# EDGAR Filing Document

**Accession Number:** 0001994489
**File Stem:** 0001133228-25-006555
**Filing Date:** 2025-6
**Character Count:** 687207
**Document Hash:** 285cd444f1fef2491303874718ba68d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006555.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001133228-25-006555

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250623

**EFFECTIVENESS DATE**: 20250624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Harbor Funds II
- **CENTRAL INDEX KEY:** 0001994489

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23907
- **FILM NUMBER:** 251066306

**BUSINESS ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE, 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3124434400

**MAIL ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE, 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60453

## Series and Classes Contracts Data

### Embark Commodity Strategy Fund (Series ID: S000083502)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000247204 | Retirement Class    | ECSQX           |
| C000247205 | Institutional Class | ECSWX           |

### Embark Small Cap Equity Fund (Series ID: S000083503)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000247206 | Retirement Class    | ESCQX           |
| C000247207 | Institutional Class | ESCWX           |

?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: 811-23907**

**Harbor Funds II**

**(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 II 111 South Wacker Drive, 34<sup>th</sup> Floor Chicago, Illinois 60606-4302 Christopher P. Harvey, Esq. DECHERT LLP One International Place – 40<sup>th</sup> Floor 100 Oliver Street Boston, MA 02110-2605

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

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

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

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

#### Embark Commodity Strategy Fund (Consolidated)
![Image](ia4ce167663d187e3c3e39486.jpg)

Ticker: ECSQX

Retirement Class

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Embark Commodity Strategy Fund (Consolidated) ("Fund") for the period of November 1, 2024 to April 30, 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $36 | 0.71% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3018202 |
| **Number of Investments (includes derivatives)** | 633 |
| **Total Net Advisory Fees Paid (in thousands)** | $9942 |
| **Portfolio Turnover Rate** | 24% |

---

#### Fund Investments

# Sector Allocation (% of Investments)

# (excludes derivatives)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 85.5% |
| Financials | 6.5% |
| Consumer Staples | 2.2% |
| Industrials | 1.4% |
| Communication Services | 1.1% |
| Information Technology | 1.1% |
| Utilities | 1.1% |
| Consumer Discretionary | 0.8% |
| Energy | 0.3% |

---

#### Risk Allocation<sup>Footnote Reference \*</sup> (% of Notional Value)

#### Commodities Sector

---

| | |
|:---|:---|
| Precious Metals | 26.4% |
| Energy | 26.1% |
| Grains | 16.2% |
| Industrial Metals | 13.6% |
| Softs | 11.9% |
| Livestock | 5.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Based on the net notional value of the futures contracts (including the futures contracts that make up the underlying reference index of the swap contracts). |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i5138eda617c8794dbc7edc85.jpg)

Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus, schedule of holdings or proxy voting information 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.

#### 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.

#### Embark Commodity Strategy Fund (Consolidated)
![Image](ia4ce167663d187e3c3e39486.jpg)

Ticker: ECSWX

Institutional Class

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Embark Commodity Strategy Fund (Consolidated) ("Fund") for the period of November 1, 2024 to April 30, 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $40 | 0.79% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3018202 |
| **Number of Investments (includes derivatives)** | 633 |
| **Total Net Advisory Fees Paid (in thousands)** | $9942 |
| **Portfolio Turnover Rate** | 24% |

---

#### Fund Investments

# Sector Allocation (% of Investments)

# (excludes derivatives)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 85.5% |
| Financials | 6.5% |
| Consumer Staples | 2.2% |
| Industrials | 1.4% |
| Communication Services | 1.1% |
| Information Technology | 1.1% |
| Utilities | 1.1% |
| Consumer Discretionary | 0.8% |
| Energy | 0.3% |

---

#### Risk Allocation<sup>Footnote Reference \*</sup> (% of Notional Value)

#### Commodities Sector

---

| | |
|:---|:---|
| Precious Metals | 26.4% |
| Energy | 26.1% |
| Grains | 16.2% |
| Industrial Metals | 13.6% |
| Softs | 11.9% |
| Livestock | 5.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Based on the net notional value of the futures contracts (including the futures contracts that make up the underlying reference index of the swap contracts). |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i5138eda617c8794dbc7edc85.jpg)

Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus, schedule of holdings or proxy voting information 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.

#### 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.

#### Embark Small Cap Equity Fund
![Image](ia4ce167663d187e3c3e39486.jpg)

Ticker: ESCQX

Retirement Class

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Embark Small Cap Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Retirement Class | $28 | 0.61% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1560991 |
| **Number of Investments** | 318 |
| **Total Net Advisory Fees Paid (in thousands)** | $4905 |
| **Portfolio Turnover Rate** | 40% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](id651d08c36340ff2a3c2818b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.8% |
| Financials | 16.1% |
| Information Technology | 15.3% |
| Health Care | 13.6% |
| Consumer Discretionary | 12.5% |
| Materials | 4.7% |
| Energy | 4.6% |
| Consumer Staples | 4.1% |
| Communication Services | 3.8% |
| Real Estate | 2.7% |
| Utilities | 0.8% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i5138eda617c8794dbc7edc85.jpg)

Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus, schedule of holdings or proxy voting information 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.

#### 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.

#### Embark Small Cap Equity Fund
![Image](ia4ce167663d187e3c3e39486.jpg)

Ticker: ESCWX

Institutional Class

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Embark Small Cap Equity Fund ("Fund") for the period of November 1, 2024 to April 30, 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Institutional Class | $32 | 0.69% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1560991 |
| **Number of Investments** | 318 |
| **Total Net Advisory Fees Paid (in thousands)** | $4905 |
| **Portfolio Turnover Rate** | 40% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](ibeac44c5b735d31f32cb6863.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 21.8% |
| Financials | 16.1% |
| Information Technology | 15.3% |
| Health Care | 13.6% |
| Consumer Discretionary | 12.5% |
| Materials | 4.7% |
| Energy | 4.6% |
| Consumer Staples | 4.1% |
| Communication Services | 3.8% |
| Real Estate | 2.7% |
| Utilities | 0.8% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i5138eda617c8794dbc7edc85.jpg)

Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus, schedule of holdings or proxy voting information 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.

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

**ITEM 2 – CODE OF ETHICS**

Not applicable

**ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT**

Not applicable

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

Not applicable

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

Not applicable

**ITEM 6 – INVESTMENTS**

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

**(b)** Not applicable

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

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

![](img2875e3501.jpg)

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

**HARBOR FUNDS AND HARBOR FUNDS II**

**April 30, 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 |

---

![](imgad4a9a1d2.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** | 116  |
| **Additional Information** <br>|  |

---

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

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

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisors:**

AQR Capital Management, LLC

Core Commodity Management, LLC

Neuberger Berman Investment Advisors LLC

Quantix Commodities LP

Schroder Investment Management North America Inc.

Summerhaven Investment Management, LLC

Principal Amounts, Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—12.2%** | **Corporate Bonds & Notes—12.2%** | **Corporate Bonds & Notes—12.2%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** |
| $7060 | General Electric Co. <br>4.945% (SOFR + 0.640%) 05/05/2026<sup>1</sup><br>| $7049 |
| 6132 | RTX Corp. <br>3.950%—08/16/2025<br>| 6117 |
|  |  | 13166 |
| **AUTOMOBILES—0.3%** | **AUTOMOBILES—0.3%** | **AUTOMOBILES—0.3%** |
| 6545 | Toyota Motor Credit Corp. <br>5.131% (SOFR + 0.770%) 08/07/2026<sup>1</sup><br>| 6558 |
| 2675 | Toyota Motor Credit Corp. MTN <br>4.827% (SOFR + 0.450%) 04/10/2026<sup>1</sup><br>| 2673 |
|  |  | 9231 |
| **BANKS—3.7%** | **BANKS—3.7%** | **BANKS—3.7%** |
| 4860 | Bank of America Corp. <br>5.722% (SOFR + 1.350%) 09/15/2027<sup>1</sup><br>| 4886 |
| 9835 | Bank of America Corp. MTN <br>1.197% (SOFR + 1.010%) 10/24/2026<sup>2</sup><br>| 9676 |
| 14945 | Citibank NA <br>5.075% (SOFR + 0.710%) 11/19/2027<sup>1</sup><br>| 14960 |
| 6590 | Fifth Third Bank NA <br>5.192% (SOFR + 0.810%) 01/28/2028<sup>1</sup><br>| 6539 |
| 11670 | Goldman Sachs Bank USA <br>5.114% (SOFR + 0.750%) 05/21/2027<sup>1</sup><br>| 11648 |
|  | JPMorgan Chase & Co. |  |
| 7945 | 5.138% (SOFR + 0.765%) 09/22/2027<sup>1</sup> | 7932 |
| 952 | 5.263% (SOFR + 0.885%) 04/22/2027<sup>1</sup> | 954 |
| 4415 | 5.580% (SOFR + 1.200%) 01/23/2028<sup>1</sup> | 4439 |
|  |  | 13325 |
| 14375 | Morgan Stanley Bank NA <br>5.061% (SOFR + 0.685%) 10/15/2027<sup>1</sup><br>| 14325 |
| 6225 | PNC Bank NA <br>4.876% (SOFR + 0.500%) 01/15/2027<sup>1</sup><br>| 6220 |
|  | State Street Corp. |  |
| 7200 | 5.020% (SOFR + 0.640%) 10/22/2027<sup>1</sup> | 7176 |
| 1810 | 5.207% (SOFR + 0.845%) 08/03/2026<sup>1</sup> | 1810 |
|  |  | 8986 |
| 8945 | Truist Financial Corp. MTN <br>1.200%—08/05/2025<br>| 8865 |
| 10715 | U.S. Bancorp <br>1.450%—05/12/2025<br>| 10704 |
| 2600 | U.S. Bank NA <br>5.068% (SOFR + 0.690%) 10/22/2027<sup>1</sup><br>| 2592 |
|  |  | 112726 |
| **BEVERAGES—0.5%** | **BEVERAGES—0.5%** | **BEVERAGES—0.5%** |
| 6335 | Keurig Dr. Pepper, Inc. <br>4.967% (SOFR + 0.580%) 11/15/2026<sup>1</sup><br>| 6341 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **BEVERAGES—Continued** | **BEVERAGES—Continued** | **BEVERAGES—Continued** |
| $7089 | PepsiCo, Inc. <br>4.761% (SOFR + 0.400%) 02/13/2026<sup>1</sup><br>| $7100 |
|  |  | 13441 |
| **BIOTECHNOLOGY—0.2%** | **BIOTECHNOLOGY—0.2%** | **BIOTECHNOLOGY—0.2%** |
| 5330 | Amgen, Inc. <br>5.507%—03/02/2026<br>| 5331 |
| **CAPITAL MARKETS—0.1%** | **CAPITAL MARKETS—0.1%** | **CAPITAL MARKETS—0.1%** |
| 2680 | Goldman Sachs Group, Inc. <br>6.219% (SOFR + 1.850%) 03/15/2028<sup>1</sup><br>| 2717 |
| **COMMERCIAL SERVICES & SUPPLIES—0.2%** | **COMMERCIAL SERVICES & SUPPLIES—0.2%** | **COMMERCIAL SERVICES & SUPPLIES—0.2%** |
| 4915 | PayPal Holdings, Inc. <br>5.037% (SOFR + 0.670%) 03/06/2028<sup>1</sup><br>| 4918 |
| **DIVERSIFIED FINANCIAL SERVICES—0.4%** | **DIVERSIFIED FINANCIAL SERVICES—0.4%** | **DIVERSIFIED FINANCIAL SERVICES—0.4%** |
| 10848 | Capital One Financial Corp. <br>4.985% (SOFR + 2.160%) 07/24/2026<sup>2</sup><br>| 10849 |
| 2565 | Mastercard, Inc. <br>4.813% (SOFR + 0.440%) 03/15/2028<sup>1</sup><br>| 2560 |
|  |  | 13409 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** |
|  | AT&T, Inc. |  |
| 9545 | 1.700%—03/25/2026 | 9312 |
| 4455 | 3.875%—01/15/2026 | 4435 |
|  |  | 13747 |
| 2530 | Verizon Communications, Inc. <br>1.450%—03/20/2026<br>| 2471 |
|  |  | 16218 |
| **ELECTRIC UTILITIES—0.7%** | **ELECTRIC UTILITIES—0.7%** | **ELECTRIC UTILITIES—0.7%** |
|  | Georgia Power Co. |  |
| 5375 | 4.653% (SOFR + 0.280%) 09/15/2026<sup>1</sup> | 5353 |
| 7650 | 5.112% (SOFR + 0.750%) 05/08/2025<sup>1</sup> | 7650 |
|  |  | 13003 |
| 2935 | NextEra Energy Capital Holdings, Inc. <br>5.162% (SOFR + 0.800%) 02/04/2028<sup>1</sup><br>| 2938 |
|  | Pacific Gas & Electric Co. |  |
| 2620 | 3.450%—07/01/2025 | 2613 |
| 3450 | 3.500%—06/15/2025 | 3443 |
|  |  | 6056 |
|  |  | 21997 |
| **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** |
| 12090 | American Express Co. <br>5.363% (SOFR + 1.000%) 02/16/2028<sup>1</sup><br>| 12124 |

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** |
| $9635 | UnitedHealth Group, Inc. <br>4.876% (SOFR + 0.500%) 07/15/2026<sup>1</sup><br>| $9626 |
| **INSURANCE—0.8%** | **INSURANCE—0.8%** | **INSURANCE—0.8%** |
| 6655 | Athene Global Funding <br>5.207% (SOFR + 0.830%) 01/07/2027<sup>1,3</sup><br>| 6642 |
| 5100 | Marsh & McLennan Cos., Inc. <br>5.062% (SOFR + 0.700%) 11/08/2027<sup>1</sup><br>| 5094 |
|  | New York Life Global Funding |  |
| 5605 | 4.770% (SOFR + 0.410%) 02/05/2027<sup>1,3</sup> | 5581 |
| 6430 | 4.945% (SOFR + 0.580%) 08/28/2026<sup>1,3</sup> | 6440 |
|  |  | 12021 |
|  |  | 23757 |
| **MACHINERY—0.8%** | **MACHINERY—0.8%** | **MACHINERY—0.8%** |
| 10975 | Caterpillar Financial Services Corp. MTN <br>4.882% (SOFR + 0.520%) 05/14/2027<sup>1</sup><br>| 10961 |
|  | John Deere Capital Corp. MTN |  |
| 8315 | 4.808% (SOFR + 0.440%) 03/06/2026<sup>1</sup> | 8315 |
| 3232 | 4.967% (SOFR + 0.600%) 06/11/2027<sup>1</sup> | 3235 |
|  |  | 11550 |
|  |  | 22511 |
| **MEDIA—0.2%** | **MEDIA—0.2%** | **MEDIA—0.2%** |
| 5280 | TCI Communications, Inc. <br>7.875%—02/15/2026<br>| 5412 |
| **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** |
| 5415 | Consolidated Edison Co. of New York, Inc. <br>4.884% (SOFR + 0.520%) 11/18/2027<sup>1</sup><br>| 5401 |
| **OIL, GAS & CONSUMABLE FUELS—0.3%** | **OIL, GAS & CONSUMABLE FUELS—0.3%** | **OIL, GAS & CONSUMABLE FUELS—0.3%** |
| 7680 | Chevron USA, Inc. <br>4.724% (SOFR + 0.360%) 02/26/2027<sup>1</sup><br>| 7666 |
| **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** | **PHARMACEUTICALS—0.5%** |
| 6830 | Bristol-Myers Squibb Co. <br>4.853% (SOFR + 0.490%) 02/20/2026<sup>1</sup><br>| 6830 |
|  | CVS Health Corp. |  |
| 4960 | 3.875%—07/20/2025 | 4947 |
| 2730 | 5.000%—02/20/2026 | 2737 |
|  |  | 7684 |
|  |  | 14514 |
| **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>| 6708 |
| 8163 | Intel Corp. <br>4.875%—02/10/2026<br>| 8167 |
|  |  | 14875 |
| **SOFTWARE—0.4%** | **SOFTWARE—0.4%** | **SOFTWARE—0.4%** |
|  | Oracle Corp. |  |
| 3625 | 1.650%—03/25/2026 | 3534 |
| 8701 | 2.950%—05/15/2025 | 8695 |
|  |  | 12229 |
| **SPECIALTY RETAIL—0.3%** | **SPECIALTY RETAIL—0.3%** | **SPECIALTY RETAIL—0.3%** |
| 4875 | Home Depot, Inc. <br>4.702% (SOFR + 0.330%) 12/24/2025<sup>1</sup><br>| 4872 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| $5485 | Walmart, Inc. <br>4.812% (SOFR + 0.430%) 04/28/2027<sup>1</sup><br>| $5495 |
|  |  | 10367 |
| **TOBACCO—0.2%** | **TOBACCO—0.2%** | **TOBACCO—0.2%** |
| 7395 | Philip Morris International, Inc. <br>5.213% (SOFR + 0.830%) 04/28/2028<sup>1</sup><br>| 7404 |
| **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 | 1099 |
| 6775 | 2.625%—04/15/2026 | 6655 |
|  |  | 7754 |
| **Total Corporate Bonds & Notes** <br>(Cost $367,188) | **Total Corporate Bonds & Notes** <br>(Cost $367,188) | 366794 |

---

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

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—71.9%** | **Short-Term Investments—71.9%** | **Short-Term Investments—71.9%** |
| **U.S. TREASURY BILLS—71.9%** | **U.S. TREASURY BILLS—71.9%** | **U.S. TREASURY BILLS—71.9%** |
|  | U.S. Treasury Bills |  |
| 111783 | 4.054%—10/23/2025<sup>†</sup> | 109590 |
| 15076 | 4.060%—10/16/2025<sup>†</sup> | 14791 |
| 3399 | 4.065%—10/30/2025<sup>†</sup> | 3330 |
| 21410 | 4.071%—10/02/2025<sup>†</sup> | 21036 |
| 24686 | 4.075%—09/11/2025<sup>†</sup> | 24311 |
| 16287 | 4.081%—09/18/2025<sup>†</sup> | 16028 |
| 116063 | 4.085%—09/18/2025-09/25/2025<sup>†</sup> | 114190 |
| 25000 | 4.100%—09/04/2025<sup>†,4</sup> | 24639 |
| 7800 | 4.115%—08/07/2025<sup>†,4</sup> | 7711 |
| 17384 | 4.120%—08/21/2025-08/28/2025<sup>†</sup> | 17150 |
| 36890 | 4.135%—07/03/2025-09/04/2025<sup>†,4</sup> | 36366 |
| 97260 | 4.139%—07/03/2025<sup>†</sup> | 96547 |
| 4166 | 4.140%—05/29/2025-07/31/2025<sup>†,4</sup> | 4148 |
| 245435 | 4.155%—06/12/2025-08/07/2025<sup>†,4</sup> | 243308 |
| 94500 | 4.159%—05/29/2025<sup>†,4</sup> | 94190 |
| 28638 | 4.165%—07/24/2025<sup>†</sup> | 28360 |
| 219220 | 4.166%—07/17/2025<sup>†,4</sup> | 217262 |
| 88414 | 4.175%—08/28/2025<sup>†</sup> | 87202 |
| 39123 | 4.178%—06/05/2025-07/10/2025<sup>†,4</sup> | 38819 |
| 2209 | 4.180%—07/17/2025<sup>†,4</sup> | 2189 |
| 90246 | 4.181%—05/20/2025<sup>†</sup> | 90045 |
| 64044 | 4.185%—06/20/2025-08/14/2025<sup>†</sup> | 63403 |
| 134317 | 4.192%—05/08/2025-06/05/2025<sup>†</sup> | 133802 |
| 186870 | 4.195%—05/15/2025<sup>†</sup> | 186564 |
| 33540 | 4.200%—05/01/2025<sup>†</sup> | 33540 |
| 29230 | 4.212%—05/15/2025<sup>†</sup> | 29182 |
| 72000 | 4.215%—05/22/2025<sup>†</sup> | 71822 |
| 261850 | 4.216%—08/21/2025<sup>†</sup> | 258450 |
| 98703 | 4.241%—05/08/2025<sup>†</sup> | 98622 |
| 3647 | 4.340%—05/29/2025<sup>†,4</sup> | 3635 |
| **Total Short-Term Investments** <br>(Cost $2,170,231) | **Total Short-Term Investments** <br>(Cost $2,170,231) | 2170232 |
| **TOTAL INVESTMENTS—84.1%** <br>(Cost $2,537,419) | **TOTAL INVESTMENTS—84.1%** <br>(Cost $2,537,419) | 2537026 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—15.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—15.9%** | 481176 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $3018202 |

---

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

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; 257 | 05/25 | &nbsp;&nbsp; $15318 | &nbsp;&nbsp; $(1659)<br>|
| Aluminum Futures | &nbsp;&nbsp; 477 | 06/25 | &nbsp;&nbsp; 28584 | &nbsp;&nbsp; (3028)<br>|
| Aluminum Futures | &nbsp;&nbsp; 496 | 07/25 | &nbsp;&nbsp; 29738 | &nbsp;&nbsp; (130)<br>|
| Aluminum Futures | &nbsp;&nbsp; 1 | 08/25 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; — |
| Brent Crude Futures | &nbsp;&nbsp; 777 | 05/25 | &nbsp;&nbsp; 47444 | &nbsp;&nbsp; (7327)<br>|
| Brent Crude Futures | &nbsp;&nbsp; 185 | 06/25 | &nbsp;&nbsp; 11224 | &nbsp;&nbsp; (611)<br>|
| Brent Crude Futures | &nbsp;&nbsp; 221 | 09/25 | &nbsp;&nbsp; 13329 | &nbsp;&nbsp; (1808)<br>|
| Canola Futures | &nbsp;&nbsp; 230 | 07/25 | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 42 |
| Cattle Feeder Futures | &nbsp;&nbsp; 131 | 08/25 | &nbsp;&nbsp; 19324 | &nbsp;&nbsp; 73 |
| Class III Milk Futures | &nbsp;&nbsp; 119 | 07/25 | &nbsp;&nbsp; 4134 | &nbsp;&nbsp; 28 |
| Cocoa Futures | &nbsp;&nbsp; 204 | 07/25 | &nbsp;&nbsp; 18041 | &nbsp;&nbsp; 1369 |
| Coffee C Futures | &nbsp;&nbsp; 652 | 07/25 | &nbsp;&nbsp; 97983 | &nbsp;&nbsp; 8785 |
| Coffee C Futures | &nbsp;&nbsp; 45 | 09/25 | &nbsp;&nbsp; 6638 | &nbsp;&nbsp; 402 |
| Copper Futures | &nbsp;&nbsp; 254 | 05/25 | &nbsp;&nbsp; 58016 | &nbsp;&nbsp; (1750)<br>|
| Copper Futures | &nbsp;&nbsp; 102 | 06/25 | &nbsp;&nbsp; 23305 | &nbsp;&nbsp; (1482)<br>|
| Copper Futures | &nbsp;&nbsp; 280 | 07/25 | &nbsp;&nbsp; 57024 | &nbsp;&nbsp; 491 |
| Copper Futures | &nbsp;&nbsp; 478 | 09/25 | &nbsp;&nbsp; 55651 | &nbsp;&nbsp; (2787)<br>|
| Copper Futures | &nbsp;&nbsp; 67 | 12/25 | &nbsp;&nbsp; 7891 | &nbsp;&nbsp; (828)<br>|
| Corn Futures | &nbsp;&nbsp; 1404 | 07/25 | &nbsp;&nbsp; 33380 | &nbsp;&nbsp; (263)<br>|
| Corn Futures | &nbsp;&nbsp; 190 | 09/25 | &nbsp;&nbsp; 4151 | &nbsp;&nbsp; (124)<br>|
| Corn Futures | &nbsp;&nbsp; 1446 | 12/25 | &nbsp;&nbsp; 32264 | &nbsp;&nbsp; (1226)<br>|
| Cotton No. 2 Futures | &nbsp;&nbsp; 428 | 07/25 | &nbsp;&nbsp; 14128 | &nbsp;&nbsp; (221)<br>|
| Cotton No. 2 Futures | &nbsp;&nbsp; 194 | 12/25 | &nbsp;&nbsp; 6576 | &nbsp;&nbsp; (43)<br>|
| Crude Palm Oil Futures | &nbsp;&nbsp; 183 | 07/25 | &nbsp;&nbsp; 4147 | &nbsp;&nbsp; (146)<br>|
| Dutch TTF Natural Gas Futures | &nbsp;&nbsp; 416 | 05/25 | &nbsp;&nbsp; 10966 | &nbsp;&nbsp; (479)<br>|
| Dutch TTF Natural Gas Futures | &nbsp;&nbsp; 220 | 11/25 | &nbsp;&nbsp; 6309 | &nbsp;&nbsp; (1422)<br>|
| ECX Emissions Futures | &nbsp;&nbsp; 405 | 12/25 | &nbsp;&nbsp; 30533 | &nbsp;&nbsp; (2168)<br>|
| FCOJ-A Futures | &nbsp;&nbsp; 99 | 07/25 | &nbsp;&nbsp; 3967 | &nbsp;&nbsp; 91 |
| FCOJ-A Futures | &nbsp;&nbsp; 4 | 09/25 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; (11)<br>|
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 152 | 06/25 | &nbsp;&nbsp; 9097 | &nbsp;&nbsp; (358)<br>|
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 772 | 07/25 | &nbsp;&nbsp; 45818 | &nbsp;&nbsp; (3680)<br>|
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 60 | 09/25 | &nbsp;&nbsp; 3559 | &nbsp;&nbsp; (267)<br>|
| Gold 100 OZ Futures | &nbsp;&nbsp; 1034 | 06/25 | &nbsp;&nbsp; 343195 | &nbsp;&nbsp; 33446 |
| Gold 100 OZ Futures | &nbsp;&nbsp; 88 | 12/25 | &nbsp;&nbsp; 29926 | &nbsp;&nbsp; 1979 |
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 362 | 07/25 | &nbsp;&nbsp; 10155 | &nbsp;&nbsp; (668)<br>|
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 60 | 09/25 | &nbsp;&nbsp; 1633 | &nbsp;&nbsp; (159)<br>|
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 96 | 12/25 | &nbsp;&nbsp; 2728 | &nbsp;&nbsp; (198)<br>|
| Lead Futures | &nbsp;&nbsp; 80 | 05/25 | &nbsp;&nbsp; 3910 | &nbsp;&nbsp; (63)<br>|
| Lead Futures | &nbsp;&nbsp; 28 | 06/25 | &nbsp;&nbsp; 1371 | &nbsp;&nbsp; (46)<br>|
| Lead Futures | &nbsp;&nbsp; 104 | 07/25 | &nbsp;&nbsp; 5085 | &nbsp;&nbsp; 102 |
| Lean Hogs Futures | &nbsp;&nbsp; 806 | 06/25 | &nbsp;&nbsp; 31684 | &nbsp;&nbsp; 575 |
| Lean Hogs Futures | &nbsp;&nbsp; 6 | 07/25 | &nbsp;&nbsp; 237 | &nbsp;&nbsp; (2)<br>|
| Lean Hogs Futures | &nbsp;&nbsp; 65 | 10/25 | &nbsp;&nbsp; 2135 | &nbsp;&nbsp; 41 |
| Live Cattle Futures | &nbsp;&nbsp; 896 | 06/25 | &nbsp;&nbsp; 74691 | &nbsp;&nbsp; 3647 |
| Live Cattle Futures | &nbsp;&nbsp; 1 | 08/25 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; (1)<br>|
| Live Cattle Futures | &nbsp;&nbsp; 49 | 10/25 | &nbsp;&nbsp; 3958 | &nbsp;&nbsp; 77 |
| LME Aluminum Futures | &nbsp;&nbsp; 1210 | 05/25 | &nbsp;&nbsp; 72212 | &nbsp;&nbsp; (8185)<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** |
| **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>|
| LME Aluminum Futures | &nbsp;&nbsp; 1329 | 06/25 | &nbsp;&nbsp; $79729 | &nbsp;&nbsp; $(5002)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 764 | 07/25 | &nbsp;&nbsp; 45814 | &nbsp;&nbsp; (1753)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 704 | 09/25 | &nbsp;&nbsp; 42378 | &nbsp;&nbsp; (948)<br>|
| LME Copper Futures | &nbsp;&nbsp; 145 | 05/25 | &nbsp;&nbsp; 33140 | &nbsp;&nbsp; (1817)<br>|
| LME Copper Futures | &nbsp;&nbsp; 714 | 06/25 | &nbsp;&nbsp; 163198 | &nbsp;&nbsp; (2940)<br>|
| LME Copper Futures | &nbsp;&nbsp; 529 | 09/25 | &nbsp;&nbsp; 120515 | &nbsp;&nbsp; 2615 |
| LME Lead Futures | &nbsp;&nbsp; 118 | 05/25 | &nbsp;&nbsp; 5775 | &nbsp;&nbsp; (158)<br>|
| LME Lead Futures | &nbsp;&nbsp; 274 | 06/25 | &nbsp;&nbsp; 13420 | &nbsp;&nbsp; (9)<br>|
| LME Lead Futures | &nbsp;&nbsp; 121 | 07/25 | &nbsp;&nbsp; 5929 | &nbsp;&nbsp; (119)<br>|
| LME Lead Futures | &nbsp;&nbsp; 225 | 09/25 | &nbsp;&nbsp; 11101 | &nbsp;&nbsp; 304 |
| LME Nickel Futures | &nbsp;&nbsp; 180 | 05/25 | &nbsp;&nbsp; 16492 | &nbsp;&nbsp; (509)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 197 | 06/25 | &nbsp;&nbsp; 18128 | &nbsp;&nbsp; (553)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 178 | 07/25 | &nbsp;&nbsp; 16446 | &nbsp;&nbsp; (500)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 192 | 09/25 | &nbsp;&nbsp; 17898 | &nbsp;&nbsp; (763)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 11 | 10/25 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; (55)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 8 | 12/25 | &nbsp;&nbsp; 755 | &nbsp;&nbsp; (13)<br>|
| LME Tin Futures | &nbsp;&nbsp; 12 | 06/25 | &nbsp;&nbsp; 1876 | &nbsp;&nbsp; (374)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 542 | 05/25 | &nbsp;&nbsp; 34827 | &nbsp;&nbsp; (5998)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 597 | 06/25 | &nbsp;&nbsp; 38508 | &nbsp;&nbsp; (4513)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 453 | 07/25 | &nbsp;&nbsp; 29293 | &nbsp;&nbsp; (5874)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 376 | 09/25 | &nbsp;&nbsp; 24453 | &nbsp;&nbsp; (417)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 12 | 10/25 | &nbsp;&nbsp; 782 | &nbsp;&nbsp; (88)<br>|
| Milling Wheat Futures | &nbsp;&nbsp; 373 | 09/25 | &nbsp;&nbsp; 4358 | &nbsp;&nbsp; (139)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 430 | 05/25 | &nbsp;&nbsp; 14050 | &nbsp;&nbsp; (1858)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 1929 | 06/25 | &nbsp;&nbsp; 70119 | &nbsp;&nbsp; (1114)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 937 | 08/25 | &nbsp;&nbsp; 34838 | &nbsp;&nbsp; 368 |
| Natural Gas Futures | &nbsp;&nbsp; 332 | 09/25 | &nbsp;&nbsp; 12593 | &nbsp;&nbsp; (952)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 303 | 12/25 | &nbsp;&nbsp; 14920 | &nbsp;&nbsp; 554 |
| Nickel Futures | &nbsp;&nbsp; 77 | 05/25 | &nbsp;&nbsp; 7054 | &nbsp;&nbsp; (96)<br>|
| Nickel Futures | &nbsp;&nbsp; 80 | 06/25 | &nbsp;&nbsp; 7358 | &nbsp;&nbsp; (450)<br>|
| Nickel Futures | &nbsp;&nbsp; 175 | 07/25 | &nbsp;&nbsp; 16168 | &nbsp;&nbsp; (95)<br>|
| NY Harbor ULSD Futures | &nbsp;&nbsp; 142 | 05/25 | &nbsp;&nbsp; 11939 | &nbsp;&nbsp; (594)<br>|
| NY Harbor ULSD Futures | &nbsp;&nbsp; 64 | 06/25 | &nbsp;&nbsp; 5336 | &nbsp;&nbsp; (61)<br>|
| NY Harbor ULSD Futures | &nbsp;&nbsp; 280 | 08/25 | &nbsp;&nbsp; 23487 | &nbsp;&nbsp; (2858)<br>|
| Palladium Futures | &nbsp;&nbsp; 42 | 06/25 | &nbsp;&nbsp; 3924 | &nbsp;&nbsp; (98)<br>|
| Phelix DE Base Futures | &nbsp;&nbsp; 6 | 12/25 | &nbsp;&nbsp; 4858 | &nbsp;&nbsp; (120)<br>|
| Platinum Futures | &nbsp;&nbsp; 219 | 07/25 | &nbsp;&nbsp; 10615 | &nbsp;&nbsp; (70)<br>|
| Platinum Futures | &nbsp;&nbsp; 14 | 02/26 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 2 |
| Rapeseed Futures | &nbsp;&nbsp; 261 | 07/25 | &nbsp;&nbsp; 6830 | &nbsp;&nbsp; (208)<br>|
| RBOB Gasoline Futures | &nbsp;&nbsp; 119 | 05/25 | &nbsp;&nbsp; 10084 | &nbsp;&nbsp; (302)<br>|
| RBOB Gasoline Futures | &nbsp;&nbsp; 226 | 06/25 | &nbsp;&nbsp; 18915 | &nbsp;&nbsp; (1902)<br>|
| RBOB Gasoline Futures | &nbsp;&nbsp; 42 | 08/25 | &nbsp;&nbsp; 3390 | &nbsp;&nbsp; (191)<br>|
| Robusta Coffee 10-T Futures | &nbsp;&nbsp; 75 | 07/25 | &nbsp;&nbsp; 4027 | &nbsp;&nbsp; 22 |
| SGX Iron Futures | &nbsp;&nbsp; 867 | 06/25 | &nbsp;&nbsp; 8350 | &nbsp;&nbsp; (121)<br>|
| SGX Iron Futures | &nbsp;&nbsp; 87 | 07/25 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; (3)<br>|
| Silver Futures | &nbsp;&nbsp; 476 | 07/25 | &nbsp;&nbsp; 78131 | &nbsp;&nbsp; 868 |
| Silver Futures | &nbsp;&nbsp; 90 | 09/25 | &nbsp;&nbsp; 14906 | &nbsp;&nbsp; (266)<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** |
| **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>|
| Soybean Futures | &nbsp;&nbsp; 1063 | 07/25 | &nbsp;&nbsp; $55515 | &nbsp;&nbsp; $(322)<br>|
| Soybean Futures | &nbsp;&nbsp; 163 | 08/25 | &nbsp;&nbsp; 8462 | &nbsp;&nbsp; 269 |
| Soybean Futures | &nbsp;&nbsp; 639 | 11/25 | &nbsp;&nbsp; 32533 | &nbsp;&nbsp; (776)<br>|
| Soybean Meal Futures | &nbsp;&nbsp; 1177 | 07/25 | &nbsp;&nbsp; 35075 | &nbsp;&nbsp; (778)<br>|
| Soybean Meal Futures | &nbsp;&nbsp; 85 | 09/25 | &nbsp;&nbsp; 2559 | &nbsp;&nbsp; (66)<br>|
| Soybean Meal Futures | &nbsp;&nbsp; 100 | 12/25 | &nbsp;&nbsp; 3038 | &nbsp;&nbsp; (149)<br>|
| Soybean Oil Futures | &nbsp;&nbsp; 1887 | 07/25 | &nbsp;&nbsp; 55444 | &nbsp;&nbsp; 2316 |
| Soybean Oil Futures | &nbsp;&nbsp; 128 | 09/25 | &nbsp;&nbsp; 3745 | &nbsp;&nbsp; 83 |
| Soybean Oil Futures | &nbsp;&nbsp; 123 | 12/25 | &nbsp;&nbsp; 3582 | &nbsp;&nbsp; 402 |
| Sugar No. 11 Futures | &nbsp;&nbsp; 3872 | 06/25 | &nbsp;&nbsp; 74807 | &nbsp;&nbsp; (4136)<br>|
| Sugar No. 11 Futures | &nbsp;&nbsp; 242 | 09/25 | &nbsp;&nbsp; 4722 | &nbsp;&nbsp; (330)<br>|
| Wheat Futures | &nbsp;&nbsp; 698 | 07/25 | &nbsp;&nbsp; 18523 | &nbsp;&nbsp; (923)<br>|
| Wheat Futures | &nbsp;&nbsp; 101 | 09/25 | &nbsp;&nbsp; 2752 | &nbsp;&nbsp; (210)<br>|
| Wheat Futures | &nbsp;&nbsp; 50 | 12/25 | &nbsp;&nbsp; 1421 | &nbsp;&nbsp; (89)<br>|
| White Sugar Futures | &nbsp;&nbsp; 394 | 07/25 | &nbsp;&nbsp; 9708 | &nbsp;&nbsp; (682)<br>|
| WTI Crude Oil Futures | &nbsp;&nbsp; 218 | 05/25 | &nbsp;&nbsp; 12690 | &nbsp;&nbsp; (237)<br>|
| WTI Crude Oil Futures | &nbsp;&nbsp; 2088 | 06/25 | &nbsp;&nbsp; 120311 | &nbsp;&nbsp; (5587)<br>|
| WTI Crude Oil Futures | &nbsp;&nbsp; 290 | 08/25 | &nbsp;&nbsp; 16495 | &nbsp;&nbsp; (2367)<br>|
| Zinc Futures | &nbsp;&nbsp; 89 | 05/25 | &nbsp;&nbsp; 5712 | &nbsp;&nbsp; (646)<br>|
| Zinc Futures | &nbsp;&nbsp; 160 | 06/25 | &nbsp;&nbsp; 10320 | &nbsp;&nbsp; (1351)<br>|
| Zinc Futures | &nbsp;&nbsp; 310 | 07/25 | &nbsp;&nbsp; 20048 | &nbsp;&nbsp; (383)<br>|
| Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | &nbsp;&nbsp; $(45122)<br>|

---

&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; 257 | 05/25 | &nbsp;&nbsp; $15318 | &nbsp;&nbsp; $1670 |
| Aluminum Futures | &nbsp;&nbsp; 477 | 06/25 | &nbsp;&nbsp; 28584 | &nbsp;&nbsp; 3016 |
| Aluminum Futures | &nbsp;&nbsp; 496 | 07/25 | &nbsp;&nbsp; 29738 | &nbsp;&nbsp; 101 |
| Cocoa Futures | &nbsp;&nbsp; 36 | 07/25 | &nbsp;&nbsp; 3102 | &nbsp;&nbsp; (75)<br>|
| Cocoa Futures | &nbsp;&nbsp; 2 | 09/25 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; (8)<br>|
| Copper Futures | &nbsp;&nbsp; 254 | 05/25 | &nbsp;&nbsp; 58016 | &nbsp;&nbsp; 1771 |
| Copper Futures | &nbsp;&nbsp; 102 | 06/25 | &nbsp;&nbsp; 23305 | &nbsp;&nbsp; 1475 |
| Copper Futures | &nbsp;&nbsp; 219 | 07/25 | &nbsp;&nbsp; 49995 | &nbsp;&nbsp; (331)<br>|
| Corn Futures | &nbsp;&nbsp; 49 | 07/25 | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; (10)<br>|
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 9 | 06/25 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 16 |
| Gold 100 OZ Futures | &nbsp;&nbsp; 5 | 08/25 | &nbsp;&nbsp; 1674 | &nbsp;&nbsp; (11)<br>|
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 59 | 07/25 | &nbsp;&nbsp; 1562 | &nbsp;&nbsp; 114 |
| Lead Futures | &nbsp;&nbsp; 80 | 05/25 | &nbsp;&nbsp; 3910 | &nbsp;&nbsp; 62 |
| Lead Futures | &nbsp;&nbsp; 28 | 06/25 | &nbsp;&nbsp; 1371 | &nbsp;&nbsp; 48 |
| Lead Futures | &nbsp;&nbsp; 240 | 07/25 | &nbsp;&nbsp; 11751 | &nbsp;&nbsp; (174)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 1210 | 05/25 | &nbsp;&nbsp; 72213 | &nbsp;&nbsp; 3159 |
| LME Aluminum Futures | &nbsp;&nbsp; 1319 | 06/25 | &nbsp;&nbsp; 79129 | &nbsp;&nbsp; 3865 |
| LME Aluminum Futures | &nbsp;&nbsp; 212 | 07/25 | &nbsp;&nbsp; 12713 | &nbsp;&nbsp; 1353 |
| LME Aluminum Futures | &nbsp;&nbsp; 108 | 09/25 | &nbsp;&nbsp; 6501 | &nbsp;&nbsp; 17 |
| LME Copper Futures | &nbsp;&nbsp; 145 | 05/25 | &nbsp;&nbsp; 33140 | &nbsp;&nbsp; 949 |

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** |
| **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** |
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Current**<br> **Notional**<br> **Value**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **(000s)**<br>|
| LME Copper Futures | &nbsp;&nbsp; 698 | 06/25 | &nbsp;&nbsp; $159541 | &nbsp;&nbsp; $(4731)<br>|
| LME Copper Futures | &nbsp;&nbsp; 32 | 09/25 | &nbsp;&nbsp; 7290 | &nbsp;&nbsp; 52 |
| LME Lead Futures | &nbsp;&nbsp; 118 | 05/25 | &nbsp;&nbsp; 5775 | &nbsp;&nbsp; 93 |
| LME Lead Futures | &nbsp;&nbsp; 274 | 06/25 | &nbsp;&nbsp; 13420 | &nbsp;&nbsp; (257)<br>|
| LME Lead Futures | &nbsp;&nbsp; 14 | 09/25 | &nbsp;&nbsp; 691 | &nbsp;&nbsp; (8)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 180 | 05/25 | &nbsp;&nbsp; 16492 | &nbsp;&nbsp; 588 |
| LME Nickel Futures | &nbsp;&nbsp; 189 | 06/25 | &nbsp;&nbsp; 17392 | &nbsp;&nbsp; 321 |
| LME Nickel Futures | &nbsp;&nbsp; 142 | 07/25 | &nbsp;&nbsp; 13120 | &nbsp;&nbsp; 303 |
| LME Nickel Futures | &nbsp;&nbsp; 66 | 09/25 | &nbsp;&nbsp; 6153 | &nbsp;&nbsp; 379 |
| LME Nickel Futures | &nbsp;&nbsp; 11 | 10/25 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 27 |
| LME Zinc Futures | &nbsp;&nbsp; 542 | 05/25 | &nbsp;&nbsp; 34827 | &nbsp;&nbsp; 6398 |
| LME Zinc Futures | &nbsp;&nbsp; 564 | 06/25 | &nbsp;&nbsp; 36380 | &nbsp;&nbsp; 1264 |
| LME Zinc Futures | &nbsp;&nbsp; 350 | 07/25 | &nbsp;&nbsp; 22632 | &nbsp;&nbsp; 2289 |
| LME Zinc Futures | &nbsp;&nbsp; 162 | 09/25 | &nbsp;&nbsp; 10535 | &nbsp;&nbsp; 184 |
| LME Zinc Futures | &nbsp;&nbsp; 12 | 10/25 | &nbsp;&nbsp; 782 | &nbsp;&nbsp; 100 |
| Natural Gas Futures | &nbsp;&nbsp; 289 | 08/25 | &nbsp;&nbsp; 10745 | &nbsp;&nbsp; 3012 |
| Natural Gas Futures | &nbsp;&nbsp; 332 | 12/25 | &nbsp;&nbsp; 16348 | &nbsp;&nbsp; 487 |
| Nickel Futures | &nbsp;&nbsp; 77 | 05/25 | &nbsp;&nbsp; 7054 | &nbsp;&nbsp; 93 |
| Nickel Futures | &nbsp;&nbsp; 80 | 06/25 | &nbsp;&nbsp; 7359 | &nbsp;&nbsp; 451 |
| Nickel Futures | &nbsp;&nbsp; 175 | 07/25 | &nbsp;&nbsp; 16168 | &nbsp;&nbsp; 129 |
| NY Harbor ULSD Futures | &nbsp;&nbsp; 5 | 05/25 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; (6)<br>|
| NY Harbor ULSD Futures | &nbsp;&nbsp; 96 | 06/25 | &nbsp;&nbsp; 8004 | &nbsp;&nbsp; 329 |
| Phelix DE Base Futures | &nbsp;&nbsp; 3 | 12/25 | &nbsp;&nbsp; 2429 | &nbsp;&nbsp; (15)<br>|
| Platinum Futures | &nbsp;&nbsp; 27 | 04/26 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; (1)<br>|
| RBOB Gasoline Futures | &nbsp;&nbsp; 218 | 06/25 | &nbsp;&nbsp; 18245 | &nbsp;&nbsp; 156 |
| Wheat Futures | &nbsp;&nbsp; 13 | 12/25 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 4 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 147 | 06/25 | &nbsp;&nbsp; 8470 | &nbsp;&nbsp; 613 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 173 | 08/25 | &nbsp;&nbsp; 9840 | &nbsp;&nbsp; 1314 |
| Zinc Futures | &nbsp;&nbsp; 89 | 05/25 | &nbsp;&nbsp; 5713 | &nbsp;&nbsp; 640 |
| Zinc Futures | &nbsp;&nbsp; 160 | 06/25 | &nbsp;&nbsp; 10320 | &nbsp;&nbsp; 1337 |
| Zinc Futures | &nbsp;&nbsp; 310 | 07/25 | &nbsp;&nbsp; 20048 | &nbsp;&nbsp; 373 |
| Total Short Futures Contracts | Total Short Futures Contracts | Total Short Futures Contracts | Total Short Futures Contracts | &nbsp;&nbsp; $32925 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $(12197)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** |
| **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 | $55.00 | 05/15/2025 | 408 | $23750 | $258 | $612 |

---

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

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 0.141% | Pay<br> Macquarie MQCP338E Index<sup>5</sup> <br>| 05/30/2025 | Monthly | $544846 | $— | $— | $— |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** |
| **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>|
| Citigroup Global Markets | 0.110% | Pay<br> Bloomberg Commodity 3-Month <br> Forward Total Return Index <sup>6</sup> <br>| 10/31/2025 | Monthly | $160868 | $— | $— | $— |
| Citigroup Global Markets | 0.240% | Pay<br> FTSE/Core Commodity CRB <br> 3-Month Forward Total Return <br> Index <sup>7</sup> <br>| 02/27/2026 | Monthly | 26128 |  |  |  |
| RBC Dominion Securities | 0.120% | Pay<br> Bloomberg Commodity 3-Month <br> Forward Total Return Index <sup>6</sup> <br>| 10/31/2025 | Monthly | 176517 |  |  |  |
| RBC Dominion Securities | 0.290% | Pay<br> FTSE/Core Commodity CRB <br> 3-Month Forward Total Return <br> Index <sup>7</sup> <br>| 02/27/2026 | Monthly | 27183 |  |  |  |
| 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 | $— | $— | $— |

---

**FAIR VALUE MEASUREMENTS**

As of April 30, 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.

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | |
|:---|:---|
| † | Coupon represents yield to maturity |
| 1 | Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 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 April 30, 2025, the aggregate value of these securities was $18,663 or 1% of net assets.<br>|
| 4 | As of April 30, 2025, all or a portion of this security was restricted as collateral for futures contracts or OTC swaps. The restricted securities <br> had an aggregate value of $78,705.<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 April 30, 2025.<br>|

---

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

---

| | |
|:---|:---|
| **Commodity** | **Weight** |
| Gold | 35.9% |
| RBOB Gasoline | 10.3 |
| GasOil | 8.8 |
| Natural Gas (United States) | 6.2 |
| KC Wheat | 5.7 |
| Heating Oil | 5.6 |
| Wheat | 3.8 |
| Corn | 3.6 |
| Sugar | 3.0 |
| Coffee | 2.3 |
| Lean Hogs | 2.1 |
| Soybean Oil | 2.1 |
| Silver | 2.0 |
| Cotton | 1.9 |
| Nickel | 1.9 |
| Zinc | 1.8 |
| Soybeans | 1.4 |
| Cocoa | 1.2 |
| Brent Crude Oil | 0.2 |
| Copper | 0.1 |
| Soymeal | 0.1 |

---

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

6 The index is comprised of publicly traded futures contracts on physical commodities. The table below represents the reference index components as of April 30, 2025.

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

---

| | |
|:---|:---|
| **Commodity** | **Weight** |
| Gold | 17.7% |
| Natural Gas | 9.3 |
| Brent Crude Oil | 6.1 |
| Soybeans | 5.9 |
| Copper | 5.8 |
| Corn | 5.2 |
| Crude Oil | 5.2 |
| Silver | 4.7 |
| Aluminum | 3.9 |
| Soybean Oil | 3.8 |
| Coffee | 3.6 |
| Live Cattle | 3.6 |
| Soybean Meal | 3.4 |
| Wheat | 2.8 |
| Sugar | 2.6 |
| Gasoline | 2.4 |
| Nickel | 2.4 |
| RBOB Gasoline | 2.0 |
| Zinc | 2.0 |
| Heating Oil | 1.8 |
| KC Wheat | 1.7 |
| Lean Hogs | 1.7 |
| Cotton | 1.5 |
| Lead | 0.9 |

---

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

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

7 The index is comprised of publicly traded futures contracts on physical commodities. The table below represents the reference index components as of April 30, 2025.

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

---

| | |
|:---|:---|
| **Commodity** | **Weight** |
| Crude Oil | 21.8% |
| Gold | 6.5 |
| Copper | 6.4 |
| Live Cattle | 6.2 |
| Soybeans | 6.0 |
| Aluminum | 5.9 |
| Corn | 5.8 |
| Natural Gas | 5.8 |
| Coffee | 5.7 |
| Cocoa | 5.5 |
| RBOB Gasoline | 4.9 |
| Cotton | 4.8 |
| Heating Oil | 4.8 |
| Sugar | 4.6 |
| Lean Hogs | 1.1 |
| Nickel | 1.1 |
| Orange Juice | 1.1 |
| Silver | 1.1 |
| Wheat | 0.9 |

---

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

MTN Medium Term Note

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

------

⬤

------

**Embark Small Cap Equity Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.3%** | **AEROSPACE & DEFENSE—1.3%** | **AEROSPACE & DEFENSE—1.3%** |
| 135215 | Archer Aviation, Inc. Class A<sup>\*</sup> | $1126 |
| 107604 | BWX Technologies, Inc.  | 11742 |
| 26753 | Hexcel Corp.  | 1297 |
| 7208 | Huntington Ingalls Industries, Inc.  | 1660 |
| 118546 | Redwire Corp. <sup>\*</sup> | 1278 |
| 116670 | Rocket Lab USA, Inc. <sup>\*</sup> | 2542 |
|  |  | 19645 |
| **AIR FREIGHT & LOGISTICS—0.1%** | **AIR FREIGHT & LOGISTICS—0.1%** | **AIR FREIGHT & LOGISTICS—0.1%** |
| 60150 | GXO Logistics, Inc. <sup>\*</sup> | 2180 |
| **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** |
| 347988 | Adient PLC <sup>\*</sup> | 4402 |
| 40037 | Lear Corp.  | 3433 |
| 169789 | Modine Manufacturing Co. <sup>\*</sup> | 13862 |
|  |  | 21697 |
| **BANKS—4.8%** | **BANKS—4.8%** | **BANKS—4.8%** |
| 28755 | Ameris Bancorp  | 1685 |
| 103325 | Associated Banc-Corp.  | 2279 |
| 114876 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 4616 |
| 31152 | East West Bancorp, Inc.  | 2665 |
| 5804 | First Citizens BancShares, Inc. Class A | 10326 |
| 531332 | First Hawaiian, Inc.  | 12146 |
| 358169 | First Interstate BancSystem, Inc. Class A | 9382 |
| 73690 | Home BancShares, Inc.  | 2045 |
| 68693 | International Bancshares Corp.  | 4193 |
| 82555 | Popular, Inc. (Puerto Rico) | 7877 |
| 26281 | Prosperity Bancshares, Inc.  | 1785 |
| 107673 | Synovus Financial Corp.  | 4664 |
| 11873 | WaFd, Inc.  | 339 |
| 100357 | Wintrust Financial Corp.  | 11157 |
|  |  | 75159 |
| **BIOTECHNOLOGY—4.2%** | **BIOTECHNOLOGY—4.2%** | **BIOTECHNOLOGY—4.2%** |
| 287777 | 89bio, Inc. <sup>\*</sup> | 2308 |
| 86353 | Ascendis Pharma AS ADR (Denmark)<sup>\*,1</sup> | 14718 |
| 149250 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 1278 |
| 52138 | Cytokinetics, Inc. <sup>\*</sup> | 2234 |
| 49052 | Exact Sciences Corp. <sup>\*</sup> | 2239 |
| 74653 | Insmed, Inc. <sup>\*</sup> | 5375 |
| 41213 | Kiniksa Pharmaceuticals International PLC <sup>\*</sup> | 1111 |
| 39721 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 1388 |
| 62456 | Merus NV (Netherlands)<sup>\*</sup> | 2842 |
| 1036722 | MiMedx Group, Inc. <sup>\*</sup> | 7133 |
| 101849 | MoonLake Immunotherapeutics <sup>\*</sup> | 4286 |
| 5865 | Natera, Inc. <sup>\*</sup> | 885 |
| 59152 | Revolution Medicines, Inc. <sup>\*</sup> | 2389 |
| 46346 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 3021 |
| 182482 | Rocket Pharmaceuticals, Inc. <sup>\*</sup> | 1392 |
| 49218 | Soleno Therapeutics, Inc. <sup>\*</sup> | 3684 |
| 92975 | Vaxcyte, Inc. <sup>\*</sup> | 3332 |
| 110618 | Viking Therapeutics, Inc. <sup>\*</sup> | 3194 |
| 61050 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 2332 |
|  |  | 65141 |
| **BROADLINE RETAIL—0.1%** | **BROADLINE RETAIL—0.1%** | **BROADLINE RETAIL—0.1%** |
| 46991 | Etsy, Inc. <sup>\*</sup> | 2043 |
| **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** |
| 5357 | Carlisle Cos., Inc.  | 2033 |
| 30642 | CSW Industrials, Inc.  | 9575 |
| 13798 | UFP Industries, Inc.  | 1364 |
|  |  | 12972 |
| **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** |
| 257734 | Artisan Partners Asset Management, Inc. Class A | 9531 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| 23671 | Cohen & Steers, Inc.  | $1806 |
| 80040 | Donnelley Financial Solutions, Inc. <sup>\*</sup> | 3858 |
| 3347 | Evercore, Inc. Class A | 687 |
| 3624 | FactSet Research Systems, Inc.  | 1566 |
| 16827 | Hamilton Lane, Inc. Class A | 2600 |
| 23854 | Houlihan Lokey, Inc.  | 3866 |
| 5957 | Morningstar, Inc.  | 1696 |
| 33364 | Perella Weinberg Partners  | 573 |
| 58755 | Stifel Financial Corp.  | 5035 |
| 372854 | StoneX Group, Inc. <sup>\*</sup> | 33022 |
| 177922 | SuRo Capital Corp. <sup>\*</sup> | 822 |
|  |  | 65062 |
| **CHEMICALS—3.1%** | **CHEMICALS—3.1%** | **CHEMICALS—3.1%** |
| 162664 | Ashland, Inc.  | 8847 |
| 106938 | Avient Corp.  | 3562 |
| 328455 | Axalta Coating Systems Ltd. <sup>\*</sup> | 10675 |
| 19467 | Cabot Corp.  | 1529 |
| 2270372 | Ecovyst, Inc. <sup>\*</sup> | 13577 |
| 144796 | Element Solutions, Inc.  | 2955 |
| 248846 | Olin Corp.  | 5380 |
| 11620 | Quaker Chemical Corp.  | 1231 |
|  |  | 47756 |
| **COMMERCIAL SERVICES & SUPPLIES—1.8%** | **COMMERCIAL SERVICES & SUPPLIES—1.8%** | **COMMERCIAL SERVICES & SUPPLIES—1.8%** |
| 117936 | ACV Auctions, Inc. Class A<sup>\*</sup> | 1732 |
| 663573 | BrightView Holdings, Inc. <sup>\*</sup> | 9104 |
| 27797 | Brink's Co.  | 2481 |
| 66681 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 7832 |
| 64087 | CECO Environmental Corp. <sup>\*</sup> | 1525 |
| 42672 | GFL Environmental, Inc.  | 2129 |
| 24081 | MillerKnoll, Inc.  | 395 |
| 94796 | Quad/Graphics, Inc.  | 452 |
| 49341 | Tetra Tech, Inc.  | 1539 |
| 9125 | UniFirst Corp.  | 1629 |
|  |  | 28818 |
| **COMMUNICATIONS EQUIPMENT—1.2%** | **COMMUNICATIONS EQUIPMENT—1.2%** | **COMMUNICATIONS EQUIPMENT—1.2%** |
| 69091 | F5, Inc. <sup>\*</sup> | 18291 |
| **CONSTRUCTION & ENGINEERING—3.3%** | **CONSTRUCTION & ENGINEERING—3.3%** | **CONSTRUCTION & ENGINEERING—3.3%** |
| 281337 | Ameresco, Inc. Class A<sup>\*</sup> | 2991 |
| 203599 | Arcosa, Inc.  | 16302 |
| 46096 | Comfort Systems USA, Inc.  | 18325 |
| 225617 | Fluor Corp. <sup>\*</sup> | 7872 |
| 25478 | Primoris Services Corp.  | 1528 |
| 6230 | Valmont Industries, Inc.  | 1827 |
| 96313 | WillScot Holdings Corp.  | 2419 |
|  |  | 51264 |
| **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** |
| 41295 | Knife River Corp. <sup>\*</sup> | 3856 |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| 196667 | SLM Corp.  | 5686 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.6%** |
| 4788 | Casey's General Stores, Inc.  | 2215 |
| 88365 | Maplebear, Inc. <sup>\*</sup> | 3525 |
| 108736 | PriceSmart, Inc.  | 11035 |
| 138987 | Sprouts Farmers Market, Inc. <sup>\*</sup> | 23767 |
|  |  | 40542 |
| **CONTAINERS & PACKAGING—0.4%** | **CONTAINERS & PACKAGING—0.4%** | **CONTAINERS & PACKAGING—0.4%** |
| 269307 | Graphic Packaging Holding Co.  | 6816 |

---

------

⬤

------

**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** |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 5374 | Pool Corp.  | $1575 |
| **DIVERSIFIED CONSUMER SERVICES—2.7%** | **DIVERSIFIED CONSUMER SERVICES—2.7%** | **DIVERSIFIED CONSUMER SERVICES—2.7%** |
| 206852 | Frontdoor, Inc. <sup>\*</sup> | 8504 |
| 35692 | Grand Canyon Education, Inc. <sup>\*</sup> | 6366 |
| 880443 | Laureate Education, Inc. <sup>\*</sup> | 17670 |
| 349983 | Universal Technical Institute, Inc. <sup>\*</sup> | 9821 |
|  |  | 42361 |
| **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** |
| 98842 | OGE Energy Corp.  | 4485 |
| **ELECTRICAL EQUIPMENT—1.6%** | **ELECTRICAL EQUIPMENT—1.6%** | **ELECTRICAL EQUIPMENT—1.6%** |
| 201395 | NEXTracker, Inc. Class A<sup>\*</sup> | 8179 |
| 33690 | nVent Electric PLC  | 1850 |
| 26385 | Powell Industries, Inc.  | 4832 |
| 27469 | Regal Rexnord Corp.  | 2907 |
| 329732 | Sensata Technologies Holding PLC  | 7056 |
|  |  | 24824 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.0%** |
| 19339 | Arrow Electronics, Inc. <sup>\*</sup> | 2153 |
| 212910 | Avnet, Inc.  | 10005 |
| 21073 | Badger Meter, Inc.  | 4653 |
| 45562 | Celestica, Inc. (Canada)<sup>\*</sup> | 3889 |
| 43145 | Cognex Corp.  | 1178 |
| 13329 | Fabrinet (Thailand)<sup>\*</sup> | 2733 |
| 9597 | Littelfuse, Inc.  | 1750 |
| 77248 | PAR Technology Corp. <sup>\*</sup> | 4511 |
|  |  | 30872 |
| **ENERGY EQUIPMENT & SERVICES—2.3%** | **ENERGY EQUIPMENT & SERVICES—2.3%** | **ENERGY EQUIPMENT & SERVICES—2.3%** |
| 75541 | Atlas Energy Solutions, Inc.  | 1022 |
| 148469 | ChampionX Corp.  | 3582 |
| 112163 | Expro Group Holdings NV <sup>\*</sup> | 928 |
| 784949 | NOV, Inc.  | 9113 |
| 879794 | NPK International, Inc. <sup>\*</sup> | 5085 |
| 1057110 | Select Water Solutions, Inc.  | 9007 |
| 179773 | Tidewater, Inc. <sup>\*</sup> | 6506 |
|  |  | 35243 |
| **ENTERTAINMENT—2.1%** | **ENTERTAINMENT—2.1%** | **ENTERTAINMENT—2.1%** |
| 225460 | Atlanta Braves Holdings, Inc. Class C<sup>\*</sup> | 8987 |
| 1018634 | Lions Gate Entertainment Corp. Class A<sup>\*</sup> | 9045 |
| 320827 | Lionsgate Studios Corp. (Canada)<sup>\*</sup> | 2345 |
| 48029 | Madison Square Garden Sports Corp. <sup>\*</sup> | 9249 |
| 1056783 | Vivid Seats, Inc. Class A<sup>\*</sup> | 2970 |
|  |  | 32596 |
| **FINANCIAL SERVICES—1.8%** | **FINANCIAL SERVICES—1.8%** | **FINANCIAL SERVICES—1.8%** |
| 89632 | Euronet Worldwide, Inc. <sup>\*</sup> | 8882 |
| 30668 | HA Sustainable Infrastructure Capital, Inc.  | 766 |
| 11487 | Jack Henry & Associates, Inc.  | 1992 |
| 147102 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 12033 |
| 34338 | WEX, Inc. <sup>\*</sup> | 4477 |
|  |  | 28150 |
| **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** |
| 31080 | Ingredion, Inc.  | 4128 |
| 2217944 | SunOpta, Inc. (Canada)<sup>\*</sup> | 9582 |
| 44895 | Vital Farms, Inc. <sup>\*</sup> | 1537 |
|  |  | 15247 |
| **GAS UTILITIES—0.2%** | **GAS UTILITIES—0.2%** | **GAS UTILITIES—0.2%** |
| 49516 | Brookfield Infrastructure Corp. Class A (Canada) | 1854 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GAS UTILITIES—Continued** | **GAS UTILITIES—Continued** | **GAS UTILITIES—Continued** |
| 15371 | Chesapeake Utilities Corp.  | $2024 |
|  |  | 3878 |
| **GROUND TRANSPORTATION—1.5%** | **GROUND TRANSPORTATION—1.5%** | **GROUND TRANSPORTATION—1.5%** |
| 43576 | Landstar System, Inc.  | 5846 |
| 10815 | Saia, Inc. <sup>\*</sup> | 2639 |
| 262903 | U-Haul Holding Co.  | 14407 |
|  |  | 22892 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.6%** |
| 39401 | Glaukos Corp. <sup>\*</sup> | 3713 |
| 52527 | iRhythm Technologies, Inc. <sup>\*</sup> | 5615 |
| 141989 | Lantheus Holdings, Inc. <sup>\*</sup> | 14815 |
| 22370 | LeMaitre Vascular, Inc.  | 2030 |
| 86170 | LivaNova PLC <sup>\*</sup> | 3188 |
| 1357768 | Neogen Corp. <sup>\*</sup> | 6857 |
| 174624 | OrthoPediatrics Corp. <sup>\*</sup> | 3636 |
| 275141 | Owlet, Inc. <sup>\*</sup> | 1150 |
| 14650 | PROCEPT BioRobotics Corp. <sup>\*</sup> | 791 |
| 577678 | SI-BONE, Inc. <sup>\*</sup> | 7885 |
| 60977 | Solventum Corp. <sup>\*</sup> | 4032 |
| 8889 | STERIS PLC  | 1998 |
|  |  | 55710 |
| **HEALTH CARE PROVIDERS & SERVICES—3.9%** | **HEALTH CARE PROVIDERS & SERVICES—3.9%** | **HEALTH CARE PROVIDERS & SERVICES—3.9%** |
| 623571 | AdaptHealth Corp. <sup>\*</sup> | 5307 |
| 67412 | Addus HomeCare Corp. <sup>\*</sup> | 7048 |
| 3387 | Chemed Corp.  | 1969 |
| 1381953 | DocGo, Inc. <sup>\*</sup> | 3082 |
| 64380 | Encompass Health Corp.  | 7532 |
| 16566 | Ensign Group, Inc.  | 2137 |
| 27094 | GeneDx Holdings Corp. <sup>\*</sup> | 1811 |
| 40535 | HealthEquity, Inc. <sup>\*</sup> | 3475 |
| 94007 | Option Care Health, Inc. <sup>\*</sup> | 3037 |
| 10825 | Quest Diagnostics, Inc.  | 1929 |
| 429667 | RadNet, Inc. <sup>\*</sup> | 22506 |
| 22044 | U.S. Physical Therapy, Inc.  | 1567 |
|  |  | 61400 |
| **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** |
| 431372 | Sila Realty Trust, Inc.  | 11112 |
| **HEALTH CARE TECHNOLOGY—0.7%** | **HEALTH CARE TECHNOLOGY—0.7%** | **HEALTH CARE TECHNOLOGY—0.7%** |
| 335697 | HealthStream, Inc.  | 11289 |
| **HOTEL & RESORT REITS—0.4%** | **HOTEL & RESORT REITS—0.4%** | **HOTEL & RESORT REITS—0.4%** |
| 74870 | Ryman Hospitality Properties, Inc.  | 6585 |
| **HOTELS, RESTAURANTS & LEISURE—2.6%** | **HOTELS, RESTAURANTS & LEISURE—2.6%** | **HOTELS, RESTAURANTS & LEISURE—2.6%** |
| 45507 | Brinker International, Inc. <sup>\*</sup> | 6111 |
| 14494 | Churchill Downs, Inc.  | 1310 |
| 4292 | Domino's Pizza, Inc.  | 2105 |
| 174592 | Genius Sports Ltd. (United Kingdom)<sup>\*</sup> | 1884 |
| 70949 | International Game Technology PLC  | 1163 |
| 93297 | Marriott Vacations Worldwide Corp.  | 5114 |
| 368113 | Norwegian Cruise Line Holdings Ltd. <sup>\*</sup> | 5901 |
| 486721 | Penn Entertainment, Inc. <sup>\*</sup> | 7408 |
| 171188 | Sweetgreen, Inc. Class A<sup>\*</sup> | 3335 |
| 20642 | Texas Roadhouse, Inc.  | 3426 |
| 36754 | Travel & Leisure Co.  | 1615 |
| 6594 | Wingstop, Inc.  | 1740 |
|  |  | 41112 |
| **HOUSEHOLD DURABLES—2.8%** | **HOUSEHOLD DURABLES—2.8%** | **HOUSEHOLD DURABLES—2.8%** |
| 23833 | Cavco Industries, Inc. <sup>\*</sup> | 11770 |
| 109746 | Champion Homes, Inc. <sup>\*</sup> | 9493 |
| 228114 | Green Brick Partners, Inc. <sup>\*</sup> | 13456 |

---

------

⬤

------

**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** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 103029 | SharkNinja, Inc. <sup>\*</sup> | $8294 |
|  |  | 43013 |
| **INDUSTRIAL REITS—0.1%** | **INDUSTRIAL REITS—0.1%** | **INDUSTRIAL REITS—0.1%** |
| 31978 | Terreno Realty Corp.  | 1801 |
| **INSURANCE—3.7%** | **INSURANCE—3.7%** | **INSURANCE—3.7%** |
| 103505 | Assured Guaranty Ltd.  | 9081 |
| 83500 | Baldwin Insurance Group, Inc. <sup>\*</sup> | 3475 |
| 7580 | Enstar Group Ltd. <sup>\*</sup> | 2535 |
| 104490 | First American Financial Corp.  | 6354 |
| 28696 | Global Indemnity Group LLC Class A | 828 |
| 65890 | Horace Mann Educators Corp.  | 2737 |
| 85534 | Kemper Corp.  | 5057 |
| 5150 | Kinsale Capital Group, Inc.  | 2242 |
| 31852 | Palomar Holdings, Inc. <sup>\*</sup> | 4619 |
| 16760 | Primerica, Inc.  | 4392 |
| 442599 | SiriusPoint Ltd. (Sweden)<sup>\*</sup> | 7436 |
| 80375 | Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | 4267 |
| 2983 | White Mountains Insurance Group Ltd.  | 5272 |
|  |  | 58295 |
| **IT SERVICES—1.4%** | **IT SERVICES—1.4%** | **IT SERVICES—1.4%** |
| 118705 | ASGN, Inc. <sup>\*</sup> | 5980 |
| 264199 | Hackett Group, Inc.  | 6748 |
| 100501 | Kyndryl Holdings, Inc. <sup>\*</sup> | 3258 |
| 32530 | Wix.com Ltd. (Israel)<sup>\*</sup> | 5517 |
|  |  | 21503 |
| **LEISURE PRODUCTS—0.7%** | **LEISURE PRODUCTS—0.7%** | **LEISURE PRODUCTS—0.7%** |
| 20956 | Brunswick Corp.  | 965 |
| 949079 | Topgolf Callaway Brands Corp. <sup>\*</sup> | 6274 |
| 152511 | YETI Holdings, Inc. <sup>\*</sup> | 4354 |
|  |  | 11593 |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| 9335 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 2278 |
| **MACHINERY—3.9%** | **MACHINERY—3.9%** | **MACHINERY—3.9%** |
| 48345 | Alamo Group, Inc.  | 8073 |
| 40015 | Atmus Filtration Technologies, Inc.  | 1387 |
| 17612 | Chart Industries, Inc. <sup>\*</sup> | 2377 |
| 368376 | Douglas Dynamics, Inc.  | 8834 |
| 40838 | Greenbrier Cos., Inc.  | 1732 |
| 1992980 | Hillman Solutions Corp. <sup>\*</sup> | 13931 |
| 46421 | ITT, Inc.  | 6361 |
| 35673 | Miller Industries, Inc.  | 1456 |
| 182999 | Mueller Water Products, Inc. Class A | 4802 |
| 6767 | Nordson Corp.  | 1283 |
| 9586 | SPX Technologies, Inc. <sup>\*</sup> | 1286 |
| 11970 | Standex International Corp.  | 1693 |
| 21368 | Stanley Black & Decker, Inc.  | 1282 |
| 88317 | Timken Co.  | 5674 |
|  |  | 60171 |
| **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** |
| 538273 | Global Ship Lease, Inc. Class A (United Kingdom) | 11584 |
| **MEDIA—1.6%** | **MEDIA—1.6%** | **MEDIA—1.6%** |
| 755921 | Magnite, Inc. <sup>\*</sup> | 8988 |
| 455172 | National CineMedia, Inc. <sup>\*</sup> | 2608 |
| 24430 | New York Times Co. Class A | 1272 |
| 10780 | Nexstar Media Group, Inc.  | 1613 |
| 1643091 | Stagwell, Inc. <sup>\*</sup> | 9169 |
| 262493 | TechTarget, Inc. <sup>\*</sup> | 2092 |
|  |  | 25742 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **METALS & MINING—0.8%** | **METALS & MINING—0.8%** | **METALS & MINING—0.8%** |
| 47143 | Carpenter Technology Corp.  | $9222 |
| 8209 | Reliance, Inc.  | 2366 |
| 7944 | Royal Gold, Inc.  | 1451 |
|  |  | 13039 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.4%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.4%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.4%** |
| 498780 | Ellington Financial, Inc.  | 6499 |
| **MULTI-UTILITIES—0.3%** | **MULTI-UTILITIES—0.3%** | **MULTI-UTILITIES—0.3%** |
| 70552 | Avista Corp.  | 2926 |
| 21672 | Black Hills Corp.  | 1320 |
|  |  | 4246 |
| **OIL, GAS & CONSUMABLE FUELS—2.2%** | **OIL, GAS & CONSUMABLE FUELS—2.2%** | **OIL, GAS & CONSUMABLE FUELS—2.2%** |
| 150889 | APA Corp.  | 2345 |
| 524972 | Baytex Energy Corp. (Canada) | 809 |
| 156621 | Civitas Resources, Inc.  | 4268 |
| 46379 | Crescent Energy Co. Class A | 384 |
| 1359916 | Kosmos Energy Ltd. (Ghana)<sup>\*</sup> | 2094 |
| 37611 | Matador Resources Co.  | 1487 |
| 137128 | Murphy Oil Corp.  | 2815 |
| 163632 | Northern Oil & Gas, Inc.  | 3976 |
| 518526 | Par Pacific Holdings, Inc. <sup>\*</sup> | 7425 |
| 205813 | Uranium Energy Corp. <sup>\*</sup> | 1081 |
| 387776 | Vitesse Energy, Inc.  | 7930 |
|  |  | 34614 |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| 88708 | elf Beauty, Inc. <sup>\*</sup> | 5488 |
| 46846 | Herbalife Ltd. <sup>\*</sup> | 337 |
| 20514 | Oddity Tech Ltd. Class A (Israel)<sup>\*</sup> | 1261 |
|  |  | 7086 |
| **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** |
| 978636 | Elanco Animal Health, Inc. <sup>\*</sup> | 9278 |
| 50406 | LENZ Therapeutics, Inc. <sup>\*</sup> | 1437 |
| 57586 | Perrigo Co. PLC  | 1481 |
| 180222 | SIGA Technologies, Inc.  | 995 |
|  |  | 13191 |
| **PROFESSIONAL SERVICES—3.4%** | **PROFESSIONAL SERVICES—3.4%** | **PROFESSIONAL SERVICES—3.4%** |
| 15197 | Booz Allen Hamilton Holding Corp.  | 1824 |
| 2371 | Broadridge Financial Solutions, Inc.  | 575 |
| 34100 | Concentrix Corp.  | 1741 |
| 253645 | Franklin Covey Co. <sup>\*</sup> | 5152 |
| 123999 | Insperity, Inc.  | 8061 |
| 648608 | Legalzoom.com, Inc. <sup>\*</sup> | 4748 |
| 61731 | ManpowerGroup, Inc.  | 2659 |
| 81335 | Maximus, Inc.  | 5446 |
| 689696 | Spire Global, Inc. <sup>\*</sup> | 6476 |
| 18412 | TransUnion  | 1528 |
| 637347 | Verra Mobility Corp. <sup>\*</sup> | 13894 |
| 8649 | WNS Holdings Ltd. (India)<sup>\*</sup> | 523 |
|  |  | 52627 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4%** |
| 9588 | FirstService Corp. (Canada) | 1683 |
| 33880 | Jones Lang LaSalle, Inc. <sup>\*</sup> | 7705 |
| 776225 | Kennedy-Wilson Holdings, Inc.  | 4968 |
| 183335 | Marcus & Millichap, Inc.  | 5573 |
| 189719 | Real Brokerage, Inc. (Canada)<sup>\*</sup> | 837 |
| 43771 | RMR Group, Inc. Class A | 642 |
| 312204 | Seritage Growth Properties Class A<sup>\*</sup> | 924 |
|  |  | 22332 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1%** |
| 128806 | Axcelis Technologies, Inc. <sup>\*</sup> | 6309 |

---

------

⬤

------

**Embark Small Cap Equity Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** |
| 43962 | Credo Technology Group Holding Ltd. <sup>\*</sup> | $1893 |
| 162139 | FormFactor, Inc. <sup>\*</sup> | 4563 |
| 4488473 | indie Semiconductor, Inc. Class A (China)<sup>\*</sup> | 8932 |
| 38346 | Kulicke & Soffa Industries, Inc. (Singapore) | 1236 |
| 119780 | MKS Instruments, Inc.  | 8401 |
| 17959 | Onto Innovation, Inc. <sup>\*</sup> | 2190 |
| 34741 | Power Integrations, Inc.  | 1706 |
| 64934 | Rambus, Inc. <sup>\*</sup> | 3168 |
| 318025 | Semtech Corp. <sup>\*</sup> | 9938 |
| 112349 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>1</sup> | 5561 |
| 417211 | Ultra Clean Holdings, Inc. <sup>\*</sup> | 7804 |
| 12135 | Universal Display Corp.  | 1525 |
|  |  | 63226 |
| **SOFTWARE—6.4%** | **SOFTWARE—6.4%** | **SOFTWARE—6.4%** |
| 830725 | A10 Networks, Inc.  | 13690 |
| 84160 | ACI Worldwide, Inc. <sup>\*</sup> | 4491 |
| 64765 | AvePoint, Inc. <sup>\*</sup> | 1059 |
| 37377 | Bentley Systems, Inc. Class B | 1607 |
| 110671 | Braze, Inc. Class A<sup>\*</sup> | 3445 |
| 127591 | Cellebrite DI Ltd. (Israel)<sup>\*</sup> | 2525 |
| 48324 | Clear Secure, Inc. Class A | 1193 |
| 9128 | Commvault Systems, Inc. <sup>\*</sup> | 1526 |
| 185483 | Core Scientific, Inc. <sup>\*</sup> | 1502 |
| 455201 | Digital Turbine, Inc. <sup>\*</sup> | 1366 |
| 116258 | Dynatrace, Inc. <sup>\*</sup> | 5461 |
| 276115 | I3 Verticals, Inc. Class A<sup>\*</sup> | 6936 |
| 40552 | InterDigital, Inc.  | 8151 |
| 984414 | NCR Voyix Corp. <sup>\*</sup> | 8436 |
| 1674718 | Porch Group, Inc. <sup>\*</sup> | 9713 |
| 69570 | Procore Technologies, Inc. <sup>\*</sup> | 4459 |
| 339218 | Rapid7, Inc. <sup>\*</sup> | 8012 |
| 121991 | Riot Platforms, Inc. <sup>\*</sup> | 883 |
| 267826 | Tenable Holdings, Inc. <sup>\*</sup> | 8188 |
| 321045 | Viant Technology, Inc. Class A<sup>\*</sup> | 4594 |
| 114615 | Weave Communications, Inc. <sup>\*</sup> | 1215 |
| 63794 | Zeta Global Holdings Corp. Class A<sup>\*</sup> | 833 |
|  |  | 99285 |
| **SPECIALTY RETAIL—1.3%** | **SPECIALTY RETAIL—1.3%** | **SPECIALTY RETAIL—1.3%** |
| 34380 | Abercrombie & Fitch Co. Class A<sup>\*</sup> | 2387 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 665259 | Arhaus, Inc. <sup>\*</sup> | $5229 |
| 12019 | Boot Barn Holdings, Inc. <sup>\*</sup> | 1254 |
| 7512 | Dick's Sporting Goods, Inc.  | 1410 |
| 16741 | Lithia Motors, Inc.  | 4901 |
| 107540 | ODP Corp. <sup>\*</sup> | 1471 |
| 48133 | Sonic Automotive, Inc. Class A | 2923 |
|  |  | 19575 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** |
| 45257 | IonQ, Inc. <sup>\*</sup> | 1243 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** |
| 94880 | Birkenstock Holding PLC (Germany)<sup>\*</sup> | 4880 |
| 201883 | Steven Madden Ltd.  | 4239 |
|  |  | 9119 |
| **TRADING COMPANIES & DISTRIBUTORS—3.0%** | **TRADING COMPANIES & DISTRIBUTORS—3.0%** | **TRADING COMPANIES & DISTRIBUTORS—3.0%** |
| 189375 | Air Lease Corp.  | 8855 |
| 15346 | Applied Industrial Technologies, Inc.  | 3733 |
| 143334 | BlueLinx Holdings, Inc. <sup>\*</sup> | 9337 |
| 153337 | FTAI Aviation Ltd.  | 16424 |
| 54789 | GMS, Inc. <sup>\*</sup> | 4014 |
| 41764 | Rush Enterprises, Inc. Class A | 2130 |
| 11585 | WESCO International, Inc.  | 1888 |
|  |  | 46381 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,653,972) | **TOTAL COMMON STOCKS** <br>(Cost $1,653,972) | 1524702 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.4%** | **EXCHANGE-TRADED FUNDS—0.4%** | **EXCHANGE-TRADED FUNDS—0.4%** |
| (Cost $7,817) | (Cost $7,817) | (Cost $7,817) |
| **CAPITAL MARKETS—0.4%** | **CAPITAL MARKETS—0.4%** | **CAPITAL MARKETS—0.4%** |
| 48628 | iShares Russell 2000 Value ETF | 7042 |
| **TOTAL INVESTMENTS—98.1%** <br>(Cost $1,661,789) | **TOTAL INVESTMENTS—98.1%** <br>(Cost $1,661,789) | 1531744 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.9%** | 29247 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1560991 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 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—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Jennison Associates LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.6%** | **COMMON STOCKS—96.6%** | **COMMON STOCKS—96.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.9%** | **AEROSPACE & DEFENSE—3.9%** | **AEROSPACE & DEFENSE—3.9%** |
| 197032 | Axon Enterprise, Inc. <sup>\*</sup> | $120840 |
| 2574610 | Boeing Co. <sup>\*</sup> | 471771 |
| 1847041 | General Electric Co.  | 372253 |
|  |  | 964864 |
| **AUTOMOBILES—2.1%** | **AUTOMOBILES—2.1%** | **AUTOMOBILES—2.1%** |
| 1845606 | Tesla, Inc. <sup>\*</sup> | 520756 |
| **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** |
| 1047360 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 533630 |
| **BROADLINE RETAIL—8.5%** | **BROADLINE RETAIL—8.5%** | **BROADLINE RETAIL—8.5%** |
| 9845974 | Amazon.com, Inc. <sup>\*</sup> | 1815794 |
| 134822 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 314250 |
|  |  | 2130044 |
| **CAPITAL MARKETS—1.8%** | **CAPITAL MARKETS—1.8%** | **CAPITAL MARKETS—1.8%** |
| 232120 | Goldman Sachs Group, Inc.  | 127097 |
| 683269 | KKR & Co., Inc.  | 78077 |
| 239273 | LPL Financial Holdings, Inc.  | 76517 |
| 360295 | Moody's Corp.  | 163257 |
|  |  | 444948 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.1%** |
| 612797 | Costco Wholesale Corp.  | 609427 |
| 4221013 | Walmart, Inc.  | 410493 |
|  |  | 1019920 |
| **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** |
| 943680 | Constellation Energy Corp.  | 210856 |
| **ENTERTAINMENT—8.1%** | **ENTERTAINMENT—8.1%** | **ENTERTAINMENT—8.1%** |
| 1260068 | Netflix, Inc. <sup>\*</sup> | 1426044 |
| 493012 | Spotify Technology SA <sup>\*</sup> | 302700 |
| 3241417 | Walt Disney Co.  | 294807 |
|  |  | 2023551 |
| **FINANCIAL SERVICES—5.7%** | **FINANCIAL SERVICES—5.7%** | **FINANCIAL SERVICES—5.7%** |
| 1479691 | Mastercard, Inc. Class A | 810959 |
| 1777455 | Visa, Inc. Class A | 614111 |
|  |  | 1425070 |
| **GROUND TRANSPORTATION—1.5%** | **GROUND TRANSPORTATION—1.5%** | **GROUND TRANSPORTATION—1.5%** |
| 4667427 | Uber Technologies, Inc. <sup>\*</sup> | 378108 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.7%** |
| 2576995 | Dexcom, Inc. <sup>\*</sup> | 183946 |
| 2735075 | Edwards Lifesciences Corp. <sup>\*</sup> | 206471 |
| 573386 | Intuitive Surgical, Inc. <sup>\*</sup> | 295752 |
|  |  | 686169 |
| **HOTELS, RESTAURANTS & LEISURE—2.0%** | **HOTELS, RESTAURANTS & LEISURE—2.0%** | **HOTELS, RESTAURANTS & LEISURE—2.0%** |
| 1032875 | Airbnb, Inc. Class A<sup>\*</sup> | 125928 |
| 644779 | Cava Group, Inc. <sup>\*</sup> | 59597 |
| 982372 | Hilton Worldwide Holdings, Inc.  | 221505 |
| 1211100 | Starbucks Corp.  | 96949 |
|  |  | 503979 |
| **INSURANCE—0.8%** | **INSURANCE—0.8%** | **INSURANCE—0.8%** |
| 744313 | Progressive Corp.  | 209703 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—9.6%** | **INTERACTIVE MEDIA & SERVICES—9.6%** | **INTERACTIVE MEDIA & SERVICES—9.6%** |
| 3497038 | Alphabet, Inc. Class A | $555330 |
| 3491990 | Alphabet, Inc. Class C | 561826 |
| 2321278 | Meta Platforms, Inc. Class A | 1274382 |
|  |  | 2391538 |
| **IT SERVICES—0.8%** | **IT SERVICES—0.8%** | **IT SERVICES—0.8%** |
| 1188950 | Snowflake, Inc. Class A<sup>\*</sup> | 189626 |
| **MEDIA—0.5%** | **MEDIA—0.5%** | **MEDIA—0.5%** |
| 2563443 | Trade Desk, Inc. Class A<sup>\*</sup> | 137477 |
| **PHARMACEUTICALS—5.4%** | **PHARMACEUTICALS—5.4%** | **PHARMACEUTICALS—5.4%** |
| 2438813 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 175083 |
| 1007102 | Eli Lilly & Co.  | 905334 |
| 4108787 | Novo Nordisk AS ADR (Denmark)<sup>1</sup> | 273029 |
|  |  | 1353446 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.5%** |
| 5446168 | Broadcom, Inc.  | 1048224 |
| 18572928 | NVIDIA Corp.  | 2022963 |
| 1188395 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)<sup>1</sup> | 198094 |
| 711242 | Texas Instruments, Inc.  | 113834 |
|  |  | 3383115 |
| **SOFTWARE—13.2%** | **SOFTWARE—13.2%** | **SOFTWARE—13.2%** |
| 264960 | Adobe, Inc. <sup>\*</sup> | 99355 |
| 76024 | AppLovin Corp. Class A<sup>\*</sup> | 20474 |
| 1647336 | Cadence Design Systems, Inc. <sup>\*</sup> | 490478 |
| 1074452 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 460800 |
| 1228504 | Datadog, Inc. Class A<sup>\*</sup> | 125504 |
| 4039960 | Microsoft Corp.  | 1596835 |
| 753248 | Salesforce, Inc.  | 202405 |
| 312505 | ServiceNow, Inc. <sup>\*</sup> | 298445 |
|  |  | 3294296 |
| **SPECIALTY RETAIL—2.7%** | **SPECIALTY RETAIL—2.7%** | **SPECIALTY RETAIL—2.7%** |
| 2772511 | Industria de Diseno Textil SA (Spain)<sup>2</sup> | 149092 |
| 200386 | O'Reilly Automotive, Inc. <sup>\*</sup> | 283586 |
| 1804805 | TJX Cos., Inc.  | 232242 |
|  |  | 664920 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.5%** |
| 6478932 | Apple, Inc.  | 1376773 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** |
| 859200 | adidas AG (Germany) | 197695 |
| 2228236 | NIKE, Inc. Class B | 125672 |
|  |  | 323367 |
| **TOTAL COMMON STOCKS** <br>(Cost $9,548,103) | **TOTAL COMMON STOCKS** <br>(Cost $9,548,103) | 24166156 |
| **TOTAL INVESTMENTS—96.6%** <br>(Cost $9,548,103) | **TOTAL INVESTMENTS—96.6%** <br>(Cost $9,548,103) | 24166156 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.4%** | 863512 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $25029668 |

---

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

------

⬤

------

**Harbor Capital Appreciation Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

As of April 30, 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 April 30, 2025.

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

------

⬤

------

**Harbor Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** BlueCove Limited

Principal Amounts, Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—84.7%** | **Convertible Bonds—84.7%** | **Convertible Bonds—84.7%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—0.9%** | **AEROSPACE & DEFENSE—0.9%** | **AEROSPACE & DEFENSE—0.9%** |
| $50 | Rocket Lab USA, Inc. <br>4.250%—02/01/2029<sup>1</sup><br>| $218 |
| **AUTOMOBILES—2.6%** | **AUTOMOBILES—2.6%** | **AUTOMOBILES—2.6%** |
| 200 | Lucid Group, Inc. <br>1.250%—12/15/2026<sup>1</sup><br>| 175 |
|  | Rivian Automotive, Inc. |  |
| 300 | 3.625%—10/15/2030 | 272 |
| 200 | 4.625%—03/15/2029 | 205 |
|  |  | 477 |
|  |  | 652 |
| **BIOTECHNOLOGY—6.7%** | **BIOTECHNOLOGY—6.7%** | **BIOTECHNOLOGY—6.7%** |
| 100 | ANI Pharmaceuticals, Inc. <br>2.250%—09/01/2029<sup>1</sup><br>| 117 |
|  | Bridgebio Pharma, Inc. |  |
| 100 | 1.750%—03/01/2031<sup>1</sup> | 110 |
| 200 | 2.250%—02/01/2029 | 183 |
| 100 | 2.500%—03/15/2027 | 120 |
|  |  | 413 |
| 100 | Dynavax Technologies Corp. <br>2.000%—03/15/2030<sup>1</sup><br>| 95 |
|  | Guardant Health, Inc. |  |
| 300 | 0.000%—11/15/2027<sup>2</sup> | 265 |
| 100 | 1.250%—02/15/2031 | 108 |
|  |  | 373 |
| 300 | Halozyme Therapeutics, Inc. <br>0.250%—03/01/2027<br>| 314 |
| 100 | Novavax, Inc. <br>5.000%—12/15/2027<br>| 94 |
| 100 | Sarepta Therapeutics, Inc. <br>1.250%—09/15/2027<br>| 95 |
| 200 | Travere Therapeutics, Inc. <br>2.250%—03/01/2029<br>| 203 |
|  |  | 1704 |
| **CAPITAL MARKETS—0.3%** | **CAPITAL MARKETS—0.3%** | **CAPITAL MARKETS—0.3%** |
| 100 | Riot Platforms, Inc. <br>0.750%—01/15/2030<sup>1</sup><br>| 77 |
| **COMMERCIAL SERVICES & SUPPLIES—3.6%** | **COMMERCIAL SERVICES & SUPPLIES—3.6%** | **COMMERCIAL SERVICES & SUPPLIES—3.6%** |
| 100 | Affirm Holdings, Inc. <br>0.750%—12/15/2029<sup>1</sup><br>| 90 |
| 200 | Alarm.com Holdings, Inc. <br>0.000%—01/15/2026<sup>2</sup><br>| 192 |
| 300 | Block, Inc. <br>0.250%—11/01/2027<br>| 267 |
| 100 | Sabre GLBL, Inc. <br>7.320%—08/01/2026<br>| 104 |
| 100 | Stride, Inc. <br>1.125%—09/01/2027<br>| 273 |
|  |  | 926 |
| **CONSTRUCTION & ENGINEERING—0.7%** | **CONSTRUCTION & ENGINEERING—0.7%** | **CONSTRUCTION & ENGINEERING—0.7%** |
| 100 | Granite Construction, Inc. <br>3.750%—05/15/2028<br>| 184 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CONSUMER FINANCE—0.8%** | **CONSUMER FINANCE—0.8%** | **CONSUMER FINANCE—0.8%** |
|  | Upstart Holdings, Inc. |  |
| $100 | 1.000%—11/15/2030<sup>1</sup> | $84 |
| 100 | 2.000%—10/01/2029<sup>1</sup> | 131 |
|  |  | 215 |
|  |  | 215 |
| **DIVERSIFIED FINANCIAL SERVICES—0.4%** | **DIVERSIFIED FINANCIAL SERVICES—0.4%** | **DIVERSIFIED FINANCIAL SERVICES—0.4%** |
| 100 | Encore Capital Group, Inc. <br>4.000%—03/15/2029<br>| 90 |
| **DIVERSIFIED REITS—1.3%** | **DIVERSIFIED REITS—1.3%** | **DIVERSIFIED REITS—1.3%** |
| 200 | Welltower OP LLC <br>2.750%—05/15/2028<sup>1</sup><br>| 326 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.5%** |
| 100 | A10 Networks, Inc. <br>2.750%—04/01/2030<sup>1</sup><br>| 99 |
| 200 | AST SpaceMobile, Inc. <br>4.250%—03/01/2032<sup>1</sup><br>| 235 |
| 40 | EchoStar Corp. <br>3.875%—11/30/2030<br>| 43 |
|  |  | 377 |
| **ELECTRIC UTILITIES—4.3%** | **ELECTRIC UTILITIES—4.3%** | **ELECTRIC UTILITIES—4.3%** |
| 100 | CMS Energy Corp. <br>3.375%—05/01/2028<br>| 111 |
| 300 | Duke Energy Corp. <br>4.125%—04/15/2026<br>| 327 |
| 200 | FirstEnergy Corp. <br>4.000%—05/01/2026<br>| 207 |
| 100 | Pinnacle West Capital Corp. <br>4.750%—06/15/2027<sup>1</sup><br>| 113 |
| 100 | PPL Capital Funding, Inc. <br>2.875%—03/15/2028<br>| 114 |
| 200 | Southern Co. <br>3.875%—12/15/2025<br>| 225 |
|  |  | 1097 |
| **ELECTRICAL EQUIPMENT—0.5%** | **ELECTRICAL EQUIPMENT—0.5%** | **ELECTRICAL EQUIPMENT—0.5%** |
| 100 | OSI Systems, Inc. <br>2.250%—08/01/2029<sup>1</sup><br>| 127 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.0%** |
| 100 | Itron, Inc. <br>0.000%—03/15/2026<sup>2</sup><br>| 106 |
|  | Lumentum Holdings, Inc. |  |
| 300 | 0.500%—06/15/2028 | 278 |
| 100 | 1.500%—12/15/2029 | 114 |
|  |  | 392 |
| 100 | PAR Technology Corp. <br>1.500%—10/15/2027<br>| 105 |
| 200 | Vishay Intertechnology, Inc. <br>2.250%—09/15/2030<br>| 167 |
|  |  | 770 |
| **ENERGY EQUIPMENT & SERVICES—0.2%** | **ENERGY EQUIPMENT & SERVICES—0.2%** | **ENERGY EQUIPMENT & SERVICES—0.2%** |
| 100 | Nabors Industries, Inc. <br>1.750%—06/15/2029<br>| 56 |

---

------

⬤

------

**Harbor Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **ENTERTAINMENT—3.2%** | **ENTERTAINMENT—3.2%** | **ENTERTAINMENT—3.2%** |
| $100 | Cinemark Holdings, Inc. <br>4.500%—08/15/2025<br>| $210 |
| 300 | DraftKings Holdings, Inc. <br>0.000%—03/15/2028<sup>2</sup><br>| 265 |
|  | Live Nation Entertainment, Inc. |  |
| 200 | 2.875%—01/15/2030<sup>1</sup> | 207 |
| 100 | 3.125%—01/15/2029 | 141 |
|  |  | 348 |
|  |  | 823 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.0%** |
| 200 | Blackstone Mortgage Trust, Inc. <br>5.500%—03/15/2027<br>| 195 |
| 200 | PennyMac Corp. <br>5.500%—03/15/2026<br>| 196 |
| 100 | Starwood Property Trust, Inc. <br>6.750%—07/15/2027<br>| 104 |
| 200 | Ventas Realty LP <br>3.750%—06/01/2026<br>| 264 |
|  |  | 759 |
| **FINANCIAL SERVICES—3.6%** | **FINANCIAL SERVICES—3.6%** | **FINANCIAL SERVICES—3.6%** |
| 100 | Bread Financial Holdings, Inc. <br>4.250%—06/15/2028<br>| 147 |
|  | Coinbase Global, Inc. |  |
| 100 | 0.250%—04/01/2030 | 100 |
| 200 | 0.500%—06/01/2026 | 201 |
|  |  | 301 |
| 100 | EZCORP, Inc. <br>3.750%—12/15/2029<sup>1</sup><br>| 163 |
| 200 | SoFi Technologies, Inc. <br>1.250%—03/15/2029<sup>1</sup><br>| 304 |
|  |  | 915 |
| **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** |
| 300 | Uber Technologies, Inc. <br>0.000%—12/15/2025<sup>2</sup><br>| 336 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** |
| 300 | Dexcom, Inc. <br>0.250%—11/15/2025<br>| 293 |
| 100 | Insulet Corp. <br>0.375%—09/01/2026<br>| 124 |
|  |  | 417 |
| **HEALTH CARE PROVIDERS & SERVICES—4.2%** | **HEALTH CARE PROVIDERS & SERVICES—4.2%** | **HEALTH CARE PROVIDERS & SERVICES—4.2%** |
| 100 | Alphatec Holdings, Inc. <br>0.750%—03/15/2030<sup>1</sup><br>| 99 |
| 200 | Exact Sciences Corp. <br>0.375%—03/15/2027<br>| 187 |
| 300 | Haemonetics Corp. <br>0.000%—03/01/2026<sup>2</sup><br>| 288 |
| 100 | iRhythm Technologies, Inc. <br>1.500%—09/01/2029<br>| 105 |
| 300 | Novocure Ltd. <br>0.000%—11/01/2025<sup>2</sup><br>| 292 |
| 100 | Omnicell, Inc. <br>1.000%—12/01/2029<sup>1</sup><br>| 90 |
|  |  | 1061 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—1.6%** | **HOTELS, RESTAURANTS & LEISURE—1.6%** | **HOTELS, RESTAURANTS & LEISURE—1.6%** |
| $200 | Carnival Corp. <br>5.750%—12/01/2027<br>| $320 |
| 100 | Shake Shack, Inc. <br>0.000%—03/01/2028<sup>2</sup><br>| 93 |
|  |  | 413 |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| 100 | Spectrum Brands, Inc. <br>3.375%—06/01/2029<sup>1</sup><br>| 93 |
| **INTERACTIVE MEDIA & SERVICES—1.7%** | **INTERACTIVE MEDIA & SERVICES—1.7%** | **INTERACTIVE MEDIA & SERVICES—1.7%** |
|  | Snap, Inc. |  |
| 300 | 0.125%—03/01/2028 | 255 |
| 100 | 0.500%—05/01/2030<sup>1</sup> | 82 |
|  |  | 337 |
| 100 | Upwork, Inc. <br>0.250%—08/15/2026<br>| 94 |
|  |  | 431 |
| **INTERNET & CATALOG RETAIL—2.7%** | **INTERNET & CATALOG RETAIL—2.7%** | **INTERNET & CATALOG RETAIL—2.7%** |
| 100 | Airbnb, Inc. <br>0.000%—03/15/2026<sup>2</sup><br>| 96 |
| 300 | Expedia Group, Inc. <br>0.000%—02/15/2026<sup>2</sup><br>| 293 |
| 100 | Lyft, Inc. <br>0.625%—03/01/2029<br>| 98 |
| 200 | Okta, Inc. <br>0.375%—06/15/2026<br>| 193 |
|  |  | 680 |
| **IT SERVICES—2.4%** | **IT SERVICES—2.4%** | **IT SERVICES—2.4%** |
| 100 | Akamai Technologies, Inc. <br>1.125%—02/15/2029<br>| 97 |
| 100 | Alignment Healthcare, Inc. <br>4.250%—11/15/2029<sup>1</sup><br>| 142 |
| 400 | Super Micro Computer, Inc. <br>3.500%—03/01/2029<br>| 370 |
|  |  | 609 |
| **LEISURE PRODUCTS—1.5%** | **LEISURE PRODUCTS—1.5%** | **LEISURE PRODUCTS—1.5%** |
| 100 | Liberty TripAdvisor Holdings, Inc. <br>0.500%—06/30/2051<sup>1</sup><br>| 100 |
|  | NCL Corp. Ltd. |  |
| 200 | 1.125%—02/15/2027 | 189 |
| 100 | 2.500%—02/15/2027 | 97 |
|  |  | 286 |
|  |  | 386 |
| **MACHINERY—2.9%** | **MACHINERY—2.9%** | **MACHINERY—2.9%** |
| 100 | Axon Enterprise, Inc. <br>0.500%—12/15/2027<br>| 271 |
|  | Bloom Energy Corp. |  |
| 100 | 3.000%—06/01/2028 | 126 |
| 200 | 3.000%—06/01/2029<sup>1</sup> | 240 |
|  |  | 366 |
| 100 | JBT Marel Corp. <br>0.250%—05/15/2026<br>| 99 |
|  |  | 736 |

---

------

⬤

------

**Harbor Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **MEDIA—0.9%** | **MEDIA—0.9%** | **MEDIA—0.9%** |
| $100 | Cable One, Inc. <br>1.125%—03/15/2028<br>| $81 |
| 100 | Liberty Media Corp. <br>2.375%—09/30/2053<sup>1</sup><br>| 140 |
|  |  | 221 |
| **METALS & MINING—0.9%** | **METALS & MINING—0.9%** | **METALS & MINING—0.9%** |
| 100 | MP Materials Corp. <br>3.000%—03/01/2030<sup>1</sup><br>| 140 |
| 100 | Xometry, Inc. <br>1.000%—02/01/2027<br>| 96 |
|  |  | 236 |
| **MULTI-UTILITIES—0.5%** | **MULTI-UTILITIES—0.5%** | **MULTI-UTILITIES—0.5%** |
| 100 | WEC Energy Group, Inc. <br>4.375%—06/01/2029<sup>1</sup><br>| 120 |
| **OIL, GAS & CONSUMABLE FUELS—0.4%** | **OIL, GAS & CONSUMABLE FUELS—0.4%** | **OIL, GAS & CONSUMABLE FUELS—0.4%** |
| 100 | Centrus Energy Corp. <br>2.250%—11/01/2030<sup>1</sup><br>| 99 |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| 100 | JetBlue Airways Corp. <br>0.500%—04/01/2026<br>| 95 |
| **PHARMACEUTICALS—1.1%** | **PHARMACEUTICALS—1.1%** | **PHARMACEUTICALS—1.1%** |
| 100 | Herbalife Ltd. <br>4.250%—06/15/2028<br>| 82 |
| 200 | Pacira BioSciences, Inc. <br>2.125%—05/15/2029<sup>1</sup><br>| 204 |
|  |  | 286 |
| **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** |
| 100 | CSG Systems International, Inc. <br>3.875%—09/15/2028<br>| 109 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** |
| 200 | Synaptics, Inc. <br>0.750%—12/01/2031<sup>1</sup><br>| 177 |
|  | Wolfspeed, Inc. |  |
| 100 | 0.250%—02/15/2028 | 33 |
| 100 | 1.750%—05/01/2026 | 72 |
| 200 | 1.875%—12/01/2029 | 58 |
|  |  | 163 |
|  |  | 340 |
| **SOFTWARE—19.3%** | **SOFTWARE—19.3%** | **SOFTWARE—19.3%** |
| 100 | Bandwidth, Inc. <br>0.500%—04/01/2028<br>| 81 |
|  | Bentley Systems, Inc. |  |
| 100 | 0.125%—01/15/2026 | 98 |
| 100 | 0.375%—07/01/2027 | 92 |
|  |  | 190 |
| 100 | Bill Holdings, Inc. <br>0.000%—04/01/2030<sup>1,2</sup><br>| 85 |
| 100 | Cleanspark, Inc. <br>0.000%—06/15/2030<sup>1,2</sup><br>| 78 |
| 200 | Cloudflare, Inc. <br>0.000%—08/15/2026<sup>2</sup><br>| 204 |
| 100 | Confluent, Inc. <br>0.000%—01/15/2027<sup>2</sup><br>| 92 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| $100 | Dayforce, Inc. <br>0.250%—03/15/2026<br>| $96 |
| 100 | DigitalOcean Holdings, Inc. <br>0.000%—12/01/2026<sup>2</sup><br>| 93 |
|  | Dropbox, Inc. |  |
| 300 | 0.000%—03/01/2026<sup>2</sup> | 301 |
| 100 | 0.000%—03/01/2028<sup>2</sup> | 103 |
|  |  | 404 |
| 100 | Five9, Inc. <br>1.000%—03/15/2029<br>| 85 |
| 200 | Guidewire Software, Inc. <br>1.250%—11/01/2029<sup>1</sup><br>| 220 |
|  | MARA Holdings, Inc. |  |
| 200 | 0.000%—03/01/2030<sup>1,2</sup> | 158 |
| 100 | 2.125%—09/01/2031<sup>1</sup> | 91 |
|  |  | 249 |
|  | MicroStrategy, Inc. |  |
| 500 | 0.000%—12/01/2029<sup>1,2</sup> | 457 |
| 200 | 0.000%—03/01/2030<sup>1,2</sup> | 225 |
| 200 | 0.875%—03/15/2031 | 353 |
| 100 | 2.250%—06/15/2032<sup>1</sup> | 201 |
|  |  | 1236 |
| 300 | Nutanix, Inc. <br>0.500%—12/15/2029<sup>1</sup><br>| 325 |
| 200 | PagerDuty, Inc. <br>1.500%—10/15/2028<br>| 189 |
| 100 | Porch Group, Inc. <br>6.750%—10/01/2028<sup>1</sup><br>| 89 |
| 200 | Q2 Holdings, Inc. <br>0.750%—06/01/2026<br>| 222 |
|  | Snowflake, Inc. |  |
| 300 | 0.000%—10/01/2027<sup>1,2</sup> | 369 |
| 100 | 0.000%—10/01/2029<sup>1,2</sup> | 124 |
|  |  | 493 |
| 100 | Tyler Technologies, Inc. <br>0.250%—03/15/2026<br>| 118 |
| 100 | Unity Software, Inc. <br>0.000%—03/15/2030<sup>1,2</sup><br>| 94 |
| 200 | Verint Systems, Inc. <br>0.250%—04/15/2026<br>| 190 |
| 100 | Workiva, Inc. <br>1.250%—08/15/2028<br>| 94 |
|  |  | 4927 |
| **SPECIALTY RETAIL—0.8%** | **SPECIALTY RETAIL—0.8%** | **SPECIALTY RETAIL—0.8%** |
| 200 | Cheesecake Factory, Inc. <br>2.000%—03/15/2030<sup>1</sup><br>| 197 |
| **WATER UTILITIES—0.8%** | **WATER UTILITIES—0.8%** | **WATER UTILITIES—0.8%** |
| 200 | American Water Capital Corp. <br>3.625%—06/15/2026<br>| 207 |
| **WIRELESS TELECOMMUNICATION SERVICES—1.0%** | **WIRELESS TELECOMMUNICATION SERVICES—1.0%** | **WIRELESS TELECOMMUNICATION SERVICES—1.0%** |
| 100 | InterDigital, Inc. <br>3.500%—06/01/2027<br>| 261 |
| **Total Convertible Bonds** <br>(Cost $20,466) | **Total Convertible Bonds** <br>(Cost $20,466) | 21576 |

---

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

------

⬤

------

**Harbor Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—13.8%** | **Convertible Preferred Stocks—13.8%** | **Convertible Preferred Stocks—13.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** |
| 9856 | Boeing Co.—6.000% | $605 |
| **BANKS—3.0%** | **BANKS—3.0%** | **BANKS—3.0%** |
| 100 | Bank of America Corp.—7.250% | 117 |
| 550 | Wells Fargo & Co.—7.500% | 639 |
|  |  | 756 |
| **CAPITAL MARKETS—1.0%** | **CAPITAL MARKETS—1.0%** | **CAPITAL MARKETS—1.0%** |
| 5355 | KKR & Co., Inc.<sup>\*</sup>—6.250% | 257 |
| **CHEMICALS—0.2%** | **CHEMICALS—0.2%** | **CHEMICALS—0.2%** |
| 2000 | Albemarle Corp.—7.250% | 61 |
| **DIVERSIFIED REITS—1.2%** | **DIVERSIFIED REITS—1.2%** | **DIVERSIFIED REITS—1.2%** |
| 12400 | RLJ Lodging Trust—1.950% | 301 |
| **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** |
| 8200 | NextEra Energy, Inc.—6.926% | 316 |
| 3240 | PG&E Corp.—6.000% | 141 |
|  |  | 457 |
| **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** |
| 2775 | AMG Capital Trust II—5.150% | 144 |
| 2700 | Apollo Global Management, Inc.—6.750% | 195 |
|  |  | 339 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—0.2%** | **HEALTH CARE PROVIDERS & SERVICES—0.2%** | **HEALTH CARE PROVIDERS & SERVICES—0.2%** |
| 996 | BrightSpring Health Services, Inc.—6.750% | $62 |
| **MACHINERY—0.3%** | **MACHINERY—0.3%** | **MACHINERY—0.3%** |
| 1300 | Chart Industries, Inc.—6.750% | 69 |
| **OIL, GAS & CONSUMABLE FUELS—1.4%** | **OIL, GAS & CONSUMABLE FUELS—1.4%** | **OIL, GAS & CONSUMABLE FUELS—1.4%** |
| 7200 | El Paso Energy Capital Trust I—4.750% | 350 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.4%** |
| 2312 | Microchip Technology, Inc.<sup>\*</sup>—7.500% | 110 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** |
| 3119 | Hewlett Packard Enterprise Co.—7.625% | 157 |
| **Total Convertible Preferred Stocks** <br>(Cost $3,728) | **Total Convertible Preferred Stocks** <br>(Cost $3,728) | 3524 |
| **TOTAL INVESTMENTS—98.5%** <br>(Cost $24,194) | **TOTAL INVESTMENTS—98.5%** <br>(Cost $24,194) | 25100 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.5%** | 383 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $25483 |

---

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

**FAIR VALUE MEASUREMENTS**

As of April 30, 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.

------

\*

Non-income producing security

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2025, the aggregate value of these securities was $7,110 or 28% of net assets.

Zero coupon bond

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

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Income Research + Management

Principal Amounts, Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—12.9%** | **Asset-Backed Securities—12.9%** | **Asset-Backed Securities—12.9%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $1932 | AIMCO CLO 14 Ltd. <br>Series 2021-14A Cl. A <br>5.521% (3 Month USD Term SOFR + 1.252%) <br> 04/20/2034<sup>1,2</sup><br>| $1932 |
| 385 | Aligned Data Centers Issuer LLC <br>Series 2021-1A Cl. A2 <br>1.937%—08/15/2046<sup>1</sup><br>| 369 |
| 514 | American Tower Trust I <br>5.490%—03/15/2053<sup>1</sup><br>| 523 |
|  | AMSR Trust |  |
| 671 | Series 2020-SFR2 Cl. A <br>1.632%—07/17/2037<sup>1</sup><br>| 667 |
| 782 | Series 2022-SFR3 Cl. A <br>4.000%—10/17/2039<sup>1</sup><br>| 773 |
| 7154 | Series 2024-SFR1 Cl. A <br>4.290%—07/17/2041<sup>1,3</sup><br>| 7030 |
|  |  | 8470 |
| 1120 | Apidos CLO XLVII Ltd. <br>Series 2024-47A Cl. A1 <br>5.783% (3 Month USD Term SOFR + 1.500%) <br> 04/26/2037<sup>1,2</sup><br>| 1122 |
|  | Avis Budget Rental Car Funding AESOP LLC |  |
| 2500 | Series 2024-3A Cl. A <br>5.230%—12/20/2030<sup>1</sup><br>| 2549 |
| 1513 | Series 2024-1A Cl. A <br>5.360%—06/20/2030<sup>1</sup><br>| 1549 |
|  |  | 4098 |
|  | CIFC Funding Ltd. |  |
| 5816 | Series 2014-4RA Cl. A1A2 <br>5.270% (3 Month USD Term SOFR + 0.990%) <br> 01/17/2035<sup>1,2</sup><br>| 5766 |
| 1630 | Series 2022-1A Cl. A <br>5.600% (3 Month USD Term SOFR + 1.320%) <br> 04/17/2035<sup>1,2</sup><br>| 1628 |
| 196 | Series 2018-3A Cl. A <br>5.631% (3 Month USD Term SOFR + 1.362%) <br> 07/18/2031<sup>1,2</sup><br>| 196 |
| 1548 | Series 2024-3A Cl. A1 <br>5.750% (3 Month USD Term SOFR + 1.480%) <br> 07/21/2037<sup>1,2</sup><br>| 1554 |
| 497 | Series 2023-3A Cl. A <br>5.869% (3 Month USD Term SOFR + 1.600%) <br> 01/20/2037<sup>1,2</sup><br>| 498 |
|  |  | 9642 |
| 1286 | Citizens Auto Receivables Trust <br>Series 2024-1 Cl. A3 <br>5.110%—04/17/2028<sup>1</sup><br>| 1294 |
|  | DB Master Finance LLC |  |
| 2293 | Series 2021-1A Cl. A2I <br>2.045%—11/20/2051<sup>1</sup><br>| 2197 |
| 1860 | Series 2017-1A Cl. A2II <br>4.030%—11/20/2047<sup>1</sup><br>| 1829 |
|  |  | 4026 |
| 291 | Discover Card Execution Note Trust <br>Series 2022-A4 Cl. A <br>5.030%—10/15/2027<br>| 292 |
| 2428 | Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 2265 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2976 | Elmwood CLO 30 Ltd. <br>Series 2024-6A Cl. A <br>5.710% (3 Month USD Term SOFR + 1.430%) <br> 07/17/2037<sup>1,2</sup><br>| $2971 |
| 3172 | Elmwood CLO 31 Ltd. <br>Series 2024-7A Cl. A1 <br>5.630% (3 Month USD Term SOFR + 1.350%) <br> 07/17/2037<sup>1,2</sup><br>| 3164 |
| 4199 | Elmwood CLO 39 Ltd. <br>Series 2025-2A Cl. A1 <br>5.424% (3 Month USD Term SOFR + 1.140%) <br> 04/17/2038<sup>1,2</sup><br>| 4146 |
| 1235 | Enterprise Fleet Financing LLC <br>Series 2024-1 Cl. A2 <br>5.230%—03/20/2030<sup>1</sup><br>| 1245 |
|  | FirstKey Homes Trust |  |
| 326 | Series 2020-SFR2 Cl. A <br>1.266%—10/19/2037<sup>1</sup><br>| 320 |
| 350 | Series 2021-SFR1 Cl. A <br>1.538%—08/17/2038<sup>1</sup><br>| 336 |
|  |  | 656 |
| 1000 | Ford Credit Auto Owner Trust <br>Series 2023-2 Cl. A <br>5.280%—02/15/2036<sup>1</sup><br>| 1030 |
| 2200 | GM Financial Automobile Leasing Trust <br>Series 2024-1 Cl. A3 <br>5.090%—03/22/2027<br>| 2210 |
|  | GM Financial Consumer Automobile Receivables <br> Trust<br>|  |
| 288 | Series 2022-3 Cl. A4 <br>3.710%—12/16/2027<br>| 286 |
| 1204 | Series 2024-1 Cl. A3 <br>4.850%—12/18/2028<br>| 1212 |
|  |  | 1498 |
|  | GMF Floorplan Owner Revolving Trust |  |
| 3710 | Series 2024-2A Cl. A <br>5.060%—03/15/2031<sup>1</sup><br>| 3810 |
| 2081 | Series 2023-2 Cl. A <br>5.340%—06/15/2030<sup>1</sup><br>| 2145 |
|  |  | 5955 |
| 822 | GoldenTree Loan Management U.S. CLO 17 Ltd. <br>Series 2023-17A Cl. A <br>6.022% (3 Month USD Term SOFR + 1.750%) <br> 07/20/2036<sup>1,2</sup><br>| 824 |
| 5324 | Golub Capital Partners CLO 62B Ltd. <br>Series 2022-62A Cl. AR <br>5.626% (3 Month USD Term SOFR + 1.370%) <br> 10/15/2037<sup>1,2</sup><br>| 5301 |
|  | Home Partners of America Trust |  |
| 230 | Series 2020-2 Cl. A <br>1.532%—01/17/2041<sup>1</sup><br>| 208 |
| 183 | Series 2022-1 Cl. A <br>3.930%—04/17/2039<sup>1</sup><br>| 181 |
|  |  | 389 |
| 2000 | Kubota Credit Owner Trust <br>Series 2024-1A Cl. A3 <br>5.190%—07/17/2028<sup>1</sup><br>| 2029 |
| 362 | Mercedes-Benz Auto Receivables Trust <br>Series 2022-1 Cl. A4 <br>5.250%—02/15/2029<br>| 367 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Navient Private Education Refi Loan Trust |  |
| $82 | Series 2021-A Cl. A <br>0.840%—05/15/2069<sup>1</sup><br>| $75 |
| 188 | Series 2021-BA Cl. A <br>0.940%—07/15/2069<sup>1</sup><br>| 172 |
|  |  | 247 |
|  | NextGear Floorplan Master Owner Trust |  |
| 3147 | Series 2024-1A Cl. A2 <br>5.120%—03/15/2029<sup>1</sup><br>| 3196 |
| 1087 | Series 2023-1A Cl. A2 <br>5.740%—03/15/2028<sup>1</sup><br>| 1099 |
|  |  | 4295 |
|  | Palmer Square CLO Ltd. |  |
| 3427 | Series 2022-4A Cl. A1R <br>5.620% (3 Month USD Term SOFR + 1.350%) <br> 10/20/2037<sup>1,2</sup><br>| 3425 |
| 1105 | Series 2024-1A Cl. A <br>5.756% (3 Month USD Term SOFR + 1.500%) <br> 04/15/2037<sup>1,2</sup><br>| 1108 |
| 360 | Series 2020-3A Cl. A1R2 <br>5.973% (3 Month USD Term SOFR + 1.650%) <br> 11/15/2036<sup>1,2</sup><br>| 360 |
|  |  | 4893 |
| 78 | Palmer Square Loan Funding Ltd. <br>Series 2022-2A Cl. A1 <br>5.526% (3 Month USD Term SOFR + 1.270%) <br> 10/15/2030<sup>1,2</sup><br>| 78 |
|  | PFS Financing Corp. |  |
| 2129 | Series 2024-B Cl. A <br>4.950%—02/15/2029<sup>1</sup><br>| 2151 |
| 2833 | Series 2024-D Cl. A <br>5.340%—04/15/2029<sup>1</sup><br>| 2888 |
| 522 | Series 2023-A Cl. A <br>5.800%—03/15/2028<sup>1</sup><br>| 528 |
|  |  | 5567 |
| 2052 | Planet Fitness Master Issuer LLC <br>Series 2024-1A Cl. A2I <br>5.765%—06/05/2054<sup>1</sup><br>| 2100 |
|  | Progress Residential Trust |  |
| 1081 | Series 2022-SFR2 Cl. A <br>2.950%—04/17/2027<sup>1</sup><br>| 1052 |
| 5933 | Series 2024-SFR4 Cl. A <br>3.100%—07/17/2041<sup>1</sup><br>| 5570 |
|  |  | 6622 |
|  | SBA Small Business Investment Cos. |  |
| 4200 | Series 2025-10A Cl. 1 <br>4.963%—03/10/2035<br>| 4268 |
| 4037 | Series 2024-10A Cl. 1 <br>5.035%—03/10/2034<br>| 4119 |
| 1425 | Series 2023-10A Cl. 1 <br>5.168%—03/10/2033<br>| 1458 |
| 6123 | Series 2023-10B Cl. 1 <br>5.688%—09/10/2033<br>| 6408 |
|  |  | 16253 |
|  | SBA Tower Trust |  |
| 500 | <br>1.631%—05/15/2051<sup>1</sup> | 476 |
| 705 | <br>2.593%—10/15/2056<sup>1</sup> | 612 |
| 6531 | <br>4.831%—10/15/2029<sup>1</sup> | 6456 |
| 1578 | <br>6.599%—11/15/2052<sup>1</sup> | 1616 |
|  |  | 9160 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $4727 | SBNA Auto Lease Trust <br>Series 2024-B Cl. A3 <br>5.560%—11/22/2027<sup>1</sup><br>| $4777 |
| 1281 | SFS Auto Receivables Securitization Trust <br>Series 2024-1A Cl. A3 <br>4.950%—05/21/2029<sup>1</sup><br>| 1289 |
| 162 | Store Master Funding I-VII & XIV <br>Series 2019-1 Cl. A1 <br>2.820%—11/20/2049<sup>1</sup><br>| 157 |
|  | Subway Funding LLC |  |
| 3980 | Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 4034 |
| 5060 | Series 2024-1A Cl. A2II <br>6.268%—07/30/2054<sup>1</sup><br>| 5159 |
|  |  | 9193 |
|  | Taco Bell Funding LLC |  |
| 2554 | Series 2021-1A Cl. A2I <br>1.946%—08/25/2051<sup>1</sup><br>| 2424 |
| 614 | Series 2021-1A Cl. A2II <br>2.294%—08/25/2051<sup>1</sup><br>| 558 |
|  |  | 2982 |
|  | Tricon Residential Trust |  |
| 3066 | Series 2024-SFR3 Cl. A <br>4.500%—08/17/2041<sup>1</sup><br>| 3037 |
| 5194 | Series 2024-SFR2 Cl. A <br>4.750%—06/17/2040<sup>1</sup><br>| 5189 |
| 5760 | Series 2023-SFR2 Cl. A <br>5.000%—12/17/2040<sup>1</sup><br>| 5812 |
|  |  | 14038 |
|  | U.S. Small Business Administration |  |
| 47 | Series 2012-20C Cl. 1 <br>2.510%—03/01/2032<br>| 45 |
| 81 | Series 2017-20H Cl. 1 <br>2.750%—08/01/2037<br>| 76 |
| 146 | Series 2014-20K Cl. 1 <br>2.800%—11/01/2034<br>| 139 |
| 139 | Series 2015-20H Cl. 1 <br>2.820%—08/01/2035<br>| 132 |
| 127 | Series 2017-20J Cl. 1 <br>2.850%—10/01/2037<br>| 118 |
| 149 | Series 2018-20B Cl. 1 <br>3.220%—02/01/2038<br>| 140 |
| 235 | Series 2018-20G Cl. 1 <br>3.540%—07/01/2038<br>| 229 |
| 269 | Series 2023-25B Cl. 1 <br>4.610%—02/01/2048<br>| 267 |
| 349 | Series 2022-25L Cl. 1 <br>4.710%—12/01/2047<br>| 351 |
| 997 | Series 2023-25A Cl. 1 <br>4.910%—01/01/2048<br>| 1013 |
| 3001 | Series 2024-25C Cl. 1 <br>4.970%—03/01/2049<br>| 3040 |
| 6205 | Series 2024-25K Cl. 1 <br>5.010%—11/01/2049<br>| 6250 |
| 1219 | Series 2024-25A Cl. 1 <br>5.050%—01/01/2049<br>| 1251 |
| 3760 | Series 2024-25B Cl. 1 <br>5.070%—02/01/2049<br>| 3797 |
| 1022 | Series 2022-25K Cl. 1 <br>5.130%—11/01/2047<br>| 1048 |
| 2410 | Series 2023-25H Cl. 1 <br>5.150%—08/01/2048<br>| 2459 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $1799 | Series 2023-25L Cl. 1 <br>5.280%—12/01/2048<br>| $1859 |
| 4290 | Series 2024-25D Cl. 1 <br>5.380%—04/01/2049<br>| 4438 |
| 485 | Series 2023-25I Cl. 1 <br>5.410%—09/01/2048<br>| 502 |
| 1141 | Series 2023-25K Cl. 1 <br>5.710%—11/01/2048<br>| 1208 |
|  |  | 28362 |
| 251 | Vantage Data Centers LLC <br>Series 2020-2A Cl. A2 <br>1.992%—09/15/2045<sup>1</sup><br>| 234 |
|  | Wendy's Funding LLC |  |
| 196 | Series 2021-1A Cl. A2I <br>2.370%—06/15/2051<sup>1</sup><br>| 179 |
| 962 | Series 2021-1A Cl. A2II <br>2.775%—06/15/2051<sup>1</sup><br>| 845 |
| 431 | Series 2019-1A Cl. A2I <br>3.783%—06/15/2049<sup>1</sup><br>| 425 |
| 3198 | Series 2019-1A Cl. A2II <br>4.080%—06/15/2049<sup>1</sup><br>| 3078 |
|  |  | 4527 |
| **Total Asset-Backed Securities** <br>(Cost $178,252) | **Total Asset-Backed Securities** <br>(Cost $178,252) | 180592 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—6.9%** | **Collateralized Mortgage Obligations—6.9%** | **Collateralized Mortgage Obligations—6.9%** |
| 4092 | ARES Trust <br>Series 2025-IND3 Cl. A <br>5.800% (1 Month USD Term SOFR + 1.500%) <br> 04/15/2042<sup>1,2</sup><br>| 4066 |
| 709 | Bank <br>Series 2017-BNK6 Cl. A5 <br>3.518%—07/15/2060<br>| 693 |
|  | Bank5 |  |
| 6513 | Series 2023-5YR1 Cl. A3 <br>6.260%—04/15/2056<sup>2</sup><br>| 6793 |
| 5563 | Series 2023-5YR3 Cl. A3 <br>6.724%—09/15/2056<sup>2</sup><br>| 5915 |
|  |  | 12708 |
|  | BBCMS Mortgage Trust |  |
| 4623 | Series 2024-C26 Cl. A5 <br>5.829%—05/15/2057<br>| 4889 |
| 3466 | Series 2024-5C25 Cl. A3 <br>5.946%—03/15/2057<br>| 3621 |
| 6382 | Series 2024-5C27 Cl. A3 <br>6.014%—07/15/2057<br>| 6704 |
|  |  | 15214 |
|  | Benchmark Mortgage Trust |  |
| 387 | Series 2021-B26 Cl. A3 <br>2.391%—06/15/2054<br>| 359 |
| 2440 | Series 2024-V5 Cl. A3 <br>5.805%—01/10/2057<br>| 2536 |
| 700 | Series 2023-V2 Cl. A3 <br>5.812%—05/15/2055<sup>2</sup><br>| 722 |
| 4944 | Series 2024-V6 Cl. A3 <br>5.926%—03/15/2057<br>| 5157 |
|  |  | 8774 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $4000 | BMARK Trust <br>Series 2023-V4 Cl. A3 <br>6.841%—11/15/2056<sup>2</sup><br>| $4266 |
| 549 | BMO Mortgage Trust <br>Series 2023-C7 Cl. A5 <br>6.160%—12/15/2056<br>| 589 |
|  | BX Commercial Mortgage Trust |  |
| 1403 | Series 2021-VOLT Cl. A <br>5.136% (1 Month USD Term SOFR + 0.814%) <br> 09/15/2036<sup>1,2</sup><br>| 1391 |
| 2791 | Series 2024-XL5 Cl. A <br>5.714% (1 Month USD Term SOFR + 1.392%) <br> 03/15/2041<sup>1,2</sup><br>| 2791 |
| 203 | Series 2023-XL3 Cl. A <br>6.083% (1 Month USD Term SOFR + 1.761%) <br> 12/09/2040<sup>1,2</sup><br>| 204 |
|  |  | 4386 |
|  | BX Trust |  |
| 2699 | Series 2022-CLS Cl. A <br>5.760%—10/13/2027<sup>1</sup><br>| 2738 |
| 4125 | Series 2025-VLT6 Cl. A <br>5.765% (1 Month USD Term SOFR + 1.443%) <br> 03/15/2042<sup>1,2</sup><br>| 4091 |
|  |  | 6829 |
| 1676 | Citigroup Commercial Mortgage Trust <br>Series 2016-C2 Cl. A3 <br>2.575%—08/10/2049<br>| 1642 |
| 3798 | Citigroup Mortgage Loan Trust <br>Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,2</sup><br>| 3802 |
|  | COMM Mortgage Trust |  |
| 387 | Series 2016-COR1 Cl. A3 <br>2.826%—10/10/2049<br>| 375 |
| 2253 | Series 2016-CR28 Cl. A4 <br>3.762%—02/10/2049<br>| 2238 |
|  |  | 2613 |
|  | Federal Home Loan Mortgage Corp. Seasoned <br> Credit Risk Transfer Trust<br>|  |
| 912 | Series 2018-4 Cl. MA <br>3.500%—03/25/2058<br>| 878 |
| 140 | Series 2019-2 Cl. MA <br>3.500%—08/26/2058<br>| 133 |
|  |  | 1011 |
| 3160 | FIVE Mortgage Trust <br>Series 2023-V1 Cl. A3 <br>5.668%—02/10/2056<sup>2</sup><br>| 3243 |
| 550 | GS Mortgage Securities Trust <br>Series 2016-GS3 Cl. A4 <br>2.850%—10/10/2049<br>| 534 |
| 92 | GS Mortgage-Backed Securities Corp. Trust <br>Series 2020-PJ4 Cl. A2 <br>3.000%—01/25/2051<sup>1,2</sup><br>| 79 |
|  | JP Morgan Mortgage Trust |  |
| 4084 | Series 2025-2 Cl. A4A <br>5.500%—07/25/2055<sup>1,2</sup><br>| 4087 |
| 1672 | Series 2024-4 Cl. A4A <br>6.000%—10/25/2054<sup>1,2</sup><br>| 1692 |
| 2059 | Series 2024-5 Cl. A4 <br>6.000%—11/25/2054<sup>1,2</sup><br>| 2077 |
|  |  | 7856 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, 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 <br> Trust<br>|  |
| $2518 | Series 2016-C29 Cl. A3 <br>3.058%—05/15/2049<br>| $2489 |
| 665 | Series 2015-C22 Cl. A4 <br>3.306%—04/15/2048<br>| 663 |
| 209 | Series 2015-C25 Cl. A4 <br>3.372%—10/15/2048<br>| 209 |
| 600 | Series 2015-C26 Cl. A5 <br>3.531%—10/15/2048<br>| 597 |
|  |  | 3958 |
|  | Morgan Stanley Capital I Trust |  |
| 2564 | Series 2016-UB11 Cl. A4 <br>2.782%—08/15/2049<br>| 2499 |
| 3144 | Series 2016-UBS9 Cl. A4 <br>3.594%—03/15/2049<br>| 3101 |
|  |  | 5600 |
| 40 | PSMC Trust <br>Series 2020-2 Cl. A2 <br>3.000%—05/25/2050<sup>1,2</sup><br>| 35 |
| 2035 | Sequoia Mortgage Trust <br>Series 2024-5 Cl. A5 <br>6.000%—06/25/2054<sup>1,2</sup><br>| 2054 |
| 332 | Tricon American Homes <br>Series 2020-SFR1 Cl. A <br>1.499%—07/17/2038<sup>1</sup><br>| 324 |
| 394 | UBS Commercial Mortgage Trust <br>Series 2018-C13 Cl. ASB <br>4.241%—10/15/2051<br>| 391 |
|  | Wells Fargo Commercial Mortgage Trust |  |
| 2167 | Series 2021-C60 Cl. A4 <br>2.342%—08/15/2054<br>| 1885 |
| 380 | Series 2015-C31 Cl. A4 <br>3.695%—11/15/2048<br>| 378 |
| 4092 | Series 2018-C45 Cl. A4 <br>4.184%—06/15/2051<br>| 4042 |
|  |  | 6305 |
| **Total Collateralized Mortgage Obligations** <br>(Cost $96,061) | **Total Collateralized Mortgage Obligations** <br>(Cost $96,061) | 96972 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—31.5%** | **Corporate Bonds & Notes—31.5%** | **Corporate Bonds & Notes—31.5%** |
| **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>| 5186 |
| 2100 | L3Harris Technologies, Inc. <br>5.500%—08/15/2054<br>| 1988 |
| 235 | Lockheed Martin Corp. <br>4.700%—05/15/2046<br>| 208 |
| 1558 | Northrop Grumman Corp. <br>5.250%—05/01/2050<br>| 1443 |
|  |  | 8825 |
| **AUTO COMPONENTS—0.3%** | **AUTO COMPONENTS—0.3%** | **AUTO COMPONENTS—0.3%** |
| 4463 | Aptiv Swiss Holdings Ltd. <br>3.250%—03/01/2032<br>| 3880 |
| **AUTOMOBILES—1.6%** | **AUTOMOBILES—1.6%** | **AUTOMOBILES—1.6%** |
| 635 | BMW U.S. Capital LLC <br>3.450%—04/01/2027<sup>1</sup><br>| 624 |
| 6186 | Ford Motor Credit Co. LLC <br>2.900%—02/16/2028-02/10/2029<br>| 5548 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **AUTOMOBILES—Continued** | **AUTOMOBILES—Continued** | **AUTOMOBILES—Continued** |
|  | General Motors Financial Co., Inc. |  |
| $1157 | 2.400%—10/15/2028 | $1062 |
| 971 | 4.300%—04/06/2029 | 939 |
| 2750 | 5.750%—02/08/2031 | 2777 |
|  |  | 4778 |
|  | Hyundai Capital America |  |
| 4231 | 4.550%—09/26/2029<sup>1</sup> | 4146 |
| 1203 | 5.300%—06/24/2029<sup>1</sup> | 1212 |
|  |  | 5358 |
|  | Volkswagen Group of America Finance LLC |  |
| 2795 | 4.600%—06/08/2029<sup>1</sup> | 2732 |
| 3338 | 4.750%—11/13/2028<sup>1</sup> | 3307 |
|  |  | 6039 |
|  |  | 22347 |
| **BANKS—5.7%** | **BANKS—5.7%** | **BANKS—5.7%** |
|  | Bank of America Corp. |  |
| 8962 | 2.572%—10/20/2032<sup>4</sup> | 7791 |
| 2322 | 3.311%—04/22/2042<sup>4</sup> | 1750 |
|  |  | 9541 |
| 3940 | Bank of America Corp. MTN <br>4.948%—07/22/2028<sup>4</sup><br>| 3983 |
|  | Barclays PLC |  |
| 2100 | 5.690%—03/12/2030<sup>4</sup> | 2158 |
| 2335 | 6.490%—09/13/2029<sup>4</sup> | 2459 |
|  |  | 4617 |
| 6563 | BNP Paribas SA <br>4.400%—08/14/2028<sup>1</sup><br>| 6505 |
|  | Citigroup, Inc. |  |
| 171 | 3.400%—05/01/2026 | 169 |
| 2359 | 3.520%—10/27/2028<sup>4</sup> | 2302 |
| 3329 | 4.412%—03/31/2031<sup>4</sup> | 3269 |
| 3874 | 4.542%—09/19/2030<sup>4</sup> | 3836 |
|  |  | 9576 |
| 8509 | HSBC Holdings PLC <br>5.130%—03/03/2031<sup>4</sup><br>| 8579 |
|  | ING Groep NV |  |
| 2460 | 5.335%—03/19/2030<sup>4</sup> | 2513 |
| 3000 | 6.114%—09/11/2034<sup>4</sup> | 3160 |
|  |  | 5673 |
|  | JPMorgan Chase & Co. |  |
| 6340 | 4.203%—07/23/2029<sup>4</sup> | 6290 |
| 250 | 4.493%—03/24/2031<sup>4</sup> | 248 |
| 3130 | 5.336%—01/23/2035<sup>4</sup> | 3157 |
|  |  | 9695 |
|  | Lloyds Banking Group PLC |  |
| 5003 | 5.087%—11/26/2028<sup>4</sup> | 5065 |
| 1145 | 5.679%—01/05/2035<sup>4</sup> | 1160 |
|  |  | 6225 |
| 2425 | Mitsubishi UFJ Financial Group, Inc. <br>5.017%—07/20/2028<sup>4</sup><br>| 2453 |
| 418 | National Securities Clearing Corp. <br>5.000%—05/30/2028<sup>1</sup><br>| 427 |
| 2340 | Toronto-Dominion Bank <br>1.950%—01/12/2027<br>| 2252 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, 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** |
| $5216 | Truist Financial Corp. MTN <br>5.711%—01/24/2035<sup>4</sup><br>| $5308 |
|  | U.S. Bancorp |  |
| 3315 | 4.839%—02/01/2034<sup>4</sup> | 3221 |
| 1544 | 5.678%—01/23/2035<sup>4</sup> | 1574 |
|  |  | 4795 |
|  |  | 79629 |
| **CAPITAL MARKETS—2.8%** | **CAPITAL MARKETS—2.8%** | **CAPITAL MARKETS—2.8%** |
| 300 | Bank of New York Mellon Corp. MTN <br>5.802%—10/25/2028<sup>4</sup><br>| 311 |
|  | Blackstone Holdings Finance Co. LLC |  |
| 495 | 2.550%—03/30/2032<sup>1</sup> | 422 |
| 173 | 2.800%—09/30/2050<sup>1</sup> | 101 |
| 856 | 3.500%—09/10/2049<sup>1</sup> | 581 |
| 2515 | 6.200%—04/22/2033<sup>1</sup> | 2662 |
|  |  | 3766 |
| 5784 | Blackstone Reg Finance Co. LLC <br>5.000%—12/06/2034<br>| 5672 |
|  | Brookfield Finance, Inc. |  |
| 326 | 2.724%—04/15/2031 | 290 |
| 1490 | 3.900%—01/25/2028 | 1466 |
|  |  | 1756 |
| 7905 | Goldman Sachs Group, Inc. <br>3.800%—03/15/2030<br>| 7618 |
| 54 | KKR Group Finance Co. II LLC <br>5.500%—02/01/2043<sup>1</sup><br>| 50 |
| 170 | KKR Group Finance Co. III LLC <br>5.125%—06/01/2044<sup>1</sup><br>| 150 |
| 3640 | KKR Group Finance Co. VI LLC <br>3.750%—07/01/2029<sup>1</sup><br>| 3520 |
|  | Macquarie Group Ltd. |  |
| 493 | 1.340%—01/12/2027<sup>1,4</sup> | 482 |
| 2861 | 5.033%—01/15/2030<sup>1,4</sup> | 2887 |
| 1695 | 6.255%—12/07/2034<sup>1,4</sup> | 1781 |
|  |  | 5150 |
| 3710 | Morgan Stanley <br>2.943%—01/21/2033<sup>4</sup><br>| 3260 |
|  | Morgan Stanley MTN |  |
| 665 | 3.125%—07/27/2026 | 656 |
| 6666 | 3.622%—04/01/2031<sup>4</sup> | 6328 |
|  |  | 6984 |
| 500 | UBS Group AG <br>4.125%—04/15/2026<sup>1</sup><br>| 499 |
|  |  | 38736 |
| **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** |
| 3438 | Ashtead Capital, Inc. <br>5.800%—04/15/2034<sup>1</sup><br>| 3447 |
| 300 | Moody's Corp. <br>3.250%—05/20/2050<br>| 199 |
| 5540 | Rentokil Terminix Funding LLC <br>5.000%—04/28/2030<sup>1</sup><br>| 5532 |
|  |  | 9178 |
| **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** |
| 3807 | Sonoco Products Co. <br>5.000%—09/01/2034<br>| 3643 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **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 | $856 |
| 1662 | 5.100%—01/19/2029 | 1681 |
| 6300 | 6.450%—04/15/2027 | 6497 |
|  |  | 9034 |
| 2905 | Air Lease Corp. <br>1.875%—08/15/2026<br>| 2804 |
| 2650 | Air Lease Corp. MTN <br>5.200%—07/15/2031<br>| 2670 |
| 2235 | Aviation Capital Group LLC <br>6.375%—07/15/2030<sup>1</sup><br>| 2354 |
| 1921 | Brookfield Finance I U.K. PLC/Brookfield Finance, <br> Inc. <br>2.340%—01/30/2032<br>| 1601 |
|  | Capital One Financial Corp. |  |
| 435 | 4.927%—05/10/2028<sup>4</sup> | 437 |
| 813 | 5.468%—02/01/2029<sup>4</sup> | 829 |
| 4397 | 6.051%—02/01/2035<sup>4</sup> | 4497 |
|  |  | 5763 |
|  |  | 24226 |
| **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** |
|  | Healthpeak OP LLC |  |
| 3410 | 1.350%—02/01/2027 | 3226 |
| 1475 | 3.250%—07/15/2026 | 1451 |
|  |  | 4677 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** |
|  | AT&T, Inc. |  |
| 240 | 2.300%—06/01/2027 | 231 |
| 1302 | 3.650%—09/15/2059 | 862 |
|  |  | 1093 |
|  | Verizon Communications, Inc. |  |
| 5240 | 2.355%—03/15/2032 | 4475 |
| 162 | 4.500%—08/10/2033 | 156 |
|  |  | 4631 |
|  |  | 5724 |
| **ELECTRIC UTILITIES—3.0%** | **ELECTRIC UTILITIES—3.0%** | **ELECTRIC UTILITIES—3.0%** |
|  | Berkshire Hathaway Energy Co. |  |
| 7190 | 4.450%—01/15/2049 | 5808 |
| 275 | 6.125%—04/01/2036 | 290 |
|  |  | 6098 |
| 2730 | Consumers Securitization Funding LLC <br>5.210%—09/01/2031<br>| 2801 |
|  | Dominion Energy, Inc. |  |
| 785 | 3.375%—04/01/2030 | 738 |
| 1150 | 5.250%—08/01/2033 | 1143 |
|  |  | 1881 |
|  | DTE Energy Co. |  |
| 2306 | 4.875%—06/01/2028 | 2329 |
| 2769 | 5.850%—06/01/2034 | 2856 |
|  |  | 5185 |
| 2785 | Duke Energy Florida LLC <br>3.800%—07/15/2028<br>| 2752 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** |
|  | Eversource Energy |  |
| $1080 | 2.900%—03/01/2027 | $1050 |
| 5295 | 5.450%—03/01/2028 | 5426 |
|  |  | 6476 |
|  | Exelon Corp. |  |
| 5615 | 4.450%—04/15/2046 | 4542 |
| 62 | 4.700%—04/15/2050 | 51 |
| 243 | 5.100%—06/15/2045 | 217 |
|  |  | 4810 |
| 1670 | Florida Power & Light Co. <br>2.450%—02/03/2032<br>| 1458 |
|  | Northern States Power Co. |  |
| 158 | 4.500%—06/01/2052 | 132 |
| 4085 | 6.250%—06/01/2036 | 4492 |
|  |  | 4624 |
| 308 | Southern Co. <br>4.250%—07/01/2036<br>| 279 |
| 5397 | Virginia Power Fuel Securitization LLC <br>4.877%—05/01/2033<br>| 5519 |
|  |  | 41883 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.5%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.5%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.5%** |
|  | Alexandria Real Estate Equities, Inc. |  |
| 4565 | 2.000%—05/18/2032 | 3690 |
| 266 | 4.700%—07/01/2030 | 263 |
| 115 | 4.750%—04/15/2035 | 108 |
|  |  | 4061 |
| 2645 | Simon Property Group LP <br>5.500%—03/08/2033<br>| 2716 |
|  |  | 6777 |
| **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** |
|  | American Express Co. |  |
| 4168 | 5.016%—04/25/2031<sup>4</sup> | 4237 |
| 322 | 5.043%—05/01/2034<sup>4</sup> | 321 |
|  |  | 4558 |
| 198 | Berkshire Hathaway Finance Corp. <br>3.850%—03/15/2052<br>| 151 |
|  | PNC Financial Services Group, Inc. |  |
| 1160 | 5.068%—01/24/2034<sup>4</sup> | 1148 |
| 2571 | 5.354%—12/02/2028<sup>4</sup> | 2628 |
| 3095 | 5.676%—01/22/2035<sup>4</sup> | 3156 |
| 163 | 6.875%—10/20/2034<sup>4</sup> | 179 |
|  |  | 7111 |
|  |  | 11820 |
| **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** |
| 853 | Cigna Group <br>3.400%—03/01/2027<br>| 839 |
|  | CVS Pass-Through Trust |  |
| 145 | 5.773%—01/10/2033<sup>1</sup> | 142 |
| 51 | 5.880%—01/10/2028 | 52 |
| 748 | 8.353%—07/10/2031<sup>1</sup> | 799 |
|  |  | 993 |
| 425 | Elevance Health, Inc. <br>4.750%—02/15/2033<br>| 418 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** |
|  | Health Care Service Corp. A Mutual Legal Reserve <br> Co.<br>|  |
| $2700 | 2.200%—06/01/2030<sup>1</sup> | $2402 |
| 4642 | 5.200%—06/15/2029<sup>1</sup> | 4730 |
|  |  | 7132 |
| 590 | PeaceHealth Obligated Group <br>1.375%—11/15/2025<br>| 579 |
|  |  | 9961 |
| **INDUSTRIAL CONGLOMERATES—0.3%** | **INDUSTRIAL CONGLOMERATES—0.3%** | **INDUSTRIAL CONGLOMERATES—0.3%** |
| 2631 | Ashtead Capital, Inc. <br>5.500%—08/11/2032<sup>1</sup><br>| 2611 |
| 2025 | Textron, Inc. <br>5.500%—05/15/2035<br>| 2011 |
|  |  | 4622 |
| **INSURANCE—2.1%** | **INSURANCE—2.1%** | **INSURANCE—2.1%** |
|  | AIA Group Ltd. |  |
| 419 | 3.600%—04/09/2029<sup>1</sup> | 408 |
| 3680 | 5.375%—04/05/2034<sup>1</sup> | 3716 |
|  |  | 4124 |
| 442 | Arthur J Gallagher & Co. <br>5.550%—02/15/2055<br>| 417 |
| 6550 | Corebridge Global Funding <br>5.200%—01/12/2029<sup>1</sup><br>| 6685 |
| 325 | Equitable Financial Life Global Funding <br>1.400%—07/07/2025<sup>1</sup><br>| 323 |
|  | GA Global Funding Trust |  |
| 2490 | 5.200%—12/09/2031<sup>1</sup> | 2484 |
| 5786 | 5.500%—01/08/2029-04/01/2032<sup>1</sup> | 5880 |
|  |  | 8364 |
| 530 | Liberty Mutual Group, Inc. <br>4.569%—02/01/2029<sup>1</sup><br>| 528 |
|  | Massachusetts Mutual Life Insurance Co. |  |
| 1143 | 3.375%—04/15/2050<sup>1</sup> | 784 |
| 160 | 5.672%—12/01/2052<sup>1</sup> | 155 |
|  |  | 939 |
|  | Metropolitan Life Global Funding I |  |
| 2827 | 3.300%—03/21/2029<sup>1</sup> | 2720 |
| 3495 | 4.850%—01/08/2029<sup>1</sup> | 3560 |
|  |  | 6280 |
| 1374 | Prudential Funding Asia PLC <br>3.625%—03/24/2032<br>| 1267 |
|  |  | 28927 |
| **INTERACTIVE MEDIA & SERVICES—0.3%** | **INTERACTIVE MEDIA & SERVICES—0.3%** | **INTERACTIVE MEDIA & SERVICES—0.3%** |
| 4410 | Uber Technologies, Inc. <br>4.300%—01/15/2030<br>| 4359 |
| **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>| 1890 |
| **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>| 2555 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **MACHINERY—0.4%** | **MACHINERY—0.4%** | **MACHINERY—0.4%** |
| $6004 | Nordson Corp. <br>4.500%—12/15/2029<br>| $5958 |
| **MEDIA—0.9%** | **MEDIA—0.9%** | **MEDIA—0.9%** |
| 6469 | Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 6551 |
| 360 | Comcast Corp. <br>2.350%—01/15/2027<br>| 350 |
|  | Cox Communications, Inc. |  |
| 400 | 1.800%—10/01/2030<sup>1</sup> | 341 |
| 1495 | 3.350%—09/15/2026<sup>1</sup> | 1473 |
| 3795 | 5.700%—06/15/2033<sup>1</sup> | 3820 |
|  |  | 5634 |
|  |  | 12535 |
| **MULTI-UTILITIES—0.1%** | **MULTI-UTILITIES—0.1%** | **MULTI-UTILITIES—0.1%** |
|  | PG&E Wildfire Recovery Funding LLC |  |
| 429 | 3.594%—06/01/2032 | 423 |
| 259 | 4.022%—06/01/2033 | 257 |
| 183 | 4.722%—06/01/2039 | 178 |
|  |  | 858 |
| **OIL, GAS & CONSUMABLE FUELS—2.2%** | **OIL, GAS & CONSUMABLE FUELS—2.2%** | **OIL, GAS & CONSUMABLE FUELS—2.2%** |
| 7835 | Columbia Pipelines Operating Co. LLC <br>6.036%—11/15/2033<sup>1</sup><br>| 8100 |
|  | ConocoPhillips Co. |  |
| 878 | 5.500%—01/15/2055 | 815 |
| 961 | 5.550%—03/15/2054 | 899 |
|  |  | 1714 |
| 3880 | Diamondback Energy, Inc. <br>5.150%—01/30/2030<br>| 3939 |
| 4138 | Energy Transfer LP <br>5.750%—02/15/2033<br>| 4198 |
| 1259 | Kinder Morgan, Inc. <br>5.850%—06/01/2035<br>| 1275 |
| 1787 | Northern Natural Gas Co. <br>5.625%—02/01/2054<sup>1</sup><br>| 1690 |
| 474 | Occidental Petroleum Corp. <br>0.000%—10/10/2036<sup>5</sup><br>| 265 |
| 5563 | Schlumberger Holdings Corp. <br>3.900%—05/17/2028<sup>1</sup><br>| 5486 |
|  | Southern Co. Gas Capital Corp. |  |
| 230 | 1.750%—01/15/2031 | 196 |
| 4779 | 4.950%—09/15/2034 | 4647 |
|  |  | 4843 |
|  |  | 31510 |
| **PASSENGER AIRLINES—0.1%** | **PASSENGER AIRLINES—0.1%** | **PASSENGER AIRLINES—0.1%** |
| 220 | Air Canada Pass-Through Trust <br>3.600%—09/15/2028<sup>1</sup><br>| 214 |
| 287 | Delta Air Lines Pass-Through Trust <br>3.625%—01/30/2029<br>| 280 |
|  | United Airlines Pass-Through Trust |  |
| 179 | 3.100%—01/07/2030 | 172 |
| 667 | 4.000%—10/11/2027 | 660 |
|  |  | 832 |
|  |  | 1326 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** |
|  | Verisk Analytics, Inc. |  |
| $741 | 3.625%—05/15/2050 | $518 |
| 4100 | 5.250%—06/05/2034 | 4131 |
| 1100 | 5.750%—04/01/2033 | 1140 |
|  |  | 5789 |
| **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>| 804 |
| **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** |
|  | Canadian Pacific Railway Co. |  |
| 1429 | 4.200%—11/15/2069 | 1036 |
| 190 | 6.125%—09/15/2115 | 188 |
|  |  | 1224 |
| 2430 | JB Hunt Transport Services, Inc. <br>4.900%—03/15/2030<br>| 2456 |
| 155 | Norfolk Southern Corp. <br>4.837%—10/01/2041<br>| 141 |
| 4716 | Ryder System, Inc. MTN <br>5.250%—06/01/2028<br>| 4822 |
|  |  | 8643 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** |
|  | Broadcom, Inc. |  |
| 3574 | 4.000%—04/15/2029<sup>1</sup> | 3501 |
| 1042 | 4.110%—09/15/2028 | 1034 |
|  |  | 4535 |
| 5393 | Foundry JV Holdco LLC <br>6.250%—01/25/2035<sup>1</sup><br>| 5582 |
|  | NXP BV/NXP Funding LLC/NXP USA, Inc. |  |
| 4140 | 2.500%—05/11/2031 | 3568 |
| 595 | 2.700%—05/01/2025 | 595 |
| 1230 | 3.150%—05/01/2027 | 1197 |
| 3185 | 4.300%—06/18/2029 | 3116 |
|  |  | 8476 |
|  |  | 18593 |
| **SOFTWARE—0.9%** | **SOFTWARE—0.9%** | **SOFTWARE—0.9%** |
| 6250 | AppLovin Corp. <br>5.125%—12/01/2029<br>| 6304 |
| 1222 | Constellation Software, Inc. <br>5.461%—02/16/2034<sup>1</sup><br>| 1229 |
|  | Oracle Corp. |  |
| 340 | 1.650%—03/25/2026 | 331 |
| 2681 | 3.950%—03/25/2051 | 1938 |
| 3317 | 5.250%—02/03/2032 | 3365 |
|  |  | 5634 |
|  |  | 13167 |
| **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** |
|  | Lowe's Cos., Inc. |  |
| 77 | 3.700%—04/15/2046 | 56 |
| 199 | 5.000%—04/15/2040 | 186 |
| 697 | 5.625%—04/15/2053 | 653 |
|  |  | 895 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| $9192 | Penske Truck Leasing Co. LP/PTL Finance Corp. <br>5.550%—05/01/2028<sup>1</sup><br>| $9421 |
|  |  | 10316 |
| **TRADING COMPANIES & DISTRIBUTORS—0.3%** | **TRADING COMPANIES & DISTRIBUTORS—0.3%** | **TRADING COMPANIES & DISTRIBUTORS—0.3%** |
| 4590 | Ferguson Finance PLC <br>3.250%—06/02/2030<sup>1</sup><br>| 4280 |
| **WIRELESS TELECOMMUNICATION SERVICES—1.1%** | **WIRELESS TELECOMMUNICATION SERVICES—1.1%** | **WIRELESS TELECOMMUNICATION SERVICES—1.1%** |
|  | Rogers Communications, Inc. |  |
| 3260 | 3.200%—03/15/2027 | 3189 |
| 2441 | 3.800%—03/15/2032 | 2232 |
| 257 | 5.450%—10/01/2043 | 239 |
|  |  | 5660 |
|  | T-Mobile USA, Inc. |  |
| 3131 | 5.050%—07/15/2033 | 3112 |
| 3238 | 5.150%—04/15/2034 | 3241 |
| 2745 | 5.875%—11/15/2055 | 2708 |
|  |  | 9061 |
|  |  | 14721 |
| **Total Corporate Bonds & Notes** <br>(Cost $439,964) | **Total Corporate Bonds & Notes** <br>(Cost $439,964) | 442159 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—26.1%** | **Mortgage Pass-Through—26.1%** | **Mortgage Pass-Through—26.1%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 7839 | <br>2.000%—06/01/2050-01/01/2051 | 6282 |
| 50388 | <br>2.500%—08/01/2035-05/01/2052 | 43318 |
| 25249 | <br>3.000%—01/01/2033-08/01/2050 | 22685 |
| 16812 | <br>3.500%—09/01/2033-04/01/2050 | 15830 |
| 21078 | <br>4.000%—12/01/2037-07/01/2049 | 19933 |
| 16200 | <br>4.500%—10/01/2048-05/01/2053 | 15738 |
| 11320 | <br>5.000%—11/01/2049-11/01/2053 | 11231 |
| 25543 | <br>5.500%—12/01/2052-03/01/2054 | 25850 |
| 90 | <br>6.901% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.595%) 06/01/2047<sup>2</sup><br>| 93 |
|  |  | 160960 |
|  | Federal National Mortgage Association |  |
| 8366 | <br>2.000%—08/01/2050-02/01/2052 | 6744 |
| 50641 | <br>2.500%—01/01/2032-04/01/2052 | 43377 |
| 22518 | <br>3.000%—02/01/2034-12/01/2051 | 20224 |
| 18647 | <br>3.500%—05/01/2035-05/01/2052 | 17365 |
| 22406 | <br>4.000%—03/01/2038-07/01/2052 | 21244 |
| 17881 | <br>4.500%—05/01/2046-10/01/2052 | 17396 |
| 22762 | <br>5.000%—06/01/2050-06/01/2054 | 22562 |
| 12059 | <br>5.500%—11/01/2052-10/01/2053 | 12161 |
| 103 | <br>6.950% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 2.313%) 12/01/2036<sup>2</sup><br>| 106 |
|  |  | 161179 |
| 2787 | Federal National Mortgage Association REMICS <br>Series 2024-20 Cl. CA <br>5.500%—01/25/2047<br>| 2799 |
|  | Government National Mortgage Association |  |
| 7741 | <br>2.000%—02/20/2052 | 6321 |
| 18460 | <br>2.500%—01/20/2051-09/20/2051 | 15747 |
| 7419 | <br>3.500%—05/20/2052 | 6757 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $7535 | <br>4.000%—09/20/2041-08/20/2052 | $7053 |
| 694 | <br>4.500%—01/15/2042-08/20/2047 | 676 |
|  |  | 36554 |
|  | Government National Mortgage Association <br> REMICS<br>|  |
| 3076 | Series 2012-140 Cl. JD <br>1.750%—01/20/2041<br>| 2958 |
| 2155 | Series 2013-70 Cl. AE <br>1.750%—11/20/2040<br>| 2059 |
|  |  | 5017 |
| **Total Mortgage Pass-Through** <br>(Cost $366,933) | **Total Mortgage Pass-Through** <br>(Cost $366,933) | 366509 |

---

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

---

| | | |
|:---|:---|:---|
| **Municipal Bonds—0.6%** | **Municipal Bonds—0.6%** | **Municipal Bonds—0.6%** |
| 1380 | City of New York <br>5.935%—02/01/2055<br>| 1451 |
| 435 | Empire State Development Corp. <br>5.770%—03/15/2039<br>| 446 |
| 145 | Metropolitan Water Reclamation District of Greater <br> Chicago <br>5.720%—12/01/2038<br>| 150 |
| 2515 | New Hampshire Health & Education Facilities <br> Authority Act <br>5.040%—11/01/2034<br>| 2478 |
| 440 | New York City Transitional Finance Authority Future <br> Tax Secured Revenue <br>3.950%—08/01/2032<br>| 423 |
| 510 | Sales Tax Securitization Corp. <br>4.637%—01/01/2040<br>| 485 |
| 300 | State of California <br>7.500%—04/01/2034<br>| 349 |
| 2058 | Texas Natural Gas Securitization Finance Corp. <br>5.102%—04/01/2035<br>| 2102 |
| **Total Municipal Bonds** <br>(Cost $7,891) | **Total Municipal Bonds** <br>(Cost $7,891) | 7884 |

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—21.1%** | **U.S. Government Obligations—21.1%** | **U.S. Government Obligations—21.1%** |
|  | U.S. Treasury Bonds |  |
| 82021 | 4.250%—02/15/2054-08/15/2054 | 76007 |
| 24410 | <br>4.375%—08/15/2043 | 23544 |
| 69828 | <br>4.500%—02/15/2044 | 68253 |
| 26062 | 4.625%—05/15/2044-02/15/2055 | 25853 |
|  |  | 193657 |
| 7477 | U.S. Treasury Inflation-Indexed Notes <br>0.125%—01/15/2030<br>| 7062 |
|  | U.S. Treasury Notes |  |
| 27899 | <br>3.750%—08/15/2027 | 27997 |
| 18258 | 4.000%—07/31/2029-02/28/2030 | 18496 |
| 17800 | <br>4.125%—11/15/2027 | 18030 |
| 22812 | <br>4.250%—11/15/2034 | 22990 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, 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** |
| $1171 | <br>4.625%—11/15/2026 | $1187 |
| 7546 | <br>4.875%—04/30/2026 | 7617 |
|  |  | 96317 |
| **Total U.S. Government Obligations** <br>(Cost $300,421) | **Total U.S. Government Obligations** <br>(Cost $300,421) | 297036 |
| **TOTAL INVESTMENTS—99.1%** <br>(Cost $1,389,522) | **TOTAL INVESTMENTS—99.1%** <br>(Cost $1,389,522) | 1391152 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.9%** | 13179 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $1404331 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 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 April 30, 2025, the aggregate value of these securities was $292,712 or 21% of net assets.

Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 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.

Step coupon security; the stated rate represents the rate in effect as of April 30, 2025.

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—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Income Research + Management

Principal Amounts, Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—12.1%** | **Asset-Backed Securities—12.1%** | **Asset-Backed Securities—12.1%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $3582 | Aligned Data Centers Issuer LLC <br>Series 2021-1A Cl. A2 <br>1.937%—08/15/2046<sup>1</sup><br>| $3437 |
|  | AMSR Trust |  |
| 3072 | Series 2024-SFR2 Cl. A <br>4.150%—11/17/2041<sup>1</sup><br>| 2996 |
| 5305 | Series 2024-SFR1 Cl. A <br>4.290%—07/17/2041<sup>1,2</sup><br>| 5213 |
|  |  | 8209 |
| 2944 | Apidos CLO XLVIII Ltd. <br>Series 2024-48A Cl. A1 <br>5.722% (3 Month USD Term SOFR + 1.440%) <br> 07/25/2037<sup>1,3</sup><br>| 2948 |
| 4905 | Avis Budget Rental Car Funding AESOP LLC <br>Series 2024-1A Cl. A <br>5.360%—06/20/2030<sup>1</sup><br>| 5020 |
| 5940 | Carlyle Global Market Strategies CLO Ltd. <br>Series 2016-1A Cl. A1R3 <br>5.360% (3 Month USD Term SOFR + 1.090%) <br> 04/20/2034<sup>1,3</sup><br>| 5921 |
| 5976 | CIFC Funding Ltd. <br>Series 2023-3A Cl. A <br>5.869% (3 Month USD Term SOFR + 1.600%) <br> 01/20/2037<sup>1,3</sup><br>| 5992 |
| 2211 | DB Master Finance LLC <br>Series 2021-1A Cl. A2II <br>2.493%—11/20/2051<sup>1</sup><br>| 2045 |
| 3740 | Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 3488 |
| 6901 | FirstKey Homes Trust <br>Series 2021-SFR1 Cl. A <br>1.538%—08/17/2038<sup>1</sup><br>| 6638 |
| 3425 | Flatiron CLO 26 Ltd. <br>Series 2024-4A Cl. A <br>5.586% (3 Month USD Term SOFR + 1.330%) <br> 01/15/2038<sup>1,3</sup><br>| 3403 |
| 2882 | GoldenTree Loan Management U.S. CLO 20 Ltd. <br>Series 2024-20A Cl. A <br>5.720% (3 Month USD Term SOFR + 1.450%) <br> 07/20/2037<sup>1,3</sup><br>| 2883 |
| 4909 | Golub Capital Partners CLO 62B Ltd. <br>Series 2022-62A Cl. AR <br>5.626% (3 Month USD Term SOFR + 1.370%) <br> 10/15/2037<sup>1,3</sup><br>| 4888 |
| 2992 | Golub Capital Partners CLO 64B-R Ltd. <br>Series 2022-64A Cl. AR <br>5.642% (3 Month USD Term SOFR + 1.360%) <br> 10/25/2037<sup>1,3</sup><br>| 2981 |
| 1089 | Home Partners of America Trust <br>Series 2022-1 Cl. A <br>3.930%—04/17/2039<sup>1</sup><br>| 1076 |
| 96 | IXIS Real Estate Capital Trust <br>Series 2005-HE1 Cl. M4 <br>5.491% (1 Month USD Term SOFR + 1.164%) <br> 06/25/2035<sup>3</sup><br>| 109 |
| 576 | JP Morgan Mortgage Acquisition Trust <br>Series 2007-HE1 Cl. AF3 <br>4.274%—05/25/2035<sup>2</sup><br>| 374 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2536 | Morgan Stanley ABS Capital I, Inc. Trust <br>Series 2007-HE6 Cl. A3 <br>4.621% (1 Month USD Term SOFR + 0.294%) <br> 05/25/2037<sup>3</sup><br>| $2249 |
| 4583 | NextGear Floorplan Master Owner Trust <br>Series 2024-2A Cl. A2 <br>4.420%—09/15/2029<sup>1</sup><br>| 4600 |
|  | Palmer Square CLO Ltd. |  |
| 2300 | Series 2022-4A Cl. A1R <br>5.620% (3 Month USD Term SOFR + 1.350%) <br> 10/20/2037<sup>1,3</sup><br>| 2299 |
| 2790 | Series 2020-3A Cl. A1R2 <br>5.973% (3 Month USD Term SOFR + 1.650%) <br> 11/15/2036<sup>1,3</sup><br>| 2793 |
|  |  | 5092 |
| 220 | Palmer Square Loan Funding Ltd. <br>Series 2021-4A Cl. A1 <br>5.318% (3 Month USD Term SOFR + 1.062%) <br> 10/15/2029<sup>1,3</sup><br>| 220 |
|  | Planet Fitness Master Issuer LLC |  |
| 4246 | Series 2022-1A Cl. A2I <br>3.251%—12/05/2051<sup>1</sup><br>| 4129 |
| 794 | Series 2019-1A Cl. A2 <br>3.858%—12/05/2049<sup>1</sup><br>| 752 |
| 1968 | Series 2024-1A Cl. A2I <br>5.765%—06/05/2054<sup>1</sup><br>| 2015 |
|  |  | 6896 |
| 3205 | Sabey Data Center Issuer LLC <br>Series 2025-1 Cl. A2 <br>5.733%—02/21/2050<sup>1</sup><br>| 3261 |
| 3825 | SBA Small Business Investment Cos. <br>Series 2025-10A Cl. 1 <br>4.963%—03/10/2035<br>| 3887 |
| 3034 | SBA Tower Trust <br>6.599%—11/15/2052<sup>1</sup><br>| 3106 |
| 3360 | Servpro Master Issuer LLC <br>Series 2021-1A Cl. A2 <br>2.394%—04/25/2051<sup>1</sup><br>| 3121 |
| 7000 | Stack Infrastructure Issuer LLC <br>Series 2021-1A Cl. A2 <br>1.877%—03/26/2046<sup>1</sup><br>| 6791 |
| 2564 | Store Master Funding LLC <br>Series 2024-1A Cl. A1 <br>5.690%—05/20/2054<sup>1</sup><br>| 2606 |
|  | Subway Funding LLC |  |
| 3614 | Series 2024-3A Cl. A2II <br>5.566%—07/30/2054<sup>1</sup><br>| 3593 |
| 2897 | Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 2937 |
|  |  | 6530 |
| 6877 | Taco Bell Funding LLC <br>Series 2021-1A Cl. A2I <br>1.946%—08/25/2051<sup>1</sup><br>| 6527 |
| 5168 | Tricon Residential Trust <br>Series 2023-SFR1 Cl. A <br>5.100%—07/17/2040<sup>1</sup><br>| 5214 |
|  | U.S. Small Business Administration |  |
| 4615 | Series 2024-25B Cl. 1 <br>5.070%—02/01/2049<br>| 4660 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2756 | Series 2023-25K Cl. 1 <br>5.710%—11/01/2048<br>| $2918 |
| 380 | Series 2009-20A Cl. 1 <br>5.720%—01/01/2029<br>| 385 |
| 1792 | Series 2023-25J Cl. 1 <br>5.820%—10/01/2048<br>| 1892 |
| 521 | Series 2008-20H Cl. 1 <br>6.020%—08/01/2028<br>| 534 |
|  |  | 10389 |
| 861 | Uniti Fiber ABS Issuer LLC <br>Series 2025-1A Cl. A2 <br>5.877%—04/20/2055<sup>1</sup><br>| 881 |
| 6810 | VB-S1 Issuer LLC <br>Series 2022-1A Cl. C2I <br>3.156%—02/15/2052<sup>1</sup><br>| 6485 |
| 6734 | Wendy's Funding LLC <br>Series 2021-1A Cl. A2I <br>2.370%—06/15/2051<sup>1</sup><br>| 6138 |
| **Total Asset-Backed Securities** <br>(Cost $142,784) | **Total Asset-Backed Securities** <br>(Cost $142,784) | 143405 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—10.3%** | **Collateralized Mortgage Obligations—10.3%** | **Collateralized Mortgage Obligations—10.3%** |
| 2919 | Angel Oak Mortgage Trust <br>Series 2022-1 Cl. A1 <br>2.881%—12/25/2066<sup>1,2</sup><br>| 2701 |
| 299 | Argent Securities, Inc. Asset-Backed Pass-Through <br> Certificates <br>Series 2004-W11 Cl. M3 <br>5.566% (1 Month USD Term SOFR + 1.239%) <br> 11/25/2034<sup>3</sup><br>| 298 |
| 3200 | Bank <br>Series 2024-BNK48 Cl. A5 <br>5.053%—10/15/2057<br>| 3191 |
| 4948 | Bank5 <br>Series 2023-5YR2 Cl. A3 <br>6.656%—07/15/2056<sup>3</sup><br>| 5243 |
| 5383 | BBCMS Mortgage Trust <br>Series 2024-5C27 Cl. A3 <br>6.014%—07/15/2057<br>| 5654 |
| 90 | BCAP LLC Trust <br>Series 2011-RR5 Cl. 12A1 <br>4.453%—03/26/2037<sup>1,2</sup><br>| 89 |
|  | Bear Stearns ARM Trust |  |
| 6 | Series 2000-2 Cl. A1 <br>4.883%—11/25/2030<sup>3</sup><br>| 6 |
| 112 | Series 2004-1 Cl. 12A5 <br>5.351%—04/25/2034<sup>3</sup><br>| 98 |
|  |  | 104 |
| 3238 | Benchmark Mortgage Trust <br>Series 2022-B35 Cl. A5 <br>4.591%—05/15/2055<sup>3</sup><br>| 3111 |
| 3600 | BMARK Trust <br>Series 2023-V4 Cl. A3 <br>6.841%—11/15/2056<sup>3</sup><br>| 3839 |
| 4698 | BMO Mortgage Trust <br>Series 2023-C7 Cl. A5 <br>6.160%—12/15/2056<br>| 5036 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | BX Commercial Mortgage Trust |  |
| $1429 | Series 2021-VOLT Cl. A <br>5.136% (1 Month USD Term SOFR + 0.814%) <br> 09/15/2036<sup>1,3</sup><br>| $1416 |
| 2480 | Series 2022-LP2 Cl. A <br>5.335% (1 Month USD Term SOFR + 1.013%) <br> 02/15/2039<sup>1,3</sup><br>| 2478 |
|  |  | 3894 |
|  | BX Trust |  |
| 4087 | Series 2022-CLS Cl. A <br>5.760%—10/13/2027<sup>1</sup><br>| 4146 |
| 4536 | Series 2024-VLT4 Cl. A <br>5.813% (1 Month USD Term SOFR + 1.491%) <br> 07/15/2029<sup>1,3</sup><br>| 4509 |
| 5219 | Series 2024-BIO Cl. A <br>5.964% (1 Month USD Term SOFR + 1.642%) <br> 02/15/2041<sup>1,3</sup><br>| 5188 |
|  |  | 13843 |
| 3828 | Citigroup Commercial Mortgage Trust <br>Series 2019-GC43 Cl. A4 <br>3.038%—11/10/2052<br>| 3537 |
| 5384 | Citigroup Mortgage Loan Trust <br>Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,3</sup><br>| 5389 |
|  | Countrywide Alternative Loan Trust |  |
| 1431 | Series 2006-6CB Cl. 1A2 <br>4.841% (1 Month USD Term SOFR + 0.514%) <br> 05/25/2036<sup>3</sup><br>| 1098 |
| 1135 | Series 2005-20CB Cl. 2A5 <br>5.500%—07/25/2035<br>| 741 |
|  |  | 1839 |
| 181 | CSFB Mortgage-Backed Pass-Through Certificates <br>Series 2005-10 Cl. 9A1 <br>6.000%—11/25/2035<br>| 127 |
| 1137 | DBJPM Mortgage Trust <br>Series 2020-C9 Cl. A2 <br>1.900%—08/15/2053<br>| 1119 |
| 2250 | Deutsche Alt-A Securities, Inc. Mortgage Loan <br> Trust <br>Series 2007-AR2 Cl. A1 <br>4.741% (1 Month USD Term SOFR + 0.414%) <br> 03/25/2037<sup>3</sup><br>| 2060 |
| 696 | DSLA Mortgage Loan Trust <br>Series 2006-AR1 Cl. 1A1A <br>5.495% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 0.920%) 03/19/2046<sup>3</sup><br>| 590 |
| 1731 | EQT Trust <br>Series 2024-EXTR Cl. A <br>5.331%—07/05/2041<sup>1,3</sup><br>| 1770 |
| 3144 | Fashion Show Mall LLC <br>Series 2024-SHOW Cl. A <br>5.274%—10/10/2041<sup>1,3</sup><br>| 3178 |
| 104 | First Horizon Asset Securities, Inc. <br>Series 2005-AR6 Cl. 4A1 <br>5.629%—02/25/2036<sup>3</sup><br>| 98 |
|  | FNT Mortgage-Backed Pass-Through Trust <br>Series 2001-3 Cl. 1A1 <br>6.750%—08/21/2031<br>|  |
| 3293 | GS Mortgage-Backed Securities Trust <br>Series 2024-PJ5 Cl. A15 <br>6.000%—09/25/2054<sup>1,3</sup><br>| 3322 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2448 | GSMPS Mortgage Loan Trust <br>Series 2006-RP2 Cl. 1AF1 <br>4.841% (1 Month USD Term SOFR + 0.514%) <br> 04/25/2036<sup>1,3</sup><br>| $2086 |
| 167 | GSR Mortgage Loan Trust <br>Series 2005-AR3 Cl. 3A1 <br>6.568%—05/25/2035<sup>3</sup><br>| 125 |
| 1 | IndyMac ARM Trust <br>Series 2001-H2 Cl. A2 <br>6.636%—01/25/2032<sup>3</sup><br>| 1 |
| 3551 | JP Morgan Chase Commercial Mortgage Securities <br> Trust <br>Series 2024-OMNI Cl. A <br>5.990%—10/05/2039<sup>1,3</sup><br>| 3609 |
|  | JP Morgan Mortgage Trust |  |
| 2397 | Series 2024-3 Cl. A6 <br>3.000%—05/25/2054<sup>1,3</sup><br>| 2232 |
| 5934 | Series 2022-3 Cl. A6 <br>3.000%—08/25/2052<sup>1,3</sup><br>| 5563 |
| 798 | Series 2006-A6 Cl. 1A4L <br>4.621%—10/25/2036<sup>3</sup><br>| 563 |
| 8 | Series 2006-S1 Cl. 3A1 <br>5.500%—04/25/2036<br>| 8 |
| 3334 | Series 2023-4 Cl. 1A4A <br>5.500%—11/25/2053<sup>1,3</sup><br>| 3349 |
|  |  | 11715 |
| 4718 | KIND Commercial Mortgage Trust <br>Series 2024-1 Cl. A <br>6.212% (1 Month USD Term SOFR + 1.890%) <br> 08/15/2041<sup>1,3</sup><br>| 4728 |
| 413 | Merrill Lynch Alternative Note Asset Trust <br>Series 2007-F1 Cl. 2A6 <br>6.000%—03/25/2037<br>| 139 |
| 1631 | MetLife Securitization Trust <br>Series 2018-1A Cl. A <br>3.750%—03/25/2057<sup>1,3</sup><br>| 1582 |
| 1410 | OBX Trust <br>Series 2018-1 Cl. A2 <br>5.091% (1 Month USD Term SOFR + 0.764%) <br> 06/25/2057<sup>1,3</sup><br>| 1379 |
| 749 | Saxon Asset Securities Trust <br>Series 2006-3 Cl. A3 <br>4.781% (1 Month USD Term SOFR + 0.454%) <br> 10/25/2046<sup>3</sup><br>| 732 |
|  | Sequoia Mortgage Trust |  |
| 3927 | Series 2023-1 Cl. A4 <br>5.000%—01/25/2053<sup>1,3</sup><br>| 3885 |
| 3495 | Series 2023-2 Cl. A4 <br>5.000%—03/25/2053<sup>1,3</sup><br>| 3466 |
|  |  | 7351 |
| 161 | STARM Mortgage Loan Trust <br>Series 2007-S1 Cl. 1A <br>6.987%—01/25/2037<sup>3</sup><br>| 100 |
| 23 | Structured Adjustable Rate Mortgage Loan Trust <br>Series 2005-7 Cl. 3A1 <br>5.110%—04/25/2035<sup>3</sup><br>| 22 |
| 4870 | SWCH Commercial Mortgage Trust <br>Series 2025-DATA Cl. A <br>5.765% (1 Month USD Term SOFR + 1.443%) <br> 03/15/2042<sup>1,3</sup><br>| 4794 |
| 3404 | Towd Point Mortgage Trust <br>Series 2019-1 Cl. A1 <br>3.750%—03/25/2058<sup>1,3</sup><br>| 3314 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2307 | Tricon American Homes <br>Series 2020-SFR1 Cl. A <br>1.499%—07/17/2038<sup>1</sup><br>| $2247 |
|  | WaMu Mortgage Pass-Through Certificates Trust |  |
| 1173 | Series 2006-AR8 Cl. 1A4 <br>4.843%—08/25/2046<sup>3</sup><br>| 1054 |
| 53 | Series 2005-AR13 Cl. A1A1 <br>5.021% (1 Month USD Term SOFR + 0.694%) <br> 10/25/2045<sup>3</sup><br>| 52 |
|  |  | 1106 |
| 7117 | Wells Fargo Commercial Mortgage Trust <br>Series 2018-C48 Cl. A5 <br>4.302%—01/15/2052<br>| 7048 |
| **Total Collateralized Mortgage Obligations** <br>(Cost $123,010) | **Total Collateralized Mortgage Obligations** <br>(Cost $123,010) | 122110 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—30.1%** | **Corporate Bonds & Notes—30.1%** | **Corporate Bonds & Notes—30.1%** |
| **AEROSPACE & DEFENSE—0.3%** | **AEROSPACE & DEFENSE—0.3%** | **AEROSPACE & DEFENSE—0.3%** |
| 1798 | Embraer Netherlands Finance BV <br>5.980%—02/11/2035<br>| 1826 |
| 1626 | Hexcel Corp. <br>5.875%—02/26/2035<br>| 1614 |
|  |  | 3440 |
| **AUTO COMPONENTS—0.5%** | **AUTO COMPONENTS—0.5%** | **AUTO COMPONENTS—0.5%** |
| 5000 | Aptiv Swiss Holdings Ltd. <br>4.150%—05/01/2052<br>| 3411 |
| 2592 | ZF North America Capital, Inc. <br>6.875%—04/14/2028<sup>1</sup><br>| 2479 |
|  |  | 5890 |
| **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** |
| 3800 | Ford Motor Credit Co. LLC <br>6.125%—03/08/2034<br>| 3598 |
| 2352 | General Motors Financial Co., Inc. <br>5.800%—06/23/2028<br>| 2400 |
|  |  | 5998 |
| **BANKS—2.1%** | **BANKS—2.1%** | **BANKS—2.1%** |
| 2751 | Bank of America Corp. <br>5.744%—02/12/2036<sup>4</sup><br>| 2746 |
| 5703 | Barclays PLC <br>5.690%—03/12/2030<sup>4</sup><br>| 5861 |
| 4700 | Citigroup, Inc. <br>2.572%—06/03/2031<sup>4</sup><br>| 4210 |
| 1995 | ING Groep NV <br>6.114%—09/11/2034<sup>4</sup><br>| 2101 |
| 4000 | JPMorgan Chase & Co. <br>1.470%—09/22/2027<sup>4</sup><br>| 3841 |
|  | Truist Financial Corp. MTN |  |
| 3001 | 6.123%—10/28/2033<sup>4</sup> | 3140 |
| 2592 | 7.161%—10/30/2029<sup>4</sup> | 2799 |
|  |  | 5939 |
|  |  | 24698 |
| **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** |
| 3101 | Antares Holdings LP <br>6.350%—10/23/2029<sup>1</sup><br>| 3094 |
| 6000 | Blackstone Holdings Finance Co. LLC <br>3.200%—01/30/2052<sup>1</sup><br>| 3832 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| $5700 | Blue Owl Capital Corp. <br>2.875%—06/11/2028<br>| $5201 |
| 490 | Blue Owl Credit Income Corp. <br>6.600%—09/15/2029<sup>1</sup><br>| 496 |
| 6096 | Brookfield Capital Finance LLC <br>6.087%—06/14/2033<br>| 6331 |
| 6962 | Brookfield Finance, Inc. <br>6.300%—01/15/2055<sup>4</sup><br>| 6638 |
| 3098 | Golub Capital Private Credit Fund <br>5.800%—09/12/2029<sup>1</sup><br>| 3050 |
|  | HPS Corporate Lending Fund |  |
| 1301 | 5.450%—01/14/2028 | 1301 |
| 4212 | 6.750%—01/30/2029 | 4339 |
|  |  | 5640 |
| 5850 | KKR Group Finance Co. VII LLC <br>3.625%—02/25/2050<sup>1</sup><br>| 3968 |
| 1883 | Main Street Capital Corp. <br>6.950%—03/01/2029<br>| 1928 |
| 1709 | Oaktree Specialty Lending Corp. <br>2.700%—01/15/2027<br>| 1616 |
|  | Sixth Street Lending Partners |  |
| 2001 | 5.750%—01/15/2030 | 1980 |
| 3000 | 6.500%—03/11/2029 | 3052 |
|  |  | 5032 |
|  |  | 46826 |
| **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** |
| 4851 | Element Fleet Management Corp. <br>6.271%—06/26/2026<sup>1</sup><br>| 4935 |
| 1500 | GFL Environmental, Inc. <br>6.750%—01/15/2031<sup>1</sup><br>| 1561 |
|  | Triton Container International Ltd. |  |
| 3519 | 2.050%—04/15/2026<sup>1</sup> | 3419 |
| 1350 | 3.150%—06/15/2031<sup>1</sup> | 1162 |
|  |  | 4581 |
|  |  | 11077 |
| **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>| 3533 |
| **DIVERSIFIED FINANCIAL SERVICES—4.1%** | **DIVERSIFIED FINANCIAL SERVICES—4.1%** | **DIVERSIFIED FINANCIAL SERVICES—4.1%** |
| 3205 | AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust <br>5.100%—01/19/2029<br>| 3241 |
| 6200 | Aircastle Ltd. <br>2.850%—01/26/2028<sup>1</sup><br>| 5853 |
| 661 | Aircastle Ltd./Aircastle Ireland DAC <br>5.750%—10/01/2031<sup>1</sup><br>| 668 |
| 3762 | Atlas Warehouse Lending Co. LP <br>6.050%—01/15/2028<sup>1</sup><br>| 3789 |
| 5300 | Aviation Capital Group LLC <br>4.125%—08/01/2025<sup>1</sup><br>| 5286 |
| 3527 | Blue Owl Finance LLC <br>6.250%—04/18/2034<br>| 3562 |
| 4836 | Capital One Financial Corp. <br>5.884%—07/26/2035<sup>4</sup><br>| 4897 |
| 8750 | Depository Trust & Clearing Corp. <br>3.375%—06/20/2026<sup>1,4</sup><br>| 8436 |
| 2078 | GGAM Finance Ltd. <br>8.000%—02/15/2027<sup>1</sup><br>| 2135 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **DIVERSIFIED FINANCIAL SERVICES—Continued** | **DIVERSIFIED FINANCIAL SERVICES—Continued** | **DIVERSIFIED FINANCIAL SERVICES—Continued** |
|  | Jane Street Group/JSG Finance, Inc. |  |
| $1567 | 6.125%—11/01/2032<sup>1</sup> | $1542 |
| 3842 | 7.125%—04/30/2031<sup>1</sup> | 3965 |
|  |  | 5507 |
| 3664 | Macquarie Airfinance Holdings Ltd. <br>5.150%—03/17/2030<sup>1</sup><br>| 3599 |
| 2254 | Voya Financial, Inc. <br>5.000%—09/20/2034<br>| 2157 |
|  |  | 49130 |
| **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>| 1983 |
| **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** |
|  | CMS Energy Corp. |  |
| 4171 | 3.750%—12/01/2050<sup>4</sup> | 3615 |
| 1647 | 4.750%—06/01/2050<sup>4</sup> | 1546 |
|  |  | 5161 |
| 4223 | Dominion Energy, Inc. <br>6.875%—02/01/2055<sup>4</sup><br>| 4346 |
| 2676 | DTE Electric Securitization Funding II LLC <br>5.970%—03/01/2033<br>| 2835 |
|  | Exelon Corp. |  |
| 3100 | 4.050%—04/15/2030 | 3020 |
| 1500 | 5.625%—06/15/2035 | 1516 |
|  |  | 4536 |
| 916 | National Rural Utilities Cooperative Finance Corp. <br>7.451% (3 Month USD Term SOFR + 3.172%) <br> 04/30/2043<sup>3</sup><br>| 913 |
| 2877 | New England Power Co. <br>5.936%—11/25/2052<sup>1</sup><br>| 2945 |
| 2234 | NextEra Energy Capital Holdings, Inc. <br>6.375%—08/15/2055<sup>4</sup><br>| 2244 |
|  |  | 22980 |
| **ENTERTAINMENT—0.7%** | **ENTERTAINMENT—0.7%** | **ENTERTAINMENT—0.7%** |
| 3748 | Allwyn Entertainment Financing U.K. PLC <br>7.875%—04/30/2029<sup>1</sup><br>| 3890 |
| 5743 | Warnermedia Holdings, Inc. <br>4.279%—03/15/2032<br>| 4920 |
|  |  | 8810 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.4%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.4%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.4%** |
| 1400 | Agree LP <br>2.900%—10/01/2030<br>| 1275 |
| 2100 | Alexandria Real Estate Equities, Inc. <br>2.750%—12/15/2029<br>| 1923 |
| 1118 | American Tower Corp. <br>3.650%—03/15/2027<br>| 1102 |
| 5922 | COPT Defense Properties LP <br>2.000%—01/15/2029<br>| 5303 |
|  | EPR Properties |  |
| 4005 | 4.500%—06/01/2027 | 3939 |
| 1165 | 4.750%—12/15/2026 | 1155 |
| 600 | 4.950%—04/15/2028 | 593 |
|  |  | 5687 |
| 4500 | GLP Capital LP/GLP Financing II, Inc. <br>4.000%—01/15/2030<br>| 4246 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** |
| $3000 | Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>7.000%—07/15/2031<sup>1</sup><br>| $3085 |
| 4700 | Realty Income Corp. <br>3.400%—01/15/2030<br>| 4470 |
| 1947 | VICI Properties LP <br>5.750%—04/01/2034<br>| 1959 |
|  |  | 29050 |
| **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>| 3370 |
| 982 | Macquarie Airfinance Holdings Ltd. <br>6.400%—03/26/2029<sup>1</sup><br>| 1009 |
| 5720 | Navient Corp. <br>4.875%—03/15/2028<br>| 5507 |
| 2846 | PNC Financial Services Group, Inc. <br>6.875%—10/20/2034<sup>4</sup><br>| 3130 |
|  |  | 13016 |
| **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** |
|  | CVS Pass-Through Trust |  |
| 286 | 6.943%—01/10/2030 | 295 |
| 3649 | 7.507%—01/10/2032<sup>1</sup> | 3809 |
|  |  | 4104 |
| 4817 | Pediatrix Medical Group, Inc. <br>5.375%—02/15/2030<sup>1</sup><br>| 4649 |
|  |  | 8753 |
| **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** |
| 4540 | Ashtead Capital, Inc. <br>5.550%—05/30/2033<sup>1</sup><br>| 4495 |
| 3800 | Textron, Inc. <br>2.450%—03/15/2031<br>| 3316 |
|  |  | 7811 |
| **INSURANCE—1.3%** | **INSURANCE—1.3%** | **INSURANCE—1.3%** |
| 373 | Arthur J Gallagher & Co. <br>5.550%—02/15/2055<br>| 352 |
| 2150 | Fortitude Group Holdings LLC <br>6.250%—04/01/2030<sup>1</sup><br>| 2183 |
| 6198 | Global Atlantic Fin Co. <br>7.950%—06/15/2033<sup>1</sup><br>| 6875 |
| 6128 | SBL Holdings, Inc. <br>5.000%—02/18/2031<sup>1</sup><br>| 5472 |
|  |  | 14882 |
| **IT SERVICES—0.4%** | **IT SERVICES—0.4%** | **IT SERVICES—0.4%** |
| 2731 | Booz Allen Hamilton, Inc. <br>3.875%—09/01/2028<sup>1</sup><br>| 2635 |
| 2383 | Genpact Luxembourg SARL/Genpact USA, Inc. <br>6.000%—06/04/2029<br>| 2469 |
|  |  | 5104 |
| **MACHINERY—0.3%** | **MACHINERY—0.3%** | **MACHINERY—0.3%** |
| 2950 | Axon Enterprise, Inc. <br>6.125%—03/15/2030<sup>1</sup><br>| 3009 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **MEDIA—0.5%** | **MEDIA—0.5%** | **MEDIA—0.5%** |
| $5320 | Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| $5388 |
| **METALS & MINING—0.5%** | **METALS & MINING—0.5%** | **METALS & MINING—0.5%** |
| 5267 | Anglo American Capital PLC <br>5.625%—04/01/2030<sup>1</sup><br>| 5404 |
| **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> | 2527 |
| 995 | 5.962%—02/15/2055<sup>1</sup> | 930 |
| 3209 | 6.036%—11/15/2033<sup>1</sup> | 3318 |
|  |  | 6775 |
|  | ConocoPhillips Co. |  |
| 741 | 5.500%—01/15/2055 | 688 |
| 812 | 5.550%—03/15/2054 | 760 |
|  |  | 1448 |
| 3145 | Enbridge, Inc. <br>5.750%—07/15/2080<sup>4</sup><br>| 3020 |
| 2813 | HF Sinclair Corp. <br>5.750%—01/15/2031<br>| 2793 |
| 1061 | Kinder Morgan, Inc. <br>5.850%—06/01/2035<br>| 1075 |
| 7629 | Occidental Petroleum Corp. <br>0.000%—10/10/2036<sup>5</sup><br>| 4264 |
| 4093 | Parkland Corp. <br>4.625%—05/01/2030<sup>1</sup><br>| 3857 |
| 3035 | Venture Global LNG, Inc. <br>7.000%—01/15/2030<sup>1</sup><br>| 2861 |
|  |  | 26093 |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| 2802 | Air Canada Pass-Through Trust <br>3.300%—07/15/2031<sup>1</sup><br>| 2622 |
| 1199 | American Airlines Pass-Through Trust <br>3.600%—03/22/2029<br>| 1162 |
| 1017 | United Airlines Pass-Through Trust <br>2.700%—11/01/2033<br>| 904 |
|  |  | 4688 |
| **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** |
| 3000 | Teva Pharmaceutical Finance Netherlands III BV <br>6.750%—03/01/2028<br>| 3075 |
| **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** |
| 3712 | KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 3523 |
| **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** |
| 3800 | Norfolk Southern Corp. <br>4.050%—08/15/2052<br>| 2910 |
| 4077 | Ryder System, Inc. MTN <br>5.250%—06/01/2028<br>| 4169 |
|  |  | 7079 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%** |
| 3827 | Foundry JV Holdco LLC <br>6.150%—01/25/2032<sup>1</sup><br>| 3979 |
| 1230 | KLA Corp. <br>5.650%—11/01/2034<br>| 1276 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** |
| $4600 | NXP BV/NXP Funding LLC/NXP USA, Inc. <br>3.875%—06/18/2026<br>| $4563 |
|  |  | 9818 |
| **SOFTWARE—0.7%** | **SOFTWARE—0.7%** | **SOFTWARE—0.7%** |
| 2202 | Constellation Software, Inc. <br>5.461%—02/16/2034<sup>1</sup><br>| 2214 |
| 3500 | Oracle Corp. <br>3.600%—04/01/2040<br>| 2730 |
| 3600 | VMware LLC <br>4.650%—05/15/2027<br>| 3607 |
|  |  | 8551 |
| **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** |
| 2059 | Ferguson Enterprises, Inc. <br>5.000%—10/03/2034<br>| 1994 |
|  | Group 1 Automotive, Inc. |  |
| 2900 | 4.000%—08/15/2028<sup>1</sup> | 2760 |
| 693 | 6.375%—01/15/2030<sup>1</sup> | 701 |
|  |  | 3461 |
| 2956 | Lithia Motors, Inc. <br>3.875%—06/01/2029<sup>1</sup><br>| 2748 |
| 3612 | Macy's Retail Holdings LLC <br>5.875%—03/15/2030<sup>1</sup><br>| 3368 |
| 2230 | Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 2042 |
|  |  | 13613 |
| **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>| 4630 |
| **Total Corporate Bonds & Notes** <br>(Cost $364,999) | **Total Corporate Bonds & Notes** <br>(Cost $364,999) | 357852 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—27.0%** | **Mortgage Pass-Through—27.0%** | **Mortgage Pass-Through—27.0%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 38010 | <br>2.500%—07/01/2050-05/01/2052 | 31972 |
| 15204 | <br>3.000%—02/01/2033-12/01/2046 | 14374 |
| 5347 | <br>3.500%—01/01/2026-06/01/2048 | 4919 |
| 10403 | <br>4.000%—04/01/2034-11/01/2048 | 9839 |
| 4264 | <br>4.500%—12/01/2040-01/01/2049 | 4177 |
| 10848 | <br>5.000%—08/01/2052-05/01/2054 | 10786 |
| 12924 | <br>5.500%—02/01/2038-07/01/2054 | 13033 |
| 1055 | <br>6.000%—01/01/2029-05/01/2040 | 1105 |
| 2 | <br>6.982% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 2.250%) <br> 08/01/2035<sup>3</sup><br>| 3 |
|  |  | 90208 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |
| 8150 | Series 5462 <br>2.000%—05/25/2037<br>| 568 |
| 2971 | Series 4628 Cl. CI <br>3.000%—05/15/2035<br>| 226 |
| 3577 | Series 4118 <br>4.000%—10/15/2042<br>| 551 |
| 981 | Series 4989 Cl. FA <br>4.817% (30 Day USD Average SOFR + 0.464%) <br> 08/15/2040<sup>3</sup><br>| 966 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $910 | Series 4989 Cl. FB <br>4.817% (30 Day USD Average SOFR + 0.464%) <br> 10/15/2040<sup>3</sup><br>| $896 |
|  | Series 2266 Cl. F <br>4.909% (30 Day USD Average SOFR + 0.564%) <br> 11/15/2030<sup>3</sup><br>|  |
|  |  | 3207 |
|  | Federal Home Loan Mortgage Corp. STRIPS |  |
| 10099 | Series 414 Cl. C1 <br>1.500%—03/25/2037<br>| 546 |
| 14335 | Series 400 Cl. C14 <br>2.000%—07/25/2037<br>| 1034 |
| 2910 | Series 304 Cl. C45 <br>3.000%—12/15/2027<br>| 64 |
|  |  | 1644 |
|  | Federal Home Loan Mortgage Corp. Structured <br> Pass-Through Certificates<br>|  |
| 6 | Series E3 Cl. A <br>4.572%—08/15/2032<sup>3</sup><br>| 6 |
| 35 | Series T-63 Cl. 1A1 <br>5.775% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 1.200%) 02/25/2045<sup>3</sup><br>| 33 |
|  |  | 39 |
|  | Federal National Mortgage Association |  |
| 10827 | <br>2.000%—02/01/2051-04/01/2051 | 8630 |
| 40185 | <br>2.500%—04/01/2035-04/01/2052 | 35195 |
| 27379 | <br>3.000%—11/01/2025-12/01/2050 | 24455 |
| 21525 | <br>3.500%—12/01/2025-01/01/2051 | 19749 |
| 32439 | <br>4.000%—10/01/2025-07/01/2051 | 30947 |
| 25132 | <br>4.500%—05/01/2025-12/01/2050 | 24491 |
| 12890 | <br>5.000%—10/01/2031-05/01/2054 | 12799 |
| 11491 | <br>5.500%—03/01/2027-10/01/2053 | 11691 |
| 2452 | <br>6.000%—06/01/2027-06/01/2040 | 2551 |
| 33 | <br>6.035% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 1.400%) 10/01/2040<sup>3</sup><br>| 33 |
| 13 | <br>7.460% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.710%) 05/01/2035<sup>3</sup><br>| 13 |
| 221 | <br>7.536% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.693%) 08/01/2035<sup>3</sup><br>| 224 |
| 144 | <br>7.574% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.715%) 06/01/2035<sup>3</sup><br>| 148 |
|  |  | 170926 |
|  | Federal National Mortgage Association Interest <br> STRIPS<br>|  |
| 14759 | Series 435 Cl. C1 <br>1.500%—03/25/2037<br>| 769 |
| 11800 | Series 427 Cl. C56 <br>2.000%—03/25/2036<br>| 827 |
| 4443 | Series 407 Cl. 7 <br>5.000%—03/25/2041<br>| 938 |
|  |  | 2534 |
|  | Federal National Mortgage Association REMICS |  |
| 4060 | Series 2021-67 Cl. AI <br>0.433%—10/25/2051<sup>3</sup><br>| 175 |
| 16458 | Series 2020-81 Cl. AI <br>1.500%—11/25/2035<br>| 857 |
| 6792 | Series 2017-70 Cl. AS <br>2.100%—09/25/2057<sup>3</sup><br>| 383 |
| 4013 | Series 2011-98 Cl. ZL <br>3.500%—10/25/2041<br>| 3834 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2210 | Series 2016-102 Cl. JI <br>3.500%—02/25/2046<br>| $96 |
| 5256 | Series 2020-27 Cl. IM <br>3.500%—05/25/2035<br>| 394 |
| 5767 | Series 2020-44 Cl. AI <br>4.000%—07/25/2050<br>| 1189 |
| 2733 | Series 2020-91 Cl. KI <br>4.000%—11/25/2043<br>| 386 |
| 1060 | Series 2015-38 Cl. DF <br>4.777% (30 Day USD Average SOFR + 0.424%) <br> 06/25/2055<sup>3</sup><br>| 1048 |
| 133 | Series 2003-25 Cl. KP <br>5.000%—04/25/2033<br>| 133 |
| 1904 | Series 2015-30 Cl. EI <br>5.000%—05/25/2045<br>| 268 |
| 1290 | Series 2016-33 Cl. NI <br>5.000%—07/25/2034<br>| 184 |
| 3276 | Series 2018-36 <br>5.000%—06/25/2048<br>| 489 |
| 6607 | Series 2019-49 Cl. IA <br>5.000%—05/25/2047<br>| 981 |
| 1542 | Series 2011-59 Cl. YI <br>6.000%—07/25/2041<br>| 243 |
| 14 | Series 2006-5 Cl. 3A2 <br>6.794%—05/25/2035<sup>3</sup><br>| 15 |
|  |  | 10675 |
| 73 | Federal National Mortgage Association REMICS <br> Trust <br>Series 2003-W1 Cl. 1A1 <br>4.739%—12/25/2042<sup>3</sup><br>| 73 |
|  | Government National Mortgage Association |  |
| 6569 | <br>2.000%—02/20/2052 | 5364 |
| 6464 | <br>2.500%—09/20/2051 | 5513 |
| 485 | <br>3.000%—11/15/2049 | 431 |
| 3690 | <br>3.500%—05/20/2052 | 3361 |
| 7685 | <br>4.000%—09/15/2049-08/20/2052 | 7232 |
| 986 | <br>4.500%—02/20/2049 | 957 |
| 76 | <br>4.625% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 07/20/2027-02/20/2032<sup>3</sup><br>| 77 |
| 16 | <br>4.750% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 10/20/2025-11/20/2029<sup>3</sup><br>| 16 |
| 14793 | <br>5.000%—08/15/2033-06/15/2050 | 14840 |
|  | <br>5.000% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 10/20/2025<sup>3</sup><br>|  |
|  |  | 37791 |
|  | Government National Mortgage Association <br> REMICS<br>|  |
| 12188 | Series 2018-148 Cl. GS <br>1.665% (1 Month USD Term SOFR + 5.986%) <br> 02/16/2046<sup>3</sup><br>| 1338 |
| 2608 | Series 2010-47 Cl. SK <br>2.167% (1 Month USD Term SOFR + 6.486%) <br> 07/20/2037<sup>3</sup><br>| 88 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $2669 | Series 2007-41 Cl. SM <br>2.267% (1 Month USD Term SOFR + 6.586%) <br> 07/20/2037<sup>3</sup><br>| $254 |
| 3855 | Series 2020-4 Cl. DI <br>4.000%—03/20/2041<br>| 517 |
| 3459 | Series 2014-2 Cl. IC <br>5.000%—01/16/2044<br>| 624 |
| 496 | Series 2015-180 Cl. CI <br>5.000%—12/16/2045<br>| 72 |
| 557 | Series 2017-163 Cl. IE <br>5.500%—02/20/2039<br>| 92 |
| 3483 | Series 2020-146 Cl. IG <br>5.500%—09/20/2046<br>| 615 |
| 246 | Series 2016-136 Cl. IA <br>6.000%—10/20/2038<br>| 29 |
| 1541 | Series 2024-107 <br>6.500%—06/20/2054<br>| 246 |
|  |  | 3875 |
| **Total Mortgage Pass-Through** <br>(Cost $341,128) | **Total Mortgage Pass-Through** <br>(Cost $341,128) | 320972 |

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—19.3%** | **U.S. Government Obligations—19.3%** | **U.S. Government Obligations—19.3%** |
|  | U.S. Treasury Bonds |  |
| 60625 | <br>1.750%—08/15/2041 | 40605 |
| 26383 | <br>2.000%—08/15/2051 | 15401 |
| 9447 | <br>2.250%—02/15/2052 | 5844 |
| 7730 | <br>2.375%—02/15/2042 | 5670 |
| 7428 | <br>3.000%—08/15/2052 | 5433 |
| 13873 | <br>3.375%—08/15/2042 | 11762 |
| 16561 | <br>3.625%—05/15/2053 | 13711 |
| 13772 | <br>3.875%—05/15/2043 | 12439 |
| 8726 | <br>4.125%—08/15/2053 | 7911 |
| 24440 | 4.250%—02/15/2054-08/15/2054 | 22656 |
| 12678 | <br>4.500%—02/15/2044 | 12392 |
| 27994 | 4.625%—05/15/2044-02/15/2055 | 27773 |
|  |  | 181597 |
|  | U.S. Treasury Notes |  |
| 7702 | <br>3.875%—08/15/2034 | 7546 |
| 8033 | <br>4.000%—02/28/2030 | 8139 |
| 10087 | <br>4.125%—11/30/2029 | 10272 |
| 21871 | <br>4.250%—11/15/2034 | 22042 |
|  |  | 47999 |
| **Total U.S. Government Obligations** <br>(Cost $265,838) | **Total U.S. Government Obligations** <br>(Cost $265,838) | 229596 |
| **TOTAL INVESTMENTS—98.8%** <br>(Cost $1,237,759) | **TOTAL INVESTMENTS—98.8%** <br>(Cost $1,237,759) | 1173935 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | 14702 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $1188637 |

---

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

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

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 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 period ended April 30, 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>**04/30/2025** <br>**(000s)**<br>| **Unrealized** <br>**Gain/(Loss)** <br>**as of** <br>**04/30/2025** <br>**(000s)**<br>|
| Asset Backed Securities | $2992 | $— | $— | $— | $— | $(11) | $— | $(2981) | $— | $(11) |

---

------

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 April 30, 2025, the aggregate value of these securities was $361,159 or 30% of net assets.

Step coupon security; the stated rate represents the rate in effect as of April 30, 2025.

Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 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—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Marathon Asset Management Limited

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** |
| 288754 | BAE Systems PLC (United Kingdom) | $6694 |
| 1250951 | Rolls-Royce Holdings PLC (United Kingdom) | 12663 |
|  |  | 19357 |
| **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** |
| 119500 | Bridgestone Corp. (Japan) | 4997 |
| 275949 | Johnson Electric Holdings Ltd. (Hong Kong) | 503 |
|  |  | 5500 |
| **AUTOMOBILES—0.6%** | **AUTOMOBILES—0.6%** | **AUTOMOBILES—0.6%** |
| 36959 | Bayerische Motoren Werke AG (Germany) | 3135 |
| 475100 | Mitsubishi Motors Corp. (Japan) | 1315 |
|  |  | 4450 |
| **BANKS—15.4%** | **BANKS—15.4%** | **BANKS—15.4%** |
| 14814900 | Bank Central Asia Tbk. PT (Indonesia) | 7877 |
| 349275 | Bank of Ireland Group PLC (Ireland) | 4101 |
| 50368 | Bank of Nova Scotia (Canada) | 2520 |
| 2071251 | Barclays PLC (United Kingdom) | 8251 |
| 976995 | CaixaBank SA (Spain) | 7488 |
| 39482 | Capitec Bank Holdings Ltd. (South Africa) | 7328 |
| 83277 | Close Brothers Group PLC (United Kingdom)<sup>\*</sup> | 362 |
| 155561 | DBS Group Holdings Ltd. (Singapore) | 5054 |
| 211858 | DNB Bank ASA (Norway) | 5296 |
| 642200 | Grupo Financiero Banorte SAB de CV Class O (Mexico) | 5506 |
| 537751 | HDFC Bank Ltd. (India) | 12183 |
| 343900 | Japan Post Bank Co. Ltd. (Japan) | 3536 |
| 4220486 | Lloyds Banking Group PLC (United Kingdom) | 4146 |
| 262800 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 3311 |
| 557659 | National Bank of Greece SA (Greece) | 5919 |
| 538800 | Resona Holdings, Inc. (Japan) | 4322 |
| 187593 | Shinhan Financial Group Co. Ltd. (South Korea) | 6780 |
| 510829 | Standard Chartered PLC (United Kingdom) | 7358 |
| 193900 | Sumitomo Mitsui Trust Group, Inc. (Japan) | 4797 |
| 229075 | Svenska Handelsbanken AB Class A (Sweden) | 2999 |
| 175019 | UniCredit SpA (Italy) | 10183 |
|  |  | 119317 |
| **BEVERAGES—3.7%** | **BEVERAGES—3.7%** | **BEVERAGES—3.7%** |
| 569300 | Arca Continental SAB de CV (Mexico) | 5995 |
| 291200 | Asahi Group Holdings Ltd. (Japan) | 4025 |
| 38136 | Carlsberg AS Class B (Denmark) | 5196 |
| 22691 | Coca-Cola Europacific Partners PLC (United States) | 2059 |
| 280516 | Davide Campari-Milano NV (Italy) | 1882 |
| 201410 | Diageo PLC (United Kingdom) | 5656 |
| 234000 | Kirin Holdings Co. Ltd. (Japan) | 3540 |
|  |  | 28353 |
| **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** |
| 23795 | CSL Ltd. (Australia) | 3819 |
| **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** | **BROADLINE RETAIL—2.2%** |
| 42941 | Naspers Ltd. Class N (South Africa) | 11291 |
| 29500 | Seria Co. Ltd. (Japan) | 599 |
| 356175 | Vipshop Holdings Ltd. ADR (China)<sup>1</sup> | 4851 |
|  |  | 16741 |
| **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** |
| 149251 | Assa Abloy AB Class B (Sweden) | 4530 |
| 7374 | Geberit AG (Switzerland) | 5108 |
|  |  | 9638 |
| **CAPITAL MARKETS—4.3%** | **CAPITAL MARKETS—4.3%** | **CAPITAL MARKETS—4.3%** |
| 285414 | 3i Group PLC (United Kingdom) | 16180 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| 2255300 | B3 SA - Brasil Bolsa Balcao (Brazil) | $5361 |
| 22541 | Brookfield Asset Management Ltd. Class A (Canada) | 1203 |
| 90516 | Brookfield Corp. (Canada) | 4863 |
| 20244 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 885 |
| 120315 | IG Group Holdings PLC (United Kingdom) | 1715 |
| 316812 | Jupiter Fund Management PLC (United Kingdom) | 306 |
| 413000 | Nomura Holdings, Inc. (Japan) | 2302 |
| 40582 | Rathbones Group PLC (United Kingdom) | 854 |
|  |  | 33669 |
| **CHEMICALS—0.1%** | **CHEMICALS—0.1%** | **CHEMICALS—0.1%** |
| 71700 | Air Water, Inc. (Japan) | 978 |
| **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** |
| 22720 | Befesa SA (Germany)<sup>2</sup> | 691 |
| 34000 | Daiei Kankyo Co. Ltd. (Japan) | 696 |
| 73503 | Elis SA (France) | 1887 |
| 48300 | Secom Co. Ltd. (Japan) | 1776 |
| 898330 | Serco Group PLC (United Kingdom) | 2062 |
|  |  | 7112 |
| **CONSTRUCTION & ENGINEERING—1.3%** | **CONSTRUCTION & ENGINEERING—1.3%** | **CONSTRUCTION & ENGINEERING—1.3%** |
| 76346 | AtkinsRealis Group, Inc. (Canada) | 3781 |
| 54200 | Kinden Corp. (Japan) | 1403 |
| 185400 | Obayashi Corp. (Japan) | 2876 |
| 38255 | Taisei Corp. (Japan) | 2074 |
|  |  | 10134 |
| **CONSTRUCTION MATERIALS—1.7%** | **CONSTRUCTION MATERIALS—1.7%** | **CONSTRUCTION MATERIALS—1.7%** |
| 597665 | Cemex SAB de CV ADR (Mexico)<sup>1</sup> | 3688 |
| 31630 | Holcim AG (Switzerland) | 3534 |
| 89800 | Taiheiyo Cement Corp. (Japan) | 2418 |
| 110373 | Wienerberger AG (Austria) | 3875 |
|  |  | 13515 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.4%** |
| 54699 | Alimentation Couche-Tard, Inc. (Canada) | 2855 |
| 182666 | Bid Corp. Ltd. (South Africa) | 4590 |
| 96325 | Koninklijke Ahold Delhaize NV (Netherlands) | 3955 |
| 29981 | Loblaw Cos. Ltd. (Canada) | 4867 |
| 166000 | Seven & i Holdings Co. Ltd. (Japan) | 2444 |
| 140921 | X5 Retail Group NV GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
|  |  | 18711 |
| **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** |
| 82700 | Toyo Seikan Group Holdings Ltd. (Japan) | 1444 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 119027 | Inchcape PLC (United Kingdom) | 1067 |
| **DIVERSIFIED CONSUMER SERVICES—0.4%** | **DIVERSIFIED CONSUMER SERVICES—0.4%** | **DIVERSIFIED CONSUMER SERVICES—0.4%** |
| 166981 | Laureate Education, Inc. (United States)<sup>\*</sup> | 3351 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** |
| 6791600 | Nippon Telegraph & Telephone Corp. (Japan) | 7099 |
| **ELECTRICAL EQUIPMENT—2.4%** | **ELECTRICAL EQUIPMENT—2.4%** | **ELECTRICAL EQUIPMENT—2.4%** |
| 220634 | Havells India Ltd. (India) | 4178 |
| 19646 | Legrand SA (France) | 2159 |
| 129300 | Mitsubishi Electric Corp. (Japan) | 2501 |
| 29465 | Schneider Electric SE (United States) | 6885 |
| 191327 | Vestas Wind Systems AS (Denmark) | 2551 |
|  |  | 18274 |

---

------

⬤

------

**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** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%** |
| 288315 | Delta Electronics, Inc. (Taiwan) | $3021 |
| 38600 | Murata Manufacturing Co. Ltd. (Japan) | 550 |
|  |  | 3571 |
| **ENERGY EQUIPMENT & SERVICES—0.4%** | **ENERGY EQUIPMENT & SERVICES—0.4%** | **ENERGY EQUIPMENT & SERVICES—0.4%** |
| 476636 | John Wood Group PLC (United Kingdom)<sup>\*</sup> | 117 |
| 77969 | Technip Energies NV (France) | 2661 |
|  |  | 2778 |
| **ENTERTAINMENT—0.5%** | **ENTERTAINMENT—0.5%** | **ENTERTAINMENT—0.5%** |
| 281936 | Tencent Music Entertainment Group ADR (China)<sup>1</sup> | 3784 |
| **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** |
| 127205 | Edenred SE (France) | 3967 |
| **FOOD PRODUCTS—2.7%** | **FOOD PRODUCTS—2.7%** | **FOOD PRODUCTS—2.7%** |
| 603229 | AVI Ltd. (South Africa) | 2934 |
| 29225 | Bakkafrost P (Norway) | 1474 |
| 251234 | Gruma SAB de CV Class B (Mexico) | 4787 |
| 671190 | Marico Ltd. (India) | 5632 |
| 32000 | Megmilk Snow Brand Co. Ltd. (Japan) | 588 |
| 42400 | NH Foods Ltd. (Japan) | 1601 |
| 31339 | Salmar ASA (Norway) | 1549 |
| 21600 | Toyo Suisan Kaisha Ltd. (Japan) | 1396 |
| 15683 | Viscofan SA (Spain) | 1131 |
|  |  | 21092 |
| **GROUND TRANSPORTATION—0.8%** | **GROUND TRANSPORTATION—0.8%** | **GROUND TRANSPORTATION—0.8%** |
| 36608 | Canadian Pacific Kansas City Ltd. (Canada) | 2659 |
| 64300 | East Japan Railway Co. (Japan) | 1394 |
| 110100 | West Japan Railway Co. (Japan) | 2316 |
|  |  | 6369 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.4%** |
| 7061 | BioMerieux (France) | 953 |
| 34388 | Coloplast AS Class B (Denmark) | 3892 |
| 915169 | ConvaTec Group PLC (United Kingdom)<sup>2</sup> | 3182 |
| 81072 | Demant AS (Denmark)<sup>\*</sup> | 2952 |
| 12777 | EssilorLuxottica SA (France) | 3682 |
| 317500 | Olympus Corp. (Japan) | 4160 |
|  |  | 18821 |
| **HEALTH CARE PROVIDERS & SERVICES—0.6%** | **HEALTH CARE PROVIDERS & SERVICES—0.6%** | **HEALTH CARE PROVIDERS & SERVICES—0.6%** |
| 47361 | Amplifon SpA (Italy) | 906 |
| 48031 | Fresenius Medical Care AG (Germany) | 2443 |
| 28600 | Medipal Holdings Corp. (Japan) | 485 |
| 73600 | Ship Healthcare Holdings, Inc. (Japan) | 1068 |
|  |  | 4902 |
| **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** |
| 137200 | M3, Inc. (Japan) | 1719 |
| **HOTELS, RESTAURANTS & LEISURE—3.6%** | **HOTELS, RESTAURANTS & LEISURE—3.6%** | **HOTELS, RESTAURANTS & LEISURE—3.6%** |
| 54058 | Aristocrat Leisure Ltd. (Australia) | 2309 |
| 192888 | Compass Group PLC (United Kingdom) | 6503 |
| 22135 | Domino's Pizza Enterprises Ltd. (Australia) | 358 |
| 408919 | Entain PLC (United Kingdom) | 3496 |
| 31580 | Flutter Entertainment PLC (United States)<sup>\*</sup> | 7610 |
| 440000 | Galaxy Entertainment Group Ltd. (Hong Kong) | 1589 |
| 26126 | InterContinental Hotels Group PLC (United Kingdom) | 2788 |
| 1019000 | SSP Group PLC (United Kingdom) | 2018 |
| 33985 | Whitbread PLC (United Kingdom) | 1180 |
|  |  | 27851 |
| **HOUSEHOLD DURABLES—1.8%** | **HOUSEHOLD DURABLES—1.8%** | **HOUSEHOLD DURABLES—1.8%** |
| 181561 | Barratt Redrow PLC (United Kingdom) | 1132 |
| 33311 | GN Store Nord AS (Denmark)<sup>\*</sup> | 503 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 609915 | Midea Group Co. Ltd. Class A (China) | $6184 |
| 236800 | Sony Group Corp. (Japan) | 6247 |
|  |  | 14066 |
| **HOUSEHOLD PRODUCTS—0.5%** | **HOUSEHOLD PRODUCTS—0.5%** | **HOUSEHOLD PRODUCTS—0.5%** |
| 58357 | Reckitt Benckiser Group PLC (United Kingdom) | 3767 |
| **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** |
| 237000 | CK Hutchison Holdings Ltd. (Hong Kong) | 1336 |
| 43875 | DCC PLC (United Kingdom) | 2867 |
| 60600 | Hitachi Ltd. (Japan) | 1498 |
| 27000 | Jardine Matheson Holdings Ltd. (Hong Kong) | 1200 |
| 33100 | Nisshinbo Holdings, Inc. (Japan) | 198 |
| 143500 | Swire Pacific Ltd. Class A (Hong Kong) | 1241 |
|  |  | 8340 |
| **INSURANCE—6.1%** | **INSURANCE—6.1%** | **INSURANCE—6.1%** |
| 37924 | Admiral Group PLC (United Kingdom) | 1649 |
| 1421200 | AIA Group Ltd. (Hong Kong) | 10649 |
| 89900 | Dai-ichi Life Holdings, Inc. (Japan) | 649 |
| 5369 | Fairfax Financial Holdings Ltd. (Canada) | 8382 |
| 12126 | Hannover Rueck SE (Germany) | 3893 |
| 159925 | Hiscox Ltd. (United Kingdom) | 2354 |
| 228500 | Japan Post Holdings Co. Ltd. (Japan) | 2221 |
| 7150 | Prudential PLC (Hong Kong) | 75 |
| 417936 | Prudential PLC (United Kingdom) | 4444 |
| 230640 | QBE Insurance Group Ltd. (Australia) | 3188 |
| 390974 | Sampo OYJ Class A (Finland) | 3917 |
| 137700 | Tokio Marine Holdings, Inc. (Japan) | 5519 |
|  |  | 46940 |
| **INTERACTIVE MEDIA & SERVICES—0.7%** | **INTERACTIVE MEDIA & SERVICES—0.7%** | **INTERACTIVE MEDIA & SERVICES—0.7%** |
| 214376 | Auto Trader Group PLC (United Kingdom)<sup>2</sup> | 2409 |
| 330523 | Rightmove PLC (United Kingdom) | 3264 |
|  |  | 5673 |
| **IT SERVICES—1.4%** | **IT SERVICES—1.4%** | **IT SERVICES—1.4%** |
| 22755 | Alten SA (France) | 1929 |
| 66100 | NEC Corp. (Japan) | 1609 |
| 13900 | NS Solutions Corp. (Japan) | 330 |
| 69200 | NTT Data Group Corp. (Japan) | 1374 |
| 136339 | Tata Consultancy Services Ltd. (India) | 5530 |
|  |  | 10772 |
| **LEISURE PRODUCTS—0.4%** | **LEISURE PRODUCTS—0.4%** | **LEISURE PRODUCTS—0.4%** |
| 99900 | Sega Sammy Holdings, Inc. (Japan) | 2097 |
| 76591 | Spin Master Corp. (Canada)<sup>2</sup> | 1354 |
|  |  | 3451 |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| 43158 | Eurofins Scientific SE (France) | 2724 |
| 16641 | Gerresheimer AG (Germany) | 1129 |
|  |  | 3853 |
| **MACHINERY—5.0%** | **MACHINERY—5.0%** | **MACHINERY—5.0%** |
| 28076 | Alfa Laval AB (Sweden) | 1164 |
| 32873 | ANDRITZ AG (Austria) | 2362 |
| 70240 | ATS Corp. (Canada)<sup>\*</sup> | 1770 |
| 318894 | CNH Industrial NV (United States) | 3690 |
| 119498 | Fluidra SA (Spain) | 2767 |
| 40846 | GEA Group AG (Germany) | 2665 |
| 35000 | IHI Corp. (Japan) | 2742 |
| 97400 | Kubota Corp. (Japan) | 1132 |
| 77200 | Mitsubishi Heavy Industries Ltd. (Japan) | 1522 |
| 350539 | Rotork PLC (United Kingdom) | 1427 |
| 100511 | Sandvik AB (Sweden) | 2075 |
| 2127712 | Sany Heavy Industry Co. Ltd. Class A (China) | 5543 |

---

------

⬤

------

**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** |
| 18541 | Stabilus SE (Germany) | $514 |
| 462000 | Techtronic Industries Co. Ltd. (Hong Kong) | 4649 |
| 28300 | Toyota Industries Corp. (Japan) | 3319 |
| 87061 | Wartsila OYJ Abp (Finland) | 1609 |
|  |  | 38950 |
| **MARINE TRANSPORTATION—0.1%** | **MARINE TRANSPORTATION—0.1%** | **MARINE TRANSPORTATION—0.1%** |
| 141088 | Irish Continental Group PLC (Ireland) | 822 |
| **MEDIA—1.0%** | **MEDIA—1.0%** | **MEDIA—1.0%** |
| 6900 | Fuji Media Holdings, Inc. (Japan) | 143 |
| 77805 | Future PLC (United Kingdom) | 740 |
| 163500 | Hakuhodo DY Holdings, Inc. (Japan) | 1229 |
| 1124957 | ITV PLC (United Kingdom) | 1212 |
| 88720 | Nippon Television Holdings, Inc. (Japan) | 2055 |
| 56200 | TBS Holdings, Inc. (Japan) | 1885 |
| 97324 | WPP PLC (United Kingdom) | 755 |
|  |  | 8019 |
| **METALS & MINING—4.5%** | **METALS & MINING—4.5%** | **METALS & MINING—4.5%** |
| 49643 | Acerinox SA (Spain) | 561 |
| 49263 | Anglo American Platinum Ltd. (South Africa) | 1687 |
| 127857 | ArcelorMittal SA (France) | 3781 |
| 161227 | Barrick Gold Corp. (Canada) | 3075 |
| 189922 | BHP Group Ltd. (Australia) | 4527 |
| 38600 | Dowa Holdings Co. Ltd. (Japan) | 1238 |
| 142521 | Evolution Mining Ltd. (Australia) | 715 |
| 166972 | First Quantum Minerals Ltd. (Canada)<sup>\*</sup> | 2242 |
| 19976 | Franco-Nevada Corp. (Canada) | 3433 |
| 1121072 | Glencore PLC (United Kingdom)<sup>\*</sup> | 3676 |
| 24788 | Newmont Corp. CDI (Australia)<sup>1</sup> | 1307 |
| 320373 | Severstal PAO GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
| 67085 | Southern Copper Corp. (Peru) | 6005 |
| 119100 | Sumitomo Metal Mining Co. Ltd. (Japan) | 2642 |
|  |  | 34889 |
| **OIL, GAS & CONSUMABLE FUELS—3.0%** | **OIL, GAS & CONSUMABLE FUELS—3.0%** | **OIL, GAS & CONSUMABLE FUELS—3.0%** |
| 1556053 | BP PLC (United Kingdom) | 7185 |
| 112699 | Canadian Natural Resources Ltd. (Canada) | 3234 |
| 84756 | Equinor ASA (Norway) | 1918 |
| 240700 | Idemitsu Kosan Co. Ltd. (Japan) | 1492 |
| 144500 | Inpex Corp. (Japan) | 1808 |
| 110843 | PrairieSky Royalty Ltd. (Canada) | 1866 |
| 606418 | PRIO SA (Brazil)<sup>\*</sup> | 3602 |
| 480823 | Santos Ltd. (Australia) | 1848 |
|  |  | 22953 |
| **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** |
| 28788 | Stella-Jones, Inc. (Canada) | 1412 |
| **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** |
| 52429 | Copa Holdings SA Class A (Panama) | 4811 |
| 329848 | easyJet PLC (United Kingdom) | 2187 |
| 50710 | Exchange Income Corp. (Canada)<sup>3</sup> | 1863 |
| 316557 | Qantas Airways Ltd. (Australia) | 1790 |
|  |  | 10651 |
| **PERSONAL CARE PRODUCTS—0.2%** | **PERSONAL CARE PRODUCTS—0.2%** | **PERSONAL CARE PRODUCTS—0.2%** |
| 71100 | Shiseido Co. Ltd. (Japan) | 1169 |
| **PHARMACEUTICALS—1.6%** | **PHARMACEUTICALS—1.6%** | **PHARMACEUTICALS—1.6%** |
| 158282 | Novo Nordisk AS Class B (Denmark) | 10583 |
| 51500 | Tsumura & Co. (Japan) | 1549 |
|  |  | 12132 |
| **PROFESSIONAL SERVICES—2.6%** | **PROFESSIONAL SERVICES—2.6%** | **PROFESSIONAL SERVICES—2.6%** |
| 132840 | ALS Ltd. (Australia) | 1458 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** |
| 71291 | Capita PLC (United Kingdom)<sup>\*</sup> | $175 |
| 48249 | Experian PLC (United Kingdom) | 2400 |
| 63999 | Intertek Group PLC (United Kingdom) | 3931 |
| 108980 | IPH Ltd. (Australia) | 318 |
| 431195 | Pagegroup PLC (United Kingdom) | 1555 |
| 39815 | Randstad NV (Netherlands) | 1598 |
| 152809 | RELX PLC (United Kingdom) | 8340 |
|  |  | 19775 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6%** |
| 107700 | Daiwa House Industry Co. Ltd. (Japan) | 3897 |
| 276972 | Henderson Land Development Co. Ltd. (Hong Kong) | 785 |
|  |  | 4682 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.8%** |
| 9269 | ASML Holding NV (Netherlands) | 6205 |
| 46500 | ASMPT Ltd. (Hong Kong) | 313 |
| 140000 | MediaTek, Inc. (Taiwan) | 5949 |
| 12000 | Renesas Electronics Corp. (Japan) | 141 |
| 605000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 17142 |
|  |  | 29750 |
| **SOFTWARE—1.3%** | **SOFTWARE—1.3%** | **SOFTWARE—1.3%** |
| 1766 | Constellation Software, Inc. (Canada) | 6365 |
| 42462 | Dassault Systemes SE (France) | 1591 |
| 7196 | Lumine Group, Inc. (Canada)<sup>\*</sup> | 233 |
| 14000 | Oracle Corp. (Japan) | 1683 |
|  |  | 9872 |
| **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** |
| 96500 | ABC-Mart, Inc. (Japan) | 1795 |
| 14300 | Nitori Holdings Co. Ltd. (Japan) | 1701 |
| 387543 | Pets at Home Group PLC (United Kingdom) | 1227 |
| 255300 | USS Co. Ltd. (Japan) | 2545 |
| 140198 | WH Smith PLC (United Kingdom) | 1697 |
| 1408500 | Zhongsheng Group Holdings Ltd. (China) | 2119 |
| 179900 | ZOZO, Inc. (Japan) | 1827 |
|  |  | 12911 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.3%** |
| 464529 | Advantech Co. Ltd. (Taiwan) | 4867 |
| 139714 | Samsung Electronics Co. Ltd. (South Korea) | 5451 |
|  |  | 10318 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.4%** | **TEXTILES, APPAREL & LUXURY GOODS—2.4%** | **TEXTILES, APPAREL & LUXURY GOODS—2.4%** |
| 15586 | adidas AG (Germany) | 3586 |
| 39288 | Cie Financiere Richemont SA Class A (Switzerland) | 6942 |
| 51529 | Gildan Activewear, Inc. (Canada) | 2375 |
| 796000 | Li Ning Co. Ltd. (China) | 1501 |
| 591300 | Samsonite Group SA (Hong Kong)<sup>2</sup> | 1059 |
| 504900 | Shenzhou International Group Holdings Ltd. (China) | 3500 |
|  |  | 18963 |
| **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** |
| 331300 | BOC Aviation Ltd. (China)<sup>2</sup> | 2483 |
| 49855 | Brenntag SE (Germany) | 3329 |
| 114071 | Bunzl PLC (United Kingdom) | 3585 |
| 47632 | Finning International, Inc. (Canada) | 1344 |
| 75000 | Mitsubishi Corp. (Japan) | 1424 |
| 48611 | Rexel SA (France) | 1351 |
| 57822 | Richelieu Hardware Ltd. (Canada)<sup>3</sup> | 1368 |
|  |  | 14884 |

---

------

⬤

------

**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** |
| **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** |
| 170000 | Mitsubishi Logistics Corp. (Japan) | $1173 |
| **TOTAL COMMON STOCKS** <br>(Cost $561,184) | **TOTAL COMMON STOCKS** <br>(Cost $561,184) | $767570 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** |
| (Cost $2,852) | (Cost $2,852) | (Cost $2,852) |
| **BEVERAGES—0.6%** | **BEVERAGES—0.6%** | **BEVERAGES—0.6%** |
| 1134926 | Embotelladora Andina SA Class B (Chile) | 4854 |
| **TOTAL INVESTMENTS—99.6%** <br>(Cost $564,036) | **TOTAL INVESTMENTS—99.6%** <br>(Cost $564,036) | 772424 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | 2888 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $775312 |

---

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

---

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

---

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of April 30, 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; $27830 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27830 |
| Europe | &nbsp;&nbsp; — | &nbsp;&nbsp; 325078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 325078 |
| Latin America | &nbsp;&nbsp; 39755 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39755 |
| Middle East/Central Asia | &nbsp;&nbsp; — | &nbsp;&nbsp; 39754 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39754 |
| North America | &nbsp;&nbsp; 79774 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 79774 |
| Pacific Basin | &nbsp;&nbsp; 8635 | &nbsp;&nbsp; 246744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 255379 |
| Preferred Stocks |  |  |  |  |
| Latin America | &nbsp;&nbsp; 4854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4854 |
| Total Investments in Securities | &nbsp;&nbsp; $133018 | &nbsp;&nbsp; $639406 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $772424 |
| Financial Derivative Instruments - Assets |  |  |  |  |
| Rights/Warrants | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Total Investments | &nbsp;&nbsp; $133018 | &nbsp;&nbsp; $639406 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $772424 |

---

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 period ended April 30, 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** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**04/30/2025** <br>**(000s)**<br>| **Unrealized** <br>**Gain/(Loss)** <br>**as of** <br>**04/30/2025** <br>**(000s)**<br>|
| Common Stock | $— | $— | $— | $— | $— | $— | $— | $— | $— | $(11174) |
| Rights/Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11174)<br>|

---

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 04/30/2025** <br>**(000s)**<br>| **Valuation** <br>**Technique**<br>| **Unobservable** <br>**Input(s)**<br>| **Input** <br>**Value(s)**<br>|
| Investments in Securities |  |  |  |  |
| Common Stocks |  |  |  |  |
| Severstal PAO GDR (Russia)\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | $0.00 |
| X5 Retail Group NV GDR (Russia)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | 0.00 |
|  | &nbsp;&nbsp; $— |  |  |  |
| Financial Derivative Instruments |  |  |  |  |
| Rights/Warrants |  |  |  |  |
| Constellation Software, Inc. (Canada)\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | CAD 0.00 |

---

------

\*

Non-income producing security

x

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

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2025, the aggregate value of these securities was $11,178 or 1% of net assets.

All or a portion of this security was out on loan as of April 30, 2025.

CAD

Canadian Dollar

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

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Marathon Asset Management Limited

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.6%** | **AEROSPACE & DEFENSE—3.6%** | **AEROSPACE & DEFENSE—3.6%** |
| 1854694 | BAE Systems PLC (United Kingdom) | $42997 |
| 8020970 | Rolls-Royce Holdings PLC (United Kingdom) | 81192 |
|  |  | 124189 |
| **AUTOMOBILE COMPONENTS—1.0%** | **AUTOMOBILE COMPONENTS—1.0%** | **AUTOMOBILE COMPONENTS—1.0%** |
| 749900 | Bridgestone Corp. (Japan) | 31357 |
| 1764507 | Johnson Electric Holdings Ltd. (Hong Kong) | 3215 |
|  |  | 34572 |
| **AUTOMOBILES—0.8%** | **AUTOMOBILES—0.8%** | **AUTOMOBILES—0.8%** |
| 237357 | Bayerische Motoren Werke AG (Germany) | 20132 |
| 3037000 | Mitsubishi Motors Corp. (Japan) | 8408 |
|  |  | 28540 |
| **BANKS—14.2%** | **BANKS—14.2%** | **BANKS—14.2%** |
| 11663100 | Bank Central Asia Tbk. PT (Indonesia) | 6201 |
| 2242115 | Bank of Ireland Group PLC (Ireland) | 26326 |
| 13302103 | Barclays PLC (United Kingdom) | 52991 |
| 6274215 | CaixaBank SA (Spain) | 48087 |
| 31026 | Capitec Bank Holdings Ltd. (South Africa) | 5759 |
| 536829 | Close Brothers Group PLC (United Kingdom)<sup>\*</sup> | 2335 |
| 996417 | DBS Group Holdings Ltd. (Singapore) | 32373 |
| 1360541 | DNB Bank ASA (Norway) | 34011 |
| 505600 | Grupo Financiero Banorte SAB de CV Class O (Mexico) | 4335 |
| 423349 | HDFC Bank Ltd. (India) | 9591 |
| 2197500 | Japan Post Bank Co. Ltd. (Japan) | 22595 |
| 26991743 | Lloyds Banking Group PLC (United Kingdom) | 26519 |
| 1684200 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 21219 |
| 438884 | National Bank of Greece SA (Greece) | 4658 |
| 3441600 | Resona Holdings, Inc. (Japan) | 27608 |
| 147685 | Shinhan Financial Group Co. Ltd. (South Korea) | 5337 |
| 3280251 | Standard Chartered PLC (United Kingdom) | 47246 |
| 1241100 | Sumitomo Mitsui Trust Group, Inc. (Japan) | 30703 |
| 1465024 | Svenska Handelsbanken AB Class A (Sweden) | 19177 |
| 1124139 | UniCredit SpA (Italy) | 65403 |
|  |  | 492474 |
| **BEVERAGES—4.3%** | **BEVERAGES—4.3%** | **BEVERAGES—4.3%** |
| 448200 | Arca Continental SAB de CV (Mexico) | 4720 |
| 1892700 | Asahi Group Holdings Ltd. (Japan) | 26161 |
| 244964 | Carlsberg AS Class B (Denmark) | 33377 |
| 146281 | Coca-Cola Europacific Partners PLC (United States) | 13274 |
| 1808316 | Davide Campari-Milano NV (Italy)<sup>1</sup> | 12134 |
| 1293997 | Diageo PLC (United Kingdom) | 36336 |
| 1495800 | Kirin Holdings Co. Ltd. (Japan) | 22627 |
|  |  | 148629 |
| **BIOTECHNOLOGY—0.7%** | **BIOTECHNOLOGY—0.7%** | **BIOTECHNOLOGY—0.7%** |
| 152204 | CSL Ltd. (Australia) | 24431 |
| **BROADLINE RETAIL—0.5%** | **BROADLINE RETAIL—0.5%** | **BROADLINE RETAIL—0.5%** |
| 33806 | Naspers Ltd. Class N (South Africa) | 8889 |
| 188800 | Seria Co. Ltd. (Japan) | 3833 |
| 280402 | Vipshop Holdings Ltd. ADR (China)<sup>2</sup> | 3819 |
|  |  | 16541 |
| **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** |
| 958602 | Assa Abloy AB Class B (Sweden) | 29097 |
| 47346 | Geberit AG (Switzerland) | 32798 |
|  |  | 61895 |
| **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** |
| 1833178 | 3i Group PLC (United Kingdom) | 103925 |
| 1775600 | B3 SA - Brasil Bolsa Balcao (Brazil) | 4220 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| 126000 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | $5505 |
| 772662 | IG Group Holdings PLC (United Kingdom) | 11013 |
| 2003647 | Jupiter Fund Management PLC (United Kingdom) | 1937 |
| 2642600 | Nomura Holdings, Inc. (Japan) | 14729 |
| 261604 | Rathbones Group PLC (United Kingdom) | 5507 |
|  |  | 146836 |
| **CHEMICALS—0.2%** | **CHEMICALS—0.2%** | **CHEMICALS—0.2%** |
| 458600 | Air Water, Inc. (Japan) | 6254 |
| **COMMERCIAL SERVICES & SUPPLIES—1.3%** | **COMMERCIAL SERVICES & SUPPLIES—1.3%** | **COMMERCIAL SERVICES & SUPPLIES—1.3%** |
| 145304 | Befesa SA (Germany)<sup>3</sup> | 4418 |
| 220900 | Daiei Kankyo Co. Ltd. (Japan) | 4525 |
| 473828 | Elis SA (France) | 12163 |
| 311600 | Secom Co. Ltd. (Japan) | 11458 |
| 5773613 | Serco Group PLC (United Kingdom) | 13250 |
|  |  | 45814 |
| **CONSTRUCTION & ENGINEERING—1.2%** | **CONSTRUCTION & ENGINEERING—1.2%** | **CONSTRUCTION & ENGINEERING—1.2%** |
| 347100 | Kinden Corp. (Japan) | 8984 |
| 1186300 | Obayashi Corp. (Japan) | 18406 |
| 243274 | Taisei Corp. (Japan) | 13191 |
|  |  | 40581 |
| **CONSTRUCTION MATERIALS—1.9%** | **CONSTRUCTION MATERIALS—1.9%** | **CONSTRUCTION MATERIALS—1.9%** |
| 470517 | Cemex SAB de CV ADR (Mexico)<sup>2</sup> | 2903 |
| 202289 | Holcim AG (Switzerland) | 22605 |
| 573500 | Taiheiyo Cement Corp. (Japan) | 15442 |
| 708934 | Wienerberger AG (Austria) | 24892 |
|  |  | 65842 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** |
| 143723 | Bid Corp. Ltd. (South Africa) | 3612 |
| 618105 | Koninklijke Ahold Delhaize NV (Netherlands) | 25379 |
| 1062400 | Seven & i Holdings Co. Ltd. (Japan) | 15639 |
| 95013 | X5 Retail Group NV GDR (Russia)<sup>\*,2</sup> | — <br><sup>x</sup><br>|
|  |  | 44630 |
| **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** |
| 529400 | Toyo Seikan Group Holdings Ltd. (Japan) | 9243 |
| **DISTRIBUTORS—0.2%** | **DISTRIBUTORS—0.2%** | **DISTRIBUTORS—0.2%** |
| 761235 | Inchcape PLC (United Kingdom) | 6821 |
| **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** |
| 131457 | Laureate Education, Inc. (United States)<sup>\*</sup> | 2638 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** |
| 43453400 | Nippon Telegraph & Telephone Corp. (Japan) | 45421 |
| **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** |
| 173597 | Havells India Ltd. (India) | 3287 |
| 125644 | Legrand SA (France) | 13809 |
| 829300 | Mitsubishi Electric Corp. (Japan) | 16043 |
| 189072 | Schneider Electric SE (United States) | 44176 |
| 1228393 | Vestas Wind Systems AS (Denmark) | 16377 |
|  |  | 93692 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** |
| 226000 | Delta Electronics, Inc. (Taiwan) | 2368 |
| 247100 | Murata Manufacturing Co. Ltd. (Japan) | 3520 |
|  |  | 5888 |
| **ENERGY EQUIPMENT & SERVICES—0.5%** | **ENERGY EQUIPMENT & SERVICES—0.5%** | **ENERGY EQUIPMENT & SERVICES—0.5%** |
| 3006233 | John Wood Group PLC (United Kingdom)<sup>\*</sup> | 740 |

---

------

⬤

------

**Harbor International 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** |
| 502620 | Technip Energies NV (France) | $17151 |
|  |  | 17891 |
| **ENTERTAINMENT—0.1%** | **ENTERTAINMENT—0.1%** | **ENTERTAINMENT—0.1%** |
| 221957 | Tencent Music Entertainment Group ADR (China)<sup>2</sup> | 2979 |
| **FINANCIAL SERVICES—0.7%** | **FINANCIAL SERVICES—0.7%** | **FINANCIAL SERVICES—0.7%** |
| 817374 | Edenred SE (France) | 25491 |
| **FOOD PRODUCTS—1.7%** | **FOOD PRODUCTS—1.7%** | **FOOD PRODUCTS—1.7%** |
| 474898 | AVI Ltd. (South Africa) | 2310 |
| 187646 | Bakkafrost P (Norway) | 9462 |
| 196262 | Gruma SAB de CV Class B (Mexico) | 3739 |
| 528096 | Marico Ltd. (India) | 4431 |
| 204200 | Megmilk Snow Brand Co. Ltd. (Japan) | 3755 |
| 271100 | NH Foods Ltd. (Japan) | 10235 |
| 201214 | Salmar ASA (Norway) | 9943 |
| 138200 | Toyo Suisan Kaisha Ltd. (Japan) | 8934 |
| 100300 | Viscofan SA (Spain) | 7236 |
|  |  | 60045 |
| **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** |
| 411200 | East Japan Railway Co. (Japan) | 8913 |
| 702500 | West Japan Railway Co. (Japan) | 14778 |
|  |  | 23691 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** |
| 45510 | BioMerieux (France) | 6143 |
| 220921 | Coloplast AS Class B (Denmark) | 25000 |
| 5873581 | ConvaTec Group PLC (United Kingdom)<sup>3</sup> | 20420 |
| 520737 | Demant AS (Denmark)<sup>\*</sup> | 18964 |
| 81714 | EssilorLuxottica SA (France) | 23546 |
| 2050100 | Olympus Corp. (Japan) | 26863 |
|  |  | 120936 |
| **HEALTH CARE PROVIDERS & SERVICES—0.9%** | **HEALTH CARE PROVIDERS & SERVICES—0.9%** | **HEALTH CARE PROVIDERS & SERVICES—0.9%** |
| 302897 | Amplifon SpA (Italy) | 5797 |
| 308508 | Fresenius Medical Care AG (Germany) | 15695 |
| 182700 | Medipal Holdings Corp. (Japan) | 3096 |
| 478300 | Ship Healthcare Holdings, Inc. (Japan) | 6939 |
|  |  | 31527 |
| **HEALTH CARE TECHNOLOGY—0.3%** | **HEALTH CARE TECHNOLOGY—0.3%** | **HEALTH CARE TECHNOLOGY—0.3%** |
| 892400 | M3, Inc. (Japan) | 11184 |
| **HOTELS, RESTAURANTS & LEISURE—5.1%** | **HOTELS, RESTAURANTS & LEISURE—5.1%** | **HOTELS, RESTAURANTS & LEISURE—5.1%** |
| 346190 | Aristocrat Leisure Ltd. (Australia) | 14785 |
| 1238470 | Compass Group PLC (United Kingdom) | 41755 |
| 141753 | Domino's Pizza Enterprises Ltd. (Australia) | 2291 |
| 2627366 | Entain PLC (United Kingdom) | 22461 |
| 202814 | Flutter Entertainment PLC (United States)<sup>\*</sup> | 48876 |
| 2811000 | Galaxy Entertainment Group Ltd. (Hong Kong) | 10152 |
| 168417 | InterContinental Hotels Group PLC (United Kingdom) | 17972 |
| 6542712 | SSP Group PLC (United Kingdom) | 12958 |
| 217342 | Whitbread PLC (United Kingdom) | 7549 |
|  |  | 178799 |
| **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** |
| 1170405 | Barratt Redrow PLC (United Kingdom) | 7297 |
| 213041 | GN Store Nord AS (Denmark)<sup>\*</sup> | 3217 |
| 479300 | Midea Group Co. Ltd. Class A (China) | 4859 |
| 1532000 | Sony Group Corp. (Japan) | 40418 |
|  |  | 55791 |
| **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** |
| 374655 | Reckitt Benckiser Group PLC (United Kingdom) | 24183 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INDUSTRIAL CONGLOMERATES—1.5%** | **INDUSTRIAL CONGLOMERATES—1.5%** | **INDUSTRIAL CONGLOMERATES—1.5%** |
| 1516000 | CK Hutchison Holdings Ltd. (Hong Kong) | $8549 |
| 281809 | DCC PLC (United Kingdom) | 18419 |
| 387300 | Hitachi Ltd. (Japan) | 9572 |
| 172800 | Jardine Matheson Holdings Ltd. (Hong Kong) | 7678 |
| 211600 | Nisshinbo Holdings, Inc. (Japan) | 1265 |
| 918500 | Swire Pacific Ltd. Class A (Hong Kong) | 7943 |
|  |  | 53426 |
| **INSURANCE—6.1%** | **INSURANCE—6.1%** | **INSURANCE—6.1%** |
| 242532 | Admiral Group PLC (United Kingdom) | 10548 |
| 4291000 | AIA Group Ltd. (Hong Kong) | 32152 |
| 573900 | Dai-ichi Life Holdings, Inc. (Japan) | 4144 |
| 78171 | Hannover Rueck SE (Germany) | 25093 |
| 1030935 | Hiscox Ltd. (United Kingdom) | 15173 |
| 1464600 | Japan Post Holdings Co. Ltd. (Japan) | 14236 |
| 44050 | Prudential PLC (Hong Kong) | 463 |
| 2685805 | Prudential PLC (United Kingdom) | 28558 |
| 1475256 | QBE Insurance Group Ltd. (Australia) | 20388 |
| 2507430 | Sampo OYJ Class A (Finland) | 25121 |
| 890300 | Tokio Marine Holdings, Inc. (Japan) | 35685 |
|  |  | 211561 |
| **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** |
| 1371022 | Auto Trader Group PLC (United Kingdom)<sup>3</sup> | 15403 |
| 2113825 | Rightmove PLC (United Kingdom) | 20877 |
|  |  | 36280 |
| **IT SERVICES—1.1%** | **IT SERVICES—1.1%** | **IT SERVICES—1.1%** |
| 129967 | Alten SA (France) | 11017 |
| 420300 | NEC Corp. (Japan) | 10231 |
| 89400 | NS Solutions Corp. (Japan) | 2121 |
| 442000 | NTT Data Group Corp. (Japan) | 8778 |
| 107138 | Tata Consultancy Services Ltd. (India) | 4346 |
|  |  | 36493 |
| **LEISURE PRODUCTS—0.4%** | **LEISURE PRODUCTS—0.4%** | **LEISURE PRODUCTS—0.4%** |
| 637100 | Sega Sammy Holdings, Inc. (Japan) | 13372 |
| **LIFE SCIENCES TOOLS & SERVICES—0.7%** | **LIFE SCIENCES TOOLS & SERVICES—0.7%** | **LIFE SCIENCES TOOLS & SERVICES—0.7%** |
| 276017 | Eurofins Scientific SE (France) | 17419 |
| 107273 | Gerresheimer AG (Germany) | 7278 |
|  |  | 24697 |
| **MACHINERY—5.4%** | **MACHINERY—5.4%** | **MACHINERY—5.4%** |
| 179557 | Alfa Laval AB (Sweden) | 7447 |
| 211914 | ANDRITZ AG (Austria) | 15228 |
| 2052701 | CNH Industrial NV (United States) | 23750 |
| 767130 | Fluidra SA (Spain)<sup>1</sup> | 17760 |
| 263306 | GEA Group AG (Germany) | 17178 |
| 223500 | IHI Corp. (Japan) | 17507 |
| 634500 | Kubota Corp. (Japan) | 7373 |
| 492800 | Mitsubishi Heavy Industries Ltd. (Japan) | 9715 |
| 2259698 | Rotork PLC (United Kingdom) | 9201 |
| 642810 | Sandvik AB (Sweden) | 13271 |
| 1675100 | Sany Heavy Industry Co. Ltd. Class A (China) | 4364 |
| 118578 | Stabilus SE (Germany) | 3289 |
| 1063500 | Techtronic Industries Co. Ltd. (Hong Kong) | 10703 |
| 180800 | Toyota Industries Corp. (Japan) | 21203 |
| 556795 | Wartsila OYJ Abp (Finland) | 10288 |
|  |  | 188277 |
| **MARINE TRANSPORTATION—0.2%** | **MARINE TRANSPORTATION—0.2%** | **MARINE TRANSPORTATION—0.2%** |
| 905996 | Irish Continental Group PLC (Ireland) | 5278 |
| **MEDIA—1.5%** | **MEDIA—1.5%** | **MEDIA—1.5%** |
| 43800 | Fuji Media Holdings, Inc. (Japan) | 907 |
| 500206 | Future PLC (United Kingdom) | 4757 |

---

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MEDIA—Continued** | **MEDIA—Continued** | **MEDIA—Continued** |
| 1046800 | Hakuhodo DY Holdings, Inc. (Japan) | $7870 |
| 7194562 | ITV PLC (United Kingdom) | 7754 |
| 567800 | Nippon Television Holdings, Inc. (Japan) | 13149 |
| 359000 | TBS Holdings, Inc. (Japan) | 12043 |
| 627384 | WPP PLC (United Kingdom) | 4864 |
|  |  | 51344 |
| **METALS & MINING—3.6%** | **METALS & MINING—3.6%** | **METALS & MINING—3.6%** |
| 317488 | Acerinox SA (Spain) | 3588 |
| 38707 | Anglo American Platinum Ltd. (South Africa) | 1326 |
| 820791 | ArcelorMittal SA (France) | 24272 |
| 1216279 | BHP Group Ltd. (Australia) | 28988 |
| 246300 | Dowa Holdings Co. Ltd. (Japan) | 7902 |
| 913766 | Evolution Mining Ltd. (Australia) | 4583 |
| 131449 | First Quantum Minerals Ltd. (Canada)<sup>\*</sup> | 1765 |
| 7203069 | Glencore PLC (United Kingdom)<sup>\*</sup> | 23617 |
| 158925 | Newmont Corp. CDI (Australia)<sup>2</sup> | 8383 |
| 217215 | Severstal PAO GDR (Russia)<sup>\*,2</sup> | — <br><sup>x</sup><br>|
| 52762 | Southern Copper Corp. (Peru) | 4723 |
| 764000 | Sumitomo Metal Mining Co. Ltd. (Japan) | 16951 |
|  |  | 126098 |
| **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** |
| 9989136 | BP PLC (United Kingdom) | 46124 |
| 542050 | Equinor ASA (Norway) | 12269 |
| 1542900 | Idemitsu Kosan Co. Ltd. (Japan) | 9561 |
| 923600 | Inpex Corp. (Japan) | 11554 |
| 477134 | PRIO SA (Brazil)<sup>\*</sup> | 2834 |
| 3079221 | Santos Ltd. (Australia) | 11838 |
|  |  | 94180 |
| **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** |
| 41275 | Copa Holdings SA Class A (Panama) | 3787 |
| 2116981 | easyJet PLC (United Kingdom) | 14036 |
| 2028999 | Qantas Airways Ltd. (Australia) | 11472 |
|  |  | 29295 |
| **PERSONAL CARE PRODUCTS—0.2%** | **PERSONAL CARE PRODUCTS—0.2%** | **PERSONAL CARE PRODUCTS—0.2%** |
| 454800 | Shiseido Co. Ltd. (Japan) | 7477 |
| **PHARMACEUTICALS—2.2%** | **PHARMACEUTICALS—2.2%** | **PHARMACEUTICALS—2.2%** |
| 1016331 | Novo Nordisk AS Class B (Denmark) | 67953 |
| 330400 | Tsumura & Co. (Japan) | 9936 |
|  |  | 77889 |
| **PROFESSIONAL SERVICES—3.7%** | **PROFESSIONAL SERVICES—3.7%** | **PROFESSIONAL SERVICES—3.7%** |
| 850714 | ALS Ltd. (Australia) | 9334 |
| 449645 | Capita PLC (United Kingdom)<sup>\*</sup> | 1103 |
| 308580 | Experian PLC (United Kingdom) | 15352 |
| 411119 | Intertek Group PLC (United Kingdom) | 25249 |
| 693967 | IPH Ltd. (Australia) | 2027 |
| 2773362 | Pagegroup PLC (United Kingdom) | 10002 |
| 255825 | Randstad NV (Netherlands) | 10269 |
| 980734 | RELX PLC (United Kingdom) | 53524 |
|  |  | 126860 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** |
| 700200 | Daiwa House Industry Co. Ltd. (Japan) | 25335 |
| 1769879 | Henderson Land Development Co. Ltd. (Hong Kong) | 5019 |
|  |  | 30354 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%** |
| 59751 | ASML Holding NV (Netherlands) | 40000 |
| 297400 | ASMPT Ltd. (Hong Kong) | 2001 |
| 110000 | MediaTek, Inc. (Taiwan) | 4674 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** |
| 76500 | Renesas Electronics Corp. (Japan) | $898 |
| 476000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 13487 |
|  |  | 61060 |
| **SOFTWARE—0.6%** | **SOFTWARE—0.6%** | **SOFTWARE—0.6%** |
| 271562 | Dassault Systemes SE (France) | 10177 |
| 91400 | Oracle Corp. (Japan) | 10988 |
|  |  | 21165 |
| **SPECIALTY RETAIL—2.1%** | **SPECIALTY RETAIL—2.1%** | **SPECIALTY RETAIL—2.1%** |
| 627200 | ABC-Mart, Inc. (Japan) | 11665 |
| 91500 | Nitori Holdings Co. Ltd. (Japan) | 10887 |
| 2498237 | Pets at Home Group PLC (United Kingdom) | 7912 |
| 1661900 | USS Co. Ltd. (Japan) | 16565 |
| 900489 | WH Smith PLC (United Kingdom) | 10897 |
| 1109000 | Zhongsheng Group Holdings Ltd. (China) | 1669 |
| 1142800 | ZOZO, Inc. (Japan) | 11606 |
|  |  | 71201 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%** |
| 364557 | Advantech Co. Ltd. (Taiwan) | 3819 |
| 109991 | Samsung Electronics Co. Ltd. (South Korea) | 4292 |
|  |  | 8111 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.3%** | **TEXTILES, APPAREL & LUXURY GOODS—2.3%** | **TEXTILES, APPAREL & LUXURY GOODS—2.3%** |
| 100075 | adidas AG (Germany) | 23026 |
| 252252 | Cie Financiere Richemont SA Class A (Switzerland) | 44574 |
| 626500 | Li Ning Co. Ltd. (China) | 1181 |
| 3790500 | Samsonite Group SA (Hong Kong)<sup>3</sup> | 6792 |
| 397118 | Shenzhou International Group Holdings Ltd. (China) | 2753 |
|  |  | 78326 |
| **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** |
| 260700 | BOC Aviation Ltd. (China)<sup>3</sup> | 1954 |
| 320263 | Brenntag SE (Germany) | 21388 |
| 732343 | Bunzl PLC (United Kingdom) | 23014 |
| 480600 | Mitsubishi Corp. (Japan) | 9125 |
| 310884 | Rexel SA (France) | 8637 |
|  |  | 64118 |
| **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** |
| 1078100 | Mitsubishi Logistics Corp. (Japan) | 7440 |
| **TOTAL COMMON STOCKS** <br>(Cost $2,500,252) | **TOTAL COMMON STOCKS** <br>(Cost $2,500,252) | 3421750 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.1%** | **PREFERRED STOCKS—0.1%** | **PREFERRED STOCKS—0.1%** |
| (Cost $2,284) | (Cost $2,284) | (Cost $2,284) |
| **BEVERAGES—0.1%** | **BEVERAGES—0.1%** | **BEVERAGES—0.1%** |
| 893480 | Embotelladora Andina SA (Chile) | 3821 |

---

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

**Short-Term Investments—0.2%**<br>

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

---

| | |
|:---|:---|
| (Cost $7,846) | (Cost $7,846) |
| 7845864<br> State Street Navigator Securities Lending Government Money <br> Market Portfolio (1 day yield of 4.360%)<sup>4</sup><br>| 7846 |
| **TOTAL INVESTMENTS—98.9%** <br>(Cost $2,510,382) | 3433417 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.1%** | 39038 |
| **TOTAL NET ASSETS—100%** | $3472455 |

---

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

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

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of April 30, 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; $21896 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21896 |
| Europe | &nbsp;&nbsp; — | &nbsp;&nbsp; 2052272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2052272 |
| Latin America | &nbsp;&nbsp; 31261 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31261 |
| Middle East/Central Asia | &nbsp;&nbsp; — | &nbsp;&nbsp; 31284 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31284 |
| North America | &nbsp;&nbsp; 90303 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90303 |
| Pacific Basin | &nbsp;&nbsp; 6798 | &nbsp;&nbsp; 1187936 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1194734 |
| Preferred Stocks |  |  |  |  |
| Latin America | &nbsp;&nbsp; 3821 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3821 |
| Short-Term Investments |  |  |  |  |
| Investment Company-Securities Lending Investment Fund | &nbsp;&nbsp; 7846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7846 |
| Total Investments in Securities | &nbsp;&nbsp; $140029 | &nbsp;&nbsp; $3293388 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3433417 |

---

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

The following is a rollforward of the Fund's Level 3 investments during the period ended April 30, 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** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**04/30/2025** <br>**(000s)**<br>| **Unrealized** <br>**Gain/(Loss)** <br>**as of** <br>**04/30/2025** <br>**(000s)**<br>|
| Common Stock | $— | $— | $— | $— | $— | $— | $— | $— | $— | $(7678) |

---

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 04/30/2025** <br>**(000s)**<br>| **Valuation** <br>**Technique**<br>| **Unobservable** <br>**Input(s)**<br>| **Input** <br>**Value(s)**<br>|
| Investments in Securities |  |  |  |  |
| Common Stocks |  |  |  |  |
| Severstal PAO GDR (Russia)\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | $0.00 |
| X5 Retail Group NV GDR (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.

All or a portion of this security was out on loan as of April 30, 2025.

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2025, the aggregate value of these securities was $48,987 or 1% of net assets.

Represents the investment of collateral received from securities lending activities.

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

------

⬤

------

**Harbor International Compounders Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** C WorldWide Asset Management

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** |
| **Shares** |  | **Value** |
| **BANKS—8.5%** | **BANKS—8.5%** | **BANKS—8.5%** |
| 2111800 | Bank Central Asia Tbk. PT (Indonesia) | $1123 |
| 37718 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 2742 |
|  |  | 3865 |
| **BEVERAGES—2.0%** | **BEVERAGES—2.0%** | **BEVERAGES—2.0%** |
| 32705 | Diageo PLC (United Kingdom) | 918 |
| **BUILDING PRODUCTS—5.2%** | **BUILDING PRODUCTS—5.2%** | **BUILDING PRODUCTS—5.2%** |
| 46949 | Assa Abloy AB Class B (Sweden) | 1425 |
| 8200 | Daikin Industries Ltd. (Japan) | 934 |
|  |  | 2359 |
| **CAPITAL MARKETS—4.5%** | **CAPITAL MARKETS—4.5%** | **CAPITAL MARKETS—4.5%** |
| 6344 | Deutsche Boerse AG (Germany) | 2043 |
| **CHEMICALS—4.8%** | **CHEMICALS—4.8%** | **CHEMICALS—4.8%** |
| 4816 | Linde PLC (United States) | 2183 |
| **CONSTRUCTION & ENGINEERING—2.7%** | **CONSTRUCTION & ENGINEERING—2.7%** | **CONSTRUCTION & ENGINEERING—2.7%** |
| 8672 | Vinci SA (France) | 1218 |
| **ELECTRIC UTILITIES—2.6%** | **ELECTRIC UTILITIES—2.6%** | **ELECTRIC UTILITIES—2.6%** |
| 52332 | SSE PLC (United Kingdom) | 1180 |
| **ELECTRICAL EQUIPMENT—3.2%** | **ELECTRICAL EQUIPMENT—3.2%** | **ELECTRICAL EQUIPMENT—3.2%** |
| 6227 | Schneider Electric SE (United States) | 1455 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.7%** |
| 3000 | Keyence Corp. (Japan) | 1254 |
| **FOOD PRODUCTS—3.9%** | **FOOD PRODUCTS—3.9%** | **FOOD PRODUCTS—3.9%** |
| 16611 | Nestle SA (United States) | 1768 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** |
| 13800 | Hoya Corp. (Japan) | 1624 |
| **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** |
| 45555 | Compass Group PLC (United Kingdom) | 1536 |
| **HOUSEHOLD DURABLES—4.2%** | **HOUSEHOLD DURABLES—4.2%** | **HOUSEHOLD DURABLES—4.2%** |
| 73000 | Sony Group Corp. (Japan) | 1926 |
| **INDUSTRIAL CONGLOMERATES—3.7%** | **INDUSTRIAL CONGLOMERATES—3.7%** | **INDUSTRIAL CONGLOMERATES—3.7%** |
| 7420 | Siemens AG (Germany) | 1709 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—3.2%** | **INSURANCE—3.2%** | **INSURANCE—3.2%** |
| 194600 | AIA Group Ltd. (Hong Kong) | $1458 |
| **MACHINERY—7.0%** | **MACHINERY—7.0%** | **MACHINERY—7.0%** |
| 78732 | Atlas Copco AB Class A (Sweden) | 1219 |
| 46293 | Epiroc AB Class A (Sweden) | 1001 |
| 3000 | SMC Corp. (Japan) | 971 |
|  |  | 3191 |
| **PERSONAL CARE PRODUCTS—3.1%** | **PERSONAL CARE PRODUCTS—3.1%** | **PERSONAL CARE PRODUCTS—3.1%** |
| 3260 | L'Oreal SA (France)<sup>\*</sup> | 1441 |
| **PHARMACEUTICALS—6.9%** | **PHARMACEUTICALS—6.9%** | **PHARMACEUTICALS—6.9%** |
| 11784 | AstraZeneca PLC (United Kingdom) | 1688 |
| 22137 | Novo Nordisk AS Class B (Denmark) | 1480 |
|  |  | 3168 |
| **PROFESSIONAL SERVICES—4.0%** | **PROFESSIONAL SERVICES—4.0%** | **PROFESSIONAL SERVICES—4.0%** |
| 33781 | RELX PLC (United Kingdom) | 1844 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.6%** |
| 1708 | ASML Holding NV (Netherlands) | 1144 |
| 11381 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)<sup>1</sup> | 1897 |
|  |  | 3041 |
| **SOFTWARE—6.7%** | **SOFTWARE—6.7%** | **SOFTWARE—6.7%** |
| 10436 | SAP SE (Germany) | 3053 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.4%** | **TEXTILES, APPAREL & LUXURY GOODS—2.4%** | **TEXTILES, APPAREL & LUXURY GOODS—2.4%** |
| 1955 | LVMH Moet Hennessy Louis Vuitton SE (France) | 1083 |
| **TRADING COMPANIES & DISTRIBUTORS—3.8%** | **TRADING COMPANIES & DISTRIBUTORS—3.8%** | **TRADING COMPANIES & DISTRIBUTORS—3.8%** |
| 10313 | Ferguson Enterprises, Inc. (United States) | 1751 |
| **TOTAL COMMON STOCKS** <br>(Cost $44,543) | **TOTAL COMMON STOCKS** <br>(Cost $44,543) | 45068 |
| **TOTAL INVESTMENTS—98.6%** <br>(Cost $44,543) | **TOTAL INVESTMENTS—98.6%** <br>(Cost $44,543) | 45068 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | 656 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $45724 |

---

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

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

------

⬤

------

**Harbor International Compounders Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of April 30, 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; $25437 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25437 |
| Middle East/Central Asia | &nbsp;&nbsp; 2742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2742 |
| North America | &nbsp;&nbsp; 2183 | &nbsp;&nbsp; 3519 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5702 |
| Pacific Basin | &nbsp;&nbsp; 1897 | &nbsp;&nbsp; 9290 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11187 |
| Total Investments in Securities | &nbsp;&nbsp; $6822 | &nbsp;&nbsp; $38246 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45068 |

---

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 Portfolios of Investments.

------

\*

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—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Acadian Asset Management 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—2.4%** | **AEROSPACE & DEFENSE—2.4%** | **AEROSPACE & DEFENSE—2.4%** |
| 4317 | Dassault Aviation SA (France) | $1557 |
| 72850 | Leonardo SpA (Italy) | 3787 |
| 12669 | Safran SA (France) | 3371 |
| 378600 | Singapore Technologies Engineering Ltd. (Singapore) | 2150 |
|  |  | 10865 |
| **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** |
| 16776 | Deutsche Post AG (Germany) | 717 |
| **AUTOMOBILE COMPONENTS—0.6%** | **AUTOMOBILE COMPONENTS—0.6%** | **AUTOMOBILE COMPONENTS—0.6%** |
| 9783 | Continental AG (Germany) | 765 |
| 158800 | Denso Corp. (Japan) | 2050 |
| 8700 | Ichikoh Industries Ltd. (Japan) | 24 |
| 28000 | Johnson Electric Holdings Ltd. (Hong Kong) | 51 |
| 111600 | Somboon Advance Technology PCL NVDR (Thailand)<sup>1</sup> | 39 |
|  |  | 2929 |
| **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** |
| 132500 | Mazda Motor Corp. (Japan) | 792 |
| 103400 | Nissan Motor Co. Ltd. (Japan)<sup>\*</sup> | 247 |
| 110036 | Stellantis NV (United States) | 1024 |
| 23300 | Subaru Corp. (Japan) | 422 |
|  |  | 2485 |
| **BANKS—15.5%** | **BANKS—15.5%** | **BANKS—15.5%** |
| 13392 | ABN AMRO Bank NV CVA (Netherlands)<sup>1,2</sup> | 277 |
| 217714 | Abu Dhabi Commercial Bank PJSC (United Arab Emirates) | 690 |
| 78824 | Abu Dhabi Islamic Bank PJSC (United Arab Emirates) | 392 |
| 46312 | ANZ Group Holdings Ltd. (Australia) | 886 |
| 25118 | Attica Bank SA (Greece)<sup>\*</sup> | 21 |
| 5700 | Awa Bank Ltd. (Japan) | 110 |
| 23603 | Banca Popolare di Sondrio SpA (Italy) | 296 |
| 354603 | Banco Bilbao Vizcaya Argentaria SA (Spain) | 4867 |
| 451605 | Banco Santander SA (Spain) | 3180 |
| 164300 | Bangkok Bank PCL NVDR (Thailand)<sup>1</sup> | 688 |
| 741065 | Bank Danamon Indonesia Tbk. PT (Indonesia) | 108 |
| 13057 | Bank Polska Kasa Opieki SA (Poland)<sup>\*</sup> | 654 |
| 396689 | Barclays PLC ADR (United Kingdom)<sup>1</sup> | 6371 |
| 121684 | BNP Paribas SA (France) | 10310 |
| 419291 | CaixaBank SA (Spain)<sup>3</sup> | 3214 |
| 3411000 | China Construction Bank Corp. Class H (China) | 2802 |
| 32260 | Commercial Bank of Dubai PSC (United Arab Emirates) | 81 |
| 21063 | Credit Agricole SA (France) | 395 |
| 106800 | Dah Sing Banking Group Ltd. (Hong Kong) | 115 |
| 41945 | DNB Bank ASA (Norway) | 1049 |
| 13212 | Erste Group Bank AG (Austria) | 895 |
| 37272 | Faisal Islamic Bank of Egypt (Egypt) | 38 |
| 19879 | Hana Financial Group, Inc. (South Korea) | 901 |
| 138000 | Industrial & Commercial Bank of China Ltd. Class H (China) | 94 |
| 131347 | ING Groep NV (Netherlands) | 2551 |
| 33774 | Intesa Sanpaolo SpA (Italy) | 180 |
| 9717 | KBC Group NV (Belgium) | 896 |
| 15640 | Komercni Banka AS (Czech Republic) | 760 |
| 614400 | Krung Thai Bank PCL NVDR (Thailand)<sup>1</sup> | 401 |
| 87100 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 1097 |
| 85100 | Mizuho Financial Group, Inc. (Japan) | 2128 |
| 1180225 | NatWest Group PLC (United Kingdom) | 7592 |
| 1731000 | Postal Savings Bank of China Co. Ltd. Class H (China)<sup>2</sup> | 1064 |
| 14933 | Raiffeisen Bank International AG (Austria) | 399 |
| 484616 | Sharjah Islamic Bank (United Arab Emirates) | 330 |
| 123484 | Skandinaviska Enskilda Banken AB Class A (Sweden) | 1959 |
| 74934 | Societe Generale SA (France) | 3907 |
| 191851 | Standard Chartered PLC (United Kingdom) | 2763 |
| 239600 | Sumitomo Mitsui Financial Group, Inc. (Japan) | 5716 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 11100 | Towa Bank Ltd. (Japan) | $48 |
|  |  | 70225 |
| **BEVERAGES—1.9%** | **BEVERAGES—1.9%** | **BEVERAGES—1.9%** |
| 60336 | Anheuser-Busch InBev SA (Belgium) | 3977 |
| 16794 | Coca-Cola HBC AG (Italy) | 874 |
| 14638 | Ginebra San Miguel, Inc. (Philippines) | 75 |
| 23762 | Heineken Holding NV (Netherlands) | 1858 |
| 14639 | Heineken NV (Netherlands) | 1310 |
| 34100 | Kirin Holdings Co. Ltd. (Japan) | 516 |
|  |  | 8610 |
| **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** |
| 9335 | AC Immune SA (Switzerland)<sup>\*</sup> | 16 |
| 6102 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 52 |
| 6176 | Genmab AS (Denmark)<sup>\*</sup> | 1310 |
|  |  | 1378 |
| **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** |
| 50669 | Allegro.eu SA (Poland)<sup>\*,2</sup> | 445 |
| 3500 | Next PLC (United Kingdom) | 577 |
| 29053 | Vipshop Holdings Ltd. ADR (China)<sup>1</sup> | 396 |
|  |  | 1418 |
| **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** |
| 300 | BRC Asia Ltd. (Singapore) | 1 |
| 16200 | Daikin Industries Ltd. (Japan) | 1846 |
| 30994 | Eurocell PLC (United Kingdom) | 63 |
| 4830 | Rockwool AS Class B (Denmark) | 220 |
|  |  | 2130 |
| **CAPITAL MARKETS—3.5%** | **CAPITAL MARKETS—3.5%** | **CAPITAL MARKETS—3.5%** |
| 164 | Cie Financiere Tradition SA (Switzerland) | 43 |
| 92732 | Deutsche Bank AG (Germany) | 2432 |
| 27545 | Deutsche Boerse AG (Germany) | 8872 |
| 4130 | DWS Group GmbH & Co. KGaA (Germany)<sup>2</sup> | 217 |
| 2752 | Euronext NV (Netherlands)<sup>2</sup> | 460 |
| 2082 | Fiducian Group Ltd. (Australia) | 13 |
| 2210 | Flow Traders Ltd. (Netherlands) | 66 |
| 83841 | Investec PLC (United Kingdom) | 524 |
| 4100 | IwaiCosmo Holdings, Inc. (Japan) | 60 |
| 169200 | Japan Exchange Group, Inc. (Japan) | 1883 |
| 218400 | Nomura Holdings, Inc. (Japan) | 1217 |
| 26200 | Singapore Exchange Ltd. (Singapore) | 288 |
| 1231 | Tatton Asset Management PLC (United Kingdom) | 10 |
| 858 | Titanium OYJ (Finland) | 7 |
|  |  | 16092 |
| **CHEMICALS—0.8%** | **CHEMICALS—0.8%** | **CHEMICALS—0.8%** |
| 100 | Achilles Corp. (Japan) | 1 |
| 10704 | BASF SE (Germany)<sup>\*</sup> | 547 |
| 2800 | Kyowa Leather Cloth Co. Ltd. (Japan) | 13 |
| 2200 | Nippon Carbide Industries Co., Inc. (Japan) | 26 |
| 16618 | Nufarm Ltd. (Australia) | 41 |
| 102869 | Orica Ltd. (Australia) | 1068 |
| 7100 | Riken Technos Corp. (Japan) | 50 |
| 118933 | Sasol Ltd. (South Africa)<sup>\*</sup> | 411 |
| 5600 | Sekisui Kasei Co. Ltd. (Japan) | 13 |
| 38000 | Shin-Etsu Chemical Co. Ltd. (Japan) | 1156 |
| 4200 | Zacros Corp. (Japan) | 116 |
|  |  | 3442 |
| **COMMERCIAL SERVICES & SUPPLIES—1.2%** | **COMMERCIAL SERVICES & SUPPLIES—1.2%** | **COMMERCIAL SERVICES & SUPPLIES—1.2%** |
| 800 | Ajis Co. Ltd. (Japan) | 14 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** |
| 4000 | Azienda Bresciana Petroli Nocivelli SpA (Italy) | $23 |
| 322055 | Brambles Ltd. (Australia) | 4232 |
| 1074 | Cewe Stiftung & Co. KGAA (Germany) | 124 |
| 340 | Fursys, Inc. (South Korea) | 11 |
| 7200 | Kyodo Printing Co. Ltd. (Japan) | 54 |
| 8961 | Mears Group PLC (United Kingdom) | 46 |
| 5900 | Prestige International, Inc. (Japan) | 28 |
| 1900 | Sato Corp. (Japan) | 28 |
| 5100 | Secom Co. Ltd. (Japan) | 188 |
| 9067 | SPIE SA (France) | 444 |
| 2500 | Takara & Co. Ltd. (Japan) | 61 |
|  |  | 5253 |
| **COMMUNICATIONS EQUIPMENT—1.1%** | **COMMUNICATIONS EQUIPMENT—1.1%** | **COMMUNICATIONS EQUIPMENT—1.1%** |
| 1712 | EVS Broadcast Equipment SA (Belgium) | 72 |
| 4882 | Nokia OYJ (Finland) | 24 |
| 128298 | Nokia OYJ ADR (Finland)<sup>1</sup> | 640 |
| 541270 | Telefonaktiebolaget LM Ericsson ADR (Sweden)<sup>1</sup> | 4460 |
|  |  | 5196 |
| **CONSTRUCTION & ENGINEERING—0.5%** | **CONSTRUCTION & ENGINEERING—0.5%** | **CONSTRUCTION & ENGINEERING—0.5%** |
| 4157 | AF Gruppen ASA (Norway) | 60 |
| 251270 | Analogue Holdings Ltd. (Hong Kong) | 24 |
| 13188 | Boustead Singapore Ltd. (Singapore) | 10 |
| 18032 | Costain Group PLC (United Kingdom) | 26 |
| 5000 | Dai-Ichi Cutter Kogyo KK (Japan) | 49 |
| 8032 | Eiffage SA (France) | 1093 |
| 19918 | GenusPlus Group Ltd. (Australia) | 36 |
| 4546 | HOCHTIEF AG (Germany) | 860 |
| 24201 | Service Stream Ltd. (Australia) | 29 |
|  |  | 2187 |
| **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** |
| 58087 | Holcim AG (Switzerland) | 6491 |
| 40526 | James Hardie Industries PLC CDI (United States)<sup>\*,1</sup> | 951 |
|  |  | 7442 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.6%** |
| 17600 | Axial Retailing, Inc. (Japan) | 134 |
| 27700 | Empire Co. Ltd. Class A (Canada) | 1029 |
| 150266 | Koninklijke Ahold Delhaize NV (Netherlands) | 6170 |
| 7200 | Medical System Network Co. Ltd. (Japan) | 24 |
| 3600 | Orsero SpA (Italy) | 53 |
|  |  | 7410 |
| **CONTAINERS & PACKAGING—0.0%** | **CONTAINERS & PACKAGING—0.0%** | **CONTAINERS & PACKAGING—0.0%** |
| 6177 | Pro-Pacific Packaging Ltd. (Australia)<sup>\*</sup> |  |
| 39400 | PSC Corp. Ltd. (Singapore) | 11 |
| 9900 | Thantawan Industry PCL NVDR (Thailand)<sup>1</sup> | 7 |
|  |  | 18 |
| **DISTRIBUTORS—0.0%** | **DISTRIBUTORS—0.0%** | **DISTRIBUTORS—0.0%** |
| 52861 | Smiths News PLC (United Kingdom) | 37 |
| **DIVERSIFIED CONSUMER SERVICES—0.0%** | **DIVERSIFIED CONSUMER SERVICES—0.0%** | **DIVERSIFIED CONSUMER SERVICES—0.0%** |
| 710000 | China Yuhua Education Corp. Ltd. (China)<sup>\*,2</sup> | 28 |
| 3958 | D2L, Inc. (Canada)<sup>\*</sup> | 37 |
| 2713 | MegaStudy Co. Ltd. (South Korea) | 20 |
|  |  | 85 |
| **DIVERSIFIED REITS—0.0%** | **DIVERSIFIED REITS—0.0%** | **DIVERSIFIED REITS—0.0%** |
| 11272 | Concentradora Fibra Danhos SA de CV (Mexico) | 13 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.5%** |
| 8076 | Chunghwa Telecom Co. Ltd. ADR (Taiwan)<sup>1</sup> | 326 |
| 1370 | Cyber Folks SA (Poland) | 56 |
| 141403 | Deutsche Telekom AG (Germany) | 5079 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** | **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** | **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** |
| 138232 | Emirates Telecommunications Group Co. PJSC (United Arab <br> Emirates)<br>| $655 |
| 2700 | Freebit Co. Ltd. (Japan) | 29 |
| 604 | Magyar Telekom Telecommunications PLC ADR (Hungary)<sup>\*,1</sup> | 14 |
| 4889600 | Nippon Telegraph & Telephone Corp. (Japan) | 5111 |
| 1060 | Sify Technologies Ltd. ADR (India)<sup>\*,1</sup> | 5 |
| 97400 | Singapore Telecommunications Ltd. (Singapore) | 282 |
|  |  | 11557 |
| **ELECTRIC UTILITIES—0.2%** | **ELECTRIC UTILITIES—0.2%** | **ELECTRIC UTILITIES—0.2%** |
| 14027 | Endesa SA (Spain) | 421 |
| 45267 | Enel SpA (Italy) | 393 |
|  |  | 814 |
| **ELECTRICAL EQUIPMENT—2.9%** | **ELECTRICAL EQUIPMENT—2.9%** | **ELECTRICAL EQUIPMENT—2.9%** |
| 103133 | ABB Ltd. (Switzerland) | 5447 |
| 5600 | Chiyoda Integre Co. Ltd. (Japan) | 106 |
| 2167 | Elektrotim SA (Poland) | 30 |
| 11800 | Fuji Electric Co. Ltd. (Japan) | 525 |
| 6600 | Futaba Corp. (Japan) | 23 |
| 124300 | ISDN Holdings Ltd. (China) | 30 |
| 43900 | Mitsubishi Electric Corp. (Japan) | 849 |
| 18000 | NIDEC Corp. (Japan) | 320 |
| 24876 | Schneider Electric SE (United States) | 5812 |
| 51000 | Xingye Alloy Materials Group Ltd. (China)<sup>\*</sup> | 6 |
|  |  | 13148 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** |
| 11637 | Barco NV (Belgium) | 159 |
| 2300 | Daitron Co. Ltd. (Japan) | 51 |
| 77905 | DataTec Ltd. (South Africa) | 243 |
| 39892 | Hexagon AB Class B (Sweden) | 388 |
| 2000 | Maxell Ltd. (Japan) | 25 |
| 2700 | Nihon Denkei Co. Ltd. (Japan) | 36 |
| 3800 | Osaki Electric Co. Ltd. (Japan) | 23 |
| 2700 | SMK Corp. (Japan) | 44 |
|  |  | 969 |
| **ENERGY EQUIPMENT & SERVICES—0.1%** | **ENERGY EQUIPMENT & SERVICES—0.1%** | **ENERGY EQUIPMENT & SERVICES—0.1%** |
| 23013 | PHX Energy Services Corp. (Canada) | 126 |
| 9418 | Technip Energies NV (France) | 322 |
|  |  | 448 |
| **ENTERTAINMENT—2.9%** | **ENTERTAINMENT—2.9%** | **ENTERTAINMENT—2.9%** |
| 2082 | 11 bit studios SA (Poland)<sup>\*</sup> | 121 |
| 122000 | Archosaur Games, Inc. (China)<sup>\*,2</sup> | 23 |
| 36400 | Capcom Co. Ltd. (Japan) | 1054 |
| 7215 | CD Projekt SA (Poland) | 447 |
| 3049 | Devsisters Co. Ltd. (South Korea)<sup>\*</sup> | 85 |
| 396400 | iDreamSky Technology Holdings Ltd. (China)<sup>\*,2</sup> | 44 |
| 22879 | IGG, Inc. (Singapore) | 11 |
| 84465 | iQIYI, Inc. ADR (China)<sup>\*,1</sup> | 155 |
| 86000 | Major Cineplex Group PCL NVDR (Thailand)<sup>1</sup> | 26 |
| 18900 | NetEase, Inc. (China) | 406 |
| 31000 | Nexon Co. Ltd. (Japan) | 486 |
| 8400 | Nintendo Co. Ltd. (Japan) | 697 |
| 29164 | Sea Ltd. ADR (Singapore)<sup>\*,1</sup> | 3909 |
| 8863 | Spotify Technology SA (United States)<sup>\*</sup> | 5442 |
| 2718 | TEN Square Games SA (Poland)<sup>\*</sup> | 69 |
|  |  | 12975 |
| **FINANCIAL SERVICES—0.9%** | **FINANCIAL SERVICES—0.9%** | **FINANCIAL SERVICES—0.9%** |
| 1637 | Adyen NV (Netherlands)<sup>\*,2</sup> | 2649 |
| 56659 | Banca Mediolanum SpA (Italy) | 847 |
| 287 | HAL Trust (Netherlands) | 38 |
| 139755 | M&G PLC (United Kingdom) | 388 |
| 95700 | Pacific Century Regional Developments Ltd. (Singapore) | 31 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—Continued** | **FINANCIAL SERVICES—Continued** | **FINANCIAL SERVICES—Continued** |
| 18889 | Pagseguro Digital Ltd. Class A (Brazil)<sup>\*</sup> | $189 |
|  |  | 4142 |
| **FOOD PRODUCTS—0.2%** | **FOOD PRODUCTS—0.2%** | **FOOD PRODUCTS—0.2%** |
| 55806 | a2 Milk Co. Ltd. (New Zealand) | 292 |
| 14672 | Astral Foods Ltd. (South Africa) | 136 |
| 78000 | CCK Consolidated Holdings Bhd. (Malaysia) | 24 |
| 1500000 | China Starch Holdings Ltd. (China) | 35 |
| 24300 | First Resources Ltd. (Indonesia) | 28 |
| 370300 | Hap Seng Plantations Holdings Bhd. (Malaysia) | 166 |
| 6600 | High Liner Foods, Inc. (Canada) | 81 |
| 370 | Industrial Milk Co. (Ukraine)<sup>\*</sup> | 3 |
| 58700 | Kawan Food Bhd. (Malaysia) | 19 |
| 1600 | Kenko Mayonnaise Co. Ltd. (Japan) | 21 |
| 1961 | Kri-Kri Milk Industry SA (Greece) | 34 |
| 100 | Lassonde Industries, Inc. Class A (Canada) | 15 |
| 561 | Maeil Holdings Co. Ltd. (South Korea) | 4 |
| 191200 | MKH Oil Palm East Kalimantan Bhd. (Malaysia) | 28 |
| 1400 | Riken Vitamin Co. Ltd. (Japan) | 24 |
| 98600 | Sarawak Plantation Bhd. (Malaysia) | 55 |
|  |  | 965 |
| **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>| 29 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.7%** |
| 8651 | Cochlear Ltd. (Australia) | 1515 |
| 2200 | Fukuda Denshi Co. Ltd. (Japan) | 93 |
| 866 | Guerbet (France) | 20 |
| 9100 | Hoya Corp. (Japan) | 1071 |
| 23800 | Olympus Corp. (Japan) | 312 |
|  |  | 3011 |
| **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** |
| 19831 | Humana AB (Sweden)<sup>\*</sup> | 84 |
| 4800 | Japan Medical Dynamic Marketing, Inc. (Japan) | 19 |
| 57000 | Ladprao General Hospital PCL NVDR (Thailand)<sup>1</sup> | 6 |
| 7603 | Oriola OYJ Class B (Finland) | 9 |
| 3600 | Suzuken Co. Ltd. (Japan) | 130 |
| 9200 | Vital KSK Holdings, Inc. (Japan) | 85 |
|  |  | 333 |
| **HEALTH CARE TECHNOLOGY—0.4%** | **HEALTH CARE TECHNOLOGY—0.4%** | **HEALTH CARE TECHNOLOGY—0.4%** |
| 21561 | Ascom Holding AG (Switzerland) | 85 |
| 12960 | Pro Medicus Ltd. (Australia) | 1900 |
|  |  | 1985 |
| **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** |
| 11823 | Amadeus IT Group SA (Spain) | 931 |
| 126169 | Aristocrat Leisure Ltd. (Australia) | 5389 |
| 4523 | Betsson AB Class B (Sweden) | 79 |
| 400400 | Champ Resto Indonesia Tbk. PT (Indonesia)<sup>\*</sup> | 18 |
| 9128 | Fuller Smith & Turner PLC Class A (United Kingdom) | 68 |
| 83100 | Jaya Bersama Indo Tbk. PT (Indonesia)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 61600 | Zen Corp. Group PCL NVDR (Thailand)<sup>1</sup> | 11 |
|  |  | 6496 |
| **HOUSEHOLD DURABLES—1.0%** | **HOUSEHOLD DURABLES—1.0%** | **HOUSEHOLD DURABLES—1.0%** |
| 5 | Dom Development SA (Poland) |  |
| 50000 | Formosa Prosonic Industries Bhd. (Malaysia) | 26 |
| 2228 | LG Electronics, Inc. (South Korea) | 112 |
| 4700 | Nihon Trim Co. Ltd. (Japan) | 135 |
| 68200 | Panasonic Holdings Corp. (Japan) | 782 |
| 130300 | Sony Group Corp. (Japan) | 3438 |
|  |  | 4493 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD PRODUCTS—0.0%** | **HOUSEHOLD PRODUCTS—0.0%** | **HOUSEHOLD PRODUCTS—0.0%** |
| 17579 | McBride PLC (United Kingdom)<sup>\*</sup> | $34 |
| 871900 | Unilever Indonesia Tbk. PT (Indonesia) | 90 |
|  |  | 124 |
| **INDUSTRIAL CONGLOMERATES—1.6%** | **INDUSTRIAL CONGLOMERATES—1.6%** | **INDUSTRIAL CONGLOMERATES—1.6%** |
| 30953 | Siemens AG (Germany) | 7127 |
| **INSURANCE—4.9%** | **INSURANCE—4.9%** | **INSURANCE—4.9%** |
| 13054 | Admiral Group PLC (United Kingdom) | 568 |
| 11000 | Allianz Malaysia Bhd. (Malaysia) | 47 |
| 2072 | Allianz SE (Germany) | 857 |
| 73800 | Aviva PLC (United Kingdom) | 553 |
| 446900 | Dai-ichi Life Holdings, Inc. (Japan) | 3227 |
| 35836 | Doha Insurance Co. QSC (Qatar) | 24 |
| 7781 | Generali (Italy) | 285 |
| 33052 | Insurance Australia Group Ltd. (Australia) | 174 |
| 341491 | Islamic Arab Insurance Co. (United Arab Emirates)<sup>\*</sup> | 37 |
| 341100 | Japan Post Holdings Co. Ltd. (Japan) | 3316 |
| 31800 | Japan Post Insurance Co. Ltd. (Japan) | 639 |
| 1743 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen <br> (Germany)<sup>\*</sup><br>| 1193 |
| 41335 | NN Group NV (Netherlands) | 2535 |
| 52520 | Phoenix Group Holdings PLC (United Kingdom) | 420 |
| 16000 | Sompo Holdings, Inc. (Japan) | 524 |
| 77700 | T&D Holdings, Inc. (Japan) | 1653 |
| 11581 | Talanx AG (Germany) | 1329 |
| 118500 | Tokio Marine Holdings, Inc. (Japan) | 4750 |
|  |  | 22131 |
| **INTERACTIVE MEDIA & SERVICES—1.7%** | **INTERACTIVE MEDIA & SERVICES—1.7%** | **INTERACTIVE MEDIA & SERVICES—1.7%** |
| 27100 | Baidu, Inc. Class A (China)<sup>\*</sup> | 299 |
| 41420 | Bilibili, Inc. Class Z (China)<sup>\*</sup> | 727 |
| 2833 | JOYY, Inc. ADR (China)<sup>1</sup> | 117 |
| 2567 | Kanzhun Ltd. ADR (China)<sup>\*,1</sup> | 39 |
| 86200 | Kuaishou Technology (China)<sup>\*,2</sup> | 569 |
| 19049 | NAVER Corp. (South Korea) | 2680 |
| 13287 | REA Group Ltd. (Australia) | 2111 |
| 2059 | Scout24 SE (Germany)<sup>2</sup> | 245 |
| 83431 | Yalla Group Ltd. ADR (United Arab Emirates)<sup>\*,1</sup> | 640 |
| 31054 | Zhihu, Inc. ADR (China)<sup>\*,1</sup> | 120 |
|  |  | 7547 |
| **IT SERVICES—2.0%** | **IT SERVICES—2.0%** | **IT SERVICES—2.0%** |
| 21395 | Altron Ltd. Class A (South Africa) | 23 |
| 1100 | Argo Graphics, Inc. (Japan) | 39 |
| 1400 | Business Brain Showa-Ota, Inc. (Japan) | 26 |
| 4200 | Core Corp. (Japan) | 52 |
| 87100 | Fujitsu Ltd. (Japan) | 1935 |
| 1500 | GMO GlobalSign Holdings KK (Japan) | 23 |
| 2600 | ID Holdings Corp. (Japan) | 36 |
| 69365 | Infosys Ltd. ADR (India)<sup>1</sup> | 1221 |
| 93000 | NEC Corp. (Japan) | 2264 |
| 3600 | Obic Co. Ltd. (Japan) | 126 |
| 25200 | Otsuka Corp. (Japan) | 559 |
| 7900 | TIS, Inc. (Japan) | 228 |
| 4200 | Ubicom Holdings, Inc. (Japan) | 38 |
| 100639 | Wipro Ltd. ADR (India)<sup>1</sup> | 288 |
| 13288 | Wix.com Ltd. (Israel)<sup>\*</sup> | 2254 |
| 700 | Zuken, Inc. (Japan) | 25 |
|  |  | 9137 |
| **LEISURE PRODUCTS—0.2%** | **LEISURE PRODUCTS—0.2%** | **LEISURE PRODUCTS—0.2%** |
| 17500 | Bandai Namco Holdings, Inc. (Japan) | 608 |
| 7500 | Sankyo Co. Ltd. (Japan) | 114 |
|  |  | 722 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MACHINERY—2.8%** | **MACHINERY—2.8%** | **MACHINERY—2.8%** |
| 5396 | Duerr AG (Germany) | $128 |
| 101 | Exel Industries SA Class A (France) | 4 |
| 17100 | FANUC Corp. (Japan) | 434 |
| 5700 | Glory Ltd. (Japan) | 100 |
| 74439 | Heidelberger Druckmaschinen AG (Germany)<sup>\*</sup> | 103 |
| 22993 | Husqvarna AB Class B (Sweden) | 107 |
| 27000 | Komatsu Ltd. (Japan) | 781 |
| 79400 | Nam Cheong Ltd. (Malaysia)<sup>\*</sup> | 35 |
| 8800 | Nippon Thompson Co. Ltd. (Japan) | 30 |
| 2200 | Nitto Kohki Co. Ltd. (Japan) | 26 |
| 371 | Palfinger AG (Austria) | 12 |
| 2500 | Rheon Automatic Machinery Co. Ltd. (Japan) | 20 |
| 96881 | Sandvik AB (Sweden)<sup>3</sup> | 2000 |
| 15932 | Schindler Holding AG (Switzerland) | 5827 |
| 3900 | SMC Corp. (Japan) | 1262 |
| 4700 | Sodick Co. Ltd. (Japan) | 25 |
| 92446 | Wartsila OYJ Abp (Finland) | 1708 |
| 52300 | Yangzijiang Shipbuilding Holdings Ltd. (China)<sup>\*</sup> | 90 |
|  |  | 12692 |
| **MARINE TRANSPORTATION—1.0%** | **MARINE TRANSPORTATION—1.0%** | **MARINE TRANSPORTATION—1.0%** |
| 1889 | AP Moller - Maersk AS Class B (Denmark) | 3253 |
| 28932 | Costamare, Inc. (Monaco) | 270 |
| 341700 | Samudera Shipping Line Ltd. (Singapore) | 217 |
| 236000 | SITC International Holdings Co. Ltd. (China) | 653 |
|  |  | 4393 |
| **MEDIA—0.6%** | **MEDIA—0.6%** | **MEDIA—0.6%** |
| 6846 | Criteo SA ADR (France)<sup>\*,1</sup> | 233 |
| 19135 | Next 15 Group PLC (United Kingdom) | 66 |
| 3908 | Nexxen International Ltd. (Israel)<sup>\*</sup> | 39 |
| 588 | NZME Ltd. (New Zealand) |  |
| 158443 | Pico Far East Holdings Ltd. (Hong Kong) | 39 |
| 33805 | PRT Co. Ltd. (Australia)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 20771 | Publicis Groupe SA (France) | 2114 |
|  |  | 2491 |
| **METALS & MINING—2.3%** | **METALS & MINING—2.3%** | **METALS & MINING—2.3%** |
| 54500 | Amerigo Resources Ltd. (Canada) | 68 |
| 131188 | BlueScope Steel Ltd. (Australia) | 2009 |
| 25105 | Boliden AB (Sweden)<sup>\*</sup> | 769 |
| 11720 | Centerra Gold, Inc. (Canada) | 78 |
| 16289 | ElvalHalcor SA (Greece) | 37 |
| 87872 | Evolution Mining Ltd. (Australia) | 441 |
| 48694 | Fresnillo PLC (Mexico) | 653 |
| 134982 | Glencore PLC (United Kingdom)<sup>\*</sup> | 443 |
| 30100 | Jaguar Mining, Inc. (Canada)<sup>\*</sup> | 68 |
| 177871 | Macmahon Holdings Ltd. (Australia) | 31 |
| 14000 | Mandalay Resources Corp. (Canada)<sup>\*</sup> | 55 |
| 135805 | Northern Star Resources Ltd. (Australia) | 1668 |
| 35973 | Perenti Ltd. (Australia) | 31 |
| 32623 | Rio Tinto PLC ADR (Australia)<sup>1</sup> | 1938 |
| 992519 | South32 Ltd. (Australia) | 1710 |
| 35924 | SSAB AB Class B (Sweden) | 223 |
| 2200 | Topy Industries Ltd. (Japan) | 32 |
| 88 | Tree Island Steel Ltd. (Canada) |  |
|  |  | 10254 |
| **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** |
| 1589073 | Centrica PLC (United Kingdom) | 3402 |
| 156924 | E.ON SE (Germany) | 2745 |
| 102968 | Engie SA (France) | 2128 |
| 38783 | Hera SpA (Italy) | 184 |
|  |  | 8459 |
| **OIL, GAS & CONSUMABLE FUELS—2.3%** | **OIL, GAS & CONSUMABLE FUELS—2.3%** | **OIL, GAS & CONSUMABLE FUELS—2.3%** |
| 443731 | Adnoc Gas PLC (United Arab Emirates) | 383 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** |
| 269516 | ADNOC Logistics & Services (United Arab Emirates) | $356 |
| 5622600 | Alamtri Resources Indonesia Tbk. PT (Indonesia) | 644 |
| 379200 | Baramulti Suksessarana Tbk. PT (Indonesia) | 94 |
| 59123 | Equinor ASA (Norway) | 1338 |
| 41848 | Hafnia Ltd. (Singapore) | 193 |
| 507155 | Horizon Oil Ltd. (Australia) | 60 |
| 3518 | Lubelski Wegiel Bogdanka SA (Poland) | 20 |
| 191123 | ORLEN SA (Poland) | 3451 |
| 700 | Paramount Resources Ltd. Class A (Canada) | 8 |
| 512000 | Petron Corp. (Philippines) | 22 |
| 38700 | Petronas Dagangan Bhd. (Malaysia) | 177 |
| 663100 | PTT Exploration & Production PCL NVDR (Thailand)<sup>1</sup> | 1973 |
| 902452 | Resource Alam Indonesia Tbk. PT (Indonesia) | 21 |
| 114300 | Semirara Mining & Power Corp. (Philippines) | 70 |
| 33735 | Shell PLC (United States) | 1089 |
| 569000 | Thai Oil PCL NVDR (Thailand)<sup>1</sup> | 455 |
|  |  | 10354 |
| **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** |
| 95602 | Air New Zealand Ltd. (New Zealand) | 33 |
| 312725 | International Consolidated Airlines Group SA (United Kingdom) | 1087 |
| 317376 | Qantas Airways Ltd. (Australia) | 1794 |
| 152600 | Singapore Airlines Ltd. (Singapore) | 783 |
|  |  | 3697 |
| **PERSONAL CARE PRODUCTS—0.6%** | **PERSONAL CARE PRODUCTS—0.6%** | **PERSONAL CARE PRODUCTS—0.6%** |
| 17998 | Beiersdorf AG (Germany) | 2536 |
| 2600 | Kao Corp. (Japan) | 111 |
| 1294 | Shanghai Chicmax Cosmetic Co. Ltd. (China) | 11 |
|  |  | 2658 |
| **PHARMACEUTICALS—10.9%** | **PHARMACEUTICALS—10.9%** | **PHARMACEUTICALS—10.9%** |
| 2600 | Astellas Pharma, Inc. (Japan) | 26 |
| 43404 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 3116 |
| 44000 | Daiichi Sankyo Co. Ltd. (Japan) | 1125 |
| 82000 | Eisai Co. Ltd. (Japan) | 2370 |
| 24398 | GSK PLC (United States) | 483 |
| 177818 | GSK PLC ADR (United States)<sup>1</sup> | 7086 |
| 64758 | Haleon PLC ADR (United States)<sup>1</sup> | 657 |
| 22942 | Hikma Pharmaceuticals PLC (Jordan) | 608 |
| 726 | Ipsen SA (France) | 84 |
| 15100 | Knight Therapeutics, Inc. (Canada)<sup>\*</sup> | 67 |
| 31700 | Nippon Shinyaku Co. Ltd. (Japan) | 817 |
| 123690 | Novartis AG (United States) | 14108 |
| 42990 | Novo Nordisk AS ADR (Denmark)<sup>1</sup> | 2857 |
| 59400 | Ono Pharmaceutical Co. Ltd. (Japan) | 684 |
| 79 | Orion OYJ Class A (Finland) | 5 |
| 8492 | Richter Gedeon Nyrt (Hungary) | 258 |
| 44238 | Roche Holding AG (United States) | 14465 |
| 30600 | Santen Pharmaceutical Co. Ltd. (Japan) | 310 |
| 5600 | Seikagaku Corp. (Japan) | 28 |
| 12800 | Shionogi & Co. Ltd. (Japan) | 215 |
| 902 | UCB SA (Belgium) | 165 |
| 383 | Vetoquinol SA (France) | 32 |
|  |  | 49566 |
| **PROFESSIONAL SERVICES—4.7%** | **PROFESSIONAL SERVICES—4.7%** | **PROFESSIONAL SERVICES—4.7%** |
| 1600 | Career Design Center Co. Ltd. (Japan) | 20 |
| 33310 | Computershare Ltd. (Australia) | 870 |
| 2200 | en Japan, Inc. (Japan) | 25 |
| 90556 | Experian PLC (United Kingdom) | 4505 |
| 4400 | JAC Recruitment Co. Ltd. (Japan) | 26 |
| 989 | Pagegroup PLC (United Kingdom) | 4 |
| 118100 | Recruit Holdings Co. Ltd. (Japan) | 6545 |
| 19258 | RELX PLC (United Kingdom) | 1051 |
| 2400 | SMS Co. Ltd. (Japan) | 22 |
| 4200 | Space Co. Ltd. (Japan) | 32 |

---

------

⬤

------

**Harbor International Core 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** |
| 47417 | Wolters Kluwer NV (Netherlands) | $8372 |
|  |  | 21472 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** |
| 151515 | Aldar Properties PJSC (United Arab Emirates) | 341 |
| 946 | Almogim Holdings Ltd. (Israel)<sup>\*</sup> | 2 |
| 8839 | Cedar Woods Properties Ltd. (Australia) | 32 |
| 47773 | Emaar Development PJSC (United Arab Emirates) | 174 |
| 116681 | Ever Reach Group Holdings Co. Ltd. (China)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 688400 | LBS Bina Group Bhd. (Malaysia) | 80 |
| 1077 | Melcor Developments Ltd. (Canada) | 9 |
| 182000 | Midland Holdings Ltd. (Hong Kong)<sup>\*</sup> | 23 |
| 12963 | Modern Land China Co. Ltd. (China)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 2400 | Propnex Ltd. (Singapore) | 2 |
| 8276 | Servcorp Ltd. (Australia) | 27 |
|  |  | 690 |
| **RETAIL REITS—0.8%** | **RETAIL REITS—0.8%** | **RETAIL REITS—0.8%** |
| 98539 | Klepierre SA (France) | 3607 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.2%** |
| 7531 | ASML Holding NV New York Registry Shares (Netherlands) | 5031 |
| 5723 | ChipMOS Technologies, Inc. ADR (Taiwan)<sup>1</sup> | 95 |
| 72841 | Himax Technologies, Inc. ADR (Taiwan)<sup>1</sup> | 515 |
| 32251 | Infineon Technologies AG (Germany) | 1068 |
| 14200 | Lasertec Corp. (Japan) | 1320 |
| 2300 | Optorun Co. Ltd. (Japan) | 23 |
| 3600 | SCREEN Holdings Co. Ltd. (Japan) | 239 |
| 18455 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>1</sup> | 914 |
| 93388 | STMicroelectronics NV NY Registry Shares (Singapore) | 2121 |
| 21900 | Tokyo Electron Ltd. (Japan) | 3261 |
|  |  | 14587 |
| **SOFTWARE—2.4%** | **SOFTWARE—2.4%** | **SOFTWARE—2.4%** |
| 1300 | Alpha Systems, Inc. (Japan) | 30 |
| 120100 | Autocount Dotcom Bhd. (Malaysia) | 28 |
| 19803 | Bravura Solutions Ltd. (Australia) | 28 |
| 16299 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 3578 |
| 17695 | Dassault Systemes SE (France) | 663 |
| 33700 | Enghouse Systems Ltd. (Canada) | 612 |
| 5400 | ISB Corp. (Japan) | 51 |
| 232 | Nemetschek SE (Germany) | 31 |
| 600 | NTT Data Intramart Corp. (Japan) | 11 |
| 4100 | PCA Corp. (Japan) | 53 |
| 5956 | RADCOM Ltd. (Israel)<sup>\*</sup> | 72 |
| 28630 | Sage Group PLC (United Kingdom) | 475 |
| 12430 | SAP SE (Germany) | 3637 |
| 2202 | Shoper SA (Poland) | 25 |
| 1800 | Soliton Systems KK (Japan) | 16 |
| 5737 | Text SA (Poland) | 82 |
| 22600 | Trend Micro, Inc. (Japan) | 1621 |
| 1400 | WingArc1st, Inc. (Japan) | 37 |
|  |  | 11050 |
| **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** |
| 441 | Castro Model Ltd. (Israel) | 19 |
| 14567 | DFS Furniture PLC (United Kingdom)<sup>\*</sup> | 28 |
| 8400 | Fast Retailing Co. Ltd. (Japan) | 2763 |
| 4300 | Fuji Corp. (Japan) | 58 |
| 53294 | Industria de Diseno Textil SA (Spain) | 2866 |
| 6986 | Naturhouse Health SAU (Spain) | 14 |
| 13600 | Pop Mart International Group Ltd. (China)<sup>2</sup> | 339 |
| 596000 | Topsports International Holdings Ltd. (China)<sup>2</sup> | 237 |
| 63500 | USS Co. Ltd. (Japan) | 633 |
| 17760 | Zalando SE (Germany)<sup>\*,2</sup> | 649 |
|  |  | 7606 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.0%** |
| 41600 | Brother Industries Ltd. (Japan) | $731 |
| 34614 | Logitech International SA (Switzerland) | 2630 |
| 92000 | Ricoh Co. Ltd. (Japan) | 968 |
| 13100 | Seiko Epson Corp. (Japan) | 182 |
| 4000 | Toshiba TEC Corp. (Japan) | 75 |
| 6000 | Wacom Co. Ltd. (Japan) | 23 |
|  |  | 4609 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.9%** | **TEXTILES, APPAREL & LUXURY GOODS—2.9%** | **TEXTILES, APPAREL & LUXURY GOODS—2.9%** |
| 27466 | adidas AG (Germany) | 6320 |
| 1282 | Hermes International SCA (France) | 3526 |
| 16549 | On Holding AG Class A (Switzerland)<sup>\*</sup> | 796 |
| 17786 | Pandora AS (Denmark) | 2647 |
| 121200 | Poh Kong Holdings Bhd. (Malaysia) | 29 |
|  |  | 13318 |
| **TRADING COMPANIES & DISTRIBUTORS—0.2%** | **TRADING COMPANIES & DISTRIBUTORS—0.2%** | **TRADING COMPANIES & DISTRIBUTORS—0.2%** |
| 1600 | Nanyo Corp. (Japan) | 13 |
| 152987 | New Times Corp. Ltd. (Hong Kong)<sup>\*</sup> | 1 |
| 900 | Nice Corp. (Japan) | 10 |
| 2300 | Parker Corp. (Japan) | 13 |
| 34095 | Rexel SA (France) | 947 |
| 2500 | Sugimoto & Co. Ltd. (Japan) | 28 |
|  |  | 1012 |
| **TRANSPORTATION INFRASTRUCTURE—0.1%** | **TRANSPORTATION INFRASTRUCTURE—0.1%** | **TRANSPORTATION INFRASTRUCTURE—0.1%** |
| 1256 | Aena SME SA (Spain)<sup>2,3</sup> | 315 |
| 74000 | Qilu Expressway Co. Ltd. (China) | 20 |
|  |  | 335 |
| **WIRELESS TELECOMMUNICATION SERVICES—1.2%** | **WIRELESS TELECOMMUNICATION SERVICES—1.2%** | **WIRELESS TELECOMMUNICATION SERVICES—1.2%** |
| 24600 | KDDI Corp. (Japan) | 436 |
| 48900 | SoftBank Group Corp. (Japan) | 2473 |
| 616193 | Vodafone Group PLC (United Kingdom) | 606 |
| 185184 | Vodafone Group PLC ADR (United Kingdom)<sup>1</sup> | 1807 |
|  |  | 5322 |
| **TOTAL COMMON STOCKS** <br>(Cost $392,776) | **TOTAL COMMON STOCKS** <br>(Cost $392,776) | 444257 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.7%** | **EXCHANGE-TRADED FUNDS—0.7%** | **EXCHANGE-TRADED FUNDS—0.7%** |
| (Cost $2,918) | (Cost $2,918) | (Cost $2,918) |
| **CAPITAL MARKETS—0.7%** | **CAPITAL MARKETS—0.7%** | **CAPITAL MARKETS—0.7%** |
| 37296 | iShares MSCI EAFE ETF (United States) | 3161 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** |
| **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** |
| 18824 | Volkswagen AG (Germany) | 2048 |
| **HOUSEHOLD DURABLES—0.0%** | **HOUSEHOLD DURABLES—0.0%** | **HOUSEHOLD DURABLES—0.0%** |
| 450 | Einhell Germany AG (Germany) | 34 |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| 2307 | Sartorius AG (Germany) | 599 |
| **MACHINERY—0.0%** | **MACHINERY—0.0%** | **MACHINERY—0.0%** |
| 173 | KSB SE & Co. KGaA (Germany) | 157 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $2,800) | **TOTAL PREFERRED STOCKS** <br>(Cost $2,800) | 2838 |

---

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

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

**Short-Term Investments—0.2%**<br>

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

---

| | |
|:---|:---|
| **Shares** | **Value** |
| (Cost $1,210) | (Cost $1,210) |
| 1210035<br> State Street Navigator Securities Lending Government Money <br> Market Portfolio (1 day yield of 4.360%)<sup>4</sup><br>| $1210 |
| **TOTAL INVESTMENTS—99.5%** <br>(Cost $399,704) | 451466 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | 2044 |
| **TOTAL NET ASSETS—100%** | $453510 |

---

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

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of April 30, 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; $851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $851 |
| Europe | &nbsp;&nbsp; 25663 | &nbsp;&nbsp; 213727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 239390 |
| Latin America | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 855 |
| Middle East/Central Asia | &nbsp;&nbsp; 8097 | &nbsp;&nbsp; 7297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15394 |
| North America | &nbsp;&nbsp; 15438 | &nbsp;&nbsp; 32120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47558 |
| Pacific Basin | &nbsp;&nbsp; 10921 | &nbsp;&nbsp; 129288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 140209 |
| Exchange-Traded Funds |  |  |  |  |
| North America | &nbsp;&nbsp; 3161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3161 |
| Preferred Stocks |  |  |  |  |
| Europe | &nbsp;&nbsp; — | &nbsp;&nbsp; 2838 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2838 |
| Short-Term Investments |  |  |  |  |
| Investment Company-Securities Lending Investment Fund | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1210 |
| Total Investments in Securities | &nbsp;&nbsp; $64692 | &nbsp;&nbsp; $386774 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $451466 |

---

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

The following is a rollforward of the Fund's Level 3 investments during the period ended April 30, 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** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**04/30/2025** <br>**(000s)**<br>| **Unrealized** <br>**Gain/(Loss)** <br>**as of** <br>**04/30/2025** <br>**(000s)**<br>|
| Common Stock | $— | $— | $(2) | $— | $2 | $— | $— | $— | $— | $(27) |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS—Continued**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Descriptions** | **Ending Balance** <br>**as of 04/30/2025** <br>**(000s)**<br>| **Valuation** <br>**Technique**<br>| **Unobservable** <br>**Input(s)**<br>| **Input** <br>**Value(s)**<br>|
| Investments in Securities |  |  |  |  |
| Common Stocks |  |  |  |  |
| Ever Reach Group Holdings Co. Ltd. (China)\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | HKD 0.00 |
| Jaya Bersama Indo Tbk. PT (Indonesia)\*. | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | IDR 0.00 |
| Modern Land China Co. Ltd. (China)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | HKD 0.00 |
|  | &nbsp;&nbsp; $— |  |  |  |

---

------

\*

Non-income producing security

x

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

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2025, the aggregate value of these securities was $7,561 or 2% of net assets.

All or a portion of this security was out on loan as of April 30, 2025.

Represents the investment of collateral received from securities lending activities.

HKD

Hong Kong Dollar

IDR

Indonesian Rupiah

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

------

⬤

------

**Harbor International Small Cap Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Cedar Street Asset Management LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.5%** | **COMMON STOCKS—96.5%** | **COMMON STOCKS—96.5%** |
| **Shares** |  | **Value** |
| **AIR FREIGHT & LOGISTICS—3.4%** | **AIR FREIGHT & LOGISTICS—3.4%** | **AIR FREIGHT & LOGISTICS—3.4%** |
| 160478 | Nippon Express Holdings, Inc. (Japan) | $2866 |
| 78375 | Sankyu, Inc. (Japan) | 3430 |
|  |  | 6296 |
| **BANKS—2.0%** | **BANKS—2.0%** | **BANKS—2.0%** |
| 734424 | Kyushu Financial Group, Inc. (Japan) | 3707 |
| **BEVERAGES—1.5%** | **BEVERAGES—1.5%** | **BEVERAGES—1.5%** |
| 1444513 | C&C Group PLC (Ireland) | 2653 |
| **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** |
| 559525 | Genuit Group PLC (United Kingdom) | 2849 |
| **CAPITAL MARKETS—1.9%** | **CAPITAL MARKETS—1.9%** | **CAPITAL MARKETS—1.9%** |
| 1016866 | TP ICAP Group PLC (United Kingdom) | 3492 |
| **CHEMICALS—4.5%** | **CHEMICALS—4.5%** | **CHEMICALS—4.5%** |
| 141017 | NOF Corp. (Japan) | 2123 |
| 217976 | Tosoh Corp. (Japan) | 3073 |
| 273480 | Victrex PLC (United Kingdom) | 3035 |
|  |  | 8231 |
| **COMMERCIAL SERVICES & SUPPLIES—5.3%** | **COMMERCIAL SERVICES & SUPPLIES—5.3%** | **COMMERCIAL SERVICES & SUPPLIES—5.3%** |
| 142997 | ISS AS (Denmark) | 3588 |
| 66145 | Loomis AB (Sweden) | 2753 |
| 1513318 | Serco Group PLC (United Kingdom) | 3473 |
|  |  | 9814 |
| **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** |
| 190097 | Raito Kogyo Co. Ltd. (Japan) | 3536 |
| **CONSTRUCTION MATERIALS—1.7%** | **CONSTRUCTION MATERIALS—1.7%** | **CONSTRUCTION MATERIALS—1.7%** |
| 89026 | Wienerberger AG (Austria) | 3126 |
| **CONSUMER FINANCE—1.6%** | **CONSUMER FINANCE—1.6%** | **CONSUMER FINANCE—1.6%** |
| 24860 | Cembra Money Bank AG (Switzerland) | 3001 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.2%** |
| 170953 | Qol Holdings Co. Ltd. (Japan) | 2749 |
| 155375 | San-A Co. Ltd. (Japan) | 3085 |
|  |  | 5834 |
| **CONTAINERS & PACKAGING—5.2%** | **CONTAINERS & PACKAGING—5.2%** | **CONTAINERS & PACKAGING—5.2%** |
| 172111 | Fuji Seal International, Inc. (Japan) | 3073 |
| 84806 | Huhtamaki OYJ (Finland) | 3122 |
| 173559 | SIG Group AG (Switzerland) | 3348 |
|  |  | 9543 |
| **DISTRIBUTORS—3.5%** | **DISTRIBUTORS—3.5%** | **DISTRIBUTORS—3.5%** |
| 362204 | Inchcape PLC (United Kingdom) | 3246 |
| 115800 | PALTAC Corp. (Japan) | 3211 |
|  |  | 6457 |
| **ELECTRICAL EQUIPMENT—0.6%** | **ELECTRICAL EQUIPMENT—0.6%** | **ELECTRICAL EQUIPMENT—0.6%** |
| 47613 | Mersen SA (France) | 1021 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.4%** |
| 307409 | Anritsu Corp. (Japan) | 3073 |
| 29377 | Jeol Ltd. (Japan) | 945 |
| 56081 | Landis & Gyr Group AG (Switzerland) | 3607 |
| 231703 | Optex Group Co. Ltd. (Japan) | 2479 |
| 76589 | Spectris PLC (United Kingdom) | 2050 |
| 375478 | Venture Corp. Ltd. (Singapore) | 3333 |
|  |  | 15487 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—5.4%** | **FOOD PRODUCTS—5.4%** | **FOOD PRODUCTS—5.4%** |
| 77339 | Ariake Japan Co. Ltd. (Japan) | $3249 |
| 1361950 | Aryzta AG (Switzerland)<sup>\*</sup> | 3416 |
| 247256 | Glanbia PLC (Ireland) | 3201 |
|  |  | 9866 |
| **GAS UTILITIES—1.6%** | **GAS UTILITIES—1.6%** | **GAS UTILITIES—1.6%** |
| 91314 | Rubis SCA (France) | 2972 |
| **GROUND TRANSPORTATION—1.5%** | **GROUND TRANSPORTATION—1.5%** | **GROUND TRANSPORTATION—1.5%** |
| 678402 | Zigup PLC (United Kingdom) | 2833 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.8%** |
| 144925 | Ansell Ltd. (Australia) | 2812 |
| 920249 | Arjo AB Class B (Sweden) | 3083 |
| 222602 | Nakanishi, Inc. (Japan) | 2906 |
|  |  | 8801 |
| **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** |
| 124490 | Fagron (Belgium) | 2902 |
| 187875 | Sonic Healthcare Ltd. (Australia) | 3137 |
|  |  | 6039 |
| **HOTELS, RESTAURANTS & LEISURE—1.5%** | **HOTELS, RESTAURANTS & LEISURE—1.5%** | **HOTELS, RESTAURANTS & LEISURE—1.5%** |
| 270044 | Resorttrust, Inc. (Japan) | 2779 |
| **INSURANCE—3.5%** | **INSURANCE—3.5%** | **INSURANCE—3.5%** |
| 57541 | ASR Nederland NV (Netherlands) | 3631 |
| 136305 | Coface SA (France) | 2794 |
|  |  | 6425 |
| **IT SERVICES—1.6%** | **IT SERVICES—1.6%** | **IT SERVICES—1.6%** |
| 163899 | TietoEVRY OYJ (Finland)<sup>1</sup> | 2936 |
| **LEISURE PRODUCTS—1.5%** | **LEISURE PRODUCTS—1.5%** | **LEISURE PRODUCTS—1.5%** |
| 157591 | Spin Master Corp. (Canada)<sup>2</sup> | 2787 |
| **MACHINERY—7.9%** | **MACHINERY—7.9%** | **MACHINERY—7.9%** |
| 84356 | Aalberts NV (Netherlands) | 2801 |
| 76044 | Construcciones y Auxiliar de Ferrocarriles SA (Spain) | 3717 |
| 248539 | METAWATER Co. Ltd. (Japan) | 3545 |
| 819984 | Morgan Advanced Materials PLC (United Kingdom) | 2153 |
| 184531 | Norma Group SE (Germany) | 2319 |
|  |  | 14535 |
| **MARINE TRANSPORTATION—1.5%** | **MARINE TRANSPORTATION—1.5%** | **MARINE TRANSPORTATION—1.5%** |
| 61280 | Clarkson PLC (United Kingdom) | 2693 |
| **MEDIA—1.6%** | **MEDIA—1.6%** | **MEDIA—1.6%** |
| 71923 | RTL Group SA (Luxembourg)<sup>\*</sup> | 2950 |
| **METALS & MINING—1.6%** | **METALS & MINING—1.6%** | **METALS & MINING—1.6%** |
| 100459 | Aperam SA (Luxembourg) | 2923 |
| **PERSONAL CARE PRODUCTS—1.6%** | **PERSONAL CARE PRODUCTS—1.6%** | **PERSONAL CARE PRODUCTS—1.6%** |
| 346781 | Ontex Group NV (Belgium)<sup>\*</sup> | 2847 |
| **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** |
| 2495546 | Hays PLC (United Kingdom) | 2384 |
| 256819 | Tinexta SpA (Italy) | 2739 |
|  |  | 5123 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.5%** |
| 332678 | ASMPT Ltd. (Hong Kong) | 2238 |
| 429188 | X-Fab Silicon Foundries SE (Belgium)<sup>\*,2</sup> | 2393 |
|  |  | 4631 |

---

------

⬤

------

**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—2.8%** | **SOFTWARE—2.8%** | **SOFTWARE—2.8%** |
| 207806 | Computer Engineering & Consulting Ltd. (Japan) | $3095 |
| 382498 | TomTom NV (Netherlands)<sup>\*</sup> | 2022 |
|  |  | 5117 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.6%** | **TEXTILES, APPAREL & LUXURY GOODS—1.6%** | **TEXTILES, APPAREL & LUXURY GOODS—1.6%** |
| 3079890 | Coats Group PLC (United Kingdom) | 2983 |
| **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** |
| 396808 | BOC Aviation Ltd. (China)<sup>2</sup> | 2974 |
| **TOTAL COMMON STOCKS** <br>(Cost $164,851) | **TOTAL COMMON STOCKS** <br>(Cost $164,851) | 177261 |
| **TOTAL INVESTMENTS—96.5%** <br>(Cost $164,851) | **TOTAL INVESTMENTS—96.5%** <br>(Cost $164,851) | 177261 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.5%** | 6380 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $183641 |

---

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

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of April 30, 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; $107056 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $107056 |
| North America | &nbsp;&nbsp; 2787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2787 |
| Pacific Basin | &nbsp;&nbsp; — | &nbsp;&nbsp; 67418 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67418 |
| Total Investments in Securities | &nbsp;&nbsp; $2787 | &nbsp;&nbsp; $174474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $177261 |

---

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 Portfolios of Investments.

------

\*

Non-income producing security

All or a portion of this security was out on loan as of April 30, 2025.

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2025, the aggregate value of these securities was $8,154 or 4% of net assets.

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

------

⬤

------

**Harbor Large Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Aristotle Capital Management, LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| 95900 | General Dynamics Corp.  | $26096 |
| **BANKS—9.0%** | **BANKS—9.0%** | **BANKS—9.0%** |
| 260000 | Commerce Bancshares, Inc.  | 15792 |
| 182000 | Cullen/Frost Bankers, Inc.  | 21197 |
| 2145300 | Mitsubishi UFJ Financial Group, Inc. ADR (Japan)<sup>1</sup> | 27117 |
| 156200 | PNC Financial Services Group, Inc.  | 25100 |
| 709300 | U.S. Bancorp  | 28613 |
|  |  | 117819 |
| **BEVERAGES—3.6%** | **BEVERAGES—3.6%** | **BEVERAGES—3.6%** |
| 429700 | Coca-Cola Co.  | 31175 |
| 88600 | Constellation Brands, Inc. Class A | 16616 |
|  |  | 47791 |
| **BIOTECHNOLOGY—2.5%** | **BIOTECHNOLOGY—2.5%** | **BIOTECHNOLOGY—2.5%** |
| 111500 | Amgen, Inc.  | 32438 |
| **CAPITAL MARKETS—5.6%** | **CAPITAL MARKETS—5.6%** | **CAPITAL MARKETS—5.6%** |
| 100700 | Ameriprise Financial, Inc.  | 47432 |
| 196300 | Blackstone, Inc.  | 25854 |
|  |  | 73286 |
| **CHEMICALS—10.2%** | **CHEMICALS—10.2%** | **CHEMICALS—10.2%** |
| 99600 | Air Products & Chemicals, Inc.  | 27001 |
| 700200 | Corteva, Inc.  | 43405 |
| 135600 | Ecolab, Inc.  | 34094 |
| 273300 | RPM International, Inc.  | 29175 |
|  |  | 133675 |
| **CONSTRUCTION MATERIALS—2.8%** | **CONSTRUCTION MATERIALS—2.8%** | **CONSTRUCTION MATERIALS—2.8%** |
| 70900 | Martin Marietta Materials, Inc.  | 37150 |
| **CONSUMER FINANCE—3.4%** | **CONSUMER FINANCE—3.4%** | **CONSUMER FINANCE—3.4%** |
| 243900 | Capital One Financial Corp.  | 43965 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.3%** |
| 685400 | Verizon Communications, Inc.  | 30199 |
| **ELECTRIC UTILITIES—2.2%** | **ELECTRIC UTILITIES—2.2%** | **ELECTRIC UTILITIES—2.2%** |
| 400900 | Xcel Energy, Inc.  | 28344 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.1%** |
| 59400 | Teledyne Technologies, Inc. <sup>\*</sup> | 27682 |
| **GAS UTILITIES—2.9%** | **GAS UTILITIES—2.9%** | **GAS UTILITIES—2.9%** |
| 235600 | Atmos Energy Corp.  | 37844 |
| **GROUND TRANSPORTATION—2.3%** | **GROUND TRANSPORTATION—2.3%** | **GROUND TRANSPORTATION—2.3%** |
| 372694 | Uber Technologies, Inc. <sup>\*</sup> | 30192 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.8%** |
| 310800 | Alcon AG  | 30337 |
| 235800 | Medtronic PLC  | 19987 |
|  |  | 50324 |
| **HOUSEHOLD DURABLES—5.7%** | **HOUSEHOLD DURABLES—5.7%** | **HOUSEHOLD DURABLES—5.7%** |
| 299900 | Lennar Corp. Class A | 32572 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 7126 | Lennar Corp. Class B | $737 |
| 1578500 | Sony Group Corp. ADR (Japan)<sup>1</sup> | 41041 |
|  |  | 74350 |
| **HOUSEHOLD PRODUCTS—2.1%** | **HOUSEHOLD PRODUCTS—2.1%** | **HOUSEHOLD PRODUCTS—2.1%** |
| 166900 | Procter & Gamble Co.  | 27133 |
| **INSURANCE—2.4%** | **INSURANCE—2.4%** | **INSURANCE—2.4%** |
| 388800 | American International Group, Inc.  | 31695 |
| **INTERACTIVE MEDIA & SERVICES—2.4%** | **INTERACTIVE MEDIA & SERVICES—2.4%** | **INTERACTIVE MEDIA & SERVICES—2.4%** |
| 193900 | Alphabet, Inc. Class C | 31196 |
| **LIFE SCIENCES TOOLS & SERVICES—2.0%** | **LIFE SCIENCES TOOLS & SERVICES—2.0%** | **LIFE SCIENCES TOOLS & SERVICES—2.0%** |
| 133400 | Danaher Corp.  | 26591 |
| **MACHINERY—5.8%** | **MACHINERY—5.8%** | **MACHINERY—5.8%** |
| 185700 | Oshkosh Corp.  | 15554 |
| 99100 | Parker-Hannifin Corp.  | 59962 |
|  |  | 75516 |
| **OIL, GAS & CONSUMABLE FUELS—3.8%** | **OIL, GAS & CONSUMABLE FUELS—3.8%** | **OIL, GAS & CONSUMABLE FUELS—3.8%** |
| 1029100 | Coterra Energy, Inc.  | 25275 |
| 434400 | TotalEnergies SE ADR (France)<sup>1</sup> | 24695 |
|  |  | 49970 |
| **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** |
| 266900 | Merck & Co., Inc.  | 22740 |
| **RESIDENTIAL REITS—1.6%** | **RESIDENTIAL REITS—1.6%** | **RESIDENTIAL REITS—1.6%** |
| 316700 | Equity LifeStyle Properties, Inc.  | 20516 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1%** |
| 445600 | Microchip Technology, Inc.  | 20533 |
| 220300 | QUALCOMM, Inc.  | 32706 |
|  |  | 53239 |
| **SOFTWARE—8.7%** | **SOFTWARE—8.7%** | **SOFTWARE—8.7%** |
| 78300 | Adobe, Inc. <sup>\*</sup> | 29361 |
| 114436 | ANSYS, Inc. <sup>\*</sup> | 36835 |
| 122500 | Microsoft Corp.  | 48419 |
|  |  | 114615 |
| **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** |
| 117400 | Lowe's Cos., Inc.  | 26246 |
| **WATER UTILITIES—2.3%** | **WATER UTILITIES—2.3%** | **WATER UTILITIES—2.3%** |
| 207900 | American Water Works Co., Inc.  | 30563 |
| **TOTAL COMMON STOCKS** <br>(Cost $799,584) | **TOTAL COMMON STOCKS** <br>(Cost $799,584) | 1301175 |
| **TOTAL INVESTMENTS—99.3%** <br>(Cost $799,584) | **TOTAL INVESTMENTS—99.3%** <br>(Cost $799,584) | 1301175 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.7%** | 9810 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1310985 |

---

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

------

⬤

------

**Harbor Large Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 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—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.4%** | **COMMON STOCKS—98.4%** | **COMMON STOCKS—98.4%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—5.2%** | **AEROSPACE & DEFENSE—5.2%** | **AEROSPACE & DEFENSE—5.2%** |
| 8332 | General Dynamics Corp.  | $2267 |
| 50837 | Hexcel Corp.  | 2464 |
| 18311 | Woodward, Inc.  | 3435 |
|  |  | 8166 |
| **BANKS—3.1%** | **BANKS—3.1%** | **BANKS—3.1%** |
| 27169 | East West Bancorp, Inc.  | 2324 |
| 22582 | Wintrust Financial Corp.  | 2511 |
|  |  | 4835 |
| **BUILDING PRODUCTS—2.2%** | **BUILDING PRODUCTS—2.2%** | **BUILDING PRODUCTS—2.2%** |
| 57070 | Masco Corp.  | 3459 |
| **CAPITAL MARKETS—8.9%** | **CAPITAL MARKETS—8.9%** | **CAPITAL MARKETS—8.9%** |
| 16385 | Houlihan Lokey, Inc.  | 2656 |
| 25383 | Intercontinental Exchange, Inc.  | 4263 |
| 28114 | Raymond James Financial, Inc.  | 3853 |
| 38023 | Stifel Financial Corp.  | 3258 |
|  |  | 14030 |
| **CHEMICALS—3.6%** | **CHEMICALS—3.6%** | **CHEMICALS—3.6%** |
| 20377 | Albemarle Corp.  | 1193 |
| 25278 | Eastman Chemical Co.  | 1947 |
| 50067 | Scotts Miracle-Gro Co.  | 2522 |
|  |  | 5662 |
| **COMMERCIAL SERVICES & SUPPLIES—3.2%** | **COMMERCIAL SERVICES & SUPPLIES—3.2%** | **COMMERCIAL SERVICES & SUPPLIES—3.2%** |
| 20062 | Republic Services, Inc.  | 5031 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** |
| 29340 | Sysco Corp.  | 2095 |
| **CONTAINERS & PACKAGING—2.3%** | **CONTAINERS & PACKAGING—2.3%** | **CONTAINERS & PACKAGING—2.3%** |
| 11974 | Packaging Corp. of America  | 2222 |
| 49367 | Sealed Air Corp.  | 1361 |
|  |  | 3583 |
| **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** |
| 68063 | Sensata Technologies Holding PLC  | 1457 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** |
| 21777 | Arrow Electronics, Inc. <sup>\*</sup> | 2425 |
| 20902 | Keysight Technologies, Inc. <sup>\*</sup> | 3039 |
|  |  | 5464 |
| **ENERGY EQUIPMENT & SERVICES—1.3%** | **ENERGY EQUIPMENT & SERVICES—1.3%** | **ENERGY EQUIPMENT & SERVICES—1.3%** |
| 52938 | ChampionX Corp.  | 1278 |
| 41629 | Helmerich & Payne, Inc.  | 786 |
|  |  | 2064 |
| **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** |
| 24438 | Global Payments, Inc.  | 1865 |
| **GROUND TRANSPORTATION—1.4%** | **GROUND TRANSPORTATION—1.4%** | **GROUND TRANSPORTATION—1.4%** |
| 80423 | CSX Corp.  | 2258 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** |
| 55389 | Dentsply Sirona, Inc.  | 770 |
| **HEALTH CARE PROVIDERS & SERVICES—5.5%** | **HEALTH CARE PROVIDERS & SERVICES—5.5%** | **HEALTH CARE PROVIDERS & SERVICES—5.5%** |
| 10538 | Cencora, Inc.  | 3084 |
| 45620 | Centene Corp. <sup>\*</sup> | 2730 |
| 11554 | Labcorp Holdings, Inc.  | 2785 |
|  |  | 8599 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—2.2%** | **HOTELS, RESTAURANTS & LEISURE—2.2%** | **HOTELS, RESTAURANTS & LEISURE—2.2%** |
| 17436 | Darden Restaurants, Inc.  | $3498 |
| **HOUSEHOLD DURABLES—2.0%** | **HOUSEHOLD DURABLES—2.0%** | **HOUSEHOLD DURABLES—2.0%** |
| 24963 | DR Horton, Inc.  | 3154 |
| **INDUSTRIAL REITS—1.4%** | **INDUSTRIAL REITS—1.4%** | **INDUSTRIAL REITS—1.4%** |
| 115155 | Americold Realty Trust, Inc.  | 2227 |
| **INSURANCE—6.2%** | **INSURANCE—6.2%** | **INSURANCE—6.2%** |
| 10993 | Progressive Corp.  | 3097 |
| 19431 | Reinsurance Group of America, Inc.  | 3640 |
| 12674 | RenaissanceRe Holdings Ltd. (Bermuda) | 3066 |
|  |  | 9803 |
| **IT SERVICES—1.6%** | **IT SERVICES—1.6%** | **IT SERVICES—1.6%** |
| 30985 | Akamai Technologies, Inc. <sup>\*</sup> | 2497 |
| **LIFE SCIENCES TOOLS & SERVICES—6.6%** | **LIFE SCIENCES TOOLS & SERVICES—6.6%** | **LIFE SCIENCES TOOLS & SERVICES—6.6%** |
| 21287 | Agilent Technologies, Inc.  | 2291 |
| 7737 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 1888 |
| 20657 | IQVIA Holdings, Inc. <sup>\*</sup> | 3203 |
| 71600 | Qiagen NV <sup>\*</sup> | 3061 |
|  |  | 10443 |
| **MACHINERY—5.6%** | **MACHINERY—5.6%** | **MACHINERY—5.6%** |
| 8858 | Cummins, Inc.  | 2603 |
| 17786 | Dover Corp.  | 3035 |
| 10083 | Snap-on, Inc.  | 3164 |
|  |  | 8802 |
| **MULTI-UTILITIES—2.1%** | **MULTI-UTILITIES—2.1%** | **MULTI-UTILITIES—2.1%** |
| 29795 | WEC Energy Group, Inc.  | 3263 |
| **OFFICE REITS—1.5%** | **OFFICE REITS—1.5%** | **OFFICE REITS—1.5%** |
| 36692 | BXP, Inc.  | 2338 |
| **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** |
| 96563 | Coterra Energy, Inc.  | 2372 |
| 34627 | Murphy Oil Corp.  | 711 |
|  |  | 3083 |
| **PROFESSIONAL SERVICES—2.0%** | **PROFESSIONAL SERVICES—2.0%** | **PROFESSIONAL SERVICES—2.0%** |
| 12814 | Broadridge Financial Solutions, Inc.  | 3106 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.8%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.8%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.8%** |
| 36062 | CBRE Group, Inc. Class A<sup>\*</sup> | 4406 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.8%** |
| 9838 | Applied Materials, Inc.  | 1483 |
| 43590 | Entegris, Inc.  | 3449 |
| 40614 | Skyworks Solutions, Inc.  | 2610 |
|  |  | 7542 |
| **SOFTWARE—3.4%** | **SOFTWARE—3.4%** | **SOFTWARE—3.4%** |
| 11133 | ANSYS, Inc. <sup>\*</sup> | 3583 |
| 3921 | Synopsys, Inc. <sup>\*</sup> | 1800 |
|  |  | 5383 |
| **SPECIALIZED REITS—1.5%** | **SPECIALIZED REITS—1.5%** | **SPECIALIZED REITS—1.5%** |
| 10013 | SBA Communications Corp.  | 2437 |
| **SPECIALTY RETAIL—5.0%** | **SPECIALTY RETAIL—5.0%** | **SPECIALTY RETAIL—5.0%** |
| 19291 | Ross Stores, Inc.  | 2681 |
| 17926 | TJX Cos., Inc.  | 2307 |

---

------

⬤

------

**Harbor Mid Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 7282 | Ulta Beauty, Inc. <sup>\*</sup> | $2881 |
|  |  | 7869 |
| **TRADING COMPANIES & DISTRIBUTORS—3.7%** | **TRADING COMPANIES & DISTRIBUTORS—3.7%** | **TRADING COMPANIES & DISTRIBUTORS—3.7%** |
| 72685 | Air Lease Corp.  | 3399 |
| 17015 | GATX Corp.  | 2483 |
|  |  | 5882 |
| **TOTAL COMMON STOCKS** <br>(Cost $143,632) | **TOTAL COMMON STOCKS** <br>(Cost $143,632) | 155071 |
| **TOTAL INVESTMENTS—98.4%** <br>(Cost $143,632) | **TOTAL INVESTMENTS—98.4%** <br>(Cost $143,632) | 155071 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.6%** | 2470 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $157541 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 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—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** LSV Asset Management

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—1.8%** | **AEROSPACE & DEFENSE—1.8%** | **AEROSPACE & DEFENSE—1.8%** |
| 9300 | Huntington Ingalls Industries, Inc.  | $2142 |
| 51700 | Textron, Inc.  | 3638 |
|  |  | 5780 |
| **AUTOMOBILE COMPONENTS—1.1%** | **AUTOMOBILE COMPONENTS—1.1%** | **AUTOMOBILE COMPONENTS—1.1%** |
| 49100 | BorgWarner, Inc.  | 1393 |
| 68900 | Goodyear Tire & Rubber Co. <sup>\*</sup> | 750 |
| 13700 | Lear Corp.  | 1175 |
| 7200 | Phinia, Inc.  | 289 |
|  |  | 3607 |
| **AUTOMOBILES—1.6%** | **AUTOMOBILES—1.6%** | **AUTOMOBILES—1.6%** |
| 74100 | General Motors Co.  | 3352 |
| 78300 | Harley-Davidson, Inc.  | 1756 |
|  |  | 5108 |
| **BANKS—4.4%** | **BANKS—4.4%** | **BANKS—4.4%** |
| 28800 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 1157 |
| 83200 | Citizens Financial Group, Inc.  | 3069 |
| 52400 | Fifth Third Bancorp  | 1883 |
| 175900 | First Horizon Corp.  | 3180 |
| 86800 | Regions Financial Corp.  | 1772 |
| 22700 | Synovus Financial Corp.  | 984 |
| 45500 | Zions Bancorp NA  | 2046 |
|  |  | 14091 |
| **BEVERAGES—1.1%** | **BEVERAGES—1.1%** | **BEVERAGES—1.1%** |
| 63900 | Molson Coors Beverage Co. Class B | 3676 |
| **BIOTECHNOLOGY—3.4%** | **BIOTECHNOLOGY—3.4%** | **BIOTECHNOLOGY—3.4%** |
| 8200 | Biogen, Inc. <sup>\*</sup> | 993 |
| 78000 | Exelixis, Inc. <sup>\*</sup> | 3054 |
| 22900 | Halozyme Therapeutics, Inc. <sup>\*</sup> | 1406 |
| 44400 | Incyte Corp. <sup>\*</sup> | 2782 |
| 8800 | United Therapeutics Corp. <sup>\*</sup> | 2667 |
|  |  | 10902 |
| **BROADLINE RETAIL—1.7%** | **BROADLINE RETAIL—1.7%** | **BROADLINE RETAIL—1.7%** |
| 63800 | eBay, Inc.  | 4349 |
| 82300 | Macy's, Inc.  | 940 |
|  |  | 5289 |
| **BUILDING PRODUCTS—1.1%** | **BUILDING PRODUCTS—1.1%** | **BUILDING PRODUCTS—1.1%** |
| 13700 | Builders FirstSource, Inc. <sup>\*</sup> | 1639 |
| 13500 | Owens Corning  | 1963 |
|  |  | 3602 |
| **CAPITAL MARKETS—4.6%** | **CAPITAL MARKETS—4.6%** | **CAPITAL MARKETS—4.6%** |
| 5300 | Affiliated Managers Group, Inc.  | 878 |
| 2300 | Ameriprise Financial, Inc.  | 1083 |
| 66000 | Bank of New York Mellon Corp.  | 5307 |
| 69300 | Federated Hermes, Inc.  | 2814 |
| 54560 | State Street Corp.  | 4807 |
|  |  | 14889 |
| **CHEMICALS—2.1%** | **CHEMICALS—2.1%** | **CHEMICALS—2.1%** |
| 36300 | Chemours Co.  | 449 |
| 19500 | Eastman Chemical Co.  | 1502 |
| 43600 | Koppers Holdings, Inc.  | 1093 |
| 12800 | LyondellBasell Industries NV Class A | 745 |
| 4200 | NewMarket Corp.  | 2584 |
| 43200 | Orion SA (Germany) | 520 |
|  |  | 6893 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—1.0%** | **COMMERCIAL SERVICES & SUPPLIES—1.0%** | **COMMERCIAL SERVICES & SUPPLIES—1.0%** |
| 33500 | ABM Industries, Inc.  | $1633 |
| 18200 | Brink's Co.  | 1624 |
|  |  | 3257 |
| **CONSUMER FINANCE—2.5%** | **CONSUMER FINANCE—2.5%** | **CONSUMER FINANCE—2.5%** |
| 88200 | Ally Financial, Inc.  | 2881 |
| 6700 | Discover Financial Services  | 1224 |
| 133400 | Navient Corp.  | 1651 |
| 46400 | Synchrony Financial  | 2410 |
|  |  | 8166 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** |
| 87900 | Kroger Co.  | 6347 |
| **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** |
| 18100 | Greif, Inc. Class A | 950 |
| 78400 | O-I Glass, Inc. <sup>\*</sup> | 992 |
| 46000 | Sonoco Products Co.  | 1886 |
|  |  | 3828 |
| **DIVERSIFIED CONSUMER SERVICES—1.1%** | **DIVERSIFIED CONSUMER SERVICES—1.1%** | **DIVERSIFIED CONSUMER SERVICES—1.1%** |
| 16900 | Adtalem Global Education, Inc. <sup>\*</sup> | 1795 |
| 29400 | H&R Block, Inc.  | 1775 |
|  |  | 3570 |
| **DIVERSIFIED REITS—0.4%** | **DIVERSIFIED REITS—0.4%** | **DIVERSIFIED REITS—0.4%** |
| 62318 | American Assets Trust, Inc.  | 1167 |
| **ELECTRIC UTILITIES—2.1%** | **ELECTRIC UTILITIES—2.1%** | **ELECTRIC UTILITIES—2.1%** |
| 60400 | NRG Energy, Inc.  | 6619 |
| **ELECTRICAL EQUIPMENT—0.4%** | **ELECTRICAL EQUIPMENT—0.4%** | **ELECTRICAL EQUIPMENT—0.4%** |
| 20200 | Atkore, Inc.  | 1290 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.1%** |
| 23300 | Arrow Electronics, Inc. <sup>\*</sup> | 2595 |
| 24200 | Avnet, Inc.  | 1137 |
| 54400 | Flex Ltd. <sup>\*</sup> | 1868 |
| 24100 | Jabil, Inc.  | 3532 |
| 22800 | Sanmina Corp. <sup>\*</sup> | 1751 |
| 19300 | TD SYNNEX Corp.  | 2138 |
|  |  | 13021 |
| **ENERGY EQUIPMENT & SERVICES—0.6%** | **ENERGY EQUIPMENT & SERVICES—0.6%** | **ENERGY EQUIPMENT & SERVICES—0.6%** |
| 99400 | Halliburton Co.  | 1970 |
| **FINANCIAL SERVICES—3.5%** | **FINANCIAL SERVICES—3.5%** | **FINANCIAL SERVICES—3.5%** |
| 51588 | Banco Latinoamericano de Comercio Exterior SA (Panama) | 1976 |
| 79000 | Corebridge Financial, Inc.  | 2341 |
| 105300 | MGIC Investment Corp.  | 2623 |
| 77000 | Radian Group, Inc.  | 2459 |
| 169700 | Western Union Co.  | 1682 |
|  |  | 11081 |
| **FOOD PRODUCTS—5.1%** | **FOOD PRODUCTS—5.1%** | **FOOD PRODUCTS—5.1%** |
| 37700 | Archer-Daniels-Midland Co.  | 1800 |
| 22800 | Bunge Global SA  | 1795 |
| 25000 | Campbell's Co.  | 911 |
| 49800 | Conagra Brands, Inc.  | 1231 |
| 34200 | General Mills, Inc.  | 1941 |
| 23800 | Ingredion, Inc.  | 3161 |
| 17100 | J.M. Smucker Co.  | 1988 |
| 84600 | Kraft Heinz Co.  | 2462 |
| 67100 | WK Kellogg Co.  | 1203 |
|  |  | 16492 |

---

------

⬤

------

**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** |
| **GAS UTILITIES—1.7%** | **GAS UTILITIES—1.7%** | **GAS UTILITIES—1.7%** |
| 33156 | National Fuel Gas Co.  | $2546 |
| 92700 | UGI Corp.  | 3039 |
|  |  | 5585 |
| **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** |
| 20000 | Ryder System, Inc.  | 2753 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** |
| 51500 | Baxter International, Inc.  | 1605 |
| **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** |
| 12100 | Cardinal Health, Inc.  | 1710 |
| 44900 | Centene Corp. <sup>\*</sup> | 2687 |
| 11500 | DaVita, Inc. <sup>\*</sup> | 1628 |
| 1500 | McKesson Corp.  | 1069 |
| 92500 | Premier, Inc. Class A | 1882 |
| 8200 | Universal Health Services, Inc. Class B | 1452 |
|  |  | 10428 |
| **HEALTH CARE REITS—1.0%** | **HEALTH CARE REITS—1.0%** | **HEALTH CARE REITS—1.0%** |
| 30000 | Omega Healthcare Investors, Inc.  | 1171 |
| 121100 | Sabra Health Care REIT, Inc.  | 2162 |
|  |  | 3333 |
| **HOTEL & RESORT REITS—0.8%** | **HOTEL & RESORT REITS—0.8%** | **HOTEL & RESORT REITS—0.8%** |
| 121000 | Host Hotels & Resorts, Inc.  | 1709 |
| 65800 | Park Hotels & Resorts, Inc.  | 654 |
| 102411 | Service Properties Trust  | 184 |
|  |  | 2547 |
| **HOTELS, RESTAURANTS & LEISURE—0.6%** | **HOTELS, RESTAURANTS & LEISURE—0.6%** | **HOTELS, RESTAURANTS & LEISURE—0.6%** |
| 77800 | Bloomin' Brands, Inc.  | 624 |
| 37700 | MGM Resorts International <sup>\*</sup> | 1186 |
|  |  | 1810 |
| **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** |
| 35000 | Ethan Allen Interiors, Inc.  | 995 |
| 16100 | KB Home  | 870 |
| 22800 | Meritage Homes Corp.  | 1554 |
| 41100 | PulteGroup, Inc.  | 4216 |
| 34500 | Toll Brothers, Inc.  | 3480 |
| 13300 | Whirlpool Corp.  | 1014 |
|  |  | 12129 |
| **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** |
| 40600 | Energizer Holdings, Inc.  | 1098 |
| **INDUSTRIAL REITS—0.2%** | **INDUSTRIAL REITS—0.2%** | **INDUSTRIAL REITS—0.2%** |
| 13100 | Innovative Industrial Properties, Inc.  | 711 |
| **INSURANCE—7.3%** | **INSURANCE—7.3%** | **INSURANCE—7.3%** |
| 12000 | Aflac, Inc.  | 1304 |
| 6300 | American Financial Group, Inc.  | 798 |
| 45280 | American International Group, Inc.  | 3691 |
| 45100 | CNO Financial Group, Inc.  | 1711 |
| 33800 | Employers Holdings, Inc.  | 1642 |
| 49400 | Hartford Insurance Group, Inc.  | 6060 |
| 25800 | Lincoln National Corp.  | 822 |
| 110100 | Old Republic International Corp.  | 4140 |
| 20900 | Universal Insurance Holdings, Inc.  | 507 |
| 37000 | Unum Group  | 2874 |
|  |  | 23549 |
| **INTERACTIVE MEDIA & SERVICES—0.4%** | **INTERACTIVE MEDIA & SERVICES—0.4%** | **INTERACTIVE MEDIA & SERVICES—0.4%** |
| 39500 | Match Group, Inc.  | 1172 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **IT SERVICES—0.7%** | **IT SERVICES—0.7%** | **IT SERVICES—0.7%** |
| 14000 | Amdocs Ltd.  | $1240 |
| 73300 | DXC Technology Co. <sup>\*</sup> | 1138 |
|  |  | 2378 |
| **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** |
| 19500 | Brunswick Corp.  | 898 |
| 64100 | Mattel, Inc. <sup>\*</sup> | 1019 |
|  |  | 1917 |
| **MACHINERY—6.1%** | **MACHINERY—6.1%** | **MACHINERY—6.1%** |
| 10200 | AGCO Corp.  | 865 |
| 41900 | Allison Transmission Holdings, Inc.  | 3865 |
| 317300 | CNH Industrial NV  | 3671 |
| 11300 | Cummins, Inc.  | 3321 |
| 51200 | Gates Industrial Corp. PLC <sup>\*</sup> | 969 |
| 31950 | Mueller Industries, Inc.  | 2350 |
| 11600 | Oshkosh Corp.  | 972 |
| 10300 | PACCAR, Inc.  | 929 |
| 5500 | Snap-on, Inc.  | 1726 |
| 118000 | Titan International, Inc. <sup>\*</sup> | 867 |
|  |  | 19535 |
| **MEDIA—2.6%** | **MEDIA—2.6%** | **MEDIA—2.6%** |
| 86200 | Fox Corp. Class A | 4292 |
| 13100 | Nexstar Media Group, Inc.  | 1961 |
| 42600 | Sirius XM Holdings, Inc.  | 912 |
| 78300 | TEGNA, Inc.  | 1271 |
|  |  | 8436 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.2%** |
| 27300 | Annaly Capital Management, Inc.  | 535 |
| **OFFICE REITS—1.6%** | **OFFICE REITS—1.6%** | **OFFICE REITS—1.6%** |
| 99400 | Brandywine Realty Trust  | 393 |
| 78500 | Cousins Properties, Inc.  | 2162 |
| 57700 | Highwoods Properties, Inc.  | 1641 |
| 52750 | Office Properties Income Trust  | 22 |
| 138248 | Piedmont Office Realty Trust, Inc. Class A | 817 |
|  |  | 5035 |
| **OIL, GAS & CONSUMABLE FUELS—3.8%** | **OIL, GAS & CONSUMABLE FUELS—3.8%** | **OIL, GAS & CONSUMABLE FUELS—3.8%** |
| 27200 | APA Corp.  | 423 |
| 5700 | Chord Energy Corp.  | 514 |
| 33200 | Devon Energy Corp.  | 1010 |
| 132800 | DHT Holdings, Inc.  | 1420 |
| 34700 | HF Sinclair Corp.  | 1043 |
| 14100 | Marathon Petroleum Corp.  | 1938 |
| 40740 | Matador Resources Co.  | 1611 |
| 19500 | Phillips 66  | 2029 |
| 25900 | Scorpio Tankers, Inc. (Monaco) | 976 |
| 10700 | Valero Energy Corp.  | 1242 |
|  |  | 12206 |
| **PAPER & FOREST PRODUCTS—0.4%** | **PAPER & FOREST PRODUCTS—0.4%** | **PAPER & FOREST PRODUCTS—0.4%** |
| 12654 | Magnera Corp. <sup>\*</sup> | 186 |
| 20900 | Sylvamo Corp.  | 1246 |
|  |  | 1432 |
| **PASSENGER AIRLINES—1.2%** | **PASSENGER AIRLINES—1.2%** | **PASSENGER AIRLINES—1.2%** |
| 43300 | Delta Air Lines, Inc.  | 1802 |
| 31500 | United Airlines Holdings, Inc. <sup>\*</sup> | 2168 |
|  |  | 3970 |
| **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** |
| 115300 | Herbalife Ltd. <sup>\*</sup> | 830 |

---

------

⬤

------

**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** |
| **PHARMACEUTICALS—2.2%** | **PHARMACEUTICALS—2.2%** | **PHARMACEUTICALS—2.2%** |
| 40400 | Harmony Biosciences Holdings, Inc. <sup>\*</sup> | $1191 |
| 29400 | Jazz Pharmaceuticals PLC <sup>\*</sup> | 3439 |
| 104900 | Organon & Co.  | 1356 |
| 142800 | Viatris, Inc.  | 1202 |
|  |  | 7188 |
| **PROFESSIONAL SERVICES—1.7%** | **PROFESSIONAL SERVICES—1.7%** | **PROFESSIONAL SERVICES—1.7%** |
| 26400 | CSG Systems International, Inc.  | 1588 |
| 27500 | ManpowerGroup, Inc.  | 1184 |
| 22400 | SS&C Technologies Holdings, Inc.  | 1694 |
| 65200 | Upwork, Inc. <sup>\*</sup> | 857 |
|  |  | 5323 |
| **RETAIL REITS—0.5%** | **RETAIL REITS—0.5%** | **RETAIL REITS—0.5%** |
| 72500 | Kite Realty Group Trust  | 1570 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** |
| 78700 | Amkor Technology, Inc.  | 1373 |
| 24000 | Cirrus Logic, Inc. <sup>\*</sup> | 2305 |
| 45900 | Photronics, Inc. <sup>\*</sup> | 839 |
|  |  | 4517 |
| **SOFTWARE—2.0%** | **SOFTWARE—2.0%** | **SOFTWARE—2.0%** |
| 93600 | Dropbox, Inc. Class A<sup>\*</sup> | 2672 |
| 62300 | Gen Digital, Inc.  | 1612 |
| 27000 | Zoom Communications, Inc. <sup>\*</sup> | 2094 |
|  |  | 6378 |
| **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** |
| 26700 | EPR Properties  | 1321 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—2.6%** | **SPECIALTY RETAIL—2.6%** | **SPECIALTY RETAIL—2.6%** |
| 7200 | AutoNation, Inc. <sup>\*</sup> | $1254 |
| 16400 | Best Buy Co., Inc.  | 1094 |
| 5700 | Dick's Sporting Goods, Inc.  | 1070 |
| 75800 | Gap, Inc.  | 1660 |
| 2600 | Group 1 Automotive, Inc.  | 1049 |
| 36200 | ODP Corp. <sup>\*</sup> | 495 |
| 11200 | Penske Automotive Group, Inc.  | 1744 |
|  |  | 8366 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.5%** |
| 147900 | HP, Inc.  | 3782 |
| 5733 | Sandisk Corp. <sup>\*</sup> | 184 |
| 17200 | Western Digital Corp. <sup>\*</sup> | 754 |
|  |  | 4720 |
| **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> | 709 |
| 12350 | PVH Corp.  | 852 |
|  |  | 1561 |
| **TOTAL COMMON STOCKS** <br>(Cost $285,150) | **TOTAL COMMON STOCKS** <br>(Cost $285,150) | 314583 |
| **TOTAL INVESTMENTS—98.0%** <br>(Cost $285,150) | **TOTAL INVESTMENTS—98.0%** <br>(Cost $285,150) | 314583 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.0%** | 6409 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $320992 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 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—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Westfield Capital Management Company, L.P.

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—94.8%** | **COMMON STOCKS—94.8%** | **COMMON STOCKS—94.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.0%** | **AEROSPACE & DEFENSE—1.0%** | **AEROSPACE & DEFENSE—1.0%** |
| 808390 | Rocket Lab USA, Inc. <sup>\*</sup> | $17615 |
| **BANKS—2.3%** | **BANKS—2.3%** | **BANKS—2.3%** |
| 210090 | East West Bancorp, Inc.  | 17973 |
| 204950 | Wintrust Financial Corp.  | 22784 |
|  |  | 40757 |
| **BIOTECHNOLOGY—18.9%** | **BIOTECHNOLOGY—18.9%** | **BIOTECHNOLOGY—18.9%** |
| 1970323 | 89bio, Inc. <sup>\*</sup> | 15802 |
| 587686 | Ascendis Pharma AS ADR (Denmark)<sup>\*,1</sup> | 100165 |
| 1000820 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 8567 |
| 360830 | Cytokinetics, Inc. <sup>\*</sup> | 15458 |
| 426340 | Insmed, Inc. <sup>\*</sup> | 30696 |
| 280780 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 9813 |
| 449320 | Merus NV (Netherlands)<sup>\*</sup> | 20449 |
| 704819 | MoonLake Immunotherapeutics <sup>\*</sup> | 29659 |
| 406900 | Revolution Medicines, Inc. <sup>\*</sup> | 16431 |
| 314951 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 20532 |
| 1232835 | Rocket Pharmaceuticals, Inc. <sup>\*</sup> | 9406 |
| 338110 | Soleno Therapeutics, Inc. <sup>\*</sup> | 25311 |
| 611071 | Vaxcyte, Inc. <sup>\*</sup> | 21901 |
| 399759 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 15271 |
|  |  | 339461 |
| **CAPITAL MARKETS—1.5%** | **CAPITAL MARKETS—1.5%** | **CAPITAL MARKETS—1.5%** |
| 164510 | Houlihan Lokey, Inc.  | 26664 |
| **CHEMICALS—2.9%** | **CHEMICALS—2.9%** | **CHEMICALS—2.9%** |
| 730090 | Avient Corp.  | 24320 |
| 852070 | Axalta Coating Systems Ltd. <sup>\*</sup> | 27692 |
|  |  | 52012 |
| **COMMERCIAL SERVICES & SUPPLIES—3.0%** | **COMMERCIAL SERVICES & SUPPLIES—3.0%** | **COMMERCIAL SERVICES & SUPPLIES—3.0%** |
| 453054 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 53211 |
| **CONSTRUCTION & ENGINEERING—6.7%** | **CONSTRUCTION & ENGINEERING—6.7%** | **CONSTRUCTION & ENGINEERING—6.7%** |
| 181680 | Comfort Systems USA, Inc.  | 72227 |
| 594750 | Fluor Corp. <sup>\*</sup> | 20751 |
| 179780 | Primoris Services Corp.  | 10781 |
| 668799 | WillScot Holdings Corp.  | 16800 |
|  |  | 120559 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** |
| 602720 | Maplebear, Inc. <sup>\*</sup> | 24043 |
| 149020 | Sprouts Farmers Market, Inc. <sup>\*</sup> | 25482 |
|  |  | 49525 |
| **ELECTRICAL EQUIPMENT—2.5%** | **ELECTRICAL EQUIPMENT—2.5%** | **ELECTRICAL EQUIPMENT—2.5%** |
| 610250 | NEXTracker, Inc. Class A<sup>\*</sup> | 24782 |
| 192435 | Regal Rexnord Corp.  | 20368 |
|  |  | 45150 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.8%** |
| 148044 | Badger Meter, Inc.  | 32691 |
| 207690 | Celestica, Inc. (Canada)<sup>\*</sup> | 17727 |
| 90580 | Fabrinet (Thailand)<sup>\*</sup> | 18574 |
|  |  | 68992 |
| **ENERGY EQUIPMENT & SERVICES—0.9%** | **ENERGY EQUIPMENT & SERVICES—0.9%** | **ENERGY EQUIPMENT & SERVICES—0.9%** |
| 649190 | ChampionX Corp.  | 15665 |
| **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** |
| 258510 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 21146 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GROUND TRANSPORTATION—1.0%** | **GROUND TRANSPORTATION—1.0%** | **GROUND TRANSPORTATION—1.0%** |
| 74428 | Saia, Inc. <sup>\*</sup> | $18160 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—5.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—5.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—5.5%** |
| 272120 | Glaukos Corp. <sup>\*</sup> | 25647 |
| 305574 | iRhythm Technologies, Inc. <sup>\*</sup> | 32663 |
| 305863 | Lantheus Holdings, Inc. <sup>\*</sup> | 31914 |
| 170240 | PROCEPT BioRobotics Corp. <sup>\*</sup> | 9189 |
|  |  | 99413 |
| **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** |
| 221186 | GeneDx Holdings Corp. <sup>\*</sup> | 14786 |
| 278280 | HealthEquity, Inc. <sup>\*</sup> | 23854 |
| 643227 | Option Care Health, Inc. <sup>\*</sup> | 20783 |
|  |  | 59423 |
| **HOTELS, RESTAURANTS & LEISURE—4.3%** | **HOTELS, RESTAURANTS & LEISURE—4.3%** | **HOTELS, RESTAURANTS & LEISURE—4.3%** |
| 312372 | Brinker International, Inc. <sup>\*</sup> | 41952 |
| 1184087 | Genius Sports Ltd. (United Kingdom)<sup>\*</sup> | 12776 |
| 139890 | Texas Roadhouse, Inc.  | 23216 |
|  |  | 77944 |
| **INSURANCE—6.6%** | **INSURANCE—6.6%** | **INSURANCE—6.6%** |
| 569942 | Baldwin Insurance Group, Inc. <sup>\*</sup> | 23721 |
| 579152 | Kemper Corp.  | 34239 |
| 213547 | Palomar Holdings, Inc. <sup>\*</sup> | 30969 |
| 113861 | Primerica, Inc.  | 29840 |
|  |  | 118769 |
| **IT SERVICES—2.9%** | **IT SERVICES—2.9%** | **IT SERVICES—2.9%** |
| 680834 | Kyndryl Holdings, Inc. <sup>\*</sup> | 22073 |
| 179480 | Wix.com Ltd. (Israel)<sup>\*</sup> | 30438 |
|  |  | 52511 |
| **LIFE SCIENCES TOOLS & SERVICES—0.8%** | **LIFE SCIENCES TOOLS & SERVICES—0.8%** | **LIFE SCIENCES TOOLS & SERVICES—0.8%** |
| 62479 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 15250 |
| **MACHINERY—4.7%** | **MACHINERY—4.7%** | **MACHINERY—4.7%** |
| 315784 | ITT, Inc.  | 43268 |
| 1259945 | Mueller Water Products, Inc. Class A | 33061 |
| 63070 | SPX Technologies, Inc. <sup>\*</sup> | 8461 |
|  |  | 84790 |
| **OIL, GAS & CONSUMABLE FUELS—1.5%** | **OIL, GAS & CONSUMABLE FUELS—1.5%** | **OIL, GAS & CONSUMABLE FUELS—1.5%** |
| 814410 | Northern Oil & Gas, Inc.  | 19790 |
| 1326580 | Uranium Energy Corp. <sup>\*</sup> | 6965 |
|  |  | 26755 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1%** |
| 301270 | Credo Technology Group Holding Ltd. <sup>\*</sup> | 12970 |
| 125240 | Onto Innovation, Inc. <sup>\*</sup> | 15275 |
| 443394 | Rambus, Inc. <sup>\*</sup> | 21633 |
| 756452 | Semtech Corp. <sup>\*</sup> | 23639 |
|  |  | 73517 |
| **SOFTWARE—5.3%** | **SOFTWARE—5.3%** | **SOFTWARE—5.3%** |
| 747254 | Braze, Inc. Class A<sup>\*</sup> | 23262 |
| 784350 | Dynatrace, Inc. <sup>\*</sup> | 36841 |
| 472040 | Procore Technologies, Inc. <sup>\*</sup> | 30253 |
| 812950 | Riot Platforms, Inc. <sup>\*</sup> | 5886 |
|  |  | 96242 |
| **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** |
| 235410 | Abercrombie & Fitch Co. Class A<sup>\*</sup> | 16342 |

---

------

⬤

------

**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** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%** |
| 320100 | IonQ, Inc. <sup>\*</sup> | $8790 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.9%** | **TEXTILES, APPAREL & LUXURY GOODS—1.9%** | **TEXTILES, APPAREL & LUXURY GOODS—1.9%** |
| 650647 | Birkenstock Holding PLC (Germany)<sup>\*</sup> | 33463 |
| **TRADING COMPANIES & DISTRIBUTORS—4.1%** | **TRADING COMPANIES & DISTRIBUTORS—4.1%** | **TRADING COMPANIES & DISTRIBUTORS—4.1%** |
| 103180 | Applied Industrial Technologies, Inc.  | 25101 |
| 456968 | FTAI Aviation Ltd.  | 48946 |
|  |  | 74047 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,701,698) | **TOTAL COMMON STOCKS** <br>(Cost $1,701,698) | 1706173 |
| **TOTAL INVESTMENTS—94.8%** <br>(Cost $1,701,698) | **TOTAL INVESTMENTS—94.8%** <br>(Cost $1,701,698) | 1706173 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—5.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—5.2%** | 93629 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1799802 |

---

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

**FAIR VALUE MEASUREMENTS**

All Investments as of April 30, 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—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.6%** | **COMMON STOCKS—96.6%** | **COMMON STOCKS—96.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—5.8%** | **AEROSPACE & DEFENSE—5.8%** | **AEROSPACE & DEFENSE—5.8%** |
| 606728 | AAR Corp. <sup>\*</sup> | $32436 |
| 706183 | Hexcel Corp.  | 34229 |
| 299866 | Moog, Inc. Class A | 50152 |
|  |  | 116817 |
| **BANKS—13.8%** | **BANKS—13.8%** | **BANKS—13.8%** |
| 734171 | Enterprise Financial Services Corp.  | 38192 |
| 1006549 | First Merchants Corp.  | 35873 |
| 540758 | SouthState Corp.  | 46927 |
| 1293420 | Trustmark Corp.  | 43394 |
| 398821 | UMB Financial Corp.  | 37716 |
| 1042033 | United Bankshares, Inc.  | 35731 |
| 1374883 | United Community Banks, Inc.  | 37961 |
|  |  | 275794 |
| **CAPITAL MARKETS—6.2%** | **CAPITAL MARKETS—6.2%** | **CAPITAL MARKETS—6.2%** |
| 531262 | Houlihan Lokey, Inc.  | 86107 |
| 448299 | Stifel Financial Corp.  | 38415 |
|  |  | 124522 |
| **CHEMICALS—3.7%** | **CHEMICALS—3.7%** | **CHEMICALS—3.7%** |
| 519267 | Cabot Corp.  | 40783 |
| 662203 | Scotts Miracle-Gro Co.  | 33362 |
|  |  | 74145 |
| **COMMERCIAL SERVICES & SUPPLIES—3.6%** | **COMMERCIAL SERVICES & SUPPLIES—3.6%** | **COMMERCIAL SERVICES & SUPPLIES—3.6%** |
| 613926 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 72106 |
| **CONSTRUCTION & ENGINEERING—0.0%** | **CONSTRUCTION & ENGINEERING—0.0%** | **CONSTRUCTION & ENGINEERING—0.0%** |
| 8671 | Everus Construction Group, Inc. <sup>\*</sup> | 349 |
| **CONSUMER FINANCE—2.6%** | **CONSUMER FINANCE—2.6%** | **CONSUMER FINANCE—2.6%** |
| 381829 | FirstCash Holdings, Inc.  | 51150 |
| **ELECTRICAL EQUIPMENT—1.7%** | **ELECTRICAL EQUIPMENT—1.7%** | **ELECTRICAL EQUIPMENT—1.7%** |
| 384328 | EnerSys  | 33283 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.3%** |
| 381829 | Advanced Energy Industries, Inc.  | 37194 |
| 651208 | CTS Corp.  | 24798 |
| 147934 | Littelfuse, Inc.  | 26970 |
| 296867 | Plexus Corp. <sup>\*</sup> | 36345 |
|  |  | 125307 |
| **ENERGY EQUIPMENT & SERVICES—5.5%** | **ENERGY EQUIPMENT & SERVICES—5.5%** | **ENERGY EQUIPMENT & SERVICES—5.5%** |
| 1021542 | Archrock, Inc.  | 24037 |
| 1381380 | Core Laboratories, Inc.  | 15706 |
| 2881207 | Expro Group Holdings NV <sup>\*</sup> | 23828 |
| 884603 | Helmerich & Payne, Inc.  | 16710 |
| 1693740 | Oceaneering International, Inc. <sup>\*</sup> | 30064 |
|  |  | 110345 |
| **FOOD PRODUCTS—1.6%** | **FOOD PRODUCTS—1.6%** | **FOOD PRODUCTS—1.6%** |
| 1019043 | Darling Ingredients, Inc. <sup>\*</sup> | 32803 |
| **GAS UTILITIES—2.1%** | **GAS UTILITIES—2.1%** | **GAS UTILITIES—2.1%** |
| 525265 | ONE Gas, Inc.  | 41239 |
| **GROUND TRANSPORTATION—1.8%** | **GROUND TRANSPORTATION—1.8%** | **GROUND TRANSPORTATION—1.8%** |
| 259384 | Ryder System, Inc.  | 35709 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.9%** |
| 409816 | CONMED Corp.  | 20126 |
| 454796 | Integer Holdings Corp. <sup>\*</sup> | 57445 |
|  |  | 77571 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTEL & RESORT REITS—0.5%** | **HOTEL & RESORT REITS—0.5%** | **HOTEL & RESORT REITS—0.5%** |
| 1064522 | Pebblebrook Hotel Trust  | $9634 |
| **HOTELS, RESTAURANTS & LEISURE—4.7%** | **HOTELS, RESTAURANTS & LEISURE—4.7%** | **HOTELS, RESTAURANTS & LEISURE—4.7%** |
| 1056526 | Cheesecake Factory, Inc.  | 53217 |
| 334850 | Cracker Barrel Old Country Store, Inc.  | 14298 |
| 11200471 | Sabre Corp. <sup>\*</sup> | 26545 |
|  |  | 94060 |
| **HOUSEHOLD DURABLES—2.0%** | **HOUSEHOLD DURABLES—2.0%** | **HOUSEHOLD DURABLES—2.0%** |
| 254386 | Helen of Troy Ltd. <sup>\*</sup> | 7087 |
| 480785 | Meritage Homes Corp.  | 32761 |
|  |  | 39848 |
| **INDUSTRIAL REITS—1.7%** | **INDUSTRIAL REITS—1.7%** | **INDUSTRIAL REITS—1.7%** |
| 1020042 | STAG Industrial, Inc.  | 33692 |
| **INSURANCE—3.6%** | **INSURANCE—3.6%** | **INSURANCE—3.6%** |
| 471289 | Horace Mann Educators Corp.  | 19577 |
| 278875 | Reinsurance Group of America, Inc.  | 52236 |
|  |  | 71813 |
| **MACHINERY—9.9%** | **MACHINERY—9.9%** | **MACHINERY—9.9%** |
| 397322 | Albany International Corp. Class A | 26128 |
| 1118498 | Flowserve Corp.  | 50590 |
| 516269 | Franklin Electric Co., Inc.  | 43862 |
| 403319 | SPX Technologies, Inc. <sup>\*</sup> | 54105 |
| 348344 | Timken Co.  | 22381 |
|  |  | 197066 |
| **OFFICE REITS—0.9%** | **OFFICE REITS—0.9%** | **OFFICE REITS—0.9%** |
| 728673 | COPT Defense Properties  | 19026 |
| **PROFESSIONAL SERVICES—3.6%** | **PROFESSIONAL SERVICES—3.6%** | **PROFESSIONAL SERVICES—3.6%** |
| 773153 | Parsons Corp. <sup>\*</sup> | 51693 |
| 253387 | TriNet Group, Inc.  | 19848 |
|  |  | 71541 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.4%** |
| 912091 | Amkor Technology, Inc.  | 15916 |
| 456296 | Diodes, Inc. <sup>\*</sup> | 17522 |
| 220901 | Entegris, Inc.  | 17478 |
| 1280426 | FormFactor, Inc. <sup>\*</sup> | 36031 |
|  |  | 86947 |
| **SOFTWARE—2.0%** | **SOFTWARE—2.0%** | **SOFTWARE—2.0%** |
| 1312911 | Box, Inc. Class A<sup>\*</sup> | 40989 |
| **SPECIALIZED REITS—1.5%** | **SPECIALIZED REITS—1.5%** | **SPECIALIZED REITS—1.5%** |
| 1086013 | Four Corners Property Trust, Inc.  | 30354 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.8%** | **TEXTILES, APPAREL & LUXURY GOODS—0.8%** | **TEXTILES, APPAREL & LUXURY GOODS—0.8%** |
| 1254437 | Wolverine World Wide, Inc.  | 16370 |
| **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** |
| 324355 | GATX Corp.  | 47343 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,363,661) | **TOTAL COMMON STOCKS** <br>(Cost $1,363,661) | 1929823 |
| **TOTAL INVESTMENTS—96.6%** <br>(Cost $1,363,661) | **TOTAL INVESTMENTS—96.6%** <br>(Cost $1,363,661) | 1929823 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.4%** | 67158 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1996981 |

---

------

⬤

------

**Harbor Small Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 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—April 30, 2025 (Unaudited)**

------

(All amounts in thousands, except per share amounts)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Embark** <br>**Commodity** <br>**Strategy Fund** <br>**(Consolidated)**<br>| **Embark** <br>**Small Cap** <br>**Equity** <br>**Fund**<br>| **Harbor** <br>**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; $2,537,677\* | &nbsp;&nbsp; $1661789 | &nbsp;&nbsp; $9548103 | &nbsp;&nbsp; $24194 | &nbsp;&nbsp; $1389522 |
| Investments, at value (including securities loaned of $0, $0, $66,730, $0, $0, $0, <br> $2,202, $7,438, $0, $3,146, $2,603, $0, $0, $0, $0 and $0)<br>| &nbsp;&nbsp; $2,537,638\* | &nbsp;&nbsp; $1531744 | &nbsp;&nbsp; $24166156 | &nbsp;&nbsp; $25100 | &nbsp;&nbsp; $1391152 |
| Cash | &nbsp;&nbsp; 413663 | &nbsp;&nbsp; 28172 | &nbsp;&nbsp; 876902 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 7354 |
| Due from broker | &nbsp;&nbsp; 204107 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency, at value (cost: $0, $0, $0, $0, $0, $4, $972, $8,255, $101, $439, <br> $479, $0, $0, $0, $0 and $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| Investment sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 2446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold | &nbsp;&nbsp; 1566 | &nbsp;&nbsp; 1173 | &nbsp;&nbsp; 16915 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 |
| Dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 4630 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; 2657 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 10918 |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Withholding tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2677 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid registration fees | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| Other assets | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 3530 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 22 |
| **Total Assets** | &nbsp;&nbsp; **3159730** | &nbsp;&nbsp; **1563896** | &nbsp;&nbsp; **25070984** | &nbsp;&nbsp; **25731** | &nbsp;&nbsp; **1409475** |
| **Liabilities** |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 126717 | &nbsp;&nbsp; 969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 2060 |
| Capital shares reacquired | &nbsp;&nbsp; 3192 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 22929 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2359 |
| Collateral for securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 364 |
| Unrealized depreciation on OTC swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; 9148 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued expenses: |  |  |  |  |  |
| Management fees | &nbsp;&nbsp; 1650 | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 10819 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 265 |
| 12b-1 fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 207 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Transfer agent fees | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 1451 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 32 |
| Trustees' fees and expenses | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 3906 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 24 |
| Other | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 2004 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 40 |
| **Total Liabilities** | &nbsp;&nbsp; **141528** | &nbsp;&nbsp; **2905** | &nbsp;&nbsp; **41316** | &nbsp;&nbsp; **248** | &nbsp;&nbsp; **5144** |
| **NET ASSETS** | &nbsp;&nbsp; **$3018202** | &nbsp;&nbsp; **$1560991** | &nbsp;&nbsp; **$25029668** | &nbsp;&nbsp; **$25483** | &nbsp;&nbsp; **$1404331** |
| **Net Assets Consist of:** |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $2879531 | &nbsp;&nbsp; $1746671 | &nbsp;&nbsp; $8770588 | &nbsp;&nbsp; $37397 | &nbsp;&nbsp; $1411684 |
| Total distributable earnings/(loss) | &nbsp;&nbsp; 138671 | &nbsp;&nbsp; (185680)<br>| &nbsp;&nbsp; 16259080 | &nbsp;&nbsp; (11914)<br>| &nbsp;&nbsp; (7353)<br>|
|  | &nbsp;&nbsp; $3018202 | &nbsp;&nbsp; $1560991 | &nbsp;&nbsp; $25029668 | &nbsp;&nbsp; $25483 | &nbsp;&nbsp; $1404331 |
| **NET ASSET VALUE PER SHARE BY CLASS** |  |  |  |  |  |
| **Retirement Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $236962 | &nbsp;&nbsp; $156589 | &nbsp;&nbsp; $9139531 | &nbsp;&nbsp; $12956 | &nbsp;&nbsp; $1276017 |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; 22671 | &nbsp;&nbsp; 16594 | &nbsp;&nbsp; 86344 | &nbsp;&nbsp; 1138 | &nbsp;&nbsp; 143849 |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $105.85 | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp; $8.87 |
| **Institutional Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $2781240 | &nbsp;&nbsp; $1404402 | &nbsp;&nbsp; $14831899 | &nbsp;&nbsp; $11539 | &nbsp;&nbsp; $128314 |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; 265867 | &nbsp;&nbsp; 148845 | &nbsp;&nbsp; 140720 | &nbsp;&nbsp; 1013 | &nbsp;&nbsp; 14468 |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $105.40 | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $8.87 |
| **Administrative Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $181146 | &nbsp;&nbsp; $86 | &nbsp;&nbsp; N/A |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; N/A |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $100.13 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; N/A |
| **Investor Class** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $877092 | &nbsp;&nbsp; $902 | &nbsp;&nbsp; N/A |
| Shares of beneficial interest<sup>1</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 9167 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; N/A |
| Net asset value per share<sup>2</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $95.68 | &nbsp;&nbsp; $11.34 | &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>|
| $1237759 | &nbsp;&nbsp; $564036 | &nbsp;&nbsp; $2510382 | &nbsp;&nbsp; $44543 | &nbsp;&nbsp; $399704 | &nbsp;&nbsp; $164851 | &nbsp;&nbsp; $799584 | &nbsp;&nbsp; $143632 | &nbsp;&nbsp; $285150 | &nbsp;&nbsp; $1701698 | &nbsp;&nbsp; $1363661 |
| $1173935 | &nbsp;&nbsp; $772424 | &nbsp;&nbsp; $3433417 | &nbsp;&nbsp; $45068 | &nbsp;&nbsp; $451466 | &nbsp;&nbsp; $177261 | &nbsp;&nbsp; $1301175 | &nbsp;&nbsp; $155071 | &nbsp;&nbsp; $314583 | &nbsp;&nbsp; $1706173 | &nbsp;&nbsp; $1929823 |
| 7481 | &nbsp;&nbsp; 10317 | &nbsp;&nbsp; 15721 | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 13883 | &nbsp;&nbsp; 4914 | &nbsp;&nbsp; 8775 | &nbsp;&nbsp; 2518 | &nbsp;&nbsp; 6620 | &nbsp;&nbsp; 98226 | &nbsp;&nbsp; 67951 |
| 1 | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 8237 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 2357 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3576 | &nbsp;&nbsp; 2619 |
| 340 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 482 | &nbsp;&nbsp; — | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 1069 |
|  | &nbsp;&nbsp; 3697 | &nbsp;&nbsp; 22397 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 1959 | &nbsp;&nbsp; 1244 | &nbsp;&nbsp; 1798 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; — | &nbsp;&nbsp; 363 |
| 9556 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 6073 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 717 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 7 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 15 |
| 395 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 4038 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 171 |
| **1191715** | &nbsp;&nbsp; **789049** | &nbsp;&nbsp; **3492769** | &nbsp;&nbsp; **45770** | &nbsp;&nbsp; **468926** | &nbsp;&nbsp; **185634** | &nbsp;&nbsp; **1313129** | &nbsp;&nbsp; **157767** | &nbsp;&nbsp; **321620** | &nbsp;&nbsp; **1808960** | &nbsp;&nbsp; **2002011** |
| 1061 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 1869 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13399 | &nbsp;&nbsp; 1297 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6147 | &nbsp;&nbsp; 343 |
| 960 | &nbsp;&nbsp; 11910 | &nbsp;&nbsp; 2084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 1208 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 1614 | &nbsp;&nbsp; 2855 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 7846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 168 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 243 | &nbsp;&nbsp; 464 | &nbsp;&nbsp; 2050 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 1217 |
| 1 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6 |
| 92 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 130 |
| 457 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 3852 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 201 |
| 96 | &nbsp;&nbsp; 948 | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 278 |
| **3078** | &nbsp;&nbsp; **13737** | &nbsp;&nbsp; **20314** | &nbsp;&nbsp; **46** | &nbsp;&nbsp; **15416** | &nbsp;&nbsp; **1993** | &nbsp;&nbsp; **2144** | &nbsp;&nbsp; **226** | &nbsp;&nbsp; **628** | &nbsp;&nbsp; **9158** | &nbsp;&nbsp; **5030** |
| **$1188637** | &nbsp;&nbsp; **$775312** | &nbsp;&nbsp; **$3472455** | &nbsp;&nbsp; **$45724** | &nbsp;&nbsp; **$453510** | &nbsp;&nbsp; **$183641** | &nbsp;&nbsp; **$1310985** | &nbsp;&nbsp; **$157541** | &nbsp;&nbsp; **$320992** | &nbsp;&nbsp; **$1799802** | &nbsp;&nbsp; **$1996981** |
| $1386419 | &nbsp;&nbsp; $625241 | &nbsp;&nbsp; $3034776 | &nbsp;&nbsp; $45244 | &nbsp;&nbsp; $386313 | &nbsp;&nbsp; $169331 | &nbsp;&nbsp; $624098 | &nbsp;&nbsp; $147934 | &nbsp;&nbsp; $272966 | &nbsp;&nbsp; $1843723 | &nbsp;&nbsp; $1451318 |
| (197782)<br>| &nbsp;&nbsp; 150071 | &nbsp;&nbsp; 437679 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 67197 | &nbsp;&nbsp; 14310 | &nbsp;&nbsp; 686887 | &nbsp;&nbsp; 9607 | &nbsp;&nbsp; 48026 | &nbsp;&nbsp; (43921)<br>| &nbsp;&nbsp; 545663 |
| $1188637 | &nbsp;&nbsp; $775312 | &nbsp;&nbsp; $3472455 | &nbsp;&nbsp; $45724 | &nbsp;&nbsp; $453510 | &nbsp;&nbsp; $183641 | &nbsp;&nbsp; $1310985 | &nbsp;&nbsp; $157541 | &nbsp;&nbsp; $320992 | &nbsp;&nbsp; $1799802 | &nbsp;&nbsp; $1996981 |
| $70296 | &nbsp;&nbsp; $532641 | &nbsp;&nbsp; $609046 | &nbsp;&nbsp; $43197 | &nbsp;&nbsp; $132452 | &nbsp;&nbsp; $86292 | &nbsp;&nbsp; $892475 | &nbsp;&nbsp; $70447 | &nbsp;&nbsp; $87430 | &nbsp;&nbsp; $817038 | &nbsp;&nbsp; $530959 |
| 6915 | &nbsp;&nbsp; 40789 | &nbsp;&nbsp; 12493 | &nbsp;&nbsp; 4291 | &nbsp;&nbsp; 9191 | &nbsp;&nbsp; 5792 | &nbsp;&nbsp; 42567 | &nbsp;&nbsp; 5167 | &nbsp;&nbsp; 3607 | &nbsp;&nbsp; 64892 | &nbsp;&nbsp; 14479 |
| $10.17 | &nbsp;&nbsp; $13.06 | &nbsp;&nbsp; $48.75 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $14.41 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $20.97 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $24.24 | &nbsp;&nbsp; $12.59 | &nbsp;&nbsp; $36.67 |
| $1111463 | &nbsp;&nbsp; $214086 | &nbsp;&nbsp; $2609501 | &nbsp;&nbsp; $2527 | &nbsp;&nbsp; $314821 | &nbsp;&nbsp; $94540 | &nbsp;&nbsp; $395120 | &nbsp;&nbsp; $86840 | &nbsp;&nbsp; $208959 | &nbsp;&nbsp; $972785 | &nbsp;&nbsp; $1434263 |
| 109550 | &nbsp;&nbsp; 16381 | &nbsp;&nbsp; 53291 | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 21885 | &nbsp;&nbsp; 6341 | &nbsp;&nbsp; 18839 | &nbsp;&nbsp; 6373 | &nbsp;&nbsp; 8613 | &nbsp;&nbsp; 78000 | &nbsp;&nbsp; 39123 |
| $10.15 | &nbsp;&nbsp; $13.07 | &nbsp;&nbsp; $48.97 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $14.38 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $20.97 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $24.26 | &nbsp;&nbsp; $12.47 | &nbsp;&nbsp; $36.66 |
| $6878 | &nbsp;&nbsp; $15777 | &nbsp;&nbsp; $9959 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $50 | &nbsp;&nbsp; $864 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $3471 | &nbsp;&nbsp; $423 | &nbsp;&nbsp; $2086 |
| 677 | &nbsp;&nbsp; 1212 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 57 |
| $10.16 | &nbsp;&nbsp; $13.02 | &nbsp;&nbsp; $49.49 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp; $21.01 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $24.64 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $36.45 |
| N/A | &nbsp;&nbsp; $12808 | &nbsp;&nbsp; $243949 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $6237 | &nbsp;&nbsp; $2759 | &nbsp;&nbsp; $22526 | &nbsp;&nbsp; $254 | &nbsp;&nbsp; $21132 | &nbsp;&nbsp; $9556 | &nbsp;&nbsp; $29673 |
| N/A | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 5029 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 841 |
| N/A | &nbsp;&nbsp; $12.96 | &nbsp;&nbsp; $48.51 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp; $14.87 | &nbsp;&nbsp; $21.27 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $24.29 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $35.27 |

---

------

---

| | |
|:---|:---|
| \* | Includes purchased options  |
| 1 | Par value $0.01 (unlimited authorizations) |
| 2 | Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded <br> to thousands.<br>|

---

------

⬤

------

**STATEMENTS OF OPERATIONS—Period Ended April 30, 2025 (Unaudited)**

------

(All amounts in thousands)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Embark** <br>**Commodity** <br>**Strategy Fund** <br>**(Consolidated)**<br>| **Embark** <br>**Small Cap** <br>**Equity** <br>**Fund**<br>| **Harbor** <br>**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 | $— | $8478 | $66075 | $85 | $— |
| Interest | 66248 | 459 | 3222 | 373 | 32917 |
| Net securities lending income |  |  | 3 |  |  |
| Consent fee income |  |  |  |  | 5 |
| Foreign taxes withheld |  | (20)<br>| (1313)<br>|  |  |
| **Total Investment Income**  | **66248** | **8917** | **67987** | **458** | **32922** |
| **Operating Expenses** |  |  |  |  |  |
| Management fees | 9942 | 4905 | 83157 | 64 | 1538 |
| 12b-1 fees: |  |  |  |  |  |
| Administrative Class | N/A | N/A | 241 |  | N/A |
| Investor Class | N/A | N/A | 1201 | 1 | N/A |
| Shareholder communications | 270 | 154 | 421 | 13 | 13 |
| Custodian fees | 192 | 48 | 382 | 8 | 34 |
| Transfer agent fees: |  |  |  |  |  |
| Retirement Class | 25 | 16 | 1002 | 1 | 121 |
| Institutional Class | 1383 | 763 | 8271 | 6 | 62 |
| Administrative Class | N/A | N/A | 96 |  | N/A |
| Investor Class | N/A | N/A | 995 | 1 | N/A |
| Professional fees | 148 | 66 | 852 | 3 | 42 |
| Trustees' fees and expenses | 183 | 105 | 627 | 1 | 24 |
| Registration fees | 128 | 118 | 123 | 25 | 20 |
| Miscellaneous | 28 | 19 | 209 | 4 | 12 |
| Total Operating Expenses | 12299 | 6194 | 97577 | 127 | 1866 |
| Management fees waived |  |  | (6726)<br>|  |  |
| Transfer agent fees waived |  |  | (540)<br>|  | (25)<br>|
| Other expenses reimbursed | (496)<br>| (424)<br>|  | (40)<br>| (54)<br>|
| Custodian fees reduction | (1)<br>|  | (8)<br>|  |  |
| Net expenses | 11802 | 5770 | 90303 | 87 | 1787 |
| **Net Investment Income/(Loss)** | **54446** | **3147** | **(22316)**<br>| **371** | **31135** |
| **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, $151, $0, $0, $0, $0, <br> $0, $0, $0, $0 and $0)<br>| 4728 | (34961)<br>| 1970187 | 1395 | (1480)<br>|
| Foreign currency transactions | (152)<br>|  | (140)<br>|  |  |
| Futures contracts | 99888 |  |  |  |  |
| Swap agreements | 29327 |  |  |  |  |
| Change in net unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax accrual: $0, $0, $0, $0, $0, $0, $(494), <br> $(66), $0, $0, $0, $0, $0, $0, $0 and $0)<br>| (1243)<br>| (177714)<br>| (2138554)<br>| (989)<br>| 5136 |
| Translations of assets and liabilities in foreign currencies | 74 |  | (36)<br>|  |  |
| Futures contracts | (49852)<br>|  |  |  |  |
| Swap agreements |  |  |  |  |  |
| Net gain/(loss) on investment transactions | 82770 | (212675)<br>| (168543)<br>| 406 | 3656 |
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**137216** | $**(209528**)<br>| $**(190859**)<br>| $**777** | $**34791** |

---

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>|
| $— | $11485 | $51795 | $320 | $6436 | $2733 | $18053 | $1366 | $4650 | $3351 | $17366 |
| 27791 | 211 | 672 | 15 | 106 | 75 | 349 | 67 | 68 | 1424 | 1152 |
|  | 7 | 40 |  | 13 | 4 | 5 |  |  |  |  |
| 4 |  |  |  |  |  |  |  |  |  |  |
|  | (1153)<br>| (4762)<br>| (41)<br>| (705)<br>| (217)<br>| (227)<br>|  |  |  |  |
| **27795** | **10550** | **47745** | **294** | **5850** | **2595** | **18180** | **1433** | **4718** | **4775** | **18518** |
| 1447 | 3177 | 12608 | 69 | 1166 | 805 | 4867 | 618 | 1336 | 7152 | 8787 |
| 9 | 16 | 11 | N/A | N/A |  | 1 | N/A | 5 | 1 | 3 |
| N/A | 15 | 293 | N/A | 7 | 3 | 30 |  | 31 | 18 | 44 |
| 36 | 23 | 109 | 15 | 19 | 29 | 37 | 20 | 22 | 37 | 143 |
| 48 | 141 | 245 | 6 | 69 | 46 | 28 | 9 | 12 | 33 | 35 |
| 6 | 62 | 61 | 2 | 4 | 9 | 108 | 8 | 10 | 81 | 66 |
| 545 | 103 | 1255 | 1 | 133 | 49 | 260 | 44 | 112 | 542 | 825 |
| 3 | 7 | 5 | N/A | N/A |  |  | N/A | 2 |  | 1 |
| N/A | 12 | 242 | N/A | 6 | 3 | 25 |  | 25 | 15 | 36 |
| 37 | 52 | 124 | 9 | 26 | 16 | 53 | 7 | 14 | 58 | 74 |
| 22 | 20 | 71 |  | 6 | 5 | 36 | 3 | 7 | 37 | 51 |
| 30 | 30 | 38 | 24 | 30 | 33 | 34 | 26 | 27 | 38 | 61 |
| 12 | 11 | 30 | 5 | 5 | 5 | 18 | 6 | 7 | 18 | 22 |
| 2195 | 3669 | 15092 | 131 | 1471 | 1003 | 5497 | 741 | 1610 | 8030 | 10148 |
|  |  |  |  |  |  |  |  | (4)<br>|  |  |
| (22)<br>| (16)<br>| (63)<br>|  | (5)<br>| (4)<br>| (32)<br>| (3)<br>| (7)<br>| (37)<br>| (46)<br>|
|  | (434)<br>| (1727)<br>| (54)<br>| (151)<br>| (178)<br>| (254)<br>| (43)<br>| (77)<br>|  |  |
|  |  | (1)<br>|  |  |  | (1)<br>|  |  | (1)<br>| (1)<br>|
| 2173 | 3219 | 13301 | 77 | 1315 | 821 | 5210 | 695 | 1522 | 7992 | 10101 |
| **25622** | **7331** | **34444** | **217** | **4535** | **1774** | **12970** | **738** | **3196** | **(3217)**<br>| **8417** |
| (3848)<br>| 7315 | 41965 | (203)<br>| 11882 | 1477 | 183654 | 1895 | 15090 | 12479 | 7443 |
|  | (78)<br>| (27)<br>| (11)<br>| (31)<br>| (81)<br>|  |  |  |  |  |
| 5337 | 32634 | 180270 | 883 | 19220 | 12017 | (260427)<br>| (15678)<br>| (37627)<br>| (236651)<br>| (300784)<br>|
|  | 231 | 1307 | 3 | 97 | 84 |  |  |  |  |  |
| 1489 | 40102 | 223515 | 672 | 31168 | 13497 | (76773)<br>| (13783)<br>| (22537)<br>| (224172)<br>| (293341)<br>|
| $**27111** | $**47433** | $**257959** | $**889** | $**35703** | $**15271** | $**(63803**)<br>| $**(13045**)<br>| $**(19341**)<br>| $**(227389**)<br>| $**(284924**)<br>|

---

------

⬤

------

**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** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS** | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $54446 | $46086 | $3147 | $2585 | $(22316) | $(32644) |
| Net realized gain/(loss) on investments | 133791 | 33515 | (34961) | (20709) | 1970047 | 3756548 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| (51021) | 38830 | (177714) | 47669 | (2138590) | 5894325 |
| **Net increase/(decrease) in assets resulting from operations** | **137216** | **118431** | **(209528)** | **29545** | **(190859)** | **9618229** |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Retirement Class | (10199) | (2614) | (629) |  | (1042057) |  |
| Institutional Class | (110430) | (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** | (120629) | (31154) | (5697) |  | (2906184) |  |
| **Net Increase/(Decrease) Derived from Capital** <br>**Share Transactions**<br>| **77609** | **2836729** | **81124** | **1665447** | **(119754)** | **(3948593)** |
| Net increase/(decrease) in net assets | 94196 | 2924006 | (134101) | 1694992 | (3216797) | 5669636 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period  | 2924006 |  | 1695092 | 100 | 28246465 | 22576829 |
| **End of period** | **$3018202** | **$2924006** | **$1560991** | **$1695092** | **$25029668** | **$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** |
| **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $371 | $922 | $31135 | $35416 | $25622 | $43150 | $7331 | $17360 | $34444 | $65681 |
| 1395 | 778 | (1480) | (1059) | (3848) | (22678) | 7237 | 10327 | 41938 | 92288 |
| (989) | 3700 | 5136 | 7419 | 5337 | 88553 | 32865 | 156787 | 181577 | 497706 |
| **777** | **5400** | **34791** | **41776** | **27111** | **109025** | **47433** | **184474** | **257959** | **655675** |
| (227) | (374) | (28380) | (31072) | (1535) | (1391) | (20642) | (16277) | (22824) | (19146) |
| (203) | (416) | (2932) | (3543) | (26723) | (44514) | (6282) | (7359) | (91689) | (89545) |
| (1) | (2) | N/A | N/A | (159) | (328) | (344) | (230) | (299) | (318) |
| (14) | (21) | N/A | N/A | N/A | N/A | (325) | (240) | (7686) | (8372) |
| **(445)** | (813) | (31312) | (34615) | (28417) | (46233) | (27593) | (24106) | (122498) | (117381) |
| **339** | **(5725)** | **177141** | **1109783** | **57771** | **142375** | **(178284)** | **(125664)** | **(85666)** | **(258842)** |
| 671 | (1138) | 180620 | 1116944 | 56465 | 205167 | (158444) | 34704 | 49795 | 279452 |
| 24812 | 25950 | 1223711 | 106767 | 1132172 | 927005 | 933756 | 899052 | 3422660 | 3143208 |
| **$25483** | **$24812** | **$1404331** | **$1223711** | **$1188637** | **$1132172** | **$775312** | **$933756** | **$3472455** | **$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** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS** | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $217 | $69 | $4535 | $4567 | $1774 | $7104 |
| Net realized gain/(loss) on investments | (214) | (48) | 11851 | 9476 | 1396 | 5553 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| 886 | (359) | 19317 | 33146 | 12101 | 40043 |
| **Net increase/(decrease) in assets resulting from operations** | **889** | **(338)** | **35703** | **47189** | **15271** | **52700** |
| **Distributions to Shareholders** |  |  |  |  |  |  |
| Retirement Class | (62) |  | (377) | (185) | (4725) | (3104) |
| Institutional Class | (9) |  | (6139) | (3612) | (5356) | (4341) |
| Administrative Class | N/A | N/A | N/A | N/A | (2) |  |
| Investor Class | N/A | N/A | (111) | (176) | (113) | (82) |
| **Total distributions to shareholders** | (71) |  | (6627) | (3973) | (10196) | (7527) |
| **Net Increase/(Decrease) Derived from Capital** <br>**Share Transactions**<br>| **24838** | **20406** | **189122** | **57929** | **(45681)** | **(150604)** |
| Net increase/(decrease) in net assets | 25656 | 20068 | 218198 | 101145 | (40606) | (105431) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period  | 20068 |  | 235312 | 134167 | 224247 | 329678 |
| **End of period** | **$45724** | **$20068** | **$453510** | **$235312** | **$183641** | **$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** |
| **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $12970 | $24126 | $738 | $1105 | $3196 | $5098 | $(3217) | $(3767) | $8417 | $16434 |
| 183654 | 115715 | 1895 | (722) | 15090 | 16251 | 12479 | 114526 | 7443 | (16875) |
| (260427) | 335558 | (15678) | 28934 | (37627) | 57206 | (236651) | 255977 | (300784) | 534735 |
| **(63803)** | **475399** | **(13045)** | **29317** | **(19341)** | **78555** | **(227389)** | **366736** | **(284924)** | **534294** |
| (80921) | (47391) | (573) | (1936) | (6150) | (1060) | (30481) | (489) | (4749) | (41830) |
| (39039) | (26433) | (574) | (945) | (12462) | (16352) | (37709) | (258) | (10550) | (100625) |
| (59) | (109) | N/A | N/A | (207) | (227) | (18) |  | (7) | (249) |
| (1659) | (948) |  | (12) | (1322) | (1731) | (623) |  | (96) | (2453) |
| **(121678)** | (74881) | (1147) | (2893) | (20141) | (19370) | (68831) | (747) | (15402) | (145157) |
| **(403575)** | **(183549)** | **6275** | **40014** | **(10658)** | **66148** | **328938** | **414056** | **(124889)** | **61140** |
| (589056) | 216969 | (7917) | 66438 | (50140) | 125333 | 32718 | 780045 | (425215) | 450277 |
| 1900041 | 1683072 | 165458 | 99020 | 371132 | 245799 | 1767084 | 987039 | 2422196 | 1971919 |
| **$1310985** | **$1900041** | **$157541** | **$165458** | **$320992** | **$371132** | **$1799802** | **$1767084** | **$1996981** | **$2422196** |

---

------

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** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
|  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **AMOUNT ($)** |  |  |  |  |  |  |
| **Retirement Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $31960 | $248678 | $24142 | $164331 | $1013528 | $1859614 |
| Reinvested distributions | 121 | 42 | 7 |  | 966106 |  |
| Cost of shares reacquired | (36863) | (7421) | (11091) | (2817) | (1776287) | (2626453) |
| **Net increase/(decrease) in net assets** | $**(4782)** | $**241299** | $**13058** | $**161514** | $**203347** | $**(766839)** |
| **Institutional Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $215985 | $2737453 | $177953 | $1619171 | $875527 | $1833126 |
| Reinvested distributions | 110426 | 28539 | 5068 |  | 1661915 |  |
| Cost of shares reacquired | (244020) | (170562) | (114955) | (115238) | (2887083) | (4561185) |
| Cost of shares reacquired through in-kind redemptions |  |  |  |  |  | (189354) |
| **Net increase/(decrease) in net assets** | $**82391** | $**2595430** | $**68066** | $**1503933** | $**(349641)** | $**(2917413)** |
| **Administrative Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | N/A | N/A | $21897 | $45867 |
| Reinvested distributions | N/A | N/A | N/A | N/A | 17504 |  |
| Cost of shares reacquired | N/A | N/A | N/A | N/A | (28933) | (134389) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | **N/A** | **N/A** | $**10468** | $**(88522)** |
| **Investor Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | N/A | N/A | $38842 | $101221 |
| Reinvested distributions | N/A | N/A | N/A | N/A | 107543 |  |
| Cost of shares reacquired | N/A | N/A | N/A | N/A | (130313) | (277040) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | **N/A** | **N/A** | $**16072** | $**(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** |
| **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $305 | $1074 | $219845 | $1073765 | $39249 | $32575 | $53561 | $72630 | $30964 | $127622 |
| 227 | 374 | 26283 | 28112 | 1508 | 1362 | 20363 | 16078 | 19060 | 15376 |
| (209) | (1137) | (98858) | (47560) | (12071) | (6781) | (211896) | (151199) | (77349) | (150677) |
| $**323** | **$311** | **$147270** | **$1054317** | **$28686** | **$27156** | **$(137972)** | **$(62491)** | **$(27325)** | **$(7679)** |
| $732 | $2169 | $50670 | $179441 | $127513 | $287517 | $4879 | $9530 | $166045 | $160708 |
| 196 | 403 | 2821 | 3435 | 25610 | 42674 | 4958 | 6215 | 87054 | 84914 |
| (960) | (8673) | (23620) | (127410) | (123812) | (213887) | (54922) | (80292) | (296734) | (459054) |
| $**(32)** | **$(6101)** | **$29871** | **$55466** | **$29311** | **$116304** | **$(45085)** | **$(64547)** | **$(43635)** | **$(213432)** |
| $— | $— | N/A | N/A | $84 | $255 | $4764 | $3541 | $1600 | $907 |
| 1 | 2 | N/A | N/A | 159 | 328 | 344 | 230 | 293 | 311 |
| (3) |  | N/A | N/A | (469) | (1668) | (1112) | (2598) | (1278) | (4549) |
| $**(2)** | **$2** | **N/A** | **N/A** | **$(226)** | **$(1085)** | **$3996** | **$1173** | **$615** | **$(3331)** |
| $134 | $183 | N/A | N/A | N/A | N/A | $841 | $1002 | $8902 | $18031 |
| 14 | 21 | N/A | N/A | N/A | N/A | 325 | 240 | 7588 | 8273 |
| (98) | (141) | N/A | N/A | N/A | N/A | (389) | (1041) | (31811) | (60704) |
| $**50** | **$63** | **N/A** | **N/A** | **N/A** | **N/A** | **$777** | **$201** | **$(15321)** | **$(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** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
|  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **AMOUNT ($)** |  |  |  |  |  |  |
| **Retirement Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $25279 | $18813 | $130934 | $4518 | $3546 | $7406 |
| Reinvested distributions | 62 |  | 375 | 185 | 4635 | 3103 |
| Cost of shares reacquired | (480) | (939) | (11619) | (17104) | (25033) | (57963) |
| **Net increase/(decrease) in net assets** | $**24861** | $**17874** | $**119690** | $**(12401)** | $**(16852)** | $**(47454)** |
| **Institutional Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | $1460 | $2640 | $218202 | $118097 | $20784 | $56837 |
| Reinvested distributions | 3 |  | 5477 | 3316 | 4969 | 4101 |
| Cost of shares reacquired | (1486) | (108) | (154314) | (44710) | (54513) | (161416) |
| Cost of shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in net assets** | $**(23)** | $**2532** | $**69365** | $**76703** | $**(28760)** | $**(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 |  | (429) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | **N/A** | **N/A** | $**2** | $**(429)** |
| **Investor Class** |  |  |  |  |  |  |
| Net proceeds from sale of shares | N/A | N/A | $1542 | $520 | $392 | $381 |
| Reinvested distributions | N/A | N/A | 111 | 176 | 113 | 82 |
| Cost of shares reacquired | N/A | N/A | (1586) | (7069) | (576) | (2706) |
| **Net increase/(decrease) in net assets** | **N/A** | **N/A** | $**67** | $**(6373)** | $**(71)** | $**(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** |
| **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $52953 | $139220 | $2740 | $13891 | $15853 | $92506 | $366102 | $261563 | $61352 | $124444 |
| 66200 | 37047 | 567 | 1936 | 2240 | 1027 | 30047 | 482 | 2821 | 27996 |
| (317358) | (250892) | (6858) | (19247) | (22392) | (10789) | (94830) | (116012) | (118391) | (163946) |
| $**(198205)** | **$(74625)** | **$(3551)** | **$(3420)** | **$(4299)** | **$82744** | **$301319** | **$146033** | **$(54218)** | **$(11506)** |
| $27206 | $62151 | $22614 | $61235 | $19067 | $36127 | $126717 | $437883 | $143706 | $551765 |
| 34052 | 23851 | 568 | 839 | 11816 | 15227 | 35370 | 242 | 10027 | 92112 |
| (266047) | (188328) | (13286) | (18276) | (34329) | (64868) | (130813) | (174958) | (222240) | (566454) |
| $**(204789)** | **$(102326)** | **$9896** | **$43798** | **$(3446)** | **$(13514)** | **$31274** | **$263167** | **$(68507)** | **$77423** |
| $71 | $29 | N/A | N/A | $270 | $696 | $11 | $65 | $230 | $434 |
| 58 | 108 | N/A | N/A | 132 | 137 | 18 |  | 7 | 183 |
| (49) | (2843) | N/A | N/A | (531) | (853) | (4) | (158) | (183) | (2308) |
| $**80** | **$(2706)** | **N/A** | **N/A** | **$(129)** | **$(20)** | **$25** | **$(93)** | **$54** | **$(1691)** |
| $1019 | $1449 | $195 | $433 | $1379 | $2135 | $1364 | $9024 | $1209 | $3201 |
| 1562 | 892 |  | 12 | 1253 | 1649 | 607 |  | 90 | 2310 |
| (3242) | (6233) | (265) | (809) | (5416) | (6846) | (5651) | (4075) | (3517) | (8597) |
| $**(661)** | **$(3892)** | **$(70)** | **$(364)** | **$(2784)** | **$(3062)** | **$(3680)** | **$4949** | **$(2218)** | **$(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** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
|  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** |
| **Retirement Class** |  |  |  |  |  |  |
| Shares sold | 3044 | 23807 | 2345 | 15537 | 8827 | 17105 |
| Shares issued due to reinvestment of distributions | 12 | 4 | 1 |  | 8362 |  |
| Shares reacquired | (3481) | (715) | (1027) | (262) | (15822) | (24191) |
| **Net increase/(decrease) in shares outstanding** | **(425)** | **23096** | **1319** | **15275** | **1367** | **(7086)** |
| **Institutional Class** |  |  |  |  |  |  |
| Shares sold | 20465 | 271420 | 16987 | 153166 | 7771 | 17139 |
| Shares issued due to reinvestment of distributions | 10890 | 2720 | 465 |  | 14440 |  |
| Shares reacquired | (23057) | (16571) | (10827) | (10956) | (25586) | (42395) |
| Shares reacquired through in-kind redemptions |  |  |  |  |  | (1579) |
| **Net increase/(decrease) in shares outstanding** | **8298** | **257569** | **6625** | **142210** | **(3375)** | **(26835)** |
| **Administrative Class** |  |  |  |  |  |  |
| Shares sold | N/A | N/A | N/A | N/A | 205 | 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 | (266) | (1271) |
| **Net increase/(decrease) in shares outstanding** | N/A | N/A | N/A | N/A | **99** | **(825)** |
| **Investor Class** |  |  |  |  |  |  |
| Shares sold | N/A | N/A | N/A | N/A | 373 | 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 | (1265) | (2808) |
| **Net increase/(decrease) in shares outstanding** | **N/A** | **N/A** | **N/A** | **N/A** | **136** | **(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** |
| **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| 26 | 98 | 25009 | 121472 | 3838 | 3223 | 4279 | 5840 | 671 | 2710 |
| 20 | 35 | 2976 | 3169 | 149 | 135 | 1688 | 1363 | 434 | 357 |
| (18) | (103) | (11183) | (5343) | (1196) | (678) | (16672) | (12312) | (1649) | (3431) |
| **28** | **30** | **16802** | **119298** | **2791** | **2680** | **(10705)** | **(5109)** | **(544)** | **(364)** |
| 62 | 201 | 5751 | 20275 | 12602 | 28288 | 388 | 782 | 3642 | 3514 |
| 17 | 38 | 319 | 388 | 2533 | 4224 | 411 | 526 | 1974 | 1962 |
| (83) | (820) | (2660) | (14653) | (12257) | (21252) | (4293) | (6459) | (6466) | (10003) |
| **(4)** | **(581)** | **3410** | **6010** | **2878** | **11260** | **(3494)** | **(5151)** | **(850)** | **(4527)** |
|  |  | N/A | N/A | 8 | 25 | 375 | 292 | 34 | 20 |
|  |  | N/A | N/A | 16 | 32 | 29 | 20 | 7 | 7 |
|  |  | N/A | N/A | (46) | (165) | (87) | (208) | (28) | (101) |
| **—** | **—** | **N/A** | **N/A** | **(22)** | **(108)** | **317** | **104** | **13** | **(74)** |
| 12 | 17 | N/A | N/A | N/A | N/A | 67 | 81 | 191 | 390 |
| 1 | 2 | N/A | N/A | N/A | N/A | 27 | 20 | 173 | 193 |
| (8) | (14) | N/A | N/A | N/A | N/A | (31) | (84) | (687) | (1329) |
| **5** | **5** | **N/A** | **N/A** | **N/A** | **N/A** | **63** | **17** | **(323)** | **(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** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
|  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** | **SHARES** |
| **Retirement Class** |  |  |  |  |  |  |
| Shares sold | 2554 | 1870 | 9202 | 344 | 246 | 503 |
| Shares issued due to reinvestment of distributions | 7 |  | 29 | 16 | 341 | 218 |
| Shares reacquired | (49) | (91) | (871) | (1533) | (1769) | (4004) |
| **Net increase/(decrease) in shares outstanding** | **2512** | **1779** | **8360** | **(1173)** | **(1182)** | **(3283)** |
| **Institutional Class** |  |  |  |  |  |  |
| Shares sold | 150 | 263 | 15838 | 10123 | 1478 | 3953 |
| Shares issued due to reinvestment of distributions |  |  | 427 | 285 | 366 | 288 |
| Shares reacquired | (151) | (10) | (10925) | (3668) | (3890) | (11087) |
| Shares reacquired through in-kind redemptions |  |  |  |  |  |  |
| **Net increase/(decrease) in shares outstanding** | **(1)** | **253** | **5340** | **6740** | **(2046)** | **(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 |  | (30) |
| **Net increase/(decrease) in shares outstanding** | N/A | N/A | N/A | N/A | **—** | **(30)** |
| **Investor Class** |  |  |  |  |  |  |
| Shares sold | N/A | N/A | 111 | 43 | 29 | 27 |
| Shares issued due to reinvestment of distributions | N/A | N/A | 9 | 15 | 8 | 6 |
| Shares reacquired | N/A | N/A | (119) | (566) | (40) | (190) |
| **Net increase/(decrease) in shares outstanding** | **N/A** | **N/A** | **1** | **(508)** | **(3)** | **(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** |
| **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| 2394 | 6231 | 186 | 994 | 589 | 3609 | 25006 | 18670 | 1479 | 3127 |
| 3077 | 1713 | 39 | 142 | 87 | 42 | 2127 | 36 | 67 | 723 |
| (14390) | (11089) | (468) | (1365) | (890) | (415) | (6680) | (8362) | (3054) | (4158) |
| **(8919)** | **(3145)** | **(243)** | **(229)** | **(214)** | **3236** | **20453** | **10344** | **(1508)** | **(308)** |
| 1227 | 2769 | 1559 | 4336 | 746 | 1414 | 9146 | 31739 | 3529 | 13847 |
| 1582 | 1101 | 39 | 62 | 459 | 625 | 2526 | 18 | 236 | 2377 |
| (11885) | (8418) | (913) | (1291) | (1292) | (2557) | (9712) | (12523) | (5424) | (14254) |
| **(9076)** | **(4548)** | **685** | **3107** | **(87)** | **(518)** | **1960** | **19234** | **(1659)** | **1970** |
| 3 | 1 | N/A | N/A | 11 | 26 | 1 | 5 | 5 | 11 |
| 3 | 5 | N/A | N/A | 5 | 6 | 1 |  |  | 5 |
| (2) | (126) | N/A | N/A | (20) | (34) |  | (13) | (4) | (59) |
| **4** | **(120)** | **N/A** | **N/A** | **(4)** | **(2)** | **2** | **(8)** | **1** | **(43)** |
| 45 | 65 | 14 | 31 | 52 | 84 | 129 | 862 | 31 | 84 |
| 72 | 41 |  | 1 | 49 | 68 | 57 |  | 2 | 62 |
| (145) | (276) | (18) | (56) | (206) | (273) | (568) | (380) | (91) | (223) |
| **(28)** | **(170)** | **(4)** | **(24)** | **(105)** | **(121)** | **(382)** | **482** | **(58)** | **(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** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.41** | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.19** | 0.35 |
| Net realized and unrealized gain/(loss) on investments | **0.28** | 0.26 |
| Total from investment operations | **0.47** | 0.61 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.43)** | &nbsp;&nbsp; (0.20) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.43)** | &nbsp;&nbsp; (0.20) |
| Net asset value end of period | &nbsp;&nbsp; **$10.45** | &nbsp;&nbsp; $10.41 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$236962** | &nbsp;&nbsp; $240433 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **4.65%**<sup>c</sup> <br>| &nbsp;&nbsp; 6.06%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets<sup>^</sup> | **0.74**<sup>d</sup> | 0.85<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.71**<sup>d</sup> | 0.71<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **3.69**<sup>d</sup> | 4.37<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **24**<sup>c</sup> | &nbsp;&nbsp; 34<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**January 23,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.42** | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.19** | 0.33 |
| Net realized and unrealized gain/(loss) on investments | **0.27** | 0.28 |
| Total from investment operations | **0.46** | 0.61 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.42)** | &nbsp;&nbsp; (0.19) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.42)** | &nbsp;&nbsp; (0.19) |
| Net asset value end of period | &nbsp;&nbsp; **$10.46** | &nbsp;&nbsp; $10.42 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$2781240** | &nbsp;&nbsp; $2683573 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **4.61%**<sup>c</sup> <br>| &nbsp;&nbsp; 6.12%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets<sup>^</sup> | **0.82**<sup>d</sup> | 0.93<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.79**<sup>d</sup> | 0.79<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **3.61**<sup>d</sup> | 4.15<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **24**<sup>c</sup> | &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** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.76** | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.02** | 0.03 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.30)** | 0.73 |
| Total from investment operations | &nbsp;&nbsp; **(1.28)** | 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; **$9.44** | &nbsp;&nbsp; $10.76 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$156589** | &nbsp;&nbsp; $164442 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(11.94)%**<sup>c</sup> <br>| &nbsp;&nbsp; 7.60%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets<sup>^</sup> | **0.66**<sup>d</sup> | 0.75<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.61**<sup>d</sup> | 0.61<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.44**<sup>d</sup> | 0.42<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **40**<sup>c</sup> | &nbsp;&nbsp; 71<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**January 30,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$10.76** | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.02** | 0.03 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.30)** | 0.73 |
| Total from investment operations | &nbsp;&nbsp; **(1.28)** | 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; **$9.44** | &nbsp;&nbsp; $10.76 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1404402** | &nbsp;&nbsp; $1530650 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(11.98)%**<sup>c</sup> <br>| &nbsp;&nbsp; 7.60%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets<sup>^</sup> | **0.74**<sup>d</sup> | 0.83<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.69**<sup>d</sup> | 0.69<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.36**<sup>d</sup> | 0.40<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **40**<sup>c</sup> | &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** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $75.79 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.05)** | &nbsp;&nbsp; (0.06) | 0.03 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.08) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.19)** | 36.37 | 15.29 | &nbsp;&nbsp; (39.22) | 38.73 | 30.27 |
| Total from investment operations | &nbsp;&nbsp; **(0.24)** | 36.31 | 15.32 | &nbsp;&nbsp; (39.28) | 38.46 | 30.19 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) | &nbsp;&nbsp; (6.67) |
| Total distributions | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) | &nbsp;&nbsp; (6.79) |
| Net asset value end of period | &nbsp;&nbsp; **$105.85** | &nbsp;&nbsp; $118.45 | &nbsp;&nbsp; $82.14 | &nbsp;&nbsp; $66.82 | &nbsp;&nbsp; $124.89 | &nbsp;&nbsp; $99.19 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$9139531** | &nbsp;&nbsp; $10065671 | &nbsp;&nbsp; $7562038 | &nbsp;&nbsp; $7108919 | &nbsp;&nbsp; $11385191 | &nbsp;&nbsp; $9549061 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(1.08)%**<sup>c</sup> <br>| &nbsp;&nbsp; 44.21% | &nbsp;&nbsp; 22.93% | &nbsp;&nbsp; (36.03)% | &nbsp;&nbsp; 41.33% | &nbsp;&nbsp; 42.79% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.64**<sup>d</sup> | 0.64 | 0.64 | 0.64 | 0.63 | 0.64 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.59**<sup>d</sup> | 0.59 | 0.59 | 0.58 | 0.57 | 0.58 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.10)**<sup>d</sup> | &nbsp;&nbsp; (0.05) | 0.04 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.09) |
| Portfolio turnover | &nbsp;&nbsp; **15**<sup>c</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 51 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $74.15 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.23)** | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.34) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.12)** | 34.71 | 14.64 | &nbsp;&nbsp; (37.74) | 37.63 | 29.54 |
| Total from investment operations | &nbsp;&nbsp; **(0.35)** | 34.33 | 14.43 | &nbsp;&nbsp; (38.07) | 37.02 | 29.20 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) | &nbsp;&nbsp; (6.67) |
| Total distributions | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) | &nbsp;&nbsp; (6.67) |
| Net asset value end of period | &nbsp;&nbsp; **$100.13** | &nbsp;&nbsp; $112.84 | &nbsp;&nbsp; $78.51 | &nbsp;&nbsp; $64.08 | &nbsp;&nbsp; $120.94 | &nbsp;&nbsp; $96.68 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$181146** | &nbsp;&nbsp; $192992 | &nbsp;&nbsp; $199055 | &nbsp;&nbsp; $187390 | &nbsp;&nbsp; $414600 | &nbsp;&nbsp; $420324 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(1.24)%**<sup>c</sup> <br>| &nbsp;&nbsp; 43.73% | &nbsp;&nbsp; 22.52% | &nbsp;&nbsp; (36.23)% | &nbsp;&nbsp; 40.86% | &nbsp;&nbsp; 42.32% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.97**<sup>d</sup> | 0.97 | 0.97 | 0.97 | 0.96 | 0.97 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.92**<sup>d</sup> | 0.92 | 0.92 | 0.91 | 0.90 | 0.91 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.43)**<sup>d</sup> | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.41) |
| Portfolio turnover | &nbsp;&nbsp; **15**<sup>c</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 | &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 CAPITAL APPRECIATION FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $75.78 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.10)** | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.14) |
| Net realized and unrealized gain/(loss) on <br> investments<br>| &nbsp;&nbsp; **(0.18)** | 36.26 | 15.26 | &nbsp;&nbsp; (39.17) | 38.72 | 30.26 |
| Total from investment operations | &nbsp;&nbsp; **(0.28)** | 36.12 | 15.23 | &nbsp;&nbsp; (39.30) | 38.36 | 30.12 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) | &nbsp;&nbsp; (6.67) |
| Total distributions | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) | &nbsp;&nbsp; (6.72) |
| Net asset value end of period | &nbsp;&nbsp; **$105.40** | &nbsp;&nbsp; $118.04 | &nbsp;&nbsp; $81.92 | &nbsp;&nbsp; $66.69 | &nbsp;&nbsp; $124.78 | &nbsp;&nbsp; $99.18 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$14831899** | &nbsp;&nbsp; $17008997 | &nbsp;&nbsp; $14002664 | &nbsp;&nbsp; $13590549 | &nbsp;&nbsp; $28902862 | &nbsp;&nbsp; $25579181 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(1.12)%**<sup>c</sup> <br>| &nbsp;&nbsp; 44.09% | &nbsp;&nbsp; 22.84% | &nbsp;&nbsp; (36.08)% | &nbsp;&nbsp; 41.22% | &nbsp;&nbsp; 42.68% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.72**<sup>d</sup> | 0.72 | 0.72 | 0.72 | 0.71 | 0.72 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.67**<sup>d</sup> | 0.67 | 0.67 | 0.66 | 0.65 | 0.66 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.18)**<sup>d</sup> | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.16) |
| Portfolio turnover | &nbsp;&nbsp; **15**<sup>c</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 51 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $72.48 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.27)** | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.43) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.08)** | 33.38 | 14.09 | &nbsp;&nbsp; (36.43) | 36.59 | 28.81 |
| Total from investment operations | &nbsp;&nbsp; **(0.35)** | 32.90 | 13.81 | &nbsp;&nbsp; (36.83) | 35.87 | 28.38 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) | &nbsp;&nbsp; (6.67) |
| Total distributions | &nbsp;&nbsp; **(12.36)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18.79) | &nbsp;&nbsp; (12.76) | &nbsp;&nbsp; (6.67) |
| Net asset value end of period | &nbsp;&nbsp; **$95.68** | &nbsp;&nbsp; $108.39 | &nbsp;&nbsp; $75.49 | &nbsp;&nbsp; $61.68 | &nbsp;&nbsp; $117.30 | &nbsp;&nbsp; $94.19 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$877092** | &nbsp;&nbsp; $978805 | &nbsp;&nbsp; $813072 | &nbsp;&nbsp; $797250 | &nbsp;&nbsp; $1564732 | &nbsp;&nbsp; $1282355 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(1.29)%**<sup>c</sup> <br>| &nbsp;&nbsp; 43.58% | &nbsp;&nbsp; 22.39% | &nbsp;&nbsp; (36.31)% | &nbsp;&nbsp; 40.71% | &nbsp;&nbsp; 42.15% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.08**<sup>d</sup> | 1.08 | 1.08 | 1.08 | 1.08 | 1.09 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.02**<sup>d</sup> | 1.03 | 1.03 | 1.02 | 1.01 | 1.03 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.53)**<sup>d</sup> | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.53) |
| Portfolio turnover | &nbsp;&nbsp; **15**<sup>c</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 | &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 CONVERTIBLE SECURITIES FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.82 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.17** | 0.39 | 0.24 | 0.04 | 0.02 | 0.07 |
| Net realized and unrealized gain/(loss) on investments | **0.19** | 1.76 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (2.22) | 2.43 | 2.02 |
| Total from investment operations | **0.36** | 2.15 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (2.18) | 2.45 | 2.09 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.20)** | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.09) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.61) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (0.33) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.20)** | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (1.25) | &nbsp;&nbsp; (0.42) |
| Proceeds from redemption fees | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &nbsp;&nbsp; **$11.39** | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp; $12.49 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$12956** | &nbsp;&nbsp; $12460 | &nbsp;&nbsp; $10174 | &nbsp;&nbsp; $33711 | &nbsp;&nbsp; $41250 | &nbsp;&nbsp; $34307 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **3.24%**<sup>c</sup> <br>| &nbsp;&nbsp; 23.08% | &nbsp;&nbsp; (0.73)% | &nbsp;&nbsp; (17.59)% | &nbsp;&nbsp; 20.23% | &nbsp;&nbsp; 19.93% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.94**<sup>d</sup> | 0.94 | 0.98 | 0.74 | 0.73 | 0.74 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.63**<sup>d</sup> | 0.63 | 0.69 | 0.68 | 0.67 | 0.69 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.96**<sup>d</sup> | 3.69 | 2.40 | 0.35 | 0.15 | 0.60 |
| Portfolio turnover | &nbsp;&nbsp; **71**<sup>c</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 101 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.80 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.15** | 0.35 | 0.27 | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; (0.02) | 0.03 |
| Net realized and unrealized gain/(loss) on investments | **0.19** | 1.77 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (2.20) | 2.42 | 2.01 |
| Total from investment operations | **0.34** | 2.12 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (2.20) | 2.40 | 2.04 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.18)** | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.05) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.61) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (0.33) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.18)** | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.38) |
| Proceeds from redemption fees | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &nbsp;&nbsp; **$11.37** | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.46 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$86** | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $71 | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $85 | &nbsp;&nbsp; $70 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **3.07%**<sup>c</sup> <br>| &nbsp;&nbsp; 22.73% | &nbsp;&nbsp; (1.47)% | &nbsp;&nbsp; (17.84)% | &nbsp;&nbsp; 19.87% | &nbsp;&nbsp; 19.48% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.27**<sup>d</sup> | 1.27 | 1.24 | 1.07 | 1.06 | 1.07 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.96**<sup>d</sup> | 0.96 | 0.97 | 1.01 | 1.00 | 1.02 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.62**<sup>d</sup> | 3.36 | 2.71 | 0.02 | &nbsp;&nbsp; (0.18) | 0.29 |
| Portfolio turnover | &nbsp;&nbsp; **71**<sup>c</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 101 |

---

&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** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.83 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.16** | 0.38 | 0.23 | 0.03 | 0.01 | 0.06 |
| Net realized and unrealized gain/(loss) on investments | **0.19** | 1.76 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (2.21) | 2.43 | 2.00 |
| Total from investment operations | **0.35** | 2.14 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (2.18) | 2.44 | 2.06 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.20)** | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.08) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.61) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (0.33) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.20)** | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (1.24) | &nbsp;&nbsp; (0.41) |
| Proceeds from redemption fees | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &nbsp;&nbsp; **$11.38** | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $9.82 | &nbsp;&nbsp; $13.68 | &nbsp;&nbsp; $12.48 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$11539** | &nbsp;&nbsp; $11423 | &nbsp;&nbsp; $15052 | &nbsp;&nbsp; $126865 | &nbsp;&nbsp; $161772 | &nbsp;&nbsp; $117269 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **3.10%**<sup>c</sup> <br>| &nbsp;&nbsp; 22.98% | &nbsp;&nbsp; (0.83)% | &nbsp;&nbsp; (17.62)% | &nbsp;&nbsp; 20.18% | &nbsp;&nbsp; 19.63% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.02**<sup>d</sup> | 1.02 | 1.06 | 0.82 | 0.81 | 0.82 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.71**<sup>d</sup> | 0.71 | 0.77 | 0.76 | 0.75 | 0.77 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.88**<sup>d</sup> | 3.65 | 2.31 | 0.27 | 0.06 | 0.55 |
| Portfolio turnover | &nbsp;&nbsp; **71**<sup>c</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 101 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023**<sup>g</sup> <br>| **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.80 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.14** | 0.34 | 0.24 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.04) | 0.02 |
| Net realized and unrealized gain/(loss) on investments | **0.20** | 1.76 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (2.20) | 2.43 | 2.00 |
| Total from investment operations | **0.34** | 2.10 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.21) | 2.39 | 2.02 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.18)** | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.03) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.61) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (0.33) |
| Return of capital | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.18)** | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.36) |
| Proceeds from redemption fees | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &nbsp;&nbsp; **$11.34** | &nbsp;&nbsp; $11.18 | &nbsp;&nbsp; $9.38 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $12.46 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$902** | &nbsp;&nbsp; $842 | &nbsp;&nbsp; $653 | &nbsp;&nbsp; $2076 | &nbsp;&nbsp; $2853 | &nbsp;&nbsp; $2420 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **3.03%**<sup>c</sup> <br>| &nbsp;&nbsp; 22.55% | &nbsp;&nbsp; (1.23)% | &nbsp;&nbsp; (17.92)% | &nbsp;&nbsp; 19.76% | &nbsp;&nbsp; 19.33% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.38**<sup>d</sup> | 1.38 | 1.40 | 1.18 | 1.17 | 1.19 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.07**<sup>d</sup> | 1.07 | 1.12 | 1.12 | 1.11 | 1.14 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.52**<sup>d</sup> | 3.25 | 2.46 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.29) | 0.17 |
| Portfolio turnover | &nbsp;&nbsp; **71**<sup>c</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 101 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR CORE BOND FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.64 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.20** | 0.41 | 0.34 | 0.22 | 0.19 | 0.26 |
| Net realized and unrealized gain/(loss) on investments | **0.01** | 0.49 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.19) | 0.50 |
| Total from investment operations | **0.21** | 0.90 | 0.07 | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; — | 0.76 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.20)** | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.27) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.07) |
| Total distributions | &nbsp;&nbsp; **(0.20)** | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.34) |
| Net asset value end of period | &nbsp;&nbsp; **$8.87** | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $11.06 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1276017** | &nbsp;&nbsp; $1125752 | &nbsp;&nbsp; $64662 | &nbsp;&nbsp; $41312 | &nbsp;&nbsp; $36557 | &nbsp;&nbsp; $29428 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **2.46%**<sup>c</sup> <br>| &nbsp;&nbsp; 10.82% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; (16.14)% | &nbsp;&nbsp; (0.01)% | &nbsp;&nbsp; 7.36% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.27**<sup>d</sup> | 0.29 | 0.36 | 0.37 | 0.43 | 0.43 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.26**<sup>d</sup> | 0.26 | 0.26 | 0.27 | 0.37 | 0.37 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **4.66**<sup>d</sup> | 4.55 | 3.88 | 2.28 | 1.77 | 2.35 |
| Portfolio turnover | &nbsp;&nbsp; **23**<sup>c</sup> | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 70 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.64 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.20** | 0.39 | 0.34 | 0.20 | 0.18 | 0.26 |
| Net realized and unrealized gain/(loss) on investments | **0.01** | 0.50 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (1.89) | &nbsp;&nbsp; (0.19) | 0.50 |
| Total from investment operations | **0.21** | 0.89 | 0.06 | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (0.01) | 0.76 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.20)** | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.27) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.07) |
| Total distributions | &nbsp;&nbsp; **(0.20)** | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.34) |
| Net asset value end of period | &nbsp;&nbsp; **$8.87** | &nbsp;&nbsp; $8.86 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $10.61 | &nbsp;&nbsp; $11.06 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$128314** | &nbsp;&nbsp; $97959 | &nbsp;&nbsp; $42105 | &nbsp;&nbsp; $28065 | &nbsp;&nbsp; $105931 | &nbsp;&nbsp; $86173 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **2.42%**<sup>c</sup> <br>| &nbsp;&nbsp; 10.74% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; (16.21)% | &nbsp;&nbsp; (0.09)% | &nbsp;&nbsp; 7.28% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.35**<sup>d</sup> | 0.37 | 0.44 | 0.45 | 0.51 | 0.51 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.34**<sup>d</sup> | 0.34 | 0.34 | 0.36 | 0.45 | 0.45 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **4.59**<sup>d</sup> | 4.39 | 3.79 | 2.03 | 1.70 | 2.35 |
| Portfolio turnover | &nbsp;&nbsp; **23**<sup>c</sup> | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 70 |

---

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** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022**<sup>h</sup> <br>| **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $11.90 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.23** | 0.44 | 0.40 | 0.32 | 0.32 | 0.31 |
| Net realized and unrealized gain/(loss) on investments | **0.02** | 0.70 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (2.18) | &nbsp;&nbsp; (0.21) | 0.49 |
| Total from investment operations | **0.25** | 1.14 | 0.16 | &nbsp;&nbsp; (1.86) | 0.11 | 0.80 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.25)** | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.35) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.25)** | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.35) |
| Net asset value end of period | &nbsp;&nbsp; **$10.17** | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $12.06 | &nbsp;&nbsp; $12.35 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$70296** | &nbsp;&nbsp; $41952 | &nbsp;&nbsp; $13726 | &nbsp;&nbsp; $12389 | &nbsp;&nbsp; $172699 | &nbsp;&nbsp; $166740 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **2.49%**<sup>c</sup> <br>| &nbsp;&nbsp; 12.11% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp; (15.78)% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 6.82% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.30**<sup>d</sup> | 0.31 | 0.30 | 0.42 | 0.53 | 0.58 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.30**<sup>d</sup> | 0.30 | 0.30 | 0.36 | 0.43 | 0.48 |
| Ratio of net expenses excluding interest expense to <br> average net assets<sup>e</sup><br>| **0.30**<sup>d</sup> | 0.30 | 0.30 | 0.36 | 0.43 | 0.43 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **4.51**<sup>d</sup> | 4.34 | 3.94 | 2.83 | 2.63 | 2.56 |
| Portfolio turnover | &nbsp;&nbsp; **22**<sup>c</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 558 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022**<sup>h</sup> <br>| **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $11.92 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.21** | 0.40 | 0.36 | 0.29 | 0.28 | 0.28 |
| Net realized and unrealized gain/(loss) on investments | **0.01** | 0.70 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (0.21) | 0.48 |
| Total from investment operations | **0.22** | 1.10 | 0.12 | &nbsp;&nbsp; (1.92) | 0.07 | 0.76 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.23)** | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.31) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.23)** | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.31) |
| Net asset value end of period | &nbsp;&nbsp; **$10.16** | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $12.37 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$6878** | &nbsp;&nbsp; $7109 | &nbsp;&nbsp; $7664 | &nbsp;&nbsp; $11223 | &nbsp;&nbsp; $17270 | &nbsp;&nbsp; $18302 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **2.22%**<sup>c</sup> <br>| &nbsp;&nbsp; 11.75% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; (16.20)% | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp; 6.44% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.63**<sup>d</sup> | 0.64 | 0.63 | 0.71 | 0.86 | 0.97 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.63**<sup>d</sup> | 0.63 | 0.63 | 0.67 | 0.76 | 0.87 |
| Ratio of net expenses excluding interest expense to <br> average net assets<sup>e</sup><br>| **0.63**<sup>d</sup> | 0.63 | 0.63 | 0.67 | 0.76 | 0.76 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **4.17**<sup>d</sup> | 4.00 | 3.58 | 2.64 | 2.29 | 2.32 |
| Portfolio turnover | &nbsp;&nbsp; **22**<sup>c</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 558 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR CORE PLUS FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022**<sup>h</sup> <br>| **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $11.91 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.22** | 0.43 | 0.39 | 0.32 | 0.31 | 0.31 |
| Net realized and unrealized gain/(loss) on investments | **0.03** | 0.69 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (0.21) | 0.48 |
| Total from investment operations | **0.25** | 1.12 | 0.15 | &nbsp;&nbsp; (1.89) | 0.10 | 0.79 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.25)** | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.34) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.25)** | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.34) |
| Net asset value end of period | &nbsp;&nbsp; **$10.15** | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $9.49 | &nbsp;&nbsp; $9.77 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $12.36 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1111463** | &nbsp;&nbsp; $1083111 | &nbsp;&nbsp; $905615 | &nbsp;&nbsp; $924416 | &nbsp;&nbsp; $1376349 | &nbsp;&nbsp; $1844961 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **2.45%**<sup>c</sup> <br>| &nbsp;&nbsp; 11.93% | &nbsp;&nbsp; 1.35% | &nbsp;&nbsp; (15.99)% | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 6.72% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.38**<sup>d</sup> | 0.39 | 0.38 | 0.46 | 0.61 | 0.73 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.38**<sup>d</sup> | 0.38 | 0.38 | 0.42 | 0.51 | 0.62 |
| Ratio of net expenses excluding interest expense to <br> average net assets<sup>e</sup><br>| **0.38**<sup>d</sup> | 0.38 | 0.38 | 0.42 | 0.51 | 0.51 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **4.42**<sup>d</sup> | 4.25 | 3.85 | 2.88 | 2.52 | 2.58 |
| Portfolio turnover | &nbsp;&nbsp; **22**<sup>c</sup> | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 558 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $11.17 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.11** | 0.23 | 0.25 | 0.23 | 0.21 | 0.14 |
| Net realized and unrealized gain/(loss) on investments | **0.59** | 2.05 | 0.95 | &nbsp;&nbsp; (3.36) | 3.50 | &nbsp;&nbsp; (0.81) |
| Total from investment operations | **0.70** | 2.28 | 1.20 | &nbsp;&nbsp; (3.13) | 3.71 | &nbsp;&nbsp; (0.67) |
| **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) | &nbsp;&nbsp; (0.25) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.40)** | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.25) |
| Net asset value end of period | &nbsp;&nbsp; **$13.06** | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $13.83 | &nbsp;&nbsp; $10.25 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$532641** | &nbsp;&nbsp; $657085 | &nbsp;&nbsp; $610787 | &nbsp;&nbsp; $543857 | &nbsp;&nbsp; $853454 | &nbsp;&nbsp; $533318 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **5.76%**<sup>c</sup> <br>| &nbsp;&nbsp; 21.34% | &nbsp;&nbsp; 12.38% | &nbsp;&nbsp; (24.03)% | &nbsp;&nbsp; 36.32% | &nbsp;&nbsp; (6.25)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.84**<sup>d</sup> | 0.83 | 0.82 | 0.84 | 0.84 | 0.85 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.73**<sup>d</sup> | 0.72 | 0.72 | 0.72 | 0.71 | 0.70 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.72**<sup>d</sup> | 1.83 | 2.16 | 1.98 | 1.54 | 1.32 |
| Portfolio turnover | &nbsp;&nbsp; **9**<sup>c</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 25 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $11.14 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.11** | 0.20 | 0.21 | 0.20 | 0.16 | 0.10 |
| Net realized and unrealized gain/(loss) on investments | **0.57** | 2.02 | 0.96 | &nbsp;&nbsp; (3.35) | 3.48 | &nbsp;&nbsp; (0.80) |
| Total from investment operations | **0.68** | 2.22 | 1.17 | &nbsp;&nbsp; (3.15) | 3.64 | &nbsp;&nbsp; (0.70) |
| **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) | &nbsp;&nbsp; (0.22) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.36)** | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.22) |
| Net asset value end of period | &nbsp;&nbsp; **$13.02** | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $9.71 | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; $10.22 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$15777** | &nbsp;&nbsp; $11370 | &nbsp;&nbsp; $8506 | &nbsp;&nbsp; $7419 | &nbsp;&nbsp; $9213 | &nbsp;&nbsp; $6446 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **5.60%**<sup>c</sup> <br>| &nbsp;&nbsp; 20.87% | &nbsp;&nbsp; 12.06% | &nbsp;&nbsp; (24.24)% | &nbsp;&nbsp; 35.76% | &nbsp;&nbsp; (6.54)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.17**<sup>d</sup> | 1.16 | 1.15 | 1.17 | 1.17 | 1.18 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.06**<sup>d</sup> | 1.05 | 1.05 | 1.05 | 1.04 | 1.03 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.72**<sup>d</sup> | 1.57 | 1.81 | 1.73 | 1.17 | 0.99 |
| Portfolio turnover | &nbsp;&nbsp; **9**<sup>c</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 25 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $11.17 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.11** | 0.22 | 0.24 | 0.23 | 0.19 | 0.13 |
| Net realized and unrealized gain/(loss) on investments | **0.59** | 2.05 | 0.96 | &nbsp;&nbsp; (3.36) | 3.50 | &nbsp;&nbsp; (0.81) |
| Total from investment operations | **0.70** | 2.27 | 1.20 | &nbsp;&nbsp; (3.13) | 3.69 | &nbsp;&nbsp; (0.68) |
| **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) | &nbsp;&nbsp; (0.24) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.39)** | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.24) |
| Net asset value end of period | &nbsp;&nbsp; **$13.07** | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $10.79 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $13.82 | &nbsp;&nbsp; $10.25 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$214086** | &nbsp;&nbsp; $253607 | &nbsp;&nbsp; $270054 | &nbsp;&nbsp; $248130 | &nbsp;&nbsp; $332503 | &nbsp;&nbsp; $247212 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **5.72%**<sup>c</sup> <br>| &nbsp;&nbsp; 21.24% | &nbsp;&nbsp; 12.28% | &nbsp;&nbsp; (24.04)% | &nbsp;&nbsp; 36.12% | &nbsp;&nbsp; (6.33)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.92**<sup>d</sup> | 0.91 | 0.90 | 0.92 | 0.92 | 0.93 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.81**<sup>d</sup> | 0.80 | 0.80 | 0.80 | 0.79 | 0.78 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.79**<sup>d</sup> | 1.73 | 2.06 | 1.99 | 1.43 | 1.25 |
| Portfolio turnover | &nbsp;&nbsp; **9**<sup>c</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 25 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $11.08 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.09** | 0.17 | 0.19 | 0.18 | 0.14 | 0.09 |
| Net realized and unrealized gain/(loss) on investments | **0.58** | 2.04 | 0.96 | &nbsp;&nbsp; (3.33) | 3.47 | &nbsp;&nbsp; (0.80) |
| Total from investment operations | **0.67** | 2.21 | 1.15 | &nbsp;&nbsp; (3.15) | 3.61 | &nbsp;&nbsp; (0.71) |
| **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) | &nbsp;&nbsp; (0.20) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.35)** | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.20) |
| Net asset value end of period | &nbsp;&nbsp; **$12.96** | &nbsp;&nbsp; $12.64 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $13.70 | &nbsp;&nbsp; $10.17 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$12808** | &nbsp;&nbsp; $11694 | &nbsp;&nbsp; $9705 | &nbsp;&nbsp; $8330 | &nbsp;&nbsp; $10072 | &nbsp;&nbsp; $7037 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **5.50%**<sup>c</sup> <br>| &nbsp;&nbsp; 20.87% | &nbsp;&nbsp; 11.87% | &nbsp;&nbsp; (24.32)% | &nbsp;&nbsp; 35.56% | &nbsp;&nbsp; (6.58)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.27**<sup>d</sup> | 1.27 | 1.26 | 1.28 | 1.29 | 1.30 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.17**<sup>d</sup> | 1.16 | 1.16 | 1.16 | 1.15 | 1.15 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.47**<sup>d</sup> | 1.41 | 1.71 | 1.60 | 1.07 | 0.86 |
| Portfolio turnover | &nbsp;&nbsp; **9**<sup>c</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 25 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $39.00 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.49** | 0.91 | 1.01 | 1.09 | 0.72 | 0.91 |
| Net realized and unrealized gain/(loss) on investments | **3.05** | 7.66 | 4.41 | &nbsp;&nbsp; (12.60) | 11.73 | &nbsp;&nbsp; (2.10) |
| Total from investment operations | **3.54** | 8.57 | 5.42 | &nbsp;&nbsp; (11.51) | 12.45 | &nbsp;&nbsp; (1.19) |
| **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) | &nbsp;&nbsp; (1.29) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &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) | &nbsp;&nbsp; (1.29) |
| Net asset value end of period | &nbsp;&nbsp; **$48.75** | &nbsp;&nbsp; $46.96 | &nbsp;&nbsp; $39.99 | &nbsp;&nbsp; $35.91 | &nbsp;&nbsp; $48.47 | &nbsp;&nbsp; $36.52 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$609046** | &nbsp;&nbsp; $612228 | &nbsp;&nbsp; $535873 | &nbsp;&nbsp; $461129 | &nbsp;&nbsp; $872647 | &nbsp;&nbsp; $871743 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **7.95%**<sup>c</sup> <br>| &nbsp;&nbsp; 21.79% | &nbsp;&nbsp; 15.24% | &nbsp;&nbsp; (24.19)% | &nbsp;&nbsp; 34.23% | &nbsp;&nbsp; (3.35)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.81**<sup>d</sup> | 0.81 | 0.81 | 0.81 | 0.80 | 1.61<sup>i</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.70**<sup>d</sup> | 0.69 | 0.69 | 0.69 | 0.69 | 0.69<sup>i</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.13**<sup>d</sup> | 1.98 | 2.41 | 2.57 | 1.55 | 2.52<sup>i</sup> |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 12 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $39.26 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.44** | 0.76 | 0.88 | 1.02 | 0.57 | 0.47 |
| Net realized and unrealized gain/(loss) on investments | **3.09** | 7.76 | 4.48 | &nbsp;&nbsp; (12.80) | 11.84 | &nbsp;&nbsp; (1.81) |
| Total from investment operations | **3.53** | 8.52 | 5.36 | &nbsp;&nbsp; (11.78) | 12.41 | &nbsp;&nbsp; (1.34) |
| **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) | &nbsp;&nbsp; (1.14) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &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) | &nbsp;&nbsp; (1.14) |
| Net asset value end of period | &nbsp;&nbsp; **$49.49** | &nbsp;&nbsp; $47.54 | &nbsp;&nbsp; $40.45 | &nbsp;&nbsp; $36.29 | &nbsp;&nbsp; $48.95 | &nbsp;&nbsp; $36.78 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$9959** | &nbsp;&nbsp; $8964 | &nbsp;&nbsp; $10643 | &nbsp;&nbsp; $10375 | &nbsp;&nbsp; $15464 | &nbsp;&nbsp; $15825 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **7.78%**<sup>c</sup> <br>| &nbsp;&nbsp; 21.37% | &nbsp;&nbsp; 14.88% | &nbsp;&nbsp; (24.46)% | &nbsp;&nbsp; 33.80% | &nbsp;&nbsp; (3.67)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.14**<sup>d</sup> | 1.14 | 1.14 | 1.14 | 1.14 | 1.65<sup>i</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.03**<sup>d</sup> | 1.02 | 1.02 | 1.02 | 1.02 | 1.02<sup>i</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.89**<sup>d</sup> | 1.64 | 2.08 | 2.40 | 1.22 | 1.61<sup>i</sup> |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 12 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $39.12 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.48** | 0.88 | 0.99 | 1.12 | 0.70 | 0.92 |
| Net realized and unrealized gain/(loss) on investments | **3.06** | 7.69 | 4.42 | &nbsp;&nbsp; (12.71) | 11.76 | &nbsp;&nbsp; (2.15) |
| Total from investment operations | **3.54** | 8.57 | 5.41 | &nbsp;&nbsp; (11.59) | 12.46 | &nbsp;&nbsp; (1.23) |
| **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) | &nbsp;&nbsp; (1.25) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &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) | &nbsp;&nbsp; (1.25) |
| Net asset value end of period | &nbsp;&nbsp; **$48.97** | &nbsp;&nbsp; $47.14 | &nbsp;&nbsp; $40.14 | &nbsp;&nbsp; $36.04 | &nbsp;&nbsp; $48.64 | &nbsp;&nbsp; $36.64 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$2609501** | &nbsp;&nbsp; $2552081 | &nbsp;&nbsp; $2354695 | &nbsp;&nbsp; $2298600 | &nbsp;&nbsp; $3307683 | &nbsp;&nbsp; $2750824 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **7.91%**<sup>c</sup> <br>| &nbsp;&nbsp; 21.69% | &nbsp;&nbsp; 15.14% | &nbsp;&nbsp; (24.25)% | &nbsp;&nbsp; 34.15% | &nbsp;&nbsp; (3.43)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.89**<sup>d</sup> | 0.89 | 0.89 | 0.89 | 0.89 | 1.76<sup>i</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.78**<sup>d</sup> | 0.77 | 0.77 | 0.77 | 0.77 | 0.77<sup>i</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.06**<sup>d</sup> | 1.91 | 2.35 | 2.68 | 1.50 | 2.52<sup>i</sup> |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 12 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $38.65 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.39** | 0.70 | 0.83 | 0.95 | 0.52 | 0.75 |
| Net realized and unrealized gain/(loss) on investments | **3.04** | 7.62 | 4.37 | &nbsp;&nbsp; (12.57) | 11.64 | &nbsp;&nbsp; (2.12) |
| Total from investment operations | **3.43** | 8.32 | 5.20 | &nbsp;&nbsp; (11.62) | 12.16 | &nbsp;&nbsp; (1.37) |
| **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) | &nbsp;&nbsp; (1.06) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &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) | &nbsp;&nbsp; (1.06) |
| Net asset value end of period | &nbsp;&nbsp; **$48.51** | &nbsp;&nbsp; $46.60 | &nbsp;&nbsp; $39.68 | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $48.08 | &nbsp;&nbsp; $36.22 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$243949** | &nbsp;&nbsp; $249387 | &nbsp;&nbsp; $241997 | &nbsp;&nbsp; $246731 | &nbsp;&nbsp; $374773 | &nbsp;&nbsp; $323686 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **7.71%**<sup>c</sup> <br>| &nbsp;&nbsp; 21.28% | &nbsp;&nbsp; 14.71% | &nbsp;&nbsp; (24.53)% | &nbsp;&nbsp; 33.66% | &nbsp;&nbsp; (3.79)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.24**<sup>d</sup> | 1.25 | 1.25 | 1.25 | 1.25 | 2.10<sup>i</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.14**<sup>d</sup> | 1.13 | 1.13 | 1.13 | 1.13 | 1.14<sup>i</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.70**<sup>d</sup> | 1.53 | 1.99 | 2.28 | 1.13 | 2.06<sup>i</sup> |
| Portfolio turnover | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 12 |

---

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** | **Retirement** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$9.88** | &nbsp;&nbsp; **$10.00** |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.08** | **0.05** |
| Net realized and unrealized gain/(loss) on investments | **0.15** | &nbsp;&nbsp; **(0.17)** |
| Total from investment operations | **0.23** | &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; **$10.07** | &nbsp;&nbsp; **$9.88** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$43197** | &nbsp;&nbsp; **$17575** |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **2.30%**<sup>c</sup> <br>| &nbsp;&nbsp; **(1.20)%**<sup>c</sup> <br>|
| Ratio of total expenses to average net assets<sup>^</sup> | **0.95**<sup>d</sup> | **2.97**<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.55**<sup>d</sup> | **0.55**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **1.65**<sup>d</sup> | **0.71**<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **5**<sup>c</sup> | &nbsp;&nbsp; **8**<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
|  | **Institutional** | **Institutional** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Period from** <br>**March 1,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024** |
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$9.87** | &nbsp;&nbsp; **$10.00** |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.05** | **0.08** |
| Net realized and unrealized gain/(loss) on investments | **0.17** | &nbsp;&nbsp; **(0.21)** |
| Total from investment operations | **0.22** | &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; **$10.06** | &nbsp;&nbsp; **$9.87** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$2527** | &nbsp;&nbsp; **$2493** |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **2.25%**<sup>c</sup> <br>| &nbsp;&nbsp; **(1.30)%**<sup>c</sup> <br>|
| Ratio of total expenses to average net assets<sup>^</sup> | **1.03**<sup>d</sup> | **3.05**<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.63**<sup>d</sup> | **0.63**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>e</sup> | **0.98**<sup>d</sup> | **1.24**<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **5**<sup>c</sup> | &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** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.31 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.35** | 0.27 | 0.31 | 0.46 | 0.28 | 0.17 |
| Net realized and unrealized gain/(loss) on investments | **1.17** | 2.67 | 0.52 | &nbsp;&nbsp; (3.14) | 3.79 | &nbsp;&nbsp; (0.09) |
| Total from investment operations | **1.52** | 2.94 | 0.83 | &nbsp;&nbsp; (2.68) | 4.07 | 0.08 |
| **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) | &nbsp;&nbsp; (0.27) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.07)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.35)** | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.27) |
| Net asset value end of period | &nbsp;&nbsp; **$14.41** | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp; $14.02 | &nbsp;&nbsp; $10.12 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$132452** | &nbsp;&nbsp; $11000 | &nbsp;&nbsp; $21125 | &nbsp;&nbsp; $21221 | &nbsp;&nbsp; $19742 | &nbsp;&nbsp; $13790 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **11.87%**<sup>c</sup> <br>| &nbsp;&nbsp; 28.23% | &nbsp;&nbsp; 8.35% | &nbsp;&nbsp; (20.93)% | &nbsp;&nbsp; 40.51% | &nbsp;&nbsp; 0.64% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.87**<sup>d</sup> | 0.93 | 0.99 | 1.16 | 1.19 | 1.35 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.77**<sup>d</sup> | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **5.18**<sup>d</sup> | 2.20 | 2.85 | 4.05 | 2.14 | 1.73 |
| Portfolio turnover | &nbsp;&nbsp; **59**<sup>c</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 80 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.31 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.17** | 0.28 | 0.31 | 0.43 | 0.29 | 0.17 |
| Net realized and unrealized gain/(loss) on investments | **1.34** | 2.64 | 0.51 | &nbsp;&nbsp; (3.12) | 3.77 | &nbsp;&nbsp; (0.11) |
| Total from investment operations | **1.51** | 2.92 | 0.82 | &nbsp;&nbsp; (2.69) | 4.06 | 0.06 |
| **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) | &nbsp;&nbsp; (0.26) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.07)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.34)** | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.26) |
| Net asset value end of period | &nbsp;&nbsp; **$14.38** | &nbsp;&nbsp; $13.21 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $14.01 | &nbsp;&nbsp; $10.11 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$314821** | &nbsp;&nbsp; $218627 | &nbsp;&nbsp; $103206 | &nbsp;&nbsp; $66908 | &nbsp;&nbsp; $33230 | &nbsp;&nbsp; $13226 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **11.81%**<sup>c</sup> <br>| &nbsp;&nbsp; 28.03% | &nbsp;&nbsp; 8.31% | &nbsp;&nbsp; (21.00)% | &nbsp;&nbsp; 40.46% | &nbsp;&nbsp; 0.48% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.95**<sup>d</sup> | 1.01 | 1.07 | 1.24 | 1.27 | 1.43 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.85**<sup>d</sup> | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.59**<sup>d</sup> | 2.21 | 2.82 | 3.85 | 2.16 | 1.65 |
| Portfolio turnover | &nbsp;&nbsp; **59**<sup>c</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 80 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL CORE FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.28 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.14** | 0.23 | 0.30 | 0.38 | 0.23 | 0.14 |
| Net realized and unrealized gain/(loss) on investments | **1.35** | 2.64 | 0.47 | &nbsp;&nbsp; (3.10) | 3.78 | &nbsp;&nbsp; (0.11) |
| Total from investment operations | **1.49** | 2.87 | 0.77 | &nbsp;&nbsp; (2.72) | 4.01 | 0.03 |
| **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) | &nbsp;&nbsp; (0.23) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.07)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.27)** | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.23) |
| Net asset value end of period | &nbsp;&nbsp; **$14.33** | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $10.44 | &nbsp;&nbsp; $9.92 | &nbsp;&nbsp; $13.96 | &nbsp;&nbsp; $10.08 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$6237** | &nbsp;&nbsp; $5685 | &nbsp;&nbsp; $9836 | &nbsp;&nbsp; $2331 | &nbsp;&nbsp; $101 | &nbsp;&nbsp; $35 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **11.62%**<sup>c</sup> <br>| &nbsp;&nbsp; 27.70% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; (21.29)% | &nbsp;&nbsp; 39.98% | &nbsp;&nbsp; 0.14% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.31**<sup>d</sup> | 1.37 | 1.43 | 1.60 | 1.63 | 1.80 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.21**<sup>d</sup> | 1.21 | 1.21 | 1.21 | 1.21 | 1.22 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **2.13**<sup>d</sup> | 1.91 | 2.77 | 3.67 | 1.73 | 1.41 |
| Portfolio turnover | &nbsp;&nbsp; **59**<sup>c</sup> | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 80 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR INTERNATIONAL SMALL CAP FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $12.49 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.14** | 0.34 | 0.35 | 0.27 | 0.28 | 0.07 |
| Net realized and unrealized gain/(loss) on investments | **1.06** | 1.66 | 0.10 | &nbsp;&nbsp; (2.91) | 4.91 | &nbsp;&nbsp; (0.82) |
| Total from investment operations | **1.20** | 2.00 | 0.45 | &nbsp;&nbsp; (2.64) | 5.19 | &nbsp;&nbsp; (0.75) |
| **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) | &nbsp;&nbsp; (0.37) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.32)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.72)** | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (1.10) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.37) |
| Net asset value end of period | &nbsp;&nbsp; **$14.90** | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $12.75 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $16.39 | &nbsp;&nbsp; $11.37 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$86292** | &nbsp;&nbsp; $100570 | &nbsp;&nbsp; $130744 | &nbsp;&nbsp; $30387 | &nbsp;&nbsp; $9559 | &nbsp;&nbsp; $5525 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **8.84%**<sup>c</sup> <br>| &nbsp;&nbsp; 15.73% | &nbsp;&nbsp; 3.47% | &nbsp;&nbsp; (16.94)% | &nbsp;&nbsp; 45.95% | &nbsp;&nbsp; (6.36)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.01**<sup>d</sup> | 0.96 | 0.99 | 1.11 | 1.17 | 1.37 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.82**<sup>d</sup> | 0.83 | 0.86 | 0.88 | 0.88 | 0.88 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.94**<sup>d</sup> | 2.34 | 2.51 | 2.04 | 1.79 | 0.64 |
| Portfolio turnover | &nbsp;&nbsp; **17**<sup>c</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 39 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $12.46 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.12** | 0.15 | 0.30 | 0.29 | 0.20 | 0.06 |
| Net realized and unrealized gain/(loss) on investments | **1.07** | 1.80 | 0.12 | &nbsp;&nbsp; (2.97) | 4.93 | &nbsp;&nbsp; (0.85) |
| Total from investment operations | **1.19** | 1.95 | 0.42 | &nbsp;&nbsp; (2.68) | 5.13 | &nbsp;&nbsp; (0.79) |
| **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) | &nbsp;&nbsp; (0.33) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.32)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.67)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.33) |
| Net asset value end of period | &nbsp;&nbsp; **$15.14** | &nbsp;&nbsp; $14.62 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp; $16.33 | &nbsp;&nbsp; $11.34 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$50** | &nbsp;&nbsp; $46 | &nbsp;&nbsp; $418 | &nbsp;&nbsp; $436 | &nbsp;&nbsp; $487 | &nbsp;&nbsp; $333 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **8.61%**<sup>c</sup> <br>| &nbsp;&nbsp; 15.34% | &nbsp;&nbsp; 3.21% | &nbsp;&nbsp; (17.25)% | &nbsp;&nbsp; 45.44% | &nbsp;&nbsp; (6.65)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.34**<sup>d</sup> | 1.29 | 1.32 | 1.44 | 1.50 | 1.70 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.15**<sup>d</sup> | 1.17 | 1.20 | 1.21 | 1.21 | 1.21 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.74**<sup>d</sup> | 1.05 | 2.13 | 2.12 | 1.30 | 0.49 |
| Portfolio turnover | &nbsp;&nbsp; **17**<sup>c</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 39 |

---

&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** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $12.49 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.13** | 0.33 | 0.36 | 0.32 | 0.24 | 0.09 |
| Net realized and unrealized gain/(loss) on investments | **1.06** | 1.67 | 0.07 | &nbsp;&nbsp; (2.97) | 4.95 | &nbsp;&nbsp; (0.86) |
| Total from investment operations | **1.19** | 2.00 | 0.43 | &nbsp;&nbsp; (2.65) | 5.19 | &nbsp;&nbsp; (0.77) |
| **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) | &nbsp;&nbsp; (0.35) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.32)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.70)** | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.35) |
| Net asset value end of period | &nbsp;&nbsp; **$14.91** | &nbsp;&nbsp; $14.42 | &nbsp;&nbsp; $12.74 | &nbsp;&nbsp; $12.65 | &nbsp;&nbsp; $16.39 | &nbsp;&nbsp; $11.37 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$94540** | &nbsp;&nbsp; $120922 | &nbsp;&nbsp; $194128 | &nbsp;&nbsp; $93640 | &nbsp;&nbsp; $49419 | &nbsp;&nbsp; $25716 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **8.77%**<sup>c</sup> <br>| &nbsp;&nbsp; 15.72% | &nbsp;&nbsp; 3.33% | &nbsp;&nbsp; (17.00)% | &nbsp;&nbsp; 45.87% | &nbsp;&nbsp; (6.48)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.09**<sup>d</sup> | 1.04 | 1.07 | 1.19 | 1.25 | 1.45 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.90**<sup>d</sup> | 0.91 | 0.94 | 0.96 | 0.96 | 0.96 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.82**<sup>d</sup> | 2.28 | 2.55 | 2.32 | 1.53 | 0.76 |
| Portfolio turnover | &nbsp;&nbsp; **17**<sup>c</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 39 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $12.45 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.11** | 0.25 | 0.33 | 0.23 | 0.18 | 0.04 |
| Net realized and unrealized gain/(loss) on investments | **1.06** | 1.69 | 0.07 | &nbsp;&nbsp; (2.92) | 4.93 | &nbsp;&nbsp; (0.84) |
| Total from investment operations | **1.17** | 1.94 | 0.40 | &nbsp;&nbsp; (2.69) | 5.11 | &nbsp;&nbsp; (0.80) |
| **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) | &nbsp;&nbsp; (0.31) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.32)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.64)** | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.31) |
| Net asset value end of period | &nbsp;&nbsp; **$14.87** | &nbsp;&nbsp; $14.34 | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp; $12.58 | &nbsp;&nbsp; $16.32 | &nbsp;&nbsp; $11.34 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$2759** | &nbsp;&nbsp; $2709 | &nbsp;&nbsp; $4388 | &nbsp;&nbsp; $1140 | &nbsp;&nbsp; $1962 | &nbsp;&nbsp; $398 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **8.61%**<sup>c</sup> <br>| &nbsp;&nbsp; 15.30% | &nbsp;&nbsp; 2.98% | &nbsp;&nbsp; (17.29)% | &nbsp;&nbsp; 45.25% | &nbsp;&nbsp; (6.76)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.45**<sup>d</sup> | 1.40 | 1.43 | 1.55 | 1.61 | 1.82 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.26**<sup>d</sup> | 1.27 | 1.30 | 1.32 | 1.32 | 1.33 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.61**<sup>d</sup> | 1.70 | 2.37 | 1.66 | 1.16 | 0.36 |
| Portfolio turnover | &nbsp;&nbsp; **17**<sup>c</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 39 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR LARGE CAP VALUE FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $16.33 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.18** | 0.29 | 0.30 | 0.26 | 0.19 | 0.18 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.19)** | 5.17 | 0.27 | &nbsp;&nbsp; (3.16) | 6.62 | 0.76 |
| Total from investment operations | &nbsp;&nbsp; **(1.01)** | 5.46 | 0.57 | &nbsp;&nbsp; (2.90) | 6.81 | 0.94 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.19)** | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.16) |
| 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) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.61)** | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (1.06) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.16) |
| Net asset value end of period | &nbsp;&nbsp; **$20.97** | &nbsp;&nbsp; $23.59 | &nbsp;&nbsp; $19.01 | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $17.11 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$892475** | &nbsp;&nbsp; $1214491 | &nbsp;&nbsp; $1038551 | &nbsp;&nbsp; $1326142 | &nbsp;&nbsp; $1472349 | &nbsp;&nbsp; $655562 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(4.45)%**<sup>c</sup> <br>| &nbsp;&nbsp; 29.14% | &nbsp;&nbsp; 3.12% | &nbsp;&nbsp; (12.82)% | &nbsp;&nbsp; 40.62% | &nbsp;&nbsp; 5.80% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.65**<sup>d</sup> | 0.64 | 0.65 | 0.64 | 0.64 | 0.64 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.61**<sup>d</sup> | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.63**<sup>d</sup> | 1.29 | 1.53 | 1.26 | 0.90 | 1.08 |
| Portfolio turnover | &nbsp;&nbsp; **6**<sup>c</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 26 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $16.33 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.14** | 0.22 | 0.23 | 0.19 | 0.13 | 0.13 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.19)** | 5.16 | 0.27 | &nbsp;&nbsp; (3.14) | 6.59 | 0.75 |
| Total from investment operations | &nbsp;&nbsp; **(1.05)** | 5.38 | 0.50 | &nbsp;&nbsp; (2.95) | 6.72 | 0.88 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.15)** | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.10) | &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) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.57)** | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.10) |
| Net asset value end of period | &nbsp;&nbsp; **$21.01** | &nbsp;&nbsp; $23.63 | &nbsp;&nbsp; $19.02 | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp; $23.21 | &nbsp;&nbsp; $17.11 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$864** | &nbsp;&nbsp; $886 | &nbsp;&nbsp; $2979 | &nbsp;&nbsp; $3228 | &nbsp;&nbsp; $3941 | &nbsp;&nbsp; $11502 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(4.61)%**<sup>c</sup> <br>| &nbsp;&nbsp; 28.69% | &nbsp;&nbsp; 2.74% | &nbsp;&nbsp; (13.06)% | &nbsp;&nbsp; 40.05% | &nbsp;&nbsp; 5.42% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.98**<sup>d</sup> | 0.97 | 0.98 | 0.97 | 0.97 | 0.97 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.94**<sup>d</sup> | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.30**<sup>d</sup> | 1.01 | 1.19 | 0.92 | 0.64 | 0.78 |
| Portfolio turnover | &nbsp;&nbsp; **6**<sup>c</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 26 |

---

&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** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $16.33 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.17** | 0.27 | 0.28 | 0.25 | 0.18 | 0.17 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.21)** | 5.17 | 0.28 | &nbsp;&nbsp; (3.17) | 6.61 | 0.76 |
| Total from investment operations | &nbsp;&nbsp; **(1.04)** | 5.44 | 0.56 | &nbsp;&nbsp; (2.92) | 6.79 | 0.93 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.15) | &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) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.59)** | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.15) |
| Net asset value end of period | &nbsp;&nbsp; **$20.97** | &nbsp;&nbsp; $23.60 | &nbsp;&nbsp; $19.02 | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp; $23.23 | &nbsp;&nbsp; $17.11 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$395120** | &nbsp;&nbsp; $658681 | &nbsp;&nbsp; $617342 | &nbsp;&nbsp; $751476 | &nbsp;&nbsp; $1049830 | &nbsp;&nbsp; $880755 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(4.54)%**<sup>c</sup> <br>| &nbsp;&nbsp; 29.02% | &nbsp;&nbsp; 3.06% | &nbsp;&nbsp; (12.90)% | &nbsp;&nbsp; 40.52% | &nbsp;&nbsp; 5.72% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.73**<sup>d</sup> | 0.72 | 0.73 | 0.72 | 0.72 | 0.72 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.69**<sup>d</sup> | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.55**<sup>d</sup> | 1.21 | 1.45 | 1.17 | 0.84 | 1.02 |
| Portfolio turnover | &nbsp;&nbsp; **6**<sup>c</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 26 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $16.48 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.13** | 0.19 | 0.22 | 0.17 | 0.10 | 0.11 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.21)** | 5.24 | 0.26 | &nbsp;&nbsp; (3.18) | 6.68 | 0.76 |
| Total from investment operations | &nbsp;&nbsp; **(1.08)** | 5.43 | 0.48 | &nbsp;&nbsp; (3.01) | 6.78 | 0.87 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.07) |
| 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) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.55)** | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.07) |
| Net asset value end of period | &nbsp;&nbsp; **$21.27** | &nbsp;&nbsp; $23.90 | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $19.72 | &nbsp;&nbsp; $23.46 | &nbsp;&nbsp; $17.28 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$22526** | &nbsp;&nbsp; $25983 | &nbsp;&nbsp; $24200 | &nbsp;&nbsp; $26880 | &nbsp;&nbsp; $31192 | &nbsp;&nbsp; $23527 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(4.66)%**<sup>c</sup> <br>| &nbsp;&nbsp; 28.58% | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; (13.15)% | &nbsp;&nbsp; 39.96% | &nbsp;&nbsp; 5.32% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.08**<sup>d</sup> | 1.08 | 1.09 | 1.08 | 1.08 | 1.09 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.05**<sup>d</sup> | 1.05 | 1.05 | 1.05 | 1.05 | 1.06 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.19**<sup>d</sup> | 0.85 | 1.09 | 0.81 | 0.47 | 0.67 |
| Portfolio turnover | &nbsp;&nbsp; **6**<sup>c</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 26 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR MID CAP FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020**<sup>j</sup> <br>|
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.07** | 0.12 | 0.11 | 0.09 | 0.05 | 0.05 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.21)** | 3.12 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.84) | 3.93 | 0.53 |
| Total from investment operations | &nbsp;&nbsp; **(1.14)** | 3.24 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.75) | 3.98 | 0.58 |
| **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) | &nbsp;&nbsp; (0.01) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.02)** | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.11)** | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.01) |
| Net asset value end of period | &nbsp;&nbsp; **$13.63** | &nbsp;&nbsp; $14.88 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $12.45 | &nbsp;&nbsp; $14.52 | &nbsp;&nbsp; $10.57 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$70447** | &nbsp;&nbsp; $80520 | &nbsp;&nbsp; $67565 | &nbsp;&nbsp; $67079 | &nbsp;&nbsp; $37135 | &nbsp;&nbsp; $5148 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(7.72)%**<sup>c</sup> <br>| &nbsp;&nbsp; 27.26% | &nbsp;&nbsp; (0.46)% | &nbsp;&nbsp; (12.36)% | &nbsp;&nbsp; 37.61% | &nbsp;&nbsp; 5.86%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets<sup>^</sup> | **0.86**<sup>d</sup> | 0.86 | 0.89 | 0.92 | 0.93 | 2.28<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.80**<sup>d</sup> | 0.80 | 0.80 | 0.80 | 0.80 | 0.80<sup>d</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.94**<sup>d</sup> | 0.82 | 0.88 | 0.65 | 0.40 | 0.54<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9<sup>c</sup> |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020**<sup>j</sup> <br>|
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.06** | 0.10 | 0.10 | 0.09 | 0.04 | 0.04 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.20)** | 3.13 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.85) | 3.93 | 0.53 |
| Total from investment operations | &nbsp;&nbsp; **(1.14)** | 3.23 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.76) | 3.97 | 0.57 |
| **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) | &nbsp;&nbsp; (0.01) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.02)** | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.10)** | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.01) |
| Net asset value end of period | &nbsp;&nbsp; **$13.63** | &nbsp;&nbsp; $14.87 | &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $12.44 | &nbsp;&nbsp; $14.51 | &nbsp;&nbsp; $10.56 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$86840** | &nbsp;&nbsp; $84601 | &nbsp;&nbsp; $30896 | &nbsp;&nbsp; $21105 | &nbsp;&nbsp; $23710 | &nbsp;&nbsp; $5411 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(7.72)%**<sup>c</sup> <br>| &nbsp;&nbsp; 27.22% | &nbsp;&nbsp; (0.56)% | &nbsp;&nbsp; (12.43)% | &nbsp;&nbsp; 37.54% | &nbsp;&nbsp; 5.75%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets<sup>^</sup> | **0.94**<sup>d</sup> | 0.94 | 0.97 | 1.00 | 1.01 | 2.36<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.88**<sup>d</sup> | 0.88 | 0.88 | 0.88 | 0.88 | 0.88<sup>d</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.85**<sup>d</sup> | 0.69 | 0.79 | 0.64 | 0.27 | 0.46<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9<sup>c</sup> |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR MID CAP FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |  |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020**<sup>j</sup> <br>|
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $10.00 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.04** | 0.06 | 0.05 | 0.04 | &nbsp;&nbsp; (0.01) | 0.01 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.21)** | 3.11 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.84) | 3.91 | 0.53 |
| Total from investment operations | &nbsp;&nbsp; **(1.17)** | 3.17 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.80) | 3.90 | 0.54 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—**<sup>\*</sup> | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; —<sup>\*</sup> | &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; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.02)** | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; —<sup>\*</sup> |
| Net asset value end of period | &nbsp;&nbsp; **$13.62** | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp; $11.91 | &nbsp;&nbsp; $12.37 | &nbsp;&nbsp; $14.44 | &nbsp;&nbsp; $10.54 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$254** | &nbsp;&nbsp; $337 | &nbsp;&nbsp; $559 | &nbsp;&nbsp; $834 | &nbsp;&nbsp; $949 | &nbsp;&nbsp; $455 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(7.91)%**<sup>c</sup> <br>| &nbsp;&nbsp; 26.78% | &nbsp;&nbsp; (0.86)% | &nbsp;&nbsp; (12.72)% | &nbsp;&nbsp; 37.00% | &nbsp;&nbsp; 5.42%<sup>c</sup> <br>|
| Ratio of total expenses to average net assets<sup>^</sup> | **1.29**<sup>d</sup> | 1.30 | 1.33 | 1.36 | 1.38 | 2.73<sup>d</sup> |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.24**<sup>d</sup> | 1.24 | 1.24 | 1.24 | 1.24 | 1.25<sup>d</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.49**<sup>d</sup> | 0.44 | 0.44 | 0.28 | &nbsp;&nbsp; (0.06) | 0.07<sup>d</sup> |
| Portfolio turnover | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9<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 MID CAP VALUE FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $20.82 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.25** | 0.42 | 0.50 | 0.49 | 0.42 | 0.43 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.70)** | 6.30 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (1.18) | 8.21 | &nbsp;&nbsp; (3.73) |
| Total from investment operations | &nbsp;&nbsp; **(1.45)** | 6.72 | 0.19 | &nbsp;&nbsp; (0.69) | 8.63 | &nbsp;&nbsp; (3.30) |
| **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) | &nbsp;&nbsp; (0.54) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.13)** | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15) |
| Total distributions | &nbsp;&nbsp; **(1.51)** | &nbsp;&nbsp; (1.77) | &nbsp;&nbsp; (1.87) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.69) |
| Net asset value end of period | &nbsp;&nbsp; **$24.24** | &nbsp;&nbsp; $27.20 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $23.93 | &nbsp;&nbsp; $24.97 | &nbsp;&nbsp; $16.83 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$87430** | &nbsp;&nbsp; $103927 | &nbsp;&nbsp; $13024 | &nbsp;&nbsp; $43591 | &nbsp;&nbsp; $56156 | &nbsp;&nbsp; $29897 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(5.64)%**<sup>c</sup> <br>| &nbsp;&nbsp; 31.13% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; (2.80)% | &nbsp;&nbsp; 51.99% | &nbsp;&nbsp; (16.55)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.82**<sup>d</sup> | 0.82 | 0.83 | 0.81 | 0.81 | 0.82 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.77**<sup>d</sup> | 0.77 | 0.77 | 0.77 | 0.78 | 0.80 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.89**<sup>d</sup> | 1.57 | 2.11 | 2.00 | 1.78 | 2.39 |
| Portfolio turnover | &nbsp;&nbsp; **6**<sup>c</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $20.98 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.20** | 0.38 | 0.40 | 0.41 | 0.34 | 0.36 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.72)** | 6.35 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.20) | 8.31 | &nbsp;&nbsp; (3.77) |
| Total from investment operations | &nbsp;&nbsp; **(1.52)** | 6.73 | 0.13 | &nbsp;&nbsp; (0.79) | 8.65 | &nbsp;&nbsp; (3.41) |
| **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) | &nbsp;&nbsp; (0.44) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.13)** | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15) |
| Total distributions | &nbsp;&nbsp; **(1.42)** | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.59) |
| Net asset value end of period | &nbsp;&nbsp; **$24.64** | &nbsp;&nbsp; $27.58 | &nbsp;&nbsp; $22.54 | &nbsp;&nbsp; $24.20 | &nbsp;&nbsp; $25.24 | &nbsp;&nbsp; $16.98 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$3471** | &nbsp;&nbsp; $4010 | &nbsp;&nbsp; $3302 | &nbsp;&nbsp; $3291 | &nbsp;&nbsp; $3828 | &nbsp;&nbsp; $4945 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(5.81)%**<sup>c</sup> <br>| &nbsp;&nbsp; 30.70% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; (3.14)% | &nbsp;&nbsp; 51.53% | &nbsp;&nbsp; (16.85)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.15**<sup>d</sup> | 1.15 | 1.16 | 1.14 | 1.14 | 1.15 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.10**<sup>d</sup> | 1.10 | 1.10 | 1.10 | 1.11 | 1.13 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.54**<sup>d</sup> | 1.45 | 1.69 | 1.67 | 1.46 | 1.98 |
| Portfolio turnover | &nbsp;&nbsp; **6**<sup>c</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR MID CAP VALUE FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $20.82 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.23** | 0.44 | 0.47 | 0.47 | 0.40 | 0.40 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.70)** | 6.28 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.18) | 8.21 | &nbsp;&nbsp; (3.73) |
| Total from investment operations | &nbsp;&nbsp; **(1.47)** | 6.72 | 0.17 | &nbsp;&nbsp; (0.71) | 8.61 | &nbsp;&nbsp; (3.33) |
| **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) | &nbsp;&nbsp; (0.51) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.13)** | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15) |
| Total distributions | &nbsp;&nbsp; **(1.48)** | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.66) |
| Net asset value end of period | &nbsp;&nbsp; **$24.26** | &nbsp;&nbsp; $27.21 | &nbsp;&nbsp; $22.25 | &nbsp;&nbsp; $23.93 | &nbsp;&nbsp; $24.97 | &nbsp;&nbsp; $16.83 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$208959** | &nbsp;&nbsp; $236691 | &nbsp;&nbsp; $205100 | &nbsp;&nbsp; $242004 | &nbsp;&nbsp; $355431 | &nbsp;&nbsp; $277767 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(5.69)%**<sup>c</sup> <br>| &nbsp;&nbsp; 31.08% | &nbsp;&nbsp; 0.76% | &nbsp;&nbsp; (2.88)% | &nbsp;&nbsp; 51.87% | &nbsp;&nbsp; (16.64)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.90**<sup>d</sup> | 0.90 | 0.91 | 0.89 | 0.89 | 0.90 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.85**<sup>d</sup> | 0.85 | 0.85 | 0.85 | 0.86 | 0.88 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.79**<sup>d</sup> | 1.71 | 2.01 | 1.93 | 1.71 | 2.25 |
| Portfolio turnover | &nbsp;&nbsp; **6**<sup>c</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $20.78 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.19** | 0.35 | 0.39 | 0.39 | 0.32 | 0.34 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.71)** | 6.27 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.18) | 8.20 | &nbsp;&nbsp; (3.74) |
| Total from investment operations | &nbsp;&nbsp; **(1.52)** | 6.62 | 0.09 | &nbsp;&nbsp; (0.79) | 8.52 | &nbsp;&nbsp; (3.40) |
| **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) | &nbsp;&nbsp; (0.43) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(1.13)** | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15) |
| Total distributions | &nbsp;&nbsp; **(1.38)** | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.58) |
| Net asset value end of period | &nbsp;&nbsp; **$24.29** | &nbsp;&nbsp; $27.19 | &nbsp;&nbsp; $22.23 | &nbsp;&nbsp; $23.90 | &nbsp;&nbsp; $24.93 | &nbsp;&nbsp; $16.80 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$21132** | &nbsp;&nbsp; $26504 | &nbsp;&nbsp; $24373 | &nbsp;&nbsp; $28355 | &nbsp;&nbsp; $32097 | &nbsp;&nbsp; $26785 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(5.87)%**<sup>c</sup> <br>| &nbsp;&nbsp; 30.61% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp; (3.20)% | &nbsp;&nbsp; 51.26% | &nbsp;&nbsp; (16.94)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.26**<sup>d</sup> | 1.26 | 1.27 | 1.25 | 1.25 | 1.27 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.21**<sup>d</sup> | 1.21 | 1.21 | 1.21 | 1.22 | 1.25 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **1.44**<sup>d</sup> | 1.35 | 1.65 | 1.57 | 1.36 | 1.89 |
| Portfolio turnover | &nbsp;&nbsp; **6**<sup>c</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR SMALL CAP GROWTH FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $13.18 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.02)** | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.04) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.51)** | 3.83 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.94) | 5.41 | 3.25 |
| Total from investment operations | &nbsp;&nbsp; **(1.53)** | 3.80 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.95) | 5.34 | 3.21 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.07)** | &nbsp;&nbsp; (0.01) | &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) | &nbsp;&nbsp; (0.48) |
| Total distributions | &nbsp;&nbsp; **(0.50)** | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp; (0.48) |
| Net asset value end of period | &nbsp;&nbsp; **$12.59** | &nbsp;&nbsp; $14.62 | &nbsp;&nbsp; $10.83 | &nbsp;&nbsp; $11.78 | &nbsp;&nbsp; $19.95 | &nbsp;&nbsp; $15.91 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$817038** | &nbsp;&nbsp; $649780 | &nbsp;&nbsp; $369393 | &nbsp;&nbsp; $311509 | &nbsp;&nbsp; $399174 | &nbsp;&nbsp; $348997 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(10.82)%**<sup>c</sup> <br>| &nbsp;&nbsp; 35.14% | &nbsp;&nbsp; (3.63)% | &nbsp;&nbsp; (23.72)% | &nbsp;&nbsp; 34.40% | &nbsp;&nbsp; 24.93% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.79**<sup>d</sup> | 0.80 | 0.80 | 0.80 | 0.79 | 0.81 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.79**<sup>d</sup> | 0.79 | 0.80 | 0.79 | 0.78 | 0.80 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.29)**<sup>d</sup> | &nbsp;&nbsp; (0.20) | 0.03 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.27) |
| Portfolio turnover | &nbsp;&nbsp; **51**<sup>c</sup> | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 95 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $11.98 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.08) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.27)** | 3.24 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (3.43) | 4.86 | 2.94 |
| Total from investment operations | &nbsp;&nbsp; **(1.31)** | 3.18 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (3.48) | 4.74 | 2.86 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; — | &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) | &nbsp;&nbsp; (0.48) |
| Total distributions | &nbsp;&nbsp; **(0.46)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp; (0.48) |
| Net asset value end of period | &nbsp;&nbsp; **$10.60** | &nbsp;&nbsp; $12.37 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $17.80 | &nbsp;&nbsp; $14.36 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$423** | &nbsp;&nbsp; $468 | &nbsp;&nbsp; $419 | &nbsp;&nbsp; $648 | &nbsp;&nbsp; $965 | &nbsp;&nbsp; $866 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(10.98)%**<sup>c</sup> <br>| &nbsp;&nbsp; 34.60% | &nbsp;&nbsp; (3.84)% | &nbsp;&nbsp; (24.00)% | &nbsp;&nbsp; 33.91% | &nbsp;&nbsp; 24.49% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.12**<sup>d</sup> | 1.13 | 1.13 | 1.13 | 1.12 | 1.14 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.12**<sup>d</sup> | 1.12 | 1.13 | 1.12 | 1.11 | 1.13 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.62)**<sup>d</sup> | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.62) |
| Portfolio turnover | &nbsp;&nbsp; **51**<sup>c</sup> | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 95 |

---

&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** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $13.13 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.49)** | 3.79 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (3.91) | 5.38 | 3.24 |
| Total from investment operations | &nbsp;&nbsp; **(1.52)** | 3.75 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.94) | 5.30 | 3.19 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.06)** | &nbsp;&nbsp; —<sup>\*</sup> | &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) | &nbsp;&nbsp; (0.48) |
| Total distributions | &nbsp;&nbsp; **(0.49)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp; (0.48) |
| Net asset value end of period | &nbsp;&nbsp; **$12.47** | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp; $10.73 | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp; $19.84 | &nbsp;&nbsp; $15.84 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$972785** | &nbsp;&nbsp; $1101373 | &nbsp;&nbsp; $609724 | &nbsp;&nbsp; $595476 | &nbsp;&nbsp; $721405 | &nbsp;&nbsp; $633535 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(10.85)%**<sup>c</sup> <br>| &nbsp;&nbsp; 34.99% | &nbsp;&nbsp; (3.66)% | &nbsp;&nbsp; (23.81)% | &nbsp;&nbsp; 34.29% | &nbsp;&nbsp; 24.87% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.87**<sup>d</sup> | 0.88 | 0.88 | 0.88 | 0.87 | 0.89 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.87**<sup>d</sup> | 0.87 | 0.88 | 0.87 | 0.86 | 0.88 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.37)**<sup>d</sup> | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.35) |
| Portfolio turnover | &nbsp;&nbsp; **51**<sup>c</sup> | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 95 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $11.28 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.08) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.14)** | 2.93 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (3.14) | 4.56 | 2.75 |
| Total from investment operations | &nbsp;&nbsp; **(1.18)** | 2.86 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (3.20) | 4.43 | 2.67 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; — | &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) | &nbsp;&nbsp; (0.48) |
| Total distributions | &nbsp;&nbsp; **(0.46)** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp; (0.48) |
| Net asset value end of period | &nbsp;&nbsp; **$9.51** | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $13.47 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$9556** | &nbsp;&nbsp; $15463 | &nbsp;&nbsp; $7503 | &nbsp;&nbsp; $7031 | &nbsp;&nbsp; $8648 | &nbsp;&nbsp; $6811 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(11.02)%**<sup>c</sup> <br>| &nbsp;&nbsp; 34.50% | &nbsp;&nbsp; (4.02)% | &nbsp;&nbsp; (24.05)% | &nbsp;&nbsp; 33.84% | &nbsp;&nbsp; 24.32% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.23**<sup>d</sup> | 1.24 | 1.24 | 1.24 | 1.23 | 1.26 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.23**<sup>d</sup> | 1.23 | 1.24 | 1.23 | 1.23 | 1.25 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| &nbsp;&nbsp; **(0.72)**<sup>d</sup> | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.71) |
| Portfolio turnover | &nbsp;&nbsp; **51**<sup>c</sup> | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 95 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR SMALL CAP VALUE FUND**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** | **Retirement Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $33.55 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.16** | 0.31 | 0.30 | 0.18 | 0.12 | 0.21 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(5.20)** | 9.29 | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (3.38) | 13.54 | &nbsp;&nbsp; (1.59) |
| Total from investment operations | &nbsp;&nbsp; **(5.04)** | 9.60 | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; (3.20) | 13.66 | &nbsp;&nbsp; (1.38) |
| **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) | &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; — | &nbsp;&nbsp; (0.32) |
| Total distributions | &nbsp;&nbsp; **(0.30)** | &nbsp;&nbsp; (2.73) | &nbsp;&nbsp; (2.61) | &nbsp;&nbsp; (2.44) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.52) |
| Net asset value end of period | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; $42.01 | &nbsp;&nbsp; $35.14 | &nbsp;&nbsp; $39.47 | &nbsp;&nbsp; $45.11 | &nbsp;&nbsp; $31.65 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$530959** | &nbsp;&nbsp; $671569 | &nbsp;&nbsp; $572582 | &nbsp;&nbsp; $600143 | &nbsp;&nbsp; $599016 | &nbsp;&nbsp; $300473 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(12.10)%**<sup>c</sup> <br>| &nbsp;&nbsp; 27.96% | &nbsp;&nbsp; (4.29)% | &nbsp;&nbsp; (7.16)% | &nbsp;&nbsp; 43.19% | &nbsp;&nbsp; (4.22)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.80**<sup>d</sup> | 0.80 | 0.80 | 0.80 | 0.79 | 0.80 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.80**<sup>d</sup> | 0.80 | 0.80 | 0.79 | 0.78 | 0.80 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.79**<sup>d</sup> | 0.79 | 0.78 | 0.46 | 0.27 | 0.67 |
| Portfolio turnover | &nbsp;&nbsp; **1**<sup>c</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** | **Administrative Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $33.30 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.09** | 0.19 | 0.18 | 0.05 | &nbsp;&nbsp; (0.02) | 0.10 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(5.17)** | 9.18 | &nbsp;&nbsp; (2.00) | &nbsp;&nbsp; (3.35) | 13.42 | &nbsp;&nbsp; (1.57) |
| Total from investment operations | &nbsp;&nbsp; **(5.08)** | 9.37 | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (3.30) | 13.40 | &nbsp;&nbsp; (1.47) |
| **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) | &nbsp;&nbsp; (0.10) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) |
| Total distributions | &nbsp;&nbsp; **(0.11)** | &nbsp;&nbsp; (2.50) | &nbsp;&nbsp; (2.47) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.42) |
| Net asset value end of period | &nbsp;&nbsp; **$36.45** | &nbsp;&nbsp; $41.64 | &nbsp;&nbsp; $34.77 | &nbsp;&nbsp; $39.06 | &nbsp;&nbsp; $44.72 | &nbsp;&nbsp; $31.41 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$2086** | &nbsp;&nbsp; $2339 | &nbsp;&nbsp; $3435 | &nbsp;&nbsp; $9177 | &nbsp;&nbsp; $11962 | &nbsp;&nbsp; $10082 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(12.23)%**<sup>c</sup> <br>| &nbsp;&nbsp; 27.53% | &nbsp;&nbsp; (4.62)% | &nbsp;&nbsp; (7.45)% | &nbsp;&nbsp; 42.72% | &nbsp;&nbsp; (4.54)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.13**<sup>d</sup> | 1.13 | 1.13 | 1.13 | 1.12 | 1.13 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.13**<sup>d</sup> | 1.13 | 1.13 | 1.12 | 1.11 | 1.13 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.44**<sup>d</sup> | 0.48 | 0.47 | 0.13 | &nbsp;&nbsp; (0.04) | 0.32 |
| Portfolio turnover | &nbsp;&nbsp; **1**<sup>c</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17 |

---

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

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

**HARBOR SMALL CAP VALUE FUND—Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $33.53 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.14** | 0.28 | 0.27 | 0.15 | 0.09 | 0.18 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(5.20)** | 9.28 | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (3.38) | 13.52 | &nbsp;&nbsp; (1.58) |
| Total from investment operations | &nbsp;&nbsp; **(5.06)** | 9.56 | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (3.23) | 13.61 | &nbsp;&nbsp; (1.40) |
| **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) | &nbsp;&nbsp; (0.18) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32) |
| Total distributions | &nbsp;&nbsp; **(0.26)** | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; (2.58) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.50) |
| Net asset value end of period | &nbsp;&nbsp; **$36.66** | &nbsp;&nbsp; $41.98 | &nbsp;&nbsp; $35.12 | &nbsp;&nbsp; $39.44 | &nbsp;&nbsp; $45.07 | &nbsp;&nbsp; $31.63 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1434263** | &nbsp;&nbsp; $1712027 | &nbsp;&nbsp; $1362890 | &nbsp;&nbsp; $1493462 | &nbsp;&nbsp; $2023164 | &nbsp;&nbsp; $1350681 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(12.13)%**<sup>c</sup> <br>| &nbsp;&nbsp; 27.85% | &nbsp;&nbsp; (4.36)% | &nbsp;&nbsp; (7.22)% | &nbsp;&nbsp; 43.11% | &nbsp;&nbsp; (4.33)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **0.88**<sup>d</sup> | 0.88 | 0.88 | 0.88 | 0.87 | 0.88 |
| Ratio of net expenses to average net assets<sup>e</sup> | **0.88**<sup>d</sup> | 0.88 | 0.88 | 0.87 | 0.86 | 0.88 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.70**<sup>d</sup> | 0.69 | 0.70 | 0.38 | 0.20 | 0.59 |
| Portfolio turnover | &nbsp;&nbsp; **1**<sup>c</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **6-Month** <br>**Period Ended** <br>**April 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | **(Unaudited)** |  |  |  |  |  |
| 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 | &nbsp;&nbsp; $32.56 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>e,b</sup> | **0.07** | 0.13 | 0.13 | 0.01 | &nbsp;&nbsp; (0.06) | 0.07 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(5.01)** | 8.93 | &nbsp;&nbsp; (1.94) | &nbsp;&nbsp; (3.28) | 13.12 | &nbsp;&nbsp; (1.55) |
| Total from investment operations | &nbsp;&nbsp; **(4.94)** | 9.06 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (3.27) | 13.06 | &nbsp;&nbsp; (1.48) |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.11)** | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05) | &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; — | &nbsp;&nbsp; (0.32) |
| Total distributions | &nbsp;&nbsp; **(0.11)** | &nbsp;&nbsp; (2.56) | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (2.36) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.37) |
| Net asset value end of period | &nbsp;&nbsp; **$35.27** | &nbsp;&nbsp; $40.32 | &nbsp;&nbsp; $33.82 | &nbsp;&nbsp; $38.09 | &nbsp;&nbsp; $43.72 | &nbsp;&nbsp; $30.71 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$29673** | &nbsp;&nbsp; $36261 | &nbsp;&nbsp; $33012 | &nbsp;&nbsp; $38722 | &nbsp;&nbsp; $64544 | &nbsp;&nbsp; $51370 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return<sup>f</sup> | &nbsp;&nbsp; **(12.29)%**<sup>c</sup> <br>| &nbsp;&nbsp; 27.40% | &nbsp;&nbsp; (4.72)% | &nbsp;&nbsp; (7.56)% | &nbsp;&nbsp; 42.56% | &nbsp;&nbsp; (4.67)% |
| Ratio of total expenses to average net assets<sup>^</sup> | **1.24**<sup>d</sup> | 1.24 | 1.24 | 1.24 | 1.23 | 1.25 |
| Ratio of net expenses to average net assets<sup>e</sup> | **1.24**<sup>d</sup> | 1.24 | 1.24 | 1.23 | 1.23 | 1.25 |
| Ratio of net investment income/(loss) to average net <br> assets<sup>e</sup><br>| **0.34**<sup>d</sup> | 0.35 | 0.34 | 0.01 | &nbsp;&nbsp; (0.15) | 0.23 |
| Portfolio turnover | &nbsp;&nbsp; **1**<sup>c</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17 |

---

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

------

⬤

------

**Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

---

| | |
|:---|:---|
| \* | Less than $0.01 |
| ^ | Percentage does not reflect reduction for credit balance arrangements (see the "Custodian" section in Note 2 of the accompanying Notes <br> to Financial Statements).<br>|
| 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. |
| i | The net investment income ratio includes dividends and interest income and related tax compliance fee and interest expense, from foreign <br> tax reclaims and interest received by the Fund. The ratios of total expenses to average net assets include the tax compliance fee and related <br> interest expense due to this receipt of foreign tax reclaims and interest income by the Fund. For the year ended October 31, 2020, the ratios <br> of net expenses to average net assets including tax compliance fee for the Retirement Class, Institutional Class, Administrative Class, and <br> Investor Class were 1.49%, 1.64%, 1.53%, and 1.98%, respectively.<br>|
| j | For the period December 1, 2019 (inception) through October 31, 2020. |

---

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

------

⬤

------

**Notes to Financial Statements—April 30, 2025 (Unaudited)**

------

**NOTE 1—ORGANIZATIONAL MATTERS**

Harbor Funds and Harbor Funds II (each a "Trust" and collectively, the "Trusts") are registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as open-end management investment companies. As of April 30, 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) that are traded on a national securities exchange or system (except securities listed on the National Association of Securities Dealers Automated Quotation ("NASDAQ") system and United Kingdom securities) are valued at the last sale price on a national exchange or system on which they are principally traded as of the valuation date. Securities listed on the NASDAQ system or a United Kingdom exchange are valued at the official closing price of those securities. In the case of securities for which there are no sales on the valuation day, (i) securities traded principally on a U.S. exchange, including NASDAQ, are valued at the mean (or average) of the closing bid and ask price; and (ii) securities traded principally on a foreign exchange, including United Kingdom securities, are valued at the official bid price determined as of the close of the primary exchange. Shares of open-end registered investment companies that are held by a Fund are valued at net asset value. To the extent these securities are actively traded and fair valuation adjustments

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

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 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.

Swap agreements (including over-the-counter ("OTC") and centrally cleared swaps) generally derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. The value of swap agreements 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 issuer details, indices, exchange rates, interest rates, yield curves, and credit spreads, that are observed from actively quoted markets. 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.

------

⬤

------

**Notes to Financial Statements—Continued**

------

**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.

------

⬤

------

**Notes to Financial Statements—Continued**

------

**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.

Management 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, 2021–2023), if applicable, including all positions expected to be taken upon filing the 2024 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.

**Custodian**

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

**Foreign Currency Translations**

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

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

**Proceeds from Litigation**

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

**Inflation Indexed Bonds**

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

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

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

**Futures Contracts**

A futures contract is an agreement between two parties to buy or sell a specified financial instrument at a set price on a future date. Futures contracts tend to increase or decrease a Fund's exposure to the underlying instrument or can be used to hedge other Fund investments.

Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities or other liquid securities equal to the minimum "initial margin" requirements of the exchange. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the fluctuation in value of the contract referred to as "variation margin." Such receipts or payments are recorded by a Fund as unrealized gains or losses. When the contract is closed or expires, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund may suffer losses if it is unable to close out its position because of an illiquid secondary market. There is no assurance that a Fund will be able to close out its position when the Fund considers it appropriate or desirable to do so. In the event of adverse price movements, a Fund may be required to continue making cash payments to maintain its required margin. If a Fund has insufficient cash, it may have to sell portfolio securities to meet margin requirements at a time when the Fund would not otherwise elect to do so. In addition, a Fund may be required to deliver or take delivery of instruments. The maximum potential loss on a long futures contract is the U.S. dollar value of the notional amount at the time the contract is opened. The potential loss on a short futures contract is unlimited. There is minimal counterparty risk with futures contracts as they are traded on an exchange and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default.

During the period, Embark Commodity Strategy Fund (Consolidated) used futures contracts to gain exposure to the commodities markets.

**Options**

An option is a contract that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date (exercise date). Purchased call options tend to increase a Fund's exposure to the underlying instrument. Purchased put options tend to decrease a Fund's exposure to the underlying instrument.

When a Fund purchases an option, it pays a premium. If a purchased option expires, a Fund realizes a loss in the amount of the premium. If a Fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option. If a call option is exercised by a Fund, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If a put option is exercised by a Fund, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium originally paid. The risk associated with purchasing options is limited to the premium paid. A Fund's maximum risk of loss from counterparty credit risk is also limited to the premium paid for the contract.

During the period, Embark Commodity Strategy Fund (Consolidated) purchased option contracts to manage its exposure to the commodities markets.

**Rights and Warrants**

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

A Fund may acquire rights or warrants in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. The value of a right or warrant may not necessarily change with the value of the underlying securities. When a Fund acquires rights or warrants, it runs the risk that it will lose its entire investment in the rights or warrants, unless the Fund exercises the right or warrant, acquires the underlying securities, or enters into a closing transaction before expiration. Rights and warrants cease to have value if they are not exercised prior to their expiration date.

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for rights or other warrants that expire are treated as realized losses. If a Fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the rights or warrants.

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

**Swap Agreements**

A swap is a contract between two parties to exchange future cash flows at specified intervals (payment dates) based upon a notional principal amount during the agreed-upon life of the contract. Swap agreements may be privately negotiated in the over-the-counter market ("OTC swaps") or may be cleared through a third party, known as a central clearing party or derivatives clearing organization ("centrally cleared swaps").

Swaps are fair valued daily and changes in value are recorded as unrealized appreciation or depreciation on the Statements of Operations.

Upon entering a swap agreement, any payments received or made at the beginning of the measurement period are reflected in the Statements of Assets and Liabilities and represent a reconciling value to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. If a liquidation payment is received or made at the termination of the swap, it is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Daily changes to the fair value of centrally cleared swaps are recorded as Variation margin receivable or payable on centrally cleared swap agreements in the Statements of Assets and Liabilities and are settled daily. An initial margin, typically in form of cash or qualifying highly liquid, high-quality short-term investments, is paid to the central clearing party, derivatives clearing organization or counterparty when the swap contract is executed and is recorded as Due from brokers on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit risk, market risk and interest rate risk in excess of the amount recognized in the Statements of Assets and Liabilities. Such risks include the possibility that there is not a liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. A Fund's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life or the value of the contract. This risk is typically mitigated by the existence of a master netting arrangement between a Fund and the counterparty, the posting of collateral by the counterparty, and the central clearing party, as counterparty to all centrally cleared swaps, guaranteeing the performance of the swaps through the margin requirements.

<u>Excess Return Swaps</u> are agreements between counterparties to exchange the return of a given underlying index. Under the terms of the agreement, a Fund will make payments based on a set rate in exchange for payments from the counterparty based on the return of the underlying assets comprising the index. If the returns on the underlying assets are positive, the counterparty will pay the Fund, and if the returns are negative, the Fund will make payments to the counterparty. The excess return swap held by Embark Commodity Strategy Fund (Consolidated) which generally is reset monthly, may be terminated by the Fund at any time.

During the period, Embark Commodity Strategy Fund (Consolidated) used excess return swaps to gain exposure to commodities markets.

<u>Total Return Swaps</u> are agreements between counterparties to exchange the return of a given underlying asset, including any income it generates and appreciation in value, in exchange for a set rate, either fixed or variable. Under the terms of a total return swap, one counterparty pays out the total return of a specific referenced asset or index and in return receives a regular stream of payments. To the extent the total return of an asset or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty.

During the period, the Embark Commodity Strategy Fund (Consolidated) used total return swaps to gain exposure to commodities market.

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

**Other Matters**

The Funds in the normal course of business invest in financial instruments where the risk of potential loss exists due to changes in the market, economic, political and regulatory developments, as well as events such as war, terrorism or spread of infectious disease (market risk) or failure or inability of the counterparty to a transaction to perform (credit and counterparty risk). In addition, certain Funds invest 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.

**New Accounting Pronouncement**

During the period, each Fund adopted Financial Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The main objective of this ASU is to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The adoption of the ASU did not change how the Funds identify operating segments but did require incremental disclosure of information not previously required.

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.

**NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS**

**Investment Portfolio Transactions**

Purchases and sales of investments, other than short-term securities and U.S. government obligations, for each Fund for the period ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>|
| Embark Commodity Strategy Fund (Consolidated) | &nbsp;&nbsp; $245418 | &nbsp;&nbsp; $82510 |
| Embark Small Cap Equity Fund | &nbsp;&nbsp; 739410 | &nbsp;&nbsp; 675997 |
| Harbor Capital Appreciation Fund | &nbsp;&nbsp; 4030103 | &nbsp;&nbsp; 7903134 |
| Harbor Convertible Securities Fund | &nbsp;&nbsp; 18255 | &nbsp;&nbsp; 17160 |
| Harbor Core Bond Fund | &nbsp;&nbsp; 510828 | &nbsp;&nbsp; 301660 |
| Harbor Core Plus Fund | &nbsp;&nbsp; 337682 | &nbsp;&nbsp; 256127 |
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; 75944 | &nbsp;&nbsp; 261447 |
| Harbor International Fund | &nbsp;&nbsp; 219660 | &nbsp;&nbsp; 373379 |
| Harbor International Compounders Fund | &nbsp;&nbsp; 26124 | &nbsp;&nbsp; 1545 |
| Harbor International Core Fund | &nbsp;&nbsp; 372132 | &nbsp;&nbsp; 187012 |
| Harbor International Small Cap Fund | &nbsp;&nbsp; 31102 | &nbsp;&nbsp; 87338 |
| Harbor Large Cap Value Fund | &nbsp;&nbsp; 94747 | &nbsp;&nbsp; 587166 |
| Harbor Mid Cap Fund | &nbsp;&nbsp; 20648 | &nbsp;&nbsp; 13767 |
| Harbor Mid Cap Value Fund | &nbsp;&nbsp; 22147 | &nbsp;&nbsp; 52821 |
| Harbor Small Cap Growth Fund | &nbsp;&nbsp; 1182170 | &nbsp;&nbsp; 946901 |
| Harbor Small Cap Value Fund | &nbsp;&nbsp; 16274 | &nbsp;&nbsp; 161866 |

---

**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. There were no in-kind redemptions from the Funds for the period ended April 30, 2025. 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.

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS—Continued** 

**Securities Lending**

Each Fund, except for Embark Commodity Strategy Fund, may engage in securities lending, whereby a Fund lends its securities to financial institutions in order to increase its income. The Trusts have engaged State Street Bank and Trust Company to act as its agent (the "Lending Agent") with respect to the lending of portfolio securities of the Funds, pursuant to the terms and conditions of a Securities Lending Authorization Agreement (the "SLA Agreement"). Securities loans are required to be secured at all times during the term of the loan by collateral that is at least equal to the value of the loaned securities determined at the close of each business day. Collateral may consist of cash and/or securities issued by the U.S. Treasury. Any additional collateral that may be required to secure a loan is delivered to the Fund on the next business day. Cash collateral is recognized as the gross liability for securities loaned in the Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the Lending Agent on behalf of the Funds, and the Funds do not have the ability to rehypothecate those securities. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio (the "Navigator Portfolio"), a money market mutual fund that seeks to provide income while maintaining a stable net asset value of $1.00. There is no assurance that the Navigator Portfolio will maintain a stable net asset value and the Funds are subject to the risk of loss on the cash collateral invested. A portion of the earnings generated by the investment of the cash collateral is rebated to the borrower for the use of the cash collateral and these earnings (less any rebate) are then divided between the Fund and the Lending Agent, as a fee for its services, according to agreed-upon rates. The Lending Agent and a Fund will share in any shortfall in the rebate due to the borrower, according to agreed-upon rates.

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

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

The following table shows the Funds that engaged in securities lending during the period and summarizes the value of equity securities loaned and related cash and non-cash collateral as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **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; $66730 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70299 |
| Harbor Diversified International All Cap Fund | &nbsp;&nbsp; 2202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2351 |
| Harbor International Fund | &nbsp;&nbsp; 7438 | &nbsp;&nbsp; 7846 | &nbsp;&nbsp; — |
| Harbor International Core Fund | &nbsp;&nbsp; 3146 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 2100 |
| Harbor International Small Cap Fund | &nbsp;&nbsp; 2603 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2737 |
| Harbor Large Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Small Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**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.

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued** 

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

---

| | | |
|:---|:---|:---|
|  | **Contractual Rate** | **Actual Rate** |
| 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 rate 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 period, 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  | 1.10  | 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  | 1.13  | 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**

------

**NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued** 

**Distributor**

Harbor Funds Distributors, Inc. (the "Distributor"), a wholly-owned subsidiary of Harbor Capital, is the distributor for Harbor Funds' shares. Under the 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 period ended April 30, 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 period, the Funds did not enter into any transactions with any other Harbor fund.

**Shareholders**

As of April 30, 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; 1100684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1100684 | 49.2<br> %<br>|

---

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued** 

**Independent Trustees**

The fees and expenses of the Independent Trustees are included in "Trustees' fees and expenses" on each Fund's Statement of Operations.

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 identified cost for federal income tax purposes of investments owned by each Fund and its respective gross unrealized appreciation and depreciation as of April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $2537677<br>| &nbsp;&nbsp; $101693 | &nbsp;&nbsp; $(113884)<br>| &nbsp;&nbsp; $(12191)<br>|
| Embark Small Cap Equity Fund <sup>\*</sup> | &nbsp;&nbsp; 1661789<br>| &nbsp;&nbsp; 115038 | &nbsp;&nbsp; (245083)<br>| &nbsp;&nbsp; (130045)<br>|
| Harbor Capital Appreciation Fund  | &nbsp;&nbsp; 9548103<br>| &nbsp;&nbsp; 15021857 | &nbsp;&nbsp; (403814)<br>| &nbsp;&nbsp; 14618043 |
| Harbor Convertible Securities Fund <sup>\*</sup> | &nbsp;&nbsp; 24194<br>| &nbsp;&nbsp; 1616 | &nbsp;&nbsp; (710)<br>| &nbsp;&nbsp; 906 |
| Harbor Core Bond Fund <sup>\*</sup> | &nbsp;&nbsp; 1389522<br>| &nbsp;&nbsp; 12884 | &nbsp;&nbsp; (11254)<br>| &nbsp;&nbsp; 1630 |
| Harbor Core Plus Fund <sup>\*</sup> | &nbsp;&nbsp; 1237763<br>| &nbsp;&nbsp; 10930 | &nbsp;&nbsp; (74757)<br>| &nbsp;&nbsp; (63827)<br>|
| Harbor Diversified International All Cap Fund <sup>\*</sup> | &nbsp;&nbsp; 565008<br>| &nbsp;&nbsp; 250637 | &nbsp;&nbsp; (42590)<br>| &nbsp;&nbsp; 208047 |
| Harbor International Fund <sup>\*</sup> | &nbsp;&nbsp; 2518637<br>| &nbsp;&nbsp; 1097518 | &nbsp;&nbsp; (173510)<br>| &nbsp;&nbsp; 924008 |
| Harbor International Compounders Fund <sup>\*</sup> | &nbsp;&nbsp; 44644<br>| &nbsp;&nbsp; 2942 | &nbsp;&nbsp; (2415)<br>| &nbsp;&nbsp; 527 |
| Harbor International Core Fund  | &nbsp;&nbsp; 400143<br>| &nbsp;&nbsp; 61201 | &nbsp;&nbsp; (9360)<br>| &nbsp;&nbsp; 51841 |
| Harbor International Small Cap Fund  | &nbsp;&nbsp; 165330<br>| &nbsp;&nbsp; 26464 | &nbsp;&nbsp; (14003)<br>| &nbsp;&nbsp; 12461 |
| Harbor Large Cap Value Fund  | &nbsp;&nbsp; 799584<br>| &nbsp;&nbsp; 518269 | &nbsp;&nbsp; (16678)<br>| &nbsp;&nbsp; 501591 |
| Harbor Mid Cap Fund  | &nbsp;&nbsp; 143632<br>| &nbsp;&nbsp; 27261 | &nbsp;&nbsp; (15822)<br>| &nbsp;&nbsp; 11439 |
| Harbor Mid Cap Value Fund  | &nbsp;&nbsp; 285150<br>| &nbsp;&nbsp; 78537 | &nbsp;&nbsp; (49104)<br>| &nbsp;&nbsp; 29433 |
| Harbor Small Cap Growth Fund <sup>\*</sup> | &nbsp;&nbsp; 1701698<br>| &nbsp;&nbsp; 191770 | &nbsp;&nbsp; (187295)<br>| &nbsp;&nbsp; 4475 |
| Harbor Small Cap Value Fund <sup>\*</sup> | &nbsp;&nbsp; 1363661<br>| &nbsp;&nbsp; 723054 | &nbsp;&nbsp; (156892)<br>| &nbsp;&nbsp; 566162 |

---

------

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

**NOTE 6—DERIVATIVES**

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

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 6—DERIVATIVES—Continued** 

Each Fund's derivative instruments outstanding as of the period ended April 30, 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 period as disclosed in the Statement of Operations, are indicators of the volume of derivative activity for each Fund.

**Derivative Instruments**

As of April 30, 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; $97503 |
| Purchased options (included in Investments, at value) | &nbsp;&nbsp; 612 |
| **Liabilities** |  |
| Unrealized depreciation on OTC swap agreements | &nbsp;&nbsp; — |
| Variation margin on futures contracts<sup>a</sup> | &nbsp;&nbsp; (109700)<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 period ended April 30, 2025, were:

---

| | |
|:---|:---|
| **Embark Commodity Strategy Fund (CONSOLIDATED)** | **Embark Commodity Strategy Fund (CONSOLIDATED)** |
|  | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $99888 |
| Purchased options (included in Investments) | &nbsp;&nbsp; 4394 |
| Swap agreements | &nbsp;&nbsp; 29327 |
| Net realized gain/(loss) on derivatives | &nbsp;&nbsp; $133609 |
|  | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $(49852)<br>|
| Purchased options (included in Investments) | &nbsp;&nbsp; 354 |
| Swap agreements | &nbsp;&nbsp; — |
| Change in net unrealized appreciation/(depreciation) on derivatives | &nbsp;&nbsp; $(49498)<br>|

---

&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>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) 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 period ended April 30, 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 April 30, 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 April 30, 2025.

**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 | $— | $32730 | $— |
| RBC Dominion Securities |  | 31595 |  |
| **Embark Cayman Fund IV Ltd. (Subsidiary)**<sup>a</sup> <br>|  |  |  |
| Macquarie Bank Limited | $— | $43000 | $— |

---

&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 listed in the above table, cash of $43,000 included in "Due from broker" on the Consolidated Statement of Assets and <br> Liabilities, was pledged as collateral for 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.

------

⬤

------

**Notes to Financial Statements—Continued**

------

**NOTE 8—SUBSEQUENT EVENTS**

At the meeting held on May 18-20, 2025, the Board of Trustees voted to discontinue the offering of the Administrative Class shares in Harbor International Core Fund and Harbor Mid Cap Fund effective May 30, 2025. There were no shareholders invested in the Administrative Class of these Funds since the respective inception dates of the Funds.

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

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)**

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

The fees and expenses of the independent trustees are included in "Trustees' fees and expenses" on each Fund's Statement of Operations as part of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

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

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

At a meeting of the Board held on February 21-22, 2025 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved the continuation of each Investment Advisory Agreement with Harbor Capital, the adviser to each Fund, and each Subadvisory Agreement with each Fund's subadviser (each, a "Subadviser") with respect to Harbor Capital Appreciation Fund, Harbor Convertible Securities Fund, Harbor Core Bond Fund, Harbor Core Plus Fund, Harbor Diversified International All Cap Fund, Harbor International Core Fund, Harbor International Fund, Harbor International Small Cap Fund, Harbor Large Cap Value Fund, Harbor Mid Cap Fund, Harbor Mid Cap Value Fund, Harbor Small Cap Growth Fund, Harbor Small Cap Value Fund, Embark Commodity Strategy Fund, and Embark Small Cap Equity Fund (each a "Fund" and, collectively, the "Funds"). The Trustees noted that the Investment Advisory Agreement and Subadvisory Agreement for Harbor International Compounders Fund were in their initial two-year terms and therefore not up for renewal at the meeting.

In evaluating each Investment Advisory Agreement and each Subadvisory Agreement, the Trustees reviewed materials furnished by Harbor Capital and each Subadviser, including information about their respective affiliates, personnel, and operations, and also relied upon their knowledge of Harbor Capital and the Subadvisers resulting from their quarterly meetings, periodic telephonic meetings and other prior communications. In connection with the Meeting, which had been called for the purpose of considering the continuation of the Investment Advisory Agreements and Subadvisory Agreements, and at prior meetings, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to Fund performance and the services rendered by Harbor Capital and each Subadviser. These materials included a comprehensive written response from Harbor Capital to a 15(c) request letter prepared by legal counsel to the Independent Trustees in consultation with the Independent Trustees. The Trustees also discussed with representatives of Harbor Capital, at the Meeting and at prior meetings, the Trust's operations and Harbor Capital's ability, consistent with the "manager-of-managers" structure of many Harbor funds, to (i) identify and recommend to the Trustees a subadviser for each such Fund, (ii) monitor and oversee the performance and investment capabilities of each subadviser, and (iii) recommend the replacement of a subadviser where appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisers for particular Harbor funds in circumstances in which the Board and Harbor Capital had determined that a change in subadviser was in the best interests of a fund and its shareholders, whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadviser's investment style, (ii) prolonged style inconsistency, (iii) material adverse changes in management or personnel, or (iv) other factors, such as if Harbor Capital were to identify another subadviser believed to better serve the shareholders than the existing subadviser.

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

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

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

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

Among the factors considered by the Trustees were the following:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The profitability of Harbor Capital with respect to each Fund, including the effect of revenues of Harbor Services Group, Inc. ("Harbor Services Group"), the Funds' transfer agent, and Harbor Funds Distributors, Inc. ("Harbor Funds Distributors"), the Funds' principal underwriter, on such profitability;

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Funds' advisory fees relative to the advisory fees that Harbor Capital charges to manage certain collective investment trusts using the same strategies as certain of the Funds, though the Trustees did not consider these comparisons to be a material factor given Harbor Capital's greater level of responsibilities and additional services provided with respect to the Funds, as well as the more extensive regulatory requirements and risks associated with managing the Funds.

**Nature, Extent, and Quality of Services**

The Trustees separately considered the nature, extent, and quality of the services provided by Harbor Capital and each Subadviser. In their deliberations as to the approval of each Fund's Investment Advisory Agreement and Subadvisory Agreement(s), the Trustees were mindful of the fact that, by choosing to invest in a Fund, the shareholders had entrusted Harbor Capital with

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

the responsibility, subject to the approval of the Trustees, for selecting each Fund's Subadviser, overseeing and monitoring that Subadviser's performance and replacing the Subadviser if necessary. The Trustees also considered as relevant to their determination the favorable history, reputation, qualifications and background of Harbor Capital and each Subadviser, as well as the qualifications of their respective personnel.

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

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

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

**Investment Performance, Advisory Fees and Expense Ratios**

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

**Harbor Capital Appreciation Fund.** The Trustees considered Harbor Capital Appreciation Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the one- and five-year periods, outperformed its Broadridge universe median for the three-year period ended December 31, 2024, and was equal to its Broadridge group median for the three-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the second quartile for the periods ended December 31, 2024. The Trustees also considered that the Fund had underperformed its benchmark, the Russell 1000® Growth Index, for the one-, three- and five-year periods ended December 31, 2024.

The Trustees considered the expertise of Jennison Associates LLC ("Jennison") in managing assets generally and specifically with respect to the Fund's strategy, noting that Jennison managed approximately $83.3 billion in assets in this strategy, out of a firm-wide total of approximately $211 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $28.3 billion, showed that the Fund's contractual management fee was above the group median for the Institutional Class. The Broadridge data showed that the actual total expense ratio for the Fund's Institutional Class was below its group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2026. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor Convertible Securities Fund**. The Trustees considered Harbor Convertible Securities Fund (inception date May 1, 2011), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2024, and underperformed its Broadridge group and universe medians for the five-year period ended December 31, 2024. The Morningstar data presented showed that the

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

Fund's one-, three- and five-year rolling returns ranked in the first, first and third quartiles, respectively, for the periods ended December 31, 2024. The Trustees also considered that the Fund had outperformed its benchmark, the ICE Bank of America U.S. Convertible Bond Index, for the one- and three-year periods, and underperformed the benchmark for the five-year period ended December 31, 2024.

The Trustees noted that BlueCove Limited ("BlueCove") was appointed as the Fund's subadviser effective March 1, 2023, and therefore performance prior to that date was not attributable to BlueCove.

The Trustees considered the expertise of BlueCove in managing assets generally and in fixed income securities specifically, noting that BlueCove managed approximately $25.5 million in assets in the Fund's strategy, out of a firm-wide total of $5.3 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $25 million, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio of the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2026. The Trustees noted that Harbor Capital's profitability in operating the Fund was negative.

**Harbor Core Bond Fund.** The Trustees considered Harbor Core Bond Fund (inception date June 1, 2018), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge universe median for the one-, three- and five-year periods ended December 31, 2024, was equal to its Broadridge group median for the five-year period ended December 31, 2024, and underperformed its Broadridge group median for the one- and three-year periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year period rolling returns each ranked in the second quartile for the periods ended December 31, 2024. The Trustees also considered that the Fund had outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three- and five-year periods ended December 31, 2024.

The Trustees considered the expertise of Income Research & Management ("IR+M") in managing assets generally and in the core bond strategy specifically, noting that IR+M managed approximately $25.7 billion in assets in this strategy, out of a firm-wide total of approximately $109 billion in assets under management as of December 31, 2024. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $1.2 billion, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio of the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2026. The Trustees noted that Harbor Capital's profitability in operating the Fund was negative.

**Harbor Core Plus Fund.** The Trustees considered Harbor Core Plus Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2024, outperformed its Broadridge universe median for the five-year period ended December 31, 2024, and underperformed its Broadridge group median for the five-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the second quartile for the periods ended December 31, 2024. The Trustees considered that the Fund had outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three- and five-year periods ended December 31, 2024.

The Trustees noted that IR+M was appointed as the Fund's subadviser effective February 2, 2022, and therefore performance prior to that date was not attributable to IR+M.

The Trustees considered the expertise of IR+M in managing assets generally and in the core plus strategy specifically, noting that IR+M managed approximately $2.3 billion in core plus assets out of a firm-wide total of approximately $109 billion in assets under management as of December 31, 2024. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $1.2 billion, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio of the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2026. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**Harbor Diversified International All Cap Fund.** The Trustees considered Harbor Diversified International All Cap Fund (inception date November 2, 2015), noting that, according to the Broadridge report, the Fund's Institutional Class had underperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the third quartile for the periods ended December 31, 2024. The Trustees also considered that the Fund had underperformed its benchmark, the MSCI All Country World Ex. U.S. (ND) Index, for the one-, three- and five-year periods ended December 31, 2024.

The Trustees considered the expertise of Marathon Asset Management Limited ("Marathon-London") in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Marathon-London managed approximately $3.9 billion in assets in this strategy, out of a firm-wide total of approximately $36.8 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $950 million, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital intended to raise the Fund's contractual expense limit and that this revised contractual fee waiver/expense reimbursement arrangement would remain in effect until at least February 28, 2026. The Trustees noted, however, that the proposed increased expense limit remained below the group and universe medians. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor International Fund.** The Trustees considered Harbor International Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the three-year period ended December 31, 2024, outperformed it Broadridge universe for the five-year period ended December 2024, underperformed its Broadridge group and universe medians for the one-year period ended December 31, 2024, and underperformed its Broadridge group median for the five-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the third, second and second quartiles, respectively, for the periods ended December 31, 2024. The Trustees considered that the Fund had outperformed its benchmark, the MSCI EAFE® (ND) Index, for the one- and five-year periods ended December 31, 2024, and underperformed the benchmark for the three-year period ended December 31, 2024.

The Trustees considered the expertise of Marathon-London in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Marathon-London managed approximately $18.6 billion in this strategy, out of a firm-wide total of approximately $36.8 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $3.43 billion, showed the Fund's management fee was equal to the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital intended to raise the Fund's contractual expense limit and that this revised contractual fee waiver/expense reimbursement arrangement would remain in effect until at least February 28, 2026. The Trustees noted, however, that the proposed increased expense limit remained below the group and universe medians. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor International Core Fund.** The Trustees considered Harbor International Core Fund (inception date March 1, 2019), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns each ranked in the first quartile for the periods ended December 31, 2024. The Trustees considered that the Fund had outperformed its benchmark, the MSCI EAFE (ND) Index, for the one-, three- and five-year periods ended December 31, 2024.

The Trustees considered the expertise of Acadian Asset Management LLC ("Acadian") in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Acadian managed approximately $7.8 billion in assets in this strategy, out of a firm-wide total of approximately $106.7 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $250 million, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2026. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**Harbor International Small Cap Fund.** The Trustees considered Harbor International Small Cap Fund (inception date February 1, 2016), noting that, according to the Broadridge report, the Fund's Institutional Class had underperformed its Broadridge group and universe medians for the one-, three-year and five-year periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the fourth, fourth and third quartile, respectively, for the periods ended December 31, 2024. The Trustees considered that the Fund had outperformed its benchmark, the MSCI EAFE Small Cap (ND) Index, for the three- and five-year periods ended December 31, 2024, and underperformed the benchmark for the one-year period ended December 31, 2024. The Trustees noted, in addition, that based on data for the periods ended December 31, 2024, the Fund had outperformed the benchmark over recent short-term periods (one and three months).

The Trustees considered the expertise of Cedar Street Asset Management LLC ("Cedar Street") in managing assets generally and in the international small cap strategy specifically, noting that Cedar Street managed approximately $300.9 million in assets in this strategy out of a firm-wide total of approximately $580.1 million in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy. The Trustees further noted that Harbor Capital owns a less than 5% non-voting ownership stake in Cedar Street and that, in addition, Harbor Capital and Cedar Street have entered into an arrangement by which Harbor Capital may acquire a less than 35% ownership stake in Cedar Street in the event that the firm seeks to sell equity in the firm to a third party.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $225 million, showed the Fund's management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to a contractual fee waiver/expense reimbursement arrangement with the Fund until at least February 28, 2026. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor Large Cap Value Fund.** The Trustees considered Harbor Large Cap Value Fund (inception date December 29, 1987), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the five-year period ended December 31, 2024, and underperformed its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the fourth, fourth and second quartile, respectively, for the periods ended December 31, 2024. The Trustees also considered that the Fund had outperformed its benchmark, the Russell 1000 Value Index, for the five-year period ended December 31, 2024, and underperformed the benchmark for the one- and three-year periods ended December 31, 2024.

The Trustees considered the expertise of Aristotle Capital Management, LLC ("Aristotle") in managing assets generally and in large cap value strategies specifically, noting that Aristotle managed approximately $44.6 billion in assets in the value equity strategy used by the Fund, out of a firm-wide total of approximately $53.6 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $1.93 billion, showed the Fund's management fee was equal to the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below its group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund's contractual fee waiver/expense reimbursement arrangement until at least February 28, 2026. The Trustees noted that the Adviser's profitability in operating the Fund was not excessive.

**Harbor Mid Cap Fund.** The Trustees considered Harbor Mid Cap Fund (inception date December 1, 2019), noting that, according to the Broadridge report, the Fund's Institutional Class was equal to its Broadridge group median for the five-year period ended December 31, 2024, underperformed its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2024, and underperformed its Broadridge universe median for the five-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one- and three-year rolling returns ranked in the fourth, fourth and third quartile, respectively, for the period ended December 31, 2024. The Trustees also considered that the Fund had underperformed its benchmark, the Russell Midcap® Index, for the one-, three- and five-year periods ended December 31, 2024.

The Trustees considered the expertise of EARNEST Partners LLC ("EARNEST") in managing assets generally and in the mid cap strategy specifically, noting that EARNEST managed approximately $3.3 billion in assets in this strategy, out of a firm-wide total of approximately $34.3 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio manager in this strategy, noting that he is the founder of EARNEST.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $175 million, showed the Fund's management fee was equal to the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

median and above the universe median. The Trustees also considered that Harbor Capital had agreed to continue the Fund's contractual fee waiver/expense reimbursement arrangement until at least February 28, 2026. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor Mid Cap Value Fund.** The Trustees considered Harbor Mid Cap Value Fund (inception date March 1, 2002), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge universe median for the one-, three- and five-year periods ended December 31, 2024, outperformed its Broadridge group median for the three-year period ended December 31, 2024, was equal to its Broadridge group median for one-year period ended December 31, 2024, and underperformed its Broadridge group median for the five-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the second, first and second quartile, respectively, for the periods ended December 31, 2024. The Trustees considered that the Fund had outperformed its benchmark, the Russell Midcap® Value Index, for the three- and five-year periods ended December 31, 2024, and underperformed the benchmark for one-year period ended December 31, 2024.

The Trustees considered the expertise of LSV Asset Management ("LSV") in managing assets generally and in the mid cap value strategy specifically, noting that LSV managed approximately $1.96 billion in assets in this strategy, out of a firm-wide total of approximately $91.1 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy, noting that one of the portfolio managers was a founding partner of LSV.

The Trustees noted that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $375 million, showed the Fund's management fee was equal to the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group median and above the universe median. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2026. The Trustees noted that the Adviser's profitability in operating the Fund was not excessive.

**Harbor Small Cap Growth Fund.** The Trustees considered Harbor Small Cap Growth Fund (inception date November 1, 2000), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the three- and five-year periods ended December 31, 2024, and underperformed its Broadridge group and universe medians for the one-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the fourth, second and second quartile, respectively, for the periods ended December 31, 2024. The Trustees also considered that the Fund had underperformed its benchmark, the Russell 2000® Growth Index, for the one- and three-year periods ended December 31, 2024, and outperformed its benchmark for its five-year period ended December 31, 2024.

The Trustees considered the expertise of Westfield Capital Management Company, L.P. ("Westfield") in managing assets generally and in the small cap growth strategy specifically, noting that Westfield Capital managed approximately $4 billion in assets in this strategy, out of a firm-wide total of approximately $23.6 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $1.78 billion, showed the Fund's contractual management fee was below the group median for the Institutional Class. The Broadridge data also showed that the Fund's actual total expense ratio for the Fund's Institutional Class was below the group and universe medians. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Harbor Small Cap Value Fund.** The Trustees considered Harbor Small Cap Value Fund (inception date December 14, 2001), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2024, and underperformed its Broadridge group and universe medians for the five-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the second, second and third quartile, respectively, for the periods ended December 31, 2024. The Trustees also considered that the Fund outperformed its benchmark, the Russell 2000® Value Index, for the one-, three- and five-year periods ended December 31, 2024.

The Trustees considered the expertise of EARNEST in managing assets generally and in the small cap value strategy specifically, noting that EARNEST managed approximately $5.3 billion in assets in this strategy, out of a firm-wide total of approximately $34.3 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio manager in this strategy, noting that he is the founder of EARNEST.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $2.43 billion, showed the Fund's management fee was below the group median. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe median expense ratios. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**Embark Commodity Strategy Fund.** The Trustees considered Embark Commodity Strategy Fund (inception date January 23, 2024), noting that, according to the Broadridge report, the Fund's Institutional Class had outperformed its Broadridge group and universe medians for the since inception period ended December 31, 2024. The Morningstar data presented showed that the Fund's since inception returns ranked in the second quartile for the since inception period ended December 31, 2024. The Trustees also considered that the Fund outperformed its benchmark, the Bloomberg Commodity Total Return Index, for the since inception period ended December 31, 2024. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of AQR Capital Management, LLC, CoreCommodity Management, LLC, Neuberger Berman Investment Advisers LLC, Quantix Commodities LP, Schroder Investment Management North America Inc. and Schroder Investment Management North America Ltd., and SummerHaven Investment Management, LLC in the strategies they use to manage their respective sleeves of the Fund.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $2.93 billion, showed the Fund's management fee was below the group median. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2026. The Trustees noted that Harbor Capital's profitability in operating the Fund was not excessive.

**Embark Small Cap Equity Fund.** The Trustees considered Embark Small Cap Equity Fund (inception date January 30, 2024), noting that, according to the Broadridge report, the Fund's Institutional Class had underperformed its Broadridge group and universe medians for the since inception period ended December 31, 2024. The Morningstar data presented showed that the Fund's since inception returns ranked in the fourth quartile. The Trustees also considered that the Fund underperformed its benchmark, the Russell 2000® Index, for the since inception period ended December 31, 2024. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of Copeland Capital Management, LLC, Granahan Investment Management LLC, Hotchkis and Wiley Capital Management, LLC, Punch & Associates Investment Management, Inc., Reinhart Partners LLC, Shapiro Capital Management LLC, and Westfield in the strategies for which they provide model portfolios.

The Trustees observed that the Broadridge comparison of contractual management fees for the Fund's expense group, assuming an asset level of $1.7 billion, showed the Fund's management fee was below the group median. The Broadridge data also showed that the actual total expense ratio for the Fund's Institutional Class was below the group and universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund's existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2026. The Trustees noted that Harbor Capital's profitability in operating the Fund was negative.

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

**Profitability**

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

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

------

⬤

------

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**Economies of Scale**

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

------

⬤

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

⬤

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

⬤

------

![](imgf053e1993.jpg)

![](imgca312f764.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 INVESTMENT ADVISORY CONTRACT**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 12 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 13 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 14 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS**

Not applicable

**ITEM 15 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

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

**ITEM 16 – CONTROLS AND PROCEDURES**

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

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

**ITEM 17 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 18 – RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

Not applicable

**ITEM 19 – EXHIBITS**

(a) [A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) is attached hereto.](hfi-efp16249_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.](hfi-efp16249_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed June 23, 2025 on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **HARBOR FUNDS II** | **HARBOR FUNDS II** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain |
|  | Chairman, President and Trustee |
|  | (Principal Executive Officer) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Charles F. McCain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and Trustee | June 23, 2025 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ John M. Paral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer (Principal Financial | June 23, 2025 |
|  | John M. Paral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Accounting Officer) |  |

---

Exhibit Index

---

| | |
|:---|:---|
| Number | Description |
| 99.CERT1 | [Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).](hfi-efp16249_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)).](hfi-efp16249_ex99cert.htm#ex99cert2) |
| 99.906CERT | [Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).](hfi-efp16249_ex99906cert.htm) |

---

## Ex-99.Cert

**EX-99.CERT1**

**CERTIFICATION**

I, **Charles F. McCain**, certify that:

1. I have reviewed this report on Form N-CSR of Harbor Funds II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 23, 2025 | /s/ Charles F. McCain |
|  | Charles F. McCain |
|  | Chairman, President and Trustee |
|  | (Principal Executive Officer) |

---

**EX-99.CERT2**

**CERTIFICATION**

I, **John M. Paral**, certify that:

1. I have reviewed this report on Form N-CSR of Harbor Funds II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 23, 2025 | /s/ John M. Paral |
|  | John M. Paral |
|  | 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 II (the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's report on Form N-CSR for the period ended April 30, 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 | June 23, 2025 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ John M. Paral | &nbsp;&nbsp;&nbsp;Treasurer (Principal Financial | June 23, 2025 |
|  | John M. Paral | &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.