# EDGAR Filing Document

**Accession Number:** 0000793769
**File Stem:** 0001133228-25-013906
**Filing Date:** 2025-12
**Character Count:** 1154291
**Document Hash:** 23416fe58be7a8c71dbf4ca1b7cdc613
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013906.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001133228-25-013906

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251223

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04676
- **FILM NUMBER:** 251594501

**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           |
| C000001986 | Administrative Class | HRSGX           |
| C000001987 | Investor Class       | HISGX           |
| C000166748 | Retirement Class     | HNSGX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| 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: October 31, 2025**

**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 Capital Appreciation Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HNACX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Capital Appreciation Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $67 | 0.59% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Jennison Associates LLC

**Performance Summary**

The Retirement Class shares of the Fund returned 25.53% for the year ended October 31, 2025, while the Russell 1000<sup>®</sup> Growth Index and the S&P 500 Index returned 30.52% and 21.45%, respectively, during the same period.

Top contributors to relative performance included:

• Positions in the Industrials, Consumer Staples, and Technology sectors. Top performers within the Industrials sector were GE Aerospace, Boeing Co., and Uber Technologies, Inc. Walmart, Inc. led gains within the Consumer Staples sector, while accelerated spending on Artificial Intelligence applications drove meaningful advances for investments in the Technology sector, including Broadcom, Inc. and CrowdStrike Holdings, Inc.

Top detractors from relative performance included:

• Positions in the Health Care, Consumer Discretionary, and Communication Services sectors. Within the Health Care sector, shares of Novo Nordisk AS and Vertex Pharmaceuticals, Inc. declined. In the Consumer Discretionary sector, an underweight position in Tesla, Inc. was the primary detractor. Trade Desk, Inc. lost value during the period, holding back the Communication Services sector.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i637f1086892a77399c90e18e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retirement Class** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **Nov-15** | $1010571 | $1002974 | $1002807 |
| **Dec-15** | $995108 | $987155 | $988091 |
| **Jan-16** | $910341 | $938168 | $932928 |
| **Feb-16** | $912960 | $936903 | $932530 |
| **Mar-16** | $940452 | $1000460 | $995421 |
| **Apr-16** | $934069 | $1004339 | $986332 |
| **May-16** | $958616 | $1022375 | $1005485 |
| **Jun-16** | $928342 | $1025024 | $1001536 |
| **Jul-16** | $988071 | $1062815 | $1048811 |
| **Aug-16** | $985126 | $1064307 | $1043600 |
| **Sep-16** | $1004108 | $1064509 | $1047418 |
| **Oct-16** | $987908 | $1045091 | $1022821 |
| **Nov-16** | $985453 | $1083795 | $1045076 |
| **Dec-16** | $984795 | $1105218 | $1058013 |
| **Jan-17** | $1028444 | $1126180 | $1093667 |
| **Feb-17** | $1069832 | $1170896 | $1139093 |
| **Mar-17** | $1089830 | $1172262 | $1152268 |
| **Apr-17** | $1121306 | $1184301 | $1178621 |
| **May-17** | $1162694 | $1200967 | $1209268 |
| **Jun-17** | $1155391 | $1208463 | $1206081 |
| **Jul-17** | $1216429 | $1233313 | $1238139 |
| **Aug-17** | $1245992 | $1237088 | $1260835 |
| **Sep-17** | $1255209 | $1262607 | $1277228 |
| **Oct-17** | $1310161 | $1292070 | $1326718 |
| **Nov-17** | $1337290 | $1331698 | $1367023 |
| **Dec-17** | $1346037 | $1346504 | $1377665 |
| **Jan-18** | $1477712 | $1423597 | $1475241 |
| **Feb-18** | $1451920 | $1371127 | $1436559 |
| **Mar-18** | $1404602 | $1336283 | $1397163 |
| **Apr-18** | $1422638 | $1341410 | $1402044 |
| **May-18** | $1492063 | $1373714 | $1463498 |
| **Jun-18** | $1494002 | $1382169 | $1477589 |
| **Jul-18** | $1510292 | $1433604 | $1520966 |
| **Aug-18** | $1583208 | $1480319 | $1604127 |
| **Sep-18** | $1594456 | $1488745 | $1613092 |
| **Oct-18** | $1434661 | $1386989 | $1468838 |
| **Nov-18** | $1444163 | $1415253 | $1484440 |
| **Dec-18** | $1333095 | $1287469 | $1356811 |
| **Jan-19** | $1468514 | $1390641 | $1478770 |
| **Feb-19** | $1532672 | $1435292 | $1531679 |
| **Mar-19** | $1567549 | $1463183 | $1575276 |
| **Apr-19** | $1628262 | $1522426 | $1646447 |
| **May-19** | $1498871 | $1425679 | $1542436 |
| **Jun-19** | $1615344 | $1526155 | $1648364 |
| **Jul-19** | $1625033 | $1548090 | $1685586 |
| **Aug-19** | $1600920 | $1523567 | $1672677 |
| **Sep-19** | $1581328 | $1552074 | $1672884 |
| **Oct-19** | $1631707 | $1585691 | $1720045 |
| **Nov-19** | $1733540 | $1643250 | $1796352 |
| **Dec-19** | $1778187 | $1692847 | $1850550 |
| **Jan-20** | $1855938 | $1692183 | $1891919 |
| **Feb-20** | $1751643 | $1552884 | $1763076 |
| **Mar-20** | $1568422 | $1361083 | $1589633 |
| **Apr-20** | $1804261 | $1535565 | $1824853 |
| **May-20** | $1967516 | $1608701 | $1947363 |
| **Jun-20** | $2106341 | $1640694 | $2032160 |
| **Jul-20** | $2278287 | $1733205 | $2188513 |
| **Aug-20** | $2582717 | $1857788 | $2414351 |
| **Sep-20** | $2440368 | $1787198 | $2300755 |
| **Oct-20** | $2329965 | $1739670 | $2222618 |
| **Nov-20** | $2622415 | $1930101 | $2450195 |
| **Dec-20** | $2748404 | $2004310 | $2562883 |
| **Jan-21** | $2716238 | $1984075 | $2543920 |
| **Feb-21** | $2742076 | $2038786 | $2543331 |
| **Mar-21** | $2655859 | $2128076 | $2587026 |
| **Apr-21** | $2859142 | $2241648 | $2763044 |
| **May-21** | $2792172 | $2257305 | $2724827 |
| **Jun-21** | $3015757 | $2310001 | $2895777 |
| **Jul-21** | $3097492 | $2364875 | $2991211 |
| **Aug-21** | $3208493 | $2436781 | $3103049 |
| **Sep-21** | $3028676 | $2323446 | $2929260 |
| **Oct-21** | $3292865 | $2486231 | $3182979 |
| **Nov-21** | $3267026 | $2469004 | $3202441 |
| **Dec-21** | $3180866 | $2579656 | $3270149 |
| **Jan-22** | $2805089 | $2446166 | $2989489 |
| **Feb-22** | $2649986 | $2372924 | $2862514 |
| **Mar-22** | $2748659 | $2461030 | $2974489 |
| **Apr-22** | $2356804 | $2246423 | $2615285 |
| **May-22** | $2225345 | $2250545 | $2554486 |
| **Jun-22** | $2048806 | $2064776 | $2352142 |
| **Jul-22** | $2328117 | $2255158 | $2634448 |
| **Aug-22** | $2214627 | $2163188 | $2511725 |
| **Sep-22** | $2011921 | $1963962 | $2267545 |
| **Oct-22** | $2106496 | $2122967 | $2400080 |
| **Nov-22** | $2170807 | $2241607 | $2509445 |
| **Dec-22** | $1982603 | $2112458 | $2317330 |
| **Jan-23** | $2197603 | $2245192 | $2510473 |
| **Feb-23** | $2163872 | $2190411 | $2480658 |
| **Mar-23** | $2345771 | $2270831 | $2650227 |
| **Apr-23** | $2374458 | $2306275 | $2676374 |
| **May-23** | $2541225 | $2316299 | $2798359 |
| **Jun-23** | $2714928 | $2469349 | $2989726 |
| **Jul-23** | $2801936 | $2548677 | $3090448 |
| **Aug-23** | $2774825 | $2508098 | $3062700 |
| **Sep-23** | $2622559 | $2388517 | $2896138 |
| **Oct-23** | $2589458 | $2338295 | $2854905 |
| **Nov-23** | $2912904 | $2551841 | $3166120 |
| **Dec-23** | $3050353 | $2667773 | $3306322 |
| **Jan-24** | $3179605 | $2712603 | $3388788 |
| **Feb-24** | $3445991 | $2857444 | $3619995 |
| **Mar-24** | $3469635 | $2949382 | $3683722 |
| **Apr-24** | $3294356 | $2828914 | $3527474 |
| **May-24** | $3464591 | $2969186 | $3738647 |
| **Jun-24** | $3695984 | $3075726 | $3990749 |
| **Jul-24** | $3575243 | $3113165 | $3922866 |
| **Aug-24** | $3684319 | $3188679 | $4004570 |
| **Sep-24** | $3748945 | $3256780 | $4118022 |
| **Oct-24** | $3734129 | $3227247 | $4104395 |
| **Nov-24** | $3969620 | $3416689 | $4370607 |
| **Dec-24** | $3982855 | $3335241 | $4409187 |
| **Jan-25** | $4113023 | $3428119 | $4496402 |
| **Feb-25** | $3975178 | $3383390 | $4334861 |
| **Mar-25** | $3582232 | $3192755 | $3969694 |
| **Apr-25** | $3693904 | $3171104 | $4040000 |
| **May-25** | $4046020 | $3370710 | $4397462 |
| **Jun-25** | $4284719 | $3542119 | $4677831 |
| **Jul-25** | $4375802 | $3621613 | $4854428 |
| **Aug-25** | $4366379 | $3695030 | $4908700 |
| **Sep-25** | $4504573 | $3829899 | $5169466 |
| **Oct-25** | $4687436 | $3919570 | $5357247 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Retirement Class** | 25.53% | 15.01% | 16.71% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 1000<sup>®</sup> Growth Index** | 30.52% | 19.24% | 18.28% |

---

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

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $29703490 |
| **Number of Investments** | 49 |
| **Total Net Advisory Fees Paid (in thousands)** | $154785 |
| **Portfolio Turnover Rate** | 28% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments (excludes short-term investments) as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ic9775001c13b0b7106339463.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 47.6% |
| Communication Services | 15.4% |
| Consumer Discretionary | 15.4% |
| Health Care | 7.0% |
| Financials | 5.0% |
| Industrials | 5.0% |
| Consumer Staples | 2.8% |
| Utilities | 1.6% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Capital Appreciation Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HACAX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Capital Appreciation Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $76 | 0.67% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Jennison Associates LLC

**Performance Summary**

The Institutional Class shares of the Fund returned 25.42% for the year ended October 31, 2025, while the Russell 1000<sup>®</sup> Growth Index and the S&P 500 Index returned 30.52% and 21.45%, respectively, during the same period.

Top contributors to relative performance included:

• Positions in the Industrials, Consumer Staples, and Technology sectors. Top performers within the Industrials sector were GE Aerospace, Boeing Co., and Uber Technologies, Inc. Walmart, Inc. led gains within the Consumer Staples sector, while accelerated spending on Artificial Intelligence applications drove meaningful advances for investments in the Technology sector, including Broadcom, Inc. and CrowdStrike Holdings, Inc.

Top detractors from relative performance included:

• Positions in the Health Care, Consumer Discretionary, and Communication Services sectors. Within the Health Care sector, shares of Novo Nordisk AS and Vertex Pharmaceuticals, Inc. declined. In the Consumer Discretionary sector, an underweight position in Tesla, Inc. was the primary detractor. Trade Desk, Inc. lost value during the period, holding back the Communication Services sector.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i77d35973459e4857fa7ae819.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **Nov-15** | $50529 | $50149 | $50140 |
| **Dec-15** | $49755 | $49358 | $49405 |
| **Jan-16** | $45517 | $46908 | $46646 |
| **Feb-16** | $44192 | $46845 | $46627 |
| **Mar-16** | $47023 | $50023 | $49771 |
| **Apr-16** | $46703 | $50217 | $49317 |
| **May-16** | $47931 | $51119 | $50274 |
| **Jun-16** | $46409 | $51251 | $50077 |
| **Jul-16** | $49404 | $53141 | $52441 |
| **Aug-16** | $49248 | $53215 | $52180 |
| **Sep-16** | $50197 | $53225 | $52371 |
| **Oct-16** | $49387 | $52255 | $51141 |
| **Nov-16** | $49264 | $54190 | $52254 |
| **Dec-16** | $49225 | $55261 | $52901 |
| **Jan-17** | $51397 | $56309 | $54683 |
| **Feb-17** | $53465 | $58545 | $56955 |
| **Mar-17** | $54464 | $58613 | $57613 |
| **Apr-17** | $56029 | $59215 | $58931 |
| **May-17** | $58105 | $60048 | $60463 |
| **Jun-17** | $57732 | $60423 | $60304 |
| **Jul-17** | $60782 | $61666 | $61907 |
| **Aug-17** | $62250 | $61854 | $63042 |
| **Sep-17** | $62711 | $63130 | $63861 |
| **Oct-17** | $65448 | $64604 | $66336 |
| **Nov-17** | $66803 | $66585 | $68351 |
| **Dec-17** | $67238 | $67325 | $68883 |
| **Jan-18** | $73803 | $71180 | $73762 |
| **Feb-18** | $72515 | $68556 | $71828 |
| **Mar-18** | $70143 | $66814 | $69858 |
| **Apr-18** | $71044 | $67071 | $70102 |
| **May-18** | $74510 | $68686 | $73175 |
| **Jun-18** | $74597 | $69108 | $73879 |
| **Jul-18** | $75401 | $71680 | $76048 |
| **Aug-18** | $79042 | $74016 | $80206 |
| **Sep-18** | $79603 | $74437 | $80655 |
| **Oct-18** | $71625 | $69349 | $73442 |
| **Nov-18** | $72089 | $70763 | $74222 |
| **Dec-18** | $66546 | $64373 | $67841 |
| **Jan-19** | $73291 | $69532 | $73938 |
| **Feb-19** | $76491 | $71765 | $76584 |
| **Mar-19** | $78220 | $73159 | $78764 |
| **Apr-19** | $81249 | $76121 | $82322 |
| **May-19** | $74794 | $71284 | $77122 |
| **Jun-19** | $80594 | $76308 | $82418 |
| **Jul-19** | $81077 | $77404 | $84279 |
| **Aug-19** | $79864 | $76178 | $83634 |
| **Sep-19** | $78886 | $77604 | $83644 |
| **Oct-19** | $81389 | $79285 | $86002 |
| **Nov-19** | $86458 | $82163 | $89818 |
| **Dec-19** | $88689 | $84642 | $92527 |
| **Jan-20** | $92565 | $84609 | $94596 |
| **Feb-20** | $87354 | $77644 | $88154 |
| **Mar-20** | $78199 | $68054 | $79482 |
| **Apr-20** | $89965 | $76778 | $91243 |
| **May-20** | $98091 | $80435 | $97368 |
| **Jun-20** | $105010 | $82035 | $101608 |
| **Jul-20** | $113569 | $86660 | $109426 |
| **Aug-20** | $128731 | $92889 | $120718 |
| **Sep-20** | $121636 | $89360 | $115038 |
| **Oct-20** | $116121 | $86983 | $111131 |
| **Nov-20** | $130686 | $96505 | $122510 |
| **Dec-20** | $136966 | $100216 | $128144 |
| **Jan-21** | $135350 | $99204 | $127196 |
| **Feb-21** | $136624 | $101939 | $127167 |
| **Mar-21** | $132327 | $106404 | $129351 |
| **Apr-21** | $142446 | $112082 | $138152 |
| **May-21** | $139095 | $112865 | $136241 |
| **Jun-21** | $150226 | $115500 | $144789 |
| **Jul-21** | $154287 | $118244 | $149561 |
| **Aug-21** | $159794 | $121839 | $155152 |
| **Sep-21** | $150831 | $116172 | $146463 |
| **Oct-21** | $163986 | $124312 | $159149 |
| **Nov-21** | $162685 | $123450 | $160122 |
| **Dec-21** | $158374 | $128983 | $163507 |
| **Jan-22** | $139671 | $122308 | $149474 |
| **Feb-22** | $131939 | $118646 | $143126 |
| **Mar-22** | $136842 | $123051 | $148724 |
| **Apr-22** | $117322 | $112321 | $130764 |
| **May-22** | $110769 | $112527 | $127724 |
| **Jun-22** | $101968 | $103239 | $117607 |
| **Jul-22** | $115861 | $112758 | $131722 |
| **Aug-22** | $110219 | $108159 | $125586 |
| **Sep-22** | $100129 | $98198 | $113377 |
| **Oct-22** | $104812 | $106148 | $120004 |
| **Nov-22** | $108003 | $112080 | $125472 |
| **Dec-22** | $98636 | $105623 | $115867 |
| **Jan-23** | $109339 | $112260 | $125524 |
| **Feb-23** | $107641 | $109521 | $124033 |
| **Mar-23** | $116694 | $113542 | $132511 |
| **Apr-23** | $118108 | $115314 | $133819 |
| **May-23** | $126391 | $115815 | $139918 |
| **Jun-23** | $135019 | $123467 | $149486 |
| **Jul-23** | $139341 | $127434 | $154522 |
| **Aug-23** | $137989 | $125405 | $153135 |
| **Sep-23** | $130398 | $119426 | $144807 |
| **Oct-23** | $128748 | $116915 | $142745 |
| **Nov-23** | $144826 | $127592 | $158306 |
| **Dec-23** | $151647 | $133389 | $165316 |
| **Jan-24** | $158059 | $135630 | $169439 |
| **Feb-24** | $171292 | $142872 | $181000 |
| **Mar-24** | $172455 | $147469 | $184186 |
| **Apr-24** | $163733 | $141446 | $176374 |
| **May-24** | $172172 | $148459 | $186932 |
| **Jun-24** | $183661 | $153786 | $199537 |
| **Jul-24** | $177657 | $155658 | $196143 |
| **Aug-24** | $183064 | $159434 | $200229 |
| **Sep-24** | $186254 | $162839 | $205901 |
| **Oct-24** | $185516 | $161362 | $205220 |
| **Nov-24** | $197193 | $170834 | $218530 |
| **Dec-24** | $197834 | $166762 | $220459 |
| **Jan-25** | $204291 | $171406 | $224820 |
| **Feb-25** | $197434 | $169170 | $216743 |
| **Mar-25** | $177906 | $159638 | $198485 |
| **Apr-25** | $183441 | $158555 | $202000 |
| **May-25** | $200915 | $168535 | $219873 |
| **Jun-25** | $212750 | $177106 | $233892 |
| **Jul-25** | $217258 | $181081 | $242721 |
| **Aug-25** | $216788 | $184751 | $245435 |
| **Sep-25** | $223628 | $191495 | $258473 |
| **Oct-25** | $232678 | $195979 | $267862 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 25.42% | 14.91% | 16.62% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 1000<sup>®</sup> Growth Index** | 30.52% | 19.24% | 18.28% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $29703490 |
| **Number of Investments** | 49 |
| **Total Net Advisory Fees Paid (in thousands)** | $154785 |
| **Portfolio Turnover Rate** | 28% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments (excludes short-term investments) as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ic9775001c13b0b7106339463.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 47.6% |
| Communication Services | 15.4% |
| Consumer Discretionary | 15.4% |
| Health Care | 7.0% |
| Financials | 5.0% |
| Industrials | 5.0% |
| Consumer Staples | 2.8% |
| Utilities | 1.6% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Capital Appreciation Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HRCAX

Administrative Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Capital Appreciation Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Administrative Class | $104 | 0.92% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Jennison Associates LLC

**Performance Summary**

The Administrative Class shares of the Fund returned 25.11% for the year ended October 31, 2025, while the Russell 1000<sup>®</sup> Growth Index and the S&P 500 Index returned 30.52% and 21.45%, respectively, during the same period.

Top contributors to relative performance included:

• Positions in the Industrials, Consumer Staples, and Technology sectors. Top performers within the Industrials sector were GE Aerospace, Boeing Co., and Uber Technologies, Inc. Walmart, Inc. led gains within the Consumer Staples sector, while accelerated spending on Artificial Intelligence applications drove meaningful advances for investments in the Technology sector, including Broadcom, Inc. and CrowdStrike Holdings, Inc.

Top detractors from relative performance included:

• Positions in the Health Care, Consumer Discretionary, and Communication Services sectors. Within the Health Care sector, shares of Novo Nordisk AS and Vertex Pharmaceuticals, Inc. declined. In the Consumer Discretionary sector, an underweight position in Tesla, Inc. was the primary detractor. Trade Desk, Inc. lost value during the period, holding back the Communication Services sector.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i9a8eb050accd367f5329cb81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **Nov-15** | $10102 | $10030 | $10028 |
| **Dec-15** | $9946 | $9872 | $9881 |
| **Jan-16** | $9097 | $9382 | $9329 |
| **Feb-16** | $8830 | $9369 | $9325 |
| **Mar-16** | $9395 | $10005 | $9954 |
| **Apr-16** | $9328 | $10043 | $9863 |
| **May-16** | $9572 | $10224 | $10055 |
| **Jun-16** | $9265 | $10250 | $10015 |
| **Jul-16** | $9862 | $10628 | $10488 |
| **Aug-16** | $9828 | $10643 | $10436 |
| **Sep-16** | $10015 | $10645 | $10474 |
| **Oct-16** | $9852 | $10451 | $10228 |
| **Nov-16** | $9825 | $10838 | $10451 |
| **Dec-16** | $9815 | $11052 | $10580 |
| **Jan-17** | $10246 | $11262 | $10937 |
| **Feb-17** | $10657 | $11709 | $11391 |
| **Mar-17** | $10854 | $11723 | $11523 |
| **Apr-17** | $11164 | $11843 | $11786 |
| **May-17** | $11573 | $12010 | $12093 |
| **Jun-17** | $11498 | $12085 | $12061 |
| **Jul-17** | $12101 | $12333 | $12381 |
| **Aug-17** | $12393 | $12371 | $12608 |
| **Sep-17** | $12481 | $12626 | $12772 |
| **Oct-17** | $13024 | $12921 | $13267 |
| **Nov-17** | $13291 | $13317 | $13670 |
| **Dec-17** | $13374 | $13465 | $13777 |
| **Jan-18** | $14677 | $14236 | $14752 |
| **Feb-18** | $14418 | $13711 | $14366 |
| **Mar-18** | $13944 | $13363 | $13972 |
| **Apr-18** | $14120 | $13414 | $14020 |
| **May-18** | $14804 | $13737 | $14635 |
| **Jun-18** | $14820 | $13822 | $14776 |
| **Jul-18** | $14977 | $14336 | $15210 |
| **Aug-18** | $15696 | $14803 | $16041 |
| **Sep-18** | $15804 | $14887 | $16131 |
| **Oct-18** | $14216 | $13870 | $14688 |
| **Nov-18** | $14306 | $14153 | $14844 |
| **Dec-18** | $13202 | $12875 | $13568 |
| **Jan-19** | $14539 | $13906 | $14788 |
| **Feb-19** | $15171 | $14353 | $15317 |
| **Mar-19** | $15510 | $14632 | $15753 |
| **Apr-19** | $16108 | $15224 | $16464 |
| **May-19** | $14823 | $14257 | $15424 |
| **Jun-19** | $15971 | $15262 | $16484 |
| **Jul-19** | $16062 | $15481 | $16856 |
| **Aug-19** | $15819 | $15236 | $16727 |
| **Sep-19** | $15623 | $15521 | $16729 |
| **Oct-19** | $16114 | $15857 | $17200 |
| **Nov-19** | $17114 | $16433 | $17964 |
| **Dec-19** | $17552 | $16928 | $18505 |
| **Jan-20** | $18316 | $16922 | $18919 |
| **Feb-20** | $17281 | $15529 | $17631 |
| **Mar-20** | $15467 | $13611 | $15896 |
| **Apr-20** | $17791 | $15356 | $18249 |
| **May-20** | $19393 | $16087 | $19474 |
| **Jun-20** | $20759 | $16407 | $20322 |
| **Jul-20** | $22446 | $17332 | $21885 |
| **Aug-20** | $25437 | $18578 | $24144 |
| **Sep-20** | $24028 | $17872 | $23008 |
| **Oct-20** | $22934 | $17397 | $22226 |
| **Nov-20** | $25807 | $19301 | $24502 |
| **Dec-20** | $27038 | $20043 | $25629 |
| **Jan-21** | $26715 | $19841 | $25439 |
| **Feb-21** | $26961 | $20388 | $25433 |
| **Mar-21** | $26109 | $21281 | $25870 |
| **Apr-21** | $28099 | $22416 | $27630 |
| **May-21** | $27434 | $22573 | $27248 |
| **Jun-21** | $29622 | $23100 | $28958 |
| **Jul-21** | $30415 | $23649 | $29912 |
| **Aug-21** | $31494 | $24368 | $31030 |
| **Sep-21** | $29723 | $23234 | $29293 |
| **Oct-21** | $32306 | $24862 | $31830 |
| **Nov-21** | $32044 | $24690 | $32024 |
| **Dec-21** | $31190 | $25797 | $32701 |
| **Jan-22** | $27499 | $24462 | $29895 |
| **Feb-22** | $25972 | $23729 | $28625 |
| **Mar-22** | $26930 | $24610 | $29745 |
| **Apr-22** | $23085 | $22464 | $26153 |
| **May-22** | $21793 | $22505 | $25545 |
| **Jun-22** | $20057 | $20648 | $23521 |
| **Jul-22** | $22783 | $22552 | $26344 |
| **Aug-22** | $21667 | $21632 | $25117 |
| **Sep-22** | $19681 | $19640 | $22675 |
| **Oct-22** | $20600 | $21230 | $24001 |
| **Nov-22** | $21221 | $22416 | $25094 |
| **Dec-22** | $19379 | $21125 | $23173 |
| **Jan-23** | $21475 | $22452 | $25105 |
| **Feb-23** | $21137 | $21904 | $24807 |
| **Mar-23** | $22908 | $22708 | $26502 |
| **Apr-23** | $23182 | $23063 | $26764 |
| **May-23** | $24805 | $23163 | $27984 |
| **Jun-23** | $26490 | $24693 | $29897 |
| **Jul-23** | $27332 | $25487 | $30904 |
| **Aug-23** | $27062 | $25081 | $30627 |
| **Sep-23** | $25567 | $23885 | $28961 |
| **Oct-23** | $25239 | $23383 | $28549 |
| **Nov-23** | $28383 | $25518 | $31661 |
| **Dec-23** | $29714 | $26678 | $33063 |
| **Jan-24** | $30968 | $27126 | $33888 |
| **Feb-24** | $33552 | $28574 | $36200 |
| **Mar-24** | $33771 | $29494 | $36837 |
| **Apr-24** | $32058 | $28289 | $35275 |
| **May-24** | $33703 | $29692 | $37386 |
| **Jun-24** | $35944 | $30757 | $39907 |
| **Jul-24** | $34761 | $31132 | $39229 |
| **Aug-24** | $35812 | $31887 | $40046 |
| **Sep-24** | $36430 | $32568 | $41180 |
| **Oct-24** | $36275 | $32272 | $41044 |
| **Nov-24** | $38551 | $34167 | $43706 |
| **Dec-24** | $38670 | $33352 | $44092 |
| **Jan-25** | $39922 | $34281 | $44964 |
| **Feb-25** | $38577 | $33834 | $43349 |
| **Mar-25** | $34752 | $31928 | $39697 |
| **Apr-25** | $35825 | $31711 | $40400 |
| **May-25** | $39231 | $33707 | $43975 |
| **Jun-25** | $41532 | $35421 | $46778 |
| **Jul-25** | $42405 | $36216 | $48544 |
| **Aug-25** | $42301 | $36950 | $49087 |
| **Sep-25** | $43629 | $38299 | $51695 |
| **Oct-25** | $45385 | $39196 | $53572 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Administrative Class** | 25.11% | 14.63% | 16.33% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 1000<sup>®</sup> Growth Index** | 30.52% | 19.24% | 18.28% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $29703490 |
| **Number of Investments** | 49 |
| **Total Net Advisory Fees Paid (in thousands)** | $154785 |
| **Portfolio Turnover Rate** | 28% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments (excludes short-term investments) as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ic9775001c13b0b7106339463.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 47.6% |
| Communication Services | 15.4% |
| Consumer Discretionary | 15.4% |
| Health Care | 7.0% |
| Financials | 5.0% |
| Industrials | 5.0% |
| Consumer Staples | 2.8% |
| Utilities | 1.6% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Capital Appreciation Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HCAIX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Capital Appreciation Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $115 | 1.02% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Jennison Associates LLC

**Performance Summary**

The Investor Class shares of the Fund returned 24.98% for the year ended October 31, 2025, while the Russell 1000<sup>®</sup> Growth Index and the S&P 500 Index returned 30.52% and 21.45%, respectively, during the same period.

Top contributors to relative performance included:

• Positions in the Industrials, Consumer Staples, and Technology sectors. Top performers within the Industrials sector were GE Aerospace, Boeing Co., and Uber Technologies, Inc. Walmart, Inc. led gains within the Consumer Staples sector, while accelerated spending on Artificial Intelligence applications drove meaningful advances for investments in the Technology sector, including Broadcom, Inc. and CrowdStrike Holdings, Inc.

Top detractors from relative performance included:

• Positions in the Health Care, Consumer Discretionary, and Communication Services sectors. Within the Health Care sector, shares of Novo Nordisk AS and Vertex Pharmaceuticals, Inc. declined. In the Consumer Discretionary sector, an underweight position in Tesla, Inc. was the primary detractor. Trade Desk, Inc. lost value during the period, holding back the Communication Services sector.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](if18ab5e3ef7d9fd5881d5fe6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **Nov-15** | $10102 | $10030 | $10028 |
| **Dec-15** | $9944 | $9872 | $9881 |
| **Jan-16** | $9093 | $9382 | $9329 |
| **Feb-16** | $8827 | $9369 | $9325 |
| **Mar-16** | $9388 | $10005 | $9954 |
| **Apr-16** | $9323 | $10043 | $9863 |
| **May-16** | $9565 | $10224 | $10055 |
| **Jun-16** | $9258 | $10250 | $10015 |
| **Jul-16** | $9851 | $10628 | $10488 |
| **Aug-16** | $9818 | $10643 | $10436 |
| **Sep-16** | $10004 | $10645 | $10474 |
| **Oct-16** | $9840 | $10451 | $10228 |
| **Nov-16** | $9811 | $10838 | $10451 |
| **Dec-16** | $9801 | $11052 | $10580 |
| **Jan-17** | $10231 | $11262 | $10937 |
| **Feb-17** | $10641 | $11709 | $11391 |
| **Mar-17** | $10835 | $11723 | $11523 |
| **Apr-17** | $11144 | $11843 | $11786 |
| **May-17** | $11552 | $12010 | $12093 |
| **Jun-17** | $11475 | $12085 | $12061 |
| **Jul-17** | $12076 | $12333 | $12381 |
| **Aug-17** | $12365 | $12371 | $12608 |
| **Sep-17** | $12452 | $12626 | $12772 |
| **Oct-17** | $12992 | $12921 | $13267 |
| **Nov-17** | $13258 | $13317 | $13670 |
| **Dec-17** | $13338 | $13465 | $13777 |
| **Jan-18** | $14638 | $14236 | $14752 |
| **Feb-18** | $14377 | $13711 | $14366 |
| **Mar-18** | $13903 | $13363 | $13972 |
| **Apr-18** | $14076 | $13414 | $14020 |
| **May-18** | $14759 | $13737 | $14635 |
| **Jun-18** | $14771 | $13822 | $14776 |
| **Jul-18** | $14926 | $14336 | $15210 |
| **Aug-18** | $15643 | $14803 | $16041 |
| **Sep-18** | $15747 | $14887 | $16131 |
| **Oct-18** | $14166 | $13870 | $14688 |
| **Nov-18** | $14253 | $14153 | $14844 |
| **Dec-18** | $13152 | $12875 | $13568 |
| **Jan-19** | $14484 | $13906 | $14788 |
| **Feb-19** | $15110 | $14353 | $15317 |
| **Mar-19** | $15448 | $14632 | $15753 |
| **Apr-19** | $16041 | $15224 | $16464 |
| **May-19** | $14760 | $14257 | $15424 |
| **Jun-19** | $15900 | $15262 | $16484 |
| **Jul-19** | $15990 | $15481 | $16856 |
| **Aug-19** | $15747 | $15236 | $16727 |
| **Sep-19** | $15550 | $15521 | $16729 |
| **Oct-19** | $16037 | $15857 | $17200 |
| **Nov-19** | $17030 | $16433 | $17964 |
| **Dec-19** | $17465 | $16928 | $18505 |
| **Jan-20** | $18223 | $16922 | $18919 |
| **Feb-20** | $17192 | $15529 | $17631 |
| **Mar-20** | $15386 | $13611 | $15896 |
| **Apr-20** | $17695 | $15356 | $18249 |
| **May-20** | $19288 | $16087 | $19474 |
| **Jun-20** | $20641 | $16407 | $20322 |
| **Jul-20** | $22318 | $17332 | $21885 |
| **Aug-20** | $25288 | $18578 | $24144 |
| **Sep-20** | $23886 | $17872 | $23008 |
| **Oct-20** | $22797 | $17397 | $22226 |
| **Nov-20** | $25648 | $19301 | $24502 |
| **Dec-20** | $26873 | $20043 | $25629 |
| **Jan-21** | $26548 | $19841 | $25439 |
| **Feb-21** | $26789 | $20388 | $25433 |
| **Mar-21** | $25938 | $21281 | $25870 |
| **Apr-21** | $27913 | $22416 | $27630 |
| **May-21** | $27251 | $22573 | $27248 |
| **Jun-21** | $29422 | $23100 | $28958 |
| **Jul-21** | $30207 | $23649 | $29912 |
| **Aug-21** | $31276 | $24368 | $31030 |
| **Sep-21** | $29512 | $23234 | $29293 |
| **Oct-21** | $32077 | $24862 | $31830 |
| **Nov-21** | $31812 | $24690 | $32024 |
| **Dec-21** | $30961 | $25797 | $32701 |
| **Jan-22** | $27295 | $24462 | $29895 |
| **Feb-22** | $25778 | $23729 | $28625 |
| **Mar-22** | $26725 | $24610 | $29745 |
| **Apr-22** | $22909 | $22464 | $26153 |
| **May-22** | $21624 | $22505 | $25545 |
| **Jun-22** | $19899 | $20648 | $23521 |
| **Jul-22** | $22605 | $22552 | $26344 |
| **Aug-22** | $21495 | $21632 | $25117 |
| **Sep-22** | $19521 | $19640 | $22675 |
| **Oct-22** | $20429 | $21230 | $24001 |
| **Nov-22** | $21045 | $22416 | $25094 |
| **Dec-22** | $19213 | $21125 | $23173 |
| **Jan-23** | $21290 | $22452 | $25105 |
| **Feb-23** | $20955 | $21904 | $24807 |
| **Mar-23** | $22711 | $22708 | $26502 |
| **Apr-23** | $22979 | $23063 | $26764 |
| **May-23** | $24585 | $23163 | $27984 |
| **Jun-23** | $26255 | $24693 | $29897 |
| **Jul-23** | $27086 | $25487 | $30904 |
| **Aug-23** | $26814 | $25081 | $30627 |
| **Sep-23** | $25334 | $23885 | $28961 |
| **Oct-23** | $25003 | $23383 | $28549 |
| **Nov-23** | $28116 | $25518 | $31661 |
| **Dec-23** | $29434 | $26678 | $33063 |
| **Jan-24** | $30670 | $27126 | $33888 |
| **Feb-24** | $33227 | $28574 | $36200 |
| **Mar-24** | $33442 | $29494 | $36837 |
| **Apr-24** | $31743 | $28289 | $35275 |
| **May-24** | $33369 | $29692 | $37386 |
| **Jun-24** | $35581 | $30757 | $39907 |
| **Jul-24** | $34409 | $31132 | $39229 |
| **Aug-24** | $35446 | $31887 | $40046 |
| **Sep-24** | $36052 | $32568 | $41180 |
| **Oct-24** | $35899 | $32272 | $41044 |
| **Nov-24** | $38148 | $34167 | $43706 |
| **Dec-24** | $38260 | $33352 | $44092 |
| **Jan-25** | $39497 | $34281 | $44964 |
| **Feb-25** | $38160 | $33834 | $43349 |
| **Mar-25** | $34375 | $31928 | $39697 |
| **Apr-25** | $35435 | $31711 | $40400 |
| **May-25** | $38797 | $33707 | $43975 |
| **Jun-25** | $41071 | $35421 | $46778 |
| **Jul-25** | $41930 | $36216 | $48544 |
| **Aug-25** | $41827 | $36950 | $49087 |
| **Sep-25** | $43134 | $38299 | $51695 |
| **Oct-25** | $44867 | $39196 | $53572 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 24.98% | 14.50% | 16.20% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 1000<sup>®</sup> Growth Index** | 30.52% | 19.24% | 18.28% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $29703490 |
| **Number of Investments** | 49 |
| **Total Net Advisory Fees Paid (in thousands)** | $154785 |
| **Portfolio Turnover Rate** | 28% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments (excludes short-term investments) as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ic9775001c13b0b7106339463.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 47.6% |
| Communication Services | 15.4% |
| Consumer Discretionary | 15.4% |
| Health Care | 7.0% |
| Financials | 5.0% |
| Industrials | 5.0% |
| Consumer Staples | 2.8% |
| Utilities | 1.6% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net assets. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Convertible Securities Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HNCVX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Convertible Securities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $71 | 0.63% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** BlueCove Limited

**Performance Summary**

The Retirement Class shares of the Fund returned 25.19% for the year ended October 31, 2025, while the ICE BofA U.S. Convertible Bond Index returned 22.32% during the same period.

Top contributors to relative performance included:

• Security selection within the Capital Goods and Technology sectors.

Top detractors from relative performance included:

• Security selection within the Consumer Cyclicals and Other Financial sectors.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](if69cc7ece23bd668c78e0374.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retirement Class** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Convertible Bond Index** |
| **Nov-15** | $1000000 | $997358 | $992324 |
| **Dec-15** | $982901 | $994135 | $972400 |
| **Jan-16** | $941096 | $1007816 | $912466 |
| **Feb-16** | $950818 | $1014965 | $914769 |
| **Mar-16** | $972812 | $1024277 | $957199 |
| **Apr-16** | $986459 | $1028209 | $971177 |
| **May-16** | $999131 | $1028473 | $987722 |
| **Jun-16** | $994127 | $1046952 | $991991 |
| **Jul-16** | $1033228 | $1053571 | $1037091 |
| **Aug-16** | $1037138 | $1052366 | $1040027 |
| **Sep-16** | $1044438 | $1051750 | $1051718 |
| **Oct-16** | $1031701 | $1043705 | $1034298 |
| **Nov-16** | $1038559 | $1019017 | $1057949 |
| **Dec-16** | $1035271 | $1020455 | $1073813 |
| **Jan-17** | $1052032 | $1022457 | $1102482 |
| **Feb-17** | $1065836 | $1029329 | $1123492 |
| **Mar-17** | $1071701 | $1028789 | $1130690 |
| **Apr-17** | $1082586 | $1036728 | $1143196 |
| **May-17** | $1090503 | $1044708 | $1151185 |
| **Jun-17** | $1093772 | $1043657 | $1158503 |
| **Jul-17** | $1102704 | $1048148 | $1181925 |
| **Aug-17** | $1099727 | $1057549 | $1186245 |
| **Sep-17** | $1111682 | $1052512 | $1202190 |
| **Oct-17** | $1122639 | $1053122 | $1221848 |
| **Nov-17** | $1119651 | $1051770 | $1223352 |
| **Dec-17** | $1121540 | $1056597 | $1220930 |
| **Jan-18** | $1155493 | $1044429 | $1258764 |
| **Feb-18** | $1143445 | $1034528 | $1244143 |
| **Mar-18** | $1143722 | $1041163 | $1250231 |
| **Apr-18** | $1145917 | $1033419 | $1247670 |
| **May-18** | $1179943 | $1040794 | $1291898 |
| **Jun-18** | $1182458 | $1039514 | $1297330 |
| **Jul-18** | $1180258 | $1039761 | $1305706 |
| **Aug-18** | $1214357 | $1046451 | $1351653 |
| **Sep-18** | $1208098 | $1039713 | $1348310 |
| **Oct-18** | $1154087 | $1031498 | $1266728 |
| **Nov-18** | $1159598 | $1037653 | $1282866 |
| **Dec-18** | $1120102 | $1056716 | $1222777 |
| **Jan-19** | $1183305 | $1067941 | $1308949 |
| **Feb-19** | $1220759 | $1067321 | $1348223 |
| **Mar-19** | $1224784 | $1087814 | $1348198 |
| **Apr-19** | $1257632 | $1088093 | $1384408 |
| **May-19** | $1218918 | $1107409 | $1339061 |
| **Jun-19** | $1265249 | $1121314 | $1400164 |
| **Jul-19** | $1286415 | $1123782 | $1424009 |
| **Aug-19** | $1266425 | $1152903 | $1406434 |
| **Sep-19** | $1255045 | $1146763 | $1402317 |
| **Oct-19** | $1275078 | $1150218 | $1424475 |
| **Nov-19** | $1305718 | $1149630 | $1469357 |
| **Dec-19** | $1327221 | $1148829 | $1505852 |
| **Jan-20** | $1341846 | $1170938 | $1548204 |
| **Feb-20** | $1313815 | $1192014 | $1504540 |
| **Mar-20** | $1151595 | $1184997 | $1300760 |
| **Apr-20** | $1267610 | $1206064 | $1445039 |
| **May-20** | $1360421 | $1211678 | $1542617 |
| **Jun-20** | $1418589 | $1219313 | $1614956 |
| **Jul-20** | $1487072 | $1237523 | $1732138 |
| **Aug-20** | $1537212 | $1227534 | $1880481 |
| **Sep-20** | $1521866 | $1226861 | $1839895 |
| **Oct-20** | $1529212 | $1221383 | $1824824 |
| **Nov-20** | $1665115 | $1233368 | $2056901 |
| **Dec-20** | $1751554 | $1235067 | $2201877 |
| **Jan-21** | $1779740 | $1226212 | $2268701 |
| **Feb-21** | $1845507 | $1208506 | $2338532 |
| **Mar-21** | $1780481 | $1193414 | $2264955 |
| **Apr-21** | $1805993 | $1202842 | $2323470 |
| **May-21** | $1793908 | $1206772 | $2284270 |
| **Jun-21** | $1821141 | $1215251 | $2353766 |
| **Jul-21** | $1805024 | $1228839 | $2338730 |
| **Aug-21** | $1818455 | $1226500 | $2382109 |
| **Sep-21** | $1798309 | $1215880 | $2342241 |
| **Oct-21** | $1838600 | $1215545 | $2426160 |
| **Nov-21** | $1786222 | $1219142 | $2340028 |
| **Dec-21** | $1797261 | $1216024 | $2341553 |
| **Jan-22** | $1723401 | $1189825 | $2188113 |
| **Feb-22** | $1721862 | $1176550 | $2188737 |
| **Mar-22** | $1730517 | $1143862 | $2214945 |
| **Apr-22** | $1638140 | $1100454 | $2057742 |
| **May-22** | $1576556 | $1107548 | $1991310 |
| **Jun-22** | $1503607 | $1090174 | $1868282 |
| **Jul-22** | $1565231 | $1116811 | $1974667 |
| **Aug-22** | $1557528 | $1085258 | $1992708 |
| **Sep-22** | $1475053 | $1038366 | $1873652 |
| **Oct-22** | $1515170 | $1024915 | $1934644 |
| **Nov-22** | $1561458 | $1062607 | $1965219 |
| **Dec-22** | $1523290 | $1057816 | $1903471 |
| **Jan-23** | $1594719 | $1090360 | $2013857 |
| **Feb-23** | $1555899 | $1062168 | $1987872 |
| **Mar-23** | $1554488 | $1089146 | $1974778 |
| **Apr-23** | $1524774 | $1095750 | $1947307 |
| **May-23** | $1538849 | $1083818 | $1964455 |
| **Jun-23** | $1611599 | $1079951 | $2066292 |
| **Jul-23** | $1654258 | $1079202 | $2122750 |
| **Aug-23** | $1602119 | $1072304 | $2067771 |
| **Sep-23** | $1568049 | $1045057 | $2014027 |
| **Oct-23** | $1504177 | $1028566 | $1925382 |
| **Nov-23** | $1588807 | $1075144 | $2025674 |
| **Dec-23** | $1688417 | $1116300 | $2148462 |
| **Jan-24** | $1667513 | $1113233 | $2123468 |
| **Feb-24** | $1694849 | $1097506 | $2148928 |
| **Mar-24** | $1733279 | $1107641 | $2198795 |
| **Apr-24** | $1674909 | $1079661 | $2122220 |
| **May-24** | $1720308 | $1097965 | $2173967 |
| **Jun-24** | $1737008 | $1108364 | $2194131 |
| **Jul-24** | $1764814 | $1134248 | $2236381 |
| **Aug-24** | $1799161 | $1150548 | $2265697 |
| **Sep-24** | $1833160 | $1165955 | $2309681 |
| **Oct-24** | $1851294 | $1137041 | $2329099 |
| **Nov-24** | $2001310 | $1149061 | $2486790 |
| **Dec-24** | $1905883 | $1130256 | $2387710 |
| **Jan-25** | $1964295 | $1136251 | $2451200 |
| **Feb-25** | $1929248 | $1161252 | $2402299 |
| **Mar-25** | $1870955 | $1161690 | $2336589 |
| **Apr-25** | $1911227 | $1166255 | $2368108 |
| **May-25** | $1959888 | $1157906 | $2445233 |
| **Jun-25** | $2042177 | $1175709 | $2544080 |
| **Jul-25** | $2109742 | $1172606 | $2614713 |
| **Aug-25** | $2145214 | $1186634 | $2660210 |
| **Sep-25** | $2225954 | $1199579 | $2762480 |
| **Oct-25** | $2317571 | $1207070 | $2848890 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Retirement Class** | 25.19% | 8.67% | 8.77% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **ICE BofA U.S. Convertible Bond Index** | 22.32% | 9.32% | 11.04% |

---

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

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $40399 |
| **Number of Investments** | 152 |
| **Total Net Advisory Fees Paid (in thousands)** | $143 |
| **Portfolio Turnover Rate** | 160% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i0fa14e9205fd26736de3ff07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.2% |
| Financials | 17.6% |
| Consumer Staples | 12.4% |
| Communication Services | 12.1% |
| Industrials | 10.4% |
| Utilities | 8.5% |
| Consumer Discretionary | 6.2% |
| Energy | 3.0% |
| Materials | 2.5% |
| Health Care | 2.1% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Convertible Securities Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HACSX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Convertible Securities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $80 | 0.71% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** BlueCove Limited

**Performance Summary**

The Institutional Class shares of the Fund returned 25.09% for the year ended October 31, 2025, while the ICE BofA U.S. Convertible Bond Index returned 22.32% during the same period.

Top contributors to relative performance included:

• Security selection within the Capital Goods and Technology sectors.

Top detractors from relative performance included:

• Security selection within the Consumer Cyclicals and Other Financial sectors.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i420c5e45c486c7bb58553342.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Convertible Bond Index** |
| **Nov-15** | $10000 | $9974 | $9923 |
| **Dec-15** | $9829 | $9941 | $9724 |
| **Jan-16** | $9411 | $10078 | $9125 |
| **Feb-16** | $9411 | $10150 | $9148 |
| **Mar-16** | $9727 | $10243 | $9572 |
| **Apr-16** | $9863 | $10282 | $9712 |
| **May-16** | $9990 | $10285 | $9877 |
| **Jun-16** | $9948 | $10470 | $9920 |
| **Jul-16** | $10329 | $10536 | $10371 |
| **Aug-16** | $10368 | $10524 | $10400 |
| **Sep-16** | $10440 | $10517 | $10517 |
| **Oct-16** | $10312 | $10437 | $10343 |
| **Nov-16** | $10381 | $10190 | $10579 |
| **Dec-16** | $10357 | $10205 | $10738 |
| **Jan-17** | $10524 | $10225 | $11025 |
| **Feb-17** | $10652 | $10293 | $11235 |
| **Mar-17** | $10709 | $10288 | $11307 |
| **Apr-17** | $10818 | $10367 | $11432 |
| **May-17** | $10907 | $10447 | $11512 |
| **Jun-17** | $10927 | $10437 | $11585 |
| **Jul-17** | $11017 | $10481 | $11819 |
| **Aug-17** | $10987 | $10575 | $11862 |
| **Sep-17** | $11104 | $10525 | $12022 |
| **Oct-17** | $11213 | $10531 | $12218 |
| **Nov-17** | $11194 | $10518 | $12234 |
| **Dec-17** | $11211 | $10566 | $12209 |
| **Jan-18** | $11539 | $10444 | $12588 |
| **Feb-18** | $11430 | $10345 | $12441 |
| **Mar-18** | $11430 | $10412 | $12502 |
| **Apr-18** | $11441 | $10334 | $12477 |
| **May-18** | $11792 | $10408 | $12919 |
| **Jun-18** | $11804 | $10395 | $12973 |
| **Jul-18** | $11793 | $10398 | $13057 |
| **Aug-18** | $12123 | $10465 | $13517 |
| **Sep-18** | $12069 | $10397 | $13483 |
| **Oct-18** | $11530 | $10315 | $12667 |
| **Nov-18** | $11574 | $10377 | $12829 |
| **Dec-18** | $11188 | $10567 | $12228 |
| **Jan-19** | $11807 | $10679 | $13089 |
| **Feb-19** | $12193 | $10673 | $13482 |
| **Mar-19** | $12231 | $10878 | $13482 |
| **Apr-19** | $12570 | $10881 | $13844 |
| **May-19** | $12172 | $11074 | $13391 |
| **Jun-19** | $12632 | $11213 | $14002 |
| **Jul-19** | $12843 | $11238 | $14240 |
| **Aug-19** | $12632 | $11529 | $14064 |
| **Sep-19** | $12528 | $11468 | $14023 |
| **Oct-19** | $12728 | $11502 | $14245 |
| **Nov-19** | $13021 | $11496 | $14694 |
| **Dec-19** | $13221 | $11488 | $15059 |
| **Jan-20** | $13379 | $11709 | $15482 |
| **Feb-20** | $13087 | $11920 | $15045 |
| **Mar-20** | $11479 | $11850 | $13008 |
| **Apr-20** | $12636 | $12061 | $14450 |
| **May-20** | $13549 | $12117 | $15426 |
| **Jun-20** | $14126 | $12193 | $16150 |
| **Jul-20** | $14821 | $12375 | $17321 |
| **Aug-20** | $15308 | $12275 | $18805 |
| **Sep-20** | $15165 | $12269 | $18399 |
| **Oct-20** | $15226 | $12214 | $18248 |
| **Nov-20** | $16580 | $12334 | $20569 |
| **Dec-20** | $17438 | $12351 | $22019 |
| **Jan-21** | $17719 | $12262 | $22687 |
| **Feb-21** | $18374 | $12085 | $23385 |
| **Mar-21** | $17723 | $11934 | $22650 |
| **Apr-21** | $17977 | $12028 | $23235 |
| **May-21** | $17856 | $12068 | $22843 |
| **Jun-21** | $18138 | $12153 | $23538 |
| **Jul-21** | $17964 | $12288 | $23387 |
| **Aug-21** | $18097 | $12265 | $23821 |
| **Sep-21** | $17897 | $12159 | $23422 |
| **Oct-21** | $18298 | $12155 | $24262 |
| **Nov-21** | $17776 | $12191 | $23400 |
| **Dec-21** | $17877 | $12160 | $23416 |
| **Jan-22** | $17157 | $11898 | $21881 |
| **Feb-22** | $17142 | $11766 | $21887 |
| **Mar-22** | $17209 | $11439 | $22149 |
| **Apr-22** | $16290 | $11005 | $20577 |
| **May-22** | $15677 | $11075 | $19913 |
| **Jun-22** | $14948 | $10902 | $18683 |
| **Jul-22** | $15576 | $11168 | $19747 |
| **Aug-22** | $15500 | $10853 | $19927 |
| **Sep-22** | $14675 | $10384 | $18737 |
| **Oct-22** | $15075 | $10249 | $19346 |
| **Nov-22** | $15535 | $10626 | $19652 |
| **Dec-22** | $15149 | $10578 | $19035 |
| **Jan-23** | $15844 | $10904 | $20139 |
| **Feb-23** | $15473 | $10622 | $19879 |
| **Mar-23** | $15441 | $10891 | $19748 |
| **Apr-23** | $15161 | $10958 | $19473 |
| **May-23** | $15286 | $10838 | $19645 |
| **Jun-23** | $16021 | $10800 | $20663 |
| **Jul-23** | $16429 | $10792 | $21227 |
| **Aug-23** | $15927 | $10723 | $20678 |
| **Sep-23** | $15584 | $10451 | $20140 |
| **Oct-23** | $14949 | $10286 | $19254 |
| **Nov-23** | $15775 | $10751 | $20257 |
| **Dec-23** | $16761 | $11163 | $21485 |
| **Jan-24** | $16554 | $11132 | $21235 |
| **Feb-24** | $16841 | $10975 | $21489 |
| **Mar-24** | $17220 | $11076 | $21988 |
| **Apr-24** | $16640 | $10797 | $21222 |
| **May-24** | $17091 | $10980 | $21740 |
| **Jun-24** | $17237 | $11084 | $21941 |
| **Jul-24** | $17530 | $11342 | $22364 |
| **Aug-24** | $17855 | $11505 | $22657 |
| **Sep-24** | $18205 | $11660 | $23097 |
| **Oct-24** | $18385 | $11370 | $23291 |
| **Nov-24** | $19875 | $11491 | $24868 |
| **Dec-24** | $18923 | $11303 | $23877 |
| **Jan-25** | $19503 | $11363 | $24512 |
| **Feb-25** | $19139 | $11613 | $24023 |
| **Mar-25** | $18573 | $11617 | $23366 |
| **Apr-25** | $18956 | $11663 | $23681 |
| **May-25** | $19439 | $11579 | $24452 |
| **Jun-25** | $20252 | $11757 | $25441 |
| **Jul-25** | $20922 | $11726 | $26147 |
| **Aug-25** | $21274 | $11866 | $26602 |
| **Sep-25** | $22089 | $11996 | $27625 |
| **Oct-25** | $22999 | $12071 | $28489 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 25.09% | 8.60% | 8.69% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **ICE BofA U.S. Convertible Bond Index** | 22.32% | 9.32% | 11.04% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $40399 |
| **Number of Investments** | 152 |
| **Total Net Advisory Fees Paid (in thousands)** | $143 |
| **Portfolio Turnover Rate** | 160% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i0fa14e9205fd26736de3ff07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.2% |
| Financials | 17.6% |
| Consumer Staples | 12.4% |
| Communication Services | 12.1% |
| Industrials | 10.4% |
| Utilities | 8.5% |
| Consumer Discretionary | 6.2% |
| Energy | 3.0% |
| Materials | 2.5% |
| Health Care | 2.1% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Convertible Securities Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HRCSX

Administrative Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Convertible Securities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Administrative Class | $108 | 0.96% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** BlueCove Limited

**Performance Summary**

The Administrative Class shares of the Fund returned 24.78% for the year ended October 31, 2025, while the ICE BofA U.S. Convertible Bond Index returned 22.32% during the same period.

Top contributors to relative performance included:

• Security selection within the Capital Goods and Technology sectors.

Top detractors from relative performance included:

• Security selection within the Consumer Cyclicals and Other Financial sectors.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i10f265a17e200239ed4c910f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Convertible Bond Index** |
| **Nov-15** | $10000 | $9974 | $9923 |
| **Dec-15** | $9832 | $9941 | $9724 |
| **Jan-16** | $9404 | $10078 | $9125 |
| **Feb-16** | $9404 | $10150 | $9148 |
| **Mar-16** | $9724 | $10243 | $9572 |
| **Apr-16** | $9860 | $10282 | $9712 |
| **May-16** | $9977 | $10285 | $9877 |
| **Jun-16** | $9929 | $10470 | $9920 |
| **Jul-16** | $10309 | $10536 | $10371 |
| **Aug-16** | $10348 | $10524 | $10400 |
| **Sep-16** | $10423 | $10517 | $10517 |
| **Oct-16** | $10296 | $10437 | $10343 |
| **Nov-16** | $10355 | $10190 | $10579 |
| **Dec-16** | $10324 | $10205 | $10738 |
| **Jan-17** | $10491 | $10225 | $11025 |
| **Feb-17** | $10619 | $10293 | $11235 |
| **Mar-17** | $10679 | $10288 | $11307 |
| **Apr-17** | $10778 | $10367 | $11432 |
| **May-17** | $10867 | $10447 | $11512 |
| **Jun-17** | $10889 | $10437 | $11585 |
| **Jul-17** | $10968 | $10481 | $11819 |
| **Aug-17** | $10948 | $10575 | $11862 |
| **Sep-17** | $11059 | $10525 | $12022 |
| **Oct-17** | $11158 | $10531 | $12218 |
| **Nov-17** | $11138 | $10518 | $12234 |
| **Dec-17** | $11147 | $10566 | $12209 |
| **Jan-18** | $11485 | $10444 | $12588 |
| **Feb-18** | $11365 | $10345 | $12441 |
| **Mar-18** | $11359 | $10412 | $12502 |
| **Apr-18** | $11370 | $10334 | $12477 |
| **May-18** | $11719 | $10408 | $12919 |
| **Jun-18** | $11734 | $10395 | $12973 |
| **Jul-18** | $11713 | $10398 | $13057 |
| **Aug-18** | $12040 | $10465 | $13517 |
| **Sep-18** | $11979 | $10397 | $13483 |
| **Oct-18** | $11411 | $10315 | $12667 |
| **Nov-18** | $11466 | $10377 | $12829 |
| **Dec-18** | $11073 | $10567 | $12228 |
| **Jan-19** | $11686 | $10679 | $13089 |
| **Feb-19** | $12069 | $10673 | $13482 |
| **Mar-19** | $12099 | $10878 | $13482 |
| **Apr-19** | $12424 | $10881 | $13844 |
| **May-19** | $12041 | $11074 | $13391 |
| **Jun-19** | $12489 | $11213 | $14002 |
| **Jul-19** | $12687 | $11238 | $14240 |
| **Aug-19** | $12489 | $11529 | $14064 |
| **Sep-19** | $12378 | $11468 | $14023 |
| **Oct-19** | $12564 | $11502 | $14245 |
| **Nov-19** | $12855 | $11496 | $14694 |
| **Dec-19** | $13068 | $11488 | $15059 |
| **Jan-20** | $13212 | $11709 | $15482 |
| **Feb-20** | $12923 | $11920 | $15045 |
| **Mar-20** | $11325 | $11850 | $13008 |
| **Apr-20** | $12469 | $12061 | $14450 |
| **May-20** | $13371 | $12117 | $15426 |
| **Jun-20** | $13934 | $12193 | $16150 |
| **Jul-20** | $14609 | $12375 | $17321 |
| **Aug-20** | $15090 | $12275 | $18805 |
| **Sep-20** | $14951 | $12269 | $18399 |
| **Oct-20** | $15011 | $12214 | $18248 |
| **Nov-20** | $16337 | $12334 | $20569 |
| **Dec-20** | $17176 | $12351 | $22019 |
| **Jan-21** | $17453 | $12262 | $22687 |
| **Feb-21** | $18087 | $12085 | $23385 |
| **Mar-21** | $17453 | $11934 | $22650 |
| **Apr-21** | $17691 | $12028 | $23235 |
| **May-21** | $17572 | $12068 | $22843 |
| **Jun-21** | $17836 | $12153 | $23538 |
| **Jul-21** | $17678 | $12288 | $23387 |
| **Aug-21** | $17797 | $12265 | $23821 |
| **Sep-21** | $17599 | $12159 | $23422 |
| **Oct-21** | $17995 | $12155 | $24262 |
| **Nov-21** | $17466 | $12191 | $23400 |
| **Dec-21** | $17569 | $12160 | $23416 |
| **Jan-22** | $16859 | $11898 | $21881 |
| **Feb-22** | $16829 | $11766 | $21887 |
| **Mar-22** | $16905 | $11439 | $22149 |
| **Apr-22** | $15998 | $11005 | $20577 |
| **May-22** | $15394 | $11075 | $19913 |
| **Jun-22** | $14684 | $10902 | $18683 |
| **Jul-22** | $15273 | $11168 | $19747 |
| **Aug-22** | $15198 | $10853 | $19927 |
| **Sep-22** | $14391 | $10384 | $18737 |
| **Oct-22** | $14784 | $10249 | $19346 |
| **Nov-22** | $15222 | $10626 | $19652 |
| **Dec-22** | $14850 | $10578 | $19035 |
| **Jan-23** | $15534 | $10904 | $20139 |
| **Feb-23** | $15154 | $10622 | $19879 |
| **Mar-23** | $14866 | $10891 | $19748 |
| **Apr-23** | $14562 | $10958 | $19473 |
| **May-23** | $14698 | $10838 | $19645 |
| **Jun-23** | $15637 | $10800 | $20663 |
| **Jul-23** | $16036 | $10792 | $21227 |
| **Aug-23** | $15529 | $10723 | $20678 |
| **Sep-23** | $15201 | $10451 | $20140 |
| **Oct-23** | $14566 | $10286 | $19254 |
| **Nov-23** | $15387 | $10751 | $20257 |
| **Dec-23** | $16341 | $11163 | $21485 |
| **Jan-24** | $16138 | $11132 | $21235 |
| **Feb-24** | $16403 | $10975 | $21489 |
| **Mar-24** | $16778 | $11076 | $21988 |
| **Apr-24** | $16197 | $10797 | $21222 |
| **May-24** | $16637 | $10980 | $21740 |
| **Jun-24** | $16785 | $11084 | $21941 |
| **Jul-24** | $17054 | $11342 | $22364 |
| **Aug-24** | $17371 | $11505 | $22657 |
| **Sep-24** | $17717 | $11660 | $23097 |
| **Oct-24** | $17877 | $11370 | $23291 |
| **Nov-24** | $19312 | $11491 | $24868 |
| **Dec-24** | $18389 | $11303 | $23877 |
| **Jan-25** | $18954 | $11363 | $24512 |
| **Feb-25** | $18599 | $11613 | $24023 |
| **Mar-25** | $18037 | $11617 | $23366 |
| **Apr-25** | $18425 | $11663 | $23681 |
| **May-25** | $18879 | $11579 | $24452 |
| **Jun-25** | $19675 | $11757 | $25441 |
| **Jul-25** | $20311 | $11726 | $26147 |
| **Aug-25** | $20653 | $11866 | $26602 |
| **Sep-25** | $21440 | $11996 | $27625 |
| **Oct-25** | $22307 | $12071 | $28489 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Administrative Class** | 24.78% | 8.24% | 8.35% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **ICE BofA U.S. Convertible Bond Index** | 22.32% | 9.32% | 11.04% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $40399 |
| **Number of Investments** | 152 |
| **Total Net Advisory Fees Paid (in thousands)** | $143 |
| **Portfolio Turnover Rate** | 160% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i0fa14e9205fd26736de3ff07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.2% |
| Financials | 17.6% |
| Consumer Staples | 12.4% |
| Communication Services | 12.1% |
| Industrials | 10.4% |
| Utilities | 8.5% |
| Consumer Discretionary | 6.2% |
| Energy | 3.0% |
| Materials | 2.5% |
| Health Care | 2.1% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Convertible Securities Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HICSX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Convertible Securities Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $119 | 1.06% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** BlueCove Limited

**Performance Summary**

The Investor Class shares of the Fund returned 24.69% for the year ended October 31, 2025, while the ICE BofA U.S. Convertible Bond Index returned 22.32% during the same period.

Top contributors to relative performance included:

• Security selection within the Capital Goods and Technology sectors.

Top detractors from relative performance included:

• Security selection within the Consumer Cyclicals and Other Financial sectors.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](ie8dac7cfd8ea19eef8edd4b2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Convertible Bond Index** |
| **Nov-15** | $10000 | $9974 | $9923 |
| **Dec-15** | $9828 | $9941 | $9724 |
| **Jan-16** | $9410 | $10078 | $9125 |
| **Feb-16** | $9400 | $10150 | $9148 |
| **Mar-16** | $9717 | $10243 | $9572 |
| **Apr-16** | $9854 | $10282 | $9712 |
| **May-16** | $9971 | $10285 | $9877 |
| **Jun-16** | $9922 | $10470 | $9920 |
| **Jul-16** | $10303 | $10536 | $10371 |
| **Aug-16** | $10342 | $10524 | $10400 |
| **Sep-16** | $10412 | $10517 | $10517 |
| **Oct-16** | $10285 | $10437 | $10343 |
| **Nov-16** | $10344 | $10190 | $10579 |
| **Dec-16** | $10309 | $10205 | $10738 |
| **Jan-17** | $10477 | $10225 | $11025 |
| **Feb-17** | $10604 | $10293 | $11235 |
| **Mar-17** | $10662 | $10288 | $11307 |
| **Apr-17** | $10760 | $10367 | $11432 |
| **May-17** | $10839 | $10447 | $11512 |
| **Jun-17** | $10870 | $10437 | $11585 |
| **Jul-17** | $10949 | $10481 | $11819 |
| **Aug-17** | $10919 | $10575 | $11862 |
| **Sep-17** | $11036 | $10525 | $12022 |
| **Oct-17** | $11135 | $10531 | $12218 |
| **Nov-17** | $11115 | $10518 | $12234 |
| **Dec-17** | $11120 | $10566 | $12209 |
| **Jan-18** | $11447 | $10444 | $12588 |
| **Feb-18** | $11338 | $10345 | $12441 |
| **Mar-18** | $11330 | $10412 | $12502 |
| **Apr-18** | $11341 | $10334 | $12477 |
| **May-18** | $11678 | $10408 | $12919 |
| **Jun-18** | $11690 | $10395 | $12973 |
| **Jul-18** | $11679 | $10398 | $13057 |
| **Aug-18** | $12006 | $10465 | $13517 |
| **Sep-18** | $11942 | $10397 | $13483 |
| **Oct-18** | $11397 | $10315 | $12667 |
| **Nov-18** | $11451 | $10377 | $12829 |
| **Dec-18** | $11057 | $10567 | $12228 |
| **Jan-19** | $11670 | $10679 | $13089 |
| **Feb-19** | $12041 | $10673 | $13482 |
| **Mar-19** | $12079 | $10878 | $13482 |
| **Apr-19** | $12404 | $10881 | $13844 |
| **May-19** | $12010 | $11074 | $13391 |
| **Jun-19** | $12466 | $11213 | $14002 |
| **Jul-19** | $12663 | $11238 | $14240 |
| **Aug-19** | $12466 | $11529 | $14064 |
| **Sep-19** | $12350 | $11468 | $14023 |
| **Oct-19** | $12535 | $11502 | $14245 |
| **Nov-19** | $12826 | $11496 | $14694 |
| **Dec-19** | $13033 | $11488 | $15059 |
| **Jan-20** | $13177 | $11709 | $15482 |
| **Feb-20** | $12889 | $11920 | $15045 |
| **Mar-20** | $11291 | $11850 | $13008 |
| **Apr-20** | $12431 | $12061 | $14450 |
| **May-20** | $13331 | $12117 | $15426 |
| **Jun-20** | $13900 | $12193 | $16150 |
| **Jul-20** | $14560 | $12375 | $17321 |
| **Aug-20** | $15040 | $12275 | $18805 |
| **Sep-20** | $14898 | $12269 | $18399 |
| **Oct-20** | $14958 | $12214 | $18248 |
| **Nov-20** | $16278 | $12334 | $20569 |
| **Dec-20** | $17112 | $12351 | $22019 |
| **Jan-21** | $17388 | $12262 | $22687 |
| **Feb-21** | $18019 | $12085 | $23385 |
| **Mar-21** | $17375 | $11934 | $22650 |
| **Apr-21** | $17625 | $12028 | $23235 |
| **May-21** | $17506 | $12068 | $22843 |
| **Jun-21** | $17769 | $12153 | $23538 |
| **Jul-21** | $17598 | $12288 | $23387 |
| **Aug-21** | $17717 | $12265 | $23821 |
| **Sep-21** | $17520 | $12159 | $23422 |
| **Oct-21** | $17914 | $12155 | $24262 |
| **Nov-21** | $17388 | $12191 | $23400 |
| **Dec-21** | $17482 | $12160 | $23416 |
| **Jan-22** | $16775 | $11898 | $21881 |
| **Feb-22** | $16744 | $11766 | $21887 |
| **Mar-22** | $16820 | $11439 | $22149 |
| **Apr-22** | $15917 | $11005 | $20577 |
| **May-22** | $15315 | $11075 | $19913 |
| **Jun-22** | $14593 | $10902 | $18683 |
| **Jul-22** | $15195 | $11168 | $19747 |
| **Aug-22** | $15120 | $10853 | $19927 |
| **Sep-22** | $14312 | $10384 | $18737 |
| **Oct-22** | $14703 | $10249 | $19346 |
| **Nov-22** | $15140 | $10626 | $19652 |
| **Dec-22** | $14763 | $10578 | $19035 |
| **Jan-23** | $15443 | $10904 | $20139 |
| **Feb-23** | $15065 | $10622 | $19879 |
| **Mar-23** | $15040 | $10891 | $19748 |
| **Apr-23** | $14751 | $10958 | $19473 |
| **May-23** | $14888 | $10838 | $19645 |
| **Jun-23** | $15597 | $10800 | $20663 |
| **Jul-23** | $15995 | $10792 | $21227 |
| **Aug-23** | $15489 | $10723 | $20678 |
| **Sep-23** | $15157 | $10451 | $20140 |
| **Oct-23** | $14522 | $10286 | $19254 |
| **Nov-23** | $15327 | $10751 | $20257 |
| **Dec-23** | $16291 | $11163 | $21485 |
| **Jan-24** | $16073 | $11132 | $21235 |
| **Feb-24** | $16354 | $10975 | $21489 |
| **Mar-24** | $16709 | $11076 | $21988 |
| **Apr-24** | $16144 | $10797 | $21222 |
| **May-24** | $16568 | $10980 | $21740 |
| **Jun-24** | $16711 | $11084 | $21941 |
| **Jul-24** | $16980 | $11342 | $22364 |
| **Aug-24** | $17312 | $11505 | $22657 |
| **Sep-24** | $17638 | $11660 | $23097 |
| **Oct-24** | $17797 | $11370 | $23291 |
| **Nov-24** | $19229 | $11491 | $24868 |
| **Dec-24** | $18303 | $11303 | $23877 |
| **Jan-25** | $18867 | $11363 | $24512 |
| **Feb-25** | $18513 | $11613 | $24023 |
| **Mar-25** | $17947 | $11617 | $23366 |
| **Apr-25** | $18335 | $11663 | $23681 |
| **May-25** | $18788 | $11579 | $24452 |
| **Jun-25** | $19578 | $11757 | $25441 |
| **Jul-25** | $20213 | $11726 | $26147 |
| **Aug-25** | $20538 | $11866 | $26602 |
| **Sep-25** | $21327 | $11996 | $27625 |
| **Oct-25** | $22191 | $12071 | $28489 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 24.69% | 8.21% | 8.30% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |
| **ICE BofA U.S. Convertible Bond Index** | 22.32% | 9.32% | 11.04% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $40399 |
| **Number of Investments** | 152 |
| **Total Net Advisory Fees Paid (in thousands)** | $143 |
| **Portfolio Turnover Rate** | 160% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i0fa14e9205fd26736de3ff07.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.2% |
| Financials | 17.6% |
| Consumer Staples | 12.4% |
| Communication Services | 12.1% |
| Industrials | 10.4% |
| Utilities | 8.5% |
| Consumer Discretionary | 6.2% |
| Energy | 3.0% |
| Materials | 2.5% |
| Health Care | 2.1% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net assets. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to lower the operating expense limit for Investor Class shares from 1.07% to 1.06% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Core Bond Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HCBRX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Core Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $27 | 0.26% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Income Research + Management

**Performance Summary**

The Retirement Class shares of the Fund returned 6.21% for the year ended October 31, 2025, while the Bloomberg U.S. Aggregate Bond Index (the "Index") returned 6.16% during the same period.

Top contributors to relative performance included:

• Overweight exposure to Corporate Bonds and Securitized Products, along with an underweight exposure to U.S. Treasuries.

• Overweight exposure to the Financials sector and Commercial Mortgage-Backed Securities ("CMBS").

• Security selection within the Industrials, Communication and Technology sectors and Asset-Backed Securities.

• Allocation to Small Business Administration securitizations not included in the Index.

Top detractors from relative performance included:

• Allocation to Sovereign Debt.

• Security selection within non-Agency CMBS and Agency Fixed Rate Collateralized Mortgage Obligations.

• Security selection within the Financials sector.

# **Change in a $1,000,000 Investment** 

# For the period 06/01/2018 through 10/31/2025
![Growth of 10K Chart](i448cbc8431a1e13a358e4537.jpg)

---

| | | |
|:---|:---|:---|
| | **Retirement Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **May-18** | $1000000 | $1000000 |
| **Jun-18** | $999876 | $1002340 |
| **Jul-18** | $1000878 | $1002579 |
| **Aug-18** | $1005887 | $1009029 |
| **Sep-18** | $1000758 | $1002532 |
| **Oct-18** | $992687 | $994611 |
| **Nov-18** | $997731 | $1000546 |
| **Dec-18** | $1013813 | $1018927 |
| **Jan-19** | $1023992 | $1029750 |
| **Feb-19** | $1025009 | $1029153 |
| **Mar-19** | $1044729 | $1048913 |
| **Apr-19** | $1045753 | $1049182 |
| **May-19** | $1064189 | $1067807 |
| **Jun-19** | $1077091 | $1081215 |
| **Jul-19** | $1081218 | $1083594 |
| **Aug-19** | $1109074 | $1111674 |
| **Sep-19** | $1103204 | $1105754 |
| **Oct-19** | $1105282 | $1109085 |
| **Nov-19** | $1105282 | $1108518 |
| **Dec-19** | $1102733 | $1107746 |
| **Jan-20** | $1125949 | $1129064 |
| **Feb-20** | $1145999 | $1149387 |
| **Mar-20** | $1131662 | $1142621 |
| **Apr-20** | $1155017 | $1162934 |
| **May-20** | $1165633 | $1168347 |
| **Jun-20** | $1179386 | $1175709 |
| **Jul-20** | $1199665 | $1193269 |
| **Aug-20** | $1191127 | $1183637 |
| **Sep-20** | $1192046 | $1182988 |
| **Oct-20** | $1186682 | $1177705 |
| **Nov-20** | $1200630 | $1189261 |
| **Dec-20** | $1202889 | $1190900 |
| **Jan-21** | $1197371 | $1182361 |
| **Feb-21** | $1180818 | $1165289 |
| **Mar-21** | $1165227 | $1150737 |
| **Apr-21** | $1175643 | $1159828 |
| **May-21** | $1177242 | $1163617 |
| **Jun-21** | $1186928 | $1171792 |
| **Jul-21** | $1200876 | $1184895 |
| **Aug-21** | $1197073 | $1182639 |
| **Sep-21** | $1187317 | $1172399 |
| **Oct-21** | $1186573 | $1172076 |
| **Nov-21** | $1189057 | $1175545 |
| **Dec-21** | $1183832 | $1172538 |
| **Jan-22** | $1159327 | $1147276 |
| **Feb-22** | $1146237 | $1134476 |
| **Mar-22** | $1113560 | $1102956 |
| **Apr-22** | $1072195 | $1061101 |
| **May-22** | $1074665 | $1067942 |
| **Jun-22** | $1057840 | $1051188 |
| **Jul-22** | $1084006 | $1076873 |
| **Aug-22** | $1054637 | $1046449 |
| **Sep-22** | $1009912 | $1001233 |
| **Oct-22** | $995103 | $988264 |
| **Nov-22** | $1032225 | $1024608 |
| **Dec-22** | $1026566 | $1019987 |
| **Jan-23** | $1062851 | $1051368 |
| **Feb-23** | $1036453 | $1024184 |
| **Mar-23** | $1060962 | $1050198 |
| **Apr-23** | $1066358 | $1056565 |
| **May-23** | $1056073 | $1045060 |
| **Jun-23** | $1052261 | $1041331 |
| **Jul-23** | $1052102 | $1040609 |
| **Aug-23** | $1046061 | $1033957 |
| **Sep-23** | $1019430 | $1007685 |
| **Oct-23** | $1001394 | $991783 |
| **Nov-23** | $1046739 | $1036696 |
| **Dec-23** | $1086219 | $1076380 |
| **Jan-24** | $1085225 | $1073423 |
| **Feb-24** | $1070779 | $1058258 |
| **Mar-24** | $1079972 | $1068031 |
| **Apr-24** | $1053691 | $1041052 |
| **May-24** | $1072395 | $1058701 |
| **Jun-24** | $1082235 | $1068728 |
| **Jul-24** | $1107712 | $1093686 |
| **Aug-24** | $1122829 | $1109404 |
| **Sep-24** | $1138120 | $1124260 |
| **Oct-24** | $1109783 | $1096380 |
| **Nov-24** | $1123214 | $1107970 |
| **Dec-24** | $1104040 | $1089838 |
| **Jan-25** | $1109297 | $1095618 |
| **Feb-25** | $1134657 | $1119724 |
| **Mar-25** | $1134118 | $1120147 |
| **Apr-25** | $1137055 | $1124549 |
| **May-25** | $1129844 | $1116498 |
| **Jun-25** | $1147025 | $1133664 |
| **Jul-25** | $1145001 | $1130672 |
| **Aug-25** | $1158176 | $1144199 |
| **Sep-25** | $1171744 | $1156681 |
| **Oct-25** | $1178687 | $1163905 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 06/01/2018** |
| **Retirement Class** | 6.21% | -0.14% | 2.24% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 2.07% |

---

The "Life of Class" return as shown reflects the period 06/01/2018 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1545634 |
| **Number of Investments** | 497 |
| **Total Net Advisory Fees Paid (in thousands)** | $3246 |
| **Portfolio Turnover Rate** | 45% |

---

#### Fund Investments as of October 31, 2025

# Investment Allocation (% of Investments)
![Group By Country Chart](i1d4625bba579e582585259cb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 31.8% |
| Mortgage Pass-Through | 23.9% |
| U.S. Government Obligations | 23.0% |
| Asset-Backed Securities | 12.9% |
| Collateralized Mortgage Obligations | 7.9% |
| Municipal Bonds | 0.5% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Core Bond Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HACBX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Core Bond Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $35 | 0.34% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Income Research + Management

**Performance Summary**

The Institutional Class shares of the Fund returned 6.13% for the year ended October 31, 2025, while the Bloomberg U.S. Aggregate Bond Index (the "Index") returned 6.16% during the same period.

Top contributors to relative performance included:

• Overweight exposure to Corporate Bonds and Securitized Products, along with an underweight exposure to U.S. Treasuries.

• Overweight exposure to the Financials sector and Commercial Mortgage-Backed Securities ("CMBS").

• Security selection within the Industrials, Communication and Technology sectors and Asset-Backed Securities.

• Allocation to Small Business Administration securitizations not included in the Index.

Top detractors from relative performance included:

• Allocation to Sovereign Debt.

• Security selection within non-Agency CMBS and Agency Fixed Rate Collateralized Mortgage Obligations.

• Security selection within the Financials sector.

# **Change in a $10,000 Investment** 

# For the period 06/01/2018 through 10/31/2025
![Growth of 10K Chart](i15967683849cf10254f41d1e.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **May-18** | $10000 | $10000 |
| **Jun-18** | $9999 | $10023 |
| **Jul-18** | $10009 | $10026 |
| **Aug-18** | $10059 | $10090 |
| **Sep-18** | $10005 | $10025 |
| **Oct-18** | $9925 | $9946 |
| **Nov-18** | $9975 | $10005 |
| **Dec-18** | $10134 | $10189 |
| **Jan-19** | $10236 | $10298 |
| **Feb-19** | $10236 | $10292 |
| **Mar-19** | $10441 | $10489 |
| **Apr-19** | $10451 | $10492 |
| **May-19** | $10625 | $10678 |
| **Jun-19** | $10763 | $10812 |
| **Jul-19** | $10804 | $10836 |
| **Aug-19** | $11082 | $11117 |
| **Sep-19** | $11011 | $11058 |
| **Oct-19** | $11042 | $11091 |
| **Nov-19** | $11032 | $11085 |
| **Dec-19** | $11004 | $11077 |
| **Jan-20** | $11246 | $11291 |
| **Feb-20** | $11447 | $11494 |
| **Mar-20** | $11301 | $11426 |
| **Apr-20** | $11534 | $11629 |
| **May-20** | $11640 | $11683 |
| **Jun-20** | $11775 | $11757 |
| **Jul-20** | $11978 | $11933 |
| **Aug-20** | $11892 | $11836 |
| **Sep-20** | $11899 | $11830 |
| **Oct-20** | $11846 | $11777 |
| **Nov-20** | $11985 | $11893 |
| **Dec-20** | $12005 | $11909 |
| **Jan-21** | $11950 | $11824 |
| **Feb-21** | $11774 | $11653 |
| **Mar-21** | $11627 | $11507 |
| **Apr-21** | $11730 | $11598 |
| **May-21** | $11745 | $11636 |
| **Jun-21** | $11841 | $11718 |
| **Jul-21** | $11979 | $11849 |
| **Aug-21** | $11940 | $11826 |
| **Sep-21** | $11842 | $11724 |
| **Oct-21** | $11834 | $11721 |
| **Nov-21** | $11858 | $11755 |
| **Dec-21** | $11805 | $11725 |
| **Jan-22** | $11560 | $11473 |
| **Feb-22** | $11418 | $11345 |
| **Mar-22** | $11102 | $11030 |
| **Apr-22** | $10689 | $10611 |
| **May-22** | $10712 | $10679 |
| **Jun-22** | $10555 | $10512 |
| **Jul-22** | $10804 | $10769 |
| **Aug-22** | $10522 | $10464 |
| **Sep-22** | $10064 | $10012 |
| **Oct-22** | $9916 | $9883 |
| **Nov-22** | $10274 | $10246 |
| **Dec-22** | $10228 | $10200 |
| **Jan-23** | $10589 | $10514 |
| **Feb-23** | $10326 | $10242 |
| **Mar-23** | $10557 | $10502 |
| **Apr-23** | $10622 | $10566 |
| **May-23** | $10507 | $10451 |
| **Jun-23** | $10480 | $10413 |
| **Jul-23** | $10478 | $10406 |
| **Aug-23** | $10417 | $10340 |
| **Sep-23** | $10151 | $10077 |
| **Oct-23** | $9971 | $9918 |
| **Nov-23** | $10422 | $10367 |
| **Dec-23** | $10814 | $10764 |
| **Jan-24** | $10792 | $10734 |
| **Feb-24** | $10648 | $10583 |
| **Mar-24** | $10738 | $10680 |
| **Apr-24** | $10488 | $10411 |
| **May-24** | $10661 | $10587 |
| **Jun-24** | $10771 | $10687 |
| **Jul-24** | $11024 | $10937 |
| **Aug-24** | $11161 | $11094 |
| **Sep-24** | $11312 | $11243 |
| **Oct-24** | $11042 | $10964 |
| **Nov-24** | $11163 | $11080 |
| **Dec-24** | $10984 | $10898 |
| **Jan-25** | $11035 | $10956 |
| **Feb-25** | $11287 | $11197 |
| **Mar-25** | $11281 | $11201 |
| **Apr-25** | $11309 | $11245 |
| **May-25** | $11237 | $11165 |
| **Jun-25** | $11407 | $11337 |
| **Jul-25** | $11386 | $11307 |
| **Aug-25** | $11516 | $11442 |
| **Sep-25** | $11650 | $11567 |
| **Oct-25** | $11719 | $11639 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 06/01/2018** |
| **Institutional Class** | 6.13% | -0.22% | 2.16% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 2.07% |

---

The "Life of Class" return as shown reflects the period 06/01/2018 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1545634 |
| **Number of Investments** | 497 |
| **Total Net Advisory Fees Paid (in thousands)** | $3246 |
| **Portfolio Turnover Rate** | 45% |

---

#### Fund Investments as of October 31, 2025

# Investment Allocation (% of Investments)
![Group By Country Chart](i1d4625bba579e582585259cb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 31.8% |
| Mortgage Pass-Through | 23.9% |
| U.S. Government Obligations | 23.0% |
| Asset-Backed Securities | 12.9% |
| Collateralized Mortgage Obligations | 7.9% |
| Municipal Bonds | 0.5% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Core Plus Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HBFRX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Core Plus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $31 | 0.30% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Income Research + Management

**Performance Summary**

The Retirement Class shares of the Fund returned 6.68% for the year ended October 31, 2025, while the Bloomberg U.S. Aggregate Bond Index returned 6.16% during the same period.

Top contributors to relative performance included:

• Security selection within Corporates and Securitized Bonds driven by top performing Industrial sector positions.

• Overweight exposure to Corporates and Securitized Bonds and underweight exposure to U.S. Treasuries as Corporate and Securitized Bonds each of which broadly outperformed U.S. Treasury bonds.

• Security selection within the Financials sector driven mostly by bond selection within the Finance Companies sub-sector and security selections within the Industrials sector driven by security selection within the Consumer Cyclical and Capital Goods sub-sectors.

• Within Securitized products, investments in non-traditional Asset-Backed Securities ("ABS"), particularly Collateralized Loan Obligations ("CLOs"), non-Agency Residential Mortgage-Backed Security and Small Business Administration securitizations.

Top detractors from relative performance included:

• Security selection within non-Agency Commercial Mortgage-Backed Securities.

• Overweight exposure to ABS, primarily CLOs and an allocation to sovereign debt.

# **Change in a $1,000,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](idd67ebceae7da3566b579da8.jpg)

---

| | | |
|:---|:---|:---|
| | **Retirement Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **Nov-15** | $999161 | $997358 |
| **Dec-15** | $994729 | $994135 |
| **Jan-16** | $1002534 | $1007816 |
| **Feb-16** | $998198 | $1014965 |
| **Mar-16** | $1015158 | $1024277 |
| **Apr-16** | $1021263 | $1028209 |
| **May-16** | $1023007 | $1028473 |
| **Jun-16** | $1037123 | $1046952 |
| **Jul-16** | $1050274 | $1053571 |
| **Aug-16** | $1048520 | $1052366 |
| **Sep-16** | $1051375 | $1051750 |
| **Oct-16** | $1046968 | $1043705 |
| **Nov-16** | $1020530 | $1019017 |
| **Dec-16** | $1026991 | $1020455 |
| **Jan-17** | $1035142 | $1022457 |
| **Feb-17** | $1043293 | $1029329 |
| **Mar-17** | $1042705 | $1028789 |
| **Apr-17** | $1050880 | $1036728 |
| **May-17** | $1059054 | $1044708 |
| **Jun-17** | $1059606 | $1043657 |
| **Jul-17** | $1067841 | $1048148 |
| **Aug-17** | $1080652 | $1057549 |
| **Sep-17** | $1078325 | $1052512 |
| **Oct-17** | $1076481 | $1053122 |
| **Nov-17** | $1071873 | $1051770 |
| **Dec-17** | $1077276 | $1056597 |
| **Jan-18** | $1066972 | $1044429 |
| **Feb-18** | $1059478 | $1034528 |
| **Mar-18** | $1063939 | $1041163 |
| **Apr-18** | $1054557 | $1033419 |
| **May-18** | $1058310 | $1040794 |
| **Jun-18** | $1060408 | $1039514 |
| **Jul-18** | $1063248 | $1039761 |
| **Aug-18** | $1067982 | $1046451 |
| **Sep-18** | $1062187 | $1039713 |
| **Oct-18** | $1058369 | $1031498 |
| **Nov-18** | $1061232 | $1037653 |
| **Dec-18** | $1074775 | $1056716 |
| **Jan-19** | $1088306 | $1067941 |
| **Feb-19** | $1091206 | $1067321 |
| **Mar-19** | $1106267 | $1087814 |
| **Apr-19** | $1109181 | $1088093 |
| **May-19** | $1128606 | $1107409 |
| **Jun-19** | $1141589 | $1121314 |
| **Jul-19** | $1141589 | $1123782 |
| **Aug-19** | $1173898 | $1152903 |
| **Sep-19** | $1168147 | $1146763 |
| **Oct-19** | $1173076 | $1150218 |
| **Nov-19** | $1170118 | $1149630 |
| **Dec-19** | $1166330 | $1148829 |
| **Jan-20** | $1194290 | $1170938 |
| **Feb-20** | $1211266 | $1192014 |
| **Mar-20** | $1188936 | $1184997 |
| **Apr-20** | $1215000 | $1206064 |
| **May-20** | $1224022 | $1211678 |
| **Jun-20** | $1239189 | $1219313 |
| **Jul-20** | $1259371 | $1237523 |
| **Aug-20** | $1258362 | $1227534 |
| **Sep-20** | $1258095 | $1226861 |
| **Oct-20** | $1253022 | $1221383 |
| **Nov-20** | $1268240 | $1233368 |
| **Dec-20** | $1271088 | $1235067 |
| **Jan-21** | $1264892 | $1226212 |
| **Feb-21** | $1250436 | $1208506 |
| **Mar-21** | $1236229 | $1193414 |
| **Apr-21** | $1247340 | $1202842 |
| **May-21** | $1251151 | $1206772 |
| **Jun-21** | $1263040 | $1215251 |
| **Jul-21** | $1275120 | $1228839 |
| **Aug-21** | $1273832 | $1226500 |
| **Sep-21** | $1265382 | $1215880 |
| **Oct-21** | $1264084 | $1215545 |
| **Nov-21** | $1265875 | $1219142 |
| **Dec-21** | $1263949 | $1216024 |
| **Jan-22** | $1240636 | $1189825 |
| **Feb-22** | $1226398 | $1176550 |
| **Mar-22** | $1191609 | $1143862 |
| **Apr-22** | $1148676 | $1100454 |
| **May-22** | $1151890 | $1107548 |
| **Jun-22** | $1129317 | $1090174 |
| **Jul-22** | $1155249 | $1116811 |
| **Aug-22** | $1127696 | $1085258 |
| **Sep-22** | $1081567 | $1038366 |
| **Oct-22** | $1064553 | $1024915 |
| **Nov-22** | $1103252 | $1062607 |
| **Dec-22** | $1099494 | $1057816 |
| **Jan-23** | $1140096 | $1090360 |
| **Feb-23** | $1114426 | $1062168 |
| **Mar-23** | $1137141 | $1089146 |
| **Apr-23** | $1145854 | $1095750 |
| **May-23** | $1134264 | $1083818 |
| **Jun-23** | $1133356 | $1079951 |
| **Jul-23** | $1133951 | $1079202 |
| **Aug-23** | $1127517 | $1072304 |
| **Sep-23** | $1099530 | $1045057 |
| **Oct-23** | $1079788 | $1028566 |
| **Nov-23** | $1130136 | $1075144 |
| **Dec-23** | $1174003 | $1116300 |
| **Jan-24** | $1175323 | $1113233 |
| **Feb-24** | $1161766 | $1097506 |
| **Mar-24** | $1172823 | $1107641 |
| **Apr-24** | $1146010 | $1079661 |
| **May-24** | $1165384 | $1097965 |
| **Jun-24** | $1177280 | $1108364 |
| **Jul-24** | $1204161 | $1134248 |
| **Aug-24** | $1221244 | $1150548 |
| **Sep-24** | $1240796 | $1165955 |
| **Oct-24** | $1210592 | $1137041 |
| **Nov-24** | $1226054 | $1149061 |
| **Dec-24** | $1206184 | $1130256 |
| **Jan-25** | $1214154 | $1136251 |
| **Feb-25** | $1241146 | $1161252 |
| **Mar-25** | $1238737 | $1161690 |
| **Apr-25** | $1240689 | $1166255 |
| **May-25** | $1234158 | $1157906 |
| **Jun-25** | $1254600 | $1175709 |
| **Jul-25** | $1253174 | $1172606 |
| **Aug-25** | $1267327 | $1186634 |
| **Sep-25** | $1283112 | $1199579 |
| **Oct-25** | $1291487 | $1207070 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Retirement Class** | 6.68% | 0.61% | 2.59% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |

---

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

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1255295 |
| **Number of Investments** | 684 |
| **Total Net Advisory Fees Paid (in thousands)** | $2971 |
| **Portfolio Turnover Rate** | 44% |

---

#### Fund Investments as of October 31, 2025

# Investment Allocation (% of Investments)
![Group By Country Chart](id6ecf669b1a4612df34acf2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 30.5% |
| Mortgage Pass-Through | 25.2% |
| U.S. Government Obligations | 20.4% |
| Collateralized Mortgage Obligations | 12.0% |
| Asset-Backed Securities | 11.9% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Core Plus Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HABDX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Core Plus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $39 | 0.38% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Income Research + Management

**Performance Summary**

The Institutional Class shares of the Fund returned 6.51% for the year ended October 31, 2025, while the Bloomberg U.S. Aggregate Bond Index returned 6.16% during the same period.

Top contributors to relative performance included:

• Security selection within Corporates and Securitized Bonds driven by top performing Industrial sector positions.

• Overweight exposure to Corporates and Securitized Bonds and underweight exposure to U.S. Treasuries as Corporate and Securitized Bonds each of which broadly outperformed U.S. Treasury bonds.

• Security selection within the Financials sector driven mostly by bond selection within the Finance Companies sub-sector and security selections within the Industrials sector driven by security selection within the Consumer Cyclical and Capital Goods sub-sectors.

• Within Securitized products, investments in non-traditional Asset-Backed Securities ("ABS"), particularly Collateralized Loan Obligations ("CLOs"), non-Agency Residential Mortgage-Backed Security and Small Business Administration securitizations.

Top detractors from relative performance included:

• Security selection within non-Agency Commercial Mortgage-Backed Securities.

• Overweight exposure to ABS, primarily CLOs and an allocation to sovereign debt.

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i2ede628dbdbac62d87ff4e1d.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **Nov-15** | $9992 | $9974 |
| **Dec-15** | $9947 | $9941 |
| **Jan-16** | $10025 | $10078 |
| **Feb-16** | $9982 | $10150 |
| **Mar-16** | $10152 | $10243 |
| **Apr-16** | $10213 | $10282 |
| **May-16** | $10230 | $10285 |
| **Jun-16** | $10371 | $10470 |
| **Jul-16** | $10503 | $10536 |
| **Aug-16** | $10485 | $10524 |
| **Sep-16** | $10514 | $10517 |
| **Oct-16** | $10470 | $10437 |
| **Nov-16** | $10205 | $10190 |
| **Dec-16** | $10270 | $10205 |
| **Jan-17** | $10351 | $10225 |
| **Feb-17** | $10433 | $10293 |
| **Mar-17** | $10427 | $10288 |
| **Apr-17** | $10509 | $10367 |
| **May-17** | $10591 | $10447 |
| **Jun-17** | $10596 | $10437 |
| **Jul-17** | $10678 | $10481 |
| **Aug-17** | $10807 | $10575 |
| **Sep-17** | $10783 | $10525 |
| **Oct-17** | $10765 | $10531 |
| **Nov-17** | $10719 | $10518 |
| **Dec-17** | $10773 | $10566 |
| **Jan-18** | $10670 | $10444 |
| **Feb-18** | $10595 | $10345 |
| **Mar-18** | $10639 | $10412 |
| **Apr-18** | $10546 | $10334 |
| **May-18** | $10592 | $10408 |
| **Jun-18** | $10602 | $10395 |
| **Jul-18** | $10640 | $10398 |
| **Aug-18** | $10687 | $10465 |
| **Sep-18** | $10627 | $10397 |
| **Oct-18** | $10589 | $10315 |
| **Nov-18** | $10617 | $10377 |
| **Dec-18** | $10751 | $10567 |
| **Jan-19** | $10886 | $10679 |
| **Feb-19** | $10915 | $10673 |
| **Mar-19** | $11073 | $10878 |
| **Apr-19** | $11093 | $10881 |
| **May-19** | $11287 | $11074 |
| **Jun-19** | $11414 | $11213 |
| **Jul-19** | $11414 | $11238 |
| **Aug-19** | $11737 | $11529 |
| **Sep-19** | $11677 | $11468 |
| **Oct-19** | $11726 | $11502 |
| **Nov-19** | $11697 | $11496 |
| **Dec-19** | $11657 | $11488 |
| **Jan-20** | $11936 | $11709 |
| **Feb-20** | $12105 | $11920 |
| **Mar-20** | $11880 | $11850 |
| **Apr-20** | $12120 | $12061 |
| **May-20** | $12230 | $12117 |
| **Jun-20** | $12379 | $12193 |
| **Jul-20** | $12580 | $12375 |
| **Aug-20** | $12570 | $12275 |
| **Sep-20** | $12565 | $12269 |
| **Oct-20** | $12514 | $12214 |
| **Nov-20** | $12666 | $12334 |
| **Dec-20** | $12692 | $12351 |
| **Jan-21** | $12630 | $12262 |
| **Feb-21** | $12486 | $12085 |
| **Mar-21** | $12342 | $11934 |
| **Apr-21** | $12452 | $12028 |
| **May-21** | $12489 | $12068 |
| **Jun-21** | $12606 | $12153 |
| **Jul-21** | $12726 | $12288 |
| **Aug-21** | $12712 | $12265 |
| **Sep-21** | $12627 | $12159 |
| **Oct-21** | $12614 | $12155 |
| **Nov-21** | $12631 | $12191 |
| **Dec-21** | $12610 | $12160 |
| **Jan-22** | $12377 | $11898 |
| **Feb-22** | $12235 | $11766 |
| **Mar-22** | $11887 | $11439 |
| **Apr-22** | $11458 | $11005 |
| **May-22** | $11460 | $11075 |
| **Jun-22** | $11244 | $10902 |
| **Jul-22** | $11491 | $11168 |
| **Aug-22** | $11227 | $10853 |
| **Sep-22** | $10755 | $10384 |
| **Oct-22** | $10596 | $10249 |
| **Nov-22** | $10981 | $10626 |
| **Dec-22** | $10943 | $10578 |
| **Jan-23** | $11347 | $10904 |
| **Feb-23** | $11090 | $10622 |
| **Mar-23** | $11316 | $10891 |
| **Apr-23** | $11402 | $10958 |
| **May-23** | $11274 | $10838 |
| **Jun-23** | $11276 | $10800 |
| **Jul-23** | $11281 | $10792 |
| **Aug-23** | $11216 | $10723 |
| **Sep-23** | $10937 | $10451 |
| **Oct-23** | $10739 | $10286 |
| **Nov-23** | $11229 | $10751 |
| **Dec-23** | $11676 | $11163 |
| **Jan-24** | $11677 | $11132 |
| **Feb-24** | $11553 | $10975 |
| **Mar-24** | $11650 | $11076 |
| **Apr-24** | $11383 | $10797 |
| **May-24** | $11586 | $10980 |
| **Jun-24** | $11692 | $11084 |
| **Jul-24** | $11959 | $11342 |
| **Aug-24** | $12128 | $11505 |
| **Sep-24** | $12322 | $11660 |
| **Oct-24** | $12021 | $11370 |
| **Nov-24** | $12174 | $11491 |
| **Dec-24** | $11975 | $11303 |
| **Jan-25** | $12054 | $11363 |
| **Feb-25** | $12321 | $11613 |
| **Mar-25** | $12297 | $11617 |
| **Apr-25** | $12315 | $11663 |
| **May-25** | $12250 | $11579 |
| **Jun-25** | $12452 | $11757 |
| **Jul-25** | $12437 | $11726 |
| **Aug-25** | $12577 | $11866 |
| **Sep-25** | $12733 | $11996 |
| **Oct-25** | $12803 | $12071 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 6.51% | 0.46% | 2.50% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1255295 |
| **Number of Investments** | 684 |
| **Total Net Advisory Fees Paid (in thousands)** | $2971 |
| **Portfolio Turnover Rate** | 44% |

---

#### Fund Investments as of October 31, 2025

# Investment Allocation (% of Investments)
![Group By Country Chart](id6ecf669b1a4612df34acf2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 30.5% |
| Mortgage Pass-Through | 25.2% |
| U.S. Government Obligations | 20.4% |
| Collateralized Mortgage Obligations | 12.0% |
| Asset-Backed Securities | 11.9% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Core Plus Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HRBDX

Administrative Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Core Plus Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Administrative Class | $65 | 0.63% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Income Research + Management

**Performance Summary**

The Administrative Class shares of the Fund returned 6.23% for the year ended October 31, 2025, while the Bloomberg U.S. Aggregate Bond Index returned 6.16% during the same period.

Top contributors to relative performance included:

• Security selection within Corporates and Securitized Bonds driven by top performing Industrial sector positions.

• Overweight exposure to Corporates and Securitized Bonds and underweight exposure to U.S. Treasuries as Corporate and Securitized Bonds each of which broadly outperformed U.S. Treasury bonds.

• Security selection within the Financials sector driven mostly by bond selection within the Finance Companies sub-sector and security selections within the Industrials sector driven by security selection within the Consumer Cyclical and Capital Goods sub-sectors.

• Within Securitized products, investments in non-traditional Asset-Backed Securities ("ABS"), particularly Collateralized Loan Obligations ("CLOs"), non-Agency Residential Mortgage-Backed Security and Small Business Administration securitizations.

Top detractors from relative performance included:

• Security selection within non-Agency Commercial Mortgage-Backed Securities.

• Overweight exposure to ABS, primarily CLOs and an allocation to sovereign debt.

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i588b3e1244787d5c5b33133f.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **Nov-15** | $9983 | $9974 |
| **Dec-15** | $9940 | $9941 |
| **Jan-16** | $10018 | $10078 |
| **Feb-16** | $9966 | $10150 |
| **Mar-16** | $10138 | $10243 |
| **Apr-16** | $10199 | $10282 |
| **May-16** | $10216 | $10285 |
| **Jun-16** | $10359 | $10470 |
| **Jul-16** | $10482 | $10536 |
| **Aug-16** | $10464 | $10524 |
| **Sep-16** | $10486 | $10517 |
| **Oct-16** | $10442 | $10437 |
| **Nov-16** | $10178 | $10190 |
| **Dec-16** | $10245 | $10205 |
| **Jan-17** | $10317 | $10225 |
| **Feb-17** | $10389 | $10293 |
| **Mar-17** | $10386 | $10288 |
| **Apr-17** | $10476 | $10367 |
| **May-17** | $10549 | $10447 |
| **Jun-17** | $10557 | $10437 |
| **Jul-17** | $10630 | $10481 |
| **Aug-17** | $10757 | $10575 |
| **Sep-17** | $10727 | $10525 |
| **Oct-17** | $10709 | $10531 |
| **Nov-17** | $10663 | $10518 |
| **Dec-17** | $10709 | $10566 |
| **Jan-18** | $10607 | $10444 |
| **Feb-18** | $10533 | $10345 |
| **Mar-18** | $10580 | $10412 |
| **Apr-18** | $10478 | $10334 |
| **May-18** | $10524 | $10408 |
| **Jun-18** | $10536 | $10395 |
| **Jul-18** | $10564 | $10398 |
| **Aug-18** | $10602 | $10465 |
| **Sep-18** | $10545 | $10397 |
| **Oct-18** | $10507 | $10315 |
| **Nov-18** | $10536 | $10377 |
| **Dec-18** | $10661 | $10567 |
| **Jan-19** | $10795 | $10679 |
| **Feb-19** | $10814 | $10673 |
| **Mar-19** | $10974 | $10878 |
| **Apr-19** | $10994 | $10881 |
| **May-19** | $11186 | $11074 |
| **Jun-19** | $11305 | $11213 |
| **Jul-19** | $11305 | $11238 |
| **Aug-19** | $11615 | $11529 |
| **Sep-19** | $11556 | $11468 |
| **Oct-19** | $11605 | $11502 |
| **Nov-19** | $11575 | $11496 |
| **Dec-19** | $11537 | $11488 |
| **Jan-20** | $11813 | $11709 |
| **Feb-20** | $11971 | $11920 |
| **Mar-20** | $11741 | $11850 |
| **Apr-20** | $11978 | $12061 |
| **May-20** | $12087 | $12117 |
| **Jun-20** | $12236 | $12193 |
| **Jul-20** | $12425 | $12375 |
| **Aug-20** | $12415 | $12275 |
| **Sep-20** | $12412 | $12269 |
| **Oct-20** | $12352 | $12214 |
| **Nov-20** | $12492 | $12334 |
| **Dec-20** | $12522 | $12351 |
| **Jan-21** | $12461 | $12262 |
| **Feb-21** | $12319 | $12085 |
| **Mar-21** | $12169 | $11934 |
| **Apr-21** | $12275 | $12028 |
| **May-21** | $12310 | $12068 |
| **Jun-21** | $12423 | $12153 |
| **Jul-21** | $12538 | $12288 |
| **Aug-21** | $12522 | $12265 |
| **Sep-21** | $12446 | $12159 |
| **Oct-21** | $12419 | $12155 |
| **Nov-21** | $12434 | $12191 |
| **Dec-21** | $12422 | $12160 |
| **Jan-22** | $12179 | $11898 |
| **Feb-22** | $12037 | $11766 |
| **Mar-22** | $11692 | $11439 |
| **Apr-22** | $11269 | $11005 |
| **May-22** | $11268 | $11075 |
| **Jun-22** | $11054 | $10902 |
| **Jul-22** | $11294 | $11168 |
| **Aug-22** | $11032 | $10853 |
| **Sep-22** | $10567 | $10384 |
| **Oct-22** | $10408 | $10249 |
| **Nov-22** | $10784 | $10626 |
| **Dec-22** | $10744 | $10578 |
| **Jan-23** | $11137 | $10904 |
| **Feb-23** | $10884 | $10622 |
| **Mar-23** | $11102 | $10891 |
| **Apr-23** | $11185 | $10958 |
| **May-23** | $11068 | $10838 |
| **Jun-23** | $11056 | $10800 |
| **Jul-23** | $11059 | $10792 |
| **Aug-23** | $10993 | $10723 |
| **Sep-23** | $10717 | $10451 |
| **Oct-23** | $10522 | $10286 |
| **Nov-23** | $10999 | $10751 |
| **Dec-23** | $11434 | $11163 |
| **Jan-24** | $11444 | $11132 |
| **Feb-24** | $11309 | $10975 |
| **Mar-24** | $11402 | $11076 |
| **Apr-24** | $11138 | $10797 |
| **May-24** | $11334 | $10980 |
| **Jun-24** | $11436 | $11084 |
| **Jul-24** | $11705 | $11342 |
| **Aug-24** | $11856 | $11505 |
| **Sep-24** | $12043 | $11660 |
| **Oct-24** | $11758 | $11370 |
| **Nov-24** | $11894 | $11491 |
| **Dec-24** | $11697 | $11303 |
| **Jan-25** | $11771 | $11363 |
| **Feb-25** | $12030 | $11613 |
| **Mar-25** | $12003 | $11617 |
| **Apr-25** | $12019 | $11663 |
| **May-25** | $11952 | $11579 |
| **Jun-25** | $12147 | $11757 |
| **Jul-25** | $12130 | $11726 |
| **Aug-25** | $12264 | $11866 |
| **Sep-25** | $12413 | $11996 |
| **Oct-25** | $12491 | $12071 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Administrative Class** | 6.23% | 0.22% | 2.25% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.24% | 1.90% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1255295 |
| **Number of Investments** | 684 |
| **Total Net Advisory Fees Paid (in thousands)** | $2971 |
| **Portfolio Turnover Rate** | 44% |

---

#### Fund Investments as of October 31, 2025

# Investment Allocation (% of Investments)
![Group By Country Chart](id6ecf669b1a4612df34acf2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 30.5% |
| Mortgage Pass-Through | 25.2% |
| U.S. Government Obligations | 20.4% |
| Collateralized Mortgage Obligations | 12.0% |
| Asset-Backed Securities | 11.9% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Diversified International All Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HNIDX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Diversified International All Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Retirement Class | $82 | 0.74% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Marathon Asset Management Limited

**Performance Summary**

The Retirement Class shares of the Fund returned 22.60% for the year ended October 31, 2025, while the MSCI All Country World Ex. U.S. (ND) Index returned 24.93% during the same period.

Top contributors to relative performance included:

• Overweight positions in Japan and North America.

• Security selection in the Materials and Financials sectors, an underweight position to the Health Care sector and an overweight exposure to the Industrials sector.

• Positions in U.K.-listed aerospace and engineering company, Rolls-Royce Holdings PLC and positions in European banks including UniCredit S.p.A., CaixaBank SA, Standard Chartered PLC, Barclays PLC and National Bank of Greece S.A.

Top detractors from relative performance included:

• Currency positioning; particularly underweight exposure to the Swiss franc and the euro and overweight exposure to the British pound sterling.

• Security selection in Japan and North America.

• Underweight position in Emerging Markets.

• Security selection in the Health Care and Industrials sectors.

• Underweight position in Information Technology.

• Positions in Danish pharmaceutical giant Novo Nordisk AS and Indonesia's PT Bank Central Asia Tbk., as well as not investing in several technology related investments including Korean memory chip producer SK Hynix Inc. and Chinese internet giants Alibaba Group Holdings Limited and Tencent Holdings Ltd.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 11/02/2015 through 10/31/2025
![Growth of 10K Chart](ia5c23058d5c6bc925efd4dbd.jpg)

---

| | | |
|:---|:---|:---|
| | **Retirement Class** | **MSCI All Country World Ex. U.S. (ND) Index** |
| **Oct-15** | $1000000 | $1000000 |
| **Nov-15** | $992000 | $981717 |
| **Dec-15** | $976547 | $963226 |
| **Jan-16** | $926519 | $897706 |
| **Feb-16** | $921516 | $887445 |
| **Mar-16** | $952533 | $959603 |
| **Apr-16** | $970544 | $984855 |
| **May-16** | $969543 | $968233 |
| **Jun-16** | $938526 | $953420 |
| **Jul-16** | $983551 | $1000569 |
| **Aug-16** | $989554 | $1006897 |
| **Sep-16** | $998559 | $1019314 |
| **Oct-16** | $977547 | $1004658 |
| **Nov-16** | $960538 | $981420 |
| **Dec-16** | $976899 | $1006524 |
| **Jan-17** | $1019505 | $1042179 |
| **Feb-17** | $1028635 | $1058798 |
| **Mar-17** | $1052981 | $1085640 |
| **Apr-17** | $1085443 | $1108882 |
| **May-17** | $1116890 | $1144864 |
| **Jun-17** | $1116890 | $1148419 |
| **Jul-17** | $1148338 | $1190748 |
| **Aug-17** | $1153410 | $1196978 |
| **Sep-17** | $1174713 | $1219199 |
| **Oct-17** | $1196016 | $1242136 |
| **Nov-17** | $1187901 | $1252226 |
| **Dec-17** | $1216741 | $1280214 |
| **Jan-18** | $1271378 | $1351517 |
| **Feb-18** | $1221994 | $1287789 |
| **Mar-18** | $1214639 | $1265075 |
| **Apr-18** | $1220944 | $1285274 |
| **May-18** | $1200980 | $1255598 |
| **Jun-18** | $1182067 | $1231998 |
| **Jul-18** | $1208335 | $1261463 |
| **Aug-18** | $1185219 | $1235060 |
| **Sep-18** | $1190473 | $1240687 |
| **Oct-18** | $1093806 | $1139772 |
| **Nov-18** | $1096958 | $1150561 |
| **Dec-18** | $1049463 | $1098483 |
| **Jan-19** | $1132806 | $1181482 |
| **Feb-19** | $1158029 | $1204568 |
| **Mar-19** | $1160222 | $1211742 |
| **Apr-19** | $1195314 | $1243754 |
| **May-19** | $1141579 | $1177001 |
| **Jun-19** | $1201893 | $1247873 |
| **Jul-19** | $1177768 | $1232769 |
| **Aug-19** | $1154739 | $1194696 |
| **Sep-19** | $1186541 | $1225440 |
| **Oct-19** | $1224922 | $1268199 |
| **Nov-19** | $1249048 | $1279378 |
| **Dec-19** | $1300681 | $1334782 |
| **Jan-20** | $1256989 | $1298925 |
| **Feb-20** | $1156161 | $1196252 |
| **Mar-20** | $944422 | $1023043 |
| **Apr-20** | $1016122 | $1100569 |
| **May-20** | $1068776 | $1136588 |
| **Jun-20** | $1103506 | $1187951 |
| **Jul-20** | $1148319 | $1240915 |
| **Aug-20** | $1200973 | $1294034 |
| **Sep-20** | $1176326 | $1262224 |
| **Oct-20** | $1148319 | $1235088 |
| **Nov-20** | $1317485 | $1401225 |
| **Dec-20** | $1410272 | $1476962 |
| **Jan-21** | $1400086 | $1480172 |
| **Feb-21** | $1451019 | $1509474 |
| **Mar-21** | $1494028 | $1528560 |
| **Apr-21** | $1539302 | $1573555 |
| **May-21** | $1594762 | $1622776 |
| **Jun-21** | $1578916 | $1612269 |
| **Jul-21** | $1564203 | $1585691 |
| **Aug-21** | $1590235 | $1615833 |
| **Sep-21** | $1534775 | $1564093 |
| **Oct-21** | $1565334 | $1601428 |
| **Nov-21** | $1491765 | $1529321 |
| **Dec-21** | $1555043 | $1592520 |
| **Jan-22** | $1514795 | $1533836 |
| **Feb-22** | $1476986 | $1503476 |
| **Mar-22** | $1461130 | $1505873 |
| **Apr-22** | $1368438 | $1411314 |
| **May-22** | $1389171 | $1421441 |
| **Jun-22** | $1267207 | $1299159 |
| **Jul-22** | $1311114 | $1343636 |
| **Aug-22** | $1257450 | $1300421 |
| **Sep-22** | $1137925 | $1170468 |
| **Oct-22** | $1189150 | $1205447 |
| **Nov-22** | $1352582 | $1347744 |
| **Dec-22** | $1332638 | $1337670 |
| **Jan-23** | $1446581 | $1446165 |
| **Feb-23** | $1399518 | $1395401 |
| **Mar-23** | $1421811 | $1429512 |
| **Apr-23** | $1454012 | $1454348 |
| **May-23** | $1397041 | $1401469 |
| **Jun-23** | $1465159 | $1464352 |
| **Jul-23** | $1512222 | $1523885 |
| **Aug-23** | $1446581 | $1455062 |
| **Sep-23** | $1394564 | $1409103 |
| **Oct-23** | $1336354 | $1350967 |
| **Nov-23** | $1442866 | $1472572 |
| **Dec-23** | $1528773 | $1546558 |
| **Jan-24** | $1505899 | $1531194 |
| **Feb-24** | $1544023 | $1569961 |
| **Mar-24** | $1603751 | $1619035 |
| **Apr-24** | $1563085 | $1589964 |
| **May-24** | $1619000 | $1636120 |
| **Jun-24** | $1591043 | $1634559 |
| **Jul-24** | $1648229 | $1672409 |
| **Aug-24** | $1672374 | $1720041 |
| **Sep-24** | $1713039 | $1766356 |
| **Oct-24** | $1621542 | $1679687 |
| **Nov-24** | $1639333 | $1664482 |
| **Dec-24** | $1582309 | $1632146 |
| **Jan-25** | $1633521 | $1697906 |
| **Feb-25** | $1667662 | $1721474 |
| **Mar-25** | $1665036 | $1717569 |
| **Apr-25** | $1714934 | $1779578 |
| **May-25** | $1814731 | $1861102 |
| **Jun-25** | $1879074 | $1924241 |
| **Jul-25** | $1863317 | $1918732 |
| **Aug-25** | $1930286 | $1985307 |
| **Sep-25** | $1998568 | $2056842 |
| **Oct-25** | $1988063 | $2098411 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 11/02/2015** |
| **Retirement Class** | 22.60% | 11.60% | 7.12% |
| **MSCI All Country World Ex. U.S. (ND) Index** | 24.93% | 11.18% | 7.70% |

---

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

The "Life of Class" return as shown reflects the period 11/02/2015 (commencement of operations of the Fund) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $758023 |
| **Number of Investments (includes derivatives)** | 250 |
| **Total Net Advisory Fees Paid (in thousands)** | $6112 |
| **Portfolio Turnover Rate** | 18% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments (excludes derivatives) as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](icf676c6ca0f417f19c85c23c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 41.9% |
| Pacific Basin | 33.9% |
| North America | 9.4% |
| Latin America | 5.8% |
| Africa | 4.2% |
| South Asia | 2.5% |
| Middle East/Central Asia | 2.3% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 18.2% |
| Japan | 16.4% |
| Canada | 8.3% |
| Taiwan | 4.9% |
| China | 4.7% |
| France | 4.6% |
| South Africa | 4.2% |
| Hong Kong | 4.0% |
| Denmark | 2.6% |
| Australia | 2.6% |
| Others | 29.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to increase the operating expense limit for Retirement Class shares from 0.72% to 0.75% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Diversified International All Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HAIDX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Diversified International All Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Institutional Class | $91 | 0.82% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Marathon Asset Management Limited

**Performance Summary**

The Institutional Class shares of the Fund returned 22.54% for the year ended October 31, 2025, while the MSCI All Country World Ex. U.S. (ND) Index returned 24.93% during the same period.

Top contributors to relative performance included:

• Overweight positions in Japan and North America.

• Security selection in the Materials and Financials sectors, an underweight position to the Health Care sector and an overweight exposure to the Industrials sector.

• Positions in U.K.-listed aerospace and engineering company, Rolls-Royce Holdings PLC and positions in European banks including UniCredit S.p.A., CaixaBank SA, Standard Chartered PLC, Barclays PLC and National Bank of Greece S.A.

Top detractors from relative performance included:

• Currency positioning; particularly underweight exposure to the Swiss franc and the euro and overweight exposure to the British pound sterling.

• Security selection in Japan and North America.

• Underweight position in Emerging Markets.

• Security selection in the Health Care and Industrials sectors.

• Underweight position in Information Technology.

• Positions in Danish pharmaceutical giant Novo Nordisk AS and Indonesia's PT Bank Central Asia Tbk., as well as not investing in several technology related investments including Korean memory chip producer SK Hynix Inc. and Chinese internet giants Alibaba Group Holdings Limited and Tencent Holdings Ltd.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 11/02/2015 through 10/31/2025
![Growth of 10K Chart](i1384e5349256018845e7ce86.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI All Country World Ex. U.S. (ND) Index** |
| **Oct-15** | $50000 | $50000 |
| **Nov-15** | $49600 | $49086 |
| **Dec-15** | $48827 | $48161 |
| **Jan-16** | $46326 | $44885 |
| **Feb-16** | $45075 | $44372 |
| **Mar-16** | $47627 | $47980 |
| **Apr-16** | $48577 | $49243 |
| **May-16** | $48477 | $48412 |
| **Jun-16** | $46926 | $47671 |
| **Jul-16** | $49178 | $50028 |
| **Aug-16** | $49478 | $50345 |
| **Sep-16** | $49928 | $50966 |
| **Oct-16** | $48877 | $50233 |
| **Nov-16** | $48027 | $49071 |
| **Dec-16** | $48820 | $50326 |
| **Jan-17** | $50950 | $52109 |
| **Feb-17** | $51457 | $52940 |
| **Mar-17** | $52623 | $54282 |
| **Apr-17** | $54296 | $55444 |
| **May-17** | $55817 | $57243 |
| **Jun-17** | $55817 | $57421 |
| **Jul-17** | $57388 | $59537 |
| **Aug-17** | $57642 | $59849 |
| **Sep-17** | $58706 | $60960 |
| **Oct-17** | $59771 | $62107 |
| **Nov-17** | $59365 | $62611 |
| **Dec-17** | $60812 | $64011 |
| **Jan-18** | $63540 | $67576 |
| **Feb-18** | $61074 | $64389 |
| **Mar-18** | $60707 | $63254 |
| **Apr-18** | $61022 | $64264 |
| **May-18** | $59973 | $62780 |
| **Jun-18** | $59028 | $61600 |
| **Jul-18** | $60340 | $63073 |
| **Aug-18** | $59186 | $61753 |
| **Sep-18** | $59448 | $62034 |
| **Oct-18** | $54621 | $56989 |
| **Nov-18** | $54778 | $57528 |
| **Dec-18** | $52420 | $54924 |
| **Jan-19** | $56579 | $59074 |
| **Feb-19** | $57783 | $60228 |
| **Mar-19** | $57947 | $60587 |
| **Apr-19** | $59643 | $62188 |
| **May-19** | $57017 | $58850 |
| **Jun-19** | $59971 | $62394 |
| **Jul-19** | $58768 | $61638 |
| **Aug-19** | $57619 | $59735 |
| **Sep-19** | $59205 | $61272 |
| **Oct-19** | $61121 | $63410 |
| **Nov-19** | $62324 | $63969 |
| **Dec-19** | $64907 | $66739 |
| **Jan-20** | $62728 | $64946 |
| **Feb-20** | $57701 | $59813 |
| **Mar-20** | $47144 | $51152 |
| **Apr-20** | $50719 | $55028 |
| **May-20** | $53288 | $56829 |
| **Jun-20** | $55020 | $59398 |
| **Jul-20** | $57254 | $62046 |
| **Aug-20** | $59880 | $64702 |
| **Sep-20** | $58651 | $63111 |
| **Oct-20** | $57254 | $61754 |
| **Nov-20** | $65689 | $70061 |
| **Dec-20** | $70266 | $73848 |
| **Jan-21** | $69758 | $74009 |
| **Feb-21** | $72296 | $75474 |
| **Mar-21** | $74495 | $76428 |
| **Apr-21** | $76751 | $78678 |
| **May-21** | $79514 | $81139 |
| **Jun-21** | $78725 | $80613 |
| **Jul-21** | $77992 | $79285 |
| **Aug-21** | $79232 | $80792 |
| **Sep-21** | $76469 | $78205 |
| **Oct-21** | $77935 | $80071 |
| **Nov-21** | $74270 | $76466 |
| **Dec-21** | $77417 | $79626 |
| **Jan-22** | $75413 | $76692 |
| **Feb-22** | $73591 | $75174 |
| **Mar-22** | $72802 | $75294 |
| **Apr-22** | $68127 | $70566 |
| **May-22** | $69219 | $71072 |
| **Jun-22** | $63087 | $64958 |
| **Jul-22** | $65333 | $67182 |
| **Aug-22** | $62601 | $65021 |
| **Sep-22** | $56651 | $58523 |
| **Oct-22** | $59201 | $60272 |
| **Nov-22** | $67276 | $67387 |
| **Dec-22** | $66349 | $66883 |
| **Jan-23** | $71955 | $72308 |
| **Feb-23** | $69676 | $69770 |
| **Mar-23** | $70784 | $71476 |
| **Apr-23** | $72386 | $72717 |
| **May-23** | $69552 | $70073 |
| **Jun-23** | $72879 | $73218 |
| **Jul-23** | $75220 | $76194 |
| **Aug-23** | $71955 | $72753 |
| **Sep-23** | $69367 | $70455 |
| **Oct-23** | $66472 | $67548 |
| **Nov-23** | $71770 | $73629 |
| **Dec-23** | $76045 | $77328 |
| **Jan-24** | $74845 | $76560 |
| **Feb-24** | $76803 | $78498 |
| **Mar-24** | $79771 | $80952 |
| **Apr-24** | $77750 | $79498 |
| **May-24** | $80466 | $81806 |
| **Jun-24** | $79077 | $81728 |
| **Jul-24** | $81982 | $83620 |
| **Aug-24** | $83119 | $86002 |
| **Sep-24** | $85140 | $88318 |
| **Oct-24** | $80593 | $83984 |
| **Nov-24** | $81477 | $83224 |
| **Dec-24** | $78683 | $81607 |
| **Jan-25** | $81225 | $84895 |
| **Feb-25** | $82855 | $86074 |
| **Mar-25** | $82725 | $85878 |
| **Apr-25** | $85202 | $88979 |
| **May-25** | $90156 | $93055 |
| **Jun-25** | $93350 | $96212 |
| **Jul-25** | $92568 | $95937 |
| **Aug-25** | $95893 | $99265 |
| **Sep-25** | $99283 | $102842 |
| **Oct-25** | $98761 | $104921 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 11/02/2015** |
| **Institutional Class** | 22.54% | 11.52% | 7.05% |
| **MSCI All Country World Ex. U.S. (ND) Index** | 24.93% | 11.18% | 7.70% |

---

The "Life of Class" return as shown reflects the period 11/02/2015 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $758023 |
| **Number of Investments (includes derivatives)** | 250 |
| **Total Net Advisory Fees Paid (in thousands)** | $6112 |
| **Portfolio Turnover Rate** | 18% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments (excludes derivatives) as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](icf676c6ca0f417f19c85c23c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 41.9% |
| Pacific Basin | 33.9% |
| North America | 9.4% |
| Latin America | 5.8% |
| Africa | 4.2% |
| South Asia | 2.5% |
| Middle East/Central Asia | 2.3% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 18.2% |
| Japan | 16.4% |
| Canada | 8.3% |
| Taiwan | 4.9% |
| China | 4.7% |
| France | 4.6% |
| South Africa | 4.2% |
| Hong Kong | 4.0% |
| Denmark | 2.6% |
| Australia | 2.6% |
| Others | 29.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to increase the operating expense limit for Institutional Class shares from 0.80% to 0.83% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Diversified International All Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HRIDX

Administrative Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Diversified International All Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Administrative Class | $119 | 1.07% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Marathon Asset Management Limited

**Performance Summary**

The Administrative Class shares of the Fund returned 22.23% for the year ended October 31, 2025, while the MSCI All Country World Ex. U.S. (ND) Index returned 24.93% during the same period.

Top contributors to relative performance included:

• Overweight positions in Japan and North America.

• Security selection in the Materials and Financials sectors, an underweight position to the Health Care sector and an overweight exposure to the Industrials sector.

• Positions in U.K.-listed aerospace and engineering company, Rolls-Royce Holdings PLC and positions in European banks including UniCredit S.p.A., CaixaBank SA, Standard Chartered PLC, Barclays PLC and National Bank of Greece S.A.

Top detractors from relative performance included:

• Currency positioning; particularly underweight exposure to the Swiss franc and the euro and overweight exposure to the British pound sterling.

• Security selection in Japan and North America.

• Underweight position in Emerging Markets.

• Security selection in the Health Care and Industrials sectors.

• Underweight position in Information Technology.

• Positions in Danish pharmaceutical giant Novo Nordisk AS and Indonesia's PT Bank Central Asia Tbk., as well as not investing in several technology related investments including Korean memory chip producer SK Hynix Inc. and Chinese internet giants Alibaba Group Holdings Limited and Tencent Holdings Ltd.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/02/2015 through 10/31/2025
![Growth of 10K Chart](ib70aaaa133d2bad805b2bb19.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **MSCI All Country World Ex. U.S. (ND) Index** |
| **Oct-15** | $10000 | $10000 |
| **Nov-15** | $9910 | $9817 |
| **Dec-15** | $9761 | $9632 |
| **Jan-16** | $9261 | $8977 |
| **Feb-16** | $9001 | $8874 |
| **Mar-16** | $9511 | $9596 |
| **Apr-16** | $9701 | $9849 |
| **May-16** | $9681 | $9682 |
| **Jun-16** | $9371 | $9534 |
| **Jul-16** | $9821 | $10006 |
| **Aug-16** | $9871 | $10069 |
| **Sep-16** | $9961 | $10193 |
| **Oct-16** | $9751 | $10047 |
| **Nov-16** | $9571 | $9814 |
| **Dec-16** | $9735 | $10065 |
| **Jan-17** | $10160 | $10422 |
| **Feb-17** | $10250 | $10588 |
| **Mar-17** | $10493 | $10856 |
| **Apr-17** | $10817 | $11089 |
| **May-17** | $11120 | $11449 |
| **Jun-17** | $11120 | $11484 |
| **Jul-17** | $11433 | $11907 |
| **Aug-17** | $11474 | $11970 |
| **Sep-17** | $11686 | $12192 |
| **Oct-17** | $11888 | $12421 |
| **Nov-17** | $11807 | $12522 |
| **Dec-17** | $12099 | $12802 |
| **Jan-18** | $12642 | $13515 |
| **Feb-18** | $12141 | $12878 |
| **Mar-18** | $12068 | $12651 |
| **Apr-18** | $12120 | $12853 |
| **May-18** | $11911 | $12556 |
| **Jun-18** | $11734 | $12320 |
| **Jul-18** | $11984 | $12615 |
| **Aug-18** | $11755 | $12351 |
| **Sep-18** | $11807 | $12407 |
| **Oct-18** | $10847 | $11398 |
| **Nov-18** | $10867 | $11506 |
| **Dec-18** | $10397 | $10985 |
| **Jan-19** | $11222 | $11815 |
| **Feb-19** | $11461 | $12046 |
| **Mar-19** | $11483 | $12117 |
| **Apr-19** | $11831 | $12438 |
| **May-19** | $11298 | $11770 |
| **Jun-19** | $11885 | $12479 |
| **Jul-19** | $11646 | $12328 |
| **Aug-19** | $11418 | $11947 |
| **Sep-19** | $11722 | $12254 |
| **Oct-19** | $12102 | $12682 |
| **Nov-19** | $12330 | $12794 |
| **Dec-19** | $12849 | $13348 |
| **Jan-20** | $12406 | $12989 |
| **Feb-20** | $11410 | $11963 |
| **Mar-20** | $9318 | $10230 |
| **Apr-20** | $10027 | $11006 |
| **May-20** | $10536 | $11366 |
| **Jun-20** | $10879 | $11880 |
| **Jul-20** | $11321 | $12409 |
| **Aug-20** | $11831 | $12940 |
| **Sep-20** | $11587 | $12622 |
| **Oct-20** | $11310 | $12351 |
| **Nov-20** | $12970 | $14012 |
| **Dec-20** | $13871 | $14770 |
| **Jan-21** | $13771 | $14802 |
| **Feb-21** | $14273 | $15095 |
| **Mar-21** | $14697 | $15286 |
| **Apr-21** | $15132 | $15736 |
| **May-21** | $15678 | $16228 |
| **Jun-21** | $15522 | $16123 |
| **Jul-21** | $15366 | $15857 |
| **Aug-21** | $15611 | $16158 |
| **Sep-21** | $15065 | $15641 |
| **Oct-21** | $15355 | $16014 |
| **Nov-21** | $14630 | $15293 |
| **Dec-21** | $15250 | $15925 |
| **Jan-22** | $14855 | $15338 |
| **Feb-22** | $14483 | $15035 |
| **Mar-22** | $14328 | $15059 |
| **Apr-22** | $13405 | $14113 |
| **May-22** | $13609 | $14214 |
| **Jun-22** | $12411 | $12992 |
| **Jul-22** | $12842 | $13436 |
| **Aug-22** | $12303 | $13004 |
| **Sep-22** | $11141 | $11705 |
| **Oct-22** | $11632 | $12054 |
| **Nov-22** | $13226 | $13477 |
| **Dec-22** | $13035 | $13377 |
| **Jan-23** | $14138 | $14462 |
| **Feb-23** | $13677 | $13954 |
| **Mar-23** | $13896 | $14295 |
| **Apr-23** | $14199 | $14543 |
| **May-23** | $13641 | $14015 |
| **Jun-23** | $14296 | $14644 |
| **Jul-23** | $14757 | $15239 |
| **Aug-23** | $14114 | $14551 |
| **Sep-23** | $13605 | $14091 |
| **Oct-23** | $13035 | $13510 |
| **Nov-23** | $14065 | $14726 |
| **Dec-23** | $14900 | $15466 |
| **Jan-24** | $14664 | $15312 |
| **Feb-24** | $15036 | $15700 |
| **Mar-24** | $15619 | $16190 |
| **Apr-24** | $15222 | $15900 |
| **May-24** | $15756 | $16361 |
| **Jun-24** | $15483 | $16346 |
| **Jul-24** | $16041 | $16724 |
| **Aug-24** | $16264 | $17200 |
| **Sep-24** | $16649 | $17664 |
| **Oct-24** | $15756 | $16797 |
| **Nov-24** | $15929 | $16645 |
| **Dec-24** | $15373 | $16321 |
| **Jan-25** | $15871 | $16979 |
| **Feb-25** | $16191 | $17215 |
| **Mar-25** | $16165 | $17176 |
| **Apr-25** | $16638 | $17796 |
| **May-25** | $17609 | $18611 |
| **Jun-25** | $18223 | $19242 |
| **Jul-25** | $18069 | $19187 |
| **Aug-25** | $18708 | $19853 |
| **Sep-25** | $19360 | $20568 |
| **Oct-25** | $19258 | $20984 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 11/02/2015** |
| **Administrative Class** | 22.23% | 11.23% | 6.77% |
| **MSCI All Country World Ex. U.S. (ND) Index** | 24.93% | 11.18% | 7.70% |

---

The "Life of Class" return as shown reflects the period 11/02/2015 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $758023 |
| **Number of Investments (includes derivatives)** | 250 |
| **Total Net Advisory Fees Paid (in thousands)** | $6112 |
| **Portfolio Turnover Rate** | 18% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments (excludes derivatives) as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](icf676c6ca0f417f19c85c23c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 41.9% |
| Pacific Basin | 33.9% |
| North America | 9.4% |
| Latin America | 5.8% |
| Africa | 4.2% |
| South Asia | 2.5% |
| Middle East/Central Asia | 2.3% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 18.2% |
| Japan | 16.4% |
| Canada | 8.3% |
| Taiwan | 4.9% |
| China | 4.7% |
| France | 4.6% |
| South Africa | 4.2% |
| Hong Kong | 4.0% |
| Denmark | 2.6% |
| Australia | 2.6% |
| Others | 29.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to increase the operating expense limit for Administrative Class shares from 1.05% to 1.08% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Diversified International All Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HIIDX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Diversified International All Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $130 | 1.17% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Marathon Asset Management Limited

**Performance Summary**

The Investor Class shares of the Fund returned 22.03% for the year ended October 31, 2025, while the MSCI All Country World Ex. U.S. (ND) Index returned 24.93% during the same period.

Top contributors to relative performance included:

• Overweight positions in Japan and North America.

• Security selection in the Materials and Financials sectors, an underweight position to the Health Care sector and an overweight exposure to the Industrials sector.

• Positions in U.K.-listed aerospace and engineering company, Rolls-Royce Holdings PLC and positions in European banks including UniCredit S.p.A., CaixaBank SA, Standard Chartered PLC, Barclays PLC and National Bank of Greece S.A.

Top detractors from relative performance included:

• Currency positioning; particularly underweight exposure to the Swiss franc and the euro and overweight exposure to the British pound sterling.

• Security selection in Japan and North America.

• Underweight position in Emerging Markets.

• Security selection in the Health Care and Industrials sectors.

• Underweight position in Information Technology.

• Positions in Danish pharmaceutical giant Novo Nordisk AS and Indonesia's PT Bank Central Asia Tbk., as well as not investing in several technology related investments including Korean memory chip producer SK Hynix Inc. and Chinese internet giants Alibaba Group Holdings Limited and Tencent Holdings Ltd.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/02/2015 through 10/31/2025
![Growth of 10K Chart](i1bbb9439f98c0ef99c97433a.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **MSCI All Country World Ex. U.S. (ND) Index** |
| **Oct-15** | $10000 | $10000 |
| **Nov-15** | $9910 | $9817 |
| **Dec-15** | $9760 | $9632 |
| **Jan-16** | $9260 | $8977 |
| **Feb-16** | $9000 | $8874 |
| **Mar-16** | $9510 | $9596 |
| **Apr-16** | $9690 | $9849 |
| **May-16** | $9670 | $9682 |
| **Jun-16** | $9360 | $9534 |
| **Jul-16** | $9810 | $10006 |
| **Aug-16** | $9860 | $10069 |
| **Sep-16** | $9950 | $10193 |
| **Oct-16** | $9740 | $10047 |
| **Nov-16** | $9560 | $9814 |
| **Dec-16** | $9727 | $10065 |
| **Jan-17** | $10143 | $10422 |
| **Feb-17** | $10234 | $10588 |
| **Mar-17** | $10467 | $10856 |
| **Apr-17** | $10801 | $11089 |
| **May-17** | $11095 | $11449 |
| **Jun-17** | $11095 | $11484 |
| **Jul-17** | $11409 | $11907 |
| **Aug-17** | $11450 | $11970 |
| **Sep-17** | $11662 | $12192 |
| **Oct-17** | $11865 | $12421 |
| **Nov-17** | $11784 | $12522 |
| **Dec-17** | $12061 | $12802 |
| **Jan-18** | $12605 | $13515 |
| **Feb-18** | $12103 | $12878 |
| **Mar-18** | $12030 | $12651 |
| **Apr-18** | $12092 | $12853 |
| **May-18** | $11883 | $12556 |
| **Jun-18** | $11695 | $12320 |
| **Jul-18** | $11946 | $12615 |
| **Aug-18** | $11716 | $12351 |
| **Sep-18** | $11768 | $12407 |
| **Oct-18** | $10806 | $11398 |
| **Nov-18** | $10827 | $11506 |
| **Dec-18** | $10368 | $10985 |
| **Jan-19** | $11172 | $11815 |
| **Feb-19** | $11422 | $12046 |
| **Mar-19** | $11443 | $12117 |
| **Apr-19** | $11780 | $12438 |
| **May-19** | $11248 | $11770 |
| **Jun-19** | $11835 | $12479 |
| **Jul-19** | $11585 | $12328 |
| **Aug-19** | $11367 | $11947 |
| **Sep-19** | $11672 | $12254 |
| **Oct-19** | $12041 | $12682 |
| **Nov-19** | $12280 | $12794 |
| **Dec-19** | $12786 | $13348 |
| **Jan-20** | $12355 | $12989 |
| **Feb-20** | $11359 | $11963 |
| **Mar-20** | $9269 | $10230 |
| **Apr-20** | $9977 | $11006 |
| **May-20** | $10474 | $11366 |
| **Jun-20** | $10817 | $11880 |
| **Jul-20** | $11260 | $12409 |
| **Aug-20** | $11768 | $12940 |
| **Sep-20** | $11514 | $12622 |
| **Oct-20** | $11248 | $12351 |
| **Nov-20** | $12896 | $14012 |
| **Dec-20** | $13790 | $14770 |
| **Jan-21** | $13690 | $14802 |
| **Feb-21** | $14180 | $15095 |
| **Mar-21** | $14603 | $15286 |
| **Apr-21** | $15037 | $15736 |
| **May-21** | $15571 | $16228 |
| **Jun-21** | $15415 | $16123 |
| **Jul-21** | $15271 | $15857 |
| **Aug-21** | $15504 | $16158 |
| **Sep-21** | $14959 | $15641 |
| **Oct-21** | $15248 | $16014 |
| **Nov-21** | $14525 | $15293 |
| **Dec-21** | $15135 | $15925 |
| **Jan-22** | $14741 | $15338 |
| **Feb-22** | $14383 | $15035 |
| **Mar-22** | $14215 | $15059 |
| **Apr-22** | $13308 | $14113 |
| **May-22** | $13511 | $14214 |
| **Jun-22** | $12316 | $12992 |
| **Jul-22** | $12746 | $13436 |
| **Aug-22** | $12209 | $13004 |
| **Sep-22** | $11050 | $11705 |
| **Oct-22** | $11540 | $12054 |
| **Nov-22** | $13116 | $13477 |
| **Dec-22** | $12921 | $13377 |
| **Jan-23** | $14020 | $14462 |
| **Feb-23** | $13561 | $13954 |
| **Mar-23** | $13779 | $14295 |
| **Apr-23** | $14081 | $14543 |
| **May-23** | $13525 | $14015 |
| **Jun-23** | $14177 | $14644 |
| **Jul-23** | $14624 | $15239 |
| **Aug-23** | $13984 | $14551 |
| **Sep-23** | $13477 | $14091 |
| **Oct-23** | $12909 | $13510 |
| **Nov-23** | $13936 | $14726 |
| **Dec-23** | $14751 | $15466 |
| **Jan-24** | $14529 | $15312 |
| **Feb-24** | $14899 | $15700 |
| **Mar-24** | $15467 | $16190 |
| **Apr-24** | $15072 | $15900 |
| **May-24** | $15603 | $16361 |
| **Jun-24** | $15331 | $16346 |
| **Jul-24** | $15875 | $16724 |
| **Aug-24** | $16097 | $17200 |
| **Sep-24** | $16479 | $17664 |
| **Oct-24** | $15603 | $16797 |
| **Nov-24** | $15763 | $16645 |
| **Dec-24** | $15217 | $16321 |
| **Jan-25** | $15699 | $16979 |
| **Feb-25** | $16017 | $17215 |
| **Mar-25** | $15992 | $17176 |
| **Apr-25** | $16462 | $17796 |
| **May-25** | $17414 | $18611 |
| **Jun-25** | $18024 | $19242 |
| **Jul-25** | $17872 | $19187 |
| **Aug-25** | $18494 | $19853 |
| **Sep-25** | $19142 | $20568 |
| **Oct-25** | $19040 | $20984 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 11/02/2015** |
| **Investor Class** | 22.03% | 11.10% | 6.65% |
| **MSCI All Country World Ex. U.S. (ND) Index** | 24.93% | 11.18% | 7.70% |

---

The "Life of Class" return as shown reflects the period 11/02/2015 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $758023 |
| **Number of Investments (includes derivatives)** | 250 |
| **Total Net Advisory Fees Paid (in thousands)** | $6112 |
| **Portfolio Turnover Rate** | 18% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments (excludes derivatives) as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](icf676c6ca0f417f19c85c23c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 41.9% |
| Pacific Basin | 33.9% |
| North America | 9.4% |
| Latin America | 5.8% |
| Africa | 4.2% |
| South Asia | 2.5% |
| Middle East/Central Asia | 2.3% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 18.2% |
| Japan | 16.4% |
| Canada | 8.3% |
| Taiwan | 4.9% |
| China | 4.7% |
| France | 4.6% |
| South Africa | 4.2% |
| Hong Kong | 4.0% |
| Denmark | 2.6% |
| Australia | 2.6% |
| Others | 29.5% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to increase the operating expense limit for Investor Class shares from 1.16% to 1.18% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HNINX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Retirement Class | $78 | 0.71% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Marathon Asset Management Limited

**Performance Summary**

The Retirement Class shares of the Fund returned 21.12% for the year ended October 31, 2025, while the MSCI EAFE (ND) Index returned 23.03% during the same period.

Top contributors to relative performance included:

• Overweight exposure to Emerging Markets and Japan.

• Security selection in the Materials and Financials sectors, an underweight position in the Health Care sector and an overweight position in the Industrials sector.

• Positions in U.K.-listed aerospace and engineering company, Rolls-Royce Holdings PLC and positions in European banks including UniCredit S.p.A., CaixaBank SA, Standard Chartered PLC, Barclays PLC and Bank of Ireland PLC.

Top detractors from relative performance included:

• Currency positioning; particularly underweight exposure to the Swiss franc and the euro and overweight exposure to the British pound sterling.

• Security selection in the Health Care and Communication Services sectors.

• Positions in Danish pharmaceutical giant Novo Nordisk AS and Japanese medical device company Olympus Corp., as well as not holding Japanese telecommunications venture capitalist SoftBank Group Corp.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i25560c077aa9533f46ecff77.jpg)

---

| | | |
|:---|:---|:---|
| | **Retirement Class** | **MSCI EAFE (ND) Index** |
| **Nov-15** | $970763 | $984443 |
| **Dec-15** | $948757 | $971179 |
| **Jan-16** | $896394 | $900949 |
| **Feb-16** | $912199 | $884443 |
| **Mar-16** | $953546 | $941991 |
| **Apr-16** | $973182 | $969263 |
| **May-16** | $966318 | $960458 |
| **Jun-16** | $938061 | $928218 |
| **Jul-16** | $977972 | $975261 |
| **Aug-16** | $979089 | $975953 |
| **Sep-16** | $994095 | $987942 |
| **Oct-16** | $962965 | $967734 |
| **Nov-16** | $943968 | $948460 |
| **Dec-16** | $951438 | $980892 |
| **Jan-17** | $985656 | $1009346 |
| **Feb-17** | $995759 | $1023779 |
| **Mar-17** | $1034377 | $1051962 |
| **Apr-17** | $1066477 | $1078729 |
| **May-17** | $1096459 | $1118323 |
| **Jun-17** | $1104769 | $1116345 |
| **Jul-17** | $1129374 | $1148547 |
| **Aug-17** | $1117968 | $1148114 |
| **Sep-17** | $1144854 | $1176680 |
| **Oct-17** | $1139151 | $1194547 |
| **Nov-17** | $1150231 | $1207077 |
| **Dec-17** | $1170078 | $1226452 |
| **Jan-18** | $1249320 | $1287970 |
| **Feb-18** | $1163489 | $1229837 |
| **Mar-18** | $1163489 | $1207670 |
| **Apr-18** | $1172852 | $1235245 |
| **May-18** | $1165916 | $1207479 |
| **Jun-18** | $1154992 | $1192727 |
| **Jul-18** | $1174239 | $1222086 |
| **Aug-18** | $1122567 | $1198485 |
| **Sep-18** | $1111123 | $1208886 |
| **Oct-18** | $1011073 | $1112668 |
| **Nov-18** | $1003444 | $1111266 |
| **Dec-18** | $960700 | $1057321 |
| **Jan-19** | $1027034 | $1126808 |
| **Feb-19** | $1052195 | $1155532 |
| **Mar-19** | $1054769 | $1162819 |
| **Apr-19** | $1086506 | $1195512 |
| **May-19** | $1033038 | $1138096 |
| **Jun-19** | $1085076 | $1205614 |
| **Jul-19** | $1059057 | $1190307 |
| **Aug-19** | $1044189 | $1159471 |
| **Sep-19** | $1074783 | $1192697 |
| **Oct-19** | $1115098 | $1235549 |
| **Nov-19** | $1136542 | $1249478 |
| **Dec-19** | $1178093 | $1290085 |
| **Jan-20** | $1140614 | $1263139 |
| **Feb-20** | $1051490 | $1148954 |
| **Mar-20** | $885341 | $995605 |
| **Apr-20** | $945249 | $1059923 |
| **May-20** | $1000435 | $1106078 |
| **Jun-20** | $1017256 | $1143739 |
| **Jul-20** | $1048538 | $1170398 |
| **Aug-20** | $1123497 | $1230570 |
| **Sep-20** | $1105790 | $1198595 |
| **Oct-20** | $1077755 | $1150737 |
| **Nov-20** | $1231214 | $1329116 |
| **Dec-20** | $1309650 | $1390915 |
| **Jan-21** | $1287862 | $1376096 |
| **Feb-21** | $1337108 | $1406961 |
| **Mar-21** | $1372327 | $1439312 |
| **Apr-21** | $1413813 | $1482620 |
| **May-21** | $1460672 | $1530970 |
| **Jun-21** | $1435899 | $1513740 |
| **Jul-21** | $1441570 | $1525138 |
| **Aug-21** | $1464552 | $1552040 |
| **Sep-21** | $1426050 | $1506999 |
| **Oct-21** | $1446644 | $1544064 |
| **Nov-21** | $1372028 | $1472197 |
| **Dec-21** | $1435375 | $1547580 |
| **Jan-22** | $1392314 | $1472794 |
| **Feb-22** | $1356582 | $1446753 |
| **Mar-22** | $1326958 | $1456052 |
| **Apr-22** | $1253357 | $1361853 |
| **May-22** | $1278094 | $1372063 |
| **Jun-22** | $1157462 | $1244752 |
| **Jul-22** | $1208158 | $1306778 |
| **Aug-22** | $1143719 | $1244713 |
| **Sep-22** | $1037135 | $1128274 |
| **Oct-22** | $1096688 | $1188947 |
| **Nov-22** | $1244501 | $1322865 |
| **Dec-22** | $1238589 | $1323928 |
| **Jan-23** | $1339724 | $1431136 |
| **Feb-23** | $1311280 | $1401273 |
| **Mar-23** | $1331823 | $1436002 |
| **Apr-23** | $1375437 | $1476544 |
| **May-23** | $1320129 | $1414060 |
| **Jun-23** | $1372593 | $1478413 |
| **Jul-23** | $1410202 | $1526249 |
| **Aug-23** | $1359635 | $1467775 |
| **Sep-23** | $1312544 | $1417639 |
| **Oct-23** | $1263872 | $1360166 |
| **Nov-23** | $1359319 | $1486413 |
| **Dec-23** | $1439630 | $1565385 |
| **Jan-24** | $1432418 | $1574393 |
| **Feb-24** | $1472080 | $1603212 |
| **Mar-24** | $1529770 | $1655941 |
| **Apr-24** | $1488142 | $1613534 |
| **May-24** | $1554026 | $1676034 |
| **Jun-24** | $1512398 | $1648977 |
| **Jul-24** | $1570743 | $1697352 |
| **Aug-24** | $1605161 | $1752543 |
| **Sep-24** | $1635645 | $1768727 |
| **Oct-24** | $1539276 | $1672542 |
| **Nov-24** | $1558943 | $1663053 |
| **Dec-24** | $1501426 | $1625232 |
| **Jan-25** | $1564823 | $1710641 |
| **Feb-25** | $1615609 | $1743816 |
| **Mar-25** | $1607429 | $1736780 |
| **Apr-25** | $1661623 | $1816334 |
| **May-25** | $1750243 | $1899437 |
| **Jun-25** | $1802052 | $1941288 |
| **Jul-25** | $1771035 | $1914039 |
| **Aug-25** | $1839885 | $1995639 |
| **Sep-25** | $1887263 | $2033832 |
| **Oct-25** | $1864426 | $2057758 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Retirement Class** | 21.12% | 11.58% | 6.43% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 7.48% |

---

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

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3717139 |
| **Number of Investments** | 227 |
| **Total Net Advisory Fees Paid (in thousands)** | $26544 |
| **Portfolio Turnover Rate** | 17% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i8df2dbb8bcbc0c6ca3d736ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 62.1% |
| Pacific Basin | 34.0% |
| Other | 3.9% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 28.0% |
| Japan | 23.4% |
| France | 7.0% |
| Hong Kong | 4.1% |
| Denmark | 4.0% |
| Australia | 3.9% |
| Spain | 3.3% |
| Germany | 3.1% |
| Switzerland | 3.0% |
| Netherlands | 2.8% |
| Others | 17.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to increase the operating expense limit for Retirement Class shares from 0.69% to 0.72% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HAINX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Institutional Class | $87 | 0.79% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Marathon Asset Management Limited

**Performance Summary**

The Institutional Class shares of the Fund returned 21.02% for the year ended October 31, 2025, while the MSCI EAFE (ND) Index returned 23.03% during the same period.

Top contributors to relative performance included:

• Overweight exposure to Emerging Markets and Japan.

• Security selection in the Materials and Financials sectors, an underweight position in the Health Care sector and an overweight position in the Industrials sector.

• Positions in U.K.-listed aerospace and engineering company, Rolls-Royce Holdings PLC and positions in European banks including UniCredit S.p.A., CaixaBank SA, Standard Chartered PLC, Barclays PLC and Bank of Ireland PLC.

Top detractors from relative performance included:

• Currency positioning; particularly underweight exposure to the Swiss franc and the euro and overweight exposure to the British pound sterling.

• Security selection in the Health Care and Communication Services sectors.

• Positions in Danish pharmaceutical giant Novo Nordisk AS and Japanese medical device company Olympus Corp., as well as not holding Japanese telecommunications venture capitalist SoftBank Group Corp.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i1cc15ec4ef34b95df6ecdad7.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI EAFE (ND) Index** |
| **Nov-15** | $48538 | $49222 |
| **Dec-15** | $47438 | $48559 |
| **Jan-16** | $44820 | $45047 |
| **Feb-16** | $44540 | $44222 |
| **Mar-16** | $47677 | $47100 |
| **Apr-16** | $48659 | $48463 |
| **May-16** | $48316 | $48023 |
| **Jun-16** | $46895 | $46411 |
| **Jul-16** | $48891 | $48763 |
| **Aug-16** | $48946 | $48798 |
| **Sep-16** | $49689 | $49397 |
| **Oct-16** | $48132 | $48387 |
| **Nov-16** | $47182 | $47423 |
| **Dec-16** | $47555 | $49045 |
| **Jan-17** | $49257 | $50467 |
| **Feb-17** | $49770 | $51189 |
| **Mar-17** | $51699 | $52598 |
| **Apr-17** | $53295 | $53936 |
| **May-17** | $54785 | $55916 |
| **Jun-17** | $55200 | $55817 |
| **Jul-17** | $56422 | $57427 |
| **Aug-17** | $55852 | $57406 |
| **Sep-17** | $57195 | $58834 |
| **Oct-17** | $56910 | $59727 |
| **Nov-17** | $57456 | $60354 |
| **Dec-17** | $58443 | $61323 |
| **Jan-18** | $62399 | $64399 |
| **Feb-18** | $58106 | $61492 |
| **Mar-18** | $58106 | $60384 |
| **Apr-18** | $58573 | $61762 |
| **May-18** | $58218 | $60374 |
| **Jun-18** | $57673 | $59636 |
| **Jul-18** | $58625 | $61104 |
| **Aug-18** | $56037 | $59924 |
| **Sep-18** | $55466 | $60444 |
| **Oct-18** | $50471 | $55633 |
| **Nov-18** | $50091 | $55563 |
| **Dec-18** | $47949 | $52866 |
| **Jan-19** | $51261 | $56340 |
| **Feb-19** | $52498 | $57777 |
| **Mar-19** | $52626 | $58141 |
| **Apr-19** | $54218 | $59776 |
| **May-19** | $51545 | $56905 |
| **Jun-19** | $54133 | $60281 |
| **Jul-19** | $52839 | $59515 |
| **Aug-19** | $52086 | $57974 |
| **Sep-19** | $53607 | $59635 |
| **Oct-19** | $55611 | $61777 |
| **Nov-19** | $56677 | $62474 |
| **Dec-19** | $58748 | $64504 |
| **Jan-20** | $56872 | $63157 |
| **Feb-20** | $52431 | $57448 |
| **Mar-20** | $44149 | $49780 |
| **Apr-20** | $47124 | $52996 |
| **May-20** | $49865 | $55304 |
| **Jun-20** | $50716 | $57187 |
| **Jul-20** | $52269 | $58520 |
| **Aug-20** | $56007 | $61528 |
| **Sep-20** | $55113 | $59930 |
| **Oct-20** | $53706 | $57537 |
| **Nov-20** | $61357 | $66456 |
| **Dec-20** | $65261 | $69546 |
| **Jan-21** | $64180 | $68805 |
| **Feb-21** | $66624 | $70348 |
| **Mar-21** | $68371 | $71966 |
| **Apr-21** | $70445 | $74131 |
| **May-21** | $72771 | $76548 |
| **Jun-21** | $71526 | $75687 |
| **Jul-21** | $71808 | $76257 |
| **Aug-21** | $72948 | $77602 |
| **Sep-21** | $71023 | $75350 |
| **Oct-21** | $72045 | $77203 |
| **Nov-21** | $68327 | $73610 |
| **Dec-21** | $71471 | $77379 |
| **Jan-22** | $69320 | $73640 |
| **Feb-22** | $67549 | $72338 |
| **Mar-22** | $66065 | $72803 |
| **Apr-22** | $62400 | $68093 |
| **May-22** | $63612 | $68603 |
| **Jun-22** | $57616 | $62238 |
| **Jul-22** | $60129 | $65339 |
| **Aug-22** | $56919 | $62236 |
| **Sep-22** | $51604 | $56414 |
| **Oct-22** | $54572 | $59447 |
| **Nov-22** | $61931 | $66143 |
| **Dec-22** | $61614 | $66196 |
| **Jan-23** | $66639 | $71557 |
| **Feb-23** | $65230 | $70064 |
| **Mar-23** | $66232 | $71800 |
| **Apr-23** | $68408 | $73827 |
| **May-23** | $65653 | $70703 |
| **Jun-23** | $68252 | $73921 |
| **Jul-23** | $70115 | $76312 |
| **Aug-23** | $67594 | $73389 |
| **Sep-23** | $65262 | $70882 |
| **Oct-23** | $62835 | $68008 |
| **Nov-23** | $67579 | $74321 |
| **Dec-23** | $71548 | $78269 |
| **Jan-24** | $71191 | $78720 |
| **Feb-24** | $73153 | $80161 |
| **Mar-24** | $76024 | $82797 |
| **Apr-24** | $73948 | $80677 |
| **May-24** | $77208 | $83802 |
| **Jun-24** | $75132 | $82449 |
| **Jul-24** | $78036 | $84868 |
| **Aug-24** | $79755 | $87627 |
| **Sep-24** | $81247 | $88436 |
| **Oct-24** | $76462 | $83627 |
| **Nov-24** | $77436 | $83153 |
| **Dec-24** | $74573 | $81262 |
| **Jan-25** | $77723 | $85532 |
| **Feb-25** | $80234 | $87191 |
| **Mar-25** | $79813 | $86839 |
| **Apr-25** | $82508 | $90817 |
| **May-25** | $86889 | $94972 |
| **Jun-25** | $89467 | $97064 |
| **Jul-25** | $87917 | $95702 |
| **Aug-25** | $91337 | $99782 |
| **Sep-25** | $93679 | $101692 |
| **Oct-25** | $92533 | $102888 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 21.02% | 11.50% | 6.35% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 7.48% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3717139 |
| **Number of Investments** | 227 |
| **Total Net Advisory Fees Paid (in thousands)** | $26544 |
| **Portfolio Turnover Rate** | 17% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i8df2dbb8bcbc0c6ca3d736ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 62.1% |
| Pacific Basin | 34.0% |
| Other | 3.9% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 28.0% |
| Japan | 23.4% |
| France | 7.0% |
| Hong Kong | 4.1% |
| Denmark | 4.0% |
| Australia | 3.9% |
| Spain | 3.3% |
| Germany | 3.1% |
| Switzerland | 3.0% |
| Netherlands | 2.8% |
| Others | 17.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to increase the operating expense limit for Institutional Class shares from 0.77% to 0.80% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HRINX

Administrative Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Administrative Class | $115 | 1.04% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Marathon Asset Management Limited

**Performance Summary**

The Administrative Class shares of the Fund returned 20.74% for the year ended October 31, 2025, while the MSCI EAFE (ND) Index returned 23.03% during the same period.

Top contributors to relative performance included:

• Overweight exposure to Emerging Markets and Japan.

• Security selection in the Materials and Financials sectors, an underweight position in the Health Care sector and an overweight position in the Industrials sector.

• Positions in U.K.-listed aerospace and engineering company, Rolls-Royce Holdings PLC and positions in European banks including UniCredit S.p.A., CaixaBank SA, Standard Chartered PLC, Barclays PLC and Bank of Ireland PLC.

Top detractors from relative performance included:

• Currency positioning; particularly underweight exposure to the Swiss franc and the euro and overweight exposure to the British pound sterling.

• Security selection in the Health Care and Communication Services sectors.

• Positions in Danish pharmaceutical giant Novo Nordisk AS and Japanese medical device company Olympus Corp., as well as not holding Japanese telecommunications venture capitalist SoftBank Group Corp.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i5f77ef4b155b83d6a617557d.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **MSCI EAFE (ND) Index** |
| **Nov-15** | $9706 | $9844 |
| **Dec-15** | $9484 | $9712 |
| **Jan-16** | $8958 | $9009 |
| **Feb-16** | $8902 | $8844 |
| **Mar-16** | $9526 | $9420 |
| **Apr-16** | $9720 | $9693 |
| **May-16** | $9649 | $9605 |
| **Jun-16** | $9364 | $9282 |
| **Jul-16** | $9760 | $9753 |
| **Aug-16** | $9769 | $9760 |
| **Sep-16** | $9916 | $9879 |
| **Oct-16** | $9603 | $9677 |
| **Nov-16** | $9412 | $9485 |
| **Dec-16** | $9484 | $9809 |
| **Jan-17** | $9822 | $10093 |
| **Feb-17** | $9922 | $10238 |
| **Mar-17** | $10303 | $10520 |
| **Apr-17** | $10620 | $10787 |
| **May-17** | $10915 | $11183 |
| **Jun-17** | $10996 | $11163 |
| **Jul-17** | $11237 | $11485 |
| **Aug-17** | $11120 | $11481 |
| **Sep-17** | $11385 | $11767 |
| **Oct-17** | $11325 | $11945 |
| **Nov-17** | $11432 | $12071 |
| **Dec-17** | $11625 | $12265 |
| **Jan-18** | $12410 | $12880 |
| **Feb-18** | $11554 | $12298 |
| **Mar-18** | $11553 | $12077 |
| **Apr-18** | $11642 | $12352 |
| **May-18** | $11570 | $12075 |
| **Jun-18** | $11458 | $11927 |
| **Jul-18** | $11646 | $12221 |
| **Aug-18** | $11128 | $11985 |
| **Sep-18** | $11014 | $12089 |
| **Oct-18** | $10019 | $11127 |
| **Nov-18** | $9941 | $11113 |
| **Dec-18** | $9516 | $10573 |
| **Jan-19** | $10170 | $11268 |
| **Feb-19** | $10414 | $11555 |
| **Mar-19** | $10437 | $11628 |
| **Apr-19** | $10751 | $11955 |
| **May-19** | $10218 | $11381 |
| **Jun-19** | $10728 | $12056 |
| **Jul-19** | $10470 | $11903 |
| **Aug-19** | $10319 | $11595 |
| **Sep-19** | $10619 | $11927 |
| **Oct-19** | $11015 | $12355 |
| **Nov-19** | $11222 | $12495 |
| **Dec-19** | $11628 | $12901 |
| **Jan-20** | $11256 | $12631 |
| **Feb-20** | $10373 | $11490 |
| **Mar-20** | $8732 | $9956 |
| **Apr-20** | $9321 | $10599 |
| **May-20** | $9863 | $11061 |
| **Jun-20** | $10027 | $11437 |
| **Jul-20** | $10333 | $11704 |
| **Aug-20** | $11069 | $12306 |
| **Sep-20** | $10890 | $11986 |
| **Oct-20** | $10610 | $11507 |
| **Nov-20** | $12119 | $13291 |
| **Dec-20** | $12888 | $13909 |
| **Jan-21** | $12670 | $13761 |
| **Feb-21** | $13149 | $14070 |
| **Mar-21** | $13491 | $14393 |
| **Apr-21** | $13897 | $14826 |
| **May-21** | $14353 | $15310 |
| **Jun-21** | $14106 | $15137 |
| **Jul-21** | $14158 | $15251 |
| **Aug-21** | $14382 | $15520 |
| **Sep-21** | $13999 | $15070 |
| **Oct-21** | $14196 | $15441 |
| **Nov-21** | $13459 | $14722 |
| **Dec-21** | $14078 | $15476 |
| **Jan-22** | $13650 | $14728 |
| **Feb-22** | $13298 | $14468 |
| **Mar-22** | $13003 | $14561 |
| **Apr-22** | $12279 | $13619 |
| **May-22** | $12518 | $13721 |
| **Jun-22** | $11333 | $12448 |
| **Jul-22** | $11826 | $13068 |
| **Aug-22** | $11191 | $12447 |
| **Sep-22** | $10145 | $11283 |
| **Oct-22** | $10724 | $11889 |
| **Nov-22** | $12169 | $13229 |
| **Dec-22** | $12103 | $13239 |
| **Jan-23** | $13090 | $14311 |
| **Feb-23** | $12810 | $14013 |
| **Mar-23** | $13005 | $14360 |
| **Apr-23** | $13428 | $14765 |
| **May-23** | $12886 | $14141 |
| **Jun-23** | $13395 | $14784 |
| **Jul-23** | $13754 | $15262 |
| **Aug-23** | $13258 | $14678 |
| **Sep-23** | $12798 | $14176 |
| **Oct-23** | $12320 | $13602 |
| **Nov-23** | $13246 | $14864 |
| **Dec-23** | $14021 | $15654 |
| **Jan-24** | $13949 | $15744 |
| **Feb-24** | $14333 | $16032 |
| **Mar-24** | $14893 | $16559 |
| **Apr-24** | $14480 | $16135 |
| **May-24** | $15116 | $16760 |
| **Jun-24** | $14707 | $16490 |
| **Jul-24** | $15273 | $16974 |
| **Aug-24** | $15603 | $17525 |
| **Sep-24** | $15896 | $17687 |
| **Oct-24** | $14952 | $16725 |
| **Nov-24** | $15141 | $16631 |
| **Dec-24** | $14579 | $16252 |
| **Jan-25** | $15191 | $17106 |
| **Feb-25** | $15680 | $17438 |
| **Mar-25** | $15592 | $17368 |
| **Apr-25** | $16116 | $18163 |
| **May-25** | $16969 | $18994 |
| **Jun-25** | $17471 | $19413 |
| **Jul-25** | $17162 | $19140 |
| **Aug-25** | $17826 | $19956 |
| **Sep-25** | $18279 | $20338 |
| **Oct-25** | $18054 | $20578 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Administrative Class** | 20.74% | 11.22% | 6.09% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 7.48% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3717139 |
| **Number of Investments** | 227 |
| **Total Net Advisory Fees Paid (in thousands)** | $26544 |
| **Portfolio Turnover Rate** | 17% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i8df2dbb8bcbc0c6ca3d736ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 62.1% |
| Pacific Basin | 34.0% |
| Other | 3.9% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 28.0% |
| Japan | 23.4% |
| France | 7.0% |
| Hong Kong | 4.1% |
| Denmark | 4.0% |
| Australia | 3.9% |
| Spain | 3.3% |
| Germany | 3.1% |
| Switzerland | 3.0% |
| Netherlands | 2.8% |
| Others | 17.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to increase the operating expense limit for Administrative Class shares from 1.02% to 1.05% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HIINX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $126 | 1.14% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Marathon Asset Management Limited

**Performance Summary**

The Investor Class shares of the Fund returned 20.59% for the year ended October 31, 2025, while the MSCI EAFE (ND) Index returned 23.03% during the same period.

Top contributors to relative performance included:

• Overweight exposure to Emerging Markets and Japan.

• Security selection in the Materials and Financials sectors, an underweight position in the Health Care sector and an overweight position in the Industrials sector.

• Positions in U.K.-listed aerospace and engineering company, Rolls-Royce Holdings PLC and positions in European banks including UniCredit S.p.A., CaixaBank SA, Standard Chartered PLC, Barclays PLC and Bank of Ireland PLC.

Top detractors from relative performance included:

• Currency positioning; particularly underweight exposure to the Swiss franc and the euro and overweight exposure to the British pound sterling.

• Security selection in the Health Care and Communication Services sectors.

• Positions in Danish pharmaceutical giant Novo Nordisk AS and Japanese medical device company Olympus Corp., as well as not holding Japanese telecommunications venture capitalist SoftBank Group Corp.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](ic3a22847f6a8fd48940bd0ae.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **MSCI EAFE (ND) Index** |
| **Nov-15** | $9704 | $9844 |
| **Dec-15** | $9482 | $9712 |
| **Jan-16** | $8954 | $9009 |
| **Feb-16** | $8898 | $8844 |
| **Mar-16** | $9520 | $9420 |
| **Apr-16** | $9713 | $9693 |
| **May-16** | $9641 | $9605 |
| **Jun-16** | $9356 | $9282 |
| **Jul-16** | $9750 | $9753 |
| **Aug-16** | $9759 | $9760 |
| **Sep-16** | $9905 | $9879 |
| **Oct-16** | $9591 | $9677 |
| **Nov-16** | $9400 | $9485 |
| **Dec-16** | $9469 | $9809 |
| **Jan-17** | $9805 | $10093 |
| **Feb-17** | $9903 | $10238 |
| **Mar-17** | $10284 | $10520 |
| **Apr-17** | $10599 | $10787 |
| **May-17** | $10894 | $11183 |
| **Jun-17** | $10972 | $11163 |
| **Jul-17** | $11212 | $11485 |
| **Aug-17** | $11095 | $11481 |
| **Sep-17** | $11358 | $11767 |
| **Oct-17** | $11297 | $11945 |
| **Nov-17** | $11402 | $12071 |
| **Dec-17** | $11594 | $12265 |
| **Jan-18** | $12377 | $12880 |
| **Feb-18** | $11520 | $12298 |
| **Mar-18** | $11518 | $12077 |
| **Apr-18** | $11606 | $12352 |
| **May-18** | $11532 | $12075 |
| **Jun-18** | $11420 | $11927 |
| **Jul-18** | $11606 | $12221 |
| **Aug-18** | $11091 | $11985 |
| **Sep-18** | $10975 | $12089 |
| **Oct-18** | $9981 | $11127 |
| **Nov-18** | $9903 | $11113 |
| **Dec-18** | $9479 | $10573 |
| **Jan-19** | $10128 | $11268 |
| **Feb-19** | $10372 | $11555 |
| **Mar-19** | $10395 | $11628 |
| **Apr-19** | $10704 | $11955 |
| **May-19** | $10173 | $11381 |
| **Jun-19** | $10681 | $12056 |
| **Jul-19** | $10423 | $11903 |
| **Aug-19** | $10270 | $11595 |
| **Sep-19** | $10567 | $11927 |
| **Oct-19** | $10959 | $12355 |
| **Nov-19** | $11166 | $12495 |
| **Dec-19** | $11569 | $12901 |
| **Jan-20** | $11196 | $12631 |
| **Feb-20** | $10320 | $11490 |
| **Mar-20** | $8684 | $9956 |
| **Apr-20** | $9269 | $10599 |
| **May-20** | $9807 | $11061 |
| **Jun-20** | $9970 | $11437 |
| **Jul-20** | $10273 | $11704 |
| **Aug-20** | $11001 | $12306 |
| **Sep-20** | $10823 | $11986 |
| **Oct-20** | $10544 | $11507 |
| **Nov-20** | $12040 | $13291 |
| **Dec-20** | $12806 | $13909 |
| **Jan-21** | $12589 | $13761 |
| **Feb-21** | $13064 | $14070 |
| **Mar-21** | $13401 | $14393 |
| **Apr-21** | $13802 | $14826 |
| **May-21** | $14254 | $15310 |
| **Jun-21** | $14008 | $15137 |
| **Jul-21** | $14057 | $15251 |
| **Aug-21** | $14277 | $15520 |
| **Sep-21** | $13896 | $15070 |
| **Oct-21** | $14093 | $15441 |
| **Nov-21** | $13360 | $14722 |
| **Dec-21** | $13973 | $15476 |
| **Jan-22** | $13546 | $14728 |
| **Feb-22** | $13197 | $14468 |
| **Mar-22** | $12904 | $14561 |
| **Apr-22** | $12182 | $13619 |
| **May-22** | $12418 | $13721 |
| **Jun-22** | $11242 | $12448 |
| **Jul-22** | $11731 | $13068 |
| **Aug-22** | $11101 | $12447 |
| **Sep-22** | $10062 | $11283 |
| **Oct-22** | $10636 | $11889 |
| **Nov-22** | $12065 | $13229 |
| **Dec-22** | $12001 | $13239 |
| **Jan-23** | $12975 | $14311 |
| **Feb-23** | $12699 | $14013 |
| **Mar-23** | $12889 | $14360 |
| **Apr-23** | $13307 | $14765 |
| **May-23** | $12769 | $14141 |
| **Jun-23** | $13271 | $14784 |
| **Jul-23** | $13627 | $15262 |
| **Aug-23** | $13135 | $14678 |
| **Sep-23** | $12677 | $14176 |
| **Oct-23** | $12201 | $13602 |
| **Nov-23** | $13120 | $14864 |
| **Dec-23** | $13888 | $15654 |
| **Jan-24** | $13812 | $15744 |
| **Feb-24** | $14190 | $16032 |
| **Mar-24** | $14742 | $16559 |
| **Apr-24** | $14336 | $16135 |
| **May-24** | $14964 | $16760 |
| **Jun-24** | $14558 | $16490 |
| **Jul-24** | $15114 | $16974 |
| **Aug-24** | $15441 | $17525 |
| **Sep-24** | $15727 | $17687 |
| **Oct-24** | $14796 | $16725 |
| **Nov-24** | $14977 | $16631 |
| **Dec-24** | $14423 | $16252 |
| **Jan-25** | $15024 | $17106 |
| **Feb-25** | $15507 | $17438 |
| **Mar-25** | $15422 | $17368 |
| **Apr-25** | $15938 | $18163 |
| **May-25** | $16779 | $18994 |
| **Jun-25** | $17272 | $19413 |
| **Jul-25** | $16966 | $19140 |
| **Aug-25** | $17623 | $19956 |
| **Sep-25** | $18070 | $20338 |
| **Oct-25** | $17843 | $20578 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 20.59% | 11.09% | 5.96% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 7.48% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3717139 |
| **Number of Investments** | 227 |
| **Total Net Advisory Fees Paid (in thousands)** | $26544 |
| **Portfolio Turnover Rate** | 17% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i8df2dbb8bcbc0c6ca3d736ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 62.1% |
| Pacific Basin | 34.0% |
| Other | 3.9% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 28.0% |
| Japan | 23.4% |
| France | 7.0% |
| Hong Kong | 4.1% |
| Denmark | 4.0% |
| Australia | 3.9% |
| Spain | 3.3% |
| Germany | 3.1% |
| Switzerland | 3.0% |
| Netherlands | 2.8% |
| Others | 17.4% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net assets. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to increase the operating expense limit for Investor Class shares from 1.13% to 1.15% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Compounders Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HNICX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Compounders Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $59 | 0.55% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** C WorldWide Asset Management

**Performance Summary**

The Retirement Class shares of the Fund returned 13.07% for the year ended October 31, 2025, while the MSCI All Country World Ex. U.S. (ND) Index returned 24.93% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Discretionary sector along with an underweight exposure to the Energy and Real Estate sectors.

• Positions in Taiwan Semiconductor Manufacturing Co. Ltd. ADR, Sony Group Corp., and Galderma S.A.

Top detractors from relative performance included:

• Security selection within the Financials, Industrials, and Health Care sectors.

• Positions in SMC Corp., PT Bank Central Asia Tbk, and HDFC Bank Limited.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 03/01/2024 through 10/31/2025
![Growth of 10K Chart](i3c8512051b7a257e3be295e3.jpg)

---

| | | |
|:---|:---|:---|
| | **Retirement Class** | **MSCI All Country World Ex. U.S. (ND) Index** |
| **Feb-24** | $1000000 | $1000000 |
| **Mar-24** | $989000 | $1024242 |
| **Apr-24** | $963000 | $1005851 |
| **May-24** | $1000000 | $1035050 |
| **Jun-24** | $1000000 | $1034062 |
| **Jul-24** | $1005000 | $1058007 |
| **Aug-24** | $1039000 | $1088140 |
| **Sep-24** | $1044000 | $1117440 |
| **Oct-24** | $988000 | $1062611 |
| **Nov-24** | $983000 | $1052993 |
| **Dec-24** | $943502 | $1032536 |
| **Jan-25** | $983651 | $1074137 |
| **Feb-25** | $991681 | $1089047 |
| **Mar-25** | $973614 | $1086576 |
| **Apr-25** | $1010752 | $1125805 |
| **May-25** | $1052908 | $1177379 |
| **Jun-25** | $1073987 | $1217322 |
| **Jul-25** | $1042871 | $1213837 |
| **Aug-25** | $1066961 | $1255954 |
| **Sep-25** | $1087035 | $1301209 |
| **Oct-25** | $1117147 | $1327506 |

---

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Class 03/01/2024** |
| **Retirement Class** | 13.07% | 6.85% |
| **MSCI All Country World Ex. U.S. (ND) Index** | 24.93% | 18.47% |

---

The "Life of Class" return as shown reflects the period 03/01/2024 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $50731 |
| **Number of Investments** | 30 |
| **Total Net Advisory Fees Paid (in thousands)** | $191 |
| **Portfolio Turnover Rate** | 23% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](ibc01f9930a45970d82e84f2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 52.8% |
| Pacific Basin | 29.7% |
| North America | 9.0% |
| South Asia | 5.5% |
| Latin America | 3.0% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 15.8% |
| Germany | 13.4% |
| Japan | 12.9% |
| France | 11.5% |
| United States | 9.0% |
| Taiwan | 6.8% |
| India | 5.5% |
| China | 4.0% |
| Hong Kong | 3.8% |
| Netherlands | 3.6% |
| Others | 13.7% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Compounders Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HSICX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Compounders Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $67 | 0.63% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** C WorldWide Asset Management

**Performance Summary**

The Institutional Class shares of the Fund returned 13.03% for the year ended October 31, 2025, while the MSCI All Country World Ex. U.S. (ND) Index returned 24.93% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Discretionary sector along with an underweight exposure to the Energy and Real Estate sectors.

• Positions in Taiwan Semiconductor Manufacturing Co. Ltd. ADR, Sony Group Corp., and Galderma S.A.

Top detractors from relative performance included:

• Security selection within the Financials, Industrials, and Health Care sectors.

• Positions in SMC Corp., PT Bank Central Asia Tbk, and HDFC Bank Limited.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 03/01/2024 through 10/31/2025
![Growth of 10K Chart](i4bfd0b127492878b85b91722.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI All Country World Ex. U.S. (ND) Index** |
| **Feb-24** | $50000 | $50000 |
| **Mar-24** | $49400 | $51212 |
| **Apr-24** | $48100 | $50293 |
| **May-24** | $49950 | $51752 |
| **Jun-24** | $49950 | $51703 |
| **Jul-24** | $50200 | $52900 |
| **Aug-24** | $52350 | $54407 |
| **Sep-24** | $52150 | $55872 |
| **Oct-24** | $49350 | $53131 |
| **Nov-24** | $49100 | $52650 |
| **Dec-24** | $47151 | $51627 |
| **Jan-25** | $49158 | $53707 |
| **Feb-25** | $49509 | $54452 |
| **Mar-25** | $48606 | $54329 |
| **Apr-25** | $50462 | $56290 |
| **May-25** | $52569 | $58869 |
| **Jun-25** | $53622 | $60866 |
| **Jul-25** | $52067 | $60692 |
| **Aug-25** | $53271 | $62798 |
| **Sep-25** | $54274 | $65060 |
| **Oct-25** | $55779 | $66375 |

---

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Class 03/01/2024** |
| **Institutional Class** | 13.03% | 6.76% |
| **MSCI All Country World Ex. U.S. (ND) Index** | 24.93% | 18.47% |

---

The "Life of Class" return as shown reflects the period 03/01/2024 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $50731 |
| **Number of Investments** | 30 |
| **Total Net Advisory Fees Paid (in thousands)** | $191 |
| **Portfolio Turnover Rate** | 23% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](ibc01f9930a45970d82e84f2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 52.8% |
| Pacific Basin | 29.7% |
| North America | 9.0% |
| South Asia | 5.5% |
| Latin America | 3.0% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 15.8% |
| Germany | 13.4% |
| Japan | 12.9% |
| France | 11.5% |
| United States | 9.0% |
| Taiwan | 6.8% |
| India | 5.5% |
| China | 4.0% |
| Hong Kong | 3.8% |
| Netherlands | 3.6% |
| Others | 13.7% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Core Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HAORX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Core Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $88 | 0.77% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Acadian Asset Management LLC

**Performance Summary**

The Retirement Class shares of the Fund returned 27.71% for the year ended October 31, 2025, while the MSCI EAFE (ND) Index returned 23.03% during the same period.

Top contributors to relative performance included:

• Security selection in the United Kingdom, led by a position in Barclays PLC.

• A combination of security selection and an underweight exposure to Australia due to a lack of exposure to CSL Ltd.

• A combination of security selection and an underweight exposure to Denmark, driven by an underweight position in Novo Nordisk AS.

• Sector allocation and security selection within the Financials, Health Care, and Materials sectors, supported by positions in Barclays PLC, Novo Nordisk AS, and Shin-Etsu Chemical Co., Ltd., respectively.

Top detractors from relative performance included:

• Security selection in the Netherlands, driven by a position in Wolters Kluwer NV.

• Security selection in Germany, led by an investment in Adidas AG.

• A combination of security selection and an underweight exposure to Japan relating to investment in SoftBank Group Corp.

• Sector allocation and security selection within the Consumer Discretionary, Industrials, and Utilities sectors, led by positions in Adidas AG, Wolters Kluwer NV, and Iberdrola, S.A., respectively.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 03/01/2019 through 10/31/2025
![Growth of 10K Chart](i6dbff5830a49f88348596a70.jpg)

---

| | | |
|:---|:---|:---|
| | **Retirement Class** | **MSCI EAFE (ND) Index** |
| **Feb-19** | $1000000 | $1000000 |
| **Mar-19** | $1003000 | $1003688 |
| **Apr-19** | $1020000 | $1031907 |
| **May-19** | $968000 | $982348 |
| **Jun-19** | $1018000 | $1040627 |
| **Jul-19** | $1003000 | $1027414 |
| **Aug-19** | $972000 | $1000798 |
| **Sep-19** | $997000 | $1029477 |
| **Oct-19** | $1031000 | $1066465 |
| **Nov-19** | $1047000 | $1078487 |
| **Dec-19** | $1094044 | $1113538 |
| **Jan-20** | $1074562 | $1090279 |
| **Feb-20** | $1003813 | $991720 |
| **Mar-20** | $868468 | $859357 |
| **Apr-20** | $938191 | $914873 |
| **May-20** | $978180 | $954711 |
| **Jun-20** | $1021244 | $987219 |
| **Jul-20** | $1066359 | $1010230 |
| **Aug-20** | $1101221 | $1062167 |
| **Sep-20** | $1078664 | $1034568 |
| **Oct-20** | $1037650 | $993259 |
| **Nov-20** | $1156590 | $1147227 |
| **Dec-20** | $1240683 | $1200569 |
| **Jan-21** | $1246923 | $1187778 |
| **Feb-21** | $1282282 | $1214419 |
| **Mar-21** | $1327001 | $1242343 |
| **Apr-21** | $1384199 | $1279724 |
| **May-21** | $1436197 | $1321457 |
| **Jun-21** | $1429958 | $1306586 |
| **Jul-21** | $1459077 | $1316423 |
| **Aug-21** | $1482996 | $1339644 |
| **Sep-21** | $1416438 | $1300767 |
| **Oct-21** | $1458037 | $1332759 |
| **Nov-21** | $1401878 | $1270728 |
| **Dec-21** | $1479794 | $1335794 |
| **Jan-22** | $1389690 | $1271243 |
| **Feb-22** | $1357345 | $1248766 |
| **Mar-22** | $1392000 | $1256792 |
| **Apr-22** | $1298430 | $1175484 |
| **May-22** | $1333086 | $1184297 |
| **Jun-22** | $1197929 | $1074408 |
| **Jul-22** | $1259154 | $1127946 |
| **Aug-22** | $1195618 | $1074375 |
| **Sep-22** | $1088186 | $973870 |
| **Oct-22** | $1152876 | $1026240 |
| **Nov-22** | $1275326 | $1141831 |
| **Dec-22** | $1256292 | $1142749 |
| **Jan-23** | $1330958 | $1235285 |
| **Feb-23** | $1288292 | $1209509 |
| **Mar-23** | $1304884 | $1239486 |
| **Apr-23** | $1316736 | $1274480 |
| **May-23** | $1264588 | $1220546 |
| **Jun-23** | $1330958 | $1276093 |
| **Jul-23** | $1377180 | $1317383 |
| **Aug-23** | $1327403 | $1266911 |
| **Sep-23** | $1288292 | $1223636 |
| **Oct-23** | $1249181 | $1174027 |
| **Nov-23** | $1361773 | $1282998 |
| **Dec-23** | $1428812 | $1351163 |
| **Jan-24** | $1432442 | $1358938 |
| **Feb-24** | $1496563 | $1383813 |
| **Mar-24** | $1553425 | $1429326 |
| **Apr-24** | $1485674 | $1392723 |
| **May-24** | $1576412 | $1446670 |
| **Jun-24** | $1561894 | $1423315 |
| **Jul-24** | $1611497 | $1465070 |
| **Aug-24** | $1656261 | $1512709 |
| **Sep-24** | $1664729 | $1526678 |
| **Oct-24** | $1601818 | $1443655 |
| **Nov-24** | $1640533 | $1435465 |
| **Dec-24** | $1592969 | $1402820 |
| **Jan-25** | $1692451 | $1476540 |
| **Feb-25** | $1743436 | $1505175 |
| **Mar-25** | $1727270 | $1499103 |
| **Apr-25** | $1791934 | $1567770 |
| **May-25** | $1890174 | $1639499 |
| **Jun-25** | $1948620 | $1675624 |
| **Jul-25** | $1911314 | $1652103 |
| **Aug-25** | $1980952 | $1722536 |
| **Sep-25** | $2044372 | $1755503 |
| **Oct-25** | $2045615 | $1776154 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 03/01/2019** |
| **Retirement Class** | 27.71% | 14.54% | 11.32% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 8.99% |

---

The "Life of Class" return as shown reflects the period 03/01/2019 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $992849 |
| **Number of Investments** | 552 |
| **Total Net Advisory Fees Paid (in thousands)** | $3723 |
| **Portfolio Turnover Rate** | 123% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i674b566b234dfc63b38eaac1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 51.3% |
| Pacific Basin | 33.0% |
| North America | 12.5% |
| Middle East/Central Asia | 2.1% |
| Other | 1.1% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 18.7% |
| United States | 11.4% |
| Netherlands | 9.8% |
| Switzerland | 6.9% |
| United Kingdom | 6.7% |
| Germany | 6.1% |
| France | 5.9% |
| Spain | 5.6% |
| Australia | 4.2% |
| China | 2.9% |
| Others | 21.8% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Core Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HAOSX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Core Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $97 | 0.85% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Acadian Asset Management LLC

**Performance Summary**

The Institutional Class shares of the Fund returned 27.60% for the year ended October 31, 2025, while the MSCI EAFE (ND) Index returned 23.03% during the same period.

Top contributors to relative performance included:

• Security selection in the United Kingdom, led by a position in Barclays PLC.

• A combination of security selection and an underweight exposure to Australia due to a lack of exposure to CSL Ltd.

• A combination of security selection and an underweight exposure to Denmark, driven by an underweight position in Novo Nordisk AS.

• Sector allocation and security selection within the Financials, Health Care, and Materials sectors, supported by positions in Barclays PLC, Novo Nordisk AS, and Shin-Etsu Chemical Co., Ltd., respectively.

Top detractors from relative performance included:

• Security selection in the Netherlands, driven by a position in Wolters Kluwer NV.

• Security selection in Germany, led by an investment in Adidas AG.

• A combination of security selection and an underweight exposure to Japan relating to investment in SoftBank Group Corp.

• Sector allocation and security selection within the Consumer Discretionary, Industrials, and Utilities sectors, led by positions in Adidas AG, Wolters Kluwer NV, and Iberdrola, S.A., respectively.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 03/01/2019 through 10/31/2025
![Growth of 10K Chart](ie032b7e7acbab7adc87e5684.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI EAFE (ND) Index** |
| **Feb-19** | $50000 | $50000 |
| **Mar-19** | $50150 | $50184 |
| **Apr-19** | $51000 | $51595 |
| **May-19** | $48350 | $49117 |
| **Jun-19** | $50900 | $52031 |
| **Jul-19** | $50100 | $51371 |
| **Aug-19** | $48550 | $50040 |
| **Sep-19** | $49800 | $51474 |
| **Oct-19** | $51550 | $53323 |
| **Nov-19** | $52350 | $53924 |
| **Dec-19** | $54664 | $55677 |
| **Jan-20** | $53691 | $54514 |
| **Feb-20** | $50156 | $49586 |
| **Mar-20** | $43393 | $42968 |
| **Apr-20** | $46877 | $45744 |
| **May-20** | $48824 | $47736 |
| **Jun-20** | $50975 | $49361 |
| **Jul-20** | $53281 | $50511 |
| **Aug-20** | $55023 | $53108 |
| **Sep-20** | $53844 | $51728 |
| **Oct-20** | $51795 | $49663 |
| **Nov-20** | $57738 | $57361 |
| **Dec-20** | $61948 | $60028 |
| **Jan-21** | $62260 | $59389 |
| **Feb-21** | $64025 | $60721 |
| **Mar-21** | $66258 | $62117 |
| **Apr-21** | $69114 | $63986 |
| **May-21** | $71658 | $66073 |
| **Jun-21** | $71347 | $65329 |
| **Jul-21** | $72853 | $65821 |
| **Aug-21** | $73995 | $66982 |
| **Sep-21** | $70672 | $65038 |
| **Oct-21** | $72749 | $66638 |
| **Nov-21** | $69945 | $63536 |
| **Dec-21** | $73839 | $66790 |
| **Jan-22** | $69343 | $63562 |
| **Feb-22** | $67671 | $62438 |
| **Mar-22** | $69400 | $62840 |
| **Apr-22** | $64789 | $58774 |
| **May-22** | $66461 | $59215 |
| **Jun-22** | $59717 | $53720 |
| **Jul-22** | $62772 | $56397 |
| **Aug-22** | $59601 | $53719 |
| **Sep-22** | $54298 | $48694 |
| **Oct-22** | $57469 | $51312 |
| **Nov-22** | $63579 | $57092 |
| **Dec-22** | $62601 | $57137 |
| **Jan-23** | $66325 | $61764 |
| **Feb-23** | $64197 | $60475 |
| **Mar-23** | $65025 | $61974 |
| **Apr-23** | $65616 | $63724 |
| **May-23** | $63015 | $61027 |
| **Jun-23** | $66325 | $63805 |
| **Jul-23** | $68631 | $65869 |
| **Aug-23** | $66089 | $63346 |
| **Sep-23** | $64138 | $61182 |
| **Oct-23** | $62247 | $58701 |
| **Nov-23** | $67803 | $64150 |
| **Dec-23** | $71189 | $67558 |
| **Jan-24** | $71370 | $67947 |
| **Feb-24** | $74507 | $69191 |
| **Mar-24** | $77342 | $71466 |
| **Apr-24** | $73964 | $69636 |
| **May-24** | $78489 | $72333 |
| **Jun-24** | $77765 | $71166 |
| **Jul-24** | $80238 | $73254 |
| **Aug-24** | $82470 | $75635 |
| **Sep-24** | $82893 | $76334 |
| **Oct-24** | $79695 | $72183 |
| **Nov-24** | $81626 | $71773 |
| **Dec-24** | $79320 | $70141 |
| **Jan-25** | $84215 | $73827 |
| **Feb-25** | $86756 | $75259 |
| **Mar-25** | $85951 | $74955 |
| **Apr-25** | $89111 | $78388 |
| **May-25** | $94006 | $81975 |
| **Jun-25** | $96919 | $83781 |
| **Jul-25** | $95060 | $82605 |
| **Aug-25** | $98530 | $86127 |
| **Sep-25** | $101629 | $87775 |
| **Oct-25** | $101691 | $88808 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 03/01/2019** |
| **Institutional Class** | 27.60% | 14.45% | 11.23% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 8.99% |

---

The "Life of Class" return as shown reflects the period 03/01/2019 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $992849 |
| **Number of Investments** | 552 |
| **Total Net Advisory Fees Paid (in thousands)** | $3723 |
| **Portfolio Turnover Rate** | 123% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i674b566b234dfc63b38eaac1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 51.3% |
| Pacific Basin | 33.0% |
| North America | 12.5% |
| Middle East/Central Asia | 2.1% |
| Other | 1.1% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 18.7% |
| United States | 11.4% |
| Netherlands | 9.8% |
| Switzerland | 6.9% |
| United Kingdom | 6.7% |
| Germany | 6.1% |
| France | 5.9% |
| Spain | 5.6% |
| Australia | 4.2% |
| China | 2.9% |
| Others | 21.8% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Core Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HAONX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Core Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $136 | 1.20% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Acadian Asset Management LLC

**Performance Summary**

The Investor Class shares of the Fund returned 27.04% for the year ended October 31, 2025, while the MSCI EAFE (ND) Index returned 23.03% during the same period.

Top contributors to relative performance included:

• Security selection in the United Kingdom, led by a position in Barclays PLC.

• A combination of security selection and an underweight exposure to Australia due to a lack of exposure to CSL Ltd.

• A combination of security selection and an underweight exposure to Denmark, driven by an underweight position in Novo Nordisk AS.

• Sector allocation and security selection within the Financials, Health Care, and Materials sectors, supported by positions in Barclays PLC, Novo Nordisk AS, and Shin-Etsu Chemical Co., Ltd., respectively.

Top detractors from relative performance included:

• Security selection in the Netherlands, driven by a position in Wolters Kluwer NV.

• Security selection in Germany, led by an investment in Adidas AG.

• A combination of security selection and an underweight exposure to Japan relating to investment in SoftBank Group Corp.

• Sector allocation and security selection within the Consumer Discretionary, Industrials, and Utilities sectors, led by positions in Adidas AG, Wolters Kluwer NV, and Iberdrola, S.A., respectively.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 03/01/2019 through 10/31/2025
![Growth of 10K Chart](i8a54d4d36739f7351f68c40e.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **MSCI EAFE (ND) Index** |
| **Feb-19** | $10000 | $10000 |
| **Mar-19** | $10030 | $10037 |
| **Apr-19** | $10190 | $10319 |
| **May-19** | $9670 | $9823 |
| **Jun-19** | $10160 | $10406 |
| **Jul-19** | $10010 | $10274 |
| **Aug-19** | $9700 | $10008 |
| **Sep-19** | $9940 | $10295 |
| **Oct-19** | $10280 | $10665 |
| **Nov-19** | $10440 | $10785 |
| **Dec-19** | $10897 | $11135 |
| **Jan-20** | $10703 | $10903 |
| **Feb-20** | $9999 | $9917 |
| **Mar-20** | $8640 | $8594 |
| **Apr-20** | $9335 | $9149 |
| **May-20** | $9723 | $9547 |
| **Jun-20** | $10152 | $9872 |
| **Jul-20** | $10601 | $10102 |
| **Aug-20** | $10938 | $10622 |
| **Sep-20** | $10703 | $10346 |
| **Oct-20** | $10295 | $9933 |
| **Nov-20** | $11469 | $11472 |
| **Dec-20** | $12305 | $12006 |
| **Jan-21** | $12367 | $11878 |
| **Feb-21** | $12707 | $12144 |
| **Mar-21** | $13151 | $12423 |
| **Apr-21** | $13709 | $12797 |
| **May-21** | $14214 | $13215 |
| **Jun-21** | $14153 | $13066 |
| **Jul-21** | $14431 | $13164 |
| **Aug-21** | $14669 | $13396 |
| **Sep-21** | $13998 | $13008 |
| **Oct-21** | $14411 | $13328 |
| **Nov-21** | $13843 | $12707 |
| **Dec-21** | $14612 | $13358 |
| **Jan-22** | $13720 | $12712 |
| **Feb-22** | $13389 | $12488 |
| **Mar-22** | $13720 | $12568 |
| **Apr-22** | $12806 | $11755 |
| **May-22** | $13137 | $11843 |
| **Jun-22** | $11800 | $10744 |
| **Jul-22** | $12394 | $11279 |
| **Aug-22** | $11765 | $10744 |
| **Sep-22** | $10713 | $9739 |
| **Oct-22** | $11342 | $10262 |
| **Nov-22** | $12543 | $11418 |
| **Dec-22** | $12344 | $11427 |
| **Jan-23** | $13070 | $12353 |
| **Feb-23** | $12649 | $12095 |
| **Mar-23** | $12801 | $12395 |
| **Apr-23** | $12918 | $12745 |
| **May-23** | $12403 | $12205 |
| **Jun-23** | $13059 | $12761 |
| **Jul-23** | $13492 | $13174 |
| **Aug-23** | $13000 | $12669 |
| **Sep-23** | $12614 | $12236 |
| **Oct-23** | $12227 | $11740 |
| **Nov-23** | $13328 | $12830 |
| **Dec-23** | $13983 | $13512 |
| **Jan-24** | $14007 | $13589 |
| **Feb-24** | $14626 | $13838 |
| **Mar-24** | $15174 | $14293 |
| **Apr-24** | $14507 | $13927 |
| **May-24** | $15388 | $14467 |
| **Jun-24** | $15245 | $14233 |
| **Jul-24** | $15722 | $14651 |
| **Aug-24** | $16150 | $15127 |
| **Sep-24** | $16234 | $15267 |
| **Oct-24** | $15615 | $14437 |
| **Nov-24** | $15984 | $14355 |
| **Dec-24** | $15520 | $14028 |
| **Jan-25** | $16481 | $14765 |
| **Feb-25** | $16967 | $15052 |
| **Mar-25** | $16809 | $14991 |
| **Apr-25** | $17429 | $15678 |
| **May-25** | $18378 | $16395 |
| **Jun-25** | $18937 | $16756 |
| **Jul-25** | $18572 | $16521 |
| **Aug-25** | $19229 | $17225 |
| **Sep-25** | $19837 | $17555 |
| **Oct-25** | $19837 | $17762 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 03/01/2019** |
| **Investor Class** | 27.04% | 14.02% | 10.81% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 8.99% |

---

The "Life of Class" return as shown reflects the period 03/01/2019 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $992849 |
| **Number of Investments** | 552 |
| **Total Net Advisory Fees Paid (in thousands)** | $3723 |
| **Portfolio Turnover Rate** | 123% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i674b566b234dfc63b38eaac1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 51.3% |
| Pacific Basin | 33.0% |
| North America | 12.5% |
| Middle East/Central Asia | 2.1% |
| Other | 1.1% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 18.7% |
| United States | 11.4% |
| Netherlands | 9.8% |
| Switzerland | 6.9% |
| United Kingdom | 6.7% |
| Germany | 6.1% |
| France | 5.9% |
| Spain | 5.6% |
| Australia | 4.2% |
| China | 2.9% |
| Others | 21.8% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net assets. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to lower the operating expense limit for Investor Class shares from 1.21% to 1.20% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Small Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HNISX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Small Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $90 | 0.82% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Cedar Street Asset Management LLC

**Performance Summary**

The Retirement Class shares of the Fund returned 20.01% for the year ended October 31, 2025, while the MSCI EAFE Small Cap (ND) Index (the "Index") returned 24.50% during the same period.

Top contributors to relative performance included:

• Security selection in Japan and France, combined with limited allocation to Sweden.

• Security selection within the Information Technology sector, combined with lack of exposure to the Real Estate sector.

• Positions in Spectris PLC, Anritsu Corp, METAWATER Co. Ltd., CAF – Development Bank of Latin America and the Caribbean, and ISS AS.

Top detractors from relative performance included:

• Less exposure to larger market capitalization securities and more exposure to smaller market capitalization securities relative to the Index.

• Security selection in Canada and Australia, given their concentration in gold mining companies.

• Security selection within the Materials sector, specifically the gold mining sub-sector.

• Positions in SIG Group AG, Spin Master Corp., Nakanishi, Inc., Husqvarna Group, and Sonic Healthcare Ltd.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 02/01/2016 through 10/31/2025
![Growth of 10K Chart](i91c0f3ebade129f5a3676f63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retirement Class** | **MSCI EAFE (ND) Index** | **MSCI EAFE Small Cap (ND) Index** |
| **Jan-16** | $1000000 | $1000000 | $1000000 |
| **Feb-16** | $970000 | $973331 | $984956 |
| **Mar-16** | $1044000 | $1036663 | $1063920 |
| **Apr-16** | $1051000 | $1066676 | $1088354 |
| **May-16** | $1082000 | $1056986 | $1093991 |
| **Jun-16** | $1030000 | $1021506 | $1036272 |
| **Jul-16** | $1081000 | $1073276 | $1099784 |
| **Aug-16** | $1086000 | $1074038 | $1093273 |
| **Sep-16** | $1120000 | $1087232 | $1125788 |
| **Oct-16** | $1077000 | $1064993 | $1093891 |
| **Nov-16** | $1045000 | $1043783 | $1063183 |
| **Dec-16** | $1054943 | $1079474 | $1093647 |
| **Jan-17** | $1101514 | $1110787 | $1132282 |
| **Feb-17** | $1119738 | $1126671 | $1157659 |
| **Mar-17** | $1155172 | $1157687 | $1180814 |
| **Apr-17** | $1217942 | $1187144 | $1231383 |
| **May-17** | $1281725 | $1230717 | $1276768 |
| **Jun-17** | $1278688 | $1228540 | $1276489 |
| **Jul-17** | $1318172 | $1263978 | $1322759 |
| **Aug-17** | $1329309 | $1263502 | $1333610 |
| **Sep-17** | $1376892 | $1294939 | $1371669 |
| **Oct-17** | $1407265 | $1314602 | $1394847 |
| **Nov-17** | $1424476 | $1328391 | $1416920 |
| **Dec-17** | $1454406 | $1349713 | $1454689 |
| **Jan-18** | $1528307 | $1417414 | $1529089 |
| **Feb-18** | $1462617 | $1353438 | $1474865 |
| **Mar-18** | $1462617 | $1329044 | $1458213 |
| **Apr-18** | $1458512 | $1359390 | $1478011 |
| **May-18** | $1445169 | $1328833 | $1463869 |
| **Jun-18** | $1414377 | $1312599 | $1435388 |
| **Jul-18** | $1429773 | $1344909 | $1444747 |
| **Aug-18** | $1417456 | $1318935 | $1433150 |
| **Sep-18** | $1422588 | $1330382 | $1422794 |
| **Oct-18** | $1270681 | $1224494 | $1285851 |
| **Nov-18** | $1250153 | $1222951 | $1276797 |
| **Dec-18** | $1173393 | $1163584 | $1194447 |
| **Jan-19** | $1262254 | $1240055 | $1290679 |
| **Feb-19** | $1292231 | $1271666 | $1319624 |
| **Mar-19** | $1301866 | $1279685 | $1321715 |
| **Apr-19** | $1342550 | $1315663 | $1361566 |
| **May-19** | $1272960 | $1252478 | $1289586 |
| **Jun-19** | $1313643 | $1326781 | $1344297 |
| **Jul-19** | $1294372 | $1309935 | $1334777 |
| **Aug-19** | $1234418 | $1276000 | $1301806 |
| **Sep-19** | $1263324 | $1312565 | $1338410 |
| **Oct-19** | $1337197 | $1359725 | $1399239 |
| **Nov-19** | $1366103 | $1375053 | $1430161 |
| **Dec-19** | $1433834 | $1419742 | $1492620 |
| **Jan-20** | $1354544 | $1390087 | $1449379 |
| **Feb-20** | $1266443 | $1264426 | $1307271 |
| **Mar-20** | $1015357 | $1095665 | $1081839 |
| **Apr-20** | $1115571 | $1166448 | $1194305 |
| **May-20** | $1177242 | $1217241 | $1279495 |
| **Jun-20** | $1206976 | $1258687 | $1296960 |
| **Jul-20** | $1233406 | $1288026 | $1340577 |
| **Aug-20** | $1303886 | $1354245 | $1440575 |
| **Sep-20** | $1278557 | $1319057 | $1429960 |
| **Oct-20** | $1252127 | $1266388 | $1380144 |
| **Nov-20** | $1458062 | $1462696 | $1569715 |
| **Dec-20** | $1552124 | $1530705 | $1676863 |
| **Jan-21** | $1557700 | $1514397 | $1670663 |
| **Feb-21** | $1645787 | $1548364 | $1714893 |
| **Mar-21** | $1711574 | $1583966 | $1752390 |
| **Apr-21** | $1787396 | $1631627 | $1822828 |
| **May-21** | $1845378 | $1684835 | $1859282 |
| **Jun-21** | $1824192 | $1665875 | $1828519 |
| **Jul-21** | $1840918 | $1678418 | $1859596 |
| **Aug-21** | $1874369 | $1708024 | $1913202 |
| **Sep-21** | $1815272 | $1658455 | $1844886 |
| **Oct-21** | $1827537 | $1699246 | $1873838 |
| **Nov-21** | $1733875 | $1620157 | $1769057 |
| **Dec-21** | $1819123 | $1703115 | $1846243 |
| **Jan-22** | $1756725 | $1620813 | $1711158 |
| **Feb-22** | $1724327 | $1592155 | $1689450 |
| **Mar-22** | $1711127 | $1602389 | $1688761 |
| **Apr-22** | $1611531 | $1498722 | $1572872 |
| **May-22** | $1675129 | $1509958 | $1561519 |
| **Jun-22** | $1557534 | $1369853 | $1390060 |
| **Jul-22** | $1628331 | $1438112 | $1481948 |
| **Aug-22** | $1557534 | $1369810 | $1416244 |
| **Sep-22** | $1432739 | $1241668 | $1253376 |
| **Oct-22** | $1517935 | $1308438 | $1306405 |
| **Nov-22** | $1690728 | $1455816 | $1435927 |
| **Dec-22** | $1669126 | $1456985 | $1451326 |
| **Jan-23** | $1783686 | $1574968 | $1559683 |
| **Feb-23** | $1759049 | $1542104 | $1525849 |
| **Mar-23** | $1754122 | $1580323 | $1522701 |
| **Apr-23** | $1814482 | $1624940 | $1553348 |
| **May-23** | $1707313 | $1556176 | $1488484 |
| **Jun-23** | $1765209 | $1626997 | $1531526 |
| **Jul-23** | $1805859 | $1679641 | $1599395 |
| **Aug-23** | $1740572 | $1615290 | $1546190 |
| **Sep-23** | $1649417 | $1560115 | $1477781 |
| **Oct-23** | $1570580 | $1496865 | $1390963 |
| **Nov-23** | $1713472 | $1635801 | $1530849 |
| **Dec-23** | $1825177 | $1722709 | $1642363 |
| **Jan-24** | $1783581 | $1732623 | $1615282 |
| **Feb-24** | $1792404 | $1764338 | $1621425 |
| **Mar-24** | $1862991 | $1822367 | $1681762 |
| **Apr-24** | $1823916 | $1775698 | $1631827 |
| **May-24** | $1897024 | $1844480 | $1702480 |
| **Jun-24** | $1821395 | $1814703 | $1650738 |
| **Jul-24** | $1928536 | $1867940 | $1744855 |
| **Aug-24** | $1953746 | $1928678 | $1779372 |
| **Sep-24** | $1973913 | $1946488 | $1824780 |
| **Oct-24** | $1817614 | $1840636 | $1710395 |
| **Nov-24** | $1822656 | $1830194 | $1711580 |
| **Dec-24** | $1810977 | $1788571 | $1672200 |
| **Jan-25** | $1857447 | $1882564 | $1729826 |
| **Feb-25** | $1869396 | $1919073 | $1724740 |
| **Mar-25** | $1902588 | $1911331 | $1733862 |
| **Apr-25** | $1978267 | $1998880 | $1834492 |
| **May-25** | $2076517 | $2090334 | $1937361 |
| **Jun-25** | $2181404 | $2136392 | $2021555 |
| **Jul-25** | $2154851 | $2106404 | $2019885 |
| **Aug-25** | $2226546 | $2196205 | $2113328 |
| **Sep-25** | $2219908 | $2238237 | $2146935 |
| **Oct-25** | $2181404 | $2264567 | $2129496 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 02/01/2016** |
| **Retirement Class** | 20.01% | 11.74% | 8.33% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 8.75% |
| **MSCI EAFE Small Cap (ND) Index** | 24.50% | 9.06% | 8.06% |

---

The "Life of Class" return as shown reflects the period 02/01/2016 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $180479 |
| **Number of Investments** | 64 |
| **Total Net Advisory Fees Paid (in thousands)** | $1617 |
| **Portfolio Turnover Rate** | 36% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i008365251e498e7ab403bccc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 58.6% |
| Pacific Basin | 40.0% |
| North America | 1.4% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 31.0% |
| United Kingdom | 18.6% |
| Switzerland | 6.0% |
| Netherlands | 5.9% |
| Belgium | 5.3% |
| France | 4.7% |
| Finland | 3.9% |
| Australia | 3.6% |
| Ireland | 3.1% |
| Luxembourg | 3.1% |
| Others | 14.8% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Small Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HAISX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Small Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $99 | 0.90% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Cedar Street Asset Management LLC

**Performance Summary**

The Institutional Class shares of the Fund returned 19.85% for the year ended October 31, 2025, while the MSCI EAFE Small Cap (ND) Index (the "Index") returned 24.50% during the same period.

Top contributors to relative performance included:

• Security selection in Japan and France, combined with limited allocation to Sweden.

• Security selection within the Information Technology sector, combined with lack of exposure to the Real Estate sector.

• Positions in Spectris PLC, Anritsu Corp, METAWATER Co. Ltd., CAF – Development Bank of Latin America and the Caribbean, and ISS AS.

Top detractors from relative performance included:

• Less exposure to larger market capitalization securities and more exposure to smaller market capitalization securities relative to the Index.

• Security selection in Canada and Australia, given their concentration in gold mining companies.

• Security selection within the Materials sector, specifically the gold mining sub-sector.

• Positions in SIG Group AG, Spin Master Corp., Nakanishi, Inc., Husqvarna Group, and Sonic Healthcare Ltd.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 02/01/2016 through 10/31/2025
![Growth of 10K Chart](iaa753b8a34417cb476b310cb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI EAFE (ND) Index** | **MSCI EAFE Small Cap (ND) Index** |
| **Jan-16** | $50000 | $50000 | $50000 |
| **Feb-16** | $48500 | $48667 | $49248 |
| **Mar-16** | $52200 | $51833 | $53196 |
| **Apr-16** | $52550 | $53334 | $54418 |
| **May-16** | $54100 | $52849 | $54700 |
| **Jun-16** | $51500 | $51075 | $51814 |
| **Jul-16** | $54050 | $53664 | $54989 |
| **Aug-16** | $54250 | $53702 | $54664 |
| **Sep-16** | $56000 | $54362 | $56289 |
| **Oct-16** | $53850 | $53250 | $54695 |
| **Nov-16** | $52250 | $52189 | $53159 |
| **Dec-16** | $52769 | $53974 | $54682 |
| **Jan-17** | $55045 | $55539 | $56614 |
| **Feb-17** | $55956 | $56334 | $57883 |
| **Mar-17** | $57727 | $57884 | $59041 |
| **Apr-17** | $60864 | $59357 | $61569 |
| **May-17** | $64051 | $61536 | $63838 |
| **Jun-17** | $63899 | $61427 | $63824 |
| **Jul-17** | $65872 | $63199 | $66138 |
| **Aug-17** | $66429 | $63175 | $66680 |
| **Sep-17** | $68807 | $64747 | $68583 |
| **Oct-17** | $70324 | $65730 | $69742 |
| **Nov-17** | $71185 | $66420 | $70846 |
| **Dec-17** | $72643 | $67486 | $72734 |
| **Jan-18** | $76385 | $70871 | $76454 |
| **Feb-18** | $73104 | $67672 | $73743 |
| **Mar-18** | $73104 | $66452 | $72911 |
| **Apr-18** | $72848 | $67969 | $73901 |
| **May-18** | $72181 | $66442 | $73193 |
| **Jun-18** | $70643 | $65630 | $71769 |
| **Jul-18** | $71412 | $67245 | $72237 |
| **Aug-18** | $70797 | $65947 | $71658 |
| **Sep-18** | $71053 | $66519 | $71140 |
| **Oct-18** | $63415 | $61225 | $64293 |
| **Nov-18** | $62390 | $61148 | $63840 |
| **Dec-18** | $58567 | $58179 | $59722 |
| **Jan-19** | $63002 | $62003 | $64534 |
| **Feb-19** | $64498 | $63583 | $65981 |
| **Mar-19** | $64979 | $63984 | $66086 |
| **Apr-19** | $67010 | $65783 | $68078 |
| **May-19** | $63483 | $62624 | $64479 |
| **Jun-19** | $65514 | $66339 | $67215 |
| **Jul-19** | $64605 | $65497 | $66739 |
| **Aug-19** | $61613 | $63800 | $65090 |
| **Sep-19** | $63056 | $65628 | $66920 |
| **Oct-19** | $66743 | $67986 | $69962 |
| **Nov-19** | $68186 | $68753 | $71508 |
| **Dec-19** | $71529 | $70987 | $74631 |
| **Jan-20** | $67631 | $69504 | $72469 |
| **Feb-20** | $63185 | $63221 | $65364 |
| **Mar-20** | $50669 | $54783 | $54092 |
| **Apr-20** | $55609 | $58322 | $59715 |
| **May-20** | $58738 | $60862 | $63975 |
| **Jun-20** | $60220 | $62934 | $64848 |
| **Jul-20** | $61483 | $64401 | $67029 |
| **Aug-20** | $65051 | $67712 | $72029 |
| **Sep-20** | $63734 | $65953 | $71498 |
| **Oct-20** | $62416 | $63319 | $69007 |
| **Nov-20** | $72682 | $73135 | $78486 |
| **Dec-20** | $77381 | $76535 | $83843 |
| **Jan-21** | $77659 | $75720 | $83533 |
| **Feb-21** | $82048 | $77418 | $85745 |
| **Mar-21** | $85325 | $79198 | $87619 |
| **Apr-21** | $89047 | $81581 | $91141 |
| **May-21** | $91936 | $84242 | $92964 |
| **Jun-21** | $90880 | $83294 | $91426 |
| **Jul-21** | $91769 | $83921 | $92980 |
| **Aug-21** | $93435 | $85401 | $95660 |
| **Sep-21** | $90436 | $82923 | $92244 |
| **Oct-21** | $91047 | $84962 | $93692 |
| **Nov-21** | $86381 | $81008 | $88453 |
| **Dec-21** | $90618 | $85156 | $92312 |
| **Jan-22** | $87512 | $81041 | $85558 |
| **Feb-22** | $85899 | $79608 | $84473 |
| **Mar-22** | $85242 | $80119 | $84438 |
| **Apr-22** | $80224 | $74936 | $78644 |
| **May-22** | $83390 | $75498 | $78076 |
| **Jun-22** | $77536 | $68493 | $69503 |
| **Jul-22** | $81060 | $71906 | $74097 |
| **Aug-22** | $77536 | $68490 | $70812 |
| **Sep-22** | $71324 | $62083 | $62669 |
| **Oct-22** | $75565 | $65422 | $65320 |
| **Nov-22** | $84167 | $72791 | $71796 |
| **Dec-22** | $83105 | $72849 | $72566 |
| **Jan-23** | $88744 | $78748 | $77984 |
| **Feb-23** | $87579 | $77105 | $76292 |
| **Mar-23** | $87334 | $79016 | $76135 |
| **Apr-23** | $90276 | $81247 | $77667 |
| **May-23** | $84944 | $77809 | $74424 |
| **Jun-23** | $87824 | $81350 | $76576 |
| **Jul-23** | $89847 | $83982 | $79970 |
| **Aug-23** | $86598 | $80764 | $77310 |
| **Sep-23** | $82063 | $78006 | $73889 |
| **Oct-23** | $78080 | $74843 | $69548 |
| **Nov-23** | $85250 | $81790 | $76542 |
| **Dec-23** | $90733 | $86135 | $82118 |
| **Jan-24** | $88727 | $86631 | $80764 |
| **Feb-24** | $89103 | $88217 | $81071 |
| **Mar-24** | $92675 | $91118 | $84088 |
| **Apr-24** | $90670 | $88785 | $81591 |
| **May-24** | $94304 | $92224 | $85124 |
| **Jun-24** | $90545 | $90735 | $82537 |
| **Jul-24** | $95871 | $93397 | $87243 |
| **Aug-24** | $97124 | $96434 | $88969 |
| **Sep-24** | $98126 | $97324 | $91239 |
| **Oct-24** | $90357 | $92032 | $85520 |
| **Nov-24** | $90607 | $91510 | $85579 |
| **Dec-24** | $90038 | $89429 | $83610 |
| **Jan-25** | $92279 | $94128 | $86491 |
| **Feb-25** | $92938 | $95954 | $86237 |
| **Mar-25** | $94520 | $95567 | $86693 |
| **Apr-25** | $98277 | $99944 | $91725 |
| **May-25** | $103155 | $104517 | $96868 |
| **Jun-25** | $108362 | $106820 | $101078 |
| **Jul-25** | $107044 | $105320 | $100994 |
| **Aug-25** | $110603 | $109810 | $105666 |
| **Sep-25** | $110274 | $111912 | $107347 |
| **Oct-25** | $108296 | $113228 | $106475 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 02/01/2016** |
| **Institutional Class** | 19.85% | 11.65% | 8.25% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 8.75% |
| **MSCI EAFE Small Cap (ND) Index** | 24.50% | 9.06% | 8.06% |

---

The "Life of Class" return as shown reflects the period 02/01/2016 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $180479 |
| **Number of Investments** | 64 |
| **Total Net Advisory Fees Paid (in thousands)** | $1617 |
| **Portfolio Turnover Rate** | 36% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i008365251e498e7ab403bccc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 58.6% |
| Pacific Basin | 40.0% |
| North America | 1.4% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 31.0% |
| United Kingdom | 18.6% |
| Switzerland | 6.0% |
| Netherlands | 5.9% |
| Belgium | 5.3% |
| France | 4.7% |
| Finland | 3.9% |
| Australia | 3.6% |
| Ireland | 3.1% |
| Luxembourg | 3.1% |
| Others | 14.8% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Small Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HRISX

Administrative Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Small Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Administrative Class | $126 | 1.15% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Cedar Street Asset Management LLC

**Performance Summary**

The Administrative Class shares of the Fund returned 19.66% for the year ended October 31, 2025, while the MSCI EAFE Small Cap (ND) Index (the "Index") returned 24.50% during the same period.

Top contributors to relative performance included:

• Security selection in Japan and France, combined with limited allocation to Sweden.

• Security selection within the Information Technology sector, combined with lack of exposure to the Real Estate sector.

• Positions in Spectris PLC, Anritsu Corp, METAWATER Co. Ltd., CAF – Development Bank of Latin America and the Caribbean, and ISS AS.

Top detractors from relative performance included:

• Less exposure to larger market capitalization securities and more exposure to smaller market capitalization securities relative to the Index.

• Security selection in Canada and Australia, given their concentration in gold mining companies.

• Security selection within the Materials sector, specifically the gold mining sub-sector.

• Positions in SIG Group AG, Spin Master Corp., Nakanishi, Inc., Husqvarna Group, and Sonic Healthcare Ltd.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 02/01/2016 through 10/31/2025
![Growth of 10K Chart](ide50285d6e4fc0b39a2efc8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **MSCI EAFE (ND) Index** | **MSCI EAFE Small Cap (ND) Index** |
| **Jan-16** | $10000 | $10000 | $10000 |
| **Feb-16** | $9690 | $9733 | $9850 |
| **Mar-16** | $10430 | $10367 | $10639 |
| **Apr-16** | $10510 | $10667 | $10884 |
| **May-16** | $10810 | $10570 | $10940 |
| **Jun-16** | $10290 | $10215 | $10363 |
| **Jul-16** | $10790 | $10733 | $10998 |
| **Aug-16** | $10840 | $10740 | $10933 |
| **Sep-16** | $11180 | $10872 | $11258 |
| **Oct-16** | $10750 | $10650 | $10939 |
| **Nov-16** | $10420 | $10438 | $10632 |
| **Dec-16** | $10529 | $10795 | $10936 |
| **Jan-17** | $10973 | $11108 | $11323 |
| **Feb-17** | $11165 | $11267 | $11577 |
| **Mar-17** | $11508 | $11577 | $11808 |
| **Apr-17** | $12134 | $11871 | $12314 |
| **May-17** | $12770 | $12307 | $12768 |
| **Jun-17** | $12730 | $12285 | $12765 |
| **Jul-17** | $13124 | $12640 | $13228 |
| **Aug-17** | $13225 | $12635 | $13336 |
| **Sep-17** | $13699 | $12949 | $13717 |
| **Oct-17** | $14002 | $13146 | $13948 |
| **Nov-17** | $14163 | $13284 | $14169 |
| **Dec-17** | $14461 | $13497 | $14547 |
| **Jan-18** | $15196 | $14174 | $15291 |
| **Feb-18** | $14543 | $13534 | $14749 |
| **Mar-18** | $14533 | $13290 | $14582 |
| **Apr-18** | $14482 | $13594 | $14780 |
| **May-18** | $14359 | $13288 | $14639 |
| **Jun-18** | $14043 | $13126 | $14354 |
| **Jul-18** | $14196 | $13449 | $14447 |
| **Aug-18** | $14063 | $13189 | $14332 |
| **Sep-18** | $14114 | $13304 | $14228 |
| **Oct-18** | $12594 | $12245 | $12859 |
| **Nov-18** | $12390 | $12230 | $12768 |
| **Dec-18** | $11631 | $11636 | $11944 |
| **Jan-19** | $12500 | $12401 | $12907 |
| **Feb-19** | $12797 | $12717 | $13196 |
| **Mar-19** | $12882 | $12797 | $13217 |
| **Apr-19** | $13285 | $13157 | $13616 |
| **May-19** | $12585 | $12525 | $12896 |
| **Jun-19** | $12988 | $13268 | $13443 |
| **Jul-19** | $12808 | $13099 | $13348 |
| **Aug-19** | $12203 | $12760 | $13018 |
| **Sep-19** | $12490 | $13126 | $13384 |
| **Oct-19** | $13211 | $13597 | $13992 |
| **Nov-19** | $13497 | $13751 | $14302 |
| **Dec-19** | $14159 | $14197 | $14926 |
| **Jan-20** | $13376 | $13901 | $14494 |
| **Feb-20** | $12506 | $12644 | $13073 |
| **Mar-20** | $10027 | $10957 | $10818 |
| **Apr-20** | $10995 | $11664 | $11943 |
| **May-20** | $11614 | $12172 | $12795 |
| **Jun-20** | $11897 | $12587 | $12970 |
| **Jul-20** | $12158 | $12880 | $13406 |
| **Aug-20** | $12854 | $13542 | $14406 |
| **Sep-20** | $12593 | $13191 | $14300 |
| **Oct-20** | $12332 | $12664 | $13801 |
| **Nov-20** | $14355 | $14627 | $15697 |
| **Dec-20** | $15278 | $15307 | $16769 |
| **Jan-21** | $15333 | $15144 | $16707 |
| **Feb-21** | $16190 | $15484 | $17149 |
| **Mar-21** | $16838 | $15840 | $17524 |
| **Apr-21** | $17574 | $16316 | $18228 |
| **May-21** | $18134 | $16848 | $18593 |
| **Jun-21** | $17925 | $16659 | $18285 |
| **Jul-21** | $18090 | $16784 | $18596 |
| **Aug-21** | $18419 | $17080 | $19132 |
| **Sep-21** | $17826 | $16585 | $18449 |
| **Oct-21** | $17936 | $16992 | $18738 |
| **Nov-21** | $17024 | $16202 | $17691 |
| **Dec-21** | $17845 | $17031 | $18462 |
| **Jan-22** | $17232 | $16208 | $17112 |
| **Feb-22** | $16914 | $15922 | $16895 |
| **Mar-22** | $16773 | $16024 | $16888 |
| **Apr-22** | $15795 | $14987 | $15729 |
| **May-22** | $16408 | $15100 | $15615 |
| **Jun-22** | $15254 | $13699 | $13901 |
| **Jul-22** | $15937 | $14381 | $14819 |
| **Aug-22** | $15254 | $13698 | $14162 |
| **Sep-22** | $14017 | $12417 | $12534 |
| **Oct-22** | $14841 | $13084 | $13064 |
| **Nov-22** | $16538 | $14558 | $14359 |
| **Dec-22** | $16319 | $14570 | $14513 |
| **Jan-23** | $17440 | $15750 | $15597 |
| **Feb-23** | $17199 | $15421 | $15258 |
| **Mar-23** | $17138 | $15803 | $15227 |
| **Apr-23** | $17717 | $16249 | $15533 |
| **May-23** | $16680 | $15562 | $14885 |
| **Jun-23** | $17235 | $16270 | $15315 |
| **Jul-23** | $17620 | $16796 | $15994 |
| **Aug-23** | $16982 | $16153 | $15462 |
| **Sep-23** | $16090 | $15601 | $14778 |
| **Oct-23** | $15318 | $14969 | $13910 |
| **Nov-23** | $16704 | $16358 | $15308 |
| **Dec-23** | $17778 | $17227 | $16424 |
| **Jan-24** | $17379 | $17326 | $16153 |
| **Feb-24** | $17463 | $17643 | $16214 |
| **Mar-24** | $18152 | $18224 | $16818 |
| **Apr-24** | $17753 | $17757 | $16318 |
| **May-24** | $18466 | $18445 | $17025 |
| **Jun-24** | $17717 | $18147 | $16507 |
| **Jul-24** | $18756 | $18679 | $17449 |
| **Aug-24** | $18998 | $19287 | $17794 |
| **Sep-24** | $19192 | $19465 | $18248 |
| **Oct-24** | $17669 | $18406 | $17104 |
| **Nov-24** | $17705 | $18302 | $17116 |
| **Dec-24** | $17606 | $17886 | $16722 |
| **Jan-25** | $18037 | $18826 | $17298 |
| **Feb-25** | $18151 | $19191 | $17247 |
| **Mar-25** | $18468 | $19113 | $17339 |
| **Apr-25** | $19190 | $19989 | $18345 |
| **May-25** | $20153 | $20903 | $19374 |
| **Jun-25** | $21155 | $21364 | $20216 |
| **Jul-25** | $20889 | $21064 | $20199 |
| **Aug-25** | $21586 | $21962 | $21133 |
| **Sep-25** | $21510 | $22382 | $21469 |
| **Oct-25** | $21142 | $22646 | $21295 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 02/01/2016** |
| **Administrative Class** | 19.66% | 11.38% | 7.98% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 8.75% |
| **MSCI EAFE Small Cap (ND) Index** | 24.50% | 9.06% | 8.06% |

---

The "Life of Class" return as shown reflects the period 02/01/2016 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $180479 |
| **Number of Investments** | 64 |
| **Total Net Advisory Fees Paid (in thousands)** | $1617 |
| **Portfolio Turnover Rate** | 36% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i008365251e498e7ab403bccc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 58.6% |
| Pacific Basin | 40.0% |
| North America | 1.4% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 31.0% |
| United Kingdom | 18.6% |
| Switzerland | 6.0% |
| Netherlands | 5.9% |
| Belgium | 5.3% |
| France | 4.7% |
| Finland | 3.9% |
| Australia | 3.6% |
| Ireland | 3.1% |
| Luxembourg | 3.1% |
| Others | 14.8% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Small Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HIISX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Small Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $137 | 1.25% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Cedar Street Asset Management LLC

**Performance Summary**

The Investor Class shares of the Fund returned 19.49% for the year ended October 31, 2025, while the MSCI EAFE Small Cap (ND) Index (the "Index") returned 24.50% during the same period.

Top contributors to relative performance included:

• Security selection in Japan and France, combined with limited allocation to Sweden.

• Security selection within the Information Technology sector, combined with lack of exposure to the Real Estate sector.

• Positions in Spectris PLC, Anritsu Corp, METAWATER Co. Ltd., CAF – Development Bank of Latin America and the Caribbean, and ISS AS.

Top detractors from relative performance included:

• Less exposure to larger market capitalization securities and more exposure to smaller market capitalization securities relative to the Index.

• Security selection in Canada and Australia, given their concentration in gold mining companies.

• Security selection within the Materials sector, specifically the gold mining sub-sector.

• Positions in SIG Group AG, Spin Master Corp., Nakanishi, Inc., Husqvarna Group, and Sonic Healthcare Ltd.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 02/01/2016 through 10/31/2025
![Growth of 10K Chart](icdc69a643d6e583fd7331658.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI EAFE (ND) Index** | **MSCI EAFE Small Cap (ND) Index** |
| **Jan-16** | $10000 | $10000 | $10000 |
| **Feb-16** | $9690 | $9733 | $9850 |
| **Mar-16** | $10430 | $10367 | $10639 |
| **Apr-16** | $10500 | $10667 | $10884 |
| **May-16** | $10810 | $10570 | $10940 |
| **Jun-16** | $10280 | $10215 | $10363 |
| **Jul-16** | $10790 | $10733 | $10998 |
| **Aug-16** | $10830 | $10740 | $10933 |
| **Sep-16** | $11170 | $10872 | $11258 |
| **Oct-16** | $10740 | $10650 | $10939 |
| **Nov-16** | $10420 | $10438 | $10632 |
| **Dec-16** | $10515 | $10795 | $10936 |
| **Jan-17** | $10968 | $11108 | $11323 |
| **Feb-17** | $11150 | $11267 | $11577 |
| **Mar-17** | $11493 | $11577 | $11808 |
| **Apr-17** | $12118 | $11871 | $12314 |
| **May-17** | $12753 | $12307 | $12768 |
| **Jun-17** | $12712 | $12285 | $12765 |
| **Jul-17** | $13106 | $12640 | $13228 |
| **Aug-17** | $13206 | $12635 | $13336 |
| **Sep-17** | $13670 | $12949 | $13717 |
| **Oct-17** | $13973 | $13146 | $13948 |
| **Nov-17** | $14134 | $13284 | $14169 |
| **Dec-17** | $14428 | $13497 | $14547 |
| **Jan-18** | $15161 | $14174 | $15291 |
| **Feb-18** | $14509 | $13534 | $14749 |
| **Mar-18** | $14499 | $13290 | $14582 |
| **Apr-18** | $14448 | $13594 | $14780 |
| **May-18** | $14316 | $13288 | $14639 |
| **Jun-18** | $14000 | $13126 | $14354 |
| **Jul-18** | $14153 | $13449 | $14447 |
| **Aug-18** | $14031 | $13189 | $14332 |
| **Sep-18** | $14072 | $13304 | $14228 |
| **Oct-18** | $12565 | $12245 | $12859 |
| **Nov-18** | $12351 | $12230 | $12768 |
| **Dec-18** | $11591 | $11636 | $11944 |
| **Jan-19** | $12458 | $12401 | $12907 |
| **Feb-19** | $12754 | $12717 | $13196 |
| **Mar-19** | $12838 | $12797 | $13217 |
| **Apr-19** | $13240 | $13157 | $13616 |
| **May-19** | $12542 | $12525 | $12896 |
| **Jun-19** | $12944 | $13268 | $13443 |
| **Jul-19** | $12754 | $13099 | $13348 |
| **Aug-19** | $12162 | $12760 | $13018 |
| **Sep-19** | $12437 | $13126 | $13384 |
| **Oct-19** | $13155 | $13597 | $13992 |
| **Nov-19** | $13441 | $13751 | $14302 |
| **Dec-19** | $14094 | $14197 | $14926 |
| **Jan-20** | $13315 | $13901 | $14494 |
| **Feb-20** | $12449 | $12644 | $13073 |
| **Mar-20** | $9973 | $10957 | $10818 |
| **Apr-20** | $10946 | $11664 | $11943 |
| **May-20** | $11552 | $12172 | $12795 |
| **Jun-20** | $11844 | $12587 | $12970 |
| **Jul-20** | $12093 | $12880 | $13406 |
| **Aug-20** | $12785 | $13542 | $14406 |
| **Sep-20** | $12525 | $13191 | $14300 |
| **Oct-20** | $12266 | $12664 | $13801 |
| **Nov-20** | $14277 | $14627 | $15697 |
| **Dec-20** | $15185 | $15307 | $16769 |
| **Jan-21** | $15240 | $15144 | $16707 |
| **Feb-21** | $16091 | $15484 | $17149 |
| **Mar-21** | $16735 | $15840 | $17524 |
| **Apr-21** | $17467 | $16316 | $18228 |
| **May-21** | $18023 | $16848 | $18593 |
| **Jun-21** | $17816 | $16659 | $18285 |
| **Jul-21** | $17969 | $16784 | $18596 |
| **Aug-21** | $18296 | $17080 | $19132 |
| **Sep-21** | $17707 | $16585 | $18449 |
| **Oct-21** | $17816 | $16992 | $18738 |
| **Nov-21** | $16910 | $16202 | $17691 |
| **Dec-21** | $17734 | $17031 | $18462 |
| **Jan-22** | $17113 | $16208 | $17112 |
| **Feb-22** | $16797 | $15922 | $16895 |
| **Mar-22** | $16656 | $16024 | $16888 |
| **Apr-22** | $15672 | $14987 | $15729 |
| **May-22** | $16293 | $15100 | $15615 |
| **Jun-22** | $15145 | $13699 | $13901 |
| **Jul-22** | $15824 | $14381 | $14819 |
| **Aug-22** | $15133 | $13698 | $14162 |
| **Sep-22** | $13915 | $12417 | $12534 |
| **Oct-22** | $14735 | $13084 | $13064 |
| **Nov-22** | $16410 | $14558 | $14359 |
| **Dec-22** | $16192 | $14570 | $14513 |
| **Jan-23** | $17294 | $15750 | $15597 |
| **Feb-23** | $17055 | $15421 | $15258 |
| **Mar-23** | $17007 | $15803 | $15227 |
| **Apr-23** | $17570 | $16249 | $15533 |
| **May-23** | $16540 | $15562 | $14885 |
| **Jun-23** | $17091 | $16270 | $15315 |
| **Jul-23** | $17474 | $16796 | $15994 |
| **Aug-23** | $16839 | $16153 | $15462 |
| **Sep-23** | $15953 | $15601 | $14778 |
| **Oct-23** | $15174 | $14969 | $13910 |
| **Nov-23** | $16552 | $16358 | $15308 |
| **Dec-23** | $17630 | $17227 | $16424 |
| **Jan-24** | $17227 | $17326 | $16153 |
| **Feb-24** | $17300 | $17643 | $16214 |
| **Mar-24** | $17984 | $18224 | $16818 |
| **Apr-24** | $17593 | $17757 | $16318 |
| **May-24** | $18289 | $18445 | $17025 |
| **Jun-24** | $17557 | $18147 | $16507 |
| **Jul-24** | $18581 | $18679 | $17449 |
| **Aug-24** | $18813 | $19287 | $17794 |
| **Sep-24** | $19008 | $19465 | $18248 |
| **Oct-24** | $17496 | $18406 | $17104 |
| **Nov-24** | $17532 | $18302 | $17116 |
| **Dec-24** | $17430 | $17886 | $16722 |
| **Jan-25** | $17852 | $18826 | $17298 |
| **Feb-25** | $17967 | $19191 | $17247 |
| **Mar-25** | $18274 | $19113 | $17339 |
| **Apr-25** | $19002 | $19989 | $18345 |
| **May-25** | $19948 | $20903 | $19374 |
| **Jun-25** | $20932 | $21364 | $20216 |
| **Jul-25** | $20676 | $21064 | $20199 |
| **Aug-25** | $21353 | $21962 | $21133 |
| **Sep-25** | $21289 | $22382 | $21469 |
| **Oct-25** | $20906 | $22646 | $21295 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 02/01/2016** |
| **Investor Class** | 19.49% | 11.25% | 7.86% |
| **MSCI EAFE (ND) Index** | 23.03% | 12.33% | 8.75% |
| **MSCI EAFE Small Cap (ND) Index** | 24.50% | 9.06% | 8.06% |

---

The "Life of Class" return as shown reflects the period 02/01/2016 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $180479 |
| **Number of Investments** | 64 |
| **Total Net Advisory Fees Paid (in thousands)** | $1617 |
| **Portfolio Turnover Rate** | 36% |

---

#### Annual Shareholder Report

#### October 31, 2025

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i008365251e498e7ab403bccc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 58.6% |
| Pacific Basin | 40.0% |
| North America | 1.4% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 31.0% |
| United Kingdom | 18.6% |
| Switzerland | 6.0% |
| Netherlands | 5.9% |
| Belgium | 5.3% |
| France | 4.7% |
| Finland | 3.9% |
| Australia | 3.6% |
| Ireland | 3.1% |
| Luxembourg | 3.1% |
| Others | 14.8% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net assets. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to lower the operating expense limit for Investor Class shares from 1.26% to 1.25% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Large Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HNLVX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Large Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $63 | 0.61% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Aristotle Capital Management, LLC

**Performance Summary**

The Retirement Class shares of the Fund returned 5.06% for the year ended October 31, 2025, while the Russell 1000<sup>®</sup> Value Index returned 11.15% during the same period.

Top contributors to relative performance based on absolute contribution to return included:

• Overweight exposure to the Information Technology sector, security selection in the Industrials sector, and underweight exposure to the Health Care sector.

• Position in Microsoft Corp., a global leader in software and enterprise services, was the leading contributor in the Information Technology sector.

• Position in Parker Hannifin Corporation, a global leader in motion and control technologies, was the largest contributor in the Industrials sector.

• Position in Medtronic PLC, a global medical device company, was the leading performer in the Health Care sector.

Top detractors from relative performance based on absolute contribution to return included:

• Security selection in the Information Technology and Financials sectors, and overweight exposure to the Materials sector.

• Position in Adobe, Inc., a content creation and publishing software provider, was the leading detractor in the Information Technology sector.

• Position in Ameriprise Financial, Inc., an asset and wealth manager, was the largest detractor in the Financials sector.

• Position in RPM International, Inc., a coatings, sealants, and building materials manufacturer, was the largest detractor in the Materials sector.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i238a02371c3d24a3d3cdbd4b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retirement Class** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Nov-15** | $1003289 | $1002974 | $1003827 |
| **Dec-15** | $975776 | $987155 | $982240 |
| **Jan-16** | $929063 | $938168 | $931484 |
| **Feb-16** | $946364 | $936903 | $931250 |
| **Mar-16** | $983562 | $1000460 | $998332 |
| **Apr-16** | $1014703 | $1004339 | $1019303 |
| **May-16** | $1031139 | $1022375 | $1035136 |
| **Jun-16** | $1032548 | $1025024 | $1044087 |
| **Jul-16** | $1071693 | $1062815 | $1074402 |
| **Aug-16** | $1089960 | $1064307 | $1082687 |
| **Sep-16** | $1085611 | $1064509 | $1080430 |
| **Oct-16** | $1071693 | $1045091 | $1063709 |
| **Nov-16** | $1124756 | $1083795 | $1124461 |
| **Dec-16** | $1143523 | $1105218 | $1152564 |
| **Jan-17** | $1168834 | $1126180 | $1160775 |
| **Feb-17** | $1213128 | $1170896 | $1202486 |
| **Mar-17** | $1218552 | $1172262 | $1190237 |
| **Apr-17** | $1236632 | $1184301 | $1188003 |
| **May-17** | $1247479 | $1200967 | $1186839 |
| **Jun-17** | $1266673 | $1208463 | $1206241 |
| **Jul-17** | $1289389 | $1233313 | $1222273 |
| **Aug-17** | $1279394 | $1237088 | $1208035 |
| **Sep-17** | $1320284 | $1262607 | $1243814 |
| **Oct-17** | $1351178 | $1292070 | $1252845 |
| **Nov-17** | $1387525 | $1331698 | $1291209 |
| **Dec-17** | $1399553 | $1346504 | $1310057 |
| **Jan-18** | $1485795 | $1423597 | $1360706 |
| **Feb-18** | $1412677 | $1371127 | $1295731 |
| **Mar-18** | $1388304 | $1336283 | $1272937 |
| **Apr-18** | $1390179 | $1341410 | $1277140 |
| **May-18** | $1412677 | $1373714 | $1284721 |
| **Jun-18** | $1406399 | $1382169 | $1287903 |
| **Jul-18** | $1456325 | $1433604 | $1338877 |
| **Aug-18** | $1474222 | $1480319 | $1358666 |
| **Sep-18** | $1458209 | $1488745 | $1361361 |
| **Oct-18** | $1353647 | $1386989 | $1290867 |
| **Nov-18** | $1403573 | $1415253 | $1329407 |
| **Dec-18** | $1274283 | $1287469 | $1201751 |
| **Jan-19** | $1377421 | $1390641 | $1295288 |
| **Feb-19** | $1421761 | $1435292 | $1336675 |
| **Mar-19** | $1429472 | $1463183 | $1345173 |
| **Apr-19** | $1513332 | $1522426 | $1392888 |
| **May-19** | $1417905 | $1425679 | $1303329 |
| **Jun-19** | $1517688 | $1526155 | $1396888 |
| **Jul-19** | $1542886 | $1548090 | $1408467 |
| **Aug-19** | $1520595 | $1523567 | $1367050 |
| **Sep-19** | $1558392 | $1552074 | $1415824 |
| **Oct-19** | $1582621 | $1585691 | $1435613 |
| **Nov-19** | $1644647 | $1643250 | $1479997 |
| **Dec-19** | $1695228 | $1692847 | $1520711 |
| **Jan-20** | $1669912 | $1692183 | $1487996 |
| **Feb-20** | $1525803 | $1552884 | $1343889 |
| **Mar-20** | $1288218 | $1361083 | $1114226 |
| **Apr-20** | $1451801 | $1535565 | $1239489 |
| **May-20** | $1526777 | $1608701 | $1281964 |
| **Jun-20** | $1556916 | $1640694 | $1273455 |
| **Jul-20** | $1632266 | $1733205 | $1323799 |
| **Aug-20** | $1712510 | $1857788 | $1378539 |
| **Sep-20** | $1679238 | $1787198 | $1344676 |
| **Oct-20** | $1674345 | $1739670 | $1327004 |
| **Nov-20** | $1854403 | $1930101 | $1505505 |
| **Dec-20** | $1940204 | $2004310 | $1563225 |
| **Jan-21** | $1941214 | $1984075 | $1548909 |
| **Feb-21** | $2060331 | $2038786 | $1642514 |
| **Mar-21** | $2132004 | $2128076 | $1739166 |
| **Apr-21** | $2216800 | $2241648 | $1808717 |
| **May-21** | $2243046 | $2257305 | $1850941 |
| **Jun-21** | $2265292 | $2310001 | $1829745 |
| **Jul-21** | $2314957 | $2364875 | $1844369 |
| **Aug-21** | $2371716 | $2436781 | $1880945 |
| **Sep-21** | $2256170 | $2323446 | $1815474 |
| **Oct-21** | $2354485 | $2486231 | $1907659 |
| **Nov-21** | $2327119 | $2469004 | $1840433 |
| **Dec-21** | $2427657 | $2579656 | $1956538 |
| **Jan-22** | $2309516 | $2446166 | $1910963 |
| **Feb-22** | $2233194 | $2372924 | $1888788 |
| **Mar-22** | $2252013 | $2461030 | $1942106 |
| **Apr-22** | $2132826 | $2246423 | $1832564 |
| **May-22** | $2195556 | $2250545 | $1868189 |
| **Jun-22** | $1973615 | $2064776 | $1704961 |
| **Jul-22** | $2147293 | $2255158 | $1818022 |
| **Aug-22** | $2059927 | $2163188 | $1763853 |
| **Sep-22** | $1868355 | $1963962 | $1609186 |
| **Oct-22** | $2052559 | $2122967 | $1774175 |
| **Nov-22** | $2176765 | $2241607 | $1885047 |
| **Dec-22** | $2065849 | $2112458 | $1809058 |
| **Jan-23** | $2185880 | $2245192 | $1902803 |
| **Feb-23** | $2129719 | $2190411 | $1835713 |
| **Mar-23** | $2141910 | $2270831 | $1827259 |
| **Apr-23** | $2136384 | $2306275 | $1854790 |
| **May-23** | $2087754 | $2316299 | $1783255 |
| **Jun-23** | $2235387 | $2469349 | $1901712 |
| **Jul-23** | $2331902 | $2548677 | $1968584 |
| **Aug-23** | $2256465 | $2508098 | $1915439 |
| **Sep-23** | $2165525 | $2388517 | $1841524 |
| **Oct-23** | $2116537 | $2338295 | $1776551 |
| **Nov-23** | $2324739 | $2551841 | $1910592 |
| **Dec-23** | $2475483 | $2667773 | $2016424 |
| **Jan-24** | $2486970 | $2712603 | $2018512 |
| **Feb-24** | $2563934 | $2857444 | $2092975 |
| **Mar-24** | $2658771 | $2949382 | $2197612 |
| **Apr-24** | $2535509 | $2828914 | $2103740 |
| **May-24** | $2614995 | $2969186 | $2170429 |
| **Jun-24** | $2614335 | $3075726 | $2150012 |
| **Jul-24** | $2720618 | $3113165 | $2259925 |
| **Aug-24** | $2759897 | $3188679 | $2320547 |
| **Sep-24** | $2779540 | $3256780 | $2352756 |
| **Oct-24** | $2733195 | $3227247 | $2326862 |
| **Nov-24** | $2871071 | $3416689 | $2475453 |
| **Dec-24** | $2660863 | $3335241 | $2306150 |
| **Jan-25** | $2767446 | $3428119 | $2412891 |
| **Feb-25** | $2763728 | $3383390 | $2422688 |
| **Mar-25** | $2672474 | $3192755 | $2355404 |
| **Apr-25** | $2611453 | $3171104 | $2283615 |
| **May-25** | $2718551 | $3370710 | $2363804 |
| **Jun-25** | $2802197 | $3542119 | $2444606 |
| **Jul-25** | $2840926 | $3621613 | $2458643 |
| **Aug-25** | $2948366 | $3695030 | $2537000 |
| **Sep-25** | $2920475 | $3829899 | $2574898 |
| **Oct-25** | $2871571 | $3919570 | $2586267 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Retirement Class** | 5.06% | 11.39% | 11.13% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 1000<sup>®</sup> Value Index** | 11.15% | 14.28% | 9.97% |

---

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

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1250657 |
| **Number of Investments** | 46 |
| **Total Net Advisory Fees Paid (in thousands)** | $8974 |
| **Portfolio Turnover Rate** | 10% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](iace878e827d5a9c0cede8e2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.3% |
| Information Technology | 15.4% |
| Materials | 12.4% |
| Industrials | 11.6% |
| Health Care | 9.2% |
| Consumer Discretionary | 7.7% |
| Utilities | 7.1% |
| Communication Services | 5.6% |
| Consumer Staples | 4.8% |
| Energy | 3.6% |
| Real Estate | 1.3% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Large Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HAVLX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Large Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $71 | 0.69% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Aristotle Capital Management, LLC

**Performance Summary**

The Institutional Class shares of the Fund returned 4.92% for the year ended October 31, 2025, while the Russell 1000<sup>®</sup> Value Index returned 11.15% during the same period.

Top contributors to relative performance based on absolute contribution to return included:

• Overweight exposure to the Information Technology sector, security selection in the Industrials sector, and underweight exposure to the Health Care sector.

• Position in Microsoft Corp., a global leader in software and enterprise services, was the leading contributor in the Information Technology sector.

• Position in Parker Hannifin Corporation, a global leader in motion and control technologies, was the largest contributor in the Industrials sector.

• Position in Medtronic PLC, a global medical device company, was the leading performer in the Health Care sector.

Top detractors from relative performance based on absolute contribution to return included:

• Security selection in the Information Technology and Financials sectors, and overweight exposure to the Materials sector.

• Position in Adobe, Inc., a content creation and publishing software provider, was the leading detractor in the Information Technology sector.

• Position in Ameriprise Financial, Inc., an asset and wealth manager, was the largest detractor in the Financials sector.

• Position in RPM International, Inc., a coatings, sealants, and building materials manufacturer, was the largest detractor in the Materials sector.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i6ecf928d8ce957ca233fe45b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Nov-15** | $50164 | $50149 | $50191 |
| **Dec-15** | $48789 | $49358 | $49112 |
| **Jan-16** | $46453 | $46908 | $46574 |
| **Feb-16** | $46237 | $46845 | $46562 |
| **Mar-16** | $49221 | $50023 | $49917 |
| **Apr-16** | $50778 | $50217 | $50965 |
| **May-16** | $51557 | $51119 | $51757 |
| **Jun-16** | $51656 | $51251 | $52204 |
| **Jul-16** | $53613 | $53141 | $53720 |
| **Aug-16** | $54526 | $53215 | $54134 |
| **Sep-16** | $54308 | $53225 | $54022 |
| **Oct-16** | $53569 | $52255 | $53185 |
| **Nov-16** | $56265 | $54190 | $56223 |
| **Dec-16** | $57144 | $55261 | $57628 |
| **Jan-17** | $58454 | $56309 | $58039 |
| **Feb-17** | $60623 | $58545 | $60124 |
| **Mar-17** | $60939 | $58613 | $59512 |
| **Apr-17** | $61842 | $59215 | $59400 |
| **May-17** | $62339 | $60048 | $59342 |
| **Jun-17** | $63322 | $60423 | $60312 |
| **Jul-17** | $64456 | $61666 | $61114 |
| **Aug-17** | $63912 | $61854 | $60402 |
| **Sep-17** | $65954 | $63130 | $62191 |
| **Oct-17** | $67498 | $64604 | $62642 |
| **Nov-17** | $69313 | $66585 | $64560 |
| **Dec-17** | $69891 | $67325 | $65503 |
| **Jan-18** | $74198 | $71180 | $68035 |
| **Feb-18** | $70593 | $68556 | $64787 |
| **Mar-18** | $69376 | $66814 | $63647 |
| **Apr-18** | $69423 | $67071 | $63857 |
| **May-18** | $70546 | $68686 | $64236 |
| **Jun-18** | $70255 | $69108 | $64395 |
| **Jul-18** | $72700 | $71680 | $66944 |
| **Aug-18** | $73593 | $74016 | $67933 |
| **Sep-18** | $72794 | $74437 | $68068 |
| **Oct-18** | $67574 | $69349 | $64543 |
| **Nov-18** | $70067 | $70763 | $66470 |
| **Dec-18** | $63635 | $64373 | $60088 |
| **Jan-19** | $68734 | $69532 | $64764 |
| **Feb-19** | $70994 | $71765 | $66834 |
| **Mar-19** | $71331 | $73159 | $67259 |
| **Apr-19** | $75516 | $76121 | $69644 |
| **May-19** | $70754 | $71284 | $65166 |
| **Jun-19** | $75707 | $76308 | $69844 |
| **Jul-19** | $76964 | $77404 | $70423 |
| **Aug-19** | $75852 | $76178 | $68353 |
| **Sep-19** | $77737 | $77604 | $70791 |
| **Oct-19** | $78946 | $79285 | $71781 |
| **Nov-19** | $82040 | $82163 | $74000 |
| **Dec-19** | $84531 | $84642 | $76036 |
| **Jan-20** | $83268 | $84609 | $74400 |
| **Feb-20** | $76082 | $77644 | $67194 |
| **Mar-20** | $64235 | $68054 | $55711 |
| **Apr-20** | $72392 | $76778 | $61974 |
| **May-20** | $76131 | $80435 | $64098 |
| **Jun-20** | $77655 | $82035 | $63673 |
| **Jul-20** | $81362 | $86660 | $66190 |
| **Aug-20** | $85362 | $92889 | $68927 |
| **Sep-20** | $83704 | $89360 | $67234 |
| **Oct-20** | $83460 | $86983 | $66350 |
| **Nov-20** | $92435 | $96505 | $75275 |
| **Dec-20** | $96727 | $100216 | $78161 |
| **Jan-21** | $96727 | $99204 | $77445 |
| **Feb-21** | $102662 | $101939 | $82126 |
| **Mar-21** | $106234 | $106404 | $86958 |
| **Apr-21** | $110409 | $112082 | $90436 |
| **May-21** | $111716 | $112865 | $92547 |
| **Jun-21** | $112835 | $115500 | $91487 |
| **Jul-21** | $115309 | $118244 | $92218 |
| **Aug-21** | $118136 | $121839 | $94047 |
| **Sep-21** | $112381 | $116172 | $90774 |
| **Oct-21** | $117278 | $124312 | $95383 |
| **Nov-21** | $115864 | $123450 | $92022 |
| **Dec-21** | $120869 | $128983 | $97827 |
| **Jan-22** | $114987 | $122308 | $95548 |
| **Feb-22** | $111239 | $118646 | $94439 |
| **Mar-22** | $112124 | $123051 | $97105 |
| **Apr-22** | $106190 | $112321 | $91628 |
| **May-22** | $109313 | $112527 | $93409 |
| **Jun-22** | $98217 | $103239 | $85248 |
| **Jul-22** | $106861 | $112758 | $90901 |
| **Aug-22** | $102513 | $108159 | $88193 |
| **Sep-22** | $93032 | $98198 | $80459 |
| **Oct-22** | $102146 | $106148 | $88709 |
| **Nov-22** | $108327 | $112080 | $94252 |
| **Dec-22** | $102812 | $105623 | $90453 |
| **Jan-23** | $108728 | $112260 | $95140 |
| **Feb-23** | $105934 | $109521 | $91786 |
| **Mar-23** | $106519 | $113542 | $91363 |
| **Apr-23** | $106245 | $115314 | $92740 |
| **May-23** | $103881 | $115815 | $89163 |
| **Jun-23** | $111201 | $123467 | $95086 |
| **Jul-23** | $115945 | $127434 | $98429 |
| **Aug-23** | $112249 | $125405 | $95772 |
| **Sep-23** | $107705 | $119426 | $92076 |
| **Oct-23** | $105269 | $116915 | $88828 |
| **Nov-23** | $115619 | $127592 | $95530 |
| **Dec-23** | $123032 | $133389 | $100821 |
| **Jan-24** | $123660 | $135630 | $100926 |
| **Feb-24** | $127428 | $142872 | $104649 |
| **Mar-24** | $132174 | $147469 | $109881 |
| **Apr-24** | $126049 | $141446 | $105187 |
| **May-24** | $129941 | $148459 | $108521 |
| **Jun-24** | $129939 | $153786 | $107501 |
| **Jul-24** | $135219 | $155658 | $112996 |
| **Aug-24** | $137113 | $159434 | $116027 |
| **Sep-24** | $138118 | $162839 | $117638 |
| **Oct-24** | $135816 | $161362 | $116343 |
| **Nov-24** | $142665 | $170834 | $123773 |
| **Dec-24** | $132193 | $166762 | $115308 |
| **Jan-25** | $137485 | $171406 | $120645 |
| **Feb-25** | $137301 | $169170 | $121134 |
| **Mar-25** | $132738 | $159638 | $117770 |
| **Apr-25** | $129647 | $158555 | $114181 |
| **May-25** | $135026 | $168535 | $118190 |
| **Jun-25** | $139151 | $177106 | $122230 |
| **Jul-25** | $141011 | $181081 | $122932 |
| **Aug-25** | $146344 | $184751 | $126850 |
| **Sep-25** | $144992 | $191495 | $128745 |
| **Oct-25** | $142503 | $195979 | $129313 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 4.92% | 11.29% | 11.04% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 1000<sup>®</sup> Value Index** | 11.15% | 14.28% | 9.97% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1250657 |
| **Number of Investments** | 46 |
| **Total Net Advisory Fees Paid (in thousands)** | $8974 |
| **Portfolio Turnover Rate** | 10% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](iace878e827d5a9c0cede8e2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.3% |
| Information Technology | 15.4% |
| Materials | 12.4% |
| Industrials | 11.6% |
| Health Care | 9.2% |
| Consumer Discretionary | 7.7% |
| Utilities | 7.1% |
| Communication Services | 5.6% |
| Consumer Staples | 4.8% |
| Energy | 3.6% |
| Real Estate | 1.3% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Large Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HRLVX

Administrative Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Large Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Administrative Class | $96 | 0.94% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Aristotle Capital Management, LLC

**Performance Summary**

The Administrative Class shares of the Fund returned 4.70% for the year ended October 31, 2025, while the Russell 1000<sup>®</sup> Value Index returned 11.15% during the same period.

Top contributors to relative performance based on absolute contribution to return included:

• Overweight exposure to the Information Technology sector, security selection in the Industrials sector, and underweight exposure to the Health Care sector.

• Position in Microsoft Corp., a global leader in software and enterprise services, was the leading contributor in the Information Technology sector.

• Position in Parker Hannifin Corporation, a global leader in motion and control technologies, was the largest contributor in the Industrials sector.

• Position in Medtronic PLC, a global medical device company, was the leading performer in the Health Care sector.

Top detractors from relative performance based on absolute contribution to return included:

• Security selection in the Information Technology and Financials sectors, and overweight exposure to the Materials sector.

• Position in Adobe, Inc., a content creation and publishing software provider, was the leading detractor in the Information Technology sector.

• Position in Ameriprise Financial, Inc., an asset and wealth manager, was the largest detractor in the Financials sector.

• Position in RPM International, Inc., a coatings, sealants, and building materials manufacturer, was the largest detractor in the Materials sector.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i3d9a9d48a72540068c08dc78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Nov-15** | $10033 | $10030 | $10038 |
| **Dec-15** | $9753 | $9872 | $9822 |
| **Jan-16** | $9269 | $9382 | $9315 |
| **Feb-16** | $9234 | $9369 | $9312 |
| **Mar-16** | $9822 | $10005 | $9983 |
| **Apr-16** | $10134 | $10043 | $10193 |
| **May-16** | $10289 | $10224 | $10351 |
| **Jun-16** | $10304 | $10250 | $10441 |
| **Jul-16** | $10695 | $10628 | $10744 |
| **Aug-16** | $10877 | $10643 | $10827 |
| **Sep-16** | $10834 | $10645 | $10804 |
| **Oct-16** | $10677 | $10451 | $10637 |
| **Nov-16** | $11216 | $10838 | $11245 |
| **Dec-16** | $11395 | $11052 | $11526 |
| **Jan-17** | $11647 | $11262 | $11608 |
| **Feb-17** | $12079 | $11709 | $12025 |
| **Mar-17** | $12133 | $11723 | $11902 |
| **Apr-17** | $12313 | $11843 | $11880 |
| **May-17** | $12412 | $12010 | $11868 |
| **Jun-17** | $12597 | $12085 | $12062 |
| **Jul-17** | $12823 | $12333 | $12223 |
| **Aug-17** | $12714 | $12371 | $12080 |
| **Sep-17** | $13122 | $12626 | $12438 |
| **Oct-17** | $13429 | $12921 | $12528 |
| **Nov-17** | $13782 | $13317 | $12912 |
| **Dec-17** | $13894 | $13465 | $13101 |
| **Jan-18** | $14741 | $14236 | $13607 |
| **Feb-18** | $14025 | $13711 | $12957 |
| **Mar-18** | $13774 | $13363 | $12729 |
| **Apr-18** | $13783 | $13414 | $12771 |
| **May-18** | $14006 | $13737 | $12847 |
| **Jun-18** | $13940 | $13822 | $12879 |
| **Jul-18** | $14425 | $14336 | $13389 |
| **Aug-18** | $14602 | $14803 | $13587 |
| **Sep-18** | $14444 | $14887 | $13614 |
| **Oct-18** | $13399 | $13870 | $12909 |
| **Nov-18** | $13893 | $14153 | $13294 |
| **Dec-18** | $12608 | $12875 | $12018 |
| **Jan-19** | $13628 | $13906 | $12953 |
| **Feb-19** | $14066 | $14353 | $13367 |
| **Mar-19** | $14133 | $14632 | $13452 |
| **Apr-19** | $14962 | $15224 | $13929 |
| **May-19** | $14019 | $14257 | $13033 |
| **Jun-19** | $14991 | $15262 | $13969 |
| **Jul-19** | $15240 | $15481 | $14085 |
| **Aug-19** | $15020 | $15236 | $13671 |
| **Sep-19** | $15383 | $15521 | $14158 |
| **Oct-19** | $15623 | $15857 | $14356 |
| **Nov-19** | $16225 | $16433 | $14800 |
| **Dec-19** | $16712 | $16928 | $15207 |
| **Jan-20** | $16463 | $16922 | $14880 |
| **Feb-20** | $15043 | $15529 | $13439 |
| **Mar-20** | $12692 | $13611 | $11142 |
| **Apr-20** | $14304 | $15356 | $12395 |
| **May-20** | $15033 | $16087 | $12820 |
| **Jun-20** | $15334 | $16407 | $12735 |
| **Jul-20** | $16065 | $17332 | $13238 |
| **Aug-20** | $16855 | $18578 | $13785 |
| **Sep-20** | $16518 | $17872 | $13447 |
| **Oct-20** | $16470 | $17397 | $13270 |
| **Nov-20** | $18231 | $19301 | $15055 |
| **Dec-20** | $19075 | $20043 | $15632 |
| **Jan-21** | $19065 | $19841 | $15489 |
| **Feb-21** | $20225 | $20388 | $16425 |
| **Mar-21** | $20929 | $21281 | $17392 |
| **Apr-21** | $21751 | $22416 | $18087 |
| **May-21** | $21999 | $22573 | $18509 |
| **Jun-21** | $22221 | $23100 | $18297 |
| **Jul-21** | $22698 | $23649 | $18444 |
| **Aug-21** | $23254 | $24368 | $18809 |
| **Sep-21** | $22111 | $23234 | $18155 |
| **Oct-21** | $23065 | $24862 | $19077 |
| **Nov-21** | $22787 | $24690 | $18404 |
| **Dec-21** | $23772 | $25797 | $19565 |
| **Jan-22** | $22615 | $24462 | $19110 |
| **Feb-22** | $21858 | $23729 | $18888 |
| **Mar-22** | $22032 | $24610 | $19421 |
| **Apr-22** | $20865 | $22464 | $18326 |
| **May-22** | $21469 | $22505 | $18682 |
| **Jun-22** | $19292 | $20648 | $17050 |
| **Jul-22** | $20978 | $22552 | $18180 |
| **Aug-22** | $20125 | $21632 | $17639 |
| **Sep-22** | $18253 | $19640 | $16092 |
| **Oct-22** | $20053 | $21230 | $17742 |
| **Nov-22** | $21256 | $22416 | $18850 |
| **Dec-22** | $20169 | $21125 | $18091 |
| **Jan-23** | $21329 | $22452 | $19028 |
| **Feb-23** | $20770 | $21904 | $18357 |
| **Mar-23** | $20883 | $22708 | $18273 |
| **Apr-23** | $20829 | $23063 | $18548 |
| **May-23** | $20355 | $23163 | $17833 |
| **Jun-23** | $21787 | $24693 | $19017 |
| **Jul-23** | $22716 | $25487 | $19686 |
| **Aug-23** | $21971 | $25081 | $19154 |
| **Sep-23** | $21089 | $23885 | $18415 |
| **Oct-23** | $20601 | $23383 | $17766 |
| **Nov-23** | $22627 | $25518 | $19106 |
| **Dec-23** | $24074 | $26678 | $20164 |
| **Jan-24** | $24186 | $27126 | $20185 |
| **Feb-24** | $24923 | $28574 | $20930 |
| **Mar-24** | $25853 | $29494 | $21976 |
| **Apr-24** | $24645 | $28289 | $21037 |
| **May-24** | $25406 | $29692 | $21704 |
| **Jun-24** | $25393 | $30757 | $21500 |
| **Jul-24** | $26423 | $31132 | $22599 |
| **Aug-24** | $26792 | $31887 | $23205 |
| **Sep-24** | $26971 | $32568 | $23528 |
| **Oct-24** | $26511 | $32272 | $23269 |
| **Nov-24** | $27847 | $34167 | $24755 |
| **Dec-24** | $25799 | $33352 | $23062 |
| **Jan-25** | $26830 | $34281 | $24129 |
| **Feb-25** | $26782 | $33834 | $24227 |
| **Mar-25** | $25890 | $31928 | $23554 |
| **Apr-25** | $25288 | $31711 | $22836 |
| **May-25** | $26323 | $33707 | $23638 |
| **Jun-25** | $27123 | $35421 | $24446 |
| **Jul-25** | $27485 | $36216 | $24586 |
| **Aug-25** | $28522 | $36950 | $25370 |
| **Sep-25** | $28254 | $38299 | $25749 |
| **Oct-25** | $27758 | $39196 | $25863 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Administrative Class** | 4.70% | 11.00% | 10.75% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 1000<sup>®</sup> Value Index** | 11.15% | 14.28% | 9.97% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1250657 |
| **Number of Investments** | 46 |
| **Total Net Advisory Fees Paid (in thousands)** | $8974 |
| **Portfolio Turnover Rate** | 10% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](iace878e827d5a9c0cede8e2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.3% |
| Information Technology | 15.4% |
| Materials | 12.4% |
| Industrials | 11.6% |
| Health Care | 9.2% |
| Consumer Discretionary | 7.7% |
| Utilities | 7.1% |
| Communication Services | 5.6% |
| Consumer Staples | 4.8% |
| Energy | 3.6% |
| Real Estate | 1.3% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Large Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HILVX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Large Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $106 | 1.04% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Aristotle Capital Management, LLC

**Performance Summary**

The Investor Class shares of the Fund returned 4.61% for the year ended October 31, 2025, while the Russell 1000<sup>®</sup> Value Index returned 11.15% during the same period.

Top contributors to relative performance based on absolute contribution to return included:

• Overweight exposure to the Information Technology sector, security selection in the Industrials sector, and underweight exposure to the Health Care sector.

• Position in Microsoft Corp., a global leader in software and enterprise services, was the leading contributor in the Information Technology sector.

• Position in Parker Hannifin Corporation, a global leader in motion and control technologies, was the largest contributor in the Industrials sector.

• Position in Medtronic PLC, a global medical device company, was the leading performer in the Health Care sector.

Top detractors from relative performance based on absolute contribution to return included:

• Security selection in the Information Technology and Financials sectors, and overweight exposure to the Materials sector.

• Position in Adobe, Inc., a content creation and publishing software provider, was the leading detractor in the Information Technology sector.

• Position in Ameriprise Financial, Inc., an asset and wealth manager, was the largest detractor in the Financials sector.

• Position in RPM International, Inc., a coatings, sealants, and building materials manufacturer, was the largest detractor in the Materials sector.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i7a16b60f19068c52e9b9b56d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Nov-15** | $10033 | $10030 | $10038 |
| **Dec-15** | $9760 | $9872 | $9822 |
| **Jan-16** | $9280 | $9382 | $9315 |
| **Feb-16** | $9237 | $9369 | $9312 |
| **Mar-16** | $9828 | $10005 | $9983 |
| **Apr-16** | $10137 | $10043 | $10193 |
| **May-16** | $10291 | $10224 | $10351 |
| **Jun-16** | $10311 | $10250 | $10441 |
| **Jul-16** | $10698 | $10628 | $10744 |
| **Aug-16** | $10878 | $10643 | $10827 |
| **Sep-16** | $10827 | $10645 | $10804 |
| **Oct-16** | $10680 | $10451 | $10637 |
| **Nov-16** | $11214 | $10838 | $11245 |
| **Dec-16** | $11390 | $11052 | $11526 |
| **Jan-17** | $11639 | $11262 | $11608 |
| **Feb-17** | $12076 | $11709 | $12025 |
| **Mar-17** | $12130 | $11723 | $11902 |
| **Apr-17** | $12299 | $11843 | $11880 |
| **May-17** | $12398 | $12010 | $11868 |
| **Jun-17** | $12583 | $12085 | $12062 |
| **Jul-17** | $12807 | $12333 | $12223 |
| **Aug-17** | $12699 | $12371 | $12080 |
| **Sep-17** | $13111 | $12626 | $12438 |
| **Oct-17** | $13406 | $12921 | $12528 |
| **Nov-17** | $13764 | $13317 | $12912 |
| **Dec-17** | $13879 | $13465 | $13101 |
| **Jan-18** | $14726 | $14236 | $13607 |
| **Feb-18** | $13999 | $13711 | $12957 |
| **Mar-18** | $13750 | $13363 | $12729 |
| **Apr-18** | $13760 | $13414 | $12771 |
| **May-18** | $13981 | $13737 | $12847 |
| **Jun-18** | $13914 | $13822 | $12879 |
| **Jul-18** | $14394 | $14336 | $13389 |
| **Aug-18** | $14569 | $14803 | $13587 |
| **Sep-18** | $14403 | $14887 | $13614 |
| **Oct-18** | $13370 | $13870 | $12909 |
| **Nov-18** | $13859 | $14153 | $13294 |
| **Dec-18** | $12576 | $12875 | $12018 |
| **Jan-19** | $13592 | $13906 | $12953 |
| **Feb-19** | $14025 | $14353 | $13367 |
| **Mar-19** | $14091 | $14632 | $13452 |
| **Apr-19** | $14910 | $15224 | $13929 |
| **May-19** | $13969 | $14257 | $13033 |
| **Jun-19** | $14948 | $15262 | $13969 |
| **Jul-19** | $15184 | $15481 | $14085 |
| **Aug-19** | $14967 | $15236 | $13671 |
| **Sep-19** | $15335 | $15521 | $14158 |
| **Oct-19** | $15561 | $15857 | $14356 |
| **Nov-19** | $16166 | $16433 | $14800 |
| **Dec-19** | $16648 | $16928 | $15207 |
| **Jan-20** | $16392 | $16922 | $14880 |
| **Feb-20** | $14982 | $15529 | $13439 |
| **Mar-20** | $12644 | $13611 | $11142 |
| **Apr-20** | $14244 | $15356 | $12395 |
| **May-20** | $14972 | $16087 | $12820 |
| **Jun-20** | $15270 | $16407 | $12735 |
| **Jul-20** | $15991 | $17332 | $13238 |
| **Aug-20** | $16778 | $18578 | $13785 |
| **Sep-20** | $16446 | $17872 | $13447 |
| **Oct-20** | $16389 | $17397 | $13270 |
| **Nov-20** | $18143 | $19301 | $15055 |
| **Dec-20** | $18982 | $20043 | $15632 |
| **Jan-21** | $18972 | $19841 | $15489 |
| **Feb-21** | $20134 | $20388 | $16425 |
| **Mar-21** | $20836 | $21281 | $17392 |
| **Apr-21** | $21646 | $22416 | $18087 |
| **May-21** | $21900 | $22573 | $18509 |
| **Jun-21** | $22108 | $23100 | $18297 |
| **Jul-21** | $22587 | $23649 | $18444 |
| **Aug-21** | $23134 | $24368 | $18809 |
| **Sep-21** | $21990 | $23234 | $18155 |
| **Oct-21** | $22939 | $24862 | $19077 |
| **Nov-21** | $22665 | $24690 | $18404 |
| **Dec-21** | $23641 | $25797 | $19565 |
| **Jan-22** | $22484 | $24462 | $19110 |
| **Feb-22** | $21739 | $23729 | $18888 |
| **Mar-22** | $21910 | $24610 | $19421 |
| **Apr-22** | $20743 | $22464 | $18326 |
| **May-22** | $21347 | $22505 | $18682 |
| **Jun-22** | $19175 | $20648 | $17050 |
| **Jul-22** | $20852 | $22552 | $18180 |
| **Aug-22** | $19993 | $21632 | $17639 |
| **Sep-22** | $18134 | $19640 | $16092 |
| **Oct-22** | $19922 | $21230 | $17742 |
| **Nov-22** | $21114 | $22416 | $18850 |
| **Dec-22** | $20034 | $21125 | $18091 |
| **Jan-23** | $21183 | $22452 | $19028 |
| **Feb-23** | $20635 | $21904 | $18357 |
| **Mar-23** | $20740 | $22708 | $18273 |
| **Apr-23** | $20676 | $23063 | $18548 |
| **May-23** | $20211 | $23163 | $17833 |
| **Jun-23** | $21631 | $24693 | $19017 |
| **Jul-23** | $22542 | $25487 | $19686 |
| **Aug-23** | $21811 | $25081 | $19154 |
| **Sep-23** | $20929 | $23885 | $18415 |
| **Oct-23** | $20441 | $23383 | $17766 |
| **Nov-23** | $22448 | $25518 | $19106 |
| **Dec-23** | $23892 | $26678 | $20164 |
| **Jan-24** | $24001 | $27126 | $20185 |
| **Feb-24** | $24734 | $28574 | $20930 |
| **Mar-24** | $25644 | $29494 | $21976 |
| **Apr-24** | $24439 | $28289 | $21037 |
| **May-24** | $25195 | $29692 | $21704 |
| **Jun-24** | $25182 | $30757 | $21500 |
| **Jul-24** | $26192 | $31132 | $22599 |
| **Aug-24** | $26565 | $31887 | $23205 |
| **Sep-24** | $26744 | $32568 | $23528 |
| **Oct-24** | $26282 | $32272 | $23269 |
| **Nov-24** | $27602 | $34167 | $24755 |
| **Dec-24** | $25564 | $33352 | $23062 |
| **Jan-25** | $26597 | $34281 | $24129 |
| **Feb-25** | $26538 | $33834 | $24227 |
| **Mar-25** | $25657 | $31928 | $23554 |
| **Apr-25** | $25056 | $31711 | $22836 |
| **May-25** | $26081 | $33707 | $23638 |
| **Jun-25** | $26868 | $35421 | $24446 |
| **Jul-25** | $27234 | $36216 | $24586 |
| **Aug-25** | $28249 | $36950 | $25370 |
| **Sep-25** | $27978 | $38299 | $25749 |
| **Oct-25** | $27493 | $39196 | $25863 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 4.61% | 10.90% | 10.64% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 1000<sup>®</sup> Value Index** | 11.15% | 14.28% | 9.97% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1250657 |
| **Number of Investments** | 46 |
| **Total Net Advisory Fees Paid (in thousands)** | $8974 |
| **Portfolio Turnover Rate** | 10% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](iace878e827d5a9c0cede8e2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.3% |
| Information Technology | 15.4% |
| Materials | 12.4% |
| Industrials | 11.6% |
| Health Care | 9.2% |
| Consumer Discretionary | 7.7% |
| Utilities | 7.1% |
| Communication Services | 5.6% |
| Consumer Staples | 4.8% |
| Energy | 3.6% |
| Real Estate | 1.3% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net assets. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to lower the operating expense limit for Investor Class shares from 1.05% to 1.04% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Mid Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HMCRX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Mid Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $82 | 0.80% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Retirement Class shares of the Fund returned 3.85% for the year ended October 31, 2025, while the Russell Midcap<sup>®</sup> Index returned 10.79% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Discretionary and Consumer Staples sectors.

• Positions in Woodward, Inc. and Darden Restaurants, Inc. Woodward, Inc.'s performance was supported by strength in its aerospace segment driven by strong defense equipment and increased commercial aftermarket activity. Darden Restaurants, Inc. delivered strong same-store sales growth, highlighting steady momentum in a challenged industry.

Top detractors from relative performance included:

• Underexposure to the Communication Services sector.

• A position in Synopsys, Inc., which faced a temporary disruption from U.S. export restrictions on China and delays tied to Intel Corp.'s new foundry launch.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 12/01/2019 through 10/31/2025
![Growth of 10K Chart](i62575a6d080c05daf9e0be8f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retirement Class** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Index** |
| **Nov-19** | $1000000 | $1000000 | $1000000 |
| **Dec-19** | $1035604 | $1030182 | $1022943 |
| **Jan-20** | $1026598 | $1029778 | $1014743 |
| **Feb-20** | $952555 | $945008 | $926601 |
| **Mar-20** | $784457 | $828287 | $746019 |
| **Apr-20** | $888518 | $934468 | $853161 |
| **May-20** | $960560 | $978975 | $913138 |
| **Jun-20** | $970566 | $998444 | $929589 |
| **Jul-20** | $1019594 | $1054742 | $984175 |
| **Aug-20** | $1064621 | $1130557 | $1018778 |
| **Sep-20** | $1049612 | $1087600 | $998943 |
| **Oct-20** | $1058617 | $1058676 | $1005312 |
| **Nov-20** | $1175685 | $1174563 | $1144266 |
| **Dec-20** | $1231985 | $1219723 | $1197875 |
| **Jan-21** | $1226969 | $1207409 | $1194707 |
| **Feb-21** | $1286161 | $1240703 | $1261242 |
| **Mar-21** | $1348362 | $1295040 | $1295370 |
| **Apr-21** | $1406550 | $1364155 | $1361389 |
| **May-21** | $1403540 | $1373683 | $1372314 |
| **Jun-21** | $1399527 | $1405751 | $1392513 |
| **Jul-21** | $1422602 | $1439145 | $1403226 |
| **Aug-21** | $1443670 | $1482903 | $1438900 |
| **Sep-21** | $1380466 | $1413933 | $1379619 |
| **Oct-21** | $1456712 | $1512996 | $1461677 |
| **Nov-21** | $1440660 | $1502513 | $1410782 |
| **Dec-21** | $1536081 | $1569849 | $1468404 |
| **Jan-22** | $1463276 | $1488614 | $1360225 |
| **Feb-22** | $1439691 | $1444043 | $1350443 |
| **Mar-22** | $1448920 | $1497660 | $1385025 |
| **Apr-22** | $1351505 | $1367061 | $1278331 |
| **May-22** | $1397649 | $1369569 | $1279350 |
| **Jun-22** | $1277675 | $1256520 | $1151661 |
| **Jul-22** | $1392522 | $1372377 | $1265346 |
| **Aug-22** | $1334073 | $1316408 | $1225648 |
| **Sep-22** | $1201794 | $1195169 | $1112055 |
| **Oct-22** | $1276649 | $1291932 | $1210754 |
| **Nov-22** | $1342276 | $1364130 | $1283516 |
| **Dec-22** | $1274006 | $1285536 | $1214148 |
| **Jan-23** | $1391754 | $1366311 | $1314974 |
| **Feb-23** | $1365234 | $1332975 | $1283081 |
| **Mar-23** | $1330228 | $1381914 | $1263391 |
| **Apr-23** | $1312195 | $1403483 | $1256718 |
| **May-23** | $1285675 | $1409584 | $1221604 |
| **Jun-23** | $1383267 | $1502723 | $1323540 |
| **Jul-23** | $1425699 | $1550998 | $1376043 |
| **Aug-23** | $1388571 | $1526303 | $1328316 |
| **Sep-23** | $1319620 | $1453532 | $1261582 |
| **Oct-23** | $1270824 | $1422970 | $1198567 |
| **Nov-23** | $1385389 | $1552923 | $1321190 |
| **Dec-23** | $1489059 | $1623473 | $1423312 |
| **Jan-24** | $1478190 | $1650754 | $1403044 |
| **Feb-24** | $1535796 | $1738898 | $1481431 |
| **Mar-24** | $1607531 | $1794846 | $1545707 |
| **Apr-24** | $1511884 | $1721536 | $1462210 |
| **May-24** | $1534709 | $1806898 | $1503914 |
| **Jun-24** | $1523840 | $1871733 | $1493952 |
| **Jul-24** | $1609705 | $1894517 | $1564361 |
| **Aug-24** | $1633617 | $1940471 | $1596059 |
| **Sep-24** | $1648834 | $1981914 | $1631583 |
| **Oct-24** | $1617313 | $1963942 | $1622794 |
| **Nov-24** | $1711874 | $2079226 | $1765956 |
| **Dec-24** | $1598597 | $2029661 | $1641700 |
| **Jan-25** | $1666483 | $2086182 | $1711545 |
| **Feb-25** | $1605167 | $2058962 | $1662881 |
| **Mar-25** | $1541661 | $1942951 | $1585814 |
| **Apr-25** | $1492389 | $1929775 | $1569450 |
| **May-25** | $1550420 | $2051246 | $1659164 |
| **Jun-25** | $1607357 | $2155556 | $1721113 |
| **Jul-25** | $1629255 | $2203933 | $1753049 |
| **Aug-25** | $1682907 | $2248610 | $1796839 |
| **Sep-25** | $1687287 | $2330685 | $1812811 |
| **Oct-25** | $1679622 | $2385255 | $1797832 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 12/01/2019** |
| **Retirement Class** | 3.85% | 9.67% | 9.16% |
| **S&P 500 Index** | 21.45% | 17.64% | 15.82% |
| **Russell Midcap<sup>®</sup> Index** | 10.79% | 12.33% | 10.42% |

---

The "Life of Class" return as shown reflects the period 12/01/2019 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $171793 |
| **Number of Investments** | 60 |
| **Total Net Advisory Fees Paid (in thousands)** | $1252 |
| **Portfolio Turnover Rate** | 22% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i7868cbc1c0dba615266117ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 27.9% |
| Financials | 17.0% |
| Information Technology | 14.6% |
| Health Care | 12.7% |
| Consumer Discretionary | 8.7% |
| Real Estate | 6.4% |
| Materials | 6.2% |
| Energy | 3.3% |
| Utilities | 1.9% |
| Consumer Staples | 1.3% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Mid Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HMCLX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Mid Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $90 | 0.88% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Institutional Class shares of the Fund returned 3.79% for the year ended October 31, 2025, while the Russell Midcap<sup>®</sup> Index returned 10.79% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Discretionary and Consumer Staples sectors.

• Positions in Woodward, Inc. and Darden Restaurants, Inc. Woodward, Inc.'s performance was supported by strength in its aerospace segment driven by strong defense equipment and increased commercial aftermarket activity. Darden Restaurants, Inc. delivered strong same-store sales growth, highlighting steady momentum in a challenged industry.

Top detractors from relative performance included:

• Underexposure to the Communication Services sector.

• A position in Synopsys, Inc., which faced a temporary disruption from U.S. export restrictions on China and delays tied to Intel Corp.'s new foundry launch.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 12/01/2019 through 10/31/2025
![Growth of 10K Chart](i30ba191731834a2e42dea606.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Index** |
| **Nov-19** | $50000 | $50000 | $50000 |
| **Dec-19** | $51777 | $51509 | $51147 |
| **Jan-20** | $51327 | $51489 | $50737 |
| **Feb-20** | $47625 | $47250 | $46330 |
| **Mar-20** | $39220 | $41414 | $37301 |
| **Apr-20** | $44423 | $46723 | $42658 |
| **May-20** | $48025 | $48949 | $45657 |
| **Jun-20** | $48475 | $49922 | $46479 |
| **Jul-20** | $50976 | $52737 | $49209 |
| **Aug-20** | $53228 | $56528 | $50939 |
| **Sep-20** | $52427 | $54380 | $49947 |
| **Oct-20** | $52877 | $52934 | $50266 |
| **Nov-20** | $58730 | $58728 | $57213 |
| **Dec-20** | $61550 | $60986 | $59894 |
| **Jan-21** | $61300 | $60370 | $59735 |
| **Feb-21** | $64257 | $62035 | $63062 |
| **Mar-21** | $67314 | $64752 | $64769 |
| **Apr-21** | $70221 | $68208 | $68069 |
| **May-21** | $70071 | $68684 | $68616 |
| **Jun-21** | $69871 | $70288 | $69626 |
| **Jul-21** | $71023 | $71957 | $70161 |
| **Aug-21** | $72076 | $74145 | $71945 |
| **Sep-21** | $68918 | $70697 | $68981 |
| **Oct-21** | $72728 | $75650 | $73084 |
| **Nov-21** | $71926 | $75126 | $70539 |
| **Dec-21** | $76695 | $78492 | $73420 |
| **Jan-22** | $73009 | $74431 | $68011 |
| **Feb-22** | $71883 | $72202 | $67522 |
| **Mar-22** | $72292 | $74883 | $69251 |
| **Apr-22** | $67428 | $68353 | $63917 |
| **May-22** | $69732 | $68478 | $63967 |
| **Jun-22** | $63742 | $62826 | $57583 |
| **Jul-22** | $69476 | $68619 | $63267 |
| **Aug-22** | $66558 | $65820 | $61282 |
| **Sep-22** | $59953 | $59758 | $55603 |
| **Oct-22** | $63691 | $64597 | $60538 |
| **Nov-22** | $66968 | $68206 | $64176 |
| **Dec-22** | $63546 | $64277 | $60707 |
| **Jan-23** | $69366 | $68316 | $65749 |
| **Feb-23** | $68096 | $66649 | $64154 |
| **Mar-23** | $66350 | $69096 | $63170 |
| **Apr-23** | $65451 | $70174 | $62836 |
| **May-23** | $64075 | $70479 | $61080 |
| **Jun-23** | $68943 | $75136 | $66177 |
| **Jul-23** | $71059 | $77550 | $68802 |
| **Aug-23** | $69207 | $76315 | $66416 |
| **Sep-23** | $65768 | $72677 | $63079 |
| **Oct-23** | $63334 | $71148 | $59928 |
| **Nov-23** | $69049 | $77646 | $66059 |
| **Dec-23** | $74235 | $81174 | $71166 |
| **Jan-24** | $73639 | $82538 | $70152 |
| **Feb-24** | $76565 | $86945 | $74072 |
| **Mar-24** | $80087 | $89742 | $77285 |
| **Apr-24** | $75319 | $86077 | $73111 |
| **May-24** | $76457 | $90345 | $75196 |
| **Jun-24** | $75861 | $93587 | $74698 |
| **Jul-24** | $80196 | $94726 | $78218 |
| **Aug-24** | $81442 | $97024 | $79803 |
| **Sep-24** | $82146 | $99096 | $81579 |
| **Oct-24** | $80575 | $98197 | $81140 |
| **Nov-24** | $85289 | $103961 | $88298 |
| **Dec-24** | $79644 | $101483 | $82085 |
| **Jan-25** | $82972 | $104309 | $85577 |
| **Feb-25** | $79971 | $102948 | $83144 |
| **Mar-25** | $76807 | $97148 | $79291 |
| **Apr-25** | $74353 | $96489 | $78473 |
| **May-25** | $77244 | $102562 | $82958 |
| **Jun-25** | $80026 | $107778 | $86056 |
| **Jul-25** | $81117 | $110197 | $87652 |
| **Aug-25** | $83790 | $112431 | $89842 |
| **Sep-25** | $84008 | $116534 | $90641 |
| **Oct-25** | $83626 | $119263 | $89892 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 12/01/2019** |
| **Institutional Class** | 3.79% | 9.60% | 9.08% |
| **S&P 500 Index** | 21.45% | 17.64% | 15.82% |
| **Russell Midcap<sup>®</sup> Index** | 10.79% | 12.33% | 10.42% |

---

The "Life of Class" return as shown reflects the period 12/01/2019 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $171793 |
| **Number of Investments** | 60 |
| **Total Net Advisory Fees Paid (in thousands)** | $1252 |
| **Portfolio Turnover Rate** | 22% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i7868cbc1c0dba615266117ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 27.9% |
| Financials | 17.0% |
| Information Technology | 14.6% |
| Health Care | 12.7% |
| Consumer Discretionary | 8.7% |
| Real Estate | 6.4% |
| Materials | 6.2% |
| Energy | 3.3% |
| Utilities | 1.9% |
| Consumer Staples | 1.3% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Mid Cap Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HMCNX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Mid Cap Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $125 | 1.23% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Investor Class shares of the Fund returned 3.38% for the year ended October 31, 2025, while the Russell Midcap<sup>®</sup> Index returned 10.79% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Discretionary and Consumer Staples sectors.

• Positions in Woodward, Inc. and Darden Restaurants, Inc. Woodward, Inc.'s performance was supported by strength in its aerospace segment driven by strong defense equipment and increased commercial aftermarket activity. Darden Restaurants, Inc. delivered strong same-store sales growth, highlighting steady momentum in a challenged industry.

Top detractors from relative performance included:

• Underexposure to the Communication Services sector.

• A position in Synopsys, Inc., which faced a temporary disruption from U.S. export restrictions on China and delays tied to Intel Corp.'s new foundry launch.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 12/01/2019 through 10/31/2025
![Growth of 10K Chart](ibacf1e11f70720133b6c6c54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Index** |
| **Nov-19** | $10000 | $10000 | $10000 |
| **Dec-19** | $10352 | $10302 | $10229 |
| **Jan-20** | $10252 | $10298 | $10147 |
| **Feb-20** | $9512 | $9450 | $9266 |
| **Mar-20** | $7842 | $8283 | $7460 |
| **Apr-20** | $8872 | $9345 | $8532 |
| **May-20** | $9592 | $9790 | $9131 |
| **Jun-20** | $9682 | $9984 | $9296 |
| **Jul-20** | $10172 | $10547 | $9842 |
| **Aug-20** | $10622 | $11306 | $10188 |
| **Sep-20** | $10452 | $10876 | $9989 |
| **Oct-20** | $10542 | $10587 | $10053 |
| **Nov-20** | $11703 | $11746 | $11443 |
| **Dec-20** | $12263 | $12197 | $11979 |
| **Jan-21** | $12203 | $12074 | $11947 |
| **Feb-21** | $12793 | $12407 | $12612 |
| **Mar-21** | $13403 | $12950 | $12954 |
| **Apr-21** | $13983 | $13642 | $13614 |
| **May-21** | $13943 | $13737 | $13723 |
| **Jun-21** | $13903 | $14058 | $13925 |
| **Jul-21** | $14123 | $14391 | $14032 |
| **Aug-21** | $14333 | $14829 | $14389 |
| **Sep-21** | $13703 | $14139 | $13796 |
| **Oct-21** | $14443 | $15130 | $14617 |
| **Nov-21** | $14283 | $15025 | $14108 |
| **Dec-21** | $15225 | $15698 | $14684 |
| **Jan-22** | $14501 | $14886 | $13602 |
| **Feb-22** | $14267 | $14440 | $13504 |
| **Mar-22** | $14348 | $14977 | $13850 |
| **Apr-22** | $13370 | $13671 | $12783 |
| **May-22** | $13829 | $13696 | $12793 |
| **Jun-22** | $12636 | $12565 | $11517 |
| **Jul-22** | $13767 | $13724 | $12653 |
| **Aug-22** | $13187 | $13164 | $12256 |
| **Sep-22** | $11872 | $11952 | $11121 |
| **Oct-22** | $12606 | $12919 | $12108 |
| **Nov-22** | $13248 | $13641 | $12835 |
| **Dec-22** | $12571 | $12855 | $12141 |
| **Jan-23** | $13725 | $13663 | $13150 |
| **Feb-23** | $13463 | $13330 | $12831 |
| **Mar-23** | $13117 | $13819 | $12634 |
| **Apr-23** | $12928 | $14035 | $12567 |
| **May-23** | $12655 | $14096 | $12216 |
| **Jun-23** | $13620 | $15027 | $13235 |
| **Jul-23** | $14029 | $15510 | $13760 |
| **Aug-23** | $13662 | $15263 | $13283 |
| **Sep-23** | $12980 | $14535 | $12616 |
| **Oct-23** | $12497 | $14230 | $11986 |
| **Nov-23** | $13620 | $15529 | $13212 |
| **Dec-23** | $14635 | $16235 | $14233 |
| **Jan-24** | $14507 | $16508 | $14030 |
| **Feb-24** | $15085 | $17389 | $14814 |
| **Mar-24** | $15780 | $17948 | $15457 |
| **Apr-24** | $14828 | $17215 | $14622 |
| **May-24** | $15042 | $18069 | $15039 |
| **Jun-24** | $14935 | $18717 | $14940 |
| **Jul-24** | $15769 | $18945 | $15644 |
| **Aug-24** | $16015 | $19405 | $15961 |
| **Sep-24** | $16154 | $19819 | $16316 |
| **Oct-24** | $15844 | $19639 | $16228 |
| **Nov-24** | $16754 | $20792 | $17660 |
| **Dec-24** | $15641 | $20297 | $16417 |
| **Jan-25** | $16294 | $20862 | $17115 |
| **Feb-25** | $15694 | $20590 | $16629 |
| **Mar-25** | $15073 | $19430 | $15858 |
| **Apr-25** | $14591 | $19298 | $15695 |
| **May-25** | $15148 | $20512 | $16592 |
| **Jun-25** | $15694 | $21556 | $17211 |
| **Jul-25** | $15898 | $22039 | $17530 |
| **Aug-25** | $16412 | $22486 | $17968 |
| **Sep-25** | $16455 | $23307 | $18128 |
| **Oct-25** | $16380 | $23853 | $17978 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Life of Class 12/01/2019** |
| **Investor Class** | 3.38% | 9.21% | 8.70% |
| **S&P 500 Index** | 21.45% | 17.64% | 15.82% |
| **Russell Midcap<sup>®</sup> Index** | 10.79% | 12.33% | 10.42% |

---

The "Life of Class" return as shown reflects the period 12/01/2019 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $171793 |
| **Number of Investments** | 60 |
| **Total Net Advisory Fees Paid (in thousands)** | $1252 |
| **Portfolio Turnover Rate** | 22% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i7868cbc1c0dba615266117ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 27.9% |
| Financials | 17.0% |
| Information Technology | 14.6% |
| Health Care | 12.7% |
| Consumer Discretionary | 8.7% |
| Real Estate | 6.4% |
| Materials | 6.2% |
| Energy | 3.3% |
| Utilities | 1.9% |
| Consumer Staples | 1.3% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net assets. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to lower the operating expense limit for Investor Class shares from 1.24% to 1.23% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Mid Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HNMVX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Mid Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $81 | 0.77% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** LSV Asset Management

**Performance Summary**

The Retirement Class shares of the Fund returned 10.66% for the year ended October 31, 2025, while the Russell Midcap<sup>®</sup> Value Index returned 7.86% during the same period.

Top contributors to relative performance included:

• Underweight exposure to securities in the Materials and Real Estate sectors.

• Security selection in the Financials, Health Care, Technology, and Utilities sectors. In the Financials sector, exposure to asset management and custody banks Bank of New York Mellon Corp. and State Street Corp. In the Health Care Sector, exposure to Cardinal Health, Inc. and Premier Inc. In the Technology sector, exposure to Sandisk Corp. and Western Digital Corp. In the Utilities sector, exposure to independent power producer NRG Energy, Inc.

Top detractors from relative performance included:

• Overweight exposure to securities in the Consumer Staples sector.

• Security selection in the Consumer Discretionary and Industrials sectors.

• Underweight exposure to expensive positions held in the Russell Midcap<sup>®</sup> Value Index including Howmet Aerospace Inc., Robinhood Markets Inc., and Warner Bros. Discovery, Inc.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i9fa43ea79a9b61982c3abb10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retirement Class** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Nov-15** | $1003947 | $1002974 | $1002922 |
| **Dec-15** | $963352 | $987155 | $971861 |
| **Jan-16** | $898109 | $938168 | $918158 |
| **Feb-16** | $935828 | $936903 | $924594 |
| **Mar-16** | $989347 | $1000460 | $1009944 |
| **Apr-16** | $985779 | $1004339 | $1031632 |
| **May-16** | $988837 | $1022375 | $1048524 |
| **Jun-16** | $979153 | $1025024 | $1058084 |
| **Jul-16** | $1029104 | $1062815 | $1102916 |
| **Aug-16** | $1039299 | $1064307 | $1100575 |
| **Sep-16** | $1038789 | $1064509 | $1105161 |
| **Oct-16** | $1028085 | $1045091 | $1078379 |
| **Nov-16** | $1117284 | $1083795 | $1145853 |
| **Dec-16** | $1146339 | $1105218 | $1166208 |
| **Jan-17** | $1158422 | $1126180 | $1185834 |
| **Feb-17** | $1198875 | $1170896 | $1218953 |
| **Mar-17** | $1181538 | $1172262 | $1210069 |
| **Apr-17** | $1184690 | $1184301 | $1212349 |
| **May-17** | $1159473 | $1200967 | $1208599 |
| **Jun-17** | $1179962 | $1208463 | $1226590 |
| **Jul-17** | $1192570 | $1233313 | $1242850 |
| **Aug-17** | $1161574 | $1237088 | $1219627 |
| **Sep-17** | $1215686 | $1262607 | $1252888 |
| **Oct-17** | $1225668 | $1292070 | $1262971 |
| **Nov-17** | $1267172 | $1331698 | $1305696 |
| **Dec-17** | $1284299 | $1346504 | $1321830 |
| **Jan-18** | $1332877 | $1423597 | $1352194 |
| **Feb-18** | $1261375 | $1371127 | $1285573 |
| **Mar-18** | $1253734 | $1336283 | $1288744 |
| **Apr-18** | $1243909 | $1341410 | $1295135 |
| **May-18** | $1273383 | $1373714 | $1309200 |
| **Jun-18** | $1266287 | $1382169 | $1319754 |
| **Jul-18** | $1301220 | $1433604 | $1355627 |
| **Aug-18** | $1307769 | $1480319 | $1374095 |
| **Sep-18** | $1280479 | $1488745 | $1363247 |
| **Oct-18** | $1167495 | $1386989 | $1265040 |
| **Nov-18** | $1191511 | $1415253 | $1295370 |
| **Dec-18** | $1058110 | $1287469 | $1159381 |
| **Jan-19** | $1182976 | $1390641 | $1278734 |
| **Feb-19** | $1216116 | $1435292 | $1319438 |
| **Mar-19** | $1190669 | $1463183 | $1326012 |
| **Apr-19** | $1242746 | $1522426 | $1369731 |
| **May-19** | $1112554 | $1425679 | $1281778 |
| **Jun-19** | $1201913 | $1526155 | $1368338 |
| **Jul-19** | $1212565 | $1548090 | $1379716 |
| **Aug-19** | $1136817 | $1523567 | $1331074 |
| **Sep-19** | $1213157 | $1552074 | $1385083 |
| **Oct-19** | $1232094 | $1585691 | $1392524 |
| **Nov-19** | $1277070 | $1643250 | $1429653 |
| **Dec-19** | $1301828 | $1692847 | $1473134 |
| **Jan-20** | $1239516 | $1692183 | $1444477 |
| **Feb-20** | $1088623 | $1552884 | $1301428 |
| **Mar-20** | $784395 | $1361083 | $1006035 |
| **Apr-20** | $897412 | $1535565 | $1140391 |
| **May-20** | $937731 | $1608701 | $1193250 |
| **Jun-20** | $957280 | $1640694 | $1206710 |
| **Jul-20** | $987825 | $1733205 | $1263694 |
| **Aug-20** | $1038530 | $1857788 | $1313729 |
| **Sep-20** | $1015316 | $1787198 | $1283971 |
| **Oct-20** | $1028144 | $1739670 | $1295917 |
| **Nov-20** | $1196142 | $1930101 | $1477881 |
| **Dec-20** | $1253510 | $2004310 | $1546270 |
| **Jan-21** | $1280420 | $1984075 | $1542729 |
| **Feb-21** | $1393067 | $2038786 | $1662236 |
| **Mar-21** | $1495075 | $2128076 | $1748080 |
| **Apr-21** | $1565793 | $2241648 | $1832609 |
| **May-21** | $1615232 | $2257305 | $1868791 |
| **Jun-21** | $1567670 | $2310001 | $1847040 |
| **Jul-21** | $1553902 | $2364875 | $1858455 |
| **Aug-21** | $1585819 | $2436781 | $1898284 |
| **Sep-21** | $1518857 | $2323446 | $1828359 |
| **Oct-21** | $1562664 | $2486231 | $1925717 |
| **Nov-21** | $1528870 | $2469004 | $1867200 |
| **Dec-21** | $1630695 | $2579656 | $1984449 |
| **Jan-22** | $1603400 | $2446166 | $1899738 |
| **Feb-22** | $1612922 | $2372924 | $1890858 |
| **Mar-22** | $1619904 | $2461030 | $1948320 |
| **Apr-22** | $1541194 | $2246423 | $1832543 |
| **May-22** | $1610383 | $2250545 | $1867737 |
| **Jun-22** | $1419955 | $2064776 | $1662394 |
| **Jul-22** | $1536116 | $2255158 | $1805476 |
| **Aug-22** | $1499935 | $2163188 | $1750228 |
| **Sep-22** | $1352671 | $1963962 | $1580470 |
| **Oct-22** | $1518977 | $2122967 | $1729765 |
| **Nov-22** | $1626886 | $2241607 | $1839143 |
| **Dec-22** | $1540975 | $2112458 | $1745677 |
| **Jan-23** | $1680062 | $2245192 | $1886684 |
| **Feb-23** | $1632552 | $2190411 | $1826242 |
| **Mar-23** | $1554746 | $2270831 | $1768733 |
| **Apr-23** | $1545794 | $2306275 | $1768868 |
| **May-23** | $1482448 | $2316299 | $1690397 |
| **Jun-23** | $1638749 | $2469349 | $1836991 |
| **Jul-23** | $1716555 | $2548677 | $1916989 |
| **Aug-23** | $1659405 | $2508098 | $1849148 |
| **Sep-23** | $1602944 | $2388517 | $1755084 |
| **Oct-23** | $1532023 | $2338295 | $1668145 |
| **Nov-23** | $1655274 | $2551841 | $1825408 |
| **Dec-23** | $1794064 | $2667773 | $1967625 |
| **Jan-24** | $1776337 | $2712603 | $1932395 |
| **Feb-24** | $1843550 | $2857444 | $2024690 |
| **Mar-24** | $1983884 | $2949382 | $2129469 |
| **Apr-24** | $1874571 | $2828914 | $2018034 |
| **May-24** | $1926273 | $2969186 | $2090482 |
| **Jun-24** | $1874571 | $3075726 | $2057015 |
| **Jul-24** | $2016383 | $3113165 | $2181300 |
| **Aug-24** | $2037064 | $3188679 | $2222440 |
| **Sep-24** | $2051097 | $3256780 | $2264311 |
| **Oct-24** | $2008997 | $3227247 | $2235854 |
| **Nov-24** | $2166319 | $3416689 | $2400434 |
| **Dec-24** | $2012112 | $3335241 | $2224794 |
| **Jan-25** | $2087185 | $3428119 | $2302995 |
| **Feb-25** | $2051995 | $3383390 | $2260999 |
| **Mar-25** | $1959717 | $3192755 | $2177803 |
| **Apr-25** | $1895593 | $3171104 | $2123807 |
| **May-25** | $1995690 | $3370710 | $2216468 |
| **Jun-25** | $2058251 | $3542119 | $2294271 |
| **Jul-25** | $2079365 | $3621613 | $2335393 |
| **Aug-25** | $2219345 | $3695030 | $2405472 |
| **Sep-25** | $2242805 | $3829899 | $2436046 |
| **Oct-25** | $2223255 | $3919570 | $2411575 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Retirement Class** | 10.66% | 16.68% | 8.32% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell Midcap<sup>®</sup> Value Index** | 7.86% | 13.23% | 9.20% |

---

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

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $367371 |
| **Number of Investments** | 175 |
| **Total Net Advisory Fees Paid (in thousands)** | $2674 |
| **Portfolio Turnover Rate** | 20% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ibb2a4c7bcd319fc08cf7bc0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.6% |
| Industrials | 14.2% |
| Consumer Discretionary | 13.8% |
| Information Technology | 12.1% |
| Health Care | 9.0% |
| Consumer Staples | 7.4% |
| Energy | 6.4% |
| Real Estate | 5.6% |
| Communication Services | 4.8% |
| Materials | 3.6% |
| Utilities | 2.6% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Mid Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HAMVX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Mid Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $89 | 0.85% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** LSV Asset Management

**Performance Summary**

The Institutional Class shares of the Fund returned 10.55% for the year ended October 31, 2025, while the Russell Midcap<sup>®</sup> Value Index returned 7.86% during the same period.

Top contributors to relative performance included:

• Underweight exposure to securities in the Materials and Real Estate sectors.

• Security selection in the Financials, Health Care, Technology, and Utilities sectors. In the Financials sector, exposure to asset management and custody banks Bank of New York Mellon Corp. and State Street Corp. In the Health Care Sector, exposure to Cardinal Health, Inc. and Premier Inc. In the Technology sector, exposure to Sandisk Corp. and Western Digital Corp. In the Utilities sector, exposure to independent power producer NRG Energy, Inc.

Top detractors from relative performance included:

• Overweight exposure to securities in the Consumer Staples sector.

• Security selection in the Consumer Discretionary and Industrials sectors.

• Underweight exposure to expensive positions held in the Russell Midcap<sup>®</sup> Value Index including Howmet Aerospace Inc., Robinhood Markets Inc., and Warner Bros. Discovery, Inc.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](id60eba857a31a0093e6fb596.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Nov-15** | $50197 | $50149 | $50146 |
| **Dec-15** | $48168 | $49358 | $48593 |
| **Jan-16** | $44905 | $46908 | $45908 |
| **Feb-16** | $45797 | $46845 | $46230 |
| **Mar-16** | $49467 | $50023 | $50497 |
| **Apr-16** | $49289 | $50217 | $51582 |
| **May-16** | $49442 | $51119 | $52426 |
| **Jun-16** | $48958 | $51251 | $52904 |
| **Jul-16** | $51455 | $53141 | $55146 |
| **Aug-16** | $51965 | $53215 | $55029 |
| **Sep-16** | $51939 | $53225 | $55258 |
| **Oct-16** | $51404 | $52255 | $53919 |
| **Nov-16** | $55839 | $54190 | $57293 |
| **Dec-16** | $57316 | $55261 | $58310 |
| **Jan-17** | $57894 | $56309 | $59292 |
| **Feb-17** | $59942 | $58545 | $60948 |
| **Mar-17** | $59049 | $58613 | $60503 |
| **Apr-17** | $59207 | $59215 | $60617 |
| **May-17** | $57946 | $60048 | $60430 |
| **Jun-17** | $58970 | $60423 | $61329 |
| **Jul-17** | $59574 | $61666 | $62143 |
| **Aug-17** | $58051 | $61854 | $60981 |
| **Sep-17** | $60730 | $63130 | $62644 |
| **Oct-17** | $61255 | $64604 | $63149 |
| **Nov-17** | $63303 | $66585 | $65285 |
| **Dec-17** | $64170 | $67325 | $66091 |
| **Jan-18** | $66569 | $71180 | $67610 |
| **Feb-18** | $63025 | $68556 | $64279 |
| **Mar-18** | $62616 | $66814 | $64437 |
| **Apr-18** | $62126 | $67071 | $64757 |
| **May-18** | $63598 | $68686 | $65460 |
| **Jun-18** | $63243 | $69108 | $65988 |
| **Jul-18** | $64988 | $71680 | $67781 |
| **Aug-18** | $65288 | $74016 | $68705 |
| **Sep-18** | $63925 | $74437 | $68162 |
| **Oct-18** | $58282 | $69349 | $63252 |
| **Nov-18** | $59482 | $70763 | $64768 |
| **Dec-18** | $52825 | $64373 | $57969 |
| **Jan-19** | $59056 | $69532 | $63937 |
| **Feb-19** | $60709 | $71765 | $65972 |
| **Mar-19** | $59410 | $73159 | $66301 |
| **Apr-19** | $62009 | $76121 | $68487 |
| **May-19** | $55512 | $71284 | $64089 |
| **Jun-19** | $59971 | $76308 | $68417 |
| **Jul-19** | $60503 | $77404 | $68986 |
| **Aug-19** | $56723 | $76178 | $66554 |
| **Sep-19** | $60503 | $77604 | $69254 |
| **Oct-19** | $61477 | $79285 | $69626 |
| **Nov-19** | $63692 | $82163 | $71483 |
| **Dec-19** | $64923 | $84642 | $73657 |
| **Jan-20** | $61817 | $84609 | $72224 |
| **Feb-20** | $54295 | $77644 | $65071 |
| **Mar-20** | $39130 | $68054 | $50302 |
| **Apr-20** | $44733 | $76778 | $57020 |
| **May-20** | $46774 | $80435 | $59663 |
| **Jun-20** | $47718 | $82035 | $60335 |
| **Jul-20** | $49240 | $86660 | $63185 |
| **Aug-20** | $51768 | $92889 | $65686 |
| **Sep-20** | $50611 | $89360 | $64199 |
| **Oct-20** | $51250 | $86983 | $64796 |
| **Nov-20** | $59624 | $96505 | $73894 |
| **Dec-20** | $62468 | $100216 | $77313 |
| **Jan-21** | $63808 | $99204 | $77136 |
| **Feb-21** | $69419 | $101939 | $83112 |
| **Mar-21** | $74500 | $106404 | $87404 |
| **Apr-21** | $77991 | $112082 | $91630 |
| **May-21** | $80485 | $112865 | $93440 |
| **Jun-21** | $78085 | $115500 | $92352 |
| **Jul-21** | $77399 | $118244 | $92923 |
| **Aug-21** | $78989 | $121839 | $94914 |
| **Sep-21** | $75622 | $116172 | $91418 |
| **Oct-21** | $77835 | $124312 | $96286 |
| **Nov-21** | $76121 | $123450 | $93360 |
| **Dec-21** | $81186 | $128983 | $99222 |
| **Jan-22** | $79828 | $122308 | $94987 |
| **Feb-22** | $80302 | $118646 | $94543 |
| **Mar-22** | $80618 | $123051 | $97416 |
| **Apr-22** | $76701 | $112321 | $91627 |
| **May-22** | $80176 | $112527 | $93387 |
| **Jun-22** | $70667 | $103239 | $83120 |
| **Jul-22** | $76448 | $112758 | $90274 |
| **Aug-22** | $74647 | $108159 | $87511 |
| **Sep-22** | $67318 | $98198 | $79023 |
| **Oct-22** | $75595 | $106148 | $86488 |
| **Nov-22** | $80965 | $112080 | $91957 |
| **Dec-22** | $76682 | $105623 | $87284 |
| **Jan-23** | $83597 | $112260 | $94334 |
| **Feb-23** | $81201 | $109521 | $91312 |
| **Mar-23** | $77332 | $113542 | $88437 |
| **Apr-23** | $76887 | $115314 | $88443 |
| **May-23** | $73738 | $115815 | $84520 |
| **Jun-23** | $81474 | $123467 | $91850 |
| **Jul-23** | $85377 | $127434 | $95849 |
| **Aug-23** | $82501 | $125405 | $92457 |
| **Sep-23** | $79694 | $119426 | $87754 |
| **Oct-23** | $76168 | $116915 | $83407 |
| **Nov-23** | $82296 | $127592 | $91270 |
| **Dec-23** | $89201 | $133389 | $98381 |
| **Jan-24** | $88284 | $135630 | $96620 |
| **Feb-24** | $91623 | $142872 | $101234 |
| **Mar-24** | $98595 | $147469 | $106473 |
| **Apr-24** | $93164 | $141446 | $100902 |
| **May-24** | $95732 | $148459 | $104524 |
| **Jun-24** | $93164 | $153786 | $102851 |
| **Jul-24** | $100209 | $155658 | $109065 |
| **Aug-24** | $101200 | $159434 | $111122 |
| **Sep-24** | $101934 | $162839 | $113216 |
| **Oct-24** | $99842 | $161362 | $111793 |
| **Nov-24** | $107658 | $170834 | $120022 |
| **Dec-24** | $99939 | $166762 | $111240 |
| **Jan-25** | $103704 | $171406 | $115150 |
| **Feb-25** | $101918 | $169170 | $113050 |
| **Mar-25** | $97339 | $159638 | $108890 |
| **Apr-25** | $94156 | $158555 | $106190 |
| **May-25** | $99124 | $168535 | $110823 |
| **Jun-25** | $102190 | $177106 | $114714 |
| **Jul-25** | $103238 | $181081 | $116770 |
| **Aug-25** | $110224 | $184751 | $120274 |
| **Sep-25** | $111350 | $191495 | $121802 |
| **Oct-25** | $110379 | $195979 | $120579 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 10.55% | 16.58% | 8.24% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell Midcap<sup>®</sup> Value Index** | 7.86% | 13.23% | 9.20% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $367371 |
| **Number of Investments** | 175 |
| **Total Net Advisory Fees Paid (in thousands)** | $2674 |
| **Portfolio Turnover Rate** | 20% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ibb2a4c7bcd319fc08cf7bc0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.6% |
| Industrials | 14.2% |
| Consumer Discretionary | 13.8% |
| Information Technology | 12.1% |
| Health Care | 9.0% |
| Consumer Staples | 7.4% |
| Energy | 6.4% |
| Real Estate | 5.6% |
| Communication Services | 4.8% |
| Materials | 3.6% |
| Utilities | 2.6% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Mid Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HRMVX

Administrative Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Mid Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Administrative Class | $116 | 1.10% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** LSV Asset Management

**Performance Summary**

The Administrative Class shares of the Fund returned 10.29% for the year ended October 31, 2025, while the Russell Midcap<sup>®</sup> Value Index returned 7.86% during the same period.

Top contributors to relative performance included:

• Underweight exposure to securities in the Materials and Real Estate sectors.

• Security selection in the Financials, Health Care, Technology, and Utilities sectors. In the Financials sector, exposure to asset management and custody banks Bank of New York Mellon Corp. and State Street Corp. In the Health Care Sector, exposure to Cardinal Health, Inc. and Premier Inc. In the Technology sector, exposure to Sandisk Corp. and Western Digital Corp. In the Utilities sector, exposure to independent power producer NRG Energy, Inc.

Top detractors from relative performance included:

• Overweight exposure to securities in the Consumer Staples sector.

• Security selection in the Consumer Discretionary and Industrials sectors.

• Underweight exposure to expensive positions held in the Russell Midcap<sup>®</sup> Value Index including Howmet Aerospace Inc., Robinhood Markets Inc., and Warner Bros. Discovery, Inc.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i76cbed20c8b18377baf72987.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Nov-15** | $10034 | $10030 | $10029 |
| **Dec-15** | $9627 | $9872 | $9719 |
| **Jan-16** | $8976 | $9382 | $9182 |
| **Feb-16** | $9153 | $9369 | $9246 |
| **Mar-16** | $9880 | $10005 | $10099 |
| **Apr-16** | $9845 | $10043 | $10316 |
| **May-16** | $9870 | $10224 | $10485 |
| **Jun-16** | $9774 | $10250 | $10581 |
| **Jul-16** | $10269 | $10628 | $11029 |
| **Aug-16** | $10370 | $10643 | $11006 |
| **Sep-16** | $10360 | $10645 | $11052 |
| **Oct-16** | $10254 | $10451 | $10784 |
| **Nov-16** | $11138 | $10838 | $11459 |
| **Dec-16** | $11428 | $11052 | $11662 |
| **Jan-17** | $11542 | $11262 | $11858 |
| **Feb-17** | $11947 | $11709 | $12190 |
| **Mar-17** | $11765 | $11723 | $12101 |
| **Apr-17** | $11796 | $11843 | $12123 |
| **May-17** | $11542 | $12010 | $12086 |
| **Jun-17** | $11745 | $12085 | $12266 |
| **Jul-17** | $11864 | $12333 | $12429 |
| **Aug-17** | $11552 | $12371 | $12196 |
| **Sep-17** | $12087 | $12626 | $12529 |
| **Oct-17** | $12186 | $12921 | $12630 |
| **Nov-17** | $12591 | $13317 | $13057 |
| **Dec-17** | $12762 | $13465 | $13218 |
| **Jan-18** | $13241 | $14236 | $13522 |
| **Feb-18** | $12531 | $13711 | $12856 |
| **Mar-18** | $12451 | $13363 | $12887 |
| **Apr-18** | $12348 | $13414 | $12951 |
| **May-18** | $12639 | $13737 | $13092 |
| **Jun-18** | $12563 | $13822 | $13198 |
| **Jul-18** | $12907 | $14336 | $13556 |
| **Aug-18** | $12967 | $14803 | $13741 |
| **Sep-18** | $12692 | $14887 | $13632 |
| **Oct-18** | $11569 | $13870 | $12650 |
| **Nov-18** | $11805 | $14153 | $12954 |
| **Dec-18** | $10481 | $12875 | $11594 |
| **Jan-19** | $11711 | $13906 | $12787 |
| **Feb-19** | $12041 | $14353 | $13194 |
| **Mar-19** | $11780 | $14632 | $13260 |
| **Apr-19** | $12297 | $15224 | $13697 |
| **May-19** | $11003 | $14257 | $12818 |
| **Jun-19** | $11885 | $15262 | $13683 |
| **Jul-19** | $11983 | $15481 | $13797 |
| **Aug-19** | $11235 | $15236 | $13311 |
| **Sep-19** | $11983 | $15521 | $13851 |
| **Oct-19** | $12169 | $15857 | $13925 |
| **Nov-19** | $12610 | $16433 | $14297 |
| **Dec-19** | $12848 | $16928 | $14731 |
| **Jan-20** | $12228 | $16922 | $14445 |
| **Feb-20** | $10739 | $15529 | $13014 |
| **Mar-20** | $7735 | $13611 | $10060 |
| **Apr-20** | $8849 | $15356 | $11404 |
| **May-20** | $9243 | $16087 | $11933 |
| **Jun-20** | $9433 | $16407 | $12067 |
| **Jul-20** | $9731 | $17332 | $12637 |
| **Aug-20** | $10232 | $18578 | $13137 |
| **Sep-20** | $10000 | $17872 | $12840 |
| **Oct-20** | $10119 | $17397 | $12959 |
| **Nov-20** | $11769 | $19301 | $14779 |
| **Dec-20** | $12332 | $20043 | $15463 |
| **Jan-21** | $12593 | $19841 | $15427 |
| **Feb-21** | $13693 | $20388 | $16622 |
| **Mar-21** | $14695 | $21281 | $17481 |
| **Apr-21** | $15388 | $22416 | $18326 |
| **May-21** | $15874 | $22573 | $18688 |
| **Jun-21** | $15400 | $23100 | $18470 |
| **Jul-21** | $15260 | $23649 | $18585 |
| **Aug-21** | $15570 | $24368 | $18983 |
| **Sep-21** | $14902 | $23234 | $18284 |
| **Oct-21** | $15333 | $24862 | $19257 |
| **Nov-21** | $14993 | $24690 | $18672 |
| **Dec-21** | $15993 | $25797 | $19844 |
| **Jan-22** | $15717 | $24462 | $18997 |
| **Feb-22** | $15803 | $23729 | $18909 |
| **Mar-22** | $15870 | $24610 | $19483 |
| **Apr-22** | $15091 | $22464 | $18325 |
| **May-22** | $15772 | $22505 | $18677 |
| **Jun-22** | $13900 | $20648 | $16624 |
| **Jul-22** | $15036 | $22552 | $18055 |
| **Aug-22** | $14680 | $21632 | $17502 |
| **Sep-22** | $13231 | $19640 | $15805 |
| **Oct-22** | $14851 | $21230 | $17298 |
| **Nov-22** | $15907 | $22416 | $18391 |
| **Dec-22** | $15059 | $21125 | $17457 |
| **Jan-23** | $16417 | $22452 | $18867 |
| **Feb-23** | $15946 | $21904 | $18262 |
| **Mar-23** | $15178 | $22708 | $17687 |
| **Apr-23** | $15085 | $23063 | $17689 |
| **May-23** | $14469 | $23163 | $16904 |
| **Jun-23** | $15986 | $24693 | $18370 |
| **Jul-23** | $16741 | $25487 | $19170 |
| **Aug-23** | $16178 | $25081 | $18491 |
| **Sep-23** | $15628 | $23885 | $17551 |
| **Oct-23** | $14933 | $23383 | $16681 |
| **Nov-23** | $16125 | $25518 | $18254 |
| **Dec-23** | $17472 | $26678 | $19676 |
| **Jan-24** | $17295 | $27126 | $19324 |
| **Feb-24** | $17946 | $28574 | $20247 |
| **Mar-24** | $19305 | $29494 | $21295 |
| **Apr-24** | $18243 | $28289 | $20180 |
| **May-24** | $18738 | $29692 | $20905 |
| **Jun-24** | $18236 | $30757 | $20570 |
| **Jul-24** | $19609 | $31132 | $21813 |
| **Aug-24** | $19800 | $31887 | $22224 |
| **Sep-24** | $19934 | $32568 | $22643 |
| **Oct-24** | $19517 | $32272 | $22359 |
| **Nov-24** | $21045 | $34167 | $24004 |
| **Dec-24** | $19532 | $33352 | $22248 |
| **Jan-25** | $20264 | $34281 | $23030 |
| **Feb-25** | $19913 | $33834 | $22610 |
| **Mar-25** | $19010 | $31928 | $21778 |
| **Apr-25** | $18383 | $31711 | $21238 |
| **May-25** | $19353 | $33707 | $22165 |
| **Jun-25** | $19950 | $35421 | $22943 |
| **Jul-25** | $20152 | $36216 | $23354 |
| **Aug-25** | $21502 | $36950 | $24055 |
| **Sep-25** | $21726 | $38299 | $24360 |
| **Oct-25** | $21524 | $39196 | $24116 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Administrative Class** | 10.29% | 16.29% | 7.97% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell Midcap<sup>®</sup> Value Index** | 7.86% | 13.23% | 9.20% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $367371 |
| **Number of Investments** | 175 |
| **Total Net Advisory Fees Paid (in thousands)** | $2674 |
| **Portfolio Turnover Rate** | 20% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ibb2a4c7bcd319fc08cf7bc0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.6% |
| Industrials | 14.2% |
| Consumer Discretionary | 13.8% |
| Information Technology | 12.1% |
| Health Care | 9.0% |
| Consumer Staples | 7.4% |
| Energy | 6.4% |
| Real Estate | 5.6% |
| Communication Services | 4.8% |
| Materials | 3.6% |
| Utilities | 2.6% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Mid Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HIMVX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Mid Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $126 | 1.20% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** LSV Asset Management

**Performance Summary**

The Investor Class shares of the Fund returned 10.18% for the year ended October 31, 2025, while the Russell Midcap<sup>®</sup> Value Index returned 7.86% during the same period.

Top contributors to relative performance included:

• Underweight exposure to securities in the Materials and Real Estate sectors.

• Security selection in the Financials, Health Care, Technology, and Utilities sectors. In the Financials sector, exposure to asset management and custody banks Bank of New York Mellon Corp. and State Street Corp. In the Health Care Sector, exposure to Cardinal Health, Inc. and Premier Inc. In the Technology sector, exposure to Sandisk Corp. and Western Digital Corp. In the Utilities sector, exposure to independent power producer NRG Energy, Inc.

Top detractors from relative performance included:

• Overweight exposure to securities in the Consumer Staples sector.

• Security selection in the Consumer Discretionary and Industrials sectors.

• Underweight exposure to expensive positions held in the Russell Midcap<sup>®</sup> Value Index including Howmet Aerospace Inc., Robinhood Markets Inc., and Warner Bros. Discovery, Inc.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i02be0e905e4b908387e8aa8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Nov-15** | $10035 | $10030 | $10029 |
| **Dec-15** | $9628 | $9872 | $9719 |
| **Jan-16** | $8976 | $9382 | $9182 |
| **Feb-16** | $9149 | $9369 | $9246 |
| **Mar-16** | $9878 | $10005 | $10099 |
| **Apr-16** | $9843 | $10043 | $10316 |
| **May-16** | $9868 | $10224 | $10485 |
| **Jun-16** | $9766 | $10250 | $10581 |
| **Jul-16** | $10266 | $10628 | $11029 |
| **Aug-16** | $10363 | $10643 | $11006 |
| **Sep-16** | $10353 | $10645 | $11052 |
| **Oct-16** | $10245 | $10451 | $10784 |
| **Nov-16** | $11123 | $10838 | $11459 |
| **Dec-16** | $11413 | $11052 | $11662 |
| **Jan-17** | $11523 | $11262 | $11858 |
| **Feb-17** | $11927 | $11709 | $12190 |
| **Mar-17** | $11749 | $11723 | $12101 |
| **Apr-17** | $11780 | $11843 | $12123 |
| **May-17** | $11523 | $12010 | $12086 |
| **Jun-17** | $11722 | $12085 | $12266 |
| **Jul-17** | $11838 | $12333 | $12429 |
| **Aug-17** | $11529 | $12371 | $12196 |
| **Sep-17** | $12063 | $12626 | $12529 |
| **Oct-17** | $12162 | $12921 | $12630 |
| **Nov-17** | $12565 | $13317 | $13057 |
| **Dec-17** | $12732 | $13465 | $13218 |
| **Jan-18** | $13208 | $14236 | $13522 |
| **Feb-18** | $12493 | $13711 | $12856 |
| **Mar-18** | $12412 | $13363 | $12887 |
| **Apr-18** | $12315 | $13414 | $12951 |
| **May-18** | $12602 | $13737 | $13092 |
| **Jun-18** | $12521 | $13822 | $13198 |
| **Jul-18** | $12867 | $14336 | $13556 |
| **Aug-18** | $12926 | $14803 | $13741 |
| **Sep-18** | $12650 | $14887 | $13632 |
| **Oct-18** | $11530 | $13870 | $12650 |
| **Nov-18** | $11763 | $14153 | $12954 |
| **Dec-18** | $10443 | $12875 | $11594 |
| **Jan-19** | $11667 | $13906 | $12787 |
| **Feb-19** | $11993 | $14353 | $13194 |
| **Mar-19** | $11737 | $14632 | $13260 |
| **Apr-19** | $12244 | $15224 | $13697 |
| **May-19** | $10961 | $14257 | $12818 |
| **Jun-19** | $11836 | $15262 | $13683 |
| **Jul-19** | $11935 | $15481 | $13797 |
| **Aug-19** | $11183 | $15236 | $13311 |
| **Sep-19** | $11929 | $15521 | $13851 |
| **Oct-19** | $12116 | $15857 | $13925 |
| **Nov-19** | $12547 | $16433 | $14297 |
| **Dec-19** | $12789 | $16928 | $14731 |
| **Jan-20** | $12172 | $16922 | $14445 |
| **Feb-20** | $10686 | $15529 | $13014 |
| **Mar-20** | $7697 | $13611 | $10060 |
| **Apr-20** | $8799 | $15356 | $11404 |
| **May-20** | $9195 | $16087 | $11933 |
| **Jun-20** | $9380 | $16407 | $12067 |
| **Jul-20** | $9674 | $17332 | $12637 |
| **Aug-20** | $10171 | $18578 | $13137 |
| **Sep-20** | $9943 | $17872 | $12840 |
| **Oct-20** | $10063 | $17397 | $12959 |
| **Nov-20** | $11698 | $19301 | $14779 |
| **Dec-20** | $12254 | $20043 | $15463 |
| **Jan-21** | $12511 | $19841 | $15427 |
| **Feb-21** | $13610 | $20388 | $16622 |
| **Mar-21** | $14605 | $21281 | $17481 |
| **Apr-21** | $15283 | $22416 | $18326 |
| **May-21** | $15765 | $22573 | $18688 |
| **Jun-21** | $15295 | $23100 | $18470 |
| **Jul-21** | $15155 | $23649 | $18585 |
| **Aug-21** | $15460 | $24368 | $18983 |
| **Sep-21** | $14801 | $23234 | $18284 |
| **Oct-21** | $15222 | $24862 | $19257 |
| **Nov-21** | $14886 | $24690 | $18672 |
| **Dec-21** | $15875 | $25797 | $19844 |
| **Jan-22** | $15604 | $24462 | $18997 |
| **Feb-22** | $15690 | $23729 | $18909 |
| **Mar-22** | $15752 | $24610 | $19483 |
| **Apr-22** | $14981 | $22464 | $18325 |
| **May-22** | $15653 | $22505 | $18677 |
| **Jun-22** | $13791 | $20648 | $16624 |
| **Jul-22** | $14919 | $22552 | $18055 |
| **Aug-22** | $14562 | $21632 | $17502 |
| **Sep-22** | $13125 | $19640 | $15805 |
| **Oct-22** | $14734 | $21230 | $17298 |
| **Nov-22** | $15776 | $22416 | $18391 |
| **Dec-22** | $14938 | $21125 | $17457 |
| **Jan-23** | $16282 | $22452 | $18867 |
| **Feb-23** | $15810 | $21904 | $18262 |
| **Mar-23** | $15051 | $22708 | $17687 |
| **Apr-23** | $14958 | $23063 | $17689 |
| **May-23** | $14339 | $23163 | $16904 |
| **Jun-23** | $15843 | $24693 | $18370 |
| **Jul-23** | $16595 | $25487 | $19170 |
| **Aug-23** | $16029 | $25081 | $18491 |
| **Sep-23** | $15484 | $23885 | $17551 |
| **Oct-23** | $14792 | $23383 | $16681 |
| **Nov-23** | $15976 | $25518 | $18254 |
| **Dec-23** | $17308 | $26678 | $19676 |
| **Jan-24** | $17130 | $27126 | $19324 |
| **Feb-24** | $17770 | $28574 | $20247 |
| **Mar-24** | $19120 | $29494 | $21295 |
| **Apr-24** | $18061 | $28289 | $20180 |
| **May-24** | $18558 | $29692 | $20905 |
| **Jun-24** | $18054 | $30757 | $20570 |
| **Jul-24** | $19411 | $31132 | $21813 |
| **Aug-24** | $19596 | $31887 | $22224 |
| **Sep-24** | $19731 | $32568 | $22643 |
| **Oct-24** | $19319 | $32272 | $22359 |
| **Nov-24** | $20825 | $34167 | $24004 |
| **Dec-24** | $19330 | $33352 | $22248 |
| **Jan-25** | $20049 | $34281 | $23030 |
| **Feb-25** | $19697 | $33834 | $22610 |
| **Mar-25** | $18806 | $31928 | $21778 |
| **Apr-25** | $18185 | $31711 | $21238 |
| **May-25** | $19143 | $33707 | $22165 |
| **Jun-25** | $19735 | $35421 | $22943 |
| **Jul-25** | $19929 | $36216 | $23354 |
| **Aug-25** | $21262 | $36950 | $24055 |
| **Sep-25** | $21479 | $38299 | $24360 |
| **Oct-25** | $21284 | $39196 | $24116 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 10.18% | 16.16% | 7.85% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell Midcap<sup>®</sup> Value Index** | 7.86% | 13.23% | 9.20% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $367371 |
| **Number of Investments** | 175 |
| **Total Net Advisory Fees Paid (in thousands)** | $2674 |
| **Portfolio Turnover Rate** | 20% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ibb2a4c7bcd319fc08cf7bc0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 20.6% |
| Industrials | 14.2% |
| Consumer Discretionary | 13.8% |
| Information Technology | 12.1% |
| Health Care | 9.0% |
| Consumer Staples | 7.4% |
| Energy | 6.4% |
| Real Estate | 5.6% |
| Communication Services | 4.8% |
| Materials | 3.6% |
| Utilities | 2.6% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net assets. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

Effective March 1, 2025, Harbor Capital Advisors, Inc., the Fund's investment advisor, revised its contractual expense limitation agreement to lower the operating expense limit for Investor Class shares from 1.21% to 1.20% (excluding interest expense, if any). This contractual expense limitation is effective through February 28, 2026.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Small Cap Growth Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HNSGX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $84 | 0.79% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Westfield Capital Management Company, L.P.

**Performance Summary**

The Retirement Class shares of the Fund returned 12.42% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Growth Index returned 18.81% during the same period.

Top contributors to relative performance included:

• Security selection in the Industrials and Health Care sectors.

• Positions in heating, ventilation, and air conditioning and electrical services mechanical contractor, Comfort Systems USA, Inc., and commercial stage biotechnology company, Ascendis Pharma AS.

Top detractors from relative performance included:

• Security selection in the Consumer Discretionary and Information Technology sectors.

• Positions in vaccine developer, Vaxcyte, Inc., and less-than-truckload trucking provider, Saia, Inc.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](ie1ada00433e4bc248f6270c3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retirement Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Nov-15** | $1035897 | $1002974 | $1036645 |
| **Dec-15** | $999189 | $987155 | $987198 |
| **Jan-16** | $883101 | $938168 | $880236 |
| **Feb-16** | $888905 | $936903 | $874014 |
| **Mar-16** | $927878 | $1000460 | $940968 |
| **Apr-16** | $937828 | $1004339 | $950351 |
| **May-16** | $977630 | $1022375 | $975955 |
| **Jun-16** | $954412 | $1025024 | $971465 |
| **Jul-16** | $1005823 | $1062815 | $1034987 |
| **Aug-16** | $1019090 | $1064307 | $1045989 |
| **Sep-16** | $1034845 | $1064509 | $1061050 |
| **Oct-16** | $990897 | $1045091 | $995111 |
| **Nov-16** | $1061379 | $1083795 | $1084143 |
| **Dec-16** | $1062164 | $1105218 | $1098930 |
| **Jan-17** | $1102152 | $1126180 | $1116773 |
| **Feb-17** | $1134642 | $1170896 | $1144158 |
| **Mar-17** | $1147971 | $1172262 | $1157710 |
| **Apr-17** | $1160467 | $1184301 | $1179031 |
| **May-17** | $1158801 | $1200967 | $1168308 |
| **Jun-17** | $1189624 | $1208463 | $1208520 |
| **Jul-17** | $1207119 | $1233313 | $1218806 |
| **Aug-17** | $1195456 | $1237088 | $1217383 |
| **Sep-17** | $1237942 | $1262607 | $1283669 |
| **Oct-17** | $1256270 | $1292070 | $1303557 |
| **Nov-17** | $1312086 | $1331698 | $1340983 |
| **Dec-17** | $1325007 | $1346504 | $1342527 |
| **Jan-18** | $1380981 | $1423597 | $1394862 |
| **Feb-18** | $1347947 | $1371127 | $1355148 |
| **Mar-18** | $1375475 | $1336283 | $1373396 |
| **Apr-18** | $1373640 | $1341410 | $1374740 |
| **May-18** | $1424108 | $1373714 | $1461296 |
| **Jun-18** | $1430531 | $1382169 | $1472729 |
| **Jul-18** | $1469070 | $1433604 | $1498048 |
| **Aug-18** | $1541560 | $1480319 | $1591313 |
| **Sep-18** | $1537889 | $1488745 | $1554071 |
| **Oct-18** | $1320419 | $1386989 | $1357425 |
| **Nov-18** | $1340607 | $1415253 | $1378659 |
| **Dec-18** | $1183018 | $1287469 | $1217565 |
| **Jan-19** | $1328567 | $1390641 | $1358173 |
| **Feb-19** | $1420553 | $1435292 | $1445882 |
| **Mar-19** | $1439184 | $1463183 | $1426315 |
| **Apr-19** | $1497403 | $1522426 | $1469749 |
| **May-19** | $1414732 | $1425679 | $1360707 |
| **Jun-19** | $1512540 | $1526155 | $1465511 |
| **Jul-19** | $1535828 | $1548090 | $1479834 |
| **Aug-19** | $1498567 | $1523567 | $1415976 |
| **Sep-19** | $1488088 | $1552074 | $1404354 |
| **Oct-19** | $1534663 | $1585691 | $1444315 |
| **Nov-19** | $1639458 | $1643250 | $1529325 |
| **Dec-19** | $1685879 | $1692847 | $1564370 |
| **Jan-20** | $1708775 | $1692183 | $1547145 |
| **Feb-20** | $1565373 | $1552884 | $1435444 |
| **Mar-20** | $1287004 | $1361083 | $1161311 |
| **Apr-20** | $1494275 | $1535565 | $1334281 |
| **May-20** | $1648522 | $1608701 | $1460368 |
| **Jun-20** | $1696725 | $1640694 | $1516488 |
| **Jul-20** | $1767823 | $1733205 | $1568602 |
| **Aug-20** | $1891945 | $1857788 | $1660621 |
| **Sep-20** | $1883509 | $1787198 | $1625038 |
| **Oct-20** | $1917251 | $1739670 | $1637386 |
| **Nov-20** | $2136572 | $1930101 | $1926114 |
| **Dec-20** | $2333946 | $2004310 | $2106148 |
| **Jan-21** | $2306822 | $1984075 | $2207694 |
| **Feb-21** | $2437275 | $2038786 | $2280588 |
| **Mar-21** | $2424359 | $2128076 | $2208827 |
| **Apr-21** | $2513480 | $2241648 | $2256987 |
| **May-21** | $2420484 | $2257305 | $2192528 |
| **Jun-21** | $2466982 | $2310001 | $2295358 |
| **Jul-21** | $2430817 | $2364875 | $2211757 |
| **Aug-21** | $2559978 | $2436781 | $2251954 |
| **Sep-21** | $2456649 | $2323446 | $2165610 |
| **Oct-21** | $2576769 | $2486231 | $2267017 |
| **Nov-21** | $2439858 | $2469004 | $2156296 |
| **Dec-21** | $2564736 | $2579656 | $2165852 |
| **Jan-22** | $2249359 | $2446166 | $1875566 |
| **Feb-22** | $2229335 | $2372924 | $1883749 |
| **Mar-22** | $2252696 | $2461030 | $1892361 |
| **Apr-22** | $2044113 | $2246423 | $1660182 |
| **May-22** | $1999059 | $2250545 | $1628832 |
| **Jun-22** | $1847211 | $2064776 | $1528000 |
| **Jul-22** | $2054125 | $2255158 | $1699078 |
| **Aug-22** | $1994053 | $2163188 | $1683108 |
| **Sep-22** | $1832193 | $1963962 | $1531696 |
| **Oct-22** | $1965686 | $2122967 | $1677086 |
| **Nov-22** | $1999059 | $2241607 | $1704394 |
| **Dec-22** | $1911916 | $2112458 | $1594988 |
| **Jan-23** | $2085090 | $2245192 | $1753645 |
| **Feb-23** | $2106081 | $2190411 | $1734648 |
| **Mar-23** | $2060601 | $2270831 | $1691847 |
| **Apr-23** | $2050105 | $2306275 | $1672191 |
| **May-23** | $2050105 | $2316299 | $1672492 |
| **Jun-23** | $2204038 | $2469349 | $1811165 |
| **Jul-23** | $2237274 | $2548677 | $1895843 |
| **Aug-23** | $2156809 | $2508098 | $1797154 |
| **Sep-23** | $2071096 | $2388517 | $1678612 |
| **Oct-23** | $1894423 | $2338295 | $1549156 |
| **Nov-23** | $2085090 | $2551841 | $1690188 |
| **Dec-23** | $2335907 | $2667773 | $1892588 |
| **Jan-24** | $2314894 | $2712603 | $1831894 |
| **Feb-24** | $2497004 | $2857444 | $1980690 |
| **Mar-24** | $2547784 | $2949382 | $2036081 |
| **Apr-24** | $2341160 | $2828914 | $1879305 |
| **May-24** | $2391941 | $2969186 | $1979944 |
| **Jun-24** | $2404198 | $3075726 | $1976645 |
| **Jul-24** | $2546033 | $3113165 | $2138455 |
| **Aug-24** | $2567046 | $3188679 | $2114777 |
| **Sep-24** | $2631835 | $3256780 | $2142882 |
| **Oct-24** | $2560042 | $3227247 | $2114450 |
| **Nov-24** | $2805189 | $3416689 | $2373715 |
| **Dec-24** | $2556990 | $3335241 | $2179396 |
| **Jan-25** | $2654917 | $3428119 | $2248299 |
| **Feb-25** | $2504399 | $3383390 | $2096098 |
| **Mar-25** | $2290410 | $3192755 | $1937139 |
| **Apr-25** | $2283156 | $3171104 | $1924739 |
| **May-25** | $2433674 | $3370710 | $2048308 |
| **Jun-25** | $2569684 | $3542119 | $2168930 |
| **Jul-25** | $2636782 | $3621613 | $2205872 |
| **Aug-25** | $2678492 | $3695030 | $2336341 |
| **Sep-25** | $2765539 | $3829899 | $2433403 |
| **Oct-25** | $2877974 | $3919570 | $2512134 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Retirement Class** | 12.42% | 8.46% | 11.15% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Growth Index** | 18.81% | 8.94% | 9.65% |

---

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

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2155632 |
| **Number of Investments** | 73 |
| **Total Net Advisory Fees Paid (in thousands)** | $14704 |
| **Portfolio Turnover Rate** | 106% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i83ad7c6f4f36a358ffcedef8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 29.7% |
| Health Care | 27.4% |
| Information Technology | 19.3% |
| Financials | 11.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 2.0% |
| Materials | 1.0% |
| Consumer Staples | 0.9% |
| Energy | 0.9% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Small Cap Growth Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HASGX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $92 | 0.87% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Westfield Capital Management Company, L.P.

**Performance Summary**

The Institutional Class shares of the Fund returned 12.32% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Growth Index returned 18.81% during the same period.

Top contributors to relative performance included:

• Security selection in the Industrials and Health Care sectors.

• Positions in heating, ventilation, and air conditioning and electrical services mechanical contractor, Comfort Systems USA, Inc., and commercial stage biotechnology company, Ascendis Pharma AS.

Top detractors from relative performance included:

• Security selection in the Consumer Discretionary and Information Technology sectors.

• Positions in vaccine developer, Vaxcyte, Inc., and less-than-truckload trucking provider, Saia, Inc.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i2b78b1e566a5ff212a64de67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Nov-15** | $51795 | $50149 | $51832 |
| **Dec-15** | $49959 | $49358 | $49360 |
| **Jan-16** | $44155 | $46908 | $44012 |
| **Feb-16** | $43450 | $46845 | $43701 |
| **Mar-16** | $46352 | $50023 | $47048 |
| **Apr-16** | $46850 | $50217 | $47518 |
| **May-16** | $48840 | $51119 | $48798 |
| **Jun-16** | $47721 | $51251 | $48573 |
| **Jul-16** | $50250 | $53141 | $51749 |
| **Aug-16** | $50955 | $53215 | $52299 |
| **Sep-16** | $51701 | $53225 | $53052 |
| **Oct-16** | $49503 | $52255 | $49756 |
| **Nov-16** | $53028 | $54190 | $54207 |
| **Dec-16** | $53067 | $55261 | $54947 |
| **Jan-17** | $55066 | $56309 | $55839 |
| **Feb-17** | $56691 | $58545 | $57208 |
| **Mar-17** | $57315 | $58613 | $57886 |
| **Apr-17** | $57940 | $59215 | $58952 |
| **May-17** | $57899 | $60048 | $58415 |
| **Jun-17** | $59398 | $60423 | $60426 |
| **Jul-17** | $60314 | $61666 | $60940 |
| **Aug-17** | $59690 | $61854 | $60869 |
| **Sep-17** | $61814 | $63130 | $64183 |
| **Oct-17** | $62730 | $64604 | $65178 |
| **Nov-17** | $65521 | $66585 | $67049 |
| **Dec-17** | $66121 | $67325 | $67126 |
| **Jan-18** | $68921 | $71180 | $69743 |
| **Feb-18** | $67269 | $68556 | $67757 |
| **Mar-18** | $68691 | $66814 | $68670 |
| **Apr-18** | $68553 | $67071 | $68737 |
| **May-18** | $71077 | $68686 | $73065 |
| **Jun-18** | $71398 | $69108 | $73636 |
| **Jul-18** | $73326 | $71680 | $74902 |
| **Aug-18** | $76905 | $74016 | $79566 |
| **Sep-18** | $76721 | $74437 | $77704 |
| **Oct-18** | $65846 | $69349 | $67871 |
| **Nov-18** | $66856 | $70763 | $68933 |
| **Dec-18** | $59021 | $64373 | $60878 |
| **Jan-19** | $66245 | $69532 | $67909 |
| **Feb-19** | $70848 | $71765 | $72294 |
| **Mar-19** | $71780 | $73159 | $71316 |
| **Apr-19** | $74693 | $76121 | $73487 |
| **May-19** | $70557 | $71284 | $68035 |
| **Jun-19** | $75451 | $76308 | $73276 |
| **Jul-19** | $76558 | $77404 | $73992 |
| **Aug-19** | $74693 | $76178 | $70799 |
| **Sep-19** | $74227 | $77604 | $70218 |
| **Oct-19** | $76500 | $79285 | $72216 |
| **Nov-19** | $81743 | $82163 | $76466 |
| **Dec-19** | $84006 | $84642 | $78218 |
| **Jan-20** | $85152 | $84609 | $77357 |
| **Feb-20** | $78036 | $77644 | $71772 |
| **Mar-20** | $64105 | $68054 | $58066 |
| **Apr-20** | $74478 | $76778 | $66714 |
| **May-20** | $82136 | $80435 | $73018 |
| **Jun-20** | $84549 | $82035 | $75824 |
| **Jul-20** | $88107 | $86660 | $78430 |
| **Aug-20** | $94258 | $92889 | $83031 |
| **Sep-20** | $93836 | $89360 | $81252 |
| **Oct-20** | $95524 | $86983 | $81869 |
| **Nov-20** | $106440 | $96505 | $96306 |
| **Dec-20** | $116257 | $100216 | $105307 |
| **Jan-21** | $114899 | $99204 | $110385 |
| **Feb-21** | $121365 | $101939 | $114029 |
| **Mar-21** | $120718 | $106404 | $110441 |
| **Apr-21** | $125115 | $112082 | $112849 |
| **May-21** | $120524 | $112865 | $109626 |
| **Jun-21** | $122852 | $115500 | $114768 |
| **Jul-21** | $121042 | $118244 | $110588 |
| **Aug-21** | $127443 | $121839 | $112598 |
| **Sep-21** | $122270 | $116172 | $108280 |
| **Oct-21** | $128283 | $124312 | $113351 |
| **Nov-21** | $121430 | $123450 | $107815 |
| **Dec-21** | $127611 | $128983 | $108293 |
| **Jan-22** | $111879 | $122308 | $93778 |
| **Feb-22** | $110959 | $118646 | $94187 |
| **Mar-22** | $112130 | $123051 | $94618 |
| **Apr-22** | $101754 | $112321 | $83009 |
| **May-22** | $99494 | $112527 | $81442 |
| **Jun-22** | $91963 | $103239 | $76400 |
| **Jul-22** | $102172 | $112758 | $84954 |
| **Aug-22** | $99243 | $108159 | $84155 |
| **Sep-22** | $91127 | $98198 | $76585 |
| **Oct-22** | $97737 | $106148 | $83854 |
| **Nov-22** | $99411 | $112080 | $85220 |
| **Dec-22** | $95037 | $105623 | $79749 |
| **Jan-23** | $103725 | $112260 | $87682 |
| **Feb-23** | $104690 | $109521 | $86732 |
| **Mar-23** | $102409 | $113542 | $84592 |
| **Apr-23** | $101882 | $115314 | $83610 |
| **May-23** | $101970 | $115815 | $83625 |
| **Jun-23** | $109517 | $123467 | $90558 |
| **Jul-23** | $111184 | $127434 | $94792 |
| **Aug-23** | $107235 | $125405 | $89858 |
| **Sep-23** | $102935 | $119426 | $83931 |
| **Oct-23** | $94160 | $116915 | $77458 |
| **Nov-23** | $103637 | $127592 | $84509 |
| **Dec-23** | $116138 | $133389 | $94629 |
| **Jan-24** | $114996 | $135630 | $91595 |
| **Feb-24** | $124038 | $142872 | $99035 |
| **Mar-24** | $126584 | $147469 | $101804 |
| **Apr-24** | $116313 | $141446 | $93965 |
| **May-24** | $118859 | $148459 | $98997 |
| **Jun-24** | $119473 | $153786 | $98832 |
| **Jul-24** | $126408 | $155658 | $106923 |
| **Aug-24** | $127550 | $159434 | $105739 |
| **Sep-24** | $130710 | $162839 | $107144 |
| **Oct-24** | $127111 | $161362 | $105722 |
| **Nov-24** | $139313 | $170834 | $118686 |
| **Dec-24** | $126954 | $166762 | $108970 |
| **Jan-25** | $131861 | $171406 | $112415 |
| **Feb-25** | $124319 | $169170 | $104805 |
| **Mar-25** | $113686 | $159638 | $96857 |
| **Apr-25** | $113323 | $158555 | $96237 |
| **May-25** | $120774 | $168535 | $102415 |
| **Jun-25** | $127499 | $177106 | $108446 |
| **Jul-25** | $130862 | $181081 | $110294 |
| **Aug-25** | $132952 | $184751 | $116817 |
| **Sep-25** | $137223 | $191495 | $121670 |
| **Oct-25** | $142766 | $195979 | $125607 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 12.32% | 8.37% | 11.06% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Growth Index** | 18.81% | 8.94% | 9.65% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2155632 |
| **Number of Investments** | 73 |
| **Total Net Advisory Fees Paid (in thousands)** | $14704 |
| **Portfolio Turnover Rate** | 106% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i83ad7c6f4f36a358ffcedef8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 29.7% |
| Health Care | 27.4% |
| Information Technology | 19.3% |
| Financials | 11.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 2.0% |
| Materials | 1.0% |
| Consumer Staples | 0.9% |
| Energy | 0.9% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Small Cap Growth Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HRSGX

Administrative Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Administrative Class | $119 | 1.12% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Westfield Capital Management Company, L.P.

**Performance Summary**

The Administrative Class shares of the Fund returned 12.03% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Growth Index returned 18.81% during the same period.

Top contributors to relative performance included:

• Security selection in the Industrials and Health Care sectors.

• Positions in heating, ventilation, and air conditioning and electrical services mechanical contractor, Comfort Systems USA, Inc., and commercial stage biotechnology company, Ascendis Pharma AS.

Top detractors from relative performance included:

• Security selection in the Consumer Discretionary and Information Technology sectors.

• Positions in vaccine developer, Vaxcyte, Inc., and less-than-truckload trucking provider, Saia, Inc.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i833339b615cfe8f858e5dfef.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Nov-15** | $10353 | $10030 | $10366 |
| **Dec-15** | $9984 | $9872 | $9872 |
| **Jan-16** | $8822 | $9382 | $8802 |
| **Feb-16** | $8683 | $9369 | $8740 |
| **Mar-16** | $9259 | $10005 | $9410 |
| **Apr-16** | $9355 | $10043 | $9504 |
| **May-16** | $9757 | $10224 | $9760 |
| **Jun-16** | $9521 | $10250 | $9715 |
| **Jul-16** | $10028 | $10628 | $10350 |
| **Aug-16** | $10168 | $10643 | $10460 |
| **Sep-16** | $10316 | $10645 | $10610 |
| **Oct-16** | $9871 | $10451 | $9951 |
| **Nov-16** | $10569 | $10838 | $10841 |
| **Dec-16** | $10578 | $11052 | $10989 |
| **Jan-17** | $10981 | $11262 | $11168 |
| **Feb-17** | $11297 | $11709 | $11442 |
| **Mar-17** | $11420 | $11723 | $11577 |
| **Apr-17** | $11543 | $11843 | $11790 |
| **May-17** | $11491 | $12010 | $11683 |
| **Jun-17** | $11789 | $12085 | $12085 |
| **Jul-17** | $11965 | $12333 | $12188 |
| **Aug-17** | $11842 | $12371 | $12174 |
| **Sep-17** | $12263 | $12626 | $12837 |
| **Oct-17** | $12439 | $12921 | $13036 |
| **Nov-17** | $12992 | $13317 | $13410 |
| **Dec-17** | $13109 | $13465 | $13425 |
| **Jan-18** | $13664 | $14236 | $13949 |
| **Feb-18** | $13333 | $13711 | $13551 |
| **Mar-18** | $13605 | $13363 | $13734 |
| **Apr-18** | $13576 | $13414 | $13747 |
| **May-18** | $14072 | $13737 | $14613 |
| **Jun-18** | $14131 | $13822 | $14727 |
| **Jul-18** | $14510 | $14336 | $14980 |
| **Aug-18** | $15221 | $14803 | $15913 |
| **Sep-18** | $15182 | $14887 | $15541 |
| **Oct-18** | $13031 | $13870 | $13574 |
| **Nov-18** | $13226 | $14153 | $13787 |
| **Dec-18** | $11671 | $12875 | $12176 |
| **Jan-19** | $13108 | $13906 | $13582 |
| **Feb-19** | $14003 | $14353 | $14459 |
| **Mar-19** | $14192 | $14632 | $14263 |
| **Apr-19** | $14759 | $15224 | $14697 |
| **May-19** | $13940 | $14257 | $13607 |
| **Jun-19** | $14897 | $15262 | $14655 |
| **Jul-19** | $15112 | $15481 | $14798 |
| **Aug-19** | $14746 | $15236 | $14160 |
| **Sep-19** | $14645 | $15521 | $14044 |
| **Oct-19** | $15099 | $15857 | $14443 |
| **Nov-19** | $16120 | $16433 | $15293 |
| **Dec-19** | $16572 | $16928 | $15644 |
| **Jan-20** | $16794 | $16922 | $15471 |
| **Feb-20** | $15381 | $15529 | $14354 |
| **Mar-20** | $12632 | $13611 | $11613 |
| **Apr-20** | $14674 | $15356 | $13343 |
| **May-20** | $16179 | $16087 | $14604 |
| **Jun-20** | $16650 | $16407 | $15165 |
| **Jul-20** | $17344 | $17332 | $15686 |
| **Aug-20** | $18548 | $18578 | $16606 |
| **Sep-20** | $18470 | $17872 | $16250 |
| **Oct-20** | $18797 | $17397 | $16374 |
| **Nov-20** | $20931 | $19301 | $19261 |
| **Dec-20** | $22866 | $20043 | $21061 |
| **Jan-21** | $22597 | $19841 | $22077 |
| **Feb-21** | $23855 | $20388 | $22806 |
| **Mar-21** | $23728 | $21281 | $22088 |
| **Apr-21** | $24591 | $22416 | $22570 |
| **May-21** | $23672 | $22573 | $21925 |
| **Jun-21** | $24124 | $23100 | $22954 |
| **Jul-21** | $23756 | $23649 | $22118 |
| **Aug-21** | $25015 | $24368 | $22520 |
| **Sep-21** | $23997 | $23234 | $21656 |
| **Oct-21** | $25170 | $24862 | $22670 |
| **Nov-21** | $23827 | $24690 | $21563 |
| **Dec-21** | $25038 | $25797 | $21659 |
| **Jan-22** | $21951 | $24462 | $18756 |
| **Feb-22** | $21762 | $23729 | $18837 |
| **Mar-22** | $21970 | $24610 | $18924 |
| **Apr-22** | $19943 | $22464 | $16602 |
| **May-22** | $19489 | $22505 | $16288 |
| **Jun-22** | $18011 | $20648 | $15280 |
| **Jul-22** | $20000 | $22552 | $16991 |
| **Aug-22** | $19432 | $21632 | $16831 |
| **Sep-22** | $17841 | $19640 | $15317 |
| **Oct-22** | $19129 | $21230 | $16771 |
| **Nov-22** | $19451 | $22416 | $17044 |
| **Dec-22** | $18594 | $21125 | $15950 |
| **Jan-23** | $20295 | $22452 | $17536 |
| **Feb-23** | $20475 | $21904 | $17346 |
| **Mar-23** | $20035 | $22708 | $16918 |
| **Apr-23** | $19935 | $23063 | $16722 |
| **May-23** | $19935 | $23163 | $16725 |
| **Jun-23** | $21416 | $24693 | $18112 |
| **Jul-23** | $21736 | $25487 | $18958 |
| **Aug-23** | $20935 | $25081 | $17972 |
| **Sep-23** | $20095 | $23885 | $16786 |
| **Oct-23** | $18394 | $23383 | $15492 |
| **Nov-23** | $20235 | $25518 | $16902 |
| **Dec-23** | $22657 | $26678 | $18926 |
| **Jan-24** | $22457 | $27126 | $18319 |
| **Feb-24** | $24218 | $28574 | $19807 |
| **Mar-24** | $24698 | $29494 | $20361 |
| **Apr-24** | $22677 | $28289 | $18793 |
| **May-24** | $23177 | $29692 | $19799 |
| **Jun-24** | $23277 | $30757 | $19766 |
| **Jul-24** | $24638 | $31132 | $21385 |
| **Aug-24** | $24858 | $31887 | $21148 |
| **Sep-24** | $25459 | $32568 | $21429 |
| **Oct-24** | $24758 | $32272 | $21144 |
| **Nov-24** | $27120 | $34167 | $23737 |
| **Dec-24** | $24722 | $33352 | $21794 |
| **Jan-25** | $25658 | $34281 | $22483 |
| **Feb-25** | $24181 | $33834 | $20961 |
| **Mar-25** | $22123 | $31928 | $19371 |
| **Apr-25** | $22040 | $31711 | $19247 |
| **May-25** | $23495 | $33707 | $20483 |
| **Jun-25** | $24784 | $35421 | $21689 |
| **Jul-25** | $25429 | $36216 | $22059 |
| **Aug-25** | $25845 | $36950 | $23363 |
| **Sep-25** | $26676 | $38299 | $24334 |
| **Oct-25** | $27737 | $39196 | $25121 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Administrative Class** | 12.03% | 8.09% | 10.74% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Growth Index** | 18.81% | 8.94% | 9.65% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2155632 |
| **Number of Investments** | 73 |
| **Total Net Advisory Fees Paid (in thousands)** | $14704 |
| **Portfolio Turnover Rate** | 106% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i83ad7c6f4f36a358ffcedef8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 29.7% |
| Health Care | 27.4% |
| Information Technology | 19.3% |
| Financials | 11.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 2.0% |
| Materials | 1.0% |
| Consumer Staples | 0.9% |
| Energy | 0.9% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Small Cap Growth Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HISGX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Small Cap Growth Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $130 | 1.23% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Westfield Capital Management Company, L.P.

**Performance Summary**

The Investor Class shares of the Fund returned 11.90% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Growth Index returned 18.81% during the same period.

Top contributors to relative performance included:

• Security selection in the Industrials and Health Care sectors.

• Positions in heating, ventilation, and air conditioning and electrical services mechanical contractor, Comfort Systems USA, Inc., and commercial stage biotechnology company, Ascendis Pharma AS.

Top detractors from relative performance included:

• Security selection in the Consumer Discretionary and Information Technology sectors.

• Positions in vaccine developer, Vaxcyte, Inc., and less-than-truckload trucking provider, Saia, Inc.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i0d8d9bcfb65cc8775fee7dd7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Nov-15** | $10349 | $10030 | $10366 |
| **Dec-15** | $9975 | $9872 | $9872 |
| **Jan-16** | $8820 | $9382 | $8802 |
| **Feb-16** | $8674 | $9369 | $8740 |
| **Mar-16** | $9256 | $10005 | $9410 |
| **Apr-16** | $9347 | $10043 | $9504 |
| **May-16** | $9747 | $10224 | $9760 |
| **Jun-16** | $9511 | $10250 | $9715 |
| **Jul-16** | $10020 | $10628 | $10350 |
| **Aug-16** | $10157 | $10643 | $10460 |
| **Sep-16** | $10302 | $10645 | $10610 |
| **Oct-16** | $9856 | $10451 | $9951 |
| **Nov-16** | $10557 | $10838 | $10841 |
| **Dec-16** | $10556 | $11052 | $10989 |
| **Jan-17** | $10958 | $11262 | $11168 |
| **Feb-17** | $11278 | $11709 | $11442 |
| **Mar-17** | $11397 | $11723 | $11577 |
| **Apr-17** | $11516 | $11843 | $11790 |
| **May-17** | $11507 | $12010 | $11683 |
| **Jun-17** | $11799 | $12085 | $12085 |
| **Jul-17** | $11973 | $12333 | $12188 |
| **Aug-17** | $11854 | $12371 | $12174 |
| **Sep-17** | $12265 | $12626 | $12837 |
| **Oct-17** | $12448 | $12921 | $13036 |
| **Nov-17** | $12996 | $13317 | $13410 |
| **Dec-17** | $13110 | $13465 | $13425 |
| **Jan-18** | $13659 | $14236 | $13949 |
| **Feb-18** | $13334 | $13711 | $13551 |
| **Mar-18** | $13608 | $13363 | $13734 |
| **Apr-18** | $13578 | $13414 | $13747 |
| **May-18** | $14066 | $13737 | $14613 |
| **Jun-18** | $14127 | $13822 | $14727 |
| **Jul-18** | $14504 | $14336 | $14980 |
| **Aug-18** | $15217 | $14803 | $15913 |
| **Sep-18** | $15176 | $14887 | $15541 |
| **Oct-18** | $13018 | $13870 | $13574 |
| **Nov-18** | $13211 | $14153 | $13787 |
| **Dec-18** | $11668 | $12875 | $12176 |
| **Jan-19** | $13085 | $13906 | $13582 |
| **Feb-19** | $13993 | $14353 | $14459 |
| **Mar-19** | $14181 | $14632 | $14263 |
| **Apr-19** | $14742 | $15224 | $14697 |
| **May-19** | $13913 | $14257 | $13607 |
| **Jun-19** | $14876 | $15262 | $14655 |
| **Jul-19** | $15089 | $15481 | $14798 |
| **Aug-19** | $14715 | $15236 | $14160 |
| **Sep-19** | $14622 | $15521 | $14044 |
| **Oct-19** | $15076 | $15857 | $14443 |
| **Nov-19** | $16092 | $16433 | $15293 |
| **Dec-19** | $16544 | $16928 | $15644 |
| **Jan-20** | $16767 | $16922 | $15471 |
| **Feb-20** | $15348 | $15529 | $14354 |
| **Mar-20** | $12607 | $13611 | $11613 |
| **Apr-20** | $14638 | $15356 | $13343 |
| **May-20** | $16141 | $16087 | $14604 |
| **Jun-20** | $16614 | $16407 | $15165 |
| **Jul-20** | $17310 | $17332 | $15686 |
| **Aug-20** | $18506 | $18578 | $16606 |
| **Sep-20** | $18423 | $17872 | $16250 |
| **Oct-20** | $18743 | $17397 | $16374 |
| **Nov-20** | $20886 | $19301 | $19261 |
| **Dec-20** | $22804 | $20043 | $21061 |
| **Jan-21** | $22532 | $19841 | $22077 |
| **Feb-21** | $23786 | $20388 | $22806 |
| **Mar-21** | $23650 | $21281 | $22088 |
| **Apr-21** | $24511 | $22416 | $22570 |
| **May-21** | $23605 | $22573 | $21925 |
| **Jun-21** | $24043 | $23100 | $22954 |
| **Jul-21** | $23680 | $23649 | $22118 |
| **Aug-21** | $24934 | $24368 | $22520 |
| **Sep-21** | $23922 | $23234 | $21656 |
| **Oct-21** | $25086 | $24862 | $22670 |
| **Nov-21** | $23741 | $24690 | $21563 |
| **Dec-21** | $24945 | $25797 | $21659 |
| **Jan-22** | $21874 | $24462 | $18756 |
| **Feb-22** | $21666 | $23729 | $18837 |
| **Mar-22** | $21894 | $24610 | $18924 |
| **Apr-22** | $19861 | $22464 | $16602 |
| **May-22** | $19404 | $22505 | $16288 |
| **Jun-22** | $17931 | $20648 | $15280 |
| **Jul-22** | $19923 | $22552 | $16991 |
| **Aug-22** | $19342 | $21632 | $16831 |
| **Sep-22** | $17765 | $19640 | $15317 |
| **Oct-22** | $19051 | $21230 | $16771 |
| **Nov-22** | $19363 | $22416 | $17044 |
| **Dec-22** | $18507 | $21125 | $15950 |
| **Jan-23** | $20183 | $22452 | $17536 |
| **Feb-23** | $20382 | $21904 | $17346 |
| **Mar-23** | $19918 | $22708 | $16918 |
| **Apr-23** | $19830 | $23063 | $16722 |
| **May-23** | $19830 | $23163 | $16725 |
| **Jun-23** | $21286 | $24693 | $18112 |
| **Jul-23** | $21617 | $25487 | $18958 |
| **Aug-23** | $20823 | $25081 | $17972 |
| **Sep-23** | $19985 | $23885 | $16786 |
| **Oct-23** | $18286 | $23383 | $15492 |
| **Nov-23** | $20117 | $25518 | $16902 |
| **Dec-23** | $22521 | $26678 | $18926 |
| **Jan-24** | $22323 | $27126 | $18319 |
| **Feb-24** | $24065 | $28574 | $19807 |
| **Mar-24** | $24528 | $29494 | $20361 |
| **Apr-24** | $22543 | $28289 | $18793 |
| **May-24** | $23028 | $29692 | $19799 |
| **Jun-24** | $23139 | $30757 | $19766 |
| **Jul-24** | $24484 | $31132 | $21385 |
| **Aug-24** | $24683 | $31887 | $21148 |
| **Sep-24** | $25278 | $32568 | $21429 |
| **Oct-24** | $24595 | $32272 | $21144 |
| **Nov-24** | $26933 | $34167 | $23737 |
| **Dec-24** | $24554 | $33352 | $21794 |
| **Jan-25** | $25474 | $34281 | $22483 |
| **Feb-25** | $24024 | $33834 | $20961 |
| **Mar-25** | $21953 | $31928 | $19371 |
| **Apr-25** | $21884 | $31711 | $19247 |
| **May-25** | $23311 | $33707 | $20483 |
| **Jun-25** | $24600 | $35421 | $21689 |
| **Jul-25** | $25244 | $36216 | $22059 |
| **Aug-25** | $25635 | $36950 | $23363 |
| **Sep-25** | $26464 | $38299 | $24334 |
| **Oct-25** | $27522 | $39196 | $25121 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 11.90% | 7.99% | 10.65% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Growth Index** | 18.81% | 8.94% | 9.65% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2155632 |
| **Number of Investments** | 73 |
| **Total Net Advisory Fees Paid (in thousands)** | $14704 |
| **Portfolio Turnover Rate** | 106% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i83ad7c6f4f36a358ffcedef8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 29.7% |
| Health Care | 27.4% |
| Information Technology | 19.3% |
| Financials | 11.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 2.0% |
| Materials | 1.0% |
| Consumer Staples | 0.9% |
| Energy | 0.9% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net assets. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Small Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HNVRX

Retirement Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Small Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Retirement Class | $81 | 0.80% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Retirement Class shares of the Fund returned 3.22% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Value Index returned 9.87% during the same period.

Top contributors to relative performance included:

• Security selection within the Financials, Industrials, and Real Estate sectors.

• Positions in Wolverine Worldwide, Inc. and EnerSys. Wolverine Worldwide, Inc.'s performance was supported by gross margins expansion, driven by stronger sales mix, lower promotional activity, and supply chain efficiency. EnerSys's performance was supported by an increase in organic sales and an increase in adjusted operating margin, due to the growth of its Energy Systems business.

Top detractors from relative performance included:

• Underexposure to high-performing artificial intelligence related sectors like Communication Services and Utilities.

• A position in Diodes, Inc., which has been pressured by softer demand in consumer electronics and lower factory utilization temporarily decreasing margins as the company works through elevated channel inventories.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $1,000,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i69c43aac79e4cdf7353904ea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Retirement Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Nov-15** | $1032430 | $1002974 | $1028428 |
| **Dec-15** | $981414 | $987155 | $974215 |
| **Jan-16** | $914770 | $938168 | $908768 |
| **Feb-16** | $948489 | $936903 | $914966 |
| **Mar-16** | $1009579 | $1000460 | $990803 |
| **Apr-16** | $1012356 | $1004339 | $1011790 |
| **May-16** | $1034968 | $1022375 | $1030338 |
| **Jun-16** | $1040521 | $1025024 | $1033470 |
| **Jul-16** | $1083761 | $1062815 | $1089229 |
| **Aug-16** | $1105579 | $1064307 | $1116299 |
| **Sep-16** | $1108752 | $1064509 | $1125097 |
| **Oct-16** | $1082570 | $1045091 | $1088118 |
| **Nov-16** | $1188090 | $1083795 | $1232542 |
| **Dec-16** | $1212593 | $1105218 | $1283439 |
| **Jan-17** | $1236892 | $1126180 | $1274278 |
| **Feb-17** | $1261989 | $1170896 | $1292714 |
| **Mar-17** | $1276728 | $1172262 | $1281771 |
| **Apr-17** | $1288280 | $1184301 | $1286818 |
| **May-17** | $1293459 | $1200967 | $1246745 |
| **Jun-17** | $1293857 | $1208463 | $1290359 |
| **Jul-17** | $1318157 | $1233313 | $1298523 |
| **Aug-17** | $1308994 | $1237088 | $1266609 |
| **Sep-17** | $1385080 | $1262607 | $1356289 |
| **Oct-17** | $1440452 | $1292070 | $1358069 |
| **Nov-17** | $1489051 | $1331698 | $1397367 |
| **Dec-17** | $1475955 | $1346504 | $1384033 |
| **Jan-18** | $1509694 | $1423597 | $1401086 |
| **Feb-18** | $1440591 | $1371127 | $1331035 |
| **Mar-18** | $1447501 | $1336283 | $1347496 |
| **Apr-18** | $1447095 | $1341410 | $1370855 |
| **May-18** | $1518637 | $1373714 | $1450602 |
| **Jun-18** | $1506035 | $1382169 | $1459387 |
| **Jul-18** | $1543839 | $1433604 | $1485154 |
| **Aug-18** | $1575545 | $1480319 | $1520530 |
| **Sep-18** | $1542213 | $1488745 | $1482805 |
| **Oct-18** | $1365797 | $1386989 | $1350041 |
| **Nov-18** | $1418641 | $1415253 | $1371809 |
| **Dec-18** | $1241026 | $1287469 | $1205992 |
| **Jan-19** | $1389660 | $1390641 | $1337900 |
| **Feb-19** | $1446583 | $1435292 | $1389902 |
| **Mar-19** | $1405020 | $1463183 | $1349828 |
| **Apr-19** | $1504410 | $1522426 | $1400874 |
| **May-19** | $1363005 | $1425679 | $1286453 |
| **Jun-19** | $1485436 | $1526155 | $1368388 |
| **Jul-19** | $1500344 | $1548090 | $1370591 |
| **Aug-19** | $1422187 | $1523567 | $1294101 |
| **Sep-19** | $1494471 | $1552074 | $1360549 |
| **Oct-19** | $1515705 | $1585691 | $1393505 |
| **Nov-19** | $1555913 | $1643250 | $1426129 |
| **Dec-19** | $1601644 | $1692847 | $1476061 |
| **Jan-20** | $1560377 | $1692183 | $1396444 |
| **Feb-20** | $1396682 | $1552884 | $1260748 |
| **Mar-20** | $1119271 | $1361083 | $949691 |
| **Apr-20** | $1266001 | $1535565 | $1066841 |
| **May-20** | $1347160 | $1608701 | $1097460 |
| **Jun-20** | $1346702 | $1640694 | $1129235 |
| **Jul-20** | $1398974 | $1733205 | $1152528 |
| **Aug-20** | $1447120 | $1857788 | $1214616 |
| **Sep-20** | $1394847 | $1787198 | $1158097 |
| **Oct-20** | $1451705 | $1739670 | $1199517 |
| **Nov-20** | $1707565 | $1930101 | $1431102 |
| **Dec-20** | $1813748 | $2004310 | $1544466 |
| **Jan-21** | $1834024 | $1984075 | $1625723 |
| **Feb-21** | $1963051 | $2038786 | $1778458 |
| **Mar-21** | $2062586 | $2128076 | $1871397 |
| **Apr-21** | $2082861 | $2241648 | $1909250 |
| **May-21** | $2081018 | $2257305 | $1968662 |
| **Jun-21** | $2032633 | $2310001 | $1956734 |
| **Jul-21** | $2033555 | $2364875 | $1886694 |
| **Aug-21** | $2049222 | $2436781 | $1937212 |
| **Sep-21** | $1990238 | $2323446 | $1898403 |
| **Oct-21** | $2078714 | $2486231 | $1970786 |
| **Nov-21** | $1966276 | $2469004 | $1903469 |
| **Dec-21** | $2081557 | $2579656 | $1981093 |
| **Jan-22** | $1979362 | $2446166 | $1865587 |
| **Feb-22** | $2023858 | $2372924 | $1896456 |
| **Mar-22** | $2045373 | $2461030 | $1933565 |
| **Apr-22** | $1884012 | $2246423 | $1783508 |
| **May-22** | $1932420 | $2250545 | $1817737 |
| **Jun-22** | $1769103 | $2064776 | $1638167 |
| **Jul-22** | $1959803 | $2255158 | $1796771 |
| **Aug-22** | $1865920 | $2163188 | $1739953 |
| **Sep-22** | $1694780 | $1963962 | $1562647 |
| **Oct-22** | $1929976 | $2122967 | $1759373 |
| **Nov-22** | $1997943 | $2241607 | $1813125 |
| **Dec-22** | $1884421 | $2112458 | $1694165 |
| **Jan-23** | $2069973 | $2245192 | $1855833 |
| **Feb-23** | $2084691 | $2190411 | $1813046 |
| **Mar-23** | $1989024 | $2270831 | $1683035 |
| **Apr-23** | $1938037 | $2306275 | $1641065 |
| **May-23** | $1910704 | $2316299 | $1608786 |
| **Jun-23** | $2043165 | $2469349 | $1736582 |
| **Jul-23** | $2133575 | $2548677 | $1867628 |
| **Aug-23** | $2047896 | $2508098 | $1777789 |
| **Sep-23** | $1945921 | $2388517 | $1685196 |
| **Oct-23** | $1847101 | $2338295 | $1584672 |
| **Nov-23** | $1982716 | $2551841 | $1727316 |
| **Dec-23** | $2170038 | $2667773 | $1942300 |
| **Jan-24** | $2096334 | $2712603 | $1854073 |
| **Feb-24** | $2168350 | $2857444 | $1914727 |
| **Mar-24** | $2262308 | $2949382 | $1998643 |
| **Apr-24** | $2167788 | $2828914 | $1871293 |
| **May-24** | $2294940 | $2969186 | $1958808 |
| **Jun-24** | $2262871 | $3075726 | $1925796 |
| **Jul-24** | $2448537 | $3113165 | $2160497 |
| **Aug-24** | $2423781 | $3188679 | $2119944 |
| **Sep-24** | $2424344 | $3256780 | $2121297 |
| **Oct-24** | $2363580 | $3227247 | $2088113 |
| **Nov-24** | $2605508 | $3416689 | $2289524 |
| **Dec-24** | $2409058 | $3335241 | $2098745 |
| **Jan-25** | $2464582 | $3428119 | $2141857 |
| **Feb-25** | $2332005 | $3383390 | $2059859 |
| **Mar-25** | $2168832 | $3192755 | $1936245 |
| **Apr-25** | $2077615 | $3171104 | $1858493 |
| **May-25** | $2186963 | $3370710 | $1936565 |
| **Jun-25** | $2299144 | $3542119 | $2032395 |
| **Jul-25** | $2319540 | $3621613 | $2068289 |
| **Aug-25** | $2444186 | $3695030 | $2243463 |
| **Sep-25** | $2445319 | $3829899 | $2288561 |
| **Oct-25** | $2439653 | $3919570 | $2294298 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Retirement Class** | 3.22% | 10.94% | 9.33% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Value Index** | 9.87% | 13.85% | 8.66% |

---

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

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2081821 |
| **Number of Investments** | 58 |
| **Total Net Advisory Fees Paid (in thousands)** | $16788 |
| **Portfolio Turnover Rate** | 8% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](id0d4ffdf9ada99987b3c1ab1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 30.3% |
| Financials | 26.5% |
| Information Technology | 17.6% |
| Energy | 6.5% |
| Consumer Discretionary | 5.9% |
| Real Estate | 4.2% |
| Materials | 3.4% |
| Health Care | 2.1% |
| Utilities | 1.8% |
| Consumer Staples | 1.7% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Small Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HASCX

Institutional Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Small Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Institutional Class | $89 | 0.88% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Institutional Class shares of the Fund returned 3.14% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Value Index returned 9.87% during the same period.

Top contributors to relative performance included:

• Security selection within the Financials, Industrials, and Real Estate sectors.

• Positions in Wolverine Worldwide, Inc. and EnerSys. Wolverine Worldwide, Inc.'s performance was supported by gross margins expansion, driven by stronger sales mix, lower promotional activity, and supply chain efficiency. EnerSys's performance was supported by an increase in organic sales and an increase in adjusted operating margin, due to the growth of its Energy Systems business.

Top detractors from relative performance included:

• Underexposure to high-performing artificial intelligence related sectors like Communication Services and Utilities.

• A position in Diodes, Inc., which has been pressured by softer demand in consumer electronics and lower factory utilization temporarily decreasing margins as the company works through elevated channel inventories.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $50,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](ifaa26880adbdf2f36cafb805.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Nov-15** | $51622 | $50149 | $51421 |
| **Dec-15** | $49071 | $49358 | $48711 |
| **Jan-16** | $45739 | $46908 | $45438 |
| **Feb-16** | $46274 | $46845 | $45748 |
| **Mar-16** | $50459 | $50023 | $49540 |
| **Apr-16** | $50598 | $50217 | $50589 |
| **May-16** | $51729 | $51119 | $51517 |
| **Jun-16** | $52006 | $51251 | $51674 |
| **Jul-16** | $54168 | $53141 | $54461 |
| **Aug-16** | $55259 | $53215 | $55815 |
| **Sep-16** | $55398 | $53225 | $56255 |
| **Oct-16** | $54089 | $52255 | $54406 |
| **Nov-16** | $59365 | $54190 | $61627 |
| **Dec-16** | $60594 | $55261 | $64172 |
| **Jan-17** | $61808 | $56309 | $63714 |
| **Feb-17** | $63062 | $58545 | $64636 |
| **Mar-17** | $63779 | $58613 | $64089 |
| **Apr-17** | $64356 | $59215 | $64341 |
| **May-17** | $64615 | $60048 | $62337 |
| **Jun-17** | $64634 | $60423 | $64518 |
| **Jul-17** | $65829 | $61666 | $64926 |
| **Aug-17** | $65371 | $61854 | $63330 |
| **Sep-17** | $69173 | $63130 | $67814 |
| **Oct-17** | $71940 | $64604 | $67903 |
| **Nov-17** | $74349 | $66585 | $69868 |
| **Dec-17** | $73685 | $67325 | $69202 |
| **Jan-18** | $75390 | $71180 | $70054 |
| **Feb-18** | $71919 | $68556 | $66552 |
| **Mar-18** | $72264 | $66814 | $67375 |
| **Apr-18** | $72224 | $67071 | $68543 |
| **May-18** | $75817 | $68686 | $72530 |
| **Jun-18** | $75167 | $69108 | $72969 |
| **Jul-18** | $77055 | $71680 | $74258 |
| **Aug-18** | $78638 | $74016 | $76027 |
| **Sep-18** | $76953 | $74437 | $74140 |
| **Oct-18** | $68144 | $69349 | $67502 |
| **Nov-18** | $70782 | $70763 | $68590 |
| **Dec-18** | $61921 | $64373 | $60300 |
| **Jan-19** | $69337 | $69532 | $66895 |
| **Feb-19** | $72177 | $71765 | $69495 |
| **Mar-19** | $70081 | $73159 | $67491 |
| **Apr-19** | $75040 | $76121 | $70044 |
| **May-19** | $67984 | $71284 | $64323 |
| **Jun-19** | $74093 | $76308 | $68419 |
| **Jul-19** | $74837 | $77404 | $68530 |
| **Aug-19** | $70915 | $76178 | $64705 |
| **Sep-19** | $74521 | $77604 | $68027 |
| **Oct-19** | $75581 | $79285 | $69675 |
| **Nov-19** | $77564 | $82163 | $71306 |
| **Dec-19** | $79854 | $84642 | $73803 |
| **Jan-20** | $77774 | $84609 | $69822 |
| **Feb-20** | $69613 | $77644 | $63037 |
| **Mar-20** | $55781 | $68054 | $47485 |
| **Apr-20** | $63120 | $76778 | $53342 |
| **May-20** | $67144 | $80435 | $54873 |
| **Jun-20** | $67098 | $82035 | $56462 |
| **Jul-20** | $69727 | $86660 | $57626 |
| **Aug-20** | $72104 | $92889 | $60731 |
| **Sep-20** | $69498 | $89360 | $57905 |
| **Oct-20** | $72310 | $86983 | $59976 |
| **Nov-20** | $85067 | $96505 | $71555 |
| **Dec-20** | $90350 | $100216 | $77223 |
| **Jan-21** | $91361 | $99204 | $81286 |
| **Feb-21** | $97767 | $101939 | $88923 |
| **Mar-21** | $102726 | $106404 | $93570 |
| **Apr-21** | $103714 | $112082 | $95463 |
| **May-21** | $103622 | $112865 | $98433 |
| **Jun-21** | $101211 | $115500 | $97837 |
| **Jul-21** | $101257 | $118244 | $94335 |
| **Aug-21** | $102037 | $121839 | $96861 |
| **Sep-21** | $99075 | $116172 | $94920 |
| **Oct-21** | $103484 | $124312 | $98539 |
| **Nov-21** | $97859 | $123450 | $95173 |
| **Dec-21** | $103605 | $128983 | $99055 |
| **Jan-22** | $98493 | $122308 | $93279 |
| **Feb-22** | $100708 | $118646 | $94823 |
| **Mar-22** | $101779 | $123051 | $96678 |
| **Apr-22** | $93770 | $112321 | $89175 |
| **May-22** | $96156 | $112527 | $90887 |
| **Jun-22** | $88025 | $103239 | $81908 |
| **Jul-22** | $97495 | $112758 | $89839 |
| **Aug-22** | $92821 | $108159 | $86998 |
| **Sep-22** | $84301 | $98198 | $78132 |
| **Oct-22** | $96010 | $106148 | $87969 |
| **Nov-22** | $99393 | $112080 | $90656 |
| **Dec-22** | $93729 | $105623 | $84708 |
| **Jan-23** | $102959 | $112260 | $92792 |
| **Feb-23** | $103664 | $109521 | $90652 |
| **Mar-23** | $98906 | $113542 | $84152 |
| **Apr-23** | $96370 | $115314 | $82053 |
| **May-23** | $95011 | $115815 | $80439 |
| **Jun-23** | $101573 | $123467 | $86829 |
| **Jul-23** | $106070 | $127434 | $93381 |
| **Aug-23** | $101808 | $125405 | $88889 |
| **Sep-23** | $96736 | $119426 | $84260 |
| **Oct-23** | $91821 | $116915 | $79234 |
| **Nov-23** | $98540 | $127592 | $86366 |
| **Dec-23** | $107853 | $133389 | $97115 |
| **Jan-24** | $104162 | $135630 | $92704 |
| **Feb-24** | $107769 | $142872 | $95736 |
| **Mar-24** | $112411 | $147469 | $99932 |
| **Apr-24** | $107713 | $141446 | $93565 |
| **May-24** | $114005 | $148459 | $97940 |
| **Jun-24** | $112411 | $153786 | $96290 |
| **Jul-24** | $121639 | $155658 | $108025 |
| **Aug-24** | $120409 | $159434 | $105997 |
| **Sep-24** | $120409 | $162839 | $106065 |
| **Oct-24** | $117389 | $161362 | $104406 |
| **Nov-24** | $129385 | $170834 | $114476 |
| **Dec-24** | $119637 | $166762 | $104937 |
| **Jan-25** | $122367 | $171406 | $107093 |
| **Feb-25** | $115783 | $169170 | $102993 |
| **Mar-25** | $107679 | $159638 | $96812 |
| **Apr-25** | $103149 | $158555 | $92925 |
| **May-25** | $108580 | $168535 | $96828 |
| **Jun-25** | $114123 | $177106 | $101620 |
| **Jul-25** | $115135 | $181081 | $103414 |
| **Aug-25** | $121326 | $184751 | $112173 |
| **Sep-25** | $121354 | $191495 | $114428 |
| **Oct-25** | $121072 | $195979 | $114715 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class** | 3.14% | 10.86% | 9.25% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Value Index** | 9.87% | 13.85% | 8.66% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2081821 |
| **Number of Investments** | 58 |
| **Total Net Advisory Fees Paid (in thousands)** | $16788 |
| **Portfolio Turnover Rate** | 8% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](id0d4ffdf9ada99987b3c1ab1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 30.3% |
| Financials | 26.5% |
| Information Technology | 17.6% |
| Energy | 6.5% |
| Consumer Discretionary | 5.9% |
| Real Estate | 4.2% |
| Materials | 3.4% |
| Health Care | 2.1% |
| Utilities | 1.8% |
| Consumer Staples | 1.7% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Small Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HSVRX

Administrative Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Small Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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 year?
(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** |
| Administrative Class | $115 | 1.13% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Administrative Class shares of the Fund returned 2.89% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Value Index returned 9.87% during the same period.

Top contributors to relative performance included:

• Security selection within the Financials, Industrials, and Real Estate sectors.

• Positions in Wolverine Worldwide, Inc. and EnerSys. Wolverine Worldwide, Inc.'s performance was supported by gross margins expansion, driven by stronger sales mix, lower promotional activity, and supply chain efficiency. EnerSys's performance was supported by an increase in organic sales and an increase in adjusted operating margin, due to the growth of its Energy Systems business.

Top detractors from relative performance included:

• Underexposure to high-performing artificial intelligence related sectors like Communication Services and Utilities.

• A position in Diodes, Inc., which has been pressured by softer demand in consumer electronics and lower factory utilization temporarily decreasing margins as the company works through elevated channel inventories.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](if1de01ab69ae88b24c11d158.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Nov-15** | $10322 | $10030 | $10284 |
| **Dec-15** | $9812 | $9872 | $9742 |
| **Jan-16** | $9144 | $9382 | $9088 |
| **Feb-16** | $9252 | $9369 | $9150 |
| **Mar-16** | $10086 | $10005 | $9908 |
| **Apr-16** | $10110 | $10043 | $10118 |
| **May-16** | $10336 | $10224 | $10303 |
| **Jun-16** | $10384 | $10250 | $10335 |
| **Jul-16** | $10817 | $10628 | $10892 |
| **Aug-16** | $11032 | $10643 | $11163 |
| **Sep-16** | $11060 | $10645 | $11251 |
| **Oct-16** | $10793 | $10451 | $10881 |
| **Nov-16** | $11843 | $10838 | $12325 |
| **Dec-16** | $12087 | $11052 | $12834 |
| **Jan-17** | $12326 | $11262 | $12743 |
| **Feb-17** | $12572 | $11709 | $12927 |
| **Mar-17** | $12716 | $11723 | $12818 |
| **Apr-17** | $12827 | $11843 | $12868 |
| **May-17** | $12875 | $12010 | $12467 |
| **Jun-17** | $12875 | $12085 | $12904 |
| **Jul-17** | $13114 | $12333 | $12985 |
| **Aug-17** | $13018 | $12371 | $12666 |
| **Sep-17** | $13775 | $12626 | $13563 |
| **Oct-17** | $14320 | $12921 | $13581 |
| **Nov-17** | $14798 | $13317 | $13974 |
| **Dec-17** | $14661 | $13465 | $13840 |
| **Jan-18** | $14998 | $14236 | $14011 |
| **Feb-18** | $14304 | $13711 | $13310 |
| **Mar-18** | $14369 | $13363 | $13475 |
| **Apr-18** | $14361 | $13414 | $13709 |
| **May-18** | $15067 | $13737 | $14506 |
| **Jun-18** | $14941 | $13822 | $14594 |
| **Jul-18** | $15310 | $14336 | $14852 |
| **Aug-18** | $15622 | $14803 | $15205 |
| **Sep-18** | $15286 | $14887 | $14828 |
| **Oct-18** | $13533 | $13870 | $13500 |
| **Nov-18** | $14052 | $14153 | $13718 |
| **Dec-18** | $12288 | $12875 | $12060 |
| **Jan-19** | $13758 | $13906 | $13379 |
| **Feb-19** | $14320 | $14353 | $13899 |
| **Mar-19** | $13902 | $14632 | $13498 |
| **Apr-19** | $14882 | $15224 | $14009 |
| **May-19** | $13479 | $14257 | $12865 |
| **Jun-19** | $14688 | $15262 | $13684 |
| **Jul-19** | $14828 | $15481 | $13706 |
| **Aug-19** | $14050 | $15236 | $12941 |
| **Sep-19** | $14765 | $15521 | $13605 |
| **Oct-19** | $14967 | $15857 | $13935 |
| **Nov-19** | $15362 | $16433 | $14261 |
| **Dec-19** | $15812 | $16928 | $14761 |
| **Jan-20** | $15393 | $16922 | $13964 |
| **Feb-20** | $13778 | $15529 | $12607 |
| **Mar-20** | $11035 | $13611 | $9497 |
| **Apr-20** | $12482 | $15356 | $10668 |
| **May-20** | $13278 | $16087 | $10975 |
| **Jun-20** | $13269 | $16407 | $11292 |
| **Jul-20** | $13783 | $17332 | $11525 |
| **Aug-20** | $14247 | $18578 | $12146 |
| **Sep-20** | $13733 | $17872 | $11581 |
| **Oct-20** | $14288 | $17397 | $11995 |
| **Nov-20** | $16803 | $19301 | $14311 |
| **Dec-20** | $17842 | $20043 | $15445 |
| **Jan-21** | $18038 | $19841 | $16257 |
| **Feb-21** | $19297 | $20388 | $17785 |
| **Mar-21** | $20273 | $21281 | $18714 |
| **Apr-21** | $20464 | $22416 | $19093 |
| **May-21** | $20441 | $22573 | $19687 |
| **Jun-21** | $19963 | $23100 | $19567 |
| **Jul-21** | $19963 | $23649 | $18867 |
| **Aug-21** | $20113 | $24368 | $19372 |
| **Sep-21** | $19530 | $23234 | $18984 |
| **Oct-21** | $20391 | $24862 | $19708 |
| **Nov-21** | $19283 | $24690 | $19035 |
| **Dec-21** | $20408 | $25797 | $19811 |
| **Jan-22** | $19399 | $24462 | $18656 |
| **Feb-22** | $19829 | $23729 | $18965 |
| **Mar-22** | $20036 | $24610 | $19336 |
| **Apr-22** | $18452 | $22464 | $17835 |
| **May-22** | $18920 | $22505 | $18177 |
| **Jun-22** | $17316 | $20648 | $16382 |
| **Jul-22** | $19176 | $22552 | $17968 |
| **Aug-22** | $18254 | $21632 | $17400 |
| **Sep-22** | $16577 | $19640 | $15626 |
| **Oct-22** | $18872 | $21230 | $17594 |
| **Nov-22** | $19529 | $22416 | $18131 |
| **Dec-22** | $18414 | $21125 | $16942 |
| **Jan-23** | $20226 | $22452 | $18558 |
| **Feb-23** | $20361 | $21904 | $18130 |
| **Mar-23** | $19424 | $22708 | $16830 |
| **Apr-23** | $18916 | $23063 | $16411 |
| **May-23** | $18647 | $23163 | $16088 |
| **Jun-23** | $19936 | $24693 | $17366 |
| **Jul-23** | $20806 | $25487 | $18676 |
| **Aug-23** | $19972 | $25081 | $17778 |
| **Sep-23** | $18968 | $23885 | $16852 |
| **Oct-23** | $18000 | $23383 | $15847 |
| **Nov-23** | $19315 | $25518 | $17273 |
| **Dec-23** | $21137 | $26678 | $19423 |
| **Jan-24** | $20414 | $27126 | $18541 |
| **Feb-24** | $21109 | $28574 | $19147 |
| **Mar-24** | $22019 | $29494 | $19986 |
| **Apr-24** | $21092 | $28289 | $18713 |
| **May-24** | $22322 | $29692 | $19588 |
| **Jun-24** | $22002 | $30757 | $19258 |
| **Jul-24** | $23805 | $31132 | $21605 |
| **Aug-24** | $23557 | $31887 | $21199 |
| **Sep-24** | $23551 | $32568 | $21213 |
| **Oct-24** | $22956 | $32272 | $20881 |
| **Nov-24** | $25299 | $34167 | $22895 |
| **Dec-24** | $23383 | $33352 | $20987 |
| **Jan-25** | $23913 | $34281 | $21419 |
| **Feb-25** | $22625 | $33834 | $20599 |
| **Mar-25** | $21033 | $31928 | $19362 |
| **Apr-25** | $20149 | $31711 | $18585 |
| **May-25** | $21205 | $33707 | $19366 |
| **Jun-25** | $22282 | $35421 | $20324 |
| **Jul-25** | $22470 | $36216 | $20683 |
| **Aug-25** | $23675 | $36950 | $22435 |
| **Sep-25** | $23675 | $38299 | $22886 |
| **Oct-25** | $23620 | $39196 | $22943 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Administrative Class** | 2.89% | 10.58% | 8.98% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Value Index** | 9.87% | 13.85% | 8.66% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2081821 |
| **Number of Investments** | 58 |
| **Total Net Advisory Fees Paid (in thousands)** | $16788 |
| **Portfolio Turnover Rate** | 8% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](id0d4ffdf9ada99987b3c1ab1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 30.3% |
| Financials | 26.5% |
| Information Technology | 17.6% |
| Energy | 6.5% |
| Consumer Discretionary | 5.9% |
| Real Estate | 4.2% |
| Materials | 3.4% |
| Health Care | 2.1% |
| Utilities | 1.8% |
| Consumer Staples | 1.7% |

---

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Small Cap Value Fund
![Image](ib09154b5ee309f45e84c0c60.jpg)

Ticker: HISVX

Investor Class

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Small Cap Value Fund ("Fund") for the period of November 1, 2024 to October 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Investor Class | $125 | 1.23% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Investor Class shares of the Fund returned 2.78% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Value Index returned 9.87% during the same period.

Top contributors to relative performance included:

• Security selection within the Financials, Industrials, and Real Estate sectors.

• Positions in Wolverine Worldwide, Inc. and EnerSys. Wolverine Worldwide, Inc.'s performance was supported by gross margins expansion, driven by stronger sales mix, lower promotional activity, and supply chain efficiency. EnerSys's performance was supported by an increase in organic sales and an increase in adjusted operating margin, due to the growth of its Energy Systems business.

Top detractors from relative performance included:

• Underexposure to high-performing artificial intelligence related sectors like Communication Services and Utilities.

• A position in Diodes, Inc., which has been pressured by softer demand in consumer electronics and lower factory utilization temporarily decreasing margins as the company works through elevated channel inventories.

#### Annual Shareholder Report

#### October 31, 2025

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](ida018e5219c8694f3ae6700d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Nov-15** | $10320 | $10030 | $10284 |
| **Dec-15** | $9805 | $9872 | $9742 |
| **Jan-16** | $9137 | $9382 | $9088 |
| **Feb-16** | $9242 | $9369 | $9150 |
| **Mar-16** | $10080 | $10005 | $9908 |
| **Apr-16** | $10104 | $10043 | $10118 |
| **May-16** | $10326 | $10224 | $10303 |
| **Jun-16** | $10375 | $10250 | $10335 |
| **Jul-16** | $10804 | $10628 | $10892 |
| **Aug-16** | $11018 | $10643 | $11163 |
| **Sep-16** | $11042 | $10645 | $11251 |
| **Oct-16** | $10779 | $10451 | $10881 |
| **Nov-16** | $11827 | $10838 | $12325 |
| **Dec-16** | $12064 | $11052 | $12834 |
| **Jan-17** | $12302 | $11262 | $12743 |
| **Feb-17** | $12549 | $11709 | $12927 |
| **Mar-17** | $12691 | $11723 | $12818 |
| **Apr-17** | $12800 | $11843 | $12868 |
| **May-17** | $12845 | $12010 | $12467 |
| **Jun-17** | $12845 | $12085 | $12904 |
| **Jul-17** | $13083 | $12333 | $12985 |
| **Aug-17** | $12986 | $12371 | $12666 |
| **Sep-17** | $13739 | $12626 | $13563 |
| **Oct-17** | $14281 | $12921 | $13581 |
| **Nov-17** | $14755 | $13317 | $13974 |
| **Dec-17** | $14620 | $13465 | $13840 |
| **Jan-18** | $14950 | $14236 | $14011 |
| **Feb-18** | $14261 | $13711 | $13310 |
| **Mar-18** | $14323 | $13363 | $13475 |
| **Apr-18** | $14314 | $13414 | $13709 |
| **May-18** | $15016 | $13737 | $14506 |
| **Jun-18** | $14888 | $13822 | $14594 |
| **Jul-18** | $15255 | $14336 | $14852 |
| **Aug-18** | $15564 | $14803 | $15205 |
| **Sep-18** | $15226 | $14887 | $14828 |
| **Oct-18** | $13481 | $13870 | $13500 |
| **Nov-18** | $13997 | $14153 | $13718 |
| **Dec-18** | $12241 | $12875 | $12060 |
| **Jan-19** | $13700 | $13906 | $13379 |
| **Feb-19** | $14258 | $14353 | $13899 |
| **Mar-19** | $13842 | $14632 | $13498 |
| **Apr-19** | $14816 | $15224 | $14009 |
| **May-19** | $13416 | $14257 | $12865 |
| **Jun-19** | $14619 | $15262 | $13684 |
| **Jul-19** | $14761 | $15481 | $13706 |
| **Aug-19** | $13984 | $15236 | $12941 |
| **Sep-19** | $14693 | $15521 | $13605 |
| **Oct-19** | $14894 | $15857 | $13935 |
| **Nov-19** | $15283 | $16433 | $14261 |
| **Dec-19** | $15729 | $16928 | $14761 |
| **Jan-20** | $15313 | $16922 | $13964 |
| **Feb-20** | $13704 | $15529 | $12607 |
| **Mar-20** | $10976 | $13611 | $9497 |
| **Apr-20** | $12414 | $15356 | $10668 |
| **May-20** | $13205 | $16087 | $10975 |
| **Jun-20** | $13191 | $16407 | $11292 |
| **Jul-20** | $13699 | $17332 | $11525 |
| **Aug-20** | $14162 | $18578 | $12146 |
| **Sep-20** | $13649 | $17872 | $11581 |
| **Oct-20** | $14199 | $17397 | $11995 |
| **Nov-20** | $16695 | $19301 | $14311 |
| **Dec-20** | $17728 | $20043 | $15445 |
| **Jan-21** | $17918 | $19841 | $16257 |
| **Feb-21** | $19172 | $20388 | $17785 |
| **Mar-21** | $20140 | $21281 | $18714 |
| **Apr-21** | $20330 | $22416 | $19093 |
| **May-21** | $20302 | $22573 | $19687 |
| **Jun-21** | $19821 | $23100 | $19567 |
| **Jul-21** | $19825 | $23649 | $18867 |
| **Aug-21** | $19973 | $24368 | $19372 |
| **Sep-21** | $19390 | $23234 | $18984 |
| **Oct-21** | $20242 | $24862 | $19708 |
| **Nov-21** | $19140 | $24690 | $19035 |
| **Dec-21** | $20254 | $25797 | $19811 |
| **Jan-22** | $19252 | $24462 | $18656 |
| **Feb-22** | $19680 | $23729 | $18965 |
| **Mar-22** | $19881 | $24610 | $19336 |
| **Apr-22** | $18309 | $22464 | $17835 |
| **May-22** | $18771 | $22505 | $18177 |
| **Jun-22** | $17179 | $20648 | $16382 |
| **Jul-22** | $19021 | $22552 | $17968 |
| **Aug-22** | $18103 | $21632 | $17400 |
| **Sep-22** | $16437 | $19640 | $15626 |
| **Oct-22** | $18712 | $21230 | $17594 |
| **Nov-22** | $19365 | $22416 | $18131 |
| **Dec-22** | $18255 | $21125 | $16942 |
| **Jan-23** | $20047 | $22452 | $18558 |
| **Feb-23** | $20184 | $21904 | $18130 |
| **Mar-23** | $19251 | $22708 | $16830 |
| **Apr-23** | $18750 | $23063 | $16411 |
| **May-23** | $18476 | $23163 | $16088 |
| **Jun-23** | $19752 | $24693 | $17366 |
| **Jul-23** | $20616 | $25487 | $18676 |
| **Aug-23** | $19783 | $25081 | $17778 |
| **Sep-23** | $18787 | $23885 | $16852 |
| **Oct-23** | $17828 | $23383 | $15847 |
| **Nov-23** | $19130 | $25518 | $17273 |
| **Dec-23** | $20933 | $26678 | $19423 |
| **Jan-24** | $20212 | $27126 | $18541 |
| **Feb-24** | $20905 | $28574 | $19147 |
| **Mar-24** | $21801 | $29494 | $19986 |
| **Apr-24** | $20882 | $28289 | $18713 |
| **May-24** | $22093 | $29692 | $19588 |
| **Jun-24** | $21778 | $30757 | $19258 |
| **Jul-24** | $23558 | $31132 | $21605 |
| **Aug-24** | $23310 | $31887 | $21199 |
| **Sep-24** | $23310 | $32568 | $21213 |
| **Oct-24** | $22713 | $32272 | $20881 |
| **Nov-24** | $25028 | $34167 | $22895 |
| **Dec-24** | $23130 | $33352 | $20987 |
| **Jan-25** | $23655 | $34281 | $21419 |
| **Feb-25** | $22378 | $33834 | $20599 |
| **Mar-25** | $20803 | $31928 | $19362 |
| **Apr-25** | $19921 | $31711 | $18585 |
| **May-25** | $20966 | $33707 | $19366 |
| **Jun-25** | $22034 | $35421 | $20324 |
| **Jul-25** | $22220 | $36216 | $20683 |
| **Aug-25** | $23406 | $36950 | $22435 |
| **Sep-25** | $23406 | $38299 | $22886 |
| **Oct-25** | $23344 | $39196 | $22943 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class** | 2.78% | 10.46% | 8.85% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Value Index** | 9.87% | 13.85% | 8.66% |

---

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2081821 |
| **Number of Investments** | 58 |
| **Total Net Advisory Fees Paid (in thousands)** | $16788 |
| **Portfolio Turnover Rate** | 8% |

---

#### Annual Shareholder Report

#### October 31, 2025

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](id0d4ffdf9ada99987b3c1ab1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 30.3% |
| Financials | 26.5% |
| Information Technology | 17.6% |
| Energy | 6.5% |
| Consumer Discretionary | 5.9% |
| Real Estate | 4.2% |
| Materials | 3.4% |
| Health Care | 2.1% |
| Utilities | 1.8% |
| Consumer Staples | 1.7% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective March 1, 2025, Harbor Services Group, Inc., the Fund's transfer and shareholder servicing agent, received a fee of up to 0.20% of the Investor Class shares average daily net assets. Prior to March 1, 2025, the fee received was up to 0.21% of the Investor Class shares average daily net assets.

# 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/](if08adc92e431eec146280b7e.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.

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

**ITEM 2 – CODE OF ETHICS**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, the Registrant's Code of Ethics was amended to reflect the replacement of the Registrant's treasurer, effective July 1, 2025. The Registrant has not granted any waivers, including an implicit waiver, from any provisions of its Code of Ethics during the period covered by this report. Upon request, a copy of the Registrant's code of ethics is available without charge by calling 800-422-1050.

**ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT**

The Registrant's Board has determined that Douglas J. Skinner, a member of the Audit Committee of the Board of Trustees, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Skinner is the Eric J. Gleacher Distinguished Service Professor of Accounting at the University of Chicago Booth School of Business, where his prior positions include Deputy Dean for Faculty, John P. and Lillian A. Gould Professor of Accounting, Neubauer Family Faculty Fellow, Interim Dean, and Executive Director of the Accounting Research Center. Mr. Skinner is deemed "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

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

**Items 4(a)—4(d): Audit, Audit-Related, Tax and All Other Fees**

Fees billed by Ernst & Young ("EY"):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended October 31, 2025** | **Fiscal Year Ended October 31, 2025** | **Fiscal Year Ended October 31, 2025** | **Fiscal Year Ended October 31, 2024** | **Fiscal Year Ended October 31, 2024** | **Fiscal Year Ended October 31, 2024** |
|  | All fees and<br> services to the<br> Trust that were<br> pre-approved | All fees and<br> services to<br> service affiliates<br> that were<br> pre-approved | All other fees and<br> services to service<br> affiliates that did<br> not require<br> pre-approval | All fees and<br> services to the<br> Trust that were<br> pre-approved | All fees and<br> services to<br> service affiliates<br> that were<br> pre-approved | All other fees and<br> services to service<br> affiliates that did<br> not require<br> pre-approval |
| (a) Audit Fees. | $1197895 | N/A | N/A | $1029961 | N/A | N/A |
| (b) Audit-Related Fees. | $0 | $50200<sup>1</sup> | N/A | $0 | $48300<sup>1</sup> | N/A |
| (c) Tax Fees. | $531454<sup>2</sup> | $0 | N/A | $571146<sup>2</sup> | $0 | N/A |
| (d) All Other Fees. | $69820<sup>3</sup> | N/A | N/A | $105344<sup>3</sup> | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Includes fees related to the procedures performed for Harbor Services Group, Inc. required
 by Rule 17Ad-13(a)(3) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;2. Includes fees related to tax compliance, including foreign tax reclaim filings and tax
 research and equalization.

&nbsp;&nbsp;&nbsp;&nbsp;3. Includes fees billed in connection with the Registrant's subscription to the EY
 PFIC Analyzer, a database used to determine whether foreign equity securities are passive foreign investment companies. Also, for the
 Registrant's subscription to the Rapid Security Analyzer, a tool used to determine which foreign equity securities per their respective
 country has an ASC 740 capital gain exposure.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **(1)** **Pre-Approval Policies.** 

The policy of the Registrant's Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit, review and non-audit services (other than certain de minimis

non-audit services) provided to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant's independence.

In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Audit Committee is authorized to delegate one or more members of the Committee the responsibility for considering and, if appropriate, pre-approving audit or permitted non-audit services in an amount sufficient to complete services and to determine if such services would be consistent with maintaining the accountant's independence. Such member(s) are required to report to the full Audit Committee as to the nature and amount of such services and fees pre-approved at the next scheduled Audit Committee meeting. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant's independence.

The Registrant's Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**&nbsp;&nbsp;&nbsp;&nbsp; None of the principal accountant's fees or services rendered to the Registrant, the Advisor or Harbor Services Group, Inc. were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

**(f)**&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**(g)**&nbsp;&nbsp;&nbsp;&nbsp; **Aggregate Non-Audit Fees.**

*Aggregate Non-Audit Fees of the Registrant*

 

*Fiscal Year Ended October 31, 2025: $601,274*

Fiscal Year Ended October 31, 2024: $676,490

*Aggregate Non-Audit Fees of Other Entities Required to be Pre-approved Pursuant to Paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X*

 

Fiscal Year Ended October 31, 2025: $50,200

Fiscal Year Ended October 31, 2024: $48,300

**(h)**&nbsp;&nbsp;&nbsp;&nbsp; For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services to service affiliates was compatible with maintaining the principal accountant's independence.

**(i)**&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**(j)**&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

Not applicable

**ITEM 6 – INVESTMENTS**

**(a)**&nbsp;&nbsp;&nbsp;&nbsp; The Registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the report to shareholders filed under Item 7 of this report on Form N-CSR.

**(b)**&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

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

![](img08b4f6b11.jpg)

**Annual Financial Statements and Additional Information**

**HARBOR FUNDS AND HARBOR FUNDS II**

**October 31, 2025** 

---

| |
|:---|
| Embark Commodity Strategy Fund (Consolidated) |
| Embark Small Cap Equity Fund |
| Harbor Capital Appreciation Fund |
| Harbor Convertible Securities 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 |

---

![](imgae6478282.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 | 10  |
| Harbor Capital Appreciation Fund | 14  |
| Harbor Convertible Securities Fund | 16  |
| Harbor Core Bond Fund | 20  |
| Harbor Core Plus Fund | 29  |
| Harbor Diversified International All Cap Fund | 37  |
| Harbor International Fund | 42  |
| Harbor International Compounders Fund | 46  |
| Harbor International Core Fund | 48  |
| 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** | 115  |
| **Report of Independent Registered Public Accounting Firm** | 131  |
| **Additional Information** <br>|  |
| Additional Tax Information | 133  |
| FORM N-CSR ITEMS 8-11 | 134 |

---

**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—October 31, 2025** 

------

**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—12.3%** | **Corporate Bonds & Notes—12.3%** | **Corporate Bonds & Notes—12.3%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** |
| $7440 | Boeing Co. <br>2.196%—02/04/2026<br>| $7400 |
| 7470 | General Electric Co. MTN <br>4.963% (3 Month USD Term SOFR + 0.642%) <br> 05/05/2026<sup>1</sup><br>| 7486 |
|  |  | 14886 |
| **AUTOMOBILES—0.4%** | **AUTOMOBILES—0.4%** | **AUTOMOBILES—0.4%** |
| 5190 | General Motors Financial Co., Inc. <br>5.400%—04/06/2026<br>| 5213 |
| 6545 | Toyota Motor Credit Corp. <br>5.057% (SOFR + 0.770%) 08/07/2026<sup>1</sup><br>| 6572 |
|  |  | 11785 |
| **BANKS—3.2%** | **BANKS—3.2%** | **BANKS—3.2%** |
| 8330 | Bank of America Corp. <br>5.491% (SOFR + 1.350%) 09/15/2027<sup>1</sup><br>| 8391 |
| 13205 | Citibank NA <br>4.962% (SOFR + 0.712%) 11/19/2027<sup>1</sup><br>| 13234 |
| 6590 | Fifth Third Bank NA <br>4.885% (SOFR + 0.810%) 01/28/2028<sup>1</sup><br>| 6598 |
|  | JPMorgan Chase & Co. |  |
| 7000 | 4.893% (SOFR + 0.765%) 09/22/2027<sup>1</sup> | 7023 |
| 5495 | 5.281% (SOFR + 1.200%) 01/23/2028<sup>1</sup> | 5547 |
|  |  | 12570 |
|  | Morgan Stanley Bank NA |  |
| 8575 | 4.784% (SOFR + 0.685%) 10/15/2027<sup>1</sup> | 8606 |
| 3900 | 5.082% (SOFR + 0.865%) 05/26/2028<sup>1</sup> | 3914 |
|  |  | 12520 |
| 7725 | PNC Bank NA <br>4.813% (SOFR + 0.730%) 07/21/2028<sup>1</sup><br>| 7728 |
|  | State Street Corp. |  |
| 7200 | 4.723% (SOFR + 0.640%) 10/22/2027<sup>1</sup> | 7222 |
| 1810 | 4.906% (SOFR + 0.845%) 08/03/2026<sup>1</sup> | 1816 |
|  |  | 9038 |
| 11100 | Truist Bank <br>4.849% (SOFR + 0.770%) 07/24/2028<sup>1</sup><br>| 11115 |
|  | U.S. Bank NA |  |
| 1170 | 4.773% (SOFR + 0.690%) 10/22/2027<sup>1</sup> | 1173 |
| 10000 | 5.170% (SOFR + 0.910%) 05/15/2028<sup>1</sup> | 10060 |
|  |  | 11233 |
|  |  | 92427 |
| **BEVERAGES—0.2%** | **BEVERAGES—0.2%** | **BEVERAGES—0.2%** |
| 5089 | PepsiCo, Inc. <br>4.669% (SOFR + 0.400%) 02/13/2026<sup>1</sup><br>| 5094 |
| **CAPITAL MARKETS—0.8%** | **CAPITAL MARKETS—0.8%** | **CAPITAL MARKETS—0.8%** |
| 9464 | Bank of New York Mellon Corp. <br>4.862% (SOFR + 0.680%) 06/09/2028<sup>1</sup><br>| 9470 |

---

---

| | | |
|:---|:---|:---|
| **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** |
|  | Goldman Sachs Group, Inc. |  |
| $3030 | 4.990% (SOFR + 0.820%) 09/10/2027<sup>1</sup> | $3037 |
| 9490 | 6.008% (SOFR + 1.850%) 03/15/2028<sup>1</sup> | 9629 |
|  |  | 12666 |
|  |  | 22136 |
| **COMMERCIAL SERVICES & SUPPLIES—0.2%** | **COMMERCIAL SERVICES & SUPPLIES—0.2%** | **COMMERCIAL SERVICES & SUPPLIES—0.2%** |
| 5795 | PayPal Holdings, Inc. <br>4.856% (SOFR + 0.670%) 03/06/2028<sup>1</sup><br>| 5815 |
| **DIVERSIFIED FINANCIAL SERVICES—0.4%** | **DIVERSIFIED FINANCIAL SERVICES—0.4%** | **DIVERSIFIED FINANCIAL SERVICES—0.4%** |
| 7800 | Capital One Financial Corp. <br>7.149%—10/29/2027<sup>2</sup><br>| 8013 |
| 3020 | Mastercard, Inc. <br>4.598% (SOFR + 0.440%) 03/15/2028<sup>1</sup><br>| 3024 |
|  |  | 11037 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%** |
|  | AT&T, Inc. |  |
| 9545 | 1.700%—03/25/2026 | 9452 |
| 2545 | 3.875%—01/15/2026 | 2542 |
|  |  | 11994 |
| 4975 | Verizon Communications, Inc. <br>1.450%—03/20/2026<br>| 4923 |
|  |  | 16917 |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| 5375 | Georgia Power Co. <br>4.438% (SOFR + 0.280%) 09/15/2026<sup>1</sup><br>| 5378 |
| 5038 | NextEra Energy Capital Holdings, Inc. <br>5.104% (SOFR + 0.800%) 02/04/2028<sup>1</sup><br>| 5075 |
|  |  | 10453 |
| **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** |
| 13240 | American Express Co. <br>5.259% (SOFR + 1.000%) 02/16/2028<sup>1</sup><br>| 13299 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** |
| 9130 | UnitedHealth Group, Inc. <br>4.599% (SOFR + 0.500%) 07/15/2026<sup>1</sup><br>| 9139 |
| **INSURANCE—0.8%** | **INSURANCE—0.8%** | **INSURANCE—0.8%** |
|  | Athene Global Funding |  |
| 4590 | 4.938% (SOFR + 0.830%) 01/07/2027<sup>1,3</sup> | 4606 |
| 3340 | 5.136% (SOFR + 1.000%) 09/18/2028<sup>1,3</sup> | 3343 |
|  |  | 7949 |
| 5100 | Marsh & McLennan Cos., Inc. <br>4.984% (SOFR + 0.700%) 11/08/2027<sup>1</sup><br>| 5125 |
| 5605 | New York Life Global Funding <br>4.706% (SOFR + 0.410%) 02/05/2027<sup>1,3</sup><br>| 5604 |

---

------

⬤

------

**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** |
| $4820 | Principal Life Global Funding II <br>5.067% (SOFR + 0.810%) 08/18/2028<sup>1,3</sup><br>| $4823 |
|  |  | 23501 |
| **MACHINERY—0.8%** | **MACHINERY—0.8%** | **MACHINERY—0.8%** |
| 2260 | Caterpillar Financial Services Corp. <br>4.820% (SOFR + 0.560%) 11/15/2027<sup>1</sup><br>| 2267 |
| 8930 | Caterpillar Financial Services Corp. MTN <br>4.784% (SOFR + 0.520%) 05/14/2027<sup>1</sup><br>| 8956 |
|  | John Deere Capital Corp. MTN |  |
| 8315 | 4.644% (SOFR + 0.440%) 03/06/2026<sup>1</sup> | 8323 |
| 3232 | 4.786% (SOFR + 0.600%) 06/11/2027<sup>1</sup> | 3246 |
|  |  | 11569 |
|  |  | 22792 |
| **MEDIA—0.2%** | **MEDIA—0.2%** | **MEDIA—0.2%** |
| 5280 | TCI Communications, Inc. <br>7.875%—02/15/2026<br>| 5331 |
| **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** |
| 5415 | Consolidated Edison Co. of New York, Inc. <br>4.777% (SOFR + 0.520%) 11/18/2027<sup>1</sup><br>| 5419 |
| **OIL, GAS & CONSUMABLE FUELS—0.4%** | **OIL, GAS & CONSUMABLE FUELS—0.4%** | **OIL, GAS & CONSUMABLE FUELS—0.4%** |
|  | Chevron USA, Inc. |  |
| 6265 | 4.588% (SOFR + 0.360%) 02/26/2027<sup>1</sup> | 6280 |
| 4580 | 4.839% (SOFR + 0.570%) 08/13/2028<sup>1</sup> | 4599 |
|  |  | 10879 |
| **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** |
| 6830 | Bristol-Myers Squibb Co. <br>4.733% (SOFR + 0.490%) 02/20/2026<sup>1</sup><br>| 6836 |
| 2730 | CVS Health Corp. <br>5.000%—02/20/2026<br>| 2734 |
| 3230 | Eli Lilly & Co. <br>4.718% (SOFR + 0.530%) 10/15/2028<sup>1</sup><br>| 3243 |
| 3300 | Merck & Co., Inc. <br>4.636% (SOFR + 0.460%) 09/15/2027<sup>1</sup><br>| 3320 |
|  |  | 16133 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** |
| 6760 | Broadcom, Inc. <br>3.150%—11/15/2025<br>| 6756 |
| 7208 | Intel Corp. <br>4.875%—02/10/2026<br>| 7219 |
|  |  | 13975 |
| **SOFTWARE—0.4%** | **SOFTWARE—0.4%** | **SOFTWARE—0.4%** |
|  | Oracle Corp. |  |
| 9221 | 1.650%—03/25/2026 | 9132 |
| 820 | 2.650%—07/15/2026 | 812 |
| 2420 | 4.821% (SOFR + 0.760%) 08/03/2028<sup>1</sup> | 2433 |
|  |  | 12377 |
| **SPECIALTY RETAIL—0.4%** | **SPECIALTY RETAIL—0.4%** | **SPECIALTY RETAIL—0.4%** |
| 4875 | Home Depot, Inc. <br>4.462% (SOFR + 0.330%) 12/24/2025<sup>1</sup><br>| 4877 |
| 6130 | Walmart, Inc. <br>4.505% (SOFR + 0.430%) 04/28/2027<sup>1</sup><br>| 6153 |
|  |  | 11030 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **TOBACCO—0.3%** | **TOBACCO—0.3%** | **TOBACCO—0.3%** |
| $9645 | Philip Morris International, Inc. <br>4.899% (SOFR + 0.830%) 04/28/2028<sup>1</sup><br>| $9715 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.3%** | **WIRELESS TELECOMMUNICATION SERVICES—0.3%** | **WIRELESS TELECOMMUNICATION SERVICES—0.3%** |
|  | T-Mobile USA, Inc. |  |
| 1120 | 2.250%—02/15/2026 | 1113 |
| 6775 | 2.625%—04/15/2026 | 6736 |
|  |  | 7849 |
| **Total Corporate Bonds & Notes** <br>(Cost $351,448) | **Total Corporate Bonds & Notes** <br>(Cost $351,448) | 351989 |

---

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

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—69.2%** | **Short-Term Investments—69.2%** | **Short-Term Investments—69.2%** |
| **U.S. TREASURY BILLS—69.2%** | **U.S. TREASURY BILLS—69.2%** | **U.S. TREASURY BILLS—69.2%** |
|  | U.S. Treasury Bills |  |
| 80000 | 3.636%—01/29/2026<sup>†</sup> | 79280 |
| 17195 | 3.640%—04/30/2026<sup>†</sup> | 16881 |
| 15236 | 3.660%—04/23/2026<sup>†</sup> | 14968 |
| 156748 | 3.679%—03/19/2026<sup>†</sup> | 154549 |
| 14000 | 3.685%—04/16/2026<sup>†</sup> | 13764 |
| 6820 | 3.695%—04/09/2026<sup>†</sup> | 6710 |
| 38981 | 3.715%—04/02/2026<sup>†</sup> | 38378 |
| 30000 | 3.730%—03/12/2026<sup>†</sup> | 29598 |
| 50000 | 3.734%—03/26/2026<sup>†</sup> | 49262 |
| 44600 | 3.735%—02/24/2026<sup>†</sup> | 44074 |
| 91212 | 3.741%—01/15/2026<sup>†,4</sup> | 90516 |
| 135582 | 3.775%—02/12/2026<sup>†</sup> | 134164 |
| 32300 | 3.780%—01/15/2026<sup>†,4</sup> | 32054 |
| 32830 | 3.814%—12/18/2025<sup>†</sup> | 32671 |
| 15000 | 3.830%—01/08/2026<sup>†</sup> | 14896 |
| 102778 | 3.840%—11/20/2025<sup>†,4</sup> | 102590 |
| 32080 | 3.842%—01/08/2026<sup>†</sup> | 31858 |
| 24430 | 3.845%—01/06/2026<sup>†</sup> | 24265 |
| 31330 | 3.846%—12/11/2025<sup>†,4</sup> | 31202 |
| 5380 | 3.858%—01/06/2026<sup>†</sup> | 5344 |
| 5380 | 3.862%—01/08/2026<sup>†</sup> | 5343 |
| 5370 | 3.887%—12/18/2025<sup>†</sup> | 5344 |
| 27326 | 3.915%—02/26/2026<sup>†</sup> | 27000 |
| 21450 | 3.918%—11/28/2025<sup>†,4</sup> | 21392 |
| 212284 | 3.922%—02/19/2026<sup>†</sup> | 209910 |
| 28470 | 3.948%—11/20/2025<sup>†,4</sup> | 28418 |
| 66656 | 3.959%—12/18/2025<sup>†</sup> | 66334 |
| 5000 | 3.973%—11/28/2025<sup>†,4</sup> | 4987 |
| 101101 | 3.980%—12/30/2025-02/05/2026<sup>†</sup> | 100136 |
| 10800 | 4.000%—01/15/2026<sup>†,4</sup> | 10718 |
| 43677 | 4.090%—11/06/2025<sup>†</sup> | 43663 |
| 20000 | 4.100%—11/28/2025<sup>†,4</sup> | 19946 |
| 29230 | 4.102%—11/13/2025<sup>†</sup> | 29199 |
| 5642 | 4.105%—11/13/2025<sup>†</sup> | 5636 |
| 23577 | 4.115%—01/22/2026<sup>†</sup> | 23380 |
| 9935 | 4.120%—12/26/2025<sup>†</sup> | 9878 |
| 84200 | 4.125%—12/04/2025-01/08/2026<sup>†,4</sup> | 83891 |
| 111800 | 4.130%—01/15/2026<sup>†,4</sup> | 110947 |
| 14500 | 4.140%—11/20/2025<sup>†,4</sup> | 14473 |
| 97000 | 4.145%—12/11/2025<sup>†,4</sup> | 96603 |
| 14180 | 4.150%—12/04/2025-12/11/2025<sup>†,4</sup> | 14122 |

---

------

⬤

------

**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** |
| $70950<br>4.155%—11/28/2025<sup>†,4</sup> | $70760 |
| 42100<br>4.210%—11/25/2025<sup>†</sup> | 42000 |
| **Total Short-Term Investments** <br>(Cost $1,990,291) | 1991104 |
| **TOTAL INVESTMENTS—81.5%** <br>(Cost $2,341,739) | 2343093 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—18.5%** | 533158 |
| **TOTAL NET ASSETS—100.0%** | $2876251 |

---

&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>|
| Aluminum Futures | &nbsp;&nbsp; 229 | 11/25 | &nbsp;&nbsp; $16484 | &nbsp;&nbsp; $1606 |
| Aluminum Futures | &nbsp;&nbsp; 178 | 12/25 | &nbsp;&nbsp; 12831 | &nbsp;&nbsp; 1060 |
| Aluminum Futures | &nbsp;&nbsp; 317 | 01/26 | &nbsp;&nbsp; 22866 | &nbsp;&nbsp; 831 |
| Brent Crude Futures | &nbsp;&nbsp; 1217 | 11/25 | &nbsp;&nbsp; 78825 | &nbsp;&nbsp; (1337)<br>|
| Brent Crude Futures | &nbsp;&nbsp; 1541 | 12/25 | &nbsp;&nbsp; 98932 | &nbsp;&nbsp; 4589 |
| Brent Crude Futures | &nbsp;&nbsp; 75 | 01/26 | &nbsp;&nbsp; 4789 | &nbsp;&nbsp; (119)<br>|
| Brent Crude Futures | &nbsp;&nbsp; 125 | 03/26 | &nbsp;&nbsp; 7957 | &nbsp;&nbsp; (60)<br>|
| Canola Futures | &nbsp;&nbsp; 220 | 01/26 | &nbsp;&nbsp; 1998 | &nbsp;&nbsp; 68 |
| Cattle Feeder Futures | &nbsp;&nbsp; 79 | 01/26 | &nbsp;&nbsp; 13110 | &nbsp;&nbsp; (762)<br>|
| Chicago Ethanol Futures | &nbsp;&nbsp; 70 | 12/25 | &nbsp;&nbsp; 4888 | &nbsp;&nbsp; 116 |
| Cocoa Futures | &nbsp;&nbsp; 144 | 12/25 | &nbsp;&nbsp; 8600 | &nbsp;&nbsp; (2346)<br>|
| Cocoa Futures | &nbsp;&nbsp; 65 | 03/26 | &nbsp;&nbsp; 4062 | &nbsp;&nbsp; 26 |
| Coffee C Futures | &nbsp;&nbsp; 102 | 12/25 | &nbsp;&nbsp; 14996 | &nbsp;&nbsp; 2362 |
| Coffee C Futures | &nbsp;&nbsp; 385 | 03/26 | &nbsp;&nbsp; 53744 | &nbsp;&nbsp; 1478 |
| Copper Futures | &nbsp;&nbsp; 145 | 11/25 | &nbsp;&nbsp; 39461 | &nbsp;&nbsp; 4101 |
| Copper Futures | &nbsp;&nbsp; 291 | 12/25 | &nbsp;&nbsp; 53391 | &nbsp;&nbsp; 4039 |
| Copper Futures | &nbsp;&nbsp; 155 | 01/26 | &nbsp;&nbsp; 42189 | &nbsp;&nbsp; 558 |
| Copper Futures | &nbsp;&nbsp; 175 | 03/26 | &nbsp;&nbsp; 22562 | &nbsp;&nbsp; 1815 |
| Copper Futures | &nbsp;&nbsp; 135 | 05/26 | &nbsp;&nbsp; 17530 | &nbsp;&nbsp; 685 |
| Corn Futures | &nbsp;&nbsp; 337 | 12/25 | &nbsp;&nbsp; 7271 | &nbsp;&nbsp; 156 |
| Corn Futures | &nbsp;&nbsp; 2780 | 03/26 | &nbsp;&nbsp; 61716 | &nbsp;&nbsp; 416 |
| Corn Futures | &nbsp;&nbsp; 1591 | 05/26 | &nbsp;&nbsp; 35976 | &nbsp;&nbsp; 785 |
| Cotton No. 2 Futures | &nbsp;&nbsp; 354 | 12/25 | &nbsp;&nbsp; 11601 | &nbsp;&nbsp; (330)<br>|
| Cotton No. 2 Futures | &nbsp;&nbsp; 141 | 03/26 | &nbsp;&nbsp; 4704 | &nbsp;&nbsp; (40)<br>|
| Cotton No. 2 Futures | &nbsp;&nbsp; 220 | 05/26 | &nbsp;&nbsp; 7469 | &nbsp;&nbsp; (86)<br>|
| Dutch TTF Natural Gas Futures | &nbsp;&nbsp; 150 | 11/25 | &nbsp;&nbsp; 4003 | &nbsp;&nbsp; (98)<br>|
| Dutch TTF Natural Gas Futures | &nbsp;&nbsp; 422 | 12/25 | &nbsp;&nbsp; 11343 | &nbsp;&nbsp; (1614)<br>|
| Dutch TTF Natural Gas Futures | &nbsp;&nbsp; 130 | 11/26 | &nbsp;&nbsp; 3484 | &nbsp;&nbsp; (101)<br>|
| ECX Emissions Futures | &nbsp;&nbsp; 606 | 12/25 | &nbsp;&nbsp; 54861 | &nbsp;&nbsp; 3167 |
| FCOJ-A Futures | &nbsp;&nbsp; 5 | 01/26 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; (41)<br>|
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 285 | 12/25 | &nbsp;&nbsp; 19950 | &nbsp;&nbsp; 1098 |

---

------

⬤

------

**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>|
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 889 | 01/26 | &nbsp;&nbsp; $60674 | &nbsp;&nbsp; $2724 |
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 63 | 03/26 | &nbsp;&nbsp; 4180 | &nbsp;&nbsp; 103 |
| Gold 100 OZ Futures | &nbsp;&nbsp; 732 | 12/25 | &nbsp;&nbsp; 292544 | &nbsp;&nbsp; 35794 |
| Gold 100 OZ Futures | &nbsp;&nbsp; 175 | 02/26 | &nbsp;&nbsp; 70516 | &nbsp;&nbsp; (53)<br>|
| Gold 100 OZ Futures | &nbsp;&nbsp; 88 | 04/26 | &nbsp;&nbsp; 35719 | &nbsp;&nbsp; 594 |
| Iodex (Iron Ore) Futures | &nbsp;&nbsp; 1697 | 12/25 | &nbsp;&nbsp; 18012 | &nbsp;&nbsp; 331 |
| Iodex (Iron Ore) Futures | &nbsp;&nbsp; 298 | 01/26 | &nbsp;&nbsp; 3069 | &nbsp;&nbsp; (12)<br>|
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 262 | 12/25 | &nbsp;&nbsp; 6871 | &nbsp;&nbsp; 8 |
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 92 | 03/26 | &nbsp;&nbsp; 2469 | &nbsp;&nbsp; (1)<br>|
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 90 | 05/26 | &nbsp;&nbsp; 2462 | &nbsp;&nbsp; 15 |
| Lead Futures | &nbsp;&nbsp; 93 | 11/25 | &nbsp;&nbsp; 4639 | &nbsp;&nbsp; 14 |
| Lead Futures | &nbsp;&nbsp; 38 | 12/25 | &nbsp;&nbsp; 1903 | &nbsp;&nbsp; 3 |
| Lead Futures | &nbsp;&nbsp; 206 | 01/26 | &nbsp;&nbsp; 10366 | &nbsp;&nbsp; 52 |
| Lean Hogs Futures | &nbsp;&nbsp; 635 | 12/25 | &nbsp;&nbsp; 20644 | &nbsp;&nbsp; (1652)<br>|
| Lean Hogs Futures | &nbsp;&nbsp; 348 | 02/26 | &nbsp;&nbsp; 11487 | &nbsp;&nbsp; 35 |
| Lean Hogs Futures | &nbsp;&nbsp; 63 | 04/26 | &nbsp;&nbsp; 2173 | &nbsp;&nbsp; (150)<br>|
| Live Cattle Futures | &nbsp;&nbsp; 424 | 12/25 | &nbsp;&nbsp; 38953 | &nbsp;&nbsp; (1403)<br>|
| Live Cattle Futures | &nbsp;&nbsp; 140 | 02/26 | &nbsp;&nbsp; 12750 | &nbsp;&nbsp; 38 |
| Live Cattle Futures | &nbsp;&nbsp; 75 | 04/26 | &nbsp;&nbsp; 6802 | &nbsp;&nbsp; (349)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 676 | 11/25 | &nbsp;&nbsp; 48647 | &nbsp;&nbsp; 5535 |
| LME Aluminum Futures | &nbsp;&nbsp; 1215 | 12/25 | &nbsp;&nbsp; 87547 | &nbsp;&nbsp; 8012 |
| LME Aluminum Futures | &nbsp;&nbsp; 762 | 01/26 | &nbsp;&nbsp; 54986 | &nbsp;&nbsp; 4280 |
| LME Aluminum Futures | &nbsp;&nbsp; 74 | 02/26 | &nbsp;&nbsp; 5343 | &nbsp;&nbsp; 744 |
| LME Aluminum Futures | &nbsp;&nbsp; 1216 | 03/26 | &nbsp;&nbsp; 87878 | &nbsp;&nbsp; 3741 |
| LME Copper Futures | &nbsp;&nbsp; 100 | 11/25 | &nbsp;&nbsp; 27230 | &nbsp;&nbsp; 3040 |
| LME Copper Futures | &nbsp;&nbsp; 677 | 12/25 | &nbsp;&nbsp; 184339 | &nbsp;&nbsp; 18325 |
| LME Copper Futures | &nbsp;&nbsp; 86 | 01/26 | &nbsp;&nbsp; 23411 | &nbsp;&nbsp; 2012 |
| LME Copper Futures | &nbsp;&nbsp; 85 | 02/26 | &nbsp;&nbsp; 23138 | &nbsp;&nbsp; 1205 |
| LME Copper Futures | &nbsp;&nbsp; 370 | 03/26 | &nbsp;&nbsp; 100689 | &nbsp;&nbsp; 787 |
| LME Lead Futures | &nbsp;&nbsp; 182 | 11/25 | &nbsp;&nbsp; 9104 | &nbsp;&nbsp; 123 |
| LME Lead Futures | &nbsp;&nbsp; 365 | 12/25 | &nbsp;&nbsp; 18314 | &nbsp;&nbsp; (263)<br>|
| LME Lead Futures | &nbsp;&nbsp; 166 | 01/26 | &nbsp;&nbsp; 8364 | &nbsp;&nbsp; (15)<br>|
| LME Lead Futures | &nbsp;&nbsp; 241 | 03/26 | &nbsp;&nbsp; 12272 | &nbsp;&nbsp; (40)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 192 | 11/25 | &nbsp;&nbsp; 17352 | &nbsp;&nbsp; (204)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 305 | 12/25 | &nbsp;&nbsp; 27685 | &nbsp;&nbsp; (230)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 150 | 01/26 | &nbsp;&nbsp; 13685 | &nbsp;&nbsp; (320)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 205 | 03/26 | &nbsp;&nbsp; 18838 | &nbsp;&nbsp; (196)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 6 | 04/26 | &nbsp;&nbsp; 553 | &nbsp;&nbsp; (3)<br>|
| LME Tin Futures | &nbsp;&nbsp; 21 | 11/25 | &nbsp;&nbsp; 3794 | &nbsp;&nbsp; 91 |
| LME Tin Futures | &nbsp;&nbsp; 21 | 12/25 | &nbsp;&nbsp; 3791 | &nbsp;&nbsp; (35)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 401 | 11/25 | &nbsp;&nbsp; 31328 | &nbsp;&nbsp; 3001 |
| LME Zinc Futures | &nbsp;&nbsp; 646 | 12/25 | &nbsp;&nbsp; 49795 | &nbsp;&nbsp; 4419 |
| LME Zinc Futures | &nbsp;&nbsp; 408 | 01/26 | &nbsp;&nbsp; 31282 | &nbsp;&nbsp; 1357 |
| LME Zinc Futures | &nbsp;&nbsp; 434 | 03/26 | &nbsp;&nbsp; 33065 | &nbsp;&nbsp; 439 |
| LME Zinc Futures | &nbsp;&nbsp; 1 | 04/26 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 7 |
| Milling Wheat Futures | &nbsp;&nbsp; 1664 | 12/25 | &nbsp;&nbsp; 18509 | &nbsp;&nbsp; 9 |
| Natural Gas Futures | &nbsp;&nbsp; 379 | 11/25 | &nbsp;&nbsp; 15630 | &nbsp;&nbsp; 395 |

---

------

⬤

------

**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>|
| Natural Gas Futures | &nbsp;&nbsp; 615 | 12/25 | &nbsp;&nbsp; $26869 | &nbsp;&nbsp; $1161 |
| Natural Gas Futures | &nbsp;&nbsp; 335 | 01/26 | &nbsp;&nbsp; 13835 | &nbsp;&nbsp; 821 |
| Natural Gas Futures | &nbsp;&nbsp; 1320 | 02/26 | &nbsp;&nbsp; 49645 | &nbsp;&nbsp; (5162)<br>|
| Nickel Futures | &nbsp;&nbsp; 101 | 11/25 | &nbsp;&nbsp; 9119 | &nbsp;&nbsp; (69)<br>|
| Nickel Futures | &nbsp;&nbsp; 58 | 12/25 | &nbsp;&nbsp; 5264 | &nbsp;&nbsp; (65)<br>|
| Nickel Futures | &nbsp;&nbsp; 76 | 01/26 | &nbsp;&nbsp; 6929 | &nbsp;&nbsp; (16)<br>|
| NY Harbor ULSD Futures | &nbsp;&nbsp; 92 | 11/25 | &nbsp;&nbsp; 9268 | &nbsp;&nbsp; 630 |
| NY Harbor ULSD Futures | &nbsp;&nbsp; 203 | 12/25 | &nbsp;&nbsp; 20212 | &nbsp;&nbsp; 865 |
| NY Harbor ULSD Futures | &nbsp;&nbsp; 32 | 02/26 | &nbsp;&nbsp; 3103 | &nbsp;&nbsp; 74 |
| Palladium Futures | &nbsp;&nbsp; 16 | 12/25 | &nbsp;&nbsp; 2328 | &nbsp;&nbsp; 241 |
| Palladium Futures | &nbsp;&nbsp; 10 | 03/26 | &nbsp;&nbsp; 1474 | &nbsp;&nbsp; (1)<br>|
| Phelix DE Base Futures | &nbsp;&nbsp; 7 | 12/25 | &nbsp;&nbsp; 6149 | &nbsp;&nbsp; 96 |
| Platinum Futures | &nbsp;&nbsp; 115 | 01/26 | &nbsp;&nbsp; 9059 | &nbsp;&nbsp; 59 |
| Platinum Futures | &nbsp;&nbsp; 102 | 08/26 | &nbsp;&nbsp; 2482 | &nbsp;&nbsp; 110 |
| Platinum Futures | &nbsp;&nbsp; 27 | 10/26 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 5 |
| Rapeseed Futures | &nbsp;&nbsp; 87 | 01/26 | &nbsp;&nbsp; 2409 | &nbsp;&nbsp; 93 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 287 | 11/25 | &nbsp;&nbsp; 22912 | &nbsp;&nbsp; 666 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 319 | 12/25 | &nbsp;&nbsp; 24936 | &nbsp;&nbsp; 218 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 42 | 02/26 | &nbsp;&nbsp; 3312 | &nbsp;&nbsp; (20)<br>|
| Red Wheat Futures | &nbsp;&nbsp; 117 | 12/25 | &nbsp;&nbsp; 3235 | &nbsp;&nbsp; (202)<br>|
| Robusta Coffee 10-T Futures | &nbsp;&nbsp; 185 | 01/26 | &nbsp;&nbsp; 8399 | &nbsp;&nbsp; 237 |
| Robusta Coffee 10-T Futures | &nbsp;&nbsp; 60 | 03/26 | &nbsp;&nbsp; 2678 | &nbsp;&nbsp; (127)<br>|
| Silver Futures | &nbsp;&nbsp; 347 | 12/25 | &nbsp;&nbsp; 83558 | &nbsp;&nbsp; 11099 |
| Silver Futures | &nbsp;&nbsp; 118 | 03/26 | &nbsp;&nbsp; 28764 | &nbsp;&nbsp; 1873 |
| Soybean Futures | &nbsp;&nbsp; 1167 | 01/26 | &nbsp;&nbsp; 65075 | &nbsp;&nbsp; 4190 |
| Soybean Futures | &nbsp;&nbsp; 188 | 03/26 | &nbsp;&nbsp; 10563 | &nbsp;&nbsp; 468 |
| Soybean Futures | &nbsp;&nbsp; 667 | 05/26 | &nbsp;&nbsp; 37811 | &nbsp;&nbsp; 2366 |
| Soybean Meal Futures | &nbsp;&nbsp; 32 | 12/25 | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 73 |
| Soybean Meal Futures | &nbsp;&nbsp; 679 | 01/26 | &nbsp;&nbsp; 21966 | &nbsp;&nbsp; 2632 |
| Soybean Meal Futures | &nbsp;&nbsp; 377 | 03/26 | &nbsp;&nbsp; 12290 | &nbsp;&nbsp; 760 |
| Soybean Meal Futures | &nbsp;&nbsp; 27 | 05/26 | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 81 |
| Soybean Oil Futures | &nbsp;&nbsp; 449 | 12/25 | &nbsp;&nbsp; 13114 | &nbsp;&nbsp; (766)<br>|
| Soybean Oil Futures | &nbsp;&nbsp; 552 | 01/26 | &nbsp;&nbsp; 16252 | &nbsp;&nbsp; (494)<br>|
| Soybean Oil Futures | &nbsp;&nbsp; 246 | 03/26 | &nbsp;&nbsp; 7324 | &nbsp;&nbsp; (441)<br>|
| Soybean Oil Futures | &nbsp;&nbsp; 193 | 05/26 | &nbsp;&nbsp; 5790 | &nbsp;&nbsp; (80)<br>|
| Sugar No. 11 Futures | &nbsp;&nbsp; 4554 | 02/26 | &nbsp;&nbsp; 73600 | &nbsp;&nbsp; (9196)<br>|
| UK Natural Gas Futures | &nbsp;&nbsp; 245 | 11/25 | &nbsp;&nbsp; 8069 | &nbsp;&nbsp; (182)<br>|
| Wheat Futures | &nbsp;&nbsp; 698 | 12/25 | &nbsp;&nbsp; 18637 | &nbsp;&nbsp; 164 |
| Wheat Futures | &nbsp;&nbsp; 163 | 03/26 | &nbsp;&nbsp; 4470 | &nbsp;&nbsp; 54 |
| Wheat Futures | &nbsp;&nbsp; 21 | 05/26 | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 7 |
| White Sugar Futures | &nbsp;&nbsp; 154 | 02/26 | &nbsp;&nbsp; 3163 | &nbsp;&nbsp; (454)<br>|
| WTI Crude Oil Futures | &nbsp;&nbsp; 265 | 11/25 | &nbsp;&nbsp; 16160 | &nbsp;&nbsp; 41 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 1176 | 12/25 | &nbsp;&nbsp; 71266 | &nbsp;&nbsp; 223 |
| Zinc Futures | &nbsp;&nbsp; 90 | 11/25 | &nbsp;&nbsp; 7014 | &nbsp;&nbsp; 689 |
| Zinc Futures | &nbsp;&nbsp; 40 | 12/25 | &nbsp;&nbsp; 3083 | &nbsp;&nbsp; 183 |

---

------

⬤

------

**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>|
| Zinc Futures | &nbsp;&nbsp; 97 | 01/26 | &nbsp;&nbsp; $7440 | &nbsp;&nbsp; $167 |
| Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | &nbsp;&nbsp; $127400 |

---

&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>|
| Aluminum Futures | &nbsp;&nbsp; 229 | 11/25 | &nbsp;&nbsp; $16484 | &nbsp;&nbsp; $(1601)<br>|
| Aluminum Futures | &nbsp;&nbsp; 178 | 12/25 | &nbsp;&nbsp; 12831 | &nbsp;&nbsp; (1052)<br>|
| Aluminum Futures | &nbsp;&nbsp; 317 | 01/26 | &nbsp;&nbsp; 22866 | &nbsp;&nbsp; (848)<br>|
| Cocoa Futures | &nbsp;&nbsp; 28 | 12/25 | &nbsp;&nbsp; 1627 | &nbsp;&nbsp; 70 |
| Cocoa Futures | &nbsp;&nbsp; 2 | 03/26 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 23 |
| Coffee C Futures | &nbsp;&nbsp; 60 | 12/25 | &nbsp;&nbsp; 8821 | &nbsp;&nbsp; (416)<br>|
| Copper Futures | &nbsp;&nbsp; 145 | 11/25 | &nbsp;&nbsp; 39461 | &nbsp;&nbsp; (4099)<br>|
| Copper Futures | &nbsp;&nbsp; 113 | 12/25 | &nbsp;&nbsp; 30745 | &nbsp;&nbsp; (2309)<br>|
| Copper Futures | &nbsp;&nbsp; 155 | 01/26 | &nbsp;&nbsp; 42189 | &nbsp;&nbsp; (552)<br>|
| Lead Futures | &nbsp;&nbsp; 93 | 11/25 | &nbsp;&nbsp; 4639 | &nbsp;&nbsp; (15)<br>|
| Lead Futures | &nbsp;&nbsp; 38 | 12/25 | &nbsp;&nbsp; 1903 | &nbsp;&nbsp; (3)<br>|
| Lead Futures | &nbsp;&nbsp; 206 | 01/26 | &nbsp;&nbsp; 10366 | &nbsp;&nbsp; (51)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 676 | 11/25 | &nbsp;&nbsp; 48647 | &nbsp;&nbsp; (4244)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 1146 | 12/25 | &nbsp;&nbsp; 82575 | &nbsp;&nbsp; (4090)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 254 | 01/26 | &nbsp;&nbsp; 18329 | &nbsp;&nbsp; (1050)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 74 | 02/26 | &nbsp;&nbsp; 5343 | &nbsp;&nbsp; (592)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 21 | 03/26 | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; (69)<br>|
| LME Copper Futures | &nbsp;&nbsp; 100 | 11/25 | &nbsp;&nbsp; 27230 | &nbsp;&nbsp; (2847)<br>|
| LME Copper Futures | &nbsp;&nbsp; 663 | 12/25 | &nbsp;&nbsp; 180527 | &nbsp;&nbsp; (8618)<br>|
| LME Copper Futures | &nbsp;&nbsp; 86 | 01/26 | &nbsp;&nbsp; 23411 | &nbsp;&nbsp; (1232)<br>|
| LME Copper Futures | &nbsp;&nbsp; 4 | 02/26 | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; (14)<br>|
| LME Copper Futures | &nbsp;&nbsp; 52 | 03/26 | &nbsp;&nbsp; 14151 | &nbsp;&nbsp; (43)<br>|
| LME Lead Futures | &nbsp;&nbsp; 182 | 11/25 | &nbsp;&nbsp; 9104 | &nbsp;&nbsp; (36)<br>|
| LME Lead Futures | &nbsp;&nbsp; 365 | 12/25 | &nbsp;&nbsp; 18314 | &nbsp;&nbsp; 32 |
| LME Lead Futures | &nbsp;&nbsp; 33 | 01/26 | &nbsp;&nbsp; 1663 | &nbsp;&nbsp; (4)<br>|
| LME Lead Futures | &nbsp;&nbsp; 115 | 03/26 | &nbsp;&nbsp; 5856 | &nbsp;&nbsp; (72)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 192 | 11/25 | &nbsp;&nbsp; 17352 | &nbsp;&nbsp; 344 |
| LME Nickel Futures | &nbsp;&nbsp; 405 | 12/25 | &nbsp;&nbsp; 36763 | &nbsp;&nbsp; 386 |
| LME Nickel Futures | &nbsp;&nbsp; 81 | 01/26 | &nbsp;&nbsp; 7390 | &nbsp;&nbsp; 26 |
| LME Nickel Futures | &nbsp;&nbsp; 20 | 03/26 | &nbsp;&nbsp; 1838 | &nbsp;&nbsp; (5)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 6 | 04/26 | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 5 |
| LME Tin Futures | &nbsp;&nbsp; 21 | 11/25 | &nbsp;&nbsp; 3794 | &nbsp;&nbsp; 29 |
| LME Tin Futures | &nbsp;&nbsp; 12 | 12/25 | &nbsp;&nbsp; 2166 | &nbsp;&nbsp; — |
| LME Zinc Futures | &nbsp;&nbsp; 401 | 11/25 | &nbsp;&nbsp; 31328 | &nbsp;&nbsp; (1970)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 475 | 12/25 | &nbsp;&nbsp; 36614 | &nbsp;&nbsp; (1153)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 124 | 01/26 | &nbsp;&nbsp; 9507 | &nbsp;&nbsp; (454)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 64 | 03/26 | &nbsp;&nbsp; 4876 | &nbsp;&nbsp; (159)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 1 | 04/26 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; (7)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 26 | 11/25 | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; (11)<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>|
| Natural Gas Futures | &nbsp;&nbsp; 56 | 02/26 | &nbsp;&nbsp; $2106 | &nbsp;&nbsp; $(100)<br>|
| Nickel Futures | &nbsp;&nbsp; 101 | 11/25 | &nbsp;&nbsp; 9119 | &nbsp;&nbsp; 66 |
| Nickel Futures | &nbsp;&nbsp; 58 | 12/25 | &nbsp;&nbsp; 5264 | &nbsp;&nbsp; 67 |
| Nickel Futures | &nbsp;&nbsp; 76 | 01/26 | &nbsp;&nbsp; 6929 | &nbsp;&nbsp; 16 |
| NY Harbor ULSD Futures | &nbsp;&nbsp; 94 | 11/25 | &nbsp;&nbsp; 9470 | &nbsp;&nbsp; (579)<br>|
| NY Harbor ULSD Futures | &nbsp;&nbsp; 163 | 12/25 | &nbsp;&nbsp; 16229 | &nbsp;&nbsp; (69)<br>|
| Phelix DE Base Futures | &nbsp;&nbsp; 5 | 12/25 | &nbsp;&nbsp; 4392 | &nbsp;&nbsp; (41)<br>|
| WTI Crude Oil Futures | &nbsp;&nbsp; 173 | 02/26 | &nbsp;&nbsp; 10390 | &nbsp;&nbsp; 417 |
| Zinc Futures | &nbsp;&nbsp; 90 | 11/25 | &nbsp;&nbsp; 7014 | &nbsp;&nbsp; (695)<br>|
| Zinc Futures | &nbsp;&nbsp; 40 | 12/25 | &nbsp;&nbsp; 3083 | &nbsp;&nbsp; (186)<br>|
| Zinc Futures | &nbsp;&nbsp; 97 | 01/26 | &nbsp;&nbsp; 7440 | &nbsp;&nbsp; (158)<br>|
| Total Short Futures Contracts | Total Short Futures Contracts | Total Short Futures Contracts | Total Short Futures Contracts | &nbsp;&nbsp; $(37963)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $89437 |

---

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

**PURCHASED OPTIONS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| Corn Futures Option | $450.00 | 11/21/2025 | 1966 | $42416 | $449 | $86 |
| Silver Futures Option | 80.00 | 02/24/2026 | 232 | 56550 | 217 | 246 |
| Silver Futures Option | 60.00 | 12/23/2025 | 44 | 10641 | 283 | 73 |
| Total Call Purchased Options | Total Call Purchased Options | Total Call Purchased Options | Total Call Purchased Options | Total Call Purchased Options | $949 | $405 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| Crude Oil Futures Option | $58.00 | 11/17/2025 | 223 | $13599 | $285 | $121 |
| Crude Oil Futures Option | 52.00 | 11/17/2025 | 877 | 53479 | 375 | 61 |
| Crude Oil Futures Option | 46.00 | 12/16/2025 | 1225 | 74235 | 491 | 159 |
| Crude Oil Futures Option | 52.00 | 01/14/2026 | 298 | 17957 | 287 | 247 |
| Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | $1438 | $588 |
| Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $2387 | $993 |

---

&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 | 0.146% | Pay<br> Macquarie MQCP338E Index<sup>5</sup> <br>| 11/28/2025 | Monthly | $516727 | $— | $— | $— |

---

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

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP AGREEMENTS—Continued** | **SWAP AGREEMENTS—Continued** | **SWAP AGREEMENTS—Continued** | **SWAP AGREEMENTS—Continued** | **SWAP AGREEMENTS—Continued** | **SWAP AGREEMENTS—Continued** | **SWAP AGREEMENTS—Continued** | **SWAP AGREEMENTS—Continued** | **SWAP AGREEMENTS—Continued** | **SWAP AGREEMENTS—Continued** |
| **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 | $137687 | $— | $— | $— |
| Citigroup Global Markets | 0.240% | Pay | FTSE/Core Commodity CRB <br> 3-Month Forward Total Return <br> Index<br>| 02/27/2026 | Monthly | 21546 |  |  |  |
| RBC Dominion Securities | 0.120% | Pay | Bloomberg Commodity 3-Month <br> Forward Total Return Index<br>| 10/30/2026 | Monthly | 184358 |  |  |  |
| RBC Dominion Securities | 0.290% | Pay | FTSE/Core Commodity CRB <br> 3-Month Forward Total Return <br> Index<br>| 02/27/2026 | Monthly | 27602 |  |  |  |
| 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 October 31, 2025 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.

The accompanying notes are an integral part of the 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 October 31, 2025. 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 | 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 <br> date is the final maturity date.<br>|
| 3 | 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 October 31, 2025, the aggregate value of these securities was $18,376 or 1% of net assets.<br>|
| 4 | As of October 31, 2025, 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 $52,602.<br>|
| 5 | The index is comprised of publicly traded futures contracts on physical commodities. The table below represents the reference index components <br> as of October 31, 2025.<br>|

---

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

---

| | |
|:---|:---|
| **Commodity** | **Weight** |
| Gold | 37.3% |
| GasOil | 8.1 |
| RBOB Gasoline | 7.1 |
| Heating Oil | 6.4 |
| Brent Crude Oil | 4.3 |
| Sugar | 4.1 |
| Natural Gas (United States) | 3.8 |
| Copper | 3.7 |
| Corn | 2.9 |
| Aluminum | 2.0 |
| Comex Copper | 2.0 |
| Coffee | 1.9 |
| KC Wheat | 1.9 |
| Wheat | 1.9 |
| Zinc | 1.9 |
| Cotton | 1.8 |
| Nickel | 1.8 |
| Silver | 1.8 |
| Soybean Oil | 1.8 |
| Lean Hogs | 1.7 |
| Soybeans | 1.0 |
| Cocoa | 0.8 |

---

&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—October 31, 2025** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** |
| 7984 | BWX Technologies, Inc.  | $1705 |
| 45982 | Cadre Holdings, Inc.  | 1952 |
| 13580 | Carpenter Technology Corp.  | 4290 |
| 7623 | Hexcel Corp.  | 544 |
| 26631 | Karman Holdings, Inc. <sup>\*</sup> | 2243 |
| 11432 | Kratos Defense & Security Solutions, Inc. <sup>\*</sup> | 1036 |
| 79397 | Redwire Corp. <sup>\*</sup> | 625 |
| 17537 | Rocket Lab Corp. <sup>\*</sup> | 1105 |
| 21995 | V2X, Inc. <sup>\*</sup> | 1256 |
|  |  | 14756 |
| **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** |
| 16437 | GXO Logistics, Inc. <sup>\*</sup> | 924 |
| **AUTOMOBILE COMPONENTS—1.9%** | **AUTOMOBILE COMPONENTS—1.9%** | **AUTOMOBILE COMPONENTS—1.9%** |
| 52313 | Adient PLC <sup>\*</sup> | 1213 |
| 7724 | Dorman Products, Inc. <sup>\*</sup> | 1036 |
| 13613 | Lear Corp.  | 1425 |
| 42390 | Modine Manufacturing Co. <sup>\*</sup> | 6494 |
|  |  | 10168 |
| **BANKS—4.8%** | **BANKS—4.8%** | **BANKS—4.8%** |
| 11617 | Ameris Bancorp  | 832 |
| 28052 | Associated Banc-Corp.  | 695 |
| 31202 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 1443 |
| 10822 | East West Bancorp, Inc.  | 1099 |
| 1605 | First Citizens BancShares, Inc. Class A | 2929 |
| 144576 | First Hawaiian, Inc.  | 3546 |
| 117597 | First Interstate BancSystem, Inc. Class A | 3675 |
| 39281 | FNB Corp.  | 617 |
| 21033 | Home BancShares, Inc.  | 562 |
| 11960 | Independent Bank Corp.  | 805 |
| 15917 | International Bancshares Corp.  | 1057 |
| 13223 | Popular, Inc. (Puerto Rico) | 1474 |
| 7505 | Prosperity Bancshares, Inc.  | 494 |
| 62608 | Synovus Financial Corp.  | 2795 |
| 3224 | WaFd, Inc.  | 94 |
| 22882 | Wintrust Financial Corp.  | 2975 |
| 5426 | Zions Bancorp NA  | 283 |
|  |  | 25375 |
| **BEVERAGES—0.2%** | **BEVERAGES—0.2%** | **BEVERAGES—0.2%** |
| 19743 | Vita Coco Co., Inc. <sup>\*</sup> | 813 |
| **BIOTECHNOLOGY—4.2%** | **BIOTECHNOLOGY—4.2%** | **BIOTECHNOLOGY—4.2%** |
| 7488 | Abivax SA ADR (France)<sup>\*,1</sup> | 767 |
| 65330 | ADMA Biologics, Inc. <sup>\*</sup> | 1011 |
| 23944 | Ascendis Pharma AS ADR (Denmark)<sup>\*,1</sup> | 4827 |
| 9042 | Avidity Biosciences, Inc. <sup>\*</sup> | 632 |
| 44505 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 359 |
| 9367 | Celcuity, Inc. <sup>\*</sup> | 723 |
| 40474 | Exact Sciences Corp. <sup>\*</sup> | 2618 |
| 24589 | Kiniksa Pharmaceuticals International PLC <sup>\*</sup> | 910 |
| 24761 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 802 |
| 13519 | Merus NV (Netherlands)<sup>\*</sup> | 1282 |
| 328468 | MiMedx Group, Inc. <sup>\*</sup> | 2513 |
| 22528 | Revolution Medicines, Inc. <sup>\*</sup> | 1326 |
| 9693 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 1103 |
| 9076 | Soleno Therapeutics, Inc. <sup>\*</sup> | 609 |
| 33105 | Vaxcyte, Inc. <sup>\*</sup> | 1499 |
| 19182 | Viking Therapeutics, Inc. <sup>\*</sup> | 730 |
| 10773 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 452 |
|  |  | 22163 |
| **BROADLINE RETAIL—0.1%** | **BROADLINE RETAIL—0.1%** | **BROADLINE RETAIL—0.1%** |
| 21742 | Pattern Group, Inc. Class A<sup>\*</sup> | 383 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** |
| 6229 | AAON, Inc.  | $613 |
| 2435 | AZZ, Inc.  | 243 |
| 1532 | Carlisle Cos., Inc.  | 498 |
| 8584 | CSW Industrials, Inc.  | 2150 |
| 45840 | Tecogen, Inc. <sup>\*</sup> | 457 |
| 3935 | UFP Industries, Inc.  | 363 |
|  |  | 4324 |
| **CAPITAL MARKETS—4.0%** | **CAPITAL MARKETS—4.0%** | **CAPITAL MARKETS—4.0%** |
| 72197 | Artisan Partners Asset Management, Inc. Class A | 3152 |
| 6731 | Cohen & Steers, Inc.  | 460 |
| 44818 | Donnelley Financial Solutions, Inc. <sup>\*</sup> | 2059 |
| 1740 | FactSet Research Systems, Inc.  | 464 |
| 4044 | Hamilton Lane, Inc. Class A | 461 |
| 9024 | Houlihan Lokey, Inc.  | 1616 |
| 2212 | Morningstar, Inc.  | 470 |
| 9045 | Perella Weinberg Partners  | 169 |
| 14481 | StepStone Group, Inc. Class A | 882 |
| 16064 | Stifel Financial Corp.  | 1902 |
| 91835 | StoneX Group, Inc. <sup>\*</sup> | 8442 |
| 121815 | SuRo Capital Corp.  | 1241 |
|  |  | 21318 |
| **CHEMICALS—2.8%** | **CHEMICALS—2.8%** | **CHEMICALS—2.8%** |
| 47430 | Ashland, Inc.  | 2319 |
| 27831 | Avient Corp.  | 893 |
| 92612 | Axalta Coating Systems Ltd. <sup>\*</sup> | 2637 |
| 484387 | Ecovyst, Inc. <sup>\*</sup> | 3967 |
| 25179 | Element Solutions, Inc.  | 673 |
| 133243 | Neo Performance Materials, Inc. (Canada) | 1837 |
| 105426 | Olin Corp.  | 2182 |
| 1607 | Quaker Chemical Corp.  | 223 |
|  |  | 14731 |
| **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** |
| 24601 | ACV Auctions, Inc. Class A<sup>\*</sup> | 223 |
| 185881 | BrightView Holdings, Inc. <sup>\*</sup> | 2290 |
| 7549 | Brink's Co.  | 839 |
| 16367 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 1450 |
| 15844 | CECO Environmental Corp. <sup>\*</sup> | 775 |
| 12115 | GFL Environmental, Inc.  | 529 |
| 96994 | Liquidity Services, Inc. <sup>\*</sup> | 2322 |
| 6523 | MillerKnoll, Inc.  | 102 |
| 21452 | Montrose Environmental Group, Inc. <sup>\*</sup> | 555 |
| 25710 | Quad/Graphics, Inc.  | 142 |
| 14087 | Tetra Tech, Inc.  | 450 |
| 2606 | UniFirst Corp.  | 402 |
|  |  | 10079 |
| **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** |
| 12609 | Calix, Inc. <sup>\*</sup> | 863 |
| 13533 | F5, Inc. <sup>\*</sup> | 3424 |
|  |  | 4287 |
| **CONSTRUCTION & ENGINEERING—3.9%** | **CONSTRUCTION & ENGINEERING—3.9%** | **CONSTRUCTION & ENGINEERING—3.9%** |
| 76620 | Ameresco, Inc. Class A<sup>\*</sup> | 3028 |
| 57033 | Arcosa, Inc.  | 5817 |
| 4718 | Comfort Systems USA, Inc.  | 4556 |
| 39802 | Fluor Corp. <sup>\*</sup> | 1941 |
| 15914 | Legence Corp. Class A<sup>\*</sup> | 658 |
| 13330 | Primoris Services Corp.  | 1886 |
| 3707 | Sterling Infrastructure, Inc. <sup>\*</sup> | 1401 |
| 1770 | Valmont Industries, Inc.  | 732 |
| 37877 | WillScot Holdings Corp.  | 824 |
|  |  | 20843 |

---

------

⬤

------

**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** |
| **CONSUMER FINANCE—2.0%** | **CONSUMER FINANCE—2.0%** | **CONSUMER FINANCE—2.0%** |
| 1533 | Dave, Inc. <sup>\*</sup> | $367 |
| 25464 | Enova International, Inc. <sup>\*</sup> | 3045 |
| 9394 | FirstCash Holdings, Inc.  | 1489 |
| 55604 | LendingTree, Inc. <sup>\*</sup> | 3559 |
| 87248 | SLM Corp.  | 2342 |
|  |  | 10802 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** |
| 1001 | Casey's General Stores, Inc.  | 514 |
| 30546 | PriceSmart, Inc.  | 3511 |
| 29756 | Sprouts Farmers Market, Inc. <sup>\*</sup> | 2349 |
|  |  | 6374 |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| 2950 | AptarGroup, Inc.  | 342 |
| 155155 | Graphic Packaging Holding Co.  | 2481 |
|  |  | 2823 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 1534 | Pool Corp.  | 410 |
| **DIVERSIFIED CONSUMER SERVICES—2.5%** | **DIVERSIFIED CONSUMER SERVICES—2.5%** | **DIVERSIFIED CONSUMER SERVICES—2.5%** |
| 25278 | Frontdoor, Inc. <sup>\*</sup> | 1679 |
| 5268 | Grand Canyon Education, Inc. <sup>\*</sup> | 992 |
| 210202 | Laureate Education, Inc. <sup>\*</sup> | 6102 |
| 49231 | OneSpaWorld Holdings Ltd. (Bahamas) | 1146 |
| 105576 | Universal Technical Institute, Inc. <sup>\*</sup> | 3138 |
|  |  | 13057 |
| **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** |
| 32533 | OGE Energy Corp.  | 1436 |
| **ELECTRICAL EQUIPMENT—2.4%** | **ELECTRICAL EQUIPMENT—2.4%** | **ELECTRICAL EQUIPMENT—2.4%** |
| 60772 | Array Technologies, Inc. <sup>\*</sup> | 526 |
| 9303 | Bloom Energy Corp. Class A<sup>\*</sup> | 1230 |
| 37066 | Enovix Corp. <sup>\*</sup> | 444 |
| 7103 | Generac Holdings, Inc. <sup>\*</sup> | 1193 |
| 52620 | NEXTracker, Inc. Class A<sup>\*</sup> | 5326 |
| 5805 | nVent Electric PLC  | 664 |
| 2700 | Powell Industries, Inc.  | 1035 |
| 9183 | Regal Rexnord Corp.  | 1294 |
| 7494 | Sensata Technologies Holding PLC  | 239 |
| 59322 | Shoals Technologies Group, Inc. Class A<sup>\*</sup> | 624 |
|  |  | 12575 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** |
| 40878 | Arlo Technologies, Inc. <sup>\*</sup> | 790 |
| 1602 | Arrow Electronics, Inc. <sup>\*</sup> | 179 |
| 51695 | Avnet, Inc.  | 2505 |
| 12264 | Cognex Corp.  | 508 |
| 3665 | Fabrinet (Thailand)<sup>\*</sup> | 1615 |
| 65697 | LightPath Technologies, Inc. Class A<sup>\*</sup> | 570 |
| 2731 | Littelfuse, Inc.  | 664 |
| 2631 | TTM Technologies, Inc. <sup>\*</sup> | 177 |
| 33605 | Unusual Machines, Inc. (Puerto Rico)<sup>\*</sup> | 503 |
|  |  | 7511 |
| **ENERGY EQUIPMENT & SERVICES—1.7%** | **ENERGY EQUIPMENT & SERVICES—1.7%** | **ENERGY EQUIPMENT & SERVICES—1.7%** |
| 30438 | Expro Group Holdings NV <sup>\*</sup> | 413 |
| 207170 | NOV, Inc.  | 3025 |
| 253887 | Select Water Solutions, Inc.  | 2935 |
| 50356 | Tidewater, Inc. <sup>\*</sup> | 2547 |
| 3267 | Weatherford International PLC  | 241 |
|  |  | 9161 |
| **ENTERTAINMENT—1.9%** | **ENTERTAINMENT—1.9%** | **ENTERTAINMENT—1.9%** |
| 57503 | Atlanta Braves Holdings, Inc. Class C<sup>\*</sup> | 2341 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENTERTAINMENT—Continued** | **ENTERTAINMENT—Continued** | **ENTERTAINMENT—Continued** |
| 38312 | IMAX Corp. <sup>\*</sup> | $1245 |
| 391793 | Lionsgate Studios Corp. <sup>\*</sup> | 2519 |
| 16118 | Madison Square Garden Sports Corp. <sup>\*</sup> | 3456 |
| 20431 | Starz Entertainment Corp. <sup>\*</sup> | 215 |
|  |  | 9776 |
| **FINANCIAL SERVICES—1.0%** | **FINANCIAL SERVICES—1.0%** | **FINANCIAL SERVICES—1.0%** |
| 30202 | Euronet Worldwide, Inc. <sup>\*</sup> | 2291 |
| 3263 | Jack Henry & Associates, Inc.  | 486 |
| 19503 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 1348 |
| 9324 | WEX, Inc. <sup>\*</sup> | 1360 |
|  |  | 5485 |
| **FOOD PRODUCTS—1.2%** | **FOOD PRODUCTS—1.2%** | **FOOD PRODUCTS—1.2%** |
| 8349 | Ingredion, Inc.  | 963 |
| 81076 | Simply Good Foods Co. <sup>\*</sup> | 1587 |
| 579065 | SunOpta, Inc. (Canada)<sup>\*</sup> | 3023 |
| 15153 | Vital Farms, Inc. <sup>\*</sup> | 498 |
|  |  | 6071 |
| **GAS UTILITIES—0.3%** | **GAS UTILITIES—0.3%** | **GAS UTILITIES—0.3%** |
| 11505 | Brookfield Infrastructure Corp. Class A (Canada) | 521 |
| 4369 | Chesapeake Utilities Corp.  | 556 |
| 27161 | MDU Resources Group, Inc.  | 521 |
|  |  | 1598 |
| **GROUND TRANSPORTATION—1.4%** | **GROUND TRANSPORTATION—1.4%** | **GROUND TRANSPORTATION—1.4%** |
| 16592 | Landstar System, Inc.  | 2131 |
| 3835 | Saia, Inc. <sup>\*</sup> | 1122 |
| 87794 | U-Haul Holding Co.  | 4257 |
|  |  | 7510 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.0%** |
| 9161 | iRhythm Technologies, Inc. <sup>\*</sup> | 1716 |
| 30865 | Lantheus Holdings, Inc. <sup>\*</sup> | 1781 |
| 6372 | LeMaitre Vascular, Inc.  | 552 |
| 28076 | LivaNova PLC <sup>\*</sup> | 1478 |
| 10203 | Masimo Corp. <sup>\*</sup> | 1435 |
| 180186 | Neogen Corp. <sup>\*</sup> | 1112 |
| 106490 | OrthoPediatrics Corp. <sup>\*</sup> | 1793 |
| 139263 | Owlet, Inc. <sup>\*</sup> | 1295 |
| 17608 | PROCEPT BioRobotics Corp. <sup>\*</sup> | 599 |
| 150571 | SI-BONE, Inc. <sup>\*</sup> | 2233 |
| 16210 | Solventum Corp. <sup>\*</sup> | 1119 |
| 2526 | STERIS PLC  | 595 |
|  |  | 15708 |
| **HEALTH CARE PROVIDERS & SERVICES—4.3%** | **HEALTH CARE PROVIDERS & SERVICES—4.3%** | **HEALTH CARE PROVIDERS & SERVICES—4.3%** |
| 158827 | AdaptHealth Corp. <sup>\*</sup> | 1428 |
| 24511 | Addus HomeCare Corp. <sup>\*</sup> | 2865 |
| 19627 | Centene Corp. <sup>\*</sup> | 694 |
| 1150 | Chemed Corp.  | 496 |
| 11829 | Encompass Health Corp.  | 1347 |
| 4725 | Ensign Group, Inc.  | 851 |
| 11133 | GeneDx Holdings Corp. <sup>\*</sup> | 1524 |
| 10142 | Guardant Health, Inc. <sup>\*</sup> | 944 |
| 18589 | HealthEquity, Inc. <sup>\*</sup> | 1758 |
| 26972 | Option Care Health, Inc. <sup>\*</sup> | 702 |
| 3088 | Quest Diagnostics, Inc.  | 543 |
| 121638 | RadNet, Inc. <sup>\*</sup> | 9243 |
| 6259 | U.S. Physical Therapy, Inc.  | 540 |
|  |  | 22935 |
| **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** |
| 16494 | CareTrust REIT, Inc.  | 572 |

---

------

⬤

------

**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** |
| **HEALTH CARE REITS—Continued** | **HEALTH CARE REITS—Continued** | **HEALTH CARE REITS—Continued** |
| 133042 | Sila Realty Trust, Inc.  | $3153 |
|  |  | 3725 |
| **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** |
| 77541 | HealthStream, Inc.  | 1908 |
| 28460 | OptimizeRx Corp. <sup>\*</sup> | 583 |
|  |  | 2491 |
| **HOTEL & RESORT REITS—0.3%** | **HOTEL & RESORT REITS—0.3%** | **HOTEL & RESORT REITS—0.3%** |
| 20588 | Ryman Hospitality Properties, Inc.  | 1789 |
| **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** |
| 4917 | Churchill Downs, Inc.  | 488 |
| 1222 | Domino's Pizza, Inc.  | 487 |
| 234746 | Genius Sports Ltd. (United Kingdom)<sup>\*</sup> | 2643 |
| 46963 | Lindblad Expeditions Holdings, Inc. <sup>\*</sup> | 566 |
| 23392 | Marriott Vacations Worldwide Corp.  | 1543 |
| 24575 | Norwegian Cruise Line Holdings Ltd. <sup>\*</sup> | 551 |
| 136753 | Penn Entertainment, Inc. <sup>\*</sup> | 2251 |
| 10521 | Travel & Leisure Co.  | 661 |
| 2424 | Wingstop, Inc.  | 525 |
|  |  | 9715 |
| **HOUSEHOLD DURABLES—2.1%** | **HOUSEHOLD DURABLES—2.1%** | **HOUSEHOLD DURABLES—2.1%** |
| 6676 | Cavco Industries, Inc. <sup>\*</sup> | 3537 |
| 60848 | Green Brick Partners, Inc. <sup>\*</sup> | 3939 |
| 20616 | SharkNinja, Inc. <sup>\*</sup> | 1763 |
| 4829 | TopBuild Corp. <sup>\*</sup> | 2040 |
|  |  | 11279 |
| **INDUSTRIAL REITS—0.1%** | **INDUSTRIAL REITS—0.1%** | **INDUSTRIAL REITS—0.1%** |
| 9105 | Terreno Realty Corp.  | 520 |
| **INSURANCE—3.2%** | **INSURANCE—3.2%** | **INSURANCE—3.2%** |
| 26881 | Assured Guaranty Ltd.  | 2166 |
| 38785 | First American Financial Corp.  | 2424 |
| 23688 | Global Indemnity Group LLC Class A | 693 |
| 11401 | Horace Mann Educators Corp.  | 510 |
| 945 | Kinsale Capital Group, Inc.  | 377 |
| 12760 | Palomar Holdings, Inc. <sup>\*</sup> | 1455 |
| 5967 | Primerica, Inc.  | 1551 |
| 236624 | SiriusPoint Ltd. (Sweden)<sup>\*</sup> | 4306 |
| 45685 | Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | 2083 |
| 830 | White Mountains Insurance Group Ltd.  | 1581 |
|  |  | 17146 |
| **IT SERVICES—0.6%** | **IT SERVICES—0.6%** | **IT SERVICES—0.6%** |
| 40656 | ASGN, Inc. <sup>\*</sup> | 1820 |
| 74008 | Hackett Group, Inc.  | 1340 |
|  |  | 3160 |
| **LEISURE PRODUCTS—1.0%** | **LEISURE PRODUCTS—1.0%** | **LEISURE PRODUCTS—1.0%** |
| 7520 | Brunswick Corp.  | 497 |
| 254963 | Topgolf Callaway Brands Corp. <sup>\*</sup> | 2399 |
| 62666 | YETI Holdings, Inc. <sup>\*</sup> | 2130 |
|  |  | 5026 |
| **LIFE SCIENCES TOOLS & SERVICES—0.2%** | **LIFE SCIENCES TOOLS & SERVICES—0.2%** | **LIFE SCIENCES TOOLS & SERVICES—0.2%** |
| 2912 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 931 |
| **MACHINERY—3.3%** | **MACHINERY—3.3%** | **MACHINERY—3.3%** |
| 13543 | Alamo Group, Inc.  | 2421 |
| 3961 | Atmus Filtration Technologies, Inc.  | 180 |
| 103195 | Douglas Dynamics, Inc.  | 3120 |
| 6880 | Greenbrier Cos., Inc.  | 287 |
| 549975 | Hillman Solutions Corp. <sup>\*</sup> | 5071 |
| 10941 | ITT, Inc.  | 2025 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| 12984 | Miller Industries, Inc.  | $521 |
| 2346 | Nordson Corp.  | 544 |
| 2744 | SPX Technologies, Inc. <sup>\*</sup> | 614 |
| 2213 | Standex International Corp.  | 516 |
| 10031 | Stanley Black & Decker, Inc.  | 679 |
| 21347 | Timken Co.  | 1676 |
|  |  | 17654 |
| **MARINE TRANSPORTATION—0.9%** | **MARINE TRANSPORTATION—0.9%** | **MARINE TRANSPORTATION—0.9%** |
| 142107 | Global Ship Lease, Inc. Class A (United Kingdom) | 4481 |
| **MEDIA—1.9%** | **MEDIA—1.9%** | **MEDIA—1.9%** |
| 238572 | Magnite, Inc. <sup>\*</sup> | 4266 |
| 122918 | National CineMedia, Inc.  | 543 |
| 8784 | New York Times Co. Class A | 501 |
| 3083 | Nexstar Media Group, Inc.  | 603 |
| 134621 | Nexxen International Ltd. (Israel)<sup>\*</sup> | 1107 |
| 45892 | NIQ Global Intelligence PLC <sup>\*</sup> | 569 |
| 563147 | Stagwell, Inc. <sup>\*</sup> | 2675 |
|  |  | 10264 |
| **METALS & MINING—0.2%** | **METALS & MINING—0.2%** | **METALS & MINING—0.2%** |
| 1943 | Reliance, Inc.  | 549 |
| 2724 | Royal Gold, Inc.  | 476 |
|  |  | 1025 |
| **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** |
| 19155 | Avista Corp.  | 729 |
| 5881 | Black Hills Corp.  | 373 |
|  |  | 1102 |
| **OIL, GAS & CONSUMABLE FUELS—3.1%** | **OIL, GAS & CONSUMABLE FUELS—3.1%** | **OIL, GAS & CONSUMABLE FUELS—3.1%** |
| 51086 | APA Corp.  | 1157 |
| 142572 | Baytex Energy Corp. (Canada) | 345 |
| 88412 | Berry Corp.  | 298 |
| 4343 | California Resources Corp.  | 205 |
| 12638 | Crescent Energy Co. Class A | 107 |
| 5037 | DT Midstream, Inc.  | 551 |
| 208462 | Kosmos Energy Ltd. (Ghana)<sup>\*</sup> | 327 |
| 13626 | Matador Resources Co.  | 538 |
| 52170 | Murphy Oil Corp.  | 1476 |
| 21180 | NextDecade Corp. <sup>\*</sup> | 126 |
| 35100 | Northern Oil & Gas, Inc.  | 777 |
| 9139 | Ovintiv, Inc.  | 343 |
| 122269 | Par Pacific Holdings, Inc. <sup>\*</sup> | 4888 |
| 191130 | Secure Waste Infrastructure Corp. (Canada) | 2372 |
| 133715 | Vitesse Energy, Inc.  | 2908 |
|  |  | 16418 |
| **PERSONAL CARE PRODUCTS—0.9%** | **PERSONAL CARE PRODUCTS—0.9%** | **PERSONAL CARE PRODUCTS—0.9%** |
| 40523 | BellRing Brands, Inc. <sup>\*</sup> | 1221 |
| 19321 | elf Beauty, Inc. <sup>\*</sup> | 2360 |
| 12775 | Herbalife Ltd. <sup>\*</sup> | 102 |
| 19794 | Oddity Tech Ltd. Class A (Israel)<sup>\*</sup> | 896 |
|  |  | 4579 |
| **PHARMACEUTICALS—0.7%** | **PHARMACEUTICALS—0.7%** | **PHARMACEUTICALS—0.7%** |
| 123087 | Elanco Animal Health, Inc. <sup>\*</sup> | 2726 |
| 23382 | LENZ Therapeutics, Inc. <sup>\*</sup> | 695 |
| 12186 | Perrigo Co. PLC  | 253 |
|  |  | 3674 |
| **PROFESSIONAL SERVICES—2.9%** | **PROFESSIONAL SERVICES—2.9%** | **PROFESSIONAL SERVICES—2.9%** |
| 5141 | Booz Allen Hamilton Holding Corp.  | 448 |
| 9689 | Concentrix Corp.  | 391 |
| 71053 | Franklin Covey Co. <sup>\*</sup> | 1206 |
| 49356 | Insperity, Inc.  | 2178 |

---

------

⬤

------

**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** |
| **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** |
| 3843 | KBR, Inc.  | $165 |
| 383398 | Legalzoom.com, Inc. <sup>\*</sup> | 3822 |
| 16763 | ManpowerGroup, Inc.  | 514 |
| 22031 | Maximus, Inc.  | 1831 |
| 7257 | TransUnion  | 589 |
| 178535 | Verra Mobility Corp. <sup>\*</sup> | 4144 |
|  |  | 15288 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** |
| 2742 | FirstService Corp. (Canada) | 437 |
| 4641 | Jones Lang LaSalle, Inc. <sup>\*</sup> | 1416 |
| 51610 | Marcus & Millichap, Inc.  | 1508 |
| 11885 | RMR Group, Inc. Class A | 184 |
| 84806 | Seritage Growth Properties Class A<sup>\*</sup> | 344 |
|  |  | 3889 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.0%** |
| 38045 | Axcelis Technologies, Inc. <sup>\*</sup> | 3027 |
| 9041 | Credo Technology Group Holding Ltd. <sup>\*</sup> | 1696 |
| 76132 | FormFactor, Inc. <sup>\*</sup> | 4184 |
| 762502 | indie Semiconductor, Inc. Class A (China)<sup>\*</sup> | 4102 |
| 13077 | Kulicke & Soffa Industries, Inc. (Singapore) | 522 |
| 12884 | Lattice Semiconductor Corp. <sup>\*</sup> | 940 |
| 16055 | MKS, Inc.  | 2307 |
| 4909 | Onto Innovation, Inc. <sup>\*</sup> | 663 |
| 11570 | Power Integrations, Inc.  | 485 |
| 8482 | Rambus, Inc. <sup>\*</sup> | 872 |
| 39035 | Semtech Corp. <sup>\*</sup> | 2649 |
| 73063 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>1</sup> | 7168 |
| 5751 | Tower Semiconductor Ltd. (Israel)<sup>\*</sup> | 490 |
| 82354 | Ultra Clean Holdings, Inc. <sup>\*</sup> | 2257 |
| 3461 | Universal Display Corp.  | 510 |
|  |  | 31872 |
| **SOFTWARE—8.8%** | **SOFTWARE—8.8%** | **SOFTWARE—8.8%** |
| 232710 | A10 Networks, Inc.  | 4152 |
| 23119 | ACI Worldwide, Inc. <sup>\*</sup> | 1101 |
| 37611 | Alkami Technology, Inc. <sup>\*</sup> | 763 |
| 10665 | Bentley Systems, Inc. Class B | 542 |
| 28683 | Blackbaud, Inc. <sup>\*</sup> | 1837 |
| 40000 | Braze, Inc. Class A<sup>\*</sup> | 1146 |
| 121356 | Cellebrite DI Ltd. (Israel)<sup>\*</sup> | 2070 |
| 19970 | Clear Secure, Inc. Class A | 608 |
| 14009 | Commvault Systems, Inc. <sup>\*</sup> | 1950 |
| 6547 | Descartes Systems Group, Inc. (Canada)<sup>\*</sup> | 578 |
| 705271 | Digital Turbine, Inc. <sup>\*</sup> | 4401 |
| 33968 | Dynatrace, Inc. <sup>\*</sup> | 1718 |
| 124652 | I3 Verticals, Inc. Class A<sup>\*</sup> | 3833 |
| 10798 | InterDigital, Inc.  | 3908 |
| 229767 | NCR Voyix Corp. <sup>\*</sup> | 2622 |
| 27728 | PAR Technology Corp. <sup>\*</sup> | 980 |
| 283269 | Porch Group, Inc. <sup>\*</sup> | 4263 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 20513 | Procore Technologies, Inc. <sup>\*</sup> | $1514 |
| 55502 | Rapid7, Inc. <sup>\*</sup> | 1027 |
| 91129 | Tenable Holdings, Inc. <sup>\*</sup> | 2645 |
| 114557 | Viant Technology, Inc. Class A<sup>\*</sup> | 1017 |
| 68116 | Weave Communications, Inc. <sup>\*</sup> | 505 |
| 33616 | Workiva, Inc. <sup>\*</sup> | 2858 |
| 18552 | Zeta Global Holdings Corp. Class A<sup>\*</sup> | 334 |
|  |  | 46372 |
| **SPECIALTY RETAIL—1.3%** | **SPECIALTY RETAIL—1.3%** | **SPECIALTY RETAIL—1.3%** |
| 186364 | Arhaus, Inc. <sup>\*</sup> | 1867 |
| 6923 | Boot Barn Holdings, Inc. <sup>\*</sup> | 1313 |
| 2722 | Dick's Sporting Goods, Inc.  | 603 |
| 6413 | Lithia Motors, Inc.  | 2014 |
| 2940 | RH <sup>\*</sup> | 507 |
| 6466 | Sonic Automotive, Inc. Class A | 411 |
| 16232 | Warby Parker, Inc. Class A<sup>\*</sup> | 318 |
|  |  | 7033 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** |
| 6734 | IonQ, Inc. <sup>\*</sup> | 420 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** |
| 36269 | Birkenstock Holding PLC (Germany)<sup>\*</sup> | 1447 |
| 56556 | Steven Madden Ltd.  | 1918 |
|  |  | 3365 |
| **TRADING COMPANIES & DISTRIBUTORS—3.1%** | **TRADING COMPANIES & DISTRIBUTORS—3.1%** | **TRADING COMPANIES & DISTRIBUTORS—3.1%** |
| 12117 | Air Lease Corp.  | 774 |
| 4333 | Applied Industrial Technologies, Inc.  | 1114 |
| 40153 | BlueLinx Holdings, Inc. <sup>\*</sup> | 2628 |
| 40956 | FTAI Aviation Ltd.  | 7081 |
| 228348 | NPK International, Inc. <sup>\*</sup> | 2809 |
| 20829 | Rush Enterprises, Inc. Class A | 1029 |
| 3299 | WESCO International, Inc.  | 856 |
|  |  | 16291 |
| **TOTAL COMMON STOCKS** <br>(Cost $424,039) | **TOTAL COMMON STOCKS** <br>(Cost $424,039) | 522905 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.2%** | **EXCHANGE-TRADED FUNDS—0.2%** | **EXCHANGE-TRADED FUNDS—0.2%** |
| (Cost $1,017) | (Cost $1,017) | (Cost $1,017) |
| **CAPITAL MARKETS—0.2%** | **CAPITAL MARKETS—0.2%** | **CAPITAL MARKETS—0.2%** |
| 6087 | iShares Russell 2000 Value ETF  | 1078 |
| **TOTAL INVESTMENTS—99.0%** <br>(Cost $425,056) | **TOTAL INVESTMENTS—99.0%** <br>(Cost $425,056) | 523983 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | 5131 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $529114 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 2025 (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 Capital Appreciation Fund**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Jennison Associates LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.2%** | **COMMON STOCKS—99.2%** | **COMMON STOCKS—99.2%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—4.2%** | **AEROSPACE & DEFENSE—4.2%** | **AEROSPACE & DEFENSE—4.2%** |
| 258177 | Axon Enterprise, Inc. <sup>\*</sup> | $189045 |
| 2613613 | Boeing Co. <sup>\*</sup> | 525388 |
| 1775318 | General Electric Co.  | 548485 |
|  |  | 1262918 |
| **AUTOMOBILES—3.7%** | **AUTOMOBILES—3.7%** | **AUTOMOBILES—3.7%** |
| 2423490 | Tesla, Inc. <sup>\*</sup> | 1106469 |
| **BIOTECHNOLOGY—1.0%** | **BIOTECHNOLOGY—1.0%** | **BIOTECHNOLOGY—1.0%** |
| 736874 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 313591 |
| **BROADLINE RETAIL—8.0%** | **BROADLINE RETAIL—8.0%** | **BROADLINE RETAIL—8.0%** |
| 8707225 | Amazon.com, Inc. <sup>\*</sup> | 2126479 |
| 103142 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 240038 |
|  |  | 2366517 |
| **CAPITAL MARKETS—0.9%** | **CAPITAL MARKETS—0.9%** | **CAPITAL MARKETS—0.9%** |
| 224943 | Goldman Sachs Group, Inc.  | 177563 |
| 662146 | KKR & Co., Inc.  | 78352 |
|  |  | 255915 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.8%** |
| 545302 | Costco Wholesale Corp.  | 497015 |
| 3291072 | Walmart, Inc.  | 332991 |
|  |  | 830006 |
| **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** |
| 1281891 | Constellation Energy Corp.  | 483273 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%** |
| 1401266 | Amphenol Corp. Class A | 195252 |
| **ENTERTAINMENT—5.7%** | **ENTERTAINMENT—5.7%** | **ENTERTAINMENT—5.7%** |
| 869553 | Netflix, Inc. <sup>\*</sup> | 972908 |
| 437374 | Spotify Technology SA <sup>\*</sup> | 286620 |
| 3819261 | Walt Disney Co.  | 430125 |
|  |  | 1689653 |
| **FINANCIAL SERVICES—4.1%** | **FINANCIAL SERVICES—4.1%** | **FINANCIAL SERVICES—4.1%** |
| 1015259 | Mastercard, Inc. Class A | 560413 |
| 2967773 | Toast, Inc. Class A<sup>\*</sup> | 107255 |
| 1633703 | Visa, Inc. Class A | 556668 |
|  |  | 1224336 |
| **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** |
| 2104049 | Uber Technologies, Inc. <sup>\*</sup> | 203041 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.9%** |
| 1327905 | Boston Scientific Corp. <sup>\*</sup> | 133746 |
| 2589207 | Dexcom, Inc. <sup>\*</sup> | 150744 |
| 3463712 | Edwards Lifesciences Corp. <sup>\*</sup> | 285583 |
| 555660 | Intuitive Surgical, Inc. <sup>\*</sup> | 296878 |
|  |  | 866951 |
| **HOTELS, RESTAURANTS & LEISURE—0.8%** | **HOTELS, RESTAURANTS & LEISURE—0.8%** | **HOTELS, RESTAURANTS & LEISURE—0.8%** |
| 883574 | Hilton Worldwide Holdings, Inc.  | 227043 |
| **INTERACTIVE MEDIA & SERVICES—9.7%** | **INTERACTIVE MEDIA & SERVICES—9.7%** | **INTERACTIVE MEDIA & SERVICES—9.7%** |
| 2955196 | Alphabet, Inc. Class A | 830972 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—Continued** | **INTERACTIVE MEDIA & SERVICES—Continued** | **INTERACTIVE MEDIA & SERVICES—Continued** |
| 3130783 | Alphabet, Inc. Class C | $882317 |
| 1785838 | Meta Platforms, Inc. Class A | 1157848 |
|  |  | 2871137 |
| **IT SERVICES—3.1%** | **IT SERVICES—3.1%** | **IT SERVICES—3.1%** |
| 2528149 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 439544 |
| 1791912 | Snowflake, Inc. <sup>\*</sup> | 492561 |
|  |  | 932105 |
| **PHARMACEUTICALS—2.9%** | **PHARMACEUTICALS—2.9%** | **PHARMACEUTICALS—2.9%** |
| 1014446 | Eli Lilly & Co.  | 875325 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.0%** |
| 1288491 | Advanced Micro Devices, Inc. <sup>\*</sup> | 330009 |
| 5446168 | Broadcom, Inc.  | 2013067 |
| 18572928 | NVIDIA Corp.  | 3760832 |
| 1409745 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)<sup>1</sup> | 423529 |
|  |  | 6527437 |
| **SOFTWARE—15.5%** | **SOFTWARE—15.5%** | **SOFTWARE—15.5%** |
| 469264 | AppLovin Corp. Class A<sup>\*</sup> | 299076 |
| 1765843 | Cadence Design Systems, Inc. <sup>\*</sup> | 598073 |
| 981222 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 532813 |
| 1313207 | Datadog, Inc. Class A<sup>\*</sup> | 213803 |
| 4039960 | Microsoft Corp.  | 2091932 |
| 1618748 | Oracle Corp.  | 425100 |
| 491452 | ServiceNow, Inc. <sup>\*</sup> | 451782 |
|  |  | 4612579 |
| **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** |
| 2686797 | Industria de Diseno Textil SA (Spain)<sup>2</sup> | 148366 |
| 2613581 | O'Reilly Automotive, Inc. <sup>\*</sup> | 246826 |
| 818379 | TJX Cos., Inc.  | 114688 |
|  |  | 509880 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.1%** |
| 6663584 | Apple, Inc.  | 1801633 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** |
| 578876 | adidas AG (Germany) | 109455 |
| 3357321 | NIKE, Inc. Class B | 216850 |
|  |  | 326305 |
| **TOTAL COMMON STOCKS** <br>(Cost $9,709,864) | **TOTAL COMMON STOCKS** <br>(Cost $9,709,864) | 29481366 |

---

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

**Short-Term Investments—0.2%**<br>

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

---

| | |
|:---|:---|
| (Cost $53,389) | (Cost $53,389) |
| 53388504<br> State Street Navigator Securities Lending <br> Government Money Market Portfolio (1 day yield <br> of 4.060%)<sup>3</sup><br>| $53389 |
| **TOTAL INVESTMENTS—99.4%** <br>(Cost $9,763,253) | 29534755 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | 168735 |
| **TOTAL NET ASSETS—100%** | $29703490 |

---

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

------

⬤

------

**Harbor Capital Appreciation Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

As of October 31, 2025, the investments in adidas AG and Industria de Diseno Textil SA (as disclosed in the preceding Portfolio of Investments) were classified as Level 2 and all other investments were classified as Level 1.

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

------

\*

Non-income producing security

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 October 31, 2025.

Represents the investment of collateral received from securities lending activities.

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

------

⬤

------

**Harbor Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** BlueCove Limited

Principal Amount, Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—83.4%** | **Convertible Bonds—83.4%** | **Convertible Bonds—83.4%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** |
| $100 | Astronics Corp. <br>0.000%—01/15/2031<sup>1,2</sup><br>| $111 |
| 50 | Rocket Lab USA, Inc. <br>4.250%—02/01/2029<sup>1</sup><br>| 613 |
|  |  | 724 |
| **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** |
| 300 | Lucid Group, Inc. <br>5.000%—04/01/2030<sup>1</sup><br>| 243 |
|  | Rivian Automotive, Inc. |  |
| 400 | 3.625%—10/15/2030 | 344 |
| 100 | 4.625%—03/15/2029 | 99 |
|  |  | 443 |
|  |  | 686 |
| **BIOTECHNOLOGY—6.7%** | **BIOTECHNOLOGY—6.7%** | **BIOTECHNOLOGY—6.7%** |
| 400 | Alnylam Pharmaceuticals, Inc. <br>0.000%—09/15/2028<sup>1,2</sup><br>| 401 |
| 100 | ANI Pharmaceuticals, Inc. <br>2.250%—09/01/2029<br>| 140 |
|  | Bridgebio Pharma, Inc. |  |
| 400 | 2.250%—02/01/2029 | 421 |
| 100 | 2.500%—03/15/2027 | 161 |
|  |  | 582 |
| 100 | Celcuity, Inc. <br>2.750%—08/01/2031<br>| 180 |
| 200 | Cytokinetics, Inc. <br>1.750%—10/01/2031<sup>1</sup><br>| 248 |
| 100 | Dynavax Technologies Corp. <br>2.000%—03/15/2030<sup>1</sup><br>| 94 |
| 300 | Guardant Health, Inc. <br>0.000%—11/15/2027<sup>2</sup><br>| 323 |
| 300 | Halozyme Therapeutics, Inc. <br>0.250%—03/01/2027<br>| 333 |
| 200 | Ionis Pharmaceuticals, Inc. <br>1.750%—06/15/2028<br>| 305 |
| 100 | Ligand Pharmaceuticals, Inc. <br>0.750%—10/01/2030<sup>1</sup><br>| 118 |
|  |  | 2724 |
| **CAPITAL MARKETS—1.8%** | **CAPITAL MARKETS—1.8%** | **CAPITAL MARKETS—1.8%** |
| 200 | Cipher Mining, Inc. <br>0.000%—10/01/2031<sup>1,2</sup><br>| 283 |
| 100 | Hercules Capital, Inc. <br>4.750%—09/01/2028<sup>1</sup><br>| 99 |
|  | Terawulf, Inc. |  |
| 100 | 1.000%—09/01/2031<sup>1</sup> | 149 |
| 100 | 2.750%—02/01/2030<sup>1</sup> | 205 |
|  |  | 354 |
|  |  | 736 |
| **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** |
| 300 | Block, Inc. <br>0.250%—11/01/2027<br>| 276 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COMMUNICATIONS EQUIPMENT—2.0%** | **COMMUNICATIONS EQUIPMENT—2.0%** | **COMMUNICATIONS EQUIPMENT—2.0%** |
|  | Lumentum Holdings, Inc. |  |
| $400 | 0.375%—03/15/2032<sup>1</sup> | $531 |
| 100 | 1.500%—12/15/2029 | 296 |
|  |  | 827 |
| **CONSTRUCTION & ENGINEERING—0.6%** | **CONSTRUCTION & ENGINEERING—0.6%** | **CONSTRUCTION & ENGINEERING—0.6%** |
| 100 | Granite Construction, Inc. <br>3.750%—05/15/2028<br>| 227 |
| **DIVERSIFIED FINANCIAL SERVICES—3.6%** | **DIVERSIFIED FINANCIAL SERVICES—3.6%** | **DIVERSIFIED FINANCIAL SERVICES—3.6%** |
| 400 | Coinbase Global, Inc. <br>0.250%—04/01/2030<br>| 511 |
| 100 | Encore Capital Group, Inc. <br>4.000%—03/15/2029<br>| 99 |
| 250 | Galaxy Digital Holdings LP <br>2.500%—12/01/2029<sup>1</sup><br>| 436 |
| 100 | Upstart Holdings, Inc. <br>0.000%—02/15/2032<sup>1,2</sup><br>| 86 |
| 300 | WisdomTree, Inc. <br>4.625%—08/15/2030<sup>1</sup><br>| 308 |
|  |  | 1440 |
| **DIVERSIFIED REITS—1.4%** | **DIVERSIFIED REITS—1.4%** | **DIVERSIFIED REITS—1.4%** |
| 300 | Welltower OP LLC <br>2.750%—05/15/2028<sup>1</sup><br>| 572 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.2%** |
| 100 | A10 Networks, Inc. <br>2.750%—04/01/2030<sup>1</sup><br>| 105 |
| 100 | Applied Digital Corp. <br>2.750%—06/01/2030<sup>1</sup><br>| 367 |
| 300 | AST SpaceMobile, Inc. <br>2.375%—10/15/2032<sup>1</sup><br>| 424 |
|  |  | 896 |
| **ELECTRIC UTILITIES—4.1%** | **ELECTRIC UTILITIES—4.1%** | **ELECTRIC UTILITIES—4.1%** |
| 100 | Alliant Energy Corp. <br>3.250%—05/30/2028<sup>1</sup><br>| 104 |
| 300 | CenterPoint Energy, Inc. <br>4.250%—08/15/2026<br>| 331 |
| 200 | Evergy, Inc. <br>4.500%—12/15/2027<br>| 255 |
| 100 | FirstEnergy Corp. <br>4.000%—05/01/2026<br>| 104 |
| 200 | PPL Capital Funding, Inc. <br>2.875%—03/15/2028<br>| 227 |
|  | Southern Co. |  |
| 400 | 3.250%—06/15/2028<sup>1</sup> | 408 |
| 200 | 4.500%—06/15/2027 | 222 |
|  |  | 630 |
|  |  | 1651 |
| **ELECTRICAL EQUIPMENT—0.3%** | **ELECTRICAL EQUIPMENT—0.3%** | **ELECTRICAL EQUIPMENT—0.3%** |
| 100 | Array Technologies, Inc. <br>2.875%—07/01/2031<sup>1</sup><br>| 135 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** |
| 100 | Advanced Energy Industries, Inc. <br>2.500%—09/15/2028<br>| 160 |

---

------

⬤

------

**Harbor 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** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** |
| $100 | Mirion Technologies, Inc. <br>0.250%—06/01/2030<sup>1</sup><br>| $144 |
| 300 | Vishay Intertechnology, Inc. <br>2.250%—09/15/2030<br>| 280 |
|  |  | 584 |
| **ENERGY EQUIPMENT & SERVICES—0.8%** | **ENERGY EQUIPMENT & SERVICES—0.8%** | **ENERGY EQUIPMENT & SERVICES—0.8%** |
| 100 | Eos Energy Enterprises, Inc. <br>6.750%—06/15/2030<sup>1</sup><br>| 334 |
| **ENTERTAINMENT—1.3%** | **ENTERTAINMENT—1.3%** | **ENTERTAINMENT—1.3%** |
| 400 | DraftKings Holdings, Inc. <br>0.000%—03/15/2028<sup>2</sup><br>| 357 |
| 100 | Live Nation Entertainment, Inc. <br>3.125%—01/15/2029<br>| 151 |
|  |  | 508 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.1%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.1%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.1%** |
| 200 | Blackstone Mortgage Trust, Inc. <br>5.500%—03/15/2027<br>| 198 |
| 100 | Kite Realty Group LP <br>0.750%—04/01/2027<sup>1</sup><br>| 103 |
| 200 | Pebblebrook Hotel Trust <br>1.625%—01/15/2030<sup>1</sup><br>| 189 |
| 100 | PennyMac Corp. <br>8.500%—06/01/2029<br>| 104 |
| 100 | Starwood Property Trust, Inc. <br>6.750%—07/15/2027<br>| 103 |
| 100 | Ventas Realty LP <br>3.750%—06/01/2026<br>| 136 |
|  |  | 833 |
| **FINANCIAL SERVICES—1.7%** | **FINANCIAL SERVICES—1.7%** | **FINANCIAL SERVICES—1.7%** |
| 100 | Bread Financial Holdings, Inc. <br>4.250%—06/15/2028<br>| 182 |
| 100 | EZCORP, Inc. <br>3.750%—12/15/2029<sup>1</sup><br>| 177 |
| 100 | SoFi Technologies, Inc. <br>1.250%—03/15/2029<sup>1</sup><br>| 318 |
|  |  | 677 |
| **GROUND TRANSPORTATION—1.6%** | **GROUND TRANSPORTATION—1.6%** | **GROUND TRANSPORTATION—1.6%** |
|  | Uber Technologies, Inc. |  |
| 200 | 0.000%—05/15/2028<sup>1,2</sup> | 211 |
| 300 | 0.875%—12/01/2028 | 438 |
|  |  | 649 |
| **HEALTH CARE PROVIDERS & SERVICES—5.1%** | **HEALTH CARE PROVIDERS & SERVICES—5.1%** | **HEALTH CARE PROVIDERS & SERVICES—5.1%** |
| 300 | Alphatec Holdings, Inc. <br>0.750%—03/15/2030<sup>1</sup><br>| 430 |
| 100 | Enovis Corp. <br>3.875%—10/15/2028<br>| 100 |
| 300 | Envista Holdings Corp. <br>1.750%—08/15/2028<br>| 285 |
| 400 | Exact Sciences Corp. <br>1.750%—04/15/2031<sup>1</sup><br>| 405 |
| 200 | iRhythm Technologies, Inc. <br>1.500%—09/01/2029<br>| 291 |
| 100 | LeMaitre Vascular, Inc. <br>2.500%—02/01/2030<sup>1</sup><br>| 103 |
| 300 | LivaNova PLC <br>2.500%—03/15/2029<br>| 326 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** |
| $100 | Oscar Health, Inc. <br>2.250%—09/01/2030<sup>1</sup><br>| $108 |
|  |  | 2048 |
| **HOTELS, RESTAURANTS & LEISURE—0.2%** | **HOTELS, RESTAURANTS & LEISURE—0.2%** | **HOTELS, RESTAURANTS & LEISURE—0.2%** |
| 100 | Shake Shack, Inc. <br>0.000%—03/01/2028<sup>2</sup><br>| 95 |
| **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** |
| 25 | Opendoor Technologies, Inc. <br>7.000%—05/15/2030<sup>1</sup><br>| 127 |
| 200 | Snap, Inc. <br>0.125%—03/01/2028<br>| 179 |
| 100 | Upwork, Inc. <br>0.250%—08/15/2026<br>| 97 |
|  |  | 403 |
| **INTERNET & CATALOG RETAIL—5.0%** | **INTERNET & CATALOG RETAIL—5.0%** | **INTERNET & CATALOG RETAIL—5.0%** |
| 400 | DoorDash, Inc. <br>0.000%—05/15/2030<sup>1,2</sup><br>| 443 |
|  | Etsy, Inc. |  |
| 400 | 0.125%—10/01/2026 | 409 |
| 400 | 0.125%—09/01/2027 | 371 |
|  |  | 780 |
| 100 | Groupon, Inc. <br>6.250%—03/15/2027<sup>1</sup><br>| 109 |
| 100 | Lyft, Inc. <br>0.625%—03/01/2029<br>| 124 |
| 400 | Match Group Financeco 3, Inc. <br>2.000%—01/15/2030<sup>1</sup><br>| 363 |
| 200 | Okta, Inc. <br>0.375%—06/15/2026<br>| 195 |
|  |  | 2014 |
| **IT SERVICES—7.0%** | **IT SERVICES—7.0%** | **IT SERVICES—7.0%** |
| 200 | Akamai Technologies, Inc. <br>1.125%—02/15/2029<br>| 189 |
| 300 | Rubrik, Inc. <br>0.000%—06/15/2030<sup>1,2</sup><br>| 291 |
| 200 | Seagate HDD Cayman <br>3.500%—06/01/2028<br>| 627 |
|  | Snowflake, Inc. |  |
| 300 | 0.000%—10/01/2027<sup>2</sup> | 539 |
| 100 | 0.000%—10/01/2029<sup>2</sup> | 185 |
|  |  | 724 |
|  | Super Micro Computer, Inc. |  |
| 200 | 0.000%—06/15/2030<sup>1,2</sup> | 236 |
| 500 | 3.500%—03/01/2029 | 534 |
|  |  | 770 |
| 200 | Zscaler, Inc. <br>0.000%—07/15/2028<sup>1,2</sup><br>| 207 |
|  |  | 2808 |
| **LEISURE PRODUCTS—0.7%** | **LEISURE PRODUCTS—0.7%** | **LEISURE PRODUCTS—0.7%** |
|  | NCL Corp. Ltd. |  |
| 200 | 0.750%—09/15/2030<sup>1</sup> | 193 |
| 100 | 1.125%—02/15/2027 | 100 |
|  |  | 293 |

---

------

⬤

------

**Harbor 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** |
| **MACHINERY—3.0%** | **MACHINERY—3.0%** | **MACHINERY—3.0%** |
| $100 | Axon Enterprise, Inc. <br>0.500%—12/15/2027<br>| $320 |
| 100 | Bloom Energy Corp. <br>3.000%—06/01/2028<br>| 707 |
|  | JBT Marel Corp. |  |
| 100 | 0.250%—05/15/2026 | 100 |
| 100 | 0.375%—09/15/2030<sup>1</sup> | 94 |
|  |  | 194 |
|  |  | 1221 |
| **MEDIA—0.4%** | **MEDIA—0.4%** | **MEDIA—0.4%** |
| 100 | Liberty Media Corp. <br>2.375%—09/30/2053<sup>1</sup><br>| 150 |
| **METALS & MINING—0.8%** | **METALS & MINING—0.8%** | **METALS & MINING—0.8%** |
| 100 | MP Materials Corp. <br>3.000%—03/01/2030<sup>1</sup><br>| 303 |
| **MULTI-UTILITIES—0.8%** | **MULTI-UTILITIES—0.8%** | **MULTI-UTILITIES—0.8%** |
|  | WEC Energy Group, Inc. |  |
| 100 | 3.375%—06/01/2028<sup>1</sup> | 103 |
| 200 | 4.375%—06/01/2027 | 236 |
|  |  | 339 |
| **OIL, GAS & CONSUMABLE FUELS—2.4%** | **OIL, GAS & CONSUMABLE FUELS—2.4%** | **OIL, GAS & CONSUMABLE FUELS—2.4%** |
| 300 | Centrus Energy Corp. <br>0.000%—08/15/2032<sup>1,2</sup><br>| 534 |
| 100 | Northern Oil & Gas, Inc. <br>3.625%—04/15/2029<sup>1</sup><br>| 98 |
| 100 | Solaris Energy Infrastructure, Inc. <br>4.750%—05/01/2030<br>| 224 |
| 100 | UGI Corp. <br>5.000%—06/01/2028<br>| 128 |
|  |  | 984 |
| **PHARMACEUTICALS—1.8%** | **PHARMACEUTICALS—1.8%** | **PHARMACEUTICALS—1.8%** |
| 100 | Dexcom, Inc. <br>0.375%—05/15/2028<br>| 91 |
| 200 | Herbalife Ltd. <br>4.250%—06/15/2028<br>| 190 |
| 100 | Mirum Pharmaceuticals, Inc. <br>4.000%—05/01/2029<br>| 239 |
| 200 | Pacira BioSciences, Inc. <br>2.125%—05/15/2029<br>| 192 |
|  |  | 712 |
| **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** |
| 200 | Planet Labs PBC <br>0.500%—10/15/2030<sup>1</sup><br>| 280 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%** |
| 100 | MACOM Technology Solutions Holdings, Inc. <br>0.000%—12/15/2029<sup>1,2</sup><br>| 111 |
| 200 | MKS, Inc. <br>1.250%—06/01/2030<br>| 240 |
| 100 | Semtech Corp. <br>0.000%—10/15/2030<sup>1,2</sup><br>| 102 |
|  |  | 453 |
| **SOFTWARE—11.2%** | **SOFTWARE—11.2%** | **SOFTWARE—11.2%** |
| 100 | Bandwidth, Inc. <br>0.500%—04/01/2028<br>| 85 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| $100 | Bentley Systems, Inc. <br>0.375%—07/01/2027<br>| $95 |
| 100 | Cerence, Inc. <br>1.500%—07/01/2028<br>| 85 |
| 400 | Cloudflare, Inc. <br>0.000%—08/15/2026<sup>2</sup><br>| 558 |
| 100 | Confluent, Inc. <br>0.000%—01/15/2027<sup>2</sup><br>| 96 |
| 100 | CyberArk Software Ltd. <br>0.000%—06/15/2030<sup>1,2</sup><br>| 117 |
| 100 | Dayforce, Inc. <br>0.250%—03/15/2026<br>| 98 |
| 200 | DigitalOcean Holdings, Inc. <br>0.000%—12/01/2026<sup>2</sup><br>| 190 |
| 100 | Evolent Health, Inc. <br>3.500%—12/01/2029<br>| 79 |
| 100 | Five9, Inc. <br>1.000%—03/15/2029<br>| 90 |
| 300 | Guidewire Software, Inc. <br>1.250%—11/01/2029<sup>1</sup><br>| 354 |
| 200 | Life360, Inc. <br>0.000%—06/01/2030<sup>1,2</sup><br>| 280 |
| 300 | MARA Holdings, Inc. <br>0.000%—03/01/2030<sup>1,2</sup><br>| 310 |
| 100 | PagerDuty, Inc. <br>1.500%—10/15/2028<br>| 97 |
| 300 | Porch Group, Inc. <br>6.750%—10/01/2028<sup>1</sup><br>| 311 |
|  | Strategy, Inc. |  |
| 300 | 0.000%—12/01/2029<sup>1,2</sup> | 262 |
| 100 | 0.625%—03/15/2030 | 192 |
| 200 | 0.875%—03/15/2031 | 275 |
| 100 | 2.250%—06/15/2032 | 156 |
|  |  | 885 |
|  | Unity Software, Inc. |  |
| 100 | 0.000%—11/15/2026<sup>2</sup> | 96 |
| 300 | 0.000%—03/15/2030<sup>1,2</sup> | 391 |
|  |  | 487 |
| 300 | Workiva, Inc. <br>1.250%—08/15/2028<br>| 298 |
|  |  | 4515 |
| **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** |
| 400 | GameStop Corp. <br>0.000%—04/01/2030<sup>1,2</sup><br>| 412 |
|  | Wayfair, Inc. |  |
| 100 | 3.250%—09/15/2027 | 172 |
| 100 | 3.500%—11/15/2028 | 235 |
|  |  | 407 |
|  |  | 819 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.0%** |
| 200 | Western Digital Corp. <br>3.000%—11/15/2028<br>| 801 |
| **WATER UTILITIES—1.0%** | **WATER UTILITIES—1.0%** | **WATER UTILITIES—1.0%** |
| 400 | American Water Capital Corp. <br>3.625%—06/15/2026<br>| 399 |

---

------

⬤

------

**Harbor 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** |
| **WIRELESS TELECOMMUNICATION SERVICES—1.4%** | **WIRELESS TELECOMMUNICATION SERVICES—1.4%** | **WIRELESS TELECOMMUNICATION SERVICES—1.4%** |
| $100 | BlackSky Technology, Inc. <br>8.250%—08/01/2033<sup>1</sup><br>| $114 |
| 100 | InterDigital, Inc. <br>3.500%—06/01/2027<br>| 469 |
|  |  | 583 |
| **Total Convertible Bonds** <br>(Cost $28,461) | **Total Convertible Bonds** <br>(Cost $28,461) | 33699 |

---

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

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—12.6%** | **Convertible Preferred Stocks—12.6%** | **Convertible Preferred Stocks—12.6%** |
| **Shares** |  |  |
| **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** |
| 14211 | Boeing Co.—6.000% | 920 |
| **BANKS—3.0%** | **BANKS—3.0%** | **BANKS—3.0%** |
| 408 | Bank of America Corp.—7.250% | 515 |
| 550 | Wells Fargo & Co.—7.500% | 680 |
|  |  | 1195 |
| **CAPITAL MARKETS—0.7%** | **CAPITAL MARKETS—0.7%** | **CAPITAL MARKETS—0.7%** |
| 5861 | KKR & Co., Inc.—6.250% | 287 |
| **CHEMICALS—0.3%** | **CHEMICALS—0.3%** | **CHEMICALS—0.3%** |
| 2580 | Albemarle Corp.—7.250% | 114 |
| **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** |
| 774 | NextEra Energy, Inc.—7.234% | 38 |
| 11035 | NextEra Energy, Inc.—7.299% | 579 |
| 4180 | PG&E Corp.—6.000% | 172 |
|  |  | 789 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—1.9%** | **FINANCIAL SERVICES—1.9%** | **FINANCIAL SERVICES—1.9%** |
| 6403 | AMG Capital Trust II—5.150% | $403 |
| 3483 | Apollo Global Management, Inc.—6.750% | 228 |
| 1591 | Shift4 Payments, Inc.—6.000% | 136 |
|  |  | 767 |
| **HEALTH CARE PROVIDERS & SERVICES—0.4%** | **HEALTH CARE PROVIDERS & SERVICES—0.4%** | **HEALTH CARE PROVIDERS & SERVICES—0.4%** |
| 1498 | BrightSpring Health Services, Inc.—6.750% | 165 |
| **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% | 355 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.3%** |
| 2453 | Microchip Technology, Inc.—7.500% | 142 |
| **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% | 272 |
| **TRADING COMPANIES & DISTRIBUTORS—0.2%** | **TRADING COMPANIES & DISTRIBUTORS—0.2%** | **TRADING COMPANIES & DISTRIBUTORS—0.2%** |
| 1265 | QXO, Inc.—5.500% | 65 |
| **Total Convertible Preferred Stocks** <br>(Cost $4,976) | **Total Convertible Preferred Stocks** <br>(Cost $4,976) | 5071 |
| **TOTAL INVESTMENTS—96.0%** <br>(Cost $33,437) | **TOTAL INVESTMENTS—96.0%** <br>(Cost $33,437) | 38770 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—4.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—4.0%** | 1629 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $40399 |

---

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

**FAIR VALUE MEASUREMENTS**

As of October 31, 2025, 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.

------

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 October 31, 2025, the aggregate value of these securities was $14,857 or 37% of net assets.

Zero coupon bond

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

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Income Research + Management

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—12.7%** | **Asset-Backed Securities—12.7%** | **Asset-Backed Securities—12.7%** |
| **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>| $376 |
|  | AMSR Trust |  |
| 782 | Series 2022-SFR3 Cl. A <br>4.000%—10/17/2039<sup>1</sup><br>| 776 |
| 7154 | Series 2024-SFR1 Cl. A <br>4.290%—07/17/2041<sup>1,2</sup><br>| 7109 |
|  |  | 7885 |
| 1120 | Apidos CLO XLVII Ltd. <br>Series 2024-47A Cl. A1 <br>5.358% (3 Month USD Term SOFR + 1.500%) <br> 04/26/2037<sup>1,3</sup><br>| 1124 |
| 4782 | Apidos CLO XXXIX Ltd. <br>Series 2022-39A Cl. A1R <br>5.400% (3 Month USD Term SOFR + 1.230%) <br> 10/21/2038<sup>1,3</sup><br>| 4790 |
|  | Avis Budget Rental Car Funding AESOP LLC |  |
| 2500 | Series 2024-3A Cl. A <br>5.230%—12/20/2030<sup>1</sup><br>| 2579 |
| 1513 | Series 2024-1A Cl. A <br>5.360%—06/20/2030<sup>1</sup><br>| 1562 |
|  |  | 4141 |
|  | CIFC Funding Ltd. |  |
| 5816 | Series 2014-4RA Cl. A1A2 <br>4.872% (3 Month USD Term SOFR + 0.990%) <br> 01/17/2035<sup>1,3</sup><br>| 5819 |
| 1630 | Series 2022-1A Cl. A <br>5.202% (3 Month USD Term SOFR + 1.320%) <br> 04/17/2035<sup>1,3</sup><br>| 1631 |
| 1548 | Series 2024-3A Cl. A1 <br>5.350% (3 Month USD Term SOFR + 1.480%) <br> 07/21/2037<sup>1,3</sup><br>| 1555 |
| 497 | Series 2023-3A Cl. A <br>5.484% (3 Month USD Term SOFR + 1.600%) <br> 01/20/2037<sup>1,3</sup><br>| 499 |
|  |  | 9504 |
| 1129 | Citizens Auto Receivables Trust <br>Series 2024-1 Cl. A3 <br>5.110%—04/17/2028<sup>1</sup><br>| 1134 |
| 4344 | Compass Datacenters Issuer III LLC <br>Series 2025-3A Cl. A2 <br>5.286%—07/25/2050<sup>1</sup><br>| 4395 |
|  | DB Master Finance LLC |  |
| 2281 | Series 2021-1A Cl. A2I <br>2.045%—11/20/2051<sup>1</sup><br>| 2223 |
| 1850 | Series 2017-1A Cl. A2II <br>4.030%—11/20/2047<sup>1</sup><br>| 1833 |
| 6618 | Series 2019-1A Cl. A23 <br>4.352%—05/20/2049<sup>1</sup><br>| 6554 |
|  |  | 10610 |
| 5091 | Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 4842 |
| 2976 | Elmwood CLO 30 Ltd. <br>Series 2024-6A Cl. A <br>5.312% (3 Month USD Term SOFR + 1.430%) <br> 07/17/2037<sup>1,3</sup><br>| 2988 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $3172 | Elmwood CLO 31 Ltd. <br>Series 2024-7A Cl. A1 <br>5.232% (3 Month USD Term SOFR + 1.350%) <br> 07/17/2037<sup>1,3</sup><br>| $3181 |
| 4199 | Elmwood CLO 39 Ltd. <br>Series 2025-2A Cl. A1 <br>5.022% (3 Month USD Term SOFR + 1.140%) <br> 04/17/2038<sup>1,3</sup><br>| 4197 |
| 923 | Enterprise Fleet Financing LLC <br>Series 2024-1 Cl. A2 <br>5.230%—03/20/2030<sup>1</sup><br>| 930 |
|  | FirstKey Homes Trust |  |
| 298 | Series 2020-SFR2 Cl. A <br>1.266%—10/19/2037<sup>1</sup><br>| 297 |
| 334 | Series 2021-SFR1 Cl. A <br>1.538%—08/17/2038<sup>1</sup><br>| 327 |
|  |  | 624 |
| 1000 | Ford Credit Auto Owner Trust <br>Series 2023-2 Cl. A <br>5.280%—02/15/2036<sup>1</sup><br>| 1032 |
| 1562 | GM Financial Automobile Leasing Trust <br>Series 2024-1 Cl. A3 <br>5.090%—03/22/2027<br>| 1566 |
|  | GM Financial Consumer Automobile Receivables <br> Trust<br>|  |
| 288 | Series 2022-3 Cl. A4 <br>3.710%—12/16/2027<br>| 287 |
| 1134 | Series 2024-1 Cl. A3 <br>4.850%—12/18/2028<br>| 1140 |
|  |  | 1427 |
|  | GMF Floorplan Owner Revolving Trust |  |
| 3710 | Series 2024-2A Cl. A <br>5.060%—03/15/2031<sup>1</sup><br>| 3830 |
| 2081 | Series 2023-2 Cl. A <br>5.340%—06/15/2030<sup>1</sup><br>| 2150 |
|  |  | 5980 |
| 5324 | Golub Capital Partners CLO 62B Ltd. <br>Series 2022-62A Cl. AR <br>5.275% (3 Month USD Term SOFR + 1.370%) <br> 10/15/2037<sup>1,3</sup><br>| 5329 |
|  | Home Partners of America Trust |  |
| 219 | Series 2020-2 Cl. A <br>1.532%—01/17/2041<sup>1</sup><br>| 200 |
| 145 | Series 2022-1 Cl. A <br>3.930%—04/17/2039<sup>1</sup><br>| 144 |
|  |  | 344 |
| 2000 | Kubota Credit Owner Trust <br>Series 2024-1A Cl. A3 <br>5.190%—07/17/2028<sup>1</sup><br>| 2025 |
| 362 | Mercedes-Benz Auto Receivables Trust <br>Series 2022-1 Cl. A4 <br>5.250%—02/15/2029<br>| 366 |
|  | Navient Private Education Refi Loan Trust |  |
| 72 | Series 2021-A Cl. A <br>0.840%—05/15/2069<sup>1</sup><br>| 66 |
| 167 | Series 2021-BA Cl. A <br>0.940%—07/15/2069<sup>1</sup><br>| 153 |
|  |  | 219 |

---

------

⬤

------

**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** |
|  | NextGear Floorplan Master Owner Trust |  |
| $3147 | Series 2024-1A Cl. A2 <br>5.120%—03/15/2029<sup>1</sup><br>| $3189 |
| 1087 | Series 2023-1A Cl. A2 <br>5.740%—03/15/2028<sup>1</sup><br>| 1093 |
|  |  | 4282 |
|  | Palmer Square CLO Ltd. |  |
| 7611 | Series 2021-4A Cl. A1R <br>5.225% (3 Month USD Term SOFR + 1.320%) <br> 07/15/2038<sup>1,3</sup><br>| 7630 |
| 3427 | Series 2022-4A Cl. A1R <br>5.234% (3 Month USD Term SOFR + 1.350%) <br> 10/20/2037<sup>1,3</sup><br>| 3437 |
| 1105 | Series 2024-1A Cl. A <br>5.405% (3 Month USD Term SOFR + 1.500%) <br> 04/15/2037<sup>1,3</sup><br>| 1109 |
| 360 | Series 2020-3A Cl. A1R2 <br>5.861% (3 Month USD Term SOFR + 1.650%) <br> 11/15/2036<sup>1,3</sup><br>| 361 |
|  |  | 12537 |
| 3 | Palmer Square Loan Funding Ltd. <br>Series 2022-2A Cl. A1 <br>5.175% (3 Month USD Term SOFR + 1.270%) <br> 10/15/2030<sup>1,3</sup><br>| 3 |
|  | PFS Financing Corp. |  |
| 2129 | Series 2024-B Cl. A <br>4.950%—02/15/2029<sup>1</sup><br>| 2149 |
| 2833 | Series 2024-D Cl. A <br>5.340%—04/15/2029<sup>1</sup><br>| 2880 |
| 522 | Series 2023-A Cl. A <br>5.800%—03/15/2028<sup>1</sup><br>| 525 |
|  |  | 5554 |
| 2041 | Planet Fitness Master Issuer LLC <br>Series 2024-1A Cl. A2I <br>5.765%—06/05/2054<sup>1</sup><br>| 2072 |
|  | Progress Residential Trust |  |
| 1079 | Series 2022-SFR2 Cl. A <br>2.950%—04/17/2027<sup>1</sup><br>| 1056 |
| 6654 | Series 2024-SFR3 Cl. A <br>3.000%—06/17/2041<sup>1</sup><br>| 6350 |
| 2803 | Series 2024-SFR4 Cl. A <br>3.100%—07/17/2041<sup>1</sup><br>| 2675 |
|  |  | 10081 |
|  | SBA Small Business Investment Cos. |  |
| 4200 | Series 2025-10A Cl. 1 <br>4.963%—03/10/2035<br>| 4264 |
| 3964 | Series 2024-10A Cl. 1 <br>5.035%—03/10/2034<br>| 4039 |
| 1347 | Series 2023-10A Cl. 1 <br>5.168%—03/10/2033<br>| 1375 |
| 5773 | Series 2023-10B Cl. 1 <br>5.688%—09/10/2033<br>| 5967 |
|  |  | 15645 |
| 4518 | SBNA Auto Lease Trust <br>Series 2024-B Cl. A3 <br>5.560%—11/22/2027<sup>1</sup><br>| 4546 |
| 1080 | SFS Auto Receivables Securitization Trust <br>Series 2024-1A Cl. A3 <br>4.950%—05/21/2029<sup>1</sup><br>| 1086 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $162 | Store Master Funding I-VII & XIV <br>Series 2019-1 Cl. A1 <br>2.820%—11/20/2049<sup>1</sup><br>| $159 |
| 6708 | STORE Master Funding LLC <br>Series 2025-1A Cl. A2 <br>4.980%—10/20/2055<sup>1</sup><br>| 6754 |
|  | Subway Funding LLC |  |
| 3960 | Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 4012 |
| 2081 | Series 2024-1A Cl. A2II <br>6.268%—07/30/2054<sup>1</sup><br>| 2130 |
|  |  | 6142 |
|  | Taco Bell Funding LLC |  |
| 2554 | Series 2021-1A Cl. A2I <br>1.946%—08/25/2051<sup>1</sup><br>| 2469 |
| 614 | Series 2021-1A Cl. A2II <br>2.294%—08/25/2051<sup>1</sup><br>| 570 |
|  |  | 3039 |
|  | Tricon Residential Trust |  |
| 3052 | Series 2024-SFR3 Cl. A <br>4.500%—08/17/2041<sup>1</sup><br>| 3038 |
| 5187 | Series 2024-SFR2 Cl. A <br>4.750%—06/17/2040<sup>1</sup><br>| 5207 |
| 5743 | Series 2023-SFR2 Cl. A <br>5.000%—12/17/2040<sup>1</sup><br>| 5765 |
|  |  | 14010 |
|  | U.S. Small Business Administration |  |
| 42 | Series 2012-20C Cl. 1 <br>2.510%—03/01/2032<br>| 40 |
| 76 | Series 2017-20H Cl. 1 <br>2.750%—08/01/2037<br>| 71 |
| 133 | Series 2014-20K Cl. 1 <br>2.800%—11/01/2034<br>| 127 |
| 122 | Series 2015-20H Cl. 1 <br>2.820%—08/01/2035<br>| 115 |
| 144 | Series 2018-20B Cl. 1 <br>3.220%—02/01/2038<br>| 136 |
| 258 | Series 2023-25B Cl. 1 <br>4.610%—02/01/2048<br>| 257 |
| 977 | Series 2023-25A Cl. 1 <br>4.910%—01/01/2048<br>| 992 |
| 2920 | Series 2024-25C Cl. 1 <br>4.970%—03/01/2049<br>| 2966 |
| 6127 | Series 2024-25K Cl. 1 <br>5.010%—11/01/2049<br>| 6193 |
| 1173 | Series 2024-25A Cl. 1 <br>5.050%—01/01/2049<br>| 1195 |
| 3704 | Series 2024-25B Cl. 1 <br>5.070%—02/01/2049<br>| 3781 |
| 985 | Series 2022-25K Cl. 1 <br>5.130%—11/01/2047<br>| 1007 |
| 2325 | Series 2023-25H Cl. 1 <br>5.150%—08/01/2048<br>| 2378 |
| 1762 | Series 2023-25L Cl. 1 <br>5.280%—12/01/2048<br>| 1822 |
| 4153 | Series 2024-25D Cl. 1 <br>5.380%—04/01/2049<br>| 4298 |
| 475 | Series 2023-25I Cl. 1 <br>5.410%—09/01/2048<br>| 491 |
| 1099 | Series 2023-25K Cl. 1 <br>5.710%—11/01/2048<br>| 1154 |
|  |  | 27023 |

---

------

⬤

------

**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** |
|  | Wendy's Funding LLC |  |
| $195 | Series 2021-1A Cl. A2I <br>2.370%—06/15/2051<sup>1</sup><br>| $182 |
| 957 | Series 2021-1A Cl. A2II <br>2.775%—06/15/2051<sup>1</sup><br>| 859 |
| 429 | Series 2019-1A Cl. A2I <br>3.783%—06/15/2049<sup>1</sup><br>| 426 |
| 3180 | Series 2019-1A Cl. A2II <br>4.080%—06/15/2049<sup>1</sup><br>| 3111 |
|  |  | 4578 |
| **Total Asset-Backed Securities** <br>(Cost $193,688) | **Total Asset-Backed Securities** <br>(Cost $193,688) | 196520 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—7.8%** | **Collateralized Mortgage Obligations—7.8%** | **Collateralized Mortgage Obligations—7.8%** |
| 4092 | ARES Trust <br>Series 2025-IND3 Cl. A <br>5.532% (1 Month USD Term SOFR + 1.500%) <br> 04/15/2042<sup>1,3</sup><br>| 4098 |
|  | Bank |  |
| 7490 | Series 2021-BN35 Cl. A4 <br>2.031%—06/15/2064<br>| 6639 |
| 709 | Series 2017-BNK6 Cl. A5 <br>3.518%—07/15/2060<br>| 699 |
|  |  | 7338 |
|  | Bank5 |  |
| 6513 | Series 2023-5YR1 Cl. A3 <br>6.260%—04/15/2056<sup>3</sup><br>| 6760 |
| 5562 | Series 2023-5YR3 Cl. A3 <br>6.724%—09/15/2056<sup>3</sup><br>| 5888 |
|  |  | 12648 |
|  | BBCMS Mortgage Trust |  |
| 4623 | Series 2024-C26 Cl. A5 <br>5.829%—05/15/2057<br>| 4977 |
| 3466 | Series 2024-5C25 Cl. A3 <br>5.946%—03/15/2057<br>| 3629 |
| 6382 | Series 2024-5C27 Cl. A3 <br>6.014%—07/15/2057<br>| 6714 |
|  |  | 15320 |
|  | Benchmark Mortgage Trust |  |
| 387 | Series 2021-B26 Cl. A3 <br>2.391%—06/15/2054<br>| 364 |
| 2440 | Series 2024-V5 Cl. A3 <br>5.805%—01/10/2057<br>| 2540 |
| 700 | Series 2023-V2 Cl. A3 <br>5.812%—05/15/2055<sup>3</sup><br>| 723 |
| 4944 | Series 2024-V6 Cl. A3 <br>5.926%—03/15/2057<br>| 5169 |
| 4000 | Series 2023-V4 Cl. A3 <br>6.841%—11/15/2056<sup>3</sup><br>| 4245 |
|  |  | 13041 |
| 549 | BMO Mortgage Trust <br>Series 2023-C7 Cl. A5 <br>6.160%—12/15/2056<br>| 594 |
|  | BX Commercial Mortgage Trust |  |
| 1359 | Series 2021-VOLT Cl. A <br>4.847% (1 Month USD Term SOFR + 0.814%) <br> 09/15/2036<sup>1,3</sup><br>| 1359 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2274 | Series 2024-XL5 Cl. A <br>5.424% (1 Month USD Term SOFR + 1.392%) <br> 03/15/2041<sup>1,3</sup><br>| $2278 |
| 203 | Series 2023-XL3 Cl. A <br>5.794% (1 Month USD Term SOFR + 1.761%) <br> 12/09/2040<sup>1,3</sup><br>| 204 |
|  |  | 3841 |
|  | BX Trust |  |
| 4125 | Series 2025-VLT6 Cl. A <br>5.475% (1 Month USD Term SOFR + 1.443%) <br> 03/15/2042<sup>1,3</sup><br>| 4130 |
| 2699 | Series 2022-CLS Cl. A <br>5.760%—10/13/2027<sup>1</sup><br>| 2720 |
|  |  | 6850 |
| 6312 | Chase Home Lending Mortgage Trust <br>Series 2024-9 Cl. A4 <br>5.500%—09/25/2055<sup>1,3</sup><br>| 6330 |
| 1567 | Citigroup Commercial Mortgage Trust <br>Series 2016-C2 Cl. A3 <br>2.575%—08/10/2049<br>| 1551 |
| 3269 | Citigroup Mortgage Loan Trust, Inc. <br>Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,3</sup><br>| 3290 |
|  | COMM Mortgage Trust |  |
| 379 | Series 2016-COR1 Cl. A3 <br>2.826%—10/10/2049<br>| 375 |
| 1193 | Series 2016-CR28 Cl. A4 <br>3.762%—02/10/2049<br>| 1190 |
|  |  | 1565 |
| 130 | Federal Home Loan Mortgage Corp. Seasoned <br> Credit Risk Transfer Trust <br>Series 2019-2 Cl. MA <br>3.500%—08/26/2058<br>| 126 |
| 3160 | FIVE Mortgage Trust <br>Series 2023-V1 Cl. A3 <br>5.668%—02/10/2056<sup>3</sup><br>| 3239 |
| 550 | GS Mortgage Securities Trust <br>Series 2016-GS3 Cl. A4 <br>2.850%—10/10/2049<br>| 542 |
| 88 | GS Mortgage-Backed Securities Corp. Trust <br>Series 2020-PJ4 Cl. A2 <br>3.000%—01/25/2051<sup>1,3</sup><br>| 76 |
|  | GS Mortgage-Backed Securities Trust |  |
| 7403 | Series 2025-PJ9 Cl. A6 <br>5.000%—03/25/2056<sup>1,3</sup><br>| 7410 |
| 4384 | Series 2025-PJ7 Cl. A5 <br>5.500%—12/25/2055<sup>1,3</sup><br>| 4407 |
|  |  | 11817 |
|  | JP Morgan Mortgage Trust |  |
| 3230 | Series 2025-2 Cl. A4A <br>5.500%—07/25/2055<sup>1,3</sup><br>| 3251 |
| 3732 | Series 2025-4 Cl. A4A <br>5.500%—11/25/2055<sup>1,3</sup><br>| 3762 |
| 1269 | Series 2024-4 Cl. A4A <br>6.000%—10/25/2054<sup>1,3</sup><br>| 1281 |
| 1653 | Series 2024-5 Cl. A4 <br>6.000%—11/25/2054<sup>1,3</sup><br>| 1672 |
|  |  | 9966 |

---

------

⬤

------

**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** |
|  | Morgan Stanley Bank of America Merrill Lynch Trust |  |
| $1302 | Series 2016-C29 Cl. A3 <br>3.058%—05/15/2049<br>| $1297 |
| 332 | Series 2015-C22 Cl. A4 <br>3.306%—04/15/2048<br>| 328 |
|  |  | 1625 |
|  | Morgan Stanley Capital I Trust |  |
| 2564 | Series 2016-UB11 Cl. A4 <br>2.782%—08/15/2049<br>| 2530 |
| 3144 | Series 2016-UBS9 Cl. A4 <br>3.594%—03/15/2049<br>| 3133 |
|  |  | 5663 |
| 37 | PSMC Trust <br>Series 2020-2 Cl. A2 <br>3.000%—05/25/2050<sup>1,3</sup><br>| 33 |
|  | Sequoia Mortgage Trust |  |
| 3252 | Series 2025-6 Cl. A11 <br>5.500%—07/25/2055<sup>1,3</sup><br>| 3260 |
| 1566 | Series 2024-5 Cl. A5 <br>6.000%—06/25/2054<sup>1,3</sup><br>| 1583 |
|  |  | 4843 |
| 332 | Tricon American Homes <br>Series 2020-SFR1 Cl. A <br>1.499%—07/17/2038<sup>1</sup><br>| 325 |
| 343 | UBS Commercial Mortgage Trust <br>Series 2018-C13 Cl. ASB <br>4.241%—10/15/2051<br>| 343 |
|  | Wells Fargo Commercial Mortgage Trust |  |
| 2167 | Series 2021-C60 Cl. A4 <br>2.342%—08/15/2054<br>| 1936 |
| 4092 | Series 2018-C45 Cl. A4 <br>4.184%—06/15/2051<br>| 4073 |
|  |  | 6009 |
| **Total Collateralized Mortgage Obligations** <br>(Cost $119,669) | **Total Collateralized Mortgage Obligations** <br>(Cost $119,669) | 121073 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—31.4%** | **Corporate Bonds & Notes—31.4%** | **Corporate Bonds & Notes—31.4%** |
| **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** |
| 5475 | BAE Systems PLC <br>3.400%—04/15/2030<sup>1</sup><br>| 5287 |
| 2100 | L3Harris Technologies, Inc. <br>5.500%—08/15/2054<br>| 2098 |
| 235 | Lockheed Martin Corp. <br>4.700%—05/15/2046<br>| 217 |
| 1558 | Northrop Grumman Corp. <br>5.250%—05/01/2050<br>| 1507 |
|  |  | 9109 |
| **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** |
| 635 | BMW U.S. Capital LLC <br>3.450%—04/01/2027<sup>1</sup><br>| 630 |
| 2929 | Cummins, Inc. <br>5.300%—05/09/2035<br>| 3035 |
| 6100 | Daimler Truck Finance North America LLC <br>4.650%—10/12/2030<sup>1</sup><br>| 6122 |
|  | General Motors Financial Co., Inc. |  |
| 1157 | 2.400%—10/15/2028 | 1099 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **AUTOMOBILES—Continued** | **AUTOMOBILES—Continued** | **AUTOMOBILES—Continued** |
| $971 | 4.300%—04/06/2029 | $968 |
| 2750 | 5.750%—02/08/2031 | 2885 |
|  |  | 4952 |
|  | Hyundai Capital America |  |
| 4231 | 4.550%—09/26/2029<sup>1</sup> | 4242 |
| 1203 | 5.300%—06/24/2029<sup>1</sup> | 1237 |
|  |  | 5479 |
|  | Volkswagen Group of America Finance LLC |  |
| 2795 | 4.600%—06/08/2029<sup>1</sup> | 2802 |
| 3338 | 4.750%—11/13/2028<sup>1</sup> | 3365 |
|  |  | 6167 |
|  |  | 26385 |
| **BANKS—4.9%** | **BANKS—4.9%** | **BANKS—4.9%** |
|  | Bank of America Corp. |  |
| 8962 | 2.572%—10/20/2032<sup>4</sup> | 8062 |
| 2322 | 3.311%—04/22/2042<sup>4</sup> | 1850 |
|  |  | 9912 |
| 3940 | Bank of America Corp. MTN <br>4.948%—07/22/2028<sup>4</sup><br>| 3994 |
|  | Barclays PLC |  |
| 2100 | 5.690%—03/12/2030<sup>4</sup> | 2181 |
| 2335 | 6.490%—09/13/2029<sup>4</sup> | 2467 |
|  |  | 4648 |
| 6563 | BNP Paribas SA <br>4.400%—08/14/2028<sup>1</sup><br>| 6574 |
|  | Citigroup, Inc. |  |
| 2359 | 3.520%—10/27/2028<sup>4</sup> | 2330 |
| 3329 | 4.412%—03/31/2031<sup>4</sup> | 3325 |
| 3874 | 4.542%—09/19/2030<sup>4</sup> | 3900 |
|  |  | 9555 |
| 8509 | HSBC Holdings PLC <br>5.130%—03/03/2031<sup>4</sup><br>| 8709 |
|  | ING Groep NV |  |
| 2460 | 5.335%—03/19/2030<sup>4</sup> | 2538 |
| 3000 | 6.114%—09/11/2034<sup>4</sup> | 3244 |
|  |  | 5782 |
|  | JPMorgan Chase & Co. |  |
| 6340 | 4.203%—07/23/2029<sup>4</sup> | 6350 |
| 250 | 4.493%—03/24/2031<sup>4</sup> | 252 |
| 3130 | 5.336%—01/23/2035<sup>4</sup> | 3251 |
|  |  | 9853 |
| 1145 | Lloyds Banking Group PLC <br>5.679%—01/05/2035<sup>4</sup><br>| 1203 |
| 2425 | Mitsubishi UFJ Financial Group, Inc. <br>5.017%—07/20/2028<sup>4</sup><br>| 2461 |
| 418 | National Securities Clearing Corp. <br>5.000%—05/30/2028<sup>1</sup><br>| 428 |
| 2340 | Toronto-Dominion Bank <br>1.950%—01/12/2027<br>| 2287 |
| 5216 | Truist Financial Corp. MTN <br>5.711%—01/24/2035<sup>4</sup><br>| 5469 |

---

------

⬤

------

**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** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
|  | U.S. Bancorp |  |
| $3315 | 4.839%—02/01/2034<sup>4</sup> | $3332 |
| 1544 | 5.678%—01/23/2035<sup>4</sup> | 1628 |
|  |  | 4960 |
|  |  | 75835 |
| **BUILDING PRODUCTS—0.2%** | **BUILDING PRODUCTS—0.2%** | **BUILDING PRODUCTS—0.2%** |
| 2908 | Carlisle Cos., Inc. <br>5.550%—09/15/2040<br>| 2957 |
| **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** |
| 300 | Bank of New York Mellon Corp. MTN <br>5.802%—10/25/2028<sup>4</sup><br>| 310 |
|  | Blackstone Holdings Finance Co. LLC |  |
| 495 | 2.550%—03/30/2032<sup>1</sup> | 439 |
| 173 | 2.800%—09/30/2050<sup>1</sup> | 110 |
| 856 | 3.500%—09/10/2049<sup>1</sup> | 624 |
| 2515 | 6.200%—04/22/2033<sup>1</sup> | 2730 |
|  |  | 3903 |
| 5784 | Blackstone Reg Finance Co. LLC <br>5.000%—12/06/2034<br>| 5813 |
|  | Brookfield Finance, Inc. |  |
| 326 | 2.724%—04/15/2031 | 298 |
| 1490 | 3.900%—01/25/2028 | 1480 |
|  |  | 1778 |
| 7905 | Goldman Sachs Group, Inc. <br>3.800%—03/15/2030<br>| 7776 |
| 4320 | Golub Capital BDC, Inc. <br>7.050%—12/05/2028<br>| 4534 |
| 6183 | KKR & Co., Inc. <br>5.100%—08/07/2035<br>| 6173 |
| 54 | KKR Group Finance Co. II LLC <br>5.500%—02/01/2043<sup>1</sup><br>| 53 |
| 170 | KKR Group Finance Co. III LLC <br>5.125%—06/01/2044<sup>1</sup><br>| 162 |
| 3640 | KKR Group Finance Co. VI LLC <br>3.750%—07/01/2029<sup>1</sup><br>| 3575 |
|  | Macquarie Group Ltd. |  |
| 493 | 1.340%—01/12/2027<sup>1,4</sup> | 490 |
| 2861 | 5.033%—01/15/2030<sup>1,4</sup> | 2921 |
| 1695 | 6.255%—12/07/2034<sup>1,4</sup> | 1860 |
|  |  | 5271 |
| 3710 | Morgan Stanley <br>2.943%—01/21/2033<sup>4</sup><br>| 3378 |
| 6666 | Morgan Stanley MTN <br>3.622%—04/01/2031<sup>4</sup><br>| 6476 |
|  |  | 49202 |
| **COMMERCIAL SERVICES & SUPPLIES—0.6%** | **COMMERCIAL SERVICES & SUPPLIES—0.6%** | **COMMERCIAL SERVICES & SUPPLIES—0.6%** |
| 3438 | Ashtead Capital, Inc. <br>5.800%—04/15/2034<sup>1</sup><br>| 3606 |
| 300 | Moody's Corp. <br>3.250%—05/20/2050<br>| 209 |
| 5540 | Rentokil Terminix Funding LLC <br>5.000%—04/28/2030<sup>1</sup><br>| 5644 |
|  |  | 9459 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COMMUNICATIONS EQUIPMENT—0.1%** | **COMMUNICATIONS EQUIPMENT—0.1%** | **COMMUNICATIONS EQUIPMENT—0.1%** |
| $2127 | 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>| $2139 |
| **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** |
| 3807 | Sonoco Products Co. <br>5.000%—09/01/2034<br>| 3761 |
| **DIVERSIFIED FINANCIAL SERVICES—1.7%** | **DIVERSIFIED FINANCIAL SERVICES—1.7%** | **DIVERSIFIED FINANCIAL SERVICES—1.7%** |
|  | AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust<br>|  |
| 906 | 3.000%—10/29/2028 | 875 |
| 1662 | 5.100%—01/19/2029 | 1701 |
| 6300 | 6.450%—04/15/2027 | 6488 |
|  |  | 9064 |
| 2905 | Air Lease Corp. <br>1.875%—08/15/2026<br>| 2853 |
|  | Aviation Capital Group LLC |  |
| 4948 | 4.800%—10/24/2030<sup>1</sup> | 4948 |
| 2235 | 6.375%—07/15/2030<sup>1</sup> | 2388 |
|  |  | 7336 |
| 1921 | Brookfield Finance I U.K. PLC/Brookfield Finance, <br> Inc. <br>2.340%—01/30/2032<br>| 1676 |
|  | Capital One Financial Corp. |  |
| 435 | 4.927%—05/10/2028<sup>4</sup> | 439 |
| 813 | 5.468%—02/01/2029<sup>4</sup> | 833 |
| 4397 | 6.051%—02/01/2035<sup>4</sup> | 4664 |
|  |  | 5936 |
|  |  | 26865 |
| **DIVERSIFIED REITS—0.8%** | **DIVERSIFIED REITS—0.8%** | **DIVERSIFIED REITS—0.8%** |
| 514 | American Tower Trust I <br>5.490%—03/15/2053<sup>1</sup><br>| 524 |
| 3410 | Healthpeak OP LLC <br>1.350%—02/01/2027<br>| 3290 |
|  | SBA Tower Trust |  |
| 500 | 1.631%—05/15/2051<sup>1</sup> | 486 |
| 705 | 2.593%—10/15/2056<sup>1</sup> | 624 |
| 6531 | 4.831%—10/15/2029<sup>1</sup> | 6555 |
| 1578 | 6.599%—11/15/2052<sup>1</sup> | 1616 |
|  |  | 9281 |
|  |  | 13095 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** |
|  | AT&T, Inc. |  |
| 240 | 2.300%—06/01/2027 | 233 |
| 1302 | 3.650%—09/15/2059 | 883 |
|  |  | 1116 |
|  | Verizon Communications, Inc. |  |
| 5240 | 2.355%—03/15/2032 | 4584 |
| 162 | 4.500%—08/10/2033 | 159 |
|  |  | 4743 |
|  |  | 5859 |

---

------

⬤

------

**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—3.2%** | **ELECTRIC UTILITIES—3.2%** | **ELECTRIC UTILITIES—3.2%** |
|  | Berkshire Hathaway Energy Co. |  |
| $7190 | 4.450%—01/15/2049 | $6191 |
| 275 | 6.125%—04/01/2036 | 298 |
|  |  | 6489 |
| 2730 | Consumers Securitization Funding LLC <br>5.210%—09/01/2031<br>| 2826 |
|  | Dominion Energy, Inc. |  |
| 785 | 3.375%—04/01/2030 | 755 |
| 1150 | 5.250%—08/01/2033 | 1180 |
|  |  | 1935 |
|  | DTE Energy Co. |  |
| 2306 | 4.875%—06/01/2028 | 2346 |
| 2769 | 5.850%—06/01/2034 | 2945 |
|  |  | 5291 |
| 2785 | Duke Energy Florida LLC <br>3.800%—07/15/2028<br>| 2781 |
|  | Eversource Energy |  |
| 1080 | 2.900%—03/01/2027 | 1062 |
| 5295 | 5.450%—03/01/2028 | 5432 |
|  |  | 6494 |
|  | Exelon Corp. |  |
| 5615 | 4.450%—04/15/2046 | 4813 |
| 62 | 4.700%—04/15/2050 | 54 |
| 243 | 5.100%—06/15/2045 | 229 |
|  |  | 5096 |
| 1670 | Florida Power & Light Co. <br>2.450%—02/03/2032<br>| 1508 |
| 5857 | Niagara Mohawk Power Corp. <br>5.996%—07/03/2055<sup>1</sup><br>| 6078 |
|  | Northern States Power Co. |  |
| 158 | 4.500%—06/01/2052 | 138 |
| 4085 | 6.250%—06/01/2036 | 4559 |
|  |  | 4697 |
| 308 | Southern Co. <br>4.250%—07/01/2036<br>| 288 |
| 5397 | Virginia Power Fuel Securitization LLC <br>4.877%—05/01/2033<br>| 5524 |
|  |  | 49007 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%** |
| 4397 | Amphenol Corp. <br>5.300%—11/15/2055<br>| 4282 |
| **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>| 1901 |
| 2645 | Simon Property Group LP <br>5.500%—03/08/2033<br>| 2793 |
|  |  | 4694 |
| **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** |
|  | American Express Co. |  |
| 4168 | 5.016%—04/25/2031<sup>4</sup> | 4287 |
| 322 | 5.043%—05/01/2034<sup>4</sup> | 331 |
|  |  | 4618 |
| 198 | Berkshire Hathaway Finance Corp. <br>3.850%—03/15/2052<br>| 156 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **FINANCIAL SERVICES—Continued** | **FINANCIAL SERVICES—Continued** | **FINANCIAL SERVICES—Continued** |
|  | PNC Financial Services Group, Inc. |  |
| $1160 | 5.068%—01/24/2034<sup>4</sup> | $1184 |
| 2571 | 5.354%—12/02/2028<sup>4</sup> | 2634 |
| 3095 | 5.676%—01/22/2035<sup>4</sup> | 3270 |
| 163 | 6.875%—10/20/2034<sup>4</sup> | 185 |
|  |  | 7273 |
|  |  | 12047 |
| **HEALTH CARE PROVIDERS & SERVICES—0.6%** | **HEALTH CARE PROVIDERS & SERVICES—0.6%** | **HEALTH CARE PROVIDERS & SERVICES—0.6%** |
| 853 | Cigna Group <br>3.400%—03/01/2027<br>| 846 |
|  | CVS Pass-Through Trust |  |
| 137 | 5.773%—01/10/2033<sup>1</sup> | 140 |
| 42 | 5.880%—01/10/2028 | 43 |
| 701 | 8.353%—07/10/2031<sup>1</sup> | 764 |
|  |  | 947 |
| 425 | Elevance Health, Inc. <br>4.750%—02/15/2033<br>| 427 |
|  | Health Care Service Corp. A Mutual Legal Reserve <br> Co.<br>|  |
| 2700 | 2.200%—06/01/2030<sup>1</sup> | 2449 |
| 4642 | 5.200%—06/15/2029<sup>1</sup> | 4768 |
|  |  | 7217 |
|  |  | 9437 |
| **INDUSTRIAL CONGLOMERATES—0.2%** | **INDUSTRIAL CONGLOMERATES—0.2%** | **INDUSTRIAL CONGLOMERATES—0.2%** |
| 2631 | Ashtead Capital, Inc. <br>5.500%—08/11/2032<sup>1</sup><br>| 2718 |
| **INSURANCE—2.4%** | **INSURANCE—2.4%** | **INSURANCE—2.4%** |
|  | AIA Group Ltd. |  |
| 419 | 3.600%—04/09/2029<sup>1</sup> | 414 |
| 3680 | 5.375%—04/05/2034<sup>1</sup> | 3835 |
|  |  | 4249 |
| 4555 | Brown & Brown, Inc. <br>5.250%—06/23/2032<br>| 4672 |
| 6550 | Corebridge Global Funding <br>5.200%—01/12/2029<sup>1</sup><br>| 6728 |
|  | GA Global Funding Trust |  |
| 2490 | 5.200%—12/09/2031<sup>1</sup> | 2514 |
| 5786 | 5.500%—01/08/2029-04/01/2032<sup>1</sup> | 5940 |
|  |  | 8454 |
| 530 | Liberty Mutual Group, Inc. <br>4.569%—02/01/2029<sup>1</sup><br>| 533 |
|  | Massachusetts Mutual Life Insurance Co. |  |
| 1143 | 3.375%—04/15/2050<sup>1</sup> | 802 |
| 160 | 5.672%—12/01/2052<sup>1</sup> | 158 |
|  |  | 960 |
|  | Metropolitan Life Global Funding I |  |
| 2827 | 3.300%—03/21/2029<sup>1</sup> | 2756 |
| 3495 | 4.850%—01/08/2029<sup>1</sup> | 3570 |
|  |  | 6326 |
| 3605 | Peachtree Corners Funding Trust II <br>6.012%—05/15/2035<sup>1</sup><br>| 3791 |
| 1374 | Prudential Funding Asia PLC <br>3.625%—03/24/2032<br>| 1318 |
|  |  | 37031 |

---

------

⬤

------

**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** |
| **INTERACTIVE MEDIA & SERVICES—0.4%** | **INTERACTIVE MEDIA & SERVICES—0.4%** | **INTERACTIVE MEDIA & SERVICES—0.4%** |
| $6333 | Meta Platforms, Inc. <br>4.600%—11/15/2032<br>| $6367 |
| **INTERNET & CATALOG RETAIL—0.1%** | **INTERNET & CATALOG RETAIL—0.1%** | **INTERNET & CATALOG RETAIL—0.1%** |
| 2423 | Amazon.com, Inc. <br>4.100%—04/13/2062<br>| 1931 |
| **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>| 2571 |
| **MACHINERY—0.4%** | **MACHINERY—0.4%** | **MACHINERY—0.4%** |
| 6004 | Nordson Corp. <br>4.500%—12/15/2029<br>| 6056 |
| **MEDIA—0.5%** | **MEDIA—0.5%** | **MEDIA—0.5%** |
| 1883 | Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 1951 |
| 360 | Comcast Corp. <br>2.350%—01/15/2027<br>| 354 |
|  | Cox Communications, Inc. |  |
| 400 | 1.800%—10/01/2030<sup>1</sup> | 350 |
| 1495 | 3.350%—09/15/2026<sup>1</sup> | 1484 |
| 3795 | 5.700%—06/15/2033<sup>1</sup> | 3867 |
|  |  | 5701 |
|  |  | 8006 |
| **MULTI-UTILITIES—0.1%** | **MULTI-UTILITIES—0.1%** | **MULTI-UTILITIES—0.1%** |
|  | PG&E Wildfire Recovery Funding LLC |  |
| 392 | 3.594%—06/01/2032 | 388 |
| 240 | 4.022%—06/01/2033 | 239 |
| 183 | 4.722%—06/01/2039 | 183 |
|  |  | 810 |
| **OIL, GAS & CONSUMABLE FUELS—2.3%** | **OIL, GAS & CONSUMABLE FUELS—2.3%** | **OIL, GAS & CONSUMABLE FUELS—2.3%** |
| 7835 | Columbia Pipelines Operating Co. LLC <br>6.036%—11/15/2033<sup>1</sup><br>| 8362 |
|  | ConocoPhillips Co. |  |
| 878 | 5.500%—01/15/2055 | 857 |
| 961 | 5.550%—03/15/2054 | 947 |
|  |  | 1804 |
|  | Diamondback Energy, Inc. |  |
| 2346 | 5.550%—04/01/2035 | 2408 |
| 1543 | 6.250%—03/15/2033 | 1660 |
|  |  | 4068 |
|  | Energy Transfer LP |  |
| 1450 | 5.550%—05/15/2034 | 1490 |
| 2688 | 5.750%—02/15/2033 | 2815 |
|  |  | 4305 |
| 1259 | Kinder Morgan, Inc. <br>5.850%—06/01/2035<br>| 1328 |
| 1787 | Northern Natural Gas Co. <br>5.625%—02/01/2054<sup>1</sup><br>| 1773 |
| 474 | Occidental Petroleum Corp. <br>0.000%—10/10/2036<sup>5</sup><br>| 283 |
| 3599 | Plains All American Pipeline LP/PAA Finance Corp. <br>3.800%—09/15/2030<br>| 3480 |
| 5563 | Schlumberger Holdings Corp. <br>3.900%—05/17/2028<sup>1</sup><br>| 5551 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** |
|  | Southern Co. Gas Capital Corp. |  |
| $230 | 1.750%—01/15/2031 | $202 |
| 4779 | 4.950%—09/15/2034 | 4810 |
|  |  | 5012 |
|  |  | 35966 |
| **PASSENGER AIRLINES—0.1%** | **PASSENGER AIRLINES—0.1%** | **PASSENGER AIRLINES—0.1%** |
| 211 | Air Canada Pass-Through Trust <br>3.600%—09/15/2028<sup>1</sup><br>| 207 |
| 276 | Delta Air Lines Pass-Through Trust <br>3.625%—01/30/2029<br>| 273 |
|  | United Airlines Pass-Through Trust |  |
| 171 | 3.100%—01/07/2030 | 166 |
| 628 | 4.000%—10/11/2027 | 628 |
|  |  | 794 |
|  |  | 1274 |
| **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** |
|  | Verisk Analytics, Inc. |  |
| 741 | 3.625%—05/15/2050 | 550 |
| 4100 | 5.250%—06/05/2034 | 4220 |
| 1100 | 5.750%—04/01/2033 | 1164 |
|  |  | 5934 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%** |
| 808 | CBRE Services, Inc. <br>4.800%—06/15/2030<br>| 821 |
| **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** |
|  | Canadian Pacific Railway Co. |  |
| 1429 | 4.200%—11/15/2069 | 1104 |
| 190 | 6.125%—09/15/2115 | 195 |
|  |  | 1299 |
| 2430 | JB Hunt Transport Services, Inc. <br>4.900%—03/15/2030<br>| 2488 |
| 155 | Norfolk Southern Corp. <br>4.837%—10/01/2041<br>| 148 |
| 4716 | Ryder System, Inc. MTN <br>5.250%—06/01/2028<br>| 4841 |
|  |  | 8776 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.0%** |
|  | Broadcom, Inc. |  |
| 3574 | 4.000%—04/15/2029<sup>1</sup> | 3558 |
| 4394 | 5.200%—07/15/2035 | 4528 |
|  |  | 8086 |
|  | NXP BV/NXP Funding LLC/NXP USA, Inc. |  |
| 4140 | 2.500%—05/11/2031 | 3733 |
| 1230 | 3.150%—05/01/2027 | 1212 |
| 3185 | 4.300%—06/18/2029 | 3177 |
|  |  | 8122 |
|  |  | 16208 |
| **SOFTWARE—1.0%** | **SOFTWARE—1.0%** | **SOFTWARE—1.0%** |
| 4534 | AppLovin Corp. <br>5.125%—12/01/2029<br>| 4629 |
| 1199 | Constellation Software, Inc. <br>5.461%—02/16/2034<sup>1</sup><br>| 1217 |

---

------

⬤

------

**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** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
|  | Oracle Corp. |  |
| $2681 | 3.950%—03/25/2051 | $1913 |
| 3700 | 4.800%—09/26/2032 | 3663 |
| 3317 | 5.250%—02/03/2032 | 3378 |
|  |  | 8954 |
|  |  | 14800 |
| **SPECIALTY RETAIL—0.8%** | **SPECIALTY RETAIL—0.8%** | **SPECIALTY RETAIL—0.8%** |
|  | Lowe's Cos., Inc. |  |
| 3997 | 3.000%—10/15/2050 | 2595 |
| 77 | 3.700%—04/15/2046 | 59 |
| 199 | 5.000%—04/15/2040 | 193 |
| 697 | 5.625%—04/15/2053 | 689 |
|  |  | 3536 |
| 9192 | Penske Truck Leasing Co. LP/PTL Finance Corp. <br>5.550%—05/01/2028<sup>1</sup><br>| 9464 |
|  |  | 13000 |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
|  | Ferguson Finance PLC |  |
| 4590 | 3.250%—06/02/2030<sup>1</sup> | 4379 |
| 4751 | 4.650%—04/20/2032<sup>1</sup> | 4727 |
|  |  | 9106 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.6%** | **WIRELESS TELECOMMUNICATION SERVICES—0.6%** | **WIRELESS TELECOMMUNICATION SERVICES—0.6%** |
|  | T-Mobile USA, Inc. |  |
| 3131 | 5.050%—07/15/2033 | 3185 |
| 3238 | 5.150%—04/15/2034 | 3308 |
| 2745 | 5.875%—11/15/2055 | 2787 |
|  |  | 9280 |
| **Total Corporate Bonds & Notes** <br>(Cost $474,411) | **Total Corporate Bonds & Notes** <br>(Cost $474,411) | 484788 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—23.5%** | **Mortgage Pass-Through—23.5%** | **Mortgage Pass-Through—23.5%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 7540 | <br>2.000%—06/01/2050-01/01/2051 | 6181 |
| 47583 | <br>2.500%—08/01/2035-05/01/2052 | 41800 |
| 23736 | <br>3.000%—01/01/2033-08/01/2050 | 21770 |
| 15652 | <br>3.500%—09/01/2033-04/01/2050 | 14949 |
| 19901 | <br>4.000%—12/01/2037-07/01/2049 | 19271 |
| 15256 | <br>4.500%—10/01/2048-05/01/2053 | 15124 |
| 13808 | <br>5.000%—11/01/2049-01/01/2055 | 13923 |
| 23130 | <br>5.500%—12/01/2052-03/01/2054 | 23753 |
| 80 | <br>6.418% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.596%) 06/01/2047<sup>3</sup><br>| 83 |
|  |  | 156854 |
|  | Federal National Mortgage Association |  |
| 14935 | <br>2.000%—08/01/2050-02/01/2052 | 12267 |
| 48031 | <br>2.500%—01/01/2032-04/01/2052 | 42040 |
| 18426 | <br>3.000%—02/01/2034-12/01/2051 | 17259 |
| 17382 | <br>3.500%—05/01/2035-05/01/2052 | 16477 |
| 16605 | <br>4.000%—03/01/2038-07/01/2052 | 16057 |
| 14945 | <br>4.500%—05/01/2046-08/01/2052 | 14831 |
| 27012 | <br>5.000%—05/01/2050-06/01/2054 | 27310 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $4573 | <br>5.500%—11/01/2052-08/01/2053 | $4700 |
| 95 | <br>6.471% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 2.321%) 12/01/2036<sup>3</sup><br>| 99 |
|  |  | 151040 |
| 1955 | Federal National Mortgage Association REMICS <br>Series 2024-20 Cl. CA <br>5.500%—01/25/2047<br>| 1959 |
|  | Government National Mortgage Association |  |
| 7372 | <br>2.000%—02/20/2052 | 6139 |
| 17540 | <br>2.500%—01/20/2051-09/20/2051 | 15197 |
| 7002 | <br>3.500%—05/20/2052 | 6470 |
| 7094 | <br>4.000%—09/20/2041-08/20/2052 | 6784 |
| 660 | <br>4.500%—01/15/2042-08/20/2047 | 657 |
| 7722 | <br>5.000%—10/20/2053 | 7736 |
| 6853 | <br>5.500%—04/20/2053 | 6954 |
|  |  | 49937 |
|  | Government National Mortgage Association <br> REMICS<br>|  |
| 2573 | Series 2012-140 Cl. JD <br>1.750%—01/20/2041<br>| 2484 |
| 1902 | Series 2013-70 Cl. AE <br>1.750%—11/20/2040<br>| 1823 |
|  |  | 4307 |
| **Total Mortgage Pass-Through** <br>(Cost $358,460) | **Total Mortgage Pass-Through** <br>(Cost $358,460) | 364097 |

---

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

---

| | | |
|:---|:---|:---|
| **Municipal Bonds—0.5%** | **Municipal Bonds—0.5%** | **Municipal Bonds—0.5%** |
| 1380 | City of New York <br>5.935%—02/01/2055<br>| 1497 |
| 435 | Empire State Development Corp. <br>5.770%—03/15/2039<br>| 451 |
| 145 | Metropolitan Water Reclamation District of Greater <br> Chicago <br>5.720%—12/01/2038<br>| 153 |
| 2515 | New Hampshire Health & Education Facilities <br> Authority Act <br>5.040%—11/01/2034<br>| 2532 |
| 510 | Sales Tax Securitization Corp. <br>4.637%—01/01/2040<br>| 500 |
| 300 | State of California <br>7.500%—04/01/2034<br>| 353 |
| 1953 | Texas Natural Gas Securitization Finance Corp. <br>5.102%—04/01/2035<br>| 2016 |
| **Total Municipal Bonds** <br>(Cost $7,357) | **Total Municipal Bonds** <br>(Cost $7,357) | 7502 |

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—22.7%** | **U.S. Government Obligations—22.7%** | **U.S. Government Obligations—22.7%** |
|  | U.S. Treasury Bonds |  |
| 72738 | 4.250%—02/15/2054-08/15/2054 | 67825 |
| 24410 | <br>4.375%—08/15/2043 | 23751 |
| 69828 | <br>4.500%—02/15/2044 | 68857 |
| 42772 | 4.625%—05/15/2044-02/15/2055 | 42713 |
| 2186 | <br>4.750%—08/15/2055 | 2216 |
| 6490 | <br>4.875%—08/15/2045 | 6686 |
|  |  | 212048 |
| 7592 | U.S. Treasury Inflation-Indexed Notes <br>0.125%—01/15/2030<br>| 7236 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—Continued** | **U.S. Government Obligations—Continued** | **U.S. Government Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | U.S. Treasury Notes |  |
| $27284 | 3.625%—08/15/2028-08/31/2030 | $27254 |
| 59424 | <br>4.000%—05/31/2030 | 60206 |
| 43402 | <br>4.250%—05/15/2035 | 43992 |
|  |  | 131452 |
| **Total U.S. Government Obligations** <br>(Cost $351,547) | **Total U.S. Government Obligations** <br>(Cost $351,547) | 350736 |
| **TOTAL INVESTMENTS—98.6%** <br>(Cost $1,505,132) | **TOTAL INVESTMENTS—98.6%** <br>(Cost $1,505,132) | 1524716 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | 20918 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $1545634 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 2025 (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 October 31, 2025, the aggregate value of these securities was $367,040 or 24% of net assets.

Step coupon security; the stated rate represents the rate in effect as of October 31, 2025.

Variable or floating rate security; the stated rate represents the rate in effect as of October 31, 2025. 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.

Zero coupon bond

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—October 31, 2025** 

------

**Subadvisor:** Income Research + Management

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—11.8%** | **Asset-Backed Securities—11.8%** | **Asset-Backed Securities—11.8%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $1603 | Aligned Data Centers Issuer LLC <br>Series 2021-1A Cl. A2 <br>1.937%—08/15/2046<sup>1</sup><br>| $1566 |
| 5305 | AMSR Trust <br>Series 2024-SFR1 Cl. A <br>4.290%—07/17/2041<sup>1,2</sup><br>| 5272 |
| 2944 | Apidos CLO XLVIII Ltd. <br>Series 2024-48A Cl. A1 <br>5.298% (3 Month USD Term SOFR + 1.440%) <br> 07/25/2037<sup>1,3</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>| 3822 |
| 5940 | Carlyle Global Market Strategies CLO Ltd. <br>Series 2016-1A Cl. A1R3 <br>4.974% (3 Month USD Term SOFR + 1.090%) <br> 04/20/2034<sup>1,3</sup><br>| 5945 |
| 5976 | CIFC Funding Ltd. <br>Series 2023-3A Cl. A <br>5.484% (3 Month USD Term SOFR + 1.600%) <br> 01/20/2037<sup>1,3</sup><br>| 6002 |
|  | DB Master Finance LLC |  |
| 2199 | Series 2021-1A Cl. A2II <br>2.493%—11/20/2051<sup>1</sup><br>| 2073 |
| 3727 | Series 2025-1A Cl. A2I <br>4.891%—08/20/2055<sup>1</sup><br>| 3746 |
|  |  | 5819 |
| 3740 | Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 3557 |
| 6594 | FirstKey Homes Trust <br>Series 2021-SFR1 Cl. A <br>1.538%—08/17/2038<sup>1</sup><br>| 6449 |
| 3425 | Flatiron CLO 26 Ltd. <br>Series 2024-4A Cl. A <br>5.235% (3 Month USD Term SOFR + 1.330%) <br> 01/15/2038<sup>1,3</sup><br>| 3440 |
| 2882 | GoldenTree Loan Management U.S. CLO 20 Ltd. <br>Series 2024-20A Cl. A <br>5.334% (3 Month USD Term SOFR + 1.450%) <br> 07/20/2037<sup>1,3</sup><br>| 2895 |
| 4909 | Golub Capital Partners CLO 62B Ltd. <br>Series 2022-62A Cl. AR <br>5.275% (3 Month USD Term SOFR + 1.370%) <br> 10/15/2037<sup>1,3</sup><br>| 4914 |
| 2992 | Golub Capital Partners CLO 64B-R Ltd. <br>Series 2022-64A Cl. AR <br>5.218% (3 Month USD Term SOFR + 1.360%) <br> 10/25/2037<sup>1,3</sup><br>| 3001 |
| 860 | Home Partners of America Trust <br>Series 2022-1 Cl. A <br>3.930%—04/17/2039<sup>1</sup><br>| 855 |
| 40 | IXIS Real Estate Capital Trust <br>Series 2005-HE1 Cl. M4 <br>5.156% (1 Month USD Term SOFR + 1.164%) <br> 06/25/2035<sup>3</sup><br>| 55 |
| 3555 | Jersey Mike's Funding LLC <br>Series 2025-1A Cl. A2 <br>5.610%—08/16/2055<sup>1</sup><br>| 3629 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $570 | JP Morgan Mortgage Acquisition Trust <br>Series 2007-HE1 Cl. AF3 <br>4.166%—05/25/2035<sup>2</sup><br>| $375 |
| 2417 | Morgan Stanley ABS Capital I, Inc. Trust <br>Series 2007-HE6 Cl. A3 <br>4.286% (1 Month USD Term SOFR + 0.294%) <br> 05/25/2037<sup>3</sup><br>| 2209 |
| 4583 | NextGear Floorplan Master Owner Trust <br>Series 2024-2A Cl. A2 <br>4.420%—09/15/2029<sup>1</sup><br>| 4613 |
|  | Palmer Square CLO Ltd. |  |
| 2300 | Series 2022-4A Cl. A1R <br>5.234% (3 Month USD Term SOFR + 1.350%) <br> 10/20/2037<sup>1,3</sup><br>| 2306 |
| 2790 | Series 2020-3A Cl. A1R2 <br>5.861% (3 Month USD Term SOFR + 1.650%) <br> 11/15/2036<sup>1,3</sup><br>| 2800 |
|  |  | 5106 |
|  | Planet Fitness Master Issuer LLC |  |
| 4224 | Series 2022-1A Cl. A2I <br>3.251%—12/05/2051<sup>1</sup><br>| 4153 |
| 790 | Series 2019-1A Cl. A2 <br>3.858%—12/05/2049<sup>1</sup><br>| 757 |
| 1958 | Series 2024-1A Cl. A2I <br>5.765%—06/05/2054<sup>1</sup><br>| 1987 |
|  |  | 6897 |
| 3205 | Sabey Data Center Issuer LLC <br>Series 2025-1 Cl. A2 <br>5.733%—02/21/2050<sup>1</sup><br>| 3272 |
| 3825 | SBA Small Business Investment Cos. <br>Series 2025-10A Cl. 1 <br>4.963%—03/10/2035<br>| 3884 |
| 4605 | Servpro Master Issuer LLC <br>Series 2021-1A Cl. A2 <br>2.394%—04/25/2051<sup>1</sup><br>| 4352 |
| 7000 | Stack Infrastructure Issuer LLC <br>Series 2021-1A Cl. A2 <br>1.877%—03/26/2046<sup>1</sup><br>| 6917 |
| 2558 | Store Master Funding LLC <br>Series 2024-1A Cl. A1 <br>5.690%—05/20/2054<sup>1</sup><br>| 2590 |
|  | Subway Funding LLC |  |
| 3596 | Series 2024-3A Cl. A2II <br>5.566%—07/30/2054<sup>1</sup><br>| 3606 |
| 2883 | Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 2920 |
|  |  | 6526 |
| 6877 | Taco Bell Funding LLC <br>Series 2021-1A Cl. A2I <br>1.946%—08/25/2051<sup>1</sup><br>| 6648 |
|  | Tricon Residential Trust |  |
| 5156 | Series 2023-SFR1 Cl. A <br>5.100%—07/17/2040<sup>1</sup><br>| 5172 |
| 3537 | Series 2025-SFR2 Cl. A <br>5.200%—08/17/2044<sup>1</sup><br>| 3601 |
|  |  | 8773 |
|  | U.S. Small Business Administration |  |
| 4546 | Series 2024-25B Cl. 1 <br>5.070%—02/01/2049<br>| 4641 |

---

------

⬤

------

**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** |
| $2657 | Series 2023-25K Cl. 1 <br>5.710%—11/01/2048<br>| $2789 |
| 328 | Series 2009-20A Cl. 1 <br>5.720%—01/01/2029<br>| 332 |
| 1743 | Series 2023-25J Cl. 1 <br>5.820%—10/01/2048<br>| 1840 |
| 402 | Series 2008-20H Cl. 1 <br>6.020%—08/01/2028<br>| 411 |
|  |  | 10013 |
| 1357 | Uniti Fiber Abs Issuer LLC <br>Series 2025-2A Cl. A2 <br>5.177%—01/20/2056<sup>1</sup><br>| 1361 |
| 1194 | Uniti Fiber ABS Issuer LLC <br>Series 2025-1A Cl. A2 <br>5.877%—04/20/2055<sup>1</sup><br>| 1224 |
| 6810 | VB-S1 Issuer LLC <br>Series 2022-1A Cl. C2I <br>3.156%—02/15/2052<sup>1</sup><br>| 6627 |
| 6697 | Wendy's Funding LLC <br>Series 2021-1A Cl. A2I <br>2.370%—06/15/2051<sup>1</sup><br>| 6249 |
| **Total Asset-Backed Securities** <br>(Cost $146,437) | **Total Asset-Backed Securities** <br>(Cost $146,437) | 148181 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—11.9%** | **Collateralized Mortgage Obligations—11.9%** | **Collateralized Mortgage Obligations—11.9%** |
| 2750 | Angel Oak Mortgage Trust <br>Series 2022-1 Cl. A1 <br>2.881%—12/25/2066<sup>1,2</sup><br>| 2594 |
| 228 | Argent Securities, Inc. Asset-Backed Pass-Through <br> Certificates <br>Series 2004-W11 Cl. M3 <br>5.231% (1 Month USD Term SOFR + 1.239%) <br> 11/25/2034<sup>3</sup><br>| 230 |
| 3200 | Bank <br>Series 2024-BNK48 Cl. A5 <br>5.053%—10/15/2057<br>| 3269 |
| 4948 | Bank5 <br>Series 2023-5YR2 Cl. A3 <br>6.656%—07/15/2056<sup>3</sup><br>| 5211 |
| 5383 | BBCMS Mortgage Trust <br>Series 2024-5C27 Cl. A3 <br>6.014%—07/15/2057<br>| 5664 |
| 67 | BCAP LLC Trust <br>Series 2011-RR5 Cl. 12A1 <br>4.479%—03/26/2037<sup>1,2</sup><br>| 67 |
|  | Bear Stearns ARM Trust |  |
| 5 | Series 2000-2 Cl. A1 <br>4.812%—11/25/2030<sup>3</sup><br>| 5 |
| 108 | Series 2004-1 Cl. 12A5 <br>5.274%—04/25/2034<sup>3</sup><br>| 97 |
|  |  | 102 |
|  | Benchmark Mortgage Trust |  |
| 3238 | Series 2022-B35 Cl. A5 <br>4.443%—05/15/2055<sup>3</sup><br>| 3178 |
| 3600 | Series 2023-V4 Cl. A3 <br>6.841%—11/15/2056<sup>3</sup><br>| 3820 |
|  |  | 6998 |
| 3803 | BFLD Commercial Mortgage Trust <br>Series 2025-5MW Cl. A <br>4.674%—10/10/2042<sup>1,3</sup><br>| 3813 |

---

---

| | | |
|:---|:---|:---|
| **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>| $5081 |
| 2402 | BSTN Commercial Mortgage Trust <br>Series 2025-1C Cl. A <br>5.369%—06/15/2044<sup>1,3</sup><br>| 2480 |
|  | BX Commercial Mortgage Trust |  |
| 1385 | Series 2021-VOLT Cl. A <br>4.847% (1 Month USD Term SOFR + 0.814%) <br> 09/15/2036<sup>1,3</sup><br>| 1384 |
| 1014 | Series 2022-LP2 Cl. A <br>5.045% (1 Month USD Term SOFR + 1.013%) <br> 02/15/2039<sup>1,3</sup><br>| 1013 |
|  |  | 2397 |
|  | BX Trust |  |
| 4536 | Series 2024-VLT4 Cl. A <br>5.524% (1 Month USD Term SOFR + 1.491%) <br> 06/15/2041<sup>1,3</sup><br>| 4542 |
| 5219 | Series 2024-BIO Cl. A <br>5.674% (1 Month USD Term SOFR + 1.642%) <br> 02/15/2041<sup>1,3</sup><br>| 5216 |
| 3217 | Series 2022-CLS Cl. A <br>5.760%—10/13/2027<sup>1</sup><br>| 3242 |
|  |  | 13000 |
| 3317 | CENT Trust <br>Series 2025-CITY Cl. A <br>4.920%—07/10/2040<sup>1,3</sup><br>| 3365 |
| 3828 | Citigroup Commercial Mortgage Trust <br>Series 2019-GC43 Cl. A4 <br>3.038%—11/10/2052<br>| 3590 |
| 4634 | Citigroup Mortgage Loan Trust, Inc. <br>Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,3</sup><br>| 4663 |
|  | Countrywide Alternative Loan Trust |  |
| 1375 | Series 2006-6CB Cl. 1A2 <br>4.506% (1 Month USD Term SOFR + 0.514%) <br> 05/25/2036<sup>3</sup><br>| 1061 |
| 1097 | Series 2005-20CB Cl. 2A5 <br>5.500%—07/25/2035<br>| 709 |
|  |  | 1770 |
| 176 | CSFB Mortgage-Backed Pass-Through Certificates <br>Series 2005-10 Cl. 9A1 <br>6.000%—11/25/2035<br>| 122 |
| 115 | DBJPM Mortgage Trust <br>Series 2020-C9 Cl. A2 <br>1.900%—08/15/2053<br>| 114 |
| 2133 | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust <br>Series 2007-AR2 Cl. A1 <br>4.406% (1 Month USD Term SOFR + 0.414%) <br> 03/25/2037<sup>3</sup><br>| 2043 |
| 611 | DSLA Mortgage Loan Trust <br>Series 2006-AR1 Cl. 1A1A <br>5.029% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 0.920%) 03/19/2046<sup>3</sup><br>| 529 |
| 1731 | EQT Trust <br>Series 2024-EXTR Cl. A <br>5.331%—07/05/2041<sup>1,3</sup><br>| 1772 |
| 3144 | Fashion Show Mall LLC <br>Series 2024-SHOW Cl. A <br>5.104%—10/10/2041<sup>1,3</sup><br>| 3192 |
| 100 | First Horizon Asset Securities, Inc. <br>Series 2005-AR6 Cl. 4A1 <br>5.595%—02/25/2036<sup>3</sup><br>| 97 |

---

------

⬤

------

**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** |
| $— | FNT Mortgage-Backed Pass-Through Trust <br>Series 2001-3 Cl. 1A1 <br>6.750%—08/21/2031<br>| $— |
| 2467 | GS Mortgage-Backed Securities Trust <br>Series 2024-PJ5 Cl. A15 <br>6.000%—09/25/2054<sup>1,3</sup><br>| 2493 |
| 2327 | GSMPS Mortgage Loan Trust <br>Series 2006-RP2 Cl. 1AF1 <br>4.506% (1 Month USD Term SOFR + 0.514%) <br> 04/25/2036<sup>1,3</sup><br>| 2015 |
| 159 | GSR Mortgage Loan Trust <br>Series 2005-AR3 Cl. 3A1 <br>6.473%—05/25/2035<sup>3</sup><br>| 120 |
|  | IndyMac ARM Trust <br>Series 2001-H2 Cl. A2 <br>5.653%—01/25/2032<sup>3</sup><br>|  |
| 3551 | JP Morgan Chase Commercial Mortgage Securities <br> Trust <br>Series 2024-OMNI Cl. A <br>5.797%—10/05/2039<sup>1,3</sup><br>| 3615 |
|  | JP Morgan Mortgage Trust |  |
| 2188 | Series 2024-3 Cl. A6 <br>3.000%—05/25/2054<sup>1,3</sup><br>| 2051 |
| 5595 | Series 2022-3 Cl. A6 <br>3.000%—08/25/2052<sup>1,3</sup><br>| 5262 |
| 784 | Series 2006-A6 Cl. 1A4L <br>4.159%—10/25/2036<sup>3</sup><br>| 562 |
| 5 | Series 2006-S1 Cl. 3A1 <br>5.500%—04/25/2036<br>| 5 |
| 2957 | Series 2023-4 Cl. 1A4A <br>5.500%—11/25/2053<sup>1,3</sup><br>| 2971 |
| 3800 | Series 2025-5MPR Cl. A1D <br>5.500%—11/25/2055<sup>1,2</sup><br>| 3817 |
| 6218 | Series 2025-8 Cl. A4A <br>5.500%—02/25/2056<sup>1,3</sup><br>| 6248 |
|  |  | 20916 |
| 4718 | KIND Commercial Mortgage Trust <br>Series 2024-1 Cl. A <br>5.922% (1 Month USD Term SOFR + 1.890%) <br> 08/15/2041<sup>1,3</sup><br>| 4731 |
| 413 | Merrill Lynch Alternative Note Asset Trust <br>Series 2007-F1 Cl. 2A6 <br>6.000%—03/25/2037<br>| 133 |
| 1531 | MetLife Securitization Trust <br>Series 2018-1A Cl. A <br>3.750%—03/25/2057<sup>1,3</sup><br>| 1497 |
| 2447 | NYC Commercial Mortgage Trust <br>Series 2025-28L Cl. A <br>4.668%—11/05/2038<sup>1,3</sup><br>| 2447 |
| 1245 | OBX Trust <br>Series 2018-1 Cl. A2 <br>4.756% (1 Month USD Term SOFR + 0.764%) <br> 06/25/2057<sup>1,3</sup><br>| 1222 |
| 526 | Saxon Asset Securities Trust <br>Series 2006-3 Cl. A3 <br>4.446% (1 Month USD Term SOFR + 0.454%) <br> 10/25/2046<sup>3</sup><br>| 518 |
|  | Sequoia Mortgage Trust |  |
| 3638 | Series 2023-1 Cl. A4 <br>5.000%—01/25/2053<sup>1,3</sup><br>| 3622 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $3219 | Series 2023-2 Cl. A4 <br>5.000%—03/25/2053<sup>1,3</sup><br>| $3204 |
| 5504 | Series 2025-7 Cl. A11 <br>5.500%—08/25/2055<sup>1,3</sup><br>| 5533 |
|  |  | 12359 |
| 154 | STARM Mortgage Loan Trust <br>Series 2007-S1 Cl. 1A <br>6.711%—01/25/2037<sup>3</sup><br>| 90 |
| 4870 | SWCH Commercial Mortgage Trust <br>Series 2025-DATA Cl. A <br>5.475% (1 Month USD Term SOFR + 1.443%) <br> 02/15/2042<sup>1,3</sup><br>| 4847 |
|  | Towd Point Mortgage Trust |  |
| 3106 | Series 2019-1 Cl. A1 <br>3.750%—03/25/2058<sup>1,3</sup><br>| 3031 |
| 3100 | Series 2018-6 Cl. A1B <br>3.750%—03/25/2058<sup>1,3</sup><br>| 3019 |
|  |  | 6050 |
| 2306 | Tricon American Homes <br>Series 2020-SFR1 Cl. A <br>1.499%—07/17/2038<sup>1</sup><br>| 2258 |
|  | WaMu Mortgage Pass-Through Certificates Trust |  |
| 1147 | Series 2006-AR8 Cl. 1A4 <br>4.535%—08/25/2046<sup>3</sup><br>| 1085 |
| 48 | Series 2005-AR13 Cl. A1A1 <br>4.686% (1 Month USD Term SOFR + 0.694%) <br> 10/25/2045<sup>3</sup><br>| 47 |
|  |  | 1132 |
| 7117 | Wells Fargo Commercial Mortgage Trust <br>Series 2018-C48 Cl. A5 <br>4.302%—01/15/2052<br>| 7110 |
| 3591 | WHARF Commercial Mortgage Trust <br>Series 2025-DC Cl. A <br>5.350%—07/15/2040<sup>1,3</sup><br>| 3693 |
| **Total Collateralized Mortgage Obligations** <br>(Cost $149,526) | **Total Collateralized Mortgage Obligations** <br>(Cost $149,526) | 149409 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—30.2%** | **Corporate Bonds & Notes—30.2%** | **Corporate Bonds & Notes—30.2%** |
| **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** |
| 1798 | Embraer Netherlands Finance BV <br>5.980%—02/11/2035<br>| 1934 |
| 4559 | Hexcel Corp. <br>5.875%—02/26/2035<br>| 4781 |
|  |  | 6715 |
| **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** |
| 4145 | American Axle & Manufacturing, Inc. <br>6.375%—10/15/2032<sup>1</sup><br>| 4160 |
| **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** |
| 3800 | Ford Motor Credit Co. LLC <br>6.125%—03/08/2034<br>| 3847 |
| 2352 | General Motors Financial Co., Inc. <br>5.800%—06/23/2028<br>| 2437 |
|  |  | 6284 |
| **BANKS—2.3%** | **BANKS—2.3%** | **BANKS—2.3%** |
| 2751 | Bank of America Corp. <br>5.744%—02/12/2036<sup>4</sup><br>| 2864 |

---

------

⬤

------

**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** |
| $5703 | Barclays PLC <br>5.690%—03/12/2030<sup>4</sup><br>| $5922 |
| 4700 | Citigroup, Inc. <br>2.572%—06/03/2031<sup>4</sup><br>| 4335 |
| 1995 | ING Groep NV <br>6.114%—09/11/2034<sup>4</sup><br>| 2158 |
| 4000 | JPMorgan Chase & Co. <br>1.470%—09/22/2027<sup>4</sup><br>| 3906 |
| 2981 | Lloyds Banking Group PLC <br>6.068%—06/13/2036<sup>4</sup><br>| 3125 |
|  | Truist Financial Corp. MTN |  |
| 3001 | 6.123%—10/28/2033<sup>4</sup> | 3228 |
| 2592 | 7.161%—10/30/2029<sup>4</sup> | 2802 |
|  |  | 6030 |
|  |  | 28340 |
| **BEVERAGES—0.4%** | **BEVERAGES—0.4%** | **BEVERAGES—0.4%** |
| 4635 | Diageo Investment Corp. <br>5.625%—04/15/2035<br>| 4912 |
| **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** |
| 3101 | Antares Holdings LP <br>6.350%—10/23/2029<sup>1</sup><br>| 3165 |
| 6000 | Blackstone Holdings Finance Co. LLC <br>3.200%—01/30/2052<sup>1</sup><br>| 4147 |
| 5700 | Blue Owl Capital Corp. <br>2.875%—06/11/2028<br>| 5384 |
| 490 | Blue Owl Credit Income Corp. <br>6.600%—09/15/2029<br>| 507 |
| 6096 | Brookfield Capital Finance LLC <br>6.087%—06/14/2033<br>| 6549 |
| 6962 | Brookfield Finance, Inc. <br>6.300%—01/15/2055<sup>4</sup><br>| 6932 |
| 3098 | Golub Capital Private Credit Fund <br>5.800%—09/12/2029<br>| 3147 |
| 3652 | Hercules Capital, Inc. <br>6.000%—06/16/2030<br>| 3698 |
| 5850 | KKR Group Finance Co. VII LLC <br>3.625%—02/25/2050<sup>1</sup><br>| 4290 |
| 1883 | Main Street Capital Corp. <br>6.950%—03/01/2029<br>| 1964 |
| 1709 | Oaktree Specialty Lending Corp. <br>2.700%—01/15/2027<br>| 1658 |
|  | Sixth Street Lending Partners |  |
| 2001 | 5.750%—01/15/2030 | 2028 |
| 3000 | 6.500%—03/11/2029 | 3113 |
|  |  | 5141 |
|  |  | 46582 |
| **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** |
| 2898 | ADT Security Corp. <br>5.875%—10/15/2033<sup>1</sup><br>| 2947 |
| 3902 | Rentokil Terminix Funding LLC <br>5.625%—04/28/2035<sup>1</sup><br>| 4022 |
| 1350 | Triton Container International Ltd. <br>3.150%—06/15/2031<sup>1</sup><br>| 1223 |
|  |  | 8192 |
| **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** |
| 3784 | Standard Industries, Inc. <br>4.375%—07/15/2030<sup>1</sup><br>| 3652 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| $6255 | Sonoco Products Co. <br>4.600%—09/01/2029<br>| $6298 |
| **DIVERSIFIED FINANCIAL SERVICES—3.6%** | **DIVERSIFIED FINANCIAL SERVICES—3.6%** | **DIVERSIFIED FINANCIAL SERVICES—3.6%** |
| 3205 | AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust <br>5.100%—01/19/2029<br>| 3279 |
| 6200 | Aircastle Ltd. <br>2.850%—01/26/2028<sup>1</sup><br>| 5992 |
| 661 | Aircastle Ltd./Aircastle Ireland DAC <br>5.750%—10/01/2031<sup>1</sup><br>| 689 |
| 3762 | Atlas Warehouse Lending Co. LP <br>6.050%—01/15/2028<sup>1</sup><br>| 3870 |
| 5940 | Aviation Capital Group LLC <br>4.800%—10/24/2030<sup>1</sup><br>| 5940 |
| 3527 | Blue Owl Finance LLC <br>6.250%—04/18/2034<br>| 3662 |
| 4836 | Capital One Financial Corp. <br>5.884%—07/26/2035<sup>4</sup><br>| 5066 |
| 8750 | Depository Trust & Clearing Corp. <br>3.375%—06/20/2026<sup>1,4</sup><br>| 8619 |
| 2078 | GGAM Finance Ltd. <br>8.000%—02/15/2027<sup>1</sup><br>| 2126 |
| 3664 | Macquarie Airfinance Holdings Ltd. <br>5.150%—03/17/2030<sup>1</sup><br>| 3709 |
| 2254 | Voya Financial, Inc. <br>5.000%—09/20/2034<br>| 2254 |
|  |  | 45206 |
| **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>| 3108 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%** |
| 2915 | Verizon Communications, Inc. <br>3.700%—03/22/2061<br>| 2033 |
| **ELECTRIC UTILITIES—2.3%** | **ELECTRIC UTILITIES—2.3%** | **ELECTRIC UTILITIES—2.3%** |
|  | CMS Energy Corp. |  |
| 4171 | 3.750%—12/01/2050<sup>4</sup> | 3854 |
| 1647 | 4.750%—06/01/2050<sup>4</sup> | 1623 |
|  |  | 5477 |
| 4223 | Dominion Energy, Inc. <br>6.875%—02/01/2055<sup>4</sup><br>| 4441 |
| 2518 | DTE Electric Securitization Funding II LLC <br>5.970%—03/01/2033<br>| 2658 |
|  | Exelon Corp. |  |
| 5000 | 4.050%—04/15/2030 | 4956 |
| 1500 | 5.625%—06/15/2035 | 1572 |
|  |  | 6528 |
| 763 | National Rural Utilities Cooperative Finance Corp. <br>7.010% (3 Month USD Term SOFR + 3.172%) <br> 04/30/2043<sup>3</sup><br>| 764 |
| 2877 | New England Power Co. <br>5.936%—11/25/2052<sup>1</sup><br>| 3003 |
| 2234 | NextEra Energy Capital Holdings, Inc. <br>6.375%—08/15/2055<sup>4</sup><br>| 2332 |
| 4075 | NRG Energy, Inc. <br>6.000%—01/15/2036<sup>1</sup><br>| 4148 |
|  |  | 29351 |

---

------

⬤

------

**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** |
| **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—0.3%** | **ENTERTAINMENT—0.3%** | **ENTERTAINMENT—0.3%** |
| 3372 | Allwyn Entertainment Financing U.K. PLC <br>7.875%—04/30/2029<sup>1</sup><br>| 3500 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.3%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.3%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.3%** |
| 1400 | Agree LP <br>2.900%—10/01/2030<br>| 1306 |
| 2100 | Alexandria Real Estate Equities, Inc. <br>2.750%—12/15/2029<br>| 1969 |
| 1118 | American Tower Corp. <br>3.650%—03/15/2027<br>| 1110 |
| 5922 | COPT Defense Properties LP <br>2.000%—01/15/2029<br>| 5513 |
|  | EPR Properties |  |
| 4005 | 4.500%—06/01/2027 | 4006 |
| 600 | 4.950%—04/15/2028 | 606 |
|  |  | 4612 |
| 4500 | GLP Capital LP/GLP Financing II, Inc. <br>4.000%—01/15/2030<br>| 4372 |
| 3398 | Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>5.500%—08/01/2030<br>| 3464 |
| 4700 | Realty Income Corp. <br>3.400%—01/15/2030<br>| 4557 |
| 1947 | VICI Properties LP <br>5.750%—04/01/2034<br>| 2014 |
|  |  | 28917 |
| **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** |
| 3249 | Charles Schwab Corp. <br>5.643%—05/19/2029<sup>4</sup><br>| 3372 |
| 982 | Macquarie Airfinance Holdings Ltd. <br>6.400%—03/26/2029<sup>1</sup><br>| 1033 |
| 5720 | Navient Corp. <br>4.875%—03/15/2028<br>| 5598 |
| 2846 | PNC Financial Services Group, Inc. <br>6.875%—10/20/2034<sup>4</sup><br>| 3224 |
|  |  | 13227 |
| **HEALTH CARE PROVIDERS & SERVICES—1.0%** | **HEALTH CARE PROVIDERS & SERVICES—1.0%** | **HEALTH CARE PROVIDERS & SERVICES—1.0%** |
|  | CVS Pass-Through Trust |  |
| 260 | 6.943%—01/10/2030 | 269 |
| 3428 | 7.507%—01/10/2032<sup>1</sup> | 3648 |
|  |  | 3917 |
| 3585 | DaVita, Inc. <br>6.750%—07/15/2033<sup>1</sup><br>| 3720 |
| 4817 | Pediatrix Medical Group, Inc. <br>5.375%—02/15/2030<sup>1</sup><br>| 4791 |
|  |  | 12428 |
| **INDUSTRIAL CONGLOMERATES—1.3%** | **INDUSTRIAL CONGLOMERATES—1.3%** | **INDUSTRIAL CONGLOMERATES—1.3%** |
|  | Ashtead Capital, Inc. |  |
| 8565 | 2.450%—08/12/2031<sup>1</sup> | 7601 |
| 4540 | 5.550%—05/30/2033<sup>1</sup> | 4685 |
|  |  | 12286 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **INDUSTRIAL CONGLOMERATES—Continued** | **INDUSTRIAL CONGLOMERATES—Continued** | **INDUSTRIAL CONGLOMERATES—Continued** |
| $3800 | Textron, Inc. <br>2.450%—03/15/2031<br>| $3434 |
|  |  | 15720 |
| **INSURANCE—1.7%** | **INSURANCE—1.7%** | **INSURANCE—1.7%** |
| 1774 | Aspen Insurance Holdings Ltd. <br>5.750%—07/01/2030<br>| 1854 |
| 4786 | Brown & Brown, Inc. <br>5.250%—06/23/2032<br>| 4909 |
| 2150 | Fortitude Group Holdings LLC <br>6.250%—04/01/2030<sup>1</sup><br>| 2235 |
| 6198 | Global Atlantic Fin Co. <br>7.950%—06/15/2033<sup>1</sup><br>| 7119 |
| 6128 | SBL Holdings, Inc. <br>5.000%—02/18/2031<sup>1</sup><br>| 5692 |
|  |  | 21809 |
| **IT SERVICES—0.5%** | **IT SERVICES—0.5%** | **IT SERVICES—0.5%** |
| 3866 | Booz Allen Hamilton, Inc. <br>3.875%—09/01/2028<sup>1</sup><br>| 3793 |
| 2383 | Genpact Luxembourg SARL/Genpact USA, Inc. <br>6.000%—06/04/2029<br>| 2485 |
|  |  | 6278 |
| **MACHINERY—0.2%** | **MACHINERY—0.2%** | **MACHINERY—0.2%** |
| 2358 | Terex Corp. <br>6.250%—10/15/2032<sup>1</sup><br>| 2394 |
| **MEDIA—0.4%** | **MEDIA—0.4%** | **MEDIA—0.4%** |
| 5320 | Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 5513 |
| **OIL, GAS & CONSUMABLE FUELS—2.2%** | **OIL, GAS & CONSUMABLE FUELS—2.2%** | **OIL, GAS & CONSUMABLE FUELS—2.2%** |
|  | Columbia Pipelines Operating Co. LLC |  |
| 2560 | 5.439%—02/15/2035<sup>1</sup> | 2618 |
| 995 | 5.962%—02/15/2055<sup>1</sup> | 996 |
| 3209 | 6.036%—11/15/2033<sup>1</sup> | 3425 |
|  |  | 7039 |
|  | ConocoPhillips Co. |  |
| 741 | 5.500%—01/15/2055 | 723 |
| 812 | 5.550%—03/15/2054 | 800 |
|  |  | 1523 |
| 3145 | Enbridge, Inc. <br>5.750%—07/15/2080<sup>4</sup><br>| 3171 |
| 3434 | Florida Gas Transmission Co. LLC <br>5.750%—07/15/2035<sup>1</sup><br>| 3575 |
| 3720 | Gulfstream Natural Gas System LLC <br>5.600%—07/23/2035<sup>1</sup><br>| 3816 |
| 1061 | Kinder Morgan, Inc. <br>5.850%—06/01/2035<br>| 1119 |
| 7629 | Occidental Petroleum Corp. <br>0.000%—10/10/2036<sup>5</sup><br>| 4552 |
| 3035 | Venture Global LNG, Inc. <br>7.000%—01/15/2030<sup>1</sup><br>| 3073 |
|  |  | 27868 |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| 2695 | Air Canada Pass-Through Trust <br>3.300%—07/15/2031<sup>1</sup><br>| 2566 |

---

------

⬤

------

**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** |
| **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** |
| $1149 | American Airlines Pass-Through Trust <br>3.600%—03/22/2029<br>| $1131 |
| 984 | United Airlines Pass-Through Trust <br>2.700%—11/01/2033<br>| 907 |
|  |  | 4604 |
| **PHARMACEUTICALS—0.2%** | **PHARMACEUTICALS—0.2%** | **PHARMACEUTICALS—0.2%** |
| 3000 | Teva Pharmaceutical Finance Netherlands III BV <br>6.750%—03/01/2028<br>| 3118 |
| **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>| 3652 |
| 3566 | Verisk Analytics, Inc. <br>5.250%—03/15/2035<br>| 3637 |
|  |  | 7289 |
| **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** |
| 3800 | Norfolk Southern Corp. <br>4.050%—08/15/2052<br>| 3048 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** |
| 1230 | KLA Corp. <br>5.650%—11/01/2034<br>| 1320 |
| 6500 | NXP BV/NXP Funding LLC/NXP USA, Inc. <br>2.500%—05/11/2031<br>| 5861 |
|  |  | 7181 |
| **SOFTWARE—0.4%** | **SOFTWARE—0.4%** | **SOFTWARE—0.4%** |
| 2202 | Constellation Software, Inc. <br>5.461%—02/16/2034<sup>1</sup><br>| 2235 |
| 3500 | Oracle Corp. <br>3.600%—04/01/2040<br>| 2742 |
|  |  | 4977 |
| **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** |
| 2059 | Ferguson Enterprises, Inc. <br>5.000%—10/03/2034<br>| 2076 |
| 2900 | Group 1 Automotive, Inc. <br>4.000%—08/15/2028<sup>1</sup><br>| 2816 |
| 2956 | Lithia Motors, Inc. <br>3.875%—06/01/2029<sup>1</sup><br>| 2825 |
| 1320 | Macy's Retail Holdings LLC <br>7.375%—08/01/2033<sup>1</sup><br>| 1393 |
| 1778 | Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 1843 |
|  |  | 10953 |
| **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>| 4776 |
| **Total Corporate Bonds & Notes** <br>(Cost $374,841) | **Total Corporate Bonds & Notes** <br>(Cost $374,841) | 378942 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—24.9%** | **Mortgage Pass-Through—24.9%** | **Mortgage Pass-Through—24.9%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 4579 | <br>2.000%—12/01/2051 | 3737 |
| 36333 | <br>2.500%—07/01/2050-05/01/2052 | 31267 |
| 13865 | <br>3.000%—02/01/2033-12/01/2046 | 13222 |
| 5067 | <br>3.500%—01/01/2026-06/01/2048 | 4780 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $9812 | <br>4.000%—04/01/2034-11/01/2048 | $9511 |
| 4007 | <br>4.500%—12/01/2040-01/01/2049 | 3993 |
| 10177 | <br>5.000%—08/01/2052-05/01/2054 | 10305 |
| 7930 | <br>5.500%—02/01/2038-07/01/2054 | 8153 |
| 1003 | <br>6.000%—01/01/2029-05/01/2040 | 1054 |
| 2 | <br>6.430% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 2.250%) <br> 08/01/2035<sup>3</sup><br>| 2 |
|  |  | 86024 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |
| 7523 | Series 5462 <br>2.000%—05/25/2037<br>| 508 |
| 2684 | Series 4628 Cl. CI <br>3.000%—05/15/2035<br>| 192 |
| 10797 | Series 5158 Cl. BI <br>3.000%—05/25/2035<br>| 843 |
| 3426 | Series 4118 <br>4.000%—10/15/2042<br>| 513 |
|  | Series 2266 Cl. F <br>4.798% (30 Day USD Average SOFR + 0.564%) <br> 11/15/2030<sup>3</sup><br>|  |
| 894 | Series 4989 Cl. FA <br>4.820% (30 Day USD Average SOFR + 0.464%) <br> 08/15/2040<sup>3</sup><br>| 880 |
| 816 | Series 4989 Cl. FB <br>4.820% (30 Day USD Average SOFR + 0.464%) <br> 10/15/2040<sup>3</sup><br>| 803 |
|  |  | 3739 |
|  | Federal Home Loan Mortgage Corp. STRIPS |  |
| 9381 | Series 414 Cl. C1 <br>1.500%—03/25/2037<br>| 513 |
| 13212 | Series 400 Cl. C14 <br>2.000%—07/25/2037<br>| 923 |
| 1817 | Series 304 Cl. C45 <br>3.000%—12/15/2027<br>| 30 |
|  |  | 1466 |
|  | Federal Home Loan Mortgage Corp. Structured <br> Pass-Through Certificates<br>|  |
| 5 | Series E3 Cl. A <br>4.571%—08/15/2032<sup>3</sup><br>| 5 |
| 32 | Series T-63 Cl. 1A1 <br>5.309% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 1.200%) 02/25/2045<sup>3</sup><br>| 31 |
|  |  | 36 |
|  | Federal National Mortgage Association |  |
| 10425 | <br>2.000%—02/01/2051-04/01/2051 | 8522 |
| 37602 | <br>2.500%—04/01/2035-04/01/2052 | 33479 |
| 25772 | <br>3.000%—11/01/2025-12/01/2050 | 23495 |
| 20239 | <br>3.500%—12/01/2025-01/01/2051 | 18962 |
| 23812 | <br>4.000%—01/01/2026-11/01/2050 | 23218 |
| 23816 | <br>4.500%—02/01/2026-12/01/2050 | 23639 |
| 23969 | <br>5.000%—10/01/2031-05/01/2054 | 24248 |
| 7054 | <br>5.500%—03/01/2027-09/01/2041 | 7309 |
| 29 | <br>5.553% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 1.400%) 10/01/2040<sup>3</sup><br>| 29 |
| 2233 | <br>6.000%—06/01/2027-06/01/2040 | 2344 |
| 214 | <br>6.349% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.693%) 08/01/2035<sup>3</sup><br>| 217 |

---

------

⬤

------

**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** |
| $138 | <br>6.406% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.715%) 06/01/2035<sup>3</sup><br>| $142 |
| 12 | <br>6.460% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.710%) 05/01/2035<sup>3</sup><br>| 13 |
|  |  | 165617 |
|  | Federal National Mortgage Association Interest <br> STRIPS<br>|  |
| 13680 | Series 435 Cl. C1 <br>1.500%—03/25/2037<br>| 716 |
| 10842 | Series 427 Cl. C56 <br>2.000%—03/25/2036<br>| 643 |
| 4168 | Series 407 Cl. 7 <br>5.000%—03/25/2041<br>| 867 |
|  |  | 2226 |
|  | Federal National Mortgage Association REMICS |  |
| 3704 | Series 2021-67 Cl. AI <br>0.525%—10/25/2051<sup>3</sup><br>| 199 |
| 15322 | Series 2020-81 Cl. AI <br>1.500%—11/25/2035<br>| 781 |
| 6187 | Series 2017-70 Cl. AS <br>1.603%—09/25/2057<sup>3</sup><br>| 382 |
| 3748 | Series 2011-98 Cl. ZL <br>3.500%—10/25/2041<br>| 3576 |
| 1981 | Series 2016-102 Cl. JI <br>3.500%—02/25/2046<br>| 77 |
| 4626 | Series 2020-27 Cl. IM <br>3.500%—05/25/2035<br>| 355 |
| 5461 | Series 2020-44 Cl. AI <br>4.000%—07/25/2050<br>| 1116 |
| 2520 | Series 2020-91 Cl. KI <br>4.000%—11/25/2043<br>| 345 |
| 944 | Series 2015-38 Cl. DF <br>4.780% (30 Day USD Average SOFR + 0.424%) <br> 06/25/2055<sup>3</sup><br>| 934 |
| 116 | Series 2003-25 Cl. KP <br>5.000%—04/25/2033<br>| 116 |
| 1701 | Series 2015-30 Cl. EI <br>5.000%—05/25/2045<br>| 229 |
| 1155 | Series 2016-33 Cl. NI <br>5.000%—07/25/2034<br>| 157 |
| 2962 | Series 2018-36 <br>5.000%—06/25/2048<br>| 427 |
| 5915 | Series 2019-49 Cl. IA <br>5.000%—05/25/2047<br>| 843 |
| 1392 | Series 2011-59 Cl. YI <br>6.000%—07/25/2041<br>| 207 |
| 12 | Series 2006-5 Cl. 3A2 <br>6.343%—05/25/2035<sup>3</sup><br>| 12 |
|  |  | 9756 |
| 68 | Federal National Mortgage Association REMICS <br> Trust <br>Series 2003-W1 Cl. 1A1 <br>4.705%—12/25/2042<sup>3</sup><br>| 68 |
|  | Government National Mortgage Association |  |
| 6256 | <br>2.000%—02/20/2052 | 5210 |
| 6141 | <br>2.500%—09/20/2051 | 5321 |
| 435 | <br>3.000%—11/15/2049 | 392 |
| 7583 | <br>3.500%—05/20/2052 | 7007 |
| 6958 | <br>4.000%—09/15/2049-08/20/2052 | 6673 |
| 931 | <br>4.500%—02/20/2049 | 929 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $4 | <br>4.625% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 07/20/2027<sup>3</sup><br>| $4 |
| 13 | <br>4.750% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 11/20/2025-11/20/2029<sup>3</sup><br>| 13 |
| 13896 | <br>5.000%—08/15/2033-06/15/2050 | 14067 |
| 60 | <br>5.625% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 02/20/2032<sup>3</sup><br>| 61 |
|  |  | 39677 |
|  | Government National Mortgage Association <br> REMICS<br>|  |
| 11232 | Series 2018-148 Cl. GS <br>1.954% (1 Month USD Term SOFR + 5.986%) <br> 02/16/2046<sup>3</sup><br>| 1220 |
| 2349 | Series 2010-47 Cl. SK <br>2.455% (1 Month USD Term SOFR + 6.486%) <br> 07/20/2037<sup>3</sup><br>| 65 |
| 2460 | Series 2007-41 Cl. SM <br>2.555% (1 Month USD Term SOFR + 6.586%) <br> 07/20/2037<sup>3</sup><br>| 222 |
| 3679 | Series 2020-4 Cl. DI <br>4.000%—03/20/2041<br>| 464 |
| 3270 | Series 2014-2 Cl. IC <br>5.000%—01/16/2044<br>| 577 |
| 446 | Series 2015-180 Cl. CI <br>5.000%—12/16/2045<br>| 61 |
| 476 | Series 2017-163 Cl. IE <br>5.500%—02/20/2039<br>| 75 |
| 3185 | Series 2020-146 Cl. IG <br>5.500%—09/20/2046<br>| 526 |
| 203 | Series 2016-136 Cl. IA <br>6.000%—10/20/2038<br>| 23 |
| 1245 | Series 2024-107 <br>6.500%—06/20/2054<br>| 194 |
|  |  | 3427 |
| **Total Mortgage Pass-Through** <br>(Cost $325,844) | **Total Mortgage Pass-Through** <br>(Cost $325,844) | 312036 |

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—20.1%** | **U.S. Government Obligations—20.1%** | **U.S. Government Obligations—20.1%** |
|  | U.S. Treasury Bonds |  |
| 50625 | <br>1.750%—08/15/2041 | 34688 |
| 20777 | <br>2.000%—08/15/2051 | 12323 |
| 9447 | <br>2.250%—02/15/2052 | 5930 |
| 4198 | <br>2.375%—02/15/2042 | 3140 |
| 7428 | <br>3.000%—08/15/2052 | 5492 |
| 13873 | <br>3.375%—08/15/2042 | 11925 |
| 16561 | <br>3.625%—05/15/2053 | 13817 |
| 13772 | <br>3.875%—05/15/2043 | 12586 |
| 8726 | <br>4.125%—08/15/2053 | 7965 |
| 24440 | 4.250%—02/15/2054-08/15/2054 | 22793 |
| 12678 | <br>4.500%—02/15/2044 | 12502 |
| 42157 | 4.625%—05/15/2044-02/15/2055 | 42118 |
| 5564 | <br>4.750%—08/15/2055 | 5641 |
| 6536 | <br>4.875%—08/15/2045 | 6733 |
|  |  | 197653 |
|  | U.S. Treasury Notes |  |
| 6276 | <br>3.625%—08/31/2030 | 6255 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—Continued** | **U.S. Government Obligations—Continued** | **U.S. Government Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $37402 | <br>4.000%—05/31/2030 | $37894 |
| 10713 | <br>4.250%—05/15/2035 | 10859 |
|  |  | 55008 |
| **Total U.S. Government Obligations** <br>(Cost $281,446) | **Total U.S. Government Obligations** <br>(Cost $281,446) | 252661 |
| **TOTAL INVESTMENTS—98.9%** <br>(Cost $1,278,094) | **TOTAL INVESTMENTS—98.9%** <br>(Cost $1,278,094) | 1241229 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.1%** | 14066 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $1255295 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 2025 (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.

The following is a rollforward of the Fund's Level 3 investments during the year ended October 31, 2025. Transfers into or out of Level 3, if any, are recognized as of the last day in the fiscal quarter of the period in which the event or change in circumstances that caused the reclassification occurred.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Valuation** <br>**Description**<br>| **Beginning** <br>**Balance** <br>**as of** <br>**11/01/2024** <br>**(000s)**<br>| **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>| **Discount/** <br>**(Premium)** <br>**(000s)**<br>| **Total** <br>**Realized** <br>**Gain/(Loss)** <br>**(000s)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Transfers** <br>**Into** <br>**Level 3** <br>**(000s)**<br>| **Transfers** <br>**Out of** <br>**Level 3**<sup>h</sup> <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**10/31/2025** <br>**(000s)**<br>| **Unrealized** <br>**Gain/(Loss)** <br>**as of** <br>**10/31/2025** <br>**(000s)**<br>|
| Asset Backed Securities | $2992 | $— | $— | $— | $— | $9 | $— | $(3001) | $— | $9 |

---

------

h

Transferred into Level 3 due to the unavailability of observable market data for pricing or transferred out of Level 3 due to availability of observable market data for pricing.

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 October 31, 2025, the aggregate value of these securities was $395,194 or 31% of net assets.

Step coupon security; the stated rate represents the rate in effect as of October 31, 2025.

Variable or floating rate security; the stated rate represents the rate in effect as of October 31, 2025. 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.

Zero coupon bond

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—October 31, 2025** 

------

**Subadvisor:** Marathon Asset Management Limited

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| 238081 | BAE Systems PLC (United Kingdom) | $5865 |
| 682931 | Rolls-Royce Holdings PLC (United Kingdom) | 10509 |
|  |  | 16374 |
| **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** |
| 110300 | Bridgestone Corp. (Japan) | 4815 |
| 61949 | Johnson Electric Holdings Ltd. (Hong Kong) | 291 |
|  |  | 5106 |
| **AUTOMOBILES—0.4%** | **AUTOMOBILES—0.4%** | **AUTOMOBILES—0.4%** |
| 14436 | Bayerische Motoren Werke AG (Germany) | 1346 |
| 556100 | Mitsubishi Motors Corp. (Japan) | 1355 |
|  |  | 2701 |
| **BANKS—15.3%** | **BANKS—15.3%** | **BANKS—15.3%** |
| 10107600 | Bank Central Asia Tbk. PT (Indonesia) | 5175 |
| 287981 | Bank of Ireland Group PLC (Ireland) | 4715 |
| 62912 | Bank of Nova Scotia (Canada) | 4126 |
| 1629788 | Barclays PLC (United Kingdom) | 8742 |
| 805544 | CaixaBank SA (Spain) | 8514 |
| 34814 | Capitec Bank Holdings Ltd. (South Africa) | 7703 |
| 69806 | Close Brothers Group PLC (United Kingdom)<sup>\*</sup> | 385 |
| 94761 | DBS Group Holdings Ltd. (Singapore) | 3923 |
| 174680 | DNB Bank ASA (Norway) | 4459 |
| 419700 | Grupo Financiero Banorte SAB de CV Class O (Mexico) | 3940 |
| 894843 | HDFC Bank Ltd. (India) | 9956 |
| 296200 | Japan Post Bank Co. Ltd. (Japan) | 3319 |
| 3479830 | Lloyds Banking Group PLC (United Kingdom) | 4080 |
| 207300 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 3131 |
| 486794 | National Bank of Greece SA (Greece) | 7155 |
| 430500 | Resona Holdings, Inc. (Japan) | 4150 |
| 164372 | Shinhan Financial Group Co. Ltd. (South Korea) | 8443 |
| 352638 | Standard Chartered PLC (United Kingdom) | 7239 |
| 158400 | Sumitomo Mitsui Trust Group, Inc. (Japan) | 4351 |
| 188875 | Svenska Handelsbanken AB Class A (Sweden) | 2465 |
| 134028 | UniCredit SpA (Italy) | 9924 |
|  |  | 115895 |
| **BEVERAGES—3.0%** | **BEVERAGES—3.0%** | **BEVERAGES—3.0%** |
| 442600 | Arca Continental SAB de CV (Mexico) | 4283 |
| 286700 | Asahi Group Holdings Ltd. (Japan) | 3091 |
| 31443 | Carlsberg AS Class B (Denmark) | 3697 |
| 18710 | Coca-Cola Europacific Partners PLC (United States) | 1662 |
| 462363 | Davide Campari-Milano NV (Italy) | 3219 |
| 182696 | Diageo PLC (United Kingdom) | 4202 |
| 133500 | Kirin Holdings Co. Ltd. (Japan) | 1878 |
| 142954 | Treasury Wine Estates Ltd. (Australia) | 560 |
|  |  | 22592 |
| **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** |
| 21143 | CSL Ltd. (Australia) | 2464 |
| **BROADLINE RETAIL—2.3%** | **BROADLINE RETAIL—2.3%** | **BROADLINE RETAIL—2.3%** |
| 173715 | Naspers Ltd. Class N (South Africa) | 12201 |
| 21400 | Seria Co. Ltd. (Japan) | 407 |
| 263627 | Vipshop Holdings Ltd. ADR (China)<sup>1</sup> | 4611 |
|  |  | 17219 |
| **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** |
| 123061 | Assa Abloy AB Class B (Sweden) | 4637 |
| 6079 | Geberit AG (Switzerland) | 4444 |
| 271473 | Reliance Worldwide Corp. Ltd. (Australia) | 736 |
|  |  | 9817 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** |
| 235329 | 3i Group PLC (United Kingdom) | $13619 |
| 2260100 | B3 SA - Brasil Bolsa Balcao (Brazil) | 5318 |
| 18718 | Brookfield Asset Management Ltd. Class A (Canada) | 1012 |
| 112738 | Brookfield Corp. (Canada) | 5192 |
| 15644 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 853 |
| 120349 | IG Group Holdings PLC (United Kingdom) | 1762 |
| 261865 | Jupiter Fund Management PLC (United Kingdom) | 524 |
| 443900 | Nomura Holdings, Inc. (Japan) | 3168 |
| 33459 | Rathbones Group PLC (United Kingdom) | 784 |
|  |  | 32232 |
| **CHEMICALS—0.1%** | **CHEMICALS—0.1%** | **CHEMICALS—0.1%** |
| 63700 | Air Water, Inc. (Japan) | 890 |
| **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** |
| 18732 | Befesa SA (Germany)<sup>2</sup> | 620 |
| 31800 | Daiei Kankyo Co. Ltd. (Japan) | 707 |
| 60604 | Elis SA (France) | 1688 |
| 30800 | Secom Co. Ltd. (Japan) | 1041 |
| 740685 | Serco Group PLC (United Kingdom) | 2472 |
|  |  | 6528 |
| **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** |
| 63392 | AtkinsRealis Group, Inc. (Canada) | 4471 |
| 41800 | Kinden Corp. (Japan) | 1674 |
| 153700 | Obayashi Corp. (Japan) | 2600 |
| 31455 | Taisei Corp. (Japan) | 2289 |
|  |  | 11034 |
| **CONSTRUCTION MATERIALS—1.8%** | **CONSTRUCTION MATERIALS—1.8%** | **CONSTRUCTION MATERIALS—1.8%** |
| 26080 | Amrize Ltd. (Switzerland)<sup>\*</sup> | 1349 |
| 453122 | Cemex SAB de CV ADR (Mexico)<sup>1</sup> | 4599 |
| 26080 | Holcim AG (Switzerland) | 2319 |
| 79800 | Taiheiyo Cement Corp. (Japan) | 2165 |
| 102851 | Wienerberger AG (Austria) | 3053 |
|  |  | 13485 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** |
| 45418 | Alimentation Couche-Tard, Inc. (Canada) | 2308 |
| 123968 | Bid Corp. Ltd. (South Africa) | 3069 |
| 79422 | Koninklijke Ahold Delhaize NV (Netherlands) | 3250 |
| 86133 | Loblaw Cos. Ltd. (Canada) | 3423 |
| 99800 | Seven & i Holdings Co. Ltd. (Japan) | 1269 |
| 140921 | X5 Retail Group NV GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
|  |  | 13319 |
| **CONTAINERS & PACKAGING—0.4%** | **CONTAINERS & PACKAGING—0.4%** | **CONTAINERS & PACKAGING—0.4%** |
| 872371 | Orora Ltd. (Australia) | 1148 |
| 74300 | Toyo Seikan Group Holdings Ltd. (Japan) | 1668 |
|  |  | 2816 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 98140 | Inchcape PLC (United Kingdom) | 985 |
| **DIVERSIFIED CONSUMER SERVICES—0.5%** | **DIVERSIFIED CONSUMER SERVICES—0.5%** | **DIVERSIFIED CONSUMER SERVICES—0.5%** |
| 138932 | Laureate Education, Inc. (United States)<sup>\*</sup> | 4033 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** |
| 7013400 | NTT, Inc. (Japan) | 7219 |
| **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** | **ELECTRIC UTILITIES—0.4%** |
| 163550 | Iberdrola SA (Spain) | 3315 |
| **ELECTRICAL EQUIPMENT—2.6%** | **ELECTRICAL EQUIPMENT—2.6%** | **ELECTRICAL EQUIPMENT—2.6%** |
| 183468 | Havells India Ltd. (India) | 3081 |

---

------

⬤

------

**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** |
| 16199 | Legrand SA (France) | $2798 |
| 99500 | Mitsubishi Electric Corp. (Japan) | 2825 |
| 26039 | Schneider Electric SE (France) | 7419 |
| 157752 | Vestas Wind Systems AS (Denmark) | 3226 |
|  |  | 19349 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** |
| 145315 | Delta Electronics, Inc. (Taiwan) | 4674 |
| 70500 | Murata Manufacturing Co. Ltd. (Japan) | 1520 |
|  |  | 6194 |
| **ENERGY EQUIPMENT & SERVICES—0.3%** | **ENERGY EQUIPMENT & SERVICES—0.3%** | **ENERGY EQUIPMENT & SERVICES—0.3%** |
| 476636 | John Wood Group PLC (United Kingdom)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 64288 | Technip Energies NV (France) | 2612 |
|  |  | 2612 |
| **ENTERTAINMENT—0.7%** | **ENTERTAINMENT—0.7%** | **ENTERTAINMENT—0.7%** |
| 242490 | Tencent Music Entertainment Group ADR (China)<sup>1</sup> | 5412 |
| **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** |
| 104883 | Edenred SE (France) | 3015 |
| **FOOD PRODUCTS—2.6%** | **FOOD PRODUCTS—2.6%** | **FOOD PRODUCTS—2.6%** |
| 696541 | AVI Ltd. (South Africa) | 3873 |
| 39522 | Bakkafrost P (Norway) | 1815 |
| 106785 | Gruma SAB de CV Class B (Mexico) | 1808 |
| 658956 | Marico Ltd. (India) | 5357 |
| 29600 | Megmilk Snow Brand Co. Ltd. (Japan) | 543 |
| 42500 | NH Foods Ltd. (Japan) | 1570 |
| 41503 | Salmar ASA (Norway) | 2330 |
| 24400 | Toyo Suisan Kaisha Ltd. (Japan) | 1769 |
| 13268 | Viscofan SA (Spain) | 825 |
|  |  | 19890 |
| **GROUND TRANSPORTATION—0.8%** | **GROUND TRANSPORTATION—0.8%** | **GROUND TRANSPORTATION—0.8%** |
| 30396 | Canadian Pacific Kansas City Ltd. (Canada) | 2187 |
| 85000 | East Japan Railway Co. (Japan) | 2076 |
| 97700 | West Japan Railway Co. (Japan) | 2008 |
|  |  | 6271 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.3%** |
| 11274 | BioMerieux (France) | 1452 |
| 33066 | Coloplast AS Class B (Denmark) | 2991 |
| 754567 | Convatec Group PLC (United Kingdom)<sup>2</sup> | 2423 |
| 66845 | Demant AS (Denmark)<sup>\*</sup> | 2224 |
| 10714 | EssilorLuxottica SA (France) | 3924 |
| 357400 | Olympus Corp. (Japan) | 4398 |
| 34800 | Sysmex Corp. (Japan) | 388 |
|  |  | 17800 |
| **HEALTH CARE PROVIDERS & SERVICES—0.5%** | **HEALTH CARE PROVIDERS & SERVICES—0.5%** | **HEALTH CARE PROVIDERS & SERVICES—0.5%** |
| 39050 | Amplifon SpA (Italy) | 667 |
| 39601 | Fresenius Medical Care AG (Germany) | 2126 |
| 6300 | Medipal Holdings Corp. (Japan) | 103 |
| 68500 | Ship Healthcare Holdings, Inc. (Japan) | 1025 |
|  |  | 3921 |
| **HEALTH CARE TECHNOLOGY—0.1%** | **HEALTH CARE TECHNOLOGY—0.1%** | **HEALTH CARE TECHNOLOGY—0.1%** |
| 74600 | M3, Inc. (Japan) | 1045 |
| **HOTELS, RESTAURANTS & LEISURE—2.3%** | **HOTELS, RESTAURANTS & LEISURE—2.3%** | **HOTELS, RESTAURANTS & LEISURE—2.3%** |
| 31534 | Aristocrat Leisure Ltd. (Australia) | 1305 |
| 159038 | Compass Group PLC (United Kingdom) | 5264 |
| 31565 | Domino's Pizza Enterprises Ltd. (Australia) | 378 |
| 337159 | Entain PLC (United Kingdom) | 3512 |
| 283000 | Galaxy Entertainment Group Ltd. (Hong Kong) | 1410 |
| 21541 | InterContinental Hotels Group PLC (United Kingdom) | 2598 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** |
| 840178 | SSP Group PLC (United Kingdom) | $1698 |
| 28020 | Whitbread PLC (United Kingdom) | 1067 |
|  |  | 17232 |
| **HOUSEHOLD DURABLES—1.7%** | **HOUSEHOLD DURABLES—1.7%** | **HOUSEHOLD DURABLES—1.7%** |
| 226085 | Barratt Redrow PLC (United Kingdom) | 1119 |
| 27917 | GN Store Nord AS (Denmark)<sup>\*</sup> | 489 |
| 506515 | Midea Group Co. Ltd. Class A (China) | 5441 |
| 98000 | Nikon Corp. (Japan) | 1143 |
| 167300 | Sony Group Corp. (Japan) | 4659 |
|  |  | 12851 |
| **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** |
| 57113 | Reckitt Benckiser Group PLC (United Kingdom) | 4368 |
| **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** |
| 155000 | CK Hutchison Holdings Ltd. (Hong Kong) | 1028 |
| 36175 | DCC PLC (United Kingdom) | 2383 |
| 49100 | Hitachi Ltd. (Japan) | 1677 |
| 39700 | Jardine Matheson Holdings Ltd. (Hong Kong) | 2331 |
| 93000 | Swire Pacific Ltd. Class A (Hong Kong) | 768 |
|  |  | 8187 |
| **INSURANCE—5.8%** | **INSURANCE—5.8%** | **INSURANCE—5.8%** |
| 52408 | Admiral Group PLC (United Kingdom) | 2257 |
| 1545000 | AIA Group Ltd. (Hong Kong) | 15034 |
| 3215 | Fairfax Financial Holdings Ltd. (Canada) | 5220 |
| 9998 | Hannover Rueck SE (Germany) | 2854 |
| 131860 | Hiscox Ltd. (United Kingdom) | 2384 |
| 174300 | Japan Post Holdings Co. Ltd. (Japan) | 1633 |
| 300104 | Prudential PLC (United Kingdom) | 4174 |
| 156070 | QBE Insurance Group Ltd. (Australia) | 2025 |
| 322362 | Sampo OYJ Class A (Finland) | 3593 |
| 127700 | Tokio Marine Holdings, Inc. (Japan) | 4762 |
|  |  | 43936 |
| **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** |
| 176755 | Auto Trader Group PLC (United Kingdom)<sup>2</sup> | 1813 |
| 272519 | Rightmove PLC (United Kingdom) | 2393 |
|  |  | 4206 |
| **IT SERVICES—0.4%** | **IT SERVICES—0.4%** | **IT SERVICES—0.4%** |
| 16693 | Alten SA (France) | 1375 |
| 48600 | NEC Corp. (Japan) | 1765 |
|  |  | 3140 |
| **LEISURE PRODUCTS—0.3%** | **LEISURE PRODUCTS—0.3%** | **LEISURE PRODUCTS—0.3%** |
| 88700 | Sega Sammy Holdings, Inc. (Japan) | 1641 |
| 63592 | Spin Master Corp. (Canada)<sup>2</sup> | 945 |
|  |  | 2586 |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| 46218 | Eurofins Scientific SE (France) | 3260 |
| 13720 | Gerresheimer AG (Germany) | 436 |
|  |  | 3696 |
| **MACHINERY—4.7%** | **MACHINERY—4.7%** | **MACHINERY—4.7%** |
| 43690 | Alfa Laval AB (Sweden) | 2077 |
| 27104 | ANDRITZ AG (Austria) | 2049 |
| 63175 | ATS Corp. (Canada)<sup>\*</sup> | 1738 |
| 263707 | CNH Industrial NV (United States) | 2766 |
| 98529 | Fluidra SA (Spain) | 2852 |
| 33678 | GEA Group AG (Germany) | 2409 |
| 102000 | IHI Corp. (Japan) | 2112 |
| 83800 | Kubota Corp. (Japan) | 1085 |
| 34100 | Mitsubishi Heavy Industries Ltd. (Japan) | 1029 |

---

------

⬤

------

**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** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| 289024 | Rotork PLC (United Kingdom) | $1301 |
| 82872 | Sandvik AB (Sweden) | 2506 |
| 1968312 | Sany Heavy Industry Co. Ltd. Class A (China) | 6125 |
| 15538 | Stabilus SE (Germany) | 390 |
| 365000 | Techtronic Industries Co. Ltd. (Hong Kong) | 4257 |
| 6700 | Toyota Industries Corp. (Japan) | 728 |
| 71784 | Wartsila OYJ Abp (Finland) | 2349 |
|  |  | 35773 |
| **MARINE TRANSPORTATION—0.1%** | **MARINE TRANSPORTATION—0.1%** | **MARINE TRANSPORTATION—0.1%** |
| 116328 | Irish Continental Group PLC (Ireland) | 770 |
| **MEDIA—0.8%** | **MEDIA—0.8%** | **MEDIA—0.8%** |
| 64152 | Future PLC (United Kingdom) | 517 |
| 90300 | Hakuhodo DY Holdings, Inc. (Japan) | 654 |
| 927538 | ITV PLC (United Kingdom) | 849 |
| 77620 | Nippon Television Holdings, Inc. (Japan) | 1883 |
| 49200 | TBS Holdings, Inc. (Japan) | 1699 |
| 81583 | WPP PLC (United Kingdom) | 308 |
|  |  | 5910 |
| **METALS & MINING—5.8%** | **METALS & MINING—5.8%** | **METALS & MINING—5.8%** |
| 41603 | Acerinox SA (Spain) | 536 |
| 106210 | ArcelorMittal SA (France) | 4055 |
| 133862 | Barrick Mining Corp. (Canada) | 4394 |
| 122553 | BHP Group Ltd. (Australia) | 3494 |
| 224535 | Deterra Royalties Ltd. (Australia) | 599 |
| 41700 | Dowa Holdings Co. Ltd. (Japan) | 1512 |
| 138925 | First Quantum Minerals Ltd. (Canada)<sup>\*</sup> | 2884 |
| 16590 | Franco-Nevada Corp. (Canada) | 3099 |
| 1128582 | Glencore PLC (United Kingdom)<sup>\*</sup> | 5406 |
| 13616 | Newmont Corp. CDI (Australia)<sup>1</sup> | 1107 |
| 320373 | Severstal PAO GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
| 56882 | Southern Copper Corp. (Peru) | 7895 |
| 126200 | Sumitomo Metal Mining Co. Ltd. (Japan) | 4128 |
| 74292 | Valterra Platinum Ltd. (South Africa) | 4595 |
|  |  | 43704 |
| **OIL, GAS & CONSUMABLE FUELS—3.4%** | **OIL, GAS & CONSUMABLE FUELS—3.4%** | **OIL, GAS & CONSUMABLE FUELS—3.4%** |
| 1282984 | BP PLC (United Kingdom) | 7517 |
| 93571 | Canadian Natural Resources Ltd. (Canada) | 2994 |
| 69882 | Equinor ASA (Norway) | 1674 |
| 197300 | Idemitsu Kosan Co. Ltd. (Japan) | 1372 |
| 85000 | Inpex Corp. (Japan) | 1568 |
| 92036 | PrairieSky Royalty Ltd. (Canada) | 1652 |
| 543307 | PRIO SA (Brazil)<sup>\*</sup> | 3639 |
| 498627 | Santos Ltd. (Australia) | 2059 |
| 261462 | Secure Waste Infrastructure Corp. (Canada) | 3264 |
|  |  | 25739 |
| **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** |
| 23901 | Stella-Jones, Inc. (Canada) | 1357 |
| **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** |
| 44524 | Copa Holdings SA Class A (Panama) | 5575 |
| 271964 | easyJet PLC (United Kingdom) | 1731 |
| 42106 | Exchange Income Corp. (Canada) | 2307 |
| 166866 | Qantas Airways Ltd. (Australia) | 1112 |
|  |  | 10725 |
| **PERSONAL CARE PRODUCTS—0.2%** | **PERSONAL CARE PRODUCTS—0.2%** | **PERSONAL CARE PRODUCTS—0.2%** |
| 80200 | Shiseido Co. Ltd. (Japan) | 1351 |
| **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** |
| 135803 | Novo Nordisk AS Class B (Denmark) | 6686 |
| 55500 | Tsumura & Co. (Japan) | 1287 |
|  |  | 7973 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PROFESSIONAL SERVICES—2.3%** | **PROFESSIONAL SERVICES—2.3%** | **PROFESSIONAL SERVICES—2.3%** |
| 75642 | ALS Ltd. (Australia) | $1074 |
| 59288 | Capita PLC (United Kingdom)<sup>\*</sup> | 244 |
| 66696 | Experian PLC (United Kingdom) | 3111 |
| 52767 | Intertek Group PLC (United Kingdom) | 3515 |
| 460623 | IPH Ltd. (Australia) | 1111 |
| 355525 | Pagegroup PLC (United Kingdom) | 1103 |
| 32828 | Randstad NV (Netherlands) | 1287 |
| 141034 | RELX PLC (United Kingdom) | 6233 |
|  |  | 17678 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%** |
| 1092054 | China Resources Land Ltd. (China) | 3946 |
| 100400 | Daiwa House Industry Co. Ltd. (Japan) | 3406 |
| 212972 | Henderson Land Development Co. Ltd. (Hong Kong) | 749 |
|  |  | 8101 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.1%** |
| 8593 | ASML Holding NV (Netherlands) | 9085 |
| 54600 | ASMPT Ltd. (Hong Kong) | 575 |
| 116000 | MediaTek, Inc. (Taiwan) | 4920 |
| 503000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 24325 |
|  |  | 38905 |
| **SOFTWARE—0.6%** | **SOFTWARE—0.6%** | **SOFTWARE—0.6%** |
| 1153 | Constellation Software, Inc. (Canada) | 3034 |
| 35011 | Dassault Systemes SE (France) | 996 |
| 6004 | Lumine Group, Inc. (Canada)<sup>\*</sup> | 144 |
| 5700 | Oracle Corp. (Japan) | 526 |
|  |  | 4700 |
| **SPECIALTY RETAIL—1.5%** | **SPECIALTY RETAIL—1.5%** | **SPECIALTY RETAIL—1.5%** |
| 96900 | ABC-Mart, Inc. (Japan) | 1660 |
| 58100 | Nitori Holdings Co. Ltd. (Japan) | 941 |
| 319534 | Pets at Home Group PLC (United Kingdom) | 900 |
| 242600 | USS Co. Ltd. (Japan) | 2678 |
| 138407 | WH Smith PLC (United Kingdom) | 1230 |
| 1172000 | Zhongsheng Group Holdings Ltd. (China) | 1850 |
| 271000 | ZOZO, Inc. (Japan) | 2343 |
|  |  | 11602 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.5%** |
| 286529 | Advantech Co. Ltd. (Taiwan) | 2910 |
| 116245 | Samsung Electronics Co. Ltd. (South Korea) | 8751 |
|  |  | 11661 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.6%** | **TEXTILES, APPAREL & LUXURY GOODS—2.6%** | **TEXTILES, APPAREL & LUXURY GOODS—2.6%** |
| 12851 | adidas AG (Germany) | 2430 |
| 32393 | Cie Financiere Richemont SA Class A (Switzerland) | 6408 |
| 42787 | Gildan Activewear, Inc. (Canada) | 2495 |
| 662500 | Li Ning Co. Ltd. (China) | 1440 |
| 1380600 | Samsonite Group SA (Hong Kong)<sup>2</sup> | 2887 |
| 459700 | Shenzhou International Group Holdings Ltd. (China) | 3968 |
|  |  | 19628 |
| **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** |
| 275400 | BOC Aviation Ltd. (China)<sup>2</sup> | 2414 |
| 41106 | Brenntag SE (Germany) | 2283 |
| 108704 | Bunzl PLC (United Kingdom) | 3304 |
| 39547 | Finning International, Inc. (Canada) | 2139 |
| 59500 | Mitsubishi Corp. (Japan) | 1429 |
| 49727 | Rexel SA (France) | 1724 |
| 48010 | Richelieu Hardware Ltd. (Canada) | 1316 |
|  |  | 14609 |
| **TRANSPORTATION INFRASTRUCTURE—0.1%** | **TRANSPORTATION INFRASTRUCTURE—0.1%** | **TRANSPORTATION INFRASTRUCTURE—0.1%** |
| 143500 | Mitsubishi Logistics Corp. (Japan) | 1040 |

---

------

⬤

------

**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** |
| **WIRELESS TELECOMMUNICATION SERVICES—0.9%** | **WIRELESS TELECOMMUNICATION SERVICES—0.9%** | **WIRELESS TELECOMMUNICATION SERVICES—0.9%** |
| 525114 | Empresa Nacional de Telecomunicaciones SA (Chile) | $2502 |
| 89815 | Millicom International Cellular SA (Sweden) | 4231 |
|  |  | 6733 |
| **TOTAL COMMON STOCKS** <br>(Cost $481,892) | **TOTAL COMMON STOCKS** <br>(Cost $481,892) | 741694 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** |
| (Cost $2,399) | (Cost $2,399) | (Cost $2,399) |
| **BEVERAGES—0.6%** | **BEVERAGES—0.6%** | **BEVERAGES—0.6%** |
| 951361 | Embotelladora Andina SA (Chile) | 4279 |
| **TOTAL INVESTMENTS—98.4%** <br>(Cost $484,291) | **TOTAL INVESTMENTS—98.4%** <br>(Cost $484,291) | 745973 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.6%** | 12050 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $758023 |

---

&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 October 31, 2025 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; $31441 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31441 |
| Europe | &nbsp;&nbsp; 4231 | &nbsp;&nbsp; 308056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 312287 |
| Latin America | &nbsp;&nbsp; 37057 | &nbsp;&nbsp; 2502 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39559 |
| Middle East/Central Asia | &nbsp;&nbsp; — | &nbsp;&nbsp; 35588 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35588 |
| North America | &nbsp;&nbsp; 70162 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70162 |
| Pacific Basin | &nbsp;&nbsp; 10023 | &nbsp;&nbsp; 242634 | &nbsp;&nbsp; — | &nbsp;&nbsp; 252657 |
| Preferred Stocks |  |  |  |  |
| Latin America | &nbsp;&nbsp; — | &nbsp;&nbsp; 4279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4279 |
| Total Investments in Securities | &nbsp;&nbsp; $121473 | &nbsp;&nbsp; $624500 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $745973 |
| Financial Derivative Instruments - Assets |  |  |  |  |
| Rights/Warrants | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Total Investments | &nbsp;&nbsp; $121473 | &nbsp;&nbsp; $624500 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $745973 |

---

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.

------

⬤

------

**Harbor Diversified International All Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS—Continued**

The following is a rollforward of the Fund's Level 3 investments during the year ended October 31, 2025. Transfers into or out of Level 3, if any, are recognized as of the last day in the fiscal quarter of the period in which the event or change in circumstances that caused the reclassification occurred.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Valuation** <br>**Description**<br>| **Beginning** <br>**Balance** <br>**as of** <br>**11/01/2024** <br>**(000s)**<br>| **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>| **Discount/** <br>**(Premium)** <br>**(000s)**<br>| **Total** <br>**Realized** <br>**Gain/(Loss)** <br>**(000s)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Transfers** <br>**Into** <br>**Level 3**<sup>h</sup> <br>**(000s)**<br>| **Transfers** <br>**Out of** <br>**Level 3** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**10/31/2025** <br>**(000s)**<br>| **Unrealized** <br>**Gain/(Loss)** <br>**as of** <br>**10/31/2025** <br>**(000s)**<br>|
| Common Stock | $— | $— | $— | $— | $— | $— | $— | $— | $— | $(12038) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Descriptions** | **Ending Balance** <br>**as of 10/31/2025** <br>**(000s)**<br>| **Valuation** <br>**Technique**<br>| **Unobservable** <br>**Input(s)**<br>| **Input** <br>**Value(s)**<br>|
| Investments in Securities |  |  |  |  |
| Common Stocks |  |  |  |  |
| John Wood Group PLC (United Kingdom)\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | GBP 0.00 |
| Severstal PAO GDR (Russia)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | $0.00 |
| X5 RetailGroupNVGDR (Russia)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | $0.00 |
|  | &nbsp;&nbsp; $— |  |  |  |

---

------

\*

Non-income producing security

x

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

h

Transferred into Level 3 due to the unavailability of observable market data for pricing or transferred out of Level 3 due to availability of observable market data for pricing.

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 October 31, 2025, the aggregate value of these securities was $11,102 or 1% of net assets.

GBP

Great British Pound

CAD

Canadian Dollar

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

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Marathon Asset Management Limited

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.1%** | **COMMON STOCKS—98.1%** | **COMMON STOCKS—98.1%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.3%** | **AEROSPACE & DEFENSE—3.3%** | **AEROSPACE & DEFENSE—3.3%** |
| 1791671 | BAE Systems PLC (United Kingdom) | $44135 |
| 5131419 | Rolls-Royce Holdings PLC (United Kingdom) | 78966 |
|  |  | 123101 |
| **AUTOMOBILE COMPONENTS—1.0%** | **AUTOMOBILE COMPONENTS—1.0%** | **AUTOMOBILE COMPONENTS—1.0%** |
| 803200 | Bridgestone Corp. (Japan) | 35064 |
| 460507 | Johnson Electric Holdings Ltd. (Hong Kong) | 2161 |
|  |  | 37225 |
| **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** |
| 105713 | Bayerische Motoren Werke AG (Germany) | 9857 |
| 3672100 | Mitsubishi Motors Corp. (Japan) | 8949 |
|  |  | 18806 |
| **BANKS—14.8%** | **BANKS—14.8%** | **BANKS—14.8%** |
| 9071600 | Bank Central Asia Tbk. PT (Indonesia) | 4644 |
| 2159267 | Bank of Ireland Group PLC (Ireland) | 35354 |
| 12250971 | Barclays PLC (United Kingdom) | 65709 |
| 6055272 | CaixaBank SA (Spain) | 64003 |
| 31246 | Capitec Bank Holdings Ltd. (South Africa) | 6913 |
| 528387 | Close Brothers Group PLC (United Kingdom)<sup>\*</sup> | 2915 |
| 706417 | DBS Group Holdings Ltd. (Singapore) | 29247 |
| 1313037 | DNB Bank ASA (Norway) | 33516 |
| 376700 | Grupo Financiero Banorte SAB de CV Class O (Mexico) | 3536 |
| 803124 | HDFC Bank Ltd. (India) | 8936 |
| 1979600 | Japan Post Bank Co. Ltd. (Japan) | 22181 |
| 25482605 | Lloyds Banking Group PLC (United Kingdom) | 29878 |
| 1537600 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 23226 |
| 437999 | National Bank of Greece SA (Greece) | 6438 |
| 2850400 | Resona Holdings, Inc. (Japan) | 27481 |
| 147553 | Shinhan Financial Group Co. Ltd. (South Korea) | 7579 |
| 2664040 | Standard Chartered PLC (United Kingdom) | 54685 |
| 1096600 | Sumitomo Mitsui Trust Group, Inc. (Japan) | 30120 |
| 1383113 | Svenska Handelsbanken AB Class A (Sweden) | 18049 |
| 1007469 | UniCredit SpA (Italy) | 74600 |
|  |  | 549010 |
| **BEVERAGES—3.7%** | **BEVERAGES—3.7%** | **BEVERAGES—3.7%** |
| 397200 | Arca Continental SAB de CV (Mexico) | 3843 |
| 2082400 | Asahi Group Holdings Ltd. (Japan) | 22452 |
| 236723 | Carlsberg AS Class B (Denmark) | 27834 |
| 143981 | Coca-Cola Europacific Partners PLC (United States) | 12790 |
| 3477956 | Davide Campari-Milano NV (Italy) | 24213 |
| 1379609 | Diageo PLC (United Kingdom) | 31733 |
| 880600 | Kirin Holdings Co. Ltd. (Japan) | 12384 |
| 1038568 | Treasury Wine Estates Ltd. (Australia) | 4068 |
|  |  | 139317 |
| **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** |
| 156334 | CSL Ltd. (Australia) | 18219 |
| **BROADLINE RETAIL—0.5%** | **BROADLINE RETAIL—0.5%** | **BROADLINE RETAIL—0.5%** |
| 154920 | Naspers Ltd. Class N (South Africa) | 10881 |
| 156700 | Seria Co. Ltd. (Japan) | 2984 |
| 236606 | Vipshop Holdings Ltd. ADR (China)<sup>1</sup> | 4138 |
|  |  | 18003 |
| **BUILDING PRODUCTS—2.0%** | **BUILDING PRODUCTS—2.0%** | **BUILDING PRODUCTS—2.0%** |
| 925732 | Assa Abloy AB Class B (Sweden) | 34886 |
| 45695 | Geberit AG (Switzerland) | 33404 |
| 1950474 | Reliance Worldwide Corp. Ltd. (Australia) | 5289 |
|  |  | 73579 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** |
| 1770500 | 3i Group PLC (United Kingdom) | $102460 |
| 2033600 | B3 SA - Brasil Bolsa Balcao (Brazil) | 4785 |
| 116600 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 6355 |
| 900625 | IG Group Holdings PLC (United Kingdom) | 13183 |
| 1901693 | Jupiter Fund Management PLC (United Kingdom) | 3807 |
| 2931600 | Nomura Holdings, Inc. (Japan) | 20920 |
| 257490 | Rathbones Group PLC (United Kingdom) | 6036 |
|  |  | 157546 |
| **CHEMICALS—0.2%** | **CHEMICALS—0.2%** | **CHEMICALS—0.2%** |
| 420700 | Air Water, Inc. (Japan) | 5875 |
| **COMMERCIAL SERVICES & SUPPLIES—1.3%** | **COMMERCIAL SERVICES & SUPPLIES—1.3%** | **COMMERCIAL SERVICES & SUPPLIES—1.3%** |
| 137180 | Befesa SA (Germany)<sup>2</sup> | 4543 |
| 227500 | Daiei Kankyo Co. Ltd. (Japan) | 5060 |
| 466376 | Elis SA (France) | 12988 |
| 227100 | Secom Co. Ltd. (Japan) | 7677 |
| 5595311 | Serco Group PLC (United Kingdom) | 18671 |
|  |  | 48939 |
| **CONSTRUCTION & ENGINEERING—1.2%** | **CONSTRUCTION & ENGINEERING—1.2%** | **CONSTRUCTION & ENGINEERING—1.2%** |
| 310800 | Kinden Corp. (Japan) | 12450 |
| 1017900 | Obayashi Corp. (Japan) | 17220 |
| 208674 | Taisei Corp. (Japan) | 15183 |
|  |  | 44853 |
| **CONSTRUCTION MATERIALS—1.8%** | **CONSTRUCTION MATERIALS—1.8%** | **CONSTRUCTION MATERIALS—1.8%** |
| 190979 | Amrize Ltd. (Switzerland)<sup>\*</sup> | 9882 |
| 406678 | Cemex SAB de CV ADR (Mexico)<sup>1</sup> | 4128 |
| 190979 | Holcim AG (Switzerland) | 16978 |
| 526600 | Taiheiyo Cement Corp. (Japan) | 14288 |
| 776741 | Wienerberger AG (Austria) | 23057 |
|  |  | 68333 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** |
| 111261 | Bid Corp. Ltd. (South Africa) | 2754 |
| 594052 | Koninklijke Ahold Delhaize NV (Netherlands) | 24309 |
| 743200 | Seven & i Holdings Co. Ltd. (Japan) | 9453 |
| 95013 | X5 Retail Group NV GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
|  |  | 36516 |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| 6267782 | Orora Ltd. (Australia) | 8245 |
| 490800 | Toyo Seikan Group Holdings Ltd. (Japan) | 11018 |
|  |  | 19263 |
| **DISTRIBUTORS—0.2%** | **DISTRIBUTORS—0.2%** | **DISTRIBUTORS—0.2%** |
| 718674 | Inchcape PLC (United Kingdom) | 7212 |
| **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** |
| 124692 | Laureate Education, Inc. (United States)<sup>\*</sup> | 3620 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** |
| 47491500 | NTT, Inc. (Japan) | 48881 |
| **ELECTRIC UTILITIES—0.7%** | **ELECTRIC UTILITIES—0.7%** | **ELECTRIC UTILITIES—0.7%** |
| 1201428 | Iberdrola SA (Spain) | 24348 |
| **ELECTRICAL EQUIPMENT—3.3%** | **ELECTRICAL EQUIPMENT—3.3%** | **ELECTRICAL EQUIPMENT—3.3%** |
| 164663 | Havells India Ltd. (India) | 2766 |
| 118619 | Legrand SA (France) | 20484 |
| 737700 | Mitsubishi Electric Corp. (Japan) | 20945 |
| 195063 | Schneider Electric SE (France) | 55579 |
| 1184003 | Vestas Wind Systems AS (Denmark) | 24215 |
|  |  | 123989 |

---

------

⬤

------

**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—0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** |
| 131000 | Delta Electronics, Inc. (Taiwan) | $4213 |
| 525000 | Murata Manufacturing Co. Ltd. (Japan) | 11320 |
|  |  | 15533 |
| **ENERGY EQUIPMENT & SERVICES—0.5%** | **ENERGY EQUIPMENT & SERVICES—0.5%** | **ENERGY EQUIPMENT & SERVICES—0.5%** |
| 3006233 | John Wood Group PLC (United Kingdom)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 494715 | Technip Energies NV (France) | 20102 |
|  |  | 20102 |
| **ENTERTAINMENT—0.1%** | **ENTERTAINMENT—0.1%** | **ENTERTAINMENT—0.1%** |
| 217635 | Tencent Music Entertainment Group ADR (China)<sup>1</sup> | 4858 |
| **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** |
| 791230 | Edenred SE (France) | 22743 |
| **FOOD PRODUCTS—2.0%** | **FOOD PRODUCTS—2.0%** | **FOOD PRODUCTS—2.0%** |
| 622050 | AVI Ltd. (South Africa) | 3459 |
| 296836 | Bakkafrost P (Norway) | 13630 |
| 96049 | Gruma SAB de CV Class B (Mexico) | 1627 |
| 591530 | Marico Ltd. (India) | 4809 |
| 195300 | Megmilk Snow Brand Co. Ltd. (Japan) | 3582 |
| 281000 | NH Foods Ltd. (Japan) | 10378 |
| 311660 | Salmar ASA (Norway) | 17501 |
| 170100 | Toyo Suisan Kaisha Ltd. (Japan) | 12329 |
| 97157 | Viscofan SA (Spain) | 6038 |
|  |  | 73353 |
| **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** |
| 559600 | East Japan Railway Co. (Japan) | 13668 |
| 646400 | West Japan Railway Co. (Japan) | 13285 |
|  |  | 26953 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.6%** |
| 86846 | BioMerieux (France) | 11182 |
| 249864 | Coloplast AS Class B (Denmark) | 22599 |
| 5650433 | Convatec Group PLC (United Kingdom)<sup>2</sup> | 18147 |
| 503000 | Demant AS (Denmark)<sup>\*</sup> | 16735 |
| 78451 | EssilorLuxottica SA (France) | 28730 |
| 2607500 | Olympus Corp. (Japan) | 32090 |
| 259000 | Sysmex Corp. (Japan) | 2887 |
|  |  | 132370 |
| **HEALTH CARE PROVIDERS & SERVICES—0.8%** | **HEALTH CARE PROVIDERS & SERVICES—0.8%** | **HEALTH CARE PROVIDERS & SERVICES—0.8%** |
| 285961 | Amplifon SpA (Italy) | 4887 |
| 298070 | Fresenius Medical Care AG (Germany) | 16002 |
| 41400 | Medipal Holdings Corp. (Japan) | 674 |
| 495200 | Ship Healthcare Holdings, Inc. (Japan) | 7408 |
|  |  | 28971 |
| **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** |
| 542200 | M3, Inc. (Japan) | 7599 |
| **HOTELS, RESTAURANTS & LEISURE—3.5%** | **HOTELS, RESTAURANTS & LEISURE—3.5%** | **HOTELS, RESTAURANTS & LEISURE—3.5%** |
| 233957 | Aristocrat Leisure Ltd. (Australia) | 9680 |
| 1194002 | Compass Group PLC (United Kingdom) | 39521 |
| 231153 | Domino's Pizza Enterprises Ltd. (Australia) | 2768 |
| 2542281 | Entain PLC (United Kingdom) | 26480 |
| 2101000 | Galaxy Entertainment Group Ltd. (Hong Kong) | 10468 |
| 165769 | InterContinental Hotels Group PLC (United Kingdom) | 19996 |
| 6307992 | SSP Group PLC (United Kingdom) | 12748 |
| 205190 | Whitbread PLC (United Kingdom) | 7812 |
|  |  | 129473 |
| **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** |
| 1743731 | Barratt Redrow PLC (United Kingdom) | 8629 |
| 201130 | GN Store Nord AS (Denmark)<sup>\*</sup> | 3522 |
| 454600 | Midea Group Co. Ltd. Class A (China) | 4883 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 646200 | Nikon Corp. (Japan) | $7537 |
| 1230300 | Sony Group Corp. (Japan) | 34263 |
|  |  | 58834 |
| **HOUSEHOLD PRODUCTS—0.9%** | **HOUSEHOLD PRODUCTS—0.9%** | **HOUSEHOLD PRODUCTS—0.9%** |
| 429135 | Reckitt Benckiser Group PLC (United Kingdom) | 32824 |
| **INDUSTRIAL CONGLOMERATES—1.6%** | **INDUSTRIAL CONGLOMERATES—1.6%** | **INDUSTRIAL CONGLOMERATES—1.6%** |
| 1147000 | CK Hutchison Holdings Ltd. (Hong Kong) | 7606 |
| 272211 | DCC PLC (United Kingdom) | 17933 |
| 365600 | Hitachi Ltd. (Japan) | 12489 |
| 291000 | Jardine Matheson Holdings Ltd. (Hong Kong) | 17086 |
| 680000 | Swire Pacific Ltd. Class A (Hong Kong) | 5616 |
|  |  | 60730 |
| **INSURANCE—6.4%** | **INSURANCE—6.4%** | **INSURANCE—6.4%** |
| 384988 | Admiral Group PLC (United Kingdom) | 16576 |
| 6151000 | AIA Group Ltd. (Hong Kong) | 59854 |
| 76942 | Hannover Rueck SE (Germany) | 21965 |
| 1014723 | Hiscox Ltd. (United Kingdom) | 18344 |
| 1293100 | Japan Post Holdings Co. Ltd. (Japan) | 12118 |
| 2285406 | Prudential PLC (United Kingdom) | 31786 |
| 1163864 | QBE Insurance Group Ltd. (Australia) | 15101 |
| 2402818 | Sampo OYJ Class A (Finland) | 26782 |
| 932900 | Tokio Marine Holdings, Inc. (Japan) | 34791 |
|  |  | 237317 |
| **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** |
| 1294367 | Auto Trader Group PLC (United Kingdom)<sup>2</sup> | 13279 |
| 1995639 | Rightmove PLC (United Kingdom) | 17523 |
|  |  | 30802 |
| **IT SERVICES—0.6%** | **IT SERVICES—0.6%** | **IT SERVICES—0.6%** |
| 125214 | Alten SA (France) | 10312 |
| 320400 | NEC Corp. (Japan) | 11637 |
|  |  | 21949 |
| **LEISURE PRODUCTS—0.3%** | **LEISURE PRODUCTS—0.3%** | **LEISURE PRODUCTS—0.3%** |
| 585200 | Sega Sammy Holdings, Inc. (Japan) | 10828 |
| **LIFE SCIENCES TOOLS & SERVICES—0.7%** | **LIFE SCIENCES TOOLS & SERVICES—0.7%** | **LIFE SCIENCES TOOLS & SERVICES—0.7%** |
| 338455 | Eurofins Scientific SE (France) | 23871 |
| 105586 | Gerresheimer AG (Germany) | 3361 |
|  |  | 27232 |
| **MACHINERY—5.1%** | **MACHINERY—5.1%** | **MACHINERY—5.1%** |
| 320946 | Alfa Laval AB (Sweden) | 15254 |
| 208582 | ANDRITZ AG (Austria) | 15770 |
| 1951303 | CNH Industrial NV (United States) | 20469 |
| 738919 | Fluidra SA (Spain) | 21388 |
| 259166 | GEA Group AG (Germany) | 18538 |
| 672400 | IHI Corp. (Japan) | 13921 |
| 609000 | Kubota Corp. (Japan) | 7885 |
| 225100 | Mitsubishi Heavy Industries Ltd. (Japan) | 6796 |
| 2224163 | Rotork PLC (United Kingdom) | 10013 |
| 606870 | Sandvik AB (Sweden) | 18351 |
| 1770000 | Sany Heavy Industry Co. Ltd. Class A (China) | 5508 |
| 111948 | Stabilus SE (Germany) | 2810 |
| 876500 | Techtronic Industries Co. Ltd. (Hong Kong) | 10223 |
| 50100 | Toyota Industries Corp. (Japan) | 5446 |
| 525664 | Wartsila OYJ Abp (Finland) | 17198 |
|  |  | 189570 |
| **MARINE TRANSPORTATION—0.2%** | **MARINE TRANSPORTATION—0.2%** | **MARINE TRANSPORTATION—0.2%** |
| 862151 | Irish Continental Group PLC (Ireland) | 5705 |

---

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MEDIA—1.1%** | **MEDIA—1.1%** | **MEDIA—1.1%** |
| 485476 | Future PLC (United Kingdom) | $3915 |
| 602500 | Hakuhodo DY Holdings, Inc. (Japan) | 4361 |
| 6792306 | ITV PLC (United Kingdom) | 6217 |
| 513900 | Nippon Television Holdings, Inc. (Japan) | 12469 |
| 324700 | TBS Holdings, Inc. (Japan) | 11211 |
| 619631 | WPP PLC (United Kingdom) | 2341 |
|  |  | 40514 |
| **METALS & MINING—4.5%** | **METALS & MINING—4.5%** | **METALS & MINING—4.5%** |
| 299737 | Acerinox SA (Spain) | 3860 |
| 796602 | ArcelorMittal SA (France) | 30411 |
| 909241 | BHP Group Ltd. (Australia) | 25921 |
| 1614861 | Deterra Royalties Ltd. (Australia) | 4305 |
| 274900 | Dowa Holdings Co. Ltd. (Japan) | 9968 |
| 124685 | First Quantum Minerals Ltd. (Canada)<sup>\*</sup> | 2589 |
| 8541705 | Glencore PLC (United Kingdom)<sup>\*</sup> | 40920 |
| 101018 | Newmont Corp. CDI (Australia)<sup>1</sup> | 8210 |
| 217215 | Severstal PAO GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
| 51052 | Southern Copper Corp. (Peru) | 7086 |
| 861500 | Sumitomo Metal Mining Co. Ltd. (Japan) | 28182 |
| 66846 | Valterra Platinum Ltd. (South Africa) | 4134 |
|  |  | 165586 |
| **OIL, GAS & CONSUMABLE FUELS—2.9%** | **OIL, GAS & CONSUMABLE FUELS—2.9%** | **OIL, GAS & CONSUMABLE FUELS—2.9%** |
| 9621502 | BP PLC (United Kingdom) | 56370 |
| 511743 | Equinor ASA (Norway) | 12257 |
| 1464500 | Idemitsu Kosan Co. Ltd. (Japan) | 10184 |
| 561200 | Inpex Corp. (Japan) | 10355 |
| 487620 | PRIO SA (Brazil)<sup>\*</sup> | 3266 |
| 3654909 | Santos Ltd. (Australia) | 15095 |
|  |  | 107527 |
| **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** |
| 40047 | Copa Holdings SA Class A (Panama) | 5014 |
| 2036588 | easyJet PLC (United Kingdom) | 12967 |
| 1244028 | Qantas Airways Ltd. (Australia) | 8288 |
|  |  | 26269 |
| **PERSONAL CARE PRODUCTS—0.2%** | **PERSONAL CARE PRODUCTS—0.2%** | **PERSONAL CARE PRODUCTS—0.2%** |
| 529300 | Shiseido Co. Ltd. (Japan) | 8915 |
| **PHARMACEUTICALS—1.6%** | **PHARMACEUTICALS—1.6%** | **PHARMACEUTICALS—1.6%** |
| 1020132 | Novo Nordisk AS Class B (Denmark) | 50223 |
| 366000 | Tsumura & Co. (Japan) | 8490 |
|  |  | 58713 |
| **PROFESSIONAL SERVICES—3.5%** | **PROFESSIONAL SERVICES—3.5%** | **PROFESSIONAL SERVICES—3.5%** |
| 562884 | ALS Ltd. (Australia) | 7989 |
| 424447 | Capita PLC (United Kingdom)<sup>\*</sup> | 1750 |
| 489557 | Experian PLC (United Kingdom) | 22835 |
| 397383 | Intertek Group PLC (United Kingdom) | 26469 |
| 3353787 | IPH Ltd. (Australia) | 8086 |
| 2698084 | Pagegroup PLC (United Kingdom) | 8375 |
| 247550 | Randstad NV (Netherlands) | 9702 |
| 1058844 | RELX PLC (United Kingdom) | 46797 |
|  |  | 132003 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** |
| 979992 | China Resources Land Ltd. (China) | 3541 |
| 725500 | Daiwa House Industry Co. Ltd. (Japan) | 24615 |
| 1579879 | Henderson Land Development Co. Ltd. (Hong Kong) | 5557 |
|  |  | 33713 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.7%** |
| 66125 | ASML Holding NV (Netherlands) | 69915 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** |
| 406800 | ASMPT Ltd. (Hong Kong) | $4282 |
| 105000 | MediaTek, Inc. (Taiwan) | 4453 |
| 451000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 21810 |
|  |  | 100460 |
| **SOFTWARE—0.3%** | **SOFTWARE—0.3%** | **SOFTWARE—0.3%** |
| 256379 | Dassault Systemes SE (France) | 7296 |
| 40500 | Oracle Corp. (Japan) | 3734 |
|  |  | 11030 |
| **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** |
| 704400 | ABC-Mart, Inc. (Japan) | 12067 |
| 429600 | Nitori Holdings Co. Ltd. (Japan) | 6960 |
| 2458951 | Pets at Home Group PLC (United Kingdom) | 6927 |
| 1753400 | USS Co. Ltd. (Japan) | 19354 |
| 1036844 | WH Smith PLC (United Kingdom) | 9210 |
| 1052000 | Zhongsheng Group Holdings Ltd. (China) | 1661 |
| 1984000 | ZOZO, Inc. (Japan) | 17151 |
|  |  | 73330 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** |
| 257557 | Advantech Co. Ltd. (Taiwan) | 2616 |
| 104330 | Samsung Electronics Co. Ltd. (South Korea) | 7854 |
|  |  | 10470 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.5%** | **TEXTILES, APPAREL & LUXURY GOODS—2.5%** | **TEXTILES, APPAREL & LUXURY GOODS—2.5%** |
| 96508 | adidas AG (Germany) | 18248 |
| 243162 | Cie Financiere Richemont SA Class A (Switzerland) | 48099 |
| 594500 | Li Ning Co. Ltd. (China) | 1292 |
| 10063200 | Samsonite Group SA (Hong Kong)<sup>2</sup> | 21043 |
| 412618 | Shenzhou International Group Holdings Ltd. (China) | 3562 |
|  |  | 92244 |
| **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** |
| 247200 | BOC Aviation Ltd. (China)<sup>2</sup> | 2167 |
| 309591 | Brenntag SE (Germany) | 17194 |
| 818439 | Bunzl PLC (United Kingdom) | 24879 |
| 441700 | Mitsubishi Corp. (Japan) | 10606 |
| 365295 | Rexel SA (France) | 12667 |
|  |  | 67513 |
| **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** |
| 950600 | Mitsubishi Logistics Corp. (Japan) | 6893 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** |
| 528283 | Empresa Nacional de Telecomunicaciones SA (Chile) | 2517 |
| 80812 | Millicom International Cellular SA (Sweden) | 3807 |
|  |  | 6324 |
| **TOTAL COMMON STOCKS** <br>(Cost $2,494,482) | **TOTAL COMMON STOCKS** <br>(Cost $2,494,482) | 3645885 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.1%** | **PREFERRED STOCKS—0.1%** | **PREFERRED STOCKS—0.1%** |
| (Cost $2,186) | (Cost $2,186) | (Cost $2,186) |
| **BEVERAGES—0.1%** | **BEVERAGES—0.1%** | **BEVERAGES—0.1%** |
| 853850 | Embotelladora Andina SA (Chile) | 3841 |
| **TOTAL INVESTMENTS—98.2%** <br>(Cost $2,496,668) | **TOTAL INVESTMENTS—98.2%** <br>(Cost $2,496,668) | 3649726 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.8%** | 67413 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3717139 |

---

&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 October 31, 2025 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; $28141 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28141 |
| Europe | &nbsp;&nbsp; 3807 | &nbsp;&nbsp; 2264358 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2268165 |
| Latin America | &nbsp;&nbsp; 33285 | &nbsp;&nbsp; 2517 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35802 |
| Middle East/Central Asia | &nbsp;&nbsp; — | &nbsp;&nbsp; 31944 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31944 |
| North America | &nbsp;&nbsp; 39468 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39468 |
| Pacific Basin | &nbsp;&nbsp; 8996 | &nbsp;&nbsp; 1233369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1242365 |
| Preferred Stocks |  |  |  |  |
| Latin America | &nbsp;&nbsp; — | &nbsp;&nbsp; 3841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3841 |
| Total Investments in Securities | &nbsp;&nbsp; $85556 | &nbsp;&nbsp; $3564170 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3649726 |

---

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

The following is a rollforward of the Fund's Level 3 investments during the year ended October 31, 2025. Transfers into or out of Level 3, if any, are recognized as of the last day in the fiscal quarter of the period in which the event or change in circumstances that caused the reclassification occurred.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Valuation** <br>**Description**<br>| **Beginning** <br>**Balance** <br>**as of** <br>**11/01/2024** <br>**(000s)**<br>| **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>| **Discount/** <br>**(Premium)** <br>**(000s)**<br>| **Total** <br>**Realized** <br>**Gain/(Loss)** <br>**(000s)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Transfers** <br>**Into** <br>**Level 3**<sup>h</sup> <br>**(000s)**<br>| **Transfers** <br>**Out of** <br>**Level 3** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**10/31/2025** <br>**(000s)**<br>| **Unrealized** <br>**Gain/(Loss)** <br>**as of** <br>**10/31/2025** <br>**(000s)**<br>|
| Common Stock | $— | $— | $— | $— | $— | $— | $— | $— | $— | $(14518) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Descriptions** | **Ending Balance** <br>**as of 10/31/2025** <br>**(000s)**<br>| **Valuation** <br>**Technique**<br>| **Unobservable** <br>**Input(s)**<br>| **Input** <br>**Value(s)**<br>|
| Investments in Securities |  |  |  |  |
| Common Stocks |  |  |  |  |
| John Wood Group PLC (United Kingdom)\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | GBP 0.00 |
| Severstal PAO GDR (Russia)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | $0.00 |
| X5 RetailGroupNVGDR (Russia)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | $0.00 |
|  | &nbsp;&nbsp; $— |  |  |  |

---

------

\*

Non-income producing security

x

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

h

Transferred into Level 3 due to the unavailability of observable market data for pricing or transferred out of Level 3 due to availability of observable market data for pricing.

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 October 31, 2025, the aggregate value of these securities was $59,179 or 2% of net assets.

GBP

Great British Pound

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

------

⬤

------

**Harbor International Compounders Fund**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** C WorldWide Asset Management

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.1%** | **COMMON STOCKS—99.1%** | **COMMON STOCKS—99.1%** |
| **Shares** |  | **Value** |
| **BANKS—7.6%** | **BANKS—7.6%** | **BANKS—7.6%** |
| 2111800 | Bank Central Asia Tbk. PT (Indonesia) | $1081 |
| 76224 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 2761 |
|  |  | 3842 |
| **BROADLINE RETAIL—7.0%** | **BROADLINE RETAIL—7.0%** | **BROADLINE RETAIL—7.0%** |
| 657 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 1529 |
| 29209 | Prosus NV (China) | 2019 |
|  |  | 3548 |
| **BUILDING PRODUCTS—3.5%** | **BUILDING PRODUCTS—3.5%** | **BUILDING PRODUCTS—3.5%** |
| 46703 | Assa Abloy AB Class B (Sweden) | 1760 |
| **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** |
| 6414 | Deutsche Boerse AG (Germany) | 1624 |
| **CHEMICALS—2.8%** | **CHEMICALS—2.8%** | **CHEMICALS—2.8%** |
| 3349 | Linde PLC (United States) | 1401 |
| **CONSTRUCTION & ENGINEERING—2.3%** | **CONSTRUCTION & ENGINEERING—2.3%** | **CONSTRUCTION & ENGINEERING—2.3%** |
| 8834 | Vinci SA (France) | 1181 |
| **CONSTRUCTION MATERIALS—2.1%** | **CONSTRUCTION MATERIALS—2.1%** | **CONSTRUCTION MATERIALS—2.1%** |
| 4646 | Heidelberg Materials AG (Germany) | 1090 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.1%** |
| 260619 | Tesco PLC (United Kingdom) | 1573 |
| **ELECTRIC UTILITIES—2.6%** | **ELECTRIC UTILITIES—2.6%** | **ELECTRIC UTILITIES—2.6%** |
| 53313 | SSE PLC (United Kingdom) | 1343 |
| **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** |
| 6301 | Schneider Electric SE (France) | 1795 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2%** |
| 3000 | Keyence Corp. (Japan) | 1114 |
| **FOOD PRODUCTS—3.2%** | **FOOD PRODUCTS—3.2%** | **FOOD PRODUCTS—3.2%** |
| 16803 | Nestle SA (United States) | 1606 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.5%** |
| 14000 | Hoya Corp. (Japan) | 2274 |
| **HOTELS, RESTAURANTS & LEISURE—3.0%** | **HOTELS, RESTAURANTS & LEISURE—3.0%** | **HOTELS, RESTAURANTS & LEISURE—3.0%** |
| 46408 | Compass Group PLC (United Kingdom) | 1536 |
| **HOUSEHOLD DURABLES—4.1%** | **HOUSEHOLD DURABLES—4.1%** | **HOUSEHOLD DURABLES—4.1%** |
| 73900 | Sony Group Corp. (Japan) | 2058 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INDUSTRIAL CONGLOMERATES—4.2%** | **INDUSTRIAL CONGLOMERATES—4.2%** | **INDUSTRIAL CONGLOMERATES—4.2%** |
| 7504 | Siemens AG (Germany) | $2127 |
| **INSURANCE—3.8%** | **INSURANCE—3.8%** | **INSURANCE—3.8%** |
| 197000 | AIA Group Ltd. (Hong Kong) | 1917 |
| **MACHINERY—2.0%** | **MACHINERY—2.0%** | **MACHINERY—2.0%** |
| 3000 | SMC Corp. (Japan) | 1027 |
| **PERSONAL CARE PRODUCTS—2.7%** | **PERSONAL CARE PRODUCTS—2.7%** | **PERSONAL CARE PRODUCTS—2.7%** |
| 3321 | L'Oreal SA (France) | 1386 |
| **PHARMACEUTICALS—8.9%** | **PHARMACEUTICALS—8.9%** | **PHARMACEUTICALS—8.9%** |
| 11921 | AstraZeneca PLC (United Kingdom) | 1966 |
| 7685 | Galderma Group AG (Switzerland) | 1427 |
| 22395 | Novo Nordisk AS Class B (Denmark) | 1103 |
|  |  | 4496 |
| **PROFESSIONAL SERVICES—3.0%** | **PROFESSIONAL SERVICES—3.0%** | **PROFESSIONAL SERVICES—3.0%** |
| 34167 | RELX PLC (United Kingdom) | 1510 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.3%** |
| 1698 | ASML Holding NV (Netherlands) | 1795 |
| 11393 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)<sup>1</sup> | 3423 |
|  |  | 5218 |
| **SOFTWARE—3.7%** | **SOFTWARE—3.7%** | **SOFTWARE—3.7%** |
| 7307 | SAP SE (Germany) | 1900 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.8%** | **TEXTILES, APPAREL & LUXURY GOODS—2.8%** | **TEXTILES, APPAREL & LUXURY GOODS—2.8%** |
| 1991 | LVMH Moet Hennessy Louis Vuitton SE (France) | 1407 |
| **TRADING COMPANIES & DISTRIBUTORS—3.0%** | **TRADING COMPANIES & DISTRIBUTORS—3.0%** | **TRADING COMPANIES & DISTRIBUTORS—3.0%** |
| 6209 | Ferguson Enterprises, Inc. (United States) | 1532 |
| **TOTAL COMMON STOCKS** <br>(Cost $45,184) | **TOTAL COMMON STOCKS** <br>(Cost $45,184) | 50265 |
| **TOTAL INVESTMENTS—99.1%** <br>(Cost $45,184) | **TOTAL INVESTMENTS—99.1%** <br>(Cost $45,184) | 50265 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.9%** | 466 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $50731 |

---

&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 October 31, 2025 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; $26523 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26523 |
| Latin America | &nbsp;&nbsp; 1529 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1529 |
| Middle East/Central Asia | &nbsp;&nbsp; 2761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2761 |
| North America | &nbsp;&nbsp; 1401 | &nbsp;&nbsp; 3138 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4539 |
| Pacific Basin | &nbsp;&nbsp; 3423 | &nbsp;&nbsp; 11490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14913 |
| Total Investments in Securities | &nbsp;&nbsp; $9114 | &nbsp;&nbsp; $41151 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50265 |

---

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 International Core Fund**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Acadian Asset Management LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—93.8%** | **COMMON STOCKS—93.8%** | **COMMON STOCKS—93.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.5%** | **AEROSPACE & DEFENSE—3.5%** | **AEROSPACE & DEFENSE—3.5%** |
| 14531 | Airbus SE (France) | $3583 |
| 4317 | Dassault Aviation SA (France) | 1391 |
| 172782 | Leonardo SpA (Italy) | 10166 |
| 52137 | Safran SA (France) | 18525 |
| 161700 | Singapore Technologies Engineering Ltd. (Singapore) | 1053 |
|  |  | 34718 |
| **AUTOMOBILE COMPONENTS—1.2%** | **AUTOMOBILE COMPONENTS—1.2%** | **AUTOMOBILE COMPONENTS—1.2%** |
| 26400 | Aisin Corp. (Japan) | 475 |
| 24101 | Aumovio SE (Germany)<sup>\*</sup> | 1036 |
| 48202 | Continental AG (Germany) | 3683 |
| 378600 | Denso Corp. (Japan) | 5290 |
| 8218 | Forvia SE (France)<sup>\*</sup> | 105 |
| 8700 | Ichikoh Industries Ltd. (Japan) | 27 |
| 4700 | Imasen Electric Industrial (Japan) | 24 |
| 28000 | Johnson Electric Holdings Ltd. (Hong Kong) | 131 |
| 7000 | Linamar Corp. (Canada) | 379 |
| 13300 | Mitsuba Corp. (Japan) | 81 |
| 111600 | Somboon Advance Technology PCL NVDR (Thailand)<sup>1</sup> | 45 |
| 5700 | Taiho Kogyo Co. Ltd. (Japan) | 25 |
| 4800 | Unipres Corp. (Japan) | 37 |
|  |  | 11338 |
| **AUTOMOBILES—0.8%** | **AUTOMOBILES—0.8%** | **AUTOMOBILES—0.8%** |
| 1326500 | BAIC Motor Corp. Ltd. Class H (China)<sup>\*,2</sup> | 343 |
| 156500 | DRB-Hicom Bhd. (Malaysia) | 47 |
| 87200 | Honda Motor Co. Ltd. (Japan) | 881 |
| 44800 | Isuzu Motors Ltd. (Japan) | 550 |
| 132500 | Mazda Motor Corp. (Japan) | 913 |
| 1344000 | Nissan Motor Co. Ltd. (Japan)<sup>\*</sup> | 3072 |
| 23300 | Subaru Corp. (Japan) | 496 |
| 51700 | Toyota Motor Corp. (Japan) | 1054 |
| 167750 | Volvo Car AB Class B (Sweden)<sup>\*</sup> | 582 |
|  |  | 7938 |
| **BANKS—20.0%** | **BANKS—20.0%** | **BANKS—20.0%** |
| 362071 | ABN AMRO Bank NV CVA (Netherlands)<sup>1,2</sup> | 10818 |
| 217714 | Abu Dhabi Commercial Bank PJSC (United Arab Emirates) | 854 |
| 78824 | Abu Dhabi Islamic Bank PJSC (United Arab Emirates) | 453 |
| 423806 | ANZ Group Holdings Ltd. (Australia) | 10151 |
| 5700 | Awa Bank Ltd. (Japan) | 135 |
| 972400 | Banco Bilbao Vizcaya Argentaria SA (Spain) | 19590 |
| 889555 | Banco Comercial Portugues SA Class R (Portugal) | 785 |
| 850225 | Banco Santander SA (Spain) | 8664 |
| 164300 | Bangkok Bank PCL NVDR (Thailand)<sup>1</sup> | 805 |
| 741065 | Bank Danamon Indonesia Tbk. PT (Indonesia) | 115 |
| 8947 | Bank Polska Kasa Opieki SA (Poland) | 458 |
| 158717 | Bankinter SA (Spain) | 2393 |
| 669617 | Barclays PLC ADR (United Kingdom)<sup>1</sup> | 14390 |
| 260921 | BNP Paribas SA (France) | 20210 |
| 1904341 | CaixaBank SA (Spain) | 20128 |
| 32260 | Commercial Bank of Dubai PSC (United Arab Emirates) | 86 |
| 106800 | Dah Sing Banking Group Ltd. (Hong Kong) | 151 |
| 37754 | Erste Group Bank AG (Austria) | 3911 |
| 299880 | Eurobank Ergasias Services & Holdings SA (Greece) | 1128 |
| 39135 | Faisal Islamic Bank of Egypt (Egypt) | 38 |
| 19879 | Hana Financial Group, Inc. (South Korea) | 1191 |
| 728087 | ING Groep NV (Netherlands) | 18180 |
| 336300 | Japan Post Bank Co. Ltd. (Japan) | 3768 |
| 280300 | Kasikornbank PCL NVDR (Thailand)<sup>1</sup> | 1616 |
| 2488 | KB Financial Group, Inc. (South Korea) | 203 |
| 59302 | KBC Group NV (Belgium) | 7135 |
| 15640 | Komercni Banka AS (Czech Republic) | 800 |
| 1287000 | Krung Thai Bank PCL NVDR (Thailand)<sup>1</sup> | 1084 |
| 838340 | Lloyds Banking Group PLC (United Kingdom) | 983 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 43300 | Mitsubishi UFJ Financial Group, Inc. (Japan) | $654 |
| 338700 | Mizuho Financial Group, Inc. (Japan) | 11345 |
| 210420 | National Bank of Greece SA (Greece) | 3093 |
| 1301591 | NatWest Group PLC (United Kingdom) | 10020 |
| 2329000 | Postal Savings Bank of China Co. Ltd. Class H (China)<sup>2</sup> | 1641 |
| 14933 | Raiffeisen Bank International AG (Austria) | 557 |
| 484616 | Sharjah Islamic Bank (United Arab Emirates) | 389 |
| 6473 | Shinhan Financial Group Co. Ltd. (South Korea) | 333 |
| 17018 | Skandinaviska Enskilda Banken AB Class A (Sweden) | 325 |
| 74934 | Societe Generale SA (France) | 4752 |
| 191851 | Standard Chartered PLC (United Kingdom) | 3938 |
| 403800 | Sumitomo Mitsui Financial Group, Inc. (Japan) | 10932 |
| 8999800 | TMBThanachart Bank PCL NVDR (Thailand)<sup>1</sup> | 515 |
| 11100 | Towa Bank Ltd. (Japan) | 67 |
|  |  | 198784 |
| **BEVERAGES—0.0%** | **BEVERAGES—0.0%** | **BEVERAGES—0.0%** |
| 14638 | Ginebra San Miguel, Inc. (Philippines) | 70 |
| **BIOTECHNOLOGY—0.4%** | **BIOTECHNOLOGY—0.4%** | **BIOTECHNOLOGY—0.4%** |
| 6102 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 49 |
| 14592 | Genmab AS (Denmark)<sup>\*</sup> | 4162 |
|  |  | 4211 |
| **BROADLINE RETAIL—1.5%** | **BROADLINE RETAIL—1.5%** | **BROADLINE RETAIL—1.5%** |
| 175337 | Falabella SA (Chile) | 1104 |
| 115100 | JD.com, Inc. Class A (China) | 1900 |
| 17134 | Kt alpha Co. Ltd. (South Korea)<sup>\*</sup> | 65 |
| 22269 | Next PLC (United Kingdom) | 4184 |
| 3782 | PDD Holdings, Inc. ADR (China)<sup>\*,1</sup> | 510 |
| 37617 | Sea Ltd. ADR (Singapore)<sup>\*,1</sup> | 5878 |
| 75639 | Vipshop Holdings Ltd. ADR (China)<sup>1</sup> | 1323 |
|  |  | 14964 |
| **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** |
| 171 | Belimo Holding AG (Switzerland) | 185 |
| 300 | BRC Asia Ltd. (Singapore) | 1 |
| 66900 | Daikin Industries Ltd. (Japan) | 7772 |
| 30994 | Eurocell PLC (United Kingdom) | 51 |
| 366700 | SCG Decor PCL NVDR (Thailand)<sup>1</sup> | 56 |
|  |  | 8065 |
| **CAPITAL MARKETS—5.8%** | **CAPITAL MARKETS—5.8%** | **CAPITAL MARKETS—5.8%** |
| 475021 | Deutsche Bank AG (Germany) | 17006 |
| 38051 | Euronext NV (Netherlands)<sup>2</sup> | 5438 |
| 2082 | Fiducian Group Ltd. (Australia) | 17 |
| 24456 | Futu Holdings Ltd. ADR (Hong Kong)<sup>1</sup> | 4868 |
| 1763 | HUB24 Ltd. (Australia) | 131 |
| 34000 | iFAST Corp. Ltd. (Singapore) | 253 |
| 205232 | Investec PLC (United Kingdom) | 1553 |
| 249900 | Japan Exchange Group, Inc. (Japan) | 2787 |
| 290000 | Nomura Holdings, Inc. (Japan) | 2069 |
| 173200 | Singapore Exchange Ltd. (Singapore) | 2247 |
| 858 | Titanium OYJ (Finland) | 6 |
| 548485 | UBS Group AG (Switzerland) | 20988 |
| 1706 | VIEL & Cie SA (France) | 35 |
| 309 | VP Bank AG Class A (Liechtenstein) | 31 |
| 7791 | XTB SA (Poland)<sup>2</sup> | 147 |
|  |  | 57576 |
| **CHEMICALS—0.5%** | **CHEMICALS—0.5%** | **CHEMICALS—0.5%** |
| 100 | Achilles Corp. (Japan) | 1 |
| 177004 | Dyno Nobel Ltd. (Australia) | 372 |
| 13446 | Grupa Azoty SA (Poland)<sup>\*</sup> | 68 |
| 1937 | Kukdo Chemical Co. Ltd. (South Korea) | 44 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CHEMICALS—Continued** | **CHEMICALS—Continued** | **CHEMICALS—Continued** |
| 2200 | Nippon Carbide Industries Co., Inc. (Japan) | $30 |
| 20252 | Orica Ltd. (Australia) | 294 |
| 7100 | Riken Technos Corp. (Japan) | 64 |
| 265890 | Sasol Ltd. (South Africa)<sup>\*</sup> | 1664 |
| 5600 | Sekisui Kasei Co. Ltd. (Japan)<sup>\*</sup> | 13 |
| 55027 | Yara International ASA (Brazil) | 2005 |
| 11200 | Zacros Corp. (Japan) | 77 |
|  |  | 4632 |
| **COMMERCIAL SERVICES & SUPPLIES—0.2%** | **COMMERCIAL SERVICES & SUPPLIES—0.2%** | **COMMERCIAL SERVICES & SUPPLIES—0.2%** |
| 800 | Ajis Co. Ltd. (Japan) | 15 |
| 4000 | Azienda Bresciana Petroli Nocivelli SpA (Italy) | 33 |
| 92676 | Brambles Ltd. (Australia) | 1506 |
| 1074 | Cewe Stiftung & Co. KGaA (Germany) | 123 |
| 8961 | Mears Group PLC (United Kingdom) | 42 |
| 7282 | NICE Infra Co. Ltd. (South Korea) | 21 |
| 1900 | Sato Corp. (Japan) | 27 |
| 9067 | SPIE SA (France) | 462 |
| 2500 | Takara & Co. Ltd. (Japan) | 66 |
|  |  | 2295 |
| **COMMUNICATIONS EQUIPMENT—1.3%** | **COMMUNICATIONS EQUIPMENT—1.3%** | **COMMUNICATIONS EQUIPMENT—1.3%** |
| 1712 | EVS Broadcast Equipment SA (Belgium) | 72 |
| 4882 | Nokia OYJ (Finland) | 33 |
| 244794 | Nokia OYJ ADR (Finland)<sup>1</sup> | 1691 |
| 1117816 | Telefonaktiebolaget LM Ericsson ADR (Sweden)<sup>1</sup> | 11279 |
| 2784 | Ubiquoss Holdings, Inc. (South Korea) | 21 |
|  |  | 13096 |
| **CONSTRUCTION & ENGINEERING—0.3%** | **CONSTRUCTION & ENGINEERING—0.3%** | **CONSTRUCTION & ENGINEERING—0.3%** |
| 4157 | AF Gruppen ASA (Norway) | 70 |
| 251270 | Analogue Holdings Ltd. (Hong Kong) | 29 |
| 13188 | Boustead Singapore Ltd. (Singapore) | 18 |
| 5000 | Dai-Ichi Cutter Kogyo KK (Japan) | 42 |
| 4207 | Eiffage SA (France) | 518 |
| 19918 | GenusPlus Group Ltd. (Australia) | 90 |
| 7440 | HOCHTIEF AG (Germany) | 2136 |
| 258 | Per Aarsleff Holding AS (Denmark) | 29 |
| 44380 | Service Stream Ltd. (Australia) | 66 |
| 1500 | Ueki Corp. (Japan) | 24 |
|  |  | 3022 |
| **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** |
| 151097 | Cemex SAB de CV (Mexico) | 153 |
| 99257 | Cemex SAB de CV ADR (Mexico)<sup>1</sup> | 1008 |
|  |  | 1161 |
| **CONSUMER FINANCE—0.0%** | **CONSUMER FINANCE—0.0%** | **CONSUMER FINANCE—0.0%** |
| 102000 | Sun Hung Kai & Co. Ltd. (Hong Kong) | 51 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.1%** |
| 259378 | Koninklijke Ahold Delhaize NV (Netherlands) | 10614 |
| 7200 | Medical System Network Co. Ltd. (Japan) | 23 |
| 3600 | Orsero SpA (Italy) | 75 |
| 95540 | Tesco PLC (United Kingdom) | 577 |
|  |  | 11289 |
| **CONTAINERS & PACKAGING—0.0%** | **CONTAINERS & PACKAGING—0.0%** | **CONTAINERS & PACKAGING—0.0%** |
| 9900 | Thantawan Industry PCL NVDR (Thailand)<sup>1</sup> | 8 |
| **DISTRIBUTORS—0.0%** | **DISTRIBUTORS—0.0%** | **DISTRIBUTORS—0.0%** |
| 52861 | Smiths News PLC (United Kingdom) | 42 |
| **DIVERSIFIED CONSUMER SERVICES—0.0%** | **DIVERSIFIED CONSUMER SERVICES—0.0%** | **DIVERSIFIED CONSUMER SERVICES—0.0%** |
| 2300 | Aucnet, Inc. (Japan) | 30 |
| 1494000 | China Yuhua Education Corp. Ltd. (China)<sup>\*,2</sup> | 107 |
| 8558 | D2L, Inc. (Canada)<sup>\*</sup> | 106 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **DIVERSIFIED CONSUMER SERVICES—Continued** | **DIVERSIFIED CONSUMER SERVICES—Continued** | **DIVERSIFIED CONSUMER SERVICES—Continued** |
| 132000 | Edvantage Group Holdings Ltd. (China) | $24 |
| 2761 | MegaStudyEdu Co. Ltd. (South Korea) | 81 |
| 2602 | Youdao, Inc. ADR (China)<sup>\*,1</sup> | 27 |
|  |  | 375 |
| **DIVERSIFIED REITS—0.1%** | **DIVERSIFIED REITS—0.1%** | **DIVERSIFIED REITS—0.1%** |
| 56175 | Merlin Properties Socimi SA (Spain) | 875 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.8%** |
| 788 | Cyber Folks SA (Poland) | 39 |
| 33478 | Emirates Integrated Telecommunications Co. PJSC (United Arab <br> Emirates)<br>| 86 |
| 389699 | Emirates Telecommunications Group Co. PJSC (United Arab <br> Emirates)<br>| 2058 |
| 95897 | Hellenic Telecommunications Organization SA (Greece) | 1801 |
| 100942 | KT Corp. ADR (South Korea)<sup>1</sup> | 1872 |
| 604 | Magyar Telekom Telecommunications PLC ADR (Hungary)<sup>1</sup> | 16 |
| 812200 | NTT, Inc. (Japan) | 836 |
| 2300 | Quebecor, Inc. Class B (Canada) | 73 |
| 3051000 | Singapore Telecommunications Ltd. (Singapore) | 9959 |
| 196182 | Telia Co. AB (Sweden) | 772 |
|  |  | 17512 |
| **ELECTRIC UTILITIES—0.1%** | **ELECTRIC UTILITIES—0.1%** | **ELECTRIC UTILITIES—0.1%** |
| 171278 | PGE Polska Grupa Energetyczna SA (Poland)<sup>\*</sup> | 519 |
| **ELECTRICAL EQUIPMENT—2.8%** | **ELECTRICAL EQUIPMENT—2.8%** | **ELECTRICAL EQUIPMENT—2.8%** |
| 338447 | ABB Ltd. (Switzerland) | 25163 |
| 94299 | China High Speed Transmission Equipment Group Co. Ltd. (Hong <br> Kong)<sup>\*</sup><br>| 22 |
| 5600 | Chiyoda Integre Co. Ltd. (Japan) | 112 |
| 124300 | ISDN Holdings Ltd. (China) | 41 |
| 90600 | Mitsubishi Electric Corp. (Japan) | 2572 |
| 1986 | Siemens Energy AG (Germany)<sup>\*</sup> | 247 |
| 51000 | Xingye Alloy Materials Group Ltd. (China)<sup>\*</sup> | 6 |
|  |  | 28163 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** |
| 20700 | Allied Tecnologia SA (Brazil) | 39 |
| 70000 | Aztech Global Ltd. (Singapore) | 36 |
| 11637 | Barco NV (Belgium) | 166 |
| 2031 | Berner Industrier AB (Sweden) | 17 |
| 2000 | Celestica, Inc. (Canada)<sup>\*</sup> | 689 |
| 27545 | Codan Ltd. (Australia) | 652 |
| 2300 | Daitron Co. Ltd. (Japan) | 69 |
| 77905 | DataTec Ltd. (South Africa) | 323 |
| 28300 | Delta Electronics Thailand PCL NVDR (Thailand)<sup>1</sup> | 190 |
| 1000 | Enplas Corp. (Japan) | 53 |
| 6765 | Hon Hai Precision Industry Co. Ltd. GDR (Taiwan)<sup>1</sup> | 113 |
| 14482 | LG Innotek Co. Ltd. (South Korea) | 2443 |
| 30700 | Murata Manufacturing Co. Ltd. (Japan) | 662 |
| 19552 | Namuga Co. Ltd. (South Korea) | 231 |
| 2700 | Nihon Denkei Co. Ltd. (Japan) | 36 |
| 3520 | Samsung Electro-Mechanics Co. Ltd. (South Korea) | 603 |
| 6100 | Shinko Shoji Co. Ltd. (Japan) | 40 |
| 2700 | SMK Corp. (Japan) | 40 |
| 84800 | TDK Corp. (Japan) | 1482 |
| 14212 | Tovis Co. Ltd. (South Korea) | 149 |
| 11713 | WiSoL Co. Ltd. (South Korea) | 46 |
| 3400 | Yokogawa Electric Corp. (Japan) | 102 |
|  |  | 8181 |
| **ENERGY EQUIPMENT & SERVICES—0.1%** | **ENERGY EQUIPMENT & SERVICES—0.1%** | **ENERGY EQUIPMENT & SERVICES—0.1%** |
| 34656 | Enerflex Ltd. (Canada) | 436 |
| 23013 | PHX Energy Services Corp. (Canada) | 125 |
| 6700 | Source Energy Services Ltd. (Canada)<sup>\*</sup> | 59 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** |
| 9418 | Technip Energies NV (France) | $383 |
|  |  | 1003 |
| **ENTERTAINMENT—2.6%** | **ENTERTAINMENT—2.6%** | **ENTERTAINMENT—2.6%** |
| 1447 | 11 bit studios SA (Poland)<sup>\*</sup> | 69 |
| 122000 | Archosaur Games, Inc. (China)<sup>\*,2</sup> | 32 |
| 7588 | Borussia Dortmund GmbH & Co. KGaA (Germany) | 30 |
| 37400 | Capcom Co. Ltd. (Japan) | 977 |
| 22046 | CD Projekt SA (Poland) | 1515 |
| 3049 | Devsisters Co. Ltd. (South Korea)<sup>\*</sup> | 90 |
| 22879 | IGG, Inc. (Singapore) | 11 |
| 4859 | Neowiz (South Korea)<sup>\*</sup> | 83 |
| 157200 | NetEase, Inc. (China) | 4411 |
| 86700 | Nexon Co. Ltd. (Japan) | 1768 |
| 30800 | Nintendo Co. Ltd. (Japan) | 2627 |
| 20192 | Spotify Technology SA (United States)<sup>\*</sup> | 13232 |
| 2718 | TEN Square Games SA (Poland) | 67 |
| 81000 | XD, Inc. (China) | 703 |
|  |  | 25615 |
| **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** |
| 69250 | Banca Mediolanum SpA (Italy) | 1392 |
| 130360 | FirstRand Ltd. (South Africa) | 619 |
| 1181 | Generalfinance SpA (Italy) | 26 |
| 332000 | Haitong UniTrust International Leasing Co. Ltd. Class H (China)<sup>2</sup> | 35 |
| 2561 | HAL Trust (Netherlands) | 402 |
| 435962 | M&G PLC (United Kingdom) | 1509 |
| 95700 | Pacific Century Regional Developments Ltd. (Singapore) | 33 |
| 18889 | Pagseguro Digital Ltd. Class A (Brazil) | 181 |
|  |  | 4197 |
| **FOOD PRODUCTS—0.1%** | **FOOD PRODUCTS—0.1%** | **FOOD PRODUCTS—0.1%** |
| 228100 | CAB Cakaran Corp. Bhd. (Malaysia) | 47 |
| 78000 | CCK Consolidated Holdings Bhd. (Malaysia) | 22 |
| 1500000 | China Starch Holdings Ltd. (China) | 37 |
| 9063 | Easy Holdings Co. Ltd. (South Korea) | 24 |
| 24300 | First Resources Ltd. (Indonesia) | 37 |
| 370300 | Hap Seng Plantations Holdings Bhd. (Malaysia) | 200 |
| 58700 | Kawan Food Bhd. (Malaysia) | 14 |
| 1600 | Kenko Mayonnaise Co. Ltd. (Japan) | 19 |
| 561 | Maeil Holdings Co. Ltd. (South Korea) | 4 |
| 528800 | Malindo Feedmill Tbk. PT (Indonesia) | 27 |
| 44400 | Minerva SA (Brazil)<sup>\*</sup> | 59 |
| 191200 | MKH Oil Palm East Kalimantan Bhd. (Malaysia) | 29 |
| 3800 | Nestle Malaysia Bhd. (Malaysia) | 103 |
| 811600 | Salim Ivomas Pratama Tbk. PT (Indonesia) | 30 |
| 5100 | Saputo, Inc. (Canada) | 123 |
| 98600 | Sarawak Plantation Bhd. (Malaysia) | 67 |
| 210100 | SD Guthrie Bhd. (Malaysia) | 265 |
|  |  | 1107 |
| **GAS UTILITIES—0.1%** | **GAS UTILITIES—0.1%** | **GAS UTILITIES—0.1%** |
| 16415 | Naturgy Energy Group SA (Spain) | 497 |
| 644700 | Perusahaan Gas Negara Tbk. PT (Indonesia) | 68 |
|  |  | 565 |
| **GROUND TRANSPORTATION—0.0%** | **GROUND TRANSPORTATION—0.0%** | **GROUND TRANSPORTATION—0.0%** |
| 341700 | BTS Rail Mass Transit Growth Infrastructure Fund Class F <br> (Thailand)<br>| 28 |
| 384000 | Guangshen Railway Co. Ltd. Class H (China) | 113 |
| 14200 | SBS Transit Ltd. (Singapore) | 35 |
|  |  | 176 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** |
| 91250 | Beijing Chunlizhengda Medical Instruments Co. Ltd. Class H <br> (China)<br>| 223 |
| 56531 | Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 1197 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** | **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** | **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** |
| 1500 | Fukuda Denshi Co. Ltd. (Japan) | $68 |
| 19700 | Olympus Corp. (Japan) | 243 |
| 46237 | Smith & Nephew PLC ADR (United Kingdom)<sup>1</sup> | 1702 |
| 115000 | Sysmex Corp. (Japan) | 1282 |
|  |  | 4715 |
| **HEALTH CARE PROVIDERS & SERVICES—0.4%** | **HEALTH CARE PROVIDERS & SERVICES—0.4%** | **HEALTH CARE PROVIDERS & SERVICES—0.4%** |
| 61320 | Fresenius SE & Co. KGaA (Germany) | 3529 |
| 19831 | Humana AB (Sweden) | 101 |
| 4800 | Japan Medical Dynamic Marketing, Inc. (Japan) | 15 |
| 47000 | Ladprao General Hospital PCL NVDR (Thailand)<sup>1</sup> | 5 |
| 2424 | Oriola OYJ Class B (Finland) | 3 |
|  |  | 3653 |
| **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** |
| 21561 | Ascom Holding AG (Switzerland) | 96 |
| 12960 | Pro Medicus Ltd. (Australia) | 2225 |
|  |  | 2321 |
| **HOTELS, RESTAURANTS & LEISURE—1.2%** | **HOTELS, RESTAURANTS & LEISURE—1.2%** | **HOTELS, RESTAURANTS & LEISURE—1.2%** |
| 249462 | Aristocrat Leisure Ltd. (Australia) | 10322 |
| 4523 | Betsson AB Class B (Sweden) | 70 |
| 51798 | Carnival PLC ADR (United States)<sup>\*,1</sup> | 1347 |
| 400400 | Champ Resto Indonesia Tbk. PT (Indonesia)<sup>\*</sup> | 17 |
| 9128 | Fuller Smith & Turner PLC Class A (United Kingdom) | 74 |
| 33000 | Galaxy Entertainment Group Ltd. (Hong Kong) | 164 |
| 83100 | Jaya Bersama Indo Tbk. PT (Indonesia)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 1727 | Nordrest Holding AB (Sweden) | 41 |
| 298800 | Oriental Kopi Holdings Bhd. (Malaysia)<sup>\*</sup> | 103 |
| 909 | Shinsegae Food Co. Ltd. (South Korea) | 23 |
| 50649 | Tabcorp Holdings Ltd. (Australia) | 35 |
| 55600 | Zen Corp. Group PCL NVDR (Thailand)<sup>1</sup> | 10 |
|  |  | 12206 |
| **HOUSEHOLD DURABLES—1.2%** | **HOUSEHOLD DURABLES—1.2%** | **HOUSEHOLD DURABLES—1.2%** |
| 107600 | Chervon Holdings Ltd. (China) | 279 |
| 5 | Dom Development SA (Poland) | 1 |
| 34207 | LG Electronics, Inc. (South Korea) | 2098 |
| 2600 | Nihon Trim Co. Ltd. (Japan) | 81 |
| 72200 | Panasonic Holdings Corp. (Japan) | 839 |
| 319900 | Sony Group Corp. (Japan) | 8909 |
|  |  | 12207 |
| **HOUSEHOLD PRODUCTS—0.0%** | **HOUSEHOLD PRODUCTS—0.0%** | **HOUSEHOLD PRODUCTS—0.0%** |
| 17579 | McBride PLC (United Kingdom) | 27 |
| 247700 | Unilever Indonesia Tbk. PT (Indonesia) | 38 |
|  |  | 65 |
| **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** |
| 1248 | AntarChile SA (Chile) | 10 |
| 530900 | LT Group, Inc. (Philippines) | 132 |
| 35493 | Siemens AG (Germany) | 10059 |
|  |  | 10201 |
| **INSURANCE—2.4%** | **INSURANCE—2.4%** | **INSURANCE—2.4%** |
| 11000 | Allianz Malaysia Bhd. (Malaysia) | 47 |
| 446900 | Dai-ichi Life Holdings, Inc. (Japan) | 3137 |
| 35836 | Doha Insurance Co. QSC (Qatar) | 25 |
| 30332 | Hanwha Life Insurance Co. Ltd. (South Korea)<sup>\*</sup> | 64 |
| 8562 | Heungkuk Fire & Marine Insurance Co. Ltd. (South Korea)<sup>\*</sup> | 22 |
| 5540 | Hyundai Marine & Fire Insurance Co. Ltd. (South Korea)<sup>\*</sup> | 106 |
| 717500 | Japan Post Holdings Co. Ltd. (Japan) | 6724 |
| 11400 | Japan Post Insurance Co. Ltd. (Japan) | 295 |
| 133434 | NN Group NV (Netherlands) | 9132 |
| 443500 | Sunshine Insurance Group Co. Ltd. Class H (China) | 210 |
| 882 | Talanx AG (Germany) | 107 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—Continued** | **INSURANCE—Continued** | **INSURANCE—Continued** |
| 108800 | Tokio Marine Holdings, Inc. (Japan) | $4058 |
| 7336 | Waterdrop, Inc. ADR (China)<sup>1</sup> | 13 |
|  |  | 23940 |
| **INTERACTIVE MEDIA & SERVICES—1.4%** | **INTERACTIVE MEDIA & SERVICES—1.4%** | **INTERACTIVE MEDIA & SERVICES—1.4%** |
| 128530 | Auto Trader Group PLC (United Kingdom)<sup>2</sup> | 1319 |
| 41420 | Bilibili, Inc. Class Z (China)<sup>\*</sup> | 1251 |
| 2833 | JOYY, Inc. ADR (China)<sup>1</sup> | 168 |
| 740100 | Kuaishou Technology (China)<sup>2</sup> | 6871 |
| 2000 | MarkLines Co. Ltd. (Japan) | 26 |
| 7557 | REA Group Ltd. (Australia) | 1053 |
| 87718 | Rightmove PLC (United Kingdom) | 770 |
| 10171 | Scout24 SE (Germany)<sup>2</sup> | 1176 |
| 83431 | Yalla Group Ltd. ADR (United Arab Emirates)<sup>\*,1</sup> | 633 |
| 31054 | Zhihu, Inc. ADR (China)<sup>\*,1</sup> | 135 |
|  |  | 13402 |
| **IT SERVICES—1.9%** | **IT SERVICES—1.9%** | **IT SERVICES—1.9%** |
| 2400 | Avant Group Corp. (Japan) | 25 |
| 4200 | Core Corp. (Japan) | 56 |
| 138500 | Fujitsu Ltd. (Japan) | 3609 |
| 1500 | GMO GlobalSign Holdings KK (Japan) | 20 |
| 2600 | ID Holdings Corp. (Japan) | 34 |
| 418000 | Mastersystem Infotama PT (Indonesia) | 35 |
| 114300 | NEC Corp. (Japan) | 4152 |
| 65100 | Obic Co. Ltd. (Japan) | 2020 |
| 217100 | Otsuka Corp. (Japan) | 4292 |
| 44100 | TIS, Inc. (Japan) | 1519 |
| 4200 | Ubicom Holdings, Inc. (Japan) | 31 |
| 36454 | VTEX Class A (Brazil)<sup>\*</sup> | 164 |
| 21350 | Wix.com Ltd. (Israel)<sup>\*</sup> | 3107 |
| 700 | Zuken, Inc. (Japan) | 22 |
|  |  | 19086 |
| **LEISURE PRODUCTS—0.0%** | **LEISURE PRODUCTS—0.0%** | **LEISURE PRODUCTS—0.0%** |
| 7500 | Sankyo Co. Ltd. (Japan) | 130 |
| **MACHINERY—3.3%** | **MACHINERY—3.3%** | **MACHINERY—3.3%** |
| 4393 | China Yuchai International Ltd. (China) | 163 |
| 92000 | CIMC Enric Holdings Ltd. (China) | 89 |
| 2101 | Construcciones y Auxiliar de Ferrocarriles SA (Spain) | 133 |
| 8382 | Daechang Forging Co. Ltd. (South Korea) | 39 |
| 931 | Danieli & C Officine Meccaniche SpA (Italy) | 50 |
| 2156 | Duerr AG (Germany) | 50 |
| 3602 | DY POWER Corp. (South Korea) | 32 |
| 38412 | GEA Group AG (Germany) | 2748 |
| 74439 | Heidelberger Druckmaschinen AG (Germany)<sup>\*</sup> | 168 |
| 1850 | Knorr-Bremse AG (Germany) | 172 |
| 90900 | Komatsu Ltd. (Japan) | 3041 |
| 26856 | Kone OYJ Class B (Finland) | 1794 |
| 55100 | Kubota Corp. (Japan) | 713 |
| 17700 | Makita Corp. (Japan) | 535 |
| 2200 | Nitto Kohki Co. Ltd. (Japan) | 24 |
| 371 | Palfinger AG (Austria) | 14 |
| 2500 | Rheon Automatic Machinery Co. Ltd. (Japan) | 23 |
| 77762 | Sandvik AB (Sweden) | 2352 |
| 76000 | Sany Heavy Equipment International Holdings Co. Ltd. (China) | 72 |
| 19023 | Schindler Holding AG (Switzerland) | 6776 |
| 15002 | SKF AB Class B (Sweden) | 385 |
| 15500 | SMC Corp. (Japan) | 5306 |
| 4700 | Sodick Co. Ltd. (Japan) | 30 |
| 252204 | Wartsila OYJ Abp (Finland) | 8251 |
| 52300 | Yangzijiang Shipbuilding Holdings Ltd. (China) | 141 |
|  |  | 33101 |
| **MARINE TRANSPORTATION—0.8%** | **MARINE TRANSPORTATION—0.8%** | **MARINE TRANSPORTATION—0.8%** |
| 2657 | AP Moller - Maersk AS Class B (Denmark) | 5463 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MARINE TRANSPORTATION—Continued** | **MARINE TRANSPORTATION—Continued** | **MARINE TRANSPORTATION—Continued** |
| 70874 | Costamare, Inc. (Monaco) | $866 |
| 3617 | Danaos Corp. (Greece) | 329 |
| 2649 | Euroseas Ltd. (Greece) | 152 |
| 341700 | Samudera Shipping Line Ltd. (Singapore) | 255 |
| 236000 | SITC International Holdings Co. Ltd. (China) | 871 |
|  |  | 7936 |
| **MEDIA—0.1%** | **MEDIA—0.1%** | **MEDIA—0.1%** |
| 9526 | Alter Ego Media SA (Greece) | 67 |
| 6846 | Criteo SA ADR (France)<sup>\*,1</sup> | 157 |
| 741 | KT Millie Seojae Co. Ltd. (South Korea)<sup>\*</sup> | 7 |
| 27388 | LG HelloVision Co. Ltd. (South Korea)<sup>\*</sup> | 47 |
| 19135 | Next 15 Group PLC (United Kingdom) | 104 |
| 588 | NZME Ltd. (New Zealand) |  |
| 158443 | Pico Far East Holdings Ltd. (Hong Kong) | 53 |
| 33805 | PRT Co. Ltd. (Australia)<sup>\*</sup> |  |
| 41048 | Woongjin Thinkbig Co. Ltd. (South Korea) | 42 |
| 128000 | Xiamen Jihong Technology Co. Ltd. Class H (China) | 238 |
|  |  | 715 |
| **METALS & MINING—2.8%** | **METALS & MINING—2.8%** | **METALS & MINING—2.8%** |
| 40700 | Amerigo Resources Ltd. (Canada) | 89 |
| 18085 | Anglogold Ashanti PLC (United Kingdom) | 1230 |
| 148760 | BlueScope Steel Ltd. (Australia) | 2226 |
| 116745 | Boliden AB (Sweden)<sup>\*</sup> | 5235 |
| 17930 | Capital Ltd. (Mauritius) | 28 |
| 202133 | Capricorn Metals Ltd. (Australia)<sup>\*</sup> | 1702 |
| 11720 | Centerra Gold, Inc. (Canada) | 137 |
| 10951 | Dongkuk Holdings Co. Ltd. (South Korea) | 56 |
| 15400 | Dynacor Group, Inc. (Canada) | 50 |
| 12300 | Eldorado Gold Corp. (Turkey)<sup>\*</sup> | 315 |
| 29478 | ElvalHalcor SA (Greece) | 109 |
| 33645 | Endeavour Mining PLC (Ivory Coast) | 1362 |
| 198804 | Evolution Mining Ltd. (Australia) | 1407 |
| 153679 | Fortuna Mining Corp. (Canada)<sup>\*</sup> | 1270 |
| 35000 | Fresnillo PLC (Mexico) | 1023 |
| 171248 | Genesis Minerals Ltd. (Australia)<sup>\*</sup> | 651 |
| 587250 | Grange Resources Ltd. (Australia)<sup>\*</sup> | 104 |
| 96409 | Harmony Gold Mining Co. Ltd. ADR (South Africa)<sup>1</sup> | 1592 |
| 161600 | Hudbay Minerals, Inc. (Canada) | 2590 |
| 22809 | KG Chemical Corp. (South Korea) | 78 |
| 15931 | KG Eco Solution Co. Ltd. (South Korea) | 63 |
| 25391 | KGHM Polska Miedz SA (Poland)<sup>\*</sup> | 1332 |
| 12095 | Kumba Iron Ore Ltd. (South Africa) | 241 |
| 177871 | Macmahon Holdings Ltd. (Australia) | 55 |
| 1087000 | Nickel Asia Corp. (Philippines) | 68 |
| 77636 | Northern Star Resources Ltd. (Australia) | 1252 |
| 397400 | OceanaGold Philippines, Inc. (Philippines) | 180 |
| 35973 | Perenti Ltd. (Australia) | 64 |
| 100081 | Perseus Mining Ltd. (Australia) | 318 |
| 301262 | Sibanye Stillwater Ltd. (South Africa)<sup>\*</sup> | 799 |
| 7738 | Sibanye Stillwater Ltd. ADR (South Africa)<sup>\*,1</sup> | 82 |
| 685425 | South32 Ltd. (Australia) | 1417 |
| 26100 | Steppe Gold Ltd. (Canada)<sup>\*</sup> | 40 |
| 88 | Tree Island Steel Ltd. (Canada) |  |
| 436314 | Vault Minerals Ltd. (Australia)<sup>\*</sup> | 207 |
| 46000 | Volcan Cia Minera SAA Class B (Peru)<sup>\*</sup> | 7 |
|  |  | 27379 |
| **MULTI-UTILITIES—0.6%** | **MULTI-UTILITIES—0.6%** | **MULTI-UTILITIES—0.6%** |
| 131343 | A2A SpA (Italy) | 383 |
| 1354218 | Centrica PLC (United Kingdom) | 3191 |
| 425571 | Hera SpA (Italy) | 1910 |
|  |  | 5484 |
| **OFFICE REITS—0.0%** | **OFFICE REITS—0.0%** | **OFFICE REITS—0.0%** |
| 16075 | Helical PLC (United Kingdom) | 44 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—3.6%** | **OIL, GAS & CONSUMABLE FUELS—3.6%** | **OIL, GAS & CONSUMABLE FUELS—3.6%** |
| 227546 | Adnoc Gas PLC (United Arab Emirates) | $216 |
| 5622600 | Alamtri Resources Indonesia Tbk. PT (Indonesia) | 637 |
| 270500 | Baramulti Suksessarana Tbk. PT (Indonesia) | 65 |
| 320838 | BP PLC ADR (United States)<sup>1</sup> | 11271 |
| 672700 | ENEOS Holdings, Inc. (Japan) | 4244 |
| 41848 | Hafnia Ltd. (Singapore) | 261 |
| 130700 | Hibiscus Petroleum Bhd. (Malaysia) | 45 |
| 507155 | Horizon Oil Ltd. (Australia) | 68 |
| 208800 | Idemitsu Kosan Co. Ltd. (Japan) | 1452 |
| 37300 | Journey Energy, Inc. (Canada)<sup>\*</sup> | 103 |
| 337631 | ORLEN SA (Poland) | 9151 |
| 700 | Paramount Resources Ltd. Class A (Canada) | 11 |
| 512000 | Petron Corp. (Philippines) | 20 |
| 87400 | Petronas Dagangan Bhd. (Malaysia) | 473 |
| 718500 | PTT Exploration & Production PCL NVDR (Thailand)<sup>1</sup> | 2381 |
| 35555 | Repsol SA (Spain) | 652 |
| 98526 | Shell PLC (United States) | 3694 |
| 392700 | Thai Oil PCL NVDR (Thailand)<sup>1</sup> | 434 |
| 7460 | Tsakos Energy Navigation Ltd. (Greece) | 182 |
|  |  | 35360 |
| **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** |
| 16746 | Deutsche Lufthansa AG (Germany) | 147 |
| 642011 | International Consolidated Airlines Group SA (United Kingdom) | 3530 |
| 513844 | Qantas Airways Ltd. (Australia) | 3423 |
| 8362 | Virgin Australia Holdings Ltd. (Australia)<sup>\*</sup> | 18 |
|  |  | 7118 |
| **PERSONAL CARE PRODUCTS—0.0%** | **PERSONAL CARE PRODUCTS—0.0%** | **PERSONAL CARE PRODUCTS—0.0%** |
| 6614819 | Industri Jamu Dan Farmasi Sido Muncul Tbk. PT (Indonesia) | 223 |
| 1999 | Sarantis SA (Greece) | 29 |
|  |  | 252 |
| **PHARMACEUTICALS—11.1%** | **PHARMACEUTICALS—11.1%** | **PHARMACEUTICALS—11.1%** |
| 465500 | Astellas Pharma, Inc. (Japan) | 4873 |
| 108558 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 8945 |
| 54483 | Bayer AG (Germany) | 1695 |
| 51575 | Daiichi Sankyo Co. Ltd. (Japan) | 1232 |
| 185100 | Eisai Co. Ltd. (Japan) | 5498 |
| 17347 | Galderma Group AG (Switzerland) | 3221 |
| 238627 | GSK PLC ADR (United States)<sup>1</sup> | 11182 |
| 22942 | Hikma Pharmaceuticals PLC (Jordan) | 555 |
| 726 | Ipsen SA (France) | 102 |
| 15100 | Knight Therapeutics, Inc. (Canada)<sup>\*</sup> | 63 |
| 31700 | Nippon Shinyaku Co. Ltd. (Japan) | 663 |
| 247316 | Novartis AG (United States) | 30608 |
| 163400 | Ono Pharmaceutical Co. Ltd. (Japan) | 1994 |
| 79 | Orion OYJ Class A (Finland) | 5 |
| 10471 | Orion OYJ Class B (Finland) | 731 |
| 8492 | Richter Gedeon Nyrt (Hungary) | 262 |
| 98687 | Roche Holding AG (United States) | 31967 |
| 37341 | Sandoz Group AG (Switzerland) | 2490 |
| 5600 | Seikagaku Corp. (Japan) | 24 |
| 5000 | Shionogi & Co. Ltd. (Japan) | 84 |
| 13856 | UCB SA (Belgium) | 3563 |
| 383 | Vetoquinol SA (France) | 33 |
|  |  | 109790 |
| **PROFESSIONAL SERVICES—3.1%** | **PROFESSIONAL SERVICES—3.1%** | **PROFESSIONAL SERVICES—3.1%** |
| 1600 | Career Design Center Co. Ltd. (Japan) | 23 |
| 8722 | Computershare Ltd. (Australia) | 208 |
| 90556 | Experian PLC (United Kingdom) | 4224 |
| 4400 | JAC Recruitment Co. Ltd. (Japan) | 29 |
| 2567 | Kanzhun Ltd. ADR (China)<sup>1</sup> | 57 |
| 253400 | Recruit Holdings Co. Ltd. (Japan) | 12566 |
| 4200 | Space Co. Ltd. (Japan) | 37 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** |
| 110229 | Wolters Kluwer NV (Netherlands) | $13512 |
|  |  | 30656 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** |
| 309021 | Aldar Properties PJSC (United Arab Emirates) | 757 |
| 10000 | CTP NV (Netherlands)<sup>2</sup> | 209 |
| 320582 | Emaar Development PJSC (United Arab Emirates) | 1302 |
| 432356 | Emaar Properties PJSC (United Arab Emirates) | 1673 |
| 116681 | Ever Reach Group Holdings Co. Ltd. (China)<sup>\*</sup> | 5 |
| 3400 | FirstService Corp. (Canada) | 541 |
| 688400 | LBS Bina Group Bhd. (Malaysia) | 70 |
| 978000 | Megaworld Corp. (Philippines) | 33 |
| 1077 | Melcor Developments Ltd. (Canada) | 11 |
| 460000 | Midland Holdings Ltd. (Hong Kong)<sup>\*</sup> | 130 |
| 12963 | Modern Land China Co. Ltd. (China)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 2400 | Propnex Ltd. (Singapore) | 4 |
| 8276 | Servcorp Ltd. (Australia) | 40 |
|  |  | 4775 |
| **RETAIL REITS—0.5%** | **RETAIL REITS—0.5%** | **RETAIL REITS—0.5%** |
| 116822 | Klepierre SA (France) | 4464 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.0%** |
| 34100 | Advantest Corp. (Japan) | 5106 |
| 2484 | Anapass, Inc. (South Korea)<sup>\*</sup> | 31 |
| 304501 | ASE Technology Holding Co. Ltd. ADR (Taiwan)<sup>1</sup> | 4875 |
| 23088 | ASML Holding NV New York Registry Shares (Netherlands) | 24456 |
| 5723 | ChipMOS Technologies, Inc. ADR (Taiwan)<sup>1</sup> | 122 |
| 6393 | Hansol Technics Co. Ltd. (South Korea) | 29 |
| 61234 | Himax Technologies, Inc. ADR (Taiwan)<sup>1</sup> | 577 |
| 79435 | Infineon Technologies AG (Germany) | 3153 |
| 3415 | KoMiCo Ltd. (South Korea) | 264 |
| 15400 | Lasertec Corp. (Japan) | 3127 |
| 4900 | LEENO Industrial, Inc. (South Korea) | 197 |
| 11504 | LOT Vacuum Co. Ltd. (South Korea)<sup>\*</sup> | 105 |
| 6543 | NEPES Corp. (South Korea)<sup>\*</sup> | 79 |
| 15800 | SCREEN Holdings Co. Ltd. (Japan) | 1498 |
| 18455 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>1</sup> | 1811 |
| 10672 | SK Hynix, Inc. (South Korea) | 4152 |
| 101041 | STMicroelectronics NV NY Registry Shares (Singapore) | 2472 |
| 1500 | Taiwan Semiconductor Manufacturing Co. Ltd. BDR (Taiwan)<sup>1</sup> | 56 |
| 30600 | Tokyo Electron Ltd. (Japan) | 6746 |
| 175200 | UMS Integration Ltd. (Singapore) | 199 |
| 12809 | WONIK IPS Co. Ltd. (South Korea) | 575 |
| 4164 | Zeus Co. Ltd. (South Korea) | 45 |
|  |  | 59675 |
| **SOFTWARE—1.8%** | **SOFTWARE—1.8%** | **SOFTWARE—1.8%** |
| 2893 | Accesso Technology Group PLC (United Kingdom)<sup>\*</sup> | 13 |
| 1300 | Alpha Systems, Inc. (Japan) | 30 |
| 120100 | Autocount Dotcom Bhd. (Malaysia) | 30 |
| 1360000 | BII Railway Transportation Technology Holdings Co. Ltd. (China) | 64 |
| 16730 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 3274 |
| 29995 | dotdigital group PLC (United Kingdom) | 27 |
| 7600 | Ebase Co. Ltd. (Japan) | 22 |
| 33700 | Enghouse Systems Ltd. (Canada) | 500 |
| 41853 | Exem Co. Ltd. (South Korea)<sup>\*</sup> | 64 |
| 21928 | F-Secure OYJ (Finland) | 43 |
| 4200 | I'll, Inc. (Japan) | 66 |
| 5400 | ISB Corp. (Japan) | 63 |
| 28247 | Nice Ltd. ADR (Israel)<sup>\*,1</sup> | 3860 |
| 4100 | PCA Corp. (Japan) | 47 |
| 5956 | RADCOM Ltd. (Israel)<sup>\*</sup> | 82 |
| 28630 | Sage Group PLC (United Kingdom) | 433 |
| 2202 | Shoper SA (Poland) | 32 |
| 1800 | Soliton Systems KK (Japan) | 20 |
| 24400 | Temenos AG (Switzerland) | 2304 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 5737 | Text SA (Poland) | $76 |
| 129100 | Trend Micro, Inc. (Japan) | 6588 |
| 1400 | WingArc1st, Inc. (Japan) | 31 |
|  |  | 17669 |
| **SPECIALTY RETAIL—0.5%** | **SPECIALTY RETAIL—0.5%** | **SPECIALTY RETAIL—0.5%** |
| 1110872 | Abu Dhabi National Oil Co. for Distribution PJSC (United Arab <br> Emirates)<br>| 1086 |
| 14567 | DFS Furniture PLC (United Kingdom)<sup>\*</sup> | 30 |
| 196500 | EEKA Fashion Holdings Ltd. (China) | 198 |
| 5400 | Fast Retailing Co. Ltd. (Japan) | 1982 |
| 67356 | Kingfisher PLC (United Kingdom) | 273 |
| 4420 | LOTTE Himart Co. Ltd. (South Korea) | 24 |
| 24100 | Maruzen CHI Holdings Co. Ltd. (Japan) | 52 |
| 6986 | Naturhouse Health SAU (Spain) | 17 |
| 19600 | Pop Mart International Group Ltd. (China)<sup>2</sup> | 558 |
| 838000 | Topsports International Holdings Ltd. (China)<sup>2</sup> | 332 |
| 44300 | USS Co. Ltd. (Japan) | 489 |
| 28800 | ZOZO, Inc. (Japan) | 249 |
|  |  | 5290 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.3%** |
| 33300 | Brother Industries Ltd. (Japan) | 567 |
| 900000 | Lenovo Group Ltd. (China) | 1313 |
| 34614 | Logitech International SA (Switzerland) | 4161 |
| 257100 | Ricoh Co. Ltd. (Japan) | 2205 |
| 53959 | Samsung Electronics Co. Ltd. (South Korea) | 4062 |
| 13100 | Seiko Epson Corp. (Japan) | 166 |
| 4000 | Toshiba TEC Corp. (Japan) | 81 |
|  |  | 12555 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.4%** | **TEXTILES, APPAREL & LUXURY GOODS—0.4%** | **TEXTILES, APPAREL & LUXURY GOODS—0.4%** |
| 44436 | Canada Goose Holdings, Inc. (Canada)<sup>\*</sup> | 619 |
| 32000 | Chow Sang Sang Holdings International Ltd. (Hong Kong) | 57 |
| 156100 | Guararapes Confeccoes SA (Brazil) | 294 |
| 985500 | Li Ning Co. Ltd. (China) | 2143 |
| 6452 | Nature Holdings Co. Ltd. (South Korea) | 43 |
| 3973 | Pandora AS (Denmark) | 532 |
| 121200 | Poh Kong Holdings Bhd. (Malaysia) | 31 |
| 19885 | TK Chemical Corp. (South Korea)<sup>\*</sup> | 23 |
| 646500 | Xtep International Holdings Ltd. (China) | 468 |
|  |  | 4210 |
| **TRADING COMPANIES & DISTRIBUTORS—0.1%** | **TRADING COMPANIES & DISTRIBUTORS—0.1%** | **TRADING COMPANIES & DISTRIBUTORS—0.1%** |
| 3300 | Finning International, Inc. (Canada) | 178 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** |
| 1600 | Nanyo Corp. (Japan) | $14 |
| 152987 | New Times Corp. Ltd. (Hong Kong)<sup>\*</sup> | 1 |
| 900 | Nice Corp. (Japan) | 10 |
| 2300 | Parker Corp. (Japan) | 17 |
| 23467 | Rexel SA (France) | 814 |
| 3300 | Russel Metals, Inc. (Canada) | 102 |
| 8200 | Speedy Hire PLC (United Kingdom) | 3 |
| 2400 | Wajax Corp. (Canada) | 43 |
|  |  | 1182 |
| **TRANSPORTATION INFRASTRUCTURE—0.0%** | **TRANSPORTATION INFRASTRUCTURE—0.0%** | **TRANSPORTATION INFRASTRUCTURE—0.0%** |
| 3161 | Aena SME SA (Spain)<sup>2</sup> | 86 |
| 20910 | International Container Terminal Services, Inc. (Philippines) | 189 |
| 46000 | Qilu Expressway Co. Ltd. Class H (China) | 10 |
|  |  | 285 |
| **TOTAL COMMON STOCKS** <br>(Cost $822,225) | **TOTAL COMMON STOCKS** <br>(Cost $822,225) | 931414 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.5%** | **EXCHANGE-TRADED FUNDS—0.5%** | **EXCHANGE-TRADED FUNDS—0.5%** |
| (Cost $4,142) | (Cost $4,142) | (Cost $4,142) |
| **CAPITAL MARKETS—0.5%** | **CAPITAL MARKETS—0.5%** | **CAPITAL MARKETS—0.5%** |
| 50198 | iShares MSCI EAFE ETF (United States) | 4743 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—1.0%** | **PREFERRED STOCKS—1.0%** | **PREFERRED STOCKS—1.0%** |
| **HOUSEHOLD DURABLES—0.0%** | **HOUSEHOLD DURABLES—0.0%** | **HOUSEHOLD DURABLES—0.0%** |
| 450 | Einhell Germany AG (Germany) | 43 |
| **HOUSEHOLD PRODUCTS—1.0%** | **HOUSEHOLD PRODUCTS—1.0%** | **HOUSEHOLD PRODUCTS—1.0%** |
| 122587 | Henkel AG & Co. KGaA (Germany) | 9931 |
| **MACHINERY—0.0%** | **MACHINERY—0.0%** | **MACHINERY—0.0%** |
| 173 | KSB SE & Co. KGaA (Germany) | 180 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $10,279) | **TOTAL PREFERRED STOCKS** <br>(Cost $10,279) | 10154 |
| **TOTAL INVESTMENTS—95.3%** <br>(Cost $836,646) | **TOTAL INVESTMENTS—95.3%** <br>(Cost $836,646) | 946311 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—4.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—4.7%** | 46538 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $992849 |

---

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

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

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of October 31, 2025 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; $1674 | &nbsp;&nbsp; $5074 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6748 |
| Europe | &nbsp;&nbsp; 67377 | &nbsp;&nbsp; 407298 | &nbsp;&nbsp; — | &nbsp;&nbsp; 474675 |
| Latin America | &nbsp;&nbsp; 1905 | &nbsp;&nbsp; 4142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6047 |
| Middle East/Central Asia | &nbsp;&nbsp; 12828 | &nbsp;&nbsp; 26987 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39815 |
| North America | &nbsp;&nbsp; 45369 | &nbsp;&nbsp; 66269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 111638 |
| Pacific Basin | &nbsp;&nbsp; 24175 | &nbsp;&nbsp; 268316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 292491 |
| Exchange-Traded Funds |  |  |  |  |
| North America | &nbsp;&nbsp; 4743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4743 |
| Preferred Stocks |  |  |  |  |
| Europe | &nbsp;&nbsp; — | &nbsp;&nbsp; 10154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10154 |
| Total Investments in Securities | &nbsp;&nbsp; $158071 | &nbsp;&nbsp; $788240 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $946311 |

---

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 October 31, 2025, the aggregate value of these securities was $29,112 or 3% of net assets.

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

------

⬤

------

**Harbor International Small Cap Fund**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Cedar Street Asset Management LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.5%** | **COMMON STOCKS—97.5%** | **COMMON STOCKS—97.5%** |
| **Shares** |  | **Value** |
| **AIR FREIGHT & LOGISTICS—1.3%** | **AIR FREIGHT & LOGISTICS—1.3%** | **AIR FREIGHT & LOGISTICS—1.3%** |
| 106790 | Nippon Express Holdings, Inc. (Japan) | $2272 |
| **BANKS—1.8%** | **BANKS—1.8%** | **BANKS—1.8%** |
| 578823 | Kyushu Financial Group, Inc. (Japan) | 3317 |
| **BEVERAGES—1.3%** | **BEVERAGES—1.3%** | **BEVERAGES—1.3%** |
| 1274823 | C&C Group PLC (Ireland) | 2290 |
| **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** |
| 575199 | Genuit Group PLC (United Kingdom) | 2797 |
| **CAPITAL MARKETS—1.7%** | **CAPITAL MARKETS—1.7%** | **CAPITAL MARKETS—1.7%** |
| 883756 | TP ICAP Group PLC (United Kingdom) | 3048 |
| **CHEMICALS—7.2%** | **CHEMICALS—7.2%** | **CHEMICALS—7.2%** |
| 151521 | Corbion NV (Netherlands) | 3084 |
| 180546 | Kansai Paint Co. Ltd. (Japan) | 2898 |
| 113037 | NOF Corp. (Japan) | 2011 |
| 181676 | Tosoh Corp. (Japan) | 2590 |
| 291950 | Victrex PLC (United Kingdom) | 2481 |
|  |  | 13064 |
| **COMMERCIAL SERVICES & SUPPLIES—2.7%** | **COMMERCIAL SERVICES & SUPPLIES—2.7%** | **COMMERCIAL SERVICES & SUPPLIES—2.7%** |
| 92303 | ISS AS (Denmark) | 2909 |
| 591821 | Serco Group PLC (United Kingdom) | 1975 |
|  |  | 4884 |
| **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** |
| 143597 | Raito Kogyo Co. Ltd. (Japan) | 3005 |
| **CONSTRUCTION MATERIALS—1.5%** | **CONSTRUCTION MATERIALS—1.5%** | **CONSTRUCTION MATERIALS—1.5%** |
| 89026 | Wienerberger AG (Austria) | 2643 |
| **CONSUMER FINANCE—3.2%** | **CONSUMER FINANCE—3.2%** | **CONSUMER FINANCE—3.2%** |
| 316700 | AEON Financial Service Co. Ltd. (Japan) | 3098 |
| 23310 | Cembra Money Bank AG (Switzerland) | 2665 |
|  |  | 5763 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** |
| 172025 | Qol Holdings Co. Ltd. (Japan) | 2169 |
| 180875 | San-A Co. Ltd. (Japan) | 3146 |
|  |  | 5315 |
| **CONTAINERS & PACKAGING—4.7%** | **CONTAINERS & PACKAGING—4.7%** | **CONTAINERS & PACKAGING—4.7%** |
| 144911 | Fuji Seal International, Inc. (Japan) | 2548 |
| 92896 | Huhtamaki OYJ (Finland) | 3122 |
| 245777 | SIG Group AG (Switzerland) | 2748 |
|  |  | 8418 |
| **DISTRIBUTORS—3.7%** | **DISTRIBUTORS—3.7%** | **DISTRIBUTORS—3.7%** |
| 343264 | Inchcape PLC (United Kingdom) | 3445 |
| 110001 | PALTAC Corp. (Japan) | 3244 |
|  |  | 6689 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.9%** |
| 250409 | Anritsu Corp. (Japan) | 3703 |
| 254003 | Hamamatsu Photonics KK (Japan) | 2843 |
| 41387 | Landis & Gyr Group AG (Switzerland) | 2998 |
| 189500 | Optex Group Co. Ltd. (Japan) | 2861 |
| 312278 | Venture Corp. Ltd. (Singapore) | 3574 |
|  |  | 15979 |
| **FOOD PRODUCTS—5.1%** | **FOOD PRODUCTS—5.1%** | **FOOD PRODUCTS—5.1%** |
| 77636 | Ariake Japan Co. Ltd. (Japan) | 2724 |
| 34320 | Aryzta AG (Switzerland)<sup>\*</sup> | 2201 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** |
| 189875 | Glanbia PLC (Ireland) | $3214 |
| 210834 | Tate & Lyle PLC (United Kingdom) | 1070 |
|  |  | 9209 |
| **GAS UTILITIES—1.5%** | **GAS UTILITIES—1.5%** | **GAS UTILITIES—1.5%** |
| 74530 | Rubis SCA (France) | 2706 |
| **GROUND TRANSPORTATION—1.7%** | **GROUND TRANSPORTATION—1.7%** | **GROUND TRANSPORTATION—1.7%** |
| 678402 | Zigup PLC (United Kingdom) | 3091 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—7.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—7.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—7.1%** |
| 147895 | Ansell Ltd. (Australia) | 3533 |
| 899016 | Arjo AB Class B (Sweden) | 2853 |
| 237305 | Nakanishi, Inc. (Japan) | 3142 |
| 279498 | Nihon Kohden Corp. (Japan) | 3230 |
|  |  | 12758 |
| **HEALTH CARE PROVIDERS & SERVICES—3.1%** | **HEALTH CARE PROVIDERS & SERVICES—3.1%** | **HEALTH CARE PROVIDERS & SERVICES—3.1%** |
| 116790 | Fagron (Belgium) | 2775 |
| 200225 | Sonic Healthcare Ltd. (Australia) | 2771 |
|  |  | 5546 |
| **INSURANCE—2.5%** | **INSURANCE—2.5%** | **INSURANCE—2.5%** |
| 33911 | ASR Nederland NV (Netherlands) | 2263 |
| 129935 | Coface SA (France) | 2289 |
|  |  | 4552 |
| **IT SERVICES—2.0%** | **IT SERVICES—2.0%** | **IT SERVICES—2.0%** |
| 171299 | TietoEVRY OYJ (Finland) | 3677 |
| **LEISURE PRODUCTS—1.3%** | **LEISURE PRODUCTS—1.3%** | **LEISURE PRODUCTS—1.3%** |
| 162891 | Spin Master Corp. (Canada)<sup>1</sup> | 2419 |
| **MACHINERY—7.7%** | **MACHINERY—7.7%** | **MACHINERY—7.7%** |
| 84356 | Aalberts NV (Netherlands) | 2673 |
| 50496 | Construcciones y Auxiliar de Ferrocarriles SA (Spain) | 3188 |
| 135386 | METAWATER Co. Ltd. (Japan) | 2906 |
| 988183 | Morgan Advanced Materials PLC (United Kingdom) | 2650 |
| 157788 | Norma Group SE (Germany) | 2560 |
|  |  | 13977 |
| **MARINE TRANSPORTATION—1.7%** | **MARINE TRANSPORTATION—1.7%** | **MARINE TRANSPORTATION—1.7%** |
| 65980 | Clarkson PLC (United Kingdom) | 3145 |
| **MEDIA—2.5%** | **MEDIA—2.5%** | **MEDIA—2.5%** |
| 127935 | JCDecaux SE (France) | 2328 |
| 57843 | RTL Group SA (Luxembourg) | 2233 |
|  |  | 4561 |
| **METALS & MINING—3.1%** | **METALS & MINING—3.1%** | **METALS & MINING—3.1%** |
| 90419 | Aperam SA (Luxembourg) | 3151 |
| 59840 | Bekaert SA (Belgium) | 2499 |
|  |  | 5650 |
| **PERSONAL CARE PRODUCTS—1.3%** | **PERSONAL CARE PRODUCTS—1.3%** | **PERSONAL CARE PRODUCTS—1.3%** |
| 310251 | Ontex Group NV (Belgium)<sup>\*</sup> | 2268 |
| **PROFESSIONAL SERVICES—1.6%** | **PROFESSIONAL SERVICES—1.6%** | **PROFESSIONAL SERVICES—1.6%** |
| 3634154 | Hays PLC (United Kingdom) | 2822 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%** |
| 264137 | ASMPT Ltd. (Hong Kong) | 2780 |
| 19451 | SOITEC (France)<sup>\*</sup> | 921 |
| 289832 | X-Fab Silicon Foundries SE (Belgium)<sup>\*,1</sup> | 1839 |
|  |  | 5540 |

---

------

⬤

------

**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—2.9%** | **SOFTWARE—2.9%** | **SOFTWARE—2.9%** |
| 207806 | Computer Engineering & Consulting Ltd. (Japan) | $2912 |
| 382498 | TomTom NV (Netherlands)<sup>\*</sup> | 2304 |
|  |  | 5216 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.9%** | **TEXTILES, APPAREL & LUXURY GOODS—1.9%** | **TEXTILES, APPAREL & LUXURY GOODS—1.9%** |
| 3257769 | Coats Group PLC (United Kingdom) | 3501 |
| **TRADING COMPANIES & DISTRIBUTORS—3.3%** | **TRADING COMPANIES & DISTRIBUTORS—3.3%** | **TRADING COMPANIES & DISTRIBUTORS—3.3%** |
| 358708 | BOC Aviation Ltd. (China)<sup>1</sup> | 3145 |
| 380692 | RS Group PLC (United Kingdom) | 2786 |
|  |  | 5931 |
| **TOTAL COMMON STOCKS** <br>(Cost $159,635) | **TOTAL COMMON STOCKS** <br>(Cost $159,635) | 176053 |
| **TOTAL INVESTMENTS—97.5%** <br>(Cost $159,635) | **TOTAL INVESTMENTS—97.5%** <br>(Cost $159,635) | 176053 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.5%** | 4426 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $180479 |

---

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

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of October 31, 2025 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; $103212 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103212 |
| North America | &nbsp;&nbsp; 2419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2419 |
| Pacific Basin | &nbsp;&nbsp; — | &nbsp;&nbsp; 70422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70422 |
| Total Investments in Securities | &nbsp;&nbsp; $2419 | &nbsp;&nbsp; $173634 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $176053 |

---

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 October 31, 2025, the aggregate value of these securities was $7,403 or 4% of net assets.

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

------

⬤

------

**Harbor Large Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Aristotle Capital Management, LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—103.0%** | **COMMON STOCKS—103.0%** | **COMMON STOCKS—103.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** |
| 87300 | General Dynamics Corp.  | $30110 |
| **BANKS—10.9%** | **BANKS—10.9%** | **BANKS—10.9%** |
| 54769 | Commerce Bancshares, Inc.  | 2883 |
| 158400 | Cullen/Frost Bankers, Inc.  | 19505 |
| 1913300 | Mitsubishi UFJ Financial Group, Inc. ADR (Japan)<sup>1</sup> | 28948 |
| 137400 | PNC Financial Services Group, Inc.  | 25082 |
| 626000 | U.S. Bancorp  | 29222 |
| 347300 | Wells Fargo & Co.  | 30205 |
|  |  | 135845 |
| **BEVERAGES—3.1%** | **BEVERAGES—3.1%** | **BEVERAGES—3.1%** |
| 399800 | Coca-Cola Co.  | 27546 |
| 85000 | Constellation Brands, Inc. Class A | 11168 |
|  |  | 38714 |
| **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** | **BIOTECHNOLOGY—2.4%** |
| 102600 | Amgen, Inc.  | 30619 |
| **CAPITAL MARKETS—4.8%** | **CAPITAL MARKETS—4.8%** | **CAPITAL MARKETS—4.8%** |
| 75300 | Ameriprise Financial, Inc.  | 34094 |
| 178800 | Blackstone, Inc.  | 26219 |
|  |  | 60313 |
| **CHEMICALS—9.7%** | **CHEMICALS—9.7%** | **CHEMICALS—9.7%** |
| 94300 | Air Products & Chemicals, Inc.  | 22876 |
| 651500 | Corteva, Inc.  | 40028 |
| 124700 | Ecolab, Inc.  | 31973 |
| 245200 | RPM International, Inc.  | 26796 |
|  |  | 121673 |
| **CONSTRUCTION MATERIALS—3.1%** | **CONSTRUCTION MATERIALS—3.1%** | **CONSTRUCTION MATERIALS—3.1%** |
| 62600 | Martin Marietta Materials, Inc.  | 38380 |
| **CONSUMER FINANCE—3.9%** | **CONSUMER FINANCE—3.9%** | **CONSUMER FINANCE—3.9%** |
| 221000 | Capital One Financial Corp.  | 48618 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.0%** |
| 635200 | Verizon Communications, Inc.  | 25243 |
| **ELECTRIC UTILITIES—2.4%** | **ELECTRIC UTILITIES—2.4%** | **ELECTRIC UTILITIES—2.4%** |
| 362700 | Xcel Energy, Inc.  | 29440 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** |
| 53500 | Teledyne Technologies, Inc. <sup>\*</sup> | 28185 |
| **FINANCIAL SERVICES—0.1%** | **FINANCIAL SERVICES—0.1%** | **FINANCIAL SERVICES—0.1%** |
| 297020 | Sony Financial Group, Inc. ADR (Japan)<sup>\*,1</sup> | 1476 |
| **GAS UTILITIES—3.0%** | **GAS UTILITIES—3.0%** | **GAS UTILITIES—3.0%** |
| 218000 | Atmos Energy Corp.  | 37435 |
| **GROUND TRANSPORTATION—2.6%** | **GROUND TRANSPORTATION—2.6%** | **GROUND TRANSPORTATION—2.6%** |
| 330500 | Uber Technologies, Inc. <sup>\*</sup> | 31893 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.3%** |
| 298000 | Alcon AG  | 22019 |
| 218800 | Medtronic PLC  | 19845 |
|  |  | 41864 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—5.9%** | **HOUSEHOLD DURABLES—5.9%** | **HOUSEHOLD DURABLES—5.9%** |
| 265500 | Lennar Corp. Class A | $32861 |
| 7126 | Lennar Corp. Class B | 841 |
| 1437300 | Sony Group Corp. ADR (Japan)<sup>1</sup> | 40086 |
|  |  | 73788 |
| **HOUSEHOLD PRODUCTS—1.8%** | **HOUSEHOLD PRODUCTS—1.8%** | **HOUSEHOLD PRODUCTS—1.8%** |
| 153400 | Procter & Gamble Co.  | 23067 |
| **INSURANCE—2.2%** | **INSURANCE—2.2%** | **INSURANCE—2.2%** |
| 349400 | American International Group, Inc.  | 27589 |
| **INTERACTIVE MEDIA & SERVICES—3.8%** | **INTERACTIVE MEDIA & SERVICES—3.8%** | **INTERACTIVE MEDIA & SERVICES—3.8%** |
| 167700 | Alphabet, Inc. Class C | 47261 |
| **LIFE SCIENCES TOOLS & SERVICES—2.0%** | **LIFE SCIENCES TOOLS & SERVICES—2.0%** | **LIFE SCIENCES TOOLS & SERVICES—2.0%** |
| 118300 | Danaher Corp.  | 25479 |
| **MACHINERY—7.0%** | **MACHINERY—7.0%** | **MACHINERY—7.0%** |
| 163500 | Oshkosh Corp.  | 20158 |
| 87000 | Parker-Hannifin Corp.  | 67236 |
|  |  | 87394 |
| **OIL, GAS & CONSUMABLE FUELS—3.7%** | **OIL, GAS & CONSUMABLE FUELS—3.7%** | **OIL, GAS & CONSUMABLE FUELS—3.7%** |
| 942100 | Coterra Energy, Inc.  | 22290 |
| 382100 | TotalEnergies SE ADR (France)<sup>1</sup> | 23782 |
|  |  | 46072 |
| **PHARMACEUTICALS—1.6%** | **PHARMACEUTICALS—1.6%** | **PHARMACEUTICALS—1.6%** |
| 232400 | Merck & Co., Inc.  | 19982 |
| **RESIDENTIAL REITS—1.4%** | **RESIDENTIAL REITS—1.4%** | **RESIDENTIAL REITS—1.4%** |
| 283800 | Equity LifeStyle Properties, Inc.  | 17326 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.8%** |
| 389400 | Microchip Technology, Inc.  | 24306 |
| 195400 | QUALCOMM, Inc.  | 35348 |
|  |  | 59654 |
| **SOFTWARE—8.8%** | **SOFTWARE—8.8%** | **SOFTWARE—8.8%** |
| 73000 | Adobe, Inc. <sup>\*</sup> | 24843 |
| 109900 | Microsoft Corp.  | 56907 |
| 63600 | Synopsys, Inc. <sup>\*</sup> | 28863 |
|  |  | 110613 |
| **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** |
| 107200 | Lowe's Cos., Inc.  | 25528 |
| **WATER UTILITIES—2.0%** | **WATER UTILITIES—2.0%** | **WATER UTILITIES—2.0%** |
| 194200 | American Water Works Co., Inc.  | 24941 |
| **TOTAL COMMON STOCKS** <br>(Cost $758,443) | **TOTAL COMMON STOCKS** <br>(Cost $758,443) | 1288502 |
| **TOTAL INVESTMENTS—103.0%** <br>(Cost $758,443) | **TOTAL INVESTMENTS—103.0%** <br>(Cost $758,443) | 1288502 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(3.0)%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—(3.0)%** | (37845)<br>|
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1250657 |

---

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

------

⬤

------

**Harbor Large Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 2025 (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—October 31, 2025** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.4%** | **COMMON STOCKS—97.4%** | **COMMON STOCKS—97.4%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—6.4%** | **AEROSPACE & DEFENSE—6.4%** | **AEROSPACE & DEFENSE—6.4%** |
| 8073 | General Dynamics Corp.  | $2784 |
| 49251 | Hexcel Corp.  | 3517 |
| 17740 | Woodward, Inc.  | 4650 |
|  |  | 10951 |
| **AIR FREIGHT & LOGISTICS—1.7%** | **AIR FREIGHT & LOGISTICS—1.7%** | **AIR FREIGHT & LOGISTICS—1.7%** |
| 19199 | CH Robinson Worldwide, Inc.  | 2956 |
| **BANKS—3.2%** | **BANKS—3.2%** | **BANKS—3.2%** |
| 26322 | East West Bancorp, Inc.  | 2674 |
| 21878 | Wintrust Financial Corp.  | 2845 |
|  |  | 5519 |
| **BUILDING PRODUCTS—2.1%** | **BUILDING PRODUCTS—2.1%** | **BUILDING PRODUCTS—2.1%** |
| 55289 | Masco Corp.  | 3580 |
| **CAPITAL MARKETS—7.4%** | **CAPITAL MARKETS—7.4%** | **CAPITAL MARKETS—7.4%** |
| 15875 | Houlihan Lokey, Inc.  | 2843 |
| 19035 | Intercontinental Exchange, Inc.  | 2785 |
| 21946 | Raymond James Financial, Inc.  | 3482 |
| 30630 | Stifel Financial Corp.  | 3627 |
|  |  | 12737 |
| **CHEMICALS—3.8%** | **CHEMICALS—3.8%** | **CHEMICALS—3.8%** |
| 24728 | Albemarle Corp.  | 2429 |
| 24490 | Eastman Chemical Co.  | 1458 |
| 48505 | Scotts Miracle-Gro Co.  | 2596 |
|  |  | 6483 |
| **COMMERCIAL SERVICES & SUPPLIES—2.2%** | **COMMERCIAL SERVICES & SUPPLIES—2.2%** | **COMMERCIAL SERVICES & SUPPLIES—2.2%** |
| 18079 | Republic Services, Inc.  | 3765 |
| **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** |
| 4376 | EMCOR Group, Inc.  | 2957 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** |
| 28425 | Sysco Corp.  | 2111 |
| **CONTAINERS & PACKAGING—2.3%** | **CONTAINERS & PACKAGING—2.3%** | **CONTAINERS & PACKAGING—2.3%** |
| 11601 | Packaging Corp. of America  | 2271 |
| 47827 | Sealed Air Corp.  | 1603 |
|  |  | 3874 |
| **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** |
| 65940 | Sensata Technologies Holding PLC  | 2099 |
| 13466 | Vertiv Holdings Co. Class A | 2597 |
|  |  | 4696 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** |
| 21098 | Arrow Electronics, Inc. <sup>\*</sup> | 2353 |
| 20250 | Keysight Technologies, Inc. <sup>\*</sup> | 3705 |
|  |  | 6058 |
| **ENERGY EQUIPMENT & SERVICES—1.4%** | **ENERGY EQUIPMENT & SERVICES—1.4%** | **ENERGY EQUIPMENT & SERVICES—1.4%** |
| 40331 | Helmerich & Payne, Inc.  | 1059 |
| 37685 | SLB Ltd.  | 1359 |
|  |  | 2418 |
| **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** |
| 23676 | Global Payments, Inc.  | 1841 |
| **GROUND TRANSPORTATION—1.6%** | **GROUND TRANSPORTATION—1.6%** | **GROUND TRANSPORTATION—1.6%** |
| 77913 | CSX Corp.  | 2806 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—4.8%** | **HEALTH CARE PROVIDERS & SERVICES—4.8%** | **HEALTH CARE PROVIDERS & SERVICES—4.8%** |
| 10210 | Cencora, Inc.  | $3449 |
| 56646 | Centene Corp. <sup>\*</sup> | 2003 |
| 11194 | Labcorp Holdings, Inc.  | 2843 |
|  |  | 8295 |
| **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** |
| 16892 | Darden Restaurants, Inc.  | 3043 |
| **HOUSEHOLD DURABLES—1.7%** | **HOUSEHOLD DURABLES—1.7%** | **HOUSEHOLD DURABLES—1.7%** |
| 19532 | DR Horton, Inc.  | 2912 |
| **INDUSTRIAL REITS—0.8%** | **INDUSTRIAL REITS—0.8%** | **INDUSTRIAL REITS—0.8%** |
| 111561 | Americold Realty Trust, Inc.  | 1438 |
| **INSURANCE—4.8%** | **INSURANCE—4.8%** | **INSURANCE—4.8%** |
| 8331 | Progressive Corp.  | 1716 |
| 18826 | Reinsurance Group of America, Inc.  | 3435 |
| 12279 | RenaissanceRe Holdings Ltd. (Bermuda) | 3120 |
|  |  | 8271 |
| **IT SERVICES—3.3%** | **IT SERVICES—3.3%** | **IT SERVICES—3.3%** |
| 30019 | Akamai Technologies, Inc. <sup>\*</sup> | 2254 |
| 25881 | Twilio, Inc. Class A<sup>\*</sup> | 3491 |
|  |  | 5745 |
| **LIFE SCIENCES TOOLS & SERVICES—7.6%** | **LIFE SCIENCES TOOLS & SERVICES—7.6%** | **LIFE SCIENCES TOOLS & SERVICES—7.6%** |
| 20623 | Agilent Technologies, Inc.  | 3018 |
| 7497 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 2396 |
| 20013 | IQVIA Holdings, Inc. <sup>\*</sup> | 4332 |
| 69365 | Qiagen NV  | 3250 |
|  |  | 12996 |
| **MACHINERY—5.9%** | **MACHINERY—5.9%** | **MACHINERY—5.9%** |
| 8582 | Cummins, Inc.  | 3756 |
| 17232 | Dover Corp.  | 3127 |
| 9769 | Snap-on, Inc.  | 3278 |
|  |  | 10161 |
| **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** |
| 28866 | WEC Energy Group, Inc.  | 3225 |
| **OFFICE REITS—1.5%** | **OFFICE REITS—1.5%** | **OFFICE REITS—1.5%** |
| 35548 | BXP, Inc.  | 2531 |
| **OIL, GAS & CONSUMABLE FUELS—1.8%** | **OIL, GAS & CONSUMABLE FUELS—1.8%** | **OIL, GAS & CONSUMABLE FUELS—1.8%** |
| 93550 | Coterra Energy, Inc.  | 2214 |
| 33547 | Murphy Oil Corp.  | 949 |
|  |  | 3163 |
| **PROFESSIONAL SERVICES—1.3%** | **PROFESSIONAL SERVICES—1.3%** | **PROFESSIONAL SERVICES—1.3%** |
| 10225 | Broadridge Financial Solutions, Inc.  | 2254 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.9%** |
| 32393 | CBRE Group, Inc. Class A<sup>\*</sup> | 4938 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.3%** |
| 9532 | Applied Materials, Inc.  | 2222 |
| 42230 | Entegris, Inc.  | 3867 |
| 39347 | Skyworks Solutions, Inc.  | 3058 |
|  |  | 9147 |
| **SOFTWARE—2.0%** | **SOFTWARE—2.0%** | **SOFTWARE—2.0%** |
| 7463 | Synopsys, Inc. <sup>\*</sup> | 3387 |

---

------

⬤

------

**Harbor Mid Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** |
| 9701 | SBA Communications Corp.  | $1858 |
| **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** |
| 18690 | Ross Stores, Inc.  | 2970 |
| 17367 | TJX Cos., Inc.  | 2434 |
| 6276 | Ulta Beauty, Inc. <sup>\*</sup> | 3263 |
|  |  | 8667 |
| **TRADING COMPANIES & DISTRIBUTORS—1.5%** | **TRADING COMPANIES & DISTRIBUTORS—1.5%** | **TRADING COMPANIES & DISTRIBUTORS—1.5%** |
| 16485 | GATX Corp.  | 2586 |
| **TOTAL COMMON STOCKS** <br>(Cost $138,657) | **TOTAL COMMON STOCKS** <br>(Cost $138,657) | 167369 |
| **TOTAL INVESTMENTS—97.4%** <br>(Cost $138,657) | **TOTAL INVESTMENTS—97.4%** <br>(Cost $138,657) | 167369 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.6%** | 4424 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $171793 |

---

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

**FAIR VALUE MEASUREMENTS**

All Investments as of October 31, 2025 (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—October 31, 2025** 

------

**Subadvisor:** LSV Asset Management

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| 9300 | Huntington Ingalls Industries, Inc.  | $2995 |
| 61100 | Textron, Inc.  | 4937 |
|  |  | 7932 |
| **AIR FREIGHT & LOGISTICS—0.5%** | **AIR FREIGHT & LOGISTICS—0.5%** | **AIR FREIGHT & LOGISTICS—0.5%** |
| 7800 | FedEx Corp.  | 1980 |
| **AUTOMOBILE COMPONENTS—1.3%** | **AUTOMOBILE COMPONENTS—1.3%** | **AUTOMOBILE COMPONENTS—1.3%** |
| 49100 | BorgWarner, Inc.  | 2109 |
| 68900 | Goodyear Tire & Rubber Co. <sup>\*</sup> | 475 |
| 13700 | Lear Corp.  | 1434 |
| 15700 | Phinia, Inc.  | 815 |
|  |  | 4833 |
| **AUTOMOBILES—2.0%** | **AUTOMOBILES—2.0%** | **AUTOMOBILES—2.0%** |
| 74100 | General Motors Co.  | 5120 |
| 78300 | Harley-Davidson, Inc.  | 2112 |
|  |  | 7232 |
| **BANKS—4.1%** | **BANKS—4.1%** | **BANKS—4.1%** |
| 28800 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 1332 |
| 83200 | Citizens Financial Group, Inc.  | 4232 |
| 26600 | Fifth Third Bancorp  | 1107 |
| 175900 | First Horizon Corp.  | 3757 |
| 86800 | Regions Financial Corp.  | 2101 |
| 45500 | Zions Bancorp NA  | 2371 |
|  |  | 14900 |
| **BEVERAGES—0.8%** | **BEVERAGES—0.8%** | **BEVERAGES—0.8%** |
| 63900 | Molson Coors Beverage Co. Class B | 2794 |
| **BIOTECHNOLOGY—4.0%** | **BIOTECHNOLOGY—4.0%** | **BIOTECHNOLOGY—4.0%** |
| 8200 | Biogen, Inc. <sup>\*</sup> | 1265 |
| 21400 | BioMarin Pharmaceutical, Inc. <sup>\*</sup> | 1146 |
| 78000 | Exelixis, Inc. <sup>\*</sup> | 3016 |
| 22900 | Halozyme Therapeutics, Inc. <sup>\*</sup> | 1493 |
| 44400 | Incyte Corp. <sup>\*</sup> | 4151 |
| 2500 | Regeneron Pharmaceuticals, Inc.  | 1630 |
| 4300 | United Therapeutics Corp. <sup>\*</sup> | 1915 |
|  |  | 14616 |
| **BROADLINE RETAIL—1.5%** | **BROADLINE RETAIL—1.5%** | **BROADLINE RETAIL—1.5%** |
| 49900 | eBay, Inc.  | 4057 |
| 82300 | Macy's, Inc.  | 1604 |
|  |  | 5661 |
| **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** |
| 13500 | Owens Corning  | 1719 |
| **CAPITAL MARKETS—4.9%** | **CAPITAL MARKETS—4.9%** | **CAPITAL MARKETS—4.9%** |
| 5300 | Affiliated Managers Group, Inc.  | 1261 |
| 2300 | Ameriprise Financial, Inc.  | 1041 |
| 56400 | Bank of New York Mellon Corp.  | 6087 |
| 69300 | Federated Hermes, Inc.  | 3360 |
| 54560 | State Street Corp.  | 6311 |
|  |  | 18060 |
| **CHEMICALS—2.2%** | **CHEMICALS—2.2%** | **CHEMICALS—2.2%** |
| 28000 | CF Industries Holdings, Inc.  | 2332 |
| 19500 | Eastman Chemical Co.  | 1161 |
| 43600 | Koppers Holdings, Inc.  | 1230 |
| 4200 | NewMarket Corp.  | 3225 |
| 43200 | Orion SA (Germany) | 229 |
|  |  | 8177 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** |
| 33500 | ABM Industries, Inc.  | $1441 |
| 18200 | Brink's Co.  | 2023 |
|  |  | 3464 |
| **CONSUMER FINANCE—2.5%** | **CONSUMER FINANCE—2.5%** | **CONSUMER FINANCE—2.5%** |
| 88200 | Ally Financial, Inc.  | 3437 |
| 133400 | Navient Corp.  | 1632 |
| 29200 | PROG Holdings, Inc.  | 845 |
| 46400 | Synchrony Financial  | 3451 |
|  |  | 9365 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** |
| 95300 | Albertsons Cos., Inc. Class A | 1686 |
| 79200 | Kroger Co.  | 5039 |
|  |  | 6725 |
| **CONTAINERS & PACKAGING—1.1%** | **CONTAINERS & PACKAGING—1.1%** | **CONTAINERS & PACKAGING—1.1%** |
| 23100 | Crown Holdings, Inc.  | 2245 |
| 46000 | Sonoco Products Co.  | 1866 |
|  |  | 4111 |
| **DIVERSIFIED CONSUMER SERVICES—0.9%** | **DIVERSIFIED CONSUMER SERVICES—0.9%** | **DIVERSIFIED CONSUMER SERVICES—0.9%** |
| 218600 | ADT, Inc.  | 1933 |
| 29400 | H&R Block, Inc.  | 1462 |
|  |  | 3395 |
| **DIVERSIFIED REITS—0.8%** | **DIVERSIFIED REITS—0.8%** | **DIVERSIFIED REITS—0.8%** |
| 62318 | American Assets Trust, Inc.  | 1191 |
| 92500 | Broadstone Net Lease, Inc.  | 1657 |
|  |  | 2848 |
| **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** |
| 39100 | Eversource Energy  | 2886 |
| 23100 | Otter Tail Corp.  | 1784 |
|  |  | 4670 |
| **ELECTRICAL EQUIPMENT—0.4%** | **ELECTRICAL EQUIPMENT—0.4%** | **ELECTRICAL EQUIPMENT—0.4%** |
| 20200 | Atkore, Inc.  | 1399 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%** |
| 23300 | Arrow Electronics, Inc. <sup>\*</sup> | 2599 |
| 24200 | Avnet, Inc.  | 1173 |
| 54400 | Flex Ltd. <sup>\*</sup> | 3401 |
| 8900 | Jabil, Inc.  | 1966 |
| 19300 | TD SYNNEX Corp.  | 3020 |
|  |  | 12159 |
| **ENERGY EQUIPMENT & SERVICES—0.7%** | **ENERGY EQUIPMENT & SERVICES—0.7%** | **ENERGY EQUIPMENT & SERVICES—0.7%** |
| 99400 | Halliburton Co.  | 2668 |
| **ENTERTAINMENT—1.1%** | **ENTERTAINMENT—1.1%** | **ENTERTAINMENT—1.1%** |
| 20300 | Electronic Arts, Inc.  | 4061 |
| **FINANCIAL SERVICES—3.2%** | **FINANCIAL SERVICES—3.2%** | **FINANCIAL SERVICES—3.2%** |
| 51588 | Banco Latinoamericano de Comercio Exterior SA (Panama) | 2219 |
| 79000 | Corebridge Financial, Inc.  | 2572 |
| 105300 | MGIC Investment Corp.  | 2887 |
| 77000 | Radian Group, Inc.  | 2614 |
| 169700 | Western Union Co.  | 1583 |
|  |  | 11875 |
| **FOOD PRODUCTS—4.2%** | **FOOD PRODUCTS—4.2%** | **FOOD PRODUCTS—4.2%** |
| 37700 | Archer-Daniels-Midland Co.  | 2282 |
| 22800 | Bunge Global SA  | 2157 |

---

------

⬤

------

**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—Continued** | **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** |
| 25000 | Campbell's Co.  | $753 |
| 49800 | Conagra Brands, Inc.  | 856 |
| 29600 | Fresh Del Monte Produce, Inc.  | 1046 |
| 34200 | General Mills, Inc.  | 1594 |
| 23800 | Ingredion, Inc.  | 2747 |
| 17100 | J.M. Smucker Co.  | 1771 |
| 84600 | Kraft Heinz Co.  | 2092 |
|  |  | 15298 |
| **GAS UTILITIES—1.3%** | **GAS UTILITIES—1.3%** | **GAS UTILITIES—1.3%** |
| 20300 | National Fuel Gas Co.  | 1602 |
| 92700 | UGI Corp.  | 3099 |
|  |  | 4701 |
| **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** |
| 20000 | Ryder System, Inc.  | 3385 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** |
| 51500 | Baxter International, Inc.  | 951 |
| **HEALTH CARE PROVIDERS & SERVICES—2.6%** | **HEALTH CARE PROVIDERS & SERVICES—2.6%** | **HEALTH CARE PROVIDERS & SERVICES—2.6%** |
| 12100 | Cardinal Health, Inc.  | 2308 |
| 44900 | Centene Corp. <sup>\*</sup> | 1588 |
| 11500 | DaVita, Inc. <sup>\*</sup> | 1369 |
| 92500 | Premier, Inc. Class A | 2601 |
| 8200 | Universal Health Services, Inc. Class B | 1780 |
|  |  | 9646 |
| **HEALTH CARE REITS—1.3%** | **HEALTH CARE REITS—1.3%** | **HEALTH CARE REITS—1.3%** |
| 75000 | Healthpeak Properties, Inc.  | 1346 |
| 30000 | Omega Healthcare Investors, Inc.  | 1261 |
| 121100 | Sabra Health Care REIT, Inc.  | 2158 |
|  |  | 4765 |
| **HOTEL & RESORT REITS—0.7%** | **HOTEL & RESORT REITS—0.7%** | **HOTEL & RESORT REITS—0.7%** |
| 121000 | Host Hotels & Resorts, Inc.  | 1938 |
| 65800 | Park Hotels & Resorts, Inc.  | 677 |
|  |  | 2615 |
| **HOTELS, RESTAURANTS & LEISURE—1.2%** | **HOTELS, RESTAURANTS & LEISURE—1.2%** | **HOTELS, RESTAURANTS & LEISURE—1.2%** |
| 77800 | Bloomin' Brands, Inc.  | 531 |
| 11500 | Expedia Group, Inc.  | 2530 |
| 37700 | MGM Resorts International <sup>\*</sup> | 1208 |
|  |  | 4269 |
| **HOUSEHOLD DURABLES—3.6%** | **HOUSEHOLD DURABLES—3.6%** | **HOUSEHOLD DURABLES—3.6%** |
| 16100 | KB Home  | 1005 |
| 22800 | Meritage Homes Corp.  | 1540 |
| 41100 | PulteGroup, Inc.  | 4926 |
| 34500 | Toll Brothers, Inc.  | 4656 |
| 13300 | Whirlpool Corp.  | 953 |
|  |  | 13080 |
| **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** |
| 40600 | Energizer Holdings, Inc.  | 943 |
| **INDUSTRIAL REITS—0.2%** | **INDUSTRIAL REITS—0.2%** | **INDUSTRIAL REITS—0.2%** |
| 13100 | Innovative Industrial Properties, Inc.  | 657 |
| **INSURANCE—5.3%** | **INSURANCE—5.3%** | **INSURANCE—5.3%** |
| 45280 | American International Group, Inc.  | 3575 |
| 45100 | CNO Financial Group, Inc.  | 1805 |
| 33800 | Employers Holdings, Inc.  | 1289 |
| 49200 | Fidelis Insurance Holdings Ltd. (United Kingdom) | 885 |
| 29500 | Hartford Insurance Group, Inc.  | 3663 |
| 25800 | Lincoln National Corp.  | 1084 |
| 110100 | Old Republic International Corp.  | 4345 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—Continued** | **INSURANCE—Continued** | **INSURANCE—Continued** |
| 37000 | Unum Group  | $2716 |
|  |  | 19362 |
| **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** |
| 50000 | Match Group, Inc.  | 1617 |
| 36100 | Yelp, Inc. <sup>\*</sup> | 1191 |
|  |  | 2808 |
| **IT SERVICES—0.8%** | **IT SERVICES—0.8%** | **IT SERVICES—0.8%** |
| 23200 | Amdocs Ltd.  | 1955 |
| 73300 | DXC Technology Co. <sup>\*</sup> | 1041 |
|  |  | 2996 |
| **LEISURE PRODUCTS—0.3%** | **LEISURE PRODUCTS—0.3%** | **LEISURE PRODUCTS—0.3%** |
| 64100 | Mattel, Inc. <sup>\*</sup> | 1178 |
| **MACHINERY—4.8%** | **MACHINERY—4.8%** | **MACHINERY—4.8%** |
| 10200 | AGCO Corp.  | 1052 |
| 41900 | Allison Transmission Holdings, Inc.  | 3459 |
| 239900 | CNH Industrial NV  | 2517 |
| 7000 | Cummins, Inc.  | 3064 |
| 65235 | Gates Industrial Corp. PLC <sup>\*</sup> | 1440 |
| 31950 | Mueller Industries, Inc.  | 3382 |
| 22600 | Oshkosh Corp.  | 2786 |
| 6700 | Titan International, Inc. <sup>\*</sup> | 51 |
|  |  | 17751 |
| **MEDIA—2.9%** | **MEDIA—2.9%** | **MEDIA—2.9%** |
| 86200 | Fox Corp. Class A | 5573 |
| 13100 | Nexstar Media Group, Inc.  | 2564 |
| 42600 | Sirius XM Holdings, Inc.  | 924 |
| 78300 | TEGNA, Inc.  | 1540 |
|  |  | 10601 |
| **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.  | 1122 |
| **OFFICE REITS—1.4%** | **OFFICE REITS—1.4%** | **OFFICE REITS—1.4%** |
| 99400 | Brandywine Realty Trust  | 341 |
| 78500 | Cousins Properties, Inc.  | 2036 |
| 57700 | Highwoods Properties, Inc.  | 1652 |
| 138248 | Piedmont Realty Trust, Inc.  | 1114 |
|  |  | 5143 |
| **OIL, GAS & CONSUMABLE FUELS—5.6%** | **OIL, GAS & CONSUMABLE FUELS—5.6%** | **OIL, GAS & CONSUMABLE FUELS—5.6%** |
| 91300 | APA Corp.  | 2068 |
| 5700 | Chord Energy Corp.  | 517 |
| 71000 | Civitas Resources, Inc.  | 2047 |
| 65000 | Devon Energy Corp.  | 2112 |
| 132800 | DHT Holdings, Inc.  | 1764 |
| 34700 | HF Sinclair Corp.  | 1791 |
| 14100 | Marathon Petroleum Corp.  | 2748 |
| 50740 | Matador Resources Co.  | 2002 |
| 8300 | Phillips 66  | 1130 |
| 25900 | Scorpio Tankers, Inc. (Monaco) | 1598 |
| 10700 | Valero Energy Corp.  | 1814 |
| 35900 | World Kinect Corp.  | 928 |
|  |  | 20519 |
| **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** |
| 20900 | Sylvamo Corp.  | 848 |
| **PASSENGER AIRLINES—1.5%** | **PASSENGER AIRLINES—1.5%** | **PASSENGER AIRLINES—1.5%** |
| 43300 | Delta Air Lines, Inc.  | 2485 |
| 31500 | United Airlines Holdings, Inc. <sup>\*</sup> | 2962 |
|  |  | 5447 |

---

------

⬤

------

**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** |
| **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** |
| 115300 | Herbalife Ltd. <sup>\*</sup> | $922 |
| **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** |
| 40400 | Harmony Biosciences Holdings, Inc. <sup>\*</sup> | 1154 |
| 29400 | Jazz Pharmaceuticals PLC <sup>\*</sup> | 4047 |
| 104900 | Organon & Co.  | 708 |
| 142800 | Viatris, Inc.  | 1479 |
|  |  | 7388 |
| **PROFESSIONAL SERVICES—2.3%** | **PROFESSIONAL SERVICES—2.3%** | **PROFESSIONAL SERVICES—2.3%** |
| 26400 | CSG Systems International, Inc.  | 2067 |
| 29900 | Genpact Ltd.  | 1141 |
| 27500 | ManpowerGroup, Inc.  | 843 |
| 14760 | Science Applications International Corp.  | 1383 |
| 22400 | SS&C Technologies Holdings, Inc.  | 1902 |
| 65200 | Upwork, Inc. <sup>\*</sup> | 1039 |
|  |  | 8375 |
| **RETAIL REITS—0.7%** | **RETAIL REITS—0.7%** | **RETAIL REITS—0.7%** |
| 39100 | Brixmor Property Group, Inc.  | 1023 |
| 72500 | Kite Realty Group Trust  | 1605 |
|  |  | 2628 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.1%** |
| 36900 | ACM Research, Inc. Class A<sup>\*</sup> | 1530 |
| 50000 | Amkor Technology, Inc.  | 1614 |
| 24000 | Cirrus Logic, Inc. <sup>\*</sup> | 3184 |
| 62100 | Photronics, Inc. <sup>\*</sup> | 1484 |
|  |  | 7812 |
| **SOFTWARE—2.1%** | **SOFTWARE—2.1%** | **SOFTWARE—2.1%** |
| 108800 | Dropbox, Inc. Class A<sup>\*</sup> | 3155 |
| 81100 | Gen Digital, Inc.  | 2138 |
| 27000 | Zoom Communications, Inc. <sup>\*</sup> | 2355 |
|  |  | 7648 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** |
| 33000 | EPR Properties  | $1618 |
| **SPECIALTY RETAIL—2.3%** | **SPECIALTY RETAIL—2.3%** | **SPECIALTY RETAIL—2.3%** |
| 7200 | AutoNation, Inc. <sup>\*</sup> | 1439 |
| 16400 | Best Buy Co., Inc.  | 1347 |
| 5700 | Dick's Sporting Goods, Inc.  | 1262 |
| 75800 | Gap, Inc.  | 1732 |
| 2600 | Group 1 Automotive, Inc.  | 1034 |
| 11200 | Penske Automotive Group, Inc.  | 1793 |
|  |  | 8607 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.6%** |
| 147900 | HP, Inc.  | 4092 |
| 25100 | Sandisk Corp. <sup>\*</sup> | 5003 |
| 28200 | Western Digital Corp.  | 4236 |
|  |  | 13331 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** |
| 28100 | G-III Apparel Group Ltd. <sup>\*</sup> | 755 |
| 12350 | PVH Corp.  | 967 |
|  |  | 1722 |
| **TOTAL COMMON STOCKS** <br>(Cost $295,219) | **TOTAL COMMON STOCKS** <br>(Cost $295,219) | 362780 |
| **TOTAL INVESTMENTS—98.8%** <br>(Cost $295,219) | **TOTAL INVESTMENTS—98.8%** <br>(Cost $295,219) | 362780 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | 4591 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $367371 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 2025 (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—October 31, 2025** 

------

**Subadvisor:** Westfield Capital Management Company, L.P.

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—4.8%** | **AEROSPACE & DEFENSE—4.8%** | **AEROSPACE & DEFENSE—4.8%** |
| 627863 | Karman Holdings, Inc. <sup>\*</sup> | $52891 |
| 273273 | Kratos Defense & Security Solutions, Inc. <sup>\*</sup> | 24758 |
| 421190 | Rocket Lab Corp. <sup>\*</sup> | 26527 |
|  |  | 104176 |
| **AUTOMOBILE COMPONENTS—1.2%** | **AUTOMOBILE COMPONENTS—1.2%** | **AUTOMOBILE COMPONENTS—1.2%** |
| 195526 | Dorman Products, Inc. <sup>\*</sup> | 26226 |
| **BANKS—3.1%** | **BANKS—3.1%** | **BANKS—3.1%** |
| 255995 | East West Bancorp, Inc.  | 26009 |
| 934984 | FNB Corp.  | 14698 |
| 202405 | Wintrust Financial Corp.  | 26317 |
|  |  | 67024 |
| **BEVERAGES—0.9%** | **BEVERAGES—0.9%** | **BEVERAGES—0.9%** |
| 466238 | Vita Coco Co., Inc. <sup>\*</sup> | 19200 |
| **BIOTECHNOLOGY—16.1%** | **BIOTECHNOLOGY—16.1%** | **BIOTECHNOLOGY—16.1%** |
| 178210 | Abivax SA ADR (France)<sup>\*,1</sup> | 18252 |
| 1539537 | ADMA Biologics, Inc. <sup>\*</sup> | 23832 |
| 564753 | Ascendis Pharma AS ADR (Denmark)<sup>\*,1</sup> | 113854 |
| 213610 | Avidity Biosciences, Inc. <sup>\*</sup> | 14921 |
| 1022222 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 8249 |
| 586401 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 19000 |
| 319384 | Merus NV (Netherlands)<sup>\*</sup> | 30297 |
| 531044 | Revolution Medicines, Inc. <sup>\*</sup> | 31247 |
| 228360 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 25978 |
| 213611 | Soleno Therapeutics, Inc. <sup>\*</sup> | 14346 |
| 779285 | Vaxcyte, Inc. <sup>\*</sup> | 35286 |
| 266444 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 11169 |
|  |  | 346431 |
| **BROADLINE RETAIL—0.4%** | **BROADLINE RETAIL—0.4%** | **BROADLINE RETAIL—0.4%** |
| 512085 | Pattern Group, Inc. Class A<sup>\*</sup> | 9028 |
| **CAPITAL MARKETS—2.9%** | **CAPITAL MARKETS—2.9%** | **CAPITAL MARKETS—2.9%** |
| 236145 | Houlihan Lokey, Inc.  | 42289 |
| 341613 | StepStone Group, Inc. Class A | 20797 |
|  |  | 63086 |
| **CHEMICALS—1.0%** | **CHEMICALS—1.0%** | **CHEMICALS—1.0%** |
| 682471 | Avient Corp.  | 21887 |
| **COMMERCIAL SERVICES & SUPPLIES—1.6%** | **COMMERCIAL SERVICES & SUPPLIES—1.6%** | **COMMERCIAL SERVICES & SUPPLIES—1.6%** |
| 397820 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 35235 |
| **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** |
| 297539 | Calix, Inc. <sup>\*</sup> | 20358 |
| **CONSTRUCTION & ENGINEERING—8.9%** | **CONSTRUCTION & ENGINEERING—8.9%** | **CONSTRUCTION & ENGINEERING—8.9%** |
| 111318 | Comfort Systems USA, Inc.  | 107487 |
| 474665 | Legence Corp. Class A<sup>\*</sup> | 19637 |
| 314819 | Primoris Services Corp.  | 44553 |
| 891786 | WillScot Holdings Corp.  | 19396 |
|  |  | 191073 |
| **CONSUMER FINANCE—1.6%** | **CONSUMER FINANCE—1.6%** | **CONSUMER FINANCE—1.6%** |
| 221361 | FirstCash Holdings, Inc.  | 35086 |
| **ELECTRICAL EQUIPMENT—5.1%** | **ELECTRICAL EQUIPMENT—5.1%** | **ELECTRICAL EQUIPMENT—5.1%** |
| 218202 | Bloom Energy Corp. Class A<sup>\*</sup> | 28838 |
| 488945 | NEXTracker, Inc. Class A<sup>\*</sup> | 49491 |
| 217072 | Regal Rexnord Corp.  | 30583 |
|  |  | 108912 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.0%** |
| 86455 | Fabrinet (Thailand)<sup>\*</sup> | $38089 |
| 62361 | TTM Technologies, Inc. <sup>\*</sup> | 4191 |
|  |  | 42280 |
| **ENTERTAINMENT—1.4%** | **ENTERTAINMENT—1.4%** | **ENTERTAINMENT—1.4%** |
| 901362 | IMAX Corp. <sup>\*</sup> | 29285 |
| **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** |
| 153659 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 10618 |
| **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** |
| 92773 | Saia, Inc. <sup>\*</sup> | 27136 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.4%** |
| 140133 | iRhythm Technologies, Inc. <sup>\*</sup> | 26247 |
| 240408 | Masimo Corp. <sup>\*</sup> | 33813 |
| 414331 | PROCEPT BioRobotics Corp. <sup>\*</sup> | 14100 |
|  |  | 74160 |
| **HEALTH CARE PROVIDERS & SERVICES—6.2%** | **HEALTH CARE PROVIDERS & SERVICES—6.2%** | **HEALTH CARE PROVIDERS & SERVICES—6.2%** |
| 262905 | GeneDx Holdings Corp. <sup>\*</sup> | 35994 |
| 243860 | Guardant Health, Inc. <sup>\*</sup> | 22684 |
| 437587 | HealthEquity, Inc. <sup>\*</sup> | 41387 |
| 652214 | Option Care Health, Inc. <sup>\*</sup> | 16977 |
| 228363 | RadNet, Inc. <sup>\*</sup> | 17353 |
|  |  | 134395 |
| **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** |
| 2630013 | Genius Sports Ltd. (United Kingdom)<sup>\*</sup> | 29614 |
| **HOUSEHOLD DURABLES—2.2%** | **HOUSEHOLD DURABLES—2.2%** | **HOUSEHOLD DURABLES—2.2%** |
| 114008 | TopBuild Corp. <sup>\*</sup> | 48166 |
| **INSURANCE—2.8%** | **INSURANCE—2.8%** | **INSURANCE—2.8%** |
| 300074 | Palomar Holdings, Inc. <sup>\*</sup> | 34211 |
| 98592 | Primerica, Inc.  | 25621 |
|  |  | 59832 |
| **LIFE SCIENCES TOOLS & SERVICES—1.0%** | **LIFE SCIENCES TOOLS & SERVICES—1.0%** | **LIFE SCIENCES TOOLS & SERVICES—1.0%** |
| 70528 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 22537 |
| **MACHINERY—2.9%** | **MACHINERY—2.9%** | **MACHINERY—2.9%** |
| 257684 | ITT, Inc.  | 47689 |
| 64880 | SPX Technologies, Inc. <sup>\*</sup> | 14526 |
|  |  | 62215 |
| **MEDIA—0.6%** | **MEDIA—0.6%** | **MEDIA—0.6%** |
| 1113359 | NIQ Global Intelligence PLC <sup>\*</sup> | 13806 |
| **OIL, GAS & CONSUMABLE FUELS—0.9%** | **OIL, GAS & CONSUMABLE FUELS—0.9%** | **OIL, GAS & CONSUMABLE FUELS—0.9%** |
| 832042 | Northern Oil & Gas, Inc.  | 18413 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.4%** |
| 212772 | Credo Technology Group Holding Ltd. <sup>\*</sup> | 39920 |
| 441054 | FormFactor, Inc. <sup>\*</sup> | 24236 |
| 314814 | Lattice Semiconductor Corp. <sup>\*</sup> | 22969 |
| 115487 | Onto Innovation, Inc. <sup>\*</sup> | 15586 |
| 204093 | Rambus, Inc. <sup>\*</sup> | 20989 |
| 543082 | Semtech Corp. <sup>\*</sup> | 36854 |
|  |  | 160554 |
| **SOFTWARE—8.1%** | **SOFTWARE—8.1%** | **SOFTWARE—8.1%** |
| 1145273 | Alkami Technology, Inc. <sup>\*</sup> | 23237 |
| 947066 | Braze, Inc. Class A<sup>\*</sup> | 27143 |
| 249935 | Commvault Systems, Inc. <sup>\*</sup> | 34796 |
| 154793 | Descartes Systems Group, Inc. (Canada)<sup>\*</sup> | 13654 |

---

------

⬤

------

**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** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 802634 | Dynatrace, Inc. <sup>\*</sup> | $40589 |
| 483428 | Procore Technologies, Inc. <sup>\*</sup> | 35687 |
|  |  | 175106 |
| **SPECIALTY RETAIL—0.6%** | **SPECIALTY RETAIL—0.6%** | **SPECIALTY RETAIL—0.6%** |
| 71315 | RH <sup>\*</sup> | 12301 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%** |
| 157018 | IonQ, Inc. <sup>\*</sup> | 9795 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.6%** | **TEXTILES, APPAREL & LUXURY GOODS—1.6%** | **TEXTILES, APPAREL & LUXURY GOODS—1.6%** |
| 853614 | Birkenstock Holding PLC (Germany)<sup>\*</sup> | 34068 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—4.5%** | **TRADING COMPANIES & DISTRIBUTORS—4.5%** | **TRADING COMPANIES & DISTRIBUTORS—4.5%** |
| 105497 | Applied Industrial Technologies, Inc.  | $27122 |
| 402115 | FTAI Aviation Ltd.  | 69526 |
|  |  | 96648 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,667,963) | **TOTAL COMMON STOCKS** <br>(Cost $1,667,963) | 2108651 |
| **TOTAL INVESTMENTS—97.8%** <br>(Cost $1,667,963) | **TOTAL INVESTMENTS—97.8%** <br>(Cost $1,667,963) | 2108651 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.2%** | 46981 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $2155632 |

---

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

**FAIR VALUE MEASUREMENTS**

All Investments as of October 31, 2025 (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 Small Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** EARNEST Partners LLC

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—6.6%** | **AEROSPACE & DEFENSE—6.6%** | **AEROSPACE & DEFENSE—6.6%** |
| 537265 | AAR Corp. <sup>\*</sup> | $45243 |
| 625334 | Hexcel Corp.  | 44649 |
| 234113 | Moog, Inc. Class A | 47958 |
|  |  | 137850 |
| **BANKS—14.9%** | **BANKS—14.9%** | **BANKS—14.9%** |
| 955924 | Atlantic Union Bankshares Corp.  | 31087 |
| 582848 | Enterprise Financial Services Corp.  | 30524 |
| 891311 | First Merchants Corp.  | 31624 |
| 258011 | Northeast Bank  | 22261 |
| 478847 | Southstate Bank Corp.  | 42450 |
| 1021423 | Trustmark Corp.  | 38017 |
| 353161 | UMB Financial Corp.  | 37746 |
| 1055942 | United Bankshares, Inc.  | 37792 |
| 1354226 | United Community Banks, Inc.  | 39543 |
|  |  | 311044 |
| **CAPITAL MARKETS—5.8%** | **CAPITAL MARKETS—5.8%** | **CAPITAL MARKETS—5.8%** |
| 411579 | Houlihan Lokey, Inc.  | 73705 |
| 396974 | Stifel Financial Corp.  | 47014 |
|  |  | 120719 |
| **CHEMICALS—3.3%** | **CHEMICALS—3.3%** | **CHEMICALS—3.3%** |
| 459817 | Cabot Corp.  | 31028 |
| 700126 | Scotts Miracle-Gro Co.  | 37471 |
|  |  | 68499 |
| **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** |
| 452294 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 40060 |
| **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** |
| 387238 | Everus Construction Group, Inc. <sup>\*</sup> | 35196 |
| **CONSUMER FINANCE—2.6%** | **CONSUMER FINANCE—2.6%** | **CONSUMER FINANCE—2.6%** |
| 338114 | FirstCash Holdings, Inc.  | 53591 |
| **ELECTRICAL EQUIPMENT—2.0%** | **ELECTRICAL EQUIPMENT—2.0%** | **ELECTRICAL EQUIPMENT—2.0%** |
| 340327 | EnerSys  | 42936 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.3%** |
| 338114 | Advanced Energy Industries, Inc.  | 68546 |
| 176873 | Benchmark Electronics, Inc.  | 7750 |
| 691717 | CTS Corp.  | 28713 |
| 130997 | Littelfuse, Inc.  | 31873 |
| 262880 | Plexus Corp. <sup>\*</sup> | 36777 |
|  |  | 173659 |
| **ENERGY EQUIPMENT & SERVICES—6.4%** | **ENERGY EQUIPMENT & SERVICES—6.4%** | **ENERGY EQUIPMENT & SERVICES—6.4%** |
| 904588 | Archrock, Inc.  | 22859 |
| 1223229 | Core Laboratories, Inc.  | 19498 |
| 2551343 | Expro Group Holdings NV <sup>\*</sup> | 34647 |
| 783327 | Helmerich & Payne, Inc.  | 20570 |
| 1499827 | Oceaneering International, Inc. <sup>\*</sup> | 34931 |
|  |  | 132505 |
| **FOOD PRODUCTS—1.7%** | **FOOD PRODUCTS—1.7%** | **FOOD PRODUCTS—1.7%** |
| 1091347 | Darling Ingredients, Inc. <sup>\*</sup> | 34978 |
| **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** |
| 465128 | ONE Gas, Inc.  | 37299 |
| **GROUND TRANSPORTATION—1.9%** | **GROUND TRANSPORTATION—1.9%** | **GROUND TRANSPORTATION—1.9%** |
| 229688 | Ryder System, Inc.  | 38870 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.0%** |
| 362897 | CONMED Corp.  | $15968 |
| 402728 | Integer Holdings Corp. <sup>\*</sup> | 26004 |
|  |  | 41972 |
| **HOTEL & RESORT REITS—0.5%** | **HOTEL & RESORT REITS—0.5%** | **HOTEL & RESORT REITS—0.5%** |
| 942647 | Pebblebrook Hotel Trust  | 9860 |
| **HOTELS, RESTAURANTS & LEISURE—3.0%** | **HOTELS, RESTAURANTS & LEISURE—3.0%** | **HOTELS, RESTAURANTS & LEISURE—3.0%** |
| 832008 | Cheesecake Factory, Inc.  | 41434 |
| 9918151 | Sabre Corp. <sup>\*</sup> | 20283 |
|  |  | 61717 |
| **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** |
| 493452 | Meritage Homes Corp.  | 33338 |
| **INDUSTRIAL REITS—1.6%** | **INDUSTRIAL REITS—1.6%** | **INDUSTRIAL REITS—1.6%** |
| 903260 | STAG Industrial, Inc.  | 34568 |
| **INSURANCE—2.7%** | **INSURANCE—2.7%** | **INSURANCE—2.7%** |
| 417332 | Horace Mann Educators Corp.  | 18659 |
| 205347 | Reinsurance Group of America, Inc.  | 37467 |
|  |  | 56126 |
| **MACHINERY—10.0%** | **MACHINERY—10.0%** | **MACHINERY—10.0%** |
| 351834 | Albany International Corp. Class A | 19907 |
| 990444 | Flowserve Corp.  | 67598 |
| 411136 | Franklin Electric Co., Inc.  | 38963 |
| 258454 | SPX Technologies, Inc. <sup>\*</sup> | 57865 |
| 308463 | Timken Co.  | 24218 |
|  |  | 208551 |
| **OFFICE REITS—0.9%** | **OFFICE REITS—0.9%** | **OFFICE REITS—0.9%** |
| 645249 | COPT Defense Properties  | 18177 |
| **PROFESSIONAL SERVICES—3.4%** | **PROFESSIONAL SERVICES—3.4%** | **PROFESSIONAL SERVICES—3.4%** |
| 684637 | Parsons Corp. <sup>\*</sup> | 56921 |
| 224377 | TriNet Group, Inc.  | 13462 |
|  |  | 70383 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.1%** |
| 1537444 | Amkor Technology, Inc.  | 49629 |
| 404055 | Diodes, Inc. <sup>\*</sup> | 21560 |
| 155781 | Entegris, Inc.  | 14265 |
| 1133832 | FormFactor, Inc. <sup>\*</sup> | 62304 |
|  |  | 147758 |
| **SOFTWARE—1.8%** | **SOFTWARE—1.8%** | **SOFTWARE—1.8%** |
| 1162598 | Box, Inc. Class A<sup>\*</sup> | 37308 |
| **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** |
| 961677 | Four Corners Property Trust, Inc.  | 22734 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.2%** | **TEXTILES, APPAREL & LUXURY GOODS—1.2%** | **TEXTILES, APPAREL & LUXURY GOODS—1.2%** |
| 1110819 | Wolverine World Wide, Inc.  | 25215 |
| **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** |
| 287220 | GATX Corp.  | 45050 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,214,776) | **TOTAL COMMON STOCKS** <br>(Cost $1,214,776) | 2039963 |
| **TOTAL INVESTMENTS—98.0%** <br>(Cost $1,214,776) | **TOTAL INVESTMENTS—98.0%** <br>(Cost $1,214,776) | 2039963 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.0%** | 41858 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $2081821 |

---

------

⬤

------

**Harbor Small Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 2025 (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.

------

⬤

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

⬤

------

**STATEMENTS OF ASSETS AND LIABILITIES—October 31, 2025**

------

(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>**Capital** <br>**Appreciation** <br>**Fund**<br>| **Harbor** <br>**Convertible** <br>**Securities** <br>**Fund**<br>| **Harbor** <br>**Core** <br>**Bond** <br>**Fund**<br>|
| **Assets** |  |  |  |  |  |
| Investments, at identified cost | &nbsp;&nbsp; $2,344,126\* | &nbsp;&nbsp; $425056 | &nbsp;&nbsp; $9763253 | &nbsp;&nbsp; $33437 | &nbsp;&nbsp; $1505132 |
| Investments, at value (including securities loaned of $0, $0, $133,917, $0, $0, $0, $0, <br> $0, $0, $0, $0, $0, $0, $0, $0 and $0)<br>| &nbsp;&nbsp; $2,344,086\* | &nbsp;&nbsp; $523983 | &nbsp;&nbsp; $29534755 | &nbsp;&nbsp; $38770 | &nbsp;&nbsp; $1524716 |
| Cash | &nbsp;&nbsp; 372378 | &nbsp;&nbsp; 5624 | &nbsp;&nbsp; 328012 | &nbsp;&nbsp; 1788 | &nbsp;&nbsp; 13097 |
| Due from broker | &nbsp;&nbsp; 194138 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency, at value (cost: $0, $0, $0, $0, $0, $4, $1,196, $8,311, $219, $66, $0, <br> $0, $0, $0, $0 and $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| Investment sold | &nbsp;&nbsp; 21813 | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 7723 |
| Capital shares sold | &nbsp;&nbsp; 1451 | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 11273 | &nbsp;&nbsp; — | &nbsp;&nbsp; 909 |
| Dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 4034 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; 2382 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 12681 |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; 23520 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Withholding tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2675 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid registration fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other assets | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 4072 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 29 |
| **Total Assets** | &nbsp;&nbsp; **2959798** | &nbsp;&nbsp; **531269** | &nbsp;&nbsp; **29884865** | &nbsp;&nbsp; **40862** | &nbsp;&nbsp; **1559155** |
| **Liabilities** |  |  |  |  |  |
| Due to custodian  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 79281 | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; 73274 | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 13024 |
| Capital shares reacquired | &nbsp;&nbsp; 1849 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 32788 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| Collateral for securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on OTC swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued expenses: |  |  |  |  |  |
| Management fees | &nbsp;&nbsp; 1605 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 13579 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 303 |
| 12b-1 fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 242 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Transfer agent fees | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 1704 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 27 |
| Trustees' fees and expenses | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 4487 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 29 |
| Other | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 1912 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 103 |
| **Total Liabilities** | &nbsp;&nbsp; **83547** | &nbsp;&nbsp; **2155** | &nbsp;&nbsp; **181375** | &nbsp;&nbsp; **463** | &nbsp;&nbsp; **13521** |
| **NET ASSETS** | &nbsp;&nbsp; **$2876251** | &nbsp;&nbsp; **$529114** | &nbsp;&nbsp; **$29703490** | &nbsp;&nbsp; **$40399** | &nbsp;&nbsp; **$1545634** |
| **Net Assets Consist of:** |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $2464649 | &nbsp;&nbsp; $429745 | &nbsp;&nbsp; $7258842 | &nbsp;&nbsp; $46550 | &nbsp;&nbsp; $1532444 |
| Total distributable earnings/(loss) | &nbsp;&nbsp; 411602 | &nbsp;&nbsp; 99369 | &nbsp;&nbsp; 22444648 | &nbsp;&nbsp; (6151)<br>| &nbsp;&nbsp; 13190 |
|  | &nbsp;&nbsp; $2876251 | &nbsp;&nbsp; $529114 | &nbsp;&nbsp; $29703490 | &nbsp;&nbsp; $40399 | &nbsp;&nbsp; $1545634 |
| **NET ASSET VALUE PER SHARE BY CLASS** |  |  |  |  |  |
| **Retirement Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $212345 | &nbsp;&nbsp; $30249 | &nbsp;&nbsp; $10773711 | &nbsp;&nbsp; $15621 | &nbsp;&nbsp; $1443710 |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; 18628 | &nbsp;&nbsp; 2646 | &nbsp;&nbsp; 80211 | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; 160599 |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $11.43 | &nbsp;&nbsp; $134.32 | &nbsp;&nbsp; $13.66 | &nbsp;&nbsp; $8.99 |
| **Institutional Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $2663906 | &nbsp;&nbsp; $498865 | &nbsp;&nbsp; $17762870 | &nbsp;&nbsp; $23236 | &nbsp;&nbsp; $101924 |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; 233482 | &nbsp;&nbsp; 43652 | &nbsp;&nbsp; 132864 | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 11339 |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; $11.41 | &nbsp;&nbsp; $11.43 | &nbsp;&nbsp; $133.69 | &nbsp;&nbsp; $13.66 | &nbsp;&nbsp; $8.99 |
| **Administrative Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $204569 | &nbsp;&nbsp; $52 | &nbsp;&nbsp; N/A |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1613 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; N/A |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $126.85 | &nbsp;&nbsp; $13.64 | &nbsp;&nbsp; N/A |
| **Investor Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $962340 | &nbsp;&nbsp; $1490 | &nbsp;&nbsp; N/A |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 7943 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; N/A |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $121.15 | &nbsp;&nbsp; $13.60 | &nbsp;&nbsp; N/A |

---

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>|
| $1278094 | &nbsp;&nbsp; $484,291\* | &nbsp;&nbsp; $2496668 | &nbsp;&nbsp; $45184 | &nbsp;&nbsp; $836646 | &nbsp;&nbsp; $159635 | &nbsp;&nbsp; $758443 | &nbsp;&nbsp; $138657 | &nbsp;&nbsp; $295219 | &nbsp;&nbsp; $1667963 | &nbsp;&nbsp; $1214776 |
| $1241229 | &nbsp;&nbsp; $745,973\* | &nbsp;&nbsp; $3649726 | &nbsp;&nbsp; $50265 | &nbsp;&nbsp; $946311 | &nbsp;&nbsp; $176053 | &nbsp;&nbsp; $1288502 | &nbsp;&nbsp; $167369 | &nbsp;&nbsp; $362780 | &nbsp;&nbsp; $2108651 | &nbsp;&nbsp; $2039963 |
| 11101 | &nbsp;&nbsp; 11103 | &nbsp;&nbsp; 48144 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 16614 | &nbsp;&nbsp; 4223 | &nbsp;&nbsp; 16530 | &nbsp;&nbsp; 4603 | &nbsp;&nbsp; 2786 | &nbsp;&nbsp; 64951 | &nbsp;&nbsp; 44808 |
| 1 | &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 8183 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 787 | &nbsp;&nbsp; 4087 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33506 | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 466 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1466 | &nbsp;&nbsp; — |
| 184 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1581 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 37764 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2032 | &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 662 |
|  | &nbsp;&nbsp; 1511 | &nbsp;&nbsp; 10449 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 2041 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; — | &nbsp;&nbsp; 240 |
| 9973 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 6474 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 16 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 |
| 443 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 4645 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 196 |
| **1262947** | &nbsp;&nbsp; **761903** | &nbsp;&nbsp; **3733313** | &nbsp;&nbsp; **50792** | &nbsp;&nbsp; **1037117** | &nbsp;&nbsp; **181575** | &nbsp;&nbsp; **1307606** | &nbsp;&nbsp; **172063** | &nbsp;&nbsp; **367959** | &nbsp;&nbsp; **2177059** | &nbsp;&nbsp; **2085888** |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 6176 | &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 6332 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42573 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13673 | &nbsp;&nbsp; 888 |
| 487 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 55961 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 6010 | &nbsp;&nbsp; 1283 |
| 268 | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 2385 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 1347 | &nbsp;&nbsp; 1328 |
| 1 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7 |
| 97 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 136 |
| 516 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 4413 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 230 |
| 107 | &nbsp;&nbsp; 1523 | &nbsp;&nbsp; 1826 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 195 |
| **7652** | &nbsp;&nbsp; **3880** | &nbsp;&nbsp; **16174** | &nbsp;&nbsp; **61** | &nbsp;&nbsp; **44268** | &nbsp;&nbsp; **1096** | &nbsp;&nbsp; **56949** | &nbsp;&nbsp; **270** | &nbsp;&nbsp; **588** | &nbsp;&nbsp; **21427** | &nbsp;&nbsp; **4067** |
| **$1255295** | &nbsp;&nbsp; **$758023** | &nbsp;&nbsp; **$3717139** | &nbsp;&nbsp; **$50731** | &nbsp;&nbsp; **$992849** | &nbsp;&nbsp; **$180479** | &nbsp;&nbsp; **$1250657** | &nbsp;&nbsp; **$171793** | &nbsp;&nbsp; **$367371** | &nbsp;&nbsp; **$2155632** | &nbsp;&nbsp; **$2081821** |
| $1430777 | &nbsp;&nbsp; $495389 | &nbsp;&nbsp; $2863411 | &nbsp;&nbsp; $45411 | &nbsp;&nbsp; $855001 | &nbsp;&nbsp; $149650 | &nbsp;&nbsp; $503532 | &nbsp;&nbsp; $143336 | &nbsp;&nbsp; $268834 | &nbsp;&nbsp; $1750556 | &nbsp;&nbsp; $1207284 |
| (175482)<br>| &nbsp;&nbsp; 262634 | &nbsp;&nbsp; 853728 | &nbsp;&nbsp; 5320 | &nbsp;&nbsp; 137848 | &nbsp;&nbsp; 30829 | &nbsp;&nbsp; 747125 | &nbsp;&nbsp; 28457 | &nbsp;&nbsp; 98537 | &nbsp;&nbsp; 405076 | &nbsp;&nbsp; 874537 |
| $1255295 | &nbsp;&nbsp; $758023 | &nbsp;&nbsp; $3717139 | &nbsp;&nbsp; $50731 | &nbsp;&nbsp; $992849 | &nbsp;&nbsp; $180479 | &nbsp;&nbsp; $1250657 | &nbsp;&nbsp; $171793 | &nbsp;&nbsp; $367371 | &nbsp;&nbsp; $2155632 | &nbsp;&nbsp; $2081821 |
| $80624 | &nbsp;&nbsp; $515113 | &nbsp;&nbsp; $666109 | &nbsp;&nbsp; $48403 | &nbsp;&nbsp; $349132 | &nbsp;&nbsp; $77787 | &nbsp;&nbsp; $849403 | &nbsp;&nbsp; $72402 | &nbsp;&nbsp; $114022 | &nbsp;&nbsp; $1052405 | &nbsp;&nbsp; $503882 |
| 7785 | &nbsp;&nbsp; 34015 | &nbsp;&nbsp; 12178 | &nbsp;&nbsp; 4348 | &nbsp;&nbsp; 21229 | &nbsp;&nbsp; 4735 | &nbsp;&nbsp; 37100 | &nbsp;&nbsp; 4720 | &nbsp;&nbsp; 4011 | &nbsp;&nbsp; 66318 | &nbsp;&nbsp; 11701 |
| $10.36 | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp; $54.70 | &nbsp;&nbsp; $11.13 | &nbsp;&nbsp; $16.45 | &nbsp;&nbsp; $16.43 | &nbsp;&nbsp; $22.90 | &nbsp;&nbsp; $15.34 | &nbsp;&nbsp; $28.43 | &nbsp;&nbsp; $15.87 | &nbsp;&nbsp; $43.06 |
| $1168879 | &nbsp;&nbsp; $210147 | &nbsp;&nbsp; $2782933 | &nbsp;&nbsp; $2328 | &nbsp;&nbsp; $635859 | &nbsp;&nbsp; $99571 | &nbsp;&nbsp; $377862 | &nbsp;&nbsp; $99056 | &nbsp;&nbsp; $226288 | &nbsp;&nbsp; $1091496 | &nbsp;&nbsp; $1546017 |
| 113105 | &nbsp;&nbsp; 13871 | &nbsp;&nbsp; 50671 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 38751 | &nbsp;&nbsp; 6060 | &nbsp;&nbsp; 16498 | &nbsp;&nbsp; 6463 | &nbsp;&nbsp; 7957 | &nbsp;&nbsp; 69466 | &nbsp;&nbsp; 35927 |
| $10.33 | &nbsp;&nbsp; $15.15 | &nbsp;&nbsp; $54.92 | &nbsp;&nbsp; $11.12 | &nbsp;&nbsp; $16.41 | &nbsp;&nbsp; $16.43 | &nbsp;&nbsp; $22.90 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $28.44 | &nbsp;&nbsp; $15.71 | &nbsp;&nbsp; $43.03 |
| $5792 | &nbsp;&nbsp; $17037 | &nbsp;&nbsp; $14877 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $18 | &nbsp;&nbsp; $931 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $3997 | &nbsp;&nbsp; $482 | &nbsp;&nbsp; $2362 |
| 560 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 55 |
| $10.35 | &nbsp;&nbsp; $15.07 | &nbsp;&nbsp; $55.44 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $16.68 | &nbsp;&nbsp; $22.94 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $28.85 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $42.73 |
| N/A | &nbsp;&nbsp; $15726 | &nbsp;&nbsp; $253220 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $7858 | &nbsp;&nbsp; $3103 | &nbsp;&nbsp; $22461 | &nbsp;&nbsp; $335 | &nbsp;&nbsp; $23064 | &nbsp;&nbsp; $11249 | &nbsp;&nbsp; $29560 |
| N/A | &nbsp;&nbsp; 1049 | &nbsp;&nbsp; 4663 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 967 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 715 |
| N/A | &nbsp;&nbsp; $14.99 | &nbsp;&nbsp; $54.31 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $16.31 | &nbsp;&nbsp; $16.36 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $28.43 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $41.33 |

---

------

---

| | |
|:---|:---|
| \* | 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—Year Ended October 31, 2025**

------

(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>**Capital** <br>**Appreciation** <br>**Fund**<br>| **Harbor** <br>**Convertible** <br>**Securities** <br>**Fund**<br>| **Harbor** <br>**Core** <br>**Bond** <br>**Fund**<br>|
| **Investment Income**  |  |  |  |  |  |
| Dividends | $— | $14731 | $120704 | $211 | $— |
| Interest | 128534 | 715 | 5923 | 733 | 69109 |
| Net securities lending income |  |  | 23 |  |  |
| Consent fee income |  |  |  |  | 14 |
| Foreign taxes withheld |  | (34)<br>| (2481)<br>|  |  |
| **Total Investment Income**  | **128534** | **15412** | **124169** | **944** | **69123** |
| **Operating Expenses** |  |  |  |  |  |
| Management fees | 19893 | 8340 | 168436 | 143 | 3246 |
| 12b-1 fees: |  |  |  |  |  |
| Administrative Class | N/A | N/A | 485 |  | N/A |
| Investor Class | N/A | N/A | 2397 | 3 | N/A |
| Shareholder communications | 562 | 270 | 329 | 28 | 29 |
| Custodian fees | 407 | 95 | 816 | 17 | 75 |
| Transfer agent fees: |  |  |  |  |  |
| Retirement Class | 48 | 28 | 2036 | 3 | 258 |
| Institutional Class | 2775 | 1297 | 16742 | 15 | 120 |
| Administrative Class | N/A | N/A | 194 |  | N/A |
| Investor Class | N/A | N/A | 1951 | 2 | N/A |
| Professional fees | 306 | 136 | 1882 | 6 | 103 |
| Trustees' fees and expenses | 414 | 206 | 1268 | 1 | 58 |
| Registration fees | 94 | 88 | 219 | 53 | 64 |
| Miscellaneous | 57 | 36 | 423 | 9 | 24 |
| Total Operating Expenses | 24556 | 10496 | 197178 | 280 | 3977 |
| Management fees waived |  |  | (13651)<br>|  |  |
| Transfer agent fees waived |  |  | (783)<br>| (1)<br>| (37)<br>|
| Other expenses reimbursed | (936)<br>| (688)<br>|  | (83)<br>| (175)<br>|
| Net expenses | 23620 | 9808 | 182744 | 196 | 3765 |
| **Net Investment Income/(Loss)** | **104914** | **5604** | **(58575)**<br>| **748** | **65358** |
| **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, $212, $0, $0, $0, $0, <br> $0, $0, $0, $0 and $0)<br>| 2685 | 20104 | 3413072 | 2690 | 233 |
| In-kind redemptions |  |  |  |  |  |
| Foreign currency transactions | (181)<br>| (1)<br>| (191)<br>|  |  |
| Futures contracts | 167283 |  |  |  |  |
| Swap agreements | 101313 |  |  |  |  |
| Change in net unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax accrual: $0, $0, $0, $0, $0, $0, $(504), <br> $(511), $0, $0, $0, $0, $0, $0, $0 and $0)<br>| (1244)<br>| 51258 | 3014895 | 3438 | 23090 |
| Translations of assets and liabilities in foreign currencies | 96 |  | (28)<br>|  |  |
| Futures contracts | 51782 |  |  |  |  |
| Swap agreements |  |  |  |  |  |
| Net gain/(loss) on investment transactions | 321734 | 71361 | 6427748 | 6128 | 23323 |
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**426648** | $**76965** | $**6369173** | $**6876** | $**88681** |

---

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>|
| $— | $22867 | $104018 | $855 | $16630 | $6790 | $32122 | $2631 | $9008 | $7139 | $33233 |
| 56576 | 378 | 1335 | 21 | 343 | 154 | 619 | 140 | 141 | 2836 | 1919 |
|  | 14 | 44 |  | 14 | 4 | 5 |  |  |  |  |
| 13 |  |  |  |  |  |  |  |  |  |  |
|  | (1907)<br>| (7512)<br>| (76)<br>| (1763)<br>| (486)<br>| (504)<br>| (3)<br>| (1)<br>|  |  |
| **56589** | **21352** | **97885** | **800** | **15224** | **6462** | **32242** | **2768** | **9148** | **9975** | **35152** |
| 2971 | 6112 | 26544 | 191 | 3723 | 1617 | 8974 | 1252 | 2681 | 14704 | 16788 |
| 16 | 37 | 26 | N/A | N/A |  | 2 | N/A | 10 | 1 | 6 |
| N/A | 33 | 619 | N/A | 16 | 7 | 60 | 1 | 60 | 31 | 81 |
| 50 | 34 | 130 | 20 | 55 | 22 | 40 | 38 | 31 | 75 | 171 |
| 98 | 386 | 451 | 18 | 233 | 98 | 48 | 17 | 23 | 99 | 66 |
| 13 | 114 | 126 | 7 | 24 | 17 | 202 | 15 | 21 | 178 | 120 |
| 1115 | 218 | 2651 | 3 | 369 | 100 | 462 | 91 | 225 | 1059 | 1603 |
| 7 | 15 | 11 | N/A | N/A |  | 1 | N/A | 4 |  | 2 |
| N/A | 27 | 503 | N/A | 13 | 6 | 49 | 1 | 49 | 26 | 66 |
| 85 | 139 | 391 | 15 | 69 | 35 | 105 | 16 | 30 | 138 | 157 |
| 49 | 40 | 154 | 1 | 18 | 10 | 68 | 7 | 15 | 82 | 103 |
| 63 | 59 | 76 | 41 | 82 | 57 | 62 | 45 | 60 | 84 | 95 |
| 24 | 24 | 61 | 3 | 14 | 13 | 38 | 11 | 15 | 36 | 45 |
| 4491 | 7238 | 31743 | 299 | 4616 | 1982 | 10111 | 1494 | 3224 | 16513 | 19303 |
|  |  |  |  |  |  |  |  | (7)<br>|  |  |
| (32)<br>| (23)<br>| (94)<br>| (1)<br>| (12)<br>| (5)<br>| (44)<br>| (5)<br>| (10)<br>| (54)<br>| (63)<br>|
|  | (910)<br>| (3271)<br>| (86)<br>| (458)<br>| (324)<br>| (467)<br>| (80)<br>| (159)<br>|  |  |
| 4459 | 6305 | 28378 | 212 | 4146 | 1653 | 9600 | 1409 | 3048 | 16459 | 19240 |
| **52130** | **15047** | **69507** | **588** | **11078** | **4809** | **22642** | **1359** | **6100** | **(6484)**<br>| **15912** |
| (9181)<br>| 63032 | 194124 | (280)<br>| 25955 | 13340 | 273986 | 3439 | 29089 | 26068 | 79585 |
|  |  |  |  |  |  |  |  |  | 11215 |  |
|  | 166 | 38 | (18)<br>| 43 | (66)<br>|  |  |  |  |  |
| 32296 | 85218 | 409832 | 5439 | 77123 | 16025 | (231959)<br>| 1595 | 501 | 199562 | (41759)<br>|
|  | 103 | 507 |  | 14 | 31 |  |  |  |  |  |
| 23115 | 148519 | 604501 | 5141 | 103135 | 29330 | 42027 | 5034 | 29590 | 236845 | 37826 |
| $**75245** | $**163566** | $**674008** | $**5729** | $**114213** | $**34139** | $**64669** | $**6393** | $**35690** | $**230361** | $**53738** |

---

------

⬤

------

**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 Capital** <br>**Appreciation Fund** | **Harbor Capital** <br>**Appreciation Fund** |
|  | **November 1, 2024** | **January 23, 2024**<sup>a</sup> <br>| **November 1, 2024** | **January 30, 2024**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $104914 | $46086 | $5604 | $2585 | $(58575) | $(32644) |
| Net realized gain/(loss) on investments | 271100 | 33515 | 20103 | (20709) | 3412881 | 3756548 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| 50634 | 38830 | 51258 | 47669 | 3014867 | 5894325 |
| **Net increase/(decrease) in assets resulting from operations** | **426648** | **118431** | **76965** | **29545** | **6369173** | **9618229** |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Retirement Class | (13650) | (2614) | (629) |  | (1042057) |  |
| Institutional Class | (150997) | (28540) | (5068) |  | (1734249) |  |
| Administrative Class | N/A | N/A | N/A | N/A | (20668) |  |
| Investor Class | N/A | N/A | N/A | N/A | (109210) |  |
| **Total distributions to shareholders** | (164647) | (31154) | (5697) |  | (2906184) |  |
| **Net Increase/(Decrease) Derived from Capital** <br>**Share Transactions**<br>| **(309756)** | **2836729** | **(1237246)** | **1665447** | **(2005964)** | **(3948593)** |
| Net increase/(decrease) in net assets | (47755) | 2924006 | (1165978) | 1694992 | 1457025 | 5669636 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period  | 2924006 |  | 1695092 | 100 | 28246465 | 22576829 |
| **End of period** | **$2876251** | **$2924006** | **$529114** | **$1695092** | **$29703490** | **$28246465** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Convertible** <br>**Securities Fund** | **Harbor Convertible** <br>**Securities 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, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| $748 | $922 | $65358 | $35416 | $52130 | $43150 | $15047 | $17360 | $69507 | $65681 |
| 2690 | 778 | 233 | (1059) | (9181) | (22678) | 63198 | 10327 | 194162 | 92288 |
| 3438 | 3700 | 23090 | 7419 | 32296 | 88553 | 85321 | 156787 | 410339 | 497706 |
| **6876** | **5400** | **88681** | **41776** | **75245** | **109025** | **163566** | **184474** | **674008** | **655675** |
| (384) | (374) | (59182) | (31072) | (3159) | (1391) | (20642) | (16277) | (22824) | (19146) |
| (370) | (416) | (5477) | (3543) | (50811) | (44514) | (6282) | (7359) | (91689) | (89545) |
| (2) | (2) | N/A | N/A | (281) | (328) | (344) | (230) | (299) | (318) |
| (25) | (21) | N/A | N/A | N/A | N/A | (325) | (240) | (7686) | (8372) |
| **(781)** | (813) | (64659) | (34615) | (54251) | (46233) | (27593) | (24106) | (122498) | (117381) |
| **9492** | **(5725)** | **297901** | **1109783** | **102129** | **142375** | **(311706)** | **(125664)** | **(257031)** | **(258842)** |
| 15587 | (1138) | 321923 | 1116944 | 123123 | 205167 | (175733) | 34704 | 294479 | 279452 |
| 24812 | 25950 | 1223711 | 106767 | 1132172 | 927005 | 933756 | 899052 | 3422660 | 3143208 |
| **$40399** | **$24812** | **$1545634** | **$1223711** | **$1255295** | **$1132172** | **$758023** | **$933756** | **$3717139** | **$3422660** |

---

------

⬤

------

**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, 2024** | **March 1, 2024**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $588 | $69 | $11078 | $4567 | $4809 | $7104 |
| Net realized gain/(loss) on investments | (298) | (48) | 25998 | 9476 | 13274 | 5553 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| 5439 | (359) | 77137 | 33146 | 16056 | 40043 |
| **Net increase/(decrease) in assets resulting from operations** | **5729** | **(338)** | **114213** | **47189** | **34139** | **52700** |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Retirement Class | (62) |  | (376) | (185) | (4724) | (3104) |
| Institutional Class | (9) |  | (6140) | (3612) | (5356) | (4341) |
| Administrative Class | N/A | N/A | N/A | N/A | (2) |  |
| Investor Class | N/A | N/A | (111) | (176) | (114) | (82) |
| **Total distributions to shareholders** | (71) |  | (6627) | (3973) | (10196) | (7527) |
| **Net Increase/(Decrease) Derived from Capital** <br>**Share Transactions**<br>| **25005** | **20406** | **649951** | **57929** | **(67711)** | **(150604)** |
| Net increase/(decrease) in net assets | 30663 | 20068 | 757537 | 101145 | (43768) | (105431) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period  | 20068 |  | 235312 | 134167 | 224247 | 329678 |
| **End of period** | **$50731** | **$20068** | **$992849** | **$235312** | **$180479** | **$224247** |

---

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, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| $22642 | $24126 | $1359 | $1105 | $6100 | $5098 | $(6484) | $(3767) | $15912 | $16434 |
| 273986 | 115715 | 3439 | (722) | 29089 | 16251 | 37283 | 114526 | 79585 | (16875) |
| (231959) | 335558 | 1595 | 28934 | 501 | 57206 | 199562 | 255977 | (41759) | 534735 |
| **64669** | **475399** | **6393** | **29317** | **35690** | **78555** | **230361** | **366736** | **53738** | **534294** |
| (87387) | (47391) | (573) | (1936) | (6150) | (1060) | (30481) | (489) | (4749) | (41830) |
| (41637) | (26433) | (574) | (945) | (12462) | (16352) | (37709) | (258) | (10550) | (100625) |
| (64) | (109) | N/A | N/A | (207) | (227) | (18) |  | (7) | (249) |
| (1767) | (948) |  | (12) | (1322) | (1731) | (623) |  | (96) | (2453) |
| **(130855)** | (74881) | (1147) | (2893) | (20141) | (19370) | (68831) | (747) | (15402) | (145157) |
| **(583198)** | **(183549)** | **1089** | **40014** | **(19310)** | **66148** | **227018** | **414056** | **(378711)** | **61140** |
| (649384) | 216969 | 6335 | 66438 | (3761) | 125333 | 388548 | 780045 | (340375) | 450277 |
| 1900041 | 1683072 | 165458 | 99020 | 371132 | 245799 | 1767084 | 987039 | 2422196 | 1971919 |
| **$1250657** | **$1900041** | **$171793** | **$165458** | **$367371** | **$371132** | **$2155632** | **$1767084** | **$2081821** | **$2422196** |

---

------

a Commencement of Operations

------

⬤

------

**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 Capital** <br>**Appreciation Fund** | **Harbor Capital** <br>**Appreciation Fund** |
|  | **November 1, 2024** | **January 23, 2024**<sup>a</sup> <br>| **November 1, 2024** | **January 30, 2024**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **AMOUNT ($)** |  |  |  |  |  |  |
| **Retirement Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $51371 | $248678 | $26827 | $164331 | $1476664 | $1859614 |
| Reinvested distributions | 180 | 42 | 7 |  | 966106 |  |
| Cost of shares reacquired | (99274) | (7421) | (168826) | (2817) | (2996804) | (2626453) |
| Cost of shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in net assets** | $**(47723)** | $**241299** | $**(141992)** | $**161514** | $**(554034)** | $**(766839)** |
| **Institutional Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $422119 | $2737453 | $250772 | $1619171 | $1594180 | $1833126 |
| Reinvested distributions | 150991 | 28539 | 5068 |  | 1661915 |  |
| Cost of shares reacquired | (835143) | (170562) | (1351094) | (115238) | (4576428) | (4561185) |
| Cost of shares reacquired through in-kind redemptions |  |  |  |  |  | (189354) |
| **Net increase/(decrease) in net assets** | $**(262033)** | $**2595430** | $**(1095254)** | $**1503933** | $**(1320333)** | $**(2917413)** |
| **Administrative Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | N/A | N/A | $39127 | $45867 |
| Reinvested distributions | N/A | N/A | N/A | N/A | 17504 |  |
| Cost of shares reacquired | N/A | N/A | N/A | N/A | (68278) | (134389) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | **N/A** | **N/A** | $**(11647)** | $**(88522)** |
| **Investor Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | N/A | N/A | $62856 | $101221 |
| Reinvested distributions | N/A | N/A | N/A | N/A | 107543 |  |
| Cost of shares reacquired | N/A | N/A | N/A | N/A | (290349) | (277040) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | **N/A** | **N/A** | $**(119950)** | $**(175819)** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Convertible** <br>**Securities Fund** | **Harbor Convertible** <br>**Securities 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, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| $330 | $1074 | $386754 | $1073765 | $58995 | $32575 | $76771 | $72630 | $77821 | $127622 |
| 384 | 374 | 53771 | 28112 | 3100 | 1362 | 20363 | 16078 | 19060 | 15376 |
| (316) | (1137) | (144609) | (47560) | (24469) | (6781) | (330641) | (151199) | (140010) | (150677) |
| $**398** | **$311** | **$295916** | **$1054317** | **$37626** | **$27156** | **$(233507)** | **$(62491)** | **$(43129)** | **$(7679)** |
| $11347 | $2169 | $61477 | $179441 | $261682 | $287517 | $9103 | $9530 | $231893 | $160708 |
| 318 | 403 | 5261 | 3435 | 48770 | 42674 | 4958 | 6215 | 87054 | 84914 |
| (2940) | (8673) | (64753) | (127410) | (244529) | (213887) | (96811) | (80292) | (502045) | (459054) |
| $**8725** | **$(6101)** | **$1985** | **$55466** | **$65923** | **$116304** | **$(82750)** | **$(64547)** | **$(183098)** | **$(213432)** |
| $— | $— | N/A | N/A | $186 | $255 | $5111 | $3541 | $6960 | $907 |
| 2 | 2 | N/A | N/A | 281 | 328 | 344 | 230 | 293 | 311 |
| (51) |  | N/A | N/A | (1887) | (1668) | (2584) | (2598) | (2905) | (4549) |
| $**(49)** | **$2** | **N/A** | **N/A** | **$(1420)** | **$(1085)** | **$2871** | **$1173** | **$4348** | **$(3331)** |
| $642 | $183 | N/A | N/A | N/A | N/A | $2410 | $1002 | $19884 | $18031 |
| 25 | 21 | N/A | N/A | N/A | N/A | 325 | 240 | 7588 | 8273 |
| (249) | (141) | N/A | N/A | N/A | N/A | (1055) | (1041) | (62624) | (60704) |
| $**418** | **$63** | **N/A** | **N/A** | **N/A** | **N/A** | **$1680** | **$201** | **$(35152)** | **$(34400)** |

---

------

⬤

------

**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, 2024** | **March 1, 2024**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **AMOUNT ($)** |  |  |  |  |  |  |
| **Retirement Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $26915 | $18813 | $372550 | $4518 | $5602 | $7406 |
| Reinvested distributions | 62 |  | 375 | 185 | 4635 | 3103 |
| Cost of shares reacquired | (1488) | (939) | (59482) | (17104) | (44213) | (57963) |
| Cost of shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in net assets** | $**25489** | $**17874** | $**313443** | $**(12401)** | $**(33976)** | $**(47454)** |
| **Institutional Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $1549 | $2640 | $544403 | $118097 | $40384 | $56837 |
| Reinvested distributions | 3 |  | 5477 | 3316 | 4969 | 4101 |
| Cost of shares reacquired | (2036) | (108) | (214131) | (44710) | (79044) | (161416) |
| Cost of shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in net assets** | $**(484)** | $**2532** | $**335749** | $**76703** | $**(33691)** | $**(100478)** |
| **Administrative Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | N/A | N/A | $— | $— |
| Reinvested distributions | N/A | N/A | N/A | N/A | 2 |  |
| Cost of shares reacquired | N/A | N/A | N/A | N/A | (37) | (429) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | **N/A** | **N/A** | $**(35)** | $**(429)** |
| **Investor Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | $3634 | $520 | $831 | $381 |
| Reinvested distributions | N/A | N/A | 111 | 176 | 113 | 82 |
| Cost of shares reacquired | N/A | N/A | (2986) | (7069) | (953) | (2706) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | $**759** | $**(6373)** | $**(9)** | $**(2243)** |

---

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, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| $78440 | $139220 | $4021 | $13891 | $38729 | $92506 | $509881 | $261563 | $115409 | $124444 |
| 71381 | 37047 | 567 | 1936 | 2239 | 1027 | 30047 | 482 | 2821 | 27996 |
| (472514) | (250892) | (14772) | (19247) | (34813) | (10789) | (187804) | (116012) | (289514) | (163946) |
|  |  |  |  |  |  | (33860) |  |  |  |
| $**(322693)** | **$(74625)** | **$(10184)** | **$(3420)** | **$6155** | **$82744** | **$318264** | **$146033** | **$(171284)** | **$(11506)** |
| $39875 | $62151 | $40694 | $61235 | $32561 | $36127 | $200012 | $437883 | $231528 | $551765 |
| 36322 | 23851 | 568 | 839 | 11816 | 15227 | 35370 | 242 | 10027 | 92112 |
| (333968) | (188328) | (29966) | (18276) | (65259) | (64868) | (322242) | (174958) | (441871) | (566454) |
| $**(257771)** | **$(102326)** | **$11296** | **$43798** | **$(20882)** | **$(13514)** | **$(86860)** | **$263167** | **$(200316)** | **$77423** |
| $91 | $29 | N/A | N/A | $596 | $696 | $21 | $65 | $300 | $434 |
| 63 | 108 | N/A | N/A | 132 | 137 | 18 |  | 7 | 183 |
| (86) | (2843) | N/A | N/A | (917) | (853) | (64) | (158) | (338) | (2308) |
| $**68** | **$(2706)** | **N/A** | **N/A** | **$(189)** | **$(20)** | **$(25)** | **$(93)** | **$(31)** | **$(1691)** |
| $1415 | $1449 | $267 | $433 | $2075 | $2135 | $2122 | $9024 | $2184 | $3201 |
| 1664 | 892 |  | 12 | 1253 | 1649 | 607 |  | 90 | 2310 |
| (5881) | (6233) | (290) | (809) | (7722) | (6846) | (7090) | (4075) | (9354) | (8597) |
| $**(2802)** | **$(3892)** | **$(23)** | **$(364)** | **$(4394)** | **$(3062)** | **$(4361)** | **$4949** | **$(7080)** | **$(3086)** |

---

------

a Commencement of Operations

------

⬤

------

**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 Capital** <br>**Appreciation Fund** | **Harbor Capital** <br>**Appreciation Fund** |
|  | **November 1, 2024** | **January 23, 2024**<sup>a</sup> <br>| **November 1, 2024** | **January 30, 2024**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** |
| **Retirement Class** |  |  |  |  |  |  |
| Shares sold | 4844 | 23807 | 2599 | 15537 | 12604 | 17105 |
| Shares issued due to reinvestment of distributions | 17 | 4 | 1 |  | 8362 |  |
| Shares reacquired | (9329) | (715) | (15229) | (262) | (25732) | (24191) |
| Shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in shares outstanding** | **(4468)** | **23096** | **(12629)** | **15275** | **(4766)** | **(7086)** |
| **Institutional Class** |  |  |  |  |  |  |
| Shares sold | 39481 | 271420 | 23784 | 153166 | 13654 | 17139 |
| Shares issued due to reinvestment of distributions | 14626 | 2720 | 465 |  | 14440 |  |
| Shares reacquired | (78194) | (16571) | (122817) | (10956) | (39325) | (42395) |
| Shares reacquired through in-kind redemptions |  |  |  |  |  | (1579) |
| **Net increase/(decrease) in shares outstanding** | **(24087)** | **257569** | **(98568)** | **142210** | **(11231)** | **(26835)** |
| **Administrative Class** |  |  |  |  |  |  |
| Shares sold | N/A | N/A | N/A | N/A | 355 | 446 |
| Shares issued due to reinvestment of distributions | N/A | N/A | N/A | N/A | 160 |  |
| Shares reacquired | N/A | N/A | N/A | N/A | (612) | (1271) |
| **Net increase/(decrease) in shares outstanding** | N/A | N/A | N/A | N/A | **(97)** | **(825)** |
| **Investor Class** |  |  |  |  |  |  |
| Shares sold | N/A | N/A | N/A | N/A | 588 | 1069 |
| Shares issued due to reinvestment of distributions | N/A | N/A | N/A | N/A | 1028 |  |
| Shares reacquired | N/A | N/A | N/A | N/A | (2704) | (2808) |
| **Net increase/(decrease) in shares outstanding** | **N/A** | **N/A** | **N/A** | **N/A** | **(1088)** | **(1739)** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Convertible** <br>**Securities Fund** | **Harbor Convertible** <br>**Securities 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, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| 28 | 98 | 43813 | 121472 | 5759 | 3223 | 5878 | 5840 | 1548 | 2710 |
| 32 | 35 | 6066 | 3169 | 304 | 135 | 1688 | 1363 | 434 | 357 |
| (27) | (103) | (16327) | (5343) | (2402) | (678) | (25045) | (12312) | (2841) | (3431) |
| **33** | **30** | **33552** | **119298** | **3661** | **2680** | **(17479)** | **(5109)** | **(859)** | **(364)** |
| 902 | 201 | 6969 | 20275 | 25689 | 28288 | 678 | 782 | 4879 | 3514 |
| 27 | 38 | 594 | 388 | 4802 | 4224 | 411 | 526 | 1974 | 1962 |
| (245) | (820) | (7282) | (14653) | (24058) | (21252) | (7093) | (6459) | (10323) | (10003) |
| **684** | **(581)** | **281** | **6010** | **6433** | **11260** | **(6004)** | **(5151)** | **(3470)** | **(4527)** |
|  |  | N/A | N/A | 18 | 25 | 398 | 292 | 130 | 20 |
|  |  | N/A | N/A | 28 | 32 | 29 | 20 | 6 | 7 |
| (4) |  | N/A | N/A | (185) | (165) | (192) | (208) | (58) | (101) |
| **(4)** | **—** | **N/A** | **N/A** | **(139)** | **(108)** | **235** | **104** | **78** | **(74)** |
| 53 | 17 | N/A | N/A | N/A | N/A | 174 | 81 | 405 | 390 |
| 2 | 2 | N/A | N/A | N/A | N/A | 27 | 20 | 173 | 193 |
| (20) | (14) | N/A | N/A | N/A | N/A | (77) | (84) | (1267) | (1329) |
| **35** | **5** | **N/A** | **N/A** | **N/A** | **N/A** | **124** | **17** | **(689)** | **(746)** |

---

------

⬤

------

**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, 2024** | **March 1, 2024**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** |
| **Retirement Class** |  |  |  |  |  |  |
| Shares sold | 2707 | 1870 | 24213 | 344 | 371 | 503 |
| Shares issued due to reinvestment of distributions | 7 |  | 29 | 16 | 341 | 218 |
| Shares reacquired | (145) | (91) | (3844) | (1533) | (2951) | (4004) |
| Shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in shares outstanding** | **2569** | **1779** | **20398** | **(1173)** | **(2239)** | **(3283)** |
| **Institutional Class** |  |  |  |  |  |  |
| Shares sold | 157 | 263 | 36487 | 10123 | 2693 | 3953 |
| Shares issued due to reinvestment of distributions |  |  | 428 | 285 | 366 | 288 |
| Shares reacquired | (201) | (10) | (14709) | (3668) | (5386) | (11087) |
| Shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in shares outstanding** | **(44)** | **253** | **22206** | **6740** | **(2327)** | **(6846)** |
| **Administrative Class** |  |  |  |  |  |  |
| 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 | (2) | (30) |
| **Net increase/(decrease) in shares outstanding** | N/A | N/A | N/A | N/A | **(2)** | **(30)** |
| **Investor Class** |  |  |  |  |  |  |
| Shares sold | N/A | N/A | 246 | 43 | 56 | 27 |
| Shares issued due to reinvestment of distributions | N/A | N/A | 9 | 15 | 8 | 6 |
| Shares reacquired | N/A | N/A | (207) | (566) | (63) | (190) |
| **Net increase/(decrease) in shares outstanding** | **N/A** | **N/A** | **48** | **(508)** | **1** | **(157)** |

---

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, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| 3524 | 6231 | 273 | 994 | 1443 | 3609 | 35083 | 18670 | 2825 | 3127 |
| 3303 | 1713 | 39 | 142 | 87 | 42 | 2126 | 36 | 66 | 723 |
| (21213) | (11089) | (1002) | (1365) | (1340) | (415) | (13127) | (8362) | (7177) | (4158) |
|  |  |  |  |  |  | (2203) |  |  |  |
| **(14386)** | **(3145)** | **(690)** | **(229)** | **190** | **3236** | **21879** | **10344** | **(4286)** | **(308)** |
| 1797 | 2769 | 2766 | 4336 | 1238 | 1414 | 14299 | 31739 | 5661 | 13847 |
| 1681 | 1101 | 39 | 62 | 459 | 625 | 2526 | 18 | 236 | 2377 |
| (14895) | (8418) | (2030) | (1291) | (2440) | (2557) | (23399) | (12523) | (10752) | (14254) |
| **(11417)** | **(4548)** | **775** | **3107** | **(743)** | **(518)** | **(6574)** | **19234** | **(4855)** | **1970** |
| 4 | 1 | N/A | N/A | 23 | 26 | 2 | 5 | 7 | 11 |
| 3 | 5 | N/A | N/A | 5 | 6 | 1 |  |  | 5 |
| (4) | (126) | N/A | N/A | (34) | (34) | (5) | (13) | (8) | (59) |
| **3** | **(120)** | **N/A** | **N/A** | **(6)** | **(2)** | **(2)** | **(8)** | **(1)** | **(43)** |
| 63 | 65 | 19 | 31 | 77 | 84 | 198 | 862 | 55 | 84 |
| 76 | 41 |  | 1 | 49 | 68 | 57 |  | 2 | 62 |
| (259) | (276) | (20) | (56) | (290) | (273) | (702) | (380) | (241) | (223) |
| **(120)** | **(170)** | **(1)** | **(24)** | **(164)** | **(121)** | **(447)** | **482** | **(184)** | **(77)** |

---

------

a Commencement of Operations

------

⬤

------

**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** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.41** | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.38** | 0.35 |
| Net realized and unrealized gain/(loss) on investments | **1.21** | 0.26 |
| Total from investment operations | **1.59** | 0.61 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.60)** | &nbsp;&nbsp; (0.20) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.60)** | &nbsp;&nbsp; (0.20) |
| Net asset value end of period | &nbsp;&nbsp; **$11.40** | &nbsp;&nbsp; $10.41 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$212345** | &nbsp;&nbsp; $240433 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **15.93%** | &nbsp;&nbsp; 6.06%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.74** | 0.85<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.71** | 0.71<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **3.55** | 4.37<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **50** | &nbsp;&nbsp; 34<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.42** | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.37** | 0.33 |
| Net realized and unrealized gain/(loss) on investments | **1.21** | 0.28 |
| Total from investment operations | **1.58** | 0.61 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.59)** | &nbsp;&nbsp; (0.19) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.59)** | &nbsp;&nbsp; (0.19) |
| Net asset value end of period | &nbsp;&nbsp; **$11.41** | &nbsp;&nbsp; $10.42 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$2663906** | &nbsp;&nbsp; $2683573 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **15.82%** | &nbsp;&nbsp; 6.12%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.82** | 0.93<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.79** | 0.79<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **3.47** | 4.15<sup>d</sup> |
| Portfolio turnover | &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** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.76** | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.05** | 0.03 |
| Net realized and unrealized gain/(loss) on investments | **0.66** | 0.73 |
| Total from investment operations | **0.71** | 0.76 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; — |
| Net asset value end of period | &nbsp;&nbsp; **$11.43** | &nbsp;&nbsp; $10.76 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$30249** | &nbsp;&nbsp; $164442 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **6.63%** | &nbsp;&nbsp; 7.60%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.66** | 0.75<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.61** | 0.61<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.48** | 0.42<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **83** | &nbsp;&nbsp; 71<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.76** | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.04** | 0.03 |
| Net realized and unrealized gain/(loss) on investments | **0.67** | 0.73 |
| Total from investment operations | **0.71** | 0.76 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; — |
| Net asset value end of period | &nbsp;&nbsp; **$11.43** | &nbsp;&nbsp; $10.76 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$498865** | &nbsp;&nbsp; $1530650 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **6.57%** | &nbsp;&nbsp; 7.60%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.74** | 0.83<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.69** | 0.69<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.38** | 0.40<sup>d</sup> |
| Portfolio turnover | &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 CAPITAL APPRECIATION FUND**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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; **(0.17)** | &nbsp;&nbsp; (0.06) | 0.03 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.27) |
| Net realized and unrealized gain/(loss) on investments | **28.40** | 36.37 | 15.29 | &nbsp;&nbsp; (39.22) | 38.73 |
| Total from investment operations | **28.23** | 36.31 | 15.32 | &nbsp;&nbsp; (39.28) | 38.46 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Total distributions | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Net asset value end of period | &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; **$10773711** | &nbsp;&nbsp; $10065671 | &nbsp;&nbsp; $7562038 | &nbsp;&nbsp; $7108919 | &nbsp;&nbsp; $11385191 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.64 | 0.64 | 0.64 | 0.63 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.59** | 0.59 | 0.59 | 0.58 | 0.57 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | &nbsp;&nbsp; **(0.14)** | &nbsp;&nbsp; (0.05) | 0.04 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.25) |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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; **(0.53)** | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.61) |
| Net realized and unrealized gain/(loss) on investments | **26.90** | 34.71 | 14.64 | &nbsp;&nbsp; (37.74) | 37.63 |
| Total from investment operations | **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; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Total distributions | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Net asset value end of period | &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; **$204569** | &nbsp;&nbsp; $192992 | &nbsp;&nbsp; $199055 | &nbsp;&nbsp; $187390 | &nbsp;&nbsp; $414600 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.97 | 0.97 | 0.97 | 0.96 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.92** | 0.92 | 0.92 | 0.91 | 0.90 |
| Ratio of net investment income/(loss) to average net assets<sup>e</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; **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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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; **(0.27)** | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.36) |
| Net realized and unrealized gain/(loss) on investments | **28.28** | 36.26 | 15.26 | &nbsp;&nbsp; (39.17) | 38.72 |
| Total from investment operations | **28.01** | 36.12 | 15.23 | &nbsp;&nbsp; (39.30) | 38.36 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Total distributions | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Net asset value end of period | &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; **$17762870** | &nbsp;&nbsp; $17008997 | &nbsp;&nbsp; $14002664 | &nbsp;&nbsp; $13590549 | &nbsp;&nbsp; $28902862 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.72 | 0.72 | 0.72 | 0.71 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.67** | 0.67 | 0.67 | 0.66 | 0.65 |
| Ratio of net investment income/(loss) to average net assets<sup>e</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; **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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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; **(0.62)** | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.72) |
| Net realized and unrealized gain/(loss) on investments | **25.74** | 33.38 | 14.09 | &nbsp;&nbsp; (36.43) | 36.59 |
| Total from investment operations | **25.12** | 32.90 | 13.81 | &nbsp;&nbsp; (36.83) | 35.87 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Total distributions | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) |
| Net asset value end of period | &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; **$962340** | &nbsp;&nbsp; $978805 | &nbsp;&nbsp; $813072 | &nbsp;&nbsp; $797250 | &nbsp;&nbsp; $1564732 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 1.08 | 1.08 | 1.08 | 1.08 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.02** | 1.03 | 1.03 | 1.02 | 1.01 |
| Ratio of net investment income/(loss) to average net assets<sup>e</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; **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 CONVERTIBLE SECURITIES FUND**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.32** | 0.39 | 0.24 | 0.04 | 0.02 |
| Net realized and unrealized gain/(loss) on investments | **2.45** | 1.76 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (2.22) | 2.43 |
| Total from investment operations | **2.77** | 2.15 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (2.18) | 2.45 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; (1.61) | &nbsp;&nbsp; (1.16) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &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; —<sup>\*</sup> |
| Net asset value end of period | &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; **$15621** | &nbsp;&nbsp; $12460 | &nbsp;&nbsp; $10174 | &nbsp;&nbsp; $33711 | &nbsp;&nbsp; $41250 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.92** | 0.94 | 0.98 | 0.74 | 0.73 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.63** | 0.63 | 0.69 | 0.68 | 0.67 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.70** | 3.69 | 2.40 | 0.35 | 0.15 |
| Portfolio turnover | &nbsp;&nbsp; **160** | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** |
| Net asset value beginning of period | &nbsp;&nbsp; **$11.21** | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.46 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.29** | 0.35 | 0.27 | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain/(loss) on investments | **2.44** | 1.77 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (2.20) | 2.42 |
| Total from investment operations | **2.73** | 2.12 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (2.20) | 2.40 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.30)** | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.07) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.61) | &nbsp;&nbsp; (1.16) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.30)** | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (1.23) |
| Proceeds from redemption fees | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &nbsp;&nbsp; **$13.64** | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $13.63 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$52** | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $71 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $85 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **24.78%** | &nbsp;&nbsp; 22.73% | &nbsp;&nbsp; (1.47)% | &nbsp;&nbsp; (17.84)% | &nbsp;&nbsp; 19.87% |
| Ratio of total expenses to average net assets | **1.25** | 1.27 | 1.24 | 1.07 | 1.06 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.96** | 0.96 | 0.97 | 1.01 | 1.00 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.45** | 3.36 | 2.71 | 0.02 | &nbsp;&nbsp; (0.18) |
| Portfolio turnover | &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 CONVERTIBLE SECURITIES FUND—Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.31** | 0.38 | 0.23 | 0.03 | 0.01 |
| Net realized and unrealized gain/(loss) on investments | **2.45** | 1.76 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (2.21) | 2.43 |
| Total from investment operations | **2.76** | 2.14 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (2.18) | 2.44 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; (1.61) | &nbsp;&nbsp; (1.16) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &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; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &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; **$23236** | &nbsp;&nbsp; $11423 | &nbsp;&nbsp; $15052 | &nbsp;&nbsp; $126865 | &nbsp;&nbsp; $161772 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.00** | 1.02 | 1.06 | 0.82 | 0.81 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.71** | 0.71 | 0.77 | 0.76 | 0.75 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.56** | 3.65 | 2.31 | 0.27 | 0.06 |
| Portfolio turnover | &nbsp;&nbsp; **160** | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.27** | 0.34 | 0.24 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.04) |
| Net realized and unrealized gain/(loss) on investments | **2.44** | 1.76 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (2.20) | 2.43 |
| Total from investment operations | **2.71** | 2.10 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.21) | 2.39 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; (1.61) | &nbsp;&nbsp; (1.16) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &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; —<sup>\*</sup> |
| Net asset value end of period | &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; **$1490** | &nbsp;&nbsp; $842 | &nbsp;&nbsp; $653 | &nbsp;&nbsp; $2076 | &nbsp;&nbsp; $2853 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.35** | 1.38 | 1.40 | 1.18 | 1.17 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.06** | 1.07 | 1.12 | 1.12 | 1.11 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.23** | 3.25 | 2.46 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.29) |
| Portfolio turnover | &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 CORE BOND FUND**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.41** | 0.41 | 0.34 | 0.22 | 0.19 |
| Net realized and unrealized gain/(loss) on investments | **0.13** | 0.49 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.19) |
| Total from investment operations | **0.54** | 0.90 | 0.07 | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; — |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; (0.22) |
| Total distributions | &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; **$8.99** | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $10.61 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1443710** | &nbsp;&nbsp; $1125752 | &nbsp;&nbsp; $64662 | &nbsp;&nbsp; $41312 | &nbsp;&nbsp; $36557 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.28** | 0.29 | 0.36 | 0.37 | 0.43 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.26** | 0.26 | 0.26 | 0.27 | 0.37 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **4.64** | 4.55 | 3.88 | 2.28 | 1.77 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.40** | 0.39 | 0.34 | 0.20 | 0.18 |
| Net realized and unrealized gain/(loss) on investments | **0.13** | 0.50 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (0.19) |
| Total from investment operations | **0.53** | 0.89 | 0.06 | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (0.01) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; (0.22) |
| Total distributions | &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; **$8.99** | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $10.61 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$101924** | &nbsp;&nbsp; $97959 | &nbsp;&nbsp; $42105 | &nbsp;&nbsp; $28065 | &nbsp;&nbsp; $105931 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.36** | 0.37 | 0.44 | 0.45 | 0.51 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.34** | 0.34 | 0.34 | 0.36 | 0.45 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **4.56** | 4.39 | 3.79 | 2.03 | 1.70 |
| Portfolio turnover | &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.

------

⬤

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

⬤

------

**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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022**<sup>h</sup> <br>| **2021** |
| Net asset value beginning of period | &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> | **0.45** | 0.44 | 0.40 | 0.32 | 0.32 |
| Net realized and unrealized gain/(loss) on investments | **0.21** | 0.70 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (2.18) | &nbsp;&nbsp; (0.21) |
| Total from investment operations | **0.66** | 1.14 | 0.16 | &nbsp;&nbsp; (1.86) | 0.11 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; (0.02) | &nbsp;&nbsp; (0.13) |
| Total distributions | &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; **$10.36** | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $12.06 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$80624** | &nbsp;&nbsp; $41952 | &nbsp;&nbsp; $13726 | &nbsp;&nbsp; $12389 | &nbsp;&nbsp; $172699 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.31 | 0.30 | 0.42 | 0.53 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.30** | 0.30 | 0.30 | 0.36 | 0.43 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **4.46** | 4.34 | 3.94 | 2.83 | 2.63 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022**<sup>h</sup> <br>| **2021** |
| Net asset value beginning of period | &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> | **0.42** | 0.40 | 0.36 | 0.29 | 0.28 |
| Net realized and unrealized gain/(loss) on investments | **0.20** | 0.70 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (0.21) |
| Total from investment operations | **0.62** | 1.10 | 0.12 | &nbsp;&nbsp; (1.92) | 0.07 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; (0.02) | &nbsp;&nbsp; (0.13) |
| Total distributions | &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; **$10.35** | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $12.08 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$5792** | &nbsp;&nbsp; $7109 | &nbsp;&nbsp; $7664 | &nbsp;&nbsp; $11223 | &nbsp;&nbsp; $17270 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.64 | 0.63 | 0.71 | 0.86 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.63** | 0.63 | 0.63 | 0.67 | 0.76 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **4.14** | 4.00 | 3.58 | 2.64 | 2.29 |
| Portfolio turnover | &nbsp;&nbsp; **44** | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 370 |

---

&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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022**<sup>h</sup> <br>| **2021** |
| Net asset value beginning of period | &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> | **0.45** | 0.43 | 0.39 | 0.32 | 0.31 |
| Net realized and unrealized gain/(loss) on investments | **0.19** | 0.69 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (0.21) |
| Total from investment operations | **0.64** | 1.12 | 0.15 | &nbsp;&nbsp; (1.89) | 0.10 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; (0.02) | &nbsp;&nbsp; (0.13) |
| Total distributions | &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; **$10.33** | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $12.07 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1168879** | &nbsp;&nbsp; $1083111 | &nbsp;&nbsp; $905615 | &nbsp;&nbsp; $924416 | &nbsp;&nbsp; $1376349 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.39 | 0.38 | 0.46 | 0.61 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.38** | 0.38 | 0.38 | 0.42 | 0.51 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **4.38** | 4.25 | 3.85 | 2.88 | 2.52 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.25** | 0.23 | 0.25 | 0.23 | 0.21 |
| Net realized and unrealized gain/(loss) on investments | **2.53** | 2.05 | 0.95 | &nbsp;&nbsp; (3.36) | 3.50 |
| Total from investment operations | **2.78** | 2.28 | 1.20 | &nbsp;&nbsp; (3.13) | 3.71 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — |
| Total distributions | &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; **$15.14** | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $13.83 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$515113** | &nbsp;&nbsp; $657085 | &nbsp;&nbsp; $610787 | &nbsp;&nbsp; $543857 | &nbsp;&nbsp; $853454 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.85** | 0.83 | 0.82 | 0.84 | 0.84 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.74** | 0.72 | 0.72 | 0.72 | 0.71 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.86** | 1.83 | 2.16 | 1.98 | 1.54 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.23** | 0.20 | 0.21 | 0.20 | 0.16 |
| Net realized and unrealized gain/(loss) on investments | **2.50** | 2.02 | 0.96 | &nbsp;&nbsp; (3.35) | 3.48 |
| Total from investment operations | **2.73** | 2.22 | 1.17 | &nbsp;&nbsp; (3.15) | 3.64 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — |
| Total distributions | &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; **$15.07** | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $13.77 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$17037** | &nbsp;&nbsp; $11370 | &nbsp;&nbsp; $8506 | &nbsp;&nbsp; $7419 | &nbsp;&nbsp; $9213 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.18** | 1.16 | 1.15 | 1.17 | 1.17 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.07** | 1.05 | 1.05 | 1.05 | 1.04 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.68** | 1.57 | 1.81 | 1.73 | 1.17 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.25** | 0.22 | 0.24 | 0.23 | 0.19 |
| Net realized and unrealized gain/(loss) on investments | **2.53** | 2.05 | 0.96 | &nbsp;&nbsp; (3.36) | 3.50 |
| Total from investment operations | **2.78** | 2.27 | 1.20 | &nbsp;&nbsp; (3.13) | 3.69 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — |
| Total distributions | &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; **$15.15** | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $13.82 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$210147** | &nbsp;&nbsp; $253607 | &nbsp;&nbsp; $270054 | &nbsp;&nbsp; $248130 | &nbsp;&nbsp; $332503 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.93** | 0.91 | 0.90 | 0.92 | 0.92 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.82** | 0.80 | 0.80 | 0.80 | 0.79 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.85** | 1.73 | 2.06 | 1.99 | 1.43 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.20** | 0.17 | 0.19 | 0.18 | 0.14 |
| Net realized and unrealized gain/(loss) on investments | **2.50** | 2.04 | 0.96 | &nbsp;&nbsp; (3.33) | 3.47 |
| Total from investment operations | **2.70** | 2.21 | 1.15 | &nbsp;&nbsp; (3.15) | 3.61 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$15726** | &nbsp;&nbsp; $11694 | &nbsp;&nbsp; $9705 | &nbsp;&nbsp; $8330 | &nbsp;&nbsp; $10072 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.29** | 1.27 | 1.26 | 1.28 | 1.29 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.17** | 1.16 | 1.16 | 1.16 | 1.15 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.51** | 1.41 | 1.71 | 1.60 | 1.07 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **1.02** | 0.91 | 1.01 | 1.09 | 0.72 |
| Net realized and unrealized gain/(loss) on investments | **8.47** | 7.66 | 4.41 | &nbsp;&nbsp; (12.60) | 11.73 |
| Total from investment operations | **9.49** | 8.57 | 5.42 | &nbsp;&nbsp; (11.51) | 12.45 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; — |
| Total distributions | &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; **$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; **$666109** | &nbsp;&nbsp; $612228 | &nbsp;&nbsp; $535873 | &nbsp;&nbsp; $461129 | &nbsp;&nbsp; $872647 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.81** | 0.81 | 0.81 | 0.81 | 0.80 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.71** | 0.69 | 0.69 | 0.69 | 0.69 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.05** | 1.98 | 2.41 | 2.57 | 1.55 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.87** | 0.76 | 0.88 | 1.02 | 0.57 |
| Net realized and unrealized gain/(loss) on investments | **8.61** | 7.76 | 4.48 | &nbsp;&nbsp; (12.80) | 11.84 |
| Total from investment operations | **9.48** | 8.52 | 5.36 | &nbsp;&nbsp; (11.78) | 12.41 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; — |
| Total distributions | &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; **$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; **$14877** | &nbsp;&nbsp; $8964 | &nbsp;&nbsp; $10643 | &nbsp;&nbsp; $10375 | &nbsp;&nbsp; $15464 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.14** | 1.14 | 1.14 | 1.14 | 1.14 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.04** | 1.02 | 1.02 | 1.02 | 1.02 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.70** | 1.64 | 2.08 | 2.40 | 1.22 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.99** | 0.88 | 0.99 | 1.12 | 0.70 |
| Net realized and unrealized gain/(loss) on investments | **8.50** | 7.69 | 4.42 | &nbsp;&nbsp; (12.71) | 11.76 |
| Total from investment operations | **9.49** | 8.57 | 5.41 | &nbsp;&nbsp; (11.59) | 12.46 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; — |
| Total distributions | &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; **$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; **$2782933** | &nbsp;&nbsp; $2552081 | &nbsp;&nbsp; $2354695 | &nbsp;&nbsp; $2298600 | &nbsp;&nbsp; $3307683 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.89** | 0.89 | 0.89 | 0.89 | 0.89 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.79** | 0.77 | 0.77 | 0.77 | 0.77 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.98** | 1.91 | 2.35 | 2.68 | 1.50 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.80** | 0.70 | 0.83 | 0.95 | 0.52 |
| Net realized and unrealized gain/(loss) on investments | **8.43** | 7.62 | 4.37 | &nbsp;&nbsp; (12.57) | 11.64 |
| Total from investment operations | **9.23** | 8.32 | 5.20 | &nbsp;&nbsp; (11.62) | 12.16 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; — |
| Total distributions | &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; **$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; **$253220** | &nbsp;&nbsp; $249387 | &nbsp;&nbsp; $241997 | &nbsp;&nbsp; $246731 | &nbsp;&nbsp; $374773 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.24** | 1.25 | 1.25 | 1.25 | 1.25 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.14** | 1.13 | 1.13 | 1.13 | 1.13 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.62** | 1.53 | 1.99 | 2.28 | 1.13 |
| Portfolio turnover | &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** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
| Net asset value beginning of period | &nbsp;&nbsp; **$9.88** | &nbsp;&nbsp; **$10.00** |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.16** | **0.05** |
| Net realized and unrealized gain/(loss) on investments | **1.13** | &nbsp;&nbsp; **(0.17)** |
| Total from investment operations | **1.29** | &nbsp;&nbsp; **(0.12)** |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; **—** |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** |
| Total distributions | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; **—** |
| Net asset value end of period | &nbsp;&nbsp; **$11.13** | &nbsp;&nbsp; **$9.88** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$48403** | &nbsp;&nbsp; **$17575** |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **13.07%** | &nbsp;&nbsp; **(1.20)%**<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.78** | **2.97**<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.55** | **0.55**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.57** | **0.71**<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **23** | &nbsp;&nbsp; **8**<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **Year Ended** <br>**October 31,** <br>**2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
| Net asset value beginning of period | &nbsp;&nbsp; **$9.87** | &nbsp;&nbsp; **$10.00** |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.12** | **0.08** |
| Net realized and unrealized gain/(loss) on investments | **1.16** | &nbsp;&nbsp; **(0.21)** |
| Total from investment operations | **1.28** | &nbsp;&nbsp; **(0.13)** |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; **—** |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** |
| Total distributions | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; **—** |
| Net asset value end of period | &nbsp;&nbsp; **$11.12** | &nbsp;&nbsp; **$9.87** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$2328** | &nbsp;&nbsp; **$2493** |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **13.03%** | &nbsp;&nbsp; **(1.30)%**<sup>c</sup> <br>|
| Ratio of total expenses to average net assets | **0.86** | **3.05**<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.63** | **0.63**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.21** | **1.24**<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **23** | &nbsp;&nbsp; **8**<sup>c</sup> |

---

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

------

⬤

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

⬤

------

**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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.39** | 0.27 | 0.31 | 0.46 | 0.28 |
| Net realized and unrealized gain/(loss) on investments | **3.17** | 2.67 | 0.52 | &nbsp;&nbsp; (3.14) | 3.79 |
| Total from investment operations | **3.56** | 2.94 | 0.83 | &nbsp;&nbsp; (2.68) | 4.07 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(0.07)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$349132** | &nbsp;&nbsp; $11000 | &nbsp;&nbsp; $21125 | &nbsp;&nbsp; $21221 | &nbsp;&nbsp; $19742 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.86** | 0.93 | 0.99 | 1.16 | 1.19 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.77** | 0.77 | 0.77 | 0.77 | 0.77 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.54** | 2.20 | 2.85 | 4.05 | 2.14 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.32** | 0.28 | 0.31 | 0.43 | 0.29 |
| Net realized and unrealized gain/(loss) on investments | **3.22** | 2.64 | 0.51 | &nbsp;&nbsp; (3.12) | 3.77 |
| Total from investment operations | **3.54** | 2.92 | 0.82 | &nbsp;&nbsp; (2.69) | 4.06 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(0.07)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$635859** | &nbsp;&nbsp; $218627 | &nbsp;&nbsp; $103206 | &nbsp;&nbsp; $66908 | &nbsp;&nbsp; $33230 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.94** | 1.01 | 1.07 | 1.24 | 1.27 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.85** | 0.85 | 0.85 | 0.85 | 0.85 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.14** | 2.21 | 2.82 | 3.85 | 2.16 |
| Portfolio turnover | &nbsp;&nbsp; **123** | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 |

---

&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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.27** | 0.23 | 0.30 | 0.38 | 0.23 |
| Net realized and unrealized gain/(loss) on investments | **3.20** | 2.64 | 0.47 | &nbsp;&nbsp; (3.10) | 3.78 |
| Total from investment operations | **3.47** | 2.87 | 0.77 | &nbsp;&nbsp; (2.72) | 4.01 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(0.07)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$7858** | &nbsp;&nbsp; $5685 | &nbsp;&nbsp; $9836 | &nbsp;&nbsp; $2331 | &nbsp;&nbsp; $101 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.30** | 1.37 | 1.43 | 1.60 | 1.63 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.20** | 1.21 | 1.21 | 1.21 | 1.21 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.85** | 1.91 | 2.77 | 3.67 | 1.73 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.39** | 0.34 | 0.35 | 0.27 | 0.28 |
| Net realized and unrealized gain/(loss) on investments | **2.34** | 1.66 | 0.10 | &nbsp;&nbsp; (2.91) | 4.91 |
| Total from investment operations | **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; (0.29) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.17) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.32)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — |
| Total distributions | &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; **$16.43** | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $12.75 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $16.39 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$77787** | &nbsp;&nbsp; $100570 | &nbsp;&nbsp; $130744 | &nbsp;&nbsp; $30387 | &nbsp;&nbsp; $9559 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.96 | 0.99 | 1.11 | 1.17 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.82** | 0.83 | 0.86 | 0.88 | 0.88 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.59** | 2.34 | 2.51 | 2.04 | 1.79 |
| Portfolio turnover | &nbsp;&nbsp; **36** | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 43 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &nbsp;&nbsp; **$14.62** | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp; $16.33 | &nbsp;&nbsp; $11.34 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.37** | 0.15 | 0.30 | 0.29 | 0.20 |
| Net realized and unrealized gain/(loss) on investments | **2.36** | 1.80 | 0.12 | &nbsp;&nbsp; (2.97) | 4.93 |
| Total from investment operations | **2.73** | 1.95 | 0.42 | &nbsp;&nbsp; (2.68) | 5.13 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.35)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.14) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.32)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.67)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.14) |
| Net asset value end of period | &nbsp;&nbsp; **$16.68** | &nbsp;&nbsp; $14.62 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp; $16.33 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$18** | &nbsp;&nbsp; $46 | &nbsp;&nbsp; $418 | &nbsp;&nbsp; $436 | &nbsp;&nbsp; $487 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **19.66%** | &nbsp;&nbsp; 15.34% | &nbsp;&nbsp; 3.21% | &nbsp;&nbsp; (17.25)% | &nbsp;&nbsp; 45.44% |
| Ratio of total expenses to average net assets | **1.32** | 1.29 | 1.32 | 1.44 | 1.50 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.15** | 1.17 | 1.20 | 1.21 | 1.21 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.37** | 1.05 | 2.13 | 2.12 | 1.30 |
| Portfolio turnover | &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**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.38** | 0.33 | 0.36 | 0.32 | 0.24 |
| Net realized and unrealized gain/(loss) on investments | **2.33** | 1.67 | 0.07 | &nbsp;&nbsp; (2.97) | 4.95 |
| Total from investment operations | **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; (0.28) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.17) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.32)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — |
| Total distributions | &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; **$16.43** | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $16.39 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$99571** | &nbsp;&nbsp; $120922 | &nbsp;&nbsp; $194128 | &nbsp;&nbsp; $93640 | &nbsp;&nbsp; $49419 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 1.04 | 1.07 | 1.19 | 1.25 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.90** | 0.91 | 0.94 | 0.96 | 0.96 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.48** | 2.28 | 2.55 | 2.32 | 1.53 |
| Portfolio turnover | &nbsp;&nbsp; **36** | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 43 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.34** | 0.25 | 0.33 | 0.23 | 0.18 |
| Net realized and unrealized gain/(loss) on investments | **2.32** | 1.69 | 0.07 | &nbsp;&nbsp; (2.92) | 4.93 |
| Total from investment operations | **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; (0.23) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.13) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.32)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — |
| Total distributions | &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; **$16.36** | &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; $2709 | &nbsp;&nbsp; $4388 | &nbsp;&nbsp; $1140 | &nbsp;&nbsp; $1962 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.43** | 1.40 | 1.43 | 1.55 | 1.61 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.25** | 1.27 | 1.30 | 1.32 | 1.32 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **2.22** | 1.70 | 2.37 | 1.66 | 1.16 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.35** | 0.29 | 0.30 | 0.26 | 0.19 |
| Net realized and unrealized gain/(loss) on investments | **0.72** | 5.17 | 0.27 | &nbsp;&nbsp; (3.16) | 6.62 |
| Total from investment operations | **1.07** | 5.46 | 0.57 | &nbsp;&nbsp; (2.90) | 6.81 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(1.42)** | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.52) |
| Total distributions | &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; **$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; **$849403** | &nbsp;&nbsp; $1214491 | &nbsp;&nbsp; $1038551 | &nbsp;&nbsp; $1326142 | &nbsp;&nbsp; $1472349 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **5.06%** | &nbsp;&nbsp; 29.14% | &nbsp;&nbsp; 3.12% | &nbsp;&nbsp; (12.82)% | &nbsp;&nbsp; 40.62% |
| Ratio of total expenses to average net assets | **0.64** | 0.64 | 0.65 | 0.64 | 0.64 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.61** | 0.61 | 0.61 | 0.61 | 0.61 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.55** | 1.29 | 1.53 | 1.26 | 0.90 |
| Portfolio turnover | &nbsp;&nbsp; **10** | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 13 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &nbsp;&nbsp; **$23.63** | &nbsp;&nbsp; $19.02 | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp; $23.21 | &nbsp;&nbsp; $17.11 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.27** | 0.22 | 0.23 | 0.19 | 0.13 |
| Net realized and unrealized gain/(loss) on investments | **0.73** | 5.16 | 0.27 | &nbsp;&nbsp; (3.14) | 6.59 |
| Total from investment operations | **1.00** | 5.38 | 0.50 | &nbsp;&nbsp; (2.95) | 6.72 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.27)** | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.10) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.42)** | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.52) |
| Total distributions | &nbsp;&nbsp; **(1.69)** | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.62) |
| Net asset value end of period | &nbsp;&nbsp; **$22.94** | &nbsp;&nbsp; $23.63 | &nbsp;&nbsp; $19.02 | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp; $23.21 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$931** | &nbsp;&nbsp; $886 | &nbsp;&nbsp; $2979 | &nbsp;&nbsp; $3228 | &nbsp;&nbsp; $3941 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **4.70%** | &nbsp;&nbsp; 28.69% | &nbsp;&nbsp; 2.74% | &nbsp;&nbsp; (13.06)% | &nbsp;&nbsp; 40.05% |
| Ratio of total expenses to average net assets | **0.97** | 0.97 | 0.98 | 0.97 | 0.97 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.94** | 0.94 | 0.94 | 0.94 | 0.94 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.21** | 1.01 | 1.19 | 0.92 | 0.64 |
| Portfolio turnover | &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**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.33** | 0.27 | 0.28 | 0.25 | 0.18 |
| Net realized and unrealized gain/(loss) on investments | **0.71** | 5.17 | 0.28 | &nbsp;&nbsp; (3.17) | 6.61 |
| Total from investment operations | **1.04** | 5.44 | 0.56 | &nbsp;&nbsp; (2.92) | 6.79 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(1.42)** | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.52) |
| Total distributions | &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; **$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; **$377862** | &nbsp;&nbsp; $658681 | &nbsp;&nbsp; $617342 | &nbsp;&nbsp; $751476 | &nbsp;&nbsp; $1049830 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.72** | 0.72 | 0.73 | 0.72 | 0.72 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.69** | 0.69 | 0.69 | 0.69 | 0.69 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.47** | 1.21 | 1.45 | 1.17 | 0.84 |
| Portfolio turnover | &nbsp;&nbsp; **10** | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 13 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.25** | 0.19 | 0.22 | 0.17 | 0.10 |
| Net realized and unrealized gain/(loss) on investments | **0.74** | 5.24 | 0.26 | &nbsp;&nbsp; (3.18) | 6.68 |
| Total from investment operations | **0.99** | 5.43 | 0.48 | &nbsp;&nbsp; (3.01) | 6.78 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(1.42)** | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.52) |
| Total distributions | &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; **$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; **$22461** | &nbsp;&nbsp; $25983 | &nbsp;&nbsp; $24200 | &nbsp;&nbsp; $26880 | &nbsp;&nbsp; $31192 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 1.08 | 1.09 | 1.08 | 1.08 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.04** | 1.05 | 1.05 | 1.05 | 1.05 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.10** | 0.85 | 1.09 | 0.81 | 0.47 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.13** | 0.12 | 0.11 | 0.09 | 0.05 |
| Net realized and unrealized gain/(loss) on investments | **0.44** | 3.12 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.84) | 3.93 |
| Total from investment operations | **0.57** | 3.24 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.75) | 3.98 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(0.02)** | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$72402** | &nbsp;&nbsp; $80520 | &nbsp;&nbsp; $67565 | &nbsp;&nbsp; $67079 | &nbsp;&nbsp; $37135 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.85** | 0.86 | 0.89 | 0.92 | 0.93 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.80** | 0.80 | 0.80 | 0.80 | 0.80 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.87** | 0.82 | 0.88 | 0.65 | 0.40 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.11** | 0.10 | 0.10 | 0.09 | 0.04 |
| Net realized and unrealized gain/(loss) on investments | **0.45** | 3.13 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.85) | 3.93 |
| Total from investment operations | **0.56** | 3.23 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.76) | 3.97 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(0.02)** | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$99056** | &nbsp;&nbsp; $84601 | &nbsp;&nbsp; $30896 | &nbsp;&nbsp; $21105 | &nbsp;&nbsp; $23710 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **0.93** | 0.94 | 0.97 | 1.00 | 1.01 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.88** | 0.88 | 0.88 | 0.88 | 0.88 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.77** | 0.69 | 0.79 | 0.64 | 0.27 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.06** | 0.06 | 0.05 | 0.04 | &nbsp;&nbsp; (0.01) |
| Net realized and unrealized gain/(loss) on investments | **0.44** | 3.11 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.84) | 3.91 |
| Total from investment operations | **0.50** | 3.17 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.80) | 3.90 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(0.02)** | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$335** | &nbsp;&nbsp; $337 | &nbsp;&nbsp; $559 | &nbsp;&nbsp; $834 | &nbsp;&nbsp; $949 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.28** | 1.30 | 1.33 | 1.36 | 1.38 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.23** | 1.24 | 1.24 | 1.24 | 1.24 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.42** | 0.44 | 0.44 | 0.28 | &nbsp;&nbsp; (0.06) |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.48** | 0.42 | 0.50 | 0.49 | 0.42 |
| Net realized and unrealized gain/(loss) on investments | **2.26** | 6.30 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (1.18) | 8.21 |
| Total from investment operations | **2.74** | 6.72 | 0.19 | &nbsp;&nbsp; (0.69) | 8.63 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(1.13)** | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$114022** | &nbsp;&nbsp; $103927 | &nbsp;&nbsp; $13024 | &nbsp;&nbsp; $43591 | &nbsp;&nbsp; $56156 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.82 | 0.83 | 0.81 | 0.81 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.77** | 0.77 | 0.77 | 0.77 | 0.78 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.79** | 1.57 | 2.11 | 2.00 | 1.78 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.39** | 0.38 | 0.40 | 0.41 | 0.34 |
| Net realized and unrealized gain/(loss) on investments | **2.30** | 6.35 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.20) | 8.31 |
| Total from investment operations | **2.69** | 6.73 | 0.13 | &nbsp;&nbsp; (0.79) | 8.65 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(1.13)** | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$3997** | &nbsp;&nbsp; $4010 | &nbsp;&nbsp; $3302 | &nbsp;&nbsp; $3291 | &nbsp;&nbsp; $3828 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 1.15 | 1.16 | 1.14 | 1.14 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.10** | 1.10 | 1.10 | 1.10 | 1.11 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.45** | 1.45 | 1.69 | 1.67 | 1.46 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.46** | 0.44 | 0.47 | 0.47 | 0.40 |
| Net realized and unrealized gain/(loss) on investments | **2.25** | 6.28 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.18) | 8.21 |
| Total from investment operations | **2.71** | 6.72 | 0.17 | &nbsp;&nbsp; (0.71) | 8.61 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(1.13)** | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$226288** | &nbsp;&nbsp; $236691 | &nbsp;&nbsp; $205100 | &nbsp;&nbsp; $242004 | &nbsp;&nbsp; $355431 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.90 | 0.91 | 0.89 | 0.89 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.85** | 0.85 | 0.85 | 0.85 | 0.86 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.71** | 1.71 | 2.01 | 1.93 | 1.71 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.36** | 0.35 | 0.39 | 0.39 | 0.32 |
| Net realized and unrealized gain/(loss) on investments | **2.26** | 6.27 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.18) | 8.20 |
| Total from investment operations | **2.62** | 6.62 | 0.09 | &nbsp;&nbsp; (0.79) | 8.52 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **(1.13)** | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$23064** | &nbsp;&nbsp; $26504 | &nbsp;&nbsp; $24373 | &nbsp;&nbsp; $28355 | &nbsp;&nbsp; $32097 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.25** | 1.26 | 1.27 | 1.25 | 1.25 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.20** | 1.21 | 1.21 | 1.21 | 1.22 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.36** | 1.35 | 1.65 | 1.57 | 1.36 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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; **(0.04)** | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.07) |
| Net realized and unrealized gain/(loss) on investments | **1.79** | 3.83 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.94) | 5.41 |
| Total from investment operations | **1.75** | 3.80 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.95) | 5.34 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.07)** | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.43)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) |
| Total distributions | &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; **$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; **$1052405** | &nbsp;&nbsp; $649780 | &nbsp;&nbsp; $369393 | &nbsp;&nbsp; $311509 | &nbsp;&nbsp; $399174 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **12.42%** | &nbsp;&nbsp; 35.14% | &nbsp;&nbsp; (3.63)% | &nbsp;&nbsp; (23.72)% | &nbsp;&nbsp; 34.40% |
| Ratio of total expenses to average net assets | **0.80** | 0.80 | 0.80 | 0.80 | 0.79 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.79** | 0.79 | 0.80 | 0.79 | 0.78 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | &nbsp;&nbsp; **(0.29)** | &nbsp;&nbsp; (0.20) | 0.03 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.37) |
| Portfolio turnover | &nbsp;&nbsp; **106** | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &nbsp;&nbsp; **$12.37** | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $17.80 | &nbsp;&nbsp; $14.36 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.07)** | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.12) |
| Net realized and unrealized gain/(loss) on investments | **1.50** | 3.24 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (3.43) | 4.86 |
| Total from investment operations | **1.43** | 3.18 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (3.48) | 4.74 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.43)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) |
| Total distributions | &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; **$13.34** | &nbsp;&nbsp; $12.37 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $17.80 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$482** | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $419 | &nbsp;&nbsp; $648 | &nbsp;&nbsp; $965 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **12.03%** | &nbsp;&nbsp; 34.60% | &nbsp;&nbsp; (3.84)% | &nbsp;&nbsp; (24.00)% | &nbsp;&nbsp; 33.91% |
| Ratio of total expenses to average net assets | **1.13** | 1.13 | 1.13 | 1.13 | 1.12 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.12** | 1.12 | 1.13 | 1.12 | 1.11 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | &nbsp;&nbsp; **(0.61)** | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.69) |
| Portfolio turnover | &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**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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; **(0.05)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.08) |
| Net realized and unrealized gain/(loss) on investments | **1.77** | 3.79 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (3.91) | 5.38 |
| Total from investment operations | **1.72** | 3.75 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.94) | 5.30 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.06)** | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.43)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) |
| Total distributions | &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; **$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; **$1091496** | &nbsp;&nbsp; $1101373 | &nbsp;&nbsp; $609724 | &nbsp;&nbsp; $595476 | &nbsp;&nbsp; $721405 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **12.32%** | &nbsp;&nbsp; 34.99% | &nbsp;&nbsp; (3.66)% | &nbsp;&nbsp; (23.81)% | &nbsp;&nbsp; 34.29% |
| Ratio of total expenses to average net assets | **0.88** | 0.88 | 0.88 | 0.88 | 0.87 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.87** | 0.87 | 0.88 | 0.87 | 0.86 |
| Ratio of net investment income/(loss) to average net assets<sup>e</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; **106** | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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; **(0.08)** | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.13) |
| Net realized and unrealized gain/(loss) on investments | **1.35** | 2.93 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (3.14) | 4.56 |
| Total from investment operations | **1.27** | 2.86 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (3.20) | 4.43 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.43)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) |
| Total distributions | &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; **$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; **$11249** | &nbsp;&nbsp; $15463 | &nbsp;&nbsp; $7503 | &nbsp;&nbsp; $7031 | &nbsp;&nbsp; $8648 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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 | **1.23** | 1.24 | 1.24 | 1.24 | 1.23 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.23** | 1.23 | 1.24 | 1.23 | 1.23 |
| Ratio of net investment income/(loss) to average net assets<sup>e</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; **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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.32** | 0.31 | 0.30 | 0.18 | 0.12 |
| Net realized and unrealized gain/(loss) on investments | **1.03** | 9.29 | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (3.38) | 13.54 |
| Total from investment operations | **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; (0.15) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.20) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$503882** | &nbsp;&nbsp; $671569 | &nbsp;&nbsp; $572582 | &nbsp;&nbsp; $600143 | &nbsp;&nbsp; $599016 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.80 | 0.80 | 0.80 | 0.79 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.80** | 0.80 | 0.80 | 0.79 | 0.78 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.78** | 0.79 | 0.78 | 0.46 | 0.27 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.18** | 0.19 | 0.18 | 0.05 | &nbsp;&nbsp; (0.02) |
| Net realized and unrealized gain/(loss) on investments | **1.02** | 9.18 | &nbsp;&nbsp; (2.00) | &nbsp;&nbsp; (3.35) | 13.42 |
| Total from investment operations | **1.20** | 9.37 | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (3.30) | 13.40 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **—** | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$2362** | &nbsp;&nbsp; $2339 | &nbsp;&nbsp; $3435 | &nbsp;&nbsp; $9177 | &nbsp;&nbsp; $11962 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 1.13 | 1.13 | 1.13 | 1.12 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.13** | 1.13 | 1.13 | 1.12 | 1.11 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.43** | 0.48 | 0.47 | 0.13 | &nbsp;&nbsp; (0.04) |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.29** | 0.28 | 0.27 | 0.15 | 0.09 |
| Net realized and unrealized gain/(loss) on investments | **1.02** | 9.28 | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (3.38) | 13.52 |
| Total from investment operations | **1.31** | 9.56 | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (3.23) | 13.61 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &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; **—** | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$1546017** | &nbsp;&nbsp; $1712027 | &nbsp;&nbsp; $1362890 | &nbsp;&nbsp; $1493462 | &nbsp;&nbsp; $2023164 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 0.88 | 0.88 | 0.88 | 0.87 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.88** | 0.88 | 0.88 | 0.87 | 0.86 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.69** | 0.69 | 0.70 | 0.38 | 0.20 |
| Portfolio turnover | &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** |
| <br>**Year Ended October 31,** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value beginning of period | &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> | **0.14** | 0.13 | 0.13 | 0.01 | &nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain/(loss) on investments | **0.98** | 8.93 | &nbsp;&nbsp; (1.94) | &nbsp;&nbsp; (3.28) | 13.12 |
| Total from investment operations | **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; (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — |
| Total distributions | &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; **$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; **$29560** | &nbsp;&nbsp; $36261 | &nbsp;&nbsp; $33012 | &nbsp;&nbsp; $38722 | &nbsp;&nbsp; $64544 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return<sup>f</sup> | &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** | 1.24 | 1.24 | 1.24 | 1.23 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.23** | 1.24 | 1.24 | 1.23 | 1.23 |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.34** | 0.35 | 0.34 | 0.01 | &nbsp;&nbsp; (0.15) |
| Portfolio turnover | &nbsp;&nbsp; **8** | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 |

---

------

---

| | |
|:---|:---|
| \* | 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 BlueCove Limited as the subadvisor to the Fund. |
| 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.

------

⬤

------

**Notes to Financial Statements—October 31, 2025**

------

**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 October 31, 2025, 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 Capital Appreciation Fund |
| Harbor Convertible Securities 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.

**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.

**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. In the case of securities for which there are no sales on the valuation day, (i) securities traded principally on a U.S. exchange, including NASDAQ, are valued at the mean (or average) of the closing bid and ask price; and (ii) securities traded principally on a foreign exchange, including United Kingdom securities, are valued at the official bid price determined as of the close of the primary exchange. Shares of open-end registered investment companies that are held by a Fund are valued at net asset value.

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**Notes to Financial Statements—Continued**

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**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

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 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.

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**Notes to Financial Statements—Continued**

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**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

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.

**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.

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**Notes to Financial Statements—Continued**

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**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

**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 year 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.

**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 year, Harbor Core Bond 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.

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**Notes to Financial Statements—Continued**

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**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

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 year, 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 year, 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.

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 year, Harbor 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.

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**Notes to Financial Statements—Continued**

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**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

**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 year, Embark Commodity Strategy Fund (Consolidated) used excess return swaps to gain exposure to commodities markets.

<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 year, 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.

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**Notes to Financial Statements—Continued**

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**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

**New Accounting Pronouncement**

During the year, each Fund adopted the Financial Accounting Standards Board's Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures and ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures.

The main objective of ASU 2023-07 is to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The adoption of this ASU impacts only financial statement disclosures and does not affect net increase (decrease) in net assets resulting from operations, net asset value, or the net assets of the Funds.

Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). 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 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.

The main objective of ASU 2023-09 is to clarify the guidance in ASC 740, Income Taxes, and enhance the transparency and decision usefulness of income tax disclosures, and to provide more information to better understand an entity's exposure to potential changes in tax laws, related risks, and opportunities. The ASU is effective for public entities for annual periods beginning after December 15, 2024, with early adoption permitted. The adoption of this ASU impacts only financial statement disclosures and does not affect net increase (decrease) in net assets resulting from operations, net asset value, or the net assets of the Funds. For the year ended October 31, 2025, the Advisor has analyzed each Fund's income taxes paid and has determined no additional disclosures are required.

**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 year ended October 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>|
| Embark Commodity Strategy Fund (Consolidated) | &nbsp;&nbsp; $373959 | &nbsp;&nbsp; $174178 |
| Embark Small Cap Equity Fund | &nbsp;&nbsp; 1161894 | &nbsp;&nbsp; 2390280 |
| Harbor Capital Appreciation Fund | &nbsp;&nbsp; 7966311 | &nbsp;&nbsp; 13119849 |
| Harbor Convertible Securities Fund | &nbsp;&nbsp; 52813 | &nbsp;&nbsp; 43431 |
| Harbor Core Bond Fund | &nbsp;&nbsp; 987427 | &nbsp;&nbsp; 631112 |
| Harbor Core Plus Fund | &nbsp;&nbsp; 679973 | &nbsp;&nbsp; 518972 |
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; 148290 | &nbsp;&nbsp; 467558 |
| Harbor International Fund | &nbsp;&nbsp; 600307 | &nbsp;&nbsp; 900148 |
| Harbor International Compounders Fund | &nbsp;&nbsp; 33883 | &nbsp;&nbsp; 8587 |
| Harbor International Core Fund | &nbsp;&nbsp; 1225889 | &nbsp;&nbsp; 616692 |
| Harbor International Small Cap Fund | &nbsp;&nbsp; 67320 | &nbsp;&nbsp; 140634 |
| Harbor Large Cap Value Fund | &nbsp;&nbsp; 155467 | &nbsp;&nbsp; 779360 |
| Harbor Mid Cap Fund | &nbsp;&nbsp; 38123 | &nbsp;&nbsp; 35582 |
| Harbor Mid Cap Value Fund | &nbsp;&nbsp; 69703 | &nbsp;&nbsp; 104253 |
| Harbor Small Cap Growth Fund | &nbsp;&nbsp; 2216020 | &nbsp;&nbsp; 2,039,159<br> \*<br>|
| Harbor Small Cap Value Fund | &nbsp;&nbsp; 165344 | &nbsp;&nbsp; 531602 |

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\* Sales for this Fund include $33,606 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.

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**Notes to Financial Statements—Continued**

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**NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS—Continued** 

For the year ended October 31, 2024, Harbor Capital Appreciation Fund realized gains of $140,473,000, upon the disposition of portfolio securities in connection with in-kind redemptions of the Fund's shares.

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.

**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 year and summarizes the value of equity securities loaned and related cash and non-cash collateral as of October 31, 2025.

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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; $133917 | &nbsp;&nbsp; $53389 | &nbsp;&nbsp; $88196 |
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor International Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor International Core Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor International Small Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Large Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Small Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

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**Notes to Financial Statements—Continued**

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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.

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 Capital Appreciation Fund  | 0.60<sup>a</sup> | 0.55 |
| Harbor Convertible Securities Fund  | 0.50 | 0.50 |
| 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> | 0.75 |
| Harbor Small Cap Growth Fund  | 0.75 | 0.75 |
| Harbor Small Cap Value Fund  | 0.75 | 0.75 |

---

------

---

| | |
|:---|:---|
| 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, 2026.<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, 2026.<br>|

---

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 year, the following expense limitation agreements were in effect:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Retirement** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Administrative** <br>**Class**<br>| **Investor** <br>**Class** <sup>1</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; 2/28/2026  |
| Embark Small Cap Equity Fund  | 0.61  | 0.69  | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 2/28/2026  |
| Harbor Convertible Securities Fund  | 0.63  | 0.71  | 0.96% | 1.06% | &nbsp;&nbsp; 2/28/2026  |
| Harbor Core Bond Fund  | 0.26  | 0.34  | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 2/28/2026  |
| Harbor Core Plus Fund  | 0.30  | 0.38  | 0.63  | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 2/28/2026  |
| Harbor Diversified International All Cap Fund <sup>2</sup> | 0.75  | 0.83  | 1.08  | 1.18  | &nbsp;&nbsp; 2/28/2026  |
| Harbor International Fund <sup>3</sup> | 0.72  | 0.80  | 1.05  | 1.15  | &nbsp;&nbsp; 2/28/2026  |
| Harbor International Compounders Fund  | 0.55  | 0.63  | &nbsp;&nbsp; N/A | 0.98  | &nbsp;&nbsp; 2/28/2026  |
| Harbor International Core Fund  | 0.77  | 0.85  | &nbsp;&nbsp; N/A | 1.20  | &nbsp;&nbsp; 2/28/2026  |
| Harbor International Small Cap Fund  | 0.82  | 0.90  | 1.15  | 1.25  | &nbsp;&nbsp; 2/28/2026  |
| Harbor Large Cap Value Fund  | 0.61  | 0.69  | 0.94  | 1.04  | &nbsp;&nbsp; 2/28/2026  |
| Harbor Mid Cap Fund  | 0.80  | 0.88  | &nbsp;&nbsp; N/A | 1.23  | &nbsp;&nbsp; 2/28/2026  |
| Harbor Mid Cap Value Fund  | 0.77  | 0.85  | 1.10  | 1.20  | &nbsp;&nbsp; 2/28/2026 |

---

------

---

| | |
|:---|:---|
| 1 | For the period November 1, 2024 through February 28, 2025, Harbor Capital voluntarily limited the operating expenses for each Fund's Investor Class, if applicable, by <br> 0.01% above the limitation reported in the table above.<br>|
| 2 | For the period November 1, 2024 through February 28, 2025, Harbor Capital voluntarily limited the operating expenses for the Retirement Class, Institutional Class, Administrative <br> Class and Investor Class to 0.72%, 0.80%, 1.05%, and 1.16%, respectively.<br>|
| 3 | For the period November 1, 2024 through February 28, 2025, Harbor Capital voluntarily limited the operating expenses for the Retirement Class, Institutional Class, Administrative <br> Class and Investor Class to 0.69%, 0.77%, 1.02%, and 1.13%, respectively.<br>|

---

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

------

⬤

------

**Notes to Financial Statements—Continued**

------

**Distributor**

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

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

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

**Transfer Agent**

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

---

| | |
|:---|:---|
|  | **Transfer Agent Fees** |
| Retirement Class | 0.02% of the average daily net assets of all Retirement Class shares |
| Institutional Class | 0.10% of the average daily net assets of all Institutional Class shares |
| Administrative Class | 0.10% of the average daily net assets of all Administrative Class shares |
| Investor Class<sup>1</sup> | 0.20% of the average daily net assets of all Investor Class shares |

---

------

<sup>1</sup> For the period November 1, 2024 through February 28, 2025, Harbor Services Group received compensation up to 0.21% for the Investor Class.

Harbor Services Group voluntarily waived a portion of its transfer agent fees for the Harbor Funds during the year ended October 31, 2025. 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 year, the Funds did not enter into any transactions with any other Harbor fund.

**Shareholders**

As of October 31, 2025, Harbor Capital and its wholly owned subsidiaries collectively held 10% or more of the following shares of beneficial interest in each of the following Funds:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares Owned by** <br>**Harbor Capital and Subsidiaries** | **Number of Shares Owned by** <br>**Harbor Capital and Subsidiaries** | **Number of Shares Owned by** <br>**Harbor Capital and Subsidiaries** | **Number of Shares Owned by** <br>**Harbor Capital and Subsidiaries** | **Number of Shares Owned by** <br>**Harbor Capital and Subsidiaries** |  |
|  | **Retirement** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Administrative** <br>**Class**<br>| **Investor** <br>**Class**<br>| **Total** | **Percentage of** <br>**Outstanding Shares**<br>|
| Harbor Convertible Securities Fund | &nbsp;&nbsp; 1068866 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1068866 | 36.1<br> %<br>|

---

**Independent Trustees**

The fees and expenses of the Independent Trustees are included in "Trustees' fees and expenses" on each Fund's Statement of Operations.

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⬤

------

**Notes to Financial Statements—Continued**

------

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. At the meeting held on November 18-19, 2024, the Independent Trustees agreed to discontinue the Plan whereby only grandfathered 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 amount and character of income and net realized gains to be distributed are determined in accordance with income tax rules and regulations, which may differ from U.S. GAAP. These differences are attributable to permanent book and tax accounting differences that were primarily due to net investment losses, redemption in-kind distributions, the use of equalization and the disallowance of loss from a controlled foreign corporation. Reclassifications, if any, are made to each Fund's capital account to reflect income and net realized gains available for distribution (or available capital loss carryovers) under income tax rules and regulations. Distributions classified as a return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital. The amounts reclassified on the Statements of Assets and Liabilities for the year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid in** <br>**Capital** <br>**(000s)**<br>| **Total** <br>**Distributable** <br>**Earnings/(Loss)** <br>**(000s)**<br>|
| Embark Commodity Strategy Fund (Consolidated) | &nbsp;&nbsp; $(27517)<br>| &nbsp;&nbsp; $27517 |
| Embark Small Cap Equity Fund  | &nbsp;&nbsp; 1444 | &nbsp;&nbsp; (1444)<br>|
| Harbor Capital Appreciation Fund  | &nbsp;&nbsp; 374464 | &nbsp;&nbsp; (374464)<br>|
| Harbor Convertible Securities Fund  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Core Bond Fund  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Core Plus Fund  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Diversified International All Cap Fund  | &nbsp;&nbsp; 3570 | &nbsp;&nbsp; (3570)<br>|
| Harbor International Fund  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor International Compounders Fund  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor International Core Fund  | &nbsp;&nbsp; 7859 | &nbsp;&nbsp; (7859)<br>|
| Harbor International Small Cap Fund  | &nbsp;&nbsp; 2349 | &nbsp;&nbsp; (2349)<br>|
| Harbor Large Cap Value Fund  | &nbsp;&nbsp; 59057 | &nbsp;&nbsp; (59057)<br>|
| Harbor Mid Cap Fund  | &nbsp;&nbsp; 588 | &nbsp;&nbsp; (588)<br>|
| Harbor Mid Cap Value Fund  | &nbsp;&nbsp; 4520 | &nbsp;&nbsp; (4520)<br>|
| Harbor Small Cap Growth Fund  | &nbsp;&nbsp; 8753 | &nbsp;&nbsp; (8753)<br>|
| Harbor Small Cap Value Fund  | &nbsp;&nbsp; 9788 | &nbsp;&nbsp; (9788)<br>|

---

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 5—TAX INFORMATION—Continued** 

The tax composition of each Fund's distributions was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2024** | **As of October 31, 2024** | **As of October 31, 2024** |
|  | **Ordinary** <br>**Income** <br>**(000s)**<br>| **Long-Term** <br>**Capital Gains** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>| **Ordinary** <br>**Income** <br>**(000s)**<br>| **Long-Term** <br>**Capital Gains** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Embark Commodity Strategy Fund (Consolidated) | &nbsp;&nbsp; $164647 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $164647 | &nbsp;&nbsp; $31154 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31154 |
| Embark Small Cap Equity Fund | &nbsp;&nbsp; 5697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5697 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Capital Appreciation Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 2906184 | &nbsp;&nbsp; 2906184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Convertible Securities Fund | &nbsp;&nbsp; 781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 813 |
| Harbor Core Bond Fund | &nbsp;&nbsp; 64659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64659 | &nbsp;&nbsp; 34615 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34615 |
| Harbor Core Plus Fund | &nbsp;&nbsp; 54251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54251 | &nbsp;&nbsp; 46233 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46233 |
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; 27593 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27593 | &nbsp;&nbsp; 24106 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24106 |
| Harbor International Fund | &nbsp;&nbsp; 122498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 122498 | &nbsp;&nbsp; 117381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117381 |
| Harbor International Compounders Fund | &nbsp;&nbsp; 71 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor International Core Fund | &nbsp;&nbsp; 5215 | &nbsp;&nbsp; 1412 | &nbsp;&nbsp; 6627 | &nbsp;&nbsp; 3973 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3973 |
| Harbor International Small Cap Fund | &nbsp;&nbsp; 8523 | &nbsp;&nbsp; 1673 | &nbsp;&nbsp; 10196 | &nbsp;&nbsp; 6603 | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 7527 |
| Harbor Large Cap Value Fund | &nbsp;&nbsp; 22341 | &nbsp;&nbsp; 108514 | &nbsp;&nbsp; 130855 | &nbsp;&nbsp; 27546 | &nbsp;&nbsp; 47335 | &nbsp;&nbsp; 74881 |
| Harbor Mid Cap Fund | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 1837 | &nbsp;&nbsp; 2893 |
| Harbor Mid Cap Value Fund | &nbsp;&nbsp; 5705 | &nbsp;&nbsp; 14436 | &nbsp;&nbsp; 20141 | &nbsp;&nbsp; 4572 | &nbsp;&nbsp; 14798 | &nbsp;&nbsp; 19370 |
| Harbor Small Cap Growth Fund | &nbsp;&nbsp; 40378 | &nbsp;&nbsp; 28453 | &nbsp;&nbsp; 68831 | &nbsp;&nbsp; 747 | &nbsp;&nbsp; — | &nbsp;&nbsp; 747 |
| Harbor Small Cap Value Fund | &nbsp;&nbsp; 15402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15402 | &nbsp;&nbsp; 20394 | &nbsp;&nbsp; 124763 | &nbsp;&nbsp; 145157 |

---

As of October 31, 2025, the components of each Fund's distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income** <br>**(000s)**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Accumulated** <br>**Capital** <br>**and Other** <br>**Losses** <br>**(000s)**<br>| **Other** <br>**Temporary** <br>**Differences** <br>**(000s)**<br>| **Total** <br>**Distributable** <br>**Earnings/(Loss)** <br>**(000s)**<br>|
| Embark Commodity Strategy Fund (Consolidated) | &nbsp;&nbsp; $322074 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $89458 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $411602 |
| Embark Small Cap Equity Fund | &nbsp;&nbsp; 22342 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 99369 |
| Harbor Capital Appreciation Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 2943353 | &nbsp;&nbsp; 19556616 | &nbsp;&nbsp; (52986)<br>| &nbsp;&nbsp; (2335)<br>| &nbsp;&nbsp; 22444648 |
| Harbor Convertible Securities Fund | &nbsp;&nbsp; 171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5210 | &nbsp;&nbsp; (11516)<br>| &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; (6151)<br>|
| Harbor Core Bond Fund | &nbsp;&nbsp; 1986 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19124 | &nbsp;&nbsp; (7910)<br>| &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 13190 |
| Harbor Core Plus Fund | &nbsp;&nbsp; 5117 | &nbsp;&nbsp; — | &nbsp;&nbsp; (37047)<br>| &nbsp;&nbsp; (143310)<br>| &nbsp;&nbsp; (242)<br>| &nbsp;&nbsp; (175482)<br>|
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; 30201 | &nbsp;&nbsp; 27257 | &nbsp;&nbsp; 205346 | &nbsp;&nbsp; — | &nbsp;&nbsp; (170)<br>| &nbsp;&nbsp; 262634 |
| Harbor International Fund | &nbsp;&nbsp; 130368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 949620 | &nbsp;&nbsp; (223428)<br>| &nbsp;&nbsp; (2832)<br>| &nbsp;&nbsp; 853728 |
| Harbor International Compounders Fund | &nbsp;&nbsp; 648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4787 | &nbsp;&nbsp; (111)<br>| &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; 5320 |
| Harbor International Core Fund | &nbsp;&nbsp; 19566 | &nbsp;&nbsp; 11998 | &nbsp;&nbsp; 106497 | &nbsp;&nbsp; — | &nbsp;&nbsp; (213)<br>| &nbsp;&nbsp; 137848 |
| Harbor International Small Cap Fund | &nbsp;&nbsp; 9134 | &nbsp;&nbsp; 6164 | &nbsp;&nbsp; 15590 | &nbsp;&nbsp; — | &nbsp;&nbsp; (59)<br>| &nbsp;&nbsp; 30829 |
| Harbor Large Cap Value Fund | &nbsp;&nbsp; 4322 | &nbsp;&nbsp; 212719 | &nbsp;&nbsp; 530169 | &nbsp;&nbsp; — | &nbsp;&nbsp; (85)<br>| &nbsp;&nbsp; 747125 |
| Harbor Mid Cap Fund | &nbsp;&nbsp; 1356 | &nbsp;&nbsp; 3323 | &nbsp;&nbsp; 23780 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; 28457 |
| Harbor Mid Cap Value Fund | &nbsp;&nbsp; 6659 | &nbsp;&nbsp; 23391 | &nbsp;&nbsp; 68538 | &nbsp;&nbsp; — | &nbsp;&nbsp; (51)<br>| &nbsp;&nbsp; 98537 |
| Harbor Small Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 23962 | &nbsp;&nbsp; 416366 | &nbsp;&nbsp; (35182)<br>| &nbsp;&nbsp; (70)<br>| &nbsp;&nbsp; 405076 |
| Harbor Small Cap Value Fund | &nbsp;&nbsp; 9521 | &nbsp;&nbsp; 55112 | &nbsp;&nbsp; 810026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (122)<br>| &nbsp;&nbsp; 874537 |

---

As of October 31, 2025, for federal income tax purposes, the following Fund had a qualified late year loss deferral to offset fiscal year 2026 ordinary income:

---

| | |
|:---|:---|
|  | **Qualified Late Year Ordinary Loss Deferral** <br>**(000s)**<br>|
| Harbor Capital Appreciation Fund | &nbsp;&nbsp; $52986 |
| Harbor Small Cap Growth Fund | &nbsp;&nbsp; 5984 |

---

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 5—TAX INFORMATION—Continued** 

As of October 31, 2025, each Fund in the following table had capital loss carryforwards for federal tax purposes which will reduce each Fund's taxable income arising from future net realized gains on investments to the extent permitted by the Internal Revenue Code. Use of the capital loss carryforwards will reduce the amount of the distribution to shareholders which would otherwise be necessary to relieve each Fund of any federal tax liability. The capital loss carryforwards do not expire.

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryforward** | **Capital Loss Carryforward** | **Capital Loss Carryforward** |
|  | **Short-Term** <br>**(000s)**<br>| **Long-Term** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Harbor Convertible Securities Fund | &nbsp;&nbsp; $(5558) <br>| &nbsp;&nbsp; $(5958) <br>| &nbsp;&nbsp; $(11516)<br>|
| Harbor Core Bond Fund | &nbsp;&nbsp; (1971) <br>| &nbsp;&nbsp; (5939) <br>| &nbsp;&nbsp; (7910)<br>|
| Harbor Core Plus Fund | &nbsp;&nbsp; (46005) <br>| &nbsp;&nbsp; (97305) <br>| &nbsp;&nbsp; (143310)<br>|
| Harbor International Fund | &nbsp;&nbsp; (223428) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (223428)<br>|
| Harbor International Compounders Fund | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (111) <br>| &nbsp;&nbsp; (111)<br>|
| Harbor Small Cap Growth Fund\* | &nbsp;&nbsp; (768) <br>| &nbsp;&nbsp; (28430) <br>| &nbsp;&nbsp; (29198)<br>|

---

------

\* A portion of the capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

The identified cost for federal income tax purposes of investments owned by each Fund and its respective gross unrealized appreciation and depreciation as of October 31, 2025 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; $2344129<br>| &nbsp;&nbsp; $161348 | &nbsp;&nbsp; $(71890)<br>| &nbsp;&nbsp; $89458 |
| Embark Small Cap Equity Fund  | &nbsp;&nbsp; 446956<br>| &nbsp;&nbsp; 97363 | &nbsp;&nbsp; (20336)<br>| &nbsp;&nbsp; 77027 |
| Harbor Capital Appreciation Fund  | &nbsp;&nbsp; 9978137<br>| &nbsp;&nbsp; 19786833 | &nbsp;&nbsp; (230217)<br>| &nbsp;&nbsp; 19556616 |
| Harbor Convertible Securities Fund <sup>\*</sup> | &nbsp;&nbsp; 33560<br>| &nbsp;&nbsp; 5700 | &nbsp;&nbsp; (490)<br>| &nbsp;&nbsp; 5210 |
| Harbor Core Bond Fund <sup>\*</sup> | &nbsp;&nbsp; 1505592<br>| &nbsp;&nbsp; 24666 | &nbsp;&nbsp; (5542)<br>| &nbsp;&nbsp; 19124 |
| Harbor Core Plus Fund <sup>\*</sup> | &nbsp;&nbsp; 1278277<br>| &nbsp;&nbsp; 18594 | &nbsp;&nbsp; (55641)<br>| &nbsp;&nbsp; (37047)<br>|
| Harbor Diversified International All Cap Fund  | &nbsp;&nbsp; 540645<br>| &nbsp;&nbsp; 234632 | &nbsp;&nbsp; (29286)<br>| &nbsp;&nbsp; 205346 |
| Harbor International Fund <sup>\*</sup> | &nbsp;&nbsp; 2708128<br>| &nbsp;&nbsp; 1110811 | &nbsp;&nbsp; (161191)<br>| &nbsp;&nbsp; 949620 |
| Harbor International Compounders Fund <sup>\*</sup> | &nbsp;&nbsp; 45696<br>| &nbsp;&nbsp; 6755 | &nbsp;&nbsp; (1968)<br>| &nbsp;&nbsp; 4787 |
| Harbor International Core Fund  | &nbsp;&nbsp; 839875<br>| &nbsp;&nbsp; 117015 | &nbsp;&nbsp; (10518)<br>| &nbsp;&nbsp; 106497 |
| Harbor International Small Cap Fund  | &nbsp;&nbsp; 160465<br>| &nbsp;&nbsp; 27386 | &nbsp;&nbsp; (11796)<br>| &nbsp;&nbsp; 15590 |
| Harbor Large Cap Value Fund  | &nbsp;&nbsp; 758333<br>| &nbsp;&nbsp; 549719 | &nbsp;&nbsp; (19550)<br>| &nbsp;&nbsp; 530169 |
| Harbor Mid Cap Fund  | &nbsp;&nbsp; 143589<br>| &nbsp;&nbsp; 32062 | &nbsp;&nbsp; (8282)<br>| &nbsp;&nbsp; 23780 |
| Harbor Mid Cap Value Fund  | &nbsp;&nbsp; 294242<br>| &nbsp;&nbsp; 104824 | &nbsp;&nbsp; (36286)<br>| &nbsp;&nbsp; 68538 |
| Harbor Small Cap Growth Fund <sup>\*</sup> | &nbsp;&nbsp; 1692285<br>| &nbsp;&nbsp; 532182 | &nbsp;&nbsp; (115816)<br>| &nbsp;&nbsp; 416366 |
| Harbor Small Cap Value Fund  | &nbsp;&nbsp; 1229937<br>| &nbsp;&nbsp; 874380 | &nbsp;&nbsp; (64354)<br>| &nbsp;&nbsp; 810026 |

---

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

**NOTE 6—DERIVATIVES**

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

Each Fund's derivative instruments outstanding as of the year ended October 31, 2025, 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 year as disclosed in the Statement of Operations, are indicators of the volume of derivative activity for each Fund.

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⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 6—DERIVATIVES—Continued** 

**Derivative Instruments**

As of October 31, 2025, the fair values of derivatives, by primary risk exposure, were reflected in the Statement of Assets and Liabilities as follows:

---

| | |
|:---|:---|
| **Embark Commodity Strategy Fund (CONSOLIDATED)** |  |
| **Statement of Assets and Liabilities Caption** | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Assets** |  |
| Variation margin on futures contracts<sup>a</sup> | &nbsp;&nbsp; $158016 |
| Purchased options (included in Investments, at value) | &nbsp;&nbsp; 993 |
| **Liabilities** |  |
| Unrealized depreciation on OTC swap agreements | &nbsp;&nbsp; — |
| Variation margin on futures contracts<sup>a</sup> | &nbsp;&nbsp; (68579)<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.

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

---

| | |
|:---|:---|
| **Harbor Diversified International All Cap Fund**  |  |
| **Statement of Assets and Liabilities Caption** | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Assets** |  |
| Rights/Warrants (included in Investments, at value) | &nbsp;&nbsp; $— |

---

Net realized gain/(loss) and the change in net unrealized appreciation/(depreciation) on derivatives, by primary risk exposure, for the year ended October 31, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
| **Embark Commodity Strategy Fund (CONSOLIDATED)** | **Embark Commodity Strategy Fund (CONSOLIDATED)** | **Embark Commodity Strategy Fund (CONSOLIDATED)** | **Embark Commodity Strategy Fund (CONSOLIDATED)** |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>| **Commodity** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $167283 | &nbsp;&nbsp; $167283 |
| Purchased options (included in Investments) | &nbsp;&nbsp; — | &nbsp;&nbsp; 2135 | &nbsp;&nbsp; 2135 |
| Swap agreements | &nbsp;&nbsp; 101313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 101313 |
| Net realized gain/(loss) on derivatives | &nbsp;&nbsp; $101313 | &nbsp;&nbsp; $169418 | &nbsp;&nbsp; $270731 |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>| **Commodity** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51782 | &nbsp;&nbsp; $51782 |
| Purchased options (included in Investments) | &nbsp;&nbsp; — | &nbsp;&nbsp; (1394)<br>| &nbsp;&nbsp; (1394)<br>|
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Change in net unrealized appreciation/(depreciation) on derivatives | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50388 | &nbsp;&nbsp; $50388 |

---

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

---

| | |
|:---|:---|
| **Harbor Convertible Securities Fund** | **Harbor 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; $5 |

---

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

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 6—DERIVATIVES—Continued** 

---

| | |
|:---|:---|
| **Harbor Diversified International All Cap Fund** | **Harbor Diversified International All Cap 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; $— |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** |
| Rights/Warrants (included in Investments) | &nbsp;&nbsp; $— |

---

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

---

| | |
|:---|:---|
| **Harbor International Fund** | **Harbor International 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; $— |

---

**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 year ended October 31, 2025, 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 October 31, 2025, 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 October 31, 2025.

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 7—OFFSETTING ASSETS AND LIABILITIES—Continued** 

**EMBARK COMMODITY STRATEGY FUND (CONSOLIDATED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $— | $18902 | $— |
| RBC Dominion Securities |  | 17303 |  |
| **Embark Cayman Fund IV Ltd. (Subsidiary)**<sup>a</sup> <br>|  |  |  |
| Macquarie Bank Limited | $— | $21010 | $— |

---

&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 $21,010 included in "Due from broker" and non-cash balance of $36,205 included in <br> "Investments, at value" on the Consolidated Statement of Assets and Liabilities, were pledged as collateral for swaps held in the Embark Cayman Fund IV Ltd.<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. |

---

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.

------

⬤

------

**Report of Independent Registered Public Accounting Firm**

------

The Board of Trustees and Shareholders of

Harbor Funds and Harbor Funds II

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Embark Commodity Strategy Fund (Consolidated) (one of the Funds comprising Harbor Funds II), including the consolidated portfolio of investments, as of October 31, 2025, and the related consolidated statement of operations and statement of changes in net assets, and consolidated financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "consolidated financial statements"). We have also audited the accompanying statement of assets and liabilities of Embark Small Cap Equity Fund (one of the Funds comprising Harbor Funds II) and the accompanying statements of assets and liabilities of Harbor Funds (a "Trust" and collectively with Harbor Funds II, the "Trusts") (comprising Harbor Capital Appreciation Fund, Harbor Convertible Securities 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, and Harbor Small Cap Value Fund (collectively, together with Embark Commodity Strategy Fund (Consolidated) and Embark Small Cap Equity Fund, referred to as the "Funds") including the portfolios of investments, as of October 31, 2025, and the related statements of operations, and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively, together with the consolidated financial statements, referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Harbor Funds and Harbor Funds II at October 31, 2025, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Funds comprising the Harbor Funds** | &nbsp;&nbsp; **Statement of** <br>**operations**<br>| &nbsp;&nbsp; **Statement of changes in net** <br>**assets**<br>| **Financial highlights** |
| &nbsp;&nbsp; Harbor Capital Appreciation Fund <br>Harbor Convertible Securities Fund <br>Harbor Core Bond Fund <br>Harbor Core Plus Fund <br>Harbor Diversified International All Cap Fund <br>Harbor International Fund <br>Harbor International Core Fund <br>Harbor International Small Cap Fund <br>Harbor Large Cap Value Fund <br>Harbor Mid Cap Fund <br>Harbor Mid Cap Value Fund <br>Harbor Small Cap Growth Fund <br>Harbor Small Cap Value Fund<br>| &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the <br> period ended October 31, 2025<br>| &nbsp;&nbsp; For each of the five years in the period <br> ended October 31, 2025<br>|
| Harbor International Compounders Fund | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from March 1, 2024 <br> (commencement of operations) through October 31, 2024 | &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from March 1, 2024 <br> (commencement of operations) through October 31, 2024 |
| **Funds Comprising the Harbor Funds II** |  |  |  |
| Embark Commodity Strategy Fund (Consolidated) | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from January 23, 2024 <br> (commencement of operations) through October 31, 2024 | &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from January 23, 2024 <br> (commencement of operations) through October 31, 2024 |
| Embark Small Cap Equity Fund | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from January 30, 2024 <br> (commencement of operations) through October 31, 2024 | &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from January 30, 2024 <br> (commencement of operations) through October 31, 2024 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Trusts' management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trusts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB

------

⬤

------

**Report of Independent Registered Public Accounting Firm—Continued**

------

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trusts are not required to have, nor were we engaged to perform, an audit of the Trusts' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion

![](imgeadb37673.jpg)

We have served as the auditor of one or more Harbor funds investment companies since 2000.

Chicago, Illinois

December 22, 2025

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)**

------

**Additional Tax Information**

For the fiscal year ended October 31, 2025, each Fund reports up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual's tax bracket.

For the fiscal year ended October 31, 2025, each Fund reports up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income for individuals.

If a Fund pays a distribution during calendar year 2025, complete information will be reported in conjunction with Form 1099-DIV.

The Funds report the following portions of their distributions from investment company taxable income for the fiscal year ended October 31, 2025 as qualifying for the dividends received deduction for corporate shareholders.

---

| | |
|:---|:---|
|  | **Percentage of** <br>**Distribution**<br>|
| Embark Small Cap Equity Fund | &nbsp;&nbsp; 45<br> %<br>|
| Harbor Convertible Securities Fund | &nbsp;&nbsp; 29 |
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; 1 |
| Harbor International Fund | &nbsp;&nbsp; ˂1 |
| Harbor International Compounders Fund | &nbsp;&nbsp; 4 |
| Harbor Large Cap Value Fund | &nbsp;&nbsp; 100 |
| Harbor Mid Cap Fund | &nbsp;&nbsp; 100 |
| Harbor Mid Cap Value Fund | &nbsp;&nbsp; 91 |
| Harbor Small Cap Value Fund | &nbsp;&nbsp; 100 |

---

Pursuant to Section 852 of the Internal Revenue Code, the Funds report the following capital gain dividends for the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
|  | **Amount** <br>**(000s)**<br>|
| Harbor Capital Appreciation Fund | &nbsp;&nbsp; $3330541 |
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; 1756 |
| Harbor International Core Fund | &nbsp;&nbsp; 4506 |
| Harbor International Small Cap Fund | &nbsp;&nbsp; 2616 |
| Harbor Large Cap Value Fund | &nbsp;&nbsp; 166402 |
| Harbor Mid Cap Fund | &nbsp;&nbsp; 418 |
| Harbor Mid Cap Value Fund | &nbsp;&nbsp; 17965 |
| Harbor Small Cap Growth Fund | &nbsp;&nbsp; 31011 |
| Harbor Small Cap Value Fund | &nbsp;&nbsp; 7227 |

---

For the fiscal year ended October 31, 2025, each Fund, if applicable, reports up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code 163 (j) as interest income eligible for income inclusion for corporate shareholders.

The Funds report the following foreign taxes paid and foreign source income for Federal income tax purposes:

---

| | | |
|:---|:---|:---|
|  | **Foreign Taxes Paid** <br>**(000s)**<br>| **Foreign Source** <br>**Earned Income** <br>**(000s)**<br>|
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; $2063 | &nbsp;&nbsp; $19267 |
| Harbor International Fund | &nbsp;&nbsp; 6530 | &nbsp;&nbsp; 84899 |
| Harbor International Compounders Fund | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 831 |
| Harbor International Core Fund | &nbsp;&nbsp; 1091 | &nbsp;&nbsp; 16532 |
| Harbor International Small Cap Fund | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 5866 |

---

Shareholders who own shares through a taxable Harbor Funds and Harbor Funds II account and that received distributions from a Fund during calendar year 2025 will receive a Form 1099-DIV in January 2026 that will show the tax character of those distributions.

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11**

**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**

During the most recent fiscal half-year, the Board of Trustees did not approve any investment advisory contracts.

------

⬤

------

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⬤

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⬤

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![](img41832e004.jpg)

![](img25b7a23f5.jpg)

------

**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 INVESTMET 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)**&nbsp;&nbsp;&nbsp;&nbsp; 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)**&nbsp;&nbsp;&nbsp;&nbsp; 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)(1) | [Code of Ethics referred to in Item 2 is attached hereto.](hf-efp21601_ex99codeeth.htm) |
| (a)(2) | [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-efp21601_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-efp21601_906cert.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 December 22, 2025 on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **HARBOR FUNDS** | **HARBOR FUNDS** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain<br> Chairman, President and Trustee<br> (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 | &nbsp;&nbsp;&nbsp;December 22, 2025 |
|  | 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<br> and Accounting Officer) | &nbsp;&nbsp;&nbsp;December 22, 2025 |
|  | Howard M. Reich | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer (Principal Financial<br> and Accounting Officer) |  |

---

Exhibit Index

---

| | |
|:---|:---|
| Number | Description |
| 99.CODE ETH | [Code of Business Conduct and Ethics.](hf-efp21601_ex99codeeth.htm) |
| 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-efp21601_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-efp21601_ex99cert.htm#s001) |
| 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-efp21601_906cert.htm) |

---

## Ex-99.Codeeth

**EX-99.CODE ETH**

![](img_001.jpg)

**Code of Ethics for Covered officers**

Code of Ethics for Covered officers Page 1 of 9 <br> Eff 07/01/2025

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  | | **Page Number** |
| **I.** | **Overview** | **3** |
| **II.** | **Purposes of the Code** | **3** |
| **III.** | **Responsibilities of Covered Officers** | **3** |
| **A.** | **Honest and Ethical Conduct** | **3** |
| **B.** | **Conflicts of Interest** | **4** |
| **C.** | **Use of Personal Fund Shareholder Information** | **5** |
| **D.** | **Public Communications** | **5** |
| **E.** | **Compliance with Applicable Laws, Rules and Regulations** | **5** |
| **IV.** | **Violation Reporting** | **6** |
| **A.** | **Overview** | **6** |
| **B.** | **How to Report** | **6** |
| **C.** | **Process for Violation Reporting to the Board** | **6** |
| **D.** | **Sanctions for Code Violations** | **6** |
| **V.** | **Waivers from the Code** | **6** |
| **VI.** | **Amendments to the Code** | **7** |
| **VII.** | **Acknowledgement and Certification of Adherence to the Code** | **7** |
| **VIII.** | **Scope of Responsibilities** | **7** |
| **IX.** | **Recordkeeping** | **7** |
| **X.** | **Confidentiality** | **7** |
| **Appendices** | **Appendices** |  |
| **Appendix A:** | **Appendix A:** | **8** |
| **Appendix B:** | **Appendix B:** | **9** |

---

Code of Ethics for Covered officers Page 2 of 9 <br> Eff 07/01/2025

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Overview** 

This Code of Business Conduct and Ethics (the "**<u>Code</u>**") sets forth the legal and ethical standards of conduct for the principal executive officer and principal financial officer (the "**<u>Covered Officers</u>**"), of Harbor Funds,Harbor ETF Trust, and Harbor Funds II (each, the "**<u>Trust</u>**" and together "**<u>Harbor</u>**"). Charles F. McCain and Howard M. Reich currently serve as the President and Treasurer, respectively, of each Trust and therefore are the Trusts' Covered Officers.

Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the Securities and Exchange Commission's (the "**<u>SEC</u>**") rules thereunder, the Board of Trustees of each Trust (the "**<u>Board</u>**") has implemented the Code to promote and demonstrate honest and ethical conduct in its Covered Officers.

The Covered Officers are also employees of Harbor Capital Advisors, Inc. (the "**<u>Adviser</u>**"). In addition to adhering to the Code, these individuals must comply with other Trust and Adviser policies and procedures, such as the Trusts' code of ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "**<u>Investment Company Act</u>**").

Diana R. Podgorny, as the Trusts' Chief Compliance Officer (the "**<u>Compliance Officer</u>**"), in consultation with counsel to the Trusts, is primarily responsible for implementing and enforcing this Code. The Compliance Officer, in consultation with counsel to the Trusts, has the authority to interpret the Code and its applicability to particular circumstances. Any questions about the Code should be directed to the Compliance Officer and counsel to the Trusts. The Compliance Officer is not a Covered Officer under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purposes of the Code** 

The purposes of the Code are to deter wrongdoing and to:

&nbsp;&nbsp;&nbsp;&nbsp;• promote
 honest and ethical conduct among Covered Officers, including the ethical handling of actual
 or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;• promote
 full, fair, accurate, timely and understandable disclosures in reports and documents that
 a Trust files with or submits to the SEC (and in other public communications from the Trust
 or any series of the Trust (a "  **<u>Fund</u>** ")) and that are within the
 Covered Officers' responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;• promote
 compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• encourage
 the prompt internal reporting of violations of the Code to the Compliance Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;• establish
 accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Responsibilities of Covered Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Honest and Ethical Conduct** 

It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the shareholders of the Trust they serve.

Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated. Covered Officers also should responsibly use and control all Trust assets and resources entrusted to them.

Covered Officers may not discourage the reporting of actual or apparent violations of the Code or applicable laws or regulations. Individuals that report in good faith suspected violations of the Code or applicable laws or regulations should not be adversely affected in employment or other matters for making such reports. Covered Officers should create an environment that

Code of Ethics for Covered officers Page 3 of 9 <br> Eff 07/01/2025

encourages the exchange of information, including concerns of the type that this Code is designed to address.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's personal interests interfere with the interests of a Trust for which he or she serves as an officer. Covered Officers may not improperly use their position with the Trust for personal or private gain to themselves, their family, or any other person.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Trust that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Trust because of their status as "affiliated persons" of the Trust. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior will also be deemed a violation of this Code.

As to conflicts arising from, or as a result of the advisory relationship between a Trust and the Adviser, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the Adviser's fiduciary duties to the Trust, the Covered Officers will in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both) be involved in establishing policies and implementing decisions which may have different effects on the Adviser and the Trust. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between a Trust and the Adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Trust.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer's duties to s Trust and his or her personal interests. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the Compliance Officer and counsel for the Trusts.

When actual, apparent or suspected conflicts of interest arise that have not been addressed or reported in connection with a Covered Officer, the Adviser's personnel aware of the matter should promptly contact the Compliance Officer and counsel for the Trusts. There will be no reprisal against any person reporting in good faith an actual, apparent or suspected conflict of interest.

Upon receipt of a report of a possible conflict, the Compliance Officer and counsel to the Trusts will take steps to determine whether a conflict exists. In so doing, the Compliance Officer and counsel to the Trusts may take any actions they determine to be appropriate in their discretion and may use all reasonable resources, including retaining or engaging independent legal counsel, accounting firms or other consultants, subject to applicable law.<sup>1</sup> After full review of a report of a possible conflict of interest, the Compliance Officer and counsel to the Trusts may determine that no conflict or reasonable appearance of a conflict exists. If, however, the Compliance Officer and counsel to the Trusts determine that an actual conflict exists, the Compliance Officer and counsel to the Trusts will seek to resolve the conflict in the best interests of the shareholders of a Trust, and will report the conflict and its resolution to the Board. If the Compliance Officer and counsel to the Trusts determine that the appearance of a conflict exists, the Compliance Officer and counsel to the Trusts will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists, the Compliance Officer and counsel to the Trusts may refer the matter to the Board.

<sup>1</sup> For example, retaining a Trust's independent accounting firm may require pre-approval by the Trust's audit committee.

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After receiving a report of a possible conflict of interest, the Compliance Officer and counsel to the Trusts will discuss the matter with the person who reported it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.

Conflicts disclosed to the Compliance Officer (and/or the Board) and counsel to the Trusts, or otherwise resolved by the Compliance Officer and counsel to the Trusts, are not considered to be waivers from the Code's requirements.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the Compliance Officer and counsel to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Use of Personal Fund Shareholder Information** 

A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for a Fund. Each Covered Officer also must abide by the respective Trust's and the Adviser's privacy policies under SEC Regulation S-P.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Public Communications** 

In connection with his or her responsibilities for or involvement with a Trust's public communications and disclosure documents (e.g., Fund shareholder reports, registration statements, press releases), each Covered Officer must provide information to Trust service providers (within the Adviser's organization or otherwise) and to government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.

Further, within the scope of their duties, Covered Officers will endeavor to ensure full, fair, timely, accurate and understandable disclosure in Trust disclosure documents. Covered Officers involved in or responsible for a Trust's public disclosure documents will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Trust, if applicable to his or her responsibilities as a Covered Officer, and will adhere to, and will promote adherence to, Trust and Adviser disclosure controls, processes and procedures, including the Adviser's disclosure controls and procedures, which govern the process by which Trust disclosure documents are created and reviewed.

To the extent that Covered Officers participate in the creation of a Fund's books and records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Compliance with Applicable Laws, Rules and Regulations** 

In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations that apply to his or her role, responsibilities and duties with respect to the Trust ("**<u>Applicable Laws</u>**"). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the Compliance Officer.

Code of Ethics for Covered officers Page 5 of 9 <br> Eff 07/01/2025

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Violation Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Overview** 

Each Covered Officer must promptly report, and promote the reporting of, any known or suspected violations of the Code to the Compliance Officer and the counsel to the Trusts.

Examples of violations of the Code include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unethical
 or dishonest behavior

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obvious
 lack of adherence to policies surrounding review and approval of public communications and
 regulatory filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure
 to report violations of the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Known
 or obvious deviations from Applicable Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure
 to acknowledge and certify adherence to the Code

The Compliance Officer and counsel to the Trusts have the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Trust's Board, the independent Board members, a Board committee, independent legal counsel and/or counsel to the independent Board members. The Compliance Officer and counsel to the Trust also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **How to Report** 

Any known or suspected violations of the Code must be promptly reported to the Compliance Officer and counsel to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Process for Violation Reporting to the Board** 

The Compliance Officer and counsel to the Trusts will report any material violations of the Code to the respective Trust's Board on a periodic basis and/or as the Board may request.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Sanctions for Code Violations** 

Violations of the Code will be taken seriously. In response to reported or otherwise known violations, the Adviser and the respective Trust's Board may impose sanctions which they deem appropriate within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by the Adviser could include termination of employment. Sanctions imposed by ae Trust's Board could include termination of association with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers from the Code** 

A Covered Officer may request a waiver from the Code by transmitting a written request for a waiver to the Compliance Officer and counsel to the Trust.<sup>2</sup> The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Code.

The Compliance Officer and counsel to the Trust may grant waivers from the Code, as appropriate, subject to and in furtherance of, the standards of conduct described in the Code. The Compliance Officer and counsel to the Trusts must fully document their consideration of any waiver request, including the rationale for granting or denying the waiver. The Compliance Officer and counsel to the Trusts will monitor the activities subject to the waiver, as appropriate, and will report to the Trust's Board, on a periodic basis and/or as the Board may request, regarding any waivers granted since the

<sup>2</sup> There would not be a waiver of the Code if the Compliance Officer and counsel to the Trust determines that a matter is not a deviation from the Code's requirements or is otherwise not covered by the Code.

Code of Ethics for Covered officers Page 6 of 9 <br> Eff 07/01/2025

last report. In lieu of determining whether to grant a waiver, the Compliance Officer and counsel to the Trusts may refer the matter to the Trust's Board.

The Compliance Officer and counsel to the Trusts will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments to the Code** 

The Compliance Officer and counsel to the Trusts may request Trust Board approval to amend the Code as appropriate. The Compliance Officer and counsel to the Trust will coordinate and facilitate any required public disclosures of Code amendments.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Acknowledgement and Certification of Adherence to the Code** 

Each Covered Officer must sign a statement annually acknowledging that he or she has received a copy of the Code, as amended or updated, and confirming that he or she has complied with it (see **<u>Appendix A: Code Acknowledgement and Certification Form</u>**).

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Scope of Responsibilities** 

Covered Officer's responsibilities under the Code are limited to:

Trust matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer's responsibilities as a Trust officer); and

Trust matters of which the Officer has actual knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Recordkeeping** 

The Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Compliance Officer, the Covered Officer, a Trust's Board and legal counsel.

Code of Ethics for Covered officers Page 7 of 9 <br> Eff 07/01/2025

![](img_001.jpg)

**Appendix A**

**Certification**

**Annual Acknowledgement and Certification of Obligations Under the Code of Business Conduct and Ethics**

I acknowledge and certify that I am a Covered Officer under the Harbor Code of Business Conduct and Ethics (the "**<u>Code</u>**") and therefore subject to all of its requirements and provisions.

I have read and understand the requirements and provisions set forth in the Code.

I have adhered to the Code and will continue to adhere to the Code.

---

| | |
|:---|:---|
| Date | Signature |
|  | Print Name and Title |

---

Code of Ethics for Covered officers Page 8 of 9 <br> Eff 07/01/2025

**Appendix B**

**Definitions**

---

| | |
|:---|:---|
| **<u>Principal Executive Officer</u>** | Individual holding the office of President of the Trust, or a person performing a similar function. |
| **<u>Principal Financial Officer</u>** | Individual holding the office of Treasurer of the Trust, or a person performing a similar function. |
| **<u>Registered Management Investment Company</u>** | Registered investment companies other than a face-amount certificate company or a unit investment trust. |
| **<u>Waiver</u>** | A waiver is an approval of an exemption from a Code requirement. |
| **<u>Implicit Waiver</u>** | An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Code that has been made known to the Compliance Officer and counsel to the Trust. |

---

Code of Ethics for Covered officers Page 9 of 9 <br> Eff 07/01/2025

## 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: December 22, 2025 | /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: December 22, 2025 | /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 year ended October 31, 2025 (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 | December 22, 2025 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ Howard M. Reich | &nbsp;&nbsp;&nbsp;Treasurer (Principal Financial | December 22, 2025 |
|  | 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.