Personal Trading Policies and Procedures

Rule 204A-1 under the Advisers Act requires the Firm's Code to impose certain restrictions on the personal securities transactions of Access Persons and Covered Persons. Such restrictions include obtaining pre-approval for certain trades or private transactions and reporting certain trading activities and Securities holdings.

Pursuant to the Rule, the following Personal Trading Policy is designed to prevent potential legal, business or ethical conflicts and to minimize risks of unlawful trading in any Personal Trading Account and guard against the misuse of confidential information. All personal trading and other activities of Access Persons and Covered Persons, must avoid any conflict or perceived conflict with the interests of the Firm, the Clients and the underlying investors. To this end, Access Persons are required to pre-clear and report transactions in Reportable Securities, while Covered Persons are only required to report transactions in Reportable Securities. For the avoidance of doubt, Covered Persons do not need to pre-clear transactions in Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Reporting** 

Access Persons and Covered Persons are required to periodically report certain personal Securities transactions and holdings. Access Persons and Covered Persons are also required to report Covered Transactions and positions resulting from Covered Transactions, as defined below, to the CCO. To fulfil the reporting requirements under this Policy, Access Persons and Covered Persons must provide: (i) duplicate statements for all Personal Trading Accounts that hold any Securities or any positions resulting from Covered Transactions, except for Discretionary/Third-Party Managed Accounts, described in more detail below; and (ii) a list of all Private Placements and IPOs that are not reflected in the Personal Trading Accounts. Duplicate account statements are not required for any Personal Trading Account that exclusively holds Securities that are not Reportable Securities and/or other positions that do not result from Covered Transactions. However, such accounts must be disclosed to the CCO by way of entry of the account details into ComplySci.

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 19.0 |

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| | |
|:---|:---|
| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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The account statements must be provided by each Supervised Person (i) <u>initially, within 30 days of becoming a Supervised Person or Access Person;</u> and (ii) <u>on an ongoing basis, no later than 30 days after the end of each quarter.</u> The brokerage account statements must contain, at a minimum, the information required to be provided for initial and quarterly Securities holdings reports, as set forth below. If a brokerage account statement does not provide all requisite information, the Supervised Person or Access Person must provide the required information by completing a quarterly securities transactions report within thirty (30) days after the end of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **The Definition of "Security" or "Securities"** 

"Security" or "Securities" means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The Definition of "Reportable Security" or "Reportable Securities"** 

All Securities are Reportable Securities, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Bankers' acceptances, bank certificates of deposit, and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Shares issued by open-end funds other than Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Open-ended ETFs that are not managed or advised by BlueCove

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 20.0 |

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| | |
|:---|:---|
| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Initial Securities Holdings** 

Each new Supervised Person or Access Person must report to the CCO all Personal Trading Accounts, Discretionary/Third-Party Managed Accounts and reportable personal Securities holdings, as well as holdings resulting from Covered Transactions, including Private Placements and IPOs (other than Securities holdings held in the Discretionary/Third-Party Managed Accounts), no later than thirty (30) days after the commencement of their employment. The Initial Securities Holdings Report must be current as of a date not more than 45 days prior to the date the person becomes a Supervised Person or Access Person of the Firm. The Initial Securities Holdings Report must contain the following information, at a minimum, for all Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type of Security (and, as applicable, the exchange ticker symbol or CUSIP number), number of shares
and principal amount of each Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank, account name, number and location; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the initial holdings report was submitted by the Supervised Person or Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Quarterly Securities Holdings** 

At least quarterly, by the date designated by the CCO, each Supervised Person and Access Person must confirm that previously-reported Personal Trading Accounts, Discretionary/Third-Party Managed Accounts and personal Securities holdings, as well as holdings resulting from Covered Transactions, including Private Placements and IPOs, continue to be true, accurate and complete. The quarterly securities holdings report or duplicate brokerage account statements must be current as of a date, no more than 45 days prior to the date the information is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Quarterly Transactions** 

Each Supervised Person or Access Person must report to the CCO, on a quarterly basis, the following information for each transaction in a Reportable Security or Covered Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the date of the transaction, the title and, as applicable, the exchange ticker symbol or CUSIP number, the
interest rate and maturity date (if applicable), the number of shares and the principal amount of each involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the price of the Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. the date that the report is submitted.

Quarterly transaction reports must be submitted <u>no later than 30 days after the end of each calendar quarter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Preclearance Procedures** 

Supervised Persons and Access Persons (but not Covered Persons) must obtain the CCO's preclearance for all Covered Transactions, as well as any Private Placements and IPOs, via ComplySci. Supervised Persons and Access Persons are prohibited from trading in any Security of an issuer for which they or the Firm possess MNPI or are otherwise prohibited from trading.

Covered Transactions include transactions of the following: bonds (except government bonds), shares, notes, convertible securities, listed REITs, ADRs, GDRs and similar instruments, single name futures and options, single name CDS and related derivatives, warrants, rights and similar instruments. Covered Transactions also include any subscriptions, redemptions, purchases, sales, and any other form of acquisition or disposal of interests in any BlueCove Public Fund.

Transactions that are not Covered Transactions do not need to be pre-cleared and include the following: ETFs and UCITS funds (other than BlueCove Public Funds), indices, Alternative Investment Funds, mutual funds, UK-listed investment trusts (that are not REITs), LP interests, FX, crypto currencies, government bonds, and UK National Savings and Investment products.

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 21.0 |

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| | |
|:---|:---|
| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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Spread bets, contracts for difference or any other similar approaches to trading in Covered Transactions are strictly prohibited.

The CCO will promptly notify a Supervised Person or Access Person of the Firm's approval or denial of the requested transaction. If preclearance is granted, the transaction must be executed on the same day. If the transaction is not executed or is only partially executed within the approved timeframe, a new preclearance request must be submitted to the CCO prior to executing the transaction (or remainder of the transaction); unless approved by the CCO otherwise in writing, for example via email. The CCO may, in his sole discretion, provide an exemption from the requirement to execute the same day.

Covered Transactions will be prohibited in circumstances when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In relation to a request to trade cash bonds, convertibles, or any other debt instrument, any fund managed by the
Firm has a position in the security or instrument, or in another instrument issued by the same issuer or a related issuer, including a CDS referenced to the same bond or issuer (whether long or short)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In relation to a request to trade any covered transaction, any fund managed by the Firm has traded any instrument
issued by the issuer or by a related issuer in the past 10 calendar days, and regardless of the direction of the trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Head of Compliance and General Counsel may jointly or severally declare a blackout period for covered
transactions in their sole discretion at any time. Blackout periods may be declared around the time of the ramp-up or wind-down of any fund managed or sub-advised by the
Firm.

Employees are advised that covered transactions in certain securities may, as a result of the activities of funds managed by the Firm, be prohibited indefinitely. The prohibition applies to the close out of positions as well as to the initiation of positions. Even if an employee initiates a position in compliance with the Policy, the employee's ability to close the position is dependent on the activities of the funds managed by the Firm.

Additionally, all Covered Transactions must be held for a minimum 30 calendar days on a "last in first out" basis.

When submitting an IPO or Private Placement preclearance request, the Supervised Person or Access Person must provide the CCO with any relevant private placement memoranda, subscription agreements or other like documents pertaining to the investment. Where confirmations and statements or other like documents are not available from the issuer, the Supervised Person or Access Person must promptly inform the CCO of any changes in the investment. The factors to be taken into account in the approval of a Private Placement or IPO include, among other considerations, whether the Private Placement or IPO should be acquired for the Clients, whether the Private Placement or IPO is being offered to the Supervised Person because of his or her position with the Firm and whether notice to Clients or approval of the Advisory Committee of a Client is necessary. If a Supervised Person has acquired Securities in a Private Placement prior to becoming a Supervised Person of the Firm, these investments must be disclosed to the CCO at the time of hire, no later than thirty (30) days of becoming a Supervised Person or Access Person of the Firm.

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 22.0 |

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|:---|:---|
| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Personal Trading Accounts** 

Supervised Persons and Access Persons are required to report to the CCO, upon hire and at least annually thereafter, all Personal Trading Accounts and all Reportable Securities and positions resulting from Covered Transactions held in these accounts. Additionally, upon opening or closing any Personal Trading Account, Supervised Persons and Access Persons are required to notify the CCO accordingly by email as well as coordinate, with the help of the CCO, how Securities holdings and transactions will be reported to the Firm to be in compliance with the above-referenced reporting requirements and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Discretionary or Third-Party Managed Accounts** 

Supervised Persons and Access Persons do not report to the CCO any Discretionary or Third-Party Managed Accounts of the Covered Persons or Access Persons. Discretionary or Third-Party Managed Accounts are typically accounts over which the Covered Person does not retain direct or indirect influence or control. In other words, if the Covered Person cannot (i) suggest purchases or sales of investments in the account to a third party manager; (ii) direct transactions within the account; or (iii) consult with a third party manager regarding allocation of investments in the account (this excludes discussions regarding overall asset allocation), such account may be deemed Discretionary or Third-Party Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Restricted List** 

The CCO may place certain Securities on a "Restricted List." Absence the CCO's pre-approval, Supervised Persons are prohibited from transacting in Securities of any issues on the Restricted List on behalf of a Client or in Personal Trading Accounts until such Security is removed from the Restricted List. The Restricted List is confidential and may not be disclosed to anyone outside the Firm, except to those who have a need to know such information (e.g., Covered Persons, outside counsel(s), accountant(s)). Supervised Persons are responsible for ensuring that Covered Persons do not transact in Securities of any issuer on the Restricted List.

A Security may be placed on the Firm's Restricted List for a variety of reasons including, but not limited to:

The Firm is in possession of MNPI about an issuer/Security;

A Supervised Person is in a position, such as a member of an issuer's board of directors, that may be likely to cause the Firm or such person to receive MNPI;

The Firm has executed a CA or similar agreement with an issuer or a relevant third party that restricts trading in that issuer's Securities;

A Supervised Person or Access Person trading in the Security may present the appearance of a conflict of interest or an actual conflict of interest;

An investor relationship that involves a senior officer or director of an issuer may present the appearance of a conflict of interest or an actual conflict of interest; and

The CCO and/or General Counsel either individually or together with the senior management of the Firm has or have otherwise determined it is necessary to do so.

The CCO is responsible for maintaining the Restricted List. The CCO shall review the Restricted List periodically to determine whether any issuer/Security should be removed from the Restricted List. Issuers/Securities will remain on the Restricted List until such time as the CCO deems their removal appropriate.

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 23.0 |

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|:---|:---|
| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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As discussed above, all Supervised Persons are required to notify the CCO if they believe that they may have come into possession of MNPI about an issuer or a particular Security. The CCO may add any issuer/Security to the Restricted List in his sole discretion.

It is the responsibility of the Supervised Persons to inform the CCO when they believe an issuer should be added to or removed from the Restricted List. An issuer/Security may be placed on the Restricted List for a variety of reasons; and therefore, no inference should be drawn concerning an issuer or its Securities due to its inclusion on the Restricted List. An issuer will be removed from the Restricted List only if the information which led to the issuer's being restricted has been made public through widespread dissemination of the information, or because the information becomes stale or immaterial with the passage of time (e.g., internal sales projections about periods that have since passed). The CCO may consult with outside counsel in making a determination as to whether an issuer/Security should be added to or removed from the Restricted List. Each time the CCO adds or removes an issuer/Security to/from the Restricted List, the CCO shall document the reason for restriction or removal from the Restricted List. Only the CCO or his delegate may remove a company from the Restricted List.

The CCO will ensure that the Restricted List is available to Supervised Persons. Supervised Persons are required to review and, as necessary, consult the Restricted List with the CCO to comply with this Policy.

The Restricted List is available at: <u>https://confluence.dev.bluecove.com/display/COMPLIANCE/Restricted+List</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Cryptocurrencies, Initial Coin Offerings, Tokens and Other Digital Assets** 

Decentralized virtual currency or cryptocurrency platforms operate under a variety of different structures, primarily using a distributed ledger system. A single-facet cryptocurrency is generally considered a "commodity" and thus falls outside the definition of a Security under U.S. federal securities laws. Therefore, the Firm's Personal Trading Policy does not directly apply to cryptocurrencies, except to the extent they are being used to facilitate an underlying transaction involving a Security (as described further in the paragraph below). A Supervised Person seeking to acquire, for example, Bitcoin or Ether using legal tender (e.g., USD, EUR, GBP) is not required to obtain preapproval or report the transaction or holding.

An initial coin offering or "ICO" is a method of fundraising, similar to crowdfunding, for a new venture wherein investors obtain interests in the form of coins or tokens in exchange for legal tender or another established cryptocurrency, such as Bitcoin or Ether. In this situation, the coin or token (i.e., the interest in the venture) may be considered a Security; and therefore, treated the same as a traditional private investment under the Firm's Personal Trading Policy. If a Supervised Person seeks to make an investment, regardless of the legal tender or virtual currency used to fund the transaction, with an expectation of profit derived from the managerial efforts of others, then the coin or token is likely a security and preapproval and ongoing reporting is therefore required.

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 24.0 |

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| | |
|:---|:---|
| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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Accordingly, prior to participating in any ICO or investment (virtual or otherwise) with a profits interest contingent on the management efforts of others, Supervised Persons are required to submit a preapproval request to the CCO. The CCO will undertake an analysis to determine whether a Securities transaction is implicated, whether a conflict of interest or other compliance risk exists, and whether approval would be consistent with the Firm's policies and procedures. The CCO may request additional information as deemed necessary to make such a determination and Supervised Persons must submit a new preapproval request for each subsequent or add-on ICO related investment. To the extent a Supervised Person seeks to take an active role with respect to any ICO or cryptocurrency related venture, he or she will also be required to seek preapproval as an Outside Business Activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Review** 

On at least a quarterly basis, or at any other time as may be prudent, the CCO shall review the personal trading activity of all Covered Persons and Access Persons. The CCO will closely monitor investment activities of Covered Persons and Access Persons for compliance with securities laws, rules, regulations as well as the Firm's policies and procedures and to prevent violations of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Remedial Actions** 

The Firm takes the potential for conflicts of interest caused by personal trading very seriously. The Firm reserves the right to prevent purchases or sales of a Security by a Supervised Person or Access Person for any reason it deems appropriate. In the event that the Firm's personal trading policies are not complied with, the Firm reserves the right to impose various sanctions on Supervised Persons and Access Persons that violate the Code.

IV. Bad Actor Rule

The Bad Actor Rule (the "Rule"), effective September 23, 2013, prohibits the Firm or any of the Clients from relying on the Rule 506 exemption of Regulation D if the Firm, or any person covered by the Rule, has had a Disqualifying Event as of the Rule's effective date. For purposes of this Rule, "rule 506 covered persons" include: (i) the Firm, including its predecessors and affiliates; (ii) directors and certain officers; (iii) general partners and managing members of the Firm; (iv) 20% beneficial owners of any of the Clients (based on voting power); (v) investment managers and principals of pooled investment funds; (vi) promoters and persons compensated for soliciting investors ("Compensated Solicitors") as well as their general partners, directors, officers; and (vii) managing members of any Compensated Solicitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Definitions

For purposes of this policy, the following definitions apply:

**"Disqualifying Events"**include: 

**"Criminal convictions"** in connection with the purchase or sale of a Security, making of a false filing with the SEC or arising out of the conduct of certain types of financial intermediaries. The criminal conviction must have occurred within 10 years of the proposed sale of Securities (or five years in the case of the issuer or company and its predecessors and affiliated issuers or companies).

**"Court injunctions and restraining orders"** in connection with the purchase or sale of a Security, making of a false filing with the SEC or arising out of the conduct of certain types of financial intermediaries. The injunction or restraining order must have occurred within five years of the proposed sale of Securities.

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 25.0 |

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| | |
|:---|:---|
| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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**"Final orders"** from the Commodity Futures Trading Commission, federal banking agencies, the National Credit Union Administration, or state regulators of Securities, insurance, banking, savings associations or credit unions that:

Bar the issuer or company from associating with a regulated entity, engaging in the business of Securities, insurance or banking or engaging in savings association or credit union activities; or

Are based on fraudulent, manipulative or deceptive conduct and are issued within 10 years of the proposed sale of Securities.

**"Certain SEC disciplinary Orders"** relating to brokers, dealers, municipal Securities dealers, investment companies and investment advisers and their associated persons.

**"SEC cease-and-desist Orders"** related to violations of certain anti-fraud provisions and registration requirements of the federal Securities laws.

**"SEC stop Orders"** and Orders suspending the Regulation A exemption issued within five years of the proposed sale of Securities.

**"Suspension or expulsion"** from membership in a self-regulatory organization (SRO) or from association with an SRO member.

**"Order"** is a written directive issued pursuant to statutory authority and procedures, including an order of denial, exemption, suspension or revocation. Unless included in an order, this term does not include special stipulations, undertakings or agreements relating to payments, limitations on activity or other restrictions.

**"Self-Regulatory Organization (SRO)"**is any national securities or commodities exchange, registered securities association or registered clearing agency. For example, the Chicago Board of Trade ("CBOT"), Chicago Board Options Exchange ("CBOE"), the Financial Industry Regulatory Association ("FINRA") and New York Stock Exchange ("NYSE") are self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Verification of Rule 506 Covered Persons

The Firm will take reasonable steps to ensure that no rule 506 covered person has been the subject of a Disqualifying Event. Reasonable steps include a factual inquiry made to all covered persons. This may be in the form of questionnaires, certifications, contractual representations, covenants and undertakings. The Firm may also wish to consult publicly available databases.

The Rule provides an exception from disqualification when the Firm can show it did not know and, in the exercise of reasonable care, could not have known that a covered person with a Disqualifying Event participated in the offering. The Rule does not apply to events that occurred prior to September 23, 2013, the effective date; however the Firm must disclose to investors any Disqualifying Events by covered persons prior to the effective date of the Rule.

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 26.0 |

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| | |
|:---|:---|
| **\*\* Strictly private and confidential \*\*** | ![LOGO](g458923dsp57a.jpg) |

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The Firm is required to carry out a factual inquiry of its rule 506 covered persons in a reasonable timeframe in relation to the circumstances of the offering and the participants. An initial inquiry by the Firm, verified annually thereafter, shall be considered reasonable, provided there are no other indicia to suggest a covered person has been the subject of a disqualifying event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Remedial Actions

In the event that a rule 506 covered person has had a Disqualifying Event, the Firm will be prohibited from relying on the Rule 506 exemption unless certain actions are taken to remedy the disqualification. Remedial actions may include terminating or reassigning disqualified individuals, restructuring governance and control arrangements, terminating engagement with a placement agent or other covered financial intermediary, postponing or foregoing capital raising or pursuing alternative capital raising methods, buying out or otherwise inducing 20% beneficial owners to reduce their ownership positions or preventing bad actors from becoming 20% beneficial owners (i.e., exercising rights of first refusal and excluding bad actors from financing rounds).

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| | |
|:---|:---|
| **BlueCove Limited, 10 New Burlington Street, London W1S 3BE. Registered in England and Wales No. 11269446.**<br> **Authorised and regulated by the Financial Conduct Authority** | 27.0 |

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## Ex-99.P(10)

![LOGO](g458923g59o15.jpg)

**Income Research + Management** 

**Employee Code of Ethics for Personal** 

**Investments and Insider Trading Policy** 

**July 14, 2022** 

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**<u>**Table of Contents**</u>** 

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| | | |
|:---|:---|:---|
|  **INTRODUCTION** | **INTRODUCTION** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Am I subject to these rules? | &nbsp;&nbsp;&nbsp;&nbsp;Am I subject to these rules? | 1 |
|  **RULES FOR EVERYONE** | **RULES FOR EVERYONE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Acknowledging your acceptance of the rules | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Complying with Federal Securities Laws | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Reporting violations to IR+M Compliance | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | Pre-clearing political contributions and payments to foreign officials | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | Disclosing all Covered Accounts and holdings in Covered Securities | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Disclosing new accounts and transactions in Covered Securities | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Opening new Covered Accounts while at IR+M | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Pre-Clearing trades in Covered Securities | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | Pre-clearing gifts and entertainment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;10. | Getting approval to trade in Covered Accounts owned by others | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;11. | Complying with the 60-day rule | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;12. | Pre-clearing outside activities | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;13. | Complying with IR+M Policy on Insider Trading | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;14. | Limitations on disclosure to IR+M Non-Access Shareholders | 12 |
|  **ADDITIONAL RULE FOR PORTFOLIO MANAGERS ONLY** | **ADDITIONAL RULE FOR PORTFOLIO MANAGERS ONLY** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Failing to recommend a trade for a Portfolio | 13 |
|  **HOW WE ENFORCE THESE POLICIES** | **HOW WE ENFORCE THESE POLICIES** | 14 |

---

i

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***<u>Introduction</u>***

This *Employee Code of Ethics for Personal Investments and Insider Trading* **("<u>Code</u>")** is designed to ensure that employees of Income Research + Management ***("<u>IR+M</u>")*** understand and honor their fiduciary duty towards IR+M's clients and investors while placing the interests of IR+M's clients and investors above their own. This fiduciary responsibility applies to all client portfolios that IR+M acts as an investment adviser, as well as to all of the investment companies (registered and unregistered investment companies) advised, sub-advised, or managed by IR+M (collectively, **"<u>Portfolios</u>").** This fiduciary duty also means never taking unfair advantage of your relationship to the Portfolios or IR+M in attempting to benefit yourself or another party, and it means never acting in a way that interferes or conflicts with the operation of the Portfolios or IR+M's business. Any behavior that violates your fiduciary duty—or that even gives the appearance of doing so—could harm IR+M's business and reputation.

Because no set of rules can anticipate every possible situation, it is important that you follow the rules in the Code not just in letter, but also in spirit. Any activity that compromises IR+M's integrity, even if it doesn't expressly violate a rule, has the potential to be construed as a violation and may result in scrutiny or further action from IR+M Compliance.

All information obtained from you under this Code will normally be kept in strict confidence by IR+M and IR+M Compliance, except that reports of transactions and other information obtained from you may be made available to the U.S. Securities and Exchange Commission or any other regulatory or self-regulatory organization or other civil or criminal authority to the extent required by law or regulation, or to the extent considered appropriate by IR+M Compliance. In addition, in the event of violations or apparent violations of the Code, this information may be disclosed to affected IR+M clients.

***<u>Am I subject to these rules?</u>***

**Yes.** The Code applies to all full-time IR+M Employees, part-time employees, interns, and temporary employees. "IR+M Employees" may also include temporary employees from agencies and, in some circumstances, independent contractors.

Some rules may also apply to other people whose relationship to you makes them a ***"<u>Covered Person</u>."*** A Covered Person includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your spouse, or a domestic partner<sup>1</sup> who shares your
household

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any of your children, stepchildren, and grandchildren, parents, step-parents, grandparents, siblings, parents-,
children-, or siblings-in-law (whether related by blood, adoption, or marriage) if such person: (i) shares your household, and (ii) is supported financially by
you

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anyone else deemed by IR+M Compliance to be a Covered Person

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**WHAT DO I HAVE TO DO?** 

**1.**  **<u>Acknowledge your acceptance of the rules</u>** 

When you start working at IR+M, and again each year after that, you're required to acknowledge your acceptance of the Code and its rules.

**<u>TO DO:</u>** 

**If you are a *new* Employee:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submit the *Code* Acknowledgment Form within 10-days of your hire

**If you are a *current* Employee:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submit the *Code* Acknowledgment Form prior to the stated deadline

**2.**  **<u>Comply with Federal Securities Laws</u>** 

In addition to complying with the rules in this Code, you also need to comply with certain Federal Securities Laws<sup>2</sup>.

**3.**  **<u>Report violations to IR+M Compliance</u>** 

If you become aware of any violation of the Code, whether committed by you or others, you must promptly report the violation to IR+M Compliance.

**<u>TO DO:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly notify IR+M Compliance of any actual or perceived violation of the Code

IR+M Compliance will keep confidential the identity of the person reporting a violation and no retaliation is permitted against someone who reports a violation.

**4.**  **<u>Pre-clearing political contributions and payments to foreign government officials</u>** 

Pay-to-Play Rules and the Foreign Corrupt Practice Act prohibit certain entities from making payments to government officials and candidates for office. *Please refer to IR+M's Pay-to-Play/FCPA Compliance Policy for additional information.* 

**<u>TO DO:</u>** 

Prior to you or your Covered Persons making a political contribution to any domestic public officials or candidate, or payment to any foreign official, you must first obtain pre-clearance from IR+M Compliance.

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<sup>2</sup> Federal Securities Laws include, but are not limited to, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, certain provisions of the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, Title V of the Gramm-Leach-Bliley Act, the Bank Secrecy Act, and all rules established under these Acts. 

------

**5.**  **<u>Disclose Covered Accounts and holdings in Covered Securities</u>** 

All Employees must disclose information about their Covered Accounts and Covered Securities.

A *"****<u>Covered Account</u>****"* is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any security account that holds, or has the potential to hold, securities; <u>and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You or a Covered Person has actual or potential investment control over the security account and/or benefits
financially from the security account.

A *"****<u>Covered Security</u>****"* is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any type of equity or debt security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any rights to acquire, dispose of or otherwise relating to the security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Put and call options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warrants and convertible securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other derivative instrument based on a security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of mutual funds and Exchange Traded Funds (ETFs) advised or sub-advised by IR+M

A "**<u>Covered Security</u>**" does <u>NOT</u> include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the United States government

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market instruments (i.e., bankers' acceptances, bank CDs, commercial paper, high quality short-term
debt instruments, and repurchase agreements)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of mutual funds not advised or sub-advised by IR+M

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in units of a Unit Investment Trust if invested exclusively in unaffiliated Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in ETFs not sub-advised by IR+M

**<u>TO DO:</u>** 

**New Employees:** 

Within 10-days of your hire or of being notified that the Code applies to you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Arrange for duplicate copies of all your trade confirmations and monthly Covered Account statements to be sent to
IR+M Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete and submit an  **<u>Initial Holdings Report</u>** showing all of your and your Covered Persons'
Covered Accounts and holdings of Covered Securities. If you don't have anything to report, please use the Initial Holdings Report to tell us so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The information contained in the Initial Holdings Report must be no older than 45 days from your date of hire or
of being notified that the Code applies to you.

**Current Employees:** 

Annually, complete and submit an <u>**Annual Holdings Report**</u> by a date specified by IR+M Compliance. The Annual Holdings Report will require you to show all of your and your Covered Persons' Covered Accounts and holdings of Covered Securities. If you don't have anything to report, please use the Annual Holdings Report to tell us so. The information contained in the Annual Holdings Report must be no older than 45 days from the date the report was submitted.

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**6.**  **<u>Disclosing new Accounts and transactions in Covered Securities</u>** 

At the end of each calendar quarter, you need to disclose to IR+M Compliance new Covered Accounts opened by you or your Covered Persons during the quarter, as well as transactions in Covered Securities you or your Covered Persons made during the quarter.

**<u>TO DO:</u>** 

Complete a **<u>Quarterly Transaction Report</u>** by the earlier of the date specified by IR+M Compliance or no later than 30 days after the end of each calendar quarter. The Quarterly Transaction Report will ask if you or your Covered Persons opened a new Covered Account during the quarter and/or transacted in Covered Securities. If you or your Covered Persons did not open a new Covered Account or transacted in Covered Securities, please use the Quarterly Holdings Report to tell us.

**7.**  **<u>Opening Covered Accounts while at IR+M<sup>3</sup></u>** 

While at IR+M, if you open a new Covered Account, it must be maintained at an IR+M approved broker.

**<u>TO DO:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ask IR+M Compliance to provide you with a list of IR+M-approved brokers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open new Covered Accounts at an IR+M-approved broker

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report newly opened Covered Accounts on the next Quarterly Transaction Report

***<u>Exceptions</u>***

With approval from IR+M Compliance, you or a Covered Person can open a Covered Account at a financial institution other than an IR+M approved broker if any of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It contains only securities that can't be transferred

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It exists solely for products or services that are unlike any that an IR+M-approved broker provides or advises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It exists solely because your Covered Persons' employer also prohibits external Covered Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is managed solely by a third-party registered investment adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is associated with an ESOP (employee stock option plan) or an ESPP (employee stock purchase plan) in which a
related Covered Person is the participant

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<sup>3</sup> This requirement does not apply to part-time or temporary employees, interns, and independent contractors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is required by a direct purchase plan, a dividend reinvestment plan, or an automatic investment plan with a
public company in which regularly scheduled investments are made or planned

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is required by a trust agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is associated with an estate of which you are the executor, but not a beneficiary, and your involvement with
the account is temporary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The holdings are maintained in a retirement plan or other defined benefit or defined contribution plan that
prohibits the transfer of these holdings to an IR+M-approved broker

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You can show that transferring the holdings would create a significant hardship

**<u>TO DO:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact IR+M Compliance for permission to maintain an external Covered Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide a current statement for each external Covered Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For DPPs, and ESPPs (if applicable) provide the investment schedule to which regular investments are being made
or will be made

**8.**  **<u>Pre-Clearing trades in Covered Securities</u>** 

You need to pre-clear trades in Covered Securities to reduce the possibility of conflicts between trades you personally make and trades made by Portfolios. When you apply for pre-clearance, you're not just asking for approval – you're guaranteeing that you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Don't have any Inside Information on the security you want to trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are not using knowledge of actual or potential Portfolio trades to benefit yourself or others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Believe the trade is available to other investors on the same terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Will provide any relevant information requested by IR+M Compliance

**Rules relating to pre-clearance** 

You and Covered Person must pre-clear all proposed orders to buy or sell a Covered Security. It's important to understand these rules before requesting pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have to apply for pre-clearance the same day you want to trade and
prior to placing the trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clearance approval is only good for one day. If you don't use it
that day, it expires

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place day orders only (orders that automatically expire at the end of the trading session). Good-till-cancelled
orders (orders that stay open indefinitely until the market price of a security reaches a specified price) are generally not permitted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Check the status of all orders at the end of the day and cancel any open orders. If you or a Covered Person
leaves an order open and it's executed the next day (or later), it will generate a violation

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless an exception applies or IR+M Compliance determines otherwise, these pre-clearance rules apply to  **<u>all</u>** your Covered Accounts, including accounts at an IR+M-approved broker and any other brokerage accounts

**Prohibited Trades** 

You or your Covered Persons may not transact in any Covered Security that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issued by a client for a period of fifteen (15) days after you meet with that client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchased or sold on behalf of a Portfolio within the previous five (5) business days. This provision does
not apply to simultaneous execution of personal accounts managed by IR+M and client trades in an aggregated order

**Prohibited Trading Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short selling

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using derivatives to circumvent the rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participating in an investment club or similar entity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using your knowledge of transactions in Portfolios to profit by the market effect of those transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Influencing any Portfolio to act for the benefit of any other party other than the Portfolio itself (e.g.,
influence a Portfolio trade decision in order to affect that security's price or to advance your own interests or the interests of a third party seeking to have a business relationship with IR+M)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attempting to defraud a Portfolio or the market

**Exceptions** 

With the prior approval of IR+M Compliance, there are a few situations where you may be permitted to trade without pre-clearing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trades in a Covered Account that is professionally managed by a third party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trades made through an automatic, regular program that has been disclosed to and approved by IR+M Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt or delivery of any gift of a Covered Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When you can show repeated rejection is causing a significant hardship

**<u>TO DO:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify Compliance of any accounts that are professionally managed by a third party.

------

**<u>TO DO:</u>** 

To avoid errors and possible sanctions, use these step-by-step instructions to apply for pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sign-on to Compliance Science's Personal Trading Control Center
("PTCC")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In your Employee Work Center, click "Trade Request" under the "Pre-clearance" tab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Read the instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Enter the transaction type (buy or sell)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Enter the approximate quantity of the transaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Look-up and enter the Covered Security you want to trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If your transaction is not a market buy or sell and something like a limit order, please provide information
about the trade in the "Additional Info" box. Use this box to provide any other relevant information about the trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Submit your request and await approval/ denial from IR+M Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Check the status of your order at the end of the day and cancel any orders that have not been filled

**Pre-clearance requests will expire at the close of business on the day the request was submitted. If you do not execute your trade within this window, please submit another preclearance request when you are ready to execute your transaction.** 

**9.**  **<u>Pre-clearing gifts, gratuities, and entertainment</u>** 

You must report all entertainment, gratuities, or gifts offered to or received from broker-dealers and/or union officials. If you believe other entertainment or gifts offered or received present the appearance of a conflict of Interest, please bring it to the attention of IR+M Compliance.

You or your Covered Persons may not seek or accept gifts, favors, preferential treatment or special arrangements of material value from any third-party (including brokers, dealers, investment advisers, banks, financial institutions or other suppliers of goods or services to IR+M), on behalf of itself or its clients as it relates to the Portfolios.

**You may *<u>NOT</u>* accept:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts that exceed $100 from the same source during the same calendar year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment of a recurring nature from the same source, or total entertainment from all sources that is deemed
to be excessive by IR+M Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The cost of transportation to, and lodging and meals while in, a place outside the Boston Metropolitan area,
unless the receipt of these items has been approved in advance by IR+M Compliance

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**You *<u>MAY</u>* accept:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Occasional dining conducted for business purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Occasional attendance at theater, sporting or other entertainment events

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Occasional social events conducted for business purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts that do not exceed $100 from the same source during the same calendar year

**<u>TO DO:</u>** 

To avoid errors and possible sanctions, use these step-by-step instructions to apply for pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sign-on to Compliance Science's PTCC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In your Employee Work Center, click "Gifts & Entertainment Request" under the
"Pre-clearance" tab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Read the instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Enter the appropriate information to the best of your ability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Submit your request and await approval/ denial from IR+M Compliance

**10.**  **<u>Getting approval to trade in Covered Accounts owned by others</u>** 

You or your Covered Persons can't exercise trading authority over any account that is not a reported Covered Account. With prior approval from IR+M Compliance, you can maintain and exercise trading authority over an account owned by a member of your family, even If it doesn't fall under the definition of Covered Account. An example of trading in a Covered Account owned by others is serving as an executor of an estate.

Once approved, the account will be subject to the same reporting and pre-clearance rules as your Covered Accounts, and its owner(s) will be considered Covered Person(s).

**<u>TO DO:</u>** 

**If you are a new Employee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Take immediate steps to terminate any authority you may have to trade Covered Securities in a non-Covered Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To request an exception from this rule, submit a request to IR+M Compliance. Don't direct any trades in the
account without written approval from IR+M Compliance

**If you are a current Employee:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you want to trade in an account that may qualify for an exception, submit a request to IR+M Compliance.
Don't execute any trades in the account until you get written approval from IR+M Compliance.

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**11.**  **<u>Complying with applicable trading limits: the 60-day rule</u>** 

Excessive personal trading is strongly discouraged. Any trade you submit for pre-clearance will be matched against any previous purchase or sale of the same Covered Security. If the Covered Security was purchased or sold within the previous sixty (60) days of the current pre-clearance request, and you are seeking to take the opposite side of the previous trade, your pre-clearance request will be denied and you will not be allowed to purchase or sell that particular Covered Security.

***Exceptions***

This rule doesn't apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions made in a Covered Account that is professionally managed by a third-party investment adviser who has
discretionary trading authority. To take advantage of this exception, you need written approval in advance from IR+M Compliance

**12.**  **<u>Pre-clearing outside activities</u>** 

To avoid any actual or perceived conflict of interest, you need to get advance approval to participate in certain activities outside of your employment at IR+M. Outside activities that need to be pre-clearance include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as a director, trustee, or board member of an unaffiliated company or organization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving as a trustee, executor, custodian or other fiduciary, or as a private investment adviser or counselor,
for any outside account. This includes serving as an executor of an estate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Becoming involved in consultations or negotiations for corporate financing, acquisitions, or other transactions
for outside companies or organizations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any employment for compensation at an outside entity

**<u>TO DO:</u>** 

Request approval from IR+M Compliance prior to participating in any covered activities

**13.**  **<u>Complying with IR+M's Policy on Insider Trading</u>** 

The following is IR+M's policy on Insider Trading and "**<u>I</u><u>nside lnformation</u>**." Inside Information means information about a company that is both "**<u>material</u>**" and "**<u>nonpublic</u>**." This policy applies if you obtained the Inside Information as part of your job, or elsewhere. This policy also applies to any use of information obtained during your employment with IR+M, even if that occurs after your employment has ended. Insider trading laws impose severe sanctions for violations, and IR+M takes very seriously the need to ensure compliance with the insider trading laws and its own policies.

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In order to understand and comply with this policy, you need to understand two definitions. These definitions are "**<u>material</u>**" and "**<u>nonpublic</u>**."

***Material***

Information is "material" if there's a substantial likelihood that a reasonable investor would consider the information important in making his or her investment decision, or if the information could reasonably be expected to affect the price of the security. The information doesn't need to be so important that it would have changed the investor's decision to buy or sell.

Some examples of material information include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend changes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings estimate (or changes to earnings estimates)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant merger and acquisition proposals or agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major litigation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Extraordinary management developments

***Nonpublic***

Information is "nonpublic" when it has not been circulated in a manner making it available to others. Information is "public" when it has been made available to others by means such as national business and financial news services (e.g., Dow Jones, Bloomberg or Reuters), and national news services (e.g., Associated Press, New York Times or Wall Street Journal). These are only examples and information may become public in other ways.

***If you are ever in doubt if information you may have is "material" or "nonpublic," do not trade in any security issued by the company in question and do not disclose that information to anyone else. Please contact, <u>in person,</u> IR+M's Chief Compliance Officer who will advise you whether the information is Inside Information.***

**How may you come into possession of Inside Information?** 

You may come into possession of Inside Information in a variety of ways. Some examples include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the course of seeking IR+M's agreement with a proposed corporate action, the issuer may disclose Inside
Information that it believes would be pertinent to IR+M's evaluation of that proposed action

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In a discussion with an issuer, you may learn information about the issuer that is Inside Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may learn Inside Information through personal sources, such as your spouse, whose company is involved in a
transaction, or even from overhearing elevator conversations

------

The fact that you have learned Inside Information does not mean that you have done anything wrong. In fact, there are situations where you could learn Inside Information about a public company as a necessary part of performing your job. At the same time, where you do not need Inside Information in order to do your job, you should try to avoid receiving it.

**What to do when you acquire Inside Information?** 

**<u>TO DO:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **IMMEDIATELY CONTACT IR+M'S CHIEF COMPLIANCE OFFICER IN PERSON** 

If you believe you have "Inside Information," contact IR+M's Chief Compliance Officer ("CCO") in person. Do NOT tell anyone else about the information, including your colleagues or manager.

The CCO will give you instructions as to what you should do. Those instructions might include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may be told the information isn't Inside Information and that you're free to trade securities
issued by the company in question, or disclose the information to others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may be told the information is Inside Information and you may not disclose the information to anyone else
without clearance from the CCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may be asked to sign a confidentiality letter or to follow additional procedures intended to prevent you from
communicating the Inside Information to others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A code name for the project or company may be designated. Once a code name is designated, that code name is to be
used in all written or oral communications on the subject

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **DON'T TRADE IN ANY SECURITIES OF THE ISSUER** 

If you have Inside Information about a company, don't trade any security of that company until you're informed that you are free to do so. This applies to you and your Covered Persons' Covered Accounts and the Portfolios. If you believe the Inside Information has become public information or that it is no longer Material, contact the CCO. However, do not trade until you have received clearance to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **DON'T RECOMMEND ANY SECURITIES OF THE ISSUER** 

Do not recommend to anyone else that they trade, or refrain from trading, any securities of the issuer. Recommendations are prohibited even if you do not disclose the Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **DON'T DISCLOSE THE INFORMATION TO ANYONE ELSE** 

To avoid disabling IR+M and other Employees from trading in securities of an issuer when only one Employee has Inside Information, it's often necessary to create <u>information barriers</u> to "wall off" those who know from those who don't know the information. Without information barriers, the knowledge of one Employee could be imputed to IR+M as a whole. To avoid this, lease following the below procedures:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not tell your manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not tell other employees, including those who you believe need to know the information in order to do their
jobs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not tell anyone else outside of IR+M, including accountants, employees, or directors of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **TAKE OTHER STEPS TO PROECT THE CONFIDENTIALITY OF INSIDE INFORMATION** 

Don't leave documents containing Inside Information at copiers, in conference rooms, or in any other place where they could be viewed by others. When such documents are not being used, please follow these helpful tips:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Store them in a secure location

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shred or discard in secure locked disposal bin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use passwords or other means to limit access to computer material containing Inside Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not discuss Inside Information in public places, such as social gatherings, hallways, open office areas,
elevators, restaurants, trains, taxi cabs, other public transportation, or places where you might be overheard

**Sanctions** 

Violations of this policy may also constitute violations of insider trading laws. Penalties for violating applicable laws and regulations are severe, and may include substantial fines against those who misuse Inside Information, against their supervisors and management, and against IR+M. Other sanctions possibly include jail sentences, industry bars, or a combination of these sanctions.

If you violate this policy, whether or not your conduct violates insider trading laws, you will be subject to disciplinary action by IR+M up to and including **<u>termination</u>.** 

**14.**  **<u>Limitations on disclosure to IR+M Non-Employee Shareholders</u>** 

Do not disclose to any Non-Employee Shareholder nonpublic information regarding trading activities or investment recommendations of any Portfolio. If you believe that this information has become public, you should contact IR+M Compliance and receive an express clearance from the CCO before disclosing such information to Non-Employee Shareholders.

\* \* \*

------

**ADDITIONAL RULES FOR PORTFOLIO MANAGERS, TRADERS, and ANALYSTS** 

**<u>Failing to recommend a trade for a Portfolio</u>**

Employees who have responsibility for managing Portfolios (e.g., portfolio managers, traders, and analysts) cannot refrain from recommending or trading a suitable security for a Portfolio in order to avoid an actual or apparent conflict of interest with a transaction in that same security in one of your Covered Accounts.

**<u>TO DO:</u>** 

Any time a Portfolio Manager receives directly from an issuer material information about that issuer that is publicly available, you must check to see if that information has been disclosed to IR+M. If not, you must communicate that information to IR+M Compliance before you trade any securities of that company in a Covered Account.

\* \* \*

------

**HOW WE ENFORCE THIS CODE** 

IR+M Compliance reviews all materials it receives in conjunction with the *Code.* If these reviews turn-up information that is incomplete, questionable, or potentially in violation of the rules of the *Code,* IR+M Compliance will investigate the matter and may contact you.

IR+M takes all *Code* violations seriously. You should be aware that other securities laws and regulations not addressed by the rules in this *Code* may also apply to you, depending on your role at IR+M.

This *Code* reflects IR+M's desire to detect and prevent not only situations involving actual or potential conflicts of interest or unethical conduct, but those situations involving even the appearance of conflicts of unethical conduct. All IR+M Employees' and their Covered Persons' actions and activities must be conducted consistently with this *Code* and in such a manner as to avoid any actual or potential conflict of interest or abuse of our position of trust and responsibility.

**<u>Sanctions</u>** 

If it is determined that you or any of your Covered Persons has violated the rules in this *Code,* IR+M Compliance, or another appropriate party, may take action. Sanctions for violations of this *Code* may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A written warning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A written note to your HR Personnel File

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revocation of personal trading activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Imposition of fines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Demotion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Referral to civil or criminal authorities

**<u>Fines</u>** 

In light of the above listed sanctions, IR+M Compliance may assess the following minimum fines for the following violations:

**<u>Personal Transaction Violations</u>** 

Failure to pre-clear a personal transaction will normally result in a fine, you having to reverse the trade and bear all costs in doing so, and a written note to your HR Personnel File. Fines will be assessed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First offense: up to $500

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second offense: up to $1 ,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third offense: up to $5,000

------

**<u>Pre-cIearance Violations</u>** 

Failure to pre-clear or report the following activities will normally result in a fine up to $500 and a written note to your HR Personnel File:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Outside business or fiduciary activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receipt of gifts or entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payments to foreign government officials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political contributions

**<u>Reporting Violations</u>** 

Failure to provide all required Code reports and related documentation within the stated deadlines will normally result in a fine up to $500 and a written note to your HR Personnel File.

**The above referenced monetary fines must be donated to a charity of your choice. You must provide written confirmation and proof of payment.** 

**<u>Exceptions</u>** 

If you believe you qualify for an exception to the rules in this *Code*, you need to get prior approval from IR+M Compliance. The way to request an exception is discussed in the text of the relevant rules of this *Code.* However, if you believe that you have a situation that warrants an exception and it is not discussed in this *Code*, please submit a written request to IR+M Compliance. Your request will be considered by IR+M Compliance in consultation with members of IR+M Senior Management, if appropriate, and you will be notified of the outcome.

**<u>Nature of these rules</u>**

These rules create an obligation of all IR+M Employees and their Covered Persons to IR+M and its Client's Portfolios. These rules, however, are not a promise or contract, and may be modified at any time by IR+M Compliance. IR+M Compliance also retains the discretion to decide if any rule applies to a specific situation, how it should be interpreted, and any resulting sanction.

------

**Legal information** 

*This Code has been adopted by IR+M to: (1) comply with the provisions of Rule 17j-1 under the Investment Company Act of 1940, and the provisions of Rules 204A-1, 204-2(a)(12), and 204(a)(13) under the Investment Advisers Act of 1940; and (2) prevent violations of insider trading laws. IR+M is required to provide a copy of this Code, and any amendments to it, to all employees covered under it.*

## Ex-99.P(11)

![LOGO](g458923g14u88.jpg)

**I. Contents** 

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| | | |
|:---|:---|:---|
| I. | Code of Ethics Policy | 3.0 |
|  | Overview | 3.0 |
|  | Standards of Professional Conduct | 3.0 |
|  | Reporting Concerns & Non-Retaliation Policy | 4.0 |
|  | Related Policies | 4.0 |
| II. | Personal Trading Policy | 5.0 |
| III. | Personal Trading Procedures | 5.0 |
|  | Section 1: Employee Monitoring Classifications | 5.0 |
|  | Section 2: Securities Account Maintenance | 6.0 |
|  | Securities Accounts and Authorized Broker-Dealers | 6.0 |
|  | Mutual Fund Only Accounts and 529 Accounts | 7.0 |
|  | Discretionary Managed Accounts | 7.0 |
|  | Cryptocurrency | 7.0 |
|  | Section 3: Preclearance Requirements | 8.0 |
|  | Preclearance Requirements – General | 8.0 |
|  | Preclearance Requirements – Margin Accounts and Limit Orders | 8.0 |
|  | Preclearance Requirements – Voluntary Corporate Actions | 8.0 |
|  | Preclearance Requirements – Gifts of Covered Securities | 8.0 |
|  | Submitting a Preclearance Request | 8.0 |
|  | Section 4: General Trading and Other Restrictions | 9.0 |
|  | Material Nonpublic Information (MNPI): | 9.0 |
|  | Blackout Period | 9.0 |
|  | Exceptions to the Blackout Period | 10.0 |
|  | Investment Persons | 10.0 |
|  | Sixty Day Mutual Fund Holding Period | 10.0 |

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Jennison Associates LLC www.jennison.com

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Code of Ethics and Personal Trading Policy and Procedures 2

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| | | |
|:---|:---|:---|
|  | Sixty Day Covered Security Holding Period | 10.0 |
|  | Short Sales | 11.0 |
|  | Excessive Trading | 11.0 |
|  | Security Ownership | 11.0 |
|  | Prudential Securities | 11.0 |
|  | Employer-issued Stock Option Transactions | 12.0 |
|  | Direct Stock Purchase Plans | 12.0 |
|  | Options and Futures | 12.0 |
|  | Initial Public Offerings | 12.0 |
|  | Private Investments | 12.0 |
|  | Restricted Lists | 12.0 |
|  | Investment Clubs | 13.0 |
|  | Section 5: Additional Requirements for Designated Persons | 13.0 |
|  | Trading Windows for Designated Persons | 13.0 |
|  | Preclearance Requirements for Designated Persons | 13.0 |
|  | Trading Prohibitions for Designated Persons | 14.0 |
|  | Account Maintenance for Designated Persons | 14.0 |
|  | Section 6: Additional Requirements for Dual Hat Employees | 14.0 |
|  | Section 7: Certifications | 14.0 |
|  | Initial and Quarterly Code of Ethics, Personal Trading Policy and Compliance Program Policies Certification | 14.0 |
|  | Initial and Quarterly Securities Accounts Certification | 15.0 |
|  | Quarterly Transaction Certification | 15.0 |
|  | Initial and Annual Holdings Certifications | 15.0 |
|  | Broker Consent | 16.0 |
|  | Initial and Annual Information Barrier Standards Certification | 16.0 |
|  | Other Compliance Acknowledgements and Certifications | 16.0 |
|  | Section 8: Exceptions | 16.0 |
|  | Section 9: Violations | 16.0 |
| IV. | Internal Controls | 17.0 |
| V. | Escalating Concerns | 17.0 |
| VI. | Discipline and Sanctions | 17.0 |
|  Exhibit A – Glossary | Exhibit A – Glossary | 18.0 |
|  Exhibit B – Compliance and Reporting of Personal Transactions Matrix | Exhibit B – Compliance and Reporting of Personal Transactions Matrix | 21.0 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

---

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Code of Ethics and Personal Trading Policy and Procedures 3

**I.** **Code of Ethics Policy** 

**Overview** 

Rule 204A-1 under the Investment Advisers Act of 1940 as amended requires investment advisers to adopt a written code of ethics designed to prevent fraud by reinforcing the principles that govern the conduct of investment advisory firms and their personnel. In addition, the Code of Ethics must set forth specific requirements relating to personal securities trading activity including reporting transactions and holdings.

Jennison's Code of Ethics and Personal Trading Policy (the "Code") applies to all employees. Jennison (or the "Company") expects that all employees will adhere to this Code without exception.

**Standards of Professional Conduct** 

It is Jennison's policy that its employees adhere to the highest ethical standards when discharging their investment advisory duties to our clients or in conducting general business activity on behalf of the Company. Actions, which expose any of us or the organization to even the appearance of an impropriety, must not occur. As a fiduciary<sup>1</sup>, Jennison owes its clients a duty of honesty, good faith, and fair dealing when discharging our investment management responsibilities. It is a fundamental principle of the Company to ensure that the interests of our clients come before those of Jennison or any of its employees. Therefore, as an employee of Jennison, we expect you to uphold these standards of professional conduct by not taking inappropriate advantage of your position, such as using information obtained as a Jennison employee to benefit yourself or anyone else in any way. It is particularly important to adhere to these standards when engaging in personal securities transactions and maintaining the confidentiality of information concerning the identity of security holdings and the financial circumstances of our clients. Any investment advice provided must be unbiased, independent and confidential. It is extremely important to not violate the trust that Jennison and its clients have placed in its employees.

The prescribed guidelines and principles, as set forth in the policies that follow, are designed to reasonably assure that these high ethical standards long maintained by Jennison continue to be applied and to protect Jennison's clients by deterring misconduct by its employees. It is each employee's responsibility to ensure that we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nurture a company culture that is highly moral and make decisions based on what is right

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Build lasting customer relationships by offering only those products and services that are appropriate to
customers' needs and provide fair value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain an environment where employees conduct themselves with courage, integrity, honesty and fair dealing at
all times

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure no individual's personal success or business group's bottom line is more important than
preserving the name and goodwill of Jennison

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regularly monitor and work to improve our ethical work environment

Jennison employees should use the Code, as well as the related policies and procedures, as an educational guide that is complemented by Jennison's training protocol.

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<sup>1</sup> Investments Advisers frequently are fiduciaries for clients. Fiduciary status may exist under contract; common law; state law; or federal laws, such as the Investment Advisers Act of 1940, the Investment Company Act of 1940 and ERISA.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

---

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Code of Ethics and Personal Trading Policy and Procedures 4

Each Jennison employee has the responsibility to be fully aware of and strictly adhere to the Code of Ethics and the accompanying policies that support the Code. It should be noted that because ethics is not a science, there may be gray areas that are not covered by laws or regulations. Jennison and its employees will nevertheless be held accountable to such standards. Individuals are expected to seek assistance for help in making the right decision.

**Reporting Concerns & Non-Retaliation Policy** 

Jennison Associates is committed to high standards of ethical, moral and legal business conduct. In line with this commitment, and Jennison's commitment to open communication, Jennison's Reporting Concerns & Non-Retaliation Policy ("Policy") found in the Employee Handbook describes the process for individuals to submit concerns regarding the quality and integrity of the firm's accounting, auditing, and financial reporting controls and procedures as well as the firm's legal or regulatory compliance ("Concerns").

This Reporting Concerns & Non-Retaliation Policy is intended to cover for you if you raise concerns regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incorrect financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unlawful activity including violations to securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• activities that are not in line with a Jennison policy, including but not limited to the Code of Ethics, and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• activities, which otherwise amount to serious improper conduct.

The Concerns reporting procedure is intended to be used for the reporting of unethical or illegal behavior or practices, violations of laws, regulations or any internal policies. Such Concerns, including those relating to financial reporting unethical conduct may be reported directly to: the Chief Ethics Officer, the Chief Legal Officer, the Chief Compliance Officer, or the Chief Risk Officer. You may also communicate a financial reporting or ethical Concern by sending an email either through the Jennison Financial Reporting Concern Mailbox located on the Risk Management webpage or the Jennison Ethics Mailbox located on the Ethics webpage. Emails sent in this manner have the option to be strictly anonymous.

Employment-related concerns should continue to be reported through your normal channels, by speaking directly with your manager, any other manager, or Human Resources.

**Related Policies** 

In addition to this document the following policies are designed to manage actual and potential conflicts of interest related to employees and abuse of an employee's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conflicts of Interest Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gifts and Entertainment Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal Conflicts and Outside Business Activities Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political Contribution Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Safeguarding the Receipt of MNPI Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prudential Code of Conduct – Making the Right Choices

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

---

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Code of Ethics and Personal Trading Policy and Procedures 5

**II.** **Personal Trading Policy** 

Jennison ("Firm" or "Company") and its Employees owe a fiduciary duty to our Clients to conduct our affairs in a manner that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoids placing our own personal interests ahead of the interests of our Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoids taking inappropriate advantage of our position with the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoids any actual or potential conflicts of interest.

As such, Jennison has adopted this Personal Trading Policy ("Policy") to ensure that Employees conduct their personal trading in a manner consistent with our fiduciary duty. This Policy is also designed to comply with various securities laws and regulations, including the Insider Trading and Securities Fraud Enforcement Act of 1988, the Conduct Rules of FINRA, Rule 204A-1 under the Investment Advisers Act of 1940 and Rule 17(j) under the Investment Company Act of 1940, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capitalized terms used throughout this Policy are defined in the Glossary in Exhibit A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Matrix of Jennison's pre-approval and reporting requirements is
listed in Exhibit B

If you are unclear as to your personal trading and reporting responsibilities, or have any questions concerning any aspect of this Policy, please contact the Personal Trading Compliance Team (PersonalTrading@jennison.com).

**III.** **Personal Trading Procedures** 

The following rules, regulations and restrictions apply to the personal security transactions of all Employees.

**Section 1: Employee Monitoring Classifications** 

Some of the more frequent Employee monitoring classifications are listed below. Please see the Glossary in Exhibit A for a full list of classifications. For ease of reference, the term Employee will be used throughout this Policy and multiple classifications may apply depending on the Employee's role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Access Persons -** Employees who work in support of our investment advisory activities and who may in the
course of their responsibilities have access to nonpublic investment advisory client trading information or recommendations, or have access to nonpublic portfolio holdings. <u>All Jennison Employees are classified as Access Persons.</u> While
contingent workers (e.g. consultants and temporary workers) are not Jennison Employees, those contingent workers who have access to sensitive or confidential information may be deemed Access Persons and subject to preclearance of personal securities
trading activities and other Policy requirements as determined by the Personal Trading Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Designated Person -** An Employee who, during the normal course of his or her job, has routine access to
material nonpublic information about Prudential. Material nonpublic information may consist of financial or non-financial information about Prudential as a whole or one or more Divisions or Segments. Please
see Section 5 for additional rules and information.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Dual Hat Employee -** Employee who works in or supports the investment advisory activities of another PGIM
asset management business or another entity under Prudential's control. Please see Section 6 for additional rules and information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Immediate Family –** any of the following relatives who share the same household with you and are
financially connected to you: child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships. The term also includes any
related or unrelated individual who resides with, or whose investments are controlled by, or whose financial support is materially contributed to by, the Employee, such as a significant other or domestic partner. For example, this could include
individuals with whom you share living expenses, bank accounts, rent or mortgage payments, ownership of a home, or any other material financial support. These situations should be reviewed on a case-by-case basis by the Personal Trading Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Persons –** Access Persons who, in connection with their regular functions or duties, make
or participate in making recommendations regarding the purchase or sale of securities for client accounts (i.e., portfolio managers and research analysts).

**Section 2: Securities Account Maintenance** 

**Securities Accounts and Authorized Broker-Dealers** 

Access Persons and Investment Persons are required to maintain their Securities Accounts at an Authorized Broker-Dealer. Please review Exhibit A for the definition of Securities Accounts and for the list of Authorized Broker-Dealers.

All Securities Accounts must be reported in our third party vendor system, PTA, or by contacting the Personal Trading Compliance Team. Employees who are newly subject to this requirement are required to transfer their Securities Accounts to an Authorized Broker-Dealer within sixty days of their Company start date. In addition, in the event that you open a new Securities Account, you should report it in PTA within thirty days of activating the new account.

Exceptions to the Authorized Broker-Dealer requirement will be evaluated on a case-by-case basis and will be approved on a limited basis. Exceptions must be submitted to the Personal Trading Compliance Team and require the approval of both the Chief Compliance Officer and Chief Executive Officer. If, at any time, the facts and circumstances have changed regarding an account(s) for which an exception has been previously granted, the Employee must promptly notify the Personal Trading Compliance Team and request that the account(s) be reviewed in light of the changed circumstances. Additionally, Employees must submit documentation to the Personal Trading Compliance Team upon request to re-validate exceptions that were previously granted.

Even if you are granted an exception to the Authorized Broker-Dealer requirement and are permitted to maintain an account with a broker-dealer who is not authorized, you must direct the brokerage firm(s) that maintain(s) your securities account(s) to send duplicate copies of your trade confirmations and account statements ("trading activity") to Jennison's Personal Trading Compliance Team.

Certain brokers may require written consent forms with physical signatures from all account owners, including Immediate Family Members, prior to transmitting personal trading data to Jennison and Prudential Financial, Inc. for new and existing accounts.

Jennison recognizes that some of its Employees may, due to their living arrangements, be uncertain as to their obligations under this Policy. If an Employee has any question or doubt as to whether a Securities Account is subject to this Policy, he or she must consult with the Personal Trading Compliance Team.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 7

**Mutual Fund Only Accounts and 529 Accounts** 

Access Persons and Investment Persons must report all Securities Accounts held at a broker-dealer even if the account is limited to the purchase and sale of open-end mutual funds.

Some mutual fund companies allow mutual fund shares to be purchased and held directly through the fund's transfer agent rather than through a broker-dealer. Such mutual fund transfer agency accounts, including the underlying transactions and holdings in those accounts, do not need to be reported to Jennison, unless such accounts hold Affiliated Open-End Mutual Funds.

529 College Savings Plans purchased directly from a state sponsor rather than through a broker-dealer are not subject to this Policy and do not require disclosure.

**Discretionary Managed Accounts** 

Access Persons and Investment Persons must disclose Discretionary Managed Accounts to the Personal Trading Compliance Team and must provide a copy of the executed Discretionary Managed Account Agreement for review and approval. Upon approval, duplicate statements and trade confirmations for these accounts are not required to be submitted. However, any Employee may be asked to provide the Personal Trading Compliance Team with periodic statements for certain Discretionary Managed Accounts.

A Discretionary Managed Account Agreement may establish general investment objectives. However, the account owner may not make or be permitted to make any specific decisions regarding the purchase or sale of individual securities for the account. If the account owner has granted management of their Discretionary Managed Account to a third party, then the account owner must not influence or control the account, such as by suggesting purchases or sales of investments, directing transactions, or consulting with the manager regarding allocation of investments in any way that could affect the selection of specific securities.

Employees who reported and have received approval to maintain a Discretionary Managed Account are required to complete a periodic certification to the effect that they have not influenced the purchase and sale of investments as noted in the paragraph above. The financial professional responsible for the Discretionary Managed Account may be required to submit a separate certification to the Personal Trading Compliance Team regarding the account. Additionally, either the Employee or the financial professional may be asked periodically to discuss the nature of the account with the Personal Trading Compliance Team.

For the purposes of this Policy, automated adviser accounts (colloquially referred to as robo-advisers) that utilize algorithms to manage client assets may be subject to the same provisions of this Policy as Discretionary Managed Accounts provided the robo-adviser's managed account agreement is accepted by the Personal Trading Compliance Team.

**Cryptocurrency** 

Cryptocurrency accounts or "wallets" as they are commonly known do not need to be reported and the purchase or sale of actual cryptocurrency does not require preclearance or reporting. However, because certain cryptocurrency offerings such as initial coin offerings and cryptocurrency-based ETFs and futures contracts may be considered securities offerings, while they do not require preclearance they are required to be reported.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 8

Please contact the Personal Trading Compliance Team to determine whether any such offering requires preclearance or reporting.

**Section 3: Preclearance Requirements** 

**Preclearance Requirements – General** 

Preclearance of personal securities transactions allows Jennison to prevent personal trades that may conflict with Client trades or transactions. As such, Access Persons and Investment Persons (subject to the exceptions noted below) must preclear all transactions in Covered Securities as defined in Exhibit A. Preclearance is not required for transactions that are Non-Volitional as defined in Exhibit A.

Determination as to whether or not a particular transaction requires pre-approval should be made by consulting the Compliance and Reporting of Personal Transactions Matrix found on Exhibit B.

Trading approval is valid only for the day that it is granted.

Preclearance is not required for Affiliated Open-End Mutual Funds. However, please note that a Sixty Day Mutual Fund Holding Period requirement applies as detailed further down in this Policy.

**Preclearance Requirements – Margin Accounts and Limit Orders** 

Access Persons and Investment Persons are discouraged from entering limit orders that carry over to a future trading day and from maintaining margin accounts. If you engage in multi-day limit orders, you must obtain preclearance approval on each day that the order is outstanding. Transactions triggered by limit orders, margin calls, or margin account maintenance fees require preclearance approval and may result in violations of the Policy.

**Preclearance Requirements – Voluntary Corporate Actions** 

Access Person and Investment Persons are required pre-clear voluntary corporate actions. If Investment Persons hold or cover the issuer of the corporate action then they need to contact the Personal Trading Compliance Team for review.

**Preclearance Requirements – Gifts of Covered Securities** 

Preclearance is required if Access Person or Investment Person gifts a Covered Security to a person. Preclearance is not required if Access Person or Investment Person donates a Covered Security to charity/non-profit organization that the Employee does not own or control.

**Submitting a Preclearance Request** 

Preclearance requests must be submitted via PTA, which can be accessed by clicking on Personal Trading Quick Link on JennOnline. Automated feedback will be provided as to whether the request is approved, denied, or in need of further review. Preclearance requests may be submitted between 10:15 AM and 4:00 PM Eastern Standard Time. Submitting a preclearance request outside of these times will result in a system-generated denial. Approved trades must be executed by the close of the business on the day in which the preclearance approval is granted. Approved orders for securities traded in foreign markets may be executed within two business days from the date preclearance is granted. Failure to obtain preclearance approval on the exact day of trading will result in a violation.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 9

For private securities transactions, approval request forms can be found in PTA in the Forms section. Completed private securities transactions must be reported to the Personal Trading Compliance Team within thirty days of making the investment.

**Section 4: General Trading and Other Restrictions** 

**Material Nonpublic Information (MNPI):** 

No Access Persons or an Investment Person may buy or sell any security while in possession of material, nonpublic information. Please refer to *Jennison's Safeguarding the Receipt of MNPI Policy and Procedures* for additional information.

**Blackout Period** 

Jennison's Blackout Period Rules apply to all Access Persons and Investment Persons and is defined as the period of seven calendar days before or after a transaction was executed in a Client account in the same or an equivalent security. The Blackout Period also includes pending buy or sell orders in the same or equivalent security, otherwise known as an Open Order.

Subject to the exceptions noted below Access Persons and Investment Persons are prohibited from knowingly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing a securities transaction on the same day that a Client has a pending buy or sell order in the same or
an equivalent security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• buying or selling a security within seven calendar days before or after a Client trades in the same or an
equivalent security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing a securities transaction if such trade will interfere in any way with the orderly trade execution of
such security by any Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing a securities transaction after such security has been recommended to any Client or after being traded
for any Clients, if the trade is effected with a view to making a profit on the anticipated market action of the security resulting from such recommendation, purchase or sale.

If an Access Person or an Investment Person trades during a Blackout Period, reversal of the trade and disgorgement may be required. For example, if an Access Person's trade is pre-approved and executed and subsequently, within seven days of the transaction, the Company trades on behalf of Clients, the Personal Trading Compliance Team will review the personal trade in light of firm trading activity and make a recommendation as to whether additional action should be taken.

In those circumstances where an Investment Person personally trades within seven days of firm trading, the Chief Compliance Officer, Chief Legal Officer and Senior Management will determine on a case-by-case basis the appropriate action. Regardless of the actual impact to Clients, the perceived conflict of interest and appearance may determine that the Investment Person be required to reverse the trade and disgorge to the firm any difference due to an incremental price advantage over the Client's transaction.

Designated Persons are prohibited from executing trades in Prudential related securities unless the trading window is open. Certain sales of Prudential securities and exercises of Prudential Employee stock options are permitted during Blackout Periods only if made pursuant to the Company precleared Individual Trading Plan, otherwise known as a 10b5-1 plan, that is maintained by Prudential's Securities Monitoring Unit (SMU).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 10

**Exceptions to the Blackout Period** 

Exceptions to the Blackout Period provision may be granted for De Minimis Transactions, which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any trades, or series of trades effected over a 30 calendar day period, involving $50,000 or less in a security
with a market capitalization greater than $2 billion and less than $25 billion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any trades, or series of trades effected over a 30 calendar day period, involving $100,000 or less in a security
with a market capitalization greater than $25 billion.

Please note that **there is no De Minimis exception for securities with market capitalization of under $2 billion or Fixed Income securities.**

Trades meeting the De Minimis exception are **subject to preclearance requirement as well as additional rules and satisfactory responses to preclearance questions.**

Blackout Period restriction does not apply to the securities listed in the broad based indices list maintained by the Personal Trading Compliance Team and available on PTA for your reference.

**Investment Persons** 

Investment Persons who are Portfolio Managers are prohibited from selling securities in their personal account(s) while that security is held in a Client account where they are named as a Portfolio Manager.

Investment Persons who are Portfolio Managers are prohibited from buying securities in their personal account(s) while that security is held short in a Client account where they are named as a Portfolio Manager.

Investment Persons who are Research Analysts are prohibited from selling in their personal account(s) any security in their research coverage while that same security is held in any fundamental Client account.

The restrictions outlined in this Investment Persons section supersede the De Minimis Transaction exception outlined above.

**Sixty Day Mutual Fund Holding Period** 

Access Persons and Investment Persons are required to hold Affiliated Open-End Mutual Funds purchased for a period of sixty calendar days, using the Last In, First Out (LIFO) accounting methodology. Profits realized on such transactions that do not adhere to the requirements of this Section may be required to be disgorged to the Company or as otherwise deemed appropriate by the Personal Trading Compliance Team and the Chief Compliance Officer.

A list of Affiliated Open-End Mutual Funds subject to the Sixty Day Mutual Fund Holding Period restrictions can be found in PTA.

**Sixty Day Covered Security Holding Period** 

Access Persons and Investment Persons are prohibited from executing a purchase and sale, or sale and purchase, of the same or an equivalent Covered Security within any sixty calendar day period, using the LIFO accounting methodology.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 11

This prohibition shall not apply to trading in those securities listed on the broad based indices list maintained by the Personal Trading Compliance Team and available on PTA for your reference.

**Short Sales** 

Access Persons and Investment Persons may not short Prudential related securities under any circumstances. Additionally, Access Persons and Investment Persons are prohibited from taking a short position in a security that is held in a fundamental Client account.

**Excessive Trading** 

Access Persons and Investment Persons are discouraged from engaging in a pattern of securities transactions that is so excessively frequent as to potentially impact their ability to carry out their assigned responsibilities.

Personal trading activity of Access Persons and Investment Persons who execute more than 25 trades in Covered Securities that require preclearance over a 30 calendar day period will be reported to senior management.

**Security Ownership** 

Access Persons and Investment Persons are generally prohibited from holding more than 0.05% of shares outstanding of any individual Covered Security across all Securities Accounts. Investments in private companies will be evaluated on a case by case basis.

**Prudential Securities** 

All Access Persons and Investment Persons are prohibited from trading Prudential securities while in possession of material, nonpublic information regarding the Company. For purposes of this Policy, all requirements and restrictions relating to Prudential securities include, but are not limited to, common stock (PRU), bonds (including convertible bonds), the Prudential Financial, Inc. Common Stock Fund ("PFI Common Stock Fund"), Employee stock options, restricted stock, restricted stock units, performance shares, performance units, exchange traded or other options and Prudential Financial single stock futures.

All Access Persons and Investment Persons are also prohibited from selling Prudential securities short including "short sales against the box", hedging Prudential securities transactions, and from participating in any exchange traded Prudential options or futures transactions on any security issued by Prudential. These restrictions include: put or call options; prepaid variable forward contracts; equity swaps; collars; exchange traded funds; and any other financial instrument that is designed to hedge or offset any change in the market value of Prudential securities.

With the exception of Designated Persons, Access Persons and Investment Persons, are not required to pre-clear the purchase or sale of Prudential common stock (PRU) or the exercise of Prudential options. Additionally Access Persons and Investment Persons are not subject to the Sixty Day Covered Security Holding Period.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 12

**Employer-issued Stock Option Transactions** 

The exercise of employee stock options granted by a third party as compensation do not require preclearance provided the converted shares are not liquidated. All Employees must preclear the sale of shares resulting from the exercise of an employer-issued stock option.

**Direct Stock Purchase Plans** 

Subject to preclearance, long-term investing through direct stock purchase plans is permitted. The terms of the plan, the initial investment, and any notice of intent to purchase through automatic debit must be provided to and approved by the Personal Trading Compliance Team. Any changes to the original terms of the approval as well as any sales or discretionary purchase of securities in the plan must be submitted for preclearance. Termination of participation in such a plan must be reported to the Personal Trading Compliance Team. Provided that the automatic monthly purchases have been approved by the Personal

Trading Compliance Team, each automatic monthly purchase need not be submitted for pre-approval. For purposes of applying the Sixty-Day Covered Security Holding Period only discretionary (volitional transactions) will be matched. Additionally, holdings need to be disclosed annually.

**Options and Futures** 

Access Persons and Investment Persons are prohibited from transacting in options and futures where the underlying security is a Covered Security that requires preclearance.

**Initial Public Offerings** 

Access Persons and Investment Persons are prohibited from purchasing initial public offerings of securities. For purposes of this Policy, "initial public offerings of securities" do not include offerings of government or municipal securities.

**Private Investments** 

Access Persons and Investment Persons are prohibited from investing in a Private Investment without prior approval from the Personal Trading Compliance Team, the employee's supervisor or the Head of the Strategy or Chief Investment Officer or his designee. Such review and approval will take into account, among other factors, whether the investment opportunity should be reserved for Clients and whether the opportunity is being offered to the Employee by virtue of his or her position at Jennison. Approval of the Private Investment should also consider whether the investment is likely to result in a current or future conflict with Clients, including a future public offering.

To preclear a Private Investment, please use the Private Investment Form which can be found in the "Forms" section in PTA.

**Restricted Lists** 

Access Persons and Investment Persons are prohibited from purchasing or selling securities of issuers on Jennison's Restricted List.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 13

**Investment Clubs** 

Access Persons and Investment Persons may not participate in Investment Clubs.

**Section 5: Additional Requirements for Designated Persons** 

A Designated Person is an Employee who, during the normal course of his or her job has routine access to material, nonpublic information about Prudential, including information about one or more business units or corporate level information that may be material to Prudential. Employees who have been classified as a Designated Person have been informed of their status. If you have been classified as a Designated Person, but you do not think you have access to material, nonpublic information about Prudential, you should contact the Personal Trading Compliance Team to determine whether you should be reclassified. Please note, that as a Designated Person you may also have another classification under this Policy (e.g., Designated Person and Access Person). If so, you are required to comply with the strictest requirements of all such classifications.

The requirements and restrictions covered in this section apply to all accounts that hold and trade Prudential common stock (symbol: "PRU") in which a Designated Person or an Immediate Family member has a direct or indirect beneficial interest and exercise investment discretion.

**Trading Windows for Designated Persons** 

Designated Persons are permitted to exercise their Prudential options and trade in PRU only during certain "open trading windows". Trading windows will be closed for periods surrounding the preparation and release of Prudential's financial results. Prudential may also close the trading window at other unscheduled times and would provide notice when doing so. Approximately 48 hours after Prudential releases its quarterly earnings to the public, the trading window generally opens and will remain open until approximately three weeks before the end of the quarter.

Although certain automated blocks have been put in place to prevent trading when the trading window is closed, it is ultimately the Designated Person's obligation to only trade Prudential related securities when the trading window is open. If a blocking system fails, the Designated Person remains responsible if a violation occurs.

**Preclearance Requirements for Designated Persons** 

During the "open trading windows", certain Designated Persons must obtain preclearance approval from Prudential Corporate Compliance prior to trading in Prudential related: common stock; bonds; Employee stock options; restricted stock; performance shares/units; exchange traded or other options; single stock futures; the Prudential Financial, Inc. Common Stock Fund; or engaging in any Prudential related transactions under the Prudential Stock Purchase Plan (PSPP), Prudential Deferred Compensation Plan, or Prudential Employee Savings Plan (PESP) affecting the Prudential Financial, Inc. Common Stock Fund.

The preclearance requirement for Prudential related transactions excludes transactions in Prudential mutual funds and annuities.

Transactions affecting Prudential related securities must be completed during the open trading window and must be precleared when executed within Dividend Reinvestment Plans (DRIPs) , the Prudential Deferred Compensation Plan, the Prudential Employee Savings Plan (PESP) and the Prudential Stock Purchase Plan (PSPP). However, there are certain limited exceptions to these requirements such as initial plan enrollments, catch-up contribution elections, contribution and deferral rate changes, and dividend elections. Designated Persons should contact the Personal Trading Compliance Team or Prudential Corporate Compliance prior to engaging in a DRIP, PESP or PSPP related transaction.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 14

Therefore, Designated Persons may not enter into "good until cancelled" or "limit" orders involving Prudential securities that carry over until the next trading day.

**Trading Prohibitions for Designated Persons** 

All Designated Persons are prohibited from short selling Prudential securities. This prohibition includes "short sales against the box", hedging Prudential securities transactions, and from participating in any exchange traded Prudential options or futures transactions on any security issued by Prudential. These restrictions include prepaid variable forward contracts, equity swaps, collars, exchange traded funds, and other financial instruments that are designed to hedge or offset any decrease in market value of Prudential securities.

**Account Maintenance for Designated Persons** 

All Designated Persons are required to hold and trade Prudential Financial stock only at an Authorized Broker-Dealer. While Prudential Financial stock held at Computershare is subject to the preclearance provisions of this Policy, Designated Persons are not required to transfer PRU positions held at Computershare to an Authorized Broker-Dealer. Within 30 days, Designated Persons must report all new accounts, including account numbers, to ensure that transaction records are sent to the Personal Trading Compliance Team.

**Section 6: Additional Requirements for Dual Hat Employees** 

Access Persons who are identified as Dual Hat Employees are subject to the requirements outlined in Prudential's Information Barrier Standards. Compliance monitors Dual Hat Employees' personal trading activity against the restricted lists of the other Investment Sector(s). Those employees are also required to attest annually that they have complied with the Standards.

**Section 7: Certifications** 

All reports and certifications must be completed via PTA. Failure to complete certifications in a timely manner may result in disciplinary action such as monetary penalties, suspension without pay or other disciplinary action up to and including termination of employment.

**Initial and Quarterly Code of Ethics, Personal Trading Policy and Compliance Program Policies Certification** 

All Access Persons and Investment Persons must complete an initial and a quarterly Compliance Certification acknowledging:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt and that they have read and understand Jennison's Code of Ethics and Personal Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt and that they have read, understood and complied with all Compliance Program Policies

Access Persons and Investment Persons must also provide a written (or electronic) acknowledgment of their receipt and understanding of any material amendment to Jennison's Code of Ethics and Personal Trading Policy.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 15

Additionally, all Access Persons and Investment Persons must confirm compliance with all applicable federal securities laws on a quarterly basis.

**Initial and Quarterly Securities Accounts Certification** 

Upon hire and quarterly thereafter, all Access Persons and Investment Persons must certify to the completeness and accuracy of the list of all reportable Securities Accounts, including those held at Authorized Broker-Dealers and those held at non-authorized firms. Your submission of the Securities Accounts certification will confirm that you have instructed all brokers for such accounts to send duplicate copies of account statements and trade confirmations, physically or via an electronic feed, to the Personal Trading Compliance Team. Additionally, by submitting the certification you agree to notify the Personal Trading Compliance Team of any changes to your Securities Accounts that are not held at an Authorized Broker-Dealer pursuant to an exception that has been granted to you.

Please note that Access Persons and Investment Persons may hold and trade Affiliated Open-End Mutual Funds through Authorized Broker-Dealers, Prudential Mutual Fund Services, the Prudential Employee Savings Plan ("PESP"), and the Jennison Savings Plan.

In addition, Access Persons and Investment Persons may maintain accounts with respect to certain Affiliated Open-End Mutual Funds directly with the fund company, provided that details of such account and duplicate confirms and statements are provided to the Personal Trading Compliance Team.

**Quarterly Transaction Certification** 

All Access Persons and Investment Persons must submit transaction information within 30 days after the end of a calendar quarter, with respect to any transaction in Securities Accounts, including activity in Affiliated Open-End Mutual Funds and Private Investments.

To facilitate compliance with this reporting requirement, the Company requires that a duplicate copy of all trade confirmations and brokerage statements be supplied, physically or via an electronic feed, directly to the Personal Trading Compliance Team and to Prudential's Corporate Compliance Department.

**Initial and Annual Holdings Certifications** 

Within ten calendar days of becoming an Access Person or Investment Person all Employees must disclose their personal securities holdings in all Covered Securities. The information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person or Investment Person

Each Access Person or Investment Person shall also submit an annual holdings certification in the beginning of each calendar year with holdings that are current within the previous forty-five days.

This Initial and Annual Holding Certification must include all holdings of Private Investments (e.g., limited partnership interests, private placements, hedge funds, etc.) and all holdings in Affiliated Open-End Mutual Funds. This includes those positions held in 401(k) Plans held at other companies, excluding money market funds. Covered Securities held in Discretionary Managed Accounts and certain trust accounts are not required to be reported on an Initial or an Annual Holdings Certification.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

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Code of Ethics and Personal Trading Policy and Procedures 16

**Broker Consent** 

Certain brokers may require written consent forms with physical signatures from all account owners, including Immediate Family members, prior to transmitting personal trading data to Jennison and Prudential Financial, Inc. for new and existing accounts. To assure compliance with this Policy, you must provide consent in a manner required by each broker.

**Initial and Annual Information Barrier Standards Certification** 

All Access Persons and Investment Persons must receive training on Prudential's Information Barrier Standards. Additionally Employees must acknowledge at time of employment and quarterly that they have read and understood the Information Barrier Standards and will abide by the terms stated therein.

**Other Compliance Acknowledgements and Certifications** 

Access Persons and Investment Persons may be required to submit additional acknowledgements or certifications upon request as regulatory requirements change and industry standards evolve. Access Persons and Investment Persons will be notified by the Personal Trading Compliance Team when new acknowledgments are required.

**Section 8: Exceptions** 

Exceptions to the Policy are rare and require the approval of the Chief Compliance Officer and the Chief Executive Officer. In all instances, exceptions will only be granted where such exception would not violate laws or regulation.

All personal trade monitoring requirements outlined in this Policy remain in effect while an Employee is on leave of absence, disability, or vacation.

**Section 9: Violations** 

Employees are required to promptly report any known violations of this Policy to the Personal Trading Compliance Team or the Chief Compliance Officer or her designee. Reported violations and other violations of this Policy detected through internal monitoring will be reported to the Jennison Compliance Council and the Employee's supervisor. The Compliance Council will review all violations of the Policy and the penalties assessed and may recommend additional sanctions or other disciplinary actions it deems appropriate.

In accordance with FINRA Rule 3110, certain transactions by Registered Representatives prompting an investigation, may require notification to the SRO.

Penalties will generally be assessed in accordance with a schedule maintained by the Personal Trading Compliance Team. These, however, are minimum penalties. The Company reserves the right to take any other appropriate action and depending on the facts and circumstances of the violation, sanctions may include monetary penalties, suspension without pay, suspension of personal trading privileges or other disciplinary action up to and including termination of employment. Disgorgement of profits and reversal of the trade may also be required for Policy violations. Any Penalties or profits disgorged to the Company will be donated to a charitable organization selected by the Company in the name of the Company.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

---

------

Code of Ethics and Personal Trading Policy and Procedures 17

**IV.** **Internal Controls** 

The Personal Trading Compliance Team has the day to day responsibility of monitoring Employees' compliance with the requirements of the Code of Ethics and Personal Trading Policy and Procedures. The PTA system produces exception reports which are evaluated by the Personal Trading Compliance Team. Any breach determined to be a violation would be escalated to the Chief Compliance Officer. Additionally Jennison's Compliance Council meets quarterly and reviews personal trading topics including: policy violations and exceptions, private investments, and policy changes.

**V.** **Escalating Concerns** 

Any concerns about aspects of the policy that lack specific escalation guidance may be reported to the reporting employee's supervisor, the Chief Compliance Officer, Chief Legal Officer, Chief Risk Officer, Chief Ethics Officer, Chief Operating Officer or Chief Executive Officer. Alternatively, Jennison has an Ethics Reporting Hotline phone number and email address that enable employees to raise concerns anonymously. Information about the Ethics Reporting Hotline phone number and email address can be found on the Jennison intranet's "Ethics" web page.

**VI.** **Discipline and Sanctions** 

All Jennison employees are responsible for understanding and complying with the policies and procedures outlined in this policy. The procedures described in this policy are intended to ensure that Jennison and its employees act in full compliance with the law. Violations of this policy and related procedures will be communicated to your supervisor and to senior management through Jennison's Compliance Council, and may lead to disciplinary action.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

---

------

Code of Ethics and Personal Trading Policy and Procedures 18

**Exhibit A – Glossary** 

**Access Persons –** Employees who work in or support portfolio management activities, have access to nonpublic investment advisory client trading information or recommendations, or have access to nonpublic portfolio holdings. This includes Employees or officers of a mutual fund or investment adviser who, in connection with their normal responsibilities, make, participate in, or have access to current or pending information regarding the purchase or sale of securities by any portfolios managed by the business unit or group of business units to which the individual is deemed to have access. <u>All Jennison Employees are classified as Access Persons.</u> While contingent workers (e.g. consultants and temporary workers) are not Jennison Employees, those contingent workers who have access to sensitive or confidential information may be deemed Access Persons and subject to preclearance of personal securities trading activities and other Policy requirements as determined by the Personal Trading Compliance Team.

**Affiliated Exchange Traded Fund –** a proprietary fund advised by Prudential, or a non-proprietary fund sub-advised by Prudential, and any fund whose investment adviser or principal underwriter is controlled by or under common control with Prudential.

**Affiliated Closed-End Fund –** a proprietary closed-end fund advised by Prudential, or a non-proprietary closed-end fund sub-advised by Prudential, and any closed-end fund whose investment adviser or principal underwriter is controlled by or under common control with Prudential.

**Affiliated Open-End Mutual Fund –** a proprietary investment company advised by Prudential, or a non-proprietary investment company sub-advised by Prudential, and any investment company whose investment adviser or principal underwriter is controlled by or under common control with Prudential, including Jennison.

**Authorized Broker-Dealer –** the Authorized Broker-Dealers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles Schwab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• E\*TRADE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Goldman Sachs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JP Morgan Chase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TD Ameritrade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UBS Financial Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wells Fargo Advisors

**Automatic Investment Plan –** regular periodic purchases (or withdrawals) that are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes dividend reinvestment plans ("DRIPs") and Employee Stock Purchase Plans ("ESPPs").

**Blackout Period –** a period of seven calendar days before or after a transaction was executed in a Client account in the same or an equivalent security The Blackout Period also includes pending buy or sell orders in the same or equivalent security, otherwise known as an Open Order.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

---

------

Code of Ethics and Personal Trading Policy and Procedures 19

**Company –** Jennison Associates LLC

**Covered Security –** includes all securities in which an Access Person or Investment Person has the opportunity, directly or indirectly, to profit or share in the profit derived from transactions in such securities. This includes all equity, debt and derivative related transactions with the exception of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. Government<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankers acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bank certificates of deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• high quality short-term debt (A-1, P-1 & maturity of less than 1 year), including repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. treasury bills, notes, bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by open-end mutual funds (excluding the Affiliated Open-End Mutual Funds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annuities and life insurance contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 plans purchased directly from a state sponsor

**Discretionary Managed Account –** an account managed on a discretionary basis by a person other than the Employee or possibly an algorithmic tool (robo-adviser), over which the Employee has no direct or indirect influence or control over the selection or disposition of securities and no knowledge of transactions therein. A Discretionary Managed Account must have a formal investment management agreement that provides full discretionary authority to a third-party money manager.

**Dividend Reinvestment Plan** (DRIPs) – a stock purchase plan offered by a corporation whereby shareholders purchase stock directly from the company (usually through a transfer agent) and allow investors to reinvest their cash dividends by purchasing additional shares or fractional shares.

**Dual Hat Employee** – Employee who works in or supports the investment advisory activities of another PGIM asset management business or another entity under Prudential's control.

**Employee** – any person employed by Jennison. While contingent workers are not Employees, those contingent workers that obtain information regarding the purchase or sale of securities in portfolios managed by the Company may be subject to this Policy, as determined on a case-by-case basis.

**Immediate Family** – any of the following relatives who share the same household with you and are financially connected to you: child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships. The term also includes any related or unrelated individual who resides with, or whose investments are controlled by, or whose financial support is materially contributed to by, the Employee, such as a significant other or domestic partner. For example, this could include individuals with whom you share living expenses, bank accounts, rent or mortgage payments, ownership of a home, or any other material financial support. These situations should be reviewed on a case-by-case basis by the Personal Trading Compliance Team.

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<sup>2</sup> Includes securities that carry full faith and credit of the U.S. Government for the timely payment of principal and interest such as Ginnie Maes, U.S. Savings Bonds and U.S. Treasuries

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

---

------

Code of Ethics and Personal Trading Policy and Procedures 20

**Initial Public Offering** – an offering of securities registered under the Securities Act of 1933, the issuer of which immediately before registration was not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934.

**Investment Club** – a group of two or more people, each of whom contributes monies to an investment pool and participates in the investment making decision process and shares in the investment returns.

**Material Nonpublic Information** – Information that is not generally available to the investing public that an investor, considering all the surrounding facts and circumstances, would find important in deciding whether or when to buy, sell, or hold a security.

**Non-Volitional** – Securities Account activity related to: i) transactions in approved Discretionary Managed Accounts; ii) transaction in preapproved dividend reinvestment plans; iii) transactions resulting from automatic rebalancing plans; and v) receipt of stock or option bonus awards.

**Personal Trading Compliance Team** – the team within Compliance responsible for oversight of all aspects of personal trading. You can contact the team at <u>PersonalTrading@jennison.com</u>.

**Private Investment** – an offering that is exempt from registration under the Securities Act of 1933, as amended, under Sections 4(2) or 4(6), or Rules 504, 505 or 506 there under.

**PTA – FIS Employee Compliance Manager** – a third-party vendor system used by Jennison to facilitate the surveillance and reporting of personal securities trading information, disclosures, certifications and reporting.

**Restricted List** – a listing of securities in which trading by Employees is generally prohibited.

**Securities Accounts** – a securities account is an account for which an Employee directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect beneficial interest in the account. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts in which your spouse has a beneficial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts in which your minor children or any dependent family member has a beneficial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• joint or tenant-in-common accounts in which you are a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts for which you act as trustee, executor or custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts over which you exercise control or have investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts of any Immediate Family members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts in which purchases and sales are limited to Affiliated Open-End Mutual Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts that hold Prudential related closed-end mutual funds.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

---

------

Code of Ethics and Personal Trading Policy and Procedures 21

**Exhibit B – Compliance and Reporting of Personal Transactions Matrix** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Category/Method** | **Sub-Category** | **Required<br>Pre-<br>Approval<br>(Y/N)** | **Reportable<br>(Y/N)** | **If reportable,<br>minimum<br>reporting<br>frequency** |
| **BONDS** | Treasury Bills, Notes, Bonds | N | N | N/A |
| **BONDS** | Commercial Paper | N | N | N/A |
| **BONDS** | Other High Quality Short-Term Debt Instrument<sup>3</sup> | N | N | N/A |
| **BONDS** | Agency | N | Y | Quarterly |
| **BONDS** | Tax Free Auction Rate Securities | N | Y | Quarterly |
| **BONDS** | Non tax free Auction Rate Securities | Y | Y | Quarterly |
| **BONDS** | Corporates | Y | Y | Quarterly |
| **BONDS** | MBS | Y | Y | Quarterly |
| **BONDS** | ABS | Y | Y | Quarterly |
| **BONDS** | CMO's | Y | Y | Quarterly |
| **BONDS** | Municipals | N | Y | Quarterly |
| **BONDS** | Convertibles | Y | Y | Quarterly |
| **BONDS** | Public Offering | Y | Y | Quarterly |
| **STOCKS** | Common | Y | Y | Quarterly |
| **STOCKS** | Preferred | Y | Y | Quarterly |
| **STOCKS** | Rights | Y | Y | Quarterly |
| **STOCKS** | Warrants | Y | Y | Quarterly |
| **STOCKS** | Initial, Secondary and Follow On Public Offerings | Y | Y | Quarterly |
| **STOCKS** | Automatic Dividend Reinvestments | N | N | N/A |
| **STOCKS** | Optional Dividend Reinvestments | Y | Y | Quarterly |
| **STOCKS** | Direct Stock Purchase Plans with automatic investments | Y | Y | Quarterly |
| **STOCKS** | Employee Stock Purchase/Option Plan | Y\* | Y | \* |
| **OPEN-END MUTUAL FUNDS AND ANNUITIES** | Affiliated Open-End Mutual Funds | N | Y | Quarterly |
|  | Non-Affiliated Open-End Mutual Funds, not managed by Jennison or Prudential | N | N | N/A |
| **CLOSED END FUNDS, UNIT INVESTMENT TRUSTS and ETFs** | All Affiliated & Non-Affiliated Funds | N | Y | Quarterly |
|  | Exchange Traded Funds (ETF)<sup>4</sup> | Y | Y | Quarterly |
|  | Holders | Y | Y | Quarterly |
| **COMMODITIES** | Physical Commodity | N | N | N/A |
| **COMMODITIES** | Commodity Futures | N | Y | Quarterly |
| **COMMODITIES** | ETFs tracking price of a Physical Commodity<sup>4</sup> | Y | Y | Quarterly |
| **DERIVATIVES** | Any exchange traded, NASDAQ, or OTC option or futures contract, including, but not limited to: |  |  |  |
| **DERIVATIVES** | Financial Futures | \*\* | Y | Quarterly |
| **DERIVATIVES** | Commodity Futures | N | Y | Quarterly |
| **DERIVATIVES** | Options on Futures | \*\* | Y | Quarterly |

---

------

<sup>3</sup> "High Quality Short-Term Debt Instrument" means any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Agency (Moody's and S&P).

<sup>\*</sup> Pre-approval of the sales of securities or exercising of options acquired through Employee Stock Purchase or Employee Stock Option Plans are required, except for the exercise of Prudential options (this exception does not apply to certain Designated Employees or Dual Hat Employees). Holdings are required to be reported annually; transactions subject to pre-approval are required to be reported quarterly. Pre-approval is not required to participate in such plans, unless you are a Designated Employee or a Dual Hat Employee. 

<sup>4</sup> Preclearance is not required for certain Covered Securities tracking broad based indices, commodities and cryptocurrency. The list of exempt securities is maintained by the Personal Trading Compliance Team and available on PTA for your reference.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

---

------

Code of Ethics and Personal Trading Policy and Procedures 22

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Category/Method** | **Sub-Category** | **Required<br>Pre-<br>Approval<br>(Y/N)** | **Reportable<br>(Y/N)** | **If reportable,<br>minimum<br>reporting<br>frequency** |
|  | Options on Securities | \*\* | Y | Quarterly |
|  | Non-Broad Based Index Options | Y | Y | Quarterly |
|  | <br> Non Broad Based Index Futures Contracts and Options on Non-Broad Based Index Futures Contracts | <br> Y | <br> Y | <br> Quarterly |
|  | Broad Based Index Options<sup>4</sup> | N | Y | Quarterly |
|  | Broad Based Index Futures Contracts and Options on Broad Based Index Futures Contracts<sup>4</sup> | N | Y | Quarterly |
|  | <br> Structured Notes | <br> Y | <br> Y | <br> Quarterly |
| **CURRENCY** | Foreign Currency | N | N | N/A |
| **CURRENCY** | Any exchange traded currency/cryptocurrency investment vehicles (e.g. trust, ETF) | N | Y | N/A |
| **CURRENCY** | <br> Currency Options | <br> N | <br> Y | <br> N/A |
| **CURRENCY** | Currency Futures | N | Y | N/A |
| **CURRENCY** | Currency Forwards | N | Y | N/A |
| **CURRENCY** | Cryptocurrency | N | N | N/A |
| **LIMITED PARTNERSHIPS, PRIVATE INVESTMENTS, & PRIVATE INVESTMENTS** |  | Y | Y | Quarterly |
| **VOLUNTARY TENDER OFFERS** |  | Y | Y | Quarterly |
| **DISCRETIONARY MANAGED ACCOUNT PROGARMS** | Employee Directed Portfolio Transactions | Y | Y | Quarterly |

---

\*\* Pre-approval of a personal derivative securities transaction is required if the underlying security requires pre-approval.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ![LOGO](g458923g58d43.jpg)  | Jennison Associates LLC | ![LOGO](g458923g84w00.jpg)  | 466 Lexington Avenue, New York, NY 10017 | ![LOGO](g458923g74a94.jpg)  | 212-421-1000 |
| ![LOGO](g458923g58d43.jpg)  | www.jennison.com | ![LOGO](g458923g84w00.jpg)  | One International Place, Suite 4300, Boston, MA 02110 | ![LOGO](g458923g74a94.jpg)  | 617-345-6850 |

---

## Ex-99.P(12)

**LSV ASSET MANAGEMENT** 

**CODE OF ETHICS** 

**AND** 

**PERSONAL TRADING POLICY** 

**May 12, 2022** 

LSV Asset Management Code of Ethics and Personal Trading Policy 1

------

**I. GENERAL POLICY** 

LSV Asset Management ("LSV" or the "Firm") serves as discretionary investment adviser to a variety of clients, including pension plans, foundations, endowments, corporations, unregistered pooled funds, mutual funds, sovereign funds, foreign funds (such as UCITS and SICAVs), other investment advisers and other U.S and international institutions ("Advisory Clients"). The securities accounts over which LSV has investment discretion on behalf of these Advisory Clients are referred to in this document as "Investment Vehicles".

All natural persons who are employees of LSV ("Staff Members") must act in accordance with this Code of Ethics and Personal Trading Policy ("Policy") and in a manner which avoids any actual or potential conflict of interest. Staff Members must not take advantage of their position of trust and responsibility, and must place the interests of Advisory Clients first. When buying or selling securities, Staff Members must not employ any device, scheme or artifice to defraud, mislead, or manipulate any Investment Vehicle, Advisory Client or any other investor in any security.

Staff Members are subject to different restrictions and pre-clearance requirements for their personal trades, depending on their responsibilities or location. It is important that all Staff Members read this document carefully and understand the restrictions, pre-clearance, and reporting requirements applicable to them.

In addition to the Policy, Staff Members are subject to all applicable policies and procedures discussed in LSV's Investment Adviser Policies and Procedures Manual (the "Compliance Manual") and Information Security Policy.

**Every Staff Member must read and retain a copy of this Policy, the Compliance Manual, the Information Security Policy and all amendments thereto, and agree to abide by the terms of each document.** 

Any questions regarding LSV's policy or procedures should be referred to the Compliance Department ("Compliance"). All violations must be promptly reported to the Chief Compliance Officer ("CCO"). No retaliation will be taken against any Staff Member solely for, in good faith, reporting a violation of this Policy, the Compliance Manual or the Information Security Policy.

**II. CODE OF CONDUCT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Staff Members are to maintain the highest standard of professional conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Staff Members must maintain the confidentiality of all information entrusted by clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Staff Members must serve the best interest of clients. All recommendations to clients and decisions on behalf
of clients must be made solely in the best interest of clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Staff Members must provide to clients all reasonably requested information as well as other information they
may need to make informed decisions. All client inquiries must be answered promptly, completely and truthfully.

LSV Asset Management Code of Ethics and Personal Trading Policy 2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Staff Members involved in sales situations must discuss fully with the prospective client the nature of
services provided by LSV for the compensation it receives. All material facts relating to any actual or potential conflicts of interest involving LSV must be fully disclosed to prospective clients. In addition, these Staff Members, in particular,
must comply with the anti-bribery provisions of the Foreign Corrupt Practices Act ("FCPA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Staff Members must comply fully with all applicable Federal securities laws and regulatory requirements.

**III. DEFINITIONS** 

A. **Access Person –** A Staff Member who meets any of the following criteria **:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has access to nonpublic information regarding clients' purchase or sale of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is involved in making securities recommendations to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has access to securities recommendations that are nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has access to nonpublic information regarding the portfolio holdings of Affiliated Mutual Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• works in LSV's Chicago office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is a director, officer, or partner of LSV.

B. **Affiliated Mutual Fund –** any U.S.-registered mutual fund to which **LSV or an SEI Investments entity** serves as investment adviser, investment sub-adviser or principal underwriter ("LSV Funds" and "SEI Funds").

C. **Reportable Security** – any interest or instrument commonly known as a security (whether publicly
traded or privately offered) including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity and equity-like securities, including initial public offerings ("IPOs")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed income securities (excluding the short-term instruments listed below)\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliated Mutual Funds(includes all LSV Funds, including funds sub-advised by LSV, and SEI Funds)\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• iShares and exchange-traded funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Convertible bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private placements<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity and equity-like securities which an Access Person presents as a gift to a third party, including members
of an Access Person's immediate family

\* This includes obligations issued by state and municipal governments with maturities longer than 366 days.

**\*\*** Reporting of Affiliated Mutual Fund transactions is not required if such transactions are made pursuant to an automatic investment plan, such as the 401(k) plan; provided that if a Staff Member opens a brokerage account within the 401(k) plan, the transactions in such account must be reported on the quarterly securities transaction report or by providing duplicate statements for the account to Compliance. 

------

<sup>1</sup> Private placement means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rules 504, 505 or 506 of the Securities Act of 1933 (e.g., hedge funds, private equity funds and limited liability companies).

LSV Asset Management Code of Ethics and Personal Trading Policy 3

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Reportable Security does not include:

Direct obligations of the Government of the United States; bankers acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments, including repurchase agreements; shares issued by money market funds; shares issued by open-end funds (other than Affiliated Mutual Funds); and shares issued by unit investment trusts that are invested exclusively in one or more open-end funds (other than Affiliated Mutual Funds).

D. **Pre-Clearance Security** – <u>INCLUDES</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equities (from any country)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial public offerings (IPOs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any equity-like securities (warrants, rights, options, futures, swaps, etc. on individual equities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Convertible bonds

Pre-Clearance Securities <u>DO NOT INCLUDE</u> publicly-traded fixed income securities, mutual funds, including Affiliated Mutual Funds, exchange-traded funds, closed-end funds and derivatives on indexes or commodities.

E. **A Security is " being purchased or sold "** by an Investment Vehicle
from the time the purchase or sale order for the security has been recorded as an active order in LSV's trade order management system (Charles River IMS), until the time when the order has been completed or terminated.

F. **Security** generally will have the meaning set forth in Section 202(a)(18) of the Investment Advisers
Act of 1940, as amended (the "Advisers Act"), such that it includes: (i) any note, stock, treasury stock, security future, bond, debenture or evidence of indebtedness; (ii) any certificate of interest or participation in any
profit-sharing agreement; (iii) any collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, or certificate of deposit for a security; (iv) any fractional
undivided interest in oil, gas or other mineral rights; (v) any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the
value thereof); (vi) any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or (vii) in general, any interest or instrument commonly known as a "security," or any
certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.

**IV. RESTRICTIONS ON PERSONAL SECURITIES TRANSACTIONS** 

**Access Persons who work in the Chicago office** may not purchase or sell, directly or indirectly, any Pre-Clearance Security if the security is currently being purchased or sold, or has been purchased or sold by LSV for an Investment Vehicle in any of the 3 business days prior to the Access Person's proposed trade in that security.

LSV Asset Management Code of Ethics and Personal Trading Policy 4

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If an **Access Person who works in the Chicago office** trades in a Pre-Clearance Security and LSV subsequently purchases or sells that security for an Investment Vehicle during the 3 business day period after the Access Person's trade in that security, the Access Person's trade is subject to review and any gains or profits realized may be subject to forfeiture.

If an **Access Person who works in the Chicago office** has requested pre-clearance to sell a Pre-Clearance Security and that request has been denied, the Access Person can appeal to the CCO if they can evidence that it is a financial hardship for them not to be able to sell the security until LSV is no longer active in that security.

While LSV does not have a formal holding period, once a Pre-Clearance Security has been purchased, the trading patterns of Access Persons who work in the Chicago office and request pre-clearance to sell the same security within 30 days after the initial purchase will be reviewed by Compliance in order to understand the reasoning for the sale, whether similar sales on similar timeframes are expected in the future and other factors that may be relevant based on the particular transaction.

**V. PERSONAL TRADING PRE-CLEARANCE** 

**Access Persons who work in the Chicago office** must pre-clear personal transactions in any Pre-Clearance Securities. This includes the personal transactions in any Pre-Clearance Securities of the Access Person's immediate family members (i.e., parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, including step and adoptive relationships <u>living in the</u> same household as the Access Person), personal transactions in any Pre-Clearance Securities in any account over which the Access Person exercises investment discretion or control and in such other circumstances as determined by Compliance.

**Access Persons who <u>do not</u> work in the Chicago office** are permitted to only pre-clear personal transactions in IPOs and private placements with the prior approval of Compliance.

For Access Persons' personal investments in LSV's private funds, acceptance of the Access Person's subscription document will be deemed to be approval of a pre-clearance request.

Unless otherwise specified by Compliance, any clearance granted is valid for 1 business day, the day on which clearance is granted.

Pre-clearance requests are currently made via the ComplySci platform and must be made during the regular trading hours of the New York Stock Exchange ("NYSE"), provided that trades can be executed during NYSE after-hours trading if, and on the same day, pre-clearance has been granted during the regular trading hours of the NYSE. Compliance will address on a case-by-case basis pre-clearance requests involving non-U.S. securities that only trade on non-U.S. exchanges or requests made by Access Persons who work in the Chicago office outside of the regular trading hours of the NYSE.

A determination as to whether non-employees who are working in the Chicago office are subject to the Policy is made on a case-by-case basis by Compliance.

LSV Asset Management Code of Ethics and Personal Trading Policy 5

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The following transactions do not have to be pre-cleared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of instruments that are not Pre-Clearance Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales over which the Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales which are non-volitional on the part of the Access
Person, such as purchases or sales upon exercise of puts or calls written by the Access Person and sales from a margin account pursuant to a bona fide margin call (though the establishment of equity-like Securities giving rise to such non-volitional transactions shall require pre-clearance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales effected within the pre-determined parameters of an
automatic investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions effected in accounts over which a third party exercises discretion, if such account is identified to
Compliance and an exception is granted by Compliance; provided that reporting of transactions and holdings in such accounts will typically be required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfers of equity or equity-like securities which are made as a gift to a third party, including a member of
the Access Person's immediate family.

Transactions which appear upon reasonable inquiry and investigation by Compliance to present no reasonable likelihood of harm to any Investment Vehicle and which are otherwise in accordance with Rule l7j-l of the Investment Company Act of 1940 (the "1940 Act") and other applicable SEC rules shall be entitled to clearance.

**VI. OTHER RESTRICTIONS** 

<u>Gifts and Entertainment</u> 

Staff Members may not receive gifts exceeding $200 per year from any person or entity that does or seeks to do business with LSV on behalf of any Investment Vehicle. For purposes of this section, "gift" does not include gifts that are shared in the office by multiple Staff Members (for example, holiday gift baskets). Subject to the following restrictions, Staff Members may accept meals, local transportation and reasonable entertainment received in the normal course of a business relationship from such persons or entities. If a Staff Member has any concerns regarding whether or not such entertainment is reasonable, he or she should consult with Compliance prior to accepting such entertainment. If a Staff Member receives an invitation to an entertainment event (such as a sporting event, a concert or other similar event) the value of which exceeds or is expected to exceed $200, such Staff Member must notify Compliance prior to accepting and/or attending such event. In addition, the Staff Member must report the name of the party extending the invitation, the relationship to LSV of such party and the name of the representative(s) of the party that will be present at the event. In addition to the $200 prior notification requirement, Staff Members are also required to report a gift (other than gifts shared in the office (e.g., holiday baskets)) or entertainment, in each case, of $50 or more on their quarterly securities transaction report.

LSV Asset Management Code of Ethics and Personal Trading Policy 6

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Gifts (other than meals, local transportation and reasonable entertainment provided in the normal course of a business relationship) may not be made to the following clients and prospective clients without the prior approval of the CCO or Compliance Officer: fiduciaries of ERISA clients (i.e., those that exercise discretion over the ERISA plan), Taft-Hartley clients or their representatives and public fund clients or their representatives Subject to the following, meals, local transportation and reasonable entertainment provided in the normal course of a business relationship ("Business Entertainment") may be extended to prospective clients and clients. For Business Entertainment provided to fiduciaries of ERISA clients, Taft-Hartley clients or their representatives or public fund clients or their representatives, certain restrictions, including reporting requirements, may apply. Staff members should consult with the CCO or Compliance Officer prior to incurring any such expenses if they have any questions regarding the incurrence of such expenses. Business Entertainment expenses are reviewed by the Chief Operating Officer for appropriateness.

The CCO or Compliance Officer must receive prior notification of ALL gifts exceeding $200 in value (whether or not CCO or Compliance Officer approval is required) to any person or entity that does or seeks to do business with LSV on behalf of any Investment Vehicle. ALL such gifts exceeding $200 in value must be recorded in a log provided by Compliance. This includes gifts made to consultants and anyone who is a fiduciary to the client. In addition, charitable contributions, sponsorship of scholarships or support of other events and other similar expenses incurred by the Firm from time to time may not be made to improperly influence business with any client or other party and must be pre-cleared by Compliance.

At all Business Entertainment activities provided by the Firm or its personnel, a Firm representative must attend the activity. In addition, when participating in Business Entertainment provided by others, a representative of the third party must be present. Accepting or providing Business Entertainment activities where the giver or a Firm representative, as applicable, does not attend is considered a gift subject to the restrictions on gifts described herein.

Notwithstanding the foregoing specific restrictions, no Staff Member may participate in any business relationship or accept any gift that could reasonably be expected to affect their independence, objectivity, or loyalty to clients.

<u>Outside Business Activities</u> 

Staff Members may not serve on the board of directors of any publicly-traded company absent prior authorization from the CCO, and any employment or other outside business activity in the financial services industry must be reviewed and approved in advance by the CCO. In addition, all outside business activities, including membership on any for-profit or non-profit company board or other employment, must be reported to Compliance.

<u>Political Contributions</u> 

Staff Members may not make political contributions to any elected official, any candidate for office, any successful candidate (hereinafter a "local official") or any political party in any state in the United States or any political subdivision thereof (hereinafter a "local political party"). Staff Members are also prohibited from making contributions to a local official's political action committee ("PAC") or to a Super PAC supporting a particular local official. Contributions include anything of value (such as donation of office space or resources) even if not a cash contribution.

In addition, Staff Members may not solicit or coordinate campaign contributions from others for any local official or any local political party. Prohibited solicitation and coordination activities include hosting or sponsoring fundraising events.

LSV Asset Management Code of Ethics and Personal Trading Policy 7

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Staff Members may not pay a third party, such as a solicitor or placement agent, to solicit a government client on behalf of LSV.

Staff Members may make contributions to the campaigns, PACs or Super PACs of or relating to candidates running for federal office if such candidate is not currently holding office in any state or political subdivision thereof and is not otherwise a local official. In addition, Staff Members may make contributions to the national committees or governing bodies of any recognized national political party and to PACs not connected to any local official or small group of local officials. A record of all contributions to PACs by the Firm and its personnel is required to be maintained by the Firm under applicable SEC regulations. Prior to making any contribution to any PAC, Staff Members must consult with Compliance so that appropriate documentation can be obtained.

Political contributions and other political activities of spouses and other immediate family members of a Staff Member are not prohibited by this policy so long as they are not directed by a Staff Member.

In addition, Staff Members should note that SEC rules broadly prohibit doing anything indirectly that cannot be done directly (such as making a contribution to a PAC that will, in turn, give the contribution to a prohibited candidate).

Prior to employment, all prospective Staff Members will be required to report all (i) contributions to any elected official, any candidate for office, any successful candidate or any political party in any state in the United States or any political subdivision thereof and (ii) payments to a political party or to a PAC, in each case, within the previous two years of the date of employment.

<u>Social Media and use of Electronic Communications</u> 

Staff Members may not use any form of social media, i.e. Facebook, Twitter, LinkedIn, etc., to discuss or share information about LSV, or any of its clients or products. Staff Members may post their current employment status and title at LSV (e.g., on LinkedIn), but may not post any other information about the Firm's business or products.

Staff Members must refrain from using personal e-mail services or other forms of personal electronic communications, such as text messages or other third-party messaging applications, for business-related purposes other than for logistics or scheduling.

<u>Anti-bribery and the FCPA</u> 

Staff Members are prohibited from engaging in any conduct on behalf of the Firm that may be construed as a bribe. In general, such conduct includes (1) offering, promising or giving any financial or other advantage to a person with the intention of influencing the person to perform his or her function improperly or where the acceptance of the advantage itself would be improper or illegal and (2) requesting, agreeing to receive or accepting any financial or other advantage where such request, agreement or acceptance would be improper or illegal or would be likely to influence the Staff Member in the performance of his or her role.

LSV Asset Management Code of Ethics and Personal Trading Policy 8

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All Staff Members must comply with any applicable anti-bribery law. In addition, Staff Members involved in sales situations are prohibited from engaging in any conduct that would violate the anti-bribery provisions of the FCPA, specifically the making of any payments, including any offer, payment, promise to pay or authorization of the payment of money or anything of value, directly or indirectly (such as through a third party), to foreign government officials, including representatives of state-owned enterprises, representatives of sovereign wealth funds, royal family members, political parties and candidates and representatives of public international organizations (such as the International Monetary Fund), to assist in obtaining or retaining business.

Intermediaries engaged to solicit clients or provide other services to LSV are also prohibited from engaging in such prohibited activities described in this section on behalf of LSV. Staff Members that work with such parties should exercise reasonable oversight over their activities and must report any suspicious activities to Compliance.

**VII. REPORTING REQUIREMENTS** 

The requirements of this section are applicable to Reportable Securities directly or indirectly owned by the Access Person or a member of the Access Person's immediate family (i.e., parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, including step and adoptive relationships <u>living in the same household</u> as the Access Person), or in any account over which the Access Person exercises investment discretion or control and in such other circumstances as determined by Compliance.

1. Access Persons must report transactions in Reportable Securities on a quarterly basis, within 30 days after the end of the quarter. Duplicate account statements may be substituted for the report if they are received by Compliance within 30 days after the end of the quarter.

2. Access Persons must report ALL new and terminated Securities accounts, including accounts that do not hold Reportable Securities and accounts over which they do not have investment discretion, within 30 days after the opening or termination of the account. This information must include the name of the broker dealer or bank at which the account is held and the date the account was established or terminated.

3. Access Persons must report all holdings of Reportable Securities and a list of all Securities accounts as of the end of the year (or as of an earlier date in December of that year) within 30 days after the end of each calendar year. Information in this report must be current as of a date no more than 45 days before the report is submitted. Duplicate account statements may be substituted for this report if they are received by Compliance within 30 days after the end of the calendar year.

4. Access Persons must report all holdings of Reportable Securities and a list of all accounts that hold Securities, even accounts that do not hold Reportable Securities, within 10 days of commencement of employment or of becoming an Access Person. The report must show holdings as of a date not more than 45 days prior to the employee becoming an Access Person.

5. Access Persons who have reported to Compliance accounts over which they do not have investment discretion, must provide acknowledgement that the status of those accounts has not changed on an annual basis via the ComplySci platform.

LSV Asset Management Code of Ethics and Personal Trading Policy 9

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6. Staff Members must provide acknowledgement of the Policy and any amendments thereto, on an annual basis via the ComplySci platform.

7. Non-employees who work in the Chicago office, and have been deemed to be subject to some or all of the parts of the Policy, must report, on a quarterly basis, transactions in Reportable Securities.

**VIII. COMPLIANCE REVIEW DUTIES** 

Compliance will (i) review the reports and information listed in VII above to ensure that pre-clearance has been appropriately obtained and all information required under the Advisers Act and the 1940 Act is contained in such reports; (ii) review the trading of Access Persons for patterns that may indicate abuse; (iii) decide on appropriate interpretations of and exceptions to the Policy and disciplinary action in the event of violation of the Policy; (iv) report material violations to LSV senior management; (v) report annually to the board of directors of investment company clients regarding material violations of the Policy and certify that appropriate procedures are in place; and (vi) provide copies of the Policy and any amendments thereto to all Staff Members.

**IX. RECORDKEEPING** 

LSV shall preserve in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of the current Policy in effect and a copy of any predecessor policy for a period of five years after it
was last in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of the Policy and of any action taken as a result of the violation, for a period of
five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of all acknowledgments, either written or via the ComplySci platform, for each person who is currently,
or within the past five years was, required to acknowledge their receipt of this Policy and any amendments thereto. All acknowledgements for a person must be kept for the period such person is a Staff Member of LSV and until five years after the
person ceases to be a Staff Member of LSV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of each report (or broker confirmations and statements provided in lieu thereof) made by an Access
Person for a period of five years from the end of the fiscal year in which the report was made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of the names of persons who are currently, or within the past five years were, Access Persons of LSV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision, and the reasons supporting the decision to approve Access Persons' acquisitions of
IPOs or private placements for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report furnished to the board of any investment company pursuant to Rule 17j-1(c)(2)(ii) of the 1940 Act, describing issues arising under the Policy and certifying that LSV has adopted procedures reasonably designed to prevent Access Persons from violating this Policy.

LSV Asset Management Code of Ethics and Personal Trading Policy 10

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**X. PROHIBITION ON INSIDER TRADING** 

All Staff Members are required to refrain from engaging in personal transactions in Securities or trading on behalf of any Investment Vehicle on the basis of material nonpublic information about Advisory Clients, their affiliates, or the issuers of any Securities. Personal transactions also may not be made on the basis of material nonpublic information about LSV or its affiliates. This section provides basic information to assist Staff Members in determining if they are in possession of inside information.

<u>What is "Material" Information?</u> 

**Information is material when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions.** Generally, if disclosing certain information will have a substantial effect on the price of a company's securities, or on the perceived value of the company, or of a controlling interest in the company, the information is material. However, information may be material even if it does not have any immediate direct effect on price or value.

<u>What is "Nonpublic" Information?</u> 

**Information about a publicly-traded security or issuer is "public" when it has been disseminated broadly to investors in the marketplace. Tangible evidence of such dissemination is the best indication that the information is public.** For example, information is public after it has become available to the general public through a public filing with the SEC or other governmental agency, the Dow Jones "tape", the Wall Street Journal or other publication of general circulation or televised or electronic media, including social media platforms, and after sufficient time has passed so that the information has been disseminated widely.

Information about securities that are not publicly traded, or about the issuers of such securities, is not ordinarily disseminated broadly to the public. However, for purposes of this Policy, such private information may be considered "public" private information to the extent that the information has been disclosed generally to the issuer's security holders and creditors. For example, information contained in a private placement memorandum to potential investors may be considered "public" private information with respect to the class of persons who received the memorandum, <u>but may still be considered "nonpublic" information with respect to creditors who were not entitled to receive the memorandum</u>. As another example, a controlling shareholder may have access to internal projections that are not disclosed to minority shareholders; such information would be considered "nonpublic" information.

<u>Who Is an Insider?</u> 

Unlawful insider trading occurs when a person with a duty not to take advantage of material nonpublic information violates that duty. A person in possession of such information but not subject to such a duty is not prohibited from trading. Whether a duty exists is a complex legal question. This portion of the Policy is intended to provide an overview only, and should not be read as an exhaustive discussion of ways in which persons may become subject to insider trading prohibitions.

Insiders of a company include its officers, directors (or partners), and employees, and may also include a controlling shareholder or other controlling person. A person who has access to information about the company because of some special trust or other confidential relationship with a company is considered a temporary insider of that company. Investment advisers, lawyers, auditors, financial institutions, and certain consultants *and all of their officers, directors or partners, and employees* are all likely to be temporary insiders of their clients.

LSV Asset Management Code of Ethics and Personal Trading Policy 11

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Officers, directors or partners, and employees of a controlling shareholder may be temporary insiders of the controlled company, or may otherwise be subject to a duty not to take advantage of inside information.

<u>What is Misappropriation?</u> 

Misappropriation usually occurs when a person acquires inside information about Company A in violation of a duty owed to Company B. For example, an employee of Company B may know that Company B is negotiating a merger with Company A; the employee has material nonpublic information about Company A and must not trade in Company A's shares or, in certain circumstances, shares of companies sufficiently comparable to Company A that news of the proposed merger would reasonably be expected to be material to investors in such companies.

As another example, Staff Members who, because of their association with LSV, receive inside information as to the identity of the companies being considered for investment by Investment Vehicles or by other clients, have a duty not to take advantage of that information.

<u>What is Tipping?</u> 

Tipping is passing along material nonpublic information; the recipient of a tip becomes subject to a duty not to trade while in possession of that information. A tip occurs when an insider or misappropriator (the "tipper") discloses material nonpublic information to another person, who knows or should know that the tipper was breaching a duty by disclosing the information and that the tipper was providing the information for an improper purpose.

For example, though unlikely, it is possible that a Staff Member may receive material nonpublic information from an Advisory Client's key persons, concerning the Advisory Client's publicly traded affiliate or its other investment decisions, or from a data or service provider concerning its discussions with publicly traded companies or other misappropriated information. Staff Members are required to immediately notify Compliance of any potential receipt of material nonpublic information and to not take advantage of such information.

<u>What to do if you have Inside Information</u> 

Before executing any securities transaction for your personal account or for others, including Investment Vehicles, you must consider and determine *whether you have access to material, nonpublic information*. If you <u>think</u> that you might have access to material, nonpublic information, you should take the following steps:

i. Report the information and proposed trade immediately to Compliance.

ii. Do not purchase or sell the securities on behalf of yourself or others.

iii. Do not communicate the information inside or outside LSV, other than to Compliance.

LSV Asset Management Code of Ethics and Personal Trading Policy 12

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**Acknowledgements** 

Staff Members make the following acknowledgement via the ComplySci platform.

I have read and I understand the Policy. I certify that I have, to date, complied and will continue to comply with the Policy and any amendments thereto, and applicable Federal securities laws. I understand that any violation may lead to sanctions, including my dismissal.

☐ If applicable, I certify that the status of any account(s) I have previously reported to Compliance as accounts over which a third party exercises investment discretion has not changed. ***PLEASE ONLY CHECK THIS BOX IF YOU HAVE IDENTIFIED ACCOUNTS AS MANAGED.***

I further certify that I am not disqualified from employment with an investment adviser as described in Section 9 of the 1940 Act.

LSV Asset Management Code of Ethics and Personal Trading Policy 13

## Ex-99.P(13)

![LOGO](g458923g56g07.jpg)

**Code of Ethics** 

**4<sup>th</sup> November 2022** 

**Version 2.1** 

Copyright <sup>©</sup> 2022 Marathon Asset Management (Marathon). All rights reserved.

This document contains proprietary and confidential information. The reproduction, disclosure of use of any portion of this document without specific written authorisation from Marathon is strictly prohibited. This Code is a statement of the fundamental principles, key policies and procedures that govern the conduct of Marathon personnel. It is not intended to and does not create any rights for any partner / employee / contractor, or person with whom Marathon has a business relationship (including a client or counterparty), competitor, investor or any other person or entity. Marathon may waive application of the policies set forth in this Code, in its sole discretion.

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| ![LOGO](g458923g49l15.jpg) | **Code of Ethics** |

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**Good conduct and the Code** 

Our Code of Ethics (the "Code") sets out guidance and principles which form part of Marathon Asset Management Limited's ("Marathon") core values. The Code and its supporting documentation constitute key obligations for working at Marathon and to be useful, the contents should be carefully read and understood.

Marathon is committed to maintaining the highest standards of integrity and business ethics. Our conduct standards are primarily derived from rules of the Financial Conduct Authority ("FCA") and other applicable laws and regulations (such as those issued by the United State Securities and Exchange Commission or the South African Financial Sector Conduct Authority).

Our business depends upon having an exemplary reputation and personnel with integrity acting in a principled manner. As such our policies referenced in the Code can go beyond bare legal requirements. The Code is also not intended to describe every possible situation that may arise and is not intended to provide final answers in every matter. Instead reliance is placed on you 'doing the right thing' which includes asking for help when the appropriate course of conduct is not clear.

***Your obligations***

Staff must comply with the following actions:

• Carefully read the Code to ensure all aspects are fully-understood, including the consequences of non-compliance

• Act with honesty and integrity, avoiding conflicts of interest

• Comply with all applicable laws and regulations

• Promote ethical behaviour and act in good faith, responsibly with due care, competence and diligence

• Treat all stakeholders with dignity and respect

• If there are any questions regarding this Code, or doubt about the best course of action in a particular situation, please seek guidance from a supervisor or Compliance

• Anyone who becomes aware of any Code violation (actual or potential) must immediately report the incident to Compliance

• Any material violation of this Code or other company policies and procedures runs risk of being subject to disciplinary action and in extremis being subject to regulatory enforcement and/or litigation

***FCA COCON***

The FCA Senior Managers and Certification Regime ("SMCR") includes a set of Code of Conduct ("COCON") with the following rules applicable to all staff:

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| Rule 1 | You must act with integrity |
| Rule 2 | You must act with due skill, care and diligence |
| Rule 3 | You must be open and cooperative with the FCA, the PRA and other regulators |
| Rule 4 | You must pay due regard to the interests of customers and treat them fairly |
| Rule 5 | You must observe proper standards of market conduct |

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(N.B Additional COCON rules apply to Marathon's Senior Managers and NEDs.)

SMCR also introduces a range of additional requirements for Certified Persons and Senior Managers. Further detailed guidance for all staff is set out within the *Compliance Manual* and connected company guides.

***Training***

Compliance training is provided in a variety of mediums to all new and existing personnel covering our key principles. Ongoing reminders and training is provided thereafter. Should you feel the need further guidance or think you require additional training for your role please speak to your supervisor, HR and/or Compliance.

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**Speak up!** 

Marathon's success depends on it maintaining the highest standards of conduct. As such, personnel are expected to report unethical, inappropriate or unlawful behaviour as well as highlighting positive outcomes and events. All personnel should feel confident in their ability to raise issues with their immediate supervisor or manager. In addition, three further steps may be considered if you do not feel that a matter has been satisfactorily addressed<sup>1</sup>:

![LOGO](g458923g01g91.jpg)

See also the *Whistleblowing Guide* for further details.

**Conflict of interest policy** 

Personnel must always act in our customers' best interest, putting the interests of clients first and treating all customers fairly. Nevertheless, conflicts can arise between a firm's interests and its clients, or between the interests of different clients.

It is the responsibility of all personnel to assist in identifying actual or potential conflicts of interest both within the business but also in connection with any personal relationships you may have in order to promptly bring any such issues to the attention of Compliance.

Staff must avoid any activity or personal interest that creates, or appears to create, a conflict between those interests and the interests of Marathon and our clients.

Examples of behaviour which must be carefully assessed include:

• Financial interests in other business;

• 3rd party employment, directorships, or formal appointments/activities;

• Family members working in the industry;

• Close friends or family at a client or prospect; and

• Personal account dealing

Failure to make a conflicts disclosure (and where necessary implement steps in mitigation) may lead to disciplinary action and/or legal proceedings. If there is uncertainty as to what and when to declare, err on the side of caution and contact Compliance for confidential guidance. Further guidance is also available in the *Conflicts, inducements and gifts guide*.

**Personal account ("PA") dealing** 

All Marathon personnel are required to:

• Submit initial & annual PA reports relating of any securities they own/control to Compliance

• Submit quarterly declarations of transactions to Compliance

• Obtain pre-approval for their own or connected party personal investment in any applicable securities or funds

Any breach of Marathon's PA dealing procedures could result in disciplinary action. Any questions should be discussed with Compliance, with further guidance available in the *PA dealing guide.*

**Gifts and anti-bribery measures** 

Strict rules surround the receipt of gifts and hospitality. **To this end Marathon, our personnel or any associated persons may not accept gifts or benefits in any form from third parties if such a gift or benefit is in connection with the provision of services to our clients.**

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<sup>1</sup> External, independent advice on can be also be sought at their local office of the Citizens Advice Bureau, ACAS (the Advisory, Conciliation and Arbitration Service) or from the independent specialist whistleblowing charity – Protect

(fka Public Concern at Work) (Tel: 020 3117 2520, Email: <u>whistle@protect-</u><u>advice.org.uk</u>; website: <u>www.protect-advice.org.uk</u>).

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Exceptions to this wholesale ban exist only where the gift or benefit can be classified as ***an acceptable minor, non-monetary benefit***, understood as:

A benefit capable of enhancing the quality of service provided to clients; and is reasonable and proportionate and of a scale and nature that it could not be judged to impair compliance with our duty to act honestly, fairly and professionally in the best interests of our clients

Examples include:

• Conferences, seminars and/or training events.

• Hospitality of a reasonable *de minimis* value, such as food and drink, during a business meeting or conference, seminar or training event, or an occasional seasonal gift.

• Generic information relating to a financial instrument or an investment service.

• Any written material that is openly available from a third party to any firm wishing to receive it or to the general public – must be no barriers to receiving this information<sup>2</sup>(e.g. no log-in).

• Third party research material commissioned and paid for by a corporate issuer provided that the relationship is clearly disclosed and material is made generally available.

• Third party research material or corporate access covering SMEs with a market cap of £200m or less<sup>3</sup>, if on a re-bundled basis / free.

• Third party research material provided by certain types of research providers<sup>4</sup>.

Personnel must:

• Disclose any gift or benefit to Compliance, <u>whether offered or received</u>, no matter the value. Use the GRC system to undertake a submission

• Preapproval is required for anything over £100<sup>5</sup>

• Please contact Compliance if you are in any way uncertain about what is permissible, before accepting the gift or attending an event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• There are also restrictions on what can be given to certain US clients, or investors within accounts we sub-advise in the US. See guides referenced below for further details

See also the *Anti-financial crime guide* and *Conflict, inducements & gifts guide* for further details on our gift policy and anti-bribery measures.

**Fair dealing** 

Marathon depends upon its reputation in providing a quality service based on integrity. The way we deal with both companies in whom we invest and our clients moulds our reputation, builds long-term trust and ultimately determines lasting success of our company. We must never take unfair advantage of others through manipulation, concealment, affirmative misrepresentation of material facts or any other unfair dealing practices.

**Market abuse (including insider dealing)** 

When in position of *"unpublished, price-sensitive"* information, personnel are prohibited from "insider dealing", which includes:

• Engaging in any trading on the basis of inside information

• Advising or getting another person to enter into such a transaction

• Disclosing inside information i.e. "tipping off"

Information should be regarded as price-sensitive, non-public "inside" knowledge if there is a reasonable likelihood it would be considered important to an investor in making an investment decision.

Ascertaining whether information is price sensitive is a judgement made easier with the benefit of hindsight; therefore, a conservative approach should be taken to considering if a piece of information is price sensitive. Furthermore, the laws that address insider trading are not always clear and are subject to on-going developments. This can lead to legitimate uncertainty about the application of the rules in a particular circumstance. Consequently, the following should be undertaken:

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<sup>2</sup> Other than for regulatory obligations.

<sup>3</sup> Taken as the rolling average closing price of the issuer's shares at the end of end of each month to 31 Oct for previous 24 calendar months; or if a new issuer, the market cap at the close of day one trading and end of months until date of next re-assessment (31 October). Marathon can rely 

on a third-party assessment that the research is on a company with market cap below $200m.

<sup>4</sup> Must not offer any execution services as an entity, or belong to a financial services group that includes any firm that can offer execution or brokerage services.

<sup>5</sup> Limit in place to ensure we do not breach ERISA limits regarding receipt from any one entity per annum.

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• If staff learn of information that may be considered inside information, please immediately contact Compliance

• All personnel are prohibited from communicating unpublished, price-sensitive information concerning any security to others unless it is properly within their duties to do so. If you do, flag to Compliance immediately,
including time of communication

• Ensure all storage of such information is kept secure and confidential (e.g. do not discuss on a train or leave emails open on a desk or tube)

• Remember to ask Compliance if you are unsure; a short Q&A conversation now could help avoid complex legal problems for you and Marathon at a later date

*Intentionally spreading a false rumour* 

It is against UK and USA rules to intentionally spread false rumours with the intent of influencing the price of a given security (positively or negatively).

To that end, our staff must not disseminate information in the marketplace that is known or suspected to be false.

*Market manipulation* 

Applicable laws also prohibit personnel from trying to manipulate the market and all our staff are strictly forbidden from doing so.

See the *Anti-financial guide* and the *Investment guide* for further details in relation to this area.

**Anti-money laundering, counter-terrorist financing and sanctions** 

It is the responsibility of all personnel to report any suspicious transactions or activity to the Money Laundering Reporting Officer (James Bennett) or his Deputy (Mary Davidge). All staff training is provided by way of further guidance on what to what out for. See the *Anti-financial guide* for further details in relation to this area.

**Tax evasion** 

Marathon has zero tolerance policy to tax evasion and aims to ensure the business is not used as a means to facilitate tax evasion. Personnel should report any suspected tax evasion to Compliance. See the *Anti-financial guide* for further details in relation to this area.

**Confidential information** 

Personnel may learn facts about our business, plans, or operations that are not known to the general public or our competitors (collectively, referred to as "Confidential Information"). All personnel who possess or have access to Confidential Information must:

• Not use this information for their own benefit unless in the proper course of their duties

• Carefully guard against disclosure outside Marathon

• Not disclosure this type of information to other personnel unless they need the information to carry out their role at Marathon

**Note: Certain restrictions to keep data confidential will continue to apply even after you have left Marathon.** 

**Trademarks, copyrights & other intellectual property** 

Marathon's logos are examples of trademarks. Personnel must always use our company trademarks appropriately and advise Legal when it is suspected that others may be infringing them. Likewise, it is also our policy not to infringe upon the intellectual property rights of others.

All intellectual property such as software or other documents created in connection with your employment or provision of services are the sole property of Marathon. Staff should understand that they have no rights to this data unless otherwise expressly agreed to in writing. Any questions concerning copyright laws should be directed to Legal.

Always add appropriate disclaimers to external documents.

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**Books and records (including systems)** 

Personnel must complete all documents accurately and in a timely manner. When and where applicable, documents must be properly authorised and must appropriately record activities in compliance with all relevant laws and accounting standards. The making of false or misleading entries, records, reports or documentation is strictly prohibited. See the *Record-keeping guide.*

*Prohibition on the use of social media* 

Marathon **prohibits personnel from conducting designated investment business** (i.e. advising/managing/trading), including the dissemination of any information regarding our pooled funds **over any social network website** (including, without limitation, Facebook, Twitter, LinkedIn, YouTube, Flickr, Myspace, Reddit, RSS blogs). See the *IT policy* for further details.

*Record retention regarding a legal action* 

If personnel become aware of a pending legal matter (which includes any existing, threatened or imminent lawsuit, proceeding, government or regulatory investigation), **Legal & Compliance must be contacted and immediate and affirmative action should be taken to preserve all records that are potentially relevant**.

**Inquiries from FCA or other regulators** 

**All requests from any regulatory organisation should immediately be referred to Compliance.** Personnel should not directly communicate with any regulatory organisation or governmental agency without first consulting with Compliance and in their absence Legal. See the *Regulatory interaction guide* for details.

**Inquiries from the press & others** 

Only official Marathon spokespersons<sup>6</sup> may speak with third parties as a representative of the business unless specifically authorised to do so in the course of his or her duties.

Requests for any information about Marathon or our clients from the media or general public should be referred to Client Service.

**Interaction with governmental entities & political donations** 

Personnel are **prohibited from providing gifts, meals or anything of value to government officials or employees**; including employees of city, state or municipal entities or their pension plans (or members of their families) or sovereign wealth funds **without the prior written approval of Compliance** (e.g. PSER). This also applies to certain investors of funds that Marathon sub-advises.

*Political donations – general* 

Payments or other donations (monetary or otherwise) by Marathon to any political party, candidate or campaign may only be made if approved in writing in advance by the Board of Directors.

• Staff who wish to make political donations either on their own behalf and on behalf of their spouse, partner or dependents, monetary or otherwise, should notify Compliance

*US political donations* 

All personnel are prohibited from making political donations to any person running for office in the US.

The only exceptions being where: 

• US-based personnel may make *de minimis* gifts to US political candidates in a state/local office, or candidate for such a role, as follows:

• $350 in cash or items of value per election where the person is entitled to vote;

• $150 in cash or items of value where they are not entitled to vote.

See the *Conflicts, inducements and gifts guide* for further details in relation to this area.

*Lobbying* 

Laws of some jurisdictions require registration and reporting by anyone who engages in a lobbying activity. Generally, lobbying includes: (1) communicating with any member or employee of a legislative branch of government for the purpose of influencing legislation; (2) communicating with certain government officials for the purpose of influencing government action; or (3) engaging in research or other activities to support or prepare for such communication. 

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<sup>6</sup> E.g. Head of Client Service

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Additionally, soliciting government entities, directly or indirectly (through an advisor or consultant), to invest in Marathon managed funds and/or accounts can constitute lobbying activity in certain jurisdictions.

Please notify Compliance before engaging in any activity on behalf of Marathon that might be considered "lobbying" as described above. Public consultations are excluded from this restriction.

**Positive work environment** 

Marathon maintains a work environment that supports honesty, diversity, integrity, respect, trust and responsibility. This in turn drives the goal of achieving excellence in our workplace.

Accordingly, all staff must contribute to the creation and maintenance of such a setting and to foster a work environment that is free from the fear of retribution in order to try and bring out the best in everyone.

Managers must act with due care and in their conduct to avoid placing, or seeming to place, undue pressure on subordinates that could cause them to deviate from acceptable ethical behaviour.

**Discipline and sanctions** 

Failure to comply with the standards outlined herein will result in disciplinary action, ranging from a reprimand to termination of employment or engagement, as applicable. Action will be taken against:

• any member of staff who violates the Code or applicable law;

• any member of staff who deliberately withholds relevant information concerning a violation of this Code or applicable law;

• the manager of the violator to the extent that the circumstances of the violation reflect either participation in the violation or an inappropriate lack of supervision.

**Further guidance** 

Further guidance for personnel is available within Marathon's Compliance Manual, related company guides and compliance declaration forms.

An attestation that personnel have read and understood the Code & associated documentation will occur on an annual basis at minimum, or whenever there is an update. New joiners are also required to confirm they have read and understood the Code.

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## Ex-99.P(18)

**Code of Ethics** 

In accordance with Rule 204A-1 of the Investment Advisers Act of 1940 and with Rule 17j-1 of the Investment Company Act of 1940, as amended, Westfield Capital Management Company, L.P. ("Westfield") has developed and implemented this Code of Ethics (the "Code") to set forth standards for business conduct and personal activities. The Code serves many purposes. Among them are to:

• educate employees of Westfield's expectations and the laws governing their conduct;

• remind employees that they are in a position of trust and must act with complete propriety at all times;

• protect the reputation of Westfield;

• guard against violations of securities laws;

• protect Westfield's clients by deterring misconduct; and

• establish procedures for employees to follow so Westfield can assess whether employees are complying with our
ethical principles.

**Key terms used throughout this Code are defined in Appendix A.** 

**Persons Covered by the Code** 

All permanent Westfield employees are covered under the Code. All employees are deemed an "Access Person". Compliance will deem an Access Person also as an "Investment Person" if the person makes or participates in making investment recommendations for client accounts. Investment Persons may be required to provide additional information for certain personal activities and may be subject to additional transactional restrictions than non-Investment Persons. At any time, employees may check their status by contacting Compliance.

Temporary employees may be subject to either all or certain provisions within the Code. Compliance may also deem a temporary employee an Access Person.

**Waivers to Code** 

The Chief Compliance Officer (the "CCO") and the Director of Compliance (the "DOC") have the authority to grant written waivers of the provisions of this Code in appropriate instances. However, Westfield expects that waivers will be granted only in rare instances. Compliance will document any waivers granted. No waivers shall be granted on any provisions of the Code that are mandated by the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC").

**Ethical Principles** 

As a fiduciary for its clients, Westfield owes its clients the utmost duty of loyalty, good faith, and fair dealing. As an employee of Westfield, you are obligated to uphold these important duties. Westfield expects every employee to uphold these principles when acting on behalf of the firm or in any capacity that may affect the firm's advisory business.

• Employees must act with honesty, integrity, and professionalism in all aspects of our business.

• Employees are to place the interests of Westfield's clients first, at all times.

• Employees must not take advantage of their positions or of investment opportunities that would otherwise be
available for Westfield's clients.

• Employees must treat all information concerning clients (e.g., trading, holdings, investment recommendations, and
financial situations) confidential.

• Employees must exercise independent, unbiased judgment in the investment decision-making process.

**Standards of Business Conduct** 

The following standards govern all conduct, whether or not the conduct is covered by more specific provisions in the Code or other Westfield policies.

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

• Employees must comply with applicable federal securities laws.

• Employees must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defraud any Westfield client in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mislead any client, including making a statement that omits material facts or passing along information that is
baseless or suspected to be untrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon any
client (e.g., creating the false appearance of active trading in client accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to securities, including price or market manipulation. This
includes rumor mongering, which is illegal and can lead to allegations of market manipulation.

• Employees are prohibited from inappropriately favoring the interests of one client over another as it would
constitute a breach of fiduciary duty.

• Employees must not use for their own direct or indirect benefit (or the benefit of anyone other than
Westfield's clients) information about: (a)Westfield's trading or investment recommendations for client accounts, (b) our relationships with our clients, or (c) our relationships with the brokerage community. Personal securities
transactions must be conducted in accordance with applicable provisions in the Code.

• Employees must comply with the spirit and letter of the Code and other internal policies. Technical compliance
with the requirements in the Code or other policies does not insulate you from scrutiny for any actions that can create the appearance of a violation or the appearance that you are circumventing the rules.

• Employees must avoid any actual or potential conflicts of interest with Westfield's clients. Employees will
be required to complete certifications or questionnaires on such matters. It is the employee's responsibility to promptly notify Compliance of any changes to their responses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must ensure that any personal activities (e.g., personal trading) conducted during work hours do not
interfere (or appears to interfere) with their daily work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must disclose any family members who have senior level positions at public or private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must not accept from or give to clients or other business contacts any gifts or business entertainment
that would present an actual or potential conflict of interest or would be viewed as improper. (See Westfield's policy on Gifts and Business Entertainment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees may not recommend, implement, or consider any securities transaction for client accounts without having
disclosed any material business or personal relationship (e.g., family member is a senior employee) with or beneficial ownership or other material interest in the issuer or its affiliates, to Compliance. If Compliance deems the disclosed interest to
present a material conflict, the employee may not participate in any decision-making process regarding that issuer.

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must act in the best interest of Westfield's clients regarding execution and other costs paid by
clients for brokerage services. This includes disclosing to Compliance any personal investment in any business or personal (e.g., family member) relationship with brokers utilized by Westfield for client transactions or research services. All
employees must strictly adhere to Westfield's policies and procedures regarding brokerage services, including those on best execution, research services, and directed brokerage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must disclose to Compliance any personal investments or other interests in third-party service
providers if the employees negotiate or make decisions on behalf of the firm with such third-party service providers. If any employee has such an interest, Compliance may prohibit the person from negotiating or making decisions regarding
Westfield's business with those companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees are prohibited from making referrals to clients (e.g., attorneys, accountants) if the employee will
benefit in any way.

<u>Reporting Unethical or Illegal Behavior</u>

If at any time an employee has knowledge of any behavior that might be viewed as unethical, illegal or in violation of internal policies, the employee must report such behavior immediately.

**How to Report**. To promote employee reporting, while protecting the employee and maintaining their identity in confidence, Westfield offers different methods for reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Contact the CCO and/or DOC** 

Employees may report actual or suspected violations by contacting the CCO and/or the DOC directly (or the Chief Executive Officer if the suspected violation is by the CCO). Employees are not required to report such matters to their managers before contacting the CCO and/or the DOC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Report via Westfield's Whistleblower Hotline** 

Please call (800) 376-1389. Calls are accessible to the CCO and DOC only. All calls are anonymous. If suspected violation is by the CCO and/or DOC, employees should contact the CEO directly and not leave a message on the whistleblower hotline.

**What to Report**. Employees should report any: a) noncompliance with applicable laws, rules and regulations, or internal policies such as the Code; b) fraud or illegal acts involving any aspect of the firm's business; c) material misstatements in regulatory filings, internal books and records, client records or reports, and financial statements; d) activity that is harmful to clients; and e) material deviations from required controls and procedures that safeguard clients and the firm.

**Usage of Information Provided**. The CCO and/or the DOC will take the steps deemed necessary under the circumstances to investigate relevant facts surrounding the information provided, and to take any appropriate corrective measures. Reporting employees typically will not be notified of any actions the firm is taking in response to their comments.

**Guidance**. Employees are encouraged to seek guidance from the CCO and/or the DOC with respect to any violation and to refrain from any action or transaction that might lead to the appearance of a violation.

**Confidentiality***.* Any report created shall be treated confidentially. Best efforts will be used to ensure that specific details of the report cannot be used to identify the reporting employee.

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

**Retaliation.** No employee who in good faith reports a suspected unethical or illegal business practice will be subject to retaliation or discipline for having done so, even if such reports ultimately establish that no violation had occurred.

<u>SEC Whistleblower Program</u>

Westfield encourages employees to report unethical or illegal behavior to the firm first, but employees also have an option of directly reporting actual or suspected violations to the SEC's Whistleblower Office. The SEC offers awards and incentives to individuals who voluntarily provide original information that leads to a successful enforcement. There are very specific criteria and procedures that apply when making such a report to the SEC. Regardless of the employee's reporting method, Westfield will utilize the framework described directly above with regards to reported information.

The SEC encourages individuals to submit information in writing by filling out their questionnaire at https://denebleo.sec.gov/TCRExternal/disclaimer.xhtml. Alternatively, you may submit information by mail to the Office of the Whistleblower at 100 F Street, NE, Mail Stop 5971, Washington, D.C. 20549 or by fax to (703) 813-9322.

Employees have the option to directly report actual or suspected violations to the SEC during and after their employment with Westfield.

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

------

**Code of Ethics** 

<u>Personal Trading</u> 

(All references to Access Persons in this section include family members.)

**Preclearance Requirement** 

Access Persons must obtain approval from Compliance prior to entering into any personal securities transactions in a Covered Security for a Covered Account, as defined in Appendix A. Written approval must be received prior to executing any personal security transaction.

With limited exceptions, approvals are valid until 4:00pm on the day they were granted. Approvals for certain transactions (e.g., private offering of securities) may be extended with the CCO's or the DOC's permission. In such instances, the approval is valid until either the transaction is executed or revoked by Compliance. Access Persons are responsible for notifying Compliance when the transaction has been either completed or cancelled.

Because Westfield primarily supervises domestic growth equities, certain transactions and securities pose minimal conflicts with our clients. As such, the following securities also are exempt from the preclearance requirement. (Reporting requirements still apply). If a security or transaction is not listed directly below or excluded from the Covered Security definition in Appendix A, then it must be precleared.

• ETFs and ETNs that are not advised and/or subadvised by Westfield, that are not short the market, a sector,
industry, etc.

• Closed-end mutual funds

• Gifting or transferring shares from one account to another

• Municipal bonds

**Submitting Preclearance Requests** 

Preclearance requests for securities transactions should be submitted through the online personal transactions system, StarCompliance (the "personal trading system"). Compliance will set up each Access Person in the system and provide training. It is important that Access Persons not share their passwords with anyone as they are responsible for the information created, modified, and deleted from the system under their login information.

Should an Access Person wish to make a personal security transaction but does not have access to the system, the person must contact a senior member of Compliance for preclearance of the transaction. Compliance will enter the transaction into the system, which will send an approval or denial, via email, to the requestor. It is the Access Person's responsibility to ensure that the trade information contained in the email confirmation is complete and accurate (i.e., transaction type, shares requested, brokerage account, and security name) prior to entering into the transaction.

<u>Private Offerings</u> 

Any requests to enter into private offerings of securities must be first discussed with a senior member of Compliance. At a minimum, Compliance will request a copy of the offering documents, if applicable and available, in order to obtain the security/issuer name, investment amount, and target investment date. If the offering documents are not available, Compliance will accept a written confirmation from the company. Written confirmation should include the security name, investment amount and target investment date. If the transaction is approved, the employee may then submit the preclearance request. Access Persons must receive a written approval (either from the personal trading system or an email from Compliance) before entering into the transaction.

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

------

**Code of Ethics** 

**Reviewing Preclearance Requests** 

Preclearance requests are not reviewed until after 9:30am. Preclearance requests submitted prior to 9:30am will be placed in pending status. Preclearance requests that go into pending after 3:00pm will be reviewed on a best efforts basis. If a response is not received by 4:00pm, Access Persons are not permitted to enter into the trade and must re-enter the preclearance request the following day. Employee must ensure to cancel all limit orders that are not fully executed by 4:00pm each day.

Compliance has full authority to:

• revoke a preclearance any time after it is granted;

• require an Access Person to close out or reverse a transaction; and

• not provide an explanation for a preclearance denial or revocation, especially when the reasons are confidential
in nature.

**Restrictions to Personal Securities Transactions** 

The following restrictions and limitations have been placed on personal securities transactions to address actual or possible conflicts arising from personal trading activities.

• **Material, Non-public Information.** Access Persons who possess or
have been made aware of material, non-public information regarding a security, or the issuer of a security may not engage in any transaction of such security or related security. (See Westfield's policy
on Insider Trading.)

• **Market Manipulation.** Access Persons may not engage in any transactions intended to raise, lower, or
maintain the price of any security.

• **Market Timing and Excessive Trading.** Access Persons must not engage in excessive trading or market timing
activities with respect to any mutual fund. When placing trades in any mutual fund, whether the trade is placed directly in a personal account, 401(k) account, deferred compensation account, account held with an intermediary or any other account,
Access Persons must comply with the rules set forth in the fund's prospectus and SAI regarding the frequency and timing of such trades.

• **Transactions with Clients.** Access Persons are prohibited from knowingly selling to, or purchasing from, a
client any security or other property, except publicly–traded securities issued by such client.

• **Advised and/or Subadvised Funds.** Access Persons are prohibited from trading in ETFs and mutual funds that
are advised and/or subadvised by Westfield without prior Compliance approval.

• **Transactions Likely to Raise Conflicts with Duties to Clients.** Access Persons may not enter into any
transactions that: a) may have a negative impact on their attention to their responsibilities to the firm or our clients (e.g., trading frequently in personal accounts), or b) overextend their financial resources or commit them to financial
liability that they are unable to meet.

• **Derivatives, Warrants and Rights**. Access Persons are prohibited from trading options, forwards, swaps,
warrants, rights and any other similar security in their Covered Accounts.

• **Private and Limited Offerings (e.g., IPOs).** Typically, if client accounts are participating in a private
or limited offering, Access Persons may not participate in the same offering. With prior approval from the CCO and/or DOC, Access Persons may participate alongside client accounts, but the client's interest will always come first. This includes
Access Persons invested in Westfield's LPs (e.g., Micro-Cap Fund).

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

------

**Code of Ethics** 

• **Short Selling and Short ETFs/ETNs**. Access Persons are prohibited from short selling securities in their
Covered Accounts. This applies to ETFs/ETNs that are short the market, a sector, industry, etc.

• **30-Day Holding Period**. Covered Security investments made in
Covered Accounts must be held for a minimum period of 30 calendar days after purchase (day one starts one day after trade date). ETFs and ETNs are not subject to the 30-day holding period.

**Investment Team Sales in Covered Securities** 

All analysts (defined as sector and research analysts) that own securities in their covered accounts that overlap with their sector universe <u>and</u> are owned in a Westfield strategy managed by Westfield's Investment Committee **must hold** such security or securities until they have been fully liquidated from all strategies. Once the security is fully liquidated, the analyst may sell their personal shares 5 business days following the last client sale.

All individual portfolio managers that own securities in their covered accounts that overlap with the individual portfolios that they manage, **must hold** such security or securities until they have been fully liquidated from all client accounts under their management. Once the security is fully liquidated; the portfolio manager may sell their personal shares 5 business days following the last client sale.

The above restrictions do not apply to securities that are held due to client restrictions (e.g., tax considerations, retention for proxy voting, etc.). Any exceptions must be approved by the CCO and/or the DOC. Analysts may continue to trim and/or sell securities for their covered accounts that are **not** in their sector universe. Portfolio managers may continue to trim/sell securities for their covered accounts that are **not** held in the portfolios they manage. Any trims/sales will still follow the above personal securities transaction restrictions, front running and blackout periods as applicable.

**Front Running and Blackout Periods** 

Front running is an illegal practice. Access Persons should not enter into a personal security transaction when the Access Person knows, or has reason to believe, that the security or related security: a) has recently been acted upon, b) may in the near future be recommended for action, or c) may in the near future be acted upon by the firm for client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Covered Securities that have been traded in client accounts, the blackout period begins five business days
before the client trade and ends five business days after the last client trade. If the Covered Security was traded for reasons outside of an investment recommendation (e.g., cash flow, rebalancing/dispersion, etc.), the blackout period begins when
the trades are placed on the blotter and ends when the trades have been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Covered Securities that have been recommended or are "under consideration," the blackout period
begins five business days before the day a security was recommended or placed under consideration and typically ends five business days thereafter. Some securities may remain on the restricted list for longer periods of time. Compliance has full
discretion to decide whether a security is restricted and for how long.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs and ETNs that are not advised and/or subadvised by Westfield are not subject to the blackout periods
discussed in this section.

**New Employees** 

All new employees will be required to be in compliance with Westfield's Code within 10 calendar days from their date of hire (e.g., must cover short positions). New employees may also be allowed to continue to hold put and/or call options until they expire. Compliance will review these on a case by case basis.

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

New investment team employees will be allowed 10 calendar days to trim/liquidate securities within their sector universe that overlap with a strategy managed by Westfield's Investment Committee. However, all other provisions within the Code must be followed (e.g., must follow preclearance requirements, blackout periods apply).<u> </u>

Initial 401(k) allocations, including open-end mutual Funds<u> </u>sub-advised or advised by Westfield do not require preclearance.<u> </u>

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

**Reporting Requirements for Personal Securities Transactions** 

Unless noted in *Exemptions* in this section, Access Persons must file the reports described below, even if the person has had no holdings, transactions or accounts to list in the reports.

Reports are submitted through the personal trading system, which will track the dates and times of submissions. All submissions will remain confidential and will not be accessible by anyone other than Compliance and to the extent necessary to implement and enforce the provisions of the Code or to comply with regulatory or legal requirements.

Access Persons are responsible for reviewing and verifying the information on all of their reports prior to submission. You must promptly speak with Compliance about any errors, omissions or discrepancies on these reports before they are submitted.

**Initial and Annual Holdings Reports.** Access Persons must submit a report of their holdings in Covered Securities <u>within 10 days</u> after the day they become an Access Person and on an annual basis thereafter. Initial holdings information should be current as of a date no more than 45 days prior to the employee's date of becoming an Access Person. Annual holding reports should be as of December 31<sup>st</sup> and submitted within 30 days after the calendar year end. For each holding, Access Persons must provide: 1) the title and type of security, 2) as applicable, the exchange ticker symbol or cusip number, 3) the number of shares and principal amount of each reportable security in which the access person has any direct or indirect beneficial ownership, 4) the name of any broker, dealer or bank with which the access person maintains an account in which any securities are held for the access person's direct or indirect benefit, and 5) the date the access person submits the report.

**Quarterly Transaction Reports**. Access Persons are required to report Covered Securities transactions for the most recent calendar quarter. Each transaction should indicate: 1) the date of the transaction, the title, and as applicable the exchange ticker symbol or cusip number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved, 2) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), 3) the price of the security at which the transaction was effected, 4) the name of broker, dealer or bank with or through which the transaction was effected, and 5) the date the access person submits the report. Quarterly transaction reports are due within 30 days after the calendar quarter end.

**Initial Investment Account Reports.** Access Persons must submit brokerage statements for all accounts held for their direct or indirect benefit <u>within 10 days</u> after the day they become an Access Person. Compliance will review these statements and determine if the accounts would fall under ongoing reporting requirements (i.e., a Covered Account). Statements should be dated no later than 45 days prior to the employee becoming an Access Person.

**Quarterly Investment Account Reports.** Access Persons must certify to a list of their Covered Accounts (as defined in Appendix A). Quarterly account reports are due within 30 days after the calendar quarter end.

Access Persons must notify Compliance of any new and closed Covered Accounts as soon as reasonably possible. Closed accounts will remain active in the personal trading system and will be subject to applicable reporting requirements described above, unless Compliance has been notified otherwise.

**Duplicate Statements or Confirms.** Duplicate copies of personal transaction confirmations or account statements are required for Covered Accounts. Copies of such documents must be sent directly to Compliance or through an electronic feed into the personal trading system. Employees with accounts set up to receive electronic feeds in the personal trading system are not required to provide paper copies of confirmations or statements as transactions and positions directly feed into the system. If Compliance does not receive the appropriate electronic data or duplicate confirmations and statements, Compliance will request the documents from the Access Person. This requirement does not satisfy the quarterly or annual reporting requirements outlined above.

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

**Private Investments.** A confirmation of the investment with the invested dollar amount must be submitted to Compliance promptly after the investment is made.

<u>Exemptions</u>

The following transactions are exempt from the preclearance and/or reporting requirements discussed previously. Access Persons should be reminded that these exemptions do not absolve them from violations of other Westfield policies, applicable laws and regulations, as well as the spirit of the Code.

• **No Knowledge or Control *.*** Transactions where the Access Person has no influence, control or
knowledge are exempt from preclearance (e.g., corporate or broker actions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to Compliance approval, Access Persons can omit any report with respect to securities held in accounts
over which the Access Person had no direct or indirect influence or control.

• **Managed Accounts.** Transactions effected in accounts managed by an external financial adviser are exempt
from preclearance and reporting requirements. Access Persons may speak to their adviser about their financial goals and objectives, but they are not permitted to consult with their adviser (or be consulted) on any specific security transactions. To
qualify for this exemption, Access Persons must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have their financial adviser provide an initial written certification to Westfield on the arrangement and/or
provide a copy of the managed account agreement with their financial adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete certifications quarterly regarding their influence or control over these accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually have their financial adviser provide a written certification to Westfield that they did not consult with
their adviser on any specific security transactions and that the adviser did not consult with them on any specific security transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If requested, provide Compliance with copies of holdings and/or transactions made in their account(s).

• **529 Plans or College Savings Plans.** Transactions in 529 Plans or college savings plans are exempt from
preclearance and reporting requirements. (Does not apply to Coverdell ESAs that are invested in Covered Securities.)

• **Automatic Investment Plans. ** ** Transactions effected pursuant to an automatic investment plan
are exempt from preclearance and reporting requirements.

• **Prior Employer's Profit Sharing or Retirement Plans.** Transactions executed in a prior employer's
profit sharing or retirement plan are exempt from preclearance and reporting. This exemption does not apply to transactions in reportable securities or to any discretionary brokerage account option that may be available from a former employer. Such
transactions/accounts are subject to preclearance and reporting requirements.

• **Other.** Transactions in securities determined by Compliance to present a low potential for impropriety or
the appearance of impropriety may be exempt from transactional restrictions and preclearance/reporting requirements. Compliance will review these on a case-by-case basis.

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

**Administration** 

**Approval and Distribution** 

Compliance will distribute the Code (either as a stand-alone document or as part of the firm's Compliance Manual) to all employees during the first week of hire and at least annually thereafter. Employees are required to acknowledge their having received, read, and complied with the Code.

Material amendments or material revisions made to this Code will be approved by the CCO and the Management Committee. Upon approval, the Code will be distributed to all employees shortly thereafter. Immaterial amendments do not require Management Committee approval and will be distributed either with material amendments or during the annual distribution period. Employees may be required to complete appropriate acknowledgements after distribution.

**Training and Education** 

Compliance is responsible for coordinating the training and education of employees regarding the Code. All newly hired employees are required to complete a compliance overview session that includes a review of the Code. They also are required to acknowledge that they have attended the new employee training and have received a copy of the Code (as part of the firm's Compliance Manual). Temporary or contract employees will be required to sign a confidentiality agreement and attend a compliance overview session.

Employees are required to attend all training sessions and read any applicable materials that Compliance deems appropriate. On occasion, it may be necessary for certain departments or individuals to receive additional training. Should this be the case, a member of Compliance will coordinate with the appropriate department managers to discuss particular topics and concerns to address at the training session.

**Personal Transactions Monitoring** 

On at least a quarterly basis, a member of Compliance will review and monitor required reports for conformity with all applicable provisions outlined in the personal trading section. Each member of the Compliance Department will review and monitor each other's reports as required by the Code.

**Annual Review of Code** 

The CCO and/or the DOC will review, at least annually, the adequacy of the Code and the effectiveness of its implementation. Such results are usually recorded in the firm's annual testing program.

**Reports to Management Committee** 

At least annually, the CCO will report material Code matters to Westfield's Management Committee. On occasion, the CCO will also report immaterial items to the Management Committee in order to keep them informed of Code matters.

**Recordkeeping Requirements** 

Westfield will maintain the following records in a readily accessible place for a period of not less than seven years.

• A copy of each Code that is in effect, or at any time within the past seven years;

• A record of any violation of the Code, and of any action taken as a result of the violation, for seven years
after the end of the fiscal year in which the violation occurred;

• A copy of each report and acknowledgement made under the Code for the past seven years after the end of the
fiscal year in which the report is made or information is provided;

• A list of names of persons, currently or within the past seven years, who are or were Access Persons or
Investment Persons;

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

• A record of any decision, and the reasons supporting the decision, for approving the acquisition of IPOs and
limited offerings for at least seven years after the end of the fiscal year in which the approval was granted; and

• A record of any granted waivers or exceptions, and supporting reasons, to any provisions of the Code.

**Violations and Sanctions** 

Westfield treats violations of the Code (including violations of the spirit of the Code) very seriously. If an employee violates either the letter or the spirit of this Code, Westfield may impose disciplinary actions or fines, or it may make a civil or criminal referral to appropriate regulatory entities (Refer to Appendix B for the sanctions table). Code violations become a part of the employee's employment history at Westfield. Multiple violations within a 12-month period will be reported to Human Resources and appropriate supervisors or managers. Employees should always consult with the CCO and/or the DOC if they are in doubt of any of the requirements or restrictions in the Code.

A senior member of Compliance will notify employees of any discrepancy between their personal activities and the rules outlined in this Code. Each violation and the circumstances surrounding each violation will be reviewed by a senior member of Compliance. Based on the review, a senior member of Compliance will determine whether the policies established in this Code have been violated, and whether any action should be taken. The CCO and/or the DOC will determine appropriate sanctions (in accordance with Westfield's sanctions guidelines). Once the sanction has been approved, Compliance will notify the employee. Compliance has the discretion of reporting material Code matters to the Operations & Risk Management Committee and/or the Management Committee.

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

<u>Appendix A: Glossary of Terms</u>

**Access Person** is any Westfield employee or non-employee who meets at least one of the following conditions:

• is an officer, director, or partner

• has access to nonpublic information about client purchases or sales of securities

• makes or participates in making investment recommendations to clients

• has access to client investment recommendations that are non-public

• has access to nonpublic information regarding the portfolio holdings of affiliated mutual funds

**Beneficial Interest** generally refers to the opportunity, directly or indirectly, to profit or share in any profit.

**Business Day** refers to every official Westfield working day of the week.

**Client Account** refers to any account over which Westfield has been granted authority to purchase and/or sell securities on the client's behalf.

**Covered Account** refers to any investment account over which an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. has direct or indirect beneficial interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. exercises investment control, meaning he or she actually provides input into or makes the security buy and/or
sell decisions for the account. The account does not need to be in an Access Person's name; if an Access Person has either joint or sole investment control over an account, it may be considered a Covered Account.

**Covered Security** refers to any security or fund that does not fall under one of the following exceptions:

• Direct obligations of the Government of the United States (e.g., treasury bills, treasury bonds, U.S. savings
bonds);

• Bankers' acceptances, bank certificates of deposits, commercial paper, and high-quality short term debt
instruments, including repurchase agreements;

• Shares issued by money market funds;

• Shares issued by open-end mutual funds that are not sub-advised or advised by Westfield;

• Shares issued by unit investment trusts ("UITs") that are invested exclusively in one or more open-end mutual funds, none of which are sub-advised or advised by Westfield.

**Employee** means all Westfield personnel who are not hired on a temporary or contract basis.

**Family member** refers to a spouse, children, step-children, grandchildren, parents, step-parents, grandparents, domestic partners, siblings, parents-in-law, children-in-law, as well as adoptive relationships sharing the same household.

**Investment Person** means any Access Person who makes or participates in making investment recommendations for client accounts.

**Reportable Fund** means any pooled fund, regardless of whether it is offered publicly or privately, for which Westfield serves as adviser or sub-adviser. This includes Westfield limited partnerships.

**Short Selling** means selling a security that is not owned in the account.

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

Appendix B: Sanctions Guidelines

Sanctions can be more or less than what is indicated in the table below. Sanctions such as disgorgement of profits (gross of any taxes or transaction costs) and reversal of trades may be considered in addition to or instead of the sanctions indicated in the table below, In recommending sanctions, Compliance will:

• Consider an employee's role and responsibilities, past trading history, facts and circumstances around the
violation and other applicable factors

• Impose the highest of all applicable sanctions, if a violation falls within more than one category or if multiple
violations occur on the same day

• Review violations not listed in the table on a case-by-case basis

• Consult with the Management Committee or Operations & Risk Management Committee members, if needed

Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022

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**Code of Ethics** 

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| | | |
|:---|:---|:---|
| **Violation** | **Management and Investment Committee, Research<br>Analysts, Partners, Traders, Directors** | **All Other Employees** |
| Late Reporting or Certification<br>*All listed fines are per day after due date and per report or certification* | <u>First Offense</u>: $500<br><u>Second Offense</u>: $750 and suspension of personal securities transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $1,500 and suspension of personal securities transaction rights (up to 12 months) | <u>First Offense</u>: $100<br><u>Second Offense</u>: $200 and suspension of personal securities transaction rights (up to 3 months)<br><u>Subsequent Offense</u>: $300 and suspension of personal securities transaction rights (up to 6 months) |
| Failure to Preclear<br> (includes trading more shares then were precleared) | <u>First Offense</u>: $2,000 per transaction and suspension of personal securities transaction rights for 30 days<br><u>Second Offense</u>: $5,000 per transaction and suspension of personal securities transaction rights for 3 months<br><u>Subsequent Offense</u>: $10,000 per transaction and suspension of personal securities transaction rights for 12 months | <u>First Offense</u>: $500 per transaction<br><u>Second Offense</u>: $1,000 per transaction and suspension of personal securities transaction rights for 30 days<br><u>Subsequent Offense</u>: $2,500 per transaction and suspension of personal securities transaction rights for 6 months |
| Market Timing | Termination of employment and civil or criminal referral | Termination of employment and civil or criminal referral |
| Failure to Make Accurate or Complete Reports | Monetary fines starting at $5,000; suspension of personal securities transaction rights; possible termination of employment | Monetary fines starting at $1,000; suspension of personal securities transaction rights; possible termination of employment |
| Front Running | $2,500 per transaction; temporary or permanent suspension of personal securities transaction rights; possible termination of employment | $2,500 per transaction; temporary or permanent suspension of personal securities transaction rights; possible termination of employment |
| 30-day Holding Period | <u>First Offense</u>: 2,000 per transaction<br>Second Offense: $5,000 per transaction; suspension of personal transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $7,500 per transaction; suspension of personal securities transaction rights (up to 12 months) | <u>First Offense</u>: $500 per transaction<br><u>Second Offense</u>: $1,000 per transaction; suspension of personal transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $2,500 per transaction; suspension of personal securities transaction rights (up to 12 months) |

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Westfield Capital Management Company, L.P.

Date Approved: 05/13/2022