# EDGAR Filing Document

**Accession Number:** 0000793769
**File Stem:** 0001133228-26-009368
**Filing Date:** 2026-6
**Character Count:** 821591
**Document Hash:** 3d7769f8558b37471d6d91d81e9ab38f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009368.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001133228-26-009368

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260622

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARBOR FUNDS
- **CENTRAL INDEX KEY:** 0000793769

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04676
- **FILM NUMBER:** 261108175

**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 Small Cap Growth Fund (Series ID: S000000686)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000001985 | Institutional Class | HASGX           |
| 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           |
| 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 Ares Systematic Convertible Securities Fund (Series ID: S000032104)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000099979 | Institutional Class | HACSX           |
| 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           |
| 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   |
|:---|:---|:---|
| 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   |
|:---|:---|:---|
| C000215756 | Investor Class      | HMCNX           |
| C000215757 | Retirement Class    | HMCRX           |
| C000215758 | Institutional Class | HMCLX           |

### Harbor International Compounders Fund (Series ID: S000084021)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000248152 | Retirement Class    | HNICX           |
| C000248153 | Institutional Class | HSICX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act file number: 811-4676**

**Harbor Funds**

**(Exact name of Registrant as specified in charter)**

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

**Chicago, Illinois 60606-4302**

**(Address of principal executive offices) (Zip code)**

Charles F. McCain, Esq. HARBOR FUNDS 111 South Wacker Drive, 34<sup>th</sup> Floor Chicago, Illinois 60606-4302 Stephanie A. Capistron, Esq. DECHERT LLP One International Place – 40<sup>th</sup> Floor 100 Oliver Street Boston, Massachusetts 02110-2605

**(Name and address of agent for service)**

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

**Date of fiscal year end: October 31**

**Date of reporting period: April 30, 2026**

------

**ITEM 1 – REPORTS TO STOCKHOLDERS**

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

#### Harbor Ares Systematic Convertible Securities Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HNCVX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Ares Systematic Convertible Securities Fund (formerly, Harbor Convertible Securities Fund) ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $33 | 0.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $41931 |
| **Number of Investments** | 146 |
| **Total Net Advisory Fees Paid (in thousands)** | $99 |
| **Portfolio Turnover Rate** | 92% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i1692c794efbec27d5a04af00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 1.8% |
| Materials | 2.1% |
| Energy | 3.7% |
| Consumer Discretionary | 6.2% |
| Communication Services | 8.5% |
| Utilities | 9.1% |
| Industrials | 10.7% |
| Consumer Staples | 11.4% |
| Financials | 16.4% |
| Information Technology | 30.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Ares Systematic Convertible Securities Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HACSX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Ares Systematic Convertible Securities Fund (formerly, Harbor Convertible Securities Fund) ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $38 | 0.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $41931 |
| **Number of Investments** | 146 |
| **Total Net Advisory Fees Paid (in thousands)** | $99 |
| **Portfolio Turnover Rate** | 92% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i1692c794efbec27d5a04af00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 1.8% |
| Materials | 2.1% |
| Energy | 3.7% |
| Consumer Discretionary | 6.2% |
| Communication Services | 8.5% |
| Utilities | 9.1% |
| Industrials | 10.7% |
| Consumer Staples | 11.4% |
| Financials | 16.4% |
| Information Technology | 30.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Ares Systematic Convertible Securities Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HICSX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Ares Systematic Convertible Securities Fund (formerly, Harbor Convertible Securities Fund) ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $56 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $41931 |
| **Number of Investments** | 146 |
| **Total Net Advisory Fees Paid (in thousands)** | $99 |
| **Portfolio Turnover Rate** | 92% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i1692c794efbec27d5a04af00.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 1.8% |
| Materials | 2.1% |
| Energy | 3.7% |
| Consumer Discretionary | 6.2% |
| Communication Services | 8.5% |
| Utilities | 9.1% |
| Industrials | 10.7% |
| Consumer Staples | 11.4% |
| Financials | 16.4% |
| Information Technology | 30.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Capital Appreciation Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HNACX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Capital Appreciation Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $29 | 0.59% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $25406575 |
| **Number of Investments** | 45 |
| **Total Net Advisory Fees Paid (in thousands)** | $71275 |
| **Portfolio Turnover Rate** | 9% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](iefff69fbac1f540c9dbeb406.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.5% |
| Consumer Staples | 3.9% |
| Industrials | 4.1% |
| Financials | 5.3% |
| Health Care | 7.8% |
| Consumer Discretionary | 14.8% |
| Communication Services | 16.6% |
| Information Technology | 46.0% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Capital Appreciation Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HACAX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Capital Appreciation Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $33 | 0.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $25406575 |
| **Number of Investments** | 45 |
| **Total Net Advisory Fees Paid (in thousands)** | $71275 |
| **Portfolio Turnover Rate** | 9% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](iefff69fbac1f540c9dbeb406.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.5% |
| Consumer Staples | 3.9% |
| Industrials | 4.1% |
| Financials | 5.3% |
| Health Care | 7.8% |
| Consumer Discretionary | 14.8% |
| Communication Services | 16.6% |
| Information Technology | 46.0% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Capital Appreciation Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HRCAX

Administrative Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Capital Appreciation Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Administrative Class | $45 | 0.92% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $25406575 |
| **Number of Investments** | 45 |
| **Total Net Advisory Fees Paid (in thousands)** | $71275 |
| **Portfolio Turnover Rate** | 9% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](iefff69fbac1f540c9dbeb406.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.5% |
| Consumer Staples | 3.9% |
| Industrials | 4.1% |
| Financials | 5.3% |
| Health Care | 7.8% |
| Consumer Discretionary | 14.8% |
| Communication Services | 16.6% |
| Information Technology | 46.0% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Capital Appreciation Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HCAIX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Capital Appreciation Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $50 | 1.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $25406575 |
| **Number of Investments** | 45 |
| **Total Net Advisory Fees Paid (in thousands)** | $71275 |
| **Portfolio Turnover Rate** | 9% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](iefff69fbac1f540c9dbeb406.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.5% |
| Consumer Staples | 3.9% |
| Industrials | 4.1% |
| Financials | 5.3% |
| Health Care | 7.8% |
| Consumer Discretionary | 14.8% |
| Communication Services | 16.6% |
| Information Technology | 46.0% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Core Bond Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HCBRX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Core Bond Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $13 | 0.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1676646 |
| **Number of Investments** | 490 |
| **Total Net Advisory Fees Paid (in thousands)** | $1837 |
| **Portfolio Turnover Rate** | 30% |

---

# Fund Investments as of April 30, 2026

# Investment Allocation (% of Investments)
![Group By Country Chart](i25272f5f550a46fe4f020554.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Bonds | 0.4% |
| Collateralized Mortgage Obligations | 8.5% |
| Asset-Backed Securities | 12.1% |
| U.S. Government Obligations | 24.3% |
| Mortgage Pass-Through | 24.5% |
| Corporate Bonds & Notes | 30.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Core Bond Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HACBX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Core Bond Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $17 | 0.34% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1676646 |
| **Number of Investments** | 490 |
| **Total Net Advisory Fees Paid (in thousands)** | $1837 |
| **Portfolio Turnover Rate** | 30% |

---

# Fund Investments as of April 30, 2026

# Investment Allocation (% of Investments)
![Group By Country Chart](i25272f5f550a46fe4f020554.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Bonds | 0.4% |
| Collateralized Mortgage Obligations | 8.5% |
| Asset-Backed Securities | 12.1% |
| U.S. Government Obligations | 24.3% |
| Mortgage Pass-Through | 24.5% |
| Corporate Bonds & Notes | 30.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Core Plus Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HBFRX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Core Plus Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $15 | 0.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1260678 |
| **Number of Investments** | 654 |
| **Total Net Advisory Fees Paid (in thousands)** | $1564 |
| **Portfolio Turnover Rate** | 26% |

---

# Fund Investments as of April 30, 2026

# Investment Allocation (% of Investments)
![Group By Country Chart](i010ad0bdaa1931d9a8247e35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 11.5% |
| Asset-Backed Securities | 11.7% |
| U.S. Government Obligations | 20.6% |
| Mortgage Pass-Through | 26.0% |
| Corporate Bonds & Notes | 30.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Core Plus Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HABDX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Core Plus Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $19 | 0.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1260678 |
| **Number of Investments** | 654 |
| **Total Net Advisory Fees Paid (in thousands)** | $1564 |
| **Portfolio Turnover Rate** | 26% |

---

# Fund Investments as of April 30, 2026

# Investment Allocation (% of Investments)
![Group By Country Chart](i010ad0bdaa1931d9a8247e35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 11.5% |
| Asset-Backed Securities | 11.7% |
| U.S. Government Obligations | 20.6% |
| Mortgage Pass-Through | 26.0% |
| Corporate Bonds & Notes | 30.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Core Plus Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HRBDX

Administrative Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Core Plus Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Administrative Class | $31 | 0.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1260678 |
| **Number of Investments** | 654 |
| **Total Net Advisory Fees Paid (in thousands)** | $1564 |
| **Portfolio Turnover Rate** | 26% |

---

# Fund Investments as of April 30, 2026

# Investment Allocation (% of Investments)
![Group By Country Chart](i010ad0bdaa1931d9a8247e35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateralized Mortgage Obligations | 11.5% |
| Asset-Backed Securities | 11.7% |
| U.S. Government Obligations | 20.6% |
| Mortgage Pass-Through | 26.0% |
| Corporate Bonds & Notes | 30.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Diversified International All Cap Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HNIDX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Diversified International All Cap Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $39 | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $799998 |
| **Number of Investments (includes derivatives)** | 245 |
| **Total Net Advisory Fees Paid (in thousands)** | $2882 |
| **Portfolio Turnover Rate** | 8% |

---

#### Fund Investments (excludes derivatives and short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i7d459cd5eedda2c5321a90a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.7% |
| Africa | 3.9% |
| Latin America | 4.0% |
| North America | 11.3% |
| Pacific Basin | 36.9% |
| Europe | 40.2% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 16.3% |
| Japan | 15.1% |
| Canada | 8.5% |
| Taiwan | 6.2% |
| France | 4.3% |
| Hong Kong | 4.1% |
| South Africa | 3.9% |
| China | 3.8% |
| South Korea | 3.7% |
| Brazil | 3.3% |
| Others | 30.8% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Diversified International All Cap Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HAIDX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Diversified International All Cap Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $44 | 0.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $799998 |
| **Number of Investments (includes derivatives)** | 245 |
| **Total Net Advisory Fees Paid (in thousands)** | $2882 |
| **Portfolio Turnover Rate** | 8% |

---

#### Fund Investments (excludes derivatives and short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i7d459cd5eedda2c5321a90a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.7% |
| Africa | 3.9% |
| Latin America | 4.0% |
| North America | 11.3% |
| Pacific Basin | 36.9% |
| Europe | 40.2% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 16.3% |
| Japan | 15.1% |
| Canada | 8.5% |
| Taiwan | 6.2% |
| France | 4.3% |
| Hong Kong | 4.1% |
| South Africa | 3.9% |
| China | 3.8% |
| South Korea | 3.7% |
| Brazil | 3.3% |
| Others | 30.8% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Diversified International All Cap Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HRIDX

Administrative Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Diversified International All Cap Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Administrative Class | $57 | 1.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $799998 |
| **Number of Investments (includes derivatives)** | 245 |
| **Total Net Advisory Fees Paid (in thousands)** | $2882 |
| **Portfolio Turnover Rate** | 8% |

---

#### Fund Investments (excludes derivatives and short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i7d459cd5eedda2c5321a90a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.7% |
| Africa | 3.9% |
| Latin America | 4.0% |
| North America | 11.3% |
| Pacific Basin | 36.9% |
| Europe | 40.2% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 16.3% |
| Japan | 15.1% |
| Canada | 8.5% |
| Taiwan | 6.2% |
| France | 4.3% |
| Hong Kong | 4.1% |
| South Africa | 3.9% |
| China | 3.8% |
| South Korea | 3.7% |
| Brazil | 3.3% |
| Others | 30.8% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Diversified International All Cap Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HIIDX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Diversified International All Cap Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $62 | 1.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $799998 |
| **Number of Investments (includes derivatives)** | 245 |
| **Total Net Advisory Fees Paid (in thousands)** | $2882 |
| **Portfolio Turnover Rate** | 8% |

---

#### Fund Investments (excludes derivatives and short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i7d459cd5eedda2c5321a90a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.7% |
| Africa | 3.9% |
| Latin America | 4.0% |
| North America | 11.3% |
| Pacific Basin | 36.9% |
| Europe | 40.2% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 16.3% |
| Japan | 15.1% |
| Canada | 8.5% |
| Taiwan | 6.2% |
| France | 4.3% |
| Hong Kong | 4.1% |
| South Africa | 3.9% |
| China | 3.8% |
| South Korea | 3.7% |
| Brazil | 3.3% |
| Others | 30.8% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HNINX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $37 | 0.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3775973 |
| **Number of Investments** | 222 |
| **Total Net Advisory Fees Paid (in thousands)** | $14071 |
| **Portfolio Turnover Rate** | 7% |

---

#### Fund Investments as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](if0035496b3ed5390eee531b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.9% |
| Pacific Basin | 34.6% |
| Europe | 61.5% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 26.4% |
| Japan | 22.8% |
| France | 6.9% |
| Hong Kong | 4.3% |
| Australia | 4.1% |
| Denmark | 4.1% |
| Germany | 3.5% |
| Netherlands | 3.5% |
| Spain | 3.2% |
| Switzerland | 2.9% |
| Others | 18.3% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HAINX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $41 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3775973 |
| **Number of Investments** | 222 |
| **Total Net Advisory Fees Paid (in thousands)** | $14071 |
| **Portfolio Turnover Rate** | 7% |

---

#### Fund Investments as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](if0035496b3ed5390eee531b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.9% |
| Pacific Basin | 34.6% |
| Europe | 61.5% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 26.4% |
| Japan | 22.8% |
| France | 6.9% |
| Hong Kong | 4.3% |
| Australia | 4.1% |
| Denmark | 4.1% |
| Germany | 3.5% |
| Netherlands | 3.5% |
| Spain | 3.2% |
| Switzerland | 2.9% |
| Others | 18.3% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HRINX

Administrative Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Administrative Class | $54 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3775973 |
| **Number of Investments** | 222 |
| **Total Net Advisory Fees Paid (in thousands)** | $14071 |
| **Portfolio Turnover Rate** | 7% |

---

#### Fund Investments as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](if0035496b3ed5390eee531b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.9% |
| Pacific Basin | 34.6% |
| Europe | 61.5% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 26.4% |
| Japan | 22.8% |
| France | 6.9% |
| Hong Kong | 4.3% |
| Australia | 4.1% |
| Denmark | 4.1% |
| Germany | 3.5% |
| Netherlands | 3.5% |
| Spain | 3.2% |
| Switzerland | 2.9% |
| Others | 18.3% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HIINX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $59 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3775973 |
| **Number of Investments** | 222 |
| **Total Net Advisory Fees Paid (in thousands)** | $14071 |
| **Portfolio Turnover Rate** | 7% |

---

#### Fund Investments as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](if0035496b3ed5390eee531b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.9% |
| Pacific Basin | 34.6% |
| Europe | 61.5% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 26.4% |
| Japan | 22.8% |
| France | 6.9% |
| Hong Kong | 4.3% |
| Australia | 4.1% |
| Denmark | 4.1% |
| Germany | 3.5% |
| Netherlands | 3.5% |
| Spain | 3.2% |
| Switzerland | 2.9% |
| Others | 18.3% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Compounders Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HNICX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Compounders Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $28 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $45965 |
| **Number of Investments** | 31 |
| **Total Net Advisory Fees Paid (in thousands)** | $122 |
| **Portfolio Turnover Rate** | 13% |

---

#### Fund Investments (excludes short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i159020fd36091ebdab199b3f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Asia | 3.8% |
| Latin America | 5.0% |
| North America | 6.7% |
| Pacific Basin | 29.7% |
| Europe | 54.8% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 17.1% |
| Germany | 15.6% |
| France | 10.4% |
| China | 8.9% |
| Japan | 7.9% |
| Taiwan | 7.1% |
| United States | 6.7% |
| Brazil | 5.0% |
| Netherlands | 4.9% |
| Hong Kong | 4.3% |
| Others | 12.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Compounders Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HSICX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Compounders Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $32 | 0.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $45965 |
| **Number of Investments** | 31 |
| **Total Net Advisory Fees Paid (in thousands)** | $122 |
| **Portfolio Turnover Rate** | 13% |

---

#### Fund Investments (excludes short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i159020fd36091ebdab199b3f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| South Asia | 3.8% |
| Latin America | 5.0% |
| North America | 6.7% |
| Pacific Basin | 29.7% |
| Europe | 54.8% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 17.1% |
| Germany | 15.6% |
| France | 10.4% |
| China | 8.9% |
| Japan | 7.9% |
| Taiwan | 7.1% |
| United States | 6.7% |
| Brazil | 5.0% |
| Netherlands | 4.9% |
| Hong Kong | 4.3% |
| Others | 12.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Core Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HAORX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Core Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $41 | 0.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1740173 |
| **Number of Investments** | 753 |
| **Total Net Advisory Fees Paid (in thousands)** | $5085 |
| **Portfolio Turnover Rate** | 49% |

---

#### Fund Investments (excludes short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i442016d2c065d54ebecde844.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.3% |
| Middle East/Central Asia | 2.1% |
| North America | 15.2% |
| Pacific Basin | 31.2% |
| Europe | 50.2% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 18.1% |
| United States | 12.5% |
| Netherlands | 10.7% |
| Switzerland | 6.8% |
| Spain | 5.1% |
| Germany | 4.9% |
| France | 4.5% |
| United Kingdom | 4.1% |
| Sweden | 3.6% |
| Australia | 3.2% |
| Others | 26.5% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Core Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HAOSX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Core Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $45 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1740173 |
| **Number of Investments** | 753 |
| **Total Net Advisory Fees Paid (in thousands)** | $5085 |
| **Portfolio Turnover Rate** | 49% |

---

#### Fund Investments (excludes short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i442016d2c065d54ebecde844.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.3% |
| Middle East/Central Asia | 2.1% |
| North America | 15.2% |
| Pacific Basin | 31.2% |
| Europe | 50.2% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 18.1% |
| United States | 12.5% |
| Netherlands | 10.7% |
| Switzerland | 6.8% |
| Spain | 5.1% |
| Germany | 4.9% |
| France | 4.5% |
| United Kingdom | 4.1% |
| Sweden | 3.6% |
| Australia | 3.2% |
| Others | 26.5% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Core Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HAONX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Core Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $64 | 1.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1740173 |
| **Number of Investments** | 753 |
| **Total Net Advisory Fees Paid (in thousands)** | $5085 |
| **Portfolio Turnover Rate** | 49% |

---

#### Fund Investments (excludes short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i442016d2c065d54ebecde844.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.3% |
| Middle East/Central Asia | 2.1% |
| North America | 15.2% |
| Pacific Basin | 31.2% |
| Europe | 50.2% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 18.1% |
| United States | 12.5% |
| Netherlands | 10.7% |
| Switzerland | 6.8% |
| Spain | 5.1% |
| Germany | 4.9% |
| France | 4.5% |
| United Kingdom | 4.1% |
| Sweden | 3.6% |
| Australia | 3.2% |
| Others | 26.5% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Small Cap Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HNISX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Small Cap Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $43 | 0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $187352 |
| **Number of Investments** | 65 |
| **Total Net Advisory Fees Paid (in thousands)** | $758 |
| **Portfolio Turnover Rate** | 16% |

---

#### Fund Investments (excludes short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](ie1e772cb3fce696681dbbb72.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 2.9% |
| Pacific Basin | 41.5% |
| Europe | 55.6% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 31.3% |
| United Kingdom | 17.7% |
| Switzerland | 7.1% |
| France | 4.9% |
| Netherlands | 4.6% |
| Australia | 4.1% |
| Belgium | 3.5% |
| Finland | 3.4% |
| Ireland | 3.4% |
| Luxembourg | 2.9% |
| Others | 17.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Small Cap Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HAISX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Small Cap Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $48 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $187352 |
| **Number of Investments** | 65 |
| **Total Net Advisory Fees Paid (in thousands)** | $758 |
| **Portfolio Turnover Rate** | 16% |

---

#### Fund Investments (excludes short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](ie1e772cb3fce696681dbbb72.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 2.9% |
| Pacific Basin | 41.5% |
| Europe | 55.6% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 31.3% |
| United Kingdom | 17.7% |
| Switzerland | 7.1% |
| France | 4.9% |
| Netherlands | 4.6% |
| Australia | 4.1% |
| Belgium | 3.5% |
| Finland | 3.4% |
| Ireland | 3.4% |
| Luxembourg | 2.9% |
| Others | 17.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor International Small Cap Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HIISX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Small Cap Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $66 | 1.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $187352 |
| **Number of Investments** | 65 |
| **Total Net Advisory Fees Paid (in thousands)** | $758 |
| **Portfolio Turnover Rate** | 16% |

---

#### Fund Investments (excludes short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](ie1e772cb3fce696681dbbb72.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| North America | 2.9% |
| Pacific Basin | 41.5% |
| Europe | 55.6% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 31.3% |
| United Kingdom | 17.7% |
| Switzerland | 7.1% |
| France | 4.9% |
| Netherlands | 4.6% |
| Australia | 4.1% |
| Belgium | 3.5% |
| Finland | 3.4% |
| Ireland | 3.4% |
| Luxembourg | 2.9% |
| Others | 17.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Large Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HNLVX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Large Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $31 | 0.61% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1037257 |
| **Number of Investments** | 45 |
| **Total Net Advisory Fees Paid (in thousands)** | $3420 |
| **Portfolio Turnover Rate** | 8% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i6669a918d2e4d5531ac9aa9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.4% |
| Energy | 4.7% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 5.9% |
| Utilities | 6.3% |
| Communication Services | 6.9% |
| Health Care | 9.2% |
| Industrials | 10.6% |
| Materials | 12.5% |
| Information Technology | 17.0% |
| Financials | 20.0% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Large Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HAVLX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Large Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $35 | 0.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1037257 |
| **Number of Investments** | 45 |
| **Total Net Advisory Fees Paid (in thousands)** | $3420 |
| **Portfolio Turnover Rate** | 8% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i6669a918d2e4d5531ac9aa9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.4% |
| Energy | 4.7% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 5.9% |
| Utilities | 6.3% |
| Communication Services | 6.9% |
| Health Care | 9.2% |
| Industrials | 10.6% |
| Materials | 12.5% |
| Information Technology | 17.0% |
| Financials | 20.0% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Large Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HILVX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Large Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $53 | 1.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1037257 |
| **Number of Investments** | 45 |
| **Total Net Advisory Fees Paid (in thousands)** | $3420 |
| **Portfolio Turnover Rate** | 8% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i6669a918d2e4d5531ac9aa9a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.4% |
| Energy | 4.7% |
| Consumer Staples | 5.5% |
| Consumer Discretionary | 5.9% |
| Utilities | 6.3% |
| Communication Services | 6.9% |
| Health Care | 9.2% |
| Industrials | 10.6% |
| Materials | 12.5% |
| Information Technology | 17.0% |
| Financials | 20.0% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Mid Cap Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HMCRX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Mid Cap Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $43 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $207646 |
| **Number of Investments** | 59 |
| **Total Net Advisory Fees Paid (in thousands)** | $699 |
| **Portfolio Turnover Rate** | 3% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i36b3e30798506a916f022226.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.1% |
| Utilities | 1.7% |
| Energy | 4.4% |
| Real Estate | 5.2% |
| Materials | 6.3% |
| Consumer Discretionary | 8.6% |
| Health Care | 9.8% |
| Financials | 15.6% |
| Information Technology | 17.5% |
| Industrials | 29.8% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Mid Cap Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HMCLX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Mid Cap Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $47 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $207646 |
| **Number of Investments** | 59 |
| **Total Net Advisory Fees Paid (in thousands)** | $699 |
| **Portfolio Turnover Rate** | 3% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i36b3e30798506a916f022226.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.1% |
| Utilities | 1.7% |
| Energy | 4.4% |
| Real Estate | 5.2% |
| Materials | 6.3% |
| Consumer Discretionary | 8.6% |
| Health Care | 9.8% |
| Financials | 15.6% |
| Information Technology | 17.5% |
| Industrials | 29.8% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Mid Cap Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HMCNX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Mid Cap Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $66 | 1.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $207646 |
| **Number of Investments** | 59 |
| **Total Net Advisory Fees Paid (in thousands)** | $699 |
| **Portfolio Turnover Rate** | 3% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i36b3e30798506a916f022226.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.1% |
| Utilities | 1.7% |
| Energy | 4.4% |
| Real Estate | 5.2% |
| Materials | 6.3% |
| Consumer Discretionary | 8.6% |
| Health Care | 9.8% |
| Financials | 15.6% |
| Information Technology | 17.5% |
| Industrials | 29.8% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Mid Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HNMVX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Mid Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $42 | 0.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $425460 |
| **Number of Investments** | 181 |
| **Total Net Advisory Fees Paid (in thousands)** | $1458 |
| **Portfolio Turnover Rate** | 15% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i14d3086723a5fd9dc8c262d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.9% |
| Utilities | 3.1% |
| Materials | 4.5% |
| Real Estate | 5.3% |
| Consumer Staples | 7.7% |
| Energy | 8.4% |
| Health Care | 9.2% |
| Information Technology | 12.1% |
| Consumer Discretionary | 12.3% |
| Industrials | 14.4% |
| Financials | 20.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Mid Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HAMVX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Mid Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $46 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $425460 |
| **Number of Investments** | 181 |
| **Total Net Advisory Fees Paid (in thousands)** | $1458 |
| **Portfolio Turnover Rate** | 15% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i14d3086723a5fd9dc8c262d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.9% |
| Utilities | 3.1% |
| Materials | 4.5% |
| Real Estate | 5.3% |
| Consumer Staples | 7.7% |
| Energy | 8.4% |
| Health Care | 9.2% |
| Information Technology | 12.1% |
| Consumer Discretionary | 12.3% |
| Industrials | 14.4% |
| Financials | 20.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Mid Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HRMVX

Administrative Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Mid Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Administrative Class | $60 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $425460 |
| **Number of Investments** | 181 |
| **Total Net Advisory Fees Paid (in thousands)** | $1458 |
| **Portfolio Turnover Rate** | 15% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i14d3086723a5fd9dc8c262d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.9% |
| Utilities | 3.1% |
| Materials | 4.5% |
| Real Estate | 5.3% |
| Consumer Staples | 7.7% |
| Energy | 8.4% |
| Health Care | 9.2% |
| Information Technology | 12.1% |
| Consumer Discretionary | 12.3% |
| Industrials | 14.4% |
| Financials | 20.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Mid Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HIMVX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Mid Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $65 | 1.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $425460 |
| **Number of Investments** | 181 |
| **Total Net Advisory Fees Paid (in thousands)** | $1458 |
| **Portfolio Turnover Rate** | 15% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i14d3086723a5fd9dc8c262d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 2.9% |
| Utilities | 3.1% |
| Materials | 4.5% |
| Real Estate | 5.3% |
| Consumer Staples | 7.7% |
| Energy | 8.4% |
| Health Care | 9.2% |
| Information Technology | 12.1% |
| Consumer Discretionary | 12.3% |
| Industrials | 14.4% |
| Financials | 20.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Small Cap Growth Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HNSGX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Small Cap Growth Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $42 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2588613 |
| **Number of Investments** | 77 |
| **Total Net Advisory Fees Paid (in thousands)** | $8415 |
| **Portfolio Turnover Rate** | 46% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i1fc44170834d4156a8cf81ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.5% |
| Communication Services | 1.9% |
| Energy | 2.4% |
| Consumer Staples | 2.4% |
| Consumer Discretionary | 6.8% |
| Financials | 10.3% |
| Health Care | 20.3% |
| Information Technology | 20.8% |
| Industrials | 33.6% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Small Cap Growth Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HASGX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Small Cap Growth Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $46 | 0.87% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2588613 |
| **Number of Investments** | 77 |
| **Total Net Advisory Fees Paid (in thousands)** | $8415 |
| **Portfolio Turnover Rate** | 46% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i1fc44170834d4156a8cf81ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.5% |
| Communication Services | 1.9% |
| Energy | 2.4% |
| Consumer Staples | 2.4% |
| Consumer Discretionary | 6.8% |
| Financials | 10.3% |
| Health Care | 20.3% |
| Information Technology | 20.8% |
| Industrials | 33.6% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Small Cap Growth Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HISGX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Small Cap Growth Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $64 | 1.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2588613 |
| **Number of Investments** | 77 |
| **Total Net Advisory Fees Paid (in thousands)** | $8415 |
| **Portfolio Turnover Rate** | 46% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i1fc44170834d4156a8cf81ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.5% |
| Communication Services | 1.9% |
| Energy | 2.4% |
| Consumer Staples | 2.4% |
| Consumer Discretionary | 6.8% |
| Financials | 10.3% |
| Health Care | 20.3% |
| Information Technology | 20.8% |
| Industrials | 33.6% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Small Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HNVRX

Retirement Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Small Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $45 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2532119 |
| **Number of Investments** | 59 |
| **Total Net Advisory Fees Paid (in thousands)** | $8294 |
| **Portfolio Turnover Rate** | 7% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i0f961b1f45f859dee7822e0e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.6% |
| Health Care | 1.9% |
| Consumer Staples | 2.6% |
| Materials | 3.0% |
| Real Estate | 3.5% |
| Consumer Discretionary | 4.8% |
| Energy | 7.1% |
| Financials | 22.8% |
| Information Technology | 24.5% |
| Industrials | 28.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Small Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HASCX

Institutional Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Small Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $50 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2532119 |
| **Number of Investments** | 59 |
| **Total Net Advisory Fees Paid (in thousands)** | $8294 |
| **Portfolio Turnover Rate** | 7% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i0f961b1f45f859dee7822e0e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.6% |
| Health Care | 1.9% |
| Consumer Staples | 2.6% |
| Materials | 3.0% |
| Real Estate | 3.5% |
| Consumer Discretionary | 4.8% |
| Energy | 7.1% |
| Financials | 22.8% |
| Information Technology | 24.5% |
| Industrials | 28.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Small Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HSVRX

Administrative Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Small Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Administrative Class | $64 | 1.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2532119 |
| **Number of Investments** | 59 |
| **Total Net Advisory Fees Paid (in thousands)** | $8294 |
| **Portfolio Turnover Rate** | 7% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i0f961b1f45f859dee7822e0e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.6% |
| Health Care | 1.9% |
| Consumer Staples | 2.6% |
| Materials | 3.0% |
| Real Estate | 3.5% |
| Consumer Discretionary | 4.8% |
| Energy | 7.1% |
| Financials | 22.8% |
| Information Technology | 24.5% |
| Industrials | 28.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

#### Harbor Small Cap Value Fund
![Image](i79c22c9c501b9848c87e8b5c.jpg)

Ticker: HISVX

Investor Class

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Small Cap Value Fund ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Investor Class | $69 | 1.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2532119 |
| **Number of Investments** | 59 |
| **Total Net Advisory Fees Paid (in thousands)** | $8294 |
| **Portfolio Turnover Rate** | 7% |

---

# Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i0f961b1f45f859dee7822e0e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.6% |
| Health Care | 1.9% |
| Consumer Staples | 2.6% |
| Materials | 3.0% |
| Real Estate | 3.5% |
| Consumer Discretionary | 4.8% |
| Energy | 7.1% |
| Financials | 22.8% |
| Information Technology | 24.5% |
| Industrials | 28.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i1f4bb2ddd245cafbd14ee554.jpg)

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

**ITEM 2 – CODE OF ETHICS**

Not applicable

**ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT**

Not applicable

**ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES**

Not applicable

**ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS**

Not applicable

**ITEM 6 – INVESTMENTS**

**(a)** The Registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the financial statements filed under Item 7 of this Form N-CSR.

**(b)** Not applicable

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

The following is a copy of the semi-annual financial statements, including financial highlights:

![](imgcf0612501.jpg)

**Semi-Annual Financial Statements and Additional Information**

**HARBOR FUNDS AND HARBOR FUNDS II**

**April 30, 2026** 

---

| |
|:---|
| Embark Commodity Strategy Fund (Consolidated) |
| Embark Small Cap Equity Fund |
| Harbor Ares Systematic Convertible Securities Fund |
| Harbor Capital Appreciation Fund |
| Harbor Core Bond Fund |
| Harbor Core Plus Fund |
| Harbor Diversified International All Cap Fund |
| Harbor International Fund |
| Harbor International Compounders Fund |
| Harbor International Core 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 |

---

![](imgb47b36982.gif)

------

**Table of Contents**

------

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

---

| | |
|:---|:---|
| **Harbor Funds and Harbor Funds II** <br>|  |
| **Portfolio of Investments** <br>|  |
| Embark Commodity Strategy Fund (CONSOLIDATED) | 1  |
| Embark Small Cap Equity Fund | 9  |
| Harbor Ares Systematic Convertible Securities Fund | 13  |
| Harbor Capital Appreciation Fund | 17  |
| Harbor Core Bond Fund | 19  |
| Harbor Core Plus Fund | 28  |
| Harbor Diversified International All Cap Fund | 36  |
| Harbor International Fund | 41  |
| Harbor International Compounders Fund | 45  |
| Harbor International Core Fund | 47  |
| Harbor International Small Cap Fund | 55  |
| Harbor Large Cap Value Fund | 57  |
| Harbor Mid Cap Fund | 59  |
| Harbor Mid Cap Value Fund | 61  |
| Harbor Small Cap Growth Fund | 64  |
| Harbor Small Cap Value Fund | 66  |
| **Financial Statements** <br>|  |
| Statements of Assets and Liabilities | 69  |
| Statements of Operations | 71  |
| Statements of Changes in Net Assets | 73  |
| Financial Highlights | 85  |
| **Notes to Financial Statements** | 114  |
| **Additional Information** <br>|  |

---

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

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

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisors:**

AQR Capital Management, LLC

Core Commodity Management, LLC

Neuberger Berman Investment Advisors LLC

Quantix Commodities LP

Schroder Investment Management North America Inc.

Summerhaven Investment Management, LLC

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—11.3%** | **Corporate Bonds & Notes—11.3%** | **Corporate Bonds & Notes—11.3%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—0.3%** | **AEROSPACE & DEFENSE—0.3%** | **AEROSPACE & DEFENSE—0.3%** |
| $9835 | General Electric Co. MTN <br>4.305% (3 Month USD Term SOFR + 0.642%) <br> 05/05/2026<sup>1</sup><br>| $9832 |
| **AUTOMOBILES—0.2%** | **AUTOMOBILES—0.2%** | **AUTOMOBILES—0.2%** |
| 6545 | Toyota Motor Credit Corp. <br>4.436% (SOFR + 0.770%) 08/07/2026<sup>1</sup><br>| 6554 |
| **BANKS—3.2%** | **BANKS—3.2%** | **BANKS—3.2%** |
| 14535 | Bank of America Corp. <br>5.002% (SOFR + 1.350%) 09/15/2027<sup>1</sup><br>| 14579 |
| 8485 | Citibank NA <br>4.375% (SOFR + 0.712%) 11/19/2027<sup>1</sup><br>| 8492 |
| 6215 | Citigroup, Inc. <br>4.808% (SOFR + 1.143%) 05/07/2028<sup>1</sup><br>| 6244 |
| 6590 | Fifth Third Bank NA <br>4.458% (SOFR + 0.810%) 01/28/2028<sup>1</sup><br>| 6592 |
|  | JPMorgan Chase & Co. |  |
| 6835 | 4.568% (SOFR + 0.920%) 04/22/2028<sup>1</sup> | 6863 |
| 5495 | 4.848% (SOFR + 1.200%) 01/23/2028<sup>1</sup> | 5524 |
|  |  | 12387 |
|  | Morgan Stanley Bank NA |  |
| 3020 | 4.336% (SOFR + 0.685%) 10/15/2027<sup>1</sup> | 3023 |
| 12580 | 4.523% (SOFR + 0.865%) 05/26/2028<sup>1</sup> | 12602 |
|  |  | 15625 |
| 9305 | PNC Bank NA <br>4.379% (SOFR + 0.730%) 07/21/2028<sup>1</sup><br>| 9313 |
|  | State Street Corp. |  |
| 7590 | 4.288% (SOFR + 0.640%) 10/22/2027<sup>1</sup> | 7604 |
| 1810 | 4.511% (SOFR + 0.845%) 08/03/2026<sup>1</sup> | 1812 |
|  |  | 9416 |
| 11530 | Truist Bank <br>4.418% (SOFR + 0.770%) 07/24/2028<sup>1</sup><br>| 11544 |
|  | U.S. Bank NA |  |
| 2305 | 4.338% (SOFR + 0.690%) 10/22/2027<sup>1</sup> | 2307 |
| 10000 | 4.574% (SOFR + 0.910%) 05/15/2028<sup>1</sup> | 10039 |
|  |  | 12346 |
|  |  | 106538 |
| **CAPITAL MARKETS—0.8%** | **CAPITAL MARKETS—0.8%** | **CAPITAL MARKETS—0.8%** |
| 11883 | Bank of New York Mellon Corp. <br>4.334% (SOFR + 0.680%) 06/09/2028<sup>1</sup><br>| 11903 |
|  | Goldman Sachs Group, Inc. |  |
| 5364 | 4.938% (SOFR + 1.290%) 04/23/2028<sup>1</sup> | 5399 |
| 9490 | 5.503% (SOFR + 1.850%) 03/15/2028<sup>1</sup> | 9588 |
|  |  | 14987 |
|  |  | 26890 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—0.2%** | **COMMERCIAL SERVICES & SUPPLIES—0.2%** | **COMMERCIAL SERVICES & SUPPLIES—0.2%** |
| $5795 | PayPal Holdings, Inc. <br>4.325% (SOFR + 0.670%) 03/06/2028<sup>1</sup><br>| $5806 |
| **DIVERSIFIED FINANCIAL SERVICES—0.1%** | **DIVERSIFIED FINANCIAL SERVICES—0.1%** | **DIVERSIFIED FINANCIAL SERVICES—0.1%** |
| 3020 | Mastercard, Inc. <br>4.093% (SOFR + 0.440%) 03/15/2028<sup>1</sup><br>| 3023 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** |
| 5420 | AT&T, Inc. <br>3.800%—02/15/2027<br>| 5406 |
| 7425 | Verizon Communications, Inc. <br>4.125%—03/16/2027<br>| 7427 |
|  |  | 12833 |
| **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** |
| 1575 | Constellation Energy Generation LLC <br>4.249% (SOFR + 0.600%) 01/08/2028<sup>1</sup><br>| 1574 |
| 11250 | Duke Energy Corp. <br>2.650%—09/01/2026<br>| 11190 |
| 6025 | Georgia Power Co. <br>3.933% (SOFR + 0.280%) 09/15/2026<sup>1</sup><br>| 6019 |
| 7968 | NextEra Energy Capital Holdings, Inc. <br>4.467% (SOFR + 0.800%) 02/04/2028<sup>1</sup><br>| 8002 |
| 1625 | Southern Co. <br>3.250%—07/01/2026<br>| 1623 |
| 7500 | Virginia Electric & Power Co. <br>3.500%—03/15/2027<br>| 7460 |
|  |  | 35868 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%** |
| 4115 | Amphenol Corp. <br>4.194% (SOFR + 0.530%) 11/15/2027<sup>1</sup><br>| 4111 |
| **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** |
| 13240 | American Express Co. <br>4.664% (SOFR + 1.000%) 02/16/2028<sup>1</sup><br>| 13291 |
| 2345 | PNC Financial Services Group, Inc. <br>4.268% (SOFR + 0.620%) 01/26/2029<sup>1</sup><br>| 2344 |
|  |  | 15635 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** |
| 9130 | UnitedHealth Group, Inc. <br>4.151% (SOFR + 0.500%) 07/15/2026<sup>1</sup><br>| 9135 |
| **HEALTH CARE PROVIDERS & SERVICES—0.3%** | **HEALTH CARE PROVIDERS & SERVICES—0.3%** | **HEALTH CARE PROVIDERS & SERVICES—0.3%** |
| 10325 | Abbott Laboratories <br>4.154% (SOFR + 0.500%) 03/09/2029<sup>1</sup><br>| 10342 |
| **INSURANCE—0.9%** | **INSURANCE—0.9%** | **INSURANCE—0.9%** |
|  | Athene Global Funding |  |
| 4590 | 4.521% (SOFR + 0.830%) 01/07/2027<sup>1,2</sup> | 4592 |
| 3340 | 4.652% (SOFR + 1.000%) 09/18/2028<sup>1,2</sup> | 3317 |
|  |  | 7909 |

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **INSURANCE—Continued** | **INSURANCE—Continued** | **INSURANCE—Continued** |
| $6335 | Corebridge Global Funding <br>4.951% (SOFR + 1.300%) 09/25/2026<sup>1,2</sup><br>| $6356 |
| 5100 | Marsh & McLennan Cos., Inc. <br>4.365% (SOFR + 0.700%) 11/08/2027<sup>1</sup><br>| 5106 |
| 5605 | New York Life Global Funding <br>4.077% (SOFR + 0.410%) 02/05/2027<sup>1,2</sup><br>| 5604 |
| 4820 | Principal Life Global Funding II <br>4.474% (SOFR + 0.810%) 08/18/2028<sup>1,2</sup><br>| 4821 |
|  |  | 29796 |
| **INTERNET & CATALOG RETAIL—0.6%** | **INTERNET & CATALOG RETAIL—0.6%** | **INTERNET & CATALOG RETAIL—0.6%** |
|  | Alphabet, Inc. |  |
| 2745 | 1.998%—08/15/2026 | 2730 |
| 6285 | 4.184% (SOFR + 0.520%) 11/15/2028<sup>1</sup> | 6306 |
|  |  | 9036 |
|  | Amazon.com, Inc. |  |
| 1875 | 1.000%—05/12/2026 | 1873 |
| 8175 | 4.243% (SOFR + 0.590%) 03/13/2029<sup>1</sup> | 8195 |
|  |  | 10068 |
|  |  | 19104 |
| **IT SERVICES—0.1%** | **IT SERVICES—0.1%** | **IT SERVICES—0.1%** |
| 2833 | Apple, Inc. <br>2.450%—08/04/2026<br>| 2823 |
| **MACHINERY—0.7%** | **MACHINERY—0.7%** | **MACHINERY—0.7%** |
| 5265 | Caterpillar Financial Services Corp. <br>4.245% (SOFR + 0.580%) 11/14/2028<sup>1</sup><br>| 5268 |
| 8930 | Caterpillar Financial Services Corp. MTN <br>4.185% (SOFR + 0.520%) 05/14/2027<sup>1</sup><br>| 8946 |
|  | John Deere Capital Corp. |  |
| 4545 | 4.205% (SOFR + 0.550%) 03/09/2029<sup>1</sup> | 4548 |
| 2325 | 4.329% (SOFR + 0.680%) 07/15/2027<sup>1</sup> | 2338 |
|  |  | 6886 |
| 3232 | John Deere Capital Corp. MTN <br>4.255% (SOFR + 0.600%) 06/11/2027<sup>1</sup><br>| 3240 |
|  |  | 24340 |
| **MULTI-UTILITIES—0.1%** | **MULTI-UTILITIES—0.1%** | **MULTI-UTILITIES—0.1%** |
| 5415 | Consolidated Edison Co. of New York, Inc. <br>4.184% (SOFR + 0.520%) 11/18/2027<sup>1</sup><br>| 5411 |
| **OIL, GAS & CONSUMABLE FUELS—0.5%** | **OIL, GAS & CONSUMABLE FUELS—0.5%** | **OIL, GAS & CONSUMABLE FUELS—0.5%** |
| 5960 | BP Capital Markets America, Inc. <br>3.017%—01/16/2027<br>| 5920 |
|  | Chevron USA, Inc. |  |
| 6265 | 4.019% (SOFR + 0.360%) 02/26/2027<sup>1</sup> | 6270 |
| 4580 | 4.235% (SOFR + 0.570%) 08/13/2028<sup>1</sup> | 4594 |
|  |  | 10864 |
|  |  | 16784 |
| **PHARMACEUTICALS—0.4%** | **PHARMACEUTICALS—0.4%** | **PHARMACEUTICALS—0.4%** |
| 3105 | AbbVie, Inc. <br>4.136% (SOFR + 0.480%) 03/03/2028<sup>1</sup><br>| 3110 |
| 1570 | CVS Health Corp. <br>3.000%—08/15/2026<br>| 1564 |
| 3230 | Eli Lilly & Co. <br>4.181% (SOFR + 0.530%) 10/15/2028<sup>1</sup><br>| 3240 |

---

---

| | |
|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>| **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
| $5665<br> Novartis Capital Corp. <br>4.187% (SOFR + 0.520%) 11/05/2028<sup>1</sup><br>| $5689 |
|  | 13603 |
| **SOFTWARE—0.1%** | **SOFTWARE—0.1%** |
| 2420<br> Oracle Corp. <br>4.429% (SOFR + 0.760%) 08/03/2028<sup>1</sup><br>| 2377 |
| **SPECIALTY RETAIL—0.1%** | **SPECIALTY RETAIL—0.1%** |
| 3485<br> Walmart, Inc. <br>4.046% (SOFR + 0.400%) 04/30/2029<sup>1</sup><br>| 3487 |
| **TOBACCO—0.3%** | **TOBACCO—0.3%** |
| 9645<br> Philip Morris International, Inc. <br>4.477% (SOFR + 0.830%) 04/28/2028<sup>1</sup><br>| 9679 |
| **Total Corporate Bonds & Notes** <br>(Cost $373,845) | 373971 |

---

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

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—68.8%** | **Short-Term Investments—68.8%** | **Short-Term Investments—68.8%** |
| **U.S. TREASURY BILLS—68.8%** | **U.S. TREASURY BILLS—68.8%** | **U.S. TREASURY BILLS—68.8%** |
|  | U.S. Treasury Bills |  |
| 8000 | 3.470%—07/09/2026<sup>†</sup> | 7945 |
| 749 | 3.475%—07/09/2026<sup>†</sup> | 744 |
| 101784 | 3.484%—07/16/2026<sup>†,3</sup> | 101015 |
| 122600 | 3.490%—07/16/2026<sup>†,3</sup> | 121673 |
| 93472 | 3.497%—06/18/2026<sup>†</sup> | 93023 |
| 64905 | 3.500%—07/02/2026-08/20/2026<sup>†</sup> | 64265 |
| 401969 | 3.515%—08/13/2026<sup>†</sup> | 397811 |
| 23000 | 3.520%—07/23/2026<sup>†</sup> | 22810 |
| 148236 | 3.525%—07/30/2026-08/27/2026<sup>†</sup> | 146759 |
| 15400 | 3.530%—08/27/2026<sup>†</sup> | 15219 |
| 64385 | 3.535%—09/03/2026-09/10/2026<sup>†</sup> | 63554 |
| 54600 | 3.540%—07/16/2026<sup>†,3</sup> | 54187 |
| 171152 | 3.566%—09/17/2026<sup>†</sup> | 168780 |
| 40910 | 3.577%—05/28/2026<sup>†,3</sup> | 40801 |
| 96367 | 3.580%—05/28/2026-06/11/2026<sup>†,3</sup> | 96088 |
| 65000 | 3.582%—06/18/2026<sup>†</sup> | 64688 |
| 150940 | 3.584%—07/07/2026-10/15/2026<sup>†,3</sup> | 149125 |
| 70950 | 3.585%—10/01/2026<sup>†,3</sup> | 69870 |
| 40000 | 3.591%—05/19/2026<sup>†</sup> | 39928 |
| 19530 | 3.593%—05/07/2026<sup>†</sup> | 19518 |
| 60000 | 3.595%—10/15/2026<sup>†,3</sup> | 59001 |
| 36690 | 3.599%—07/16/2026<sup>†,3</sup> | 36413 |
| 27240 | 3.600%—05/14/2026-07/23/2026<sup>†</sup> | 27166 |
| 41940 | 3.601%—06/04/2026-06/25/2026<sup>†</sup> | 41766 |
| 29004 | 3.605%—06/11/2026-10/01/2026<sup>†,3</sup> | 28731 |
| 40600 | 3.610%—09/17/2026<sup>†</sup> | 40037 |
| 49036 | 3.615%—06/25/2026-10/08/2026<sup>†</sup> | 48632 |
| 18990 | 3.616%—07/09/2026<sup>†</sup> | 18859 |
| 40980 | 3.620%—06/18/2026-07/02/2026<sup>†</sup> | 40751 |
| 13510 | 3.622%—06/18/2026<sup>†</sup> | 13445 |
| 56183 | 3.630%—09/24/2026<sup>†</sup> | 55362 |
| 85334 | 3.639%—05/21/2026<sup>†</sup> | 85165 |

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | |
|:---|:---|
| **Short-Term Investments—Continued** | **Short-Term Investments—Continued** |
| **Principal**<br> **Amount**<br>| **Value** |
| **U.S. TREASURY BILLS—Continued** | **U.S. TREASURY BILLS—Continued** |
| $5935<br>3.690%—05/14/2026<sup>†</sup> | $5927 |
| 40235<br>3.701%—05/07/2026<sup>†</sup> | 40211 |
| **Total Short-Term Investments** <br>(Cost $2,279,461) | 2279269 |
| **TOTAL INVESTMENTS—80.1%** <br>(Cost $2,653,306) | 2653240 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—19.9%** | 661101 |
| **TOTAL NET ASSETS—100.0%** | $3314341 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Month**<br>| **Current** <br>**Notional** <br>**Value** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| Brent Crude Futures | &nbsp;&nbsp; 765 | 05/26 | &nbsp;&nbsp; $84456 | &nbsp;&nbsp; $10613 |
| Brent Crude Futures | &nbsp;&nbsp; 412 | 06/26 | &nbsp;&nbsp; 42597 | &nbsp;&nbsp; 1627 |
| Brent Crude Futures | &nbsp;&nbsp; 792 | 07/26 | &nbsp;&nbsp; 77561 | &nbsp;&nbsp; 1616 |
| Brent Crude Futures | &nbsp;&nbsp; 14 | 09/26 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 106 |
| Canola Futures | &nbsp;&nbsp; 271 | 07/26 | &nbsp;&nbsp; 3048 | &nbsp;&nbsp; 114 |
| Cattle Feeder Futures | &nbsp;&nbsp; 83 | 08/26 | &nbsp;&nbsp; 15501 | &nbsp;&nbsp; 142 |
| Cattle Feeder Futures | &nbsp;&nbsp; 6 | 09/26 | &nbsp;&nbsp; 1116 | &nbsp;&nbsp; 17 |
| Cocoa Futures | &nbsp;&nbsp; 580 | 07/26 | &nbsp;&nbsp; 20756 | &nbsp;&nbsp; 1001 |
| Cocoa Futures | &nbsp;&nbsp; 67 | 09/26 | &nbsp;&nbsp; 2439 | &nbsp;&nbsp; 176 |
| Coffee C Futures | &nbsp;&nbsp; 581 | 07/26 | &nbsp;&nbsp; 62214 | &nbsp;&nbsp; (1280)<br>|
| Coffee C Futures | &nbsp;&nbsp; 31 | 09/26 | &nbsp;&nbsp; 3201 | &nbsp;&nbsp; (186)<br>|
| Copper Futures | &nbsp;&nbsp; 117 | 07/26 | &nbsp;&nbsp; 17493 | &nbsp;&nbsp; 521 |
| Copper Futures | &nbsp;&nbsp; 105 | 09/26 | &nbsp;&nbsp; 15851 | &nbsp;&nbsp; 303 |
| Copper Futures | &nbsp;&nbsp; 279 | 12/26 | &nbsp;&nbsp; 42715 | &nbsp;&nbsp; (618)<br>|
| Corn Futures | &nbsp;&nbsp; 3592 | 07/26 | &nbsp;&nbsp; 85265 | &nbsp;&nbsp; 1820 |
| Corn Futures | &nbsp;&nbsp; 124 | 09/26 | &nbsp;&nbsp; 2974 | &nbsp;&nbsp; 93 |
| Corn Futures | &nbsp;&nbsp; 1122 | 12/26 | &nbsp;&nbsp; 27727 | &nbsp;&nbsp; 62 |
| Cotton No. 2 Futures | &nbsp;&nbsp; 677 | 07/26 | &nbsp;&nbsp; 27825 | &nbsp;&nbsp; 2077 |
| Cotton No. 2 Futures | &nbsp;&nbsp; 319 | 12/26 | &nbsp;&nbsp; 13218 | &nbsp;&nbsp; 1678 |
| Dutch TTF Natural Gas Futures | &nbsp;&nbsp; 30 | 05/26 | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 46 |
| Dutch TTF Natural Gas Futures | &nbsp;&nbsp; 50 | 11/26 | &nbsp;&nbsp; 1986 | &nbsp;&nbsp; 242 |
| ECX Emissions Futures | &nbsp;&nbsp; 402 | 12/26 | &nbsp;&nbsp; 34815 | &nbsp;&nbsp; (124)<br>|
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 121 | 05/26 | &nbsp;&nbsp; 15818 | &nbsp;&nbsp; 1180 |
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 49 | 06/26 | &nbsp;&nbsp; 6041 | &nbsp;&nbsp; 783 |
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 679 | 07/26 | &nbsp;&nbsp; 77864 | &nbsp;&nbsp; 8317 |
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 68 | 09/26 | &nbsp;&nbsp; 6972 | &nbsp;&nbsp; 1660 |
| Gold 100 OZ Futures | &nbsp;&nbsp; 496 | 06/26 | &nbsp;&nbsp; 229628 | &nbsp;&nbsp; (14063)<br>|
| Gold 100 OZ Futures | &nbsp;&nbsp; 225 | 08/26 | &nbsp;&nbsp; 104951 | &nbsp;&nbsp; (1419)<br>|
| Gold 100 OZ Futures | &nbsp;&nbsp; 23 | 12/26 | &nbsp;&nbsp; 10883 | &nbsp;&nbsp; (201)<br>|
| Iodex (Iron Ore) Futures | &nbsp;&nbsp; 2048 | 06/26 | &nbsp;&nbsp; 21918 | &nbsp;&nbsp; 149 |
| Iodex (Iron Ore) Futures | &nbsp;&nbsp; 273 | 07/26 | &nbsp;&nbsp; 2907 | &nbsp;&nbsp; 108 |

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** |
| **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** |
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Current**<br> **Notional**<br> **Value**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **(000s)**<br>|
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 475 | 07/26 | &nbsp;&nbsp; $16471 | &nbsp;&nbsp; $1615 |
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 201 | 09/26 | &nbsp;&nbsp; 7093 | &nbsp;&nbsp; 636 |
| Lean Hogs Futures | &nbsp;&nbsp; 421 | 06/26 | &nbsp;&nbsp; 17223 | &nbsp;&nbsp; (698)<br>|
| Lean Hogs Futures | &nbsp;&nbsp; 324 | 07/26 | &nbsp;&nbsp; 13615 | &nbsp;&nbsp; (29)<br>|
| Lean Hogs Futures | &nbsp;&nbsp; 67 | 10/26 | &nbsp;&nbsp; 2426 | &nbsp;&nbsp; (53)<br>|
| Live Cattle Futures | &nbsp;&nbsp; 299 | 06/26 | &nbsp;&nbsp; 30378 | &nbsp;&nbsp; 2386 |
| Live Cattle Futures | &nbsp;&nbsp; 309 | 08/26 | &nbsp;&nbsp; 30736 | &nbsp;&nbsp; 352 |
| Live Cattle Futures | &nbsp;&nbsp; 36 | 10/26 | &nbsp;&nbsp; 3506 | &nbsp;&nbsp; 74 |
| LME Aluminum Futures | &nbsp;&nbsp; 1316 | 05/26 | &nbsp;&nbsp; 116276 | &nbsp;&nbsp; 12009 |
| LME Aluminum Futures | &nbsp;&nbsp; 1419 | 06/26 | &nbsp;&nbsp; 124443 | &nbsp;&nbsp; 12303 |
| LME Aluminum Futures | &nbsp;&nbsp; 968 | 07/26 | &nbsp;&nbsp; 84411 | &nbsp;&nbsp; 1693 |
| LME Aluminum Futures | &nbsp;&nbsp; 1774 | 09/26 | &nbsp;&nbsp; 152806 | &nbsp;&nbsp; 794 |
| LME Copper Futures | &nbsp;&nbsp; 23 | 05/26 | &nbsp;&nbsp; 7439 | &nbsp;&nbsp; 74 |
| LME Copper Futures | &nbsp;&nbsp; 466 | 06/26 | &nbsp;&nbsp; 151056 | &nbsp;&nbsp; 922 |
| LME Copper Futures | &nbsp;&nbsp; 10 | 07/26 | &nbsp;&nbsp; 3245 | &nbsp;&nbsp; 2 |
| LME Copper Futures | &nbsp;&nbsp; 291 | 09/26 | &nbsp;&nbsp; 94567 | &nbsp;&nbsp; 773 |
| LME Lead Futures | &nbsp;&nbsp; 231 | 05/26 | &nbsp;&nbsp; 11274 | &nbsp;&nbsp; (381)<br>|
| LME Lead Futures | &nbsp;&nbsp; 426 | 06/26 | &nbsp;&nbsp; 20809 | &nbsp;&nbsp; (912)<br>|
| LME Lead Futures | &nbsp;&nbsp; 315 | 07/26 | &nbsp;&nbsp; 15382 | &nbsp;&nbsp; (227)<br>|
| LME Lead Futures | &nbsp;&nbsp; 602 | 09/26 | &nbsp;&nbsp; 29656 | &nbsp;&nbsp; 20 |
| LME Nickel Futures | &nbsp;&nbsp; 284 | 05/26 | &nbsp;&nbsp; 32920 | &nbsp;&nbsp; 3347 |
| LME Nickel Futures | &nbsp;&nbsp; 343 | 06/26 | &nbsp;&nbsp; 39897 | &nbsp;&nbsp; 3433 |
| LME Nickel Futures | &nbsp;&nbsp; 284 | 07/26 | &nbsp;&nbsp; 33148 | &nbsp;&nbsp; 3125 |
| LME Nickel Futures | &nbsp;&nbsp; 402 | 09/26 | &nbsp;&nbsp; 47229 | &nbsp;&nbsp; 3127 |
| LME Tin Futures | &nbsp;&nbsp; 18 | 06/26 | &nbsp;&nbsp; 4423 | &nbsp;&nbsp; 24 |
| LME Tin Futures | &nbsp;&nbsp; 4 | 07/26 | &nbsp;&nbsp; 984 | &nbsp;&nbsp; 48 |
| LME Tin Futures | &nbsp;&nbsp; 5 | 09/26 | &nbsp;&nbsp; 1233 | &nbsp;&nbsp; (35)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 509 | 05/26 | &nbsp;&nbsp; 42846 | &nbsp;&nbsp; 1250 |
| LME Zinc Futures | &nbsp;&nbsp; 375 | 06/26 | &nbsp;&nbsp; 31632 | &nbsp;&nbsp; 939 |
| LME Zinc Futures | &nbsp;&nbsp; 383 | 07/26 | &nbsp;&nbsp; 32268 | &nbsp;&nbsp; 769 |
| LME Zinc Futures | &nbsp;&nbsp; 641 | 09/26 | &nbsp;&nbsp; 53880 | &nbsp;&nbsp; 700 |
| Milling Wheat Futures | &nbsp;&nbsp; 2113 | 09/26 | &nbsp;&nbsp; 26473 | &nbsp;&nbsp; 523 |
| Minneapolis Hard Red Wheat Futures | &nbsp;&nbsp; 95 | 07/26 | &nbsp;&nbsp; 3352 | &nbsp;&nbsp; 304 |
| Natural Gas Futures | &nbsp;&nbsp; 588 | 05/26 | &nbsp;&nbsp; 16270 | &nbsp;&nbsp; (451)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 1714 | 06/26 | &nbsp;&nbsp; 52174 | &nbsp;&nbsp; (768)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 186 | 08/26 | &nbsp;&nbsp; 5772 | &nbsp;&nbsp; (526)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 718 | 10/26 | &nbsp;&nbsp; 25073 | &nbsp;&nbsp; 299 |
| NY Harbor ULSD Futures | &nbsp;&nbsp; 97 | 05/26 | &nbsp;&nbsp; 16626 | &nbsp;&nbsp; 733 |
| NY Harbor ULSD Futures | &nbsp;&nbsp; 250 | 06/26 | &nbsp;&nbsp; 40826 | &nbsp;&nbsp; 3763 |
| NY Harbor ULSD Futures | &nbsp;&nbsp; 45 | 08/26 | &nbsp;&nbsp; 6785 | &nbsp;&nbsp; 1024 |
| Palladium Futures | &nbsp;&nbsp; 31 | 06/26 | &nbsp;&nbsp; 4753 | &nbsp;&nbsp; (250)<br>|
| Palladium Futures | &nbsp;&nbsp; 10 | 09/26 | &nbsp;&nbsp; 1557 | &nbsp;&nbsp; 87 |
| Phelix DE Base Futures | &nbsp;&nbsp; 32 | 12/26 | &nbsp;&nbsp; 30163 | &nbsp;&nbsp; 992 |
| Platinum Futures | &nbsp;&nbsp; 35 | 07/26 | &nbsp;&nbsp; 3491 | &nbsp;&nbsp; (278)<br>|
| Platinum Futures | &nbsp;&nbsp; 14 | 10/26 | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; (98)<br>|
| Platinum Futures | &nbsp;&nbsp; 44 | 02/27 | &nbsp;&nbsp; 1371 | &nbsp;&nbsp; (81)<br>|
| Platinum Futures | &nbsp;&nbsp; 11 | 04/27 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 2 |

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** |
| **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** |
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Current**<br> **Notional**<br> **Value**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **(000s)**<br>|
| Rapeseed Futures | &nbsp;&nbsp; 179 | 07/26 | &nbsp;&nbsp; $5470 | &nbsp;&nbsp; $227 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 118 | 05/26 | &nbsp;&nbsp; 17916 | &nbsp;&nbsp; 4706 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 256 | 06/26 | &nbsp;&nbsp; 37065 | &nbsp;&nbsp; 2833 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 275 | 08/26 | &nbsp;&nbsp; 35834 | &nbsp;&nbsp; 5430 |
| Robusta Coffee 10-T Futures | &nbsp;&nbsp; 123 | 07/26 | &nbsp;&nbsp; 4134 | &nbsp;&nbsp; 112 |
| Robusta Coffee 10-T Futures | &nbsp;&nbsp; 31 | 09/26 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; (76)<br>|
| Silver Futures | &nbsp;&nbsp; 224 | 07/26 | &nbsp;&nbsp; 82911 | &nbsp;&nbsp; 295 |
| Silver Futures | &nbsp;&nbsp; 39 | 09/26 | &nbsp;&nbsp; 14538 | &nbsp;&nbsp; (434)<br>|
| Soybean Futures | &nbsp;&nbsp; 1590 | 07/26 | &nbsp;&nbsp; 95042 | &nbsp;&nbsp; 180 |
| Soybean Futures | &nbsp;&nbsp; 198 | 08/26 | &nbsp;&nbsp; 11774 | &nbsp;&nbsp; 515 |
| Soybean Futures | &nbsp;&nbsp; 760 | 11/26 | &nbsp;&nbsp; 44574 | &nbsp;&nbsp; 802 |
| Soybean Meal Futures | &nbsp;&nbsp; 1218 | 07/26 | &nbsp;&nbsp; 38842 | &nbsp;&nbsp; (333)<br>|
| Soybean Meal Futures | &nbsp;&nbsp; 326 | 09/26 | &nbsp;&nbsp; 10152 | &nbsp;&nbsp; (303)<br>|
| Soybean Meal Futures | &nbsp;&nbsp; 593 | 12/26 | &nbsp;&nbsp; 18472 | &nbsp;&nbsp; 292 |
| Soybean Oil Futures | &nbsp;&nbsp; 1156 | 07/26 | &nbsp;&nbsp; 51701 | &nbsp;&nbsp; 4112 |
| Soybean Oil Futures | &nbsp;&nbsp; 234 | 09/26 | &nbsp;&nbsp; 10050 | &nbsp;&nbsp; 1173 |
| Soybean Oil Futures | &nbsp;&nbsp; 1094 | 12/26 | &nbsp;&nbsp; 45580 | &nbsp;&nbsp; 3143 |
| Sugar No. 11 Futures | &nbsp;&nbsp; 5202 | 06/26 | &nbsp;&nbsp; 85121 | &nbsp;&nbsp; 293 |
| Sugar No. 11 Futures | &nbsp;&nbsp; 123 | 09/26 | &nbsp;&nbsp; 2073 | &nbsp;&nbsp; (11)<br>|
| UK Natural Gas Futures | &nbsp;&nbsp; 120 | 05/26 | &nbsp;&nbsp; 5530 | &nbsp;&nbsp; 363 |
| Wheat Futures | &nbsp;&nbsp; 823 | 07/26 | &nbsp;&nbsp; 26202 | &nbsp;&nbsp; 1416 |
| Wheat Futures | &nbsp;&nbsp; 411 | 09/26 | &nbsp;&nbsp; 13393 | &nbsp;&nbsp; 421 |
| White Sugar Futures | &nbsp;&nbsp; 138 | 07/26 | &nbsp;&nbsp; 3028 | &nbsp;&nbsp; 94 |
| White Sugar Futures | &nbsp;&nbsp; 47 | 09/26 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 64 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 322 | 05/26 | &nbsp;&nbsp; 33833 | &nbsp;&nbsp; 4816 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 1299 | 06/26 | &nbsp;&nbsp; 128783 | &nbsp;&nbsp; 12098 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 95 | 08/26 | &nbsp;&nbsp; 8434 | &nbsp;&nbsp; 959 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 142 | 11/26 | &nbsp;&nbsp; 11390 | &nbsp;&nbsp; 624 |
| Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | &nbsp;&nbsp; $113726 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Month**<br>| **Current** <br>**Notional** <br>**Value** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| Brent Crude Futures | &nbsp;&nbsp; 2 | 07/26 | &nbsp;&nbsp; $196 | &nbsp;&nbsp; $(25)<br>|
| Cocoa Futures | &nbsp;&nbsp; 47 | 07/26 | &nbsp;&nbsp; 1706 | &nbsp;&nbsp; (133)<br>|
| Copper Futures | &nbsp;&nbsp; 21 | 07/26 | &nbsp;&nbsp; 3140 | &nbsp;&nbsp; (53)<br>|
| Cotton No. 2 Futures | &nbsp;&nbsp; 100 | 07/26 | &nbsp;&nbsp; 4110 | &nbsp;&nbsp; (305)<br>|
| FCOJ-A Futures | &nbsp;&nbsp; 9 | 07/26 | &nbsp;&nbsp; 257 | &nbsp;&nbsp; (14)<br>|
| Gold 100 OZ Futures | &nbsp;&nbsp; 9 | 08/26 | &nbsp;&nbsp; 4198 | &nbsp;&nbsp; 103 |
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 60 | 07/26 | &nbsp;&nbsp; 2080 | &nbsp;&nbsp; (193)<br>|
| Lean Hogs Futures | &nbsp;&nbsp; 1 | 07/26 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 3 |
| Lean Hogs Futures | &nbsp;&nbsp; 14 | 08/26 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 15 |
| Live Cattle Futures | &nbsp;&nbsp; 29 | 06/26 | &nbsp;&nbsp; 2946 | &nbsp;&nbsp; (241)<br>|
| Live Cattle Futures | &nbsp;&nbsp; 13 | 08/26 | &nbsp;&nbsp; 1293 | &nbsp;&nbsp; (28)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 1172 | 05/26 | &nbsp;&nbsp; 103553 | &nbsp;&nbsp; (4378)<br>|

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** |
| **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** |
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Current**<br> **Notional**<br> **Value**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **(000s)**<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 1340 | 06/26 | &nbsp;&nbsp; $117515 | &nbsp;&nbsp; $(1539)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 592 | 07/26 | &nbsp;&nbsp; 51623 | &nbsp;&nbsp; 85 |
| LME Aluminum Futures | &nbsp;&nbsp; 344 | 09/26 | &nbsp;&nbsp; 29631 | &nbsp;&nbsp; (2010)<br>|
| LME Copper Futures | &nbsp;&nbsp; 23 | 05/26 | &nbsp;&nbsp; 7439 | &nbsp;&nbsp; (57)<br>|
| LME Copper Futures | &nbsp;&nbsp; 434 | 06/26 | &nbsp;&nbsp; 140683 | &nbsp;&nbsp; (231)<br>|
| LME Copper Futures | &nbsp;&nbsp; 10 | 07/26 | &nbsp;&nbsp; 3245 | &nbsp;&nbsp; 19 |
| LME Copper Futures | &nbsp;&nbsp; 31 | 09/26 | &nbsp;&nbsp; 10074 | &nbsp;&nbsp; 90 |
| LME Lead Futures | &nbsp;&nbsp; 231 | 05/26 | &nbsp;&nbsp; 11274 | &nbsp;&nbsp; 381 |
| LME Lead Futures | &nbsp;&nbsp; 426 | 06/26 | &nbsp;&nbsp; 20809 | &nbsp;&nbsp; (350)<br>|
| LME Lead Futures | &nbsp;&nbsp; 317 | 07/26 | &nbsp;&nbsp; 15480 | &nbsp;&nbsp; 6 |
| LME Lead Futures | &nbsp;&nbsp; 221 | 09/26 | &nbsp;&nbsp; 10887 | &nbsp;&nbsp; (92)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 258 | 05/26 | &nbsp;&nbsp; 29906 | &nbsp;&nbsp; (2980)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 355 | 06/26 | &nbsp;&nbsp; 41293 | &nbsp;&nbsp; (4007)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 215 | 07/26 | &nbsp;&nbsp; 25095 | &nbsp;&nbsp; (1306)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 76 | 09/26 | &nbsp;&nbsp; 8929 | &nbsp;&nbsp; (593)<br>|
| LME Tin Futures | &nbsp;&nbsp; 3 | 06/26 | &nbsp;&nbsp; 737 | &nbsp;&nbsp; (25)<br>|
| LME Tin Futures | &nbsp;&nbsp; 4 | 07/26 | &nbsp;&nbsp; 984 | &nbsp;&nbsp; 34 |
| LME Tin Futures | &nbsp;&nbsp; 1 | 09/26 | &nbsp;&nbsp; 247 | &nbsp;&nbsp; (11)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 441 | 05/26 | &nbsp;&nbsp; 37122 | &nbsp;&nbsp; (1228)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 389 | 06/26 | &nbsp;&nbsp; 32813 | &nbsp;&nbsp; (641)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 344 | 07/26 | &nbsp;&nbsp; 28982 | &nbsp;&nbsp; (116)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 129 | 09/26 | &nbsp;&nbsp; 10843 | &nbsp;&nbsp; (269)<br>|
| NY Harbor ULSD Futures | &nbsp;&nbsp; 189 | 06/26 | &nbsp;&nbsp; 30865 | &nbsp;&nbsp; (2912)<br>|
| Platinum Futures | &nbsp;&nbsp; 11 | 07/26 | &nbsp;&nbsp; 1097 | &nbsp;&nbsp; 13 |
| Soybean Meal Futures | &nbsp;&nbsp; 57 | 07/26 | &nbsp;&nbsp; 1818 | &nbsp;&nbsp; 37 |
| Soybean Oil Futures | &nbsp;&nbsp; 44 | 07/26 | &nbsp;&nbsp; 1968 | &nbsp;&nbsp; (194)<br>|
| Sugar No. 11 Futures | &nbsp;&nbsp; 11 | 06/26 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; (7)<br>|
| Wheat Futures | &nbsp;&nbsp; 58 | 07/26 | &nbsp;&nbsp; 1847 | &nbsp;&nbsp; (129)<br>|
| WTI Crude Oil Futures | &nbsp;&nbsp; 11 | 06/26 | &nbsp;&nbsp; 1091 | &nbsp;&nbsp; (157)<br>|
| Total Short Futures Contracts | Total Short Futures Contracts | Total Short Futures Contracts | Total Short Futures Contracts | &nbsp;&nbsp; $(23438)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $90288 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** |
| **CALL PURCHASED OPTIONS** |  |  |  |  |  |  |
| **Description** | **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br> **Amount** <br> **(000s)**<br>| **Cost** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>|
| Crude Oil Futures Option | $120.00 | 08/17/2026 | 801 | $71113 | $2207 | $2724 |
| Gold Futures Option | 6000.00 | 05/26/2026 | 120 | 55555 | 819 | 14 |
| Silver Futures Option | 130.00 | 05/26/2026 | 25 | 9254 | 356 | 5 |
| Silver Futures Option | 150.00 | 05/26/2026 | 43 | 15916 | 381 | 5 |
| Total Call Purchased Options | Total Call Purchased Options | Total Call Purchased Options | Total Call Purchased Options | Total Call Purchased Options | $3763 | $2748 |

---

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

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

**PURCHASED OPTIONS—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** |
| **Description** | **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br> **Amount** <br> **(000s)**<br>| **Cost** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>|
| HG Copper Futures Option | $475.00 | 06/25/2026 | 97 | $14503 | $299 | $— |
| HG Copper Futures Option | 500.00 | 06/25/2026 | 66 | 9868 | 295 |  |
| Live Cattle Futures Option | 200.00 | 06/05/2026 | 575 | 58420 | 295 | 12 |
| Silver Futures Option | 50.00 | 05/26/2026 | 221 | 81801 | 774 | 64 |
| Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | $1663 | $76 |
| Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $5426 | $2824 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** |
| **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** |
| **Counterparty** | **Fixed** <br>**Rate**<br>| **Pay/Receive** <br>**Fixed Rate**<br>| **Expiration** <br>**Date**<br>| **Payment** <br>**Frequency**<br>| **Notional** <br>**Amount** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>| **Upfront** <br>**Premiums** <br>**(Received)/** <br>**Paid** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| Macquarie Bank Limited | 0.138% | Pay<br> Macquarie MQCP338E Index<sup>4</sup> <br>| 05/29/2026 | Monthly | $598584 | $— | $— | $— |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** |
| **Counterparty** | **Fixed** <br>**Rate**<br>| **Pay/Receive** <br>**Fixed Rate**<br>| **Reference Index** | **Expiration** <br>**Date**<br>| **Payment** <br>**Frequency**<br>| **Notional** <br>**Amount** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>| **Upfront** <br>**Premiums** <br>**(Received)/** <br>**Paid** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| Citigroup Global Markets | 0.110% | Pay | Bloomberg Commodity 3-Month <br> Forward Total Return Index<br>| 10/30/2026 | Monthly | $150220 | $— | $— | $— |
| Citigroup Global Markets | 0.240% | Pay | FTSE/Core Commodity CRB <br> 3-Month Forward Total Return <br> Index<br>| 02/26/2027 | Monthly | 59592 |  |  |  |
| RBC Dominion Securities | 0.120% | Pay | Bloomberg Commodity 3-Month <br> Forward Total Return Index<br>| 10/30/2026 | Monthly | 192131 |  |  |  |
| RBC Dominion Securities | 0.290% | Pay | FTSE/Core Commodity CRB <br> 3-Month Forward Total Return <br> Index<br>| 02/26/2027 | Monthly | 26344 |  |  |  |
| Total Over-the-Counter Total Return Swaps | Total Over-the-Counter Total Return Swaps | Total Over-the-Counter Total Return Swaps | Total Over-the-Counter Total Return Swaps | Total Over-the-Counter Total Return Swaps | Total Over-the-Counter Total Return Swaps | Total Over-the-Counter Total Return Swaps | $— | $— | $— |
| Total Swaps | Total Swaps | Total Swaps | Total Swaps | Total Swaps | Total Swaps | Total Swaps | $— | $— | $— |

---

**FAIR VALUE MEASUREMENTS**

As of April 30, 2026, the investments in futures contracts and options (as disclosed in the preceding Futures Contracts and Purchased Options schedules) were classified as Level 1 and all other investments were classified as Level 2.

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

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | |
|:---|:---|
| † | Coupon represents yield to maturity |
| 1 | Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 2026. The variable rate for such securities may <br> be based on the indicated reference rate and spread or on an underlying asset or pool of assets rather than a reference rate and may be <br> determined by current interest rates, prepayments or other financial indicators.<br>|
| 2 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold <br> in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these <br> securities. As of April 30, 2026, the aggregate value of these securities was $24,690 or 1% of net assets.<br>|
| 3 | As of April 30, 2026, all or a portion of this security was restricted as collateral for futures contracts and OTC swaps. The restricted securities <br> had an aggregate value of $91,168.<br>|
| 4 | The index is comprised of publicly traded futures contracts on physical commodities. The table below represents the reference index components <br> as of April 30, 2026.<br>|

---

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

---

| | |
|:---|:---|
| **Commodity** | **Weight** |
| Gold | 32.9% |
| Brent Crude Oil | 14.0 |
| RBOB Gasoline | 8.8 |
| GasOil | 8.1 |
| Heating Oil | 7.9 |
| Aluminum | 6.8 |
| Corn | 3.9 |
| Soybeans | 2.6 |
| Cotton | 2.0 |
| Nickel | 2.0 |
| WTI Crude Oil | 2.0 |
| KC Wheat | 1.9 |
| Soybean Oil | 1.9 |
| Sugar | 1.9 |
| Zinc | 1.8 |
| Cocoa | 1.3 |
| Comex Copper | 0.2 |

---

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

MTN Medium Term Note

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

------

⬤

------

**Embark Small Cap Equity Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| 2157 | AeroVironment, Inc. <sup>\*</sup> | $420 |
| 5304 | BWX Technologies, Inc.  | 1148 |
| 57065 | Cadre Holdings, Inc.  | 1692 |
| 6676 | Carpenter Technology Corp.  | 2859 |
| 7742 | FTAI Aviation Ltd.  | 1933 |
| 10558 | Hexcel Corp.  | 991 |
| 27166 | Red Cat Holdings, Inc. <sup>\*</sup> | 318 |
| 38121 | V2X, Inc. <sup>\*</sup> | 2585 |
| 16009 | York Space Systems, Inc. <sup>\*</sup> | 531 |
|  |  | 12477 |
| **AUTOMOBILE COMPONENTS—1.1%** | **AUTOMOBILE COMPONENTS—1.1%** | **AUTOMOBILE COMPONENTS—1.1%** |
| 63334 | Adient PLC <sup>\*</sup> | 1333 |
| 21597 | Dorman Products, Inc. <sup>\*</sup> | 2430 |
| 5951 | Lear Corp.  | 757 |
| 5985 | Patrick Industries, Inc.  | 557 |
| 28920 | Versigent PLC <sup>\*</sup> | 1011 |
|  |  | 6088 |
| **BANKS—5.3%** | **BANKS—5.3%** | **BANKS—5.3%** |
| 8235 | Ameris Bancorp  | 702 |
| 33954 | Associated Banc-Corp.  | 956 |
| 33484 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 1857 |
| 1957 | First Citizens BancShares, Inc. Class A | 3882 |
| 174140 | First Hawaiian, Inc.  | 4750 |
| 198300 | First Interstate BancSystem, Inc. Class A | 7038 |
| 29176 | Home BancShares, Inc.  | 784 |
| 15318 | Independent Bank Corp.  | 1195 |
| 20220 | International Bancshares Corp.  | 1451 |
| 21307 | Pinnacle Financial Partners, Inc.  | 2108 |
| 9862 | Popular, Inc. (Puerto Rico) | 1483 |
| 9953 | ServisFirst Bancshares, Inc.  | 792 |
| 3879 | WaFd, Inc.  | 137 |
| 14061 | Wintrust Financial Corp.  | 2117 |
| 14395 | Zions Bancorp NA  | 913 |
|  |  | 30165 |
| **BIOTECHNOLOGY—1.7%** | **BIOTECHNOLOGY—1.7%** | **BIOTECHNOLOGY—1.7%** |
| 7587 | Celcuity, Inc. <sup>\*</sup> | 921 |
| 36977 | Halozyme Therapeutics, Inc. <sup>\*</sup> | 2354 |
| 261721 | MiMedx Group, Inc. <sup>\*</sup> | 879 |
| 10797 | Stoke Therapeutics, Inc. <sup>\*</sup> | 353 |
| 58009 | Veracyte, Inc. <sup>\*</sup> | 1910 |
| 72852 | Vericel Corp. <sup>\*</sup> | 2530 |
| 29372 | Viking Therapeutics, Inc. <sup>\*</sup> | 916 |
|  |  | 9863 |
| **BUILDING PRODUCTS—4.0%** | **BUILDING PRODUCTS—4.0%** | **BUILDING PRODUCTS—4.0%** |
| 36367 | AAON, Inc.  | 3393 |
| 22638 | AZZ, Inc.  | 3238 |
| 2122 | Carlisle Cos., Inc.  | 754 |
| 6839 | CSW Industrials, Inc.  | 1992 |
| 159412 | Hayward Holdings, Inc. <sup>\*</sup> | 2393 |
| 29149 | Modine Manufacturing Co. <sup>\*</sup> | 7422 |
| 8281 | Simpson Manufacturing Co., Inc.  | 1579 |
| 18004 | Tecogen, Inc. <sup>\*</sup> | 86 |
| 5461 | UFP Industries, Inc.  | 489 |
| 27535 | Zurn Elkay Water Solutions Corp.  | 1431 |
|  |  | 22777 |
| **CAPITAL MARKETS—3.4%** | **CAPITAL MARKETS—3.4%** | **CAPITAL MARKETS—3.4%** |
| 57525 | Artisan Partners Asset Management, Inc. Class A | 2153 |
| 9333 | Cohen & Steers, Inc.  | 656 |
| 37672 | Donnelley Financial Solutions, Inc. <sup>\*</sup> | 1895 |
| 6836 | FactSet Research Systems, Inc.  | 1556 |
| 6370 | Hamilton Lane, Inc. Class A | 586 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| 4278 | Morningstar, Inc.  | $722 |
| 26086 | Stifel Financial Corp.  | 2056 |
| 87391 | StoneX Group, Inc. <sup>\*</sup> | 9266 |
| 47227 | SuRo Capital Corp.  | 632 |
|  |  | 19522 |
| **CHEMICALS—1.6%** | **CHEMICALS—1.6%** | **CHEMICALS—1.6%** |
| 24005 | Ashland, Inc.  | 1279 |
| 46702 | Axalta Coating Systems Ltd. <sup>\*</sup> | 1328 |
| 74926 | Ecovyst, Inc. <sup>\*</sup> | 1062 |
| 56370 | Neo Performance Materials, Inc. (Canada) | 1050 |
| 152540 | Olin Corp.  | 4344 |
|  |  | 9063 |
| **COMMERCIAL SERVICES & SUPPLIES—1.5%** | **COMMERCIAL SERVICES & SUPPLIES—1.5%** | **COMMERCIAL SERVICES & SUPPLIES—1.5%** |
| 148105 | BrightView Holdings, Inc. <sup>\*</sup> | 1763 |
| 12937 | Brink's Co.  | 1381 |
| 16812 | GFL Environmental, Inc.  | 674 |
| 77282 | Liquidity Services, Inc. <sup>\*</sup> | 2755 |
| 7897 | MillerKnoll, Inc.  | 127 |
| 45055 | Montrose Environmental Group, Inc. <sup>\*</sup> | 949 |
| 31192 | Quad/Graphics, Inc.  | 232 |
| 7203 | Veralto Corp.  | 635 |
|  |  | 8516 |
| **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** |
| 14625 | F5, Inc. <sup>\*</sup> | 4737 |
| **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** |
| 7560 | Ameresco, Inc. Class A<sup>\*</sup> | 224 |
| 45442 | Arcosa, Inc.  | 5747 |
| 12062 | Cardinal Infrastructure Group, Inc. Class A<sup>\*</sup> | 640 |
| 60760 | Fluor Corp. <sup>\*</sup> | 3241 |
| 2113 | Sterling Infrastructure, Inc. <sup>\*</sup> | 1089 |
| 2460 | Valmont Industries, Inc.  | 1250 |
|  |  | 12191 |
| **CONSUMER FINANCE—2.8%** | **CONSUMER FINANCE—2.8%** | **CONSUMER FINANCE—2.8%** |
| 12954 | Dave, Inc. <sup>\*</sup> | 3523 |
| 20289 | Enova International, Inc. <sup>\*</sup> | 3437 |
| 113757 | Jefferson Capital, Inc.  | 2359 |
| 59194 | LendingTree, Inc. <sup>\*</sup> | 2936 |
| 173729 | SLM Corp.  | 4010 |
|  |  | 16265 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.6%** |
| 93377 | Albertsons Cos., Inc. Class A | 1573 |
| 1017 | Casey's General Stores, Inc.  | 836 |
| 27292 | PriceSmart, Inc.  | 4283 |
| 29408 | Sprouts Farmers Market, Inc. <sup>\*</sup> | 2407 |
|  |  | 9099 |
| **CONTAINERS & PACKAGING—0.9%** | **CONTAINERS & PACKAGING—0.9%** | **CONTAINERS & PACKAGING—0.9%** |
| 4080 | AptarGroup, Inc.  | 505 |
| 95791 | Graphic Packaging Holding Co.  | 913 |
| 96798 | TriMas Corp.  | 3583 |
|  |  | 5001 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 2123 | Pool Corp.  | 453 |
| **DIVERSIFIED CONSUMER SERVICES—2.9%** | **DIVERSIFIED CONSUMER SERVICES—2.9%** | **DIVERSIFIED CONSUMER SERVICES—2.9%** |
| 42170 | Frontdoor, Inc. <sup>\*</sup> | 2894 |
| 16920 | Grand Canyon Education, Inc. <sup>\*</sup> | 2861 |
| 150306 | Laureate Education, Inc. <sup>\*</sup> | 4523 |
| 103233 | OneSpaWorld Holdings Ltd. (Bahamas) | 2546 |

---

------

⬤

------

**Embark Small Cap Equity Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **DIVERSIFIED CONSUMER SERVICES—Continued** | **DIVERSIFIED CONSUMER SERVICES—Continued** | **DIVERSIFIED CONSUMER SERVICES—Continued** |
| 21961 | Perdoceo Education Corp.  | $745 |
| 84122 | Universal Technical Institute, Inc. <sup>\*</sup> | 3157 |
|  |  | 16726 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%** |
| 26787 | Anterix, Inc. <sup>\*</sup> | 1294 |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| 51454 | OGE Energy Corp.  | 2511 |
| **ELECTRICAL EQUIPMENT—1.1%** | **ELECTRICAL EQUIPMENT—1.1%** | **ELECTRICAL EQUIPMENT—1.1%** |
| 1919 | Acuity, Inc.  | 556 |
| 12958 | Electrovaya, Inc. (Canada)<sup>\*</sup> | 120 |
| 20085 | Forgent Power Solutions, Inc. <sup>\*</sup> | 756 |
| 1820 | Generac Holdings, Inc. <sup>\*</sup> | 472 |
| 25669 | Nextpower, Inc. Class A<sup>\*</sup> | 3058 |
| 8071 | nVent Electric PLC  | 1153 |
|  |  | 6115 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%** |
| 183685 | Arlo Technologies, Inc. <sup>\*</sup> | 2581 |
| 1933 | Arrow Electronics, Inc. <sup>\*</sup> | 363 |
| 51647 | Avnet, Inc.  | 4261 |
| 16995 | Cognex Corp.  | 943 |
| 61039 | LightPath Technologies, Inc. Class A<sup>\*</sup> | 782 |
| 10264 | Littelfuse, Inc.  | 4148 |
| 17720 | Napco Security Technologies, Inc.  | 829 |
| 4672 | nLight, Inc. <sup>\*</sup> | 326 |
| 21413 | Novanta, Inc. <sup>\*</sup> | 2774 |
| 3175 | TD SYNNEX Corp.  | 725 |
| 56542 | Unusual Machines, Inc. (Puerto Rico)<sup>\*</sup> | 825 |
| 12634 | Vontier Corp.  | 453 |
|  |  | 19010 |
| **ENERGY EQUIPMENT & SERVICES—1.6%** | **ENERGY EQUIPMENT & SERVICES—1.6%** | **ENERGY EQUIPMENT & SERVICES—1.6%** |
| 11687 | Expro Group Holdings NV <sup>\*</sup> | 213 |
| 71978 | NOV, Inc.  | 1473 |
| 202286 | Select Water Solutions, Inc.  | 3384 |
| 40012 | Tidewater, Inc. <sup>\*</sup> | 3574 |
| 3955 | Weatherford International PLC  | 436 |
|  |  | 9080 |
| **ENTERTAINMENT—1.5%** | **ENTERTAINMENT—1.5%** | **ENTERTAINMENT—1.5%** |
| 40767 | Atlanta Braves Holdings, Inc. Class C<sup>\*</sup> | 2014 |
| 176773 | Lionsgate Studios Corp. <sup>\*</sup> | 2199 |
| 11937 | Madison Square Garden Sports Corp. <sup>\*</sup> | 4088 |
| 14486 | Starz Entertainment Corp. <sup>\*</sup> | 266 |
|  |  | 8567 |
| **FINANCIAL SERVICES—1.6%** | **FINANCIAL SERVICES—1.6%** | **FINANCIAL SERVICES—1.6%** |
| 109354 | Chime Financial, Inc. Class A<sup>\*</sup> | 2390 |
| 61231 | Euronet Worldwide, Inc. <sup>\*</sup> | 4432 |
| 14836 | HA Sustainable Infrastructure Capital, Inc.  | 622 |
| 4544 | Jack Henry & Associates, Inc.  | 699 |
| 6351 | WEX, Inc. <sup>\*</sup> | 955 |
|  |  | 9098 |
| **FOOD PRODUCTS—0.7%** | **FOOD PRODUCTS—0.7%** | **FOOD PRODUCTS—0.7%** |
| 30755 | Conagra Brands, Inc.  | 442 |
| 34507 | Freshpet, Inc. <sup>\*</sup> | 2325 |
| 6070 | J.M. Smucker Co.  | 595 |
| 13438 | Lamb Weston Holdings, Inc.  | 585 |
|  |  | 3947 |
| **GAS UTILITIES—0.2%** | **GAS UTILITIES—0.2%** | **GAS UTILITIES—0.2%** |
| 15981 | Brookfield Infrastructure Corp. Class A (Canada) | 591 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GAS UTILITIES—Continued** | **GAS UTILITIES—Continued** | **GAS UTILITIES—Continued** |
| 6066 | Chesapeake Utilities Corp.  | $765 |
|  |  | 1356 |
| **GROUND TRANSPORTATION—1.7%** | **GROUND TRANSPORTATION—1.7%** | **GROUND TRANSPORTATION—1.7%** |
| 21554 | Landstar System, Inc.  | 3968 |
| 119697 | U-Haul Holding Co.  | 5708 |
|  |  | 9676 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.0%** |
| 217382 | Alphatec Holdings, Inc. <sup>\*</sup> | 2122 |
| 20350 | Glaukos Corp. <sup>\*</sup> | 2924 |
| 7545 | ICU Medical, Inc. <sup>\*</sup> | 899 |
| 15547 | IRhythm Holdings, Inc. <sup>\*</sup> | 2008 |
| 39436 | Lantheus Holdings, Inc. <sup>\*</sup> | 3337 |
| 8879 | LeMaitre Vascular, Inc.  | 975 |
| 16237 | LivaNova PLC <sup>\*</sup> | 976 |
| 145853 | OrthoPediatrics Corp. <sup>\*</sup> | 2197 |
| 231370 | Owlet, Inc. <sup>\*</sup> | 1143 |
| 269505 | SI-BONE, Inc. <sup>\*</sup> | 3339 |
| 29327 | Solventum Corp. <sup>\*</sup> | 1975 |
| 3511 | STERIS PLC  | 761 |
|  |  | 22656 |
| **HEALTH CARE PROVIDERS & SERVICES—3.8%** | **HEALTH CARE PROVIDERS & SERVICES—3.8%** | **HEALTH CARE PROVIDERS & SERVICES—3.8%** |
| 269747 | AdaptHealth Corp. <sup>\*</sup> | 3536 |
| 25000 | Addus HomeCare Corp. <sup>\*</sup> | 2422 |
| 1602 | Chemed Corp.  | 681 |
| 17293 | Encompass Health Corp.  | 1729 |
| 5602 | Ensign Group, Inc.  | 1046 |
| 9152 | GeneDx Holdings Corp. <sup>\*</sup> | 576 |
| 242414 | NeoGenomics, Inc. <sup>\*</sup> | 2245 |
| 4281 | Quest Diagnostics, Inc.  | 831 |
| 114163 | RadNet, Inc. <sup>\*</sup> | 6456 |
| 8755 | U.S. Physical Therapy, Inc.  | 624 |
| 10292 | Universal Health Services, Inc. Class B | 1732 |
|  |  | 21878 |
| **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** |
| 10992 | Alexandria Real Estate Equities, Inc.  | 445 |
| 22863 | CareTrust REIT, Inc.  | 902 |
| 80915 | Sila Realty Trust, Inc.  | 2462 |
|  |  | 3809 |
| **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** |
| 225932 | Certara, Inc. <sup>\*</sup> | 1385 |
| **HOTEL & RESORT REITS—0.5%** | **HOTEL & RESORT REITS—0.5%** | **HOTEL & RESORT REITS—0.5%** |
| 26861 | Ryman Hospitality Properties, Inc.  | 2823 |
| **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** |
| 8420 | Churchill Downs, Inc.  | 850 |
| 1692 | Domino's Pizza, Inc.  | 574 |
| 31340 | Dutch Bros, Inc. Class A<sup>\*</sup> | 1802 |
| 381842 | Genius Sports Ltd. (United Kingdom)<sup>\*</sup> | 1665 |
| 68851 | Lindblad Expeditions Holdings, Inc. <sup>\*</sup> | 1276 |
| 24271 | Marriott Vacations Worldwide Corp.  | 1748 |
| 66614 | Penn Entertainment, Inc. <sup>\*</sup> | 1163 |
| 12556 | Travel & Leisure Co.  | 812 |
| 3377 | Wingstop, Inc.  | 554 |
|  |  | 10444 |
| **HOUSEHOLD DURABLES—1.7%** | **HOUSEHOLD DURABLES—1.7%** | **HOUSEHOLD DURABLES—1.7%** |
| 6383 | Cavco Industries, Inc. <sup>\*</sup> | 3236 |
| 48481 | Green Brick Partners, Inc. <sup>\*</sup> | 3270 |
| 28205 | SharkNinja, Inc. <sup>\*</sup> | 3258 |
|  |  | 9764 |

---

------

⬤

------

**Embark Small Cap Equity Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INDUSTRIAL REITS—0.3%** | **INDUSTRIAL REITS—0.3%** | **INDUSTRIAL REITS—0.3%** |
| 85701 | Americold Realty Trust, Inc.  | $1048 |
| 12673 | Terreno Realty Corp.  | 826 |
|  |  | 1874 |
| **INSURANCE—3.4%** | **INSURANCE—3.4%** | **INSURANCE—3.4%** |
| 58639 | AMERISAFE, Inc.  | 1777 |
| 34700 | Assured Guaranty Ltd.  | 2842 |
| 41484 | First American Financial Corp.  | 2909 |
| 23692 | Global Indemnity Group LLC Class A | 677 |
| 13791 | Horace Mann Educators Corp.  | 627 |
| 2126 | Kinsale Capital Group, Inc.  | 688 |
| 2614 | Primerica, Inc.  | 735 |
| 188527 | SiriusPoint Ltd. (Sweden)<sup>\*</sup> | 4414 |
| 74900 | Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | 3404 |
| 708 | White Mountains Insurance Group Ltd.  | 1580 |
|  |  | 19653 |
| **IT SERVICES—0.4%** | **IT SERVICES—0.4%** | **IT SERVICES—0.4%** |
| 65145 | Everforth, Inc. <sup>\*</sup> | 1375 |
| 58972 | Hackett Group, Inc.  | 761 |
|  |  | 2136 |
| **LEISURE PRODUCTS—1.1%** | **LEISURE PRODUCTS—1.1%** | **LEISURE PRODUCTS—1.1%** |
| 10423 | Brunswick Corp.  | 828 |
| 145034 | Callaway Golf Co. <sup>\*</sup> | 2219 |
| 79287 | YETI Holdings, Inc. <sup>\*</sup> | 3129 |
|  |  | 6176 |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| 118323 | Adaptive Biotechnologies Corp. <sup>\*</sup> | 1669 |
| 124590 | Avantor, Inc. <sup>\*</sup> | 1009 |
| 41942 | CryoPort, Inc. <sup>\*</sup> | 430 |
|  |  | 3108 |
| **MACHINERY—4.6%** | **MACHINERY—4.6%** | **MACHINERY—4.6%** |
| 10791 | Alamo Group, Inc.  | 1872 |
| 105164 | ATS Corp. (Canada)<sup>\*</sup> | 3413 |
| 14652 | Capstone Green Energy Holdings, Inc. <sup>\*</sup> | 133 |
| 7712 | CECO Environmental Corp. <sup>\*</sup> | 572 |
| 82220 | Douglas Dynamics, Inc.  | 3793 |
| 6196 | ESCO Technologies, Inc.  | 2007 |
| 8328 | Greenbrier Cos., Inc.  | 409 |
| 27952 | Helios Technologies, Inc.  | 1912 |
| 569283 | Hillman Solutions Corp. <sup>\*</sup> | 4645 |
| 13506 | JBT Marel Corp.  | 1595 |
| 11543 | Mayville Engineering Co., Inc. <sup>\*</sup> | 263 |
| 15711 | Miller Industries, Inc.  | 754 |
| 3249 | Nordson Corp.  | 937 |
| 3053 | Standex International Corp.  | 834 |
| 22188 | Stanley Black & Decker, Inc.  | 1734 |
| 13725 | Timken Co.  | 1522 |
|  |  | 26395 |
| **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** |
| 94073 | Global Ship Lease, Inc. Class A (United Kingdom) | 3801 |
| **MEDIA—2.0%** | **MEDIA—2.0%** | **MEDIA—2.0%** |
| 298277 | Magnite, Inc. <sup>\*</sup> | 3823 |
| 267796 | National CineMedia, Inc.  | 908 |
| 12200 | New York Times Co. Class A | 964 |
| 734036 | Stagwell, Inc. <sup>\*</sup> | 4602 |
| 77334 | WPP PLC ADR (United Kingdom)<sup>1</sup> | 1399 |
|  |  | 11696 |
| **METALS & MINING—0.4%** | **METALS & MINING—0.4%** | **METALS & MINING—0.4%** |
| 2711 | Reliance, Inc.  | 983 |
| 3143 | Royal Gold, Inc.  | 734 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **METALS & MINING—Continued** | **METALS & MINING—Continued** | **METALS & MINING—Continued** |
| 40089 | U.S. Antimony Corp. <sup>\*</sup> | $481 |
|  |  | 2198 |
| **MULTI-UTILITIES—0.3%** | **MULTI-UTILITIES—0.3%** | **MULTI-UTILITIES—0.3%** |
| 23184 | Avista Corp.  | 953 |
| 7124 | Black Hills Corp.  | 536 |
|  |  | 1489 |
| **OFFICE REITS—0.1%** | **OFFICE REITS—0.1%** | **OFFICE REITS—0.1%** |
| 69459 | Piedmont Realty Trust, Inc. <sup>\*</sup> | 581 |
| **OIL, GAS & CONSUMABLE FUELS—4.1%** | **OIL, GAS & CONSUMABLE FUELS—4.1%** | **OIL, GAS & CONSUMABLE FUELS—4.1%** |
| 57962 | APA Corp.  | 2361 |
| 32331 | California Resources Corp.  | 2207 |
| 15271 | Crescent Energy Co. Class A | 205 |
| 6991 | DT Midstream, Inc.  | 1035 |
| 15599 | Excelerate Energy, Inc. Class A | 544 |
| 252317 | Kosmos Energy Ltd. (Ghana)<sup>\*</sup> | 777 |
| 44729 | Matador Resources Co.  | 2838 |
| 84173 | Murphy Oil Corp.  | 3515 |
| 11060 | Ovintiv, Inc.  | 681 |
| 45966 | Par Pacific Holdings, Inc. <sup>\*</sup> | 3019 |
| 10507 | Range Resources Corp.  | 457 |
| 193996 | Secure Waste Infrastructure Corp. (Canada) | 3278 |
| 122574 | Vitesse Energy, Inc.  | 2299 |
|  |  | 23216 |
| **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** |
| 77726 | BellRing Brands, Inc. <sup>\*</sup> | 1383 |
| 15405 | Herbalife Ltd. <sup>\*</sup> | 256 |
|  |  | 1639 |
| **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** |
| 65730 | Elanco Animal Health, Inc. <sup>\*</sup> | 1471 |
| 1727 | Ligand Pharmaceuticals, Inc. <sup>\*</sup> | 396 |
|  |  | 1867 |
| **PROFESSIONAL SERVICES—4.6%** | **PROFESSIONAL SERVICES—4.6%** | **PROFESSIONAL SERVICES—4.6%** |
| 7165 | Booz Allen Hamilton Holding Corp.  | 557 |
| 13452 | Concentrix Corp.  | 321 |
| 46221 | Exponent, Inc.  | 3092 |
| 74482 | Insperity, Inc.  | 2649 |
| 18756 | KBR, Inc.  | 703 |
| 332604 | Legalzoom.com, Inc. <sup>\*</sup> | 2145 |
| 35341 | Maximus, Inc.  | 2319 |
| 38325 | Parsons Corp. <sup>\*</sup> | 1932 |
| 28844 | Paycom Software, Inc.  | 3656 |
| 28721 | Paylocity Holding Corp. <sup>\*</sup> | 3030 |
| 29831 | Robert Half, Inc.  | 794 |
| 23641 | Spire Global, Inc. <sup>\*</sup> | 422 |
| 10073 | TransUnion  | 715 |
| 252244 | Verra Mobility Corp. <sup>\*</sup> | 3741 |
|  |  | 26076 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** |
| 4739 | FirstService Corp. (Canada) | 634 |
| 4458 | Jones Lang LaSalle, Inc. <sup>\*</sup> | 1418 |
| 14372 | RMR Group, Inc. Class A | 256 |
| 102613 | Seritage Growth Properties Class A<sup>\*</sup> | 265 |
|  |  | 2573 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.1%** |
| 26855 | Ambarella, Inc. <sup>\*</sup> | 1848 |
| 37942 | Axcelis Technologies, Inc. <sup>\*</sup> | 5278 |
| 22684 | FormFactor, Inc. <sup>\*</sup> | 3084 |
| 1050867 | indie Semiconductor, Inc. Class A (China)<sup>\*</sup> | 4739 |
| 12994 | Kulicke & Soffa Industries, Inc. (Singapore) | 1111 |

---

------

⬤

------

**Embark Small Cap Equity Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** |
| 3331 | MKS, Inc.  | $945 |
| 50437 | Power Integrations, Inc.  | 3667 |
| 61655 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>1</sup> | 13489 |
| 7474 | Universal Display Corp.  | 651 |
|  |  | 34812 |
| **SOFTWARE—8.5%** | **SOFTWARE—8.5%** | **SOFTWARE—8.5%** |
| 174556 | A10 Networks, Inc.  | 4657 |
| 61570 | ACI Worldwide, Inc. <sup>\*</sup> | 2661 |
| 19912 | Bentley Systems, Inc. Class B | 650 |
| 47172 | Blackbaud, Inc. <sup>\*</sup> | 1753 |
| 50093 | BlackLine, Inc. <sup>\*</sup> | 1565 |
| 431078 | CCC Intelligent Solutions Holdings, Inc. <sup>\*</sup> | 2259 |
| 118178 | Cellebrite DI Ltd. (Israel)<sup>\*</sup> | 1536 |
| 17872 | Clear Secure, Inc. Class A | 954 |
| 21647 | Descartes Systems Group, Inc. (Canada)<sup>\*</sup> | 1561 |
| 1130490 | Digital Turbine, Inc. <sup>\*</sup> | 3991 |
| 26799 | Dolby Laboratories, Inc. Class A | 1719 |
| 95845 | Gitlab, Inc. Class A<sup>\*</sup> | 2122 |
| 111630 | I3 Verticals, Inc. Class A<sup>\*</sup> | 2517 |
| 11023 | InterDigital, Inc.  | 3269 |
| 54279 | JFrog Ltd. (Israel)<sup>\*</sup> | 2521 |
| 277054 | NCR Voyix Corp. <sup>\*</sup> | 1909 |
| 19452 | Pegasystems, Inc.  | 711 |
| 476343 | Porch Group, Inc. <sup>\*</sup> | 4587 |
| 101589 | Tenable Holdings, Inc. <sup>\*</sup> | 2122 |
| 106460 | Viant Technology, Inc. Class A<sup>\*</sup> | 1156 |
| 74832 | Weave Communications, Inc. <sup>\*</sup> | 368 |
| 66714 | Workiva, Inc. <sup>\*</sup> | 3568 |
| 35634 | Zeta Global Holdings Corp. Class A<sup>\*</sup> | 656 |
|  |  | 48812 |
| **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** |
| 427460 | Arhaus, Inc.  | 3163 |
| 5953 | Boot Barn Holdings, Inc. <sup>\*</sup> | 1021 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 3784 | Dick's Sporting Goods, Inc.  | $859 |
| 48015 | Floor & Decor Holdings, Inc. Class A<sup>\*</sup> | 2324 |
| 7297 | Lithia Motors, Inc.  | 2117 |
| 14343 | Warby Parker, Inc. Class A<sup>\*</sup> | 317 |
|  |  | 9801 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.3%** | **TEXTILES, APPAREL & LUXURY GOODS—0.3%** | **TEXTILES, APPAREL & LUXURY GOODS—0.3%** |
| 45061 | Steven Madden Ltd.  | 1692 |
| **TOBACCO—0.1%** | **TOBACCO—0.1%** | **TOBACCO—0.1%** |
| 4437 | Turning Point Brands, Inc.  | 358 |
| **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** |
| 31989 | BlueLinx Holdings, Inc. <sup>\*</sup> | 1694 |
| 16751 | Herc Holdings, Inc.  | 2126 |
| 158922 | NPK International, Inc. <sup>\*</sup> | 2598 |
| 30552 | Rush Enterprises, Inc. Class A | 2262 |
| 3640 | WESCO International, Inc.  | 1271 |
|  |  | 9951 |
| **TOTAL COMMON STOCKS** <br>(Cost $465,422) | **TOTAL COMMON STOCKS** <br>(Cost $465,422) | 566260 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.2%** | **EXCHANGE-TRADED FUNDS—0.2%** | **EXCHANGE-TRADED FUNDS—0.2%** |
| (Cost $664) | (Cost $664) | (Cost $664) |
| **CAPITAL MARKETS—0.2%** | **CAPITAL MARKETS—0.2%** | **CAPITAL MARKETS—0.2%** |
| 3884 | iShares Russell 2000 Value ETF  | 807 |
| **TOTAL INVESTMENTS—99.2%** <br>(Cost $466,086) | **TOTAL INVESTMENTS—99.2%** <br>(Cost $466,086) | 567067 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.8%** | 4849 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $571916 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor Ares Systematic Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Ares Systematic Credit Limited (formerly, BlueCove Limited)

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—83.3%** | **Convertible Bonds—83.3%** | **Convertible Bonds—83.3%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** |
| $100 | Astronics Corp. <br>0.000%—01/15/2031<sup>1,2</sup><br>| $149 |
| **AUTOMOBILES—1.6%** | **AUTOMOBILES—1.6%** | **AUTOMOBILES—1.6%** |
| 300 | Lucid Group, Inc. <br>5.000%—04/01/2030<sup>1</sup><br>| 147 |
| 500 | Rivian Automotive, Inc. <br>3.625%—10/15/2030<br>| 519 |
|  |  | 666 |
| **BIOTECHNOLOGY—5.3%** | **BIOTECHNOLOGY—5.3%** | **BIOTECHNOLOGY—5.3%** |
| 100 | Arrowhead Pharmaceuticals, Inc. <br>0.000%—01/15/2032<sup>2</sup><br>| 114 |
| 500 | Bridgebio Pharma, Inc. <br>0.750%—02/01/2033<sup>1</sup><br>| 497 |
| 100 | Celcuity, Inc. <br>2.750%—08/01/2031<br>| 257 |
| 100 | Cogent Biosciences, Inc. <br>1.625%—11/15/2031<br>| 119 |
| 400 | Guardant Health, Inc. <br>0.000%—11/15/2027<sup>2</sup><br>| 410 |
| 200 | Halozyme Therapeutics, Inc. <br>0.875%—11/15/2032<sup>1</sup><br>| 197 |
| 100 | Ionis Pharmaceuticals, Inc. <br>1.750%—06/15/2028<br>| 149 |
| 300 | Ligand Pharmaceuticals, Inc. <br>0.750%—10/01/2030<sup>1</sup><br>| 403 |
| 100 | Sarepta Therapeutics, Inc. <br>4.875%—09/01/2030<sup>1</sup><br>| 86 |
|  |  | 2232 |
| **CAPITAL MARKETS—3.5%** | **CAPITAL MARKETS—3.5%** | **CAPITAL MARKETS—3.5%** |
| 100 | Capital Southwest Corp. <br>5.125%—11/15/2029<br>| 105 |
| 300 | Cipher Digital, Inc. <br>0.000%—10/01/2031<sup>1,2</sup><br>| 417 |
| 100 | HAT Holdings I LLC/HAT Holdings II LLC <br>3.750%—08/15/2028<sup>1</sup><br>| 160 |
| 200 | Hercules Capital, Inc. <br>4.750%—09/01/2028<sup>1</sup><br>| 195 |
| 300 | Terawulf, Inc. <br>1.000%—09/01/2031<sup>1</sup><br>| 583 |
|  |  | 1460 |
| **COMMERCIAL SERVICES & SUPPLIES—2.5%** | **COMMERCIAL SERVICES & SUPPLIES—2.5%** | **COMMERCIAL SERVICES & SUPPLIES—2.5%** |
| 400 | Alarm.com Holdings, Inc. <br>2.250%—06/01/2029<br>| 377 |
| 300 | Block, Inc. <br>0.250%—11/01/2027<br>| 282 |
| 350 | Global Payments, Inc. <br>1.500%—03/01/2031<br>| 315 |
| 100 | Hertz Corp. <br>5.500%—10/01/2030<sup>1</sup><br>| 86 |
|  |  | 1060 |
| **COMMUNICATIONS EQUIPMENT—4.0%** | **COMMUNICATIONS EQUIPMENT—4.0%** | **COMMUNICATIONS EQUIPMENT—4.0%** |
|  | Lumentum Holdings, Inc. |  |
| 200 | 0.375%—03/15/2032<sup>1</sup> | 980 |
| 100 | 0.500%—06/15/2028 | 687 |
|  |  | 1667 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CONSTRUCTION & ENGINEERING—0.7%** | **CONSTRUCTION & ENGINEERING—0.7%** | **CONSTRUCTION & ENGINEERING—0.7%** |
| $100 | Granite Construction, Inc. <br>3.750%—05/15/2028<br>| $299 |
| **DIVERSIFIED FINANCIAL SERVICES—3.3%** | **DIVERSIFIED FINANCIAL SERVICES—3.3%** | **DIVERSIFIED FINANCIAL SERVICES—3.3%** |
| 400 | Coinbase Global, Inc. <br>0.250%—04/01/2030<br>| 390 |
| 100 | Encore Capital Group, Inc. <br>4.000%—03/15/2029<br>| 142 |
| 250 | Galaxy Digital Holdings LP <br>3.000%—12/15/2026<sup>1</sup><br>| 279 |
|  | WisdomTree, Inc. |  |
| 200 | 4.500%—10/01/2031<sup>1</sup> | 224 |
| 300 | 4.625%—08/15/2030<sup>1</sup> | 353 |
|  |  | 577 |
|  |  | 1388 |
| **DIVERSIFIED REITS—1.1%** | **DIVERSIFIED REITS—1.1%** | **DIVERSIFIED REITS—1.1%** |
| 200 | Welltower OP LLC <br>2.750%—05/15/2028<sup>1</sup><br>| 457 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.8%** |
| 100 | Applied Digital Corp. <br>2.750%—06/01/2030<br>| 369 |
| 400 | AST SpaceMobile, Inc. <br>2.000%—01/15/2036<sup>1</sup><br>| 408 |
| 100 | Viavi Solutions, Inc. <br>0.625%—03/01/2031<sup>1</sup><br>| 390 |
|  |  | 1167 |
| **ELECTRIC UTILITIES—5.4%** | **ELECTRIC UTILITIES—5.4%** | **ELECTRIC UTILITIES—5.4%** |
| 500 | CenterPoint Energy, Inc. <br>2.875%—05/15/2029<sup>1</sup><br>| 505 |
| 200 | Duke Energy Corp. <br>3.000%—03/15/2029<sup>1</sup><br>| 199 |
| 200 | Evergy, Inc. <br>4.500%—12/15/2027<br>| 273 |
| 400 | Exelon Corp. <br>3.250%—03/15/2029<sup>1</sup><br>| 405 |
| 200 | FirstEnergy Corp. <br>3.625%—01/15/2029<sup>1</sup><br>| 219 |
| 200 | PPL Capital Funding, Inc. <br>2.875%—03/15/2028<br>| 231 |
|  | Southern Co. |  |
| 300 | 3.250%—06/15/2028<sup>1</sup> | 305 |
| 100 | 4.500%—06/15/2027 | 112 |
|  |  | 417 |
|  |  | 2249 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.9%** |
| 100 | Advanced Energy Industries, Inc. <br>2.500%—09/15/2028<br>| 285 |
| 400 | Avnet, Inc. <br>1.750%—09/01/2030<sup>1</sup><br>| 523 |
| 200 | Enovix Corp. <br>4.750%—09/15/2030<sup>1</sup><br>| 182 |
| 200 | Vishay Intertechnology, Inc. <br>2.250%—09/15/2030<br>| 243 |
|  |  | 1233 |

---

------

⬤

------

**Harbor Ares Systematic Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **ENERGY EQUIPMENT & SERVICES—1.3%** | **ENERGY EQUIPMENT & SERVICES—1.3%** | **ENERGY EQUIPMENT & SERVICES—1.3%** |
| $100 | Energy Vault Holdings, Inc. <br>5.250%—03/01/2031<sup>1</sup><br>| $118 |
| 100 | Eos Energy Enterprises, Inc. <br>6.750%—06/15/2030<sup>1</sup><br>| 165 |
| 100 | Plug Power, Inc. <br>6.750%—12/01/2033<sup>1</sup><br>| 140 |
| 100 | T1 Energy, Inc. <br>5.250%—12/01/2030<br>| 107 |
|  |  | 530 |
| **ENTERTAINMENT—1.6%** | **ENTERTAINMENT—1.6%** | **ENTERTAINMENT—1.6%** |
| 400 | DraftKings Holdings, Inc. <br>0.000%—03/15/2028<sup>2</sup><br>| 366 |
| 300 | Live Nation Entertainment, Inc. <br>2.875%—10/15/2031<sup>1</sup><br>| 312 |
|  |  | 678 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.0%** |
| 200 | Blackstone Mortgage Trust, Inc. <br>5.500%—03/15/2027<br>| 200 |
| 100 | Kite Realty Group LP <br>0.750%—04/01/2027<sup>1</sup><br>| 114 |
| 100 | Pebblebrook Hotel Trust <br>1.625%—01/15/2030<sup>1</sup><br>| 109 |
| 100 | PennyMac Corp. <br>8.500%—06/01/2029<br>| 105 |
| 400 | Realty Income Corp. <br>3.500%—01/15/2029<sup>1</sup><br>| 419 |
| 100 | Starwood Property Trust, Inc. <br>6.750%—07/15/2027<br>| 103 |
| 200 | Tanger Properties LP <br>2.375%—01/15/2031<sup>1</sup><br>| 210 |
|  |  | 1260 |
| **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** |
| 100 | EZCORP, Inc. <br>3.750%—12/15/2029<sup>1</sup><br>| 299 |
| 100 | SoFi Technologies, Inc. <br>1.250%—03/15/2029<sup>1</sup><br>| 185 |
|  |  | 484 |
| **HEALTH CARE PROVIDERS & SERVICES—2.7%** | **HEALTH CARE PROVIDERS & SERVICES—2.7%** | **HEALTH CARE PROVIDERS & SERVICES—2.7%** |
| 200 | Enovis Corp. <br>3.875%—10/15/2028<br>| 195 |
| 400 | Envista Holdings Corp. <br>1.750%—08/15/2028<br>| 399 |
| 100 | LeMaitre Vascular, Inc. <br>2.500%—02/01/2030<br>| 113 |
| 300 | Oscar Health, Inc. <br>2.250%—09/01/2030<sup>1</sup><br>| 337 |
| 100 | Tandem Diabetes Care, Inc. <br>0.000%—03/15/2032<sup>1,2</sup><br>| 88 |
|  |  | 1132 |
| **HOUSEHOLD DURABLES—0.3%** | **HOUSEHOLD DURABLES—0.3%** | **HOUSEHOLD DURABLES—0.3%** |
| 100 | LCI Industries <br>3.000%—03/01/2030<br>| 119 |
| **HOUSEHOLD PRODUCTS—0.2%** | **HOUSEHOLD PRODUCTS—0.2%** | **HOUSEHOLD PRODUCTS—0.2%** |
| 100 | Spectrum Brands, Inc. <br>3.375%—06/01/2029<br>| 102 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—0.2%** | **INTERACTIVE MEDIA & SERVICES—0.2%** | **INTERACTIVE MEDIA & SERVICES—0.2%** |
| $100 | Snap, Inc. <br>0.125%—03/01/2028<br>| $91 |
| **INTERNET & CATALOG RETAIL—2.4%** | **INTERNET & CATALOG RETAIL—2.4%** | **INTERNET & CATALOG RETAIL—2.4%** |
| 400 | Etsy, Inc. <br>0.125%—09/01/2027<br>| 378 |
| 100 | Groupon, Inc. <br>6.250%—03/15/2027<sup>1</sup><br>| 104 |
| 100 | Hims & Hers Health, Inc. <br>0.000%—05/15/2030<sup>1,2</sup><br>| 84 |
| 400 | Match Group Financeco 3, Inc. <br>2.000%—01/15/2030<sup>1</sup><br>| 365 |
| 100 | Trump Media & Technology Group Corp. <br>0.000%—05/29/2028<sup>1,2</sup><br>| 93 |
|  |  | 1024 |
| **IT SERVICES—7.3%** | **IT SERVICES—7.3%** | **IT SERVICES—7.3%** |
|  | Akamai Technologies, Inc. |  |
| 500 | 0.375%—09/01/2027 | 555 |
| 500 | 1.125%—02/15/2029 | 556 |
|  |  | 1111 |
| 200 | Rubrik, Inc. <br>0.000%—06/15/2030<sup>1,2</sup><br>| 180 |
| 50 | Seagate HDD Cayman <br>3.500%—06/01/2028<br>| 407 |
|  | Snowflake, Inc. |  |
| 300 | 0.000%—10/01/2027<sup>2</sup> | 343 |
| 100 | 0.000%—10/01/2029<sup>2</sup> | 117 |
|  |  | 460 |
|  | Super Micro Computer, Inc. |  |
| 100 | 0.000%—06/15/2030<sup>1,2</sup> | 82 |
| 300 | 2.250%—07/15/2028 | 279 |
| 500 | 3.500%—03/01/2029 | 436 |
|  |  | 797 |
| 100 | Zscaler, Inc. <br>0.000%—07/15/2028<sup>1,2</sup><br>| 91 |
|  |  | 3046 |
| **LEISURE PRODUCTS—0.2%** | **LEISURE PRODUCTS—0.2%** | **LEISURE PRODUCTS—0.2%** |
| 100 | NCL Corp. Ltd. <br>1.125%—02/15/2027<br>| 97 |
| **MACHINERY—3.0%** | **MACHINERY—3.0%** | **MACHINERY—3.0%** |
| 400 | Bloom Energy Corp. <br>0.000%—11/15/2030<sup>1,2</sup><br>| 697 |
| 500 | BWX Technologies, Inc. <br>0.000%—11/01/2030<sup>1,2</sup><br>| 542 |
|  |  | 1239 |
| **MEDIA—2.0%** | **MEDIA—2.0%** | **MEDIA—2.0%** |
| 400 | Sirius XM Holdings, Inc. <br>3.750%—03/15/2028<br>| 439 |
| 100 | Sphere Entertainment Co. <br>3.500%—12/01/2028<br>| 406 |
|  |  | 845 |
| **METALS & MINING—0.7%** | **METALS & MINING—0.7%** | **METALS & MINING—0.7%** |
| 100 | MP Materials Corp. <br>3.000%—03/01/2030<sup>1</sup><br>| 316 |

---

------

⬤

------

**Harbor Ares Systematic Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **MULTI-UTILITIES—0.6%** | **MULTI-UTILITIES—0.6%** | **MULTI-UTILITIES—0.6%** |
| $200 | WEC Energy Group, Inc. <br>4.375%—06/01/2027<br>| $245 |
| **OIL, GAS & CONSUMABLE FUELS—1.8%** | **OIL, GAS & CONSUMABLE FUELS—1.8%** | **OIL, GAS & CONSUMABLE FUELS—1.8%** |
| 100 | Crescent Energy Co. <br>2.750%—03/15/2031<sup>1</sup><br>| 115 |
| 300 | Liberty Energy, Inc. <br>0.000%—03/01/2031<sup>1,2</sup><br>| 362 |
| 100 | Solaris Energy Infrastructure, Inc. <br>0.250%—10/01/2031<br>| 153 |
| 100 | UGI Corp. <br>5.000%—06/01/2028<br>| 140 |
|  |  | 770 |
| **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** |
| 300 | JetBlue Airways Corp. <br>2.500%—09/01/2029<br>| 299 |
| **PHARMACEUTICALS—2.5%** | **PHARMACEUTICALS—2.5%** | **PHARMACEUTICALS—2.5%** |
| 100 | Amphastar Pharmaceuticals, Inc. <br>2.000%—03/15/2029<br>| 92 |
| 100 | Herbalife Ltd. <br>4.250%—06/15/2028<br>| 128 |
| 300 | Indivior Pharmaceuticals, Inc. <br>0.625%—03/15/2031<sup>1</sup><br>| 342 |
| 200 | Jazz Investments I Ltd. <br>3.125%—09/15/2030<br>| 299 |
| 100 | KalVista Pharmaceuticals, Inc. <br>3.250%—10/01/2031<sup>1</sup><br>| 172 |
|  |  | 1033 |
| **PROFESSIONAL SERVICES—0.8%** | **PROFESSIONAL SERVICES—0.8%** | **PROFESSIONAL SERVICES—0.8%** |
| 100 | Planet Labs PBC <br>0.500%—10/15/2030<sup>1</sup><br>| 324 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** |
| 200 | Compass, Inc. <br>0.250%—04/15/2031<sup>1</sup><br>| 176 |
| **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** |
| 100 | CryoPort, Inc. <br>0.750%—12/01/2026<sup>1</sup><br>| 98 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%** |
| 100 | MACOM Technology Solutions Holdings, Inc. <br>0.000%—12/15/2029<sup>2</sup><br>| 176 |
| 100 | Microchip Technology, Inc. <br>0.750%—06/01/2030<br>| 110 |
| 200 | MKS, Inc. <br>1.250%—06/01/2030<br>| 394 |
| 300 | ON Semiconductor Corp. <br>0.500%—03/01/2029<br>| 366 |
| 200 | Ultra Clean Holdings, Inc. <br>0.000%—03/15/2031<sup>1,2</sup><br>| 248 |
|  |  | 1294 |
| **SOFTWARE—8.3%** | **SOFTWARE—8.3%** | **SOFTWARE—8.3%** |
| 100 | Bandwidth, Inc. <br>0.500%—04/01/2028<br>| 94 |
| 100 | Cerence, Inc. <br>1.500%—07/01/2028<br>| 91 |
| 400 | Cloudflare, Inc. <br>0.000%—06/15/2030<sup>1,2</sup><br>| 460 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| $200 | CoreWeave, Inc. <br>1.750%—12/01/2031<sup>1</sup><br>| $260 |
| 200 | Datadog, Inc. <br>0.000%—12/01/2029<sup>2</sup><br>| 202 |
|  | DigitalOcean Holdings, Inc. |  |
| 200 | 0.000%—12/01/2026<sup>2</sup> | 199 |
| 100 | 0.000%—08/15/2030<sup>1,2</sup> | 258 |
|  |  | 457 |
| 100 | Fastly, Inc. <br>0.000%—12/15/2030<sup>1,2</sup><br>| 187 |
| 200 | Guidewire Software, Inc. <br>1.250%—11/01/2029<br>| 197 |
| 100 | Progress Software Corp. <br>3.500%—03/01/2030<br>| 91 |
|  | Strategy, Inc. |  |
| 600 | 0.000%—12/01/2029<sup>2</sup> | 520 |
| 200 | 0.000%—03/01/2030<sup>2</sup> | 184 |
| 200 | 2.250%—06/15/2032 | 244 |
|  |  | 948 |
| 100 | Unity Software, Inc. <br>0.000%—03/15/2030<sup>2</sup><br>| 109 |
| 400 | Workiva, Inc. <br>1.250%—08/15/2028<br>| 374 |
|  |  | 3470 |
| **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** |
|  | GameStop Corp. |  |
| 200 | 0.000%—04/01/2030<sup>2</sup> | 216 |
| 300 | 0.000%—06/15/2032<sup>1,2</sup> | 325 |
|  |  | 541 |
| 100 | Wayfair, Inc. <br>3.500%—11/15/2028<br>| 154 |
|  |  | 695 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.7%** |
| 100 | Western Digital Corp. <br>3.000%—11/15/2028<br>| 1150 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.9%** | **WIRELESS TELECOMMUNICATION SERVICES—0.9%** | **WIRELESS TELECOMMUNICATION SERVICES—0.9%** |
| 100 | InterDigital, Inc. <br>3.500%—06/01/2027<br>| 384 |
| **Total Convertible Bonds** <br>(Cost $30,781) | **Total Convertible Bonds** <br>(Cost $30,781) | 34928 |

---

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

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—14.8%** | **Convertible Preferred Stocks—14.8%** | **Convertible Preferred Stocks—14.8%** |
| **Shares** |  |  |
| **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** |
| 13142 | Boeing Co.—6.000% | 949 |
| 1961 | VSE Corp.<sup>\*</sup>—5.750% | 90 |
|  |  | 1039 |
| **BANKS—2.7%** | **BANKS—2.7%** | **BANKS—2.7%** |
| 408 | Bank of America Corp.—7.250% | 499 |
| 550 | Wells Fargo & Co.—7.500% | 655 |
|  |  | 1154 |

---

------

⬤

------

**Harbor Ares Systematic Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—0.6%** | **CAPITAL MARKETS—0.6%** | **CAPITAL MARKETS—0.6%** |
| 5861 | KKR & Co., Inc.—6.250% | $260 |
| **CHEMICALS—1.3%** | **CHEMICALS—1.3%** | **CHEMICALS—1.3%** |
| 6813 | Albemarle Corp.—7.250% | 531 |
| **ELECTRIC UTILITIES—2.7%** | **ELECTRIC UTILITIES—2.7%** | **ELECTRIC UTILITIES—2.7%** |
| 774 | NextEra Energy, Inc.—7.234% | 42 |
| 11035 | NextEra Energy, Inc.—7.299% | 651 |
| 4731 | NextEra Energy, Inc.\*—7.375% | 248 |
| 4180 | PG&E Corp.—6.000% | 176 |
|  |  | 1117 |
| **FINANCIAL SERVICES—0.2%** | **FINANCIAL SERVICES—0.2%** | **FINANCIAL SERVICES—0.2%** |
| 1591 | Shift4 Payments, Inc.—6.000% | 89 |
| **HEALTH CARE PROVIDERS & SERVICES—0.3%** | **HEALTH CARE PROVIDERS & SERVICES—0.3%** | **HEALTH CARE PROVIDERS & SERVICES—0.3%** |
| 923 | BrightSpring Health Services, Inc.—6.750% | 146 |
| **OIL, GAS & CONSUMABLE FUELS—0.9%** | **OIL, GAS & CONSUMABLE FUELS—0.9%** | **OIL, GAS & CONSUMABLE FUELS—0.9%** |
| 7200 | El Paso Energy Capital Trust I—4.750% | 365 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%** |
| 5880 | Microchip Technology, Inc.—7.500% | 463 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—1.6%** | **SOFTWARE—1.6%** | **SOFTWARE—1.6%** |
| 12706 | Oracle Corp.<sup>\*</sup>—6.500% | $619 |
| 705 | Strategy, Inc.—8.000% | 55 |
|  |  | 674 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%** |
| 4022 | Hewlett Packard Enterprise Co.—7.625% | 308 |
| **TRADING COMPANIES & DISTRIBUTORS—0.2%** | **TRADING COMPANIES & DISTRIBUTORS—0.2%** | **TRADING COMPANIES & DISTRIBUTORS—0.2%** |
| 1265 | QXO, Inc.—5.500% | 72 |
| **Total Convertible Preferred Stocks** <br>(Cost $5,715) | **Total Convertible Preferred Stocks** <br>(Cost $5,715) | 6218 |
| **TOTAL INVESTMENTS—98.1%** <br>(Cost $36,496) | **TOTAL INVESTMENTS—98.1%** <br>(Cost $36,496) | 41146 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.9%** | 785 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $41931 |

---

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

**FAIR VALUE MEASUREMENTS**

As of April 30, 2026, the investments in Convertible Preferred Stocks (as disclosed in the preceding Portfolio of Investments) were classified as Level 1 and all other investments were classified as Level 2.

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

------

\*

Non-income producing security

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $16,726 or 40% of net assets.

Zero coupon bond

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

------

⬤

------

**Harbor Capital Appreciation Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Jennison Associates LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.9%** | **AEROSPACE & DEFENSE—3.9%** | **AEROSPACE & DEFENSE—3.9%** |
| 2246085 | Boeing Co. <sup>\*</sup> | $514421 |
| 1678429 | General Electric Co.  | 486627 |
|  |  | 1001048 |
| **AUTOMOBILES—2.8%** | **AUTOMOBILES—2.8%** | **AUTOMOBILES—2.8%** |
| 1838101 | Tesla, Inc. <sup>\*</sup> | 701475 |
| **BIOTECHNOLOGY—1.2%** | **BIOTECHNOLOGY—1.2%** | **BIOTECHNOLOGY—1.2%** |
| 705868 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 301674 |
| **BROADLINE RETAIL—8.9%** | **BROADLINE RETAIL—8.9%** | **BROADLINE RETAIL—8.9%** |
| 8051061 | Amazon.com, Inc. <sup>\*</sup> | 2134014 |
| 65782 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 117923 |
|  |  | 2251937 |
| **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** |
| 322715 | Goldman Sachs Group, Inc.  | 298115 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.8%** |
| 442565 | Costco Wholesale Corp.  | 448995 |
| 3988046 | Walmart, Inc.  | 526143 |
|  |  | 975138 |
| **ELECTRIC UTILITIES—1.5%** | **ELECTRIC UTILITIES—1.5%** | **ELECTRIC UTILITIES—1.5%** |
| 1235716 | Constellation Energy Corp.  | 386779 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.2%** |
| 2084412 | Amphenol Corp. Class A | 306971 |
| **ENTERTAINMENT—3.7%** | **ENTERTAINMENT—3.7%** | **ENTERTAINMENT—3.7%** |
| 5776312 | Netflix, Inc. <sup>\*</sup> | 540721 |
| 408439 | Spotify Technology SA <sup>\*</sup> | 182388 |
| 2004312 | Walt Disney Co.  | 207947 |
|  |  | 931056 |
| **FINANCIAL SERVICES—4.1%** | **FINANCIAL SERVICES—4.1%** | **FINANCIAL SERVICES—4.1%** |
| 1085973 | Mastercard, Inc. Class A | 546158 |
| 1525622 | Visa, Inc. Class A | 503211 |
|  |  | 1049369 |
| **GROUND TRANSPORTATION—0.2%** | **GROUND TRANSPORTATION—0.2%** | **GROUND TRANSPORTATION—0.2%** |
| 654044 | Uber Technologies, Inc. <sup>\*</sup> | 48798 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.0%** |
| 2416541 | Edwards Lifesciences Corp. <sup>\*</sup> | 201781 |
| 652471 | Intuitive Surgical, Inc. <sup>\*</sup> | 298578 |
|  |  | 500359 |
| **HOTELS, RESTAURANTS & LEISURE—1.6%** | **HOTELS, RESTAURANTS & LEISURE—1.6%** | **HOTELS, RESTAURANTS & LEISURE—1.6%** |
| 938855 | Airbnb, Inc. Class A<sup>\*</sup> | 131778 |
| 825122 | Hilton Worldwide Holdings, Inc.  | 267397 |
|  |  | 399175 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—12.9%** | **INTERACTIVE MEDIA & SERVICES—12.9%** | **INTERACTIVE MEDIA & SERVICES—12.9%** |
| 2942838 | Alphabet, Inc. Class A | $1132404 |
| 3117691 | Alphabet, Inc. Class C | 1190771 |
| 1563162 | Meta Platforms, Inc. Class A | 956514 |
|  |  | 3279689 |
| **IT SERVICES—2.7%** | **IT SERVICES—2.7%** | **IT SERVICES—2.7%** |
| 967745 | Cloudflare, Inc. Class A<sup>\*</sup> | 198359 |
| 2637656 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 319499 |
| 1333131 | Snowflake, Inc. <sup>\*</sup> | 181932 |
|  |  | 699790 |
| **PHARMACEUTICALS—4.6%** | **PHARMACEUTICALS—4.6%** | **PHARMACEUTICALS—4.6%** |
| 1126888 | Eli Lilly & Co.  | 1053189 |
| 1022099 | Merck & Co., Inc.  | 111593 |
|  |  | 1164782 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—24.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—24.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—24.1%** |
| 1701917 | Advanced Micro Devices, Inc. <sup>\*</sup> | 603313 |
| 4815553 | Broadcom, Inc.  | 2010156 |
| 48711 | KLA Corp.  | 85261 |
| 13666464 | NVIDIA Corp.  | 2727416 |
| 1351390 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)<sup>1</sup> | 535232 |
| 576212 | Texas Instruments, Inc.  | 161962 |
|  |  | 6123340 |
| **SOFTWARE—11.5%** | **SOFTWARE—11.5%** | **SOFTWARE—11.5%** |
| 278667 | AppLovin Corp. Class A<sup>\*</sup> | 124383 |
| 1316408 | Cadence Design Systems, Inc. <sup>\*</sup> | 433875 |
| 814610 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 363112 |
| 1193600 | Datadog, Inc. Class A<sup>\*</sup> | 157782 |
| 3389778 | Microsoft Corp.  | 1382284 |
| 1245792 | Oracle Corp.  | 201058 |
| 1822564 | Palantir Technologies, Inc. Class A<sup>\*</sup> | 253537 |
|  |  | 2916031 |
| **SPECIALTY RETAIL—1.6%** | **SPECIALTY RETAIL—1.6%** | **SPECIALTY RETAIL—1.6%** |
| 2251325 | O'Reilly Automotive, Inc. <sup>\*</sup> | 223782 |
| 1136262 | TJX Cos., Inc.  | 178109 |
|  |  | 401891 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.4%** |
| 6033408 | Apple, Inc.  | 1637165 |
| **TOTAL COMMON STOCKS** <br>(Cost $8,042,590) | **TOTAL COMMON STOCKS** <br>(Cost $8,042,590) | 25374582 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $8,042,590) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $8,042,590) | 25374582 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 31993 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $25406575 |

---

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

------

⬤

------

**Harbor Capital Appreciation Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Income Research + Management

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—12.0%** | **Asset-Backed Securities—12.0%** | **Asset-Backed Securities—12.0%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $385 | Aligned Data Centers Issuer LLC <br>Series 2021-1A Cl. A2 <br>1.937%—08/15/2046<sup>1</sup><br>| $382 |
|  | AMSR Trust |  |
| 782 | Series 2022-SFR3 Cl. A <br>4.000%—10/17/2039<sup>1</sup><br>| 775 |
| 7154 | Series 2024-SFR1 Cl. A <br>4.290%—07/17/2041<sup>1,2</sup><br>| 7023 |
|  |  | 7798 |
| 4782 | Apidos CLO XXXIX Ltd. <br>Series 2022-39A Cl. A1R <br>4.902% (3 Month USD Term SOFR + 1.230%) <br> 10/21/2038<sup>1,3</sup><br>| 4785 |
|  | Avis Budget Rental Car Funding AESOP LLC |  |
| 2500 | Series 2024-3A Cl. A <br>5.230%—12/20/2030<sup>1</sup><br>| 2547 |
| 1513 | Series 2024-1A Cl. A <br>5.360%—06/20/2030<sup>1</sup><br>| 1545 |
|  |  | 4092 |
| 8147 | Carlyle U.S. CLO Ltd. <br>Series 2022-1A Cl. A1R <br>4.653% (3 Month USD Term SOFR + 0.980%) <br> 04/15/2035<sup>1,3</sup><br>| 8143 |
|  | CIFC Funding Ltd. |  |
| 5816 | Series 2014-4RA Cl. A1A2 <br>4.670% (3 Month USD Term SOFR + 0.990%) <br> 01/17/2035<sup>1,3</sup><br>| 5807 |
| 1630 | Series 2022-1A Cl. A <br>5.000% (3 Month USD Term SOFR + 1.320%) <br> 04/17/2035<sup>1,3</sup><br>| 1633 |
| 1548 | Series 2024-3A Cl. A1 <br>5.152% (3 Month USD Term SOFR + 1.480%) <br> 07/21/2037<sup>1,3</sup><br>| 1553 |
|  |  | 8993 |
| 614 | Citizens Auto Receivables Trust <br>Series 2024-1 Cl. A3 <br>5.110%—04/17/2028<sup>1</sup><br>| 616 |
| 4344 | Compass Datacenters Issuer III LLC <br>Series 2025-3A Cl. A2 <br>5.286%—07/25/2050<sup>1</sup><br>| 4296 |
|  | DB Master Finance LLC |  |
| 2269 | Series 2021-1A Cl. A2I <br>2.045%—11/20/2051<sup>1</sup><br>| 2238 |
| 1840 | Series 2017-1A Cl. A2II <br>4.030%—11/20/2047<sup>1</sup><br>| 1829 |
| 6582 | Series 2019-1A Cl. A23 <br>4.352%—05/20/2049<sup>1</sup><br>| 6451 |
|  |  | 10518 |
| 5091 | Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 4833 |
| 2976 | Elmwood CLO 30 Ltd. <br>Series 2024-6A Cl. A <br>5.110% (3 Month USD Term SOFR + 1.430%) <br> 07/17/2037<sup>1,3</sup><br>| 2981 |
| 3172 | Elmwood CLO 31 Ltd. <br>Series 2024-7A Cl. A1 <br>5.030% (3 Month USD Term SOFR + 1.350%) <br> 07/17/2037<sup>1,3</sup><br>| 3180 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $4199 | Elmwood CLO 39 Ltd. <br>Series 2025-2A Cl. A1 <br>4.820% (3 Month USD Term SOFR + 1.140%) <br> 04/17/2038<sup>1,3</sup><br>| $4200 |
| 602 | Enterprise Fleet Financing LLC <br>Series 2024-1 Cl. A2 <br>5.230%—03/20/2030<sup>1</sup><br>| 606 |
| 312 | FirstKey Homes Trust <br>Series 2021-SFR1 Cl. A <br>1.538%—08/17/2038<sup>1</sup><br>| 309 |
| 1000 | Ford Credit Auto Owner Trust <br>Series 2023-2 Cl. A <br>5.280%—02/15/2036<sup>1</sup><br>| 1021 |
| 95 | GM Financial Automobile Leasing Trust <br>Series 2024-1 Cl. A3 <br>5.090%—03/22/2027<br>| 95 |
|  | GM Financial Consumer Automobile Receivables <br> Trust<br>|  |
| 173 | Series 2022-3 Cl. A4 <br>3.710%—12/16/2027<br>| 173 |
| 722 | Series 2024-1 Cl. A3 <br>4.850%—12/18/2028<br>| 725 |
|  |  | 898 |
|  | GMF Floorplan Owner Revolving Trust |  |
| 3710 | Series 2024-2A Cl. A <br>5.060%—03/15/2031<sup>1</sup><br>| 3790 |
| 2081 | Series 2023-2 Cl. A <br>5.340%—06/15/2030<sup>1</sup><br>| 2127 |
|  |  | 5917 |
|  | Home Partners of America Trust |  |
| 210 | Series 2020-2 Cl. A <br>1.532%—01/17/2041<sup>1</sup><br>| 193 |
| 116 | Series 2022-1 Cl. A <br>3.930%—04/17/2039<sup>1</sup><br>| 115 |
|  |  | 308 |
| 1717 | Kubota Credit Owner Trust <br>Series 2024-1A Cl. A3 <br>5.190%—07/17/2028<sup>1</sup><br>| 1731 |
| 362 | Mercedes-Benz Auto Receivables Trust <br>Series 2022-1 Cl. A4 <br>5.250%—02/15/2029<br>| 364 |
| 3147 | NextGear Floorplan Master Owner Trust <br>Series 2024-1A Cl. A2 <br>5.120%—03/15/2029<sup>1</sup><br>| 3174 |
|  | Palmer Square CLO Ltd. |  |
| 7611 | Series 2021-4A Cl. A1R <br>4.993% (3 Month USD Term SOFR + 1.320%) <br> 07/15/2038<sup>1,3</sup><br>| 7626 |
| 3427 | Series 2022-4A Cl. A1R <br>5.025% (3 Month USD Term SOFR + 1.350%) <br> 10/20/2037<sup>1,3</sup><br>| 3436 |
|  |  | 11062 |
|  | PFS Financing Corp. |  |
| 2129 | Series 2024-B Cl. A <br>4.950%—02/15/2029<sup>1</sup><br>| 2144 |
| 2833 | Series 2024-D Cl. A <br>5.340%—04/15/2029<sup>1</sup><br>| 2865 |
|  |  | 5009 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $3034 | Planet Fitness Master Issuer LLC <br>Series 2024-1A Cl. A2I <br>5.765%—06/05/2054<sup>1</sup><br>| $3058 |
|  | Progress Residential Trust |  |
| 1042 | Series 2022-SFR2 Cl. A <br>2.950%—04/17/2027<sup>1</sup><br>| 1026 |
| 6642 | Series 2024-SFR3 Cl. A <br>3.000%—06/17/2041<sup>1</sup><br>| 6288 |
|  |  | 7314 |
| 2500 | QTS Issuer ABS II LLC <br>Series 2026-4A Cl. A2 <br>5.704%—03/05/2056<sup>1</sup><br>| 2515 |
|  | SBA Small Business Investment Cos. |  |
| 4153 | Series 2025-10A Cl. 1 <br>4.963%—03/10/2035<br>| 4186 |
| 3798 | Series 2024-10A Cl. 1 <br>5.035%—03/10/2034<br>| 3830 |
| 1188 | Series 2023-10A Cl. 1 <br>5.168%—03/10/2033<br>| 1204 |
|  |  | 9220 |
| 5455 | SBA Small Business Investment Cos., <br>Series 2026-10A Cl. 1 <br>4.626%—03/10/2036<br>| 5443 |
| 2295 | SBNA Auto Lease Trust <br>Series 2024-B Cl. A3 <br>5.560%—11/22/2027<sup>1</sup><br>| 2300 |
| 3226 | Servpro Master Issuer LLC <br>Series 2024-1A Cl. A2 <br>6.174%—01/25/2054<sup>1</sup><br>| 3305 |
| 699 | SFS Auto Receivables Securitization Trust <br>Series 2024-1A Cl. A3 <br>4.950%—05/21/2029<sup>1</sup><br>| 703 |
| 7598 | Small Business Administration Participation <br> Certificates <br>Series 2025-25K Cl. 1 <br>4.730%—11/01/2050<br>| 7522 |
| 161 | Store Master Funding I-VII & XIV <br>Series 2019-1 Cl. A1 <br>2.820%—11/20/2049<sup>1</sup><br>| 159 |
| 6691 | STORE Master Funding LLC <br>Series 2025-1A Cl. A2 <br>4.980%—10/20/2055<sup>1</sup><br>| 6486 |
|  | Subway Funding LLC |  |
| 4583 | Series 2024-3A Cl. A2II <br>5.566%—07/30/2054<sup>1</sup><br>| 4521 |
| 3940 | Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 3974 |
| 2070 | Series 2024-1A Cl. A2II <br>6.268%—07/30/2054<sup>1</sup><br>| 2085 |
|  |  | 10580 |
|  | Taco Bell Funding LLC |  |
| 2555 | Series 2021-1A Cl. A2I <br>1.946%—08/25/2051<sup>1</sup><br>| 2497 |
| 614 | Series 2021-1A Cl. A2II <br>2.294%—08/25/2051<sup>1</sup><br>| 569 |
|  |  | 3066 |
|  | Tricon Residential Trust |  |
| 3040 | Series 2024-SFR3 Cl. A <br>4.500%—08/17/2041<sup>1</sup><br>| 2993 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $5184 | Series 2024-SFR2 Cl. A <br>4.750%—06/17/2040<sup>1</sup><br>| $5161 |
| 5672 | Series 2023-SFR2 Cl. A <br>5.000%—12/17/2040<sup>1</sup><br>| 5625 |
|  |  | 13779 |
|  | U.S. Small Business Administration |  |
| 36 | Series 2012-20C Cl. 1 <br>2.510%—03/01/2032<br>| 34 |
| 70 | Series 2017-20H Cl. 1 <br>2.750%—08/01/2037<br>| 65 |
| 124 | Series 2014-20K Cl. 1 <br>2.800%—11/01/2034<br>| 118 |
| 113 | Series 2015-20H Cl. 1 <br>2.820%—08/01/2035<br>| 108 |
| 130 | Series 2018-20B Cl. 1 <br>3.220%—02/01/2038<br>| 120 |
| 243 | Series 2023-25B Cl. 1 <br>4.610%—02/01/2048<br>| 245 |
| 926 | Series 2023-25A Cl. 1 <br>4.910%—01/01/2048<br>| 938 |
| 2849 | Series 2024-25C Cl. 1 <br>4.970%—03/01/2049<br>| 2881 |
| 6018 | Series 2024-25K Cl. 1 <br>5.010%—11/01/2049<br>| 6085 |
| 1139 | Series 2024-25A Cl. 1 <br>5.050%—01/01/2049<br>| 1150 |
| 3630 | Series 2024-25B Cl. 1 <br>5.070%—02/01/2049<br>| 3722 |
| 950 | Series 2022-25K Cl. 1 <br>5.130%—11/01/2047<br>| 982 |
| 2203 | Series 2023-25H Cl. 1 <br>5.150%—08/01/2048<br>| 2249 |
| 1662 | Series 2023-25L Cl. 1 <br>5.280%—12/01/2048<br>| 1722 |
| 4001 | Series 2024-25D Cl. 1 <br>5.380%—04/01/2049<br>| 4113 |
| 459 | Series 2023-25I Cl. 1 <br>5.410%—09/01/2048<br>| 481 |
| 1058 | Series 2023-25K Cl. 1 <br>5.710%—11/01/2048<br>| 1100 |
|  |  | 26113 |
|  | Wendy's Funding LLC |  |
| 194 | Series 2021-1A Cl. A2I <br>2.370%—06/15/2051<sup>1</sup><br>| 179 |
| 953 | Series 2021-1A Cl. A2II <br>2.775%—06/15/2051<sup>1</sup><br>| 840 |
| 3162 | Series 2019-1A Cl. A2II <br>4.080%—06/15/2049<sup>1</sup><br>| 3031 |
|  |  | 4050 |
| **Total Asset-Backed Securities** <br>(Cost $199,653) | **Total Asset-Backed Securities** <br>(Cost $199,653) | 200924 |

---

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

---

| | |
|:---|:---|
| **Collateralized Mortgage Obligations—8.4%** | **Collateralized Mortgage Obligations—8.4%** |
| 4092<br> ARES Commercial Mortgage Trust <br>Series 2025-IND3 Cl. A <br>5.155% (1 Month USD Term SOFR + 1.500%) <br> 04/15/2042<sup>1,3</sup><br>| 4102 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Bank |  |
| $7490 | Series 2021-BN35 Cl. A4 <br>2.031%—06/15/2064<br>| $6632 |
| 709 | Series 2017-BNK6 Cl. A5 <br>3.518%—07/15/2060<br>| 702 |
|  |  | 7334 |
|  | Bank5 |  |
| 6513 | Series 2023-5YR1 Cl. A3 <br>6.260%—04/15/2056<sup>3</sup><br>| 6677 |
| 5563 | Series 2023-5YR3 Cl. A3 <br>6.724%—09/15/2056<sup>3</sup><br>| 5796 |
|  |  | 12473 |
|  | BBCMS Mortgage Trust |  |
| 4623 | Series 2024-C26 Cl. A5 <br>5.829%—05/15/2057<br>| 4870 |
| 3466 | Series 2024-5C25 Cl. A3 <br>5.946%—03/15/2057<br>| 3577 |
| 6382 | Series 2024-5C27 Cl. A3 <br>6.014%—07/15/2057<br>| 6612 |
|  |  | 15059 |
|  | Benchmark Mortgage Trust |  |
| 387 | Series 2021-B26 Cl. A3 <br>2.391%—06/15/2054<br>| 367 |
| 7150 | Series 2025-V17 Cl. A3 <br>5.075%—09/15/2058<br>| 7251 |
| 2440 | Series 2024-V5 Cl. A3 <br>5.805%—01/10/2057<br>| 2507 |
| 700 | Series 2023-V2 Cl. A3 <br>5.812%—05/15/2055<sup>3</sup><br>| 714 |
| 5913 | Series 2024-V6 Cl. A3 <br>5.926%—03/15/2057<br>| 6099 |
| 4000 | Series 2023-V4 Cl. A3 <br>6.841%—11/15/2056<sup>3</sup><br>| 4178 |
|  |  | 21116 |
|  | BMO Mortgage Trust |  |
| 4600 | Series 2026-C14 Cl. A5 <br>5.317%—02/15/2059<br>| 4672 |
| 549 | Series 2023-C7 Cl. A5 <br>6.160%—12/15/2056<br>| 582 |
|  |  | 5254 |
| 1973 | BX Commercial Mortgage Trust <br>Series 2024-XL5 Cl. A <br>5.046% (1 Month USD Term SOFR + 1.392%) <br> 03/15/2041<sup>1,3</sup><br>| 1977 |
|  | BX Trust |  |
| 4125 | Series 2025-VLT6 Cl. A <br>5.098% (1 Month USD Term SOFR + 1.443%) <br> 03/15/2042<sup>1,3</sup><br>| 4113 |
| 8189 | Series 2025-VOLT Cl. A <br>5.355% (1 Month USD Term SOFR + 1.700%) <br> 12/15/2044<sup>1,3</sup><br>| 8198 |
| 2699 | Series 2022-CLS Cl. A <br>5.760%—10/13/2027<sup>1</sup><br>| 2701 |
|  |  | 15012 |
|  | Chase Home Lending Mortgage Trust |  |
| 8428 | Series 2026-4 Cl. A4A <br>5.000%—02/25/2057<sup>1,3</sup><br>| 8372 |
| 2806 | Series 2024-9 Cl. A4 <br>5.500%—09/25/2055<sup>1,3</sup><br>| 2809 |
|  |  | 11181 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $637 | Citigroup Commercial Mortgage Trust <br>Series 2016-C2 Cl. A3 <br>2.575%—08/10/2049<br>| $636 |
| 2327 | Citigroup Mortgage Loan Trust, Inc. <br>Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,3</sup><br>| 2328 |
| 303 | COMM Mortgage Trust <br>Series 2016-COR1 Cl. A3 <br>2.826%—10/10/2049<br>| 302 |
| 122 | Federal Home Loan Mortgage Corp. Seasoned <br> Credit Risk Transfer Trust <br>Series 2019-2 Cl. MA <br>3.500%—08/26/2058<br>| 118 |
| 3160 | FIVE Mortgage Trust <br>Series 2023-V1 Cl. A3 <br>5.668%—02/10/2056<sup>3</sup><br>| 3213 |
| 550 | GS Mortgage Securities Trust <br>Series 2016-GS3 Cl. A4 <br>2.850%—10/10/2049<br>| 547 |
| 84 | GS Mortgage-Backed Securities Corp. Trust <br>Series 2020-PJ4 Cl. A2 <br>3.000%—01/25/2051<sup>1,3</sup><br>| 73 |
|  | GS Mortgage-Backed Securities Trust |  |
| 5256 | Series 2025-PJ9 Cl. A6 <br>5.000%—03/25/2056<sup>1,3</sup><br>| 5226 |
| 2792 | Series 2025-PJ7 Cl. A5 <br>5.500%—12/25/2055<sup>1,3</sup><br>| 2794 |
|  |  | 8020 |
|  | JP Morgan Mortgage Trust |  |
| 1925 | Series 2025-2 Cl. A4A <br>5.500%—07/25/2055<sup>1,3</sup><br>| 1926 |
| 2725 | Series 2025-4 Cl. A4A <br>5.500%—11/25/2055<sup>1,3</sup><br>| 2727 |
| 717 | Series 2024-4 Cl. A4A <br>6.000%—10/25/2054<sup>1,3</sup><br>| 720 |
| 780 | Series 2024-5 Cl. A4 <br>6.000%—11/25/2054<sup>1,3</sup><br>| 783 |
|  |  | 6156 |
| 295 | Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2015-C22 Cl. A4 <br>3.306%—04/15/2048<br>| 291 |
| 2564 | Morgan Stanley Capital I Trust <br>Series 2016-UB11 Cl. A4 <br>2.782%—08/15/2049<br>| 2550 |
| 33 | PSMC Trust <br>Series 2020-2 Cl. A2 <br>3.000%—05/25/2050<sup>1,3</sup><br>| 30 |
|  | Sequoia Mortgage Trust |  |
| 6322 | Series 2026-INV1 Cl. A4 <br>5.000%—01/25/2056<sup>1,3</sup><br>| 6296 |
| 1817 | Series 2025-6 Cl. A11 <br>5.500%—07/25/2055<sup>1,3</sup><br>| 1820 |
| 840 | Series 2024-5 Cl. A5 <br>6.000%—06/25/2054<sup>1,3</sup><br>| 843 |
|  |  | 8959 |
| 3923 | SLG Office Trust <br>Series 2026-OMA Cl. A <br>4.965%—04/15/2041<sup>1,3</sup><br>| 3941 |
| 330 | Tricon American Homes Trust <br>Series 2020-SFR1 Cl. A <br>1.499%—07/17/2038<sup>1</sup><br>| 328 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $271 | UBS Commercial Mortgage Trust <br>Series 2018-C13 Cl. ASB <br>4.241%—10/15/2051<br>| $270 |
|  | Wells Fargo Commercial Mortgage Trust |  |
| 2167 | Series 2021-C60 Cl. A4 <br>2.342%—08/15/2054<br>| 1931 |
| 4092 | Series 2018-C45 Cl. A4 <br>4.184%—06/15/2051<br>| 4055 |
|  |  | 5986 |
| 3300 | WHARF Commercial Mortgage Trust <br>Series 2025-DC Cl. A <br>5.528%—07/15/2040<sup>1,3</sup><br>| 3361 |
| **Total Collateralized Mortgage Obligations** <br>(Cost $140,592) | **Total Collateralized Mortgage Obligations** <br>(Cost $140,592) | 140617 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—29.9%** | **Corporate Bonds & Notes—29.9%** | **Corporate Bonds & Notes—29.9%** |
| **AEROSPACE & DEFENSE—0.1%** | **AEROSPACE & DEFENSE—0.1%** | **AEROSPACE & DEFENSE—0.1%** |
| 1558 | Northrop Grumman Corp. <br>5.250%—05/01/2050<br>| 1450 |
| **AUTOMOBILES—1.5%** | **AUTOMOBILES—1.5%** | **AUTOMOBILES—1.5%** |
| 2929 | Cummins, Inc. <br>5.300%—05/09/2035<br>| 2993 |
| 6100 | Daimler Truck Finance North America LLC <br>4.650%—10/12/2030<sup>1</sup><br>| 6075 |
|  | General Motors Financial Co., Inc. |  |
| 1157 | 2.400%—10/15/2028 | 1100 |
| 971 | 4.300%—04/06/2029 | 962 |
| 2750 | 5.750%—02/08/2031 | 2845 |
|  |  | 4907 |
|  | Hyundai Capital America |  |
| 4231 | 4.550%—09/26/2029<sup>1</sup> | 4214 |
| 1203 | 5.300%—06/24/2029<sup>1</sup> | 1222 |
|  |  | 5436 |
|  | Volkswagen Group of America Finance LLC |  |
| 2795 | 4.600%—06/08/2029<sup>1</sup> | 2773 |
| 3338 | 4.750%—11/13/2028<sup>1</sup> | 3338 |
|  |  | 6111 |
|  |  | 25522 |
| **BANKS—4.0%** | **BANKS—4.0%** | **BANKS—4.0%** |
|  | Bank of America Corp. |  |
| 8962 | 2.572%—10/20/2032<sup>4</sup> | 7987 |
| 2322 | 3.311%—04/22/2042<sup>4</sup> | 1781 |
| 5712 | 5.045%—02/06/2037<sup>4</sup> | 5626 |
|  |  | 15394 |
|  | Barclays PLC |  |
| 2100 | 5.690%—03/12/2030<sup>4</sup> | 2155 |
| 2335 | 6.490%—09/13/2029<sup>4</sup> | 2431 |
|  |  | 4586 |
| 6563 | BNP Paribas SA <br>4.400%—08/14/2028<sup>1</sup><br>| 6547 |
|  | Citigroup, Inc. |  |
| 3329 | 4.412%—03/31/2031<sup>4</sup> | 3293 |
| 3874 | 4.542%—09/19/2030<sup>4</sup> | 3860 |
|  |  | 7153 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| $8509 | HSBC Holdings PLC <br>5.130%—03/03/2031<sup>4</sup><br>| $8618 |
|  | ING Groep NV |  |
| 2460 | 5.335%—03/19/2030<sup>4</sup> | 2511 |
| 3000 | 6.114%—09/11/2034<sup>4</sup> | 3180 |
|  |  | 5691 |
|  | JPMorgan Chase & Co. |  |
| 250 | 4.493%—03/24/2031<sup>4</sup> | 249 |
| 3130 | 5.336%—01/23/2035<sup>4</sup> | 3174 |
|  |  | 3423 |
| 1145 | Lloyds Banking Group PLC <br>5.679%—01/05/2035<sup>4</sup><br>| 1181 |
| 3899 | Truist Financial Corp. <br>4.597%—01/27/2032<sup>4</sup><br>| 3861 |
| 5216 | Truist Financial Corp. MTN <br>5.711%—01/24/2035<sup>4</sup><br>| 5369 |
|  | U.S. Bancorp |  |
| 3315 | 4.839%—02/01/2034<sup>4</sup> | 3280 |
| 1544 | 5.678%—01/23/2035<sup>4</sup> | 1596 |
|  |  | 4876 |
|  |  | 66699 |
| **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** |
|  | Blackstone Holdings Finance Co. LLC |  |
| 495 | 2.550%—03/30/2032<sup>1</sup> | 435 |
| 173 | 2.800%—09/30/2050<sup>1</sup> | 103 |
| 856 | 3.500%—09/10/2049<sup>1</sup> | 593 |
| 2515 | 6.200%—04/22/2033<sup>1</sup> | 2666 |
|  |  | 3797 |
| 5784 | Blackstone Reg Finance Co. LLC <br>5.000%—12/06/2034<br>| 5721 |
|  | Brookfield Finance, Inc. |  |
| 326 | 2.724%—04/15/2031 | 297 |
| 1490 | 3.900%—01/25/2028 | 1473 |
|  |  | 1770 |
|  | Goldman Sachs Group, Inc. |  |
| 8580 | 5.094%—04/20/2034<sup>4</sup> | 8562 |
| 2729 | 5.218%—04/23/2031<sup>4</sup> | 2774 |
|  |  | 11336 |
| 4320 | Golub Capital BDC, Inc. <br>7.050%—12/05/2028<br>| 4447 |
| 4718 | Hercules Capital, Inc. <br>5.350%—02/10/2029<br>| 4655 |
| 6183 | KKR & Co., Inc. <br>5.100%—08/07/2035<br>| 6031 |
| 54 | KKR Group Finance Co. II LLC <br>5.500%—02/01/2043<sup>1</sup><br>| 51 |
| 170 | KKR Group Finance Co. III LLC <br>5.125%—06/01/2044<sup>1</sup><br>| 152 |
| 1263 | KKR Group Finance Co. VI LLC <br>3.750%—07/01/2029<sup>1</sup><br>| 1227 |
| 2434 | KKR Group Finance Co. XII LLC <br>4.850%—05/17/2032<sup>1</sup><br>| 2401 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
|  | Macquarie Group Ltd. |  |
| $2861 | 5.033%—01/15/2030<sup>1,4</sup> | $2890 |
| 1695 | 6.255%—12/07/2034<sup>1,4</sup> | 1811 |
|  |  | 4701 |
|  | Morgan Stanley |  |
| 3710 | 2.943%—01/21/2033<sup>4</sup> | 3348 |
| 6213 | 5.073%—01/30/2037<sup>4</sup> | 6081 |
|  |  | 9429 |
| 6666 | Morgan Stanley MTN <br>3.622%—04/01/2031<sup>4</sup><br>| 6408 |
| 3698 | UBS Group AG <br>4.844%—11/06/2033<sup>1,4</sup><br>| 3645 |
|  |  | 65771 |
| **COMMERCIAL SERVICES & SUPPLIES—1.0%** | **COMMERCIAL SERVICES & SUPPLIES—1.0%** | **COMMERCIAL SERVICES & SUPPLIES—1.0%** |
| 3438 | Ashtead Capital, Inc. <br>5.800%—04/15/2034<sup>1</sup><br>| 3529 |
| 300 | Moody's Corp. <br>3.250%—05/20/2050<br>| 201 |
| 5540 | Rentokil Terminix Funding LLC <br>5.000%—04/28/2030<sup>1</sup><br>| 5585 |
| 7316 | Triton Container International Ltd./TAL International <br> Container Corp. <br>5.150%—02/15/2033<br>| 7185 |
|  |  | 16500 |
| **COMMUNICATIONS EQUIPMENT—0.1%** | **COMMUNICATIONS EQUIPMENT—0.1%** | **COMMUNICATIONS EQUIPMENT—0.1%** |
| 1701 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II <br> LLC/Sprint Spectrum Co. III LLC <br>5.152%—09/20/2029<sup>1</sup><br>| 1704 |
| **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** |
| 3807 | Sonoco Products Co. <br>5.000%—09/01/2034<br>| 3731 |
| **DIVERSIFIED FINANCIAL SERVICES—2.9%** | **DIVERSIFIED FINANCIAL SERVICES—2.9%** | **DIVERSIFIED FINANCIAL SERVICES—2.9%** |
|  | AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust<br>|  |
| 906 | 3.000%—10/29/2028 | 873 |
| 1662 | 5.100%—01/19/2029 | 1684 |
| 6300 | 6.450%—04/15/2027 | 6417 |
|  |  | 8974 |
| 6974 | Atlas Warehouse Lending Co. LP <br>4.625%—11/15/2028<sup>1</sup><br>| 6887 |
|  | Aviation Capital Group LLC |  |
| 4948 | 4.800%—10/24/2030<sup>1</sup> | 4915 |
| 2235 | 6.375%—07/15/2030<sup>1</sup> | 2358 |
|  |  | 7273 |
| 7384 | Brookfield Asset Management Ltd. <br>4.653%—11/15/2030<br>| 7321 |
| 1921 | Brookfield Finance I U.K. PLC/Brookfield Finance, <br> Inc. <br>2.340%—01/30/2032<br>| 1663 |
|  | Capital One Financial Corp. |  |
| 435 | 4.927%—05/10/2028<sup>4</sup> | 437 |
| 813 | 5.468%—02/01/2029<sup>4</sup> | 826 |
| 4397 | 6.051%—02/01/2035<sup>4</sup> | 4564 |
|  |  | 5827 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **DIVERSIFIED FINANCIAL SERVICES—Continued** | **DIVERSIFIED FINANCIAL SERVICES—Continued** | **DIVERSIFIED FINANCIAL SERVICES—Continued** |
| $6578 | Sumisho Air Lease Corp. <br>4.850%—03/24/2031<sup>1</sup><br>| $6522 |
| 4680 | TPG Operating Group II LP <br>4.875%—05/15/2031<br>| 4618 |
|  |  | 49085 |
| **DIVERSIFIED REITS—0.6%** | **DIVERSIFIED REITS—0.6%** | **DIVERSIFIED REITS—0.6%** |
| 514 | American Tower Trust <br>5.490%—03/15/2053<sup>1</sup><br>| 520 |
|  | SBA Tower Trust |  |
| 500 | 1.631%—05/15/2051<sup>1</sup> | 493 |
| 705 | 2.593%—10/15/2056<sup>1</sup> | 630 |
| 6531 | 4.831%—10/15/2029<sup>1</sup> | 6554 |
| 1578 | 6.599%—11/15/2052<sup>1</sup> | 1603 |
|  |  | 9280 |
|  |  | 9800 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** |
|  | AT&T, Inc. |  |
| 1302 | 3.650%—09/15/2059 | 833 |
| 7136 | 4.750%—04/30/2033 | 7045 |
|  |  | 7878 |
| 3381 | HUT 8 DC LLC <br>6.192%—11/15/2042<sup>1</sup><br>| 3411 |
|  | Verizon Communications, Inc. |  |
| 5240 | 2.355%—03/15/2032 | 4583 |
| 162 | 4.500%—08/10/2033 | 158 |
|  |  | 4741 |
|  |  | 16030 |
| **ELECTRIC UTILITIES—2.5%** | **ELECTRIC UTILITIES—2.5%** | **ELECTRIC UTILITIES—2.5%** |
|  | Berkshire Hathaway Energy Co. |  |
| 7190 | 4.450%—01/15/2049 | 5879 |
| 275 | 6.125%—04/01/2036 | 295 |
|  |  | 6174 |
| 2730 | Consumers Securitization Funding LLC <br>5.210%—09/01/2031<br>| 2777 |
| 1150 | Dominion Energy, Inc. <br>5.250%—08/01/2033<br>| 1162 |
| 2769 | DTE Energy Co. <br>5.850%—06/01/2034<br>| 2903 |
|  | Eversource Energy |  |
| 1080 | 2.900%—03/01/2027 | 1067 |
| 5295 | 5.450%—03/01/2028 | 5376 |
|  |  | 6443 |
|  | Exelon Corp. |  |
| 5615 | 4.450%—04/15/2046 | 4615 |
| 62 | 4.700%—04/15/2050 | 52 |
| 243 | 5.100%—06/15/2045 | 220 |
|  |  | 4887 |
| 1670 | Florida Power & Light Co. <br>2.450%—02/03/2032<br>| 1499 |
| 5857 | Niagara Mohawk Power Corp. <br>5.996%—07/03/2055<sup>1</sup><br>| 5742 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** |
|  | Northern States Power Co. |  |
| $158 | 4.500%—06/01/2052 | $132 |
| 4085 | 6.250%—06/01/2036 | 4452 |
|  |  | 4584 |
| 308 | Southern Co. <br>4.250%—07/01/2036<br>| 283 |
| 5397 | Virginia Power Fuel Securitization LLC <br>4.877%—05/01/2033<br>| 5449 |
|  |  | 41903 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** |
| 4397 | Amphenol Corp. <br>5.300%—11/15/2055<br>| 4122 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** |
| 1879 | Agree LP <br>4.800%—10/01/2032<br>| 1857 |
| 2645 | Simon Property Group LP <br>5.500%—03/08/2033<br>| 2750 |
|  |  | 4607 |
| **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** |
|  | American Express Co. |  |
| 4168 | 5.016%—04/25/2031<sup>4</sup> | 4229 |
| 322 | 5.043%—05/01/2034<sup>4</sup> | 323 |
|  |  | 4552 |
| 198 | Berkshire Hathaway Finance Corp. <br>3.850%—03/15/2052<br>| 150 |
|  | PNC Financial Services Group, Inc. |  |
| 1160 | 5.401%—07/23/2035<sup>4</sup> | 1178 |
| 3095 | 5.676%—01/22/2035<sup>4</sup> | 3191 |
| 163 | 6.875%—10/20/2034<sup>4</sup> | 180 |
|  |  | 4549 |
|  |  | 9251 |
| **HEALTH CARE PROVIDERS & SERVICES—0.5%** | **HEALTH CARE PROVIDERS & SERVICES—0.5%** | **HEALTH CARE PROVIDERS & SERVICES—0.5%** |
|  | CVS Pass-Through Trust |  |
| 129 | 5.773%—01/10/2033<sup>1</sup> | 130 |
| 34 | 5.880%—01/10/2028 | 34 |
| 651 | 8.353%—07/10/2031<sup>1</sup> | 705 |
|  |  | 869 |
| 425 | Elevance Health, Inc. <br>4.750%—02/15/2033<br>| 420 |
|  | Health Care Service Corp. A Mutual Legal Reserve <br> Co.<br>|  |
| 2700 | 2.200%—06/01/2030<sup>1</sup> | 2452 |
| 4642 | 5.200%—06/15/2029<sup>1</sup> | 4707 |
|  |  | 7159 |
|  |  | 8448 |
| **INDUSTRIAL CONGLOMERATES—0.2%** | **INDUSTRIAL CONGLOMERATES—0.2%** | **INDUSTRIAL CONGLOMERATES—0.2%** |
| 3556 | Ashtead Capital, Inc. <br>5.500%—08/11/2032<sup>1</sup><br>| 3634 |
| **INSURANCE—1.9%** | **INSURANCE—1.9%** | **INSURANCE—1.9%** |
|  | AIA Group Ltd. |  |
| 419 | 3.600%—04/09/2029<sup>1</sup> | 412 |
| 3680 | 5.375%—04/05/2034<sup>1</sup> | 3765 |
|  |  | 4177 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **INSURANCE—Continued** | **INSURANCE—Continued** | **INSURANCE—Continued** |
| $4555 | Brown & Brown, Inc. <br>5.250%—06/23/2032<br>| $4547 |
| 6550 | Corebridge Global Funding <br>5.200%—01/12/2029<sup>1</sup><br>| 6650 |
|  | GA Global Funding Trust |  |
| 2490 | 5.200%—12/09/2031<sup>1</sup> | 2462 |
| 5786 | 5.500%—01/08/2029-04/01/2032<sup>1</sup> | 5811 |
|  |  | 8273 |
| 530 | Liberty Mutual Group, Inc. <br>4.569%—02/01/2029<sup>1</sup><br>| 529 |
|  | Massachusetts Mutual Life Insurance Co. |  |
| 1143 | 3.375%—04/15/2050<sup>1</sup> | 774 |
| 160 | 5.672%—12/01/2052<sup>1</sup> | 154 |
|  |  | 928 |
| 3495 | Metropolitan Life Global Funding I <br>4.850%—01/08/2029<sup>1</sup><br>| 3535 |
| 3605 | Peachtree Corners Funding Trust II <br>6.012%—05/15/2035<sup>1</sup><br>| 3724 |
|  |  | 32363 |
| **INTERNET & CATALOG RETAIL—0.8%** | **INTERNET & CATALOG RETAIL—0.8%** | **INTERNET & CATALOG RETAIL—0.8%** |
|  | Alphabet, Inc. |  |
| 3237 | 5.650%—02/15/2056 | 3177 |
| 3264 | 5.700%—11/15/2075 | 3127 |
|  |  | 6304 |
| 2423 | Amazon.com, Inc. <br>4.100%—04/13/2062<br>| 1789 |
| 5239 | Beignet Investor LLC <br>6.581%—05/30/2049<sup>1</sup><br>| 5415 |
|  |  | 13508 |
| **IT SERVICES—0.2%** | **IT SERVICES—0.2%** | **IT SERVICES—0.2%** |
| 2466 | Genpact Luxembourg SARL/Genpact USA, Inc. <br>6.000%—06/04/2029<br>| 2536 |
| **MACHINERY—0.4%** | **MACHINERY—0.4%** | **MACHINERY—0.4%** |
| 6004 | Nordson Corp. <br>4.500%—12/15/2029<br>| 6003 |
| **MEDIA—0.4%** | **MEDIA—0.4%** | **MEDIA—0.4%** |
| 1883 | Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 1903 |
|  | Cox Communications, Inc. |  |
| 400 | 1.800%—10/01/2030<sup>1</sup> | 349 |
| 3795 | 5.700%—06/15/2033<sup>1</sup> | 3774 |
|  |  | 4123 |
|  |  | 6026 |
| **METALS & MINING—0.4%** | **METALS & MINING—0.4%** | **METALS & MINING—0.4%** |
| 6636 | Glencore Funding LLC <br>5.508%—04/01/2036<sup>1</sup><br>| 6685 |
| **MULTI-UTILITIES—0.0%** | **MULTI-UTILITIES—0.0%** | **MULTI-UTILITIES—0.0%** |
|  | PG&E Wildfire Recovery Funding LLC |  |
| 354 | 3.594%—06/01/2032 | 348 |
| 222 | 4.022%—06/01/2033 | 219 |
| 183 | 4.722%—06/01/2039 | 180 |
|  |  | 747 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—1.8%** | **OIL, GAS & CONSUMABLE FUELS—1.8%** | **OIL, GAS & CONSUMABLE FUELS—1.8%** |
| $5016 | Cheniere Energy, Inc. <br>5.200%—07/30/2036<sup>1</sup><br>| $4961 |
| 7835 | Columbia Pipelines Operating Co. LLC <br>6.036%—11/15/2033<sup>1</sup><br>| 8279 |
|  | ConocoPhillips Co. |  |
| 878 | 5.500%—01/15/2055 | 835 |
| 961 | 5.550%—03/15/2054 | 923 |
|  |  | 1758 |
|  | Diamondback Energy, Inc. |  |
| 2346 | 5.550%—04/01/2035 | 2411 |
| 1543 | 6.250%—03/15/2033 | 1655 |
|  |  | 4066 |
|  | Energy Transfer LP |  |
| 1450 | 5.550%—05/15/2034 | 1481 |
| 2688 | 5.750%—02/15/2033 | 2800 |
|  |  | 4281 |
| 1787 | Northern Natural Gas Co. <br>5.625%—02/01/2054<sup>1</sup><br>| 1703 |
|  | Southern Co. Gas Capital Corp. |  |
| 230 | 1.750%—01/15/2031 | 203 |
| 4779 | 4.950%—09/15/2034 | 4714 |
|  |  | 4917 |
|  |  | 29965 |
| **PASSENGER AIRLINES—0.0%** | **PASSENGER AIRLINES—0.0%** | **PASSENGER AIRLINES—0.0%** |
| 201 | Air Canada Pass-Through Trust <br>3.600%—09/15/2028<sup>1</sup><br>| 199 |
| 265 | Delta Air Lines Pass-Through Trust <br>3.625%—01/30/2029<br>| 262 |
| 163 | United Airlines Pass-Through Trust <br>3.100%—01/07/2030<br>| 159 |
|  |  | 620 |
| **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** |
|  | Verisk Analytics, Inc. |  |
| 741 | 3.625%—05/15/2050 | 517 |
| 4100 | 5.250%—06/05/2034 | 4100 |
| 1100 | 5.750%—04/01/2033 | 1143 |
|  |  | 5760 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** |
|  | CBRE Services, Inc. |  |
| 808 | 4.800%—06/15/2030 | 811 |
| 5915 | 5.250%—06/01/2036 | 5805 |
|  |  | 6616 |
| **ROAD & RAIL—0.5%** | **ROAD & RAIL—0.5%** | **ROAD & RAIL—0.5%** |
|  | Canadian Pacific Railway Co. |  |
| 1429 | 4.200%—11/15/2069 | 1058 |
| 190 | 6.125%—09/15/2115 | 192 |
|  |  | 1250 |
| 2430 | JB Hunt Transport Services, Inc. <br>4.900%—03/15/2030<br>| 2454 |
| 155 | Norfolk Southern Corp. <br>4.837%—10/01/2041<br>| 144 |
| 4716 | Ryder System, Inc. MTN <br>5.250%—06/01/2028<br>| 4795 |
|  |  | 8643 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** |
|  | NXP BV/NXP Funding LLC/NXP USA, Inc. |  |
| $4140 | 2.500%—05/11/2031 | $3727 |
| 1230 | 3.150%—05/01/2027 | 1216 |
| 3185 | 4.300%—06/18/2029 | 3160 |
|  |  | 8103 |
| **SOFTWARE—0.9%** | **SOFTWARE—0.9%** | **SOFTWARE—0.9%** |
| 4534 | AppLovin Corp. <br>5.125%—12/01/2029<br>| 4571 |
| 1199 | Constellation Software, Inc. <br>5.461%—02/16/2034<sup>1</sup><br>| 1175 |
|  | Oracle Corp. |  |
| 2681 | 3.950%—03/25/2051 | 1686 |
| 3700 | 4.800%—09/26/2032 | 3520 |
| 3317 | 5.250%—02/03/2032 | 3271 |
|  |  | 8477 |
|  |  | 14223 |
| **SPECIALTY RETAIL—0.8%** | **SPECIALTY RETAIL—0.8%** | **SPECIALTY RETAIL—0.8%** |
|  | Lowe's Cos., Inc. |  |
| 3997 | 3.000%—10/15/2050 | 2474 |
| 77 | 3.700%—04/15/2046 | 57 |
| 199 | 5.000%—04/15/2040 | 188 |
| 697 | 5.625%—04/15/2053 | 661 |
|  |  | 3380 |
| 9192 | Penske Truck Leasing Co. LP/PTL Finance Corp. <br>5.550%—05/01/2028<sup>1</sup><br>| 9341 |
|  |  | 12721 |
| **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** |
|  | Ferguson Finance PLC |  |
| 4590 | 3.250%—06/02/2030<sup>1</sup> | 4329 |
| 4751 | 4.650%—04/20/2032<sup>1</sup> | 4669 |
|  |  | 8998 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.5%** | **WIRELESS TELECOMMUNICATION SERVICES—0.5%** | **WIRELESS TELECOMMUNICATION SERVICES—0.5%** |
|  | T-Mobile USA, Inc. |  |
| 3131 | 5.050%—07/15/2033 | 3146 |
| 3238 | 5.150%—04/15/2034 | 3257 |
| 2745 | 5.875%—11/15/2055 | 2655 |
|  |  | 9058 |
| **Total Corporate Bonds & Notes** <br>(Cost $500,418) | **Total Corporate Bonds & Notes** <br>(Cost $500,418) | 500832 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—24.1%** | **Mortgage Pass-Through—24.1%** | **Mortgage Pass-Through—24.1%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 7283 | <br>2.000%—06/01/2050-01/01/2051 | 5898 |
| 54076 | <br>2.500%—08/01/2035-01/01/2054 | 46779 |
| 22521 | <br>3.000%—01/01/2033-08/01/2050 | 20371 |
| 14584 | <br>3.500%—09/01/2033-04/01/2050 | 13755 |
| 18947 | <br>4.000%—12/01/2037-07/01/2049 | 18063 |
| 21738 | <br>4.500%—10/01/2048-05/01/2053 | 21279 |
| 25879 | <br>5.000%—11/01/2049-01/01/2055 | 25816 |
| 23594 | <br>5.500%—12/01/2052-03/01/2054 | 24131 |
| 9539 | <br>6.000%—08/01/2054-10/01/2054 | 9922 |
| 67 | <br>6.218% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.594%) 06/01/2047<sup>3</sup><br>| 70 |
|  |  | 186084 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Federal National Mortgage Association |  |
| $22806 | <br>2.000%—08/01/2050-02/01/2052 | $18475 |
| 45588 | <br>2.500%—01/01/2032-04/01/2052 | 39462 |
| 17113 | <br>3.000%—02/01/2034-12/01/2051 | 15856 |
| 22862 | <br>3.500%—05/01/2035-05/01/2052 | 21289 |
| 19795 | <br>4.000%—03/01/2038-02/01/2055 | 18812 |
| 19955 | <br>4.500%—05/01/2046-08/01/2052 | 19546 |
| 35999 | <br>5.000%—05/01/2050-11/01/2054 | 36040 |
| 4272 | <br>5.500%—11/01/2052-08/01/2053 | 4369 |
| 86 | <br>6.145% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 2.315%) 12/01/2036<sup>3</sup><br>| 89 |
|  |  | 173938 |
| 572 | Federal National Mortgage Association REMICS <br>Series 2024-20 Cl. CA <br>5.500%—01/25/2047<br>| 572 |
|  | Government National Mortgage Association |  |
| 7085 | <br>2.000%—02/20/2052 | 5836 |
| 16795 | <br>2.500%—01/20/2051-09/20/2051 | 14412 |
| 6764 | <br>4.000%—09/20/2041-08/20/2052 | 6377 |
| 632 | <br>4.500%—01/15/2042-08/20/2047 | 621 |
| 7378 | <br>5.000%—10/20/2053 | 7347 |
| 6062 | <br>5.500%—04/20/2053 | 6157 |
|  |  | 40750 |
|  | Government National Mortgage Association <br> REMICS<br>|  |
| 2143 | Series 2012-140 Cl. JD <br>1.750%—01/20/2041<br>| 2080 |
| 1579 | Series 2013-70 Cl. AE <br>1.750%—11/20/2040<br>| 1522 |
|  |  | 3602 |
| **Total Mortgage Pass-Through** <br>(Cost $404,446) | **Total Mortgage Pass-Through** <br>(Cost $404,446) | 404946 |

---

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

---

| | | |
|:---|:---|:---|
| **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** |
| 1380 | City of New York <br>5.935%—02/01/2055<br>| 1386 |
| 370 | Empire State Development Corp. <br>5.770%—03/15/2039<br>| 377 |

---

---

| | | |
|:---|:---|:---|
| **Municipal Bonds—Continued** | **Municipal Bonds—Continued** | **Municipal Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $145 | Metropolitan Water Reclamation District of Greater <br> Chicago <br>5.720%—12/01/2038<br>| $148 |
| 2515 | New Hampshire Health & Education Facilities <br> Authority Act <br>5.040%—11/01/2034<br>| 2516 |
| 495 | Sales Tax Securitization Corp. <br>4.637%—01/01/2040<br>| 479 |
| 300 | State of California <br>7.500%—04/01/2034<br>| 344 |
| 1844 | Texas Natural Gas Securitization Finance Corp. <br>5.102%—04/01/2035<br>| 1895 |
| **Total Municipal Bonds** <br>(Cost $7,156) | **Total Municipal Bonds** <br>(Cost $7,156) | 7145 |

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—24.0%** | **U.S. Government Obligations—24.0%** | **U.S. Government Obligations—24.0%** |
|  | U.S. Treasury Bonds |  |
| 65458 | 4.250%—02/15/2054-08/15/2054 | 57911 |
| 17889 | <br>4.375%—08/15/2043 | 16747 |
| 67710 | <br>4.500%—02/15/2044 | 64183 |
| 47949 | 4.625%—05/15/2044-02/15/2055 | 45847 |
| 18093 | <br>4.750%—08/15/2055 | 17409 |
| 21621 | <br>4.875%—08/15/2045 | 21359 |
|  |  | 223456 |
| 12200 | U.S. Treasury Inflation-Indexed Notes <br>1.875%—07/15/2035<br>| 12246 |
|  | U.S. Treasury Notes |  |
| 9405 | 3.375%—11/30/2027-02/29/2028 | 9323 |
| 159458 | 3.500%—01/15/2029-02/28/2031 | 156692 |
|  |  | 166015 |
| **Total U.S. Government Obligations** <br>(Cost $412,982) | **Total U.S. Government Obligations** <br>(Cost $412,982) | 401717 |
| **TOTAL INVESTMENTS—98.8%** <br>(Cost $1,665,247) | **TOTAL INVESTMENTS—98.8%** <br>(Cost $1,665,247) | 1656181 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | 20465 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $1676646 |

---

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

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.

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

------

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $397,656 or 24% of net assets.

Step coupon security; the stated rate represents the rate in effect as of April 30, 2026.

Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 2026. The variable rate for such securities may be based on the indicated reference rate and spread or on an underlying asset or pool of assets rather than a reference rate and may be determined by current interest rates, prepayments or other financial indicators.

Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date.

CLO

Collateralized Loan Obligation

MTN

Medium Term Note

REMICS

Real Estate Mortgage Investment Conduits

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

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Income Research + Management

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—11.5%** | **Asset-Backed Securities—11.5%** | **Asset-Backed Securities—11.5%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $6983 | AIMCO CLO <br>Series 2018-BA Cl. AR3 <br>4.880% (3 Month USD Term SOFR + 1.200%) <br> 04/16/2037<sup>1,2</sup><br>| $6986 |
| 1304 | Aligned Data Centers Issuer LLC <br>Series 2021-1A Cl. A2 <br>1.937%—08/15/2046<sup>1</sup><br>| 1295 |
| 5305 | AMSR Trust <br>Series 2024-SFR1 Cl. A <br>4.290%—07/17/2041<sup>1,3</sup><br>| 5208 |
| 2944 | Apidos CLO XLVIII Ltd. <br>Series 2024-48A Cl. A1 <br>5.107% (3 Month USD Term SOFR + 1.440%) <br> 07/25/2037<sup>1,2</sup><br>| 2953 |
| 370 | Applebee's Funding LLC/IHOP Funding LLC <br>Series 2025-1A Cl. A2 <br>6.720%—06/07/2055<sup>1</sup><br>| 371 |
| 3702 | Avis Budget Rental Car Funding AESOP LLC <br>Series 2024-1A Cl. A <br>5.360%—06/20/2030<sup>1</sup><br>| 3781 |
| 5940 | Carlyle Global Market Strategies CLO Ltd. <br>Series 2016-1A Cl. A1R3 <br>4.765% (3 Month USD Term SOFR + 1.090%) <br> 04/20/2034<sup>1,2</sup><br>| 5945 |
| 6333 | CIFC Funding Ltd. <br>Series 2023-3A Cl. A1R <br>4.863% (3 Month USD Term SOFR + 1.200%) <br> 01/20/2039<sup>1,2</sup><br>| 6336 |
|  | DB Master Finance LLC |  |
| 2188 | Series 2021-1A Cl. A2II <br>2.493%—11/20/2051<sup>1</sup><br>| 2055 |
| 3718 | Series 2025-1A Cl. A2I <br>4.891%—08/20/2055<sup>1</sup><br>| 3695 |
|  |  | 5750 |
| 3740 | Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 3550 |
| 6160 | FirstKey Homes Trust <br>Series 2021-SFR1 Cl. A <br>1.538%—08/17/2038<sup>1</sup><br>| 6106 |
| 3425 | Flatiron CLO 26 Ltd. <br>Series 2024-4A Cl. A <br>5.003% (3 Month USD Term SOFR + 1.330%) <br> 01/15/2038<sup>1,2</sup><br>| 3430 |
| 2882 | GoldenTree Loan Management U.S. CLO 20 Ltd. <br>Series 2024-20A Cl. A <br>5.125% (3 Month USD Term SOFR + 1.450%) <br> 07/20/2037<sup>1,2</sup><br>| 2891 |
| 2992 | Golub Capital Partners CLO 64B-R Ltd. <br>Series 2022-64A Cl. AR <br>5.027% (3 Month USD Term SOFR + 1.360%) <br> 10/25/2037<sup>1,2</sup><br>| 3000 |
| 687 | Home Partners of America Trust <br>Series 2022-1 Cl. A <br>3.930%—04/17/2039<sup>1</sup><br>| 683 |
| 3537 | Jersey Mike's Funding LLC <br>Series 2025-1A Cl. A2 <br>5.610%—08/16/2055<sup>1</sup><br>| 3566 |
| 546 | JP Morgan Mortgage Acquisition Trust <br>Series 2007-HE1 Cl. AF3 <br>4.146%—05/25/2035<sup>3</sup><br>| 345 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2542 | Kinetic ABS Issuer LLC <br>Series 2026-1A Cl. A2 <br>5.219%—02/25/2056<sup>1</sup><br>| $2529 |
| 3835 | MetroNet Infrastructure Issuer LLC <br>Series 2026-1A Cl. A2 <br>5.273%—04/20/2056<sup>1</sup><br>| 3837 |
| 2304 | Morgan Stanley ABS Capital I, Inc. Trust <br>Series 2007-HE6 Cl. A3 <br>3.949% (1 Month USD Term SOFR + 0.474%) <br> 05/25/2037<sup>2</sup><br>| 1994 |
| 2300 | Palmer Square CLO Ltd. <br>Series 2022-4A Cl. A1R <br>5.025% (3 Month USD Term SOFR + 1.350%) <br> 10/20/2037<sup>1,2</sup><br>| 2306 |
| 4300 | Palmer Square Loan Funding Ltd. <br>Series 2025-3A Cl. A1 <br>4.660% (3 Month USD Term SOFR + 0.950%) <br> 01/15/2034<sup>1,2</sup><br>| 4305 |
|  | Planet Fitness Master Issuer LLC |  |
| 786 | Series 2019-1A Cl. A2 <br>3.858%—12/05/2049<sup>1</sup><br>| 752 |
| 1948 | Series 2024-1A Cl. A2I <br>5.765%—06/05/2054<sup>1</sup><br>| 1964 |
|  |  | 2716 |
| 3869 | QTS Issuer ABS II LLC <br>Series 2026-4A Cl. A2 <br>5.704%—03/05/2056<sup>1</sup><br>| 3893 |
| 3205 | Sabey Data Center Issuer LLC <br>Series 2025-1 Cl. A2 <br>5.733%—02/21/2050<sup>1</sup><br>| 3227 |
| 3782 | SBA Small Business Investment Cos. <br>Series 2025-10A Cl. 1 <br>4.963%—03/10/2035<br>| 3812 |
| 4581 | Servpro Master Issuer LLC <br>Series 2021-1A Cl. A2 <br>2.394%—04/25/2051<sup>1</sup><br>| 4330 |
| 2551 | Store Master Funding LLC <br>Series 2024-1A Cl. A1 <br>5.690%—05/20/2054<sup>1</sup><br>| 2554 |
|  | Subway Funding LLC |  |
| 3578 | Series 2024-3A Cl. A2II <br>5.566%—07/30/2054<sup>1</sup><br>| 3529 |
| 2868 | Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 2893 |
|  |  | 6422 |
| 6877 | Taco Bell Funding LLC <br>Series 2021-1A Cl. A2I <br>1.946%—08/25/2051<sup>1</sup><br>| 6723 |
|  | Tricon Residential Trust |  |
| 5156 | Series 2023-SFR1 Cl. A <br>5.100%—07/17/2040<sup>1</sup><br>| 5133 |
| 3523 | Series 2025-SFR2 Cl. A <br>5.200%—08/17/2044<sup>1</sup><br>| 3504 |
|  |  | 8637 |
|  | U.S. Small Business Administration |  |
| 4455 | Series 2024-25B Cl. 1 <br>5.070%—02/01/2049<br>| 4568 |
| 2556 | Series 2023-25K Cl. 1 <br>5.710%—11/01/2048<br>| 2658 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $278 | Series 2009-20A Cl. 1 <br>5.720%—01/01/2029<br>| $280 |
| 1698 | Series 2023-25J Cl. 1 <br>5.820%—10/01/2048<br>| 1779 |
| 313 | Series 2008-20H Cl. 1 <br>6.020%—08/01/2028<br>| 317 |
|  |  | 9602 |
|  | Uniti Fiber ABS Issuer LLC |  |
| 1357 | Series 2025-2A Cl. A2 <br>5.177%—01/20/2056<sup>1</sup><br>| 1364 |
| 1194 | Series 2025-1A Cl. A2 <br>5.877%—04/20/2055<sup>1</sup><br>| 1212 |
|  |  | 2576 |
| 6810 | VB-S1 Issuer LLC <br>Series 2022-1A Cl. C2I <br>3.156%—02/15/2052<sup>1</sup><br>| 6644 |
| 6661 | Wendy's Funding LLC <br>Series 2021-1A Cl. A2I <br>2.370%—06/15/2051<sup>1</sup><br>| 6134 |
| **Total Asset-Backed Securities** <br>(Cost $143,833) | **Total Asset-Backed Securities** <br>(Cost $143,833) | 144437 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—11.3%** | **Collateralized Mortgage Obligations—11.3%** | **Collateralized Mortgage Obligations—11.3%** |
| 2598 | Angel Oak Mortgage Trust <br>Series 2022-1 Cl. A1 <br>3.881%—12/25/2066<sup>1,3</sup><br>| 2450 |
| 114 | Argent Securities, Inc. Asset-Backed Pass-Through <br> Certificates <br>Series 2004-W11 Cl. M3 <br>4.894% (1 Month USD Term SOFR + 1.239%) <br> 11/25/2034<sup>2</sup><br>| 118 |
| 3200 | Bank <br>Series 2024-BNK48 Cl. A5 <br>5.053%—10/15/2057<br>| 3216 |
| 4512 | BBCMS Mortgage Trust <br>Series 2024-5C29 Cl. A3 <br>5.208%—09/15/2057<br>| 4581 |
| 53 | BCAP LLC Trust <br>Series 2011-RR5 Cl. 12A1 <br>4.445%—03/26/2037<sup>1,3</sup><br>| 53 |
|  | Bear Stearns ARM Trust |  |
| 5 | Series 2000-2 Cl. A1 <br>4.667%—11/25/2030<sup>2</sup><br>| 5 |
| 104 | Series 2004-1 Cl. 12A5 <br>4.938%—04/25/2034<sup>2</sup><br>| 94 |
|  |  | 99 |
|  | Benchmark Mortgage Trust |  |
| 3238 | Series 2022-B35 Cl. A5 <br>4.590%—05/15/2055<sup>2</sup><br>| 3140 |
| 3600 | Series 2023-V4 Cl. A3 <br>6.841%—11/15/2056<sup>2</sup><br>| 3760 |
|  |  | 6900 |
| 3803 | BFLD Commercial Mortgage Trust <br>Series 2025-5MW Cl. A <br>4.830%—10/10/2042<sup>1,2</sup><br>| 3780 |
| 4065 | BFLD Trust <br>Series 2025-FPM Cl. A <br>5.178%—10/10/2040<sup>1,2</sup><br>| 4083 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $4698 | BMO Mortgage Trust <br>Series 2023-C7 Cl. A5 <br>6.160%—12/15/2056<br>| $4979 |
| 2615 | BOS Trust <br>Series 2026-LYRK Cl. A <br>5.221%—05/11/2041<sup>1,2</sup><br>| 2603 |
| 2806 | BSTN Commercial Mortgage Trust <br>Series 2025-1C Cl. A <br>5.548%—06/15/2044<sup>1,2</sup><br>| 2863 |
|  | BX Trust |  |
| 4352 | Series 2024-VLT4 Cl. A <br>5.146% (1 Month USD Term SOFR + 1.491%) <br> 06/15/2041<sup>1,2</sup><br>| 4344 |
| 5219 | Series 2024-BIO Cl. A <br>5.297% (1 Month USD Term SOFR + 1.642%) <br> 02/15/2041<sup>1,2</sup><br>| 5220 |
|  |  | 9564 |
| 3317 | CENT Trust <br>Series 2025-CITY Cl. A <br>5.091%—07/10/2040<sup>1,2</sup><br>| 3335 |
| 3828 | Citigroup Commercial Mortgage Trust <br>Series 2019-GC43 Cl. A4 <br>3.038%—11/10/2052<br>| 3608 |
| 3298 | Citigroup Mortgage Loan Trust, Inc. <br>Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,2</sup><br>| 3300 |
|  | Countrywide Alternative Loan Trust |  |
| 1302 | Series 2006-6CB Cl. 1A2 <br>4.169% (1 Month USD Term SOFR + 0.514%) <br> 05/25/2036<sup>2</sup><br>| 1000 |
| 1051 | Series 2005-20CB Cl. 2A5 <br>5.500%—07/25/2035<br>| 657 |
|  |  | 1657 |
| 173 | CSFB Mortgage-Backed Pass-Through Certificates <br>Series 2005-10 Cl. 9A1 <br>6.000%—11/25/2035<br>| 117 |
| 2020 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust <br>Series 2007-AR2 Cl. A1 <br>4.069% (1 Month USD Term SOFR + 0.414%) <br> 03/25/2037<sup>2</sup><br>| 1942 |
| 548 | DSLA Mortgage Loan Trust <br>Series 2006-AR1 Cl. 1A1A <br>4.429% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 0.920%) 03/19/2046<sup>2</sup><br>| 473 |
| 1713 | EQT Trust <br>Series 2024-EXTR Cl. A <br>5.331%—07/05/2041<sup>1</sup><br>| 1738 |
| 3144 | Fashion Show Mall LLC <br>Series 2024-SHOW Cl. A <br>5.274%—10/10/2041<sup>1,2</sup><br>| 3170 |
| 96 | First Horizon Asset Securities, Inc. <br>Series 2005-AR6 Cl. 4A1 <br>5.171%—02/25/2036<sup>2</sup><br>| 94 |
|  | FNT Mortgage-Backed Pass-Through Trust <br>Series 2001-3 Cl. 1A1 <br>6.750%—08/21/2031<br>|  |
|  | GS Mortgage-Backed Securities Trust |  |
| 5493 | Series 2025-PJ11 Cl. A4 <br>5.500%—05/25/2056<sup>1,2</sup><br>| 5499 |
| 1536 | Series 2024-PJ5 Cl. A15 <br>6.000%—09/25/2054<sup>1,2</sup><br>| 1542 |
|  |  | 7041 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2189 | GSMPS Mortgage Loan Trust <br>Series 2006-RP2 Cl. 1AF1 <br>4.169% (1 Month USD Term SOFR + 0.514%) <br> 04/25/2036<sup>1,2</sup><br>| $1915 |
| 148 | GSR Mortgage Loan Trust <br>Series 2005-AR3 Cl. 3A1 <br>5.874%—05/25/2035<sup>2</sup><br>| 109 |
|  | IndyMac ARM Trust <br>Series 2001-H2 Cl. A2 <br>5.653%—01/25/2032<sup>2</sup><br>|  |
| 2126 | INT Commercial Mortgage Trust <br>Series 2025-PLAZA Cl. A <br>5.041%—11/05/2037<sup>1,2</sup><br>| 2126 |
| 3551 | JP Morgan Chase Commercial Mortgage Securities <br> Trust <br>Series 2024-OMNI Cl. A <br>5.990%—10/05/2039<sup>1,2</sup><br>| 3587 |
|  | JP Morgan Mortgage Trust |  |
| 1992 | Series 2024-3 Cl. A6 <br>3.000%—05/25/2054<sup>1,2</sup><br>| 1869 |
| 5136 | Series 2022-3 Cl. A6 <br>3.000%—08/25/2052<sup>1,2</sup><br>| 4834 |
| 742 | Series 2006-A6 Cl. 1A4L <br>3.915%—10/25/2036<sup>2</sup><br>| 517 |
| 2562 | Series 2025-12MPR Cl. A1D <br>5.055%—06/25/2056<sup>1,3</sup><br>| 2539 |
| 1847 | Series 2025-7MPR Cl. A1D <br>5.324%—02/25/2056<sup>1,3</sup><br>| 1839 |
| 4 | Series 2006-S1 Cl. 3A1 <br>5.500%—04/25/2036<br>| 4 |
| 2341 | Series 2023-4 Cl. 1A4A <br>5.500%—11/25/2053<sup>1,2</sup><br>| 2344 |
| 2554 | Series 2025-5MPR Cl. A1D <br>5.500%—11/25/2055<sup>1,3</sup><br>| 2548 |
| 4903 | Series 2025-8 Cl. A4A <br>5.500%—02/25/2056<sup>1,2</sup><br>| 4908 |
|  |  | 21402 |
| 4718 | KIND Commercial Mortgage Trust <br>Series 2024-1 Cl. A <br>5.545% (1 Month USD Term SOFR + 1.890%) <br> 08/15/2041<sup>1,2</sup><br>| 4723 |
| 412 | Merrill Lynch Alternative Note Asset Trust <br>Series 2007-F1 Cl. 2A6 <br>6.000%—03/25/2037<br>| 124 |
| 1421 | MetLife Securitization Trust <br>Series 2018-1A Cl. A <br>3.750%—03/25/2057<sup>1,2</sup><br>| 1379 |
| 2447 | NYC Commercial Mortgage Trust <br>Series 2025-28L Cl. A <br>4.824%—11/05/2038<sup>1,2</sup><br>| 2442 |
| 1089 | OBX Trust <br>Series 2018-1 Cl. A2 <br>4.419% (1 Month USD Term SOFR + 0.764%) <br> 06/25/2057<sup>1,2</sup><br>| 1081 |
| 334 | Saxon Asset Securities Trust <br>Series 2006-3 Cl. A3 <br>4.109% (1 Month USD Term SOFR + 0.454%) <br> 10/25/2046<sup>2</sup><br>| 333 |
|  | Sequoia Mortgage Trust |  |
| 2971 | Series 2023-2 Cl. A4 <br>4.978%—03/25/2053<sup>1,2</sup><br>| 2946 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $3399 | Series 2023-1 Cl. A4 <br>5.000%—01/25/2053<sup>1,2</sup><br>| $3371 |
| 3105 | Series 2025-7 Cl. A11 <br>5.500%—08/25/2055<sup>1,2</sup><br>| 3110 |
|  |  | 9427 |
| 153 | STARM Mortgage Loan Trust <br>Series 2007-S1 Cl. 1A <br>6.276%—01/25/2037<sup>2</sup><br>| 86 |
| 4870 | SWCH Commercial Mortgage Trust <br>Series 2025-DATA Cl. A <br>5.098% (1 Month USD Term SOFR + 1.443%) <br> 02/15/2042<sup>1,2</sup><br>| 4834 |
|  | Towd Point Mortgage Trust |  |
| 2822 | Series 2019-1 Cl. A1 <br>3.750%—03/25/2058<sup>1,2</sup><br>| 2748 |
| 3100 | Series 2018-6 Cl. A1B <br>3.750%—03/25/2058<sup>1,2</sup><br>| 3016 |
|  |  | 5764 |
|  | WaMu Mortgage Pass-Through Certificates Trust |  |
| 44 | Series 2005-AR13 Cl. A1A1 <br>4.349% (1 Month USD Term SOFR + 0.694%) <br> 10/25/2045<sup>2</sup><br>| 43 |
| 1088 | Series 2006-AR8 Cl. 1A4 <br>4.465%—08/25/2046<sup>2</sup><br>| 1035 |
|  |  | 1078 |
| 7117 | Wells Fargo Commercial Mortgage Trust <br>Series 2018-C48 Cl. A5 <br>4.302%—01/15/2052<br>| 7057 |
| 3591 | WHARF Commercial Mortgage Trust <br>Series 2025-DC Cl. A <br>5.528%—07/15/2040<sup>1,2</sup><br>| 3658 |
| **Total Collateralized Mortgage Obligations** <br>(Cost $144,082) | **Total Collateralized Mortgage Obligations** <br>(Cost $144,082) | 142889 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—29.7%** | **Corporate Bonds & Notes—29.7%** | **Corporate Bonds & Notes—29.7%** |
| **AEROSPACE & DEFENSE—0.1%** | **AEROSPACE & DEFENSE—0.1%** | **AEROSPACE & DEFENSE—0.1%** |
| 1798 | Embraer Netherlands Finance BV <br>5.980%—02/11/2035<br>| 1875 |
| **AUTOMOBILE COMPONENTS—0.4%** | **AUTOMOBILE COMPONENTS—0.4%** | **AUTOMOBILE COMPONENTS—0.4%** |
| 2392 | American Axle & Manufacturing, Inc. <br>6.375%—10/15/2032<sup>1</sup><br>| 2389 |
| 2284 | Cyprium Corp./Cyprium Holdings Luxembourg SARL <br>6.125%—04/15/2031<sup>1</sup><br>| 2305 |
|  |  | 4694 |
| **AUTOMOBILES—0.3%** | **AUTOMOBILES—0.3%** | **AUTOMOBILES—0.3%** |
| 3800 | Ford Motor Credit Co. LLC <br>6.125%—03/08/2034<br>| 3818 |
| **BANKS—1.7%** | **BANKS—1.7%** | **BANKS—1.7%** |
| 2751 | Bank of America Corp. <br>5.744%—02/12/2036<sup>4</sup><br>| 2806 |
| 5703 | Barclays PLC <br>5.690%—03/12/2030<sup>4</sup><br>| 5853 |
| 4700 | Citigroup, Inc. <br>2.572%—06/03/2031<sup>4</sup><br>| 4324 |
| 1995 | ING Groep NV <br>6.114%—09/11/2034<sup>4</sup><br>| 2115 |
| 2981 | Lloyds Banking Group PLC <br>6.068%—06/13/2036<sup>4</sup><br>| 3055 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| $3001 | Truist Financial Corp. MTN <br>6.123%—10/28/2033<sup>4</sup><br>| $3185 |
|  |  | 21338 |
| **BEVERAGES—0.4%** | **BEVERAGES—0.4%** | **BEVERAGES—0.4%** |
| 4635 | Diageo Investment Corp. <br>5.625%—04/15/2035<br>| 4824 |
| **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** |
| 3758 | Standard Building Solutions, Inc. <br>5.875%—03/15/2034<sup>1</sup><br>| 3668 |
| **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** |
| 3101 | Antares Holdings LP <br>6.350%—10/23/2029<sup>1</sup><br>| 3092 |
| 6000 | Blackstone Holdings Finance Co. LLC <br>3.200%—01/30/2052<sup>1</sup><br>| 3863 |
| 5700 | Blue Owl Capital Corp. <br>2.875%—06/11/2028<br>| 5349 |
| 490 | Blue Owl Credit Income Corp. <br>6.600%—09/15/2029<br>| 492 |
| 6096 | Brookfield Capital Finance LLC <br>6.087%—06/14/2033<br>| 6414 |
| 6962 | Brookfield Finance, Inc. <br>6.300%—01/15/2055<sup>4</sup><br>| 6740 |
| 3098 | Golub Capital Private Credit Fund <br>5.800%—09/12/2029<br>| 3071 |
| 3652 | Hercules Capital, Inc. <br>6.000%—06/16/2030<br>| 3632 |
| 5850 | KKR Group Finance Co. VII LLC <br>3.625%—02/25/2050<sup>1</sup><br>| 4019 |
| 1883 | Main Street Capital Corp. <br>6.950%—03/01/2029<br>| 1942 |
| 1709 | Oaktree Specialty Lending Corp. <br>2.700%—01/15/2027<br>| 1675 |
|  | Sixth Street Lending Partners |  |
| 2001 | 5.750%—01/15/2030 | 1990 |
| 3000 | 6.500%—03/11/2029 | 3070 |
|  |  | 5060 |
|  |  | 45349 |
| **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** |
| 3864 | ADT Security Corp. <br>5.875%—10/15/2033<sup>1</sup><br>| 3810 |
| 3902 | Rentokil Terminix Funding LLC <br>5.625%—04/28/2035<sup>1</sup><br>| 3969 |
| 1350 | Triton Container International Ltd. <br>3.150%—06/15/2031<sup>1</sup><br>| 1223 |
|  |  | 9002 |
| **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** |
| 1603 | Standard Industries, Inc. <br>4.375%—07/15/2030<sup>1</sup><br>| 1531 |
| **DIVERSIFIED FINANCIAL SERVICES—3.9%** | **DIVERSIFIED FINANCIAL SERVICES—3.9%** | **DIVERSIFIED FINANCIAL SERVICES—3.9%** |
| 6200 | Aircastle Ltd. <br>2.850%—01/26/2028<sup>1</sup><br>| 6015 |
| 661 | Aircastle Ltd./Aircastle Ireland DAC <br>5.750%—10/01/2031<sup>1</sup><br>| 678 |
| 3762 | Atlas Warehouse Lending Co. LP <br>6.050%—01/15/2028<sup>1</sup><br>| 3820 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **DIVERSIFIED FINANCIAL SERVICES—Continued** | **DIVERSIFIED FINANCIAL SERVICES—Continued** | **DIVERSIFIED FINANCIAL SERVICES—Continued** |
| $5940 | Aviation Capital Group LLC <br>4.800%—10/24/2030<sup>1</sup><br>| $5900 |
| 3527 | Blue Owl Finance LLC <br>6.250%—04/18/2034<br>| 3474 |
| 4836 | Capital One Financial Corp. <br>5.884%—07/26/2035<sup>4</sup><br>| 4967 |
| 4161 | Charles Schwab Corp. <br>6.100%—06/01/2031<sup>4</sup><br>| 4164 |
| 8750 | Depository Trust & Clearing Corp. <br>3.375%—06/20/2026<sup>1,4</sup><br>| 8715 |
| 4899 | GGAM Finance Ltd. <br>5.875%—03/15/2030<sup>1</sup><br>| 4947 |
|  | Macquarie Airfinance Holdings Ltd. |  |
| 3664 | 5.150%—03/17/2030<sup>1</sup> | 3651 |
| 883 | 6.400%—03/26/2029<sup>1</sup> | 913 |
|  |  | 4564 |
| 2254 | Voya Financial, Inc. <br>5.000%—09/20/2034<br>| 2212 |
|  |  | 49456 |
| **DIVERSIFIED REITS—0.2%** | **DIVERSIFIED REITS—0.2%** | **DIVERSIFIED REITS—0.2%** |
| 3034 | SBA Tower Trust <br>6.599%—11/15/2052<sup>1</sup><br>| 3082 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** |
| 3783 | HUT 8 DC LLC <br>6.192%—11/15/2042<sup>1</sup><br>| 3817 |
| 2915 | Verizon Communications, Inc. <br>3.700%—03/22/2061<br>| 1932 |
|  |  | 5749 |
| **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** |
|  | CMS Energy Corp. |  |
| 4171 | 3.750%—12/01/2050<sup>4</sup> | 3847 |
| 1647 | 4.750%—06/01/2050<sup>4</sup> | 1618 |
|  |  | 5465 |
| 4223 | Dominion Energy, Inc. <br>6.875%—02/01/2055<sup>4</sup><br>| 4388 |
| 1500 | Exelon Corp. <br>5.625%—06/15/2035<br>| 1539 |
| 2877 | New England Power Co. <br>5.936%—11/25/2052<sup>1</sup><br>| 2869 |
| 2234 | NextEra Energy Capital Holdings, Inc. <br>6.375%—08/15/2055<sup>4</sup><br>| 2282 |
| 4075 | NRG Energy, Inc. <br>6.000%—01/15/2036<sup>1</sup><br>| 4049 |
| 1393 | Xcel Energy, Inc. <br>5.750%—12/03/2056<sup>4</sup><br>| 1378 |
|  |  | 21970 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0%** |
| 570 | TD SYNNEX Corp. <br>2.650%—08/09/2031<br>| 509 |
| **ENTERTAINMENT—0.2%** | **ENTERTAINMENT—0.2%** | **ENTERTAINMENT—0.2%** |
| 2875 | Allwyn Entertainment Financing U.K. PLC <br>7.875%—04/30/2029<sup>1</sup><br>| 2962 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.8%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.8%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.8%** |
| 5922 | COPT Defense Properties LP <br>2.000%—01/15/2029<br>| 5540 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** |
| $7548 | EPR Properties <br>4.750%—11/15/2030<br>| $7419 |
| 4500 | GLP Capital LP/GLP Financing II, Inc. <br>4.000%—01/15/2030<br>| 4327 |
| 3398 | Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>5.500%—08/01/2030<br>| 3433 |
| 1947 | VICI Properties LP <br>5.750%—04/01/2034<br>| 1978 |
|  |  | 22697 |
| **FINANCIAL SERVICES—0.3%** | **FINANCIAL SERVICES—0.3%** | **FINANCIAL SERVICES—0.3%** |
| 2846 | PNC Financial Services Group, Inc. <br>6.875%—10/20/2034<sup>4</sup><br>| 3149 |
| **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** |
| 7130 | JBS NV/JBS USA Foods Group Holdings, Inc./JBS <br> USA Food Co. Holdings <br>3.625%—01/15/2032<br>| 6602 |
| **HEALTH CARE PROVIDERS & SERVICES—1.3%** | **HEALTH CARE PROVIDERS & SERVICES—1.3%** | **HEALTH CARE PROVIDERS & SERVICES—1.3%** |
|  | CVS Pass-Through Trust |  |
| 234 | 6.943%—01/10/2030 | 241 |
| 3199 | 7.507%—01/10/2032<sup>1</sup> | 3366 |
|  |  | 3607 |
| 4018 | DaVita, Inc. <br>3.750%—02/15/2031<sup>1</sup><br>| 3730 |
| 3798 | Highmark, Inc. <br>5.750%—05/15/2036<sup>1</sup><br>| 3770 |
| 4817 | Pediatrix Medical Group, Inc. <br>5.375%—02/15/2030<sup>1</sup><br>| 4793 |
|  |  | 15900 |
| **INDUSTRIAL CONGLOMERATES—1.2%** | **INDUSTRIAL CONGLOMERATES—1.2%** | **INDUSTRIAL CONGLOMERATES—1.2%** |
|  | Ashtead Capital, Inc. |  |
| 8565 | 2.450%—08/12/2031<sup>1</sup> | 7569 |
| 4540 | 5.550%—05/30/2033<sup>1</sup> | 4608 |
|  |  | 12177 |
| 3800 | Textron, Inc. <br>2.450%—03/15/2031<br>| 3437 |
|  |  | 15614 |
| **INSURANCE—1.9%** | **INSURANCE—1.9%** | **INSURANCE—1.9%** |
| 2764 | Aspen Insurance Holdings Ltd. <br>5.750%—07/01/2030<br>| 2854 |
| 4786 | Brown & Brown, Inc. <br>5.250%—06/23/2032<br>| 4778 |
| 1781 | Corebridge Financial, Inc. <br>6.875%—12/01/2030<sup>4</sup><br>| 1833 |
| 2150 | Fortitude Group Holdings LLC <br>6.250%—04/01/2030<sup>1</sup><br>| 2204 |
| 6198 | Global Atlantic Fin Co. <br>7.950%—06/15/2033<sup>1</sup><br>| 6802 |
| 6128 | SBL Holdings, Inc. <br>5.000%—02/18/2031<sup>1</sup><br>| 5364 |
|  |  | 23835 |
| **INTERNET & CATALOG RETAIL—0.5%** | **INTERNET & CATALOG RETAIL—0.5%** | **INTERNET & CATALOG RETAIL—0.5%** |
| 6255 | Beignet Investor LLC <br>6.581%—05/30/2049<sup>1</sup><br>| 6465 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **IT SERVICES—0.7%** | **IT SERVICES—0.7%** | **IT SERVICES—0.7%** |
| $3866 | Booz Allen Hamilton, Inc. <br>3.875%—09/01/2028<sup>1</sup><br>| $3784 |
| 4893 | Genpact U.K. Finco PLC/Genpact USA, Inc. <br>4.950%—11/18/2030<br>| 4803 |
|  |  | 8587 |
| **MEDIA—1.2%** | **MEDIA—1.2%** | **MEDIA—1.2%** |
| 5320 | Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 5379 |
| 5873 | Nexstar Media, Inc. <br>6.500%—09/15/2033<sup>1</sup><br>| 5922 |
| 3579 | Sirius XM Radio LLC <br>5.875%—04/15/2032<sup>1</sup><br>| 3521 |
|  |  | 14822 |
| **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** |
| 3109 | WEC Energy Group, Inc. <br>5.625%—05/15/2056<sup>4</sup><br>| 3091 |
| **OIL, GAS & CONSUMABLE FUELS—1.5%** | **OIL, GAS & CONSUMABLE FUELS—1.5%** | **OIL, GAS & CONSUMABLE FUELS—1.5%** |
|  | Columbia Pipelines Operating Co. LLC |  |
| 2560 | 5.439%—02/15/2035<sup>1</sup> | 2601 |
| 995 | 5.962%—02/15/2055<sup>1</sup> | 974 |
| 3209 | 6.036%—11/15/2033<sup>1</sup> | 3391 |
|  |  | 6966 |
|  | ConocoPhillips Co. |  |
| 741 | 5.500%—01/15/2055 | 705 |
| 812 | 5.550%—03/15/2054 | 780 |
|  |  | 1485 |
| 3145 | Enbridge, Inc. <br>5.750%—07/15/2080<sup>4</sup><br>| 3167 |
| 3434 | Florida Gas Transmission Co. LLC <br>5.750%—07/15/2035<sup>1</sup><br>| 3546 |
| 3720 | Gulfstream Natural Gas System LLC <br>5.600%—07/23/2035<sup>1</sup><br>| 3800 |
|  |  | 18964 |
| **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** |
| 2587 | Air Canada Pass-Through Trust <br>3.300%—07/15/2031<sup>1</sup><br>| 2472 |
| 1099 | American Airlines Pass-Through Trust <br>3.600%—03/22/2029<br>| 1087 |
| 4256 | Latam Airlines Group SA <br>7.625%—01/07/2031<sup>1</sup><br>| 4331 |
| 951 | United Airlines Pass-Through Trust <br>2.700%—11/01/2033<br>| 874 |
|  |  | 8764 |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| 6339 | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige <br> International U.S. LLC <br>5.600%—01/15/2031<sup>1</sup><br>| 6171 |
| **PROFESSIONAL SERVICES—0.6%** | **PROFESSIONAL SERVICES—0.6%** | **PROFESSIONAL SERVICES—0.6%** |
| 3712 | KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 3655 |
| 3566 | Verisk Analytics, Inc. <br>5.250%—03/15/2035<br>| 3537 |
|  |  | 7192 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** |
| $3800 | Norfolk Southern Corp. <br>4.050%—08/15/2052<br>| $2899 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** |
| 6500 | NXP BV/NXP Funding LLC/NXP USA, Inc. <br>2.500%—05/11/2031<br>| 5852 |
| **SOFTWARE—0.7%** | **SOFTWARE—0.7%** | **SOFTWARE—0.7%** |
| 3690 | AppLovin Corp. <br>5.375%—12/01/2031<br>| 3727 |
| 2202 | Constellation Software, Inc. <br>5.461%—02/16/2034<sup>1</sup><br>| 2158 |
| 3500 | Oracle Corp. <br>3.600%—04/01/2040<br>| 2526 |
|  |  | 8411 |
| **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** |
| 2059 | Ferguson Enterprises, Inc. <br>5.000%—10/03/2034<br>| 2048 |
| 2900 | Group 1 Automotive, Inc. <br>4.000%—08/15/2028<sup>1</sup><br>| 2825 |
| 2956 | Lithia Motors, Inc. <br>3.875%—06/01/2029<sup>1</sup><br>| 2834 |
| 1320 | Macy's Retail Holdings LLC <br>7.375%—08/01/2033<sup>1</sup><br>| 1377 |
| 1778 | Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 1823 |
|  |  | 10907 |
| **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** |
| 4800 | Ferguson Finance PLC <br>4.650%—04/20/2032<sup>1</sup><br>| 4718 |
| **Total Corporate Bonds & Notes** <br>(Cost $377,020) | **Total Corporate Bonds & Notes** <br>(Cost $377,020) | 374467 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—25.6%** | **Mortgage Pass-Through—25.6%** | **Mortgage Pass-Through—25.6%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 4431 | <br>2.000%—12/01/2051 | 3567 |
| 42195 | <br>2.500%—07/01/2050-01/01/2054 | 35877 |
| 12605 | <br>3.000%—02/01/2033-12/01/2046 | 11884 |
| 4731 | <br>3.500%—07/01/2034-06/01/2048 | 4395 |
| 9310 | <br>4.000%—04/01/2034-11/01/2048 | 8897 |
| 10257 | <br>4.500%—12/01/2040-05/01/2053 | 10036 |
| 24985 | <br>5.000%—08/01/2052-11/01/2054 | 24958 |
| 12828 | <br>5.500%—02/01/2038-07/01/2054 | 13125 |
| 640 | <br>6.000%—01/01/2029-05/01/2040 | 668 |
| 2 | <br>6.155% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 2.250%) <br> 08/01/2035<sup>2</sup><br>| 2 |
|  |  | 113409 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |
| 6940 | Series 5462 <br>2.000%—05/25/2037<br>| 461 |
| 2420 | Series 4628 Cl. CI <br>3.000%—05/15/2035<br>| 162 |
| 9788 | Series 5158 Cl. BI <br>3.000%—05/25/2035<br>| 732 |
| 3200 | Series 4118 <br>4.000%—10/15/2042<br>| 467 |
|  |  | 1822 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Federal Home Loan Mortgage Corp. STRIPS |  |
| $8784 | Series 414 Cl. C1 <br>1.500%—03/25/2037<br>| $460 |
| 12274 | Series 400 Cl. C14 <br>2.000%—07/25/2037<br>| 824 |
| 918 | Series 304 Cl. C45 <br>3.000%—12/15/2027<br>| 12 |
| 4731 | Series 399 Cl. C39 <br>4.000%—03/25/2053<br>| 885 |
| 6430 | Series 324 Cl. C26 <br>4.500%—12/15/2043<br>| 1167 |
|  |  | 3348 |
| 4 | Federal Home Loan Mortgage Corp. Structured <br> Pass-Through Certificates <br>Series E3 Cl. A <br>4.532%—08/15/2032<sup>2</sup><br>| 4 |
|  | Federal National Mortgage Association |  |
| 10077 | <br>2.000%—02/01/2051-04/01/2051 | 8136 |
| 35191 | <br>2.500%—04/01/2035-04/01/2052 | 31062 |
| 24435 | <br>3.000%—06/01/2035-12/01/2050 | 22011 |
| 19238 | <br>3.500%—12/01/2033-01/01/2051 | 17788 |
| 25292 | <br>4.000%—07/01/2026-02/01/2055 | 24234 |
| 22641 | <br>4.500%—07/01/2026-12/01/2050 | 22200 |
| 22875 | <br>5.000%—10/01/2031-05/01/2054 | 22917 |
| 23 | <br>5.258% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 1.400%) 10/01/2040<sup>2</sup><br>| 23 |
| 6501 | <br>5.500%—03/01/2027-09/01/2041 | 6673 |
| 4710 | <br>6.000%—06/01/2027-01/01/2056 | 4915 |
| 206 | <br>6.349% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.693%) 08/01/2035<sup>2</sup><br>| 210 |
| 131 | <br>6.376% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.715%) 06/01/2035<sup>2</sup><br>| 135 |
| 12 | <br>6.460% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.710%) 05/01/2035<sup>2</sup><br>| 12 |
|  |  | 160316 |
|  | Federal National Mortgage Association Interest <br> STRIPS<br>|  |
| 12649 | Series 435 Cl. C1 <br>1.500%—03/25/2037<br>| 648 |
| 9960 | Series 427 Cl. C56 <br>2.000%—03/25/2036<br>| 572 |
| 10305 | Series 430 Cl. C17 <br>2.500%—04/25/2042<br>| 1089 |
| 3903 | Series 407 Cl. 7 <br>5.000%—03/25/2041<br>| 795 |
| 3347 | Series 435 Cl. C20 <br>5.000%—05/25/2053<br>| 599 |
|  |  | 3703 |
|  | Federal National Mortgage Association REMICS |  |
| 3445 | Series 2021-67 Cl. AI <br>1.185%—10/25/2051<sup>2</sup><br>| 208 |
| 14312 | Series 2020-81 Cl. AI <br>1.500%—11/25/2035<br>| 731 |
| 5596 | Series 2017-70 Cl. AS <br>2.019%—09/25/2057<sup>2</sup><br>| 356 |
| 1711 | Series 2016-102 Cl. JI <br>3.500%—02/25/2046<br>| 59 |
| 4026 | Series 2020-27 Cl. IM <br>3.500%—05/25/2035<br>| 297 |
| 5199 | Series 2020-44 Cl. AI <br>4.000%—07/25/2050<br>| 1041 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2336 | Series 2020-91 Cl. KI <br>4.000%—11/25/2043<br>| $310 |
| 1510 | Series 2015-30 Cl. EI <br>5.000%—05/25/2045<br>| 192 |
| 1028 | Series 2016-33 Cl. NI <br>5.000%—07/25/2034<br>| 131 |
| 2679 | Series 2018-36 <br>5.000%—06/25/2048<br>| 370 |
| 5362 | Series 2019-49 Cl. IA <br>5.000%—05/25/2047<br>| 728 |
| 1243 | Series 2011-59 Cl. YI <br>6.000%—07/25/2041<br>| 179 |
| 3810 | Series 2024-36 Cl. NI <br>6.000%—06/25/2054<br>| 809 |
|  |  | 5411 |
|  | Government National Mortgage Association |  |
| 6012 | <br>2.000%—02/20/2052 | 4953 |
| 5882 | <br>2.500%—09/20/2051 | 5048 |
| 425 | <br>3.000%—11/15/2049 | 379 |
| 6460 | <br>4.000%—09/15/2049-08/20/2052 | 6105 |
| 884 | <br>4.500%—02/20/2049 | 869 |
| 13050 | <br>5.000%—08/15/2033-06/15/2050 | 13104 |
| 12 | <br>5.125% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 12/20/2026-11/20/2029<sup>2</sup><br>| 12 |
| 3 | <br>5.375% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 07/20/2027<sup>2</sup><br>| 3 |
| 53 | <br>5.625% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 02/20/2032<sup>2</sup><br>| 54 |
|  |  | 30527 |
|  | Government National Mortgage Association <br> REMICS<br>|  |
| 10619 | Series 2018-148 Cl. GS <br>2.321% (1 Month USD Term SOFR + 5.986%) <br> 02/16/2046<sup>2</sup><br>| 952 |
| 2099 | Series 2010-47 Cl. SK <br>2.825% (1 Month USD Term SOFR + 6.486%) <br> 07/20/2037<sup>2</sup><br>| 41 |
| 2253 | Series 2007-41 Cl. SM <br>2.925% (1 Month USD Term SOFR + 6.586%) <br> 07/20/2037<sup>2</sup><br>| 179 |
| 3465 | Series 2020-4 Cl. DI <br>4.000%—03/20/2041<br>| 396 |
| 3059 | Series 2014-2 Cl. IC <br>5.000%—01/16/2044<br>| 527 |
| 413 | Series 2015-180 Cl. CI <br>5.000%—12/16/2045<br>| 54 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $436 | Series 2017-163 Cl. IE <br>5.500%—02/20/2039<br>| $67 |
| 2805 | Series 2020-146 Cl. IG <br>5.500%—09/20/2046<br>| 451 |
| 3850 | Series 2023-42 Cl. EI <br>5.500%—03/20/2053<br>| 927 |
| 179 | Series 2016-136 Cl. IA <br>6.000%—10/20/2038<br>| 19 |
| 931 | Series 2024-107 <br>6.500%—06/20/2054<br>| 159 |
|  |  | 3772 |
| **Total Mortgage Pass-Through** <br>(Cost $339,393) | **Total Mortgage Pass-Through** <br>(Cost $339,393) | 322312 |

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—20.2%** | **U.S. Government Obligations—20.2%** | **U.S. Government Obligations—20.2%** |
|  | U.S. Treasury Bonds |  |
| 39017 | <br>1.750%—08/15/2041 | 25916 |
| 15087 | <br>2.000%—08/15/2051 | 8485 |
| 9447 | <br>2.250%—02/15/2052 | 5622 |
| 4198 | <br>2.375%—02/15/2042 | 3040 |
| 7428 | <br>3.000%—08/15/2052 | 5215 |
| 13873 | <br>3.375%—08/15/2042 | 11510 |
| 16561 | <br>3.625%—05/15/2053 | 13111 |
| 13772 | <br>3.875%—05/15/2043 | 12110 |
| 8726 | <br>4.125%—08/15/2053 | 7559 |
| 24440 | 4.250%—02/15/2054-08/15/2054 | 21623 |
| 12678 | <br>4.500%—02/15/2044 | 12017 |
| 44536 | 4.625%—05/15/2044-02/15/2055 | 42643 |
| 14060 | 4.750%—08/15/2055-02/15/2056 | 13532 |
| 13664 | <br>4.875%—08/15/2045 | 13498 |
|  |  | 195881 |
| 3181 | U.S. Treasury Inflation-Indexed Notes <br>1.875%—07/15/2035<br>| 3193 |
|  | U.S. Treasury Notes |  |
| 37318 | 3.500%—11/30/2030-02/28/2031 | 36500 |
| 15407 | <br>4.000%—11/15/2035 | 14953 |
| 4229 | <br>4.125%—02/15/2036 | 4140 |
|  |  | 55593 |
| **Total U.S. Government Obligations** <br>(Cost $287,091) | **Total U.S. Government Obligations** <br>(Cost $287,091) | 254667 |
| **TOTAL INVESTMENTS—98.3%** <br>(Cost $1,291,419) | **TOTAL INVESTMENTS—98.3%** <br>(Cost $1,291,419) | 1238772 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.7%** | 21906 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $1260678 |

---

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

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.

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

------

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $424,342 or 34% of net assets.

Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 2026. The variable rate for such securities may be based on the indicated reference rate and spread or on an underlying asset or pool of assets rather than a reference rate and may be determined by current interest rates, prepayments or other financial indicators.

Step coupon security; the stated rate represents the rate in effect as of April 30, 2026.

Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date.

CLO

Collateralized Loan Obligation

MTN

Medium Term Note

REMICS

Real Estate Mortgage Investment Conduits

STRIPS

Separate Trading of Registered Interest and Principal of Securities

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

------

⬤

------

**Harbor Diversified International All Cap Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Marathon Asset Management Limited

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.9%** | **COMMON STOCKS—97.9%** | **COMMON STOCKS—97.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| 226878 | BAE Systems PLC (United Kingdom) | $6310 |
| 603231 | Rolls-Royce Holdings PLC (United Kingdom) | 9707 |
|  |  | 16017 |
| **AUTOMOBILE COMPONENTS—0.5%** | **AUTOMOBILE COMPONENTS—0.5%** | **AUTOMOBILE COMPONENTS—0.5%** |
| 198300 | Bridgestone Corp. (Japan) | 4121 |
| **AUTOMOBILES—0.3%** | **AUTOMOBILES—0.3%** | **AUTOMOBILES—0.3%** |
| 13751 | Bayerische Motoren Werke AG (Germany) | 1258 |
| 428000 | Mitsubishi Motors Corp. (Japan) | 836 |
|  |  | 2094 |
| **BANKS—15.0%** | **BANKS—15.0%** | **BANKS—15.0%** |
| 10071400 | Bank Central Asia Tbk. PT (Indonesia) | 3415 |
| 274415 | Bank of Ireland Group PLC (Ireland) | 5405 |
| 60131 | Bank of Nova Scotia (Canada) | 4678 |
| 1554293 | Barclays PLC (United Kingdom) | 9136 |
| 643501 | CaixaBank SA (Spain) | 8191 |
| 38085 | Capitec Bank Holdings Ltd. (South Africa) | 9887 |
| 65455 | Close Brothers Group PLC (United Kingdom)<sup>\*</sup> | 394 |
| 75561 | DBS Group Holdings Ltd. (Singapore) | 3484 |
| 166457 | DNB Bank ASA (Norway) | 5041 |
| 432300 | Grupo Financiero Banorte SAB de CV Class O (Mexico) | 4711 |
| 789489 | HDFC Bank Ltd. (India) | 6483 |
| 238600 | Japan Post Bank Co. Ltd. (Japan) | 4094 |
| 3314686 | Lloyds Banking Group PLC (United Kingdom) | 4506 |
| 179900 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 3232 |
| 476071 | National Bank of Greece SA (Greece) | 7545 |
| 369000 | Resona Holdings, Inc. (Japan) | 4615 |
| 172433 | Shinhan Financial Group Co. Ltd. (South Korea) | 11710 |
| 309880 | Standard Chartered PLC (United Kingdom) | 7891 |
| 141600 | Sumitomo Mitsui Trust Group, Inc. (Japan) | 4734 |
| 179910 | Svenska Handelsbanken AB Class A (Sweden) | 2557 |
| 107883 | UniCredit SpA (Italy) | 8337 |
|  |  | 120046 |
| **BEVERAGES—2.9%** | **BEVERAGES—2.9%** | **BEVERAGES—2.9%** |
| 441200 | Arca Continental SAB de CV (Mexico) | 5304 |
| 270000 | Asahi Group Holdings Ltd. (Japan) | 2658 |
| 29963 | Carlsberg AS Class B (Denmark) | 4060 |
| 17836 | Coca-Cola Europacific Partners PLC (Netherlands) | 1687 |
| 441365 | Davide Campari-Milano NV (Italy) | 3275 |
| 174109 | Diageo PLC (United Kingdom) | 3520 |
| 128300 | Kirin Holdings Co. Ltd. (Japan) | 2023 |
| 158874 | Treasury Wine Estates Ltd. (Australia) | 499 |
|  |  | 23026 |
| **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** |
| 27333 | CSL Ltd. (Australia) | 2467 |
| **BROADLINE RETAIL—1.7%** | **BROADLINE RETAIL—1.7%** | **BROADLINE RETAIL—1.7%** |
| 172014 | Naspers Ltd. Class N (South Africa) | 9315 |
| 19400 | Seria Co. Ltd. (Japan) | 424 |
| 261711 | Vipshop Holdings Ltd. ADR (China)<sup>1</sup> | 3766 |
|  |  | 13505 |
| **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** |
| 117269 | Assa Abloy AB Class B (Sweden) | 4513 |
| 5793 | Geberit AG (Switzerland) | 3915 |
| 319543 | Reliance Worldwide Corp. Ltd. (Australia) | 758 |
|  |  | 9186 |
| **CAPITAL MARKETS—4.1%** | **CAPITAL MARKETS—4.1%** | **CAPITAL MARKETS—4.1%** |
| 241656 | 3i Group PLC (United Kingdom) | 8404 |
| 2861700 | B3 SA - Brasil Bolsa Balcao (Brazil) | 10420 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| 17890 | Brookfield Asset Management Ltd. Class A (Canada) | $860 |
| 107754 | Brookfield Corp. (Canada) | 4867 |
| 28344 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 1510 |
| 114676 | IG Group Holdings PLC (United Kingdom) | 2343 |
| 245452 | Jupiter Fund Management PLC (United Kingdom) | 507 |
| 420400 | Nomura Holdings, Inc. (Japan) | 3367 |
| 31897 | Rathbones Group PLC (United Kingdom) | 852 |
|  |  | 33130 |
| **CHEMICALS—0.2%** | **CHEMICALS—0.2%** | **CHEMICALS—0.2%** |
| 34600 | Air Water, Inc. (Japan) | 491 |
| 24214 | Novonesis Novozymes B Class B (Denmark) | 1488 |
|  |  | 1979 |
| **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** |
| 25477 | Befesa SA (Germany)<sup>2</sup> | 977 |
| 26300 | Daiei Kankyo Co. Ltd. (Japan) | 632 |
| 57773 | Elis SA (France) | 1785 |
| 30600 | Secom Co. Ltd. (Japan) | 1114 |
| 705875 | Serco Group PLC (United Kingdom) | 2709 |
|  |  | 7217 |
| **CONSTRUCTION & ENGINEERING—1.1%** | **CONSTRUCTION & ENGINEERING—1.1%** | **CONSTRUCTION & ENGINEERING—1.1%** |
| 60590 | AtkinsRealis Group, Inc. (Canada) | 4181 |
| 18600 | Kinden Corp. (Japan) | 997 |
| 114100 | Obayashi Corp. (Japan) | 2683 |
| 11855 | Taisei Corp. (Japan) | 1285 |
|  |  | 9146 |
| **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** |
| 419721 | Cemex SAB de CV ADR (Mexico)<sup>1</sup> | 5162 |
| 28086 | Holcim AG (Switzerland) | 2610 |
| 74600 | Taiheiyo Cement Corp. (Japan) | 1694 |
| 110984 | Wienerberger AG (Austria) | 3218 |
|  |  | 12684 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** |
| 43411 | Alimentation Couche-Tard, Inc. (Canada) | 2568 |
| 75677 | Koninklijke Ahold Delhaize NV (Netherlands) | 3550 |
| 82326 | Loblaw Cos. Ltd. (Canada) | 3795 |
| 91000 | Seven & i Holdings Co. Ltd. (Japan) | 1086 |
|  |  | 10999 |
| **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** |
| 875023 | Orora Ltd. (Australia) | 836 |
| 65100 | Toyo Seikan Group Holdings Ltd. (Japan) | 1350 |
|  |  | 2186 |
| **DISTRIBUTORS—0.2%** | **DISTRIBUTORS—0.2%** | **DISTRIBUTORS—0.2%** |
| 108094 | Inchcape PLC (United Kingdom) | 1219 |
| **DIVERSIFIED CONSUMER SERVICES—0.5%** | **DIVERSIFIED CONSUMER SERVICES—0.5%** | **DIVERSIFIED CONSUMER SERVICES—0.5%** |
| 145413 | Laureate Education, Inc. (United States)<sup>\*</sup> | 4376 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** |
| 6573200 | NTT, Inc. (Japan) | 6403 |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| 158319 | Iberdrola SA (Spain) | 3712 |
| **ELECTRICAL EQUIPMENT—2.4%** | **ELECTRICAL EQUIPMENT—2.4%** | **ELECTRICAL EQUIPMENT—2.4%** |
| 65176 | Havells India Ltd. (India) | 855 |
| 15430 | Legrand SA (France) | 2765 |
| 84100 | Mitsubishi Electric Corp. (Japan) | 3375 |
| 24811 | Schneider Electric SE (France) | 7895 |

---

------

⬤

------

**Harbor Diversified International All Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRICAL EQUIPMENT—Continued** | **ELECTRICAL EQUIPMENT—Continued** | **ELECTRICAL EQUIPMENT—Continued** |
| 150322 | Vestas Wind Systems AS (Denmark) | $4622 |
|  |  | 19512 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** |
| 127315 | Delta Electronics, Inc. (Taiwan) | 8928 |
| 56300 | Murata Manufacturing Co. Ltd. (Japan) | 1867 |
|  |  | 10795 |
| **ENERGY EQUIPMENT & SERVICES—0.4%** | **ENERGY EQUIPMENT & SERVICES—0.4%** | **ENERGY EQUIPMENT & SERVICES—0.4%** |
| 61284 | Technip Energies NV (France) | 2899 |
| 39318 | TGS ASA (Norway) | 640 |
|  |  | 3539 |
| **ENTERTAINMENT—0.2%** | **ENTERTAINMENT—0.2%** | **ENTERTAINMENT—0.2%** |
| 26800 | Nintendo Co. Ltd. (Japan) | 1311 |
| **FINANCIAL SERVICES—0.3%** | **FINANCIAL SERVICES—0.3%** | **FINANCIAL SERVICES—0.3%** |
| 99951 | Edenred SE (France) | 2503 |
| **FOOD PRODUCTS—2.4%** | **FOOD PRODUCTS—2.4%** | **FOOD PRODUCTS—2.4%** |
| 809840 | AVI Ltd. (South Africa) | 4835 |
| 40888 | Bakkafrost P (Norway) | 2034 |
| 715856 | Marico Ltd. (India) | 5869 |
| 29000 | Megmilk Snow Brand Co. Ltd. (Japan) | 583 |
| 37300 | NH Foods Ltd. (Japan) | 1537 |
| 39548 | Salmar ASA (Norway) | 2395 |
| 17700 | Toyo Suisan Kaisha Ltd. (Japan) | 1216 |
| 12996 | Viscofan SA (Spain) | 916 |
|  |  | 19385 |
| **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** |
| 29052 | Canadian Pacific Kansas City Ltd. (Canada) | 2527 |
| 87200 | East Japan Railway Co. (Japan) | 1903 |
| 76400 | West Japan Railway Co. (Japan) | 1383 |
|  |  | 5813 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.1%** |
| 23478 | Alcon AG (Switzerland) | 1753 |
| 14062 | BioMerieux (France) | 1187 |
| 31512 | Coloplast AS Class B (Denmark) | 1946 |
| 719005 | Convatec Group PLC (United Kingdom)<sup>2</sup> | 2062 |
| 63700 | Demant AS (Denmark)<sup>\*</sup> | 2020 |
| 10205 | EssilorLuxottica SA (France) | 2160 |
| 334400 | Olympus Corp. (Japan) | 3289 |
| 34635 | Siemens Healthineers AG (Germany)<sup>2</sup> | 1420 |
| 69100 | Sysmex Corp. (Japan) | 610 |
|  |  | 16447 |
| **HEALTH CARE PROVIDERS & SERVICES—0.4%** | **HEALTH CARE PROVIDERS & SERVICES—0.4%** | **HEALTH CARE PROVIDERS & SERVICES—0.4%** |
| 56584 | Amplifon SpA (Italy) | 627 |
| 37738 | Fresenius Medical Care AG (Germany) | 1708 |
| 65200 | Ship Healthcare Holdings, Inc. (Japan) | 970 |
|  |  | 3305 |
| **HOTELS, RESTAURANTS & LEISURE—1.9%** | **HOTELS, RESTAURANTS & LEISURE—1.9%** | **HOTELS, RESTAURANTS & LEISURE—1.9%** |
| 45332 | Aristocrat Leisure Ltd. (Australia) | 1560 |
| 151549 | Compass Group PLC (United Kingdom) | 4282 |
| 28531 | Domino's Pizza Enterprises Ltd. (Australia) | 342 |
| 321304 | Entain PLC (United Kingdom) | 2372 |
| 257000 | Galaxy Entertainment Group Ltd. (Hong Kong) | 1097 |
| 20535 | InterContinental Hotels Group PLC (United Kingdom) | 2936 |
| 859279 | SSP Group PLC (United Kingdom) | 1859 |
| 31034 | Whitbread PLC (United Kingdom) | 943 |
|  |  | 15391 |
| **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** |
| 215861 | Barratt Redrow PLC (United Kingdom) | 735 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 26162 | GN Store Nord AS (Denmark)<sup>\*</sup> | $394 |
| 504115 | Midea Group Co. Ltd. Class A (China) | 5995 |
| 75300 | Nikon Corp. (Japan) | 833 |
| 199400 | Sony Group Corp. (Japan) | 3995 |
|  |  | 11952 |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| 52293 | Reckitt Benckiser Group PLC (United Kingdom) | 3327 |
| **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** |
| 5264751 | Astra International Tbk. PT (Indonesia) | 1824 |
| 169500 | CK Hutchison Holdings Ltd. (Hong Kong) | 1415 |
| 57100 | Hitachi Ltd. (Japan) | 1816 |
| 30700 | Jardine Matheson Holdings Ltd. (Hong Kong) | 2093 |
| 84000 | Swire Pacific Ltd. Class A (Hong Kong) | 913 |
|  |  | 8061 |
| **INSURANCE—5.8%** | **INSURANCE—5.8%** | **INSURANCE—5.8%** |
| 50042 | Admiral Group PLC (United Kingdom) | 2299 |
| 1454600 | AIA Group Ltd. (Hong Kong) | 15970 |
| 3073 | Fairfax Financial Holdings Ltd. (Canada) | 5318 |
| 9531 | Hannover Rueck SE (Germany) | 2880 |
| 125701 | Hiscox Ltd. (United Kingdom) | 2645 |
| 191500 | Japan Post Holdings Co. Ltd. (Japan) | 2221 |
| 272811 | Prudential PLC (United Kingdom) | 4111 |
| 142478 | QBE Insurance Group Ltd. (Australia) | 2308 |
| 307147 | Sampo OYJ Class A (Finland) | 3191 |
| 112700 | Tokio Marine Holdings, Inc. (Japan) | 5161 |
|  |  | 46104 |
| **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** |
| 225350 | Autotrader Group PLC (United Kingdom)<sup>2</sup> | 1516 |
| 323030 | Rightmove PLC (United Kingdom) | 1906 |
| 15266 | Scout24 SE (Germany)<sup>2</sup> | 1271 |
|  |  | 4693 |
| **IT SERVICES—0.3%** | **IT SERVICES—0.3%** | **IT SERVICES—0.3%** |
| 15906 | Alten SA (France) | 1060 |
| 45900 | NEC Corp. (Japan) | 1221 |
|  |  | 2281 |
| **LEISURE PRODUCTS—0.3%** | **LEISURE PRODUCTS—0.3%** | **LEISURE PRODUCTS—0.3%** |
| 82000 | Sega Sammy Holdings, Inc. (Japan) | 1189 |
| 60781 | Spin Master Corp. (Canada)<sup>2</sup> | 923 |
|  |  | 2112 |
| **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** |
| 44025 | Eurofins Scientific SE (France) | 3060 |
| **MACHINERY—4.6%** | **MACHINERY—4.6%** | **MACHINERY—4.6%** |
| 41724 | Alfa Laval AB (Sweden) | 2511 |
| 25838 | ANDRITZ AG (Austria) | 2196 |
| 60383 | ATS Corp. (Canada)<sup>\*</sup> | 1959 |
| 251279 | CNH Industrial NV (United States) | 2691 |
| 93887 | Fluidra SA (Spain) | 2197 |
| 32105 | GEA Group AG (Germany) | 2195 |
| 71800 | IHI Corp. (Japan) | 1311 |
| 44800 | Kanadevia Corp. (Japan) | 345 |
| 46900 | Komatsu Ltd. (Japan) | 2008 |
| 55600 | Kubota Corp. (Japan) | 908 |
| 275522 | Rotork PLC (United Kingdom) | 1158 |
| 78940 | Sandvik AB (Sweden)<sup>3</sup> | 3321 |
| 2248412 | Sany Heavy Industry Co. Ltd. Class A (China) | 6716 |
| 313500 | Techtronic Industries Co. Ltd. (Hong Kong) | 4546 |
| 68377 | Wartsila OYJ Abp (Finland) | 2872 |
|  |  | 36934 |

---

------

⬤

------

**Harbor Diversified International All Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MARINE TRANSPORTATION—0.1%** | **MARINE TRANSPORTATION—0.1%** | **MARINE TRANSPORTATION—0.1%** |
| 110851 | Irish Continental Group PLC (Ireland) | $845 |
| **MEDIA—0.6%** | **MEDIA—0.6%** | **MEDIA—0.6%** |
| 74300 | Hakuhodo DY Holdings, Inc. (Japan) | 499 |
| 1027285 | ITV PLC (United Kingdom) | 1118 |
| 70320 | Nippon Television Holdings, Inc. (Japan) | 1337 |
| 44800 | TBS Holdings, Inc. (Japan) | 1584 |
| 76496 | WPP PLC (United Kingdom) | 277 |
|  |  | 4815 |
| **METALS & MINING—7.0%** | **METALS & MINING—7.0%** | **METALS & MINING—7.0%** |
| 38989 | Acerinox SA (Spain) | 640 |
| 101755 | ArcelorMittal SA (France) | 5908 |
| 127946 | Barrick Mining Corp. (Canada) | 5027 |
| 117945 | BHP Group Ltd. (Australia) | 4668 |
| 187053 | Deterra Royalties Ltd. (Australia) | 564 |
| 38500 | Dowa Holdings Co. Ltd. (Japan) | 2343 |
| 137600 | First Quantum Minerals Ltd. (Canada)<sup>\*</sup> | 3369 |
| 15857 | Franco-Nevada Corp. (Canada) | 3658 |
| 1075574 | Glencore PLC (United Kingdom)<sup>\*</sup> | 8359 |
| 8069 | Newmont Corp. CDI (Australia)<sup>1</sup> | 884 |
| 24700 | OSAKA Titanium Technologies Co. Ltd. (Japan) | 403 |
| 320373 | Severstal PAO GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
| 44402 | Southern Copper Corp. (Peru) | 7623 |
| 87900 | Sumitomo Metal Mining Co. Ltd. (Japan) | 5404 |
| 84155 | Valterra Platinum Ltd. (South Africa) | 6778 |
|  |  | 55628 |
| **OIL, GAS & CONSUMABLE FUELS—5.5%** | **OIL, GAS & CONSUMABLE FUELS—5.5%** | **OIL, GAS & CONSUMABLE FUELS—5.5%** |
| 1222546 | BP PLC (United Kingdom) | 9678 |
| 89436 | Canadian Natural Resources Ltd. (Canada) | 4269 |
| 34473 | DCC PLC (United Kingdom) | 2598 |
| 106200 | ENEOS Holdings, Inc. (Japan) | 892 |
| 66566 | Equinor ASA (Norway) | 2709 |
| 155300 | Idemitsu Kosan Co. Ltd. (Japan) | 1329 |
| 48000 | Inpex Corp. (Japan) | 1251 |
| 87968 | PrairieSky Royalty Ltd. (Canada) | 2222 |
| 710557 | PRIO SA (Brazil)<sup>\*</sup> | 9530 |
| 513668 | Santos Ltd. (Australia) | 2959 |
| 249905 | Secure Waste Infrastructure Corp. (Canada) | 4259 |
| 1431965 | United Tractors Tbk. PT (Indonesia) | 2406 |
|  |  | 44102 |
| **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** |
| 22844 | Stella-Jones, Inc. (Canada) | 1414 |
| **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** |
| 51235 | Copa Holdings SA Class A (Panama) | 5927 |
| 289050 | easyJet PLC (United Kingdom) | 1383 |
| 40245 | Exchange Income Corp. (Canada) | 2964 |
| 156957 | Qantas Airways Ltd. (Australia) | 960 |
|  |  | 11234 |
| **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** |
| 120300 | Shiseido Co. Ltd. (Japan) | 2457 |
| **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** |
| 129567 | Novo Nordisk AS Class B (Denmark) | 5511 |
| 51100 | Tsumura & Co. (Japan) | 1192 |
|  |  | 6703 |
| **PROFESSIONAL SERVICES—1.6%** | **PROFESSIONAL SERVICES—1.6%** | **PROFESSIONAL SERVICES—1.6%** |
| 68944 | ALS Ltd. (Australia) | 1077 |
| 63680 | Experian PLC (United Kingdom) | 2330 |
| 50286 | Intertek Group PLC (United Kingdom) | 3239 |
| 434108 | IPH Ltd. (Australia) | 1141 |
| 242077 | Pagegroup PLC (United Kingdom) | 441 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** |
| 134659 | RELX PLC (United Kingdom) | $4911 |
|  |  | 13139 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.2%** |
| 1247554 | China Resources Land Ltd. (China) | 5242 |
| 94200 | Daiwa House Industry Co. Ltd. (Japan) | 2874 |
| 333972 | Henderson Land Development Co. Ltd. (Hong Kong) | 1320 |
|  |  | 9436 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.7%** |
| 8191 | ASML Holding NV (Netherlands) | 11841 |
| 50200 | ASMPT Ltd. (Hong Kong) | 1052 |
| 117000 | MediaTek, Inc. (Taiwan) | 9767 |
| 442084 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 30690 |
|  |  | 53350 |
| **SOFTWARE—0.5%** | **SOFTWARE—0.5%** | **SOFTWARE—0.5%** |
| 1101 | Constellation Software, Inc. (Canada) | 2005 |
| 33349 | Dassault Systemes SE (France) | 752 |
| 5818 | Lumine Group, Inc. (Canada)<sup>\*</sup> | 87 |
| 23800 | Oracle Corp. (Japan) | 1324 |
|  |  | 4168 |
| **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** |
| 97400 | ABC-Mart, Inc. (Japan) | 1654 |
| 52600 | Nitori Holdings Co. Ltd. (Japan) | 760 |
| 304607 | Pets at Home Group PLC (United Kingdom) | 749 |
| 198900 | USS Co. Ltd. (Japan) | 2148 |
| 170927 | WH Smith PLC (United Kingdom) | 1201 |
| 367700 | ZOZO, Inc. (Japan) | 2468 |
|  |  | 8980 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.2%** |
| 115430 | Samsung Electronics Co. Ltd. (South Korea) | 17382 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.3%** | **TEXTILES, APPAREL & LUXURY GOODS—2.3%** | **TEXTILES, APPAREL & LUXURY GOODS—2.3%** |
| 15945 | adidas AG (Germany) | 2759 |
| 30868 | Cie Financiere Richemont SA Class A (Switzerland) | 5924 |
| 40895 | Gildan Activewear, Inc. (Canada) | 2538 |
| 658000 | Li Ning Co. Ltd. (China) | 1713 |
| 1355700 | Samsonite Group SA (Hong Kong)<sup>2</sup> | 2483 |
| 456500 | Shenzhou International Group Holdings Ltd. (China) | 2783 |
|  |  | 18200 |
| **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** |
| 366800 | BOC Aviation Ltd. (China)<sup>2</sup> | 3766 |
| 39171 | Brenntag SE (Germany) | 2853 |
| 103590 | Bunzl PLC (United Kingdom) | 3415 |
| 37799 | Finning International, Inc. (Canada) | 2768 |
| 47800 | Mitsubishi Corp. (Japan) | 1531 |
| 47477 | Rexel SA (France) | 2008 |
| 45888 | Richelieu Hardware Ltd. (Canada) | 1342 |
|  |  | 17683 |
| **TRANSPORTATION INFRASTRUCTURE—0.1%** | **TRANSPORTATION INFRASTRUCTURE—0.1%** | **TRANSPORTATION INFRASTRUCTURE—0.1%** |
| 125400 | Mitsubishi Logistics Corp. (Japan) | 1123 |
| **WIRELESS TELECOMMUNICATION SERVICES—1.5%** | **WIRELESS TELECOMMUNICATION SERVICES—1.5%** | **WIRELESS TELECOMMUNICATION SERVICES—1.5%** |
| 942561 | Empresa Nacional de Telecomunicaciones SA (Chile) | 3729 |
| 98842 | Millicom International Cellular SA (Sweden) | 8390 |
|  |  | 12119 |
| **TOTAL COMMON STOCKS** <br>(Cost $463,966) | **TOTAL COMMON STOCKS** <br>(Cost $463,966) | 782816 |

---

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

------

⬤

------

**Harbor Diversified International All Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—1.3%** | **PREFERRED STOCKS—1.3%** | **PREFERRED STOCKS—1.3%** |
| **Shares** |  | **Value** |
| **BANKS—0.8%** | **BANKS—0.8%** | **BANKS—0.8%** |
| 2186201 | Itausa SA (Brazil) | $6145 |
| **BEVERAGES—0.5%** | **BEVERAGES—0.5%** | **BEVERAGES—0.5%** |
| 944086 | Embotelladora Andina SA (Chile) | 4401 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $8,563) | **TOTAL PREFERRED STOCKS** <br>(Cost $8,563) | 10546 |

---

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

**Short-Term Investments—0.4%**<br>

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

---

| | |
|:---|:---|
| (Cost $3,315) | (Cost $3,315) |
| 3314919<br> State Street Navigator Securities Lending <br> Government Money Market Portfolio (1 day yield <br> of 3.670%)<sup>4</sup><br>| 3315 |
| **TOTAL INVESTMENTS—99.6%** <br>(Cost $475,844) | 796677 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | 3321 |
| **TOTAL NET ASSETS—100%** | $799998 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** |
| **Description** | **Shares** | **Strike Price** | **Expiration Date** | **Cost** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>|
| Constellation Software, Inc. (Canada)\* | 3982 | CAD 0.00 | &nbsp;&nbsp; 03/31/2040 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<sup>x</sup> <br>|

---

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of April 30, 2026 based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Quoted Prices** <br>**Level 1** <br>**(000s)**<br>| **Other Significant** <br>**Observable Inputs** <br>**Level 2** <br>**(000s)**<br>| **Significant** <br>**Unobservable** <br>**Inputs** <br>**Level 3** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Common Stocks |  |  |  |  |
| Africa | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30815 |
| Europe | &nbsp;&nbsp; 10077 | &nbsp;&nbsp; 309173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 319250 |
| Latin America | &nbsp;&nbsp; 52406 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52406 |
| Middle East/Central Asia | &nbsp;&nbsp; — | &nbsp;&nbsp; 42299 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42299 |
| North America | &nbsp;&nbsp; 74665 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74665 |
| Pacific Basin | &nbsp;&nbsp; 3766 | &nbsp;&nbsp; 259615 | &nbsp;&nbsp; — | &nbsp;&nbsp; 263381 |
| Preferred Stocks |  |  |  |  |
| Latin America | &nbsp;&nbsp; 10546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10546 |
| Short-Term Investments |  |  |  |  |
| Investment Company-Securities Lending Investment Fund | &nbsp;&nbsp; 3315 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3315 |
| Total Investments in Securities | &nbsp;&nbsp; $154775 | &nbsp;&nbsp; $641902 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $796677 |
| Financial Derivative Instruments - Assets |  |  |  |  |
| Rights/Warrants | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Total Investments | &nbsp;&nbsp; $154775 | &nbsp;&nbsp; $641902 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $796677 |

---

------

⬤

------

**Harbor Diversified International All Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS—Continued**

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

------

\*

Non-income producing security

x

Fair valued in accordance with the fair value pricing procedures applicable to the Funds.

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $14,418 or 2% of net assets.

All or a portion of this security was out on loan as of April 30, 2026.

Represents the investment of collateral received from securities lending activities.

CAD

Canadian Dollar

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

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Marathon Asset Management Limited

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.2%** | **AEROSPACE & DEFENSE—3.2%** | **AEROSPACE & DEFENSE—3.2%** |
| 1717939 | BAE Systems PLC (United Kingdom) | $47782 |
| 4573828 | Rolls-Royce Holdings PLC (United Kingdom) | 73600 |
|  |  | 121382 |
| **AUTOMOBILE COMPONENTS—0.8%** | **AUTOMOBILE COMPONENTS—0.8%** | **AUTOMOBILE COMPONENTS—0.8%** |
| 1437200 | Bridgestone Corp. (Japan) | 29866 |
| **AUTOMOBILES—0.4%** | **AUTOMOBILES—0.4%** | **AUTOMOBILES—0.4%** |
| 102798 | Bayerische Motoren Werke AG (Germany) | 9407 |
| 2928300 | Mitsubishi Motors Corp. (Japan) | 5719 |
|  |  | 15126 |
| **BANKS—15.1%** | **BANKS—15.1%** | **BANKS—15.1%** |
| 8726700 | Bank Central Asia Tbk. PT (Indonesia) | 2959 |
| 2074302 | Bank of Ireland Group PLC (Ireland) | 40858 |
| 11758491 | Barclays PLC (United Kingdom) | 69115 |
| 4884904 | CaixaBank SA (Spain) | 62177 |
| 32581 | Capitec Bank Holdings Ltd. (South Africa) | 8458 |
| 500912 | Close Brothers Group PLC (United Kingdom)<sup>\*</sup> | 3018 |
| 559217 | DBS Group Holdings Ltd. (Singapore) | 25786 |
| 1259746 | DNB Bank ASA (Norway) | 38149 |
| 369900 | Grupo Financiero Banorte SAB de CV Class O (Mexico) | 4031 |
| 675549 | HDFC Bank Ltd. (India) | 5547 |
| 1631700 | Japan Post Bank Co. Ltd. (Japan) | 28000 |
| 24780074 | Lloyds Banking Group PLC (United Kingdom) | 33684 |
| 1324600 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 23794 |
| 407809 | National Bank of Greece SA (Greece) | 6463 |
| 2523800 | Resona Holdings, Inc. (Japan) | 31567 |
| 149443 | Shinhan Financial Group Co. Ltd. (South Korea) | 10148 |
| 2344207 | Standard Chartered PLC (United Kingdom) | 59695 |
| 995900 | Sumitomo Mitsui Trust Group, Inc. (Japan) | 33296 |
| 1344982 | Svenska Handelsbanken AB Class A (Sweden) | 19112 |
| 818155 | UniCredit SpA (Italy) | 63229 |
|  |  | 569086 |
| **BEVERAGES—3.6%** | **BEVERAGES—3.6%** | **BEVERAGES—3.6%** |
| 382300 | Arca Continental SAB de CV (Mexico) | 4596 |
| 1939300 | Asahi Group Holdings Ltd. (Japan) | 19094 |
| 226932 | Carlsberg AS Class B (Denmark) | 30746 |
| 136494 | Coca-Cola Europacific Partners PLC (Netherlands) | 12908 |
| 3338592 | Davide Campari-Milano NV (Italy)<sup>1</sup> | 24771 |
| 1320511 | Diageo PLC (United Kingdom) | 26700 |
| 879800 | Kirin Holdings Co. Ltd. (Japan) | 13873 |
| 1130962 | Treasury Wine Estates Ltd. (Australia) | 3555 |
|  |  | 136243 |
| **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** |
| 199226 | CSL Ltd. (Australia) | 17982 |
| **BROADLINE RETAIL—0.4%** | **BROADLINE RETAIL—0.4%** | **BROADLINE RETAIL—0.4%** |
| 147159 | Naspers Ltd. Class N (South Africa) | 7969 |
| 139900 | Seria Co. Ltd. (Japan) | 3060 |
| 223894 | Vipshop Holdings Ltd. ADR (China)<sup>2</sup> | 3222 |
|  |  | 14251 |
| **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** |
| 887809 | Assa Abloy AB Class B (Sweden) | 34170 |
| 43839 | Geberit AG (Switzerland) | 29625 |
| 2289782 | Reliance Worldwide Corp. Ltd. (Australia) | 5430 |
|  |  | 69225 |
| **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** |
| 1831038 | 3i Group PLC (United Kingdom) | 63679 |
| 2479600 | B3 SA - Brasil Bolsa Balcao (Brazil) | 9028 |
| 210100 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 11190 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| 866048 | IG Group Holdings PLC (United Kingdom) | $17698 |
| 1839385 | Jupiter Fund Management PLC (United Kingdom) | 3799 |
| 2875200 | Nomura Holdings, Inc. (Japan) | 23030 |
| 244101 | Rathbones Group PLC (United Kingdom) | 6524 |
|  |  | 134948 |
| **CHEMICALS—0.4%** | **CHEMICALS—0.4%** | **CHEMICALS—0.4%** |
| 236800 | Air Water, Inc. (Japan) | 3359 |
| 181625 | Novonesis Novozymes B Class B (Denmark) | 11160 |
|  |  | 14519 |
| **COMMERCIAL SERVICES & SUPPLIES—1.4%** | **COMMERCIAL SERVICES & SUPPLIES—1.4%** | **COMMERCIAL SERVICES & SUPPLIES—1.4%** |
| 192614 | Befesa SA (Germany)<sup>3</sup> | 7383 |
| 189400 | Daiei Kankyo Co. Ltd. (Japan) | 4550 |
| 442126 | Elis SA (France) | 13662 |
| 225900 | Secom Co. Ltd. (Japan) | 8225 |
| 5354590 | Serco Group PLC (United Kingdom) | 20553 |
|  |  | 54373 |
| **CONSTRUCTION & ENGINEERING—0.9%** | **CONSTRUCTION & ENGINEERING—0.9%** | **CONSTRUCTION & ENGINEERING—0.9%** |
| 137900 | Kinden Corp. (Japan) | 7389 |
| 783900 | Obayashi Corp. (Japan) | 18430 |
| 81074 | Taisei Corp. (Japan) | 8792 |
|  |  | 34611 |
| **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** |
| 359539 | Cemex SAB de CV ADR (Mexico)<sup>2</sup> | 4422 |
| 209968 | Holcim AG (Switzerland) | 19512 |
| 510100 | Taiheiyo Cement Corp. (Japan) | 11581 |
| 840078 | Wienerberger AG (Austria) | 24357 |
|  |  | 59872 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.9%** |
| 571388 | Koninklijke Ahold Delhaize NV (Netherlands) | 26803 |
| 669100 | Seven & i Holdings Co. Ltd. (Japan) | 7982 |
|  |  | 34785 |
| **CONTAINERS & PACKAGING—0.4%** | **CONTAINERS & PACKAGING—0.4%** | **CONTAINERS & PACKAGING—0.4%** |
| 6340287 | Orora Ltd. (Australia) | 6053 |
| 445200 | Toyo Seikan Group Holdings Ltd. (Japan) | 9234 |
|  |  | 15287 |
| **DISTRIBUTORS—0.2%** | **DISTRIBUTORS—0.2%** | **DISTRIBUTORS—0.2%** |
| 817216 | Inchcape PLC (United Kingdom) | 9220 |
| **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** |
| 124401 | Laureate Education, Inc. (United States)<sup>\*</sup> | 3744 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.2%** |
| 45624300 | NTT, Inc. (Japan) | 44441 |
| **ELECTRIC UTILITIES—0.7%** | **ELECTRIC UTILITIES—0.7%** | **ELECTRIC UTILITIES—0.7%** |
| 1183381 | Iberdrola SA (Spain) | 27743 |
| **ELECTRICAL EQUIPMENT—3.7%** | **ELECTRICAL EQUIPMENT—3.7%** | **ELECTRICAL EQUIPMENT—3.7%** |
| 55759 | Havells India Ltd. (India) | 732 |
| 115349 | Legrand SA (France) | 20666 |
| 619800 | Mitsubishi Electric Corp. (Japan) | 24873 |
| 187470 | Schneider Electric SE (France) | 59654 |
| 1136827 | Vestas Wind Systems AS (Denmark) | 34957 |
|  |  | 140882 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** |
| 109000 | Delta Electronics, Inc. (Taiwan) | 7644 |

---

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** |
| 417000 | Murata Manufacturing Co. Ltd. (Japan) | $13829 |
|  |  | 21473 |
| **ENERGY EQUIPMENT & SERVICES—0.7%** | **ENERGY EQUIPMENT & SERVICES—0.7%** | **ENERGY EQUIPMENT & SERVICES—0.7%** |
| 468992 | Technip Energies NV (France) | 22187 |
| 318516 | TGS ASA (Norway) | 5179 |
|  |  | 27366 |
| **ENTERTAINMENT—0.3%** | **ENTERTAINMENT—0.3%** | **ENTERTAINMENT—0.3%** |
| 198000 | Nintendo Co. Ltd. (Japan) | 9686 |
| **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** |
| 757715 | Edenred SE (France) | 18976 |
| **FOOD PRODUCTS—1.9%** | **FOOD PRODUCTS—1.9%** | **FOOD PRODUCTS—1.9%** |
| 701717 | AVI Ltd. (South Africa) | 4190 |
| 312758 | Bakkafrost P (Norway) | 15560 |
| 612417 | Marico Ltd. (India) | 5021 |
| 198200 | Megmilk Snow Brand Co. Ltd. (Japan) | 3982 |
| 255000 | NH Foods Ltd. (Japan) | 10506 |
| 299160 | Salmar ASA (Norway) | 18116 |
| 125300 | Toyo Suisan Kaisha Ltd. (Japan) | 8606 |
| 97158 | Viscofan SA (Spain) | 6848 |
|  |  | 72829 |
| **GROUND TRANSPORTATION—0.6%** | **GROUND TRANSPORTATION—0.6%** | **GROUND TRANSPORTATION—0.6%** |
| 596600 | East Japan Railway Co. (Japan) | 13023 |
| 521800 | West Japan Railway Co. (Japan) | 9446 |
|  |  | 22469 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.3%** |
| 179826 | Alcon AG (Switzerland) | 13424 |
| 107751 | BioMerieux (France) | 9093 |
| 239078 | Coloplast AS Class B (Denmark) | 14769 |
| 5431681 | Convatec Group PLC (United Kingdom)<sup>3</sup> | 15577 |
| 482325 | Demant AS (Denmark)<sup>\*</sup> | 15296 |
| 76288 | EssilorLuxottica SA (France) | 16148 |
| 2429700 | Olympus Corp. (Japan) | 23897 |
| 265622 | Siemens Healthineers AG (Germany)<sup>3</sup> | 10892 |
| 509400 | Sysmex Corp. (Japan) | 4498 |
|  |  | 123594 |
| **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** |
| 421629 | Amplifon SpA (Italy) | 4670 |
| 285777 | Fresenius Medical Care AG (Germany) | 12931 |
| 466800 | Ship Healthcare Holdings, Inc. (Japan) | 6947 |
|  |  | 24548 |
| **HOTELS, RESTAURANTS & LEISURE—3.1%** | **HOTELS, RESTAURANTS & LEISURE—3.1%** | **HOTELS, RESTAURANTS & LEISURE—3.1%** |
| 336321 | Aristocrat Leisure Ltd. (Australia) | 11571 |
| 1146260 | Compass Group PLC (United Kingdom) | 32390 |
| 210824 | Domino's Pizza Enterprises Ltd. (Australia) | 2528 |
| 2435208 | Entain PLC (United Kingdom) | 17974 |
| 1901000 | Galaxy Entertainment Group Ltd. (Hong Kong) | 8111 |
| 157149 | InterContinental Hotels Group PLC (United Kingdom) | 22469 |
| 6565316 | SSP Group PLC (United Kingdom) | 14207 |
| 232953 | Whitbread PLC (United Kingdom) | 7081 |
|  |  | 116331 |
| **HOUSEHOLD DURABLES—1.3%** | **HOUSEHOLD DURABLES—1.3%** | **HOUSEHOLD DURABLES—1.3%** |
| 1651942 | Barratt Redrow PLC (United Kingdom) | 5626 |
| 192020 | GN Store Nord AS (Denmark)<sup>\*</sup> | 2888 |
| 431200 | Midea Group Co. Ltd. Class A (China) | 5128 |
| 516200 | Nikon Corp. (Japan) | 5711 |
| 1462400 | Sony Group Corp. (Japan) | 29300 |
|  |  | 48653 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** |
| 395440 | Reckitt Benckiser Group PLC (United Kingdom) | $25161 |
| **INDUSTRIAL CONGLOMERATES—1.3%** | **INDUSTRIAL CONGLOMERATES—1.3%** | **INDUSTRIAL CONGLOMERATES—1.3%** |
| 4514171 | Astra International Tbk. PT (Indonesia) | 1564 |
| 1251500 | CK Hutchison Holdings Ltd. (Hong Kong) | 10450 |
| 422200 | Hitachi Ltd. (Japan) | 13425 |
| 223700 | Jardine Matheson Holdings Ltd. (Hong Kong) | 15250 |
| 614500 | Swire Pacific Ltd. Class A (Hong Kong) | 6684 |
|  |  | 47373 |
| **INSURANCE—6.5%** | **INSURANCE—6.5%** | **INSURANCE—6.5%** |
| 374107 | Admiral Group PLC (United Kingdom) | 17189 |
| 5445000 | AIA Group Ltd. (Hong Kong) | 59779 |
| 72941 | Hannover Rueck SE (Germany) | 22039 |
| 961960 | Hiscox Ltd. (United Kingdom) | 20242 |
| 1416500 | Japan Post Holdings Co. Ltd. (Japan) | 16427 |
| 2073436 | Prudential PLC (United Kingdom) | 31246 |
| 1050827 | QBE Insurance Group Ltd. (Australia) | 17021 |
| 2315285 | Sampo OYJ Class A (Finland) | 24059 |
| 819000 | Tokio Marine Holdings, Inc. (Japan) | 37508 |
|  |  | 245510 |
| **INTERACTIVE MEDIA & SERVICES—0.9%** | **INTERACTIVE MEDIA & SERVICES—0.9%** | **INTERACTIVE MEDIA & SERVICES—0.9%** |
| 1684682 | Autotrader Group PLC (United Kingdom)<sup>3</sup> | 11333 |
| 2423731 | Rightmove PLC (United Kingdom) | 14301 |
| 114503 | Scout24 SE (Germany)<sup>3</sup> | 9534 |
|  |  | 35168 |
| **IT SERVICES—0.4%** | **IT SERVICES—0.4%** | **IT SERVICES—0.4%** |
| 120258 | Alten SA (France) | 8012 |
| 314700 | NEC Corp. (Japan) | 8371 |
|  |  | 16383 |
| **LEISURE PRODUCTS—0.2%** | **LEISURE PRODUCTS—0.2%** | **LEISURE PRODUCTS—0.2%** |
| 562500 | Sega Sammy Holdings, Inc. (Japan) | 8155 |
| **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** |
| 329124 | Eurofins Scientific SE (France) | 22878 |
| **MACHINERY—5.1%** | **MACHINERY—5.1%** | **MACHINERY—5.1%** |
| 311921 | Alfa Laval AB (Sweden) | 18771 |
| 197736 | ANDRITZ AG (Austria) | 16802 |
| 1879230 | CNH Industrial NV (United States) | 20127 |
| 709765 | Fluidra SA (Spain) | 16610 |
| 245690 | GEA Group AG (Germany) | 16801 |
| 491400 | IHI Corp. (Japan) | 8976 |
| 308700 | Kanadevia Corp. (Japan) | 2379 |
| 320600 | Komatsu Ltd. (Japan) | 13727 |
| 396700 | Kubota Corp. (Japan) | 6476 |
| 2108512 | Rotork PLC (United Kingdom) | 8863 |
| 590139 | Sandvik AB (Sweden) | 24825 |
| 1923600 | Sany Heavy Industry Co. Ltd. Class A (China) | 5746 |
| 765000 | Techtronic Industries Co. Ltd. (Hong Kong) | 11092 |
| 511172 | Wartsila OYJ Abp (Finland) | 21468 |
|  |  | 192663 |
| **MARINE TRANSPORTATION—0.2%** | **MARINE TRANSPORTATION—0.2%** | **MARINE TRANSPORTATION—0.2%** |
| 831410 | Irish Continental Group PLC (Ireland) | 6337 |
| **MEDIA—0.9%** | **MEDIA—0.9%** | **MEDIA—0.9%** |
| 504900 | Hakuhodo DY Holdings, Inc. (Japan) | 3390 |
| 7710591 | ITV PLC (United Kingdom) | 8390 |
| 480700 | Nippon Television Holdings, Inc. (Japan) | 9138 |
| 309100 | TBS Holdings, Inc. (Japan) | 10933 |
| 585409 | WPP PLC (United Kingdom) | 2120 |
|  |  | 33971 |

---

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **METALS & MINING—6.1%** | **METALS & MINING—6.1%** | **METALS & MINING—6.1%** |
| 291474 | Acerinox SA (Spain) | $4784 |
| 770982 | ArcelorMittal SA (France) | 44760 |
| 868870 | BHP Group Ltd. (Australia) | 34389 |
| 1346373 | Deterra Royalties Ltd. (Australia) | 4055 |
| 263100 | Dowa Holdings Co. Ltd. (Japan) | 16010 |
| 117717 | First Quantum Minerals Ltd. (Canada)<sup>\*</sup> | 2882 |
| 8166337 | Glencore PLC (United Kingdom)<sup>\*</sup> | 63467 |
| 59518 | Newmont Corp. CDI (Australia)<sup>2</sup> | 6519 |
| 169200 | OSAKA Titanium Technologies Co. Ltd. (Japan) | 2758 |
| 217215 | Severstal PAO GDR (Russia)<sup>\*,2</sup> | — <br><sup>x</sup><br>|
| 38110 | Southern Copper Corp. (Peru) | 6543 |
| 604800 | Sumitomo Metal Mining Co. Ltd. (Japan) | 37185 |
| 73025 | Valterra Platinum Ltd. (South Africa) | 5882 |
|  |  | 229234 |
| **OIL, GAS & CONSUMABLE FUELS—4.5%** | **OIL, GAS & CONSUMABLE FUELS—4.5%** | **OIL, GAS & CONSUMABLE FUELS—4.5%** |
| 9242042 | BP PLC (United Kingdom) | 73159 |
| 261022 | DCC PLC (United Kingdom) | 19674 |
| 729900 | ENEOS Holdings, Inc. (Japan) | 6130 |
| 497635 | Equinor ASA (Norway) | 20252 |
| 1153800 | Idemitsu Kosan Co. Ltd. (Japan) | 9872 |
| 328900 | Inpex Corp. (Japan) | 8575 |
| 607854 | PRIO SA (Brazil)<sup>\*</sup> | 8152 |
| 3744437 | Santos Ltd. (Australia) | 21573 |
| 1222358 | United Tractors Tbk. PT (Indonesia) | 2054 |
|  |  | 169441 |
| **PASSENGER AIRLINES—0.6%** | **PASSENGER AIRLINES—0.6%** | **PASSENGER AIRLINES—0.6%** |
| 44310 | Copa Holdings SA Class A (Panama) | 5126 |
| 2186445 | easyJet PLC (United Kingdom) | 10465 |
| 1161259 | Qantas Airways Ltd. (Australia) | 7100 |
|  |  | 22691 |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| 848900 | Shiseido Co. Ltd. (Japan) | 17339 |
| **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** |
| 979681 | Novo Nordisk AS Class B (Denmark) | 41671 |
| 348300 | Tsumura & Co. (Japan) | 8124 |
|  |  | 49795 |
| **PROFESSIONAL SERVICES—2.6%** | **PROFESSIONAL SERVICES—2.6%** | **PROFESSIONAL SERVICES—2.6%** |
| 508420 | ALS Ltd. (Australia) | 7939 |
| 476060 | Experian PLC (United Kingdom) | 17419 |
| 380893 | Intertek Group PLC (United Kingdom) | 24536 |
| 3130812 | IPH Ltd. (Australia) | 8229 |
| 1852567 | Pagegroup PLC (United Kingdom) | 3378 |
| 1017550 | RELX PLC (United Kingdom) | 37106 |
|  |  | 98607 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** |
| 1067492 | China Resources Land Ltd. (China) | 4485 |
| 676600 | Daiwa House Industry Co. Ltd. (Japan) | 20644 |
| 2460879 | Henderson Land Development Co. Ltd. (Hong Kong) | 9727 |
|  |  | 34856 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.5%** |
| 62686 | ASML Holding NV (Netherlands) | 90616 |
| 367800 | ASMPT Ltd. (Hong Kong) | 7704 |
| 102000 | MediaTek, Inc. (Taiwan) | 8515 |
| 379993 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 26380 |
|  |  | 133215 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—0.4%** | **SOFTWARE—0.4%** | **SOFTWARE—0.4%** |
| 249311 | Dassault Systemes SE (France) | $5618 |
| 172400 | Oracle Corp. (Japan) | 9593 |
|  |  | 15211 |
| **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** |
| 696600 | ABC-Mart, Inc. (Japan) | 11833 |
| 387900 | Nitori Holdings Co. Ltd. (Japan) | 5608 |
| 2331092 | Pets at Home Group PLC (United Kingdom) | 5729 |
| 1431700 | USS Co. Ltd. (Japan) | 15463 |
| 1302085 | WH Smith PLC (United Kingdom) | 9147 |
| 2705500 | ZOZO, Inc. (Japan) | 18158 |
|  |  | 65938 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** |
| 98750 | Samsung Electronics Co. Ltd. (South Korea) | 14871 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.3%** | **TEXTILES, APPAREL & LUXURY GOODS—2.3%** | **TEXTILES, APPAREL & LUXURY GOODS—2.3%** |
| 120944 | adidas AG (Germany) | 20930 |
| 233458 | Cie Financiere Richemont SA Class A (Switzerland) | 44805 |
| 563500 | Li Ning Co. Ltd. (China) | 1467 |
| 9827400 | Samsonite Group SA (Hong Kong)<sup>3</sup> | 17995 |
| 390518 | Shenzhou International Group Holdings Ltd. (China) | 2381 |
|  |  | 87578 |
| **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** |
| 313800 | BOC Aviation Ltd. (China)<sup>3</sup> | 3223 |
| 296727 | Brenntag SE (Germany) | 21609 |
| 784568 | Bunzl PLC (United Kingdom) | 25864 |
| 353800 | Mitsubishi Corp. (Japan) | 11331 |
| 354930 | Rexel SA (France) | 15011 |
|  |  | 77038 |
| **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** |
| 857000 | Mitsubishi Logistics Corp. (Japan) | 7676 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.3%** | **WIRELESS TELECOMMUNICATION SERVICES—0.3%** | **WIRELESS TELECOMMUNICATION SERVICES—0.3%** |
| 806569 | Empresa Nacional de Telecomunicaciones SA (Chile) | 3191 |
| 84556 | Millicom International Cellular SA (Sweden) | 7177 |
|  |  | 10368 |
| **TOTAL COMMON STOCKS** <br>(Cost $2,394,976) | **TOTAL COMMON STOCKS** <br>(Cost $2,394,976) | 3700968 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.3%** | **PREFERRED STOCKS—0.3%** | **PREFERRED STOCKS—0.3%** |
| **BANKS—0.2%** | **BANKS—0.2%** | **BANKS—0.2%** |
| 1874683 | Itausa SA (Brazil) | 5270 |
| **BEVERAGES—0.1%** | **BEVERAGES—0.1%** | **BEVERAGES—0.1%** |
| 807668 | Embotelladora Andina SA (Chile) | 3765 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $7,313) | **TOTAL PREFERRED STOCKS** <br>(Cost $7,313) | 9035 |
| **TOTAL INVESTMENTS—98.3%** <br>(Cost $2,402,289) | **TOTAL INVESTMENTS—98.3%** <br>(Cost $2,402,289) | 3710003 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.7%** | 65970 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3775973 |

---

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

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

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of April 30, 2026 based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Quoted Prices** <br>**Level 1** <br>**(000s)**<br>| **Other Significant** <br>**Observable Inputs** <br>**Level 2** <br>**(000s)**<br>| **Significant** <br>**Unobservable** <br>**Inputs** <br>**Level 3** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Common Stocks |  |  |  |  |
| Africa | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26499 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26499 |
| Europe | &nbsp;&nbsp; 20085 | &nbsp;&nbsp; 2288953 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2309038 |
| Latin America | &nbsp;&nbsp; 45089 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45089 |
| Middle East/Central Asia | &nbsp;&nbsp; — | &nbsp;&nbsp; 36319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36319 |
| North America | &nbsp;&nbsp; 26753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26753 |
| Pacific Basin | &nbsp;&nbsp; 3222 | &nbsp;&nbsp; 1254048 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1257270 |
| Preferred Stocks |  |  |  |  |
| Latin America | &nbsp;&nbsp; 9035 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9035 |
| Total Investments in Securities | &nbsp;&nbsp; $104184 | &nbsp;&nbsp; $3605819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3710003 |

---

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

------

\*

Non-income producing security

x

Fair valued in accordance with the fair value pricing procedures applicable to the Funds.

All or a portion of this security was out on loan as of April 30, 2026.

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $75,937 or 2% of net assets.

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

------

⬤

------

**Harbor International Compounders Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** C WorldWide Asset Management

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.1%** | **COMMON STOCKS—97.1%** | **COMMON STOCKS—97.1%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** |
| 548 | Rheinmetall AG (Germany) | $874 |
| **BANKS—7.5%** | **BANKS—7.5%** | **BANKS—7.5%** |
| 1942300 | Bank Central Asia Tbk. PT (Indonesia) | 659 |
| 67356 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 1711 |
| 72704 | NU Holdings Ltd. Class A (Brazil)<sup>\*</sup> | 1053 |
|  |  | 3423 |
| **BROADLINE RETAIL—6.0%** | **BROADLINE RETAIL—6.0%** | **BROADLINE RETAIL—6.0%** |
| 666 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 1194 |
| 32666 | Prosus NV (China) | 1581 |
|  |  | 2775 |
| **BUILDING PRODUCTS—3.5%** | **BUILDING PRODUCTS—3.5%** | **BUILDING PRODUCTS—3.5%** |
| 41920 | Assa Abloy AB Class B (Sweden)<sup>2</sup> | 1613 |
| **CAPITAL MARKETS—3.8%** | **CAPITAL MARKETS—3.8%** | **CAPITAL MARKETS—3.8%** |
| 5664 | Deutsche Boerse AG (Germany) | 1738 |
| **CHEMICALS—3.2%** | **CHEMICALS—3.2%** | **CHEMICALS—3.2%** |
| 2966 | Linde PLC (United States) | 1486 |
| **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** |
| 7743 | Vinci SA (France) | 1171 |
| **CONSTRUCTION MATERIALS—2.0%** | **CONSTRUCTION MATERIALS—2.0%** | **CONSTRUCTION MATERIALS—2.0%** |
| 4220 | Heidelberg Materials AG (Germany) | 931 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.3%** |
| 230835 | Tesco PLC (United Kingdom) | 1512 |
| **ELECTRIC UTILITIES—3.6%** | **ELECTRIC UTILITIES—3.6%** | **ELECTRIC UTILITIES—3.6%** |
| 46726 | SSE PLC (United Kingdom) | 1673 |
| **ELECTRICAL EQUIPMENT—7.6%** | **ELECTRICAL EQUIPMENT—7.6%** | **ELECTRICAL EQUIPMENT—7.6%** |
| 21800 | Contemporary Amperex Technology Co. Ltd. Class H (China) | 1723 |
| 5530 | Schneider Electric SE (France) | 1760 |
|  |  | 3483 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.7%** |
| 2700 | Keyence Corp. (Japan) | 1238 |
| **FOOD PRODUCTS—3.3%** | **FOOD PRODUCTS—3.3%** | **FOOD PRODUCTS—3.3%** |
| 14832 | Nestle SA (United States) | 1502 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—5.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—5.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—5.0%** |
| 12300 | Hoya Corp. (Japan) | 2297 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** |
| 40524 | Compass Group PLC (United Kingdom) | $1145 |
| **INDUSTRIAL CONGLOMERATES—4.3%** | **INDUSTRIAL CONGLOMERATES—4.3%** | **INDUSTRIAL CONGLOMERATES—4.3%** |
| 6625 | Siemens AG (Germany) | 1969 |
| **INSURANCE—4.2%** | **INSURANCE—4.2%** | **INSURANCE—4.2%** |
| 173800 | AIA Group Ltd. (Hong Kong) | 1908 |
| **PERSONAL CARE PRODUCTS—2.7%** | **PERSONAL CARE PRODUCTS—2.7%** | **PERSONAL CARE PRODUCTS—2.7%** |
| 2910 | L'Oreal SA (France) | 1253 |
| **PHARMACEUTICALS—7.4%** | **PHARMACEUTICALS—7.4%** | **PHARMACEUTICALS—7.4%** |
| 10522 | AstraZeneca PLC (United Kingdom) | 1997 |
| 6736 | Galderma Group AG (Switzerland) | 1413 |
|  |  | 3410 |
| **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** |
| 35644 | RELX PLC (United Kingdom) | 1300 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.7%** |
| 1525 | ASML Holding NV (Netherlands) | 2204 |
| 8034 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)<sup>1</sup> | 3182 |
|  |  | 5386 |
| **SOFTWARE—3.1%** | **SOFTWARE—3.1%** | **SOFTWARE—3.1%** |
| 8589 | SAP SE (Germany) | 1442 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.4%** |
| 174400 | Xiaomi Corp. Class B (China)<sup>\*,3</sup> | 654 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.0%** | **TEXTILES, APPAREL & LUXURY GOODS—1.0%** | **TEXTILES, APPAREL & LUXURY GOODS—1.0%** |
| 883 | LVMH Moet Hennessy Louis Vuitton SE (France) | 472 |
| **TOTAL COMMON STOCKS** <br>(Cost $38,229) | **TOTAL COMMON STOCKS** <br>(Cost $38,229) | 44655 |

---

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

**Short-Term Investments—3.6%**<br>

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

---

| | |
|:---|:---|
| (Cost $1,637) | (Cost $1,637) |
| 1637078<br> State Street Navigator Securities Lending Government Money <br> Market Portfolio (1 day yield of 3.670%)<sup>4</sup><br>| 1637 |
| **TOTAL INVESTMENTS—100.7%** <br>(Cost $39,866) | 46292 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.7)%** | (327)<br>|
| **TOTAL NET ASSETS—100%** | $45965 |

---

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

------

⬤

------

**Harbor International Compounders Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of April 30, 2026 based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Quoted Prices** <br>**Level 1** <br>**(000s)**<br>| **Other Significant** <br>**Observable Inputs** <br>**Level 2** <br>**(000s)**<br>| **Significant** <br>**Unobservable** <br>**Inputs** <br>**Level 3** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Common Stocks |  |  |  |  |
| Europe | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24467 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24467 |
| Latin America | &nbsp;&nbsp; 2247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2247 |
| Middle East/Central Asia | &nbsp;&nbsp; 1711 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1711 |
| North America | &nbsp;&nbsp; 1486 | &nbsp;&nbsp; 1502 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2988 |
| Pacific Basin | &nbsp;&nbsp; 3182 | &nbsp;&nbsp; 10060 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13242 |
| Short-Term Investments |  |  |  |  |
| Investment Company-Securities Lending Investment Fund | &nbsp;&nbsp; 1637 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1637 |
| Total Investments in Securities | &nbsp;&nbsp; $10263 | &nbsp;&nbsp; $36029 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46292 |

---

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

------

\*

Non-income producing security

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

All or a portion of this security was out on loan as of April 30, 2026.

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $654 or 1% of net assets.

Represents the investment of collateral received from securities lending activities.

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

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Acadian Asset Management LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.0%** | **COMMON STOCKS—97.0%** | **COMMON STOCKS—97.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** |
| 84863 | Leonardo SpA (Italy) | $5300 |
| 1946 | Safran SA (France) | 625 |
| 161700 | Singapore Technologies Engineering Ltd. (Singapore) | 1370 |
|  |  | 7295 |
| **AIR FREIGHT & LOGISTICS—0.1%** | **AIR FREIGHT & LOGISTICS—0.1%** | **AIR FREIGHT & LOGISTICS—0.1%** |
| 6310 | CTT-Correios de Portugal SA (Portugal) | 47 |
| 542000 | JD Logistics, Inc. (China)<sup>\*,1</sup> | 1056 |
| 46000 | KLN Logistics Group Ltd. (China) | 40 |
|  |  | 1143 |
| **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** |
| 1943 | AB Dynamics PLC (United Kingdom) | 26 |
| 32000 | Aisin Corp. (Japan) | 508 |
| 24101 | Aumovio SE (Germany)<sup>\*</sup> | 1045 |
| 587100 | Denso Corp. (Japan) | 7015 |
| 3822 | ElringKlinger AG (Germany) | 25 |
| 8700 | Ichikoh Industries Ltd. (Japan) | 28 |
| 4700 | Imasen Electric Industrial (Japan) | 25 |
| 206500 | Johnson Electric Holdings Ltd. (Hong Kong) | 560 |
| 14100 | Linamar Corp. (Canada) | 944 |
| 8788 | Nexen Tire Corp. (South Korea) | 44 |
| 111600 | Somboon Advance Technology PCL NVDR (Thailand)<sup>2</sup> | 50 |
| 565000 | Sri Trang Agro-Industry PCL NVDR (Thailand)<sup>2</sup> | 309 |
| 33400 | Sumitomo Electric Industries Ltd. (Japan) | 2199 |
| 4800 | Unipres Corp. (Japan) | 40 |
| 50000 | Xin Point Holdings Ltd. (China) | 27 |
|  |  | 12845 |
| **AUTOMOBILES—0.1%** | **AUTOMOBILES—0.1%** | **AUTOMOBILES—0.1%** |
| 1799000 | BAIC Motor Corp. Ltd. Class H (China)<sup>\*,1</sup> | 321 |
| 156500 | DRB-Hicom Bhd. (Malaysia) | 46 |
| 276500 | Mazda Motor Corp. (Japan) | 1780 |
| 7800 | Subaru Corp. (Japan) | 116 |
|  |  | 2263 |
| **BANKS—21.1%** | **BANKS—21.1%** | **BANKS—21.1%** |
| 657851 | ABN AMRO Bank NV CVA (Netherlands)<sup>2</sup> | 22904 |
| 217714 | Abu Dhabi Commercial Bank PJSC (United Arab Emirates) | 819 |
| 548434 | ANZ Group Holdings Ltd. (Australia) | 14567 |
| 5700 | Awa Bank Ltd. (Japan) | 231 |
| 972400 | Banco Bilbao Vizcaya Argentaria SA (Spain) | 21473 |
| 1292411 | Banco Santander SA (Spain) | 15770 |
| 653018 | Bank Danamon Indonesia Tbk. PT (Indonesia) | 160 |
| 303984 | Bank Hapoalim BM (Israel) | 8156 |
| 209679 | Bank Leumi Le-Israel BM (Israel) | 5308 |
| 390200 | Bank OCBC Nisp Tbk. PT (Indonesia) | 30 |
| 11400 | Bank of Montreal (Canada) | 1736 |
| 52542 | Bank Polska Kasa Opieki SA (Poland) | 3289 |
| 669617 | Barclays PLC ADR (United Kingdom)<sup>2</sup> | 15676 |
| 275078 | BNP Paribas SA (France) | 28889 |
| 1066 | Caisse Regionale de Credit Agricole Mutuel Nord de France <br> (France)<br>| 33 |
| 2064559 | CaixaBank SA (Spain) | 26278 |
| 10200 | Canadian Imperial Bank of Commerce (Canada) | 1138 |
| 75800 | Chiba Bank Ltd. (Japan) | 1046 |
| 97000 | China Merchants Bank Co. Ltd. Class H (China) | 587 |
| 554000 | China Minsheng Banking Corp. Ltd. Class H (China) | 253 |
| 32260 | Commercial Bank of Dubai PSC (United Arab Emirates) | 81 |
| 38138 | Commerzbank AG (Germany) | 1576 |
| 2523 | Credicorp Ltd. (Peru) | 818 |
| 106800 | Dah Sing Banking Group Ltd. (Hong Kong) | 172 |
| 183664 | Dubai Islamic Bank PJSC (United Arab Emirates) | 358 |
| 13137 | Erste Bank Polska SA (Poland) | 2239 |
| 104129 | Erste Group Bank AG (Austria) | 11506 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 39135 | Faisal Islamic Bank of Egypt (Egypt) | $38 |
| 7200 | FIDEA Holdings Co. Ltd. (Japan) | 88 |
| 35360 | Hana Financial Group, Inc. (South Korea) | 3072 |
| 124078 | HSBC Holdings PLC (United Kingdom) | 2283 |
| 999523 | ING Groep NV (Netherlands) | 28928 |
| 215964 | Israel Discount Bank Ltd. Class A (Israel) | 2403 |
| 711600 | Japan Post Bank Co. Ltd. (Japan) | 12211 |
| 478200 | Kasikornbank PCL NVDR (Thailand)<sup>2</sup> | 2847 |
| 1957 | KB Financial Group, Inc. (South Korea) | 214 |
| 90036 | KBC Group NV (Belgium) | 11984 |
| 900 | Kita-Nippon Bank Ltd. (Japan) | 27 |
| 32495 | Komercni Banka AS (Czech Republic) | 1731 |
| 1907100 | Krung Thai Bank PCL NVDR (Thailand)<sup>2</sup> | 1932 |
| 2646038 | Lloyds Banking Group PLC (United Kingdom) | 3597 |
| 1178600 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 21171 |
| 375700 | Mizuho Financial Group, Inc. (Japan) | 16156 |
| 67978 | Moneta Money Bank AS (Czech Republic)<sup>1</sup> | 598 |
| 44500 | National Bank of Canada (Canada) | 6717 |
| 1301591 | NatWest Group PLC (United Kingdom) | 10381 |
| 9600 | Nishi-Nippon Financial Holdings, Inc. (Japan) | 241 |
| 1200 | Okinawa Financial Group, Inc. (Japan) | 43 |
| 2505000 | Postal Savings Bank of China Co. Ltd. Class H (China)<sup>1</sup> | 1611 |
| 41054 | Powszechna Kasa Oszczednosci Bank Polski SA (Poland) | 1075 |
| 65268 | Raiffeisen Bank International AG (Austria) | 3560 |
| 145150 | Sharjah Islamic Bank (United Arab Emirates) | 117 |
| 44765 | Shinhan Financial Group Co. Ltd. (South Korea) | 3040 |
| 117911 | Societe Generale SA (France) | 9492 |
| 33377 | Standard Bank Group Ltd. (South Africa) | 643 |
| 217908 | Standard Chartered PLC (United Kingdom) | 5549 |
| 691600 | Sumitomo Mitsui Financial Group, Inc. (Japan) | 24420 |
| 26800 | Sumitomo Mitsui Trust Group, Inc. (Japan) | 896 |
| 3200 | Taiko Bank Ltd. (Japan) | 51 |
| 43347000 | TMBThanachart Bank PCL NVDR (Thailand)<sup>2</sup> | 3010 |
| 20700 | Towa Bank Ltd. (Japan) | 138 |
| 54662 | Woori Financial Group, Inc. (South Korea) | 1247 |
| 107200 | Yokohama Financial Group, Inc. (Japan) | 1018 |
|  |  | 367622 |
| **BEVERAGES—0.1%** | **BEVERAGES—0.1%** | **BEVERAGES—0.1%** |
| 5479 | Ginebra San Miguel, Inc. (Philippines) | 25 |
| 73000 | Kirin Holdings Co. Ltd. (Japan) | 1151 |
|  |  | 1176 |
| **BIOTECHNOLOGY—0.2%** | **BIOTECHNOLOGY—0.2%** | **BIOTECHNOLOGY—0.2%** |
| 106889 | Bavarian Nordic AS (Denmark)<sup>\*</sup> | 3146 |
| 6102 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,2</sup> | 29 |
| 2978 | Genmab AS (Denmark)<sup>\*</sup> | 789 |
|  |  | 3964 |
| **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** |
| 7929200 | Bukalapak.com Tbk. PT (Indonesia)<sup>\*</sup> | 68 |
| 4800 | Canadian Tire Corp. Ltd. Class A (Canada) | 668 |
| 175337 | Falabella SA (Chile) | 1062 |
| 17134 | Kt alpha Co. Ltd. (South Korea) | 59 |
| 11665 | Next PLC (United Kingdom) | 2059 |
| 75639 | Vipshop Holdings Ltd. ADR (China)<sup>2</sup> | 1088 |
|  |  | 5004 |
| **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** |
| 300 | BRC Asia Ltd. (Singapore) | 1 |
| 52400 | Daikin Industries Ltd. (Japan) | 7404 |
| 366700 | SCG Decor PCL NVDR (Thailand)<sup>2</sup> | 55 |
| 3800 | Sinko Industries Ltd. (Japan) | 30 |
|  |  | 7490 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—2.4%** | **CAPITAL MARKETS—2.4%** | **CAPITAL MARKETS—2.4%** |
| 5862 | Canaccord Genuity Group, Inc. (Canada) | $51 |
| 188658 | Deutsche Bank AG (Germany) | 5861 |
| 40320 | Deutsche Boerse AG (Germany) | 12370 |
| 182100 | Digital Telecommunications Infrastructure Fund Class F <br> (Thailand)<br>| 56 |
| 40721 | Euronext NV (Netherlands)<sup>1</sup> | 6816 |
| 114900 | iFAST Corp. Ltd. (Singapore) | 791 |
| 205232 | Investec PLC (United Kingdom) | 1742 |
| 1300 | IwaiCosmo Holdings, Inc. (Japan) | 31 |
| 269400 | Japan Exchange Group, Inc. (Japan) | 3209 |
| 475 | London Investment Group PLC (United Kingdom) | 3 |
| 229800 | Nomura Holdings, Inc. (Japan) | 1841 |
| 506700 | Singapore Exchange Ltd. (Singapore) | 8664 |
| 4000 | Sprott, Inc. (Canada) | 522 |
| 593000 | Value Partners Group Ltd. (Hong Kong) | 161 |
| 3119 | VIEL & Cie SA (France) | 69 |
| 309 | VP Bank AG Class A (Liechtenstein) | 34 |
|  |  | 42221 |
| **CHEMICALS—0.9%** | **CHEMICALS—0.9%** | **CHEMICALS—0.9%** |
| 3300 | Achilles Corp. (Japan) | 29 |
| 2900 | Arakawa Chemical Industries Ltd. (Japan) | 23 |
| 73526 | Dyno Nobel Ltd. (Australia) | 175 |
| 206900 | Eastern Polymer Group PCL NVDR (Thailand)<sup>2</sup> | 23 |
| 5500200 | ESSA Industries Indonesia Tbk. PT (Indonesia)<sup>\*</sup> | 278 |
| 171077 | Evonik Industries AG (Germany) | 3539 |
| 236767 | Fertiglobe PLC (United Arab Emirates) | 241 |
| 2000 | Hodogaya Chemical Co. Ltd. (Japan) | 32 |
| 1700 | JSP Corp. (Japan) | 25 |
| 1937 | Kukdo Chemical Co. Ltd. (South Korea) | 55 |
| 40100 | Mitsubishi Chemical Group Corp. (Japan) | 235 |
| 1060000 | Nanofilm Technologies International Ltd. (Singapore) | 1218 |
| 2200 | Nippon Carbide Industries Co., Inc. (Japan) | 38 |
| 160600 | PTT Global Chemical PCL NVDR (Thailand)<sup>2</sup> | 195 |
| 7100 | Riken Technos Corp. (Japan) | 75 |
| 1900 | Sakai Chemical Industry Co. Ltd. (Japan) | 45 |
| 224626 | Sasol Ltd. (South Africa)<sup>\*</sup> | 3122 |
| 5600 | Sekisui Kasei Co. Ltd. (Japan) | 16 |
| 2400 | Shin-Etsu Polymer Co. Ltd. (Japan) | 33 |
| 4216 | Songwon Industrial Co. Ltd. (South Korea) | 45 |
| 78400 | TOA Paint Thailand PCL NVDR (Thailand)<sup>2</sup> | 31 |
| 112039 | Yara International ASA (Brazil) | 6523 |
| 15300 | Zacros Corp. (Japan) | 134 |
|  |  | 16130 |
| **COMMERCIAL SERVICES & SUPPLIES—0.1%** | **COMMERCIAL SERVICES & SUPPLIES—0.1%** | **COMMERCIAL SERVICES & SUPPLIES—0.1%** |
| 3000 | Aidma Holdings, Inc. (Japan) | 24 |
| 4000 | Azienda Bresciana Petroli Nocivelli SpA (Italy) | 30 |
| 3500 | Boyd Group, Inc. (Canada) | 433 |
| 41874 | Brambles Ltd. (Australia) | 685 |
| 264 | Hargreaves Services PLC (United Kingdom) | 3 |
| 8961 | Mears Group PLC (United Kingdom) | 48 |
| 7282 | NICE Infra Co. Ltd. (South Korea) | 23 |
| 1900 | Sato Corp. (Japan) | 25 |
| 900 | Takara & Co. Ltd. (Japan) | 20 |
|  |  | 1291 |
| **COMMUNICATIONS EQUIPMENT—1.7%** | **COMMUNICATIONS EQUIPMENT—1.7%** | **COMMUNICATIONS EQUIPMENT—1.7%** |
| 4052 | ATEME SA (France)<sup>\*</sup> | 48 |
| 642000 | Comba Telecom Systems Holdings Ltd. (Hong Kong) | 125 |
| 1712 | EVS Broadcast Equipment SA (Belgium) | 75 |
| 797 | Ituran Location & Control Ltd. (Israel) | 46 |
| 4882 | Nokia OYJ (Finland) | 62 |
| 431279 | Nokia OYJ ADR (Finland)<sup>2</sup> | 5568 |
| 1328577 | Telefonaktiebolaget LM Ericsson ADR (Sweden)<sup>2</sup> | 15690 |
| 686461 | Telefonaktiebolaget LM Ericsson Class B (Sweden) | 8189 |
|  |  | 29803 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CONSTRUCTION & ENGINEERING—1.8%** | **CONSTRUCTION & ENGINEERING—1.8%** | **CONSTRUCTION & ENGINEERING—1.8%** |
| 10200 | Aecon Group, Inc. (Canada) | $375 |
| 4157 | AF Gruppen ASA (Norway) | 80 |
| 251270 | Analogue Holdings Ltd. (Hong Kong) | 33 |
| 13188 | Boustead Singapore Ltd. (Singapore) | 25 |
| 158483 | Bouygues SA (France) | 9373 |
| 341700 | BTS Rail Mass Transit Growth Infrastructure Fund Class F <br> (Thailand)<br>| 27 |
| 5000 | Dai-Ichi Cutter Kogyo KK (Japan) | 46 |
| 76477 | Eiffage SA (France) | 12330 |
| 767 | Elecnor SA (Spain) | 34 |
| 19918 | GenusPlus Group Ltd. (Australia) | 135 |
| 14171 | HOCHTIEF AG (Germany) | 7622 |
| 1332 | Keller Group PLC (United Kingdom) | 40 |
| 2568 | Koninklijke BAM Groep NV (Netherlands) | 28 |
| 10400 | Oriental Shiraishi Corp. (Japan) | 25 |
| 258 | Per Aarsleff Holding AS (Denmark) | 30 |
| 44380 | Service Stream Ltd. (Australia) | 63 |
| 73700 | Sriracha Construction PCL NVDR (Thailand)<sup>2</sup> | 40 |
| 885800 | Stecon Group PCL NVDR (Thailand)<sup>2</sup> | 327 |
| 1500 | Ueki Corp. (Japan) | 24 |
| 1336100 | Wee Hur Holdings Ltd. (Singapore) | 766 |
|  |  | 31423 |
| **CONSTRUCTION MATERIALS—0.0%** | **CONSTRUCTION MATERIALS—0.0%** | **CONSTRUCTION MATERIALS—0.0%** |
| 3447 | Titan SA (United States) | 187 |
| **CONSUMER FINANCE—0.0%** | **CONSUMER FINANCE—0.0%** | **CONSUMER FINANCE—0.0%** |
| 15000 | Hong Leong Finance Ltd. (Singapore) | 30 |
| 102000 | Sun Hung Kai & Co. Ltd. (Hong Kong) | 56 |
|  |  | 86 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** |
| 24114 | Carrefour SA (France) | 481 |
| 32302 | Coles Group Ltd. (Australia) | 515 |
| 21100 | George Weston Ltd. (Canada) | 1523 |
| 84097 | Jeronimo Martins SGPS SA (Portugal) | 2019 |
| 666631 | Koninklijke Ahold Delhaize NV (Netherlands) | 31270 |
| 6600 | Robinsons Retail Holdings, Inc. (Philippines) | 5 |
| 3165100 | Sumber Alfaria Trijaya Tbk. PT (Indonesia) | 242 |
| 253049 | Tesco PLC (United Kingdom) | 1658 |
| 90205 | Zabka Group SA (Poland)<sup>\*</sup> | 576 |
|  |  | 38289 |
| **CONTAINERS & PACKAGING—0.0%** | **CONTAINERS & PACKAGING—0.0%** | **CONTAINERS & PACKAGING—0.0%** |
| 9900 | Thantawan Industry PCL NVDR (Thailand)<sup>2</sup> | 7 |
| 71600 | Thong Guan Industries Bhd. (Malaysia) | 29 |
|  |  | 36 |
| **DISTRIBUTORS—0.0%** | **DISTRIBUTORS—0.0%** | **DISTRIBUTORS—0.0%** |
| 5100 | Media Do Co. Ltd. (Japan) | 40 |
| 52861 | Smiths News PLC (United Kingdom) | 49 |
|  |  | 89 |
| **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** |
| 4600 | Aucnet, Inc. (Japan) | 35 |
| 59955 | China Chunlai Education Group Co. Ltd. (China)<sup>\*</sup> | 10 |
| 820000 | China Education Group Holdings Ltd. (China)<sup>\*</sup> | 243 |
| 202000 | China New Higher Education Group Ltd. (China)<sup>\*,1</sup> | 19 |
| 1494000 | China Yuhua Education Corp. Ltd. (China)<sup>\*,1</sup> | 87 |
| 6258 | D2L, Inc. (Canada)<sup>\*</sup> | 43 |
| 144000 | Edvantage Group Holdings Ltd. (China) | 14 |
| 3106500 | Fenbi Ltd. (Hong Kong)<sup>\*</sup> | 343 |
| 4376 | MegaStudyEdu Co. Ltd. (South Korea) | 140 |
| 66500 | New Oriental Education & Technology Group, Inc. (China) | 363 |
| 971000 | Tianli International Holdings Ltd. (China) | 204 |
|  |  | 1501 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** |
| 32127 | Chunghwa Telecom Co. Ltd. ADR (Taiwan)<sup>2</sup> | $1392 |
| 61710 | Deutsche Telekom AG (Germany) | 1993 |
| 389699 | Emirates Telecommunications Group Co. PJSC (United Arab <br> Emirates)<br>| 1974 |
| 106096 | Hellenic Telecommunications Organization SA (Greece) | 2268 |
| 11830 | LG Uplus Corp. (South Korea) | 127 |
| 5377 | Magyar Telekom Telecommunications PLC (Hungary) | 43 |
| 928500 | NTT, Inc. (Japan) | 905 |
| 66550 | Orange Polska SA (Poland) | 273 |
| 12400 | Quebecor, Inc. Class B (Canada) | 522 |
| 1040200 | Singapore Telecommunications Ltd. (Singapore) | 3767 |
| 170115 | Telia Co. AB (Sweden) | 890 |
| 16000 | Vision, Inc. (Japan) | 112 |
|  |  | 14266 |
| **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** |
| 4960 | CEZ AS (Czech Republic) | 286 |
| 481 | Electricite de Strasbourg SA (France) | 130 |
| 322777 | Endesa SA (Spain) | 14476 |
| 297836 | Origin Energy Ltd. (Australia) | 2604 |
| 305804 | PGE Polska Grupa Energetyczna SA (Poland)<sup>\*</sup> | 900 |
|  |  | 18396 |
| **ELECTRICAL EQUIPMENT—4.9%** | **ELECTRICAL EQUIPMENT—4.9%** | **ELECTRICAL EQUIPMENT—4.9%** |
| 480417 | ABB Ltd. (Switzerland) | 48589 |
| 500 | Aichi Electric Co. Ltd. (Japan) | 24 |
| 94299 | China High Speed Transmission Equipment Group Co. Ltd. (Hong <br> Kong)<sup>\*</sup><br>| 22 <br><sup>x</sup><br>|
| 5600 | Chiyoda Integre Co. Ltd. (Japan) | 108 |
| 2500 | Daihen Corp. (Japan) | 247 |
| 200 | Fuji Electric Co. Ltd. (Japan) | 17 |
| 22200 | Fujikura Ltd. (Japan) | 857 |
| 3200 | Furukawa Electric Co. Ltd. (Japan) | 869 |
| 6900 | Helios Techno Holding Co. Ltd. (Japan) | 52 |
| 1800 | Idec Corp. (Japan) | 39 |
| 124300 | ISDN Holdings Ltd. (China) | 60 |
| 1654 | Korea Electric Terminal Co. Ltd. (South Korea) | 102 |
| 2000 | Mirai Industry Co. Ltd. (Japan) | 38 |
| 18500 | Mitsubishi Electric Corp. (Japan) | 742 |
| 176600 | NIDEC Corp. (Japan) | 2720 |
| 124731 | Siemens Energy AG (Germany) | 26433 |
| 876 | TKH Group NV CVA (Netherlands)<sup>2</sup> | 45 |
| 127330 | Vestas Wind Systems AS (Denmark) | 3915 |
| 51000 | Xingye Alloy Materials Group Ltd. (China)<sup>\*</sup> | 6 |
| 2570 | XP Power Ltd. (Vietnam)<sup>\*</sup> | 61 |
|  |  | 84946 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.5%** |
| 4400 | A&D HOLON Holdings Co. Ltd. (Japan) | 81 |
| 44700 | Allied Tecnologia SA (Brazil) | 56 |
| 70000 | Aztech Global Ltd. (Singapore) | 57 |
| 11637 | Barco NV (Belgium) | 130 |
| 2031 | Berner Industrier AB (Sweden) | 17 |
| 117000 | BOE Varitronix Ltd. (China) | 64 |
| 2600 | Celestica, Inc. (Canada)<sup>\*</sup> | 1067 |
| 18400 | CMK Corp. (Japan) | 74 |
| 18031 | Codan Ltd. (Australia) | 546 |
| 5300 | Daishinku Corp. (Japan) | 25 |
| 4600 | Daitron Co. Ltd. (Japan) | 86 |
| 43597 | DataTec Ltd. (South Africa) | 188 |
| 2474 | Detection Technology OYJ (Finland) | 26 |
| 6899 | Interflex Co. Ltd. (South Korea)<sup>\*</sup> | 63 |
| 2400 | Iriso Electronics Co. Ltd. (Japan) | 52 |
| 6200 | Japan Aviation Electronics Industry Ltd. (Japan) | 95 |
| 11379 | LG Innotek Co. Ltd. (South Korea) | 4449 |
| 3400 | Marubun Corp. (Japan) | 25 |
| 20300 | Maxell Ltd. (Japan) | 259 |
| 144700 | Murata Manufacturing Co. Ltd. (Japan) | 4799 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** |
| 20541 | Namuga Co. Ltd. (South Korea) | $266 |
| 800 | New Cosmos Electric Co. Ltd. (Japan) | 30 |
| 2700 | Nihon Denkei Co. Ltd. (Japan) | 42 |
| 5700 | Nippon Chemi-Con Corp. (Japan) | 97 |
| 67300 | Nissha Co. Ltd. (Japan) | 541 |
| 4200 | Ohara, Inc. (Japan) | 33 |
| 4800 | Optex Group Co. Ltd. (Japan) | 89 |
| 261226 | PAX Global Technology Ltd. (Hong Kong) | 130 |
| 1700 | SEMITEC Corp. (Japan) | 26 |
| 26200 | Shimadzu Corp. (Japan) | 609 |
| 22800 | Siix Corp. (Japan) | 187 |
| 2700 | SMK Corp. (Japan) | 58 |
| 442000 | TDK Corp. (Japan) | 8082 |
| 25633 | Tovis Co. Ltd. (South Korea) | 308 |
| 186000 | Truly International Holdings Ltd. (Hong Kong) | 24 |
| 7200 | V Technology Co. Ltd. (Japan) | 225 |
| 214900 | Venture Corp. Ltd. (Singapore) | 2743 |
| 408000 | VSTECS Holdings Ltd. (China) | 535 |
| 20692 | WiSoL Co. Ltd. (South Korea) | 105 |
| 15000 | Yokogawa Electric Corp. (Japan) | 522 |
|  |  | 26811 |
| **ENERGY EQUIPMENT & SERVICES—0.6%** | **ENERGY EQUIPMENT & SERVICES—0.6%** | **ENERGY EQUIPMENT & SERVICES—0.6%** |
| 34656 | Enerflex Ltd. (Canada) | 930 |
| 32400 | Pason Systems, Inc. (Canada) | 333 |
| 70730 | PHX Energy Services Corp. (Canada) | 641 |
| 12756 | Sea1 offshore, Inc. (Norway) | 41 |
| 13342 | Solstad Maritime ASA (Norway) | 41 |
| 8400 | Source Energy Services Ltd. (Canada)<sup>\*</sup> | 110 |
| 9418 | Technip Energies NV (France) | 446 |
| 102622 | Tenaris SA (United States) | 3276 |
| 60702 | Tenaris SA ADR (United States)<sup>2</sup> | 3879 |
| 362100 | Wasco Bhd. (Malaysia) | 101 |
|  |  | 9798 |
| **ENTERTAINMENT—0.5%** | **ENTERTAINMENT—0.5%** | **ENTERTAINMENT—0.5%** |
| 122000 | Archosaur Games, Inc. (China)<sup>\*,1</sup> | 32 |
| 24595 | Borussia Dortmund GmbH & Co. KGaA (Germany) | 92 |
| 17643 | CD Projekt SA (Poland) | 1344 |
| 2051 | DoubleDown Interactive Co. Ltd. ADR (South Korea)<sup>\*,2</sup> | 22 |
| 23961 | Gaming Realms PLC (United Kingdom)<sup>\*</sup> | 11 |
| 22879 | IGG, Inc. (Singapore) | 9 |
| 164400 | Major Cineplex Group PCL NVDR (Thailand)<sup>2</sup> | 34 |
| 7800 | Marvelous, Inc. (Japan) | 23 |
| 4353 | NC Corp. (South Korea) | 804 |
| 4859 | Neowiz (South Korea) | 73 |
| 72800 | NetEase, Inc. (China) | 1704 |
| 82100 | Nexon Co. Ltd. (Japan) | 1386 |
| 2718 | TEN Square Games SA (Poland) | 80 |
| 102044 | Ubisoft Entertainment SA (France)<sup>\*</sup> | 595 |
| 201400 | XD, Inc. (China) | 1619 |
|  |  | 7828 |
| **FINANCIAL SERVICES—0.1%** | **FINANCIAL SERVICES—0.1%** | **FINANCIAL SERVICES—0.1%** |
| 28421 | Banca Mediolanum SpA (Italy) | 623 |
| 2105 | Generalfinance SpA (Italy) | 76 |
| 2561 | HAL Trust (Netherlands) | 513 |
| 95700 | Pacific Century Regional Developments Ltd. (Singapore) | 39 |
| 1191500 | Sony Financial Group, Inc. (Japan) | 1069 |
|  |  | 2320 |
| **FOOD PRODUCTS—0.1%** | **FOOD PRODUCTS—0.1%** | **FOOD PRODUCTS—0.1%** |
| 29736 | Astral Foods Ltd. (South Africa) | 437 |
| 522000 | Betagro PCL NVDR (Thailand)<sup>2</sup> | 361 |
| 228100 | CAB Cakaran Corp. Bhd. (Malaysia) | 29 |
| 2000 | Canada Packers, Inc. (Canada) | 27 |
| 48846 | CCK Consolidated Holdings Bhd. (Malaysia) | 15 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** |
| 138000 | China Mengniu Dairy Co. Ltd. (China) | $307 |
| 1500000 | China Starch Holdings Ltd. (China) | 36 |
| 9063 | Easy Holdings Co. Ltd. (South Korea) | 34 |
| 1400 | Ebara Foods Industry, Inc. (Japan) | 22 |
| 24300 | First Resources Ltd. (Indonesia) | 67 |
| 370300 | Hap Seng Plantations Holdings Bhd. (Malaysia) | 201 |
| 147300 | Indofood Sukses Makmur Tbk. PT (Indonesia) | 57 |
| 136600 | IOI Corp. Bhd. (Malaysia) | 149 |
| 58700 | Kawan Food Bhd. (Malaysia) | 12 |
| 1600 | Kenko Mayonnaise Co. Ltd. (Japan) | 22 |
| 561 | Maeil Holdings Co. Ltd. (South Korea) | 4 |
| 528800 | Malindo Feedmill Tbk. PT (Indonesia) | 26 |
| 1223400 | Mayora Indah Tbk. PT (Indonesia) | 121 |
| 191200 | MKH Oil Palm East Kalimantan Bhd. (Malaysia) | 29 |
| 811600 | Salim Ivomas Pratama Tbk. PT (Indonesia) | 36 |
| 98600 | Sarawak Plantation Bhd. (Malaysia) | 91 |
| 541600 | Smothong Group PCL NVDR (Thailand)<sup>2</sup> | 83 |
| 417 | Societe LDC SADIR (France) | 55 |
| 253800 | Thaifoods Group PCL NVDR (Thailand)<sup>2</sup> | 78 |
| 690500 | Ultrajaya Milk Industry & Trading Co. Tbk. PT (Indonesia) | 68 |
|  |  | 2367 |
| **GAS UTILITIES—0.1%** | **GAS UTILITIES—0.1%** | **GAS UTILITIES—0.1%** |
| 3936 | Daesung Holdings Co. Ltd. (South Korea) | 23 |
| 71904 | Naturgy Energy Group SA (Spain) | 2262 |
| 2439800 | Perusahaan Gas Negara Persero Tbk. PT (Indonesia) | 275 |
| 58200 | Union Gas Holdings Ltd. (Singapore) | 21 |
|  |  | 2581 |
| **GROUND TRANSPORTATION—0.0%** | **GROUND TRANSPORTATION—0.0%** | **GROUND TRANSPORTATION—0.0%** |
| 14200 | SBS Transit Ltd. (Singapore) | 41 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.5%** |
| 15750 | Beijing Chunlizhengda Medical Instruments Co. Ltd. Class H <br> (China)<br>| 21 |
| 29475 | BioMerieux (France) | 2487 |
| 4941 | El.En. SpA (Italy) | 76 |
| 244238 | Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 5268 |
| 54200 | Hoya Corp. (Japan) | 10122 |
| 547498 | Koninklijke Philips NV (Netherlands) | 14442 |
| 109800 | Olympus Corp. (Japan) | 1080 |
| 17000 | Shofu, Inc. (Japan) | 179 |
| 1007000 | Sysmex Corp. (Japan) | 8892 |
| 4030 | Vieworks Co. Ltd. (South Korea) | 74 |
|  |  | 42641 |
| **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** |
| 1061 | Fagron (Belgium) | 30 |
| 33757 | Fresenius SE & Co. KGaA (Germany) | 1635 |
| 19831 | Humana AB (Sweden) | 105 |
| 4800 | Japan Medical Dynamic Marketing, Inc. (Japan) | 17 |
| 4248 | Ladprao General Hospital PCL NVDR (Thailand)<sup>2</sup> |  |
| 2424 | Oriola OYJ Class B (Finland) | 2 |
| 76178 | Regis Healthcare Ltd. (Australia) | 364 |
|  |  | 2153 |
| **HEALTH CARE TECHNOLOGY—0.3%** | **HEALTH CARE TECHNOLOGY—0.3%** | **HEALTH CARE TECHNOLOGY—0.3%** |
| 21561 | Ascom Holding AG (Switzerland) | 145 |
| 45134 | Pro Medicus Ltd. (Australia) | 4430 |
|  |  | 4575 |
| **HOTELS, RESTAURANTS & LEISURE—0.9%** | **HOTELS, RESTAURANTS & LEISURE—0.9%** | **HOTELS, RESTAURANTS & LEISURE—0.9%** |
| 34300 | Airtrip Corp. (Japan) | 150 |
| 333125 | Aristocrat Leisure Ltd. (Australia) | 11461 |
| 137437 | Carnival PLC ADR (United States)<sup>2</sup> | 3635 |
| 400400 | Champ Resto Indonesia Tbk. PT (Indonesia)<sup>\*</sup> | 8 |
| 9128 | Fuller Smith & Turner PLC Class A (United Kingdom) | 80 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** |
| 3357 | H World Group Ltd. ADR (China)<sup>2</sup> | $174 |
| 944 | Ibersol SGPS SA (Portugal) | 13 |
| 83100 | Jaya Bersama Indo Tbk. PT (Indonesia)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 1580 | Lastminute.com NV (Switzerland) | 24 |
| 1727 | Nordrest Holding AB (Sweden) | 62 |
| 93184 | SATS ASA (Norway) | 417 |
| 237500 | Xiabuxiabu Catering Management China Holdings Co. Ltd. <br> (China)<sup>\*,1</sup><br>| 12 |
| 55600 | Zen Corp. Group PCL NVDR (Thailand)<sup>2</sup> | 9 |
|  |  | 16045 |
| **HOUSEHOLD DURABLES—0.7%** | **HOUSEHOLD DURABLES—0.7%** | **HOUSEHOLD DURABLES—0.7%** |
| 1992 | Amica SA (Poland) | 29 |
| 107600 | Chervon Holdings Ltd. (China) | 224 |
| 5 | Dom Development SA (Poland) |  |
| 10576 | Hyundai Livart Furniture Co. Ltd. (South Korea) | 57 |
| 98840 | LG Electronics, Inc. (South Korea) | 9520 |
| 72900 | Sony Group Corp. (Japan) | 1461 |
| 155000 | TCL Electronics Holdings Ltd. (China) | 300 |
| 15712 | Viomi Technology Co. Ltd. ADR (China)<sup>2</sup> | 15 |
| 3608 | Zinus, Inc. (South Korea) | 31 |
|  |  | 11637 |
| **HOUSEHOLD PRODUCTS—0.0%** | **HOUSEHOLD PRODUCTS—0.0%** | **HOUSEHOLD PRODUCTS—0.0%** |
| 1351600 | Unilever Indonesia Tbk. PT (Indonesia) | 120 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.0%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.0%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.0%** |
| 8700 | Polaris Renewable Energy, Inc. (Canada) | 82 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.0%** |
| 101900 | Gulf Development PCL NVDR (Thailand)<sup>2</sup> | 181 |
| **INDUSTRIAL CONGLOMERATES—0.3%** | **INDUSTRIAL CONGLOMERATES—0.3%** | **INDUSTRIAL CONGLOMERATES—0.3%** |
| 1248 | AntarChile SA (Chile) | 11 |
| 4301 | Bonheur ASA (Norway) | 125 |
| 104000 | CK Hutchison Holdings Ltd. (Hong Kong) | 868 |
| 99600 | Hitachi Ltd. (Japan) | 3167 |
| 530900 | LT Group, Inc. (Philippines) | 130 |
| 63694 | Opus Global Nyrt (Hungary) | 68 |
| 94 | SK, Inc. (South Korea) | 27 |
|  |  | 4396 |
| **INSURANCE—2.3%** | **INSURANCE—2.3%** | **INSURANCE—2.3%** |
| 11000 | Allianz Malaysia Bhd. (Malaysia) | 57 |
| 148800 | Bangkok Life Assurance PCL NVDR (Thailand)<sup>2</sup> | 91 |
| 109800 | China Taiping Insurance Holdings Co. Ltd. (China) | 314 |
| 362900 | Daiichi Life Group, Inc. (Japan) | 3323 |
| 35836 | Doha Insurance Co. QSC (Qatar) | 29 |
| 5540 | Hyundai Marine & Fire Insurance Co. Ltd. (South Korea)<sup>\*</sup> | 114 |
| 6300 | iA Financial Corp., Inc. (Canada) | 811 |
| 1251400 | Japan Post Holdings Co. Ltd. (Japan) | 14513 |
| 7500 | Japan Post Insurance Co. Ltd. (Japan) | 73 |
| 101900 | MS&AD Insurance Group Holdings, Inc. (Japan) | 2620 |
| 153237 | NN Group NV (Netherlands) | 13413 |
| 57200 | Sompo Holdings, Inc. (Japan) | 2129 |
| 443500 | Sunshine Insurance Group Co. Ltd. Class H (China) | 205 |
| 45100 | Tokio Marine Holdings, Inc. (Japan) | 2065 |
| 17139 | Unipol Assicurazioni SpA (Italy) | 448 |
|  |  | 40205 |
| **INTERACTIVE MEDIA & SERVICES—0.2%** | **INTERACTIVE MEDIA & SERVICES—0.2%** | **INTERACTIVE MEDIA & SERVICES—0.2%** |
| 6800 | giftee, Inc. (Japan) | 50 |
| 2833 | JOYY, Inc. ADR (China)<sup>2</sup> | 167 |
| 456300 | Kuaishou Technology (China)<sup>1</sup> | 2540 |
| 81100 | LIFULL Co. Ltd. (Japan) | 99 |
| 2000 | MarkLines Co. Ltd. (Japan) | 19 |
| 33871 | Trustpilot Group PLC (United Kingdom)<sup>\*,1</sup> | 119 |
| 83431 | Yalla Group Ltd. ADR (United Arab Emirates)<sup>\*,2</sup> | 557 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—Continued** | **INTERACTIVE MEDIA & SERVICES—Continued** | **INTERACTIVE MEDIA & SERVICES—Continued** |
| 31054 | Zhihu, Inc. ADR (China)<sup>\*,2</sup> | $99 |
| 11700 | ZIGExN Co. Ltd. (Japan) | 31 |
|  |  | 3681 |
| **IT SERVICES—0.4%** | **IT SERVICES—0.4%** | **IT SERVICES—0.4%** |
| 12796 | Atea ASA (Sweden) | 216 |
| 16300 | Avant Group Corp. (Japan) | 133 |
| 17800 | BASE, Inc. (Japan) | 33 |
| 8000 | CAC Holdings Corp. (Japan) | 92 |
| 22500 | Comture Corp. (Japan) | 196 |
| 4200 | Core Corp. (Japan) | 55 |
| 6800 | Digital Hearts Holdings Co. Ltd. (Japan) | 36 |
| 6900 | Digital Information Technologies Corp. (Japan) | 40 |
| 46746 | FDM Group Holdings PLC (United Kingdom) | 66 |
| 27600 | Fujitsu Ltd. (Japan) | 554 |
| 18600 | Future Corp. (Japan) | 182 |
| 3800 | GMO GlobalSign Holdings KK (Japan) | 46 |
| 38100 | Hennge KK (Japan) | 233 |
| 5200 | ID Holdings Corp. (Japan) | 33 |
| 1500 | Mitsubishi Research Institute, Inc. (Japan) | 43 |
| 867 | Neurones (France) | 37 |
| 9500 | Oro Co. Ltd. (Japan) | 122 |
| 138800 | Otsuka Corp. (Japan) | 2575 |
| 2500 | SERAKU Co. Ltd. (Japan) | 21 |
| 7269 | Softcat PLC (United Kingdom) | 137 |
| 3300 | Startia Holdings, Inc. (Japan) | 59 |
| 9200 | Sun\*, Inc. (Japan)<sup>\*</sup> | 25 |
| 3700 | System Support Holdings, Inc. (Japan) | 25 |
| 18700 | TechMatrix Corp. (Japan) | 217 |
| 2600 | TerraSky Co. Ltd. (Japan) | 29 |
| 1794 | Trifork Group AG (Denmark)<sup>\*</sup> | 25 |
| 4200 | Ubicom Holdings, Inc. (Japan) | 25 |
| 7100 | User Local, Inc. (Japan) | 70 |
| 28420 | VTEX Class A (Brazil)<sup>\*</sup> | 107 |
| 26479 | Wix.com Ltd. (Israel)<sup>\*</sup> | 1978 |
| 700 | Zuken, Inc. (Japan) | 20 |
|  |  | 7430 |
| **LEISURE PRODUCTS—0.0%** | **LEISURE PRODUCTS—0.0%** | **LEISURE PRODUCTS—0.0%** |
| 206000 | Goodbaby International Holdings Ltd. (China) | 23 |
| 1400 | Kawai Musical Instruments Manufacturing Co. Ltd. (Japan) | 25 |
|  |  | 48 |
| **MACHINERY—4.2%** | **MACHINERY—4.2%** | **MACHINERY—4.2%** |
| 7000 | Aichi Corp. (Japan) | 63 |
| 6302 | China Yuchai International Ltd. (China) | 260 |
| 8382 | Daechang Forging Co. Ltd. (South Korea) | 40 |
| 2400 | Daihatsu Infinearth Mfg Co. Ltd. (Japan) | 46 |
| 10390 | DY POWER Corp. (South Korea) | 109 |
| 109548 | Epiroc AB Class A (Sweden)<sup>3</sup> | 3163 |
| 1276800 | Frencken Group Ltd. (Malaysia) | 2704 |
| 52584 | GEA Group AG (Germany) | 3596 |
| 2200 | Hirano Tecseed Co. Ltd. (Japan) | 25 |
| 198800 | Hong Leong Asia Ltd. (Singapore) | 454 |
| 2400 | Iseki & Co. Ltd. (Japan) | 26 |
| 1900 | Iwaki Co. Ltd. (Japan) | 33 |
| 9153 | Knorr-Bremse AG (Germany) | 1068 |
| 693 | Komax Holding AG (Switzerland)<sup>\*</sup> | 48 |
| 106975 | Kone OYJ Class B (Finland) | 6810 |
| 34300 | Kubota Corp. (Japan) | 560 |
| 7000 | Minebea Mitsumi, Inc. (Japan) | 140 |
| 1600 | Morita Holdings Corp. (Japan) | 26 |
| 33600 | Nam Cheong Ltd. (Malaysia)<sup>\*</sup> | 40 |
| 8800 | NGK Corp. (Japan) | 279 |
| 2200 | Nitto Kohki Co. Ltd. (Japan) | 22 |
| 8400 | Nittoku Co. Ltd. (Japan) | 131 |
| 800 | Okamoto Machine Tool Works Ltd. (Japan) | 22 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| 371 | Palfinger AG (Austria) | $15 |
| 16800 | Rheon Automatic Machinery Co. Ltd. (Japan) | 163 |
| 358372 | Sandvik AB (Sweden)<sup>3</sup> | 15076 |
| 4700 | Sanko Gosei Ltd. (Japan) | 26 |
| 43628 | Schindler Holding AG (Switzerland) | 15253 |
| 584100 | Seatrium Ltd. (Singapore) | 1083 |
| 2400 | Shibuya Corp. (Japan) | 52 |
| 1300 | Shinwa Co. Ltd. (Japan) | 25 |
| 12052 | SIMPAC, Inc. (South Korea) | 48 |
| 10000 | SMC Corp. (Japan) | 4917 |
| 4700 | Sodick Co. Ltd. (Japan) | 46 |
| 3700 | Teikoku Corp. (Japan) | 65 |
| 5300 | Tocalo Co. Ltd. (Japan) | 106 |
| 1705 | VAT Group AG (Switzerland)<sup>1</sup> | 1281 |
| 252204 | Wartsila OYJ Abp (Finland) | 10592 |
| 808000 | Weichai Power Co. Ltd. Class H (China) | 4016 |
| 52300 | Yangzijiang Shipbuilding Holdings Ltd. (China) | 178 |
|  |  | 72607 |
| **MARINE TRANSPORTATION—1.1%** | **MARINE TRANSPORTATION—1.1%** | **MARINE TRANSPORTATION—1.1%** |
| 5132 | AP Moller - Maersk AS Class B (Denmark) | 12185 |
| 1152735 | Cia Sud Americana de Vapores SA (Chile) | 65 |
| 70874 | Costamare, Inc. (Monaco) | 1178 |
| 3617 | Danaos Corp. (Greece) | 436 |
| 2762 | Euroseas Ltd. (Greece) | 193 |
| 2582 | Himalaya Shipping Ltd. (Bermuda)<sup>\*</sup> | 36 |
| 3658 | Hoegh Autoliners ASA (Norway) | 52 |
| 133329 | MPC Container Ships ASA (Norway) | 317 |
| 36200 | Nippon Yusen KK (Japan) | 1301 |
| 294724 | Samudera Shipping Line Ltd. (Singapore) | 265 |
| 628000 | SITC International Holdings Co. Ltd. (China) | 2629 |
| 25439 | Star Bulk Carriers Corp. (Greece) | 639 |
|  |  | 19296 |
| **MEDIA—0.3%** | **MEDIA—0.3%** | **MEDIA—0.3%** |
| 9526 | Alter Ego Media SA (Greece) | 61 |
| 38665 | Arnoldo Mondadori Editore SpA (Italy) | 93 |
| 6846 | Criteo SA ADR (France)<sup>\*,2</sup> | 130 |
| 17290 | Future PLC (United Kingdom) | 79 |
| 741 | KT Millie Seojae Co. Ltd. (South Korea) | 7 |
| 4447 | Lagardere SA (France) | 97 |
| 48567 | LG HelloVision Co. Ltd. (South Korea)<sup>\*</sup> | 77 |
| 3000 | Macbee Planet, Inc. (Japan) | 25 |
| 3200 | Members Co. Ltd. (Japan) | 22 |
| 588 | NZME Ltd. (New Zealand) |  |
| 222443 | Pico Far East Holdings Ltd. (Hong Kong) | 69 |
| 33805 | PRT Co. Ltd. (Australia)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 36147 | Publicis Groupe SA (France) | 3377 |
| 55201 | SES SA FDR (Luxembourg)<sup>2</sup> | 456 |
| 41048 | Woongjin Thinkbig Co. Ltd. (South Korea) | 32 <br><sup>x</sup><br>|
| 32900 | Zenrin Co. Ltd. (Japan) | 179 |
|  |  | 4704 |
| **METALS & MINING—4.5%** | **METALS & MINING—4.5%** | **METALS & MINING—4.5%** |
| 40700 | Amerigo Resources Ltd. (Canada) | 172 |
| 278100 | B2Gold Corp. (Canada) | 1257 |
| 112821 | BHP Group Ltd. (Australia) | 4465 |
| 47685 | BlueScope Steel Ltd. (Australia) | 1037 |
| 306265 | Boliden AB (Sweden)<sup>3</sup> | 16099 |
| 17930 | Capital Ltd. (Mauritius) | 28 |
| 214715 | Capricorn Metals Ltd. (Australia) | 1780 |
| 86400 | Capstone Copper Corp. (Canada)<sup>\*</sup> | 720 |
| 11720 | Centerra Gold, Inc. (Canada) | 204 |
| 102695 | Central Asia Metals PLC (United Kingdom) | 204 |
| 116193 | Cia de Minas Buenaventura SAA ADR (Peru)<sup>2</sup> | 3787 |
| 337600 | CNMC Goldmine Holdings Ltd. (Singapore) | 362 |
| 10951 | Dongkuk Holdings Co. Ltd. (South Korea) | 84 <br><sup>x</sup><br>|

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **METALS & MINING—Continued** | **METALS & MINING—Continued** | **METALS & MINING—Continued** |
| 1500 | Dowa Holdings Co. Ltd. (Japan) | $91 |
| 19678 | Dynacor Group, Inc. (Canada) | 84 |
| 29478 | ElvalHalcor SA (Greece) | 138 |
| 33645 | Endeavour Mining PLC (Ivory Coast) | 2031 |
| 252744 | Evolution Mining Ltd. (Australia) | 2235 |
| 424679 | Fortuna Mining Corp. (Canada)<sup>\*</sup> | 4096 |
| 11884 | Fresnillo PLC (Mexico) | 525 |
| 587250 | Grange Resources Ltd. (Australia)<sup>\*</sup> | 76 |
| 352600 | Hudbay Minerals, Inc. (Canada) | 8156 |
| 22809 | KG Chemical Corp. (South Korea) | 109 |
| 28995 | KG Eco Solution Co. Ltd. (South Korea) | 145 |
| 58694 | KGHM Polska Miedz SA (Poland)<sup>\*</sup> | 4930 |
| 49272 | Kumba Iron Ore Ltd. (South Africa) | 924 |
| 177871 | Macmahon Holdings Ltd. (Australia) | 94 |
| 7600 | Mitsubishi Materials Corp. (Japan) | 250 |
| 116459 | Monument Mining Ltd. (Canada) | 71 |
| 3053 | Nexa Resources SA (Brazil) | 46 |
| 1314000 | Nickel Asia Corp. (Philippines) | 108 |
| 1195715 | Norsk Hydro ASA (Norway) | 13238 |
| 397400 | OceanaGold Philippines, Inc. (Philippines) | 217 |
| 132050 | Perseus Mining Ltd. (Australia) | 529 |
| 15597 | Regis Resources Ltd. (Australia) | 80 |
| 2035297 | South32 Ltd. (Australia) | 6032 |
| 47900 | Sumitomo Metal Mining Co. Ltd. (Japan) | 2945 |
| 44413 | Thor Explorations Ltd. (Canada) | 42 |
| 127309 | thyssenkrupp AG (Germany) | 1515 |
| 88 | Tree Island Steel Ltd. (Canada) |  |
| 46000 | Volcan Cia Minera SAA Class B (Peru)<sup>\*</sup> | 10 |
|  |  | 78916 |
| **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** |
| 131343 | A2A SpA (Italy) | 374 |
| 7500 | Atco Ltd. Class I (Canada) | 376 |
| 2980409 | Centrica PLC (United Kingdom) | 8705 |
| 91990 | Engie SA (France) | 3032 |
| 904363 | Hera SpA (Italy) | 4268 |
|  |  | 16755 |
| **OIL, GAS & CONSUMABLE FUELS—7.1%** | **OIL, GAS & CONSUMABLE FUELS—7.1%** | **OIL, GAS & CONSUMABLE FUELS—7.1%** |
| 21681 | Ampol Ltd. (Australia) | 549 |
| 87000 | Bangchak Corp. PCL NVDR (Thailand)<sup>2</sup> | 96 |
| 215300 | Baramulti Suksessarana Tbk. PT (Indonesia) | 50 |
| 252230 | Beach Energy Ltd. (Australia) | 214 |
| 12500 | Bonterra Energy Corp. (Canada)<sup>\*</sup> | 66 |
| 751758 | BP PLC ADR (United States)<sup>2</sup> | 35618 |
| 881100 | ENEOS Holdings, Inc. (Japan) | 7400 |
| 1040762 | Eni SpA (Italy) | 29429 |
| 35553 | Hafnia Ltd. (Singapore) | 316 |
| 30585 | HELLENiQ ENERGY Holdings SA (Greece) | 353 |
| 507155 | Horizon Oil Ltd. (Australia) | 86 |
| 368400 | Idemitsu Kosan Co. Ltd. (Japan) | 3152 |
| 49300 | Journey Energy, Inc. (Canada)<sup>\*</sup> | 209 |
| 31176 | Motor Oil Hellas Corinth Refineries SA (Greece) | 1392 |
| 12800 | Obsidian Energy Ltd. (Canada)<sup>\*</sup> | 183 |
| 19320 | OKEA ASA (Norway)<sup>\*</sup> | 82 |
| 337631 | ORLEN SA (Poland) | 12409 |
| 512000 | Petron Corp. (Philippines) | 25 |
| 1084500 | PTT Exploration & Production PCL NVDR (Thailand)<sup>2</sup> | 5149 |
| 304954 | Repsol SA (Spain) | 8191 |
| 200640 | Shell PLC (United States) | 9122 |
| 2847700 | Star Petroleum Refining PCL NVDR (Thailand)<sup>2</sup> | 644 |
| 75100 | Suncor Energy, Inc. (Canada) | 5146 |
| 574100 | Thai Oil PCL NVDR (Thailand)<sup>2</sup> | 849 |
| 170559 | Viva Energy Group Ltd. (Australia)<sup>1</sup> | 303 |
| 458684 | Whitehaven Coal Ltd. (Australia) | 2803 |
|  |  | 123836 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PERSONAL CARE PRODUCTS—0.0%** | **PERSONAL CARE PRODUCTS—0.0%** | **PERSONAL CARE PRODUCTS—0.0%** |
| 54810 | Applied Nutrition PLC (United Kingdom)<sup>\*</sup> | $163 |
| 6614819 | Industri Jamu Dan Farmasi Sido Muncul Tbk. PT (Indonesia) | 190 |
|  |  | 353 |
| **PHARMACEUTICALS—12.7%** | **PHARMACEUTICALS—12.7%** | **PHARMACEUTICALS—12.7%** |
| 7375 | ALK-Abello AS (Denmark) | 276 |
| 343200 | Astellas Pharma, Inc. (Japan) | 4864 |
| 96637 | AstraZeneca PLC (United Kingdom) | 18107 |
| 239944 | Bausch Health Cos., Inc. (Canada)<sup>\*</sup> | 1376 |
| 461500 | Daiichi Sankyo Co. Ltd. (Japan) | 7497 |
| 252500 | Eisai Co. Ltd. (Japan) | 7558 |
| 49614 | Galderma Group AG (Switzerland) | 10409 |
| 569670 | GSK PLC ADR (United States)<sup>2</sup> | 29799 |
| 726 | Ipsen SA (France) | 142 |
| 31700 | Nippon Shinyaku Co. Ltd. (Japan) | 972 |
| 321705 | Novartis AG (United States) | 47545 |
| 12104 | Novo Nordisk AS ADR (Denmark)<sup>2</sup> | 511 |
| 163400 | Ono Pharmaceutical Co. Ltd. (Japan) | 2417 |
| 79 | Orion OYJ Class A (Finland) | 6 |
| 34666 | Orion OYJ Class B (Finland) | 2800 |
| 8492 | Richter Gedeon Nyrt (Hungary) | 358 |
| 146714 | Roche Holding AG (United States) | 59786 |
| 166204 | Sandoz Group AG (Switzerland) | 13332 |
| 21510 | Sanofi SA (United States) | 2013 |
| 38135 | UCB SA (Belgium)<sup>\*</sup> | 10384 |
| 383 | Vetoquinol SA (France) | 35 |
|  |  | 220187 |
| **PROFESSIONAL SERVICES—1.4%** | **PROFESSIONAL SERVICES—1.4%** | **PROFESSIONAL SERVICES—1.4%** |
| 4400 | JAC Recruitment Co. Ltd. (Japan) | 24 |
| 38823 | Kanzhun Ltd. ADR (China)<sup>2</sup> | 525 |
| 349800 | Recruit Holdings Co. Ltd. (Japan) | 16204 |
| 11000 | SIGMAXYZ Holdings, Inc. (Japan) | 45 |
| 4200 | Space Co. Ltd. (Japan) | 40 |
| 90726 | Wolters Kluwer NV (Netherlands) | 7081 |
|  |  | 23919 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** |
| 206558 | Aldar Properties PJSC (United Arab Emirates) | 434 |
| 468262 | Emaar Development PJSC (United Arab Emirates) | 1860 |
| 487158 | Emaar Properties PJSC (United Arab Emirates) | 1569 |
| 116681 | Ever Reach Group Holdings Co. Ltd. (China)<sup>\*</sup> | 3 |
| 688400 | LBS Bina Group Bhd. (Malaysia) | 82 |
| 978000 | Megaworld Corp. (Philippines) | 33 |
| 1077 | Melcor Developments Ltd. (Canada) | 15 |
| 460000 | Midland Holdings Ltd. (Hong Kong)<sup>\*</sup> | 168 |
| 12963 | Modern Land China Co. Ltd. (China)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 8276 | Servcorp Ltd. (Australia) | 39 |
|  |  | 4203 |
| **RETAIL REITS—0.3%** | **RETAIL REITS—0.3%** | **RETAIL REITS—0.3%** |
| 116822 | Klepierre SA (France) | 4733 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.2%** |
| 46000 | Advantest Corp. (Japan) | 8589 |
| 2484 | Anapass, Inc. (South Korea) | 29 |
| 7935 | ARM Holdings PLC ADR (United States)<sup>\*,2</sup> | 1669 |
| 605960 | ASE Technology Holding Co. Ltd. ADR (Taiwan)<sup>2</sup> | 19033 |
| 15228 | ASM International NV (Netherlands) | 14897 |
| 29186 | ASML Holding NV New York Registry Shares (Netherlands) | 41998 |
| 3500 | Aval Data Corp. (Japan) | 66 |
| 7797 | BE Semiconductor Industries NV (Netherlands) | 2281 |
| 5723 | ChipMOS Technologies, Inc. ADR (Taiwan)<sup>2</sup> | 261 |
| 22100 | Disco Corp. (Japan) | 10515 |
| 5502 | Global Standard Technology Co. Ltd. (South Korea) | 184 |
| 6393 | Hansol Technics Co. Ltd. (South Korea) | 36 |
| 301959 | Himax Technologies, Inc. ADR (Taiwan)<sup>2</sup> | 3548 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** |
| 2900 | Inter Action Corp. (Japan) | $34 |
| 5000 | Kioxia Holdings Corp. (Japan)<sup>\*</sup> | 1210 |
| 21427 | LOT Vacuum Co. Ltd. (South Korea)<sup>\*</sup> | 231 |
| 6543 | NEPES Corp. (South Korea)<sup>\*</sup> | 144 |
| 3734 | Nova Ltd. (Israel)<sup>\*</sup> | 1869 |
| 42200 | SCREEN Holdings Co. Ltd. (Japan) | 2798 |
| 1400 | Shindengen Electric Manufacturing Co. Ltd. (Japan) | 30 |
| 18455 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>2</sup> | 4038 |
| 15446 | SK Hynix, Inc. (South Korea) | 13774 |
| 1300 | SK-Electronics Co. Ltd. (Japan) | 28 |
| 1500 | Taiwan Semiconductor Manufacturing Co. Ltd. BDR (Taiwan)<sup>2</sup> | 74 |
| 6000 | Tazmo Co. Ltd. (Japan) | 113 |
| 71900 | Tokyo Electron Ltd. (Japan) | 21188 |
| 7250 | Toptec Co. Ltd. (South Korea) | 22 |
| 811538 | United Microelectronics Corp. ADR (Taiwan)<sup>2</sup> | 10599 |
| 2819 | WONIK IPS Co. Ltd. (South Korea) | 228 |
| 3612 | Worldex Industry & Trading Co. Ltd. (South Korea) | 81 |
| 8400 | Yamaichi Electronics Co. Ltd. (Japan) | 560 |
|  |  | 160127 |
| **SOFTWARE—1.3%** | **SOFTWARE—1.3%** | **SOFTWARE—1.3%** |
| 9600 | Access Co. Ltd. (Japan)<sup>\*</sup> | 32 |
| 41683 | Accesso Technology Group PLC (United Kingdom)<sup>\*</sup> | 150 |
| 1007 | Alpha Systems, Inc. (Japan) | 21 |
| 11900 | Appier Group, Inc. (Japan) | 68 |
| 10394 | Asseco Poland SA (Poland) | 524 |
| 1360000 | BII Railway Transportation Technology Holdings Co. Ltd. (China) | 53 |
| 41251 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 4640 |
| 35200 | Computer Modelling Group Ltd. (Canada) | 105 |
| 10600 | Cybozu, Inc. (Japan) | 141 |
| 8779 | Docebo, Inc. (Canada)<sup>\*</sup> | 168 |
| 145761 | dotdigital group PLC (United Kingdom) | 93 |
| 7600 | Ebase Co. Ltd. (Japan) | 19 |
| 166500 | Enghouse Systems Ltd. (Canada) | 2078 |
| 19954 | Exem Co. Ltd. (South Korea) | 27 |
| 1995 | Fabasoft AG (Austria) | 27 |
| 21928 | F-Secure OYJ (Finland) | 45 |
| 8500 | I'll, Inc. (Japan) | 130 |
| 5400 | ISB Corp. (Japan) | 74 |
| 12500 | Kinaxis, Inc. (Canada)<sup>\*</sup> | 1291 |
| 11356 | Monday.com Ltd. (United States)<sup>\*</sup> | 748 |
| 51400 | m-up Holdings, Inc. (Japan) | 238 |
| 20700 | Nice Ltd. ADR (Israel)<sup>\*,2</sup> | 2112 |
| 9100 | Optim Corp. (Japan)<sup>\*</sup> | 25 |
| 4100 | PCA Corp. (Japan) | 35 |
| 18705 | RADCOM Ltd. (Israel)<sup>\*</sup> | 299 |
| 5300 | Safie, Inc. (Japan)<sup>\*</sup> | 25 |
| 78400 | Sansan, Inc. (Japan)<sup>\*</sup> | 636 |
| 1800 | Soliton Systems KK (Japan) | 21 |
| 12971 | TeamViewer SE (Germany)<sup>\*,1</sup> | 73 |
| 1907 | TECSYS, Inc. (Canada) | 50 |
| 8923 | Temenos AG (Switzerland) | 846 |
| 196800 | Trend Micro, Inc. (Japan) | 6850 |
| 15600 | WingArc1st, Inc. (Japan) | 266 |
|  |  | 21910 |
| **SPECIALTY RETAIL—0.4%** | **SPECIALTY RETAIL—0.4%** | **SPECIALTY RETAIL—0.4%** |
| 1622495 | Abu Dhabi National Oil Co. for Distribution PJSC (United Arab <br> Emirates)<br>| 1622 |
| 33445 | Avolta AG (Switzerland) | 1848 |
| 928400 | Bermaz Auto Bhd. (Malaysia) | 221 |
| 254500 | EEKA Fashion Holdings Ltd. (China) | 208 |
| 5800 | Fast Retailing Co. Ltd. (Japan) | 2730 |
| 6562 | Hallenstein Glasson Holdings Ltd. (New Zealand) | 38 |
| 67356 | Kingfisher PLC (United Kingdom) | 265 |
| 4420 | LOTTE Himart Co. Ltd. (South Korea) | 24 |
| 24100 | Maruzen CHI Holdings Co. Ltd. (Japan) | 53 |
| 6986 | Naturhouse Health SAU (Spain) | 21 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 27000 | Petronas Dagangan Bhd. (Malaysia) | $138 |
| 113982 | Super Group Ltd. (South Africa) | 109 |
|  |  | 7277 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3%** |
| 33300 | Brother Industries Ltd. (Japan) | 632 |
| 4000 | Buffalo, Inc. (Japan) | 63 |
| 3000 | Elecom Co. Ltd. (Japan) | 31 |
| 246191 | Logitech International SA (Switzerland) | 24302 |
| 541400 | Ricoh Co. Ltd. (Japan) | 4566 |
| 6700 | Riso Kagaku Corp. (Japan) | 45 |
| 54748 | Samsung Electronics Co. Ltd. (South Korea) | 8244 |
| 170400 | Seiko Epson Corp. (Japan) | 2292 |
| 6200 | Toshiba TEC Corp. (Japan) | 107 |
| 12800 | Wacom Co. Ltd. (Japan) | 59 |
|  |  | 40341 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** |
| 78000 | China Lilang Ltd. (China) | 38 |
| 91000 | Chow Sang Sang Holdings International Ltd. (Hong Kong) | 137 |
| 156100 | Guararapes Confeccoes SA (Brazil) | 302 |
| 2612000 | Li Ning Co. Ltd. (China) | 6800 |
| 214000 | Nameson Holdings Ltd. (Hong Kong) | 28 |
| 6452 | Nature Holdings Co. Ltd. (South Korea) | 35 |
| 30302 | OVS SpA (Italy)<sup>1</sup> | 180 |
| 121200 | Poh Kong Holdings Bhd. (Malaysia) | 34 |
| 13581 | Safilo Group SpA (Italy)<sup>\*</sup> | 26 |
| 4197 | Swatch Group AG (Switzerland) | 974 |
| 19885 | TK Chemical Corp. (South Korea)<sup>\*</sup> | 37 |
| 8338 | Xexymix Corp. (South Korea) | 25 |
| 441000 | Xtep International Holdings Ltd. (China) | 242 |
|  |  | 8858 |
| **TOBACCO—0.0%** | **TOBACCO—0.0%** | **TOBACCO—0.0%** |
| 936580 | Hanjaya Mandala Sampoerna Tbk. PT (Indonesia) | 41 |
| **TRADING COMPANIES & DISTRIBUTORS—0.2%** | **TRADING COMPANIES & DISTRIBUTORS—0.2%** | **TRADING COMPANIES & DISTRIBUTORS—0.2%** |
| 47600 | KPP Group Holdings Co. Ltd. (Japan) | 295 |
| 1600 | Nanyo Corp. (Japan) | 15 |
| 152987 | New Times Corp. Ltd. (Hong Kong)<sup>\*</sup> | 1 |
| 900 | Nice Corp. (Japan) | 11 |
| 2700 | Onoken Co. Ltd. (Japan) | 24 |
| 2300 | Parker Corp. (Japan) | 20 |
| 30300 | Russel Metals, Inc. (Canada) | 1179 |
| 1800 | Shinsho Corp. (Japan) | 27 |
| 24400 | Sojitz Corp. (Japan) | 914 |
| 12890 | Speedy Hire PLC (United Kingdom) | 4 |
| 6400 | Wajax Corp. (Canada) | 159 |
|  |  | 2649 |
| **TRANSPORTATION INFRASTRUCTURE—0.0%** | **TRANSPORTATION INFRASTRUCTURE—0.0%** | **TRANSPORTATION INFRASTRUCTURE—0.0%** |
| 2322 | Aeroporto Guglielmo Marconi Di Bologna SpA (Italy) | 25 |
| 127500 | Qinhuangdao Port Co. Ltd. Class H (China) | 40 |
|  |  | 65 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.3%** | **WIRELESS TELECOMMUNICATION SERVICES—0.3%** | **WIRELESS TELECOMMUNICATION SERVICES—0.3%** |
| 814200 | Indosat Tbk. PT (Indonesia) | 94 |
| 122314 | Tele2 AB Class B (Sweden) | 2508 |
| 277693 | Vodacom Group Ltd. (South Africa) | 2359 |
|  |  | 4961 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,409,527) | **TOTAL COMMON STOCKS** <br>(Cost $1,409,527) | 1688144 |

---

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

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—1.0%** | **EXCHANGE-TRADED FUNDS—1.0%** | **EXCHANGE-TRADED FUNDS—1.0%** |
| **Shares** |  | **Value** |
| (Cost $16,769) | (Cost $16,769) | (Cost $16,769) |
| **CAPITAL MARKETS—1.0%** | **CAPITAL MARKETS—1.0%** | **CAPITAL MARKETS—1.0%** |
| 170587 | iShares MSCI EAFE ETF (United States) | $17455 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.9%** | **PREFERRED STOCKS—0.9%** | **PREFERRED STOCKS—0.9%** |
| **CHEMICALS—0.0%** | **CHEMICALS—0.0%** | **CHEMICALS—0.0%** |
| 1146 | FUCHS SE (Germany) | 54 |
| **HOUSEHOLD PRODUCTS—0.9%** | **HOUSEHOLD PRODUCTS—0.9%** | **HOUSEHOLD PRODUCTS—0.9%** |
| 218685 | Henkel AG & Co. KGaA (Germany) | 15913 |
| **MACHINERY—0.0%** | **MACHINERY—0.0%** | **MACHINERY—0.0%** |
| 454 | KSB SE & Co. KGaA (Germany) | 508 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $18,400) | **TOTAL PREFERRED STOCKS** <br>(Cost $18,400) | 16475 |

---

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

**Short-Term Investments—0.9%**<br>

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

---

| | |
|:---|:---|
| **Shares** | **Value** |
| (Cost $15,049) | (Cost $15,049) |
| 15049091<br> State Street Navigator Securities Lending Government Money <br> Market Portfolio (1 day yield of 3.670%)<sup>4</sup><br>| $15049 |
| **TOTAL INVESTMENTS—99.8%** <br>(Cost $1,459,745) | 1737123 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | 3050 |
| **TOTAL NET ASSETS—100%** | $1740173 |

---

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

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of April 30, 2026 based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Quoted Prices** <br>**Level 1** <br>**(000s)**<br>| **Other Significant** <br>**Observable Inputs** <br>**Level 2** <br>**(000s)**<br>| **Significant** <br>**Unobservable** <br>**Inputs** <br>**Level 3** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Common Stocks |  |  |  |  |
| Africa | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9879 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9879 |
| Europe | &nbsp;&nbsp; 100155 | &nbsp;&nbsp; 748256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 848411 |
| Latin America | &nbsp;&nbsp; 6264 | &nbsp;&nbsp; 7048 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13312 |
| Middle East/Central Asia | &nbsp;&nbsp; 11523 | &nbsp;&nbsp; 72808 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 84447 |
| North America | &nbsp;&nbsp; 121224 | &nbsp;&nbsp; 121965 | &nbsp;&nbsp; — | &nbsp;&nbsp; 243189 |
| Pacific Basin | &nbsp;&nbsp; 41273 | &nbsp;&nbsp; 447611 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 488906 |
| Exchange-Traded Funds |  |  |  |  |
| North America | &nbsp;&nbsp; 17455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17455 |
| Preferred Stocks |  |  |  |  |
| Europe | &nbsp;&nbsp; — | &nbsp;&nbsp; 16475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16475 |
| Short-Term Investments |  |  |  |  |
| Investment Company-Securities Lending Investment Fund | &nbsp;&nbsp; 15049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15049 |
| Total Investments in Securities | &nbsp;&nbsp; $312943 | &nbsp;&nbsp; $1424042 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $1737123 |

---

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

------

\*

Non-income producing security

x

Fair valued in accordance with the fair value pricing procedures applicable to the Funds.

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $15,048 or less than 1% of net assets.

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

All or a portion of this security was out on loan as of April 30, 2026.

Represents the investment of collateral received from securities lending activities.

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

------

⬤

------

**Harbor International Small Cap Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Cedar Street Asset Management LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—95.5%** | **COMMON STOCKS—95.5%** | **COMMON STOCKS—95.5%** |
| **Shares** |  | **Value** |
| **BANKS—1.5%** | **BANKS—1.5%** | **BANKS—1.5%** |
| 346194 | Kyushu Financial Group, Inc. (Japan) | $2827 |
| **BEVERAGES—1.1%** | **BEVERAGES—1.1%** | **BEVERAGES—1.1%** |
| 1274823 | C&C Group PLC (Ireland) | 2047 |
| **BUILDING PRODUCTS—2.4%** | **BUILDING PRODUCTS—2.4%** | **BUILDING PRODUCTS—2.4%** |
| 15767 | Bunka Shutter Co. Ltd. (Japan) | 186 |
| 652704 | Genuit Group PLC (United Kingdom) | 2301 |
| 817365 | Reliance Worldwide Corp. Ltd. (Australia) | 1938 |
|  |  | 4425 |
| **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** |
| 31352 | Onex Corp. (Canada) | 2642 |
| 936199 | TP ICAP Group PLC (United Kingdom) | 4023 |
|  |  | 6665 |
| **CHEMICALS—7.2%** | **CHEMICALS—7.2%** | **CHEMICALS—7.2%** |
| 127122 | Corbion NV (Netherlands) | 2841 |
| 204046 | Kansai Paint Co. Ltd. (Japan) | 3062 |
| 230911 | Osaka Soda Co. Ltd. (Japan) | 2765 |
| 160076 | Tosoh Corp. (Japan) | 2467 |
| 291950 | Victrex PLC (United Kingdom) | 2394 |
|  |  | 13529 |
| **COMMERCIAL SERVICES & SUPPLIES—2.7%** | **COMMERCIAL SERVICES & SUPPLIES—2.7%** | **COMMERCIAL SERVICES & SUPPLIES—2.7%** |
| 109148 | Daiseki Co. Ltd. (Japan) | 2923 |
| 57811 | ISS AS (Denmark) | 2121 |
|  |  | 5044 |
| **CONSTRUCTION & ENGINEERING—1.4%** | **CONSTRUCTION & ENGINEERING—1.4%** | **CONSTRUCTION & ENGINEERING—1.4%** |
| 106797 | Raito Kogyo Co. Ltd. (Japan) | 2602 |
| **CONSTRUCTION MATERIALS—1.4%** | **CONSTRUCTION MATERIALS—1.4%** | **CONSTRUCTION MATERIALS—1.4%** |
| 89026 | Wienerberger AG (Austria) | 2581 |
| **CONSUMER FINANCE—2.8%** | **CONSUMER FINANCE—2.8%** | **CONSUMER FINANCE—2.8%** |
| 264823 | AEON Financial Service Co. Ltd. (Japan) | 2634 |
| 21740 | Cembra Money Bank AG (Switzerland) | 2657 |
|  |  | 5291 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** |
| 162275 | San-A Co. Ltd. (Japan) | 3408 |
| **CONTAINERS & PACKAGING—5.0%** | **CONTAINERS & PACKAGING—5.0%** | **CONTAINERS & PACKAGING—5.0%** |
| 176511 | Fuji Seal International, Inc. (Japan) | 2790 |
| 92896 | Huhtamaki OYJ (Finland) | 2973 |
| 218590 | SIG Group AG (Switzerland)<sup>\*</sup> | 3542 |
|  |  | 9305 |
| **DISTRIBUTORS—3.4%** | **DISTRIBUTORS—3.4%** | **DISTRIBUTORS—3.4%** |
| 274434 | Inchcape PLC (United Kingdom) | 3096 |
| 110401 | PALTAC Corp. (Japan) | 3261 |
|  |  | 6357 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.0%** |
| 116910 | Anritsu Corp. (Japan) | 3060 |
| 231503 | Hamamatsu Photonics KK (Japan) | 2984 |
| 47721 | Landis & Gyr Group AG (Switzerland) | 3206 |
| 154203 | Optex Group Co. Ltd. (Japan) | 2868 |
| 230878 | Venture Corp. Ltd. (Singapore) | 2947 |
|  |  | 15065 |
| **FOOD PRODUCTS—7.0%** | **FOOD PRODUCTS—7.0%** | **FOOD PRODUCTS—7.0%** |
| 82936 | Ariake Japan Co. Ltd. (Japan) | 2874 |
| 41433 | Aryzta AG (Switzerland)<sup>\*</sup> | 3316 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** |
| 171895 | Glanbia PLC (Ireland) | $3993 |
| 588509 | Tate & Lyle PLC (United Kingdom) | 2937 |
|  |  | 13120 |
| **GAS UTILITIES—1.6%** | **GAS UTILITIES—1.6%** | **GAS UTILITIES—1.6%** |
| 72193 | Rubis SCA (France) | 2975 |
| **GROUND TRANSPORTATION—1.8%** | **GROUND TRANSPORTATION—1.8%** | **GROUND TRANSPORTATION—1.8%** |
| 620742 | Zigup PLC (United Kingdom) | 3397 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—6.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—6.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—6.3%** |
| 133345 | Ansell Ltd. (Australia) | 2558 |
| 1012506 | Arjo AB Class B (Sweden) | 2673 |
| 200905 | Nakanishi, Inc. (Japan) | 3549 |
| 328352 | Nihon Kohden Corp. (Japan) | 3058 |
|  |  | 11838 |
| **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** |
| 116790 | Fagron (Belgium) | 3295 |
| 201170 | Sonic Healthcare Ltd. (Australia) | 2878 |
|  |  | 6173 |
| **INSURANCE—2.7%** | **INSURANCE—2.7%** | **INSURANCE—2.7%** |
| 31251 | ASR Nederland NV (Netherlands) | 2374 |
| 145330 | Coface SA (France) | 2695 |
|  |  | 5069 |
| **IT SERVICES—1.6%** | **IT SERVICES—1.6%** | **IT SERVICES—1.6%** |
| 138024 | Tieto OYJ (Finland) | 3084 |
| **LEISURE PRODUCTS—1.3%** | **LEISURE PRODUCTS—1.3%** | **LEISURE PRODUCTS—1.3%** |
| 162891 | Spin Master Corp. (Canada)<sup>1</sup> | 2475 |
| **MACHINERY—8.1%** | **MACHINERY—8.1%** | **MACHINERY—8.1%** |
| 80006 | Aalberts NV (Netherlands) | 3039 |
| 43133 | Construcciones y Auxiliar de Ferrocarriles SA (Spain) | 3247 |
| 98401 | Hoshizaki Corp. (Japan) | 3200 |
| 111886 | METAWATER Co. Ltd. (Japan) | 2420 |
| 931083 | Morgan Advanced Materials PLC (United Kingdom) | 2769 |
| 27981 | Norma Group SE (Germany) | 482 |
|  |  | 15157 |
| **MARINE TRANSPORTATION—2.1%** | **MARINE TRANSPORTATION—2.1%** | **MARINE TRANSPORTATION—2.1%** |
| 58610 | Clarkson PLC (United Kingdom) | 3854 |
| **MEDIA—2.8%** | **MEDIA—2.8%** | **MEDIA—2.8%** |
| 142220 | JCDecaux SE (France) | 3164 |
| 53173 | RTL Group SA (Luxembourg)<sup>2</sup> | 2043 |
|  |  | 5207 |
| **METALS & MINING—3.3%** | **METALS & MINING—3.3%** | **METALS & MINING—3.3%** |
| 60120 | Aperam SA (Luxembourg) | 3216 |
| 60326 | Bekaert SA (Belgium) | 2979 |
|  |  | 6195 |
| **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** |
| 1154194 | Hays PLC (United Kingdom) | 523 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%** |
| 186353 | TAG Immobilien AG (Germany) | 3250 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.6%** |
| 144630 | ASMPT Ltd. (Hong Kong) | 3030 |

---

------

⬤

------

**Harbor International Small Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—1.6%** | **SOFTWARE—1.6%** | **SOFTWARE—1.6%** |
| 239506 | Computer Engineering & Consulting Ltd. (Japan) | $2966 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.7%** | **TEXTILES, APPAREL & LUXURY GOODS—2.7%** | **TEXTILES, APPAREL & LUXURY GOODS—2.7%** |
| 2800560 | Coats Group PLC (United Kingdom) | 3176 |
| 1042889 | Samsonite Group SA (Hong Kong)<sup>1</sup> | 1910 |
|  |  | 5086 |
| **TRADING COMPANIES & DISTRIBUTORS—3.4%** | **TRADING COMPANIES & DISTRIBUTORS—3.4%** | **TRADING COMPANIES & DISTRIBUTORS—3.4%** |
| 306108 | BOC Aviation Ltd. (China)<sup>1</sup> | 3143 |
| 387513 | RS Group PLC (United Kingdom) | 3183 |
|  |  | 6326 |
| **TOTAL COMMON STOCKS** <br>(Cost $150,518) | **TOTAL COMMON STOCKS** <br>(Cost $150,518) | 178871 |

---

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

**Short-Term Investments—1.3%**<br>

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

---

| | |
|:---|:---|
| **Shares** | **Value** |
| (Cost $2,423) | (Cost $2,423) |
| 2423069<br> State Street Navigator Securities Lending Government Money <br> Market Portfolio (1 day yield of 3.670%)<sup>3</sup><br>| $2423 |
| **TOTAL INVESTMENTS—96.8%** <br>(Cost $152,941) | 181294 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.2%** | 6058 |
| **TOTAL NET ASSETS—100%** | $187352 |

---

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

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of April 30, 2026 based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Quoted Prices** <br>**Level 1** <br>**(000s)**<br>| **Other Significant** <br>**Observable Inputs** <br>**Level 2** <br>**(000s)**<br>| **Significant** <br>**Unobservable** <br>**Inputs** <br>**Level 3** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Common Stocks |  |  |  |  |
| Europe | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99446 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $99446 |
| North America | &nbsp;&nbsp; 5117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5117 |
| Pacific Basin | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 74122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74308 |
| Short-Term Investments |  |  |  |  |
| Investment Company-Securities Lending Investment Fund | &nbsp;&nbsp; 2423 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2423 |
| Total Investments in Securities | &nbsp;&nbsp; $7726 | &nbsp;&nbsp; $173568 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $181294 |

---

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

------

\*

Non-income producing security

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $7,528 or 4% of net assets.

All or a portion of this security was out on loan as of April 30, 2026.

Represents the investment of collateral received from securities lending activities.

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

------

⬤

------

**Harbor Large Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Aristotle Capital Management, LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** |
| 67900 | General Dynamics Corp.  | $23378 |
| **BANKS—10.7%** | **BANKS—10.7%** | **BANKS—10.7%** |
| 114900 | Cullen/Frost Bankers, Inc.  | 16652 |
| 1390900 | Mitsubishi UFJ Financial Group, Inc. ADR (Japan)<sup>1</sup> | 24967 |
| 100500 | PNC Financial Services Group, Inc.  | 22412 |
| 453800 | U.S. Bancorp  | 25712 |
| 260900 | Wells Fargo & Co.  | 21454 |
|  |  | 111197 |
| **BEVERAGES—2.2%** | **BEVERAGES—2.2%** | **BEVERAGES—2.2%** |
| 294800 | Coca-Cola Co.  | 23218 |
| **BIOTECHNOLOGY—2.5%** | **BIOTECHNOLOGY—2.5%** | **BIOTECHNOLOGY—2.5%** |
| 75800 | Amgen, Inc.  | 26246 |
| **CAPITAL MARKETS—4.1%** | **CAPITAL MARKETS—4.1%** | **CAPITAL MARKETS—4.1%** |
| 55700 | Ameriprise Financial, Inc.  | 26446 |
| 130100 | Blackstone, Inc.  | 16338 |
|  |  | 42784 |
| **CHEMICALS—9.7%** | **CHEMICALS—9.7%** | **CHEMICALS—9.7%** |
| 65500 | Air Products & Chemicals, Inc.  | 19653 |
| 464000 | Corteva, Inc.  | 37589 |
| 94100 | Ecolab, Inc.  | 24522 |
| 182300 | RPM International, Inc.  | 18575 |
|  |  | 100339 |
| **COMMUNICATIONS EQUIPMENT—2.5%** | **COMMUNICATIONS EQUIPMENT—2.5%** | **COMMUNICATIONS EQUIPMENT—2.5%** |
| 59400 | Motorola Solutions, Inc.  | 26078 |
| **CONSTRUCTION MATERIALS—2.8%** | **CONSTRUCTION MATERIALS—2.8%** | **CONSTRUCTION MATERIALS—2.8%** |
| 46900 | Martin Marietta Materials, Inc.  | 29034 |
| **CONSUMER FINANCE—3.1%** | **CONSUMER FINANCE—3.1%** | **CONSUMER FINANCE—3.1%** |
| 167100 | Capital One Financial Corp.  | 31966 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.3%** |
| 490500 | Verizon Communications, Inc.  | 23559 |
| **ELECTRIC UTILITIES—2.2%** | **ELECTRIC UTILITIES—2.2%** | **ELECTRIC UTILITIES—2.2%** |
| 278800 | Xcel Energy, Inc.  | 23126 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.5%** |
| 39300 | Teledyne Technologies, Inc. <sup>\*</sup> | 25382 |
| **FOOD PRODUCTS—1.6%** | **FOOD PRODUCTS—1.6%** | **FOOD PRODUCTS—1.6%** |
| 328300 | McCormick & Co., Inc.  | 16691 |
| **GAS UTILITIES—2.2%** | **GAS UTILITIES—2.2%** | **GAS UTILITIES—2.2%** |
| 121400 | Atmos Energy Corp.  | 23064 |
| **GROUND TRANSPORTATION—1.9%** | **GROUND TRANSPORTATION—1.9%** | **GROUND TRANSPORTATION—1.9%** |
| 257400 | Uber Technologies, Inc. <sup>\*</sup> | 19205 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.8%** |
| 220700 | Alcon AG  | 16524 |
| 238167 | Edwards Lifesciences Corp. <sup>\*</sup> | 19887 |
| 167700 | Medtronic PLC  | 13578 |
|  |  | 49989 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—4.0%** | **HOUSEHOLD DURABLES—4.0%** | **HOUSEHOLD DURABLES—4.0%** |
| 201200 | Lennar Corp. Class A | $18168 |
| 7126 | Lennar Corp. Class B | 630 |
| 1131000 | Sony Group Corp. ADR (Japan)<sup>1</sup> | 22722 |
|  |  | 41520 |
| **HOUSEHOLD PRODUCTS—1.6%** | **HOUSEHOLD PRODUCTS—1.6%** | **HOUSEHOLD PRODUCTS—1.6%** |
| 115600 | Procter & Gamble Co.  | 17004 |
| **INSURANCE—1.9%** | **INSURANCE—1.9%** | **INSURANCE—1.9%** |
| 268100 | American International Group, Inc.  | 20054 |
| **INTERACTIVE MEDIA & SERVICES—4.6%** | **INTERACTIVE MEDIA & SERVICES—4.6%** | **INTERACTIVE MEDIA & SERVICES—4.6%** |
| 124500 | Alphabet, Inc. Class C | 47551 |
| **MACHINERY—6.4%** | **MACHINERY—6.4%** | **MACHINERY—6.4%** |
| 119000 | Oshkosh Corp.  | 18600 |
| 52600 | Parker-Hannifin Corp.  | 47835 |
|  |  | 66435 |
| **OIL, GAS & CONSUMABLE FUELS—4.6%** | **OIL, GAS & CONSUMABLE FUELS—4.6%** | **OIL, GAS & CONSUMABLE FUELS—4.6%** |
| 113800 | Chevron Corp.  | 21999 |
| 280800 | TotalEnergies SE (France) | 26033 |
|  |  | 48032 |
| **PHARMACEUTICALS—1.8%** | **PHARMACEUTICALS—1.8%** | **PHARMACEUTICALS—1.8%** |
| 170600 | Merck & Co., Inc.  | 18626 |
| **RESIDENTIAL REITS—1.4%** | **RESIDENTIAL REITS—1.4%** | **RESIDENTIAL REITS—1.4%** |
| 221000 | Equity LifeStyle Properties, Inc.  | 13987 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.1%** |
| 273400 | Microchip Technology, Inc.  | 25402 |
| 152300 | QUALCOMM, Inc.  | 27350 |
|  |  | 52752 |
| **SOFTWARE—6.9%** | **SOFTWARE—6.9%** | **SOFTWARE—6.9%** |
| 56600 | Adobe, Inc. <sup>\*</sup> | 13929 |
| 85100 | Microsoft Corp.  | 34702 |
| 47100 | Synopsys, Inc. <sup>\*</sup> | 22731 |
|  |  | 71362 |
| **SPECIALTY RETAIL—1.8%** | **SPECIALTY RETAIL—1.8%** | **SPECIALTY RETAIL—1.8%** |
| 79300 | Lowe's Cos., Inc.  | 18936 |
| **WATER UTILITIES—1.8%** | **WATER UTILITIES—1.8%** | **WATER UTILITIES—1.8%** |
| 147900 | American Water Works Co., Inc.  | 18993 |
| **TOTAL COMMON STOCKS** <br>(Cost $605,182) | **TOTAL COMMON STOCKS** <br>(Cost $605,182) | 1030508 |
| **TOTAL INVESTMENTS—99.3%** <br>(Cost $605,182) | **TOTAL INVESTMENTS—99.3%** <br>(Cost $605,182) | 1030508 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.7%** | 6749 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1037257 |

---

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

------

⬤

------

**Harbor Large Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor Mid Cap Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.1%** | **COMMON STOCKS—96.1%** | **COMMON STOCKS—96.1%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—6.8%** | **AEROSPACE & DEFENSE—6.8%** | **AEROSPACE & DEFENSE—6.8%** |
| 8274 | General Dynamics Corp.  | $2849 |
| 50482 | Hexcel Corp.  | 4739 |
| 18183 | Woodward, Inc.  | 6600 |
|  |  | 14188 |
| **AIR FREIGHT & LOGISTICS—1.7%** | **AIR FREIGHT & LOGISTICS—1.7%** | **AIR FREIGHT & LOGISTICS—1.7%** |
| 19678 | CH Robinson Worldwide, Inc.  | 3578 |
| **BANKS—3.3%** | **BANKS—3.3%** | **BANKS—3.3%** |
| 26979 | East West Bancorp, Inc.  | 3412 |
| 22425 | Wintrust Financial Corp.  | 3377 |
|  |  | 6789 |
| **BUILDING PRODUCTS—2.0%** | **BUILDING PRODUCTS—2.0%** | **BUILDING PRODUCTS—2.0%** |
| 56671 | Masco Corp.  | 4070 |
| **CAPITAL MARKETS—6.2%** | **CAPITAL MARKETS—6.2%** | **CAPITAL MARKETS—6.2%** |
| 16271 | Houlihan Lokey, Inc.  | 2518 |
| 19921 | Intercontinental Exchange, Inc.  | 3149 |
| 22494 | Raymond James Financial, Inc.  | 3561 |
| 47075 | Stifel Financial Corp.  | 3710 |
|  |  | 12938 |
| **CHEMICALS—4.8%** | **CHEMICALS—4.8%** | **CHEMICALS—4.8%** |
| 25345 | Albemarle Corp.  | 4985 |
| 25102 | Eastman Chemical Co.  | 1835 |
| 49717 | Scotts Miracle-Gro Co.  | 3117 |
|  |  | 9937 |
| **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** |
| 18531 | Republic Services, Inc.  | 3877 |
| **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** |
| 4485 | EMCOR Group, Inc.  | 3999 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** |
| 29135 | Sysco Corp.  | 2177 |
| **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** |
| 11890 | Packaging Corp. of America  | 2538 |
| **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** |
| 67588 | Sensata Technologies Holding PLC  | 2814 |
| 13802 | Vertiv Holdings Co. Class A | 4534 |
|  |  | 7348 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.5%** |
| 21625 | Arrow Electronics, Inc. <sup>\*</sup> | 4062 |
| 20756 | Keysight Technologies, Inc. <sup>\*</sup> | 7263 |
|  |  | 11325 |
| **ENERGY EQUIPMENT & SERVICES—1.9%** | **ENERGY EQUIPMENT & SERVICES—1.9%** | **ENERGY EQUIPMENT & SERVICES—1.9%** |
| 41338 | Helmerich & Payne, Inc.  | 1669 |
| 38626 | SLB Ltd.  | 2197 |
|  |  | 3866 |
| **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** |
| 24267 | Global Payments, Inc.  | 1746 |
| **GROUND TRANSPORTATION—1.7%** | **GROUND TRANSPORTATION—1.7%** | **GROUND TRANSPORTATION—1.7%** |
| 79861 | CSX Corp.  | 3628 |
| **HEALTH CARE PROVIDERS & SERVICES—4.5%** | **HEALTH CARE PROVIDERS & SERVICES—4.5%** | **HEALTH CARE PROVIDERS & SERVICES—4.5%** |
| 10465 | Cencora, Inc.  | 3224 |
| 58061 | Centene Corp. <sup>\*</sup> | 3117 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** |
| 11473 | Labcorp Holdings, Inc.  | $2946 |
|  |  | 9287 |
| **HOTELS, RESTAURANTS & LEISURE—1.7%** | **HOTELS, RESTAURANTS & LEISURE—1.7%** | **HOTELS, RESTAURANTS & LEISURE—1.7%** |
| 17314 | Darden Restaurants, Inc.  | 3473 |
| **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** |
| 20443 | DR Horton, Inc.  | 3145 |
| **INDUSTRIAL REITS—0.7%** | **INDUSTRIAL REITS—0.7%** | **INDUSTRIAL REITS—0.7%** |
| 114350 | Americold Realty Trust, Inc.  | 1399 |
| **INSURANCE—4.7%** | **INSURANCE—4.7%** | **INSURANCE—4.7%** |
| 8726 | Progressive Corp.  | 1757 |
| 19296 | Reinsurance Group of America, Inc.  | 4080 |
| 12585 | RenaissanceRe Holdings Ltd. (Bermuda) | 3863 |
|  |  | 9700 |
| **IT SERVICES—3.4%** | **IT SERVICES—3.4%** | **IT SERVICES—3.4%** |
| 30769 | Akamai Technologies, Inc. <sup>\*</sup> | 3169 |
| 26527 | Twilio, Inc. Class A<sup>\*</sup> | 3927 |
|  |  | 7096 |
| **LIFE SCIENCES TOOLS & SERVICES—4.9%** | **LIFE SCIENCES TOOLS & SERVICES—4.9%** | **LIFE SCIENCES TOOLS & SERVICES—4.9%** |
| 21138 | Agilent Technologies, Inc.  | 2443 |
| 7683 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 2152 |
| 20512 | IQVIA Holdings, Inc. <sup>\*</sup> | 3248 |
| 67518 | Qiagen NV  | 2335 |
|  |  | 10178 |
| **MACHINERY—6.6%** | **MACHINERY—6.6%** | **MACHINERY—6.6%** |
| 8796 | Cummins, Inc.  | 5902 |
| 17661 | Dover Corp.  | 3999 |
| 10013 | Snap-on, Inc.  | 3839 |
|  |  | 13740 |
| **MULTI-UTILITIES—1.7%** | **MULTI-UTILITIES—1.7%** | **MULTI-UTILITIES—1.7%** |
| 29587 | WEC Energy Group, Inc.  | 3490 |
| **OFFICE REITS—1.0%** | **OFFICE REITS—1.0%** | **OFFICE REITS—1.0%** |
| 36436 | BXP, Inc.  | 2130 |
| **OIL, GAS & CONSUMABLE FUELS—2.3%** | **OIL, GAS & CONSUMABLE FUELS—2.3%** | **OIL, GAS & CONSUMABLE FUELS—2.3%** |
| 95889 | Coterra Energy, Inc.  | 3443 |
| 34385 | Murphy Oil Corp.  | 1436 |
|  |  | 4879 |
| **PROFESSIONAL SERVICES—0.8%** | **PROFESSIONAL SERVICES—0.8%** | **PROFESSIONAL SERVICES—0.8%** |
| 10708 | Broadridge Financial Solutions, Inc.  | 1649 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.3%** |
| 33203 | CBRE Group, Inc. Class A<sup>\*</sup> | 4739 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.2%** |
| 9769 | Applied Materials, Inc.  | 3854 |
| 43285 | Entegris, Inc.  | 6119 |
| 40330 | Skyworks Solutions, Inc.  | 2830 |
|  |  | 12803 |
| **SOFTWARE—1.8%** | **SOFTWARE—1.8%** | **SOFTWARE—1.8%** |
| 7648 | Synopsys, Inc. <sup>\*</sup> | 3691 |
| **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** |
| 9943 | SBA Communications Corp.  | 2199 |

---

------

⬤

------

**Harbor Mid Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** |
| 19156 | Ross Stores, Inc.  | $4364 |
| 17801 | TJX Cos., Inc.  | 2790 |
| 6432 | Ulta Beauty, Inc. <sup>\*</sup> | 3457 |
|  |  | 10611 |
| **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** |
| 16897 | GATX Corp.  | 3310 |
| **TOTAL COMMON STOCKS** <br>(Cost $141,196) | **TOTAL COMMON STOCKS** <br>(Cost $141,196) | 199523 |
| **TOTAL INVESTMENTS—96.1%** <br>(Cost $141,196) | **TOTAL INVESTMENTS—96.1%** <br>(Cost $141,196) | 199523 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.9%** | 8123 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $207646 |

---

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

**FAIR VALUE MEASUREMENTS**

All Investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Mid Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** LSV Asset Management

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.3%** | **COMMON STOCKS—98.3%** | **COMMON STOCKS—98.3%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** |
| 6400 | Huntington Ingalls Industries, Inc.  | $2332 |
| 61100 | Textron, Inc.  | 5863 |
|  |  | 8195 |
| **AIR FREIGHT & LOGISTICS—0.7%** | **AIR FREIGHT & LOGISTICS—0.7%** | **AIR FREIGHT & LOGISTICS—0.7%** |
| 7800 | FedEx Corp.  | 3146 |
| **AUTOMOBILE COMPONENTS—2.0%** | **AUTOMOBILE COMPONENTS—2.0%** | **AUTOMOBILE COMPONENTS—2.0%** |
| 49100 | BorgWarner, Inc.  | 2797 |
| 103600 | Garrett Motion, Inc. (Switzerland) | 2653 |
| 13700 | Lear Corp.  | 1742 |
| 15700 | Phinia, Inc.  | 1133 |
|  |  | 8325 |
| **AUTOMOBILES—1.5%** | **AUTOMOBILES—1.5%** | **AUTOMOBILES—1.5%** |
| 60400 | General Motors Co.  | 4644 |
| 78300 | Harley-Davidson, Inc.  | 1871 |
|  |  | 6515 |
| **BANKS—4.6%** | **BANKS—4.6%** | **BANKS—4.6%** |
| 40470 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 2244 |
| 83200 | Citizens Financial Group, Inc.  | 5412 |
| 175900 | First Horizon Corp.  | 4391 |
| 15900 | Popular, Inc. (Puerto Rico) | 2390 |
| 86800 | Regions Financial Corp.  | 2478 |
| 45500 | Zions Bancorp NA  | 2886 |
|  |  | 19801 |
| **BEVERAGES—0.7%** | **BEVERAGES—0.7%** | **BEVERAGES—0.7%** |
| 73000 | Molson Coors Beverage Co. Class B | 3120 |
| **BIOTECHNOLOGY—4.1%** | **BIOTECHNOLOGY—4.1%** | **BIOTECHNOLOGY—4.1%** |
| 11500 | Biogen, Inc. <sup>\*</sup> | 2177 |
| 21400 | BioMarin Pharmaceutical, Inc. <sup>\*</sup> | 1154 |
| 78000 | Exelixis, Inc. <sup>\*</sup> | 3468 |
| 32500 | Halozyme Therapeutics, Inc. <sup>\*</sup> | 2069 |
| 44400 | Incyte Corp. <sup>\*</sup> | 4230 |
| 2500 | Regeneron Pharmaceuticals, Inc.  | 1767 |
| 4300 | United Therapeutics Corp. <sup>\*</sup> | 2457 |
|  |  | 17322 |
| **BROADLINE RETAIL—1.6%** | **BROADLINE RETAIL—1.6%** | **BROADLINE RETAIL—1.6%** |
| 49900 | eBay, Inc.  | 5164 |
| 82300 | Macy's, Inc.  | 1609 |
|  |  | 6773 |
| **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** |
| 13500 | Owens Corning  | 1665 |
| **CAPITAL MARKETS—4.5%** | **CAPITAL MARKETS—4.5%** | **CAPITAL MARKETS—4.5%** |
| 5300 | Affiliated Managers Group, Inc.  | 1562 |
| 8000 | Ameriprise Financial, Inc.  | 3798 |
| 20400 | Bank of New York Mellon Corp.  | 2741 |
| 57400 | Federated Hermes, Inc.  | 3334 |
| 50600 | State Street Corp.  | 7734 |
|  |  | 19169 |
| **CHEMICALS—2.2%** | **CHEMICALS—2.2%** | **CHEMICALS—2.2%** |
| 28000 | CF Industries Holdings, Inc.  | 3478 |
| 19500 | Eastman Chemical Co.  | 1425 |
| 43600 | Koppers Holdings, Inc.  | 1780 |
| 4200 | NewMarket Corp.  | 2838 |
| 7390 | Orion SA (Germany) | 55 |
|  |  | 9576 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—1.2%** | **COMMERCIAL SERVICES & SUPPLIES—1.2%** | **COMMERCIAL SERVICES & SUPPLIES—1.2%** |
| 33500 | ABM Industries, Inc.  | $1367 |
| 18200 | Brink's Co.  | 1943 |
| 112600 | Pitney Bowes, Inc.  | 1740 |
|  |  | 5050 |
| **COMMUNICATIONS EQUIPMENT—0.4%** | **COMMUNICATIONS EQUIPMENT—0.4%** | **COMMUNICATIONS EQUIPMENT—0.4%** |
| 46907 | NetScout Systems, Inc. <sup>\*</sup> | 1581 |
| **CONSUMER FINANCE—2.0%** | **CONSUMER FINANCE—2.0%** | **CONSUMER FINANCE—2.0%** |
| 88200 | Ally Financial, Inc.  | 3915 |
| 29200 | PROG Holdings, Inc.  | 1046 |
| 46400 | Synchrony Financial  | 3536 |
|  |  | 8497 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** |
| 95300 | Albertsons Cos., Inc. Class A | 1606 |
| 79200 | Kroger Co.  | 5391 |
| 58700 | Maplebear, Inc. <sup>\*</sup> | 2486 |
|  |  | 9483 |
| **CONTAINERS & PACKAGING—1.6%** | **CONTAINERS & PACKAGING—1.6%** | **CONTAINERS & PACKAGING—1.6%** |
| 23400 | Ball Corp.  | 1429 |
| 27600 | Crown Holdings, Inc.  | 2713 |
| 54200 | Sonoco Products Co.  | 2708 |
|  |  | 6850 |
| **DIVERSIFIED CONSUMER SERVICES—0.7%** | **DIVERSIFIED CONSUMER SERVICES—0.7%** | **DIVERSIFIED CONSUMER SERVICES—0.7%** |
| 285800 | ADT, Inc.  | 2152 |
| 29400 | H&R Block, Inc.  | 933 |
|  |  | 3085 |
| **DIVERSIFIED REITS—0.7%** | **DIVERSIFIED REITS—0.7%** | **DIVERSIFIED REITS—0.7%** |
| 62318 | American Assets Trust, Inc.  | 1292 |
| 77200 | Broadstone Net Lease, Inc.  | 1529 |
|  |  | 2821 |
| **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** |
| 35300 | Edison International  | 2453 |
| 31600 | Eversource Energy  | 2234 |
| 23100 | Otter Tail Corp.  | 2061 |
|  |  | 6748 |
| **ELECTRICAL EQUIPMENT—1.4%** | **ELECTRICAL EQUIPMENT—1.4%** | **ELECTRICAL EQUIPMENT—1.4%** |
| 30050 | Atkore, Inc.  | 2348 |
| 17400 | EnerSys  | 3711 |
|  |  | 6059 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.2%** |
| 23300 | Arrow Electronics, Inc. <sup>\*</sup> | 4376 |
| 24200 | Avnet, Inc.  | 1997 |
| 7900 | Jabil, Inc.  | 2666 |
| 19300 | TD SYNNEX Corp.  | 4404 |
|  |  | 13443 |
| **ENERGY EQUIPMENT & SERVICES—1.0%** | **ENERGY EQUIPMENT & SERVICES—1.0%** | **ENERGY EQUIPMENT & SERVICES—1.0%** |
| 99400 | Halliburton Co.  | 4205 |
| **FINANCIAL SERVICES—2.8%** | **FINANCIAL SERVICES—2.8%** | **FINANCIAL SERVICES—2.8%** |
| 51588 | Banco Latinoamericano de Comercio Exterior SA (Panama) | 2756 |
| 79000 | Corebridge Financial, Inc.  | 2176 |
| 105300 | MGIC Investment Corp.  | 2788 |
| 77000 | Radian Group, Inc.  | 2759 |
| 169700 | Western Union Co.  | 1543 |
|  |  | 12022 |

---

------

⬤

------

**Harbor Mid Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—3.7%** | **FOOD PRODUCTS—3.7%** | **FOOD PRODUCTS—3.7%** |
| 17900 | Archer-Daniels-Midland Co.  | $1334 |
| 25000 | Campbell's Co.  | 520 |
| 89500 | Conagra Brands, Inc.  | 1284 |
| 36900 | Fresh Del Monte Produce, Inc.  | 1546 |
| 53900 | General Mills, Inc.  | 1903 |
| 23800 | Ingredion, Inc.  | 2659 |
| 11400 | J.M. Smucker Co.  | 1118 |
| 84600 | Kraft Heinz Co.  | 1917 |
| 81900 | Simply Good Foods Co. <sup>\*</sup> | 1095 |
| 97030 | Smithfield Foods, Inc.  | 2550 |
|  |  | 15926 |
| **GAS UTILITIES—1.4%** | **GAS UTILITIES—1.4%** | **GAS UTILITIES—1.4%** |
| 33400 | National Fuel Gas Co.  | 2818 |
| 92700 | UGI Corp.  | 3346 |
|  |  | 6164 |
| **GROUND TRANSPORTATION—1.6%** | **GROUND TRANSPORTATION—1.6%** | **GROUND TRANSPORTATION—1.6%** |
| 112300 | Lyft, Inc. Class A<sup>\*</sup> | 1589 |
| 20000 | Ryder System, Inc.  | 5075 |
|  |  | 6664 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** |
| 8800 | Align Technology, Inc. <sup>\*</sup> | 1549 |
| 51500 | Baxter International, Inc.  | 905 |
|  |  | 2454 |
| **HEALTH CARE PROVIDERS & SERVICES—1.8%** | **HEALTH CARE PROVIDERS & SERVICES—1.8%** | **HEALTH CARE PROVIDERS & SERVICES—1.8%** |
| 24900 | Centene Corp. <sup>\*</sup> | 1337 |
| 17000 | DaVita, Inc. <sup>\*</sup> | 2637 |
| 9800 | Tenet Healthcare Corp. <sup>\*</sup> | 1736 |
| 10800 | Universal Health Services, Inc. Class B | 1817 |
|  |  | 7527 |
| **HEALTH CARE REITS—1.0%** | **HEALTH CARE REITS—1.0%** | **HEALTH CARE REITS—1.0%** |
| 75000 | Healthpeak Properties, Inc.  | 1213 |
| 30000 | Omega Healthcare Investors, Inc.  | 1409 |
| 72300 | Sabra Health Care REIT, Inc.  | 1494 |
|  |  | 4116 |
| **HOTEL & RESORT REITS—0.8%** | **HOTEL & RESORT REITS—0.8%** | **HOTEL & RESORT REITS—0.8%** |
| 121000 | Host Hotels & Resorts, Inc.  | 2557 |
| 65800 | Park Hotels & Resorts, Inc.  | 754 |
|  |  | 3311 |
| **HOTELS, RESTAURANTS & LEISURE—1.1%** | **HOTELS, RESTAURANTS & LEISURE—1.1%** | **HOTELS, RESTAURANTS & LEISURE—1.1%** |
| 77800 | Bloomin' Brands, Inc.  | 475 |
| 11500 | Expedia Group, Inc.  | 2856 |
| 31100 | MGM Resorts International <sup>\*</sup> | 1211 |
|  |  | 4542 |
| **HOUSEHOLD DURABLES—2.5%** | **HOUSEHOLD DURABLES—2.5%** | **HOUSEHOLD DURABLES—2.5%** |
| 16100 | KB Home  | 853 |
| 41100 | PulteGroup, Inc.  | 5029 |
| 34500 | Toll Brothers, Inc.  | 4904 |
|  |  | 10786 |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| 30800 | Central Garden & Pet Co. Class A<sup>\*</sup> | 1034 |
| 40600 | Energizer Holdings, Inc.  | 795 |
|  |  | 1829 |
| **INDUSTRIAL REITS—0.2%** | **INDUSTRIAL REITS—0.2%** | **INDUSTRIAL REITS—0.2%** |
| 13100 | Innovative Industrial Properties, Inc.  | 711 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—5.5%** | **INSURANCE—5.5%** | **INSURANCE—5.5%** |
| 19500 | Allstate Corp.  | $4237 |
| 45280 | American International Group, Inc.  | 3387 |
| 45100 | CNO Financial Group, Inc.  | 2005 |
| 90900 | Fidelis Insurance Holdings Ltd. (United Kingdom) | 1921 |
| 29500 | Hartford Insurance Group, Inc.  | 4036 |
| 25800 | Lincoln National Corp.  | 975 |
| 93100 | Old Republic International Corp.  | 3719 |
| 37000 | Unum Group  | 2974 |
|  |  | 23254 |
| **INTERACTIVE MEDIA & SERVICES—1.1%** | **INTERACTIVE MEDIA & SERVICES—1.1%** | **INTERACTIVE MEDIA & SERVICES—1.1%** |
| 158300 | Angi, Inc. <sup>\*</sup> | 1162 |
| 50000 | Match Group, Inc.  | 1871 |
| 55100 | Yelp, Inc. <sup>\*</sup> | 1521 |
|  |  | 4554 |
| **IT SERVICES—0.5%** | **IT SERVICES—0.5%** | **IT SERVICES—0.5%** |
| 23200 | Amdocs Ltd.  | 1500 |
| 73300 | DXC Technology Co. <sup>\*</sup> | 830 |
|  |  | 2330 |
| **LEISURE PRODUCTS—0.2%** | **LEISURE PRODUCTS—0.2%** | **LEISURE PRODUCTS—0.2%** |
| 64100 | Mattel, Inc. <sup>\*</sup> | 967 |
| **MACHINERY—4.4%** | **MACHINERY—4.4%** | **MACHINERY—4.4%** |
| 10200 | AGCO Corp.  | 1234 |
| 41900 | Allison Transmission Holdings, Inc.  | 5629 |
| 148900 | CNH Industrial NV  | 1595 |
| 3500 | Cummins, Inc.  | 2349 |
| 46500 | Gates Industrial Corp. PLC <sup>\*</sup> | 1191 |
| 22200 | Mueller Industries, Inc.  | 3007 |
| 22600 | Oshkosh Corp.  | 3532 |
|  |  | 18537 |
| **MEDIA—1.8%** | **MEDIA—1.8%** | **MEDIA—1.8%** |
| 76800 | Fox Corp. Class A | 4876 |
| 7800 | Nexstar Media Group, Inc.  | 1623 |
| 42600 | Sirius XM Holdings, Inc.  | 1148 |
|  |  | 7647 |
| **METALS & MINING—0.4%** | **METALS & MINING—0.4%** | **METALS & MINING—0.4%** |
| 22600 | Commercial Metals Co.  | 1558 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** |
| 53000 | Annaly Capital Management, Inc.  | 1214 |
| **OFFICE REITS—1.1%** | **OFFICE REITS—1.1%** | **OFFICE REITS—1.1%** |
| 99400 | Brandywine Realty Trust  | 301 |
| 78500 | Cousins Properties, Inc.  | 2010 |
| 57700 | Highwoods Properties, Inc.  | 1403 |
| 138248 | Piedmont Realty Trust, Inc. <sup>\*</sup> | 1156 |
|  |  | 4870 |
| **OIL, GAS & CONSUMABLE FUELS—7.3%** | **OIL, GAS & CONSUMABLE FUELS—7.3%** | **OIL, GAS & CONSUMABLE FUELS—7.3%** |
| 91300 | APA Corp.  | 3719 |
| 5700 | Chord Energy Corp.  | 830 |
| 65000 | Devon Energy Corp.  | 3339 |
| 132800 | DHT Holdings, Inc.  | 2454 |
| 51000 | HF Sinclair Corp.  | 3428 |
| 14100 | Marathon Petroleum Corp.  | 3501 |
| 63900 | Matador Resources Co.  | 4054 |
| 111600 | Navigator Holdings Ltd.  | 2433 |
| 8300 | Phillips 66  | 1487 |
| 25900 | Scorpio Tankers, Inc. (Monaco) | 2106 |
| 10700 | Valero Energy Corp.  | 2702 |
| 35900 | World Kinect Corp.  | 968 |
|  |  | 31021 |

---

------

⬤

------

**Harbor Mid Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** |
| 20900 | Sylvamo Corp.  | $893 |
| **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** |
| 43300 | Delta Air Lines, Inc.  | 2944 |
| 31500 | United Airlines Holdings, Inc. <sup>\*</sup> | 2835 |
|  |  | 5779 |
| **PERSONAL CARE PRODUCTS—0.4%** | **PERSONAL CARE PRODUCTS—0.4%** | **PERSONAL CARE PRODUCTS—0.4%** |
| 115300 | Herbalife Ltd. <sup>\*</sup> | 1914 |
| **PHARMACEUTICALS—2.6%** | **PHARMACEUTICALS—2.6%** | **PHARMACEUTICALS—2.6%** |
| 53300 | Harmony Biosciences Holdings, Inc. <sup>\*</sup> | 1666 |
| 29400 | Jazz Pharmaceuticals PLC <sup>\*</sup> | 5969 |
| 104900 | Organon & Co.  | 1390 |
| 142800 | Viatris, Inc.  | 2133 |
|  |  | 11158 |
| **PROFESSIONAL SERVICES—1.2%** | **PROFESSIONAL SERVICES—1.2%** | **PROFESSIONAL SERVICES—1.2%** |
| 750 | CSG Systems International, Inc.  | 60 |
| 29900 | Genpact Ltd.  | 1039 |
| 27500 | ManpowerGroup, Inc.  | 833 |
| 14760 | Science Applications International Corp.  | 1428 |
| 15800 | SS&C Technologies Holdings, Inc.  | 1095 |
| 65200 | Upwork, Inc. <sup>\*</sup> | 675 |
|  |  | 5130 |
| **RETAIL REITS—0.9%** | **RETAIL REITS—0.9%** | **RETAIL REITS—0.9%** |
| 39100 | Brixmor Property Group, Inc.  | 1177 |
| 99100 | Kite Realty Group Trust  | 2592 |
|  |  | 3769 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.9%** |
| 22300 | Amkor Technology, Inc.  | 1555 |
| 24000 | Cirrus Logic, Inc. <sup>\*</sup> | 3914 |
| 52550 | Photronics, Inc. <sup>\*</sup> | 2600 |
|  |  | 8069 |
| **SOFTWARE—2.8%** | **SOFTWARE—2.8%** | **SOFTWARE—2.8%** |
| 108800 | Dropbox, Inc. Class A<sup>\*</sup> | 2643 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 81100 | Gen Digital, Inc.  | $1564 |
| 38300 | LiveRamp Holdings, Inc. <sup>\*</sup> | 1120 |
| 52000 | RingCentral, Inc. Class A | 2091 |
| 79600 | Teradata Corp. <sup>\*</sup> | 2098 |
| 27000 | Zoom Communications, Inc. <sup>\*</sup> | 2623 |
|  |  | 12139 |
| **SPECIALIZED REITS—0.6%** | **SPECIALIZED REITS—0.6%** | **SPECIALIZED REITS—0.6%** |
| 42800 | EPR Properties  | 2389 |
| **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** |
| 7200 | AutoNation, Inc. <sup>\*</sup> | 1529 |
| 16400 | Best Buy Co., Inc.  | 992 |
| 75800 | Gap, Inc.  | 1864 |
| 2600 | Group 1 Automotive, Inc.  | 928 |
| 11200 | Penske Automotive Group, Inc.  | 1921 |
| 13900 | Signet Jewelers Ltd.  | 1237 |
|  |  | 8471 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.1%** |
| 104600 | Hewlett Packard Enterprise Co.  | 3009 |
| 147900 | HP, Inc.  | 3085 |
| 6300 | Sandisk Corp. <sup>\*</sup> | 6908 |
|  |  | 13002 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** |
| 28100 | G-III Apparel Group Ltd.  | 877 |
| 12350 | PVH Corp.  | 1129 |
|  |  | 2006 |
| **TOTAL COMMON STOCKS** <br>(Cost $313,280) | **TOTAL COMMON STOCKS** <br>(Cost $313,280) | 418152 |
| **TOTAL INVESTMENTS—98.3%** <br>(Cost $313,280) | **TOTAL INVESTMENTS—98.3%** <br>(Cost $313,280) | 418152 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.7%** | 7308 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $425460 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Small Cap Growth Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Westfield Capital Management Company, L.P.

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.0%** | **COMMON STOCKS—97.0%** | **COMMON STOCKS—97.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—5.4%** | **AEROSPACE & DEFENSE—5.4%** | **AEROSPACE & DEFENSE—5.4%** |
| 425195 | FTAI Aviation Ltd.  | $106159 |
| 496383 | Karman Holdings, Inc. <sup>\*</sup> | 33744 |
|  |  | 139903 |
| **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** |
| 153527 | Dorman Products, Inc. <sup>\*</sup> | 17273 |
| **BANKS—2.5%** | **BANKS—2.5%** | **BANKS—2.5%** |
| 275145 | East West Bancorp, Inc.  | 34797 |
| 200655 | Wintrust Financial Corp.  | 30213 |
|  |  | 65010 |
| **BEVERAGES—2.4%** | **BEVERAGES—2.4%** | **BEVERAGES—2.4%** |
| 773400 | Celsius Holdings, Inc. <sup>\*</sup> | 25963 |
| 528638 | Vita Coco Co., Inc. <sup>\*</sup> | 34885 |
|  |  | 60848 |
| **BIOTECHNOLOGY—14.4%** | **BIOTECHNOLOGY—14.4%** | **BIOTECHNOLOGY—14.4%** |
| 287800 | Abivax SA ADR (France)<sup>\*,1</sup> | 33782 |
| 499143 | Ascendis Pharma AS (Denmark)<sup>\*</sup> | 114493 |
| 154150 | Celcuity, Inc. <sup>\*</sup> | 18706 |
| 1030811 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 24245 |
| 43301 | Madrigal Pharmaceuticals, Inc. <sup>\*</sup> | 22403 |
| 474913 | Newamsterdam Pharma Co. NV (Netherlands)<sup>\*</sup> | 13563 |
| 235050 | Nuvalent, Inc. Class A<sup>\*</sup> | 23571 |
| 110638 | Oruka Therapeutics, Inc. <sup>\*</sup> | 7569 |
| 943720 | Relay Therapeutics, Inc. <sup>\*</sup> | 12231 |
| 437490 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 35594 |
| 824015 | Vaxcyte, Inc. <sup>\*</sup> | 47167 |
| 345004 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 19334 |
|  |  | 372658 |
| **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** |
| 533505 | Pattern Group, Inc. Class A<sup>\*</sup> | 7186 |
| **CAPITAL MARKETS—3.8%** | **CAPITAL MARKETS—3.8%** | **CAPITAL MARKETS—3.8%** |
| 167506 | Hamilton Lane, Inc. Class A | 15409 |
| 227853 | Houlihan Lokey, Inc.  | 35260 |
| 404612 | Miami International Holdings, Inc. <sup>\*</sup> | 18810 |
| 543873 | StepStone Group, Inc. Class A | 28771 |
|  |  | 98250 |
| **CHEMICALS—1.0%** | **CHEMICALS—1.0%** | **CHEMICALS—1.0%** |
| 721631 | Avient Corp.  | 26758 |
| **COMMERCIAL SERVICES & SUPPLIES—1.1%** | **COMMERCIAL SERVICES & SUPPLIES—1.1%** | **COMMERCIAL SERVICES & SUPPLIES—1.1%** |
| 361840 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 28676 |
| **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** |
| 623619 | Calix, Inc. <sup>\*</sup> | 27165 |
| **CONSTRUCTION & ENGINEERING—12.2%** | **CONSTRUCTION & ENGINEERING—12.2%** | **CONSTRUCTION & ENGINEERING—12.2%** |
| 841120 | API Group Corp. <sup>\*</sup> | 38456 |
| 66822 | Comfort Systems USA, Inc.  | 122969 |
| 136440 | Everus Construction Group, Inc. <sup>\*</sup> | 20115 |
| 856265 | Legence Corp. Class A<sup>\*</sup> | 74461 |
| 332879 | Primoris Services Corp.  | 60301 |
|  |  | 316302 |
| **CONSUMER FINANCE—2.2%** | **CONSUMER FINANCE—2.2%** | **CONSUMER FINANCE—2.2%** |
| 188626 | FirstCash Holdings, Inc.  | 41162 |
| 974771 | LendingClub Corp. <sup>\*</sup> | 16639 |
|  |  | 57801 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRICAL EQUIPMENT—7.6%** | **ELECTRICAL EQUIPMENT—7.6%** | **ELECTRICAL EQUIPMENT—7.6%** |
| 301162 | Bloom Energy Corp. Class A<sup>\*</sup> | $85337 |
| 516785 | Nextpower, Inc. Class A<sup>\*</sup> | 61565 |
| 119042 | Regal Rexnord Corp.  | 25598 |
| 597742 | Sensata Technologies Holding PLC  | 24890 |
|  |  | 197390 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.8%** |
| 78139 | Fabrinet (Thailand)<sup>\*</sup> | 53406 |
| 174640 | Plexus Corp. <sup>\*</sup> | 43761 |
|  |  | 97167 |
| **ENERGY EQUIPMENT & SERVICES—1.1%** | **ENERGY EQUIPMENT & SERVICES—1.1%** | **ENERGY EQUIPMENT & SERVICES—1.1%** |
| 379570 | TechnipFMC PLC (United Kingdom) | 28684 |
| **ENTERTAINMENT—1.9%** | **ENTERTAINMENT—1.9%** | **ENTERTAINMENT—1.9%** |
| 1263932 | IMAX Corp. <sup>\*</sup> | 48055 |
| **GROUND TRANSPORTATION—1.1%** | **GROUND TRANSPORTATION—1.1%** | **GROUND TRANSPORTATION—1.1%** |
| 64243 | Saia, Inc. <sup>\*</sup> | 28834 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** |
| 127412 | Glaukos Corp. <sup>\*</sup> | 18305 |
| 68878 | Masimo Corp. <sup>\*</sup> | 12290 |
|  |  | 30595 |
| **HEALTH CARE PROVIDERS & SERVICES—3.5%** | **HEALTH CARE PROVIDERS & SERVICES—3.5%** | **HEALTH CARE PROVIDERS & SERVICES—3.5%** |
| 225423 | GeneDx Holdings Corp. <sup>\*</sup> | 14177 |
| 344290 | Guardant Health, Inc. <sup>\*</sup> | 29981 |
| 327267 | HealthEquity, Inc. <sup>\*</sup> | 26846 |
| 343933 | RadNet, Inc. <sup>\*</sup> | 19449 |
|  |  | 90453 |
| **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** |
| 470460 | Dutch Bros, Inc. Class A<sup>\*</sup> | 27056 |
| 1469287 | Life Time Group Holdings, Inc. <sup>\*</sup> | 39392 |
| 137220 | Wingstop, Inc.  | 22512 |
|  |  | 88960 |
| **HOUSEHOLD DURABLES—0.9%** | **HOUSEHOLD DURABLES—0.9%** | **HOUSEHOLD DURABLES—0.9%** |
| 49896 | TopBuild Corp. <sup>\*</sup> | 22089 |
| **INSURANCE—1.4%** | **INSURANCE—1.4%** | **INSURANCE—1.4%** |
| 303924 | Palomar Holdings, Inc. <sup>\*</sup> | 36586 |
| **IT SERVICES—0.3%** | **IT SERVICES—0.3%** | **IT SERVICES—0.3%** |
| 246690 | Applied Digital Corp. <sup>\*</sup> | 8449 |
| **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** |
| 1173470 | Adaptive Biotechnologies Corp. <sup>\*</sup> | 16546 |
| **MACHINERY—2.6%** | **MACHINERY—2.6%** | **MACHINERY—2.6%** |
| 242174 | ITT, Inc.  | 51908 |
| 68610 | SPX Technologies, Inc. <sup>\*</sup> | 15019 |
|  |  | 66927 |
| **METALS & MINING—0.4%** | **METALS & MINING—0.4%** | **METALS & MINING—0.4%** |
| 606780 | Coeur Mining, Inc. <sup>\*</sup> | 10904 |
| **OIL, GAS & CONSUMABLE FUELS—1.2%** | **OIL, GAS & CONSUMABLE FUELS—1.2%** | **OIL, GAS & CONSUMABLE FUELS—1.2%** |
| 932000 | Permian Resources Corp. Class A | 20150 |
| 729740 | Uranium Energy Corp. <sup>\*</sup> | 10866 |
|  |  | 31016 |
| **PROFESSIONAL SERVICES—0.9%** | **PROFESSIONAL SERVICES—0.9%** | **PROFESSIONAL SERVICES—0.9%** |
| 658460 | Planet Labs PBC <sup>\*</sup> | 24343 |

---

------

⬤

------

**Harbor Small Cap Growth Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.9%** |
| 371022 | Credo Technology Group Holding Ltd. <sup>\*</sup> | $64562 |
| 225074 | Lattice Semiconductor Corp. <sup>\*</sup> | 27522 |
| 139888 | MKS, Inc.  | 39693 |
| 89517 | Onto Innovation, Inc. <sup>\*</sup> | 26413 |
| 177310 | Rambus, Inc. <sup>\*</sup> | 20410 |
| 302051 | Semtech Corp. <sup>\*</sup> | 31730 |
| 86950 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>1</sup> | 19023 |
|  |  | 229353 |
| **SOFTWARE—5.1%** | **SOFTWARE—5.1%** | **SOFTWARE—5.1%** |
| 1232186 | Braze, Inc. Class A<sup>\*</sup> | 27145 |
| 174376 | Descartes Systems Group, Inc. (Canada)<sup>\*</sup> | 12574 |
| 986794 | Dynatrace, Inc. <sup>\*</sup> | 35732 |
| 229880 | Guidewire Software, Inc. <sup>\*</sup> | 31813 |
| 441678 | Procore Technologies, Inc. <sup>\*</sup> | 24990 |
|  |  | 132254 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.1%** |
| 648658 | IonQ, Inc. <sup>\*</sup> | $29268 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.4%** | **TEXTILES, APPAREL & LUXURY GOODS—1.4%** | **TEXTILES, APPAREL & LUXURY GOODS—1.4%** |
| 907054 | Birkenstock Holding PLC (Germany)<sup>\*</sup> | 35139 |
| **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** |
| 132937 | Applied Industrial Technologies, Inc.  | 40646 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,822,479) | **TOTAL COMMON STOCKS** <br>(Cost $1,822,479) | 2511488 |
| **TOTAL INVESTMENTS—97.0%** <br>(Cost $1,822,479) | **TOTAL INVESTMENTS—97.0%** <br>(Cost $1,822,479) | 2511488 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.0%** | 77125 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $2588613 |

---

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

**FAIR VALUE MEASUREMENTS**

All Investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

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

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⬤

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**Harbor Small Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—7.0%** | **AEROSPACE & DEFENSE—7.0%** | **AEROSPACE & DEFENSE—7.0%** |
| 506625 | AAR Corp. <sup>\*</sup> | $55916 |
| 589671 | Hexcel Corp.  | 55352 |
| 220762 | Moog, Inc. Class A | 66518 |
|  |  | 177786 |
| **BANKS—13.6%** | **BANKS—13.6%** | **BANKS—13.6%** |
| 901408 | Atlantic Union Bankshares Corp.  | 33938 |
| 549609 | Enterprise Financial Services Corp.  | 31778 |
| 840479 | First Merchants Corp.  | 33989 |
| 243297 | Northeast Bank  | 30254 |
| 451539 | Southstate Bank Corp.  | 44102 |
| 963171 | Trustmark Corp.  | 42736 |
| 333020 | UMB Financial Corp.  | 42017 |
| 995722 | United Bankshares, Inc.  | 43623 |
| 1276994 | United Community Banks, Inc.  | 42562 |
|  |  | 344999 |
| **CAPITAL MARKETS—3.8%** | **CAPITAL MARKETS—3.8%** | **CAPITAL MARKETS—3.8%** |
| 364319 | Houlihan Lokey, Inc.  | 56378 |
| 519562 | Stifel Financial Corp.  | 40947 |
|  |  | 97325 |
| **CHEMICALS—3.0%** | **CHEMICALS—3.0%** | **CHEMICALS—3.0%** |
| 433594 | Cabot Corp.  | 33369 |
| 660198 | Scotts Miracle-Gro Co.  | 41395 |
|  |  | 74764 |
| **COMMERCIAL SERVICES & SUPPLIES—1.3%** | **COMMERCIAL SERVICES & SUPPLIES—1.3%** | **COMMERCIAL SERVICES & SUPPLIES—1.3%** |
| 426500 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 33800 |
| **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** |
| 365154 | Everus Construction Group, Inc. <sup>\*</sup> | 53835 |
| **CONSUMER FINANCE—2.8%** | **CONSUMER FINANCE—2.8%** | **CONSUMER FINANCE—2.8%** |
| 318832 | FirstCash Holdings, Inc.  | 69576 |
| **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** |
| 320918 | EnerSys  | 68439 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—12.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—12.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—12.8%** |
| 255817 | Advanced Energy Industries, Inc.  | 98211 |
| 648513 | Benchmark Electronics, Inc.  | 53210 |
| 652269 | CTS Corp.  | 37244 |
| 1223995 | Daktronics, Inc. <sup>\*</sup> | 24064 |
| 123527 | Littelfuse, Inc.  | 49926 |
| 247888 | Plexus Corp. <sup>\*</sup> | 62116 |
|  |  | 324771 |
| **ENERGY EQUIPMENT & SERVICES—7.0%** | **ENERGY EQUIPMENT & SERVICES—7.0%** | **ENERGY EQUIPMENT & SERVICES—7.0%** |
| 852999 | Archrock, Inc.  | 33054 |
| 1153468 | Core Laboratories, Inc.  | 16898 |
| 2405840 | Expro Group Holdings NV <sup>\*</sup> | 43810 |
| 738654 | Helmerich & Payne, Inc.  | 29827 |
| 1414292 | Oceaneering International, Inc. <sup>\*</sup> | 53093 |
|  |  | 176682 |
| **FOOD PRODUCTS—2.6%** | **FOOD PRODUCTS—2.6%** | **FOOD PRODUCTS—2.6%** |
| 1029107 | Darling Ingredients, Inc. <sup>\*</sup> | 66100 |
| **GAS UTILITIES—1.5%** | **GAS UTILITIES—1.5%** | **GAS UTILITIES—1.5%** |
| 438602 | ONE Gas, Inc.  | 39132 |
| **GROUND TRANSPORTATION—2.2%** | **GROUND TRANSPORTATION—2.2%** | **GROUND TRANSPORTATION—2.2%** |
| 216589 | Ryder System, Inc.  | 54964 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.9%** |
| 400209 | CONMED Corp.  | $14672 |
| 379760 | Integer Holdings Corp. <sup>\*</sup> | 33612 |
|  |  | 48284 |
| **HOTEL & RESORT REITS—0.5%** | **HOTEL & RESORT REITS—0.5%** | **HOTEL & RESORT REITS—0.5%** |
| 888888 | Pebblebrook Hotel Trust  | 12489 |
| **HOTELS, RESTAURANTS & LEISURE—2.6%** | **HOTELS, RESTAURANTS & LEISURE—2.6%** | **HOTELS, RESTAURANTS & LEISURE—2.6%** |
| 784559 | Cheesecake Factory, Inc.  | 49325 |
| 9352519 | Sabre Corp. <sup>\*</sup> | 17115 |
|  |  | 66440 |
| **HOUSEHOLD DURABLES—1.2%** | **HOUSEHOLD DURABLES—1.2%** | **HOUSEHOLD DURABLES—1.2%** |
| 465310 | Meritage Homes Corp.  | 31334 |
| **INDUSTRIAL REITS—1.3%** | **INDUSTRIAL REITS—1.3%** | **INDUSTRIAL REITS—1.3%** |
| 851747 | STAG Industrial, Inc.  | 32860 |
| **INSURANCE—2.3%** | **INSURANCE—2.3%** | **INSURANCE—2.3%** |
| 393532 | Horace Mann Educators Corp.  | 17882 |
| 193636 | Reinsurance Group of America, Inc.  | 40946 |
|  |  | 58828 |
| **MACHINERY—8.4%** | **MACHINERY—8.4%** | **MACHINERY—8.4%** |
| 331768 | Albany International Corp. Class A | 19256 |
| 933959 | Flowserve Corp.  | 68777 |
| 387689 | Franklin Electric Co., Inc.  | 38842 |
| 243714 | SPX Technologies, Inc. <sup>\*</sup> | 53351 |
| 290871 | Timken Co.  | 32255 |
|  |  | 212481 |
| **OFFICE REITS—0.8%** | **OFFICE REITS—0.8%** | **OFFICE REITS—0.8%** |
| 608450 | COPT Defense Properties  | 19014 |
| **PROFESSIONAL SERVICES—2.0%** | **PROFESSIONAL SERVICES—2.0%** | **PROFESSIONAL SERVICES—2.0%** |
| 645592 | Parsons Corp. <sup>\*</sup> | 32544 |
| 381429 | TriNet Group, Inc.  | 17462 |
|  |  | 50006 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.3%** |
| 1289931 | Amkor Technology, Inc.  | 89973 |
| 381012 | Diodes, Inc. <sup>\*</sup> | 40826 |
| 146897 | Entegris, Inc.  | 20768 |
| 802503 | FormFactor, Inc. <sup>\*</sup> | 109084 |
|  |  | 260651 |
| **SOFTWARE—1.1%** | **SOFTWARE—1.1%** | **SOFTWARE—1.1%** |
| 1096295 | Box, Inc. Class A<sup>\*</sup> | 26530 |
| **SPECIALIZED REITS—0.9%** | **SPECIALIZED REITS—0.9%** | **SPECIALIZED REITS—0.9%** |
| 906833 | Four Corners Property Trust, Inc.  | 23188 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.9%** | **TEXTILES, APPAREL & LUXURY GOODS—0.9%** | **TEXTILES, APPAREL & LUXURY GOODS—0.9%** |
| 1319978 | Wolverine World Wide, Inc.  | 22466 |
| **TRADING COMPANIES & DISTRIBUTORS—2.1%** | **TRADING COMPANIES & DISTRIBUTORS—2.1%** | **TRADING COMPANIES & DISTRIBUTORS—2.1%** |
| 270840 | GATX Corp.  | 53063 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,201,078) | **TOTAL COMMON STOCKS** <br>(Cost $1,201,078) | 2499807 |
| **TOTAL INVESTMENTS—98.7%** <br>(Cost $1,201,078) | **TOTAL INVESTMENTS—98.7%** <br>(Cost $1,201,078) | 2499807 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | 32312 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $2532119 |

---

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⬤

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**Harbor Small Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

------

⬤

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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⬤

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**STATEMENTS OF ASSETS AND LIABILITIES—April 30, 2026 (Unaudited)**

------

(All amounts in thousands, except per share amounts)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Embark** <br>**Commodity** <br>**Strategy Fund** <br>**(Consolidated)**<br>| **Embark** <br>**Small Cap** <br>**Equity** <br>**Fund**<br>| **Harbor** <br>**Ares** <br>**Systematic** <br>**Convertible** <br>**Securities** <br>**Fund**<br>| **Harbor** <br>**Capital** <br>**Appreciation** <br>**Fund**<br>| **Harbor** <br>**Core** <br>**Bond** <br>**Fund**<br>|
| **Assets** |  |  |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $2,658,732\* | &nbsp;&nbsp; $466086 | &nbsp;&nbsp; $36496 | &nbsp;&nbsp; $8042590 | &nbsp;&nbsp; $1665247 |
| Investments, at value (including securities loaned of $0, $0, $0, $0, $0, $0, $3,157, <br> $4,871, $1,559, $19,874, $2,305, $0, $0, $0, $0 and $0)<br>| &nbsp;&nbsp; $2,656,064\* | &nbsp;&nbsp; $567067 | &nbsp;&nbsp; $41146 | &nbsp;&nbsp; $25374582 | &nbsp;&nbsp; $1656181 |
| Cash | &nbsp;&nbsp; 375433 | &nbsp;&nbsp; 5149 | &nbsp;&nbsp; 548 | &nbsp;&nbsp; 59345 | &nbsp;&nbsp; 14306 |
| Due from broker | &nbsp;&nbsp; 225683 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency, at value (cost: $0, $0, $0, $0, $0, $4, $1,628, $11,944, $98, $2,335, <br> $153, $0, $0, $0, $0 and $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| Investment sold | &nbsp;&nbsp; 62039 | &nbsp;&nbsp; 2218 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7148 | &nbsp;&nbsp; 1629 |
| Dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 951 | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; 2241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 124 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12818 |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized Appreciation on OTC Swap Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; 22814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Withholding tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2571 | &nbsp;&nbsp; — |
| Prepaid registration fees | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 8 |
| Other assets | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 4175 | &nbsp;&nbsp; 36 |
| **Total Assets** | &nbsp;&nbsp; **3345502** | &nbsp;&nbsp; **574794** | &nbsp;&nbsp; **41994** | &nbsp;&nbsp; **25448928** | &nbsp;&nbsp; **1684978** |
| **Liabilities** |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 12998 | &nbsp;&nbsp; 2096 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5863 |
| Capital shares reacquired | &nbsp;&nbsp; 15450 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23755 | &nbsp;&nbsp; 1228 |
| Collateral for securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 773 |
| Accrued expenses: |  |  |  |  |  |
| Management fees | &nbsp;&nbsp; 1802 | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 11127 | &nbsp;&nbsp; 317 |
| 12b-1 fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 198 | &nbsp;&nbsp; — |
| Transfer agent fees | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1492 | &nbsp;&nbsp; 34 |
| Trustees' fees and expenses | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 4571 | &nbsp;&nbsp; 37 |
| Other | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 80 |
| **Total Liabilities** | &nbsp;&nbsp; **31161** | &nbsp;&nbsp; **2878** | &nbsp;&nbsp; **63** | &nbsp;&nbsp; **42353** | &nbsp;&nbsp; **8332** |
| **NET ASSETS** | &nbsp;&nbsp; **$3314341** | &nbsp;&nbsp; **$571916** | &nbsp;&nbsp; **$41931** | &nbsp;&nbsp; **$25406575** | &nbsp;&nbsp; **$1676646** |
| **Net Assets Consist of:** |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $2352497 | &nbsp;&nbsp; $439958 | &nbsp;&nbsp; $43240 | &nbsp;&nbsp; $6495664 | &nbsp;&nbsp; $1693125 |
| Total distributable earnings/(loss) | &nbsp;&nbsp; 961844 | &nbsp;&nbsp; 131958 | &nbsp;&nbsp; (1309)<br>| &nbsp;&nbsp; 18910911 | &nbsp;&nbsp; (16479)<br>|
|  | &nbsp;&nbsp; $3314341 | &nbsp;&nbsp; $571916 | &nbsp;&nbsp; $41931 | &nbsp;&nbsp; $25406575 | &nbsp;&nbsp; $1676646 |
| **NET ASSET VALUE PER SHARE BY CLASS** |  |  |  |  |  |
| **Retirement Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $131378 | &nbsp;&nbsp; $26272 | &nbsp;&nbsp; $18986 | &nbsp;&nbsp; $9076493 | &nbsp;&nbsp; $1572811 |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; 9851 | &nbsp;&nbsp; 2169 | &nbsp;&nbsp; 1238 | &nbsp;&nbsp; 76441 | &nbsp;&nbsp; 178090 |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $12.11 | &nbsp;&nbsp; $15.34 | &nbsp;&nbsp; $118.74 | &nbsp;&nbsp; $8.83 |
| **Institutional Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $3182963 | &nbsp;&nbsp; $545644 | &nbsp;&nbsp; $22274 | &nbsp;&nbsp; $15342798 | &nbsp;&nbsp; $103835 |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; 238454 | &nbsp;&nbsp; 45022 | &nbsp;&nbsp; 1452 | &nbsp;&nbsp; 129938 | &nbsp;&nbsp; 11758 |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $12.12 | &nbsp;&nbsp; $15.34 | &nbsp;&nbsp; $118.08 | &nbsp;&nbsp; $8.83 |
| **Administrative Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $190620 | &nbsp;&nbsp; N/A |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1714 | &nbsp;&nbsp; N/A |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $111.22 | &nbsp;&nbsp; N/A |
| **Investor Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $671 | &nbsp;&nbsp; $796664 | &nbsp;&nbsp; N/A |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 7545 | &nbsp;&nbsp; N/A |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $15.28 | &nbsp;&nbsp; $105.58 | &nbsp;&nbsp; N/A |

---

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

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⬤

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Core Plus** <br>**Fund**<br>| **Harbor** <br>**Diversified** <br>**International All** <br>**Cap Fund**<br>| **Harbor** <br>**International** <br>**Fund**<br>| **Harbor** <br>**International** <br>**Compounders** <br>**Fund**<br>| **Harbor** <br>**International** <br>**Core** <br>**Fund**<br>| **Harbor** <br>**International** <br>**Small Cap** <br>**Fund**<br>| **Harbor** <br>**Large Cap** <br>**Value** <br>**Fund**<br>| **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>|
| $1291419 | &nbsp;&nbsp; $475,844\* | &nbsp;&nbsp; $2402289 | &nbsp;&nbsp; $39866 | &nbsp;&nbsp; $1459745 | &nbsp;&nbsp; $152941 | &nbsp;&nbsp; $605182 | &nbsp;&nbsp; $141196 | &nbsp;&nbsp; $313280 | &nbsp;&nbsp; $1822479 | &nbsp;&nbsp; $1201078 |
| $1238772 | &nbsp;&nbsp; $796,677\* | &nbsp;&nbsp; $3710003 | &nbsp;&nbsp; $46292 | &nbsp;&nbsp; $1737123 | &nbsp;&nbsp; $181294 | &nbsp;&nbsp; $1030508 | &nbsp;&nbsp; $199523 | &nbsp;&nbsp; $418152 | &nbsp;&nbsp; $2511488 | &nbsp;&nbsp; $2499807 |
| 8141 | &nbsp;&nbsp; 2618 | &nbsp;&nbsp; 31838 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 17166 | &nbsp;&nbsp; 6080 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 9165 | &nbsp;&nbsp; 5659 | &nbsp;&nbsp; 64146 | &nbsp;&nbsp; 35488 |
| 1 | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 12114 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 2368 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 738 | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 9724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1067 | &nbsp;&nbsp; 11666 | &nbsp;&nbsp; — |
| 7921 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 1074 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5118 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 847 | &nbsp;&nbsp; 4077 | &nbsp;&nbsp; 881 |
|  | &nbsp;&nbsp; 3391 | &nbsp;&nbsp; 22514 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 6650 | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 148 |
| 10159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 22 | &nbsp;&nbsp; 987 | &nbsp;&nbsp; 7227 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 1554 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 7 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| 481 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 4549 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 203 |
| **1265504** | &nbsp;&nbsp; **805968** | &nbsp;&nbsp; **3790095** | &nbsp;&nbsp; **48516** | &nbsp;&nbsp; **1770782** | &nbsp;&nbsp; **190377** | &nbsp;&nbsp; **1042593** | &nbsp;&nbsp; **209248** | &nbsp;&nbsp; **426052** | &nbsp;&nbsp; **2591535** | &nbsp;&nbsp; **2536538** |
| 2617 | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 1947 | &nbsp;&nbsp; 883 | &nbsp;&nbsp; 5445 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1103 | &nbsp;&nbsp; 407 | &nbsp;&nbsp; 3096 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8292 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 4566 | &nbsp;&nbsp; 1443 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 1021 | &nbsp;&nbsp; 2257 |
|  | &nbsp;&nbsp; 3315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1637 | &nbsp;&nbsp; 15049 | &nbsp;&nbsp; 2423 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 259 | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 2330 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 1513 |
| 1 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7 |
| 98 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 167 |
| 497 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 4336 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 238 |
| 92 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 2073 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 686 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 237 |
| **4826** | &nbsp;&nbsp; **5970** | &nbsp;&nbsp; **14122** | &nbsp;&nbsp; **2551** | &nbsp;&nbsp; **30609** | &nbsp;&nbsp; **3025** | &nbsp;&nbsp; **5336** | &nbsp;&nbsp; **1602** | &nbsp;&nbsp; **592** | &nbsp;&nbsp; **2922** | &nbsp;&nbsp; **4419** |
| **$1260678** | &nbsp;&nbsp; **$799998** | &nbsp;&nbsp; **$3775973** | &nbsp;&nbsp; **$45965** | &nbsp;&nbsp; **$1740173** | &nbsp;&nbsp; **$187352** | &nbsp;&nbsp; **$1037257** | &nbsp;&nbsp; **$207646** | &nbsp;&nbsp; **$425460** | &nbsp;&nbsp; **$2588613** | &nbsp;&nbsp; **$2532119** |
| $1461332 | &nbsp;&nbsp; $512520 | &nbsp;&nbsp; $2780441 | &nbsp;&nbsp; $40288 | &nbsp;&nbsp; $1441835 | &nbsp;&nbsp; $149909 | &nbsp;&nbsp; $435596 | &nbsp;&nbsp; $153877 | &nbsp;&nbsp; $287957 | &nbsp;&nbsp; $1922414 | &nbsp;&nbsp; $1155866 |
| (200654)<br>| &nbsp;&nbsp; 287478 | &nbsp;&nbsp; 995532 | &nbsp;&nbsp; 5677 | &nbsp;&nbsp; 298338 | &nbsp;&nbsp; 37443 | &nbsp;&nbsp; 601661 | &nbsp;&nbsp; 53769 | &nbsp;&nbsp; 137503 | &nbsp;&nbsp; 666199 | &nbsp;&nbsp; 1376253 |
| $1260678 | &nbsp;&nbsp; $799998 | &nbsp;&nbsp; $3775973 | &nbsp;&nbsp; $45965 | &nbsp;&nbsp; $1740173 | &nbsp;&nbsp; $187352 | &nbsp;&nbsp; $1037257 | &nbsp;&nbsp; $207646 | &nbsp;&nbsp; $425460 | &nbsp;&nbsp; $2588613 | &nbsp;&nbsp; $2532119 |
| $83383 | &nbsp;&nbsp; $554754 | &nbsp;&nbsp; $704375 | &nbsp;&nbsp; $43417 | &nbsp;&nbsp; $695215 | &nbsp;&nbsp; $80900 | &nbsp;&nbsp; $705776 | &nbsp;&nbsp; $87238 | &nbsp;&nbsp; $133032 | &nbsp;&nbsp; $1366998 | &nbsp;&nbsp; $596713 |
| 8213 | &nbsp;&nbsp; 35635 | &nbsp;&nbsp; 12416 | &nbsp;&nbsp; 3879 | &nbsp;&nbsp; 37665 | &nbsp;&nbsp; 4774 | &nbsp;&nbsp; 35211 | &nbsp;&nbsp; 4981 | &nbsp;&nbsp; 4260 | &nbsp;&nbsp; 77242 | &nbsp;&nbsp; 11150 |
| $10.15 | &nbsp;&nbsp; $15.57 | &nbsp;&nbsp; $56.73 | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $18.46 | &nbsp;&nbsp; $16.94 | &nbsp;&nbsp; $20.04 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $31.22 | &nbsp;&nbsp; $17.70 | &nbsp;&nbsp; $53.52 |
| $1172643 | &nbsp;&nbsp; $209451 | &nbsp;&nbsp; $2795122 | &nbsp;&nbsp; $2548 | &nbsp;&nbsp; $1034175 | &nbsp;&nbsp; $103349 | &nbsp;&nbsp; $310388 | &nbsp;&nbsp; $119962 | &nbsp;&nbsp; $263599 | &nbsp;&nbsp; $1209559 | &nbsp;&nbsp; $1899752 |
| 115753 | &nbsp;&nbsp; 13440 | &nbsp;&nbsp; 49046 | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 56154 | &nbsp;&nbsp; 6094 | &nbsp;&nbsp; 15477 | &nbsp;&nbsp; 6852 | &nbsp;&nbsp; 8435 | &nbsp;&nbsp; 69059 | &nbsp;&nbsp; 35510 |
| $10.13 | &nbsp;&nbsp; $15.58 | &nbsp;&nbsp; $56.99 | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $18.42 | &nbsp;&nbsp; $16.96 | &nbsp;&nbsp; $20.05 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $31.25 | &nbsp;&nbsp; $17.51 | &nbsp;&nbsp; $53.50 |
| $4652 | &nbsp;&nbsp; $19281 | &nbsp;&nbsp; $15127 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $4434 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $1508 |
| 459 | &nbsp;&nbsp; 1243 | &nbsp;&nbsp; 263 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 140 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 28 |
| $10.14 | &nbsp;&nbsp; $15.51 | &nbsp;&nbsp; $57.52 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $31.78 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $53.29 |
| N/A | &nbsp;&nbsp; $16512 | &nbsp;&nbsp; $261349 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $10783 | &nbsp;&nbsp; $3103 | &nbsp;&nbsp; $21093 | &nbsp;&nbsp; $446 | &nbsp;&nbsp; $24395 | &nbsp;&nbsp; $12056 | &nbsp;&nbsp; $34146 |
| N/A | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 4631 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 909 | &nbsp;&nbsp; 664 |
| N/A | &nbsp;&nbsp; $15.43 | &nbsp;&nbsp; $56.43 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $18.33 | &nbsp;&nbsp; $16.91 | &nbsp;&nbsp; $20.40 | &nbsp;&nbsp; $17.48 | &nbsp;&nbsp; $31.30 | &nbsp;&nbsp; $13.26 | &nbsp;&nbsp; $51.42 |

---

------

---

| | |
|:---|:---|
| \* | Includes purchased options and rights/warrants. |
| 1 | Par value $0.01 (unlimited authorizations) |
| 2 | Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded <br> to thousands.<br>|

---

------

⬤

------

**STATEMENTS OF OPERATIONS—Period Ended April 30, 2026 (Unaudited)**

------

(All amounts in thousands)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Embark** <br>**Commodity** <br>**Strategy Fund** <br>**(Consolidated)**<br>| **Embark** <br>**Small Cap** <br>**Equity** <br>**Fund**<br>| **Harbor** <br>**Ares** <br>**Systematic** <br>**Convertible** <br>**Securities** <br>**Fund**<br>| **Harbor** <br>**Capital** <br>**Appreciation** <br>**Fund**<br>| **Harbor** <br>**Core** <br>**Bond** <br>**Fund**<br>|
| **Investment Income**  |  |  |  |  |  |
| Dividends | $44 | $2975 | $143 | $47272 | $— |
| Interest | 56033 | 78 | 368 | 1107 | 38449 |
| Net securities lending income |  |  |  | 14 |  |
| Consent fee income |  |  |  |  |  |
| Foreign taxes withheld |  | (10)<br>|  | (525)<br>|  |
| **Total Investment Income**  | **56077** | **3043** | **511** | **47868** | **38449** |
| **Operating Expenses** |  |  |  |  |  |
| Management fees | 10199 | 1551 | 99 | 77320 | 1837 |
| 12b-1 fees: |  |  |  |  |  |
| Administrative Class<sup>1</sup> | N/A | N/A |  | 232 | N/A |
| Investor Class | N/A | N/A | 2 | 1045 | N/A |
| Shareholder communications | 235 | 64 | 14 | 256 | 15 |
| Custodian fees | 198 | 41 | 9 | 354 | 39 |
| Transfer agent fees: |  |  |  |  |  |
| Retirement Class | 20 | 3 | 2 | 933 | 150 |
| Institutional Class | 1446 | 254 | 10 | 7712 | 51 |
| Administrative Class<sup>1</sup> | N/A | N/A |  | 93 | N/A |
| Investor Class | N/A | N/A | 1 | 823 | N/A |
| Professional fees | 116 | 23 | 4 | 940 | 55 |
| Trustees' fees and expenses | 269 | 49 | 1 | 628 | 36 |
| Registration fees | 44 | 40 | 26 | 108 | 31 |
| Miscellaneous | 21 | 6 | 5 | 202 | 14 |
| Total Operating Expenses | 12548 | 2031 | 173 | 90646 | 2228 |
| Management fees waived |  |  |  | (6045)<br>|  |
| Transfer agent fees waived |  |  | (1)<br>| (472)<br>| (26)<br>|
| Other expenses reimbursed | (420)<br>| (197)<br>| (37)<br>|  | (84)<br>|
| Net expenses | 12128 | 1834 | 135 | 84129 | 2118 |
| **Net Investment Income/(Loss)** | **43949** | **1209** | **376** | **(36261)**<br>| **36331** |
| **Net Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions** |  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax: $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, <br> $0, $0, $0, $0 and $0)<br>| 34413 | 52301 | 5619 | 1766015 | (136)<br>|
| In-kind redemptions |  |  |  | 34921 |  |
| Foreign currency transactions | (37)<br>| (1)<br>|  | (37)<br>|  |
| Futures contracts | 574365 |  |  |  |  |
| Swap agreements | 252574 |  |  |  |  |
| Change in net unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax accrual: $0, $0, $0, $0, $0, $0, $309, <br> $235, $0, $0, $0, $0, $0, $0, $0 and $0)<br>| (2628)<br>| 2054 | (683)<br>| (2439510)<br>| (28650)<br>|
| Translations of assets and liabilities in foreign currencies | (133)<br>|  |  | 9 |  |
| Futures contracts | 851 |  |  |  |  |
| Swap agreements |  |  |  |  |  |
| Net gain/(loss) on investment transactions | 859405 | 54354 | 4936 | (638602)<br>| (28786)<br>|
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**903354** | $**55563** | $**5312** | $**(674863**)<br>| $**7545** |

---

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

------

⬤

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Core Plus** <br>**Fund**<br>| **Harbor** <br>**Diversified** <br>**International All** <br>**Cap Fund**<br>| **Harbor** <br>**International** <br>**Fund**<br>| **Harbor** <br>**International** <br>**Compounders** <br>**Fund**<br>| **Harbor** <br>**International** <br>**Core** <br>**Fund**<br>| **Harbor** <br>**International** <br>**Small Cap** <br>**Fund**<br>| **Harbor** <br>**Large Cap** <br>**Value** <br>**Fund**<br>| **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>|
| $— | $10743 | $56944 | $406 | $23228 | $2662 | $11191 | $1486 | $4555 | $3425 | $14773 |
| 29815 | 147 | 488 | 8 | 329 | 68 | 289 | 109 | 78 | 1226 | 463 |
|  | 24 | 31 |  | 18 |  |  |  |  |  |  |
| 1 |  |  |  |  |  |  |  |  |  |  |
|  | (1111)<br>| (4556)<br>| (49)<br>| (2669)<br>| (232)<br>| (151)<br>|  | (1)<br>|  |  |
| **29816** | **9803** | **52907** | **365** | **20906** | **2498** | **11329** | **1595** | **4632** | **4651** | **15236** |
| 1564 | 2882 | 14071 | 122 | 5085 | 758 | 3420 | 699 | 1469 | 8415 | 8294 |
| 6 | 22 | 19 | N/A | N/A |  | 1 | N/A | 5 | 1 | 2 |
| N/A | 21 | 327 | N/A | 12 | 4 | 27 |  | 29 | 14 | 38 |
| 29 | 19 | 81 | 12 | 35 | 17 | 24 | 21 | 19 | 37 | 113 |
| 49 | 152 | 258 | 7 | 191 | 38 | 20 | 8 | 11 | 39 | 34 |
| 8 | 53 | 69 | 5 | 56 | 8 | 77 | 8 | 12 | 112 | 52 |
| 582 | 103 | 1392 | 1 | 395 | 49 | 173 | 54 | 120 | 555 | 830 |
| 3 | 9 | 7 | N/A | N/A |  |  | N/A | 2 |  | 1 |
| N/A | 16 | 258 | N/A | 9 | 3 | 21 |  | 23 | 11 | 30 |
| 45 | 48 | 150 | 10 | 53 | 18 | 63 | 8 | 15 | 76 | 74 |
| 29 | 18 | 87 | 1 | 25 | 4 | 29 | 4 | 9 | 50 | 50 |
| 36 | 29 | 38 | 22 | 38 | 28 | 31 | 20 | 30 | 40 | 48 |
| 12 | 10 | 30 | 5 | 11 | 6 | 14 | 6 | 7 | 19 | 18 |
| 2363 | 3382 | 16787 | 185 | 5910 | 933 | 3900 | 828 | 1751 | 9369 | 9584 |
|  |  |  |  |  |  |  |  | (11)<br>|  |  |
| (21)<br>| (12)<br>| (62)<br>| (1)<br>| (19)<br>| (3)<br>| (21)<br>| (3)<br>| (6)<br>| (36)<br>| (35)<br>|
|  | (341)<br>| (1520)<br>| (49)<br>| (334)<br>| (153)<br>| (216)<br>| (35)<br>| (73)<br>|  |  |
| 2342 | 3029 | 15205 | 135 | 5557 | 777 | 3663 | 790 | 1661 | 9333 | 9549 |
| **27474** | **6774** | **37702** | **230** | **15349** | **1721** | **7666** | **805** | **2971** | **(4682)**<br>| **5687** |
| (5116)<br>| 17118 | 79189 | (551)<br>| 10124 | 8399 | 165898 | (144)<br>| 29904 | 41477 | 91611 |
|  | (156)<br>| (633)<br>| (5)<br>| (102)<br>| (62)<br>| 2 |  |  |  |  |
| (15782)<br>| 59460 | 154891 | 1345 | 167713 | 11935 | (104733)<br>| 29615 | 37311 | 248321 | 473542 |
|  | 149 | 1023 | 1 | 140 | 38 |  |  |  |  |  |
| (20898)<br>| 76571 | 234470 | 790 | 177875 | 20310 | 61167 | 29471 | 67215 | 289798 | 565153 |
| $**6576** | $**83345** | $**272172** | $**1020** | $**193224** | $**22031** | $**68833** | $**30276** | $**70186** | $**285116** | $**570840** |

---

------

1 Effective April 21, 2026, the Administrative Class shares of Harbor Ares Systematic Convertible Securities Fund, Harbor International Small Cap Fund, Harbor Large Cap Value Fund, and Harbor Small Cap Growth Fund were liquidated.

------

⬤

------

**STATEMENTS OF CHANGES IN NET ASSETS**

------

(All amounts in thousands)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Embark Commodity** <br>**Strategy Fund** <br>**(Consolidated)** | **Embark Commodity** <br>**Strategy Fund** <br>**(Consolidated)** | **Embark Small** <br>**Cap Equity Fund** | **Embark Small** <br>**Cap Equity Fund** | **Harbor Ares** <br>**Systematic Convertible** <br>**Securities Fund** | **Harbor Ares** <br>**Systematic Convertible** <br>**Securities Fund** |
|  | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **INCREASE/(DECREASE) IN NET ASSETS** | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $43949 | $104914 | $1209 | $5604 | $376 | $748 |
| Net realized gain/(loss) on investments | 861315 | 271100 | 52300 | 20103 | 5619 | 2690 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| (1910) | 50634 | 2054 | 51258 | (683) | 3438 |
| **Net increase/(decrease) in assets resulting from operations** | **903354** | **426648** | **55563** | **76965** | **5312** | **6876** |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Retirement Class | (24918) | (13650) | (1280) | (629) | (208) | (384) |
| Institutional Class | (328194) | (150997) | (21694) | (5068) | (247) | (370) |
| Administrative Class<sup>1</sup> | N/A | N/A | N/A | N/A | (1) | (2) |
| Investor Class | N/A | N/A | N/A | N/A | (14) | (25) |
| **Total distributions to shareholders** | (353112) | (164647) | (22974) | (5697) | (470) | (781) |
| **Net Increase/(Decrease) Derived from Capital** <br>**Share Transactions**<br>| **(112152)** | **(309756)** | **10213** | **(1237246)** | **(3310)** | **9492** |
| Net increase/(decrease) in net assets | 438090 | (47755) | 42802 | (1165978) | 1532 | 15587 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period  | 2876251 | 2924006 | 529114 | 1695092 | 40399 | 24812 |
| **End of period** | **$3314341** | **$2876251** | **$571916** | **$529114** | **$41931** | **$40399** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Capital** <br>**Appreciation Fund** | **Harbor Capital** <br>**Appreciation Fund** | **Harbor Core** <br>**Bond Fund** | **Harbor Core** <br>**Bond Fund** | **Harbor Core** <br>**Plus Fund** | **Harbor Core** <br>**Plus Fund** | **Harbor Diversified** <br>**International** <br>**All Cap Fund** | **Harbor Diversified** <br>**International** <br>**All Cap Fund** | **Harbor** <br>**International Fund** | **Harbor** <br>**International Fund** |
| **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $(36261) | $(58575) | $36331 | $65358 | $27474 | $52130 | $6774 | $15047 | $37702 | $69507 |
| 1800899 | 3412881 | (136) | 233 | (5116) | (9181) | 16962 | 63198 | 78556 | 194162 |
| (2439501) | 3014867 | (28650) | 23090 | (15782) | 32296 | 59609 | 85321 | 155914 | 410339 |
| **(674863)** | **6369173** | **7545** | **88681** | **6576** | **75245** | **83345** | **163566** | **272172** | **674008** |
| (1041567) | (1042057) | (34893) | (59182) | (2108) | (3159) | (40455) | (20642) | (24431) | (22824) |
| (1695562) | (1734249) | (2321) | (5477) | (29515) | (50811) | (15459) | (6282) | (97178) | (91689) |
| (20662) | (20668) | N/A | N/A | (125) | (281) | (1355) | (344) | (478) | (299) |
| (101083) | (109210) | N/A | N/A | N/A | N/A | (1232) | (325) | (8281) | (7686) |
| **(2858874)** | (2906184) | (37214) | (64659) | (31748) | (54251) | (58501) | (27593) | (130368) | (122498) |
| **(763178)** | **(2005964)** | **160681** | **297901** | **30555** | **102129** | **17131** | **(311706)** | **(82970)** | **(257031)** |
| (4296915) | 1457025 | 131012 | 321923 | 5383 | 123123 | 41975 | (175733) | 58834 | 294479 |
| 29703490 | 28246465 | 1545634 | 1223711 | 1255295 | 1132172 | 758023 | 933756 | 3717139 | 3422660 |
| **$25406575** | **$29703490** | **$1676646** | **$1545634** | **$1260678** | **$1255295** | **$799998** | **$758023** | **$3775973** | **$3717139** |

---

------

⬤

------

**STATEMENTS OF CHANGES IN NET ASSETS —Continued**

------

(All amounts in thousands)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**International** <br>**Compounders Fund** | **Harbor** <br>**International** <br>**Compounders Fund** | **Harbor** <br>**International Core Fund** | **Harbor** <br>**International Core Fund** | **Harbor International** <br>**Small Cap Fund** | **Harbor International** <br>**Small Cap Fund** |
|  | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **INCREASE/(DECREASE) IN NET ASSETS** | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $230 | $588 | $15349 | $11078 | $1721 | $4809 |
| Net realized gain/(loss) on investments | (556) | (298) | 10022 | 25998 | 8337 | 13274 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| 1346 | 5439 | 167853 | 77137 | 11973 | 16056 |
| **Net increase/(decrease) in assets resulting from operations** | **1020** | **5729** | **193224** | **114213** | **22031** | **34139** |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Retirement Class | (634) | (62) | (13578) | (376) | (6858) | (4724) |
| Institutional Class | (29) | (9) | (18943) | (6140) | (8320) | (5356) |
| Administrative Class<sup>1</sup> | N/A | N/A | N/A | N/A | (1) | (2) |
| Investor Class | N/A | N/A | (213) | (111) | (238) | (114) |
| **Total distributions to shareholders** | (663) | (71) | (32734) | (6627) | (15417) | (10196) |
| **Net Increase/(Decrease) Derived from Capital** <br>**Share Transactions**<br>| **(5123)** | **25005** | **586834** | **649951** | **259** | **(67711)** |
| Net increase/(decrease) in net assets | (4766) | 30663 | 747324 | 757537 | 6873 | (43768) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period  | 50731 | 20068 | 992849 | 235312 | 180479 | 224247 |
| **End of period** | **$45965** | **$50731** | **$1740173** | **$992849** | **$187352** | **$180479** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Large** <br>**Cap Value Fund** | **Harbor Large** <br>**Cap Value Fund** | **Harbor Mid** <br>**Cap Fund** | **Harbor Mid** <br>**Cap Fund** | **Harbor Mid** <br>**Cap Value Fund** | **Harbor Mid** <br>**Cap Value Fund** | **Harbor Small** <br>**Cap Growth Fund** | **Harbor Small** <br>**Cap Growth Fund** | **Harbor Small** <br>**Cap Value Fund** | **Harbor Small** <br>**Cap Value Fund** |
| **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $7666 | $22642 | $805 | $1359 | $2971 | $6100 | $(4682) | $(6484) | $5687 | $15912 |
| 165900 | 273986 | (144) | 3439 | 29904 | 29089 | 41477 | 37283 | 91611 | 79585 |
| (104733) | (231959) | 29615 | 1595 | 37311 | 501 | 248321 | 199562 | 473542 | (41759) |
| **68833** | **64669** | **30276** | **6393** | **70186** | **35690** | **285116** | **230361** | **570840** | **53738** |
| (145547) | (87387) | (2171) | (573) | (10129) | (6150) | (11767) | (30481) | (16617) | (4749) |
| (64740) | (41637) | (2785) | (574) | (18963) | (12462) | (12058) | (37709) | (51561) | (10550) |
| (161) | (64) | N/A | N/A | (318) | (207) | (6) | (18) | (48) | (7) |
| (3849) | (1767) | (8) |  | (1810) | (1322) | (162) | (623) | (898) | (96) |
| **(214297)** | (130855) | (4964) | (1147) | (31220) | (20141) | (23993) | (68831) | (69124) | (15402) |
| **(67936)** | **(583198)** | **10541** | **1089** | **19123** | **(19310)** | **171858** | **227018** | **(51418)** | **(378711)** |
| (213400) | (649384) | 35853 | 6335 | 58089 | (3761) | 432981 | 388548 | 450298 | (340375) |
| 1250657 | 1900041 | 171793 | 165458 | 367371 | 371132 | 2155632 | 1767084 | 2081821 | 2422196 |
| **$1037257** | **$1250657** | **$207646** | **$171793** | **$425460** | **$367371** | **$2588613** | **$2155632** | **$2532119** | **$2081821** |

---

------

1 Effective April 21, 2026, the Administrative Class shares of Harbor Ares Systematic Convertible Securities Fund, Harbor International Small Cap Fund, Harbor Large Cap Value Fund, and Harbor Small Cap Growth Fund were liquidated.

------

⬤

------

**STATEMENTS OF CHANGES IN NET ASSETS—CAPITAL STOCK ACTIVITY**

------

(All amounts in thousands)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Embark Commodity** <br>**Strategy Fund** <br>**(Consolidated)** | **Embark Commodity** <br>**Strategy Fund** <br>**(Consolidated)** | **Embark Small** <br>**Cap Equity Fund** | **Embark Small** <br>**Cap Equity Fund** | **Harbor Ares** <br>**Systematic Convertible** <br>**Securities Fund** | **Harbor Ares** <br>**Systematic Convertible** <br>**Securities Fund** |
|  | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
|  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **AMOUNT ($)** |  |  |  |  |  |  |
| **Retirement Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $8266 | $51371 | $1883 | $26827 | $1172 | $330 |
| Reinvested distributions | 480 | 180 | 91 | 7 | 208 | 384 |
| Cost of shares reacquired | (121120) | (99274) | (7424) | (168826) | (114) | (316) |
| Cost of shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in net assets** | $**(112374)** | $**(47723)** | $**(5450)** | $**(141992)** | $**1266** | $**398** |
| **Institutional Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $157237 | $422119 | $36388 | $250772 | $5169 | $11347 |
| Reinvested distributions | 328179 | 150991 | 21690 | 5068 | 145 | 318 |
| Cost of shares reacquired | (485194) | (835143) | (42415) | (1351094) | (8888) | (2940) |
| **Net increase/(decrease) in net assets** | $**222** | $**(262033)** | $**15663** | $**(1095254)** | $**(3574)** | $**8725** |
| **Administrative Class**<sup>1</sup> <br>|  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | N/A | N/A | $— | $— |
| Reinvested distributions | N/A | N/A | N/A | N/A | 1 | 2 |
| Cost of shares reacquired | N/A | N/A | N/A | N/A | (58) | (51) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | **N/A** | **N/A** | $**(57)** | $**(49)** |
| **Investor Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | N/A | N/A | $405 | $642 |
| Reinvested distributions | N/A | N/A | N/A | N/A | 14 | 25 |
| Cost of shares reacquired | N/A | N/A | N/A | N/A | (1364) | (249) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | **N/A** | **N/A** | $**(945)** | $**418** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Capital** <br>**Appreciation Fund** | **Harbor Capital** <br>**Appreciation Fund** | **Harbor Core** <br>**Bond Fund** | **Harbor Core** <br>**Bond Fund** | **Harbor Core** <br>**Plus Fund** | **Harbor Core** <br>**Plus Fund** | **Harbor Diversified** <br>**International** <br>**All Cap Fund** | **Harbor Diversified** <br>**International** <br>**All Cap Fund** | **Harbor** <br>**International Fund** | **Harbor** <br>**International Fund** |
| **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $500301 | $1476664 | $306622 | $386754 | $10264 | $58995 | $32187 | $76771 | $68090 | $77821 |
| 958791 | 966106 | 30314 | 53771 | 2047 | 3100 | 40149 | 20363 | 20787 | 19060 |
| (1824901) | (2996804) | (179999) | (144609) | (7920) | (24469) | (49596) | (330641) | (76374) | (140010) |
| (35452) |  |  |  |  |  |  |  |  |  |
| $**(401261)** | **$(554034)** | **$156937** | **$295916** | **$4391** | **$37626** | **$22740** | **$(233507)** | **$12503** | **$(43129)** |
| $810483 | $1594180 | $9907 | $61477 | $115973 | $261682 | $4213 | $9103 | $55825 | $231893 |
| 1621024 | 1661915 | 2207 | 5261 | 28463 | 48770 | 12401 | 4958 | 91522 | 87054 |
| (2765196) | (4576428) | (8370) | (64753) | (117231) | (244529) | (24109) | (96811) | (240581) | (502045) |
| $**(333689)** | **$(1320333)** | **$3744** | **$1985** | **$27205** | **$65923** | **$(7495)** | **$(82750)** | **$(93234)** | **$(183098)** |
| $19350 | $39127 | N/A | N/A | $82 | $186 | $2968 | $5111 | $1700 | $6960 |
| 17995 | 17504 | N/A | N/A | 125 | 281 | 1355 | 344 | 328 | 293 |
| (26504) | (68278) | N/A | N/A | (1248) | (1887) | (2683) | (2584) | (2342) | (2905) |
| $**10841** | **$(11647)** | **N/A** | **N/A** | **$(1041)** | **$(1420)** | **$1640** | **$2871** | **$(314)** | **$4348** |
| $24122 | $62856 | N/A | N/A | N/A | N/A | $756 | $2410 | $18706 | $19884 |
| 99357 | 107543 | N/A | N/A | N/A | N/A | 1231 | 325 | 8192 | 7588 |
| (162548) | (290349) | N/A | N/A | N/A | N/A | (1741) | (1055) | (28823) | (62624) |
| $**(39069)** | **$(119950)** | **N/A** | **N/A** | **N/A** | **N/A** | **$246** | **$1680** | **$(1925)** | **$(35152)** |

---

------

⬤

------

**STATEMENTS OF CHANGES IN NET ASSETS—CAPITAL STOCK ACTIVITY —Continued**

------

(All amounts in thousands)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**International** <br>**Compounders Fund** | **Harbor** <br>**International** <br>**Compounders Fund** | **Harbor** <br>**International Core Fund** | **Harbor** <br>**International Core Fund** | **Harbor International** <br>**Small Cap Fund** | **Harbor International** <br>**Small Cap Fund** |
|  | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
|  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **AMOUNT ($)** |  |  |  |  |  |  |
| **Retirement Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $1670 | $26915 | $358604 | $372550 | $1860 | $5602 |
| Reinvested distributions | 634 | 62 | 13162 | 375 | 6858 | 4635 |
| Cost of shares reacquired | (7632) | (1488) | (90679) | (59482) | (8386) | (44213) |
| Cost of shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in net assets** | $**(5328)** | $**25489** | $**281087** | $**313443** | $**332** | $**(33976)** |
| **Institutional Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $188 | $1549 | $418472 | $544403 | $12990 | $40384 |
| Reinvested distributions | 17 | 3 | 17380 | 5477 | 8295 | 4969 |
| Cost of shares reacquired |  | (2036) | (131976) | (214131) | (21221) | (79044) |
| **Net increase/(decrease) in net assets** | $**205** | $**(484)** | $**303876** | $**335749** | $**64** | $**(33691)** |
| **Administrative Class**<sup>1</sup> <br>|  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | N/A | N/A | $— | $— |
| Reinvested distributions | N/A | N/A | N/A | N/A | 1 | 2 |
| Cost of shares reacquired | N/A | N/A | N/A | N/A | (19) | (37) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | **N/A** | **N/A** | $**(18)** | $**(35)** |
| **Investor Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | $3068 | $3634 | $220 | $831 |
| Reinvested distributions | N/A | N/A | 213 | 111 | 238 | 113 |
| Cost of shares reacquired | N/A | N/A | (1410) | (2986) | (577) | (953) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | $**1871** | $**759** | $**(119)** | $**(9)** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Large** <br>**Cap Value Fund** | **Harbor Large** <br>**Cap Value Fund** | **Harbor Mid** <br>**Cap Fund** | **Harbor Mid** <br>**Cap Fund** | **Harbor Mid** <br>**Cap Value Fund** | **Harbor Mid** <br>**Cap Value Fund** | **Harbor Small** <br>**Cap Growth Fund** | **Harbor Small** <br>**Cap Growth Fund** | **Harbor Small** <br>**Cap Value Fund** | **Harbor Small** <br>**Cap Value Fund** |
| **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $24679 | $78440 | $8982 | $4021 | $19458 | $38729 | $308665 | $509881 | $54451 | $115409 |
| 124342 | 71381 | 2146 | 567 | 4439 | 2239 | 11576 | 30047 | 14185 | 2821 |
| (194063) | (472514) | (6922) | (14772) | (16898) | (34813) | (140023) | (187804) | (91564) | (289514) |
|  |  |  |  |  |  |  | (33860) |  |  |
| $**(45042)** | **$(322693)** | **$4206** | **$(10184)** | **$6999** | **$6155** | **$180218** | **$318264** | **$(22928)** | **$(171284)** |
| $19231 | $39875 | $17885 | $40694 | $27228 | $32561 | $71502 | $200012 | $202483 | $231528 |
| 56836 | 36322 | 2501 | 568 | 17512 | 11816 | 11378 | 35370 | 49891 | 10027 |
| (99403) | (333968) | (14111) | (29966) | (31605) | (65259) | (90312) | (322242) | (277439) | (441871) |
| $**(23336)** | **$(257771)** | **$6275** | **$11296** | **$13135** | **$(20882)** | **$(7432)** | **$(86860)** | **$(25065)** | **$(200316)** |
| $47 | $91 | N/A | N/A | $375 | $596 | $11 | $21 | $293 | $300 |
| 142 | 63 | N/A | N/A | 197 | 132 | 6 | 18 | 48 | 7 |
| (1001) | (86) | N/A | N/A | (554) | (917) | (542) | (64) | (1504) | (338) |
| $**(812)** | **$68** | **N/A** | **N/A** | **$18** | **$(189)** | **$(525)** | **$(25)** | **$(1163)** | **$(31)** |
| $1013 | $1415 | $140 | $267 | $826 | $2075 | $1126 | $2122 | $1228 | $2184 |
| 3600 | 1664 | 8 |  | 1698 | 1253 | 156 | 607 | 840 | 90 |
| (3359) | (5881) | (88) | (290) | (3553) | (7722) | (1685) | (7090) | (4330) | (9354) |
| $**1254** | **$(2802)** | **$60** | **$(23)** | **$(1029)** | **$(4394)** | **$(403)** | **$(4361)** | **$(2262)** | **$(7080)** |

---

------

1 Effective April 21, 2026, the Administrative Class shares of Harbor Ares Systematic Convertible Securities Fund, Harbor International Small Cap Fund, Harbor Large Cap Value Fund, and Harbor Small Cap Growth Fund were liquidated.

------

⬤

------

**STATEMENTS OF CHANGES IN NET ASSETS—CAPITAL STOCK ACTIVITY —Continued**

------

(All amounts in thousands)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Embark Commodity** <br>**Strategy Fund** <br>**(Consolidated)** | **Embark Commodity** <br>**Strategy Fund** <br>**(Consolidated)** | **Embark Small** <br>**Cap Equity Fund** | **Embark Small** <br>**Cap Equity Fund** | **Harbor Ares** <br>**Systematic Convertible** <br>**Securities Fund** | **Harbor Ares** <br>**Systematic Convertible** <br>**Securities Fund** |
|  | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
|  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** |
| **Retirement Class** |  |  |  |  |  |  |
| Shares sold | 701 | 4844 | 167 | 2599 | 88 | 28 |
| Shares issued due to reinvestment of distributions | 46 | 17 | 8 | 1 | 15 | 32 |
| Shares reacquired | (9524) | (9329) | (652) | (15229) | (8) | (27) |
| Shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in shares outstanding** | **(8777)** | **(4468)** | **(477)** | **(12629)** | **95** | **33** |
| **Institutional Class** |  |  |  |  |  |  |
| Shares sold | 13479 | 39481 | 3177 | 23784 | 373 | 902 |
| Shares issued due to reinvestment of distributions | 31599 | 14626 | 1902 | 465 | 11 | 27 |
| Shares reacquired | (40106) | (78194) | (3709) | (122817) | (633) | (245) |
| **Net increase/(decrease) in shares outstanding** | **4972** | **(24087)** | **1370** | **(98568)** | **(249)** | **684** |
| **Administrative Class**<sup>1</sup> <br>|  |  |  |  |  |  |
| Shares sold | N/A | N/A | N/A | N/A |  |  |
| Shares issued due to reinvestment of distributions | N/A | N/A | N/A | N/A |  |  |
| Shares reacquired | N/A | N/A | N/A | N/A | (4) | (4) |
| **Net increase/(decrease) in shares outstanding** | N/A | N/A | N/A | N/A | **(4)** | **(4)** |
| **Investor Class** |  |  |  |  |  |  |
| Shares sold | N/A | N/A | N/A | N/A | 30 | 53 |
| Shares issued due to reinvestment of distributions | N/A | N/A | N/A | N/A | 1 | 2 |
| Shares reacquired | N/A | N/A | N/A | N/A | (97) | (20) |
| **Net increase/(decrease) in shares outstanding** | **N/A** | **N/A** | **N/A** | **N/A** | **(66)** | **35** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Capital** <br>**Appreciation Fund** | **Harbor Capital** <br>**Appreciation Fund** | **Harbor Core** <br>**Bond Fund** | **Harbor Core** <br>**Bond Fund** | **Harbor Core** <br>**Plus Fund** | **Harbor Core** <br>**Plus Fund** | **Harbor Diversified** <br>**International** <br>**All Cap Fund** | **Harbor Diversified** <br>**International** <br>**All Cap Fund** | **Harbor** <br>**International Fund** | **Harbor** <br>**International Fund** |
| **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| 4333 | 12604 | 34288 | 43813 | 996 | 5759 | 2080 | 5878 | 1213 | 1548 |
| 8062 | 8362 | 3394 | 6066 | 200 | 304 | 2792 | 1688 | 383 | 434 |
| (15865) | (25732) | (20191) | (16327) | (768) | (2402) | (3252) | (25045) | (1358) | (2841) |
| (300) |  |  |  |  |  |  |  |  |  |
| **(3770)** | **(4766)** | **17491** | **33552** | **428** | **3661** | **1620** | **(17479)** | **238** | **(859)** |
| 7040 | 13654 | 1108 | 6969 | 11299 | 25689 | 274 | 678 | 1001 | 4879 |
| 13703 | 14440 | 247 | 594 | 2779 | 4802 | 861 | 411 | 1677 | 1974 |
| (23669) | (39325) | (936) | (7282) | (11430) | (24058) | (1566) | (7093) | (4303) | (10323) |
| **(2926)** | **(11231)** | **419** | **281** | **2648** | **6433** | **(431)** | **(6004)** | **(1625)** | **(3470)** |
| 180 | 355 | N/A | N/A | 8 | 18 | 199 | 398 | 31 | 130 |
| 161 | 160 | N/A | N/A | 12 | 28 | 95 | 29 | 6 | 6 |
| (240) | (612) | N/A | N/A | (121) | (185) | (181) | (192) | (41) | (58) |
| **101** | **(97)** | **N/A** | **N/A** | **(101)** | **(139)** | **113** | **235** | **(4)** | **78** |
| 235 | 588 | N/A | N/A | N/A | N/A | 51 | 174 | 336 | 405 |
| 938 | 1028 | N/A | N/A | N/A | N/A | 86 | 27 | 151 | 173 |
| (1571) | (2704) | N/A | N/A | N/A | N/A | (115) | (77) | (519) | (1267) |
| **(398)** | **(1088)** | **N/A** | **N/A** | **N/A** | **N/A** | **22** | **124** | **(32)** | **(689)** |

---

------

⬤

------

**STATEMENTS OF CHANGES IN NET ASSETS—CAPITAL STOCK ACTIVITY —Continued**

------

(All amounts in thousands)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**International** <br>**Compounders Fund** | **Harbor** <br>**International** <br>**Compounders Fund** | **Harbor** <br>**International Core Fund** | **Harbor** <br>**International Core Fund** | **Harbor International** <br>**Small Cap Fund** | **Harbor International** <br>**Small Cap Fund** |
|  | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
|  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** |
| **Retirement Class** |  |  |  |  |  |  |
| Shares sold | 150 | 2707 | 20694 | 24213 | 111 | 371 |
| Shares issued due to reinvestment of distributions | 58 | 7 | 779 | 29 | 445 | 341 |
| Shares reacquired | (677) | (145) | (5037) | (3844) | (517) | (2951) |
| Shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in shares outstanding** | **(469)** | **2569** | **16436** | **20398** | **39** | **(2239)** |
| **Institutional Class** |  |  |  |  |  |  |
| Shares sold | 17 | 157 | 23845 | 36487 | 800 | 2693 |
| Shares issued due to reinvestment of distributions | 2 |  | 1031 | 428 | 537 | 366 |
| Shares reacquired |  | (201) | (7473) | (14709) | (1303) | (5386) |
| **Net increase/(decrease) in shares outstanding** | **19** | **(44)** | **17403** | **22206** | **34** | **(2327)** |
| **Administrative Class**<sup>1</sup> <br>|  |  |  |  |  |  |
| Shares sold | N/A | N/A | N/A | N/A |  |  |
| Shares issued due to reinvestment of distributions | N/A | N/A | N/A | N/A |  |  |
| Shares reacquired | N/A | N/A | N/A | N/A | (1) | (2) |
| **Net increase/(decrease) in shares outstanding** | N/A | N/A | N/A | N/A | **(1)** | **(2)** |
| **Investor Class** |  |  |  |  |  |  |
| Shares sold | N/A | N/A | 175 | 246 | 14 | 56 |
| Shares issued due to reinvestment of distributions | N/A | N/A | 13 | 9 | 15 | 8 |
| Shares reacquired | N/A | N/A | (82) | (207) | (36) | (63) |
| **Net increase/(decrease) in shares outstanding** | **N/A** | **N/A** | **106** | **48** | **(7)** | **1** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Large** <br>**Cap Value Fund** | **Harbor Large** <br>**Cap Value Fund** | **Harbor Mid** <br>**Cap Fund** | **Harbor Mid** <br>**Cap Fund** | **Harbor Mid** <br>**Cap Value Fund** | **Harbor Mid** <br>**Cap Value Fund** | **Harbor Small** <br>**Cap Growth Fund** | **Harbor Small** <br>**Cap Growth Fund** | **Harbor Small** <br>**Cap Value Fund** | **Harbor Small** <br>**Cap Value Fund** |
| **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| 1211 | 3524 | 552 | 273 | 664 | 1443 | 18823 | 35083 | 1081 | 2825 |
| 6362 | 3303 | 137 | 39 | 160 | 87 | 716 | 2126 | 319 | 66 |
| (9462) | (21213) | (428) | (1002) | (575) | (1340) | (8615) | (13127) | (1951) | (7177) |
|  |  |  |  |  |  |  | (2203) |  |  |
| **(1889)** | **(14386)** | **261** | **(690)** | **249** | **190** | **10924** | **21879** | **(551)** | **(4286)** |
| 953 | 1797 | 1091 | 2766 | 930 | 1238 | 4432 | 14299 | 4264 | 5661 |
| 2907 | 1681 | 160 | 39 | 629 | 459 | 711 | 2526 | 1120 | 236 |
| (4881) | (14895) | (862) | (2030) | (1081) | (2440) | (5550) | (23399) | (5801) | (10752) |
| **(1021)** | **(11417)** | **389** | **775** | **478** | **(743)** | **(407)** | **(6574)** | **(417)** | **(4855)** |
| 2 | 4 | N/A | N/A | 13 | 23 | 1 | 2 | 7 | 7 |
| 7 | 3 | N/A | N/A | 7 | 5 |  | 1 | 1 |  |
| (49) | (4) | N/A | N/A | (19) | (34) | (37) | (5) | (35) | (8) |
| **(40)** | **3** | **N/A** | **N/A** | **1** | **(6)** | **(36)** | **(2)** | **(27)** | **(1)** |
| 46 | 63 | 8 | 19 | 28 | 77 | 93 | 198 | 26 | 55 |
| 181 | 76 | 1 |  | 61 | 49 | 13 | 57 | 20 | 2 |
| (160) | (259) | (5) | (20) | (121) | (290) | (137) | (702) | (97) | (241) |
| **67** | **(120)** | **4** | **(1)** | **(32)** | **(164)** | **(31)** | **(447)** | **(51)** | **(184)** |

---

------

1 Effective April 21, 2026, the Administrative Class shares of Harbor Ares Systematic Convertible Securities Fund, Harbor International Small Cap Fund, Harbor Large Cap Value Fund, and Harbor Small Cap Growth Fund were liquidated.

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**EMBARK COMMODITY STRATEGY FUND (CONSOLIDATED)**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$11.40** | &nbsp;&nbsp; $10.41 | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.17** | 0.38 | 0.35 |
| Net realized and unrealized gain/(loss) on investments | **3.18** | 1.21 | 0.26 |
| Total from investment operations | **3.35** | 1.59 | 0.61 |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.41)** | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.20) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.41)** | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.20) |
| Net asset value end of period | &nbsp;&nbsp; **$13.34** | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $10.41 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$131378** | &nbsp;&nbsp; $212345 | &nbsp;&nbsp; $240433 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **33.08%**<sup>c</sup> <br>| &nbsp;&nbsp; 15.93% | &nbsp;&nbsp; 6.06%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.74**<sup>d</sup> | 0.74 | 0.85<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.71**<sup>d</sup> | 0.71 | 0.71<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.98**<sup>d</sup> | 3.55 | 4.37<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **13**<sup>c</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 34<sup>c</sup> |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$11.41** | &nbsp;&nbsp; $10.42 | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.17** | 0.37 | 0.33 |
| Net realized and unrealized gain/(loss) on investments | **3.18** | 1.21 | 0.28 |
| Total from investment operations | **3.35** | 1.58 | 0.61 |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.41)** | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.19) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.41)** | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.19) |
| Net asset value end of period | &nbsp;&nbsp; **$13.35** | &nbsp;&nbsp; $11.41 | &nbsp;&nbsp; $10.42 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$3182963** | &nbsp;&nbsp; $2663906 | &nbsp;&nbsp; $2683573 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **33.00%**<sup>c</sup> <br>| &nbsp;&nbsp; 15.82% | &nbsp;&nbsp; 6.12%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.82**<sup>d</sup> | 0.82 | 0.93<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.79**<sup>d</sup> | 0.79 | 0.79<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.83**<sup>d</sup> | 3.47 | 4.15<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **13**<sup>c</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 34<sup>c</sup> |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**EMBARK SMALL CAP EQUITY FUND**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$11.43** | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.03** | 0.05 | 0.03 |
| Net realized and unrealized gain/(loss) on investments | **1.16** | 0.66 | 0.73 |
| Total from investment operations | **1.19** | 0.71 | 0.76 |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.10)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.41)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.51)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| Net asset value end of period | &nbsp;&nbsp; **$12.11** | &nbsp;&nbsp; $11.43 | &nbsp;&nbsp; $10.76 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$26272** | &nbsp;&nbsp; $30249 | &nbsp;&nbsp; $164442 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **10.73%**<sup>c</sup> <br>| &nbsp;&nbsp; 6.63% | &nbsp;&nbsp; 7.60%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.68**<sup>d</sup> | 0.66 | 0.75<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.61**<sup>d</sup> | 0.61 | 0.61<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.54**<sup>d</sup> | 0.48 | 0.42<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **58**<sup>c</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 71<sup>c</sup> |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$11.43** | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.03** | 0.04 | 0.03 |
| Net realized and unrealized gain/(loss) on investments | **1.16** | 0.67 | 0.73 |
| Total from investment operations | **1.19** | 0.71 | 0.76 |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.09)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.41)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.50)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — |
| Net asset value end of period | &nbsp;&nbsp; **$12.12** | &nbsp;&nbsp; $11.43 | &nbsp;&nbsp; $10.76 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$545644** | &nbsp;&nbsp; $498865 | &nbsp;&nbsp; $1530650 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **10.67%**<sup>c</sup> <br>| &nbsp;&nbsp; 6.57% | &nbsp;&nbsp; 7.60%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.76**<sup>d</sup> | 0.74 | 0.83<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.69**<sup>d</sup> | 0.69 | 0.69<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.45**<sup>d</sup> | 0.38 | 0.40<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **58**<sup>c</sup> | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 71<sup>c</sup> |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR ARES SYSTEMATIC CONVERTIBLE SECURITIES FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$13.66** | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp; $12.49 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.14** | 0.32 | 0.39 | 0.24 | 0.04 | 0.02 |
| Net realized and unrealized gain/(loss) on investments | **1.71** | 2.45 | 1.76 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (2.22) | 2.43 |
| Total from investment operations | **1.85** | 2.77 | 2.15 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (2.18) | 2.45 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.09) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.61) | &nbsp;&nbsp; (1.16) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (1.25) |
| Proceeds from redemption fees | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &nbsp;&nbsp; **$15.34** | &nbsp;&nbsp; $13.66 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $13.69 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$18986** | &nbsp;&nbsp; $15621 | &nbsp;&nbsp; $12460 | &nbsp;&nbsp; $10174 | &nbsp;&nbsp; $33711 | &nbsp;&nbsp; $41250 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **13.70%**<sup>c</sup> <br>| &nbsp;&nbsp; 25.19% | &nbsp;&nbsp; 23.08% | &nbsp;&nbsp; (0.73)% | &nbsp;&nbsp; (17.59)% | &nbsp;&nbsp; 20.23% |
| Ratio of total expenses to average net assets | **0.82**<sup>d</sup> | 0.92 | 0.94 | 0.98 | 0.74 | 0.73 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.63**<sup>d</sup> | 0.63 | 0.63 | 0.69 | 0.68 | 0.67 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.97**<sup>d</sup> | 2.70 | 3.69 | 2.40 | 0.35 | 0.15 |
| Portfolio turnover | &nbsp;&nbsp; **92**<sup>c</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$13.66** | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $12.48 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.13** | 0.31 | 0.38 | 0.23 | 0.03 | 0.01 |
| Net realized and unrealized gain/(loss) on investments | **1.71** | 2.45 | 1.76 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (2.21) | 2.43 |
| Total from investment operations | **1.84** | 2.76 | 2.14 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (2.18) | 2.44 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.16)** | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.08) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.61) | &nbsp;&nbsp; (1.16) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.16)** | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (1.24) |
| Proceeds from redemption fees | &nbsp;&nbsp; **1000.00** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &nbsp;&nbsp; **$15.34** | &nbsp;&nbsp; $13.66 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $13.68 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$22274** | &nbsp;&nbsp; $23236 | &nbsp;&nbsp; $11423 | &nbsp;&nbsp; $15052 | &nbsp;&nbsp; $126865 | &nbsp;&nbsp; $161772 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **13.65%**<sup>c</sup> <br>| &nbsp;&nbsp; 25.09% | &nbsp;&nbsp; 22.98% | &nbsp;&nbsp; (0.83)% | &nbsp;&nbsp; (17.62)% | &nbsp;&nbsp; 20.18% |
| Ratio of total expenses to average net assets | **0.90**<sup>d</sup> | 1.00 | 1.02 | 1.06 | 0.82 | 0.81 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.71**<sup>d</sup> | 0.71 | 0.71 | 0.77 | 0.76 | 0.75 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.88**<sup>d</sup> | 2.56 | 3.65 | 2.31 | 0.27 | 0.06 |
| Portfolio turnover | &nbsp;&nbsp; **92**<sup>c</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR ARES SYSTEMATIC CONVERTIBLE SECURITIES FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$13.60** | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $12.46 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.11** | 0.27 | 0.34 | 0.24 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.04) |
| Net realized and unrealized gain/(loss) on investments | **1.70** | 2.44 | 1.76 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (2.20) | 2.43 |
| Total from investment operations | **1.81** | 2.71 | 2.10 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.21) | 2.39 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.07) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.61) | &nbsp;&nbsp; (1.16) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp; (1.23) |
| Proceeds from redemption fees | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &nbsp;&nbsp; **$15.28** | &nbsp;&nbsp; $13.60 | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $13.62 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$671** | &nbsp;&nbsp; $1490 | &nbsp;&nbsp; $842 | &nbsp;&nbsp; $653 | &nbsp;&nbsp; $2076 | &nbsp;&nbsp; $2853 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **13.41%**<sup>c</sup> <br>| &nbsp;&nbsp; 24.69% | &nbsp;&nbsp; 22.55% | &nbsp;&nbsp; (1.23)% | &nbsp;&nbsp; (17.92)% | &nbsp;&nbsp; 19.76% |
| Ratio of total expenses to average net assets | **1.25**<sup>d</sup> | 1.35 | 1.38 | 1.40 | 1.18 | 1.17 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.06**<sup>d</sup> | 1.06 | 1.07 | 1.12 | 1.12 | 1.11 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.58**<sup>d</sup> | 2.23 | 3.25 | 2.46 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.29) |
| Portfolio turnover | &nbsp;&nbsp; **92**<sup>c</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR CAPITAL APPRECIATION FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$134.32** | &nbsp;&nbsp; $118.45 | &nbsp;&nbsp; $82.14 | &nbsp;&nbsp; $66.82 | &nbsp;&nbsp; $124.89 | &nbsp;&nbsp; $99.19 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.06) | 0.03 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.27) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(2.33)** | 28.40 | 36.37 | 15.29 | &nbsp;&nbsp; (39.22) | 38.73 |
| Total from investment operations | &nbsp;&nbsp; **(2.46)** | 28.23 | 36.31 | 15.32 | &nbsp;&nbsp; (39.28) | 38.46 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(13.12)** | &nbsp;&nbsp; (12.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Total distributions | &nbsp;&nbsp; **(13.12)** | &nbsp;&nbsp; (12.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Net asset value end of period | &nbsp;&nbsp; **$118.74** | &nbsp;&nbsp; $134.32 | &nbsp;&nbsp; $118.45 | &nbsp;&nbsp; $82.14 | &nbsp;&nbsp; $66.82 | &nbsp;&nbsp; $124.89 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$9076493** | &nbsp;&nbsp; $10773711 | &nbsp;&nbsp; $10065671 | &nbsp;&nbsp; $7562038 | &nbsp;&nbsp; $7108919 | &nbsp;&nbsp; $11385191 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(1.85)%**<sup>c</sup> <br>| &nbsp;&nbsp; 25.53% | &nbsp;&nbsp; 44.21% | &nbsp;&nbsp; 22.93% | &nbsp;&nbsp; (36.03)% | &nbsp;&nbsp; 41.33% |
| Ratio of total expenses to average net assets | **0.64**<sup>d</sup> | 0.64 | 0.64 | 0.64 | 0.64 | 0.63 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.59**<sup>d</sup> | 0.59 | 0.59 | 0.59 | 0.58 | 0.57 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.22)**<sup>d</sup> | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.05) | 0.04 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.25) |
| Portfolio turnover | &nbsp;&nbsp; **9**<sup>c</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$126.85** | &nbsp;&nbsp; $112.84 | &nbsp;&nbsp; $78.51 | &nbsp;&nbsp; $64.08 | &nbsp;&nbsp; $120.94 | &nbsp;&nbsp; $96.68 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.30)** | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.61) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(2.21)** | 26.90 | 34.71 | 14.64 | &nbsp;&nbsp; (37.74) | 37.63 |
| Total from investment operations | &nbsp;&nbsp; **(2.51)** | 26.37 | 34.33 | 14.43 | &nbsp;&nbsp; (38.07) | 37.02 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(13.12)** | &nbsp;&nbsp; (12.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Total distributions | &nbsp;&nbsp; **(13.12)** | &nbsp;&nbsp; (12.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Net asset value end of period | &nbsp;&nbsp; **$111.22** | &nbsp;&nbsp; $126.85 | &nbsp;&nbsp; $112.84 | &nbsp;&nbsp; $78.51 | &nbsp;&nbsp; $64.08 | &nbsp;&nbsp; $120.94 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$190620** | &nbsp;&nbsp; $204569 | &nbsp;&nbsp; $192992 | &nbsp;&nbsp; $199055 | &nbsp;&nbsp; $187390 | &nbsp;&nbsp; $414600 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(2.01)%**<sup>c</sup> <br>| &nbsp;&nbsp; 25.11% | &nbsp;&nbsp; 43.73% | &nbsp;&nbsp; 22.52% | &nbsp;&nbsp; (36.23)% | &nbsp;&nbsp; 40.86% |
| Ratio of total expenses to average net assets | **0.97**<sup>d</sup> | 0.97 | 0.97 | 0.97 | 0.97 | 0.96 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.92**<sup>d</sup> | 0.92 | 0.92 | 0.92 | 0.91 | 0.90 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.55)**<sup>d</sup> | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.57) |
| Portfolio turnover | &nbsp;&nbsp; **9**<sup>c</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR CAPITAL APPRECIATION FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$133.69** | &nbsp;&nbsp; $118.04 | &nbsp;&nbsp; $81.92 | &nbsp;&nbsp; $66.69 | &nbsp;&nbsp; $124.78 | &nbsp;&nbsp; $99.18 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.36) |
| Net realized and unrealized gain/(loss) on <br> investments<br>| &nbsp;&nbsp; **(2.32)** | 28.28 | 36.26 | 15.26 | &nbsp;&nbsp; (39.17) | 38.72 |
| Total from investment operations | &nbsp;&nbsp; **(2.49)** | 28.01 | 36.12 | 15.23 | &nbsp;&nbsp; (39.30) | 38.36 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(13.12)** | &nbsp;&nbsp; (12.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Total distributions | &nbsp;&nbsp; **(13.12)** | &nbsp;&nbsp; (12.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Net asset value end of period | &nbsp;&nbsp; **$118.08** | &nbsp;&nbsp; $133.69 | &nbsp;&nbsp; $118.04 | &nbsp;&nbsp; $81.92 | &nbsp;&nbsp; $66.69 | &nbsp;&nbsp; $124.78 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$15342798** | &nbsp;&nbsp; $17762870 | &nbsp;&nbsp; $17008997 | &nbsp;&nbsp; $14002664 | &nbsp;&nbsp; $13590549 | &nbsp;&nbsp; $28902862 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(1.88)%**<sup>c</sup> <br>| &nbsp;&nbsp; 25.42% | &nbsp;&nbsp; 44.09% | &nbsp;&nbsp; 22.84% | &nbsp;&nbsp; (36.08)% | &nbsp;&nbsp; 41.22% |
| Ratio of total expenses to average net assets | **0.72**<sup>d</sup> | 0.72 | 0.72 | 0.72 | 0.72 | 0.71 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.67**<sup>d</sup> | 0.67 | 0.67 | 0.67 | 0.66 | 0.65 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.30)**<sup>d</sup> | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.33) |
| Portfolio turnover | &nbsp;&nbsp; **9**<sup>c</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$121.15** | &nbsp;&nbsp; $108.39 | &nbsp;&nbsp; $75.49 | &nbsp;&nbsp; $61.68 | &nbsp;&nbsp; $117.30 | &nbsp;&nbsp; $94.19 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.33)** | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.72) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(2.12)** | 25.74 | 33.38 | 14.09 | &nbsp;&nbsp; (36.43) | 36.59 |
| Total from investment operations | &nbsp;&nbsp; **(2.45)** | 25.12 | 32.90 | 13.81 | &nbsp;&nbsp; (36.83) | 35.87 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(13.12)** | &nbsp;&nbsp; (12.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Total distributions | &nbsp;&nbsp; **(13.12)** | &nbsp;&nbsp; (12.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Net asset value end of period | &nbsp;&nbsp; **$105.58** | &nbsp;&nbsp; $121.15 | &nbsp;&nbsp; $108.39 | &nbsp;&nbsp; $75.49 | &nbsp;&nbsp; $61.68 | &nbsp;&nbsp; $117.30 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$796664** | &nbsp;&nbsp; $962340 | &nbsp;&nbsp; $978805 | &nbsp;&nbsp; $813072 | &nbsp;&nbsp; $797250 | &nbsp;&nbsp; $1564732 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(2.06)%**<sup>c</sup> <br>| &nbsp;&nbsp; 24.98% | &nbsp;&nbsp; 43.58% | &nbsp;&nbsp; 22.39% | &nbsp;&nbsp; (36.31)% | &nbsp;&nbsp; 40.71% |
| Ratio of total expenses to average net assets | **1.07**<sup>d</sup> | 1.07 | 1.08 | 1.08 | 1.08 | 1.08 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.02**<sup>d</sup> | 1.02 | 1.03 | 1.03 | 1.02 | 1.01 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.64)**<sup>d</sup> | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.69) |
| Portfolio turnover | &nbsp;&nbsp; **9**<sup>c</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR CORE BOND FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$8.99** | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $11.06 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.20** | 0.41 | 0.41 | 0.34 | 0.22 | 0.19 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.15)** | 0.13 | 0.49 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.19) |
| Total from investment operations | **0.05** | 0.54 | 0.90 | 0.07 | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; — |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.21)** | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.23) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22) |
| Total distributions | &nbsp;&nbsp; **(0.21)** | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.45) |
| Net asset value end of period | &nbsp;&nbsp; **$8.83** | &nbsp;&nbsp; $8.99 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $10.61 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1572811** | &nbsp;&nbsp; $1443710 | &nbsp;&nbsp; $1125752 | &nbsp;&nbsp; $64662 | &nbsp;&nbsp; $41312 | &nbsp;&nbsp; $36557 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **0.51%**<sup>c</sup> <br>| &nbsp;&nbsp; 6.21% | &nbsp;&nbsp; 10.82% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; (16.14)% | &nbsp;&nbsp; (0.01)% |
| Ratio of total expenses to average net assets | **0.27**<sup>d</sup> | 0.28 | 0.29 | 0.36 | 0.37 | 0.43 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.26**<sup>d</sup> | 0.26 | 0.26 | 0.26 | 0.27 | 0.37 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **4.55**<sup>d</sup> | 4.64 | 4.55 | 3.88 | 2.28 | 1.77 |
| Portfolio turnover | &nbsp;&nbsp; **30**<sup>c</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 47 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$8.99** | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $11.06 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.20** | 0.40 | 0.39 | 0.34 | 0.20 | 0.18 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.16)** | 0.13 | 0.50 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (0.19) |
| Total from investment operations | **0.04** | 0.53 | 0.89 | 0.06 | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (0.01) |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.20)** | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.22) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22) |
| Total distributions | &nbsp;&nbsp; **(0.20)** | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.44) |
| Net asset value end of period | &nbsp;&nbsp; **$8.83** | &nbsp;&nbsp; $8.99 | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $10.61 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$103835** | &nbsp;&nbsp; $101924 | &nbsp;&nbsp; $97959 | &nbsp;&nbsp; $42105 | &nbsp;&nbsp; $28065 | &nbsp;&nbsp; $105931 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **0.47%**<sup>c</sup> <br>| &nbsp;&nbsp; 6.13% | &nbsp;&nbsp; 10.74% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; (16.21)% | &nbsp;&nbsp; (0.09)% |
| Ratio of total expenses to average net assets | **0.35**<sup>d</sup> | 0.36 | 0.37 | 0.44 | 0.45 | 0.51 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.34**<sup>d</sup> | 0.34 | 0.34 | 0.34 | 0.36 | 0.45 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **4.47**<sup>d</sup> | 4.56 | 4.39 | 3.79 | 2.03 | 1.70 |
| Portfolio turnover | &nbsp;&nbsp; **30**<sup>c</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 47 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR CORE PLUS FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022**<sup>h</sup> <br>| **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.36** | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $12.06 | &nbsp;&nbsp; $12.35 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.23** | 0.45 | 0.44 | 0.40 | 0.32 | 0.32 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.18)** | 0.21 | 0.70 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (2.18) | &nbsp;&nbsp; (0.21) |
| Total from investment operations | **0.05** | 0.66 | 1.14 | 0.16 | &nbsp;&nbsp; (1.86) | 0.11 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.26)** | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.27) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.13) |
| Total distributions | &nbsp;&nbsp; **(0.26)** | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.40) |
| Net asset value end of period | &nbsp;&nbsp; **$10.15** | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $12.06 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$83383** | &nbsp;&nbsp; $80624 | &nbsp;&nbsp; $41952 | &nbsp;&nbsp; $13726 | &nbsp;&nbsp; $12389 | &nbsp;&nbsp; $172699 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **0.52%**<sup>c</sup> <br>| &nbsp;&nbsp; 6.68% | &nbsp;&nbsp; 12.11% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; (15.78)% | &nbsp;&nbsp; 0.88% |
| Ratio of total expenses to average net assets | **0.30**<sup>d</sup> | 0.30 | 0.31 | 0.30 | 0.42 | 0.53 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.30**<sup>d</sup> | 0.30 | 0.30 | 0.30 | 0.36 | 0.43 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **4.47**<sup>d</sup> | 4.46 | 4.34 | 3.94 | 2.83 | 2.63 |
| Portfolio turnover | &nbsp;&nbsp; **26**<sup>c</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 370 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022**<sup>h</sup> <br>| **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.35** | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $12.37 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.21** | 0.42 | 0.40 | 0.36 | 0.29 | 0.28 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.17)** | 0.20 | 0.70 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (0.21) |
| Total from investment operations | **0.04** | 0.62 | 1.10 | 0.12 | &nbsp;&nbsp; (1.92) | 0.07 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.25)** | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.23) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.13) |
| Total distributions | &nbsp;&nbsp; **(0.25)** | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.36) |
| Net asset value end of period | &nbsp;&nbsp; **$10.14** | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $12.08 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$4652** | &nbsp;&nbsp; $5792 | &nbsp;&nbsp; $7109 | &nbsp;&nbsp; $7664 | &nbsp;&nbsp; $11223 | &nbsp;&nbsp; $17270 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **0.35%**<sup>c</sup> <br>| &nbsp;&nbsp; 6.23% | &nbsp;&nbsp; 11.75% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; (16.20)% | &nbsp;&nbsp; 0.54% |
| Ratio of total expenses to average net assets | **0.63**<sup>d</sup> | 0.63 | 0.64 | 0.63 | 0.71 | 0.86 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.63**<sup>d</sup> | 0.63 | 0.63 | 0.63 | 0.67 | 0.76 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **4.13**<sup>d</sup> | 4.14 | 4.00 | 3.58 | 2.64 | 2.29 |
| Portfolio turnover | &nbsp;&nbsp; **26**<sup>c</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 370 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR CORE PLUS FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022**<sup>h</sup> <br>| **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.33** | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $12.36 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.22** | 0.45 | 0.43 | 0.39 | 0.32 | 0.31 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.16)** | 0.19 | 0.69 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (0.21) |
| Total from investment operations | **0.06** | 0.64 | 1.12 | 0.15 | &nbsp;&nbsp; (1.89) | 0.10 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.26)** | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.26) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.13) |
| Total distributions | &nbsp;&nbsp; **(0.26)** | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.39) |
| Net asset value end of period | &nbsp;&nbsp; **$10.13** | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $12.07 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1172643** | &nbsp;&nbsp; $1168879 | &nbsp;&nbsp; $1083111 | &nbsp;&nbsp; $905615 | &nbsp;&nbsp; $924416 | &nbsp;&nbsp; $1376349 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **0.58%**<sup>c</sup> <br>| &nbsp;&nbsp; 6.51% | &nbsp;&nbsp; 11.93% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; (15.99)% | &nbsp;&nbsp; 0.79% |
| Ratio of total expenses to average net assets | **0.38**<sup>d</sup> | 0.38 | 0.39 | 0.38 | 0.46 | 0.61 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.38**<sup>d</sup> | 0.38 | 0.38 | 0.38 | 0.42 | 0.51 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **4.39**<sup>d</sup> | 4.38 | 4.25 | 3.85 | 2.88 | 2.52 |
| Portfolio turnover | &nbsp;&nbsp; **26**<sup>c</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 370 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$15.14** | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $13.83 | &nbsp;&nbsp; $10.25 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.14** | 0.25 | 0.23 | 0.25 | 0.23 | 0.21 |
| Net realized and unrealized gain/(loss) on investments | **1.51** | 2.53 | 2.05 | 0.95 | &nbsp;&nbsp; (3.36) | 3.50 |
| Total from investment operations | **1.65** | 2.78 | 2.28 | 1.20 | &nbsp;&nbsp; (3.13) | 3.71 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.56)** | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.13) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.66)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.22)** | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.13) |
| Net asset value end of period | &nbsp;&nbsp; **$15.57** | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $13.83 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$554754** | &nbsp;&nbsp; $515113 | &nbsp;&nbsp; $657085 | &nbsp;&nbsp; $610787 | &nbsp;&nbsp; $543857 | &nbsp;&nbsp; $853454 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **11.54%**<sup>c</sup> <br>| &nbsp;&nbsp; 22.60% | &nbsp;&nbsp; 21.34% | &nbsp;&nbsp; 12.38% | &nbsp;&nbsp; (24.03)% | &nbsp;&nbsp; 36.32% |
| Ratio of total expenses to average net assets | **0.84**<sup>d</sup> | 0.85 | 0.83 | 0.82 | 0.84 | 0.84 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.75**<sup>d</sup> | 0.74 | 0.72 | 0.72 | 0.72 | 0.71 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.81**<sup>d</sup> | 1.86 | 1.83 | 2.16 | 1.98 | 1.54 |
| Portfolio turnover | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 51 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$15.07** | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; $10.22 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.11** | 0.23 | 0.20 | 0.21 | 0.20 | 0.16 |
| Net realized and unrealized gain/(loss) on investments | **1.51** | 2.50 | 2.02 | 0.96 | &nbsp;&nbsp; (3.35) | 3.48 |
| Total from investment operations | **1.62** | 2.73 | 2.22 | 1.17 | &nbsp;&nbsp; (3.15) | 3.64 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.52)** | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.09) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.66)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.18)** | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (0.09) |
| Net asset value end of period | &nbsp;&nbsp; **$15.51** | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $13.77 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$19281** | &nbsp;&nbsp; $17037 | &nbsp;&nbsp; $11370 | &nbsp;&nbsp; $8506 | &nbsp;&nbsp; $7419 | &nbsp;&nbsp; $9213 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **11.33%**<sup>c</sup> <br>| &nbsp;&nbsp; 22.23% | &nbsp;&nbsp; 20.87% | &nbsp;&nbsp; 12.06% | &nbsp;&nbsp; (24.24)% | &nbsp;&nbsp; 35.76% |
| Ratio of total expenses to average net assets | **1.17**<sup>d</sup> | 1.18 | 1.16 | 1.15 | 1.17 | 1.17 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.08**<sup>d</sup> | 1.07 | 1.05 | 1.05 | 1.05 | 1.04 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.50**<sup>d</sup> | 1.68 | 1.57 | 1.81 | 1.73 | 1.17 |
| Portfolio turnover | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 51 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$15.15** | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $13.82 | &nbsp;&nbsp; $10.25 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.13** | 0.25 | 0.22 | 0.24 | 0.23 | 0.19 |
| Net realized and unrealized gain/(loss) on investments | **1.51** | 2.53 | 2.05 | 0.96 | &nbsp;&nbsp; (3.36) | 3.50 |
| Total from investment operations | **1.64** | 2.78 | 2.27 | 1.20 | &nbsp;&nbsp; (3.13) | 3.69 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.55)** | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.12) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.66)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.21)** | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (0.12) |
| Net asset value end of period | &nbsp;&nbsp; **$15.58** | &nbsp;&nbsp; $15.15 | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $13.82 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$209451** | &nbsp;&nbsp; $210147 | &nbsp;&nbsp; $253607 | &nbsp;&nbsp; $270054 | &nbsp;&nbsp; $248130 | &nbsp;&nbsp; $332503 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **11.43%**<sup>c</sup> <br>| &nbsp;&nbsp; 22.54% | &nbsp;&nbsp; 21.24% | &nbsp;&nbsp; 12.28% | &nbsp;&nbsp; (24.04)% | &nbsp;&nbsp; 36.12% |
| Ratio of total expenses to average net assets | **0.92**<sup>d</sup> | 0.93 | 0.91 | 0.90 | 0.92 | 0.92 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.83**<sup>d</sup> | 0.82 | 0.80 | 0.80 | 0.80 | 0.79 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.70**<sup>d</sup> | 1.85 | 1.73 | 2.06 | 1.99 | 1.43 |
| Portfolio turnover | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 51 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$14.99** | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $13.70 | &nbsp;&nbsp; $10.17 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.10** | 0.20 | 0.17 | 0.19 | 0.18 | 0.14 |
| Net realized and unrealized gain/(loss) on investments | **1.50** | 2.50 | 2.04 | 0.96 | &nbsp;&nbsp; (3.33) | 3.47 |
| Total from investment operations | **1.60** | 2.70 | 2.21 | 1.15 | &nbsp;&nbsp; (3.15) | 3.61 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.50)** | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.08) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.66)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.16)** | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (0.08) |
| Net asset value end of period | &nbsp;&nbsp; **$15.43** | &nbsp;&nbsp; $14.99 | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $13.70 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$16512** | &nbsp;&nbsp; $15726 | &nbsp;&nbsp; $11694 | &nbsp;&nbsp; $9705 | &nbsp;&nbsp; $8330 | &nbsp;&nbsp; $10072 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **11.31%**<sup>c</sup> <br>| &nbsp;&nbsp; 22.03% | &nbsp;&nbsp; 20.87% | &nbsp;&nbsp; 11.87% | &nbsp;&nbsp; (24.32)% | &nbsp;&nbsp; 35.56% |
| Ratio of total expenses to average net assets | **1.27**<sup>d</sup> | 1.29 | 1.27 | 1.26 | 1.28 | 1.29 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.18**<sup>d</sup> | 1.17 | 1.16 | 1.16 | 1.16 | 1.15 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.37**<sup>d</sup> | 1.51 | 1.41 | 1.71 | 1.60 | 1.07 |
| Portfolio turnover | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 51 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$54.70** | &nbsp;&nbsp; $46.96 | &nbsp;&nbsp; $39.99 | &nbsp;&nbsp; $35.91 | &nbsp;&nbsp; $48.47 | &nbsp;&nbsp; $36.52 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.59** | 1.02 | 0.91 | 1.01 | 1.09 | 0.72 |
| Net realized and unrealized gain/(loss) on investments | **3.44** | 8.47 | 7.66 | 4.41 | &nbsp;&nbsp; (12.60) | 11.73 |
| Total from investment operations | **4.03** | 9.49 | 8.57 | 5.42 | &nbsp;&nbsp; (11.51) | 12.45 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(2.00)** | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (1.60) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.50) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(2.00)** | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (1.60) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.50) |
| Net asset value end of period | &nbsp;&nbsp; **$56.73** | &nbsp;&nbsp; $54.70 | &nbsp;&nbsp; $46.96 | &nbsp;&nbsp; $39.99 | &nbsp;&nbsp; $35.91 | &nbsp;&nbsp; $48.47 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$704375** | &nbsp;&nbsp; $666109 | &nbsp;&nbsp; $612228 | &nbsp;&nbsp; $535873 | &nbsp;&nbsp; $461129 | &nbsp;&nbsp; $872647 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **7.53%**<sup>c</sup> <br>| &nbsp;&nbsp; 21.12% | &nbsp;&nbsp; 21.79% | &nbsp;&nbsp; 15.24% | &nbsp;&nbsp; (24.19)% | &nbsp;&nbsp; 34.23% |
| Ratio of total expenses to average net assets | **0.80**<sup>d</sup> | 0.81 | 0.81 | 0.81 | 0.81 | 0.80 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.72**<sup>d</sup> | 0.71 | 0.69 | 0.69 | 0.69 | 0.69 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.13**<sup>d</sup> | 2.05 | 1.98 | 2.41 | 2.57 | 1.55 |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$55.44** | &nbsp;&nbsp; $47.54 | &nbsp;&nbsp; $40.45 | &nbsp;&nbsp; $36.29 | &nbsp;&nbsp; $48.95 | &nbsp;&nbsp; $36.78 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.50** | 0.87 | 0.76 | 0.88 | 1.02 | 0.57 |
| Net realized and unrealized gain/(loss) on investments | **3.45** | 8.61 | 7.76 | 4.48 | &nbsp;&nbsp; (12.80) | 11.84 |
| Total from investment operations | **3.95** | 9.48 | 8.52 | 5.36 | &nbsp;&nbsp; (11.78) | 12.41 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.87)** | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (0.24) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.87)** | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (0.24) |
| Net asset value end of period | &nbsp;&nbsp; **$57.52** | &nbsp;&nbsp; $55.44 | &nbsp;&nbsp; $47.54 | &nbsp;&nbsp; $40.45 | &nbsp;&nbsp; $36.29 | &nbsp;&nbsp; $48.95 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$15127** | &nbsp;&nbsp; $14877 | &nbsp;&nbsp; $8964 | &nbsp;&nbsp; $10643 | &nbsp;&nbsp; $10375 | &nbsp;&nbsp; $15464 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **7.33%**<sup>c</sup> <br>| &nbsp;&nbsp; 20.74% | &nbsp;&nbsp; 21.37% | &nbsp;&nbsp; 14.88% | &nbsp;&nbsp; (24.46)% | &nbsp;&nbsp; 33.80% |
| Ratio of total expenses to average net assets | **1.13**<sup>d</sup> | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.05**<sup>d</sup> | 1.04 | 1.02 | 1.02 | 1.02 | 1.02 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.77**<sup>d</sup> | 1.70 | 1.64 | 2.08 | 2.40 | 1.22 |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$54.92** | &nbsp;&nbsp; $47.14 | &nbsp;&nbsp; $40.14 | &nbsp;&nbsp; $36.04 | &nbsp;&nbsp; $48.64 | &nbsp;&nbsp; $36.64 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.56** | 0.99 | 0.88 | 0.99 | 1.12 | 0.70 |
| Net realized and unrealized gain/(loss) on investments | **3.47** | 8.50 | 7.69 | 4.42 | &nbsp;&nbsp; (12.71) | 11.76 |
| Total from investment operations | **4.03** | 9.49 | 8.57 | 5.41 | &nbsp;&nbsp; (11.59) | 12.46 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.96)** | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; (1.57) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.46) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.96)** | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; (1.57) | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.46) |
| Net asset value end of period | &nbsp;&nbsp; **$56.99** | &nbsp;&nbsp; $54.92 | &nbsp;&nbsp; $47.14 | &nbsp;&nbsp; $40.14 | &nbsp;&nbsp; $36.04 | &nbsp;&nbsp; $48.64 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$2795122** | &nbsp;&nbsp; $2782933 | &nbsp;&nbsp; $2552081 | &nbsp;&nbsp; $2354695 | &nbsp;&nbsp; $2298600 | &nbsp;&nbsp; $3307683 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **7.49%**<sup>c</sup> <br>| &nbsp;&nbsp; 21.02% | &nbsp;&nbsp; 21.69% | &nbsp;&nbsp; 15.14% | &nbsp;&nbsp; (24.25)% | &nbsp;&nbsp; 34.15% |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.80**<sup>d</sup> | 0.79 | 0.77 | 0.77 | 0.77 | 0.77 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.01**<sup>d</sup> | 1.98 | 1.91 | 2.35 | 2.68 | 1.50 |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$54.31** | &nbsp;&nbsp; $46.60 | &nbsp;&nbsp; $39.68 | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $48.08 | &nbsp;&nbsp; $36.22 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.46** | 0.80 | 0.70 | 0.83 | 0.95 | 0.52 |
| Net realized and unrealized gain/(loss) on investments | **3.43** | 8.43 | 7.62 | 4.37 | &nbsp;&nbsp; (12.57) | 11.64 |
| Total from investment operations | **3.89** | 9.23 | 8.32 | 5.20 | &nbsp;&nbsp; (11.62) | 12.16 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.77)** | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.30) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.77)** | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.30) |
| Net asset value end of period | &nbsp;&nbsp; **$56.43** | &nbsp;&nbsp; $54.31 | &nbsp;&nbsp; $46.60 | &nbsp;&nbsp; $39.68 | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $48.08 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$261349** | &nbsp;&nbsp; $253220 | &nbsp;&nbsp; $249387 | &nbsp;&nbsp; $241997 | &nbsp;&nbsp; $246731 | &nbsp;&nbsp; $374773 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **7.30%**<sup>c</sup> <br>| &nbsp;&nbsp; 20.59% | &nbsp;&nbsp; 21.28% | &nbsp;&nbsp; 14.71% | &nbsp;&nbsp; (24.53)% | &nbsp;&nbsp; 33.66% |
| Ratio of total expenses to average net assets | **1.23**<sup>d</sup> | 1.24 | 1.25 | 1.25 | 1.25 | 1.25 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.15**<sup>d</sup> | 1.14 | 1.13 | 1.13 | 1.13 | 1.13 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.67**<sup>d</sup> | 1.62 | 1.53 | 1.99 | 2.28 | 1.13 |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL COMPOUNDERS FUND**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$11.13** | &nbsp;&nbsp; **$9.88** | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.05** | **0.16** | 0.05 |
| Net realized and unrealized gain/(loss) on investments | **0.16** | **1.13** | &nbsp;&nbsp; (0.17) |
| Total from investment operations | **0.21** | **1.29** | &nbsp;&nbsp; (0.12) |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.15)** | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.15)** | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; — |
| Net asset value end of period | &nbsp;&nbsp; **$11.19** | &nbsp;&nbsp; **$11.13** | &nbsp;&nbsp; $9.88 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$43417** | &nbsp;&nbsp; **$48403** | &nbsp;&nbsp; $17575 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **1.87%**<sup>c</sup> <br>| &nbsp;&nbsp; **13.07%** | &nbsp;&nbsp; (1.20)%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.75**<sup>d</sup> | **0.78** | 2.97<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.55**<sup>d</sup> | **0.55** | 0.55<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.94**<sup>d</sup> | **1.57** | 0.71<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **13**<sup>c</sup> | &nbsp;&nbsp; **23** | &nbsp;&nbsp; 8<sup>c</sup> |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$9.87** | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.05** | **0.12** | 0.08 |
| Net realized and unrealized gain/(loss) on investments | **0.14** | **1.16** | &nbsp;&nbsp; (0.21) |
| Total from investment operations | **0.19** | **1.28** | &nbsp;&nbsp; (0.13) |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; — |
| Net asset value end of period | &nbsp;&nbsp; **$11.18** | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; $9.87 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$2548** | &nbsp;&nbsp; **$2328** | &nbsp;&nbsp; $2493 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **1.77%**<sup>c</sup> <br>| &nbsp;&nbsp; **13.03%** | &nbsp;&nbsp; (1.30)%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.83**<sup>d</sup> | **0.86** | 3.05<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.63**<sup>d</sup> | **0.63** | 0.63<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.94**<sup>d</sup> | **1.21** | 1.24<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **13**<sup>c</sup> | &nbsp;&nbsp; **23** | &nbsp;&nbsp; 8<sup>c</sup> |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL CORE FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$16.45** | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $14.02 | &nbsp;&nbsp; $10.12 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.21** | 0.39 | 0.27 | 0.31 | 0.46 | 0.28 |
| Net realized and unrealized gain/(loss) on investments | **2.27** | 3.17 | 2.67 | 0.52 | &nbsp;&nbsp; (3.14) | 3.79 |
| Total from investment operations | **2.48** | 3.56 | 2.94 | 0.83 | &nbsp;&nbsp; (2.68) | 4.07 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.17) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.30)** | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.47)** | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (0.17) |
| Net asset value end of period | &nbsp;&nbsp; **$18.46** | &nbsp;&nbsp; $16.45 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $14.02 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$695215** | &nbsp;&nbsp; $349132 | &nbsp;&nbsp; $11000 | &nbsp;&nbsp; $21125 | &nbsp;&nbsp; $21221 | &nbsp;&nbsp; $19742 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **15.34%**<sup>c</sup> <br>| &nbsp;&nbsp; 27.71% | &nbsp;&nbsp; 28.23% | &nbsp;&nbsp; 8.35% | &nbsp;&nbsp; (20.93)% | &nbsp;&nbsp; 40.51% |
| Ratio of total expenses to average net assets | **0.82**<sup>d</sup> | 0.86 | 0.93 | 0.99 | 1.16 | 1.19 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.77**<sup>d</sup> | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.35**<sup>d</sup> | 2.54 | 2.20 | 2.85 | 4.05 | 2.14 |
| Portfolio turnover | &nbsp;&nbsp; **49**<sup>c</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$16.41** | &nbsp;&nbsp; $13.21 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $14.01 | &nbsp;&nbsp; $10.11 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.19** | 0.32 | 0.28 | 0.31 | 0.43 | 0.29 |
| Net realized and unrealized gain/(loss) on investments | **2.28** | 3.22 | 2.64 | 0.51 | &nbsp;&nbsp; (3.12) | 3.77 |
| Total from investment operations | **2.47** | 3.54 | 2.92 | 0.82 | &nbsp;&nbsp; (2.69) | 4.06 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.16)** | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.16) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.30)** | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.46)** | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (0.16) |
| Net asset value end of period | &nbsp;&nbsp; **$18.42** | &nbsp;&nbsp; $16.41 | &nbsp;&nbsp; $13.21 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $14.01 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1034175** | &nbsp;&nbsp; $635859 | &nbsp;&nbsp; $218627 | &nbsp;&nbsp; $103206 | &nbsp;&nbsp; $66908 | &nbsp;&nbsp; $33230 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **15.32%**<sup>c</sup> <br>| &nbsp;&nbsp; 27.60% | &nbsp;&nbsp; 28.03% | &nbsp;&nbsp; 8.31% | &nbsp;&nbsp; (21.00)% | &nbsp;&nbsp; 40.46% |
| Ratio of total expenses to average net assets | **0.90**<sup>d</sup> | 0.94 | 1.01 | 1.07 | 1.24 | 1.27 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.85**<sup>d</sup> | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.21**<sup>d</sup> | 2.14 | 2.21 | 2.82 | 3.85 | 2.16 |
| Portfolio turnover | &nbsp;&nbsp; **49**<sup>c</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL CORE FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$16.31** | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $13.96 | &nbsp;&nbsp; $10.08 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.15** | 0.27 | 0.23 | 0.30 | 0.38 | 0.23 |
| Net realized and unrealized gain/(loss) on investments | **2.28** | 3.20 | 2.64 | 0.47 | &nbsp;&nbsp; (3.10) | 3.78 |
| Total from investment operations | **2.43** | 3.47 | 2.87 | 0.77 | &nbsp;&nbsp; (2.72) | 4.01 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.11)** | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.13) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.30)** | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.41)** | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp; (0.13) |
| Net asset value end of period | &nbsp;&nbsp; **$18.33** | &nbsp;&nbsp; $16.31 | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $13.96 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$10783** | &nbsp;&nbsp; $7858 | &nbsp;&nbsp; $5685 | &nbsp;&nbsp; $9836 | &nbsp;&nbsp; $2331 | &nbsp;&nbsp; $101 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **15.14%**<sup>c</sup> <br>| &nbsp;&nbsp; 27.04% | &nbsp;&nbsp; 27.70% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; (21.29)% | &nbsp;&nbsp; 39.98% |
| Ratio of total expenses to average net assets | **1.25**<sup>d</sup> | 1.30 | 1.37 | 1.43 | 1.60 | 1.63 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.20**<sup>d</sup> | 1.20 | 1.21 | 1.21 | 1.21 | 1.21 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.78**<sup>d</sup> | 1.85 | 1.91 | 2.77 | 3.67 | 1.73 |
| Portfolio turnover | &nbsp;&nbsp; **49**<sup>c</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL SMALL CAP FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$16.43** | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $12.75 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $16.39 | &nbsp;&nbsp; $11.37 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.16** | 0.39 | 0.34 | 0.35 | 0.27 | 0.28 |
| Net realized and unrealized gain/(loss) on investments | **1.82** | 2.34 | 1.66 | 0.10 | &nbsp;&nbsp; (2.91) | 4.91 |
| Total from investment operations | **1.98** | 2.73 | 2.00 | 0.45 | &nbsp;&nbsp; (2.64) | 5.19 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.40)** | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.17) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.07)** | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.47)** | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (1.10) | &nbsp;&nbsp; (0.17) |
| Net asset value end of period | &nbsp;&nbsp; **$16.94** | &nbsp;&nbsp; $16.43 | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $12.75 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $16.39 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$80900** | &nbsp;&nbsp; $77787 | &nbsp;&nbsp; $100570 | &nbsp;&nbsp; $130744 | &nbsp;&nbsp; $30387 | &nbsp;&nbsp; $9559 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **12.88%**<sup>c</sup> <br>| &nbsp;&nbsp; 20.01% | &nbsp;&nbsp; 15.73% | &nbsp;&nbsp; 3.47% | &nbsp;&nbsp; (16.94)% | &nbsp;&nbsp; 45.95% |
| Ratio of total expenses to average net assets | **0.99**<sup>d</sup> | 0.99 | 0.96 | 0.99 | 1.11 | 1.17 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.82**<sup>d</sup> | 0.82 | 0.83 | 0.86 | 0.88 | 0.88 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.96**<sup>d</sup> | 2.59 | 2.34 | 2.51 | 2.04 | 1.79 |
| Portfolio turnover | &nbsp;&nbsp; **16**<sup>c</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 43 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$16.43** | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $16.39 | &nbsp;&nbsp; $11.37 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.15** | 0.38 | 0.33 | 0.36 | 0.32 | 0.24 |
| Net realized and unrealized gain/(loss) on investments | **1.83** | 2.33 | 1.67 | 0.07 | &nbsp;&nbsp; (2.97) | 4.95 |
| Total from investment operations | **1.98** | 2.71 | 2.00 | 0.43 | &nbsp;&nbsp; (2.65) | 5.19 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.38)** | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.17) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.07)** | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.45)** | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp; (0.17) |
| Net asset value end of period | &nbsp;&nbsp; **$16.96** | &nbsp;&nbsp; $16.43 | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $16.39 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$103349** | &nbsp;&nbsp; $99571 | &nbsp;&nbsp; $120922 | &nbsp;&nbsp; $194128 | &nbsp;&nbsp; $93640 | &nbsp;&nbsp; $49419 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **12.92%**<sup>c</sup> <br>| &nbsp;&nbsp; 19.85% | &nbsp;&nbsp; 15.72% | &nbsp;&nbsp; 3.33% | &nbsp;&nbsp; (17.00)% | &nbsp;&nbsp; 45.87% |
| Ratio of total expenses to average net assets | **1.07**<sup>d</sup> | 1.07 | 1.04 | 1.07 | 1.19 | 1.25 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.90**<sup>d</sup> | 0.90 | 0.91 | 0.94 | 0.96 | 0.96 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.91**<sup>d</sup> | 2.48 | 2.28 | 2.55 | 2.32 | 1.53 |
| Portfolio turnover | &nbsp;&nbsp; **16**<sup>c</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 43 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL SMALL CAP FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$16.36** | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp; $12.58 | &nbsp;&nbsp; $16.32 | &nbsp;&nbsp; $11.34 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.12** | 0.34 | 0.25 | 0.33 | 0.23 | 0.18 |
| Net realized and unrealized gain/(loss) on investments | **1.82** | 2.32 | 1.69 | 0.07 | &nbsp;&nbsp; (2.92) | 4.93 |
| Total from investment operations | **1.94** | 2.66 | 1.94 | 0.40 | &nbsp;&nbsp; (2.69) | 5.11 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.32)** | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.13) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.07)** | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.39)** | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.13) |
| Net asset value end of period | &nbsp;&nbsp; **$16.91** | &nbsp;&nbsp; $16.36 | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp; $12.58 | &nbsp;&nbsp; $16.32 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$3103** | &nbsp;&nbsp; $3103 | &nbsp;&nbsp; $2709 | &nbsp;&nbsp; $4388 | &nbsp;&nbsp; $1140 | &nbsp;&nbsp; $1962 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **12.66%**<sup>c</sup> <br>| &nbsp;&nbsp; 19.49% | &nbsp;&nbsp; 15.30% | &nbsp;&nbsp; 2.98% | &nbsp;&nbsp; (17.29)% | &nbsp;&nbsp; 45.25% |
| Ratio of total expenses to average net assets | **1.42**<sup>d</sup> | 1.43 | 1.40 | 1.43 | 1.55 | 1.61 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.25**<sup>d</sup> | 1.25 | 1.27 | 1.30 | 1.32 | 1.32 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.55**<sup>d</sup> | 2.22 | 1.70 | 2.37 | 1.66 | 1.16 |
| Portfolio turnover | &nbsp;&nbsp; **16**<sup>c</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 43 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR LARGE CAP VALUE FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$22.90** | &nbsp;&nbsp; $23.59 | &nbsp;&nbsp; $19.01 | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $17.11 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.14** | 0.35 | 0.29 | 0.30 | 0.26 | 0.19 |
| Net realized and unrealized gain/(loss) on investments | **1.08** | 0.72 | 5.17 | 0.27 | &nbsp;&nbsp; (3.16) | 6.62 |
| Total from investment operations | **1.22** | 1.07 | 5.46 | 0.57 | &nbsp;&nbsp; (2.90) | 6.81 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.15)** | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.17) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(3.93)** | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.52) |
| Total distributions | &nbsp;&nbsp; **(4.08)** | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (1.06) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.69) |
| Net asset value end of period | &nbsp;&nbsp; **$20.04** | &nbsp;&nbsp; $22.90 | &nbsp;&nbsp; $23.59 | &nbsp;&nbsp; $19.01 | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp; $23.23 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$705776** | &nbsp;&nbsp; $849403 | &nbsp;&nbsp; $1214491 | &nbsp;&nbsp; $1038551 | &nbsp;&nbsp; $1326142 | &nbsp;&nbsp; $1472349 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **5.82%**<sup>c</sup> <br>| &nbsp;&nbsp; 5.06% | &nbsp;&nbsp; 29.14% | &nbsp;&nbsp; 3.12% | &nbsp;&nbsp; (12.82)% | &nbsp;&nbsp; 40.62% |
| Ratio of total expenses to average net assets | **0.65**<sup>d</sup> | 0.64 | 0.64 | 0.65 | 0.64 | 0.64 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.61**<sup>d</sup> | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.38**<sup>d</sup> | 1.55 | 1.29 | 1.53 | 1.26 | 0.90 |
| Portfolio turnover | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 13 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$22.90** | &nbsp;&nbsp; $23.60 | &nbsp;&nbsp; $19.02 | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $17.11 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.13** | 0.33 | 0.27 | 0.28 | 0.25 | 0.18 |
| Net realized and unrealized gain/(loss) on investments | **1.09** | 0.71 | 5.17 | 0.28 | &nbsp;&nbsp; (3.17) | 6.61 |
| Total from investment operations | **1.22** | 1.04 | 5.44 | 0.56 | &nbsp;&nbsp; (2.92) | 6.79 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.14)** | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.15) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(3.93)** | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.52) |
| Total distributions | &nbsp;&nbsp; **(4.07)** | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.67) |
| Net asset value end of period | &nbsp;&nbsp; **$20.05** | &nbsp;&nbsp; $22.90 | &nbsp;&nbsp; $23.60 | &nbsp;&nbsp; $19.02 | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp; $23.23 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$310388** | &nbsp;&nbsp; $377862 | &nbsp;&nbsp; $658681 | &nbsp;&nbsp; $617342 | &nbsp;&nbsp; $751476 | &nbsp;&nbsp; $1049830 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **5.82%**<sup>c</sup> <br>| &nbsp;&nbsp; 4.92% | &nbsp;&nbsp; 29.02% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; (12.90)% | &nbsp;&nbsp; 40.52% |
| Ratio of total expenses to average net assets | **0.73**<sup>d</sup> | 0.72 | 0.72 | 0.73 | 0.72 | 0.72 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.69**<sup>d</sup> | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.30**<sup>d</sup> | 1.47 | 1.21 | 1.45 | 1.17 | 0.84 |
| Portfolio turnover | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 13 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR LARGE CAP VALUE FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$23.23** | &nbsp;&nbsp; $23.90 | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $19.72 | &nbsp;&nbsp; $23.46 | &nbsp;&nbsp; $17.28 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.10** | 0.25 | 0.19 | 0.22 | 0.17 | 0.10 |
| Net realized and unrealized gain/(loss) on investments | **1.10** | 0.74 | 5.24 | 0.26 | &nbsp;&nbsp; (3.18) | 6.68 |
| Total from investment operations | **1.20** | 0.99 | 5.43 | 0.48 | &nbsp;&nbsp; (3.01) | 6.78 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.10)** | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.08) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(3.93)** | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.52) |
| Total distributions | &nbsp;&nbsp; **(4.03)** | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.60) |
| Net asset value end of period | &nbsp;&nbsp; **$20.40** | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $23.90 | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $19.72 | &nbsp;&nbsp; $23.46 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$21093** | &nbsp;&nbsp; $22461 | &nbsp;&nbsp; $25983 | &nbsp;&nbsp; $24200 | &nbsp;&nbsp; $26880 | &nbsp;&nbsp; $31192 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **5.64%**<sup>c</sup> <br>| &nbsp;&nbsp; 4.61% | &nbsp;&nbsp; 28.58% | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; (13.15)% | &nbsp;&nbsp; 39.96% |
| Ratio of total expenses to average net assets | **1.08**<sup>d</sup> | 1.08 | 1.08 | 1.09 | 1.08 | 1.08 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.04**<sup>d</sup> | 1.04 | 1.05 | 1.05 | 1.05 | 1.05 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.95**<sup>d</sup> | 1.10 | 0.85 | 1.09 | 0.81 | 0.47 |
| Portfolio turnover | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 13 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR MID CAP FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$15.34** | &nbsp;&nbsp; $14.88 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $12.45 | &nbsp;&nbsp; $14.52 | &nbsp;&nbsp; $10.57 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.07** | 0.13 | 0.12 | 0.11 | 0.09 | 0.05 |
| Net realized and unrealized gain/(loss) on investments | **2.55** | 0.44 | 3.12 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.84) | 3.93 |
| Total from investment operations | **2.62** | 0.57 | 3.24 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.75) | 3.98 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.12)** | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.03) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.33)** | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.45)** | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.03) |
| Net asset value end of period | &nbsp;&nbsp; **$17.51** | &nbsp;&nbsp; $15.34 | &nbsp;&nbsp; $14.88 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $12.45 | &nbsp;&nbsp; $14.52 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$87238** | &nbsp;&nbsp; $72402 | &nbsp;&nbsp; $80520 | &nbsp;&nbsp; $67565 | &nbsp;&nbsp; $67079 | &nbsp;&nbsp; $37135 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **17.43%**<sup>c</sup> <br>| &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 27.26% | &nbsp;&nbsp; (0.46)% | &nbsp;&nbsp; (12.36)% | &nbsp;&nbsp; 37.61% |
| Ratio of total expenses to average net assets | **0.84**<sup>d</sup> | 0.85 | 0.86 | 0.89 | 0.92 | 0.93 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.80**<sup>d</sup> | 0.80 | 0.80 | 0.80 | 0.80 | 0.80 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.91**<sup>d</sup> | 0.87 | 0.82 | 0.88 | 0.65 | 0.40 |
| Portfolio turnover | &nbsp;&nbsp; **3**<sup>c</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 11 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$15.33** | &nbsp;&nbsp; $14.87 | &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $12.44 | &nbsp;&nbsp; $14.51 | &nbsp;&nbsp; $10.56 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.07** | 0.11 | 0.10 | 0.10 | 0.09 | 0.04 |
| Net realized and unrealized gain/(loss) on investments | **2.54** | 0.45 | 3.13 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.85) | 3.93 |
| Total from investment operations | **2.61** | 0.56 | 3.23 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.76) | 3.97 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.10)** | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.02) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.33)** | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.43)** | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.02) |
| Net asset value end of period | &nbsp;&nbsp; **$17.51** | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $14.87 | &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $12.44 | &nbsp;&nbsp; $14.51 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$119962** | &nbsp;&nbsp; $99056 | &nbsp;&nbsp; $84601 | &nbsp;&nbsp; $30896 | &nbsp;&nbsp; $21105 | &nbsp;&nbsp; $23710 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **17.42%**<sup>c</sup> <br>| &nbsp;&nbsp; 3.79% | &nbsp;&nbsp; 27.22% | &nbsp;&nbsp; (0.56)% | &nbsp;&nbsp; (12.43)% | &nbsp;&nbsp; 37.54% |
| Ratio of total expenses to average net assets | **0.92**<sup>d</sup> | 0.93 | 0.94 | 0.97 | 1.00 | 1.01 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.88**<sup>d</sup> | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.83**<sup>d</sup> | 0.77 | 0.69 | 0.79 | 0.64 | 0.27 |
| Portfolio turnover | &nbsp;&nbsp; **3**<sup>c</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 11 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR MID CAP FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$15.29** | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp; $11.91 | &nbsp;&nbsp; $12.37 | &nbsp;&nbsp; $14.44 | &nbsp;&nbsp; $10.54 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.04** | 0.06 | 0.06 | 0.05 | 0.04 | &nbsp;&nbsp; (0.01) |
| Net realized and unrealized gain/(loss) on investments | **2.54** | 0.44 | 3.11 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.84) | 3.91 |
| Total from investment operations | **2.58** | 0.50 | 3.17 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.80) | 3.90 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.06)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; —<sup>\*</sup> |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.33)** | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.39)** | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &nbsp;&nbsp; **$17.48** | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp; $11.91 | &nbsp;&nbsp; $12.37 | &nbsp;&nbsp; $14.44 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$446** | &nbsp;&nbsp; $335 | &nbsp;&nbsp; $337 | &nbsp;&nbsp; $559 | &nbsp;&nbsp; $834 | &nbsp;&nbsp; $949 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **17.17%**<sup>c</sup> <br>| &nbsp;&nbsp; 3.38% | &nbsp;&nbsp; 26.78% | &nbsp;&nbsp; (0.86)% | &nbsp;&nbsp; (12.72)% | &nbsp;&nbsp; 37.00% |
| Ratio of total expenses to average net assets | **1.27**<sup>d</sup> | 1.28 | 1.30 | 1.33 | 1.36 | 1.38 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.23**<sup>d</sup> | 1.23 | 1.24 | 1.24 | 1.24 | 1.24 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.48**<sup>d</sup> | 0.42 | 0.44 | 0.44 | 0.28 | &nbsp;&nbsp; (0.06) |
| Portfolio turnover | &nbsp;&nbsp; **3**<sup>c</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 11 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR MID CAP VALUE FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$28.43** | &nbsp;&nbsp; $27.20 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $23.93 | &nbsp;&nbsp; $24.97 | &nbsp;&nbsp; $16.83 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.23** | 0.48 | 0.42 | 0.50 | 0.49 | 0.42 |
| Net realized and unrealized gain/(loss) on investments | **4.97** | 2.26 | 6.30 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (1.18) | 8.21 |
| Total from investment operations | **5.20** | 2.74 | 6.72 | 0.19 | &nbsp;&nbsp; (0.69) | 8.63 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.41)** | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.49) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(2.00)** | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(2.41)** | &nbsp;&nbsp; (1.51) | &nbsp;&nbsp; (1.77) | &nbsp;&nbsp; (1.87) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.49) |
| Net asset value end of period | &nbsp;&nbsp; **$31.22** | &nbsp;&nbsp; $28.43 | &nbsp;&nbsp; $27.20 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $23.93 | &nbsp;&nbsp; $24.97 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$133032** | &nbsp;&nbsp; $114022 | &nbsp;&nbsp; $103927 | &nbsp;&nbsp; $13024 | &nbsp;&nbsp; $43591 | &nbsp;&nbsp; $56156 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **19.33%**<sup>c</sup> <br>| &nbsp;&nbsp; 10.66% | &nbsp;&nbsp; 31.13% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; (2.80)% | &nbsp;&nbsp; 51.99% |
| Ratio of total expenses to average net assets | **0.82**<sup>d</sup> | 0.82 | 0.82 | 0.83 | 0.81 | 0.81 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.77**<sup>d</sup> | 0.77 | 0.77 | 0.77 | 0.77 | 0.78 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.60**<sup>d</sup> | 1.79 | 1.57 | 2.11 | 2.00 | 1.78 |
| Portfolio turnover | &nbsp;&nbsp; **15**<sup>c</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$28.85** | &nbsp;&nbsp; $27.58 | &nbsp;&nbsp; $22.54 | &nbsp;&nbsp; $24.20 | &nbsp;&nbsp; $25.24 | &nbsp;&nbsp; $16.98 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.19** | 0.39 | 0.38 | 0.40 | 0.41 | 0.34 |
| Net realized and unrealized gain/(loss) on investments | **5.06** | 2.30 | 6.35 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.20) | 8.31 |
| Total from investment operations | **5.25** | 2.69 | 6.73 | 0.13 | &nbsp;&nbsp; (0.79) | 8.65 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.32)** | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.39) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(2.00)** | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(2.32)** | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.39) |
| Net asset value end of period | &nbsp;&nbsp; **$31.78** | &nbsp;&nbsp; $28.85 | &nbsp;&nbsp; $27.58 | &nbsp;&nbsp; $22.54 | &nbsp;&nbsp; $24.20 | &nbsp;&nbsp; $25.24 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$4434** | &nbsp;&nbsp; $3997 | &nbsp;&nbsp; $4010 | &nbsp;&nbsp; $3302 | &nbsp;&nbsp; $3291 | &nbsp;&nbsp; $3828 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **19.16%**<sup>c</sup> <br>| &nbsp;&nbsp; 10.29% | &nbsp;&nbsp; 30.70% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; (3.14)% | &nbsp;&nbsp; 51.53% |
| Ratio of total expenses to average net assets | **1.15**<sup>d</sup> | 1.15 | 1.15 | 1.16 | 1.14 | 1.14 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.10**<sup>d</sup> | 1.10 | 1.10 | 1.10 | 1.10 | 1.11 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.27**<sup>d</sup> | 1.45 | 1.45 | 1.69 | 1.67 | 1.46 |
| Portfolio turnover | &nbsp;&nbsp; **15**<sup>c</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR MID CAP VALUE FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$28.44** | &nbsp;&nbsp; $27.21 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $23.93 | &nbsp;&nbsp; $24.97 | &nbsp;&nbsp; $16.83 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.22** | 0.46 | 0.44 | 0.47 | 0.47 | 0.40 |
| Net realized and unrealized gain/(loss) on investments | **4.97** | 2.25 | 6.28 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.18) | 8.21 |
| Total from investment operations | **5.19** | 2.71 | 6.72 | 0.17 | &nbsp;&nbsp; (0.71) | 8.61 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.38)** | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.47) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(2.00)** | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(2.38)** | &nbsp;&nbsp; (1.48) | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.47) |
| Net asset value end of period | &nbsp;&nbsp; **$31.25** | &nbsp;&nbsp; $28.44 | &nbsp;&nbsp; $27.21 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $23.93 | &nbsp;&nbsp; $24.97 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$263599** | &nbsp;&nbsp; $226288 | &nbsp;&nbsp; $236691 | &nbsp;&nbsp; $205100 | &nbsp;&nbsp; $242004 | &nbsp;&nbsp; $355431 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **19.30%**<sup>c</sup> <br>| &nbsp;&nbsp; 10.55% | &nbsp;&nbsp; 31.08% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; (2.88)% | &nbsp;&nbsp; 51.87% |
| Ratio of total expenses to average net assets | **0.90**<sup>d</sup> | 0.90 | 0.90 | 0.91 | 0.89 | 0.89 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.85**<sup>d</sup> | 0.85 | 0.85 | 0.85 | 0.85 | 0.86 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.51**<sup>d</sup> | 1.71 | 1.71 | 2.01 | 1.93 | 1.71 |
| Portfolio turnover | &nbsp;&nbsp; **15**<sup>c</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$28.43** | &nbsp;&nbsp; $27.19 | &nbsp;&nbsp; $22.23 | &nbsp;&nbsp; $23.90 | &nbsp;&nbsp; $24.93 | &nbsp;&nbsp; $16.80 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.17** | 0.36 | 0.35 | 0.39 | 0.39 | 0.32 |
| Net realized and unrealized gain/(loss) on investments | **4.98** | 2.26 | 6.27 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.18) | 8.20 |
| Total from investment operations | **5.15** | 2.62 | 6.62 | 0.09 | &nbsp;&nbsp; (0.79) | 8.52 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.28)** | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.39) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(2.00)** | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(2.28)** | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.39) |
| Net asset value end of period | &nbsp;&nbsp; **$31.30** | &nbsp;&nbsp; $28.43 | &nbsp;&nbsp; $27.19 | &nbsp;&nbsp; $22.23 | &nbsp;&nbsp; $23.90 | &nbsp;&nbsp; $24.93 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$24395** | &nbsp;&nbsp; $23064 | &nbsp;&nbsp; $26504 | &nbsp;&nbsp; $24373 | &nbsp;&nbsp; $28355 | &nbsp;&nbsp; $32097 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **19.09%**<sup>c</sup> <br>| &nbsp;&nbsp; 10.18% | &nbsp;&nbsp; 30.61% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; (3.20)% | &nbsp;&nbsp; 51.26% |
| Ratio of total expenses to average net assets | **1.24**<sup>d</sup> | 1.25 | 1.26 | 1.27 | 1.25 | 1.25 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.20**<sup>d</sup> | 1.20 | 1.21 | 1.21 | 1.21 | 1.22 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.17**<sup>d</sup> | 1.36 | 1.35 | 1.65 | 1.57 | 1.36 |
| Portfolio turnover | &nbsp;&nbsp; **15**<sup>c</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR SMALL CAP GROWTH FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$15.87** | &nbsp;&nbsp; $14.62 | &nbsp;&nbsp; $10.83 | &nbsp;&nbsp; $11.78 | &nbsp;&nbsp; $19.95 | &nbsp;&nbsp; $15.91 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.07) |
| Net realized and unrealized gain/(loss) on investments | **2.03** | 1.79 | 3.83 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.94) | 5.41 |
| Total from investment operations | **2.00** | 1.75 | 3.80 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.95) | 5.34 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) |
| Total distributions | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) |
| Net asset value end of period | &nbsp;&nbsp; **$17.70** | &nbsp;&nbsp; $15.87 | &nbsp;&nbsp; $14.62 | &nbsp;&nbsp; $10.83 | &nbsp;&nbsp; $11.78 | &nbsp;&nbsp; $19.95 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1366998** | &nbsp;&nbsp; $1052405 | &nbsp;&nbsp; $649780 | &nbsp;&nbsp; $369393 | &nbsp;&nbsp; $311509 | &nbsp;&nbsp; $399174 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **12.73%**<sup>c</sup> <br>| &nbsp;&nbsp; 12.42% | &nbsp;&nbsp; 35.14% | &nbsp;&nbsp; (3.63)% | &nbsp;&nbsp; (23.72)% | &nbsp;&nbsp; 34.40% |
| Ratio of total expenses to average net assets | **0.79**<sup>d</sup> | 0.80 | 0.80 | 0.80 | 0.80 | 0.79 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.79**<sup>d</sup> | 0.79 | 0.79 | 0.80 | 0.79 | 0.78 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.38)**<sup>d</sup> | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.20) | 0.03 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.37) |
| Portfolio turnover | &nbsp;&nbsp; **46**<sup>c</sup> | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$15.71** | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp; $19.84 | &nbsp;&nbsp; $15.84 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.08) |
| Net realized and unrealized gain/(loss) on investments | **2.01** | 1.77 | 3.79 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (3.91) | 5.38 |
| Total from investment operations | **1.97** | 1.72 | 3.75 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.94) | 5.30 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) |
| Total distributions | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) |
| Net asset value end of period | &nbsp;&nbsp; **$17.51** | &nbsp;&nbsp; $15.71 | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp; $19.84 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1209559** | &nbsp;&nbsp; $1091496 | &nbsp;&nbsp; $1101373 | &nbsp;&nbsp; $609724 | &nbsp;&nbsp; $595476 | &nbsp;&nbsp; $721405 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **12.67%**<sup>c</sup> <br>| &nbsp;&nbsp; 12.32% | &nbsp;&nbsp; 34.99% | &nbsp;&nbsp; (3.66)% | &nbsp;&nbsp; (23.81)% | &nbsp;&nbsp; 34.29% |
| Ratio of total expenses to average net assets | **0.87**<sup>d</sup> | 0.88 | 0.88 | 0.88 | 0.88 | 0.87 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.87**<sup>d</sup> | 0.87 | 0.87 | 0.88 | 0.87 | 0.86 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.45)**<sup>d</sup> | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.45) |
| Portfolio turnover | &nbsp;&nbsp; **46**<sup>c</sup> | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR SMALL CAP GROWTH FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$11.96** | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $13.47 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.05)** | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.13) |
| Net realized and unrealized gain/(loss) on investments | **1.52** | 1.35 | 2.93 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (3.14) | 4.56 |
| Total from investment operations | **1.47** | 1.27 | 2.86 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (3.20) | 4.43 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) |
| Total distributions | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) |
| Net asset value end of period | &nbsp;&nbsp; **$13.26** | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $16.60 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$12056** | &nbsp;&nbsp; $11249 | &nbsp;&nbsp; $15463 | &nbsp;&nbsp; $7503 | &nbsp;&nbsp; $7031 | &nbsp;&nbsp; $8648 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **12.46%**<sup>c</sup> <br>| &nbsp;&nbsp; 11.90% | &nbsp;&nbsp; 34.50% | &nbsp;&nbsp; (4.02)% | &nbsp;&nbsp; (24.05)% | &nbsp;&nbsp; 33.84% |
| Ratio of total expenses to average net assets | **1.22**<sup>d</sup> | 1.23 | 1.24 | 1.24 | 1.24 | 1.23 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.22**<sup>d</sup> | 1.23 | 1.23 | 1.24 | 1.23 | 1.23 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.80)**<sup>d</sup> | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.81) |
| Portfolio turnover | &nbsp;&nbsp; **46**<sup>c</sup> | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR SMALL CAP VALUE FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$43.06** | &nbsp;&nbsp; $42.01 | &nbsp;&nbsp; $35.14 | &nbsp;&nbsp; $39.47 | &nbsp;&nbsp; $45.11 | &nbsp;&nbsp; $31.65 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.14** | 0.32 | 0.31 | 0.30 | 0.18 | 0.12 |
| Net realized and unrealized gain/(loss) on investments | **11.81** | 1.03 | 9.29 | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (3.38) | 13.54 |
| Total from investment operations | **11.95** | 1.35 | 9.60 | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; (3.20) | 13.66 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.30)** | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.20) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.19)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.49)** | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (2.73) | &nbsp;&nbsp; (2.61) | &nbsp;&nbsp; (2.44) | &nbsp;&nbsp; (0.20) |
| Net asset value end of period | &nbsp;&nbsp; **$53.52** | &nbsp;&nbsp; $43.06 | &nbsp;&nbsp; $42.01 | &nbsp;&nbsp; $35.14 | &nbsp;&nbsp; $39.47 | &nbsp;&nbsp; $45.11 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$596713** | &nbsp;&nbsp; $503882 | &nbsp;&nbsp; $671569 | &nbsp;&nbsp; $572582 | &nbsp;&nbsp; $600143 | &nbsp;&nbsp; $599016 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **28.48%**<sup>c</sup> <br>| &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 27.96% | &nbsp;&nbsp; (4.29)% | &nbsp;&nbsp; (7.16)% | &nbsp;&nbsp; 43.19% |
| Ratio of total expenses to average net assets | **0.80**<sup>d</sup> | 0.80 | 0.80 | 0.80 | 0.80 | 0.79 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.80**<sup>d</sup> | 0.80 | 0.80 | 0.80 | 0.79 | 0.78 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.58**<sup>d</sup> | 0.78 | 0.79 | 0.78 | 0.46 | 0.27 |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$42.73** | &nbsp;&nbsp; $41.64 | &nbsp;&nbsp; $34.77 | &nbsp;&nbsp; $39.06 | &nbsp;&nbsp; $44.72 | &nbsp;&nbsp; $31.41 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.08** | 0.18 | 0.19 | 0.18 | 0.05 | &nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain/(loss) on investments | **11.73** | 1.02 | 9.18 | &nbsp;&nbsp; (2.00) | &nbsp;&nbsp; (3.35) | 13.42 |
| Total from investment operations | **11.81** | 1.20 | 9.37 | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (3.30) | 13.40 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.06)** | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.19)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.25)** | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (2.50) | &nbsp;&nbsp; (2.47) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; (0.09) |
| Net asset value end of period | &nbsp;&nbsp; **$53.29** | &nbsp;&nbsp; $42.73 | &nbsp;&nbsp; $41.64 | &nbsp;&nbsp; $34.77 | &nbsp;&nbsp; $39.06 | &nbsp;&nbsp; $44.72 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1508** | &nbsp;&nbsp; $2362 | &nbsp;&nbsp; $2339 | &nbsp;&nbsp; $3435 | &nbsp;&nbsp; $9177 | &nbsp;&nbsp; $11962 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **28.23%**<sup>c</sup> <br>| &nbsp;&nbsp; 2.89% | &nbsp;&nbsp; 27.53% | &nbsp;&nbsp; (4.62)% | &nbsp;&nbsp; (7.45)% | &nbsp;&nbsp; 42.72% |
| Ratio of total expenses to average net assets | **1.13**<sup>d</sup> | 1.13 | 1.13 | 1.13 | 1.13 | 1.12 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.13**<sup>d</sup> | 1.13 | 1.13 | 1.13 | 1.12 | 1.11 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.35**<sup>d</sup> | 0.43 | 0.48 | 0.47 | 0.13 | &nbsp;&nbsp; (0.04) |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR SMALL CAP VALUE FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$43.03** | &nbsp;&nbsp; $41.98 | &nbsp;&nbsp; $35.12 | &nbsp;&nbsp; $39.44 | &nbsp;&nbsp; $45.07 | &nbsp;&nbsp; $31.63 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.12** | 0.29 | 0.28 | 0.27 | 0.15 | 0.09 |
| Net realized and unrealized gain/(loss) on investments | **11.81** | 1.02 | 9.28 | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (3.38) | 13.52 |
| Total from investment operations | **11.93** | 1.31 | 9.56 | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (3.23) | 13.61 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.27)** | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.17) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.19)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.46)** | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; (2.58) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (0.17) |
| Net asset value end of period | &nbsp;&nbsp; **$53.50** | &nbsp;&nbsp; $43.03 | &nbsp;&nbsp; $41.98 | &nbsp;&nbsp; $35.12 | &nbsp;&nbsp; $39.44 | &nbsp;&nbsp; $45.07 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1899752** | &nbsp;&nbsp; $1546017 | &nbsp;&nbsp; $1712027 | &nbsp;&nbsp; $1362890 | &nbsp;&nbsp; $1493462 | &nbsp;&nbsp; $2023164 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **28.42%**<sup>c</sup> <br>| &nbsp;&nbsp; 3.14% | &nbsp;&nbsp; 27.85% | &nbsp;&nbsp; (4.36)% | &nbsp;&nbsp; (7.22)% | &nbsp;&nbsp; 43.11% |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> | 0.88 | 0.88 | 0.88 | 0.88 | 0.87 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.88**<sup>d</sup> | 0.88 | 0.88 | 0.88 | 0.87 | 0.86 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.50**<sup>d</sup> | 0.69 | 0.69 | 0.70 | 0.38 | 0.20 |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$41.33** | &nbsp;&nbsp; $40.32 | &nbsp;&nbsp; $33.82 | &nbsp;&nbsp; $38.09 | &nbsp;&nbsp; $43.72 | &nbsp;&nbsp; $30.71 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.04** | 0.14 | 0.13 | 0.13 | 0.01 | &nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain/(loss) on investments | **11.35** | 0.98 | 8.93 | &nbsp;&nbsp; (1.94) | &nbsp;&nbsp; (3.28) | 13.12 |
| Total from investment operations | **11.39** | 1.12 | 9.06 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (3.27) | 13.06 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.11)** | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.19)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.30)** | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (2.56) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; (0.05) |
| Net asset value end of period | &nbsp;&nbsp; **$51.42** | &nbsp;&nbsp; $41.33 | &nbsp;&nbsp; $40.32 | &nbsp;&nbsp; $33.82 | &nbsp;&nbsp; $38.09 | &nbsp;&nbsp; $43.72 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$34146** | &nbsp;&nbsp; $29560 | &nbsp;&nbsp; $36261 | &nbsp;&nbsp; $33012 | &nbsp;&nbsp; $38722 | &nbsp;&nbsp; $64544 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **28.20%**<sup>c</sup> <br>| &nbsp;&nbsp; 2.78% | &nbsp;&nbsp; 27.40% | &nbsp;&nbsp; (4.72)% | &nbsp;&nbsp; (7.56)% | &nbsp;&nbsp; 42.56% |
| Ratio of total expenses to average net assets | **1.23**<sup>d</sup> | 1.23 | 1.24 | 1.24 | 1.24 | 1.23 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.22**<sup>d</sup> | 1.23 | 1.24 | 1.24 | 1.23 | 1.23 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.16**<sup>d</sup> | 0.34 | 0.35 | 0.34 | 0.01 | &nbsp;&nbsp; (0.15) |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 |

---

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

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⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

---

| | |
|:---|:---|
| \* | Less than $0.01 |
| a | Commencement of Operations |
| b | Amounts are based on average daily shares outstanding during the period. |
| c | Unannualized |
| d | Annualized |
| e | Reflects the Advisor's waiver, if any, of its management fees and/or other operating expenses. |
| f | The total returns would have been lower had certain expenses not been waived during the periods shown. |
| g | Effective March 1, 2023, the Board of Trustees appointed Ares Systematic Credit Limited (formerly, BlueCove Limited) as the subadvisor to <br> the Fund.<br>|
| h | Effective February 2, 2022, the Board of Trustees appointed Income Research+Management as the subadvisor to the Fund. |

---

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

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⬤

------

**Notes to Financial Statements—April 30, 2026 (Unaudited)**

------

**NOTE 1—ORGANIZATIONAL MATTERS**

Harbor Funds and Harbor Funds II (each a "Trust" and collectively, the "Trusts") are registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as open-end management investment companies. As of April 30, 2026, each Trust consists of the following separate portfolios (individually or collectively referred to as a "Fund" or the "Funds," respectively). Harbor Capital Advisors, Inc. (the "Advisor" or "Harbor Capital") is the investment adviser for the Funds.

**Harbor Funds** 

---

| |
|:---|
| Harbor Ares Systematic Convertible Securities Fund |
| Harbor Capital Appreciation Fund |
| Harbor Core Bond Fund |
| Harbor Core Plus Fund |
| Harbor Diversified International All Cap Fund |
| Harbor International Fund |
| Harbor International Compounders Fund |

---

---

| |
|:---|
| Harbor International Core 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 |

---

**Harbor Funds II** 

Embark Commodity Strategy Fund (Consolidated) <br> Embark Small Cap Equity Fund

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

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

At the meeting held on January 15, 2026, the Board of Trustees approved the liquidation of the Administrative Class shares of Harbor Ares Systematic Convertible Securities Fund, Harbor International Small Cap Fund, Harbor Large Cap Value Fund, and Harbor Small Cap Growth Fund effective April 21, 2026. Additional information related to the liquidation can be found in the supplement to the Funds prospectus and statement of additional information as filed with the SEC on January 20, 2026.

Effective March 1, 2026, the Harbor Convertible Securities Fund name was changed to Harbor Ares Systematic Convertible Securities Fund.

Each Fund is considered a single operating segment. Harbor Capital's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the Funds, collectively act as the chief operating decision maker ("CODM"). Each Fund has a single investment strategy, as disclosed in its respective prospectus, against which the CODM, through various management committees, assesses its performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total return, expense ratio and changes in net assets as reflected in each Fund's financial statements.

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES**

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

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

**Security Valuation**

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.

Equity securities (including common stock, preferred stock, and convertible preferred stock), exchange-traded funds and financial derivative instruments (such as futures contracts, options, rights and warrants, and centrally cleared swap agreements) that are traded on a national securities exchange or system (except securities listed on the National Association of Securities Dealers Automated Quotation ("NASDAQ") system and United Kingdom London Stock Exchange securities) are valued at the last sale price on a national exchange or system on which they are principally traded as of the valuation date. Securities listed on the NASDAQ system or a United Kingdom exchange are valued at the official closing price of those securities. Shares of open-end registered investment companies that are held by a Fund are valued at net asset value. To the extent these securities are actively traded and fair valuation adjustments are not applied, they are normally categorized as Level 1 in the fair value hierarchy. Equity securities traded on inactive markets or valued by reference to similar instruments are normally categorized as Level 2 in the fair value hierarchy. For more information on the fair value hierarchy, please refer to the Fair Value Measurements and Disclosures section.

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

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

Over-the-counter ("OTC") swap agreements value is generally determined by a pricing vendor using a series of techniques, including simulation pricing models, or by the counterparties to the OTC swap agreements, typically using its own proprietary models. The pricing models may use inputs such as underlying asset prices, indices, exchange rates, interest rates, yield curves, and credit spreads, that are observed from actively quoted markets. OTC swap agreements are normally categorized as Level 2 in the fair value hierarchy.

A Fund may also use fair value pricing if the value of some or all of the Fund's securities have been materially affected by events occurring before the Fund's pricing time but after the close of the primary markets or exchanges on which the security is traded. This most commonly occurs with foreign securities, but may occur with other securities as well. In such cases, the Fund may apply a fair value factor supplied by the pricing vendor to a foreign security's market close value to reflect changes in value that may have occurred between the close of the primary market or exchange on which the security is traded and the Fund's pricing time. That factor may be derived using observable inputs such as a comparison of the trading patterns of a foreign security to intraday trading in the U.S. markets that are highly correlated to the foreign security or other information that becomes available after the close of the foreign market on which the security principally traded. When fair value pricing is employed, the prices of securities used by a Fund to calculate its net asset value may differ from market quotations, official

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

closing prices or evaluated prices for the same securities, which means that the Fund may value those securities higher or lower than another given fund that uses market quotations, official closing prices or evaluated prices supplied by a pricing vendor in its calculation of net asset value. Securities valued using observable inputs, such as those described above, are normally categorized as Level 2 of the fair value hierarchy.

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

**Fair Value Measurements and Disclosures**

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

Level 1–Quoted prices in active markets for identical securities.

Level 2–Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3–Significant unobservable inputs are used in situations where quoted prices or other observable inputs are not available or are deemed unreliable. Significant unobservable inputs may include each Fund's own assumptions.

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

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

**Investment Income**

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

**Expenses**

Expenses are charged directly to the Fund that incurred such expense whenever possible. With respect to expenses incurred

by any two or more Harbor funds where amounts cannot be identified on a fund by fund basis, such expenses are generally

allocated in proportion to the average net assets or the number of shareholders of each Fund.

**Class Allocations**

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

**Securities Transactions**

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

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⬤

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**Notes to Financial Statements—Continued**

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**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

**Distribution to Shareholders**

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

**Basis for Consolidation**

Embark Commodity Strategy Fund's Consolidated Portfolio of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets include the investments and account balances of the Fund and its wholly owned subsidiaries, Embark Cayman Fund I Ltd, Embark Cayman Fund II Ltd, Embark Cayman Fund III Ltd, Embark Cayman Fund IV Ltd, Embark Cayman Fund V Ltd, and Embark Cayman Fund VI Ltd (individually or collectively referred to as "Subsidiary" or "Subsidiaries", respectively). Each Subsidiary enables the Fund to hold commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in its Subsidiaries collectively. All interfund transactions have been eliminated in the consolidation.

**Taxes**

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

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

The Advisor has analyzed each Fund's tax positions for all open tax years (in particular, U.S. federal income tax returns for the tax years ended October 31, 2022–2024), if applicable, including all positions expected to be taken upon filing the 2025 tax return, in all material jurisdictions where each Fund operates, and has concluded that no provision for income tax is required in the Funds' financial statements. Each Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in its Statement of Operations.

**Foreign Currency Translations**

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

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

**Proceeds from Litigation**

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

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⬤

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**Notes to Financial Statements—Continued**

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**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

**Inflation Indexed Bonds**

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

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

**Futures Contracts**

A futures contract is an agreement between two parties to buy or sell a specified financial instrument at a set price on a future date. Futures contracts tend to increase or decrease a Fund's exposure to the underlying instrument or can be used to hedge other Fund investments.

Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities or other liquid securities equal to the minimum "initial margin" requirements of the exchange. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the fluctuation in value of the contract referred to as "variation margin." Such receipts or payments are recorded by a Fund as unrealized gains or losses. When the contract is closed or expires, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund may suffer losses if it is unable to close out its position because of an illiquid secondary market. There is no assurance that a Fund will be able to close out its position when the Fund considers it appropriate or desirable to do so. In the event of adverse price movements, a Fund may be required to continue making cash payments to maintain its required margin. If a Fund has insufficient cash, it may have to sell portfolio securities to meet margin requirements at a time when the Fund would not otherwise elect to do so. In addition, a Fund may be required to deliver or take delivery of instruments. The maximum potential loss on a long futures contract is the U.S. dollar value of the notional amount at the time the contract is opened. The potential loss on a short futures contract is unlimited. There is minimal counterparty risk with futures contracts as they are traded on an exchange and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default.

During the period, Embark Commodity Strategy Fund (Consolidated) used futures contracts to gain exposure to the commodities markets.

**Options**

An option is a contract that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date (exercise date). Purchased call options tend to increase a Fund's exposure to the underlying instrument. Purchased put options tend to decrease a Fund's exposure to the underlying instrument.

When a Fund purchases an option, it pays a premium. If a purchased option expires, a Fund realizes a loss in the amount of the premium. If a Fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option. If a call option is exercised by a Fund, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If a put option is exercised by a Fund, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium originally paid. The risk associated with purchasing options is limited to the premium paid. A Fund's maximum risk of loss from counterparty credit risk is also limited to the premium paid for the contract.

During the period, Embark Commodity Strategy Fund (Consolidated) purchased option contracts to manage its exposure to the commodities markets.

**Rights and Warrants**

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

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⬤

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**Notes to Financial Statements—Continued**

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**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

A Fund may acquire rights or warrants in order to gain exposure to the underlying security without owning the security. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. The value of a right or warrant may not necessarily change with the value of the underlying securities. When a Fund acquires rights or warrants, it runs the risk that it will lose its entire investment in the rights or warrants, unless the Fund exercises the right or warrant, acquires the underlying securities, or enters into a closing transaction before expiration. Rights and warrants cease to have value if they are not exercised prior to their expiration date.

If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for rights or other warrants that expire are treated as realized losses. If a Fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the rights or warrants.

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

**Swap Agreements**

A swap is a contract between two parties to exchange future cash flows at specified intervals (payment dates) based upon a notional principal amount during the agreed-upon life of the contract. Swap agreements may be privately negotiated in the over-the-counter market ("OTC swaps") or may be cleared through a third party, known as a central clearing party or derivatives clearing organization ("centrally cleared swaps").

Swaps are fair valued daily and changes in value are recorded as unrealized appreciation or depreciation on the Statements of Operations.

Upon entering a swap agreement, any payments received or made at the beginning of the measurement period are reflected in the Statements of Assets and Liabilities and represent a reconciling value to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. If a liquidation payment is received or made at the termination of the swap, it is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Daily changes to the fair value of centrally cleared swaps are recorded as Variation margin receivable or payable on centrally cleared swap agreements in the Statements of Assets and Liabilities and are settled daily. An initial margin, typically in form of cash or qualifying highly liquid, high-quality short-term investments, is paid to the central clearing party, derivatives clearing organization or counterparty when the swap contract is executed and is recorded as Due from brokers on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit risk, market risk and interest rate risk in excess of the amount recognized in the Statements of Assets and Liabilities. Such risks include the possibility that there is not a liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. A Fund's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life or the value of the contract. This risk is typically mitigated by the existence of a master netting arrangement between a Fund and the counterparty, the posting of collateral by the counterparty, and the central clearing party, as counterparty to all centrally cleared swaps, guaranteeing the performance of the swaps through the margin requirements.

<u>Excess Return Swaps</u> are agreements between counterparties to exchange the return of a given underlying index. Under the terms of the agreement, a Fund will make payments based on a set rate in exchange for payments from the counterparty based on the return of the underlying assets comprising the index. If the returns on the underlying assets are positive, the counterparty will pay the Fund, and if the returns are negative, the Fund will make payments to the counterparty. The excess return swap held by Embark Commodity Strategy Fund (Consolidated) which generally is reset monthly, may be terminated by the Fund at any time.

During the period, Embark Commodity Strategy Fund (Consolidated) used excess return swaps to gain exposure to commodities markets.

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⬤

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**Notes to Financial Statements—Continued**

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**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

<u>Total Return Swaps</u> are agreements between counterparties to exchange the return of a given underlying asset, including any income it generates and appreciation in value, in exchange for a set rate, either fixed or variable. Under the terms of a total return swap, one counterparty pays out the total return of a specific referenced asset or index and in return receives a regular stream of payments. To the extent the total return of an asset or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty.

During the period, the Embark Commodity Strategy Fund (Consolidated) used total return swaps to gain exposure to commodities market.

**Other Matters**

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

**NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS**

**Investment Portfolio Transactions**

Purchases and sales of investments, other than short-term securities and U.S. government obligations, for each Fund for the period ended April 30, 2026 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>|
| Embark Commodity Strategy Fund (Consolidated) | &nbsp;&nbsp; $104491 | &nbsp;&nbsp; $80939 |
| Embark Small Cap Equity Fund | &nbsp;&nbsp; 312964 | &nbsp;&nbsp; 324131 |
| Harbor Ares Systematic Convertible Securities Fund | &nbsp;&nbsp; 35185 | &nbsp;&nbsp; 37690 |
| Harbor Capital Appreciation Fund | &nbsp;&nbsp; 2307062 | &nbsp;&nbsp; 5,772,705<br> \*<br>|
| Harbor Core Bond Fund | &nbsp;&nbsp; 682314 | &nbsp;&nbsp; 471679 |
| Harbor Core Plus Fund | &nbsp;&nbsp; 374283 | &nbsp;&nbsp; 322741 |
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; 60056 | &nbsp;&nbsp; 88858 |
| Harbor International Fund | &nbsp;&nbsp; 273842 | &nbsp;&nbsp; 446817 |
| Harbor International Compounders Fund | &nbsp;&nbsp; 6537 | &nbsp;&nbsp; 12941 |
| Harbor International Core Fund | &nbsp;&nbsp; 1267121 | &nbsp;&nbsp; 669176 |
| Harbor International Small Cap Fund | &nbsp;&nbsp; 29062 | &nbsp;&nbsp; 46309 |
| Harbor Large Cap Value Fund | &nbsp;&nbsp; 92750 | &nbsp;&nbsp; 411909 |
| Harbor Mid Cap Fund | &nbsp;&nbsp; 7906 | &nbsp;&nbsp; 5222 |
| Harbor Mid Cap Value Fund | &nbsp;&nbsp; 58281 | &nbsp;&nbsp; 70120 |
| Harbor Small Cap Growth Fund | &nbsp;&nbsp; 1132816 | &nbsp;&nbsp; 1019801 |
| Harbor Small Cap Value Fund | &nbsp;&nbsp; 157760 | &nbsp;&nbsp; 263058 |

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\* Sales for this Fund include $35,202 in connection with in-kind redemptions of the Fund's capital shares.

**In-Kind Redemption Transactions**

In accordance with each Trust's prospectus, the Funds may distribute portfolio securities rather than cash as payment for a redemption of Fund shares. For financial reporting purposes, a Fund recognizes a gain or loss on the securities distributed related to the in-kind redemption. Such Fund-level gains and losses on in-kind redemptions are not taxable to shareholders.

For the year ended October 31, 2025, Harbor Small Cap Growth Fund realized gains of $11,215,000 upon the disposition of portfolio securities in connection with in-kind redemptions of the Fund's shares.

For the period ended April 30, 2026, Harbor Capital Appreciation Fund realized gains of $34,921,000, upon the disposition of portfolio securities in connection with in-kind redemptions of the Fund's shares.

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**Notes to Financial Statements—Continued**

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**NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS—Continued** 

**Securities Lending**

Each Fund, except for Embark Commodity Strategy Fund, may engage in securities lending, whereby a Fund lends its securities to financial institutions in order to increase its income. The Trusts have engaged State Street Bank and Trust Company to act as its agent (the "Lending Agent") with respect to the lending of portfolio securities of the Funds, pursuant to the terms and conditions of a Securities Lending Authorization Agreement (the "SLA Agreement"). Securities loans are required to be secured at all times during the term of the loan by collateral that is at least equal to the value of the loaned securities determined at the close of each business day. Collateral may consist of cash and/or securities issued by the U.S. Treasury. Any additional collateral that may be required to secure a loan is delivered to the Fund on the next business day. Cash collateral is recognized as the gross liability for securities loaned in the Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the Lending Agent on behalf of the Funds, and the Funds do not have the ability to rehypothecate those securities. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio (the "Navigator Portfolio"), a money market mutual fund that seeks to provide income while maintaining a stable net asset value of $1.00. There is no assurance that the Navigator Portfolio will maintain a stable net asset value and the Funds are subject to the risk of loss on the cash collateral invested. A portion of the earnings generated by the investment of the cash collateral is rebated to the borrower for the use of the cash collateral and these earnings (less any rebate) are then divided between the Fund and the Lending Agent, as a fee for its services, according to agreed-upon rates. The Lending Agent and a Fund will share in any shortfall in the rebate due to the borrower, according to agreed-upon rates.

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

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

The following table shows the Funds that engaged in securities lending during the period and summarizes the value of equity securities loaned and related cash and non-cash collateral as of April 30, 2026.

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| | | | |
|:---|:---|:---|:---|
|  | **Value of** <br>**Securities on Loan** <br>**(000s)**<br>| **Cash Collateral** <br>**(000s)**<br>| **Non-Cash Collateral** <br>**(000s)**<br>|
| Harbor Capital Appreciation Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; 3157 | &nbsp;&nbsp; 3315 | &nbsp;&nbsp; — |
| Harbor International Fund | &nbsp;&nbsp; 4871 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5115 |
| Harbor International Compounders Fund | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 1637 | &nbsp;&nbsp; — |
| Harbor International Core Fund | &nbsp;&nbsp; 19874 | &nbsp;&nbsp; 15049 | &nbsp;&nbsp; 5939 |
| Harbor International Small Cap Fund | &nbsp;&nbsp; 2305 | &nbsp;&nbsp; 2423 | &nbsp;&nbsp; — |

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**NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES**

**Investment Adviser**

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

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**Notes to Financial Statements—Continued**

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**NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued** 

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

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| | | |
|:---|:---|:---|
|  | **Contractual Rate** | **Actual Rate** |
| Embark Commodity Strategy Fund (Consolidated) | 0.66% | 0.66% |
| Embark Small Cap Equity Fund  | 0.58 | 0.58 |
| Harbor Ares Systematic Convertible Securities Fund  | 0.50 | 0.50 |
| Harbor Capital Appreciation Fund  | 0.60<sup>a</sup> | 0.55 |
| Harbor Core Bond Fund  | 0.23 | 0.23 |
| Harbor Core Plus Fund  | 0.25 | 0.25 |
| Harbor Diversified International All Cap Fund  | 0.75 | 0.75 |
| Harbor International Fund  | 0.75<sup>b</sup> | 0.75 |
| Harbor International Compounders Fund  | 0.50 | 0.50 |
| Harbor International Core Fund  | 0.75 | 0.75 |
| Harbor International Small Cap Fund  | 0.85 | 0.85 |
| Harbor Large Cap Value Fund  | 0.60<sup>c</sup> | 0.60 |
| Harbor Mid Cap Fund  | 0.75 | 0.75 |
| Harbor Mid Cap Value Fund  | 0.75<sup>d</sup> | 0.74 |
| Harbor Small Cap Growth Fund  | 0.75 | 0.75 |
| Harbor Small Cap Value Fund  | 0.75 | 0.75 |

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| | |
|:---|:---|
| a | 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 <br> $20 billion and 0.53% on assets over $20 billion through February 28, 2027.<br>|
| b | The management fee is 0.75% on assets up to $12 billion and 0.65% on assets in excess of $12 billion. |
| c | The management fee is 0.60% on assets up to $4 billion and 0.55% on assets over $4 billion. |
| d | 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 <br> February 28, 2027.<br>|

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Retirement** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Administrative** <br>**Class** <sup>1</sup> <br>| **Investor** <br>**Class** <sup>2</sup> <br>| <br>**Expense Limitation** <br>**Agreement Expiration**<br>|
| Embark Commodity Strategy Fund (Consolidated) | 0.71% | 0.79% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 2/28/2027  |
| Embark Small Cap Equity Fund  | 0.61  | 0.69  | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 2/28/2027  |
| Harbor Ares Systematic Convertible Securities Fund  | 0.63  | 0.71  | 0.96% | 1.05% | &nbsp;&nbsp; 2/28/2027  |
| Harbor Core Bond Fund  | 0.26  | 0.34  | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 2/28/2027  |
| Harbor Core Plus Fund  | 0.30  | 0.38  | 0.63  | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 2/28/2027  |
| Harbor Diversified International All Cap Fund  | 0.75  | 0.83  | 1.08  | 1.17  | &nbsp;&nbsp; 2/28/2027  |
| Harbor International Fund  | 0.72  | 0.80  | 1.05  | 1.14  | &nbsp;&nbsp; 2/28/2027  |
| Harbor International Compounders Fund  | 0.55  | 0.63  | &nbsp;&nbsp; N/A | 0.97  | &nbsp;&nbsp; 2/28/2027  |
| Harbor International Core Fund  | 0.77  | 0.85  | &nbsp;&nbsp; N/A | 1.19  | &nbsp;&nbsp; 2/28/2027  |
| Harbor International Small Cap Fund  | 0.82  | 0.90  | 1.15  | 1.24  | &nbsp;&nbsp; 2/28/2027  |
| Harbor Large Cap Value Fund  | 0.61  | 0.69  | 0.94  | 1.03  | &nbsp;&nbsp; 2/28/2027  |
| Harbor Mid Cap Fund  | 0.80  | 0.88  | &nbsp;&nbsp; N/A | 1.22  | &nbsp;&nbsp; 2/28/2027  |
| Harbor Mid Cap Value Fund  | 0.77  | 0.85  | 1.10  | 1.19  | &nbsp;&nbsp; 2/28/2027 |

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| | |
|:---|:---|
| 1 | Effective April 21, 2026, the Administrative Class shares of Harbor Ares Systematic Convertible Securities Fund, Harbor International Small Cap Fund, and Harbor Large <br> Cap Value Fund were liquidated.<br>|
| 2 | For the period November 1, 2025 through February 28, 2026, Harbor Capital voluntarily limited the operating expenses for each Fund's Investor Class, if applicable, <br> by 0.01% above the limitation reported in the table above.<br>|

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

**Distributor**

Harbor Funds Distributors, Inc. (the "Distributor"), a wholly-owned subsidiary of Harbor Capital, is the distributor of Harbor Funds' and Harbor Funds II's shares pursuant to a distribution agreement with each Trust on behalf of the Funds. Under the Harbor Funds' current Administrative Class and Investor Class shares distribution plans pursuant to Rule 12b-1 under the Investment Company Act (each, a "12b-1 Plan") as applicable, each Fund pays the Distributor compensation at the annual

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**Notes to Financial Statements—Continued**

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**NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued** 

rate of 0.25% of the average daily net assets of its Administrative and Investor Class shares. Pursuant to each 12b-1 Plan, the Distributor is compensated for financing any activity that is primarily intended to result in the sale of Administrative and Investor Class shares of each Fund or for recordkeeping services or the servicing of shareholder accounts in a Administrative and Investor Class shares of each Fund. Such activities include, but are not limited to: printing of prospectuses and statements of additional information and reports for prospective shareholders (i.e., other than existing shareholders); preparation and distribution of advertising material and sales literature; expenses of organizing and conducting sales seminars; supplemental payments to dealers or other institutions such as asset-based sales charges, payments of recordkeeping fees under recordkeeping arrangements, or payments of service fees under shareholder service arrangements; and costs of administering each 12b-1 Plan.

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

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

**Transfer Agent**

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

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| | |
|:---|:---|
|  | **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<sup>1</sup> | 0.19% of the average daily net assets of all Investor Class shares |

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<sup>1</sup> For the period November 1, 2025 through February 28, 2026, Harbor Services Group received compensation up to 0.20% for the Investor Class.

Harbor Services Group voluntarily waived a portion of its transfer agent fees for the Harbor Funds during the period ended April 30, 2026. Fees incurred for these transfer agent services are shown on each Fund's Statement of Operations. The voluntary waiver may be discontinued at any time.

**Affiliated Transactions**

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

**Shareholders**

As of April 30, 2026, Harbor Capital and its wholly owned subsidiaries collectively held 10% or more of the following shares of beneficial interest in each of the following Funds:

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| | | |
|:---|:---|:---|
|  | **Number of Shares Owned by** <br>**Harbor Capital and Subsidiaries**<br>|  |
|  | **Retirement** <br>**Class**<br>| **Percentage of** <br>**Outstanding Shares**<br>|
| Harbor Ares Systematic Convertible Securities Fund | &nbsp;&nbsp; 1114445 | 40.8<br> %<br>|

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**Independent Trustees**

The fees and expenses of the Independent Trustees are included in "Trustees' fees and expenses" on each Fund's Statement of Operations.

Specific to the Harbor Funds, the Board of Trustees previously adopted a Deferred Compensation Plan for Independent Trustees (the "Plan"), which enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Trust. In November 2024, the Independent Trustees agreed to discontinue the Plan whereby only grandfathered

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**Notes to Financial Statements—Continued**

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**NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued** 

Trustees can continue to contribute to the Plan. For purposes of determining the amount owed to a Trustee under the Plan, deferred amounts are treated as though they had been invested in shares of the Fund(s) selected by the Trustee. While not required to do so, each Fund makes an investment equal to the Trustee's investment election. The deferred compensation liability and the offsetting deferred compensation investment asset are included as a component of "Accrued expenses – Trustees' fees and expenses" and "Other assets", respectively, in the Statements of Assets and Liabilities. Such amounts fluctuate with changes in the value of the selected Fund(s). The deferred compensation and related mark-to-market impact liability and an offsetting investment asset will remain on each Harbor Fund's Statement of Assets and Liabilities until distributed in accordance with the Plan.

**Indemnification**

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

**NOTE 5—TAX INFORMATION**

The identified cost for federal income tax purposes of investments owned by each Fund and its respective gross unrealized appreciation and depreciation as of April 30, 2026 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Identified Cost** <br>**(000s)** | **Gross Unrealized** | **Gross Unrealized** | **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)** |
|  | **Identified Cost** <br>**(000s)** | **Appreciation** <br>**(000s)**<br>| **(Depreciation)** <br>**(000s)**<br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)** |
| Embark Commodity Strategy Fund (Consolidated) | &nbsp;&nbsp; $2658732<br>| &nbsp;&nbsp; $145027 | &nbsp;&nbsp; $(57473)<br>| &nbsp;&nbsp; $87554 |
| Embark Small Cap Equity Fund  | &nbsp;&nbsp; 466086<br>| &nbsp;&nbsp; 129195 | &nbsp;&nbsp; (28214)<br>| &nbsp;&nbsp; 100981 |
| Harbor Ares Systematic Convertible Securities Fund <sup>\*</sup> | &nbsp;&nbsp; 36496<br>| &nbsp;&nbsp; 5403 | &nbsp;&nbsp; (753)<br>| &nbsp;&nbsp; 4650 |
| Harbor Capital Appreciation Fund  | &nbsp;&nbsp; 8042590<br>| &nbsp;&nbsp; 17564655 | &nbsp;&nbsp; (232656)<br>| &nbsp;&nbsp; 17331999 |
| Harbor Core Bond Fund <sup>\*</sup> | &nbsp;&nbsp; 1665247<br>| &nbsp;&nbsp; 11311 | &nbsp;&nbsp; (20376)<br>| &nbsp;&nbsp; (9065)<br>|
| Harbor Core Plus Fund <sup>\*</sup> | &nbsp;&nbsp; 1291423<br>| &nbsp;&nbsp; 10201 | &nbsp;&nbsp; (62851)<br>| &nbsp;&nbsp; (52650)<br>|
| Harbor Diversified International All Cap Fund  | &nbsp;&nbsp; 477472<br>| &nbsp;&nbsp; 349956 | &nbsp;&nbsp; (29845)<br>| &nbsp;&nbsp; 320111 |
| Harbor International Fund <sup>\*</sup> | &nbsp;&nbsp; 2414233<br>| &nbsp;&nbsp; 1486080 | &nbsp;&nbsp; (177396)<br>| &nbsp;&nbsp; 1308684 |
| Harbor International Compounders Fund <sup>\*</sup> | &nbsp;&nbsp; 39964<br>| &nbsp;&nbsp; 8882 | &nbsp;&nbsp; (2456)<br>| &nbsp;&nbsp; 6426 |
| Harbor International Core Fund  | &nbsp;&nbsp; 1462080<br>| &nbsp;&nbsp; 305485 | &nbsp;&nbsp; (27973)<br>| &nbsp;&nbsp; 277512 |
| Harbor International Small Cap Fund  | &nbsp;&nbsp; 153094<br>| &nbsp;&nbsp; 36674 | &nbsp;&nbsp; (8285)<br>| &nbsp;&nbsp; 28389 |
| Harbor Large Cap Value Fund  | &nbsp;&nbsp; 605182<br>| &nbsp;&nbsp; 431533 | &nbsp;&nbsp; (6208)<br>| &nbsp;&nbsp; 425325 |
| Harbor Mid Cap Fund  | &nbsp;&nbsp; 141196<br>| &nbsp;&nbsp; 64649 | &nbsp;&nbsp; (6322)<br>| &nbsp;&nbsp; 58327 |
| Harbor Mid Cap Value Fund  | &nbsp;&nbsp; 313280<br>| &nbsp;&nbsp; 136484 | &nbsp;&nbsp; (31611)<br>| &nbsp;&nbsp; 104873 |
| Harbor Small Cap Growth Fund <sup>\*</sup> | &nbsp;&nbsp; 1822479<br>| &nbsp;&nbsp; 782141 | &nbsp;&nbsp; (93132)<br>| &nbsp;&nbsp; 689009 |
| Harbor Small Cap Value Fund  | &nbsp;&nbsp; 1201078<br>| &nbsp;&nbsp; 1347154 | &nbsp;&nbsp; (48424)<br>| &nbsp;&nbsp; 1298730 |

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

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**Notes to Financial Statements—Continued**

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**NOTE 6—DERIVATIVES**

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

Each Fund's derivative instruments outstanding as of the period ended April 30, 2026, if any, as disclosed in the Portfolio of Investments, and the related amounts of net realized and changes in net unrealized gains and losses on derivative instruments during the period as disclosed in the Statement of Operations, are indicators of the volume of derivative activity for each Fund.

**Derivative Instruments**

As of April 30, 2026, the fair values of derivatives, by primary risk exposure, were reflected in the Statement of Assets and Liabilities as follows:

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| | |
|:---|:---|
| **Embark Commodity Strategy Fund (CONSOLIDATED)** |  |
| **Statement of Assets and Liabilities Caption** | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Assets** |  |
| Unrealized appreciation on OTC swap agreements | &nbsp;&nbsp; $— |
| Variation margin on futures contracts<sup>a</sup> | &nbsp;&nbsp; 138347 |
| Purchased options (included in Investments, at value) | &nbsp;&nbsp; 2824 |
| **Liabilities** |  |
| Variation margin on futures contracts<sup>a</sup> | &nbsp;&nbsp; (48059)<br>|

---

------

a Balance includes cumulative appreciation/depreciation of contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Net realized gain/(loss) and the change in net unrealized appreciation/(depreciation) on derivatives, by primary risk exposure, for the period ended April 30, 2026, were:

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| | |
|:---|:---|
| **Embark Commodity Strategy Fund (CONSOLIDATED)** | **Embark Commodity Strategy Fund (CONSOLIDATED)** |
|  | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $574365 |
| Purchased options (included in Investments) | &nbsp;&nbsp; 34306 |
| Swap agreements | &nbsp;&nbsp; 252574 |
| Net realized gain/(loss) on derivatives | &nbsp;&nbsp; $861245 |
|  | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $851 |
| Purchased options (included in Investments) | &nbsp;&nbsp; (1208)<br>|
| Swap agreements | &nbsp;&nbsp; — |
| Change in net unrealized appreciation/(depreciation) on derivatives | &nbsp;&nbsp; $(357)<br>|

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

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| | |
|:---|:---|
| **Harbor Ares Systematic Convertible Securities Fund** | **Harbor Ares Systematic Convertible Securities Fund** |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Rights/Warrants (included in Investments) | &nbsp;&nbsp; $4 |

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

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**Notes to Financial Statements—Continued**

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**NOTE 6—DERIVATIVES—Continued** 

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| | |
|:---|:---|
| **Harbor International Core Fund** | **Harbor International Core Fund** |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Rights/Warrants (included in Investments) | &nbsp;&nbsp; $23 |

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**NOTE 7—OFFSETTING ASSETS AND LIABILITIES**

**Master Netting Arrangements**

As described in further detail below, a Fund may enter into Master Netting Arrangements that govern the terms of certain transactions. Master Netting Arrangements are designed to reduce the counterparty risk associated with relevant transactions by establishing credit protection mechanisms and providing standardization as a means of improving legal certainty. As Master Netting Arrangements are specific to the unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all of the transactions governed under a single agreement with that counterparty. Master Netting Arrangements can also help reduce counterparty risk by specifying collateral posting requirements at pre-arranged exposure levels. Securities and cash pledged as collateral are reflected as assets in the Consolidated Statement of Assets and Liabilities as either a component of investments at value (securities) or due from broker. Cash collateral received is not typically held in a segregated account and, as such, is reflected as a liability in the Consolidated Statement of Assets and Liabilities as due to broker. The fair value of any securities received as collateral is not reflected as a component of net asset value.

For the period ended April 30, 2026, the following Master Netting Arrangements have been entered into as follows:

<u>International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements and Credit Support Annexes</u>, which govern over-the-counter market traded financial derivative transactions entered into by a Fund and select counterparties. As of April 30, 2026, Embark Commodity Strategy Fund (Consolidated) had investment exposures subject to the terms of these agreements.

The following is a summary by counterparty of the value of OTC financial derivative instruments and collateral (received)/pledged as governed by International Swaps and Derivatives Association, Inc. master agreements as of April 30, 2026.

**EMBARK COMMODITY STRATEGY FUND (CONSOLIDATED)** 

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| | | | |
|:---|:---|:---|:---|
|  | **Financial Derivative Assets** |  |  |
| **Counterparty** | **Swap** <br>**Agreements** <br>**(000s)**<br>| **Collateral** <br>**(Received)/** <br>**Pledged\*** <br>**(000s)**<br>| **Net** <br>**Exposure** <br>**(000s)**<br>|
| **Embark Cayman Fund II Ltd. (Subsidiary)**<sup>a</sup> <br>|  |  |  |
| Citigroup Global Markets | $— | $22079 | $— |
| RBC Dominion Securities |  | 16276 |  |
| **Embark Cayman Fund IV Ltd. (Subsidiary)**<sup>a</sup> <br>|  |  |  |
| Macquarie Bank Limited | $— | $12430 | $— |

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

---

| |
|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>\*Of the total collateral received and/or pledged shown in the table above, cash of $12,430 included in "Due from broker" and non-cash balance of $38,355 included in <br> "Investments, at value" on the Consolidated Statement of Assets and Liabilities, were pledged as collateral for swaps held in the subsidiaries.<br>|
| a Embark Cayman Fund II Ltd. and Embark Cayman Fund IV Ltd. are recognized as separate legal entities for the purpose of the ISDA agreement. |

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Exchange traded and centrally cleared derivatives are not subject to master netting or similar arrangements.

**NOTE 8—SUBSEQUENT EVENTS**

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

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**ADDITIONAL INFORMATION (Unaudited)**

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

The fees and expenses of the independent trustees are included in "Trustees' fees and expenses" on each Fund's Statement of Operations as part of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

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

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

At a meeting of the Board held on February 18-20, 2026 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved the continuation of each Investment Advisory Agreement with Harbor Capital, the advisor to each Fund, and each Subadvisory Agreement with each Fund's subadviser (each, a "Subadviser") with respect to Harbor Capital Appreciation Fund, Harbor Ares Systematic Convertible Securities Fund (formerly, Harbor Convertible Securities Fund), Harbor Core Bond Fund, Harbor Core Plus Fund, Harbor Diversified International All Cap Fund, Harbor International Compounders Fund, Harbor International Fund, Harbor International Core 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, Embark Commodity Strategy Fund, and Embark Small Cap Equity Fund (each a "Fund" and, collectively, the "Funds").

In evaluating each Investment Advisory Agreement and each Subadvisory Agreement, the Trustees reviewed materials furnished by Harbor Capital and each Subadviser, including information about their respective affiliates, personnel, and operations, and also relied upon their knowledge of Harbor Capital and the Subadvisers resulting from their quarterly meetings, periodic telephonic meetings and other prior communications. In connection with the Meeting, which had been called for the purpose of considering the continuation of the Investment Advisory Agreements and Subadvisory Agreements, and at prior meetings, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to Fund performance and the services rendered by Harbor Capital and each Subadviser. These materials included a comprehensive written response from Harbor Capital to a 15(c) request letter prepared by legal counsel to the Independent Trustees in consultation with the Independent Trustees. The Trustees also discussed with representatives of Harbor Capital, at the Meeting and at prior meetings, the Trust's operations and Harbor Capital's ability, consistent with the "manager-of-managers" structure of many Harbor funds, to (i) identify and recommend to the Trustees a subadviser for each such Fund, (ii) monitor and oversee the performance and investment capabilities of each subadviser, and (iii) recommend the replacement of a subadviser where appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisers for particular Harbor funds in circumstances in which the Board and Harbor Capital had determined that a change in subadviser was in the best interests of a fund and its shareholders, whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadviser's investment style, (ii) prolonged style inconsistency, (iii) material adverse changes in management or personnel, or (iv) other factors, such as if Harbor Capital were to identify another subadviser believed to better serve the shareholders than the existing subadviser.

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

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

In considering the approval of each Fund's Investment Advisory Agreement and, as applicable, Subadvisory Agreement (and in the case of Embark Commodity Strategy Fund, the Sub-Subadvisory Agreement with Schroder Investment Management North America Limited), the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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Among the factors considered by the Trustees were the following:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The profitability of Harbor Capital with respect to each Fund, including the effect of revenues of Harbor Services Group, Inc. ("Harbor Services Group"), the Funds' transfer agent, and Harbor Funds Distributors, Inc. ("Harbor Funds Distributors"), the Funds' principal underwriter, on such profitability;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fees and expense ratios of each Fund relative to the quality of services provided and the fees and expense ratios of similar investment companies and Harbor Capital's explanations for above-median fees and expense ratios in certain instances;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information contained in materials provided by Harbor Capital and compiled by Broadridge as to the investment returns, advisory fees and total expense ratios of the Institutional Class of each Fund (and, in certain cases, expense information for the Investor Class) relative to those of other investment companies with similar objectives and strategies managed by other investment advisers;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Funds' advisory fees relative to the advisory fees that Harbor Capital charges to manage certain collective investment trusts using the same strategies as certain of the Funds, though the Trustees did not consider these comparisons to be a material factor given Harbor Capital's greater level of responsibilities and additional services provided with respect to the Funds, as well as the more extensive regulatory requirements and risks associated with managing the Funds.

**Nature, Extent, and Quality of Services**

The Trustees separately considered the nature, extent, and quality of the services provided by Harbor Capital and each Subadviser. In their deliberations as to the approval of each Fund's Investment Advisory Agreement and Subadvisory Agreement(s), the Trustees were mindful of the fact that, by choosing to invest in a Fund, the shareholders had entrusted Harbor Capital with

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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the responsibility, subject to the approval of the Trustees, for selecting each Fund's Subadviser, overseeing and monitoring that Subadviser's performance and replacing the Subadviser if necessary. The Trustees also considered as relevant to their determination the favorable history, reputation, qualifications and background of Harbor Capital and each Subadviser, as well as the qualifications of their respective personnel.

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

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

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

**Investment Performance, Advisory Fees and Expense Ratios**

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

**Harbor Capital Appreciation Fund.** The Trustees considered Harbor Capital Appreciation Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the three-year period ended December 31, 2025, was in line with its Broadridge group median for the one-year period ended December 31, 2025, underperformed its Broadridge universe median for the one-year period ended December 31, 2025, and underperformed its Broadridge group and universe medians for the five-year period ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the third, first, and third quartile, respectively, for the periods ended December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the Russell 1000 Growth Index, for the three-year period ended December 31, 2025, and underperformed its benchmark for the one- and five-year periods ended December 31, 2025.

The Trustees considered the expertise of Jennison Associates LLC ("Jennison") in managing assets generally and specifically with respect to the Fund's strategy, noting that Jennison managed approximately $90 billion in assets in this strategy, out of a firm-wide total of approximately $214 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $29.73 billion, showed that the Fund's contractual management fee was above the group median for the Institutional Class. The Broadridge data showed that the actual total expense ratio for the Fund's Institutional Class was below the universe median and above the group median. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor Ares Systematic Convertible Securities Fund.** The Trustees considered Harbor Ares Systematic Convertible Securities Fund (inception date May 1, 2011), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2025. The Morningstar

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the first quartile for the periods ended December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the ICE Bank of America ("ICE BofA") U.S. Convertible Bond Index, for the one-, three- and five-year periods ended December 31, 2025.

The Trustees noted that BlueCove Limited ("BlueCove") was appointed as the Fund's subadviser effective March 1, 2023, and therefore performance prior to that date was not attributable to BlueCove.

The Trustees considered the expertise of BlueCove in managing assets generally and in fixed income securities specifically, noting that BlueCove managed approximately $38.3 million in assets in the Fund's strategy, out of a firm-wide total of $5.5 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $50 million, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio of the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was negative.

**Harbor Core Bond Fund.** The Trustees considered Harbor Core Bond Fund (inception date June 1, 2018), noting that, according to the Broadridge report, the Fund's Institutional Class was in line with its Broadridge group and universe medians for the three- and five-year periods ended December 31, 2025, and underperformed its Broadridge group and universe medians for the one-year period ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the third, second, and third quartile, respectively, for the periods ended December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the three-year period ended December 31, 2025, and underperformed its benchmark for the one- and five-year periods ended December 31, 2025.

The Trustees considered the expertise of Income Research & Management ("IR+M") in managing assets generally and in the core bond strategy specifically, noting that IR+M managed approximately $29.6 billion in assets in this strategy, out of a firm-wide total of approximately $131 billion in assets under management as of December 31, 2025. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $1.55 billion, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio of the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor Core Plus Fund.** The Trustees considered Harbor Core Plus Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group median for the three-year period ended December 31, 2025, outperformed its Broadridge universe median for the five-year period ended December 31, 2025, was in line with its Broadridge universe median for the one- and three-year periods ended December 31, 2025, was in line with its Broadridge group median for the five-year period ended December 31, 2025, and underperformed its Broadridge group median for the one-year period ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the third, second, and second quartile, respectively, for the periods ended December 31, 2025. The Trustees considered that the Fund had outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the three- and five-year periods ended December 31, 2025, and underperformed its benchmark for the one-year period ended December 31, 2025.

The Trustees considered the expertise of IR+M in managing assets generally and in the core plus strategy specifically, noting that IR+M managed approximately $4.8 billion in core plus assets out of a firm-wide total of approximately $131 billion in assets under management as of December 31, 2025. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $1.28 billion, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio of the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**Harbor Diversified International All Cap Fund.** The Trustees considered Harbor Diversified International All Cap Fund (inception date November 2, 2015), noting that, according to the Broadridge report, the Fund's Institutional Class was in line with its Broadridge group and universe medians for the one-year period ended December 31, 2025, in line with its Broadridge universe median for the five-year period ended December 31, 2025, underperformed its Broadridge group and universe medians for the three-year period ended December 31, 2025 and underperformed its Broadridge group median for the past 5-year period. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the third quartile for the periods ended December 31, 2025. The Trustees also considered that the Fund had underperformed its benchmark, the MSCI All Country World Ex. U.S. (ND) Index, for the one-, three- and five-year periods ended December 31, 2025.

The Trustees considered the expertise of Marathon Asset Management Limited ("Marathon-London") in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Marathon-London managed approximately $3.5 billion in assets in this strategy, out of a firm-wide total of approximately $40.2 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $775 million, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor International Compounders Fund.** The Trustees considered Harbor International Compounders Fund (inception date March 1, 2024), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group median for the one-year period ended December 31, 2025, was in line with its Broadridge universe median for the one-year period ended December 31, 2025, and underperformed its Broadridge group and universe medians for the since inception period ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the third quartile for the period ended December 31, 2025. The Trustees also considered that the Fund had underperformed its benchmark, the MSCI All Country World Ex. U.S. (ND) Index, for the one-year period ended December 31, 2025. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of C WorldWide Asset Management Fondsmaeglerselskab A/S ("C WorldWide") in managing assets generally and in the strategy used with respect to the Fund specifically, noting that C WorldWide managed approximately $3.2 billion in assets in this strategy, out of a firm-wide total of approximately $15.4 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $75 million, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was negative.

**Harbor International Fund.** The Trustees considered Harbor International Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund's Institutional Class was in line with its Broadridge group and universe medians for the five-year period ended December 31, 2025, and underperformed its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the third quartile for the periods ended December 31, 2025. The Trustees also considered that the Fund had underperformed its benchmark, the MSCI EAFE (ND) Index, for the one-, three- and five-year periods ended December 31, 2025.

The Trustees considered the expertise of Marathon-London in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Marathon-London managed approximately $20.4 billion in this strategy, out of a firm-wide total of approximately $40.2 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $3.73 billion, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor International Core Fund.** The Trustees considered Harbor International Core Fund (inception date March 1, 2019), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the first quartile for the periods ended December 31, 2025. The Trustees considered that the Fund had outperformed its benchmark, the MSCI EAFE (ND) Index, for the one-, three- and five-year periods ended December 31, 2025.

The Trustees considered the expertise of Acadian Asset Management LLC ("Acadian") in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Acadian managed approximately $10 billion in assets in this strategy, out of a firm-wide total of approximately $165 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $975 million, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was above the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor International Small Cap Fund.** The Trustees considered Harbor International Small Cap Fund (inception date February 1, 2016), noting that, according to the Broadridge report, the Fund's Institutional Class had underperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the fourth quartile for the periods ended December 31, 2025. The Trustees considered that the Fund had outperformed its benchmark, the MSCI EAFE Small Cap (ND) Index, for the five-year period ended December 31, 2025, and underperformed the benchmark for the one- and three-year periods ended December 31, 2025.

The Trustees considered the expertise of Cedar Street Asset Management LLC ("Cedar Street") in managing assets generally and in the international small cap strategy specifically, noting that Cedar Street managed approximately $412 million in assets in this strategy out of a firm-wide total of approximately $935.2 million in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy. The Trustees further noted that Harbor Capital owns a less than 5% non-voting ownership stake in Cedar Street and that, in addition, Harbor Capital and Cedar Street have entered into an arrangement by which Harbor Capital may acquire 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.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $200 million, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to a contractual fee waiver/expense reimbursement arrangement with the Fund until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor Large Cap Value Fund.** The Trustees considered Harbor Large Cap Value Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund's Institutional Class had underperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the fourth, third and fourth quartile, respectively, for the periods ended December 31, 2025. The Trustees also considered that the Fund had underperformed its benchmark, the Russell 1000 Value Index, for the one-, three- and five-year periods ended December 31, 2025.

The Trustees considered the expertise of Aristotle Capital Management, LLC ("Aristotle") in managing assets generally and in large cap value strategies specifically, noting that Aristotle managed approximately $42.4 billion in assets in the value equity strategy used by the Fund, out of a firm-wide total of approximately $52.1 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $1.33 billion, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below its group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that the Advisor's profitability in operating the Fund was not excessive.

**Harbor Mid Cap Fund.** The Trustees considered Harbor Mid Cap Fund (inception date December 1, 2019), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the one-year period ended December 31, 2025, was in line with its Broadridge group median for the three-year period ended December 31, 2025, underperformed its Broadridge universe median for the three-year period ended December 31, 2025, and underperformed its Broadridge group and universe medians for the five-year period ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the second, third and third quartile, respectively, for the periods ended December 31, 2025. The Trustees also considered that the Fund had underperformed its benchmark, the Russell Midcap Index, for the one-, three- and five-year periods ended December 31, 2025.

The Trustees considered the expertise of EARNEST Partners LLC ("EARNEST") in managing assets generally and in the mid cap strategy specifically, noting that EARNEST managed approximately $3.6 billion in assets in this strategy, out of a firm-wide total of approximately $38.8 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio manager in this strategy, noting that he is the founder of EARNEST.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $175 million, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group median and above the universe median. The Trustees also considered that Harbor Capital had agreed to continue the Fund's contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor Mid Cap Value Fund.** The Trustees considered Harbor Mid Cap Value Fund (inception date March 1, 2002), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the first quartile for the periods ended December 31, 2025. The Trustees considered that the Fund had outperformed its benchmark, the Russell Midcap Value Index, for the one-, three- and five-year periods ended December 31, 2025.

The Trustees considered the expertise of LSV Asset Management ("LSV") in managing assets generally and in the mid cap value strategy specifically, noting that LSV managed approximately $1.99 billion in assets in this strategy, out of a firm-wide total of approximately $104.3 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy, noting that one of the portfolio managers was a founding partner of LSV.

The Trustees noted that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $375 million, showed the Fund's management fee was equal to the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group median and above the universe median. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that the Advisor's profitability in operating the Fund was not excessive.

**Harbor Small Cap Growth Fund.** The Trustees considered Harbor Small Cap Growth Fund (inception date November 1, 2000), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the second quartile for the periods ended December 31, 2025. The Trustees considered that the Fund had outperformed its benchmark, the Russell 2000 Growth Index, for the five-year period ended December 31, 2025, and underperformed its benchmark for the one- and three-year periods ended December 31, 2025.

The Trustees considered the expertise of Westfield Capital Management Company, L.P. ("Westfield") in managing assets generally and in the small cap growth strategy specifically, noting that Westfield Capital managed approximately $4.8 billion in assets in this strategy, out of a firm-wide total of approximately $24.4 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $2.18 billion, showed the Fund's contractual management fee was below the group median for the Institutional Class. The Broadridge data also showed that the Fund's actual total expense ratio for the Fund's Institutional Class was below the group and universe medians. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor Small Cap Value Fund.** The Trustees considered Harbor Small Cap Value Fund (inception date December 14, 2001), noting that, according to the Broadridge report, the Fund's Institutional Class was in line with its Broadridge group and universe median for the three-year period ended December 31, 2025, and underperformed its Broadridge group and universe medians for the one- and five-year periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the third, third and fourth quartile, respectively, for the periods ended December 31, 2025. The Trustees also considered that the Fund underperformed its benchmark, the Russell 2000 Value Index, for the one-, three- and five-year periods ended December 31, 2025.

The Trustees considered the expertise of EARNEST in managing assets generally and in the small cap value strategy specifically, noting that EARNEST managed approximately $4.9 billion in assets in this strategy, out of a firm-wide total of approximately $38.8 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio manager in this strategy, noting that he is the founder of EARNEST.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $2.1 billion, showed the Fund's management fee was below the group median. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe median expense ratios. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Embark Commodity Strategy Fund.** The Trustees considered Embark Commodity Strategy Fund (inception date January 23, 2024), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge universe median for the one-year period ended December 31, 2025, outperformed its Broadridge group and universe medians for the since inception period ended December 31, 2025, and was in line with its Broadridge group median for the one-year period ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the first quartile for the period ended December 31, 2025. The Trustees also considered that the Fund outperformed its benchmark, the Bloomberg Commodity Total Return Index, for the one-year and since inception periods ended December 31, 2025. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of AQR Capital Management, LLC, CoreCommodity Management, LLC, Neuberger Berman Investment Advisers LLC, Quantix Commodities LP, Schroder Investment Management North America Inc. and Schroder Investment Management North America Ltd., and SummerHaven Investment Management, LLC in the strategies they use to manage their respective sleeves of the Fund.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $2.9 billion, showed the Fund's management fee was below the group median. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Embark Small Cap Equity Fund.** The Trustees considered Embark Small Cap Equity Fund (inception date January 30, 2024), noting that, according to the Broadridge report, the Fund's Institutional Class was in line with its Broadridge group median for the since inception period ended December 31, 2025, had underperformed its Broadridge group and universe medians for the one-year period ended December 31, 2025, and had underperformed its Broadridge universe median for the since inception period ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the third quartile for the period ended December 31, 2025. The Trustees also considered that the Fund underperformed its benchmark, the Russell 2000 Index, for the one-year and since inception periods ended December 31, 2025. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of Copeland Capital Management, LLC, Granahan Investment Management LLC, Hotchkis and Wiley Capital Management, LLC, Punch & Associates Investment Management, Inc., Reinhart Partners LLC, and Shapiro Capital Management LLC in the strategies for which they provide model portfolios.

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $550 million, showed the Fund's management fee was below the group median. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2027. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

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

**Profitability**

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

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

**Economies of Scale**

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

**FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE SUBADVISORY AGREEMENT OF HARBOR ARES SYSTEMATIC CONVERTIBLE SECURITIES FUND**

At a meeting of the Board held on November 19-21, 2025 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved the new Subadvisory Agreement among Harbor Capital Advisors, Inc. ("Harbor Capital"), Harbor Funds (the "Trust"), on behalf of Harbor Ares Systematic Convertible Securities Fund (the "Fund"), and BlueCove Limited ("BlueCove"), to take effect upon the change of control of BlueCove in connection with the acquisition of BlueCove by Ares Management LLC (the "BlueCove Transaction").

It was further noted that BlueCove had indicated that the BlueCove Transaction was not expected to result in any changes to the day-to-day management of BlueCove, the services that BlueCove provides to the Funds or the personnel providing those services. It was further noted that the new subadvisory agreement with BlueCove contains the same terms as the current subadvisory agreement for the Fund with the exception of the effective date and term provisions.

In anticipation of the termination of the current subadvisory agreements in connection with the BlueCove Transaction, the Board, including the Independent Trustees, determined that the terms of the new subadvisory agreement with BlueCove were fair and reasonable, and that the new subadvisory agreement should be approved.

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**Factors Considered**

In considering the new subadvisory agreement, the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor. Among the factors considered by the Trustees were the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The BlueCove Transaction is not expected to affect the nature, extent, and quality of the services to be provided by BlueCove or result in a change in the day-to-day management of BlueCove or the investment professionals who provide investment management services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Key BlueCove personnel, including those who provide services to the Fund, are not expected to be negatively impacted by the consummation of the BlueCove Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The terms of the new subadvisory agreement are identical to the terms of the current subadvisory agreement for the Fund except for the effective date and term provisions, and the services to be provided by BlueCove and compensation payable to BlueCove will remain the same.

The Trustees considered the nature, extent and quality of the services to be provided by BlueCove to the Fund. In its deliberations, the Board was mindful of the fact that, by choosing to invest in the Fund, the Fund's shareholders entrusted Harbor Capital with the responsibility, subject to the approval of the Board, for selecting the Fund's subadviser, overseeing and monitoring that subadviser's performance and replacing the subadviser if necessary.

The Board considered that it had approved the annual renewal of the current subadvisory agreement at the February 20-22, 2025 Board meeting. The Board also determined that it was appropriate to take into consideration the extensive information received throughout the year regarding performance and operating results of the Fund given the continuity of portfolio management expected following the BlueCove Transaction. The Board concluded, based upon all of these considerations, along with the conclusions the Board reached with respect to the most recent approval of the renewal of the current subadvisory agreement for the Fund, that it need not reconsider all of the factors that it would typically consider in connection with an initial approval or contract renewal. The Board also noted that, notwithstanding the initial two-year period permitted under the Investment Company Act, it would nonetheless consider the renewal of the new subadvisory agreement in February 2026 as part of the annual contract renewal process.

**FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE SUBADVISORY AGREEMENT OF EMBARK SMALL CAP EQUITY FUND**

At a meeting of the Board of Harbor Funds II (the "Trust") held on November 19-21, 2025 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved a new Subadvisory Agreement among Harbor Capital Advisors, Inc. ("Harbor Capital"), the Trust, on behalf of Embark Small Cap Equity Fund (the "Fund"), and Reinhart Partners, LLC ("Reinhart"), to take effect upon the change of control of Reinhart (the "Reinhart Transaction").

It was further noted that Reinhart had indicated that the Reinhart Transaction was not expected to result in any changes to the day-to-day management of Reinhart, the services that Reinhart provides to the Fund or the personnel providing those services. It was further noted that the new subadvisory agreement (which is a non-discretionary model portfolio provider agreement) with Reinhart contains the same terms as the current non-discretionary model portfolio provider agreement for the Fund with the exception of the effective date and term provisions.

In anticipation of the termination of the current non-discretionary model portfolio provider agreement in connection with the Reinhart Transaction, the Board, including the Independent Trustees, determined that the terms of the proposed new non-discretionary model portfolio provider agreement with Reinhart were fair and reasonable, and that the new non-discretionary model portfolio provider agreement should be approved.

**Factors Considered**

In considering the new non-discretionary model portfolio provider agreement, the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor. Among the factors considered by the Trustees were the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Reinhart Transaction is not expected to affect the nature, extent, and quality of the services to be provided by Reinhart or result in a change in the day-to-day management of Reinhart or the investment professionals who provide investment management services to the Fund;

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Key Reinhart personnel, including those who provide services to the Fund, are not expected to be negatively impacted by the consummation of the Reinhart Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The terms of the new non-discretionary model portfolio provider agreement are identical to the terms of the current subadvisory agreement for the Fund except for the effective date and term provisions, and the services to be provided by Reinhart and compensation payable to Reinhart will remain the same.

The Trustees considered the nature, extent and quality of the services to be provided by Reinhart to the Fund. In its deliberations, the Board was mindful of the fact that, by choosing to invest in the Fund, the Fund's shareholders entrusted Harbor Capital with the responsibility, subject to the approval of the Board, for selecting the Fund's subadviser, overseeing and monitoring that subadviser's performance and replacing the subadviser if necessary.

The Board considered that it had approved the annual renewal of the current non-discretionary model portfolio provider agreement at the February 20-22, 2025 Board meeting. The Board also determined that it was appropriate to take into consideration the extensive information received throughout the year regarding performance and operating results of the Fund given the continuity of portfolio management expected following the Reinhart Transaction. The Board concluded, based upon all of these considerations, along with the conclusions the Board reached with respect to the most recent approval of the renewal of the current subadvisory agreement for the Fund, that it need not reconsider all of the factors that it would typically consider in connection with an initial approval or contract renewal. The Board also noted that, notwithstanding the initial two-year period permitted under the Investment Company Act, it would nonetheless consider the renewal of the new subadvisory agreement in February 2026 as part of the annual contract renewal process.

**FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE SUBADVISORY AGREEMENT OF EMBARK SMALL CAP EQUITY FUND**

At a meeting held on February 18-20, 2026, the Board of Harbor Funds II (the "Trust"), including the Independent Trustees voting separately, unanimously determined in their exercise of business judgment, that it was in the best interests of Embark Small Cap Equity Fund (the "Fund") and its shareholders to appoint Granite Investment Partners, LLC ("Granite") as subadviser to the Fund and that the terms of the new subadvisory agreement among Harbor Funds II, on behalf of the Fund, Harbor Capital Advisors, Inc. ("Harbor Capital" or the "Advisor") and Granite were fair and reasonable. Accordingly, the Trustees approved the new subadvisory agreement for an initial two-year term beginning on March 1, 2026. In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or Granite present and were represented throughout the process by legal counsel to the Independent Trustees and the Fund.

In considering a potential replacement subadviser, Harbor Capital conducted research on asset managers across the small cap growth universe and also relied on prior knowledge built from its ongoing monitoring of Granite over an extended period. That research led to the identification of Granite as a firm in which Harbor Capital has a high degree of investment conviction. Harbor Capital believes that Granite is expected to provide an investment approach designed to support continued high-quality small cap growth exposure over the long term. At a meeting held on January 15, 2026, the Trustees received presentations by (i) Harbor Capital regarding its recommendation, and (ii) Granite regarding the firm's experience, investment philosophy and process, operational capabilities, and the performance of the strategy that Granite will use to manage the Fund's assets that are allocated to it by Harbor Capital.

In determining whether to approve the new subadvisory agreement, the Trustees reviewed materials furnished by Harbor Capital and Granite, including information regarding Granite, its investment philosophy and strategies, past performance, financial condition, operational capabilities and personnel. The Trustees also considered Harbor Capital's ongoing responsibilities for selecting, monitoring and overseeing the Fund's subadvisers and managing allocations of the Fund's assets among each of the subadviser's strategies.

The Trustees considered that, in recommending Granite, Harbor Capital had conducted a search for a small cap growth investment adviser for the Fund's assets that are allocated to Granite's strategy and believed Granite had the potential to add value for the Fund's shareholders.

**Specific Factors**

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

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund is managed using a multi-manager approach, with Harbor Capital responsible (subject to Board oversight) for selecting, monitoring and overseeing subadvisers, managing allocations of the Fund's assets among each of the subadviser's strategies, and executing trades for the Fund;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The favorable history, reputation, qualifications and background of Granite, as well as the reputations, qualifications and background of Granite's personnel;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•That Granite is responsible for providing Harbor Capital with a model portfolio that Harbor Capital will then implement in its discretion in managing the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The investment performance of Granite's strategy that will be used to provide the model to Harbor Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The expected impact of the implementation of the subadvisory agreement on the profitability of Harbor Capital with respect to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any "fall out" benefits that might inure to Harbor Capital, Granite and their affiliates as a result of the implementation of the new subadvisory agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The desire to continue to offer to Fund shareholders exposure to the small cap growth asset class through a Fund supported by a multi-sleeve portfolio construction approach that is competitively priced and viable over the long term.

The Trustees considered the nature, extent and quality of the services proposed to be provided by Granite in light of the Fund's multi-manager approach and Harbor Capital's manager-of-managers responsibilities. In their deliberations, the Trustees were mindful of the fact that, by choosing to invest in the Fund, the Fund's shareholders entrusted Harbor Capital with the responsibility, subject to the approval of the Trustees, for selecting, overseeing and monitoring subadviser performance and replacing the subadviser if necessary. The Trustees also considered as relevant to their determination the depth, knowledge and experience level of the investment team, the quality of the investment process and the culture of Granite.

In discussing the nature and quality of the services to be provided by Granite, the Trustees considered the collective expertise and experience of the professionals who had formed Granite. The Trustees also noted the favorable record generated by the investment team at Granite and at prior firms.

Given Granite's role as one of multiple subadvisers rather than as the sole subadviser of a single-subadvised fund, the Board also considered Harbor Capital's analysis regarding Granite's expected fit within the Fund's portfolio. The Trustees reviewed information regarding stylistic diversification, historical measures of idiosyncratic risk, factor exposures, and return correlations, as well as analyses indicating that overlap among the Fund's strategies is expected to remain limited. The Board also considered Harbor Capital's proposed allocation approach for Granite within the Fund as a whole and the expected impact on overall portfolio risk and construction.

The Board considered the anticipated portfolio turnover associated with transitioning portfolio holdings in connection with the change in subadviser and Harbor Capital's plans for managing the portfolio transition.

The Trustees also discussed other potential options for the Fund.

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**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**Subadvisory Fee**

In considering the proposed subadvisory fee payable to Granite pursuant to the new subadvisory agreement, the Trustees compared the proposed fee to the fee payable to Westfield Capital Management Company, L.P. ("Westfield") under the prior subadvisory agreement. The Trustees noted that, based on the Fund's assets of $556 million as of March 1, 2026 and the Fund assets allocated to Westfield and proposed to be allocated to Granite, the effective aggregate annual fee rate under the prior subadvisory agreement with Westfield was slightly higher than the effective annual fee rate to be paid by the Advisor under the new subadvisory agreement with Granite.

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 12 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 13 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 14 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS**

Not applicable

**ITEM 15 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

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

**ITEM 16 – CONTROLS AND PROCEDURES**

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

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

**ITEM 17 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 18 – RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

Not applicable

**ITEM 19 – EXHIBITS**

(a) [A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) is attached hereto.](hf-efp25634_ex99cert.htm)

(b) [Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto.](hf-efp25634_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed June 22, 2026 on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **HARBOR FUNDS** | **HARBOR FUNDS** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain |
|  | Chairman, President and Trustee |
|  | (Principal Executive Officer) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Charles F. McCain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and Trustee | June 22, 2026 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ Howard M. Reich | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer (Principal Financial | June 22, 2026 |
|  | Howard M. Reich | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Accounting Officer) |  |

---

Exhibit Index

---

| | |
|:---|:---|
| Number | Description |
| 99.CERT1 | [Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).](hf-efp25634_ex99cert.htm) |
| 99.CERT2 | [Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).](hf-efp25634_ex99cert.htm#ex99cert2) |
| 99.906CERT | [Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).](hf-efp25634_ex99906cert.htm) |

---

## Ex-99.Cert

**EX-99.CERT1**

**CERTIFICATION**

I, **Charles F. McCain**, certify that:

1. I have reviewed this report on Form N-CSR of Harbor Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: June 22, 2026

---

| |
|:---|
| /s/ Charles F. McCain |
| Charles F. McCain |
| Chairman, President and Trustee |
| (Principal Executive Officer) |

---

**EX-99.CERT2**

**CERTIFICATION**

I, **Howard M. Reich**, certify that:

1. I have reviewed this report on Form N-CSR of Harbor Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: June 22, 2026

---

| |
|:---|
| /s/ Howard M. Reich |
| Howard M. Reich |
| Treasurer |
| (Principal Financial and Accounting Officer) |

---

## Exhibit 99.906

**EX-99.906CERT**

**SECTION 906 CERTIFICATION**

Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350), the undersigned officers of Harbor Funds (the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's report on Form N-CSR for the period ended April 30, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Charles F. McCain | &nbsp;&nbsp;&nbsp;Chairman, President and Trustee | June 22, 2026 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ Howard M. Reich | &nbsp;&nbsp;&nbsp;Treasurer (Principal Financial | June 22, 2026 |
|  | Howard M. Reich | &nbsp;&nbsp;&nbsp;and Accounting Officer) |  |

---

This certification is being furnished solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Report or as a separate disclosure document.