Harbor Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-4676

Harbor Funds

(Exact name of Registrant as specified in charter)

111 South Wacker Drive, 34^th Floor

Chicago, Illinois 60606-4302

(Address of principal executive offices) (Zip code)


David G. Van Hooser		Christopher P. Harvey, Esq.
HARBOR FUNDS		DECHERT LLP
111 South Wacker Drive, 34^th Floor Chicago, Illinois 60606-4302		One International Place – 40^th 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, 2015

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):

LOGO

Semi-Annual Report

April 30, 2015

Domestic Equity Funds



	Institutional Class		Administrative Class	Investor Class

Growth

Harbor Capital Appreciation Fund	HACAX		HRCAX	HCAIX

Harbor Mid Cap Growth Fund	HAMGX		HRMGX	HIMGX

Harbor Small Cap Growth Fund	HASGX		HRSGX	HISGX

Harbor Small Cap Growth Opportunities Fund	HASOX		HRSOX	HISOX

Value

Harbor Large Cap Value Fund	HAVLX		HRLVX	HILVX

Harbor Mid Cap Value Fund	HAMVX		HRMVX	HIMVX

Harbor Small Cap Value Fund	HASCX	��	HSVRX	HISVX

Table of Contents


Semi-Annual Report Overview			1

Letter from the Chairman			3

Growth Funds

HARBOR CAPITAL APPRECIATION FUND
Managers’ Commentary			5
Fund Summary			7
Fund Performance Summary			8
Portfolio of Investments			9

HARBOR MID CAP GROWTH FUND
Managers’ Commentary			12
Fund Summary			14
Fund Performance Summary			15
Portfolio of Investments			16

HARBOR SMALL CAP GROWTH FUND
Managers’ Commentary			20
Fund Summary			22
Fund Performance Summary			23
Portfolio of Investments			24

HARBOR SMALL CAP GROWTH OPPORTUNITIES FUND
Managers’ Commentary			27
Fund Summary			29
Fund Performance Summary			30
Portfolio of Investments			31

Value Funds

HARBOR LARGE CAP VALUE FUND
Manager’s Commentary			34
Fund Summary			36
Fund Performance Summary			37
Portfolio of Investments			38

HARBOR MID CAP VALUE FUND
Managers’ Commentary			40
Fund Summary			42
Fund Performance Summary			43
Portfolio of Investments			44

HARBOR SMALL CAP VALUE FUND
Manager’s Commentary			48
Fund Summary			50
Fund Performance Summary			51
Portfolio of Investments			52

Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES			55

STATEMENTS OF OPERATIONS			56

STATEMENTS OF CHANGES IN NET ASSETS			57

FINANCIAL HIGHLIGHTS			61

Notes to Financial Statements			69


Fees and Expense Example			80

Additional Information

PROXY VOTING			82

HOUSEHOLDING			82

QUARTERLY PORTFOLIO DISCLOSURES			82

ADVISORY AGREEMENT APPROVALS			82

TRUSTEES AND OFFICERS			89

Harbor’s Privacy Statement			91

Glossary			92

This document must be preceded or accompanied by a Prospectus.

Harbor Domestic Equity Funds

SEMI-ANNUAL REPORT OVERVIEW (Unaudited)

The first half of the fiscal year ended April 30, 2015. The performance figures for each of the Harbor Funds shown below assume the reinvestment of dividends and capital gains, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of shares of the Funds. From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be discontinued at any time without notice. For information on the different share classes, please refer to the current prospectus. The returns of the unmanaged indices assume the reinvestment of dividends but do not reflect fees and expenses. The indices are not available for direct investment.

Performance data shown represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the past performance data shown. Investment returns and the value of an investment will fluctuate, and an investor’s shares, when sold, may be worth more or less than their original cost. You can obtain performance data current to the most recent month-end (available within seven business days after the most recent month-end) by calling 800-422-1050 or by visiting harborfunds.com.


	Unannualized Total Return 6 Months Ended April 30, 2015
	Institutional Class			Administrative Class			Investor Class
GROWTH FUNDS
Harbor Capital Appreciation Fund		7.47	%		7.32	%		7.27	%
Harbor Mid Cap Growth Fund		7.06			6.97			6.90
Harbor Small Cap Growth Fund		10.39			10.23			10.10
Harbor Small Cap Growth Opportunities Fund		2.19			2.10			1.91
VALUE FUNDS
Harbor Large Cap Value Fund		6.99	%		6.85	%		6.75	%
Harbor Mid Cap Value Fund		4.87			4.71			4.68
Harbor Small Cap Value Fund		3.94			3.81			3.75


COMMONLY USED MARKET INDICES	Unannualized Total Return 6 Months Ended April 30, 2015
Standard & Poor’s 500 (S&P 500); large cap, domestic equity		4.40	%
Russell 1000^® Growth; large cap, domestic equity		6.54
Russell Midcap^® Growth; mid cap, domestic equity		7.77
Russell 2000^® Growth; small cap, domestic equity		7.25
Russell 1000^® Value; large cap, domestic equity		2.89
Russell Midcap^® Value; mid cap, domestic equity		3.83
Russell 2000^® Value; small cap, domestic equity		2.05

Harbor Domestic Equity Funds

SEMI-ANNUAL REPORT OVERVIEW—Continued


	EXPENSE RATIOS¹															Morningstar Average² (Unaudited)
	2011*			2012*			2013*			2014*			2015^b			Morningstar Average² (Unaudited)
HARBOR DOMESTIC EQUITY FUNDS
Harbor Capital Appreciation Fund
Institutional Class		0.66	%		0.66	%		0.65	%		0.65	%		0.64	%		0.90	%
Administrative Class		0.91			0.91			0.90			0.90			0.89			1.21
Investor Class		1.03			1.03			1.02			1.02			1.01			1.27
Harbor Mid Cap Growth Fund
Institutional Class		0.85	%		0.85	%		0.84	%		0.83	%		0.84	%		1.04	%
Administrative Class		1.10			1.10			1.09			1.08			1.09			1.35
Investor Class		1.22			1.22			1.21			1.20			1.21			1.36
Harbor Small Cap Growth Fund
Institutional Class		0.84	%		0.84	%		0.83	%		0.83	%		0.83	%		1.13	%
Administrative Class		1.09			1.09			1.08			1.08			1.08			1.44
Investor Class		1.21			1.21			1.20			1.20			1.20			1.47
Harbor Small Cap Growth Opportunities Fund
Institutional Class		N/A			N/A			N/A			0.90	%^a		0.90	%		1.13	%
Administrative Class		N/A			N/A			N/A			1.15	^a		1.15			1.44
Investor Class		N/A			N/A			N/A			1.27	^a		1.27			1.47
Harbor Large Cap Value Fund
Institutional Class		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.87	%
Administrative Class		0.93			0.93			0.93			0.93			0.93			1.16
Investor Class		1.05			1.05			1.05			1.05			1.05			1.20
Harbor Mid Cap Value Fund
Institutional Class		0.95	%		0.95	%		0.93	%		0.89	%		0.85	%		0.96	%
Administrative Class		1.20			1.20			1.18			1.14			1.11			1.28
Investor Class		1.32			1.32			1.30			1.26			1.23			1.31
Harbor Small Cap Value Fund
Institutional Class		0.84	%		0.85	%		0.84	%		0.84	%		0.84	%		1.08	%
Administrative Class		1.09			1.10			1.09			1.09			1.09			1.47
Investor Class		1.21			1.22			1.21			1.21			1.21			1.53

Audited.

1	Harbor Funds’ expense ratios are for operating expenses for the fiscal years ended October 31 (unless otherwise noted) and are shown net of all expense offsets, waivers and reimbursements (see Financial Highlights).

The Morningstar Average includes all actively managed no-load funds in the April 30, 2015 Morningstar Universe with the same investment style as the comparable Harbor fund’s portfolio and with the following additional characteristics for each Harbor Funds share class: Institutional Class contains funds with 12b-1 fees less than or equal to 0.25%; Administrative Class contains funds with 12b-1 fees and which are restricted primarily for use by retirement plans; and Investor Class contains funds with 12b-1 fees and a minimum investment less than $50,000.

a	Annualized figures for the period February 1, 2014 (inception) through October 31, 2014.

b	Unaudited annualized figures for the six-month period ended April 30, 2015.

Letter from the Chairman

David G. Van Hooser

Chairman

Dear Fellow Shareholder:

U.S. stock indices had positive returns for the first half of fiscal 2015, supported by accommodative monetary policies of the Federal Reserve and central banks of other countries. The Wilshire 5000 Total Market Index, a measure of the broad domestic equity market, had a return of 4.64% for the six months ended April 30, 2015. Growth stocks outperformed value stocks across all capitalization ranges.

The positive market performance was achieved despite several investor concerns, including the strength of the U.S. dollar that tends to reduce reported foreign earnings of U.S. headquartered multinational companies and makes U.S. exports more expensive to foreign buyers. Sluggish global economic activity and continuing geopolitical tensions added to investor concerns. The sharp decline in crude oil prices in 2014 was expected to favorably affect consumer spending although severe winter weather in many parts of the country dampened consumer spending.

Harbor Domestic Equity Funds

Harbor’s domestic equity funds generally performed well in the fiscal first half with most funds outperforming their benchmarks.

Harbor Capital Appreciation Fund returned 7.47%, beating its Russell 1000^® Growth Index benchmark by 93 basis points, or 0.93 percentage point, while Harbor Mid Cap Growth Fund returned 7.06%, lagging its Russell Midcap^® Growth Index benchmark by 71 basis points. (All Harbor returns cited are for each fund’s Institutional Class shares.) Harbor Small Cap Growth Fund recorded a return of 10.39%, beating its Russell 2000^® Growth Index benchmark by 314 basis points, while Harbor Small Cap Growth Opportunities Fund returned 2.19%, trailing its Russell 2000^® Growth Index benchmark by 506 basis points.

Each of our value-style domestic equity funds outperformed its benchmark index, led by Harbor Large Cap Value Fund, which posted a return of 6.99%, beating its benchmark, the Russell 1000^® Value Index, by 410 basis points. Harbor Mid Cap Value Fund returned 4.87%, outpacing its Russell Midcap^® Value Index benchmark by 104 basis points, while Harbor Small Cap Value Fund returned 3.94%, outperforming its Russell 2000^® Value Index benchmark by 189 basis points.

As always, we recommend that shareholders maintain a long-term perspective in evaluating all of their investments, including Harbor Funds. Comments by the portfolio managers of each domestic equity fund can be found in the pages preceding each Fund’s portfolio of investments.


		RETURNS FOR PERIODS ENDED APRIL 30, 2015
		Unannualized						Annualized
Domestic Equities	��	6 Months			1 Year			5 Years			10 Years			30 Years
Wilshire 5000 Total Market (entire U.S. stock market)			4.64	%		12.52	%		14.26	%		8.88	%		11.00	%
S&P 500 (large cap stocks)			4.40			12.98			14.33			8.32			11.09
Russell Midcap^® (mid cap stocks)			5.87			13.30			15.09			10.27			12.55
Russell 2000^® (small cap stocks)			4.65			9.71			12.73			9.18			9.90
Russell 3000^® Growth			6.59			16.50			15.45			9.69			10.41
Russell 3000^® Value			2.82			8.96			13.15			7.54			11.24

International & Global
MSCI EAFE (ND) (foreign stocks)			6.81	%		1.66	%		7.40	%		5.62	%		9.04	%
MSCI World (ND) (global stocks)			5.09			7.41			10.51			6.87			9.44
MSCI Emerging Markets (ND) (emerging markets)			3.92			7.80			3.02			9.58			N/A

Strategic Markets
Bloomberg Commodity Index Total Return^SM			-11.87	%		-24.69	%		-5.02	%		-2.44	%		N/A

Fixed Income
BofA Merrill Lynch U.S. High-Yield (high-yield bonds)			1.51	%		2.57	%		8.18	%		8.28	%		N/A
Barclays U.S. Aggregate Bond (domestic bonds)			2.06			4.46			4.12			4.75			7.33	%
BofA Merrill Lynch 3-Month U.S. Treasury Bill (proxy for money market returns)			0.01			0.02			0.09			1.47			3.90
Barclays U.S. TIPS (inflation-linked bonds)			1.28			2.48			3.96			4.43			N/A

International Equity, Strategic Markets, and Fixed Income

International stock markets moved higher in the first half of fiscal 2015 as investors responded favorably to new monetary easing initiatives by central banks in Europe, Japan and other countries. The U.S. dollar strengthened against most international currencies, boosting the competitiveness of foreign exporters. Shares of companies based in developed overseas markets returned 6.81%, as measured by the MSCI EAFE (ND) Index, while emerging markets equities returned 3.92%, as measured by the MSCI Emerging Markets (ND) Index. The MSCI World (ND) Index, a measure of global equities including the U.S., returned 5.09%. (All international and global returns are in U.S. dollars.)

Commodity markets finished broadly lower for the first half of fiscal 2015, driven in part by the decline in crude oil prices and the stronger U.S. dollar. The Bloomberg Commodity Index Total Return^SM, an unmanaged index of futures contracts on a diversified group of physical commodities, returned -11.87%.

Fixed income markets generated modest gains in the first half of fiscal 2015. The Federal Reserve indicated its willingness to begin gradually raising short-term rates if warranted by certain signs of continued economic growth in the U.S. By contrast, against a backdrop of economic weakness and subdued inflation, a number of central banks outside the U.S., including Europe and Japan, introduced new monetary stimulus measures.

The broad U.S. investment-grade bond market returned 2.06% for the fiscal first half, as measured by the Barclays U.S. Aggregate Bond Index. Below investment-grade bonds returned 1.51%, as measured by the BofA Merrill Lynch U.S. High Yield Index. Inflation-linked bonds, as measured by the Barclays U.S. TIPS Index, returned 1.28%. Money market investments again produced barely positive returns as the Federal Reserve continued to hold its federal funds target rate at the 0.0% to 0.25% range.

Disciplined Approach

Although stocks and bonds may provide solid long-term returns, as indicated in the table on the preceding page, financial markets can be very volatile in the short run. Given the uncertainty of markets, a disciplined approach and a diversified portfolio can be useful tools in helping investors to manage risk. At Harbor Funds, we offer a range of actively-managed equity, strategic markets and fixed income funds to assist investors in establishing an investment plan to help achieve their long-term goals.

Thank you for your investment in Harbor Funds.

June 24, 2015

LOGO

David G. Van Hooser

Chairman

Harbor Capital Appreciation Fund

MANAGERS’ COMMENTARY (Unaudited)

SUBADVISER

Jennison Associates LLC

466 Lexington Avenue New York, NY 10017

PORTFOLIO MANAGERS

Spiros Segalas

Since 1990

Kathleen A. McCarragher

Since 2013

Jennison has subadvised the Fund since 1990.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

PRINCIPAL STYLE CHARACTERISTICS

Mid to large cap growth stocks

LOGO

Spiros Segalas

LOGO

Kathleen A. McCarragher

Management’s Discussion of

Fund Performance

MARKET REVIEW

Weak energy prices and a strong U.S. dollar were key influences on the global economic landscape in the six months ended April 30, 2015. The U.S. remained the strongest of the major global economies. Europe struggled to avert Greece’s looming default even as the country’s new government called for less economic austerity. Tensions between Russia and Ukraine remained elevated with little hint of improvement. China’s growth continued to slow despite talk of stimulus and easing in lending markets. Brazil flirted with recession. Japan showed little economic improvement, although its stock market made steady progress as investors hoped a weaker yen would boost exports. These challenges, combined with uncertainty about the timing and pace of anticipated monetary tightening in the U.S., contributed to continued volatility in global financial markets.

PERFORMANCE

Harbor Capital Appreciation Fund advanced 7.47% (Institutional Class), 7.32% (Administrative Class), and 7.27% (Investor Class) in the six months ended April 30, 2015, outperforming the Russell 1000^® Growth Index benchmark, which rose 6.54%. From a longer-term perspective, the Fund outperformed the benchmark for the 10 years ended April 30, 2015, and since its inception in 1987.

With the exception of Energy and Utilities, every sector in the benchmark advanced, but only Consumer Discretionary, Information Technology, and Health Care outpaced the index as a whole. With substantial weights in these three sectors, the Fund posted strong returns and outperformed the benchmark.

In Consumer Discretionary, major contributors to Fund returns included Amazon.com, Netflix, and Starbucks. Amazon continued to invest in its business to drive unit growth, not only in its core retail operations but also in digital commerce via the mobile market. We like Amazon’s potential for long-term revenue growth and margin expansion, as well as its business opportunities in cloud-computing infrastructure. Internet television network Netflix added millions of net new subscribers. We believe several factors have strengthened the long-term competitive positioning of the company, including a shift toward exclusive deals and original content, increasing pricing power, international expansion, and the company’s scale advantage. The strength of the Starbucks brand and the company’s innovation in mobile and loyalty programs helped drive customer traffic and robust sales.

In the Information Technology sector, Apple’s strength reflected expanding global acceptance of its platform. We expect that new products and updates will sustain the company’s attractive revenue growth. Red Hat, the market-leading vendor of Linux, an open-source computer operating system, benefited from several secular trends, including a shift from the UNIX operating system to Linux, increased use of open-source programs and services, and cloud computing. Tencent Holdings performed well thanks to its leading position in China’s online gaming and instant-messaging markets as well as its growing e-commerce, advertising, and payment-service efforts. In contrast, another Chinese Internet company, Alibaba, was hurt by worries related to changes in keyword search, the

Harbor Capital Appreciation Fund

MANAGERS’ COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
Apple Inc.			6.2%
Facebook Inc.			3.4%
MasterCard Inc.			3.4%
Amazon.com Inc.			3.3%
Visa Inc.			2.6%
Biogen Inc.			2.4%
NIKE Inc.			2.4%
Bristol-Myers Squibb Co.			2.2%
Walt Disney Co.			2.2%
Actavis plc			2.1%

transition to more mobile-device-based transactions, and an at-times-unsettled relationship with its main corporate regulator in China. We believe Alibaba, with its dominant market share, offers an attractive opportunity to invest in the long-term growth of the Chinese e-commerce market, which in our view is meaningfully under-penetrated.

In the Health Care sector, Actavis completed its acquisition of Allergan, which makes dermatology and eye-care products. After several acquisitions, Actavis is now a major pharmaceutical company with a global scope and a product line including both branded and generic drugs. We believe the Allergan acquisition should enhance the rate and duration of Actavis’s growth. Novo Nordisk, the world’s leading maker of insulin, rose as a new insulin product, already available in Europe and other markets, moved closer to approval in the U.S.

Declines in Gilead Sciences and Alexion Pharmaceuticals during the fiscal first half followed strong outperformance by both stocks in the preceding months. Gilead’s weakness reflected indications that hepatitis C drug pricing, as a result of contracts with pharmacy benefits managers, is declining. Gilead’s Sovaldi and Harvoni drugs have set a new standard for hepatitis C treatment, curing the vast majority of patients in about 12 weeks with few side effects. Gilead’s oncology pipeline also looks promising, in our view. We believe the decline in Alexion was probably related to delays in the launch of a new product for a rare genetic metabolic disorder and concerns about competition for its lead product, Soliris. Soliris treats two rare, genetic and potentially life-threatening blood disorders. Alexion is pursuing label-expansion opportunities for Soliris for treatment of other autoimmune and inflammatory diseases.

The Fund’s Energy positions advanced in a difficult environment and outperformed the benchmark sector. Shares of energy exploration and production company Concho Resources performed well. The company has assets in the West Texas Permian Basin, one of the most prolific oil-producing areas in the U.S. Oil equipment and services provider Schlumberger, on the other hand, was pressured as falling energy prices caused its customers to curtail future spending.

OUTLOOK AND STRATEGY

Corporate profit estimates have been reduced to reflect the effects of lower oil prices and the strong dollar. The toll of energy prices on energy companies should have only a minor impact on the Fund’s overall reported earnings, as exposure to the Energy sector is limited.

We believe that the strength of the U.S. dollar is apt to have a broader and meaningful impact on profits of the companies in the portfolio. With a sizable percentage of company earnings coming from international markets, we have lowered our earnings estimates to reflect unfavorable currency translation. Our view is that the translation impact, while detrimental to reported profits, does little to diminish a company’s competitive position or future growth outlook.

As fundamental investors, we examine company and industry prospects over the intermediate and long term, working to understand and anticipate how industries and businesses will change over time. Our goal is to identify companies with sustainable above-average growth. We have constructed a portfolio of companies with what we believe are differentiated products and market opportunities. We have confidence in their ability to deliver earnings growth that outpaces that of the broad market.

This report contains the current opinions of Jennison Associates LLC at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Equity securities, such as common stocks, are affected by company specific events and by movements in the overall stock markets in which those securities principally trade. An adverse company specific event, or downturn in those stock markets, can depress the value of a particular company’s equity securities. For information on the different share classes and the risks associated with an investment in the Fund, please refer to the current prospectus.

Harbor Capital Appreciation Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2012

Cusip				411511504

Ticker				HACAX

Inception Date				12/29/1987

Net Expense Ratio				0.64%^a,b

Total Net Assets (000s)				$24,050,556


ADMINISTRATIVE CLASS

Fund #				2212

Cusip				411511827

Ticker				HRCAX

Inception Date				11/01/2002

Net Expense Ratio				0.89%^a,b

Total Net Assets (000s)				$655,759


INVESTOR CLASS

Fund #				2412

Cusip				411511819

Ticker				HCAIX

Inception Date				11/01/2002

Net Expense Ratio				1.01%^a,b

Total Net Assets (000s)				$1,963,242

a	Annualized.

b	Reflective of a contractual fee waiver effective through February 29, 2016.

c	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Weighted Average Market Cap (MM)		$126,525			$132,262

Price/Earning Ratio (P/E)		33.2x			23.9x

Price/Book Ratio (P/B)		8.2x			6.6x

Beta vs. Russell 1000^® Growth Index		1.11			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		21%	^c		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

Harbor Capital Appreciation Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the Russell 1000^® Growth Index and the S&P 500 Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Capital Appreciation Fund
Institutional Class	7.47%	20.46%	15.23%	10.15%	12/29/1987	$	131,438
Comparative Indices
Russell 1000^® Growth	6.54%	16.67%	15.49%	9.62%	—	$	125,301
S&P 500	4.40%	12.98%	14.33%	8.32%	—	$	111,195

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the Russell 1000^® Growth Index and the S&P 500 Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Capital Appreciation Fund
Administrative Class	7.32%	20.14%	14.95%	9.87%	11/01/2002	$	25,639
Investor Class	7.27%	20.00%	14.80%	9.73%	11/01/2002	$	25,316
Comparative Indices
Russell 1000^® Growth	6.54%	16.67%	15.49%	9.62%	—	$	25,060
S&P 500	4.40%	12.98%	14.33%	8.32%	—	$	22,239

As stated in the Fund’s current prospectus, the expense ratios were 0.66% (Net) and 0.68% (Gross) (Institutional Class); 0.91% (Net) and 0.93% (Gross) (Administrative Class); and 1.03% (Net) and 1.05% (Gross) (Investor Class). The net expense ratios reflect a contractual management fee waiver effective through 02/29/2016. The expense ratios in the prospectus may differ from the actual expense ratios for the period disclosed within this report. The expense ratios shown in the prospectus are based on the prior fiscal year, adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus.

a	Annualized.

b	Unannualized.

Harbor Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings (% of net assets)

(Excludes net cash and short-term investments of 0.6%)


COMMON STOCKS—99.4%

Shares			Value (000s)
	AEROSPACE & DEFENSE—1.8%
	3,290,651	Boeing Co.	$	471,682

	AUTOMOBILES—1.4%
	1,635,392	Tesla Motors Inc.*		369,680

	BEVERAGES—0.4%
	688,569	Monster Beverage Corp.*		94,410

	BIOTECHNOLOGY—8.3%
	1,802,160	Alexion Pharmaceuticals Inc.*		304,979
	1,696,755	Biogen Inc.*		634,468
	3,994,613	Celgene Corp.*		431,658
	3,310,688	Gilead Sciences Inc.*		332,757
	880,049	Incyte Corp.*		85,506
	367,169	Regeneron Pharmaceuticals Inc.*		167,965
	2,141,365	Vertex Pharmaceuticals Inc.*		263,987

				2,221,320

	CAPITAL MARKETS—1.1%
	7,571,365	Morgan Stanley		282,488

	CHEMICALS—2.2%
	3,308,789	Monsanto Co.		377,069
	773,488	Sherwin-Williams Co.		215,030

				592,099

	DIVERSIFIED FINANCIAL SERVICES—1.0%
	2,619,117	McGraw Hill Financial Inc.		273,174

	ENERGY EQUIPMENT & SERVICES—1.1%
	3,111,472	Schlumberger Ltd.		294,376

	FOOD & STAPLES RETAILING—2.6%
	2,953,817	Costco Wholesale Corp.		422,543
	3,856,186	Kroger Co.		265,730

				688,273

	HEALTH CARE EQUIPMENT & SUPPLIES—1.6%
	9,393,669	Abbott Laboratories		436,054

	HOTELS, RESTAURANTS & LEISURE—4.2%
	418,261	Chipotle Mexican Grill Inc.*		259,882
	5,354,215	Marriott International Inc.		428,605
	8,976,940	Starbucks Corp.		445,077

				1,133,564

	INTERNET & CATALOG RETAIL—8.8%
	2,087,313	Amazon.com Inc.*		880,387
	5,406,176	JD.com Inc. ADR (CHN)*^,1		181,431
	991,438	Netflix Inc.*		551,735
	404,232	Priceline Group Inc.*		500,363
	1,660,550	TripAdvisor Inc.*		133,658
	3,573,608	Vipshop Holdings Ltd. ADR (CHN)*^,1		101,097

				2,348,671

	INTERNET SOFTWARE & SERVICES—12.0%
	3,177,355	Alibaba Group Holding Ltd. ADR (CHN)*^,1		258,287
	11,603,414	Facebook Inc.*		914,001
	709,529	Google Inc. Class A*		389,368
	813,365	Google Inc. Class C		437,053
	545,296	LendingClub Corp.*		9,516
	2,080,644	LinkedIn Corp.*		524,593
	21,978,832	Tencent Holdings Ltd. (CHN)		453,618
	5,407,286	Twitter Inc.*		210,668

				3,197,104

	IT SERVICES—7.3%
	2,165,607	FleetCor Technologies Inc.*		348,424
	10,008,350	MasterCard Inc.		902,853
	10,443,553	Visa Inc.		689,797

				1,941,074

	LIFE SCIENCES TOOLS & SERVICES—1.5%
	2,234,771	Illumina Inc.*		411,757

	MEDIA—3.3%
	3,183,140	Time Warner Inc.		268,689
	5,532,481	Walt Disney Co.		601,491

				870,180

	MULTILINE RETAIL—0.8%
	2,872,728	Dollar General Corp.		208,876

	OIL, GAS & CONSUMABLE FUELS—2.3%
	2,737,076	Concho Resources Inc.*		346,678
	2,785,603	EOG Resources Inc.		275,636

				622,314

Harbor Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)
	PHARMACEUTICALS—7.9%
	2,016,078	Actavis plc*	$	570,268
	9,094,929	Bristol-Myers Squibb Co.		579,620
	8,655,555	Novo Nordisk AS ADR (DEN)¹		487,048
	1,974,310	Shire plc ADR (IE)¹		480,764

				2,117,700

	REAL ESTATE INVESTMENT TRUSTS (REITs)—1.2%
	3,255,332	American Tower Corp.		307,727

	ROAD & RAIL—2.4%
	1,618,915	Canadian Pacific Railway Ltd. (CAN)		308,533
	3,064,123	Union Pacific Corp.		325,502

				634,035

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT— 2.0%
	6,986,221	ARM Holdings plc ADR (UK)¹		356,227
	1,837,586	NXP Semiconductors NV (NET)*		176,629

				532,856

	SOFTWARE—8.7%
	6,036,493	Adobe Systems Inc.*		459,135
	3,791,043	FireEye Inc.*		156,570
	5,185,815	Red Hat Inc.*		390,284
	7,504,102	Salesforce.com Inc.*		546,449
	4,215,008	Splunk Inc.*		279,645
	2,068,058	VMware Inc.*		182,196
	3,343,941	Workday Inc.*		305,001

				2,319,280

	SPECIALTY RETAIL—4.5%
	14,063,845	Inditex SA (SP)		451,295
	1,558,329	O’Reilly Automotive Inc.*		339,451
	1,641,728	Tiffany & Co.		143,618
	4,215,815	TJX Cos. Inc.		272,089

				1,206,453

	TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.2%
	13,203,835	Apple Inc.		1,652,460

	TEXTILES, APPAREL & LUXURY GOODS—4.8%
	4,281,580	Luxottica Group SpA (IT)		281,972
	6,573,927	NIKE Inc.		649,767
	4,528,615	Under Armour Inc.*		351,194

				1,282,933

	TOTAL COMMON STOCKS (Cost $16,338,124)			26,510,540


SHORT-TERM INVESTMENTS—0.7%
	(Cost $194,030)
Principal Amount (000s)
	REPURCHASE AGREEMENTS
$	194,030	Repurchase Agreement with State Street Corp. dated April 30, 2015 due May 01, 2015 at 0.000% collateralized by U.S. Treasury Notes (market value $197,913)		194,030

	TOTAL INVESTMENTS—100.1% (Cost $16,532,154)			26,704,570

	CASH AND OTHER ASSETS, LESS LIABILITIES—(0.1)%			(35,013	)

	TOTAL NET ASSETS—100.0%		$	26,669,557

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2015 based on the inputs used to value them.


Asset Category	Quoted Prices Level 1 (000s)			Other Significant Observable Inputs Level 2 (000s)			Significant Unobservable Inputs Level 3 (000s)			Total (000s)
Common Stocks
Aerospace & Defense		$	471,682		$	—		$	—		$	471,682
Automobiles			369,680			—			—			369,680
Beverages			94,410			—			—			94,410
Biotechnology			2,221,320			—			—			2,221,320
Capital Markets			282,488			—			—			282,488
Chemicals			592,099			—			—			592,099
Diversified Financial Services			273,174			—			—			273,174
Energy Equipment & Services			294,376			—			—			294,376
Food & Staples Retailing			688,273			—			—			688,273
Health Care Equipment & Supplies			436,054			—			—			436,054
Hotels, Restaurants & Leisure			1,133,564			—			—			1,133,564
Internet & Catalog Retail			2,348,671			—			—			2,348,671
Internet Software & Services			2,743,486			453,618			—			3,197,104
IT Services			1,941,074			—			—			1,941,074
Life Sciences Tools & Services			411,757			—			—			411,757
Media			870,180			—			—			870,180
Multiline Retail			208,876			—			—			208,876
Oil, Gas & Consumable Fuels			622,314			—			—			622,314
Pharmaceuticals			2,117,700			—			—			2,117,700

Harbor Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS—Continued

FAIR VALUE MEASUREMENTS—Continued


Asset Category	Quoted Prices Level 1 (000s)			Other Significant Observable Inputs Level 2 (000s)			Significant Unobservable Inputs Level 3 (000s)			Total (000s)
Real Estate Investment Trusts (REITs)		$	307,727		$	—		$	—		$	307,727
Road & Rail			634,035			—			—			634,035
Semiconductors & Semiconductor
Equipment			532,856			—			—			532,856
Software			2,319,280			—			—			2,319,280
Specialty Retail			755,158			451,295			—			1,206,453
Technology Hardware, Storage &
Peripherals			1,652,460			—			—			1,652,460
Textiles, Apparel & Luxury Goods			1,000,961			281,972			—			1,282,933
Short-Term Investments
Repurchase Agreements			—			194,030			—			194,030

Total Investments in Securities		$	25,323,655		$	1,380,915		$	—		$	26,704,570

There were no Level 3 holdings at October 31, 2014 or April 30, 2015, and no transfers between levels during the period.

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

*	Non-income producing security.

1	ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions.

CAN

Canada.

CHN

China.

DEN

Denmark.

Ireland.

Italy.

NET	Netherlands.

Spain.

UK	United Kingdom.

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

Harbor Mid Cap Growth Fund

MANAGERS’ COMMENTARY (Unaudited)

SUBADVISER

Wellington

Management

Company, LLP

280 Congress Street

Boston, MA 02210

PORTFOLIO MANAGERS

Michael T. Carmen, CFA

Since 2005

Stephen Mortimer

Since 2010

Mario E. Abularach, CFA

Since 2006

Wellington

Management

has subadvised

the Fund since 2005.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

PRINCIPAL STYLE

CHARACTERISTICS

Mid cap companies

with significant capital

appreciation potential

LOGO

Michael T. Carmen

Management’s Discussion of

Fund Performance

MARKET REVIEW

The rally in stocks continued into the end of calendar 2014 as global equities rose for the 10th consecutive quarter. The U.S. Federal Reserve helped to support riskier assets after it stated it could be “patient” with regards to starting its policy normalization process. During the fourth quarter of 2014, U.S. equities outperformed non-U.S. equities and emerging market stocks underperformed their developed market counterparts. Global equities continued to surge during the first quarter of 2015, rising for the 11th consecutive quarter. Upon reaching the bull market’s sixth anniversary, the MSCI All Country World Index ended March up 189.5% from its closing low on March 9, 2009. Europe was a bright spot during the first quarter due to further accommodative monetary policy and encouraging economic data, including positive trends in manufacturing, exports, and economic sentiment. Investors responded positively after the European Central Bank announced a €1.14 trillion ($1.3 trillion) open-ended quantitative easing program to combat record-low inflation and stimulate growth in Europe. There were a few worrisome items, including disappointing manufacturing data from China and Japan and fears about Greece’s future in the European Union. U.S. stocks lagged the broader market as some market participants voiced concerns about potential headwinds such as valuations, near-term Federal Reserve tightening, and the strong U.S. dollar’s impact on exports.

In this environment, the Russell Midcap^® Growth Index recorded a positive return of 7.77%. Within the index, 8 of 10 sectors posted positive returns. Health Care, Information Technology, and Consumer Staples were the strongest-performing sectors, while Utilities, Energy, and Industrials lagged the broader index.

PERFORMANCE

For the six months ended April 30, 2015, Harbor Mid Cap Growth Fund returned 7.06% (Institutional Class), 6.97% (Administrative Class), and 6.90% (Investor Class), underperforming the 7.77% return of the Russell Midcap^® Growth benchmark. Sector allocation, a residual of our bottom-up stock selection process, was the primary detractor from relative performance. An underweighted allocation to the poor-performing Energy sector and an overweight to the strong-performing Health Care sector contributed to relative performance, but were more than offset by a cash position that had a positive return but lagged well behind the overall return of the index. Security selection had a neutral impact on Fund performance. Stock selection was strongest in Consumer Discretionary, Financials, Information Technology, and Energy. Offsetting these positive results was weak selection in Industrials, Health Care, and Materials.

Consumer Discretionary holding Zulily, an online shopping website, was the top detractor from relative results during the fiscal first half. The company had email delivery issues that negatively impacted orders and revenues. The position was eliminated from the Fund prior to the end of the period. Insulet, in the Health Care sector, a manufacturer and developer of a new insulin infusion system for diabetes patients, was also among the top relative detractors, as disappointing recent new-patient growth trends weighed on the stock. The Fund continued to hold the security as we have high expectations and confidence that the company will deliver strong results in coming quarters.

The top contributor to relative performance was Health Care holding DexCom, a developer and manufacturer of continuous glucose monitoring systems for diabetes

Harbor Mid Cap Growth Fund

MANAGERS’ COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
Netflix Inc.			2.4%
DexCom Inc.			2.2%
Workday Inc.			2.0%
CoStar Group Inc.			1.9%
NXP Semiconductors NV			1.9%
Akamai Technologies Inc.			1.8%
Diamond Resorts International Inc.			1.8%
IMAX Corp.			1.8%
Actavis plc			1.7%
Mylan NV			1.7%

management. The company’s pediatric launch proceeded better than expected, and its recently approved “DexCom SHARE” system will utilize Bluetooth technology to allow for glucose monitoring on smartphones. Netflix, a Consumer Discretionary holding, was also among the top contributors. We believe that announcements about plans to address subscriber growth, the most important indicator for the stock, support an outlook for better growth over the coming years. Even after recent strong performance, we believe Netflix has room for continued growth, and we maintain a modestly overweighted position in the stock relative to the index. As of April 30, Netflix and DexCom were the Fund’s two largest holdings.

OUTLOOK AND STRATEGY

Our investment philosophy is based on four key underlying premises. First, we believe that changes in earnings expectations drive security prices. Second, we believe that tangible operating momentum precedes earnings momentum. Third, we believe that quality management will provide us with an opportunity to identify companies that will achieve operating excellence. Finally, we believe that our valuation discipline helps control portfolio risk.

We employ this philosophy, together with a bottom-up fundamental analysis and opportunistic investment approach, in managing the Fund. We consider a broad universe of available stocks within the mid cap market, typically focusing on companies with expected earnings growth of 15% or higher. To narrow the universe of available companies, we rely on intensive bottom-up fundamental proprietary research.

The Fund is largely constructed without regard to benchmark weightings by sector; however, we typically do not expect to exceed the benchmark weight by more than two times in any given sector. Bottom-up investment decisions resulted in increased exposure to Health Care and Information Technology, the Fund’s largest overweight sectors as of April 30. The Fund decreased its exposure to Consumer Discretionary stocks, moving from an overweighted allocation to an underweight during the period. As of April 30, the Fund was most underweight relative to the index in Consumer Staples, Energy, and Financials.

The rally in global equity markets, and particularly in growth stocks, continued in the first half of fiscal 2015. We believe equity markets will continue rewarding quality growth-oriented companies that are attractively valued, which in our view would provide a tailwind for the portfolio. We are confident that the Fund is well-positioned for future growth, with major holdings in undervalued stocks trading at attractive multiples. We believe that many of these holdings have ample room for future acceleration of earnings and that this growth will ultimately be recognized and rewarded in the market.

This report contains the current opinions of Wellington Management Company, LLP at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Stocks of mid cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. Equity securities, such as common stocks, are affected by company specific events and by movements in the overall stock markets in which those securities principally trade. An adverse company specific event, or downturn in those stock markets, can depress the value of a particular company’s equity securities. For information on the different share classes and the risks associated with an investment in the Fund, please refer to the current prospectus.

Harbor Mid Cap Growth Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2019

Cusip				411511876

Ticker				HAMGX

Inception Date				11/01/2000

Net Expense Ratio				0.84%^a

Total Net Assets (000s)				$312,289


ADMINISTRATIVE CLASS

Fund #				2219

Cusip				411511793

Ticker				HRMGX

Inception Date				11/01/2002

Net Expense Ratio				1.09%^a

Total Net Assets (000s)				$387,870


INVESTOR CLASS

Fund #				2419

Cusip				411511785

Ticker				HIMGX

Inception Date				11/01/2002

Net Expense Ratio				1.21%^a

Total Net Assets (000s)				$34,903

a	Annualized.

b	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Weighted Average Market Cap (MM)		$12,736			$14,635

Price/Earning Ratio (P/E)		46.8x			27.8x

Price/Book Ratio (P/B)		5.9x			6.4x

Beta vs. Russell Midcap^® Growth Index		1.06			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		42%	^b		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

Harbor Mid Cap Growth Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the Russell Midcap^® Growth Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Mid Cap Growth Fund
Institutional Class	7.06%	15.77%	13.78%	11.02%	11/01/2000	$	142,277
Comparative Index
Russell Midcap^® Growth	7.77%	16.46%	15.59%	10.55%	—	$	136,366

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the Russell Midcap^® Growth Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Mid Cap Growth Fund
Administrative Class	6.97%	15.57%	13.52%	10.76%	11/01/2002	$	27,796
Investor Class	6.90%	15.33%	13.37%	10.62%	11/01/2002	$	27,436
Comparative Index
Russell Midcap^® Growth	7.77%	16.46%	15.59%	10.55%	—	$	27,273

As stated in the Fund’s current prospectus, the expense ratios were 0.85% (Institutional Class); 1.10% (Administrative Class); and 1.22% (Investor Class). The expense ratios in the prospectus may differ from the actual expense ratios for the period disclosed within this report. The expense ratios shown in the prospectus are based on the prior fiscal year, adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus.

a	Annualized.

b	Unannualized.

Harbor Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings (% of net assets)

(Excludes net cash and short-term investments of 4.1%)


COMMON STOCKS—95.8%

Shares			Value (000s)
	AEROSPACE & DEFENSE—3.0%
	350,525	DigitalGlobe Inc.*	$	11,277
	236,816	Textron Inc.		10,415

				21,692

	AIRLINES—1.0%
	111,421	Spirit Airlines Inc.*		7,629

	AUTOMOBILES—1.6%
	50,716	Tesla Motors Inc.*		11,464

	BEVERAGES—1.4%
	73,413	Monster Beverage Corp.*		10,066

	BIOTECHNOLOGY—2.8%
	33,867	Alnylam Pharmaceuticals Inc.*		3,450
	6,500	Blueprint Medicines Corp.*		123
	49,011	Incyte Corp.*		4,762
	59,909	Isis Pharmaceuticals Inc.*		3,398
	19,826	Regeneron Pharmaceuticals Inc.*		9,069

				20,802

	BUILDING PRODUCTS—2.3%
	222,454	Fortune Brands Home & Security Inc.		9,921
	185,300	Owens Corning Inc.		7,164

				17,085

	CAPITAL MARKETS—2.5%
	149,085	Julius Baer Group Ltd. (SWS)*		7,803
	139,286	Northern Trust Corp.		10,189

				17,992

	CHEMICALS—1.9%
	378,916	Platform Specialty Products Corp.*		10,208
	144,483	Platform Specialty Products Corp. PIPE*^,1		3,892

				14,100

	COMMUNICATIONS EQUIPMENT—1.9%
	124,900	Arista Networks Inc.*		7,995
	324,200	Nomad Holdings Ltd. (VG)*		5,835	^x

				13,830

	CONSTRUCTION & ENGINEERING—1.7%
	388,626	AECOM Technology Corp.*		12,265

	CONSTRUCTION MATERIALS—1.1%
	56,927	Martin Marietta Materials Inc.		8,121

	ELECTRICAL EQUIPMENT—3.4%
	57,038	Acuity Brands Inc.		9,523
	113,836	AMETEK Inc.		5,967
	222,942	Generac Holdings Inc.*		9,294

				24,784

	ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.9%
	272,142	CDW Corp.		10,428
	160,835	Cognex Corp.*		7,220
	160,462	TE Connectivity Ltd. (SWS)		10,679

				28,327

	FOOD & STAPLES RETAILING—1.4%
	221,374	Whole Foods Market Inc.		10,573

	HEALTH CARE EQUIPMENT & SUPPLIES—9.6%
	82,995	Becton Dickinson and Co.		11,691
	557,160	Boston Scientific Corp.*		9,929
	236,898	DexCom Inc.*		16,007
	109,464	HeartWare International Inc.*		8,287
	225,400	Hologic Inc.*		7,605
	316,704	Insulet Corp.*		9,454
	14,954	Intuitive Surgical Inc.*		7,417

				70,390

Harbor Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)
	HEALTH CARE PROVIDERS & SERVICES—1.0%
	202,266	Envision Healthcare Holdings Inc.*	$	7,678

	HEALTH CARE TECHNOLOGY—2.4%
	104,862	Cerner Corp.*		7,530
	388,493	Veeva Systems Inc.*		10,315

				17,845

	HOTELS, RESTAURANTS & LEISURE—7.1%
	19,697	Chipotle Mexican Grill Inc.*		12,238
	412,276	Diamond Resorts International Inc.*		13,197
	263,748	Hilton Worldwide Holdings Inc.*		7,638
	58,213	Panera Bread Co.*		10,623
	98,031	Wyndham Worldwide Corp.		8,372

				52,068

	HOUSEHOLD DURABLES—3.2%
	169,190	GoPro Inc.*		8,473
	54,812	Harman International Industries Inc.		7,146
	43,991	Whirlpool Corp.		7,725

				23,344

	INSURANCE—1.2%
	335,150	Assured Guaranty Ltd. (BM)		8,710

	INTERNET & CATALOG RETAIL—2.4%
	32,050	Netflix Inc.*		17,836

	INTERNET SOFTWARE & SERVICES—7.9%
	178,186	Akamai Technologies Inc.*		13,147
	23,000	Apigee Corp.*		333
	69,875	CoStar Group Inc.*		14,284
	34,313	Equinix Inc.		8,782
	11,300	Godaddy Inc.*		283
	18,100	New Relic Inc.*		588
	161,421	Shutterstock Inc.*		10,894
	101,385	Zillow Group Inc.*		9,899

				58,210

	MACHINERY—0.4%
	29,800	Middleby Corp.*		3,020

	MEDIA—1.8%
	347,018	IMAX Corp. (CAN)*		12,965

	OIL, GAS & CONSUMABLE FUELS—2.0%
	61,482	Diamondback Energy Inc.*		5,077
	69,024	Energen Corp.		4,912
	29,255	Pioneer Natural Resources Co.		5,055

				15,044

	PHARMACEUTICALS—5.2%
	43,607	Actavis plc*		12,335
	88,800	Eisai Co. Ltd. (JP)		5,919
	170,759	Mylan NV (NET)*		12,339
	72,300	Ono Pharmaceutical Co. Ltd. (JP)		7,836

				38,429

	PROFESSIONAL SERVICES—1.1%
	63,109	IHS Inc.*		7,918

	REAL ESTATE INVESTMENT TRUSTS (REITs)—1.2%
	485,110	Paramount Group Inc.		8,887

	REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4%
	276,185	CBRE Group Inc.*		10,589

	ROAD & RAIL—3.3%
	74,708	Genesee & Wyoming Inc.*		6,944
	73,472	Kansas City Southern		7,530
	154,286	Landstar System Inc.		9,614

				24,088

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.0%
	75,272	First Solar Inc.*		4,492
	141,260	NXP Semiconductors NV (NET)*		13,578
	351,800	Sumco Corp. (JP)		5,308
	242,751	SunEdison Inc.*		6,146

				29,524

	SOFTWARE—5.6%
	205,774	Mobileye NV (NET)*		9,231
	29,505	ServiceNow Inc.*		2,209
	173,067	Solera Holdings Inc.		8,397
	57,071	Tyler Technologies Inc.*		6,960
	158,633	Workday Inc.*		14,469

				41,266

	SPECIALTY RETAIL—1.5%
	76,029	Advance Auto Parts Inc.		10,872

	TEXTILES, APPAREL & LUXURY GOODS—2.5%
	260,615	Kate Spade & Co.*		8,522
	2,700,330	Samsonite International SA (HK)		9,849

				18,371

	TRADING COMPANIES & DISTRIBUTORS—1.1%
	245,416	HD Supply Holdings Inc.*		8,099

	TOTAL COMMON STOCKS (Cost $597,064)			703,883


RIGHTS/WARRANTS—0.1%
	(Cost $3)
No. of Contracts
	COMMUNICATIONS EQUIPMENT—0.1%
	324,200	Nomad Holdings Ltd. (VG)* $10.50—04/10/2017		811	^y


SHORT-TERM INVESTMENTS—4.3%
	(Cost $31,635)
Principal Amount (000s)
	REPURCHASE AGREEMENTS
$	31,635	Repurchase Agreement with Bank of America Corp. dated April 30, 2015 due May 01, 2015 at 0.090% collateralized by U.S. Treasury Notes (market value $32,523)		31,635

	TOTAL INVESTMENTS—100.2% (Cost $628,702)			736,329

	CASH AND OTHER ASSETS, LESS LIABILITIES—(0.2)%			(1,267	)

	TOTAL NET ASSETS—100.0%		$	735,062

Harbor Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS—Continued

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2015 based on the inputs used to value them.


Asset Category	Quoted Prices Level 1 (000s)			Other Significant Observable Inputs Level 2 (000s)			Significant Unobservable Inputs Level 3 (000s)			Total (000s)
Common Stocks
Aerospace & Defense		$	21,692		$	—		$	—		$	21,692
Airlines			7,629			—			—			7,629
Automobiles			11,464			—			—			11,464
Beverages			10,066			—			—			10,066
Biotechnology			20,679			123			—			20,802
Building Products			17,085			—			—			17,085
Capital Markets			10,189			7,803			—			17,992
Chemicals			10,208			3,892			—			14,100
Communications Equipment			7,995			—			5,835			13,830
Construction & Engineering			12,265			—			—			12,265
Construction Materials			8,121			—			—			8,121
Electrical Equipment			24,784			—			—			24,784
Electronic Equipment, Instruments & Components			28,327			—			—			28,327
Food & Staples Retailing			10,573			—			—			10,573
Health Care Equipment & Supplies			70,390			—			—			70,390
Health Care Providers & Services			7,678			—			—			7,678
Health Care Technology			17,845			—			—			17,845
Hotels, Restaurants & Leisure			52,068			—			—			52,068
Household Durables			23,344			—			—			23,344
Insurance			8,710			—			—			8,710
Internet & Catalog Retail			17,836			—			—			17,836
Internet Software & Services			58,210			—			—			58,210
Machinery			3,020			—			—			3,020
Media			12,965			—			—			12,965
Oil, Gas & Consumable Fuels			15,044			—			—			15,044
Pharmaceuticals			24,674			13,755			—			38,429
Professional Services			7,918			—			—			7,918
Real Estate Investment Trusts (REITs)			8,887			—			—			8,887
Real Estate Management & Development			10,589			—			—			10,589
Road & Rail			24,088			—			—			24,088
Semiconductors & Semiconductor Equipment			24,216			5,308			—			29,524
Software			41,266			—			—			41,266
Specialty Retail			10,872			—			—			10,872
Textiles, Apparel & Luxury Goods			8,522			9,849			—			18,371
Trading Companies & Distributors			8,099			—			—			8,099
Rights/Warrants
Communications Equipment			—			—			811			811
Short-Term Investments
Repurchase Agreements			—			31,635			—			31,635

Total Investments in Securities		$	657,318		$	72,365		$	6,646		$	736,329

The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2015.


Valuation Description	Balance Beginning at 11/01/2014 (000s)			Purchases (000s)			Sales (000s)			Accrued Discount/ (Premium) (000s)			Total Realized Gain/(Loss)^w (000s)			Change in Unrealized Appreciation/ (Depreciation)^w (000s)			Transfers In Level 3 (000s)			Transfers Out of Level 3 (000s)			Ending Balance as of 04/30/2015^w (000s)
Common Stocks
Communications Equipment		$	—		$	—		$	—		$	—		$	—		$	—		$	5,835		$	—		$	5,835
Rights/Warrants
Communications Equipment			—			—			—			—			—			—			811			—			811

		$	—		$	—		$	—		$	—		$	—		$	—		$	6,646		$	—		$	6,646

There were no transfers between Levels 1 and 2 during the period.

Harbor Mid Cap Growth 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
as of 04/30/2015
(000s)

Valuation Technique

Unobservable Inputs

Input
Value(s)

Investments in Securities

Common Stocks

Nomad Holdings Ltd. (VG)*

5,835

Market Approach

Last Traded Price

18.00

Rights/Warrants

Nomad Holdings Ltd. (VG)*

811

Market Approach

Last Traded Price of Underlying Security

2.50

*	Non-income producing security.

1	PIPE after the name of a security stands for Private Investment in Public Equity and there are some restrictions on reselling this security within a certain period.

w	The amounts in this category are included in the “Realized and Change in Unrealized Gain/(Loss) on Investment Transactions” section of the Statement of Operations. The net unrealized appreciation/(depreciation) per investment type is below:


Valuation Description	Unrealized Gain/(Loss) as of 04/30/2015 (000s)
Common Stocks		$	2,597
Rights/Warrants			808

		$	3,405

x	Fair Valued in accordance with Harbor Funds Valuation Procedures using last traded price, which is a Level 3 input.

y	Fair Valued in accordance with Harbor Funds Valuation Procedures using last traded price of underlying security, which is a Level 3 input.

Bermuda.

CAN

Canada.

HK	Hong Kong.

Japan.

NET	Netherlands.

SWS	Switzerland.

VG	Virgin Islands.

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

Harbor Small Cap Growth Fund

MANAGERS’ COMMENTARY (Unaudited)

SUBADVISER

Westfield Capital Management Company, L.P.

One Financial Center 23rd Floor

Boston, MA 02111

PORTFOLIO MANAGERS

William Muggia

Lead Portfolio Manager Since 2000

Ethan Meyers, CFA

Since 2000

John Montgomery

Since 2011

Bruce Jacobs, CFA

Since 2011

Hamlen Thompson

Since 2011

Westfield has subadvised the Fund since its inception in 2000.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

PRINCIPAL STYLE CHARACTERISTICS

Small cap growth stocks demonstrating consistent or accelerating earnings growth

LOGO

William Muggia

LOGO

Ethan Meyers

LOGO

John Montgomery

LOGO

Bruce Jacobs

LOGO

Hamlen Thompson

Management’s Discussion of Fund Performance

MARKET REVIEW

Domestic equities rose in the six months ended April 30, 2015. However, the pace of their advance was not uniform, reflecting a variety of investor worries. The U.S. dollar strength weakened the earnings outlooks of most multinational firms. The dramatic collapse of crude oil prices pushed Energy stocks into negative territory. After steady acceleration in 2014, the U.S. economy stalled in the first quarter of 2015, surprising investors and economists to the downside and placing a question mark on the timing of the Federal Reserve’s first rate increase. At the same time, the economies of Europe, Japan, and even China began to show signs of improvement, as massive stimulus by central banks around the world began to have an impact on global economies and risk assets. These factors led to a significant disparity in returns across all financial assets. Prices of long-term U.S. government bonds reached fresh highs, domestically-focused small capitalization stocks outpaced large capitalization multinationals, and Health Care stocks surged across the market capitalization spectrum, leaving economically-sensitive Energy, Materials, and Industrials far behind. Within the Russell universe of indices, growth-style benchmarks considerably outperformed their value counterparts. The performance dichotomy highlighted investors’ sharpened focus on segments that they believe are able to deliver earnings growth against an uncertain economic backdrop.

PERFORMANCE

Harbor Small Cap Growth Fund returned 10.39% (Institutional Class), 10.23% (Administrative Class), and 10.10% (Investor Class) for the six months ended April 30, 2015, outperforming the 7.25% return of the Russell 2000^® Growth Index. Health Care was the biggest driver of outperformance, but the portfolio’s holdings in the Industrials, Materials, and Energy sectors also contributed materially to excess returns.

The Health Care sector contributed 170 basis points, or 1.70 percentage points, to relative performance. Stock selection within biotechnology was the primary differentiator, with 11 stocks generating incremental gains relative to the index. The biotechnology industry, where the Fund has been overweight relative to the index, continued to exhibit signs of a secular bull market, powered by a robust mergers and acquisitions environment and a stream of new-product cycles. Cubist Pharmaceuticals surged in December 2014 on news of a buyout of this acute-care biopharmaceutical company by Merck at a 37% premium to where the shares had traded before the announcement. Shares of Prothena advanced as well. In March of this year, Prothena presented favorable data for its antibody that targets Parkinson’s disease. ICON, the world’s fourth-largest contract research organization (CRO), also contributed meaningfully to relative returns. We are enthusiastic about growth prospects for the CRO segment given the share of research and development budgets allocated by biotechnology firms to outsourced services and the broadening spectrum of these services.

Industrials contributed 92 basis points to relative returns. The strength of the U.S. dollar was a key factor impacting the performance of industrial firms, and the portfolio’s focus

Harbor Small Cap Growth Fund

MANAGERS’ COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
AMAG Pharmaceuticals Inc.			3.2%
ICON plc			2.5%
Fortinet Inc.			2.4%
Team Health Holdings Inc.			2.3%
Watsco Inc.			2.1%
PTC Therapeutics Inc.			2.0%
Restoration Hardware Holdings Inc.			1.9%
STERIS Corp.			1.9%
Alexander & Baldwin Inc.			1.8%
Genesee & Wyoming Inc.			1.8%

on U.S.-centric areas of growth benefited performance results. The Fund’s investment in JetBlue Airways, a largely domestic airline operator that has been insulated from both foreign exchange headwinds and global economic woes, was the portfolio’s top absolute and relative performer within the Industrials sector. Hexcel, a manufacturer of lightweight composites for use in aerospace and industrial applications, also augmented performance results. Carbon-fiber composites continued to take share from metal, as end users such as Boeing and Airbus seek increased fuel efficiency and savings.

Materials outperformed, generating 47 basis points of incremental gains. The Fund’s largest exposure to the segment continued to be through chemicals—both specialty and commodity—partially because we view chemical manufacturers as net beneficiaries of lower pricing for oil-based raw materials. Chemtura, which makes petroleum additives and bromine-based products, posted a double-digit gain, as did the Fund’s investment in Trinseo, a manufacturer of emulsion polymers and plastics. We believe that Chemtura should see a boost to profit margins resulting from more-favorable input costs for its fuel-additives business, and it is also beginning to benefit from a more disciplined approach to pricing within the bromine industry. Trinseo’s competitively advantaged rubber chemical business has been growing at a 3%-5% annual rate, demonstrating solid operating margins. We expect this strong performance to continue, buoyed by strong demand for polybutadiene rubber, which is used to make premium tires, a market segment that has been growing faster than the overall industry.

Investments in the Energy sector, which has had a longstanding overweight in the portfolio relative to the index, boosted incremental gains by 40 basis points. Energy companies were the broad market’s worst performers during the fiscal first half, as economic weakness in Europe and Asia, as well as the U.S. shale-oil glut, impacted supply and demand dynamics and put pressure on oil prices. However, the Fund’s largest exposure to Energy was through oil and gas refining companies, which surprised to the upside, as they benefited from falling crude oil prices. West Coast refiner Tesoro was the Fund’s best absolute and relative performer within the sector, and is the Fund’s largest Energy holding. While we continue to like the stock’s fundamental characteristics and long-term appreciation potential, we trimmed the Fund’s investment several times to manage position size. In addition, we think that slowing domestic feedstock supply will likely be a headwind for refining companies in the near term. We have become incrementally more positive on firms within the Energy sector that benefit from rising commodity prices. The oil rig count is down over 40% in calendar 2015 on a year-to-date basis, and we project U.S. production to slow significantly during the second half of the calendar year. It is our opinion that a more balanced oil market will require higher oil prices to meet global demand.

OUTLOOK AND STRATEGY

According to the advance estimate released by the U.S. Bureau of Economic Analysis in the last week of April, real GDP increased at an annual rate of 0.2% in the first quarter of 2015, a significant decline compared to the 2.2% growth in the fourth quarter of 2014. However, we believe that some of this weakness is likely to be transient. Important cyclical indicators, such as reports tracking manufacturing, new orders, and jobless claims, have been either steady or improving. We also think that we are likely to see a further pick-up in global growth, higher crude oil prices, and a weaker U.S. dollar in the second half of the calendar year. We believe that cyclically-oriented companies positioned to benefit from global growth have better earnings prospects against this macroeconomic backdrop. As ever, we endeavor to select companies that offer attractive growth supported by strong fundamentals, while trading at reasonable valuations.

This report contains the current opinions of Westfield Capital Management Company, L.P. at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Stocks of small cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. Equity securities, such as common stocks, are affected by company specific events and by movements in the overall stock markets in which those securities principally trade. An adverse company specific event, or downturn in those stock markets, can depress the value of a particular company’s equity securities. For information on the different share classes and the risks associated with an investment in the Fund, please refer to the current prospectus.

Harbor Small Cap Growth Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2010

Cusip				411511868

Ticker				HASGX

Inception Date				11/01/2000

Net Expense Ratio				0.83%^a

Total Net Assets (000s)				$620,720


ADMINISTRATIVE CLASS

Fund #				2210

Cusip				411511769

Ticker				HRSGX

Inception Date				11/01/2002

Net Expense Ratio				1.08%^a

Total Net Assets (000s)				$753


INVESTOR CLASS

Fund #				2410

Cusip				411511777

Ticker				HISGX

Inception Date				11/01/2002

Net Expense Ratio				1.20%^a

Total Net Assets (000s)				$15,730

a	Annualized.

b	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Weighted Average Market Cap (MM)		$2,940			$2,230

Price/Earning Ratio (P/E)		33.3x			32.1x

Price/Book Ratio (P/B)		4.5x			5.1x

Beta vs. Russell 2000^® Growth Index		0.90			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		36%	^b		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

Harbor Small Cap Growth Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the Russell 2000^® Growth Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Small Cap Growth Fund
Institutional Class	10.39%	17.30%	14.80%	10.93%	11/01/2000	$	141,106
Comparative Index
Russell 2000^® Growth	7.25%	14.65%	14.94%	10.41%	—	$	134,629

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the Russell 2000^® Growth Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Small Cap Growth Fund
Administrative Class	10.23%	16.99%	14.56%	10.68%	11/01/2002	$	27,578
Investor Class	10.10%	16.80%	14.37%	10.51%	11/01/2002	$	27,164
Comparative Index
Russell 2000^® Growth	7.25%	14.65%	14.94%	10.41%	—	$	26,926

As stated in the Fund’s current prospectus, the expense ratios were 0.84% (Institutional Class); 1.09% (Administrative Class); and 1.21% (Investor Class). The expense ratios in the prospectus may differ from the actual expense ratios for the period disclosed within this report. The expense ratios shown in the prospectus are based on the prior fiscal year, adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus.

a	Annualized.

b	Unannualized.

Harbor Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings (% of net assets)

(Excludes net cash and short-term investments of 3.9%)


COMMON STOCKS—96.1%

Shares			Value (000s)
	AEROSPACE & DEFENSE—3.0%
	190,690	Hexcel Corp.	$	9,563
	325,105	TASER International Inc.*		9,815

				19,378

	AIR FREIGHT & LOGISTICS—1.2%
	160,066	XPO Logistics Inc.*		7,763

	AIRLINES—1.1%
	343,200	JetBlue Airways Corp.*		7,046

	BANKS—1.2%
	186,710	East West Bancorp Inc.		7,579

	BIOTECHNOLOGY—12.7%
	101,110	Aegerion Pharmaceuticals Inc.*		2,352
	403,125	AMAG Pharmaceuticals Inc.*		20,547
	781,640	ARIAD Pharmaceuticals Inc.*		6,777
	373,822	ChemoCentryx Inc.*		2,501
	426,182	Dynavax Technologies Corp.*		8,573
	604,277	Merrimack Pharmaceuticals Inc.*		6,707
	270,425	Neurocrine Biosciences Inc.*		9,219
	282,748	Prothena Corp. plc (IE)*		9,164
	214,750	PTC Therapeutics Inc.*		12,616
	14,415	Puma Biotechnology Inc.*		2,603

				81,059

	CAPITAL MARKETS—2.1%
	673,270	BGC Partners Inc.		6,756
	128,050	Stifel Financial Corp.*		6,766

				13,522

	CHEMICALS—2.7%
	324,700	Chemtura Corp.*		9,783
	161,653	PolyOne Corp.		6,312
	36,301	Trinseo SA (LUX)*		827

				16,922

	COMMERCIAL SERVICES & SUPPLIES—1.4%
	493,912	Steelcase Inc.		8,678

	COMMUNICATIONS EQUIPMENT—1.7%
	381,170	Finisar Corp.*		7,749
	250,554	Ruckus Wireless Inc.*		2,927

				10,676

	DIVERSIFIED CONSUMER SERVICES—2.3%
	172,390	Bright Horizons Family Solutions Inc.*		8,668
	134,020	Sotheby’s		5,724

				14,392

	DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
	22,945	Cogent Communications Holdings Inc.		803

	ELECTRICAL EQUIPMENT—1.4%
	142,371	Power Solutions International Inc.*		9,083

	ENERGY EQUIPMENT & SERVICES—1.0%
	247,550	Superior Energy Services Inc.		6,313

	FOOD PRODUCTS—0.6%
	424,120	Boulder Brands Inc.*		4,046

	HEALTH CARE EQUIPMENT & SUPPLIES—5.1%
	293,883	Masimo Corp.*		9,922
	186,316	STERIS Corp.		12,390
	227,270	Tandem Diabetes Care Inc.*		3,034
	290,506	Wright Medical Group Inc.*		7,370

				32,716

Harbor Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)
	HEALTH CARE PROVIDERS & SERVICES—2.9%
	104,195	ExamWorks Group Inc.*	$	4,267
	241,588	Team Health Holdings Inc.*		14,391

				18,658

	HOTELS, RESTAURANTS & LEISURE—4.4%
	380,780	Bloomin’ Brands Inc.		8,628
	104,394	Dave & Buster’s Entertainment Inc.*		3,291
	171,600	Del Frisco’s Restaurant Group Inc.*		3,461
	99,020	Papa John’s International Inc.		6,077
	67,105	Vail Resorts Inc.		6,657

				28,114

	HOUSEHOLD DURABLES—1.5%
	1,161,820	Standard Pacific Corp.*		9,411

	INSURANCE—1.1%
	416,370	CNO Financial Group Inc.		7,078

	INTERNET SOFTWARE & SERVICES—4.1%
	50,112	CoStar Group Inc.*		10,244
	103,597	Demandware Inc.*		6,382
	169,013	Gogo Inc.*		3,573
	219,120	HomeAway Inc.*		6,124

				26,323

	IT SERVICES—1.2%
	65,023	WEX Inc.*		7,329

	LEISURE PRODUCTS—2.1%
	211,764	Brunswick Corp.		10,597
	139,780	Malibu Boats Inc.*		2,959

				13,556

	LIFE SCIENCES TOOLS & SERVICES—2.6%
	45,670	Bruker Corp.*		866
	247,159	ICON plc (IE)*		15,902

				16,768

	MARINE—1.0%
	162,450	Matson Inc.		6,579

	MEDIA—1.1%
	175,482	Starz*		6,902

	METALS & MINING—0.5%
	105,980	TimkenSteel Corp.		3,094

	OIL, GAS & CONSUMABLE FUELS—3.2%
	430,004	Navigator Holdings Ltd. (UK)*		9,211
	127,950	Tesoro Corp.		10,982

				20,193

	PHARMACEUTICALS—2.2%
	567,889	Cardiome Pharma Corp. (CAN)*		4,730
	131,730	Pacira Pharmaceuticals Inc.*		9,021

				13,751

	PROFESSIONAL SERVICES—4.1%
	128,248	Corporate Executive Board Co.		10,751
	156,229	Huron Consulting Group Inc.*		9,470
	116,720	WageWorks Inc.*		5,883

				26,104

	REAL ESTATE INVESTMENT TRUSTS (REITs)—0.8%
	77,744	National Health Investors Inc.		5,187

	REAL ESTATE MANAGEMENT & DEVELOPMENT—1.8%
	282,555	Alexander & Baldwin Inc.		11,438

	ROAD & RAIL—2.0%
	123,875	Genesee & Wyoming Inc.*		11,514
	54,089	Werner Enterprises Inc.		1,454

				12,968

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.2%
	388,134	Advanced Energy Industries Inc.*		9,494
	132,032	Cavium Inc.*		8,554
	145,350	Cirrus Logic Inc.*		4,910
	165,930	Monolithic Power Systems Inc.		8,600
	86,397	Qorvo Inc.*		5,694
	74,780	Silicon Motion Technology Corp. ADR (CYM)¹		2,192

				39,444

	SOFTWARE—7.1%
	166,026	Cadence Design Systems Inc.*		3,096
	136,010	Commvault Systems Inc.*		6,223
	412,990	Fortinet Inc.*		15,586
	216,340	Qlik Technologies Inc.*		7,527
	39,269	Ultimate Software Group Inc.*		6,527
	260,679	Zendesk Inc.*		6,011

				44,970

	SPECIALTY RETAIL—4.5%
	78,890	Five Below Inc.*		2,660
	89,480	Lithia Motors Inc.		8,924
	174,975	Rent-A-Center Inc.		5,179
	140,180	Restoration Hardware Holdings Inc.*		12,080

				28,843

	TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.2%
	182,340	Electronics For Imaging Inc.*		7,609

	TRADING COMPANIES & DISTRIBUTORS—2.9%
	196,059	Rush Enterprises Inc.*		5,125
	110,550	Watsco Inc.		13,298

				18,423

	TOTAL COMMON STOCKS (Cost $465,567)			612,718


SHORT-TERM INVESTMENTS—2.5%
	(Cost $15,862)
Principal Amount (000s)
	REPURCHASE AGREEMENTS
$	15,862	Repurchase Agreement with State Street Corp. dated April 30, 2015 due May 01, 2015 at 0.000% collateralized by U.S. Treasury Bonds (market value $16,180)		15,862

	TOTAL INVESTMENTS—98.6% (Cost $481,429)			628,580

	CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%			8,623

	TOTAL NET ASSETS—100.0%		$	637,203

Harbor Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS—Continued

FAIR VALUE MEASUREMENTS

Repurchase Agreements valued at $15,862 are classified as Level 2. All other holdings at April 30, 2015 (as disclosed in the preceding Portfolio of Investments) are classified as Level 1. There were no Level 3 holdings at October 31, 2014 or April 30, 2015 and no transfers between levels during the period.

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

*	Non-income producing security.

1	ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions.

CAN

Canada.

CYM	Cayman Islands.

Ireland.

LUX	Luxembourg.

UK	United Kingdom.

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

Harbor Small Cap Growth Opportunities Fund

MANAGERS’ COMMENTARY (Unaudited)

SUBADVISER

Elk Creek Partners, LLC

44 Cook Street Suite 705 Denver, CO 80206

PORTFOLIO MANAGERS

Cam Philpott, CFA

Since 2014

Lance Marx, CFA

Since 2014

David Hand, CFA

Since 2014

Hiren Patel, Ph.D.

Since 2014

Sean McGinnis, CFA

Since 2014

Elk Creek has subadvised the Fund since its inception in 2014.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

PRINCIPAL STYLE CHARACTERISTICS:

Small cap stocks with above average growth potential

LOGO

Cam Philpott

LOGO

Lance Marx

LOGO

David Hand

LOGO

Hiren Patel

LOGO

Sean McGinnis

Management’s Discussion of

Fund Performance

MARKET REVIEW

Equity markets continued to be volatile over the six months ended April 30, 2015. Small cap stocks rallied into the calendar year end but then sold off in January. As companies reported fourth quarter earnings in February, shares of small cap growth companies, as measured by the Russell 2000 Growth^® Index, posted a strong gain but in April the index fell by almost 3%. We believe the combination of weak commodity prices and looming interest rate increases have created a market driven predominantly by short-term, low-conviction trading that has led, in turn, to higher volatility.

PERFORMANCE

Harbor Small Cap Growth Opportunities Fund returned 2.19% (Institutional Class), 2.10% (Administrative), and 1.91% (Investor Class) for the six months ended April 30, 2015. The Fund underperformed its Russell 2000^® Growth Index benchmark, which returned 7.25%. Our investment strategy employs a bottom-up process that focuses on finding companies that we believe can achieve growth of revenues and earnings at rates faster than their peers and better than investor expectations. In our view, during this period of volatility and low conviction, investors have been less willing to differentiate among individual stocks.

As is consistent with our team’s investment process, performance in the Fund was driven primarily by stock selection. Selection in the Information Technology, Energy, and Financials sectors helped Fund performance relative to the benchmark. Industrials, Health Care, and Consumer Discretionary were sectors in which stock selection hurt relative performance. Sector weights are typically a result of our individual stock-selection process and not a primary focus of our investment strategy.

We look at stocks individually to find opportunities with significant revenue and earnings growth that we believe to be sustainable. Our investment style and process have generally created a portfolio that is typically overweight stocks in the Information Technology, Health Care, Industrials, and Consumer Discretionary sectors. The portfolio is also normally underweight stocks in the Utilities, Financials, Energy, Materials, and Consumer Staples sectors.

In terms of specific stock attribution for the six months ended April 30, 2015, Volcano, a manufacturer of devices for intravascular cardiology, was a positive stock for the Fund as the company improved its revenue growth rate. Additionally, the company was acquired by Philips for a substantial premium, and we sold the entire position on this news.

Procera Networks, a provider of network services, was a positive contributor as it reported better revenues than expected for the December quarter. The company’s technology is used primarily by carriers and cable operators. We were encouraged by fourth quarter performance and had intended to grow the position upon seeing consistent demand patterns from customers. However, the company was acquired in mid-April before it reported another quarter.

Harbor Small Cap Growth Opportunities Fund

MANAGERS’ COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
Gogo Inc.			2.3%
Synchronoss Technologies Inc.			2.1%
WageWorks Inc.			2.1%
WebMD Health Corp.			2.1%
Dealertrack Technologies Inc.			1.8%
DigitalGlobe Inc.			1.8%
Cerus Corp.			1.6%
Mobile Mini Inc.			1.6%
Shutterfly Inc.			1.6%
WNS Holdings Ltd. ADR			1.6%

H&E Equipment Services, an equipment rental company, was a weak stock for the Fund on the heels of lower oil prices. H&E operates in the U.S. and derives 10%-15% of its revenues from oilfield service rentals. Investors clearly have been concerned about this part of the company’s business. However, the stock’s performance mirrored those of pure oilfield service companies, and we believe that this sell-off has been overdone. Further, H&E does not rent specialized equipment to energy companies, and we believe that likely weak demand from that market segment will be replaced elsewhere as lower energy prices spur general activity. Our core attraction to H&E’s business is chemical-plant construction in the Gulf Coast region that we believe is unlikely to be impacted by the recent drop in crude prices, as those projects are long-term in nature as well as being related more closely to natural gas.

InnerWorkings, a provider of outsourced printing services to large enterprises, was a relatively weak stock for the Fund despite posting strong operating performance. This stock is a good example of many of the Fund’s Industrials sector holdings in that the shares have not performed well recently even though fundamental operating performance has been positive. Investors have been broadly worried about demand trends, and we believe that valuations of InnerWorkings shares, along with those of many other business service stocks, have been compressed as a result of those general fears. Additionally, the shares, like those of other Industrials companies, have been hurt by concerns that the strong U.S. dollar would reduce reported results. On that point, translation effects have reduced reported revenues, but operating income and earnings per share have performed as expected during this period of currency fluctuation. In our view, the company’s fundamentals are positive and improving. We added to this position during price weakness and continue to view these shares as attractive.

OUTLOOK AND STRATEGY

The dramatic drop in crude oil prices over the last six months has many investors concerned that falling demand is the culprit, which in turn causes them to worry about the possibility of a recession. Equity valuations are higher than they were several years ago, and investors also are worried how financial markets and businesses might react to an expected increase in interest rates, although the absolute levels of those interest rates are still historically low.

With this sentiment as a backdrop, we are not surprised that investors have been reacting to the latest economic data point or news event, as we believe that investor behavior has been driven to a considerable degree by short-term factors rather than a long-term perspective. We would point to the volatility in shares of Aruba Networks as a prime example of this type of short-term thought process. The stock declined last November as some investors were disappointed that management did not raise guidance for future earnings; yet only a few months later the company was acquired at significantly higher prices. We sold the Fund’s position on the announcement of the acquisition.

Our investment process is built around identifying companies that we believe have sustainable, long-term growth opportunities. The market can focus too much on a short-term investment horizon at times, and we believe that trading patterns over the past few reporting seasons suggest that we are in such a period. We have not altered the investment process that we believe has served our clients well over time, and we remain disciplined in seeking companies that we believe have an opportunity to sustain growth over the longer term.

This report contains the current opinions of Elk Creek Partners, LLC at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Harbor Small Cap Growth Opportunities Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2037

Cusip				411512668

Ticker				HASOX

Inception Date				02/01/2014

Net Expense Ratio				0.90%^a,b

Total Net Assets (000s)				$152,429


ADMINISTRATIVE CLASS

Fund #				2237

Cusip				411512650

Ticker				HRSOX

Inception Date				02/01/2014

Net Expense Ratio				1.15%^a,b

Total Net Assets (000s)				$2,495


INVESTOR CLASS

Fund #				2437

Cusip				411512643

Ticker				HISOX

Inception Date				02/01/2014

Net Expense Ratio				1.27%^a,b

Total Net Assets (000s)				$905

a	Annualized.

b	Reflective of a contractual expense cap effective through February 29, 2016.

c	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Weighted Average Market Cap (MM)		$1,288			$2,230

Price/Earning Ratio (P/E)		39.2x			32.1x

Price/Book Ratio (P/B)		3.9x			5.1x

Beta vs. Russell 2000^® Growth Index		0.97			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		52%	^c		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

Harbor Small Cap Growth Opportunities Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 02/01/2014 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the Russell 2000^® Growth Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Small Cap Growth Opportunities Fund
Institutional Class	2.19%	7.69%	N/A	8.01%	02/01/2014	$	55,028
Comparative Index
Russell 2000^® Growth	7.25%	14.65%	N/A	8.92%	—	$	55,607

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 02/01/2014 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the Russell 2000^® Growth Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Small Cap Growth Opportunities Fund
Administrative Class	2.10%	7.50%	N/A	7.77%	02/01/2014	$	10,976
Investor Class	1.91%	7.20%	N/A	7.53%	02/01/2014	$	10,946
Comparative Index
Russell 2000^® Growth	7.25%	14.65%	N/A	8.92%	—	$	11,121

As stated in the Fund’s current prospectus, the expense ratios were 0.90% (Net) and 1.61% (Gross) (Institutional Class); 1.15% (Net) and 1.86% (Gross) (Administrative Class); and 1.27% (Net) and 1.98% (Gross) (Investor Class). The net expense ratios are contractually capped through 02/29/2016. The expense ratios shown in the prospectus are based on the prior fiscal year, adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus.

a	Annualized

b	Unannualized.

Harbor Small Cap Growth Opportunities Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings (% of net assets)

(Excludes net cash and short-term investments of 0.9%)

LOGO


COMMON STOCKS—99.1%

Shares			Value (000s)

	AEROSPACE & DEFENSE—1.8%
	88,574	DigitalGlobe Inc.*	$	2,849

	AIR FREIGHT & LOGISTICS—0.7%
	23,701	Park-Ohio Holdings Corp.		1,098

	AUTO COMPONENTS—1.5%
	54,322	Fox Factory Holding Corp.*		827
	52,553	Motorcar Parts of America Inc.*		1,536

				2,363

	BIOTECHNOLOGY—2.6%
	185,303	ARIAD Pharmaceuticals Inc.*		1,607
	22,671	BioSpecifics Technologies Corp.*		868
	75,588	Exact Sciences Corp.*		1,580

				4,055

	BUILDING PRODUCTS—0.6%
	11,041	Nortek Inc.*		934

	CAPITAL MARKETS—0.8%
	28,685	Financial Engines Inc.		1,210

	COMMERCIAL SERVICES & SUPPLIES—3.7%
	41,951	Healthcare Services Group Inc.		1,270
	322,977	InnerWorkings Inc.*		2,045
	64,593	Mobile Mini Inc.		2,489

				5,804

	COMMUNICATIONS EQUIPMENT—1.9%
	67,998	Finisar Corp.*		1,382
	130,622	Ixia*		1,565

				2,947

	CONSTRUCTION MATERIALS—1.2%
	31,047	Caesarstone Sdot-Yam Ltd. (IL)		1,839

	CONSUMER FINANCE—1.1%
	43,879	Encore Capital Group Inc.*		1,774

	DIVERSIFIED FINANCIAL SERVICES—0.6%
	51,332	On Deck Capital Inc.*		988

	DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%
	150,403	Iridium Communications Inc.*		1,530

	ELECTRICAL EQUIPMENT—1.1%
	27,023	Power Solutions International Inc.*		1,724

	ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.8%
	30,608	FARO Technologies Inc.*		1,219
	23,611	OSI Systems Inc.*		1,587

				2,806

	FOOD PRODUCTS—0.7%
	122,691	Boulder Brands Inc.*		1,171

	HEALTH CARE EQUIPMENT & SUPPLIES—8.7%
	185,640	Accuray Inc.*		1,509
	568,632	Cerus Corp.*		2,525
	28,745	Cyberonics Inc.*		1,751
	58,942	Cynosure Inc.*		1,970
	11,487	ICU Medical Inc.*		969
	80,905	Merit Medical Systems Inc.*		1,570
	178,201	Novadaq Technologies Inc. (CAN)*		1,926
	51,945	Wright Medical Group Inc.*		1,318

				13,538

	HEALTH CARE PROVIDERS & SERVICES—2.3%
	112,286	Cross Country Healthcare Inc.*		1,246
	56,751	ExamWorks Group Inc.*		2,324

				3,570

Harbor Small Cap Growth Opportunities Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)

	HEALTH CARE TECHNOLOGY—2.6%
	83,889	HMS Holdings Corp.*	$	1,427
	84,710	Quality Systems Inc.		1,321
	114,359	Vocera Communications Inc.*		1,303

				4,051

	HOTELS, RESTAURANTS & LEISURE—6.8%
	139,325	Belmond Ltd. (BM)*		1,716
	19,645	Churchill Downs Inc.		2,341
	58,089	Clubcorp Holdings Inc.		1,272
	39,356	Dave & Buster’s Entertainment Inc.*		1,240
	64,361	Del Frisco’s Restaurant Group Inc.*		1,298
	64,520	La Quinta Holdings Inc.*		1,554
	69,403	Penn National Gaming Inc.*		1,116

				10,537

	HOUSEHOLD DURABLES—1.0%
	80,082	Century Communities Inc.*		1,531

	INSURANCE—0.8%
	65,985	National General Holdings Corp.		1,276

	INTERNET & CATALOG RETAIL—2.9%
	157,584	EVINE Live Inc.*		939
	54,631	NutriSystem Inc.		1,041
	56,089	Shutterfly Inc.*		2,510

				4,490

	INTERNET SOFTWARE & SERVICES—12.7%
	69,778	Dealertrack Technologies Inc.*		2,743
	171,478	Gogo Inc.*		3,625
	54,619	HomeAway Inc.*		1,527
	20,373	LogMeIn Inc.*		1,308
	113,927	MaxPoint Interactive Inc.*		840
	88,228	Perficient Inc.*		1,820
	104,149	RetailMeNot Inc.*		1,914
	53,324	Textura Corp.*		1,395
	73,528	WebMD Health Corp.*		3,246
	81,553	Xoom Corp.*		1,441

				19,859

	IT SERVICES—3.7%
	51,497	Blackhawk Network Holdings Inc.*		1,891
	41,108	ExlService Holdings Inc.*		1,415
	102,067	WNS Holdings Ltd. ADR (IND)*^,¹		2,463

				5,769

	LEISURE PRODUCTS—0.6%
	24,655	Arctic Cat Inc.		875

	LIFE SCIENCES TOOLS & SERVICES—0.7%
	30,544	Fluidigm Corp.*		1,144

	MACHINERY—3.6%
	48,067	Barnes Group Inc.		1,928
	23,919	CIRCOR International Inc.		1,307
	112,964	Mueller Water Products Inc.		1,057
	46,305	TriMas Corp.*		1,304

				5,596

	MEDIA—2.0%
	88,620	MDC Partners Inc. (CAN)		1,856
	81,357	National CineMedia Inc.		1,240

				3,096


	MULTILINE RETAIL—1.5%
	30,173	Fred’s Inc.		509
	115,012	Tuesday Morning Corp.*		1,820

				2,329

	PERSONAL PRODUCTS—0.6%
	193,651	IGI Laboratories Inc.*		984

	PHARMACEUTICALS—3.1%
	72,426	Depomed Inc.*		1,685
	53,837	Medicines Co.*		1,379
	289,536	Pernix Therapeutics Holdings Inc.*		1,847

				4,911

	PROFESSIONAL SERVICES—7.7%
	22,816	Corporate Executive Board Co.		1,913
	29,575	FTI Consulting Inc.*		1,216
	76,183	Korn/Ferry International		2,402
	62,561	On Assignment Inc.*		2,105
	39,143	TrueBlue Inc.*		1,126
	64,520	WageWorks Inc.*		3,252

				12,014

	REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%
	34,049	Marcus & Millichap Inc.*		1,205

	ROAD & RAIL—1.7%
	33,535	ArcBest Corp.		1,197
	145,949	Quality Distribution Inc.*		1,448

				2,645

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%
	237,301	Maxlinear Inc.*		2,024

	SOFTWARE—6.9%
	104,740	Callidus Software Inc.*		1,294
	28,750	FleetMatics Group plc (IE)*		1,310
	29,442	Gigamon Inc.*		866
	33,816	Infoblox Inc.*		797
	49,635	Qlik Technologies Inc.*		1,727
	70,963	Synchronoss Technologies Inc.*		3,256
	94,651	TiVo Inc.*		1,046
	16,754	Vasco Data Security International Inc.*		426

				10,722

	SPECIALTY RETAIL—2.0%
	88,740	Francesca’s Holdings Corp.*		1,502
	30,455	Lumber Liquidators Holdings Inc.*		837
	35,518	Party City Holdco Inc.*		739

				3,078

	TEXTILES, APPAREL & LUXURY GOODS—0.8%
	63,669	Vince Holding Corp.*		1,173

	THRIFTS & MORTGAGE FINANCE—1.3%
	36,265	LendingTree Inc.*		1,996

	TRADING COMPANIES & DISTRIBUTORS—1.9%
	86,674	H&E Equipment Services Inc.		2,142
	32,700	Rush Enterprises Inc.*		855

				2,997

	TOTAL COMMON STOCKS (Cost $152,789)			154,502

Harbor Small Cap Growth Opportunities Fund

PORTFOLIO OF INVESTMENTS—Continued


SHORT-TERM INVESTMENTS—4.5%

	(Cost $6,954)
Principal Amount (000s)			Value (000s)
	REPURCHASE AGREEMENTS
$	6,954	Repurchase Agreement with State Street Corp. dated April 30, 2015 due May 01, 2015 at 0.000% collateralized by U.S. Treasury Bonds (market value $7,098) .	$	6,954

	TOTAL INVESTMENTS—103.6% (Cost $159,743)			161,456

	CASH AND OTHER ASSETS, LESS LIABILITIES—(3.6)%			(5,627	)

	TOTAL NET ASSETS—100.0%		$	155,829

FAIR VALUE MEASUREMENTS

Repurchase Agreements valued at $6,954 are classified as Level 2. All other holdings at April 30, 2015 (as disclosed in the preceding Portfolio of Investments) are classified as Level 1. There were no Level 3 holdings at October 31, 2014 or April 30, 2015 and no transfers between levels during the period.

*	Non-income producing security.

1	ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions.

Bermuda.

CAN

Canada.

Ireland.

Israel.

IND

India.

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

Harbor Large Cap Value Fund

MANAGER’S COMMENTARY (Unaudited)

SUBADVISER

Aristotle Capital Management, LLC

11100 Santa Monica Boulevard

Suite 1700 Los Angeles, CA 90025

PORTFOLIO MANAGER

Howard Gleicher, CFA

Since 2012

Aristotle has subadvised the Fund since 2012.

INVESTMENT OBJECTIVE

The Fund seeks long-term total return.

PRINCIPAL STYLE CHARACTERISTICS

Large cap value stocks

LOGO

Howard Gleicher

Management’s Discussion of Fund Performance

MARKET REVIEW

U.S. markets continued their upward advance, albeit at a slower pace, for the six months ended April 30, 2015. Although U.S. equities finished the period with positive momentum, share prices were volatile over the six months as investors shifted their focus from one economic report or news event to the next.

Equities vacillated between caution and optimism on mixed data from around the world. The European Central Bank addressed Europe’s persistent economic troubles by announcing a larger-than-expected bond-buying program, while China reported its slowest economic growth rate in 24 years (still a 7.4% expansion) and began its own form of quantitative easing to encourage spending and lending. Meanwhile, oil prices continued to decline, which pleased consumers but soured energy-related companies. The U.S. economy showed further signs of improvement as unemployment declined and GDP grew. Nonetheless, the Federal Reserve appeared patient, and the timing of the seemingly inevitable yet elusive interest rate hike remained uncertain.

PERFORMANCE

Harbor Large Cap Value Fund returned 6.99% (Institutional Class), 6.85% (Administrative Class), and 6.75% (Investor Class) for the six months ended April 30, 2015, outperforming the 2.89% return of its benchmark, the Russell 1000^® Value Index. As is often the case in short-term reporting periods as well as over long periods of time, the outperformance was due largely to security selection. Overall, the Fund was able to outperform in 8 of the 10 economic sectors. From a sector standpoint, the largest positive contributions were found in Consumer Staples and Health Care, while Financials and Utilities lagged.

In Health Care, the Fund’s position in specialty pharmaceutical provider Hospira was a notable contributor. In mid-February, Pfizer made an unsolicited buy-out offer of $17 billion. The offer represented a 40% premium to the prior day’s closing price, sending Hospira’s shares sharply higher. In all, Hospira’s share price rose more than 60% over the fiscal first half. Interestingly, the price offered for the company by Pfizer was in line with our assessment of fair value for the business. We took the opportunity to liquidate the Fund’s position.

Another top contributor was cosmetics and fragrances manufacturer Coty (+44%). The company reported second quarter earnings that were well ahead of expectations. Growth in its Sally Hansen and Rimmel brands offset the negative effects of a stronger dollar.

Detracting from performance was technology giant EMC Corp (-6%). There was no tangible news to account for the weakness other than a perception, caused by a slowing economy, that spending on enterprise storage solutions as well as on cloud-based infrastructure could be weak in the near term. The competitive environment is certainly ramping up, but we believe that EMC’s competitive advantage in storage solutions as well as in multi-environment server software solutions (through its ownership of VMware) remains intact.

Another notable detractor was international banking giant Banco Santander. Based in Madrid, Santander is an international institution with holdings in both the developed and developing worlds. The company announced a secondary offering that, while dilutive in

Harbor Large Cap Value Fund

MANAGER’S COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
Time Warner Inc.			3.3%
Walgreens Boots Alliance Inc.			3.3%
Home Depot Inc.			3.2%
AbbVie Inc.			3.1%
TE Connectivity Ltd.			3.1%
General Dynamics Corp.			3.0%
Medtronic plc			3.0%
Microsoft Corp.			3.0%
Adobe Systems Inc.			2.8%
Phillips 66			2.8%

the short run, we feel will have a long-term positive impact on the business. That, combined with a strong U.S. dollar, brought the shares down 14% over the past six months.

OUTLOOK AND STRATEGY

We believe that the U.S. economy is normalizing and appears to us to be entering a transition phase, the first one in more than five years. Most global economies have yet to enter this transition. This transition could be one from defense to offense—that is, from an environment in which all external factors were supportive of keeping the economy from entering recession to one of a cyclical normalization of such factors. In our view, some of the shifts could include:

•

Low and/or declining interest rates may turn into modestly rising rates.

•

Very tight bank lending standards may give way to more realistic loan practices, particularly as they pertain to residential mortgages.

•

Significant cash accumulation by corporations may now turn into a need for greater capital expenditures to meet growing demand for products and services.

•

Weak employment markets with benign labor costs could turn quickly into a tight labor market, leading to escalating costs.

•

Abundant office, factory, retail, and commercial building space may turn into a supply-constrained environment, resulting in higher occupancy costs and reduced flexibility of work spaces.

While we cannot yet be specific, we believe that history suggests that transitions such as these are unlikely to be without bumps or unintended consequences. As always, we will be mindful of, and diligent in, evaluating these factors in our analysis of businesses while continuing to adhere to our bottom-up, fundamentally focused research process.

This report contains the current opinions of Aristotle Capital Management, LLC at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Harbor Large Cap Value Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2013

Cusip				411511603

Ticker				HAVLX

Inception Date				12/29/1987

Net Expense Ratio				0.68%^a,b

Total Net Assets (000s)				$217,880


ADMINISTRATIVE CLASS

Fund #				2213

Cusip				411511751

Ticker				HRLVX

Inception Date				11/01/2002

Net Expense Ratio				0.93%^a,b

Total Net Assets (000s)				$23,598


INVESTOR CLASS

Fund #				2413

Cusip				411511744

Ticker				HILVX

Inception Date				11/01/2002

Net Expense Ratio				1.05%^a,b

Total Net Assets (000s)				$20,024

a	Annualized.

b	Reflective of a contractual expense cap effective through February 29, 2016.

c	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Weighted Average Market Cap (MM)		$82,382			$109,599

Price/Earning Ratio (P/E)		22.6x			20.7x

Price/Book Ratio (P/B)		3.4x			2.2x

Beta vs. Russell 1000^® Value Index		1.07			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		8%	^c		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

Harbor Large Cap Value Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the Russell 1000^® Value Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Large Cap Value Fund
Institutional Class	6.99%	12.35%	13.80%	7.38%	12/29/1987	$	101,868
Comparative Index
Russell 1000^® Value	2.89%	9.31%	13.39%	7.51%	—	$	103,120

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the Russell 1000^® Value Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Large Cap Value Fund
Administrative Class	6.85%	12.09%	13.51%	7.10%	11/01/2002	$	19,865
Investor Class	6.75%	11.82%	13.34%	6.96%	11/01/2002	$	19,589
Comparative Index
Russell 1000^® Value	2.89%	9.31%	13.39%	7.51%	—	$	20,624

As stated in the Fund’s current prospectus, the expense ratios were 0.68% (Net) and 0.71% (Gross) (Institutional Class); 0.93% (Net) and 0.96% (Gross) (Administrative Class); and 1.05% (Net) and 1.08% (Gross) (Investor Class). The net expense ratios are contractually capped through 02/29/2016. The expense ratios in the prospectus may differ from the actual expense ratios for the period disclosed within this report. The expense ratios shown in the prospectus are based on the prior fiscal year, adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus.

a	Annualized.

b	Unannualized.

Harbor Large Cap Value Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings (% of net assets)

(Excludes net cash and short -term investments of 5.2%)

LOGO


COMMON STOCKS—94.8%

Shares			Value (000s)

	AEROSPACE & DEFENSE—3.0%
	57,000	General Dynamics Corp.	$	7,827

	BANKS—14.1%
	694,898	Banco Santander SA ADR (SP)¹		5,226
	430,000	Bank of America Corp.		6,850
	20,615	BOK Financial Corp.		1,344
	103,000	First Republic Bank		6,004
	106,100	JP Morgan Chase & Co.		6,712
	40,900	M&T Bank Corp.		4,894
	809,000	Mitsubishi UFJ Financial Group Inc. ADR (JP)¹		5,744

				36,774

	BEVERAGES—2.0%
	48,100	Diageo plc ADR (UK)¹		5,340

	CHEMICALS—3.9%
	116,200	Dow Chemical Co.		5,926
	39,200	Ecolab Inc.		4,390

				10,316

	CONSTRUCTION MATERIALS—2.5%
	46,400	Martin Marietta Materials Inc.		6,619


	ELECTRIC UTILITIES—2.3%
	167,200	ITC Holdings Corp.		6,019

	ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.2%
	124,000	TE Connectivity Ltd. (SWS)		8,252

	ENERGY EQUIPMENT & SERVICES—2.2%
	115,900	Halliburton Co.		5,673

	FOOD & STAPLES RETAILING—3.3%
	102,500	Walgreens Boots Alliance Inc.		8,500

	FOOD PRODUCTS—6.4%
	44,800	Hershey Co.		4,118
	159,100	Mondelez International Inc.		6,105
	151,200	Unilever NV (NET)		6,574

				16,797

	GAS UTILITIES—2.0%
	80,000	National Fuel Gas Co.		5,156

	HEALTH CARE EQUIPMENT & SUPPLIES—3.0%
	106,600	Medtronic plc (IE)		7,936

	HOUSEHOLD DURABLES—2.6%
	151,000	Lennar Corp.		6,916

	INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS—1.6%
	308,400	AES Corp.		4,086

	INDUSTRIAL CONGLOMERATES—2.3%
	217,900	General Electric Co.		5,901

	INTERNET SOFTWARE & SERVICES—2.7%
	119,200	eBay Inc.*		6,945

	MACHINERY—6.5%
	52,400	Deere & Co.		4,743
	63,100	Illinois Tool Works Inc.		5,905
	120,000	Oshkosh Corp.		6,461

				17,109

	MEDIA—3.3%
	103,000	Time Warner Inc.		8,694

	OIL, GAS & CONSUMABLE FUELS—4.7%
	93,000	Phillips 66		7,376
	28,600	Pioneer Natural Resources Co.		4,941

				12,317

	PERSONAL PRODUCTS—1.7%
	190,000	Coty Inc.*		4,543

	PHARMACEUTICALS—5.5%
	126,000	AbbVie Inc.		8,147
	61,600	Novartis AG ADR (SWS)¹		6,271

				14,418

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.4%
	114,600	Texas Instruments Inc.		6,213

	SOFTWARE—8.1%
	94,800	Adobe Systems Inc.*		7,211
	163,000	Microsoft Corp.		7,928
	136,100	Oracle Corp.		5,937

				21,076

	SPECIALTY RETAIL—3.2%
	77,800	Home Depot Inc.		8,323

Harbor Large Cap Value Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)

	TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3%
	225,000	EMC Corp.	$	6,055

	TOTAL COMMON STOCKS (Cost $183,735)			247,805

SHORT-TERM INVESTMENTS—5.2%
	(Cost $13,682)
Principal Amount (000s)			Value (000s)

	REPURCHASE AGREEMENTS
$	13,682	Repurchase Agreement with State Street Corp. dated April 30, 2015 due May 01, 2015 at 0.000% collateralized by U.S. Treasury Bonds (market value $13,957)		13,682

	TOTAL INVESTMENTS—100.0% (Cost $197,417)			261,487

	CASH AND OTHER ASSETS, LESS LIABILITIES—0.0%			15

	TOTAL NET ASSETS—100.0%		$	261,502

FAIR VALUE MEASUREMENTS

Repurchase Agreements valued at $13,682 are classified as Level 2. All other holdings at April 30, 2015 (as disclosed in the preceding Portfolio of Investments) are classified as Level 1. There were no Level 3 holdings at October 31, 2014 or April 30, 2015 and no transfers between levels during the period.

*	Non-income producing security.

1	ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions.

Ireland.

Japan.

NET	Netherlands.

Spain.

SWS	Switzerland.

UK	United Kingdom.

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

Harbor Mid Cap Value Fund

MANAGERS’ COMMENTARY (Unaudited)

SUBADVISER

LSV Asset Management

155 North Wacker Drive Suite 4600 Chicago, IL 60606

PORTFOLIO MANAGERS

Josef Lakonishok, Ph.D.

Since 2004

Menno Vermeulen, CFA

Since 2004

Puneet Mansharamani, CFA Since 2006

Greg Sleight

Since 2015

Guy Lakonishok, CFA

Since 2015

LSV has subadvised the Fund since 2004.

INVESTMENT OBJECTIVE

The Fund seeks long-term total return.

PRINCIPAL STYLE CHARACTERISTICS

Mid cap value stocks of companies with inexpensive fundamentals and recent momentum, relative to their peers

LOGO

Josef Lakonishok

LOGO

Menno Vermeulen

LOGO

Puneet Mansharamani

LOGO

Greg Sleight

LOGO

Guy Lakonishok

Management’s Discussion of Fund Performance

MARKET REVIEW

U.S. equities posted positive returns for the six months ended April 30, 2015, as the S&P 500 Index advanced 4.40%. The Russell Midcap^® Index finished up 5.87%, while shares of smaller companies, as measured by the Russell 2000^® Index, returned 4.65%. Value stocks lagged growth stocks. Among mid cap stocks, the Russell Midcap^® Value Index advanced 3.83%, compared to 7.77% for the Russell Midcap^® Growth Index.

Equity markets advanced despite slowing growth around the globe and the end of the Federal Reserve’s quantitative easing program. GDP growth in the U.S. slowed from 5.0% in the third quarter of 2014 to 2.2% in the fourth quarter and a mere 0.2% in the first quarter of 2015. Growth in Europe remained stagnant and China’s growth slowed to approximately 7% in the first quarter. The European Central Bank embarked on a quantitative easing program and China also moved quickly to counter the slowdown with additional stimulus measures. The Federal Reserve ended its bond buying program in October 2014 and dropped its language about being “patient” in increasing rates, setting the stage for the possibility of rate hikes later this year.

Oil prices continued to decline through most of the period before rallying in April. Consumers and the transportation industry benefited from lower oil prices but energy stocks took a hit. Merger and acquisition activity was strong during the fiscal first half and the unemployment rate continued to decline, both of which were positives for the equity markets.

Health Care stocks led the mid cap value market, returning 14% as mergers and acquisitions activity was strong in the sector. Consumer Discretionary stocks were up 9%, led by good returns among retail stocks. The Energy sector declined 13% as oil prices continued to weaken before rebounding somewhat in April. Besides Energy, the only other sector to post a negative return was the Utilities sector, which declined 1.7%.

PERFORMANCE

Harbor Mid Cap Value Fund returned 4.87% (Institutional Class), 4.71% (Administrative Class), and 4.68% (Investor Class), compared to 3.83% for the Russell Midcap^® Value Index for the six months ended April 30, 2015. Value stocks lagged their growth counterparts, which had a negative impact on absolute results, given our deep-value bias.

The Fund’s outperformance relative to the benchmark was driven by strong stock selection in multiple sectors, particularly Energy, Industrials, and Consumer Discretionary. However, the Fund’s sector allocations had a negative impact on results. The Fund’s overweight to Energy stocks and underweight to Health Care stocks detracted from performance. Even though the portfolio was overweight to Energy by less than 2 percentage points, Energy stocks declined 13%. Health Care stocks were up 14%. The top individual performers in the Fund included JetBlue Airways, Kohl’s, United Therapeutics, Kroger, Amtrust Financial Services, and Universal Insurance Holdings.

Harbor Mid Cap Value Fund

MANAGERS’ COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
Public Service Enterprise Group Inc.			1.6%
Kohl’s Corp.			1.4%
Avery Dennison Corp.			1.3%
CIGNA Corp.			1.3%
Macy’s Inc.			1.3%
Xerox Corp.			1.3%
Edison International			1.2%
Hartford Financial Services Group Inc.			1.2%
Western Digital Corp.			1.2%
Quest Diagnostics Inc.			1.1%

Detractors included Ensco, Trinity Industries, Xerox, Noble, and a lack of exposure to Health Care stocks Boston Scientific and Hospira, which were among the stronger performers in the index.

OUTLOOK AND STRATEGY

Our portfolio decision making process is strictly quantitative and driven by (1) a proprietary model which ranks securities on fundamental measures of value and indicators of near-term appreciation potential and (2) a portfolio construction process that seeks to control for risk while maximizing expected return. The objective of the model is to pick undervalued stocks with high near-term appreciation potential. The process is purely bottom-up with no emphasis placed on macroeconomic analysis.

Sector weightings are a residual of our bottom-up stock selection process subject to minimum and maximum exposures to sectors and industries. Relative to the Russell Midcap^(R) Value benchmark, the Fund as of April 30, 2015, was overweight the Consumer Discretionary and Information Technology sectors while underweight Health Care, Utilities, and Real Estate Investment Trusts.

The most significant changes in relative sector weights in the Fund over the six months were an increase to Information Technology and Consumer Discretionary stocks and a decrease to the Financials and Energy sectors. In the Consumer Discretionary sector we purchased American Axle and Manufacturing, Gap, Harley Davidson, and home builder Ryland Group. In the Technology sector we initiated positions in Avnet, Juniper Networks, QLogic, and Western Union. We sold several stocks that had done well and were no longer attractive from a valuation perspective, including L-3 Communications and Exelis in the Industrials sector and Leidos Holdings and Science Applications International in the Technology sector.

Portfolio valuations moved higher over the six months but the Fund continued to trade at a discount to the value benchmark. As of April 30, the Fund traded at 13.0x forward earnings, compared to 17.6x for the Russell Midcap^(R) Value Index, 1.8x book value compared to 1.9x for the benchmark, and 8.4x cash flow compared to 10.9x for the index.

This report contains the current opinions of LSV Asset Management at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Harbor Mid Cap Value Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2023

Cusip				411511835

Ticker				HAMVX

Inception Date				03/01/2002

Net Expense Ratio				0.85%^a

Total Net Assets (000s)				$356,382


ADMINISTRATIVE CLASS

Fund #				2223

Cusip				411511728

Ticker				HRMVX

Inception Date				11/01/2002

Net Expense Ratio				1.11%^a

Total Net Assets (000s)				$25,275


INVESTOR CLASS

Fund #				2423

Cusip				411511736

Ticker				HIMVX

Inception Date				11/01/2002

Net Expense Ratio				1.23%^a

Total Net Assets (000s)				$147,731

a	Annualized.

b	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Weighted Average Market Cap (MM)		$9,780			$11,997

Price/Earning Ratio (P/E)		15.6x			22.8x

Price/Book Ratio (P/B)		2.0x			2.2x

Beta vs. Russell Midcap^® Value Index		1.10			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		2%	^b		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

Harbor Mid Cap Value Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the Russell Midcap^® Value Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Mid Cap Value Fund
Institutional Class	4.87%	10.64%	15.46%	9.59%	03/01/2002	$	124,954
Comparative Index
Russell Midcap^® Value	3.83%	9.97%	14.57%	9.77%	—	$	127,056

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the Russell Midcap^® Value Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Mid Cap Value Fund
Administrative Class	4.71%	10.37%	15.18%	9.34%	11/01/2002	$	24,414
Investor Class	4.68%	10.23%	15.05%	9.19%	11/01/2002	$	24,088
Comparative Index
Russell Midcap^® Value	3.83%	9.97%	14.57%	9.77%	—	$	25,411

As stated in the Fund’s current prospectus, the expense ratios were 0.90% (Institutional Class); 1.15% (Administrative Class); and 1.27% (Investor Class). The expense ratios in the prospectus may differ from the actual expense ratios for the period disclosed within this report. The expense ratios shown in the prospectus are based on the prior fiscal year, adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus.

a	Annualized.

b	Unannualized.

Harbor Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings (% of net assets)

(Excludes net cash and short-term investments of 1.1%)


COMMON STOCKS—98.9%

Shares			Value (000s)
	AEROSPACE & DEFENSE—1.8%
	3,000	Engility Holdings Inc.*	$	84
	25,500	Huntington Ingalls Industries Inc.		3,355
	11,400	Northrop Grumman Corp.		1,756
	11,700	Orbital Atk Inc.		856
	11,800	Raytheon Co.		1,227
	37,300	Triumph Group Inc.		2,210
	3,511	Vectrus Inc.*		90

				9,578

	AIR FREIGHT & LOGISTICS—0.4%
	39,000	Atlas Air Worldwide Holdings Inc.*		1,901

	AIRLINES—1.2%
	45,400	Alaska Air Group Inc.		2,908
	161,000	JetBlue Airways Corp.*		3,306

				6,214

	AUTO COMPONENTS—3.0%
	118,200	American Axle & Manufacturing Holdings Inc.*		2,947
	14,700	Autoliv Inc.		1,745
	151,500	Goodyear Tire & Rubber Co.		4,297
	40,200	Lear Corp.		4,463
	25,200	TRW Automotive Holdings Corp.*		2,648

				16,100

	AUTOMOBILES—0.4%
	38,500	Harley-Davidson Inc.		2,164

	BANKS—5.6%
	83,600	Banco Latinoamericano de Comercio Exterior SA (PA)		2,656
	98,700	CIT Group Inc.		4,445
	157,600	Fifth Third Bancorp.		3,152
	388,700	Huntington Bancshares Inc.		4,221
	347,900	KeyCorp.		5,027
	72,500	NBT Bancorp Inc.		1,751
	4,800	PNC Financial Services Group Inc.		440
	289,400	Regions Financial Corp.		2,845
	118,200	SunTrust Banks Inc.		4,905

				29,442

	BIOTECHNOLOGY—0.8%
	9,900	Myriad Genetics Inc.*		327
	25,700	United Therapeutics Corp.*		4,104

				4,431

	CAPITAL MARKETS—1.2%
	19,400	Ameriprise Financial Inc.		2,430
	97,600	Investment Technology Group Inc.		2,781
	13,400	State Street Corp.		1,033

				6,244

	CHEMICALS—4.3%
	32,500	Cabot Corp.		1,389
	55,600	Celanese Corp.		3,690
	13,800	CF Industries Holdings Inc.		3,967
	63,000	Eastman Chemical Co.		4,802
	179,900	Huntsman Corp.		4,147
	71,100	Mosaic Co.		3,128
	48,600	Olin Corp.		1,435

				22,558

	COMMERCIAL SERVICES & SUPPLIES—1.6%
	49,600	ADT Corp.		1,865
	73,900	Brink’s Co.		1,956
	136,300	Pitney Bowes Inc.		3,049

Harbor Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)
	COMMERCIAL SERVICES & SUPPLIES—Continued
	87,100	R.R. Donnelley & Sons Co.	$	1,622

				8,492

	COMMUNICATIONS EQUIPMENT—2.5%
	384,200	Brocade Communications Systems Inc.		4,341
	40,200	Harris Corp.		3,226
	136,200	Juniper Networks Inc.		3,600
	67,900	NETGEAR Inc.*		2,055

				13,222

	CONSTRUCTION & ENGINEERING—0.2%
	42,500	Tutor Perini Corp.*		901

	CONSUMER FINANCE—1.0%
	44,700	Discover Financial Services		2,592
	75,900	Navient Corp.		1,483
	23,100	Nelnet Inc.		1,034

				5,109

	CONTAINERS & PACKAGING—1.9%
	124,000	Avery Dennison Corp.		6,893
	29,100	Owens-Illinois Inc.*		696
	42,800	Rock-Tenn Co.		2,696

				10,285

	ELECTRIC UTILITIES—4.2%
	32,900	American Electric Power Co. Inc.		1,871
	104,700	Edison International		6,380
	69,300	Entergy Corp.		5,349
	169,700	FirstEnergy Corp.		6,094
	79,600	Portland General Electric Co.		2,799

				22,493

	ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%
	65,500	Avnet Inc.		2,792
	132,800	Corning Inc.		2,780
	397,800	Flextronics International Ltd. (SGP)*		4,585
	30,800	Ingram Micro Inc.*		775
	44,200	TE Connectivity Ltd. (SWS)		2,942
	34,600	Tech Data Corp.*		1,950
	154,200	Vishay Intertechnology Inc.		1,955

				17,779

	ENERGY EQUIPMENT & SERVICES—1.9%
	37,800	Atwood Oceanics Inc.		1,262
	49,700	Ensco plc (UK)		1,356
	17,000	Helmerich & Payne Inc.		1,325
	136,300	Hercules Offshore Inc.*		110
	47,300	National Oilwell Varco Inc.		2,574
	94,400	Noble Corp. plc (UK)		1,634
	21,633	Paragon Offshore plc (UK)		39
	61,700	Superior Energy Services Inc.		1,573

				9,873

	FOOD & STAPLES RETAILING—0.9%
	42,333	Kroger Co.		2,917
	195,800	SUPERVALU Inc.*		1,721

				4,638

	FOOD PRODUCTS—3.1%
	28,500	Archer Daniels Midland Co.		1,393
	31,800	Bunge Ltd. (BM)		2,747
	74,900	Cal-Maine Foods Inc.		3,349
	67,500	ConAgra Foods Inc.		2,440
	46,200	Fresh Del Monte Produce Inc.		1,706
	23,200	Ingredion Inc.		1,842
	FOOD PRODUCTS—Continued
	300	Seaboard Corp.*		1,080
	49,000	Tyson Foods Inc.		1,935

				16,492

	HEALTH CARE EQUIPMENT & SUPPLIES—0.2%
	9,800	Zimmer Holdings Inc.		1,076

	HEALTH CARE PROVIDERS & SERVICES—4.4%
	22,400	Aetna Inc.		2,394
	17,000	Chemed Corp.		1,959
	56,700	CIGNA Corp.		7,067
	70,300	HealthSouth Corp.		3,179
	85,468	Quest Diagnostics Inc.		6,104
	97,800	Select Medical Holdings Corp.		1,423
	71,311	Triple-S Management Corp. (PRI)*		1,335

				23,461

	HOTELS, RESTAURANTS & LEISURE—0.5%
	44,400	Brinker International Inc.		2,458

	HOUSEHOLD DURABLES—1.4%
	59,500	Ryland Group Inc.		2,453
	27,600	Whirlpool Corp.		4,846

				7,299

	INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS—0.7%
	296,100	AES Corp.		3,923

	INSURANCE—10.7%
	17,800	Aflac Inc.		1,122
	41,200	Allied World Assurance Co. Holdings AG (SWS)		1,695
	15,600	Allstate Corp.		1,087
	25,100	American Equity Investment Life Holding Co.		676
	47,574	American Financial Group Inc.		3,007
	41,500	AmTrust Financial Services Inc.		2,468
	36,300	Aspen Insurance Holdings Ltd. (BM)		1,696
	51,900	Axis Capital Holdings Ltd. (BM)		2,702
	77,100	Endurance Specialty Holdings Ltd. (BM)		4,655
	24,300	Everest Re Group Ltd. (BM)		4,348
	150,800	Hartford Financial Services Group Inc.		6,148
	46,134	Horace Mann Educators Corp.		1,567
	77,000	Lincoln National Corp.		4,350
	133,300	Maiden Holdings Ltd. (BM)		1,937
	19,000	PartnerRe Ltd. (BM)		2,432
	46,000	Principal Financial Group Inc.		2,352
	33,000	StanCorp Financial Group Inc.		2,379
	80,741	Universal Insurance Holdings Inc.		1,939
	101,700	Unum Group		3,474
	77,600	Validus Holdings Ltd. (BM)		3,246
	89,700	XL Group plc (IE)		3,326

				56,606

	INTERNET SOFTWARE & SERVICES—0.3%
	190,700	Dhi Group Inc.*		1,449

	IT SERVICES—3.4%
	74,000	Amdocs Ltd.		4,075
	110,756	Convergys Corp.		2,512
	228,100	Western Union Co.		4,626
	584,900	Xerox Corp.		6,726

				17,939

	LEISURE PRODUCTS—0.6%
	154,461	Smith & Wesson Holding Corp.*		2,296
	23,400	Vista Outdoor Inc.*		1,024

				3,320

Harbor Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)
	MACHINERY—3.9%
	42,500	AGCO Corp.	$	2,189
	112,100	Briggs & Stratton Corp.		2,192
	161,900	Meritor Inc.*		2,124
	60,200	Oshkosh Corp.		3,241
	28,600	Parker Hannifin Corp.		3,414
	55,300	Timken Co.		2,173
	74,200	Trinity Industries Inc.		2,010
	223,900	Wabash National Corp.*		3,139

				20,482

	MEDIA—1.0%
	56,159	EW Scripps Co.		1,308
	52,900	Gannett Co. Inc.		1,815
	21,157	Journal Media Group Inc.*		197
	55,200	Starz*		2,171

				5,491

	METALS & MINING—0.6%
	9,200	Cliffs Natural Resources Inc.		55
	22,400	Reliance Steel & Aluminum Co.		1,450
	69,200	United States Steel Corp.		1,662

				3,167

	MULTILINE RETAIL—3.5%
	33,600	Dillard’s Inc.		4,421
	102,200	Kohl’s Corp.		7,323
	102,800	Macy’s Inc.		6,644

				18,388

	MULTI-UTILITIES—3.6%
	124,800	Ameren Corp.		5,109
	55,900	Avista Corp.		1,823
	202,500	Public Service Enterprise Group Inc.		8,412
	72,000	SCANA Corp.		3,815

				19,159

	OIL, GAS & CONSUMABLE FUELS—3.3%
	53,500	Energy XXI Ltd. (BM)		234
	19,500	Hess Corp.		1,499
	39,500	Marathon Oil Corp.		1,228
	49,200	Marathon Petroleum Corp.		4,850
	36,500	Murphy Oil Corp.		1,738
	57,800	Tesoro Corp.		4,961
	54,200	Valero Energy Corp. plc		3,084

				17,594

	PAPER & FOREST PRODUCTS—0.8%
	98,600	Domtar Corp.		4,262

	PERSONAL PRODUCTS—0.2%
	8,400	USANA Health Sciences Inc.*		955

	PHARMACEUTICALS—0.4%
	34,400	Lannett Co. Inc.*		1,978

	REAL ESTATE INVESTMENT TRUSTS (REITs)—10.8%
	242,900	Annaly Capital Management Inc.		2,446
	181,700	Brandywine Realty Trust		2,649
	97,600	Capstead Mortgage Corp.		1,137
	286,300	CBL & Associates Properties Inc.		5,156
	54,200	Digital Realty Trust Inc.		3,437
	148,500	DuPont Fabros Technology Inc.		4,626
	REAL ESTATE INVESTMENT TRUSTS (REITs)—Continued
	110,900	Equity Commonwealth*		2,796
	498,900	Hersha Hospitality Trust		3,208
	158,100	Hospitality Properties Trust		4,756
	104,800	Inland Real Estate Corp.		1,078
	89,300	Lexington Realty Trust		828
	202,700	MFA Financial Inc.		1,575
	91,600	OMEGA Healthcare Investors Inc.		3,306
	61,100	PennyMac Mortgage Investment Trust		1,280
	276,077	Piedmont Office Realty Trust Inc.		4,826
	217,400	Rouse Properties Inc.		3,798
	43,500	Select Income REIT		1,009
	193,900	Senior Housing Properties Trust		3,969
	162,500	Summit Hotel Properties Inc.		2,140
	139,597	Sunstone Hotel Investors Inc.		2,175
	121,000	Two Harbors Investment Corp.		1,270

				57,465

	ROAD & RAIL—0.5%
	74,200	ArcBest Corp.		2,649

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%
	647,500	Amkor Technology Inc.*		4,552
	76,500	Omnivision Technologies Inc.*		2,134

				6,686

	SOFTWARE—1.3%
	76,300	CA Inc.		2,424
	179,100	Symantec Corp.		4,464

				6,888

	SPECIALTY RETAIL—2.5%
	69,500	Finish Line Inc.		1,705
	37,400	Foot Locker Inc.		2,224
	53,400	GameStop Corp.		2,058
	138,900	Gap Inc.		5,506
	23,700	Outerwall Inc.		1,574
	20,500	RadioShack Corp.*		3

				13,070

	TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.0%
	32,500	Lexmark International Inc.		1,443
	65,160	NetApp Inc.		2,362
	115,600	QLogic Corp.*		1,699
	68,400	Seagate Technology plc (IE)		4,016
	65,200	Western Digital Corp.		6,373

				15,893

	THRIFTS & MORTGAGE FINANCE—0.7%
	72,700	Home Loan Servicing Solutions Ltd.		49
	63,100	Radian Group Inc.		1,127
	116,000	Washington Federal Inc.		2,506

				3,682

	TOBACCO—0.0%
	5,300	Universal Corp.		249

	TOTAL COMMON STOCKS (Cost $469,449)			523,505

Harbor Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS—Continued


SHORT-TERM INVESTMENTS—1.9%
	(Cost $10,267)
Principal Amount (000s)			Value (000s)
	REPURCHASE AGREEMENTS
$	10,267	Repurchase Agreement with State Street Corp. dated April 30, 2015 due May 01, 2015 at 0.000% collateralized by U.S. Treasury Bonds (market value $10,474)	$	10,267

	TOTAL INVESTMENTS—100.8% (Cost $479,716)			533,772

	CASH AND OTHER ASSETS, LESS LIABILITIES—(0.8)%			(4,384	)

	TOTAL NET ASSETS—100.0%		$	529,388

FAIR VALUE MEASUREMENTS

Repurchase Agreements valued at $10,267 are classified as Level 2. All other holdings at April 30, 2015 (as disclosed in the preceding Portfolio of Investments) are classified as Level 1. There were no Level 3 holdings at October 31, 2014 or April 30, 2015 and no transfers between levels during the period.

*	Non-income producing security.

Bermuda.

Ireland.

Panama.

PRI	Puerto Rico.

SGP	Singapore.

SWS	Switzerland.

UK	United Kingdom.

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

Harbor Small Cap Value Fund

MANAGER’S COMMENTARY (Unaudited)

SUBADVISER

EARNEST Partners LLC

1180 Peachtree Street NE Suite 2300

Atlanta, GA 30309

PORTFOLIO MANAGER

Paul Viera

Since 2001

EARNEST Partners

has subadvised the Fund since

its inception in 2001.

INVESTMENT OBJECTIVE

The Fund seeks long-term total return.

PRINCIPAL STYLE CHARACTERISTICS

Small cap value stocks

LOGO

Paul Viera

Management’s Discussion of

Fund Performance

MARKET REVIEW

Equity markets were volatile to start off calendar year 2015 after a positive final two months of 2014. The U.S. small cap value market ended the fiscal first half in positive territory, with the Russell 2000^® Value Index rising 2.05% for the six months ended April 30, 2015. Investors remained cautiously optimistic during the beginning of 2015 as the Federal Reserve continued to contemplate the timing and magnitude of future interest rate hikes amid a modestly improving economic backdrop.

The U.S. economy continued to push forward, albeit with some deceleration. GDP growth for the fourth quarter of 2014 was 2.2%, yet dropped to 0.2% for the first quarter of 2015. Similar to the first quarter of 2014, a prolonged winter with record levels of cold and snow in several parts of the U.S. impacted everything from retail sales to housing starts. Additionally, a labor dispute at ports on the West Coast impacted trade and retail inventory. Job growth slowed as a result, with 189,000 new jobs in March, following an average of over 255,000 new jobs added in each of the prior four months.

Oil prices continued to decline. The U.S. and Iran continued discussions around a nuclear pact that would remove sanctions on the Middle Eastern country subject to formal agreement by the end of June. These negotiations, along with worldwide economic weakness, pressured oil prices. U.S. energy companies responded to sinking prices by sharply reducing orders for equipment. Lower gasoline prices, rising disposable income, and declining unemployment contributed to higher levels of consumer confidence.

The Federal Reserve indicated that it will remain supportive of the economy and wants to see further labor market improvement and inflation closer to its 2% target before raising interest rates. The Fed also indicated that it plans to increase rates at a slower pace relative to past recoveries, citing the still delicate, although improving, state of the economy. Meanwhile, the yield on the 10-year U.S. Treasury note continued to decline, finishing the period at 2% after falling to as low as 1.6%. Despite the decline, absolute levels of interest rates in the U.S. remained significantly higher than those in other developed markets such as Germany and Japan, with 10-year yields of less than 0.5%.

PERFORMANCE

Harbor Small Cap Value Fund returned 3.94% (Institutional Class), 3.81% (Administrative Class), and 3.75% (Investor Class) for the six months ended April 30, 2015, outperforming the broader small cap value market, as represented by the 2.05% return of the Russell 2000^® Value Index. The outperformance was driven primarily by stock selection.

Boosted by acquisition activity and robust earnings growth, Heath Care was the best-performing sector for both the index and the Fund. Utilities did well for the total period as investors sought out dividend yield given the low-interest-rate environment, but trailed in the last few months as the prospect of rate increases reversed some of the sector’s gains. Performance for the Fund was driven by positive stock selection in nearly all sectors, with particularly strong performance in the Consumer Discretionary, Information Technology, and Financials spaces.

Financials holding Stifel Financial provides retail and institutional brokerage services that include investment banking, private wealth management, and financial planning. In an

Harbor Small Cap Value Fund

MANAGER’S COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
Hexcel Corp.			3.8%
Snap-on Inc.			2.9%
EnerSys			2.8%
MEDNAX Inc.			2.7%
Valspar Corp.			2.7%
Global Payments Inc.			2.6%
Bristow Group Inc.			2.5%
Cantel Medical Corp.			2.4%
Franklin Electric Co. Inc.			2.4%
Life Time Fitness Inc.			2.4%

effort to bolster the firm’s independent adviser channel, Stifel announced plans to acquire Sterne Agee, a financial services firm that specializes in institutional investment and wealth-management services. The merger is expected to boost annual revenue by over $300 million and add 600 independent financial advisers to Stifel’s existing base. The move was viewed positively by investors and shares rose 11% in the fiscal first half. We believe that financial advisers will continue to be attracted to the firm’s platform, which provides the freedom to run their own advisory businesses while also providing the support of a large corporation. Stifel’s private wealth-management business, which is driven mainly by financial advisers, has been gaining market share from larger competitors. Our view is that this trend should carry forward as Stifel’s management team is committed to driving growth via focused expansion of the firm’s advisory force.

Industrials holding Snap-On is a leading developer, manufacturer, and marketer of hand tools and diagnostic solutions for professional tool users. The company’s products and services include power tools, information and management systems, and shop equipment used in industries such as auto repair, agriculture, and aerospace. Shares rose 14% following better-than-expected earnings and ongoing fundamental improvements. Snap-On has benefited from higher demand in critical industries, as well as growth within its European hand-tool business. Management continued to pursue growth opportunities by enhancing its franchise-dealer-van network, further penetrating existing repair-shop markets with new product offerings, and expanding into emerging markets. We believe that the company should also benefit from further margin expansion stemming from restructuring efforts that have been put in place over the past several years.

OUTLOOK AND STRATEGY

As of April 30, 2015, the Fund was overweight in the Industrials, Energy, Health Care, Information Technology, Materials, and Telecommunications sectors and was underweight in Financials, Utilities, Consumer Staples, and Consumer Discretionary. These weightings are an outgrowth of our fundamental, bottom-up stock selection process.

In managing Harbor Small Cap Value Fund, we seek companies with share prices that we believe do not fully reflect their earnings-growth outlook. Going forward, we will continue to employ our three-step investment methodology: screen the broad universe to identify stocks that are best positioned to outperform; measure and manage downside risk to the benchmark; and perform in-depth, thorough, fundamental research to find what we believe are the best stocks to include in the Fund.

This report contains the current opinions of EARNEST Partners LLC at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Harbor Small Cap Value Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2022

Cusip				411511843

Ticker				HASCX

Inception Date				12/14/2001

Net Expense Ratio				0.84%^a

Total Net Assets (000s)				$838,488


ADMINISTRATIVE CLASS

Fund #				2222

Cusip				411511710

Ticker				HSVRX

Inception Date				11/01/2002

Net Expense Ratio				1.09%^a

Total Net Assets (000s)				$1,391


INVESTOR CLASS

Fund #				2422

Cusip				411511694

Ticker				HISVX

Inception Date				11/01/2002

Net Expense Ratio				1.21%^a

Total Net Assets (000s)				$17,811

a	Annualized.

b	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Weighted Average Market Cap (MM)		$3,531			$1,780

Price/Earning Ratio (P/E)		22.6x			23.1x

Price/Book Ratio (P/B)		2.7x			1.7x

Beta vs. Russell 2000^® Value Index		0.95			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		6%	^b		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

Harbor Small Cap Value Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the Russell 2000^® Value Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Small Cap Value Fund
Institutional Class	3.94%	10.88%	12.97%	7.82%	12/14/2001	$	106,203
Comparative Index
Russell 2000^® Value	2.05%	4.89%	10.55%	7.87%	—	$	106,666

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the Russell 2000^® Value Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Small Cap Value Fund
Administrative Class	3.81%	10.64%	12.69%	7.55%	11/01/2002	$	20,713
Investor Class	3.75%	10.52%	12.55%	7.41%	11/01/2002	$	20,444
Comparative Index
Russell 2000^® Value	2.05%	4.89%	10.55%	7.87%	—	$	21,333

a	Annualized.

b	Unannualized.

Harbor Small Cap Value Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings (% of net assets)

(Excludes net cash and short-term investments of 2.3%)

LOGO


COMMON STOCKS—97.7%

Shares			Value (000s)
	AEROSPACE & DEFENSE—7.6%
	649,555	Hexcel Corp.	$	32,575
	219,688	Moog Inc.*		15,352
	167,167	Teledyne Technologies Inc.*		17,548

				65,475

	BANKS—2.5%
	440,589	Trustmark Corp.		10,486
	298,620	United Bankshares Inc.		11,222

				21,708

	CAPITAL MARKETS—5.4%
	306,723	Eaton Vance Corp.		12,600
	318,323	Raymond James Financial Inc.		17,995
	301,742	Stifel Financial Corp.*		15,944

				46,539

	CHEMICALS—5.2%
	205,777	Cabot Corp.		8,795
	194,355	Scotts Miracle-Gro Co.*		12,538
	284,985	Valspar Corp.		23,112

				44,445

	CONSUMER FINANCE—1.7%
	404,045	Cash America International Inc.		10,473
	217,750	Enova International Inc.*		4,030

				14,503

	ELECTRICAL EQUIPMENT—5.2%
	350,560	EnerSys		23,803
	578,696	Franklin Electric Co. Inc.		20,926

				44,729

	ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—9.5%
	540,548	Checkpoint Systems Inc.*		5,600
	212,013	Coherent Inc.*		12,721
	487,991	FLIR Systems Inc.		15,074
	247,122	Itron Inc.*		8,862
	166,193	Littelfuse Inc.		16,285
	183,900	OSI Systems Inc.*		12,360
	499,292	Sanmina Corp.*		10,150

				81,052

	ENERGY EQUIPMENT & SERVICES—5.9%
	337,671	Bristow Group Inc.		20,980
	156,605	Core Laboratories NV		20,559
	924,608	Newpark Resources Inc.*		9,486

				51,025

	GAS UTILITIES—3.5%
	237,934	South Jersey Industries Inc.		12,551
	317,268	WGL Holdings Inc.		17,453

				30,004

	HEALTH CARE EQUIPMENT & SUPPLIES—2.4%
	463,322	Cantel Medical Corp.		20,752

	HEALTH CARE PROVIDERS & SERVICES—7.1%
	286,010	Centene Corp.*		17,730
	323,914	MEDNAX Inc.*		22,927
	343,045	Molina Healthcare Inc.*		20,318

				60,975

	HOTELS, RESTAURANTS & LEISURE—2.4%
	291,520	Life Time Fitness Inc.*		20,844

	HOUSEHOLD DURABLES—1.6%
	311,165	Meritage Homes Corp.*		13,309

	INSURANCE—7.2%
	608,134	American Equity Investment Life Holding Co.		16,389
	308,774	Horace Mann Educators Corp.		10,489
	207,055	Reinsurance Group of America Inc.		18,971
	198,389	State Auto Financial Corp.		4,686
	378,715	United Fire Group Inc.		11,312

				61,847

	IT SERVICES—2.6%
	219,250	Global Payments Inc.		21,986

Harbor Small Cap Value Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)
	MACHINERY—8.8%
	252,159	Albany International Corp.	$	9,885
	360,610	Altra Industrial Motion Corp.		9,509
	1,563,370	Mueller Water Products Inc.		14,633
	167,645	Snap-on Inc.		25,071
	411,706	Timken Co.		16,176

				75,274

	METALS & MINING—0.5%
	138,882	TimkenSteel Corp.		4,054

	OIL, GAS & CONSUMABLE FUELS—0.6%
	109,178	ONEOK Inc.		5,251

	REAL ESTATE INVESTMENT TRUSTS (REITs)—2.7%
	833,923	First Potomac Realty Trust		8,940
	1,007,968	Medical Properties Trust Inc.		14,091

				23,031

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.7%
	336,469	Cabot Microelectronics Corp.*		15,915
	1,345,484	Entegris Inc.*		17,909
	803,754	Fairchild Semiconductor International Inc.*		14,600
	346,825	Monolithic Power Systems Inc.		17,976

				66,400

	SOFTWARE—0.8%
	382,040	Epiq Systems Inc.		6,842

	THRIFTS & MORTGAGE FINANCE—0.9%
	583,925	Astoria Financial Corp.		7,690

	TRADING COMPANIES & DISTRIBUTORS—4.1%
	326,395	CAI International Inc.*		7,775
	325,332	GATX Corp.		17,698
	250,411	TAL International Group Inc.*		9,651

				35,124

	WIRELESS TELECOMMUNICATION SERVICES—1.8%
	131,295	SBA Communications Corp.*		15,207

	TOTAL COMMON STOCKS (Cost $586,651)			838,066


SHORT-TERM INVESTMENTS—2.3%
	(Cost $19,729)
Principal Amount (000s)
	REPURCHASE AGREEMENTS
$	19,729	Repurchase Agreement with State Street Corp. dated April 30, 2015 due May 01, 2015 at 0.000% collateralized by U.S. Treasury Bonds (market value $20,129)		19,729

	TOTAL INVESTMENTS—100.0% (Cost $606,380)			857,795

	CASH AND OTHER ASSETS, LESS LIABILITIES—0.0%			(105	)

	TOTAL NET ASSETS—100.0%		$	857,690

FAIR VALUE MEASUREMENTS

Repurchase Agreements valued at $19,729 are classified as Level 2. All other holdings at April 30, 2015 (as disclosed in the preceding Portfolio of Investments) are classified as Level 1. There were no Level 3 holdings at October 31, 2014 or April 30, 2015 and no transfers between levels during the period.

*	Non-income producing security.

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

Harbor Domestic Equity Funds

STATEMENTS OF ASSETS AND LIABILITIES—April 30, 2015 (Unaudited)

(All amounts in thousands, except per share amounts)



	Harbor Capital Appreciation Fund		Harbor Mid Cap Growth Fund			Harbor Small Cap Growth Fund			Harbor Small Cap Growth Opportunities Fund			Harbor Large Cap Value Fund		Harbor Mid Cap Value Fund		Harbor Small Cap Value Fund
ASSETS
Investments, at identified cost *	$	16,532,154	$	628,702		$	481,429		$	159,743		$	197,417	$	479,716	$	606,380
Investments, at value	$	26,510,540	$	704,694		$	612,718		$	154,502		$	247,805	$	523,505	$	838,066
Repurchase agreements		194,030		31,635			15,862			6,954			13,682		10,267		19,729
Cash		1		1			1			—			1		—		—
Receivables for:
Investments sold		154,441		1,387			11,662			1,677			—		—		176
Foreign currency spot contracts		—		1			—			—			—		—		—
Capital shares sold		41,530		4,659			234			476			345		885		665
Dividends		11,045		151			157			—			355		442		475
Withholding tax		1,456		—			—			—			—		—		—
Prepaid registration fees		42		25			19			14			19		37		27
Prepaid fund insurance		64		2			2			—			1		1		2
Other assets		645		28			24			5			16		5		36
Total Assets		26,913,794		742,583			640,679			163,628			262,224		535,142		859,176
LIABILITIES
Payables for:
Investments purchased		211,865		3,959			2,876			7,649			—		4,820		329
Capital shares reacquired		15,864		2,887			99			29			536		482		456
Accrued expenses:
Management fees		12,263		457			409			99			129		328		537
12b-1 fees		543		87			4			1			9		36		4
Transfer agent fees		1,572		42			36			8			15		42		46
Trustees’ fees and expenses		105		3			3			—			1		1		3
Other		2,025		86			49			13			32		45		111
Total Liabilities		244,237		7,521			3,476			7,799			722		5,754		1,486
NET ASSETS	$	26,669,557	$	735,062		$	637,203		$	155,829		$	261,502	$	529,388	$	857,690
Net Assets Consist of:
Paid-in capital	$	15,413,559	$	585,527		$	441,265		$	151,483		$	188,294	$	471,290	$	577,457
Accumulated undistributed net investment income/(loss)		17,414		(2,502	)		(975	)		(295	)		1,049		2,022		662
Accumulated net realized gain/(loss)		1,066,196		44,411			49,762			2,928			8,089		2,020		28,156
Unrealized appreciation/(depreciation) of investments and translation of assets and liabilities in foreign currencies		10,172,388		107,626			147,151			1,713			64,070		54,056		251,415
	$	26,669,557	$	735,062		$	637,203		$	155,829		$	261,502	$	529,388	$	857,690
NET ASSET VALUE PER SHARE BY CLASS
Institutional Class
Net assets	$	24,050,556	$	312,289		$	620,720		$	152,429		$	217,880	$	356,382	$	838,488
Shares of beneficial interest¹		384,581		30,353			42,577			13,922			17,879		16,988		30,783
Net asset value per share²	$	62.54	$	10.29		$	14.58		$	10.95		$	12.19	$	20.98	$	27.24
Administrative Class
Net assets	$	655,759	$	387,870		$	753		$	2,495		$	23,598	$	25,275	$	1,391
Shares of beneficial interest¹		10,597		38,883			54			229			1,938		1,195		51
Net asset value per share²	$	61.88	$	9.98		$	13.94		$	10.92		$	12.18	$	21.14	$	27.14
Investor Class
Net assets	$	1,963,242	$	34,903		$	15,730		$	905		$	20,024	$	147,731	$	17,811
Shares of beneficial interest¹		32,095		3,577			1,169			83			1,630		7,056		667
Net asset value per share²	$	61.17	$	9.76		$	13.46		$	10.89		$	12.28	$	20.94	$	26.69

*	Including repurchase agreements and short-term investments.

1	Par value $0.01 (unlimited authorizations).

2	Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded to thousands.

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

Harbor Domestic Equity Funds

STATEMENTS OF OPERATIONS—Six Months Ended April 30, 2015 (Unaudited)

(All amounts in thousands)


	Harbor Capital Appreciation Fund			Harbor Mid Cap Growth Fund			Harbor Small Cap Growth Fund			Harbor Small Cap Growth Opportunities Fund			Harbor Large Cap Value Fund			Harbor Mid Cap Value Fund			Harbor Small Cap Value Fund
Investment Income
Dividends	$	111,636		$	1,776		$	1,997		$	211		$	2,483		$	5,217		$	4,682
Net securities lending income		43			—			—			—			—			—			—
Interest		—			9			—			—			—			—			—
Foreign taxes withheld		(1,816	)		(22	)		—			(3	)		(30	)		—			(24	)
Total Investment Income		109,863			1,763			1,997			208			2,453			5,217			4,658
Operating Expenses
Management fees		76,376			2,655			2,342			415			747			1,572			2,836
12b-1 fees:
Administrative Class		787			464			1			1			28			25			4
Investor Class		2,397			44			18			2			25			151			22
Shareholder communications		801			18			9			—			3			18			36
Custodian fees		317			41			21			38			11			26			16
Transfer agent fees:
Institutional Class		7,074			93			188			34			64			86			227
Administrative Class		194			115			—			—			7			6			1
Investor Class		1,742			32			13			2			18			110			16
Professional fees		202			6			5			1			2			10			6
Trustees’ fees and expenses		263			8			7			1			2			4			8
Registration fees		93			23			23			32			22			32			32
Miscellaneous		101			7			7			4			5			6			7
Total expenses		90,347			3,506			2,634			530			934			2,046			3,211
Management fees waived		(4,078	)		—			—			—			—			—			—
Transfer agent fees waived		(283	)		(8	)		(7	)		(1	)		(3	)		(5	)		(9	)
Other expenses reimbursed		—			—			—			(26	)		(20	)		—			—
Custodial expense reductions		(1	)		—			—			—			—			—			—
Net expenses		85,985			3,498			2,627			503			911			2,041			3,202
Net Investment Income/(Loss)		23,878			(1,735	)		(630	)		(295	)		1,542			3,176			1,456
Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions
Net realized gain/(loss) on:
Investments		1,158,331			46,818			51,157			3,224			9,203			1,900			29,561
Foreign currency transactions		(109	)		(13	)		—			—			(1	)		—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		662,381			3,569			11,021			(111	)		6,216			11,259			(5,253	)
Translations of assets and liabilities in foreign currencies		17			2			—			—			1			—			—
Net gain/(loss) on investment transactions		1,820,620			50,376			62,178			3,113			15,419			13,159			24,308
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	1,844,498		$	48,641		$	61,548		$	2,818		$	16,961		$	16,335		$	25,764

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

Harbor Domestic Equity Funds

STATEMENTS OF CHANGES IN NET ASSETS

(All amounts in thousands)


	Harbor Capital Appreciation Fund						Harbor Mid Cap Growth Fund						Harbor Small Cap Growth Fund
	November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014
INCREASE/(DECREASE) IN NET ASSETS		(Unaudited)						(Unaudited)						(Unaudited)
Operations:
Net investment income/(loss)	$	23,878		$	16,958		$	(1,735	)	$	(3,731	)	$	(630	)	$	(1,883	)
Net realized gain/(loss) on investments		1,158,222			1,755,868			46,805			131,783			51,157			107,103
Change in net unrealized appreciation/(depreciation) of investments		662,398			1,865,702			3,571			(24,105	)		11,021			(28,149	)
Net increase/(decrease) in assets resulting from operations		1,844,498			3,638,528			48,641			103,947			61,548			77,071
Distributions to Shareholders
Net investment income:
Institutional Class		(17,426	)		(15,907	)		—			—			—			1
Administrative Class		—			—			—			—			—			—
Investor Class		—			—			—			—			—			—
Net realized gain on investments:
Institutional Class		(1,362,695	)		(609,875	)		(48,715	)		(50,232	)		(87,734	)		(79,831	)
Administrative Class		(40,498	)		(19,050	)		(59,287	)		(64,976	)		(103	)		(92	)
Investor Class		(115,034	)		(56,815	)		(5,792	)		(5,715	)		(2,245	)		(3,394	)
Total distributions to shareholders		(1,535,653	)		(701,647	)		(113,794	)		(120,923	)		(90,082	)		(83,316	)
Net Increase/(Decrease) Derived from Capital Share Transactions		1,335,973			327,523			71,446			(21,916	)		47,345			(1,503	)
Net increase/(decrease) in net assets		1,644,818			3,264,404			6,293			(38,892	)		18,811			(7,748	)
Net Assets
Beginning of period		25,024,739			21,760,335			728,769			767,661			618,392			626,140
End of period*	$	26,669,557		$	25,024,739		$	735,062		$	728,769		$	637,203		$	618,392
* Includes accumulated undistributed net investment income/(loss) of:	$	17,414		$	10,962		$	(2,502	)	$	(767	)	$	(975	)	$	(345	)

a	Commencement of operations.

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


Harbor Small Cap Growth Opportunities Fund						Harbor Large Cap Value Fund						Harbor Mid Cap Value Fund						Harbor Small Cap Value Fund
November 1, 2014 through April 30, 2015			February 1, 2014^a through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)

$	(295	)	$	(119	)	$	1,542		$	2,783		$	3,176		$	2,325		$	1,456		$	1,843
	3,224			153			9,202			20,500			1,900			6,118			29,561			27,355

	(111	)		1,824			6,217			5,611			11,259			18,654			(5,253	)		34,941

	2,818			1,858			16,961			28,894			16,335			27,097			25,764			64,139


	—			—			(1,270	)		(2,274	)		(2,051	)		(938	)		(1,525	)		(866	)
	—			—			(105	)		(153	)		(132	)		(37	)		—			—
	—			—			(92	)		(110	)		(743	)		(253	)		—			—

	(321	)		—			(12,992	)		—			(1,379	)		—			(23,533	)		(78,923	)
	(1	)		—			(1,357	)		—			(107	)		—			(129	)		(1,842	)
	(8	)		—			(1,271	)		—			(671	)		—			(601	)		(2,726	)
	(330	)		—			(17,087	)		(2,537	)		(5,083	)		(1,228	)		(25,788	)		(84,357	)

	93,484			57,999			17,916			12,586			216,390			170,907			125,508			203,316
	95,972			59,857			17,790			38,943			227,642			196,776			125,484			183,098

	59,857			—			243,712			204,769			301,746			104,970			732,206			549,108
$	155,829		$	59,857		$	261,502		$	243,712		$	529,388		$	301,746		$	857,690		$	732,206

$	(295	)	$	—		$	1,049		$	974		$	2,022		$	1,772		$	662		$	731

Harbor Domestic Equity Funds

STATEMENTS OF CHANGES IN NET ASSETS—CAPITAL STOCK ACTIVITY

(All amounts in thousands)


	Harbor Capital Appreciation Fund						Harbor Mid Cap Growth Fund						Harbor Small Cap Growth Fund
	November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014
		(Unaudited)						(Unaudited)						(Unaudited)
AMOUNT ($)
Institutional Class
Net proceeds from sale of shares	$	2,122,256		$	3,928,001		$	30,448		$	58,686		$	21,992		$	60,651
Reinvested distributions		1,244,437			567,665			44,858			42,529			84,420			79,239
Cost of shares reacquired		(2,129,105	)		(3,964,601	)		(41,483	)		(113,076	)		(61,533	)		(132,533	)
Net increase/(decrease) in net assets	$	1,237,588		$	531,065		$	33,823		$	(11,861	)	$	44,879		$	7,357
Administrative Class
Net proceeds from sale of shares	$	147,553		$	170,506		$	40,996		$	66,064		$	103		$	308
Reinvested distributions		39,175			17,667			59,282			64,971			103			92
Cost of shares reacquired		(119,284	)		(289,016	)		(63,097	)		(144,294	)		(70	)		(378	)
Net increase/(decrease) in net assets	$	67,444		$	(100,843	)	$	37,181		$	(13,259	)	$	136		$	22
Investor Class
Net proceeds from sale of shares	$	323,552		$	533,477		$	2,788		$	15,864		$	1,586		$	2,402
Reinvested distributions		112,162			55,284			5,754			5,686			2,244			3,394
Cost of shares reacquired		(404,773	)		(691,460	)		(8,100	)		(18,346	)		(1,500	)		(14,678	)
Net increase/(decrease) in net assets	$	30,941		$	(102,699	)	$	442		$	3,204		$	2,330		$	(8,882	)
SHARES
Institutional Class
Shares sold		34,663			67,993			3,004			5,330			1,503			4,070
Shares issued due to reinvestment of distributions		21,186			10,403			4,649			4,113			6,180			5,561
Shares reacquired		(34,838	)		(68,834	)		(4,115	)		(10,160	)		(4,163	)		(8,817	)
Net increase/(decrease) in shares outstanding		21,011			9,562			3,538			(717	)		3,520			814
Beginning of period		363,570			354,008			26,815			27,532			39,057			38,243
End of period		384,581			363,570			30,353			26,815			42,577			39,057
Administrative Class
Shares sold		2,438			2,970			4,182			6,075			8			21
Shares issued due to reinvestment of distributions		673			326			6,333			6,426			8			7
Shares reacquired		(2,002	)		(5,106	)		(6,132	)		(13,410	)		(5	)		(26	)
Net increase/(decrease) in shares outstanding		1,109			(1,810	)		4,383			(909	)		11			2
Beginning of period		9,488			11,298			34,500			35,409			43			41
End of period		10,597			9,488			38,883			34,500			54			43
Investor Class
Shares sold		5,443			9,438			288			1,425			116			171
Shares issued due to reinvestment of distributions		1,950			1,030			628			572			178			253
Shares reacquired		(6,749	)		(12,106	)		(800	)		(1,657	)		(112	)		(1,065	)
Net increase/(decrease) in shares outstanding		644			(1,638	)		116			340			182			(641	)
Beginning of period		31,451			33,089			3,461			3,121			987			1,628
End of period		32,095			31,451			3,577			3,461			1,169			987

a	Commencement of operations.

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


Harbor Small Cap Growth Opportunities Fund						Harbor Large Cap Value Fund						Harbor Mid Cap Value Fund						Harbor Small Cap Value Fund
November 1, 2014 through April 30, 2015			February 1, 2014^a through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)


$	98,841		$	57,098		$	20,532		$	70,327		$	184,753		$	130,475		$	228,049		$	301,727
	297			—			14,099			2,260			3,275			932			20,490			57,931
	(6,970	)		(1,104	)		(19,233	)		(72,033	)		(34,461	)		(36,420	)		(119,170	)		(151,725	)
$	92,168		$	55,994		$	15,398		$	554		$	153,567		$	94,987		$	129,369		$	207,933

$	2,341		$	867		$	3,252		$	6,902		$	11,701		$	12,352		$	143		$	960
	1			—			1,462			153			237			37			129			1,842
	(53	)		(601	)		(2,099	)		(1,611	)		(1,954	)		(2,151	)		(4,655	)		(8,339	)
$	2,289		$	266		$	2,615		$	5,444		$	9,984		$	10,238		$	(4,383	)	$	(5,537	)

$	56		$	1,843		$	1,385		$	14,132		$	72,222		$	94,776		$	2,000		$	3,254
	9			—			1,292			108			1,387			251			592			2,696
	(1,038	)		(104	)		(2,774	)		(7,652	)		(20,770	)		(29,345	)		(2,070	)		(5,030	)
$	(973	)	$	1,739		$	(97	)	$	6,588		$	52,839		$	65,682		$	522		$	920


	9,176			5,472			1,724			5,900			8,868			6,739			8,266			11,609

	28			—			1,214			198			159			52			777			2,345
	(645	)		(109	)		(1,616	)		(6,067	)		(1,645	)		(1,885	)		(4,361	)		(5,836	)
	8,559			5,363			1,322			31			7,382			4,906			4,682			8,118
	5,363			—			16,557			16,526			9,606			4,700			26,101			17,983
	13,922			5,363			17,879			16,557			16,988			9,606			30,783			26,101

	208			84			274			596			556			634			5			37

	—			—			126			13			11			2			5			74
	(4	)		(59	)		(174	)		(138	)		(93	)		(112	)		(169	)		(324	)
	204			25			226			471			474			524			(159	)		(213	)
	25			—			1,712			1,241			721			197			210			423
	229			25			1,938			1,712			1,195			721			51			210

	5			178			115			1,179			3,464			4,919			74			127

	1			—			110			9			68			14			23			111
	(91	)		(10	)		(233	)		(641	)		(1,000	)		(1,510	)		(78	)		(199	)
	(85	)		168			(8	)		547			2,532			3,423			19			39
	168			—			1,638			1,091			4,524			1,101			648			609
	83			168			1,630			1,638			7,056			4,524			667			648

Harbor Domestic Equity Funds Financial Highlights

SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED


HARBOR CAPITAL APPRECIATION FUND
	Institutional Class
	6-Month Period Ended April 30, 2015			Year Ended October 31,
	6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
	(Unaudited)
Net asset value beginning of period	$	61.97		$	54.71		$	41.44		$	38.34		$	34.73		$	30.30
Income from Investment Operations
Net investment income/(loss)^a		0.07	^e		0.06			0.16			0.07			0.05			0.08
Net realized and unrealized gains/(losses) on investments		4.32			8.98			13.28			3.07			3.64			4.44
Total from investment operations		4.39			9.04			13.44			3.14			3.69			4.52
Less Distributions
Dividends from net investment income		(0.05	)		(0.05	)		(0.17	)		(0.04	)		(0.08	)		(0.09	)
Distributions from net realized capital gains¹		(3.77	)		(1.73	)		—			—			—			—
Total distributions		(3.82	)		(1.78	)		(0.17	)		(0.04	)		(0.08	)		(0.09	)
Net asset value end of period		62.54			61.97			54.71			41.44			38.34			34.73
Net assets end of period (000s)	$	24,050,556		$	22,531,379		$	19,366,148		$	14,752,873		$	10,682,886		$	8,961,461
Ratios and Supplemental Data (%)
Total return^b		7.47	%^c		16.95	%		32.55	%		8.21	%		10.63	%		14.93	%
Ratio of total expenses to average net assets²		0.68	^d		0.67			0.68			0.68			0.68			0.70
Ratio of net expenses to average net assets^a		0.64	^d		0.65			0.65			0.66			0.66			0.68
Ratio of net investment income to average net Assets^a		0.22	^d		0.11			0.35			0.20			0.14			0.24
Portfolio turnover		21	^c		34			48			41			53			68

HARBOR MID CAP GROWTH FUND
	Institutional Class
	6-Month Period Ended April 30, 2015			Year Ended October 31,
	6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
	(Unaudited)
Net asset value beginning of period	$	11.43		$	11.76		$	9.22		$	8.46		$	7.82		$	6.20
Income from Investment Operations
Net investment income/(loss)^a		(0.02	)^e		(0.04	)		(0.03	)		(0.02	)		(0.03	)		(0.02	)
Net realized and unrealized gains/(losses) on investments		0.71			1.55			2.76			0.78			0.67			1.64
Total from investment operations		0.69			1.51			2.73			0.76			0.64			1.62
Less Distributions
Dividends from net investment income		—			—			—			—			—			—
Distributions from net realized capital gains¹		(1.83	)		(1.84	)		(0.19	)		—			—			—
Total distributions		(1.83	)		(1.84	)		(0.19	)		—			—			—
Net asset value end of period		10.29			11.43			11.76			9.22			8.46			7.82
Net assets end of period (000s)	$	312,289		$	306,371		$	323,666		$	286,490		$	345,875		$	298,295
Ratios and Supplemental Data (%)
Total return^b		7.06	%^c		14.45	%		30.13	%		8.98	%		8.18	%		26.13	%
Ratio of total expenses to average net assets²		0.84	^d		0.84			0.84			0.85			0.86			0.89
Ratio of net expenses to average net assets^a		0.84	^d		0.83			0.84			0.85			0.85			0.87
Ratio of net investment income to average net assets^a		(0.34	)^d		(0.34	)		(0.27	)		(0.31	)		(0.34	)		(0.29	)
Portfolio turnover		42	^c		95			111			123			111			117

See page 67 for notes to Financial Highlights.

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



Administrative Class																		Investor Class
6-Month Period Ended April 30, 2015			Year Ended October 31,															6-Month Period Ended April 30, 2015			Year Ended October 31,
6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010			6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
(Unaudited)																		(Unaudited)
$	61.39		$	54.29		$	41.12		$	38.09		$	34.52		$	30.13		$	60.76		$	53.82		$	40.79		$	37.83		$	34.32		$	29.97

	(0.01	)^e		(0.11	)		0.02			—	*^,f		(0.03	)		0.01			(0.04	)^e		(0.17	)		(0.01	)		0.02			(0.09	)		(0.01	)
	4.27			8.94			13.21			3.03			3.60			4.40			4.22			8.84			13.07			2.94			3.60			4.36
	4.26			8.83			13.23			3.03			3.57			4.41			4.18			8.67			13.06			2.96			3.51			4.35

	—			—			(0.06	)		—			—			(0.02	)		—			—			(0.03	)		—			—			—
	(3.77	)		(1.73	)		—			—			—			—			(3.77	)		(1.73	)		—			—			—			—
	(3.77	)		(1.73	)		(0.06	)		—			—			(0.02	)		(3.77	)		(1.73	)		(0.03	)		—			—			—
	61.88			61.39			54.29			41.12			38.09			34.52			61.17			60.76			53.82			40.79			37.83			34.32
$	655,759		$	582,430		$	613,413		$	597,023		$	487,025		$	413,057		$	1,963,242		$	1,910,930		$	1,780,774		$	1,360,248		$	785,328		$	862,043

	7.32	%^c		16.69	%		32.21	%		7.95	%		10.34	%		14.65	%		7.27	%^c		16.53	%		32.04	%		7.82	%		10.23	%		14.51	%
	0.93	^d		0.92			0.93			0.93			0.93			0.95			1.05	^d		1.04			1.05			1.05			1.05			1.07
	0.89	^d		0.90			0.90			0.91			0.91			0.93			1.01	^d		1.02			1.02			1.03			1.03			1.05
	(0.03	)^d		(0.14	)		0.11			(0.04	)		(0.10	)		(0.01	)		(0.14	)^d		(0.26	)		(0.03	)		(0.18	)		(0.22	)		(0.14	)
	21	^c		34			48			41			53			68			21	^c		34			48			41			53			68


Administrative Class																		Investor Class
6-Month Period Ended April 30, 2015			Year Ended October 31,															6-Month Period Ended April 30, 2015			Year Ended October 31,
6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010			6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
(Unaudited)																		(Unaudited)
$	11.15		$	11.54		$	9.08		$	8.35		$	7.74		$	6.15		$	10.95		$	11.37		$	8.96		$	8.25		$	7.66		$	6.09

	(0.03	)^e		(0.07	)		(0.05	)		(0.06	)		(0.05	)		(0.04	)		(0.03	)^e		(0.05	)		(0.12	)		(0.09	)		(0.11	)		(0.06	)
	0.69			1.52			2.70			0.79			0.66			1.63			0.67			1.47			2.72			0.80			0.70			1.63
	0.66			1.45			2.65			0.73			0.61			1.59			0.64			1.42			2.60			0.71			0.59			1.57

	—			—			—			—			—			—			—			—			—			—			—			—
	(1.83	)		(1.84	)		(0.19	)		—			—			—			(1.83	)		(1.84	)		(0.19	)		—			—			—
	(1.83	)		(1.84	)		(0.19	)		—			—			—			(1.83	)		(1.84	)		(0.19	)		—			—			—
	9.98			11.15			11.54			9.08			8.35			7.74			9.76			10.95			11.37			8.96			8.25			7.66
$	387,870		$	384,511		$	408,494		$	315,975		$	325,525		$	287,256		$	34,903		$	37,887		$	35,501		$	33,543		$	35,830		$	49,035

	6.97	%^c		14.16	%		29.70	%		8.74	%		7.88	%		25.85	%		6.90	%^c		14.09	%		29.54	%		8.61	%		7.70	%		25.78	%
	1.09	^d		1.09			1.09			1.10			1.11			1.14			1.21	^d		1.21			1.21			1.22			1.23			1.26
	1.09	^d		1.08			1.09			1.10			1.10			1.12			1.21	^d		1.20			1.21			1.22			1.22			1.24
	( 0.59	)^d		(0.59	)		(0.52	)		(0.55	)		(0.59	)		(0.54	)		( 0.71	)^d		(0.71	)		(0.63	)		(0.68	)		(0.69	)		(0.66	)
	42	^c		95			111			123			111			117			42	^c		95			111			123			111			117

Harbor Domestic Equity Funds Financial Highlights—Continued

SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED


HARBOR SMALL CAP GROWTH FUND
	Institutional Class
	6-Month Period Ended April 30, 2015			Year Ended October 31,
	6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
	(Unaudited)
Net asset value beginning of period	$	15.45		$	15.72		$	11.81		$	12.07		$	11.88		$	8.86
Income from Investment Operations
Net investment income/(loss)^a		(0.01	)^e		(0.05	)		0.03			(0.02	)		(0.04	)		(0.05	)
Net realized and unrealized gains/(losses) on investments		1.46			1.91			4.48			0.74			0.65			3.07
Total from investment operations		1.45			1.86			4.51			0.72			0.61			3.02
Less Distributions
Dividends from net investment income		—			—			(0.04	)		—			—			—
Distributions from net realized capital gains¹		(2.32	)		(2.13	)		(0.56	)		(0.98	)		(0.42	)		—
Total distributions		(2.32	)		(2.13	)		(0.60	)		(0.98	)		(0.42	)		—
Net asset value end of period		14.58			15.45			15.72			11.81			12.07			11.88
Net assets end of period (000s)	$	620,720		$	603,476		$	601,255		$	474,417		$	428,234		$	391,571
Ratios and Supplemental Data (%)
Total return^b		10.39	%^c		12.94	%		39.90	%		6.88	%		5.00	%		34.09	%
Ratio of total expenses to average net assets²		0.83	^d		0.83			0.83			0.85			0.85			0.87
Ratio of net expenses to average net assets^a		0.83	^d		0.83			0.83			0.84			0.84			0.85
Ratio of net investment income to average net assets^a		(0.19	)^d		(0.29	)		0.22			(0.16	)		(0.32	)		(0.45	)
Portfolio turnover		36	^c		76			73			63			77			82


HARBOR SMALL CAP GROWTH OPPORTUNITIES FUND
	Institutional Class						Administrative Class						Investor Class
	6-Month Period Ended April 30, 2015			2014^g			6-Month Period Ended April 30, 2015			2014^g			6-Month Period Ended April 30, 2015			2014^g
	(Unaudited)						(Unaudited)						(Unaudited)
Net asset value beginning of period	$	10.77		$	10.00		$	10.75		$	10.00		$	10.74		$	10.00
Income from Investment Operations
Net investment income/(loss)^a		(0.03	)^e		(0.02	)		(0.04	)^e		(0.09	)		(0.04	)^e		(0.05	)
Net realized and unrealized gains/(losses) on investments		0.26			0.79			0.26			0.84			0.24			0.79
Total from investment operations		0.23			0.77			0.22			0.75			0.20			0.74
Less Distributions
Dividends from net investment income		—			—			—			—			—			—
Distributions from net realized capital gains¹		(0.05	)		—			(0.05	)		—			(0.05	)		—
Total distributions		(0.05	)		—			(0.05	)		—			(0.05	)		—
Net asset value end of period		10.95			10.77			10.92			10.75			10.89			10.74
Net assets end of period (000s)	$	152,429		$	57,779		$	2,495		$	269		$	905		$	1,809
Ratios and Supplemental Data (%)
Total return^b		2.19	%^c		7.70	%^c		2.10	%^c		7.50	%^c		1.91	%^c		7.40	%^c
Ratio of total expenses to average net assets²		0.95	^d		1.60	^d		1.20	^d		1.85	^d		1.32	^d		1.97	^d
Ratio of net expenses to average net assets^a		0.90	^d		0.90	^d		1.15	^d		1.15	^d		1.27	^d		1.27	^d
Ratio of net investment income to average net assets^a		(0.53	)^d		(0.67	)^d		(0.79	)^d		(0.90	)^d		(0.83	)^d		(1.03	)^d
Portfolio turnover		52	^c		55	^c		52	^c		55	^c		52	^c		55	^c

See page 67 for notes to Financial Highlights.

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



Administrative Class																		Investor Class
6-Month Period Ended April 30, 2015			Year Ended October 31,															6-Month Period Ended April 30, 2015			Year Ended October 31,
6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010			6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
(Unaudited)																		(Unaudited)
$	14.89		$	15.26		$	11.46		$	11.77		$	11.62		$	8.68		$	14.47		$	14.90		$	11.22		$	11.57		$	11.44		$	8.56

	(0.03	)^e		0.54	^f		(7.68	)^f		(5.65	)^f		(0.06	)		(0.07	)		(0.04	)^e		(0.51	)		(0.06	)		(0.11	)		(0.15	)		(0.11	)
	1.40			1.22			12.04			6.32			0.63			3.01			1.35			2.21			4.30			0.74			0.70			2.99
	1.37			1.76			4.36			0.67			0.57			2.94			1.31			1.70			4.24			0.63			0.55			2.88

	—			—			—			—			—			—			—			—			—			—			—			—
	(2.32	)		(2.13	)		(0.56	)		(0.98	)		(0.42	)		—			(2.32	)		(2.13	)		(0.56	)		(0.98	)		(0.42	)		—
	(2.32	)		(2.13	)		(0.56	)		(0.98	)		(0.42	)		—			(2.32	)		(2.13	)		(0.56	)		(0.98	)		(0.42	)		—
	13.94			14.89			15.26			11.46			11.77			11.62			13.46			14.47			14.90			11.22			11.57			11.44
$	753		$	650		$	636		$	1,122		$	36,936		$	35,048		$	15,730		$	14,266		$	24,249		$	19,530		$	22,008		$	25,841

	10.23	%^c		12.65	%		39.72	%		6.61	%		4.76	%		33.87	%		10.10	%^c		12.53	%		39.50	%		6.37	%		4.66	%		33.64	%
	1.08	^d		1.08			1.08			1.10			1.10			1.12			1.20	^d		1.20			1.20			1.22			1.22			1.24
	1.08	^d		1.08			1.08			1.09			1.09			1.10			1.20	^d		1.20			1.20			1.21			1.21			1.22
	(0.45	)^d		(0.54	)		0.19			(0.74	)		(0.54	)		(0.70	)		(0.56	)^d		(0.66	)		(0.16	)		(0.55	)		(0.59	)		(0.82	)
	36	^c		76			73			63			77			82			36	^c		76			73			63			77			82

Harbor Domestic Equity Funds Financial Highlights—Continued

SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED


HARBOR LARGE CAP VALUE FUND
	Institutional Class
	6-Month Period Ended April 30, 2015			Year Ended October 31,
	6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
	(Unaudited)
Net asset value beginning of period	$	12.24		$	10.85		$	8.52		$	7.44		$	7.19		$	6.63
Income from Investment Operations
Net investment income/(loss)^a		0.08	^e		0.15			0.14			0.21			0.12			0.11
Net realized and unrealized gains/(losses) on investments		0.74			1.37			2.31			1.06			0.25			0.55
Total from investment operations		0.82			1.52			2.45			1.27			0.37			0.66
Less Distributions
Dividends from net investment income		(0.08	)		(0.13	)		(0.12	)		(0.19	)		(0.12	)		(0.10	)
Distributions from net realized capital gains¹		(0.79	)		—			—			—			—			—
Total distributions		(0.87	)		(0.13	)		(0.12	)		(0.19	)		(0.12	)		(0.10	)
Net asset value end of period		12.19			12.24			10.85			8.52			7.44			7.19
Net assets end of period (000s)	$	217,880		$	202,596		$	179,382		$	140,323		$	261,032		$	304,723
Ratios and Supplemental Data (%)
Total return^b		6.99	%^c		14.13	%		29.06	%		17.41	%		5.14	%		10.02	%
Ratio of total expenses to average net assets²		0.70	^d		0.70			0.71			0.72			0.71			0.74
Ratio of net expenses to average net assets^a		0.68	^d		0.68			0.68			0.68			0.68			0.68
Ratio of net investment income to average net assets^a		1.29	^d		1.26			1.43			1.88			1.63			1.63
Portfolio turnover		8	^c		32			26			125			43			49

HARBOR MID CAP VALUE FUND
	Institutional Class
	6-Month Period Ended April 30, 2015			Year Ended October 31,
	6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
	(Unaudited)
Net asset value beginning of period	$	20.32		$	17.50		$	12.64		$	11.19		$	11.00		$	9.07
Income from Investment Operations
Net investment income/(loss)^a		0.17	^e		0.18			0.28			0.22			0.14			0.14
Net realized and unrealized gains/(losses) on investments		0.81			2.84			4.86			1.38			0.17			1.93
Total from investment operations		0.98			3.02			5.14			1.60			0.31			2.07
Less Distributions
Dividends from net investment income		(0.19	)		(0.20	)		(0.28	)		(0.15	)		(0.12	)		(0.14	)
Distributions from net realized capital gains¹		(0.13	)		—			—			—			—			—
Total distributions		(0.32	)		(0.20	)		(0.28	)		(0.15	)		(0.12	)		(0.14	)
Net asset value end of period		20.98			20.32			17.50			12.64			11.19			11.00
Net assets end of period (000s)	$	356,382		$	195,247		$	82,231		$	63,551		$	56,428		$	48,659
Ratios and Supplemental Data (%)
Total return^b		4.87	%^c		17.39	%		41.48	%		14.50	%		2.81	%		23.08	%
Ratio of total expenses to average net assets²		0.86	^d		0.89			0.93			0.99			1.08			1.05
Ratio of net expenses to average net assets^a		0.85	^d		0.89			0.93			0.95			0.95			0.95
Ratio of net investment income to average net assets^a		1.63	^d		1.40			1.87			1.79			1.21			1.33
Portfolio turnover		2	^c		13			18			37			32			28

See page 67 for notes to Financial Highlights.

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



Administrative Class																		Investor Class
6-Month Period Ended April 30, 2015			Year Ended October 31,															6-Month Period Ended April 30, 2015			Year Ended October 31,
6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010			6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
(Unaudited)																		(Unaudited)
$	12.23		$	10.85		$	8.51		$	7.43		$	7.19		$	6.61		$	12.33		$	10.94		$	8.59		$	7.49		$	7.24		$	6.67

	0.06	^e		0.15			0.16	^f		—	*^,f		0.11			0.10			0.05	^e		0.13			0.09			0.13			0.05			0.09
	0.74			1.34			2.27			1.25			0.23			0.55			0.75			1.35			2.34			1.13			0.29			0.55
	0.80			1.49			2.43			1.25			0.34			0.65			0.80			1.48			2.43			1.26			0.34			0.64

	(0.06	)		(0.11	)		(0.09	)		(0.17	)		(0.10	)		(0.07	)		(0.06	)		(0.09	)		(0.08	)		(0.16	)		(0.09	)		(0.07	)
	(0.79	)		—			—			—			—			—			(0.79	)		—			—			—			—			—
	(0.85	)		(0.11	)		(0.09	)		(0.17	)		(0.10	)		(0.07	)		(0.85	)		(0.09	)		(0.08	)		(0.16	)		(0.09	)		(0.07	)
	12.18			12.23			10.85			8.51			7.43			7.19			12.28			12.33			10.94			8.59			7.49			7.24
$	23,598		$	20,927		$	13,453		$	7,823		$	23,251		$	18,369		$	20,024		$	20,189		$	11,934		$	11,058		$	8,603		$	26,370

	6.85	%^c		13.78	%		28.76	%		17.15	%		4.74	%		9.93	%		6.75	%^c		13.62	%		28.52	%		17.04	%		4.67	%		9.65	%
	0.95	^d		0.95			0.96			0.97			0.96			0.99			1.07	^d		1.07			1.08			1.09			1.09			1.11
	0.93	^d		0.93			0.93			0.93			0.93			0.93			1.05	^d		1.05			1.05			1.05			1.05			1.07
	1.04	^d		1.02			1.16			1.59			1.37			1.41			0.92	^d		0.88			1.04			1.41			1.27			1.28
	8	^c		32			26			125			43			49			8	^c		32			26			125			43			49


Administrative Class																		Investor Class
6-Month Period Ended April 30, 2015			Year Ended October 31,															6-Month Period Ended April 30, 2015			Year Ended October 31,
6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010			6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
(Unaudited)																		(Unaudited)
$	20.47		$	17.64		$	12.74		$	11.28		$	11.10		$	9.04		$	20.27		$	17.49		$	12.63		$	11.17		$	10.99		$	9.07

	0.14	^e		0.25			0.23			0.18			0.12			0.35			0.13	^e		0.17			0.13			0.20			0.11			0.07
	0.82			2.75			4.92			1.40			0.17			1.71			0.81			2.78			4.96			1.35			0.16			1.96
	0.96			3.00			5.15			1.58			0.29			2.06			0.94			2.95			5.09			1.55			0.27			2.03

	(0.16	)		(0.17	)		(0.25	)		(0.12	)		(0.11	)		—			(0.14	)		(0.17	)		(0.23	)		(0.09	)		(0.09	)		(0.11	)
	(0.13	)		—			—			—			—			—			(0.13	)		—			—			—			—			—
	(0.29	)		(0.17	)		(0.25	)		(0.12	)		(0.11	)		—			(0.27	)		(0.17	)		(0.23	)		(0.09	)		(0.09	)		(0.11	)
	21.14			20.47			17.64			12.74			11.28			11.10			20.94			20.27			17.49			12.63			11.17			10.99
$	25,275		$	14,775		$	3,479		$	1,274		$	1,114		$	940		$	147,731		$	91,724		$	19,260		$	3,087		$	3,794		$	4,493

	4.71	%^c		17.15	%		41.17	%		14.17	%		2.61	%		22.79	%		4.68	%^c		16.97	%		40.99	%		14.06	%		2.45	%		22.60	%
	1.11	^d		1.14			1.19			1.24			1.33			1.30			1.23	^d		1.26			1.31			1.36			1.45			1.42
	1.11	^d		1.14			1.18			1.20			1.20			1.20			1.23	^d		1.26			1.30			1.32			1.32			1.32
	1.38	^d		1.13			1.58			1.53			0.95			0.83			1.27	^d		1.01			1.21			1.43			0.83			0.93
	2	^c		13			18			37			32			28			2	^c		13			18			37			32			28

Harbor Domestic Equity Funds Financial Highlights—Continued

SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED


HARBOR SMALL CAP VALUE FUND
	Institutional Class
	6-Month Period Ended April 30, 2015			Year Ended October 31,
	6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
	(Unaudited)
Net asset value beginning of period	$	27.17		$	28.89		$	21.41		$	19.59		$	17.85		$	14.88
Income from Investment Operations
Net investment income/(loss)^a		0.05	^e		0.06			0.13			0.23			0.08			0.07
Net realized and unrealized gains/(losses) on investments		0.99			2.68			7.84			1.64			1.74			2.97
Total from investment operations		1.04			2.74			7.97			1.87			1.82			3.04
Less Distributions
Dividends from net investment income		(0.06	)		(0.05	)		(0.22	)		(0.05	)		(0.08	)		(0.07	)
Distributions from net realized capital gains¹		(0.91	)		(4.41	)		(0.27	)		—			—			—
Total distributions		(0.97	)		(4.46	)		(0.49	)		(0.05	)		(0.08	)		(0.07	)
Net asset value end of period		27.24			27.17			28.89			21.41			19.59			17.85
Net assets end of period (000s)	$	838,488		$	709,251		$	519,607		$	473,100		$	543,488		$	611,885
Ratios and Supplemental Data (%)
Total return^b		3.94	%^c		11.03	%		37.91	%		9.60	%		10.17	%		20.50	%
Ratio of total expenses to average net assets²		0.84	^d		0.84			0.84			0.86			0.86			0.88
Ratio of net expenses to average net assets^a		0.84	^d		0.84			0.84			0.85			0.84			0.85
Ratio of net investment income to average net assets^a		0.39	^d		0.33			0.45			0.97			0.31			0.39
Portfolio turnover		6	^c		13			22			14			12			12

*	Less than $0.01.

1	Includes both short-term and long-term capital gains.

2	Percentage does not reflect reduction for credit balance arrangements (see Note 2 of the accompanying Notes to Financial Statements).

a	Reflects the Adviser’s waiver, if any, of its management fees and/or other operating expenses.

b	The total returns would have been lower had certain expenses not been waived during the periods shown.

c	Unannualized.

d	Annualized.

e	Amounts are allocated based upon average shares outstanding during the period.

f	The amount shown for a share outstanding does not correspond with the aggregate net investment income/(loss) for the period due to the timing of the sales and purchases of shares in relation to fluctuating market values of the investments of the Fund.

g	For the period February 1, 2014 (inception) through October 31, 2014.

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



Administrative Class																		Investor Class
6-Month Period Ended April 30, 2015			Year Ended October 31,															6-Month Period Ended April 30, 2015			Year Ended October 31,
6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010			6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
(Unaudited)																		(Unaudited)
$	27.05		$	28.80		$	21.34		$	19.52		$	17.79		$	14.82		$	26.63		$	28.45		$	21.08		$	19.31		$	17.60		$	14.67

	0.03	^e		(0.12	)		0.01			0.20			0.02			(0.03	)		—	*		0.09			(0.09	)		(0.19	)^f		(0.72	)^f		(0.06	)
	0.97			2.78			7.87			1.62			1.73			3.03			0.97			2.50			7.86			1.96			2.43			3.01
	1.00			2.66			7.88			1.82			1.75			3.00			0.97			2.59			7.77			1.77			1.71			2.95

	—			—			(0.15	)		—	*		(0.02	)		(0.03	)		—			—			(0.13	)		—			—	*		(0.02	)
	(0.91	)		(4.41	)		(0.27	)		—			—			—			(0.91	)		(4.41	)		(0.27	)		—			—			—
	(0.91	)		(4.41	)		(0.42	)		—	*		(0.02	)		(0.03	)		(0.91	)		(4.41	)		(0.40	)		—			—	*		(0.02	)
	27.14			27.05			28.80			21.34			19.52			17.79			26.69			26.63			28.45			21.08			19.31			17.60
$	1,391		$	5,690		$	12,171		$	8,786		$	24,180		$	20,185		$	17,811		$	17,265		$	17,330		$	13,820		$	16,461		$	41,740

	3.81	%^c		10.74	%		37.54	%		9.35	%		9.84	%		20.29	%		3.75	%^c		10.61	%		37.41	%		9.17	%		9.74	%		20.10	%
	1.09	^d		1.09			1.09			1.10			1.11			1.13			1.21	^d		1.21			1.21			1.23			1.23			1.25
	1.09	^d		1.09			1.09			1.10			1.09			1.10			1.21	^d		1.21			1.21			1.22			1.21			1.22
	0.25	^d		0.10			0.20			1.10			0.06			0.12			0.03	^d		(0.04	)		0.07			0.63			(0.06	)		0.02
	6	^c		13			22			14			12			12			6	^c		13			22			14			12			12

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—April 30, 2015 (Unaudited)

(Currency in thousands)

NOTE 1—ORGANIZATIONAL MATTERS

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

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. Each Fund follows the investment company reporting requirements under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). 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.

For a detailed discussion of financial assets and liabilities subject to an enforceable master netting arrangement or similar agreement please refer to the descriptions of Repurchase Agreements in Note 2—Significant Accounting Policies and Securities Lending in Note 3—Investment Portfolio Transactions.

Security Valuation

Equity securities (including common stock, preferred stock, and convertible preferred stock) and financial derivative instruments (such as options contracts) that are traded on a national security exchange (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 between 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. Securities of open-end registered investment companies that are held by a Fund are valued at net asset value. To the extent these securities are actively traded and fair valuation adjustments are not applied, they are normally categorized as Level 1 in the fair value hierarchy. Equity securities traded on inactive markets or valued by reference to similar instruments are normally categorized as Level 2 in the fair value hierarchy. For more information on the fair value hierarchy, please refer to the Fair Value Measurements and Disclosures section in Note 2.

Short-term securities with a remaining maturity of less than 60 days at the time they are acquired are generally stated at amortized cost, which approximates fair value. Securities that are valued at amortized cost are normally categorized as Level 2 in the fair value hierarchy.

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued

The Valuation Committee is comprised of a trustee and officers of the Trust and employees of Harbor Capital with relevant experience or responsibilities. Each security for which the Valuation Committee determines a fair value, including the basis for the fair value decision, is reviewed by the Board of Trustees at its regularly scheduled board meetings.

When a fair valuation method is applied by the Valuation Committee or a Fund’s subadviser, securities will be priced by a method that the Valuation Committee or subadviser believes accurately reflects fair value. Securities valued using fair valuation methods that incorporate significant unobservable inputs are normally categorized as Level 3 in the fair value hierarchy. Examples of possible fair valuation methodologies used in determining the fair value of securities categorized as Level 3 in the fair value hierarchy include, but are not limited to, benchmark pricing and indicative market quotations.

When benchmark pricing is used, the base price of a debt security is set and then subsequently adjusted in proportion to the market value changes of an index or similar security (the “benchmark security”) that trades in an active market or for which other observable inputs are available. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by a Fund’s subadviser. If the benchmark security is categorized as Level 2 in the fair value hierarchy due to the lack of an active market for that security, any security adjusted in proportion to the market value of the benchmark security may be categorized as Level 3 in the fair value hierarchy. Significant changes in the unobservable inputs of the benchmark pricing process (i.e., the base price) would result in direct and proportional changes in the fair value of the security. The reasonability of the fair value is reviewed by the subadviser on a periodic basis and may be amended as the availability of market data indicates a material change.

If evaluated pricing through a third party pricing vendor is not available or deemed to be indicative of fair value, a Fund’s subadviser may elect to obtain indicative market quotations (“broker quotes”) directly from a broker-dealer or passed through from a third-party pricing vendor. Indicative market quotations are typically received from established market participants. In the event that the source of fair value is from a single-sourced broker quote, but the subadviser does not have the transparency to view the underlying inputs that support the market quotation these securities are categorized as Level 3 in the fair value hierarchy. Significant changes in the broker quote would have direct and proportional changes in the fair value of the security.

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 service 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. Fair value pricing is inherently subjective and reflects good faith judgments based on available information. 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 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 securities are not necessarily an indication of the risk associated with investing in those securities. The assignment of an investment to Level 1, 2 or 3 is based on the lowest level of significant inputs used to determine its fair value.

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

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 the Funds’ own assumptions.

Transfers between Levels, 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. For fair valuations using significant unobservable inputs, a reconciliation of the beginning to ending balances for reported fair values is provided that presents changes attributable to realized and unrealized gains and losses and purchases, sales, and transfers in/out of the Level 3 category during the period. A table that includes a categorization of investments into Level 1, Level 2 or Level 3, transfers between Levels, if any, and a Level 3 reconciliation, including details of significant unobservable inputs used, when applicable, can be found at the end of each Fund’s Portfolio of Investments schedule.

The Funds used observable inputs in their valuation methodologies whenever they were available and deemed reliable.

U.S. Government Securities

U.S. government securities include securities issued by U.S. government agencies or government-sponsored enterprises that may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly owned U.S. government corporation, is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). On September 7, 2008, the Federal Housing Finance Agency placed Fannie Mae and Freddie Mac in conservatorship, while the U.S. Treasury agreed to purchase preferred stock as needed to ensure that both Fannie Mae and Freddie Mac maintain a positive net worth (guaranteeing up to $100 billion for each entity). As a consequence, certain fixed income securities of Fannie Mae and Freddie Mac have more explicit U.S. government support.

Repurchase Agreements

In a repurchase agreement, a Fund buys a security at one price and simultaneously agrees to sell it back at a higher price. Such agreements must be adequately collateralized to cover the counterparty’s obligation to the Fund to close out the repurchase agreement. During the period, each Fund entered into repurchase agreements with domestic or foreign banks or with a member firm of the Financial Industry Regulatory Authority, Inc., or an affiliate of a member firm that is a primary dealer in U.S. government securities. Each repurchase agreement counterparty must meet the minimum credit quality requirements applicable to the respective Fund and any other appropriate counterparty criteria as determined by the Fund’s subadviser. The minimum credit quality requirements are those applicable to a Fund’s purchase of securities such that if a Fund is permitted to only purchase securities that are rated investment-grade (or the equivalent if unrated), that Fund could only enter into repurchase agreements with counterparties that have debt outstanding that is rated investment-grade (or the equivalent if unrated). The securities are regularly monitored to ensure that the collateral is adequate. A Fund seeks to further mitigate its counterparty risk by entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty’s default, including bankruptcy, the Fund may terminate any repurchase agreements with that counterparty, determine the net amount owned, and sell or retain the collateral up to the net amount owed to the Fund. A counterparty’s default may cause the Fund to suffer losses, including loss of interest on or principal of the securities and costs associated with delay and enforcement of the terms of the master repurchase agreement.

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued

Options

An option, including rights and warrants, 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). During the period, Harbor Mid Cap Growth Fund purchased option contracts to manage its exposure to equity prices. Call options tend to increase a Fund’s exposure to the underlying instrument, if purchased, and decrease exposure to the underlying instrument, if written. Put options tend to decrease a Fund’s exposure to the underlying instrument, if purchased, and increase exposure to the underlying instrument, if written.

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.

Foreign Currency Spot Contracts

A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate for settlement within two business days. During the period, Harbor Capital Appreciation Fund, Harbor Mid Cap Growth Fund, and Harbor Large Cap Value Fund used foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars.

The foreign currency spot contract is marked-to-market daily for settlements beyond one day, and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value on the open and close date. Risk of losses may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contract’s terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

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 are translated into U.S. dollars based on the current exchange rates at April 30, 2015.

Reported net realized gains and losses on foreign currency transactions 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 are included in the net realized and unrealized gain or loss on investments in the Statement of Operations.

Investment Income

Dividends declared on portfolio securities are accrued on the ex-dividend date. For foreign securities held, certain dividends are recorded after the ex-dividend date, but as soon as the respective Fund is notified of such dividends. Interest income is accrued daily as earned. Discounts and premiums on fixed income securities purchased are amortized over the life of the respective securities using the effective yield method.

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued

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 for both federal income tax and financial reporting purposes.

Proceeds from Litigation

The Funds 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 Statement 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.

Distribution to Shareholders

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

Expenses

Custodian

The Funds have credit balance arrangements with the Funds’ custodian whereby uninvested cash is invested in a short-term investment vehicle and amounts earned constitute an expense credit that is applied against gross custody expenses. Such custodial expense reductions are reflected on the accompanying Statement of Operations.

Class Allocations

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

Taxes

Each Fund is treated as a separate entity for federal tax purposes. Each Fund’s policy is to meet the requirements of Subchapter M of 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 federal taxes on income, capital gains or unrealized appreciation of securities held or excise taxes on income and capital gains.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes 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.

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, 2011–2013), including all positions expected to be taken upon filing the 2014 tax return, in all material jurisdictions where the Funds operate, and has concluded that no provision for income tax is required in any Fund’s financial statements. The Funds will recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued

New Accounting Pronouncement

In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-11, Transfers and Servicing (“ASU 2014-11”) which expands secured borrowing accounting for certain repurchase agreements. ASU 2014-11 will also require additional disclosures for certain transactions accounted for as sales, in order to provide financial statement users with information to compare to similar transactions accounted for as secured borrowings. ASU 2014-11 will become effective for interim or annual periods beginning after December 15, 2014. Management is evaluating the implications of this pronouncement and the impact it will have on the financial statement disclosures.

In May 2015, FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”) which removes the requirement to make certain fair value disclosures for investments that are eligible to be measured at fair value using the net asset value per share. ASU 2015-07 becomes effective for interim or annual periods beginning after December 15, 2015. Management is evaluating the implications of this pronouncement and the impact it will have on the financial statement disclosures.

NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, other than short-term securities, for each Fund for the six-month period ended April 30, 2015 are as follows:


	Purchases			Sales
GROWTH FUNDS
Harbor Capital Appreciation Fund		$	5,262,120		$	5,219,319
Harbor Mid Cap Growth Fund			290,212			345,022
Harbor Small Cap Growth Fund			219,473			256,654
Harbor Small Cap Growth Opportunities Fund			159,802			55,952
VALUE FUNDS
Harbor Large Cap Value Fund		$	18,943		$	20,191
Harbor Mid Cap Value Fund			221,312			8,031
Harbor Small Cap Value Fund			199,935			43,423

Securities Lending

Each Fund may engage in securities lending, whereby a Fund lends its securities to financial institutions in order to increase its income. During the period, Harbor Capital Appreciation Fund engaged in securities lending. Securities loans are required to be secured at all times during the term of the loan by cash collateral that is at least equal to the value of the loaned securities determined at the close of the Fund’s business day. Any additional collateral that may be required to secure the loan is delivered to the Fund the next business day. The cash collateral is maintained on the Fund’s behalf by the lending agent (State Street Bank & Trust Company) and is invested in the State Street Navigator Securities Lending Prime 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 State Street Navigator Securities Lending Prime Portfolio will maintain a stable net asset value and the Fund is subject to the risk of loss on the cash collateral invested. This collateral is recognized as a liability in the Statement of Assets and Liabilities. During the term of the loan, the Fund will continue to receive any interest or dividends, or amounts equivalent thereto, on the loaned securities, in addition to receiving a fee from the borrower and earning interest on the investment of the cash collateral. The Fund may pay reasonable fees in connection with a loan of its securities and may share the interest earned on the collateral with the borrower. Net securities lending income is disclosed as such in the Statement of Operations. Securities loans may be terminated at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities that are identical to the loaned securities. The Fund bears 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 at the time of default by the borrower. A Fund had sought to mitigate this borrower risk by entering into a securities lending authorization agreement with its lending agent. The securities lending authorization agreement provides that, in the event of a borrower’s default, including bankruptcy, the lending agent will request that all

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS—Continued

loaned securities be returned by the borrower. In the event the borrower is unable or unwilling to return the loaned securities to the lending agent, the lending agent may apply the proceeds of the cash collateral from the loaned securities towards 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. If the lending agent is unable to purchase replacement securities, it may credit to the relevant Fund’s account an amount equal to the market value of the unreturned loaned securities. As of April 30, 2015, Harbor Capital Appreciation Fund had no securities out on loan.

NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser

Harbor Capital is an indirect, wholly-owned subsidiary of Robeco Groep N.V. (“Robeco”). Robeco is majority owned by ORIX Corporation (“ORIX”). Harbor Capital is the Trust’s investment adviser and is also responsible for administrative and other services.

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


	Contractual Rate			Actual Rate^b
GROWTH FUNDS
Harbor Capital Appreciation Fund		0.60	%^a		0.57	%
Harbor Mid Cap Growth Fund		0.75			0.75
Harbor Small Cap Growth Fund		0.75			0.75
Harbor Small Cap Growth Opportunities Fund		0.75			0.75
VALUE FUNDS
Harbor Large Cap Value Fund		0.60	%		0.60	%
Harbor Mid Cap Value Fund		0.75			0.75
Harbor Small Cap Value Fund		0.75			0.75

Effective March 1, 2015 the Adviser has contractually agreed to reduce the management fee to 0.57% on assets between $5 billion and $10 billion and 0.54% on assets over $10 billion through February 29, 2016. Previously, the Adviser had contractually reduced the management fee to 0.58% on assets between $5 billion and $10 billion, 0.57% on assets between $10 billion and $15 billion, and 0.56% on assets over $15 billion.

b	Annualized for the six-month period ended April 30, 2015.

Distributor

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued

the Funds or for recordkeeping services or the servicing of shareholder accounts in the Administrative and Investor Class shares of the Funds. 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 the 12b-1 Plans.

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

The fees attributable to each Fund’s respective class are shown on the accompanying Statement 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:


Share Class		Transfer Agent Fees^a
Institutional		0.065% of the average daily net assets of all Institutional Class shares
Administrative		0.065% of the average daily net assets of all Administrative Class shares
Investor		0.185% of the average daily net assets of all Investor Class shares

a	For the period November 1, 2014 through February 28, 2015, the Transfer Agent Fees for Institutional and Administrative Class shares was 0.06% and 0.18% for the Investor Class shares.

Harbor Services Group has voluntarily waived a portion of its transfer agent fees during the six-month period ended April 30, 2015. 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.

Shareholders

On April 30, 2015, Harbor Capital, Harbor Funds Distributors, and Harbor Services Group, collectively held the following shares of beneficial interest in the Funds:


	Number of Shares Owned by Harbor Capital, Harbor Funds Distributors, and Harbor Services Group
	Institutional Class		Administrative Class		Investor Class		Total		Percentage of Outstanding Shares
GROWTH FUNDS
Harbor Capital Appreciation Fund		31,860		2		4		31,866		0.0	%
Harbor Mid Cap Growth Fund		100,687		7		14		100,708		0.1
Harbor Small Cap Growth Fund		39,832		5		11		39,848		0.1
Harbor Small Cap Growth Opportunities Fund		1,278,722		25,128		25,128		1,328,978		9.4
VALUE FUNDS
Harbor Large Cap Value Fund		80,196		4		9		80,209		0.4	%
Harbor Mid Cap Value Fund		49,721		3		6		49,730		0.2
Harbor Small Cap Value Fund		20,792		2		4		20,798		0.1

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued

Independent Trustees

The fees and expenses of the Independent Trustees are shown on each Fund’s Statement of Operations. The Independent Trustees’ remuneration for all Domestic Equity Funds totaled $277 for the six-month period ended April 30, 2015.

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

Indemnification

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

NOTE 5—TAX INFORMATION

The identified cost for federal income tax purposes of investments owned by each Fund (including earned discount on corporate short-term notes and commercial paper) and their respective gross unrealized appreciation and depreciation at April 30, 2015 are as follows:


				Gross Unrealized							Net Unrealized Appreciation/ (Depreciation)
	Identified Cost			Appreciation			(Depreciation)				Net Unrealized Appreciation/ (Depreciation)
GROWTH FUNDS
Harbor Capital Appreciation Fund		$	16,532,154		$	10,295,070		$	(122,654	)		$	10,172,416
Harbor Mid Cap Growth Fund			628,702			124,416			(16,789	)			107,627
Harbor Small Cap Growth Fund			481,429			162,498			(15,347	)			147,151
Harbor Small Cap Growth Opportunities Fund			159,743			9,640			(7,927	)			1,713
VALUE FUNDS
Harbor Large Cap Value Fund		$	197,417		$	64,449		$	(379	)		$	64,070
Harbor Mid Cap Value Fund			479,716			68,324			(14,268	)			54,056
Harbor Small Cap Value Fund			606,380			260,321			(8,906	)			251,415

NOTE 6—DERIVATIVES

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

Each Fund’s derivative instruments outstanding as of the six-month period ended April 30, 2015, if any, as disclosed in the Portfolios of Investments, and the related amounts of realized and changes in 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 these Funds. The derivatives held by each Fund are not subject to master netting arrangements.

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 6—DERIVATIVES—Continued

Derivative Instruments

At April 30, 2015, the fair values of derivatives, by primary risk exposure, were reflected in the Statement of Assets and Liabilities as follows:


HARBOR MID CAP GROWTH FUND
Statement of Assets and Liabilities Caption	Equity Contracts
Assets
Investments, at value (rights/warrants)		$	811

Realized net gain/(loss) and the change in unrealized appreciation/(depreciation) on derivatives for the six-month period ended April 30, 2015, were:


HARBOR MID CAP GROWTH FUND
Change in Unrealized Appreciation/(Depreciation) on Derivatives	Equity Contracts
Investments (rights/warrants)		$	638

NOTE 7—LEGAL PROCEEDINGS

Tribune Company

Harbor Mid Cap Value Fund has been named as a defendant and/or as a putative member of a proposed defendant class in Kirschner v. FitzSimons (In re Tribune Co.), No. 12-2652 (S.D.N.Y.) (the “FitzSimons action”); Deutsche Bank v. Ohlson Enterprises, No. 12-0064 (S.D.N.Y.) (the “Deutsche Bank action”); and Niese v. ABN AMRO Clearing Chicago LLC, No. 12-0555 (S.D.N.Y.) (the “Niese action”), as a result of its ownership of shares in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. The plaintiffs in these lawsuits have alleged that, in connection with the LBO, insiders and shareholders were paid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune insolvent. The plaintiffs have asserted claims for fraudulent conveyance against Harbor Mid Cap Value Fund and other former Tribune shareholders.

All three lawsuits have been consolidated with the majority of the other Tribune-related lawsuits in the multidistrict litigation proceeding In re Tribune Co. Fraudulent Conveyance Litig., No. 11-2296 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the Deutsche Bank and Niese actions, on the basis that the plaintiffs lacked standing. On September 30, 2013, the plaintiffs filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. These appeals have been fully briefed, and oral argument took place on November 5, 2014. The Court has not yet issued a decision on the appeals.

On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. The Court has not yet issued a decision on any of these motions.

None of these lawsuits alleges any wrongdoing on the part of Harbor Mid Cap Value Fund. Harbor Mid Cap Value Fund held shares of Tribune and tendered these shares as part of Tribune’s LBO. The value of the proceeds received by Harbor Mid Cap Value Fund was approximately $299. Harbor Mid Cap Value Fund’s cost basis in the shares of Tribune was approximately $262. At this stage of the proceedings, Harbor Mid Cap Value Fund is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.

Harbor Domestic Equity Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 7—LEGAL PROCEEDINGS—Continued

Lyondell Chemical Company

In October 2011, Harbor Capital received subpoenas in connection with two cases: Weisfelner, as Trustee of the LB Creditor Trust v. Fund 1 (In re Lyondell Co.), No. 10-4609 (Bankr. S.D.N.Y.) (the “Creditor Trust action”) and Weisfelner, as Trustee of the LB Litigation Trust v. A. Holmes & H. Holmes TTEE (In re Lyondell Co.), No. 10-5525 (Bankr. S.D.N.Y.) (the “Litigation Trust action”). Both cases, and a related case entitled Weisfelner, as Trustee of the LB Creditor Trust v. Reichman, No. 12-1570 (Bankr. S.D.N.Y.) (the “Reichman action”), arise out of the bankruptcy of Lyondell Chemical Company (“Lyondell”), shares of which were previously owned by Harbor Mid Cap Value Fund. Similar to the claims made in the Tribune matter, these actions seek to have set aside and recovered as fraudulent transfers from former Lyondell shareholders the consideration paid to them pursuant to the cash out merger of Lyondell shareholders in connection with the combination of Lyondell and Basell AF in 2007. Lyondell filed for bankruptcy in 2008.

The Litigation Trust action and the Reichman action name classes of defendants of persons or entities that received proceeds from the Lyondell merger transaction, and the Creditor Trust action names hundreds of anonymously identified defendants. Because Harbor Mid Cap Value Fund was a beneficial owner of Lyondell stock and received proceeds from the Lyondell merger transaction, it is possible that Harbor Mid Cap Value Fund will be identified as a defendant or is already captured within the definition of the putative classes in the Litigation Trust action or Reichman action. It may also be one of the anonymously identified defendants in the Creditor Trust action.

On May 8, 2014, the plaintiff in the Litigation Trust action filed a motion to certify the defendant class generally comprised of all former Lyondell shareholders that received proceeds in exchange for their shares in the 2007 merger transaction.

On July 2, 2014, the Bankruptcy Court issued a case management order. Under the terms of the order, the defendants were permitted to file an “omnibus” motion to dismiss the complaints in all of the Lyondell actions on July 30, 2014. The omnibus motion was limited to grounds for dismissal that are applicable to all defendants in such action. No potential defense (including, without limitation, lack of personal jurisdiction, insufficiency of service of process, or any other non-omnibus ground for dismissal of the complaint in any or all of the actions) shall be waived by a defendant’s failure to assert any such potential defense in an omnibus motion to dismiss.

On July 30, 2014, the defendants filed a motion to dismiss all of the Lyondell lawsuits pursuant to the Bankruptcy Court’s July 2, 2014 order.

On January 14 and 15, 2015, the Court held oral arguments on the motion to dismiss and on the motion for the class certification. The Court has not yet issued a decision on these motions. Discovery on the merits is underway and is scheduled to end in 2016.

None of these lawsuits alleges any wrongdoing on the part of Harbor Mid Cap Value Fund. Harbor Mid Cap Value Fund received approximately $1,439 in cash proceeds from the cash out merger. Harbor Mid Cap Value Fund’s cost basis in the shares of Lyondell was approximately $931. At this stage of the proceedings, Harbor Mid Cap Value Fund is not able to make a reliable prediction as to the outcome of these lawsuits or the effect, if any, on the Fund’s net asset value.

NOTE 8—SUBSEQUENT EVENTS

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

Harbor Domestic Equity Funds

FEES AND EXPENSE EXAMPLE (Unaudited)

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2014 through April 30, 2015.

Actual Expenses

Hypothetical Example for Comparison Purposes

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


	Annualized Expense Ratios*		Expenses Paid During Period**		Beginning Account Value (November 1, 2014)		Ending Account Value (April 30, 2015)
Harbor Capital Appreciation Fund
Institutional Class		0.64%
Actual			$	3.29	$	1,000	$	1,074.70
Hypothetical (5% return)				3.21		1,000		1,021.54
Administrative Class		0.89%
Actual			$	4.57	$	1,000	$	1,073.20
Hypothetical (5% return)				4.46		1,000		1,020.27
Investor Class		1.01%
Actual			$	5.19	$	1,000	$	1,072.70
Hypothetical (5% return)				5.06		1,000		1,019.66
Harbor Mid Cap Growth Fund
Institutional Class		0.84%
Actual			$	4.32	$	1,000	$	1,070.60
Hypothetical (5% return)				4.21		1,000		1,020.53
Administrative Class		1.09%
Actual			$	5.60	$	1,000	$	1,069.70
Hypothetical (5% return)				5.46		1,000		1,019.26
Investor Class		1.21%
Actual			$	6.21	$	1,000	$	1,069.00
Hypothetical (5% return)				6.06		1,000		1,018.65

Harbor Domestic Equity Funds

FEES AND EXPENSE EXAMPLE—Continued


	Annualized Expense Ratios*		Expenses Paid During Period**			Beginning Account Value (November 1, 2014)			Ending Account Value (April 30, 2015)
Harbor Small Cap Growth Fund
Institutional Class		0.83%
Actual				$	4.33		$	1,000		$	1,103.90
Hypothetical (5% return)					4.16			1,000			1,020.58
Administrative Class		1.08%
Actual				$	5.63		$	1,000		$	1,102.30
Hypothetical (5% return)					5.41			1,000			1,019.31
Investor Class		1.20%
Actual				$	6.25		$	1,000		$	1,101.00
Hypothetical (5% return)					6.01			1,000			1,018.70
Harbor Small Cap Growth Opportunities Fund
Institutional Class		0.90%
Actual				$	4.51		$	1,000		$	1,021.90
Hypothetical (5% return)					4.51			1,000			1,020.22
Administrative Class		1.15%
Actual				$	5.76		$	1,000		$	1,021.00
Hypothetical (5% return)					5.76			1,000			1,018.95
Investor Class		1.27%
Actual				$	6.36		$	1,000		$	1,019.10
Hypothetical (5% return)					6.36			1,000			1,018.34
Harbor Large Cap Value Fund
Institutional Class		0.68%
Actual				$	3.49		$	1,000		$	1,069.90
Hypothetical (5% return)					3.41			1,000			1,021.34
Administrative Class		0.93%
Actual				$	4.77		$	1,000		$	1,068.50
Hypothetical (5% return)					4.66			1,000			1,020.07
Investor Class		1.05%
Actual				$	5.39		$	1,000		$	1,067.50
Hypothetical (5% return)					5.26			1,000			1,019.46
Harbor Mid Cap Value Fund
Institutional Class		0.85%
Actual				$	4.32		$	1,000		$	1,048.70
Hypothetical (5% return)					4.26			1,000			1,020.42
Administrative Class		1.11%
Actual				$	5.63		$	1,000		$	1,047.10
Hypothetical (5% return)					5.56			1,000			1,019.15
Investor Class		1.23%
Actual				$	6.24		$	1,000		$	1,046.80
Hypothetical (5% return)					6.16			1,000			1,018.54
Harbor Small Cap Value Fund
Institutional Class		0.84%
Actual				$	4.25		$	1,000		$	1,039.40
Hypothetical (5% return)					4.21			1,000			1,020.53
Administrative Class		1.09%
Actual				$	5.51		$	1,000		$	1,038.10
Hypothetical (5% return)					5.46			1,000			1,019.26
Investor Class		1.21%
Actual				$	6.11		$	1,000		$	1,037.50
Hypothetical (5% return)					6.06			1,000			1,018.65

*	Reflective of all fee waivers and expense reimbursements.

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

Harbor Domestic Equity Funds

ADDITIONAL INFORMATION (Unaudited)

PROXY VOTING

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

HOUSEHOLDING

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

QUARTERLY PORTFOLIO DISCLOSURES

Each Fund files a complete portfolio of investments with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available (i) without charge, upon request, by calling Harbor Funds toll-free at 800-422-1050, (ii) on the Funds’ website at harborfunds.com, and (iii) on the SEC’s web site at www.sec.gov. The form may also be viewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operations of the Public Reference Room may also be obtained by calling 800-SEC-0330.

ADVISORY AGREEMENT APPROVALS

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

The Investment Company Act of 1940, as amended, requires that the Investment Advisory and Subadvisory Agreement of each Fund be approved initially, and following an initial two-year term, at least annually, by the Harbor Funds Board of Trustees, including a majority of the Independent Trustees voting separately.

At an in-person meeting of the Board of Trustees held on February 8, 9, and 10, 2015 (the “Meeting”), the Board, including the Independent Trustees voting separately, considered and approved the continuation of each Investment Advisory Agreement with Harbor Capital Advisors, Inc., the adviser to each Fund (the “Adviser”), and each Subadvisory Agreement with each Fund’s subadviser (each, a “Subadviser”) with respect to Harbor Capital Appreciation Fund, Harbor Mid Cap Growth Fund, Harbor Small Cap Growth Fund, Harbor Small Cap Growth Opportunities Fund, Harbor Large Cap Value Fund, Harbor Mid Cap Value Fund and Harbor Small Cap Value Fund.

In evaluating each Investment Advisory Agreement and each Subadvisory Agreement, the Trustees reviewed materials furnished by the Adviser and each Subadviser, including information about their respective affiliates, personnel, and operations and also relied upon their knowledge of the Adviser and Subadvisers resulting from their quarterly meetings, periodic telephonic meetings and other prior communications. At the Meeting, which had been called for the purpose of considering the continuation of the relevant 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 the Adviser and each Subadviser. The Trustees also discussed with representatives of the Adviser, at the Meeting and at prior meetings, Harbor Funds’ operations and the Adviser’s ability, consistent with the “manager of managers” structure of Harbor Funds, to (i) identify and recommend to the Trustees a subadviser for each Fund, (ii) monitor and oversee the performance and investment capabilities of each Subadviser, and (iii) recommend the replacement of a subadviser where appropriate.

At the Meeting, the Trustees, including all of the Independent Trustees voting separately, determined that the terms of each Investment Advisory Agreement and each Subadvisory Agreement with respect to Harbor Capital Appreciation Fund, Harbor Mid Cap Growth Fund, Harbor Small Cap Growth Fund, Harbor Small Cap Growth Opportunities Fund, Harbor Large Cap Value Fund, Harbor Mid Cap Value Fund and Harbor Small Cap Value Fund 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 the respective Fund and its shareholders.

Harbor Domestic Equity Funds

ADDITIONAL INFORMATION—Continued

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of the Adviser 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 of Trustees, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Among the factors considered by the Trustees in approving the Investment Advisory Agreements were the following:

•

the nature, extent, and quality of the services provided by the Adviser, including the background, education, expertise and experience of the investment professionals of the Adviser;

•

the favorable history, reputation, qualifications and background of the Adviser, as well as the qualifications of its personnel;

•

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

•

the fees charged by the Adviser for investment advisory services, including, in each case, the portion of the fee to be retained by the Adviser, after payment of the Subadviser’s fee, for the subadviser oversight, administration and “manager of managers” services the Adviser provides;

•

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

•

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

•

the investment performance of each Fund in comparison to peer groups and certain relevant benchmark indices and the Adviser’s efforts to address circumstances of underperformance where applicable;

•

the compensation received by Harbor Services Group and Harbor Funds Distributors in consideration of the services each provides to the Funds, and any other “fall out” benefits that inure to the Adviser and its affiliates as a result of their relationship with the Funds;

•

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

•

information contained in materials provided by the Adviser and compiled by Lipper, Inc. (“Lipper”) as to the investment returns, advisory fees and total expense ratios of the Institutional Class of each Fund (and, in certain cases, total expense ratios of certain other classes) 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 Lipper; and

•

information contained in materials compiled by Morningstar, Inc. (“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.

Among the factors considered by the Trustees in approving the Subadvisory Agreements were the following:

•

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

•

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

•

the fees charged by each Subadviser for subadvisory services, which fees are paid by the Adviser, not by the Funds;

Harbor Domestic Equity Funds

ADDITIONAL INFORMATION—Continued

•

information contained in materials provided by the Adviser and compiled by Lipper 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, consisting both of a peer group of funds as well as a broader universe of funds compiled by Lipper; and

•

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

Nature, Scope and Extent of Services

The Trustees separately considered the nature, scope and extent of the services provided by the Adviser and each Subadviser. In their deliberations as to the approval of each Fund’s Investment Advisory Agreement and Subadvisory Agreement, the Trustees were mindful of the fact that, by choosing to invest in a Fund, the shareholders had entrusted the Adviser with the responsibility, subject to the approval of the Trustees, for selecting such 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 the Adviser and each Subadviser, as well as the qualifications of their respective personnel.

The Adviser’s Services. The Board evaluated the nature, scope and extent of the Adviser’s services in light of the Board’s experience with the Adviser, as well as materials provided by the Adviser as part of its comprehensive written response to the 15(c) request letter prepared by legal counsel to the Independent Trustees in consultation with the Independent Trustees concerning the financial and other resources devoted by the Adviser to Harbor Funds, including the breadth and depth of experience and expertise of the investment, administrative, legal and compliance professionals dedicated to Harbor Funds’ operations. The Trustees noted that the Adviser had a favorable long-term record of identifying mutual fund products that proved to be attractive to investors, and selecting subadvisers to manage such funds. The Trustees determined that the Adviser had the expertise and resources to identify, select, oversee and monitor each Subadviser and to operate effectively as the “manager of managers” for the Funds.

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, the volatility of its results, 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 Fund, the Trustees considered the history of Harbor Funds’ relationship with each Subadviser and Harbor Funds’ 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 received a presentation at the Meeting by investment professionals from the Subadviser for Harbor Large Cap Value Fund. The Trustees had received presentations by investment professionals from the Subadvisors for Harbor Capital Appreciation Fund, Harbor Mid Cap Growth Fund, Harbor Small Cap Growth Fund, Harbor Small Cap Growth Opportunities Fund, Harbor Mid Cap Value Fund and Harbor Small Cap Value Fund at meetings of the Board of Trustees held in 2014. 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 the Adviser data compiled by Lipper 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 identified and reviewed certain Administrative Class and Investor Class comparative fee and expense information they considered relevant to their deliberations.

Harbor Domestic Equity Funds

ADDITIONAL INFORMATION—Continued

Harbor Capital Appreciation Fund. In consideration of the Investment Advisory Agreement and Subadvisory Agreement for the Harbor Capital Appreciation Fund (inception date of December 29, 1987), the Trustees noted that the Fund’s Institutional Class had outperformed the universe medians according to Lipper data for the two-, three-, four- and five-year periods ended December 31, 2014 and outperformed the group medians for the one-, two-, three-, and four-year periods ended December 31, 2014. The Fund’s performance for the one-year period ended December 31, 2014 trailed the universe median and its performance for the five-year period ended December 31, 2014 trailed the group median. The Fund’s one-, three- and five-year rolling returns as of December 31, 2014 ranked in the third, second and third quartiles, respectively, according to Morningstar. The Trustees also considered that the Fund had outperformed its benchmark, the Russell 1000^® Growth Index, for the three- and ten-year periods ended December 31, 2014 while underperforming its benchmark for the one- and five-year periods ended December 31, 2014.

The Trustees considered the expertise of Jennison Associates LLC (“Jennison”) in managing assets generally and specifically with respect to the Fund’s asset class, noting that Jennison managed approximately $55.32 billion in assets in this asset class, out of a firm-wide total of approximately $184 billion in assets under management. The Trustees also noted the significant experience of the Fund’s portfolio managers in this asset class, noting that one was a founding member of Jennison.

The Trustees observed that the Lipper comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $25.025 billion, showed that the Fund’s contractual management fee was slightly above the group median for the Institutional Class. The actual total expense ratio for the Institutional Class of the Fund, however, was below both the group and universe medians. The Trustees also considered Harbor Capital’s original proposal for additional voluntary advisory fee waiver breakpoints for the Fund and negotiated with Harbor Capital a modified voluntary breakpoint schedule, each until at least February 29, 2016. The Trustees noted that under the modified voluntary advisory fee breakpoint schedule: (i) the 0.02% advisory fee waiver (from 0.60% to 0.58%) on net assets between $5 billion and $10 billion would increase to 0.03% (from 0.60% to 0.57%); (ii) the 0.03% advisory fee waiver (from 0.60% to 0.57%) on net assets above $10 billion up to $15 billion would be replaced with a 0.06% advisory fee waiver on all net assets above $10 billion (from 0.60% to 0.54%); and (iii) the breakpoint currently in effect at $15 billion would be removed entirely. It was noted that the revised breakpoints would have both an immediate further fee reduction effect, and, as the Fund grows, a future continuing one. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor Mid Cap Growth Fund. In consideration of the Investment Advisory Agreement and Subadvisory Agreement for the Harbor Mid Cap Growth Fund (inception date of November 1, 2000), the Trustees noted that, according to the Lipper report, the Fund’s Institutional Class had outperformed its Lipper group median for the three-year period ended December 31, 2014 and underperformed its group medians for the one-, two-, four- and five-year periods ended December 31, 2014. The Trustees further noted that, according to the Lipper report, it had outperformed its Lipper universe medians for the three-year period ended December 31, 2014 and underperformed its universe medians for the one-, two-, four- and five-year periods ended December 31, 2014. The Trustees considered the fact that, in comparison to its universe of other mid cap growth funds, as identified by Morningstar, the Fund’s one- and five-year rolling returns ranked in the third quartile as of December 31, 2014 while the Fund’s three-year rolling return ranked in the first quartile as of the same date. The Trustees also considered that the Fund had underperformed its benchmark, the Russell Midcap^® Growth Index, for the one- and five-year periods ended December 31, 2014 but had outperformed its benchmark index for the three-year period ended December 31, 2014 and matched the return of its benchmark index for the ten-year period ended December 31, 2014. The Trustees discussed how the performance of this manager in this strategy moves in cycles that can result in periods of underperformance.

The Trustees considered the expertise of Wellington Management Company LLP (“Wellington”) in managing assets generally and in the mid cap growth asset class specifically, noting that Wellington managed approximately $3.9 billion in assets in this asset class, out of a firm-wide total of approximately $914 billion in assets under management. The Trustees noted the significant experience of the Fund’s portfolio managers.

The Trustees observed that the Lipper comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $750 million, showed that the Fund’s contractual management fee was below the group median for the Institutional Class. The Lipper data also showed that the actual total expense ratio for the Fund’s Institutional Class was below both the group and universe medians. The Trustees noted that Harbor Capital’s profitability in managing the Fund was not excessive.

Harbor Domestic Equity Funds

ADDITIONAL INFORMATION—Continued

Harbor Small Cap Growth Fund. In consideration of the Investment Advisory Agreement and Subadvisory Agreement for the Harbor Small Cap Growth Fund (inception date of November 1, 2000), the Trustees noted that, according to the Lipper report, the Fund’s Institutional Class performance exceeded its universe medians for the one-, two-, three-, four- and five-year periods ended December 31, 2014, outperformed its group medians for the one-, two-, three- and five-year periods ended December 31, 2014, and underperformed its group median for the four-year period ended December 31, 2014. The Morningstar data presented ranked the Fund’s one- and three-year rolling returns as of December 31, 2014 in the first quartile and its five-year rolling return as of December 31, 2014 in the second quartile. The Trustees also considered the fact that Harbor Small Cap Growth Fund had outperformed its benchmark, the Russell 2000^® Growth Index, for the one-, three-, five- and ten-year periods ended December 31, 2014.

The Trustees considered the expertise of Westfield Capital Management Company, L.P. (“Westfield”) in managing assets generally and in the small cap growth asset class specifically, noting that Westfield managed approximately $2.04 billion in assets in this asset class, out of a firm-wide total of approximately $17.48 billion in assets under management. The Trustees also discussed the experience of the Fund’s portfolio managers in this asset class.

The Trustees observed that the Lipper comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $625 million, showed the Fund’s contractual management fee was below the group median for the Institutional Class. The Trustees also noted that the Fund’s actual total expense ratio for the Institutional Class was below the Lipper group and universe median expense ratios. The Trustees noted that the Fund had in place a “soft close” with respect to certain new accounts and was thus unlikely to grow significantly in size in the near future. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor Small Cap Growth Opportunities Fund. In consideration of the Investment Advisory Agreement and Subadvisory Agreement for the Harbor Small Cap Growth Opportunities Fund (inception date of February 1, 2014), the Trustees noted that, according to the Lipper report, the Fund’s Institutional Class performance underperformed its group median and outperformed its universe median, in each case for the period from the Fund’s inception date through December 31, 2014. The Trustees noted that no Morningstar data regarding the Fund’s rolling returns was yet available. The Trustees also considered the fact that Harbor Small Cap Growth Opportunities Fund had outperformed its benchmark, the Russell 2000^® Growth Index, for the since inception period ended December 31, 2014. The Trustees noted that the short time period since the Fund’s inception did not support any significant conclusion about the performance of Elk Creek Partners, LLC (“Elk Creek”).

The Trustees considered the expertise of the Fund’s subadviser, Elk Creek in managing assets generally and in the small cap growth asset class specifically, noting that Elk Creek managed approximately $500.2 million in assets in this asset class, out of a firm-wide total of approximately $800.8 million in assets under management. The Trustees also discussed the experience of the Fund’s portfolio managers in this asset class, including their experience prior to forming Elk Creek.

The Trustees observed that the Lipper comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $75 million, showed the Fund’s contractual management fee was below the group median for the Institutional Class. The Trustees also noted that the Fund’s actual total expense ratio for the Institutional Class was below the Lipper group and universe median expense ratios. The Trustees also considered that Harbor Capital proposed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2016. The Trustees noted that Harbor Capital’s profitability in operating the Fund was negative.

Harbor Large Cap Value Fund. In consideration of the Investment Advisory Agreement and Subadvisory Agreement for the Harbor Large Cap Value Fund (inception date of December 29, 1987), the Trustees noted the Fund’s Institutional Class outperformance relative to its group medians for the one-, three-, four- and five-year periods ended December 31, 2014, its underperformance relative to its group median for the two-year period ended December 31, 2014, its outperformance relative to its Lipper universe medians for the three- and four-year periods ended December 31, 2014, and its underperformance relative to its Lipper universe medians for the one-, two- and five-year periods ended December 31, 2014. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the third, second and third quartiles, respectively, for the periods ended December 31, 2014. The Trustees also noted that the Fund had underperformed its benchmark, the Russell 1000^® Value Index, for the one-, three-, five- and ten-year periods ended December 31, 2014. The Trustees noted that the Fund had changed subadvisers in May of 2012, engaging Aristotle to manage the Fund.

The Trustees considered the expertise of Aristotle in managing assets generally and in the large cap value asset class specifically, noting that Aristotle managed approximately $7.14 billion in assets in the value equity strategy used for the

Harbor Domestic Equity Funds

ADDITIONAL INFORMATION—Continued

Fund, out of a firm-wide total of approximately $8.85 billion in assets under management. The Trustees also discussed the significant experience of the Fund’s portfolio manager, including his experience prior to joining Aristotle.

The Trustees noted that the Lipper 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, and the actual total expense ratio for the Fund’s Institutional Class was below its group and universe median expense ratios. The Trustees also considered that Harbor Capital proposed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2016. The Trustees noted that the Adviser’s profitability in managing the Fund was not excessive.

Harbor Mid Cap Value Fund. In consideration of the Investment Advisory Agreement and Subadvisory Agreement for the Harbor Mid Cap Value Fund (inception date of March 1, 2002), the Trustees noted that the Fund’s Institutional Class performance was above both its Lipper group and universe medians for the one-, two-, three-, four- and five-year periods ended December 31, 2014. 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, 2014. The Trustees considered the fact that the Fund had outperformed its benchmark, the Russell Midcap^® Value Index, for the three- and five-year periods ended December 31, 2014, but underperformed its benchmark index for the one- and ten-year periods ended December 31, 2014.

The Trustees considered the expertise of LSV Asset Management (“LSV”) in managing assets generally and in the mid cap value asset class specifically, noting that LSV managed approximately $2.2 billion in assets in this asset class, out of a firm-wide total of approximately $89 billion in assets under management. The Trustees also considered that LSV applies a similar quantitative approach to managing assets in the mid cap value asset class as it does for its other value products, and that the long-term performance generated by LSV across its various value products has been favorable. The Trustees reviewed the expertise of the Fund’s portfolio managers in this asset class, noting that one of the three portfolio managers was a founding partner of LSV.

The Trustees noted that the Lipper comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $325 million, showed the Fund’s management fee was below the group median for the Institutional Class. The actual total expense ratio for the Fund’s Institutional Class was below the group median expense ratio and the universe median expense ratio. The Trustees noted that the Adviser’s profitability in managing the Fund was not excessive.

Harbor Small Cap Value Fund. In consideration of the Investment Advisory Agreement and Subadvisory Agreement for the Harbor Small Cap Value Fund (inception date of December 14, 2001), the Trustees noted the Fund’s Institutional Class outperformance relative to its Lipper group medians for the one-, two-, three-, four- and five-year periods ended December 31, 2014, its outperformance relative to its Lipper universe medians for the one-, two-, four- and five-year periods ended December 31, 2014, and its underperformance relative to its Lipper universe median for the three-year period ended December 31, 2014. According to the Morningstar data presented, the Fund’s one-, three- and five-year rolling returns ranked in the first, second and second quartiles, respectively, for the period ended December 31, 2014. The Trustees also considered the fact that the Fund outperformed its benchmark, the Russell 2000^® Value Index, for the one-, three-, five- and ten-year periods ended December 31, 2014.

The Trustees considered the expertise of EARNEST Partners LLC (“EARNEST”) in managing assets generally and in the small cap value asset class specifically, noting that EARNEST managed approximately $3.69 billion in assets in this asset class out of $23.18 billion firm wide total. The Trustees also noted the experience of the Fund’s portfolio manager in this asset class, noting that he is the founder of EARNEST.

They observed that the Lipper comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $750 million, showed the Fund’s management fee was below the group median for the Institutional Class. The actual total expense ratio for the Fund’s Institutional Class was below the group and universe median expense ratios. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

* * *

The Trustees also separately considered the allocation between the Adviser and each Subadviser of the relevant Fund’s investment advisory fee (i.e., the amount of the advisory fee retained by the Adviser 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 the Adviser and Subadviser.

Harbor Domestic Equity Funds

ADDITIONAL INFORMATION—Continued

Profitability

The Trustees also considered the Adviser’s profitability in managing each of the Funds (as well as on a fund complex-wide basis) as presented by the Adviser, and the allocation methodology used by the Adviser to compute such profitability. The Trustees acknowledged that a reasonable level of profitability was important to provide suitable incentives for the Adviser 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 the Adviser’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 Harbor Funds, and any other benefits enjoyed by the Adviser and its affiliates as a result of their relationship with Harbor Funds. The Trustees noted that the Adviser was, in certain cases, waiving a portion of its advisory fee and/or reimbursing a portion of Fund expenses. The Trustees determined that the Adviser’s profitability in managing each Fund was not excessive.

Economies of Scale

The Trustees also considered the extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund’s advisory fee level reflects these economies of scale for the benefit of Fund investors. The Trustees specifically considered whether any advisory fee reduction “breakpoints” should be added to the advisory fee payable by any Fund. As noted above, the Trustees concluded that the Adviser’s profitability in each case was not excessive. They concluded that the Funds’ fee structures reflected economies of scale to date and that breakpoints in these fee structures were 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.

Harbor Domestic Equity Funds

ADDITIONAL INFORMATION—Continued

TRUSTEES AND OFFICERS

(As of June 2015)

The business and affairs of the Trust shall be managed by or under the direction of the Trustees, and they shall have all powers necessary or desirable to carry out that responsibility. The Trustees shall have full power and authority to take or refrain from taking any action and to execute any contracts and instruments that they may consider necessary or desirable in the management of the Trust. Any determination made by the Trustees in good faith as to what is in the interests of the Trust shall be conclusive. Information pertaining to the Trustees and Officers of Harbor Funds is set forth below. The address of each Trustee and Officer is: [Name of Trustee or Officer] c/o Harbor Funds, 111 South Wacker Drive, 34th Floor, Chicago, IL 60606-4302.

The Harbor Funds’ Statement of Additional Information includes additional information about the Trust’s Trustees and is available without charge by calling 800-422-1050 or at the Trust’s website at harborfunds.com.


Name (Age) Position(s) with Fund Address	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years
INDEPENDENT TRUSTEES
Scott M. Amero (51) Trustee	Since 2014	Trustee, Rare (conservation non-profit) (2011-Present); Trustee, Berkshire School (2014-Present); BlackRock, Inc., (publicly traded investment management firm) Vice Chairman and Global Chief Investment Officer, Fixed Income (2010), Vice Chairman and Global Chief Investment Officer, Fixed Income, and Co-Head, Fixed Income Portfolio Management (2007-2010).	28	Director, Anthracite Capital, Inc. (2005-2010).

Raymond J. Ball (70) Trustee	Since 2006	Sidney Davidson Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (2000-Present); Academic Affiliate, Analysis Group (litigation consulting firm) (2000-Present); Financial Reporting Faculty Advisory Group of the Institute of Chartered Accountants in England and Wales (2008-Present); and Advisory Board of the Center for Accounting Research & Education at University of Notre Dame (2006-Present).	28	None

Donna J. Dean (63) Trustee	Since 2010	Chief Investment Officer of the Rockefeller Foundation (a private foundation) (1995-Present); and Trustee of Queens University of Charlotte, North Carolina (2000-2014).	28	None

Randall A. Hack (68) Trustee	Since 2010	Founder and Senior Managing Director of Capstone Capital LLC (a private investment firm) (2003-Present); Director of Tower Development Corporation (cell tower developer) (2009-Present); and Advisory Director of Berkshire Partners (a private equity firm) (2002-2013).	28	Director of FiberTower Corporation (2002-2011).

Robert Kasdin (57) Trustee	Since 2014	Senior Vice President and Chief Operating Officer, Johns Hopkins Medicine (2015-Present); Senior Executive Vice President, Columbia University (2002-2015); Trustee, National September 11 Memorial & Museum at the World Trade Center (2005-Present); Trustee, The Metropolitan Museum of Art (2014-Present); Trustee (2004-2014) and President of the Board of Trustees (2006-2011), The Dalton School; Trustee, ARTstor Digital Library (a nonprofit digital images resource) (2013-Present); Director, Apollo Commercial Real Estate Finance, Inc. (2014-Present); and Director, Noranda Aluminum Holdings Corp. (2007-2014).	28	Director of Noranda Aluminum Holdings Corp. (2007–2014); and Director of Apollo Commercial Real Estate Finance, Inc. (2014-Present).

Rodger F. Smith (74) Trustee	Since 1987	Managing Director, Greenwich Associates (a research based consulting firm) (1976-Present); and Chair of Trust Advisory Committee of Tau Beta Pi Association (engineering honor society) (1985-Present).	28	None

Ann M. Spruill (61) Trustee	Since 2014	Partner (1993-2008), Member of Executive Committee (1996-2008), Member Board of Directors (2000-2008), Grantham, Mayo, Van Otterloo & Co. LLC (private investment management firm) (with the firm since 1990); Member Investment Committee and Chair of Global Equities, Museum of Fine Arts, Boston (2000-Present); and Trustee, Financial Accounting Foundation (2014-Present).	28	None
INTERESTED TRUSTEE
David G. Van Hooser (68)* Chairman, Trustee and President	Since 2000	President (2002-Present), Director and Chairman of the Board (2000-Present), Harbor Capital Advisors, Inc.; Chief Executive Officer (2007-Present), Chief Financial Officer (2012-Present), Treasurer (2007-2012) and Director (2000-Present), Harbor Funds Distributors, Inc.; and Director (2000-Present), Harbor Services Group, Inc.	28	None

Harbor Domestic Equity Funds

ADDITIONAL INFORMATION—Continued


Name (Age) Position(s) with Fund Address	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years
FUND OFFICERS NOT LISTED ABOVE**
Charles F. McCain (45) Chief Compliance Officer	Since 2004	Executive Vice President and General Counsel (2004-Present) and Chief Compliance Officer (2004-2014), Harbor Capital Advisors, Inc.; Director (2007-Present) and Chief Compliance Officer (2004-Present), Harbor Services Group, Inc.; and Director, Executive Vice President and Chief Compliance Officer (2007-Present), Harbor Funds Distributors, Inc.

Anmarie S. Kolinski (43) Treasurer	Since 2007	Executive Vice President and Chief Financial Officer (2007-Present), Harbor Capital Advisors, Inc.; Chief Financial Officer (2007-Present), Harbor Services Group, Inc.; and Treasurer (2012-Present), Harbor Funds Distributors, Inc.

Erik D. Ojala (40) Vice President and Secretary; AML Compliance Officer	Since 2007; Since 2010	Senior Vice President and Associate General Counsel (2007-Present) and Secretary (2010-Present), Harbor Capital Advisors, Inc.; and Assistant Secretary (2014-Present), Harbor Services Group, Inc.

Brian L. Collins (46) Vice President	Since 2005	Executive Vice President and Chief Investment Officer (2004-Present), Harbor Capital Advisors, Inc.

Charles P. Ragusa (56) Vice President	Since 2007	Executive Vice President (2007-Present), Harbor Capital Advisors, Inc.; President (2007-Present), Harbor Services Group, Inc.; and Executive Vice President and AML Compliance Officer (2007-Present), Harbor Funds Distributors, Inc.

Jodie L. Crotteau (43) Assistant Secretary	Since 2014	Senior Vice President and Chief Compliance Officer, Harbor Capital Advisors, Inc. (2014-Present); Vice President and Chief Compliance Officer, Grosvenor Registered Funds (2011-2014); Vice President, Grosvenor Capital Management, L.P. (2010-2014); Assistant Secretary (2005-2010) and AML Compliance Officer (2007-2010), Harbor Funds; Vice President, Secretary and Compliance Director (2007-2010), Harbor Capital Advisors, Inc.; Assistant Secretary (2005-2010), Harbor Services Group, Inc.; and Assistant Secretary (2007-2010), Harbor Funds Distributors, Inc.

Susan A. DeRoche (62) Assistant Secretary	Since 2006	Senior Vice President and Compliance Director (2007-Present) and Assistant Secretary (2006-Present), Harbor Capital Advisors, Inc.; Senior Vice President (2011–Present) and Secretary (2007-Present), Harbor Funds Distributors, Inc.; and Secretary (2014-Present) and Assistant Secretary (2012-2013), Harbor Services Group, Inc.

John M. Paral (46) Assistant Treasurer	Since 2013	Vice President (2012-Present) and Financial Reporting Manager (2007-2012), Harbor Capital Advisors, Inc.

1	Each Trustee serves for an indefinite term, until his successor is elected. Each Officer is elected annually.

*	Mr. Van Hooser is deemed an “Interested Trustee” due to his affiliation with the Adviser and Distributor of Harbor Funds.

**	Officers of the Funds are “interested persons” as defined in the Investment Company Act.

THIS PRIVACY STATEMENT IS NOT PART OF THIS REPORT

Harbor’s Privacy Statement

The following privacy statement is issued by Harbor Funds and each series of Harbor Funds and its affiliates, Harbor Capital Advisors, Inc., Harbor Services Group, Inc. and Harbor Funds Distributors, Inc. These measures reflect our commitment to maintaining the privacy of your confidential information. We appreciate the confidence you have shown by entrusting us with your assets.

Personal Information

It is our policy to respect the privacy of current and former shareholders and to protect personal information entrusted to us. We do not sell your personal information to anyone.

In the course of providing products and services, we collect non-public personal information about you from the following sources: applications, forms, our website (including any information captured through our use of “cookies”), through mobile applications, by telephone and in correspondence and transactions with us, our affiliates or other parties.

The non-public personal information collected may include name, address, e-mail address, telephone/fax numbers, account number, social security or taxpayer identification number, investment activity, and bank account information.

When you visit us through our website or a mobile application, we may collect technical and navigational information, such as computer browser type, Internet protocol address, pages visited and average time spent on our website. We may use this information to alert you to software compatibility issues, or to improve our web design and functionality. We use “cookies” and similar files that may be placed on your hard drive for security purposes, to facilitate site navigation and to personalize the appearance of our site.

Information Sharing

We occasionally disclose non-public personal information about our current or former shareholders with affiliated and non-affiliated parties, as permitted or required by law or regulation. In the normal course of servicing our shareholders, information we collect may be shared with non-affiliated companies that perform support services on our behalf or to other firms that assist us in providing you with products and services, such as custodians, transfer agents, broker-dealers and marketing service firms, as well as with other financial institutions. These companies may not use the information for any other purpose and we require them to keep the information they handle confidential. We may also share information with affiliates that are engaged in a variety of financial services in order to better service your account(s).

When information is shared with third parties, they are not permitted to use the information for any purpose other than to assist our servicing of your account(s) or as permitted by law.

If you close your account(s) or if we lose contact with you, we will continue to share information in accordance with our current privacy policy and practices.

Access to Information

Access to non-public personal information is limited to employees, agents or other parties who need to know that information to perform their jobs, such as servicing your account(s), resolving problems or informing you of new products or services.

Security

We maintain physical, electronic and procedural safeguards that comply with industry standards to protect your non-public personal information.

For shareholders accessing information through our website or a mobile application, various forms of Internet security, such as data encryption firewall barriers, user names and passwords, and other tools are used. For additional information regarding our security measures, visit the terms and conditions of use on our website at harborfunds.com. If you have any questions or concerns about how we maintain the privacy of your non-public personal information, please contact us at 800-422-1050 Monday through Friday, between the hours of 8:00 a.m. and 6:00 p.m. Eastern time.

We recommend that you read and retain this notice for your personal files

Eff. November 2013

Glossary

12b-1 Fee—A mutual fund fee, named for the SEC rule that permits it, used to pay for broker-dealer compensation and other distribution costs. If a fund has a 12b-1 fee, it will be disclosed in the fee table of a fund’s prospectus.

ADR—ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions.

Average Market Capitalization—The average market capitalization of a fund’s equity portfolio gives you a measure of the size of the companies in which the fund invests. Market capitalization is calculated by multiplying the number of a company’s shares outstanding by its price per share.

Average Weighted Coupon—A calculation from a fund’s portfolio by weighting the coupon of each bond by its relative size in the portfolio.

Barclays U.S. Aggregate Bond Index—The Barclays U.S. Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Barclays U.S. TIPS Index—The Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Beta—A measure of market-related risk. The beta of every index is 1.00, no matter how volatile the index is. A beta less than one means the portfolio is less volatile than the index. A beta higher than one indicates more volatility than the index.

Bloomberg Commodity Index Total Return^SM—The Bloomberg Commodity Index Total Return^SM is a broadly diversified index that tracks the commodities markets through commodity futures contracts. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

BofA Merrill Lynch All U.S. Convertibles Ex Mandatory Index—The BofA Merrill Lynch All U.S. Convertibles Ex Mandatory Index is broadly representative of the U.S. convertible securities market, consisting of publicly traded issues, denominated in U.S. dollars, of all credit qualities, and excluding mandatory (equity-linked) convertibles. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index—The BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index tracks the performance of a synthetic asset paying Libor to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

BofA Merrill Lynch 3-Month U.S. Treasury Bill Index—The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single U.S. Treasury Bill issue purchased at the beginning of each month and held for a full month, at which time that issue is sold and rolled into a newly selected issue. The issue selected each month is that having a maturity date closest to, but not beyond 90 days from the rebalance date.

BofA Merrill Lynch U.S. High Yield Index—The BofA Merrill Lynch U.S. High Yield Index is an unmanaged index that tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. All bonds are U.S. dollar denominated and rated Split BBB and below. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

BofA Merrill Lynch U.S. Non-Distressed High Yield Index—The BofA Merrill Lynch U.S. Non-Distressed High Yield Index is a subset of the BofA Merrill Lynch U.S. High Yield Index including all securities with an option-adjusted spread less than 1,000 basis points. The unmanaged index does not reflect fees and expenses and is not available for direct investment.

Bottom-Up Equity Management Style—A management style that de-emphasizes the significance of economic and market cycles, focusing instead on the analysis of individual stocks.

Capital Gains Distribution—Profits distributed to shareholders resulting from the sale of securities held in the fund’s portfolio.

Credit Risk—The possibility that a bond issuer may not be able to pay interest and repay its debt.

Glossary—Continued

CUSIP Number—Identification number assigned to every stock, corporate bond and municipal bond by the Committee on Uniform Securities Identification Procedures (CUSIP), which is established by the American Bankers Association.

Diversification—The practice of investing broadly across securities of a number of issuers to reduce risk.

Duration—A common gauge of the price sensitivity of a fixed income asset or portfolio to a change in interest rates.

Emerging Markets—Emerging markets are countries with relatively young stock and bond markets. Examples include Brazil and Thailand. Typically, emerging-markets investments have the potential for losses and gains larger than those of developed-market investments.

Expense Ratio—The Fund’s total annual operating expenses (including management fees, distribution (12b-1) fees and other expenses) expressed as a percentage of average net assets.

Family of Funds—A group of mutual funds, each typically with its own investment objective, managed and distributed by the same company.

GDR—GDR after the name of a holding stands for Global Depositary Receipt representing ownership of foreign securities. GDRs are issued by either U.S. or non-U.S. banking organizations.

Inception Date—The date on which the Fund commenced operations.

Investment Objective—The goal that an investor and mutual fund pursue together (e.g., current income, long-term capital growth, etc.)

Median Market Cap—An indicator of the size of companies in which a fund invests; the midpoint of market capitalization (market price x shares outstanding) of a fund’s stocks, weighted by the proportion of the fund’s assets invested in each stock. Stocks representing half of the fund’s assets have market capitalizations above the median, and the rest are below it.

MSCI All Country World Index—The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

MSCI All Country World Ex. U.S. (ND) Index—The MSCI All Country World Ex. U.S. is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

MSCI EAFE (ND) Index—The MSCI EAFE (ND) Index is an unmanaged index generally representative of major overseas stock markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

MSCI Emerging Markets (ND) Index—The MSCI Emerging Markets (ND) Index is a market capitalization weighted index of equity securities in more than 20 emerging market economies. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

MSCI World (ND) Index—The MSCI World (ND) Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Net Asset Value (NAV)—The per share value of a mutual fund, determined by subtracting the fund’s liabilities from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once each business day.

No-Load Fund—A mutual fund whose shares are sold without a sales commission and without a 12b-1 fee of more than 0.25% per year. Harbor funds are no-load.

Open-End Investment Company—The legal name for a mutual fund, indicating that it stands ready to redeem (buy back) its shares from investors on any business day. Harbor Funds is an open-end investment company.

Operating Expenses—Business costs paid from a fund’s assets before earnings are distributed to shareholders. These include management fees and 12b-1 fees and other expenses.

Portfolio Manager—A specialist employed by a mutual fund’s adviser or subadviser to invest the fund’s assets in accordance with predetermined investment objectives.

Glossary—Continued

Portfolio Turnover—A measure of the trading activity in a fund’s investment portfolio (how often securities are bought and sold by a fund). Funds with high turnover rates incur higher transaction costs and may be more likely to distribute capital gains (which may be taxable to investors).

Price to Book Ratio (P/B)—A ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value. For a fund, the weighted average price/book ratio of the stocks it holds.

Price to Earnings Ratio (P/E)—The ratio of a stock’s current price to its per-share earnings over the past year. For a fund, the weighted average P/E of the stocks it holds. P/E is an indicator of market expectations about corporate prospects; the higher the P/E, the greater the market expectations are for a company’s future growth.

Prospectus—The official document that describes a mutual fund to prospective investors. The prospectus contains information required by the SEC, such as investment objectives and policies, risks, services and fees.

Record Date—The date on which a shareholder must officially own shares in order to be entitled to a dividend.

Redemption Fee—Fee charged to shareholders by a mutual fund when they sell shares within a specified period after purchase. The time limit and size of fee vary among funds. The fee is paid to the fund, not the fund’s investment adviser. Its purpose is to protect long-term investors from the impact of short-term traders.

REITs (Real Estate Investment Trust)—REITs invest in real estate or loans secured by real estate and issue shares in such investments. A REIT is similar to a closed-end mutual fund.

Repurchase Agreement (Repo)—A form of short-term borrowing for dealers in government securities. The dealer sells the government securities to investors, usually on an overnight basis, and buys them back the following day. For the party selling the security (and agreeing to repurchase it in the future), it is a repo. For the party on the other end of the transaction (buying the security and agreeing to sell back in the future), it is a reverse repurchase agreement.

Risk/Reward (or Return)—The relationship between the degree of risk associated with an investment and its return potential. Typically, the higher the potential return of an investment, the greater the risk.

Russell 1000^® Growth Index—The Russell 1000^® Growth Index is an unmanaged index generally representative of the U.S. market for larger capitalization growth stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 1000^® Growth Index and Russell^® are trademarks of Russell Investments.

Russell 1000^® Value Index—The Russell 1000^® Value Index is an unmanaged index generally representative of the U.S. market for larger capitalization value stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 1000^® Value Index and Russell^® are trademarks of Russell Investments.

Russell 2000^® Index—The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000^® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 3000^® Index and Russell^® are trademarks of Russell Investments.

Russell 2000^® Growth Index—The Russell 2000^® Growth Index is an unmanaged index representing the smallest 2,000 stocks with the highest price-to-book ratio and future earnings. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 2000^® Growth Index and Russell^® are trademarks of Russell Investments.

Russell 2000^® Value Index—The Russell 2000^® Value Index is an unmanaged index representing the smallest 2,000 stocks with the lowest price-to-book ratio and future earnings. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 2000^® Value Index and Russell^® are trademarks of Russell Investments.

Russell 3000^® Index—The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000^® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 3000^® Index and Russell^® are trademarks of Russell Investments.

Glossary—Continued

Russell 3000^® Growth Index—The Russell 3000^® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000^® Growth Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad growth market. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 3000^® Growth Index and Russell^® are trademarks of Russell Investments.

Russell 3000^® Value Index—The Russell 3000^® Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000^® Value Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad value market. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 3000^® Value Index and Russell^® are trademarks of Russell Investments.

Russell Midcap^® Growth Index—The Russell Midcap^® Growth Index is an unmanaged index generally representative of the U.S. market for medium capitalization growth stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell Midcap^® Growth Index and Russell^® are trademarks of Russell Investments.

Russell Midcap^® Value Index—The Russell Midcap^® Value Index is an unmanaged index generally representative of the U.S. market for medium capitalization value stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell Midcap^® Value Index and Russell^® are trademarks of Russell Investments.

S&P 500 Index—The S&P 500 Index is an unmanaged index generally representative of the U.S. stock market. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Statement of Additional Information (SAI)—The supplementary document to a prospectus that contains more detailed information about a mutual fund; also known as “Part B” of a fund’s registration statement.

TBAs—A term used to describe a forward mortgage-backed securities trade. Pass-through securities issued by Freddie Mac, Fannie Mae and Ginnie Mae trade in the TBA market. The term TBA is derived from the fact that the actual mortgage- backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made. The securities are “to be announced” 48 hours prior to the established trade settlement date.

Treasury Inflation-Protected Securities (TIPS)—TIPS are securities in which the principal amount is adjusted for inflation and interest payments are applied to the inflation-adjusted principal.

Top-Down Equity Management Style—Investment style that begins with an assessment of the overall economic environment and makes a general asset allocation decision regarding various sectors of the financial markets and various industries.

Total Return—Return on an investment over a specified period, including price appreciation (or depreciation) plus any income, expressed as an average annual compound of return.

Weighted Average Duration—Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.) A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal.

Weighted Average Maturity—The average length of time until principal must be repaid for all bonds in a mutual fund portfolio on a dollar weighted basis.

Yield—A measure of net income (dividends and interest) earned by the securities in the fund’s portfolio less fund expenses during a specified period. A fund’s yield is expressed as a percentage of the maximum offering price per share on a specified date.

Yield to Maturity—The term used to describe the rate of return an investor will receive if a long-term, interest-bearing security, such as a bond, is held to its maturity date. Yield to maturity is greater than the coupon rate if the bond is selling at a discount and less than the coupon rate if it is selling at a premium.

LOGO


111 South Wacker Drive, 34th Floor		Chicago, IL 60606-4302		800-422-1050		harborfunds.com

Trustees & Officers

David G. Van Hooser

Chairman, President & Trustee

Scott M. Amero

Trustee

Raymond J. Ball

Trustee

Donna J. Dean

Trustee

Randall A. Hack

Trustee

Robert Kasdin

Trustee

Rodger F. Smith

Trustee

Ann M. Spruill

Trustee

Charles F. McCain

Chief Compliance Officer

Anmarie S. Kolinski

Treasurer

Erik D. Ojala

Vice President, Secretary & AML Compliance Officer

Brian L. Collins

Vice President

Charles P. Ragusa

Vice President

Jodie L. Crotteau

Assistant Secretary

Susan A. DeRoche

Assistant Secretary

John M. Paral

Assistant Treasurer

Investment Adviser

Harbor Capital Advisors, Inc.

111 South Wacker Drive

34th Floor

Chicago, IL 60606-4302

312-443-4400

Distributor & Principal Underwriter

Harbor Funds Distributors, Inc.

111 South Wacker Drive

34th Floor

Chicago, IL 60606-4302

312-443-4600

Shareholder Servicing Agent

Harbor Services Group, Inc.

P.O. Box 804660

Chicago, IL 60680-4108

800-422-1050

Custodian

State Street Bank & Trust Company

State Street Financial Center

1 Lincoln Street

Boston, MA 02111-2900


				FD.SAR.DE.0415

LOGO

Semi-Annual Report

April 30, 2015

International & Global Funds



	Institutional Class	Administrative Class	Investor Class

Harbor International Fund	HAINX	HRINX	HIINX

Harbor International Growth Fund	HAIGX	HRIGX	HIIGX

Harbor Global Growth Fund	HGGAX	HRGAX	HGGIX

Harbor Emerging Markets Equity Fund	HAEMX	HREMX	HIEEX

Table of Contents


Semi-Annual Report Overview			1

Letter from the Chairman			2

International & Global Funds

HARBOR INTERNATIONAL FUND
Managers’ Commentary			4
Fund Summary			6
Fund Performance Summary			7
Portfolio of Investments			8

HARBOR INTERNATIONAL GROWTH FUND
Managers’ Commentary			11
Fund Summary			13
Fund Performance Summary			14
Portfolio of Investments			15

HARBOR GLOBAL GROWTH FUND
Managers’ Commentary			18
Fund Summary			20
Fund Performance Summary			21
Portfolio of Investments			22

HARBOR EMERGING MARKETS EQUITY FUND
Managers’ Commentary			24
Fund Summary			26
Fund Performance Summary			27
Portfolio of Investments			28

Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES			32

STATEMENTS OF OPERATIONS			33

STATEMENTS OF CHANGES IN NET ASSETS			34

FINANCIAL HIGHLIGHTS			38

Notes to Financial Statements			42

Fees and Expense Example			52

Additional Information

PROXY VOTING			54

HOUSEHOLDING			54

QUARTERLY PORTFOLIO DISCLOSURES			54

ADVISORY AGREEMENT APPROVALS			54

TRUSTEES AND OFFICERS			60

Harbor’s Privacy Statement			62

Glossary			63

This document must be preceded or accompanied by a Prospectus.

Harbor International & Global Funds

SEMI-ANNUAL REPORT OVERVIEW (Unaudited)


	Unannualized Total Return 6 Months Ended April 30, 2015
	Institutional Class			Administrative Class			Investor Class
INTERNATIONAL & GLOBAL FUNDS
Harbor International Fund		7.69	%		7.55	%		7.48	%
Harbor International Growth Fund		7.75			7.59			7.53
Harbor Global Growth Fund		3.92			3.83			3.71
Harbor Emerging Markets Equity Fund		0.10			-0.07			-0.04


COMMONLY USED MARKET INDICES	Unannualized Total Return 6 Months Ended April 30, 2015
MSCI EAFE (ND); international equity		6.81	%
MSCI All Country World Ex. U.S. (ND); global equity		5.56
MSCI All Country World (ND); global equity		4.97
MSCI Emerging Markets (ND); global equity		3.92


	EXPENSE RATIOS¹															Morningstar Average² (unaudited)
	2011*			2012*			2013*			2014*			2015^a			Morningstar Average² (unaudited)
HARBOR INTERNATIONAL & GLOBAL FUNDS
Harbor International Fund
Institutional Class		0.77	%		0.77	%		0.74	%		0.73	%		0.73	%		0.99	%
Administrative Class		1.02			1.02			0.99			0.98			0.98			1.32
Investor Class		1.14			1.14			1.11			1.10			1.10			1.37
Harbor International Growth Fund
Institutional Class		0.86	%		0.87	%		0.89	%		0.85	%		0.85	%		1.03	%
Administrative Class		1.11			1.12			1.14			1.10			1.10			1.41
Investor Class		1.23			1.24			1.26			1.22			1.22			1.43
Harbor Global Growth Fund
Institutional Class		1.00	%		0.96	%		0.90	%		0.90	%		0.90	%		1.03	%
Administrative Class		1.25			1.21			1.15			1.15			1.15			1.21
Investor Class		1.37			1.30			1.27			1.27			1.27			1.31
Harbor Emerging Markets Equity Fund
Institutional Class		N/A			N/A			N/A			1.25	%		1.21	%		1.30	%
Administrative Class		N/A			N/A			N/A			1.50			1.47			1.65
Investor Class		N/A			N/A			N/A			1.62			1.59			1.66

Audited.

1	Harbor Funds’ expense ratios are for operating expenses for the fiscal years ended October 31 (unless otherwise noted) and are shown net of all expense offsets, waivers and reimbursements (see Financial Highlights).

a	Unaudited annualized figures for the six-month period ended April 30, 2015.

Letter from the Chairman

LOGO

David G. Van Hooser

Chairman

Dear Fellow Shareholder:

International stock markets moved higher in the first half of fiscal 2015 as investors responded favorably to accommodative initiatives by central banks in Europe, Japan and other countries. The U.S. dollar strengthened against most international currencies, enhancing the competitiveness of foreign exporters. A sharp decline in crude oil prices was regarded as a favorable development for consumers and energy-importing economies.

Shares of companies based in developed overseas markets returned 6.81%, as measured by the MSCI EAFE (ND) Index, while emerging markets equities returned 3.92%, as measured by the MSCI Emerging Markets (ND) Index. The MSCI World (ND) Index, a measure of global equities including the U.S., returned 5.09%. (All international and global returns are in U.S. dollars.)

Harbor International and Global Equity Funds

Harbor International Fund returned 7.69%, outperforming its MSCI EAFE (ND) Index benchmark by 88 basis points, or 0.88 percentage point. (All Harbor returns cited are for each fund’s Institutional Class shares.) Harbor International also continued to outperform the index for the latest 5-year and 10-year periods and since its inception in 1987.

Harbor International Growth Fund recorded a return of 7.75%, beating its benchmark, the MSCI All Country World Ex. U.S. (ND) Index, by 219 basis points. Harbor Global Growth Fund posted a return of 3.92%, lagging its MSCI All Country World (ND) Index benchmark by 105 basis points. Although it underperformed over the latest six months, Harbor Global Growth continued to outpace the index since its inception in 2009 as well as for the five years ended April 30, 2015. Harbor Emerging Markets Equity Fund returned 0.10%, underperforming its MSCI Emerging Markets (ND) Index by 382 basis points.

As always, we recommend that shareholders maintain a long-term perspective in evaluating all of their investments, including Harbor Funds. Comments by the portfolio managers of each international and global equity fund can be found in the pages preceding each Fund’s portfolio of investments.


	RETURNS FOR PERIODS ENDED APRIL 30, 2015
	Unannualized						Annualized
International & Global	6 Months			1 Year			5 Years			10 Years			30 Years
MSCI EAFE (ND) (foreign stocks)		6.81	%		1.66	%		7.40	%		5.62	%		9.04	%
MSCI World (ND) (global stocks)		5.09			7.41			10.51			6.87			9.44
MSCI Emerging Markets (ND) (emerging markets)		3.92			7.80			3.02			9.58			N/A

Domestic Equities
Wilshire 5000 Total Market (entire U.S. stock market)		4.64	%		12.52	%		14.26	%		8.88	%		11.00	%
S&P 500 (large cap stocks)		4.40			12.98			14.33			8.32			11.09
Russell Midcap^® (mid cap stocks)		5.87			13.30			15.09			10.27			12.55
Russell 2000^® (small cap stocks)		4.65			9.71			12.73			9.18			9.90
Russell 3000^® Growth		6.59			16.50			15.45			9.69			10.41
Russell 3000^® Value		2.82			8.96			13.15			7.54			11.24

Strategic Markets
Bloomberg Commodity Index Total Return^SM		-11.87	%		-24.69	%		-5.02	%		-2.44	%		N/A

Fixed Income
BofA Merrill Lynch U.S. High-Yield (high-yield bonds)		1.51	%		2.57	%		8.18	%		8.28	%		N/A
Barclays U.S. Aggregate Bond (domestic bonds)		2.06			4.46			4.12			4.75			7.33	%
BofA Merrill Lynch 3-Month U.S. Treasury Bill (proxy for money market returns)		0.01			0.02			0.09			1.47			3.90
Barclays U.S. TIPS (inflation-linked bonds)		1.28			2.48			3.96			4.43			N/A

Domestic Equity, Strategic Markets, and Fixed Income

Disciplined Approach

Thank you for your investment in Harbor Funds.

June 24, 2015

LOGO

David G. Van Hooser

Chairman

Harbor International Fund

MANAGERS’ COMMENTARY (Unaudited)

SUBADVISER

Northern Cross, LLC

125 Summer Street

Suite 1410

Boston, MA 02110

PORTFOLIO MANAGERS

Howard Appleby, CFA

Since 2009

Jean-Francois Ducrest

Since 2009

James LaTorre, CFA

Since 2009

Northern Cross, LLC

has subadvised the

Fund since 2009.

INVESTMENT OBJECTIVE

The Fund seeks long-term total return,

principally from growth

of capital.

PRINCIPAL STYLE CHARACTERISTICS

International large cap

value oriented stocks

LOGO

Howard Appleby

LOGO

Jean-Francois Ducrest

LOGO

James LaTorre

Management’s Discussion of Fund Performance

MARKET REVIEW

International equities posted positive results for the first half of fiscal 2015, with the MSCI EAFE (ND) Index recording a return of 6.81% for the six months ended April 30, 2015. (All international and global returns are in U.S. dollars.) The index is a measure of stocks in developed overseas markets. By comparison, shares of developing-markets companies returned 3.92%, as measured by the MSCI Emerging Markets (ND) Index, while U.S. equities, as measured by the S&P 500 Index, returned 4.40%.

Eight of the 10 economic sectors of the MSCI EAFE (ND) Index posted positive returns, led by Consumer Discretionary and Information Technology, which registered double-digit gains. Energy and Utilities were the only sectors to lose ground. Shares of Japanese companies, representing about 21% of the MSCI EAFE (ND) Index and posting an aggregate return of 13%, provided the biggest boost to index performance on a country-level basis. Other leading country-level contributors included Germany, France, and Switzerland.

PERFORMANCE

Harbor International Fund returned 7.69% (Institutional Class), 7.55% (Administrative Class), and 7.48% (Investor Class) for the fiscal first half, outpacing the 6.81% return of the MSCI EAFE (ND) Index. From a longer-term perspective, the Fund continued to outperform the benchmark since its inception in 1987 and for the 5 years and 10 years ended April 30, 2015.

Stock selection, especially in the Health Care, Industrials, and Energy sectors, was an important contributor to Fund performance relative to the index for the first half of fiscal 2015. Sector positioning also aided relative performance, as the Fund had a below-benchmark exposure to Energy stocks and no investment in the Utilities sector—the two weakest-performing areas of index. From a country-level perspective, a smaller-than-index allocation to shares of Japanese companies hurt relative performance, but this was more than offset by favorable stock selection, especially in the United Kingdom, France, Germany, and Sweden. Sector positioning and country weights generally are a reflection of individual stock selection decisions rather than an active element of the Fund’s investment strategy.

Almost all of the Fund’s holdings in the Health Care sector posted double-digit returns. Top contributors in the sector included Danish insulin maker Novo Nordisk, Swiss drug maker Novartis, Irish pharmaceutical company Shire, and French ophthalmic lens maker Essilor International. Leading contributors in the Industrials sector included Japanese industrial-robotics company Fanuc, U.K.-based engine-manufacturer Rolls-Royce, and Swedish truck maker Volvo. Fanuc’s shares rose 30% in the fiscal first half. In April, the company’s management announced plans to buy back shares and double its dividend.

The Fund’s only two holdings in the Energy sector, oil and natural gas company BG Group and oilfield-services provider Schlumberger, both posted positive returns while Energy names in the index had an aggregate return of -6%. BG Group was sold from the portfolio after agreeing in April to be acquired by Royal Dutch Shell in a transaction that represented a 50% premium to BG’s share price.

Harbor International Fund

MANAGERS’ COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
Novo Nordisk AS			3.2%
FANUC Corp.			2.8%
Novartis AG			2.7%
Roche Holding AG			2.7%
Rolls-Royce Holdings plc			2.6%
Lloyds Banking Group plc			2.5%
Banco Bilbao Vizcaya Argentaria SA			2.4%
Schneider Electric SE			2.4%
SAP SE			2.3%
Unibail-Rodamco SE			2.3%

Other top contributors to Fund performance included German auto makers Daimler and Volkswagen, in the Consumer Discretionary sector; French cosmetics group L’Oreal and Belgium-headquartered brewer Anheuser-Busch InBev, in the Consumer Staples sector; and Japanese insurer Tokio Marine Holdings, a Financials sector stock. Several Financials stocks were among portfolio holdings that detracted from returns, including Spanish banks Banco Bilbao Vizcaya Argentaria and Banco Santander, Brazilian banks Banco Bradesco and Itau Unibanco Holding, and U.K.-based Lloyds Banking Group. Other detractors included mining and energy company Freeport McMoran, Malaysian conglomerate Genting, and Japanese construction-equipment maker Komatsu.

Currency effects hurt absolute returns as reported in U.S. dollars but were essentially neutral in terms of relative performance. The strength of the dollar weighed on the performance of foreign shares for U.S.-based investors, as their returns were reduced when translated back into the U.S. currency. This had the effect of reducing index and Fund returns both by about seven percentage points for the fiscal first half.

OUTLOOK AND STRATEGY

As of April 30, 2015, the Fund’s biggest overweights relative to the MSCI EAFE (ND) Index were in the Industrials, Consumer Staples, and Health Care sectors. The biggest underweights were in Telecommunication Services and Utilities, where the portfolio had no exposure, and in the Energy sector. Relative to the benchmark, the Fund’s largest country exposures were in France and Switzerland, while the biggest underweights were in Japan, the United Kingdom, and Australia.

A key element of our investment philosophy is the belief that thorough and patient due diligence provides the best opportunities to invest in companies that will deliver long-term profit-margin expansion. We continue to focus on finding companies with long-term catalysts, a process that we believe leads to consistency and sustainability of individual stock performance.

The portfolio includes many global franchises that we believe should be able to demonstrate pricing power and benefit from a combination of earnings upgrades and higher relative valuations as the global economy gradually recovers. In addition, many of these companies have well-established positions in major developing economies.

Currency effects were an important factor in international equity markets in the fiscal first half as the U.S. dollar strengthened against most currencies. Although the strength of the U.S. currency had the effect of reducing international equity returns as expressed in dollars, we believe that many of the European-based companies in the portfolio should benefit from a weaker euro.

This report contains the current opinions of Northern Cross, LLC at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Investing in international and emerging markets poses special risks, including potentially greater price volatility due to social, political and economic factors, as well as currency exchange rate fluctuations. These risks are more severe for securities of issuers in emerging market regions. For information on the different share classes and the risks associated with an investment in the Fund, please refer to the current prospectus.

Harbor International Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2011

Cusip				411511306

Ticker				HAINX

Inception Date				12/29/1987

Net Expense Ratio				0.73%^a,b

Total Net Assets (000s)				$44,949,452


ADMINISTRATIVE CLASS

Fund #				2211

Cusip				411511652

Ticker				HRINX

Inception Date				11/01/2002

Net Expense Ratio				0.98%^a,b

Total Net Assets (000s)				$915,111


INVESTOR CLASS

Fund #				2411

Cusip				411511645

Ticker				HIINX

Inception Date				11/01/2002

Net Expense Ratio				1.10%^a^,b

Total Net Assets (000s)				$4,522,869

a	Annualized.

b	Reflective of a contractual fee waiver effective through February 29, 2016.

c	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Number of Countries		18			24

Weighted Average Market Cap (MM)		$70,639			$64,453

Price/Earning Ratio (P/E)		19.8x			20.9x

Price/Book Ratio (P/B)		2.6x			2.2x

Beta vs. MSCI EAFE (ND) Index		0.93			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		12%	^c		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

REGION BREAKDOWN (% of investments)

(Excludes cash and short-term investments)

Harbor International Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the MSCI EAFE (ND) Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor International Fund
Institutional Class	7.69	%	-0.10	%	7.92	%	8.69	%	12/29/1987	$	114,976
Comparative Index
MSCI EAFE (ND)	6.81	%	1.66	%	7.40	%	5.62	%	—	$	86,382

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the MSCI EAFE (ND) Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor International Fund
Administrative Class	7.55	%	-0.36	%	7.65	%	8.41	%	11/01/2002	$	22,425
Investor Class	7.48	%	-0.48	%	7.52	%	8.28	%	11/01/2002	$	22,140
Comparative Index
MSCI EAFE (ND)	6.81	%	1.66	%	7.40	%	5.62	%	—	$	17,276

As stated in the Fund’s current prospectus, the expense ratios were 0.75% (Net) and 0.77% (Gross) (Institutional Class); 1.00% (Net) and 1.02% (Gross) (Administrative Class); and 1.12% (Net) and 1.14% (Gross) (Investor Class). The net expense ratios reflect a contractual management fee waiver through 02/29/2016. The expense ratios in the prospectus may differ from the actual expense ratios for the period disclosed within this report. The expense ratios shown in the prospectus are based on the prior fiscal year, adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus.

a	Annualized.

b	Unannualized.

Harbor International Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings by Country (% of net assets)

(Excludes net cash and short-term investments of 2.7%)

LOGO


COMMON STOCKS—94.7%

Shares			Value (000s)

	AEROSPACE & DEFENSE—2.6%
	80,837,163	Rolls-Royce Holdings plc (UK)*	$	1,288,779

	AUTO COMPONENTS—1.7%
	7,755,358	Cie Generale des Etablissements Michelin (FR)		864,845

	AUTOMOBILES—1.6%
	8,168,963	Daimler AG (GER)		785,419

��	BANKS—11.1%
	120,853,911	Banco Bilbao Vizcaya Argentaria SA (SP)		1,214,349
	86,414,687	Banco Santander SA (SP)		653,344
	10,685,853	Bancolombia SA ADR (COL)¹		483,749
	19,216,994	Erste Group Bank AG (AUT)		542,565
	24,795,775	Itau Unibanco Holding SA ADR (BR)¹		317,882
	1,074,879,979	Lloyds Banking Group plc (UK)*		1,272,955
	47,668,664	Standard Chartered plc (UK)		780,441
	17,759,786	United Overseas Bank Ltd. (SGP)		327,934

				5,593,219

	BEVERAGES—7.7%
	8,310,560	Anheuser-Busch InBev NV (BEL)		1,011,796
	38,465,530	Diageo plc (UK)		1,067,894
	10,734,208	Heineken NV (NET)²		845,619
	7,647,668	Pernod Ricard SA (FR)		950,482

				3,875,791

	BUILDING PRODUCTS—1.2%
	10,301,097	Compagnie de Saint-Gobain (FR)		468,155
	5,454,100	LIXIL Group Corp. (JP)		113,683

				581,838


	CAPITAL MARKETS—2.0%
	50,403,755	UBS Group AG (SWS)*		1,006,932

	CHEMICALS—4.5%
	3,813,605	Air Liquide SA (FR)		498,745
	4,801,614	Linde AG (GER)		938,281
	2,531,149	Syngenta AG (SWS)		846,997

				2,284,023

	CONSTRUCTION MATERIALS—1.6%
	10,310,884	Holcim Ltd. (SWS)*		828,278

	DIVERSIFIED FINANCIAL SERVICES—1.6%
	19,274,353	Investor AB (SW)		785,386

	ELECTRICAL EQUIPMENT—4.9%
	33,183,745	ABB Ltd. (SWS)*		727,137
	9,164,331	Legrand SA (FR)		529,906
	16,460,570	Schneider Electric SE (FR)²		1,230,401

				2,487,444

	ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%
	2,098,300	Omron Corp. (JP)		96,350

	ENERGY EQUIPMENT & SERVICES—1.3%
	6,920,485	Schlumberger Ltd. (US)		654,747

	FOOD PRODUCTS—2.0%
	12,680,524	Nestlé SA (SWS)		983,808

	HEALTH CARE EQUIPMENT & SUPPLIES—2.1%
	8,742,277	Essilor International SA (FR)		1,065,072

	HEALTH CARE PROVIDERS & SERVICES—1.7%
	4,366,990	Fresenius Medical Care AG & Co. KGaA (GER)		367,009
	8,385,768	Fresenius SE & Co. KGaA (GER)		498,894

				865,903

	HOTELS, RESTAURANTS & LEISURE—2.9%
	4,409,957	Accor SA (FR)²		241,819
	79,787,300	Genting Bhd (MAL)		195,859
	17,482,073	Las Vegas Sands Corp. (US)		924,452
	815,497	Wynn Resorts Ltd. (US)		90,577

				1,452,707

	HOUSEHOLD PRODUCTS—1.3%
	7,572,885	Reckitt Benckiser Group plc (UK)		674,020

	INSURANCE—5.7%
	6,365,290	Allianz SE (GER)²		1,083,465
	41,239,043	AXA SA (FR)²		1,042,764
	18,392,600	Tokio Marine Holdings Inc. (JP)		749,787

				2,876,016

	MACHINERY—9.5%
	31,731,795	Atlas Copco AB (SW)²		990,444
	6,532,300	FANUC Corp. (JP)		1,436,862
	21,537,300	Komatsu Ltd. (JP)		433,311
	37,048,703	Sandvik AB (SW)²		468,261
	2,632,700	SMC Corp. (JP)		791,974
	49,961,776	Volvo AB (SW)		690,232

				4,811,084

	MEDIA—1.7%
	11,185,700	Dentsu Inc. (JP)		521,418
	8,446,271	JCDecaux SA (FR)		333,662

				855,080

Harbor International Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)

	METALS & MINING—2.9%
	9,225,538	Anglo American plc (UK)	$	156,304
	8,698,308	Anglo American plc ADR (UK)¹		73,936
	11,093,119	Barrick Gold Corp. (CAN)		144,432
	25,242,618	Freeport-McMoRan Inc. (US)		587,396
	104,866,949	Glencore plc (UK)*		498,177

				1,460,245

	PERSONAL PRODUCTS—1.7%
	4,446,174	L’Oreal SA (FR)²		848,512

	PHARMACEUTICALS—10.4%
	48,650,545	Indivior plc (UK)*		148,792
	13,517,679	Novartis AG (SWS)		1,379,778
	28,589,155	Novo Nordisk AS (DEN)		1,605,014
	4,662,879	Roche Holding AG (SWS)		1,334,307
	9,762,211	Shire plc (UK)		793,312

				5,261,203

	REAL ESTATE INVESTMENT TRUSTS (REITs)—2.3%
	4,135,905	Unibail-Rodamco SE (FR)		1,141,967

	REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%
	572,500	Ck Hutchison Holdings Ltd. (HK)		12,404
	9,826,000	Hang Lung Properties Ltd. (HK)		33,154
	891,000	Mitsubishi Estate Co. Ltd. (JP)		20,972

				66,530

	SOFTWARE—2.3%
	15,494,696	SAP SE (GER)		1,170,857

	TEXTILES, APPAREL & LUXURY GOODS—4.6%
	10,521,747	Cie Financiere Richemont SA (SWS)		937,834
	160,588	Hermes International SA (FR)		60,562
	3,883,591	LVMH Moet Hennessy Louis Vuitton SE (FR)		679,109
	1,460,050	Swatch Group AG (SWS)		652,723

				2,330,228

	TOBACCO—1.5%
	21,221,700	Japan Tobacco Inc. (JP)		741,080

	TOTAL COMMON STOCKS (Cost $34,972,294)			47,737,363


PREFERRED STOCKS—2.5%
	AEROSPACE & DEFENSE—0.0%
	11,398,039,983	Rolls-Royce Holdings plc (UK)*		17,496	^x

	AUTOMOBILES—1.9%
	3,610,541	Volkswagen AG (GER)²		929,518

	BANKS—0.6%
	29,854,820	Banco Bradesco SA (BR)		318,668

	TOTAL PREFERRED STOCKS (Cost $921,354)			1,265,682


RIGHTS/WARRANTS—0.1%

No. of Contracts			Value (000s)

	BANKS—0.0%
	86,414,687	Banco Santander SA (SP) 05/05/2015		14,203

	HOTELS, RESTAURANTS & LEISURE—0.1%
	30,633,782	Genting Bhd (MAL) MYR$7.96–12/18/2018		15,913

	TOTAL RIGHTS/WARRANTS (Cost $28,239)			30,116


SHORT-TERM INVESTMENTS—10.1%
Principal Amount (000s)
	COMMERCIAL PAPER—2.2%
		Exxon Mobil Corp.
$	100,000	0.050%–05/01/2015		100,000
	450,000	0.060%–05/01/2015-05/12/2015		450,000
	250,000	0.070%–05/04/2015-05/07/2015		250,000

				800,000

		Toyota Motor Credit
	250,000	0.070%–05/05/2015-05/22/2015		250,000
	50,000	0.090%–05/20/2015		50,000

				300,000

				1,100,000

	REPURCHASE AGREEMENTS—0.2%
	112,986	Repurchase Agreement with State Street Corp. dated April 30, 2015 due May 01, 2015 at 0.000% collateralized by Federal National Mortgage Association Notes (market value $115,246)		112,986


Shares
	INVESTMENT COMPANY-SECURITIES LENDING INVESTMENT FUND—7.7%
	3,872,214,484	State Street Navigator Securities Lending Prime Portfolio (1-day yield of 0.150%)³		3,872,214

	TOTAL SHORT-TERM INVESTMENTS (Cost $5,085,200)			5,085,200

	TOTAL INVESTMENTS—107.4% (Cost $41,007,087)			54,118,361

	CASH AND OTHER ASSETS, LESS LIABILITIES—(7.4)%			(3,730,929	)

	TOTAL NET ASSETS—100.0%		$	50,387,432

Harbor International Fund

PORTFOLIO OF INVESTMENTS—Continued

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2015 based on the inputs used to value them.


Asset Category	Quoted Prices Level 1 (000s)		Other Significant Observable Inputs Level 2 (000s)		Significant Unobservable Inputs Level 3 (000s)		Total (000s)
Common Stocks
Europe	$	73,936	$	38,985,404	$	—	$	39,059,340
Latin America		801,631		—		—		801,631
North America		2,311,027		90,577		—		2,401,604
Pacific Basin		—		5,474,788		—		5,474,788
Preferred Stocks
Europe		—		929,518		17,496		947,014
Latin America		318,668		—		—		318,668
Rights/Warrants
Europe		—		14,203		—		14,203
Pacific Basin		15,913		—		—		15,913
Short-Term Investments
Commercial Paper		—		1,100,000		—		1,100,000
Repurchase Agreements		—		112,986		—		112,986
Investment Company-Securities Lending Investment Fund		—		3,872,214		—		3,872,214

Total Investments in Securities	$	3,521,175	$	50,579,690	$	17,496	$	54,118,361

The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2015.


Valuation Description	Balance Beginning at 11/01/2014 (000s)		Purchases (000s)		Sales (000s)			Accrued Discount/ (Premium) (000s)		Total Realized Gain/(Loss)^w (000s)		Change in Unrealized Appreciation/ (Depreciation)^w (000s)		Transfers In Level 3 (000s)		Transfers Out of Level 3 (000s)		Ending Balance as of 04/30/2015^w (000s)
Preferred Stocks	$	10,925	$	17,142	$	(10,962	)	$	—	$	—	$	391	$	—	$	—	$	17,496

Of the Level 1 investments presented above, certain Preferred Stocks valued at $318,668 were categorized in Level 2 at October 31, 2014. Transfers from Level 2 to Level 1 were the result of exchange traded securities where quoted prices from an active market were not available (Level 2), and have become available (Level 1).

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

Valuation Descriptions

Ending Balance
as of 04/30/2015
(000s)

Valuation Technique

Unobservable Inputs

Input
Value(s)

Investments in Securities

Preferred Stocks

Rolls-Royce Holdings plc (UK)*

17,496

Market Approach

Pre-Traded Price

0.001

*	Non-income producing security.

1	ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions.

2	A portion or all of this security was out on loan as of April 30, 2015.

3	Represents the investment of collateral received from securities lending activities.

w	The amounts in this category are included in the “Realized and Change in Unrealized Gain/(Loss) on Investment Transactions” section of the Statement of Operations. The net unrealized appreciation/(depreciation) per investment type is below:


Valuation Description	Unrealized Gain/(Loss) as of 04/30/2015 (000s)
Preferred Stocks	$	354

x	Fair valued in accordance with Harbor Funds Valuation Procedures using pre-traded price, which is a Level 3 input.

£	British Pound.

MYR$	Malaysian Ringgit.

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

Harbor International Growth Fund

MANAGERS’ COMMENTARY (Unaudited)

SUBADVISER

Baillie Gifford Overseas Limited

Calton Square

1 Greenside Row

Edinburgh, Scotland

United Kingdom EHI 3AN

PORTFOLIO MANAGERS

Gerard Callahan

Since 2013

Iain Campbell

Since 2013

Joe Faraday, CFA

Since 2013

Moritz Sitte, CFA

Since 2014

Sophie Earnshaw, CFA

Since 2014

Tom Walsh, CFA

Since 2014

Baillie Gifford has subadvised the Fund since 2013.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

PRINCIPAL STYLE CHARACTERISTICS

Foreign companies selected for long-term growth potential

LOGO

Gerard Callahan

LOGO

Iain Campbell

LOGO

Joe Faraday

LOGO

Moritz Sitte

LOGO

Sophie Earnshaw

LOGO

Tom Walsh

Management’s Discussion of Fund Performance

MARKET REVIEW

International stock markets rose over the six months ended April 30, 2015. The MSCI All Country World Ex U.S. (ND) Index, a measure of stocks in both developed and emerging overseas markets, returned 5.56%. (All international and global returns are in U.S. dollars.)

A sharp and unexpected fall in the price of oil affected many energy stocks and large oil-exporting countries. Energy was the worst-performing sector in the index, returning -6%. With growth in global demand for oil slowing, a combination of increasing production in the U.S. and the reluctance of larger OPEC partners to ease production pushed prices down.

At a regional level, European stock markets were strong, and it seemed that market participants were optimistic that a weaker currency and lower energy prices would be helpful to European corporate profits. Stocks in Japan and China posted double-digit returns and were major contributors to index performance.

PERFORMANCE

Harbor International Growth Fund returned 7.75% (Institutional Class), 7.59% (Administrative Class), and 7.53% (Investor Class) for the six months ended April 30, 2015, outperforming the 5.56% return of the MSCI All Country World Ex U.S. (ND) Index.

The Fund is constructed stock by stock, with each holding debated and selected on merit by the six investment managers. They seek to invest in companies which they believe are capable of delivering superior growth in earnings and cash flows over long periods of time. They aim to differentiate the Fund from the majority of the market by taking a long-term view, in the belief that market participants often undervalue long-term growth potential in favor of an expectation of short-term certainty.

The Fund’s industry, sector, and currency exposures are simply outputs of this bottom-up process. It has resulted in overweight positions relative to the benchmark index in the Consumer Staples and Consumer Discretionary sectors. These overweights increased slightly over the past six months. The Fund’s long-standing underweight position in the Energy sector contributed to performance during the fiscal first half.

At the regional level, the Fund remained overweight in shares of companies based in developed Asian economies and the United Kingdom, and slightly underweight in emerging markets. The Fund’s U.K. and Japanese-listed holdings contributed to performance in aggregate as a result of stock selection, while Chinese exposure was the largest detractor from relative performance.

The top individual contributors to performance were e-commerce related businesses. We believe that these companies have the potential to grow quickly for several years as

Harbor International Growth Fund

MANAGERS’ COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
Roche Holding AG			2.8%
Novo Nordisk AS			2.7%
Investment AB Kinnevik			2.5%
Naspers Ltd.			2.5%
Shimano Inc.			2.3%
BG Group plc			2.2%
Svenska Handelsbanken AB			2.2%
ASOS plc			2.1%
Kao Corp.			2.1%
Rakuten Inc.			2.1%

consumers continue to migrate online. While their share prices can be volatile over shorter periods, such as this one, we prefer to make a longer-term assessment of the fundamental attributes of each business, rather than trying to second-guess fluctuations in share price.

Shares in the Japanese online marketplace business Rakuten responded to encouraging operating results from the company. We believe that Rakuten’s dominant position in Japan leaves it well placed to continue to grow as online shopping expands. The company is also investing in other nascent forms of e-commerce, which in our view could create significant value for shareholders in the future. We continue to monitor the company’s use of capital closely.

The U.K.-listed online fashion retailer ASOS was also a top contributor, following a difficult period for the company. The business is expanding beyond the U.K and is now employing more sophisticated regional pricing as well as continuing its investment in overseas distribution. We view both of these developments as positive, as they should help the company to continue its international expansion.

The largest single detractor from performance was another online business, Chinese search engine Baidu. The company reported lower-than-expected profits, after a period of slower consumer spending and an increase in marketing expense by the company. Looking beyond these results, we were interested to note that Baidu’s mobile search revenue surpassed its revenue from PC-based searches for the first time. Our view is that the company appears to have made a successful transition to mobile devices and has continued to expand the range of services it offers to consumers.

OUTLOOK AND STRATEGY

We believe that the bulk of our time is best spent looking for new company-specific opportunities for investment. Above all, we believe that our strategy of investing in a diversified group of high-quality, growing businesses, run by capable and trustworthy management, should enhance the Fund’s ability to weather good times and bad, and to deliver attractive long-term returns.

We are encouraged by the reasonable start for international stock markets in calendar 2015. We believe that there are signs of continued recovery in the European economy and greater traction in the Japanese reforms being enacted under Prime Minister Shinzo Abe. As always, there are areas of the world to worry about, such as ongoing instability in Ukraine and in parts of the Middle East. Greece’s negotiations with its creditors could still upset the recovery in the euro area, should they end unresolved.

Against this backdrop, we continue to find what we believe are many compelling opportunities for investigation. We believe that the Fund contains an exciting selection of growing companies, and are enthusiastic about its long-term potential.

This report contains the current opinions of Baillie Gifford Overseas Limited at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Harbor International Growth Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2017

Cusip				411511801

Ticker				HAIGX

Inception Date				11/01/1993

Net Expense Ratio				0.85%^a,b

Total Net Assets (000s)				$233,727


ADMINISTRATIVE CLASS

Fund #				2217

Cusip				411511637

Ticker				HRIGX

Inception Date				11/01/2002

Net Expense Ratio				1.10%^a,b

Total Net Assets (000s)				$1,329


INVESTOR CLASS

Fund #				2417

Cusip				411511629

Ticker				HIIGX

Inception Date				11/01/2002

Net Expense Ratio				1.22%^a,b

Total Net Assets (000s)				$17,539

a	Annualized.

b	Reflective of a contractual expense cap effective through February 29, 2016.

c	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Number of Countries		26			47

Weighted Average Market Cap (MM)		$41,392			$60,343

Price/Earning Ratio (P/E)		21.1x			20.0x

Price/Book Ratio (P/B)		4.1x			2.2x

Beta vs. MSCI All Country World Ex. U.S. (ND) Index		0.96			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		5%	^c		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

REGION BREAKDOWN (% of investments)

(Excludes cash and short-term investments)

Harbor International Growth Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the MSCI All Country World Ex. U.S. (ND) Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor International Growth Fund
Institutional Class	7.75	%	3.92	%	6.73	%	6.11	%	11/01/1993	$	90,474
Comparative Index
MSCI All Country World Ex. U.S. (ND)	5.56	%	2.63	%	6.04	%	6.26	%	—	$	91,758

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 05/01/2005 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the MSCI All Country World Ex. U.S. (ND) Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor International Growth Fund
Administrative Class	7.59	%	3.58	%	6.43	%	5.83	%	11/01/2002	$	17,618
Investor Class	7.53	%	3.52	%	6.31	%	5.70	%	11/01/2002	$	17,410
Comparative Index
MSCI All Country World Ex. U.S. (ND)	5.56	%	2.63	%	6.04	%	6.26	%	—	$	18,352

As stated in the Fund’s current prospectus, the expense ratios were 0.85% (Net) and 0.89% (Gross) (Institutional Class); 1.10% (Net) and 1.14% (Gross) (Administrative Class); and 1.22% (Net) and 1.26% (Gross) (Investor Class). The net expense ratios are contractually capped through 02/29/2016. The expense ratios in the prospectus may differ from the actual expense ratios for the period disclosed within this report. The expense ratios shown in the prospectus are based on the prior fiscal year, adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus.

a	Annualized.

b	Unannualized.

Harbor International Growth Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings by Country (% of net assets)

(Excludes net cash and short-term investments of 1.4%)


COMMON STOCKS—98.6%

Shares			Value (000s)

	AUTOMOBILES—1.2%
	170,471	Mahindra & Mahindra Ltd. GDR (IND)¹	$	3,065

	BANKS—7.8%
	453,000	BOC Hong Kong Holdings Ltd. (HK)		1,760
	152,803	Itau Unibanco Holding SA ADR (BR)²		1,959
	217,051	Standard Chartered plc (UK)		3,554
	118,202	Svenska Handelsbanken AB (SW)		5,456
	860,147	Turkiye Garanti Bankasi AS ADR (TUR)²		2,850
	220,274	United Overseas Bank Ltd. (SGP)		4,067

				19,646

	BEVERAGES—5.9%
	102,700	Asahi Group Holdings Ltd. (JP)		3,302
	51,855	Carlsberg AS (DEN)		4,728
	67,857	Coca-Cola Enterprises Inc. (US)		3,013
	388,967	Treasury Wine Estates Ltd. (AUS)		1,706
	344,000	Tsingtao Brewery Co. Ltd. (CHN)		2,197

				14,946


	BIOTECHNOLOGY—0.5%
	256,050	Mesoblast Ltd. (AUS)*		725
	245,344	Protalix BioTherapeutics Inc. (IL)*		540

				1,265

	BUILDING PRODUCTS—1.2%
	8,924	Geberit AG (SWS)		3,161

	CAPITAL MARKETS—3.5%
	276,726	Hargreaves Lansdown plc (UK)		5,198
	309,613	Jupiter Fund Management plc (UK)		2,039
	86,895	UBS Group AG (SWS)*		1,736

				8,973

	CHEMICALS—2.2%
	73,983	Johnson Matthey plc (UK)		3,783
	38,537	Novozymes AS (DEN)		1,778

				5,561

	COMMERCIAL SERVICES & SUPPLIES—0.9%
	269,839	Brambles Ltd. (AUS)		2,300

	DIVERSIFIED FINANCIAL SERVICES—5.7%
	32,464	Corp. Financiera Alba SA (SP)		1,649
	72,025	Exor SpA (IT)		3,323
	182,082	Investment AB Kinnevik (SW)		6,275
	79,549	Investor AB (SW)		3,242

				14,489

	ELECTRICAL EQUIPMENT—0.7%
	32,273	Legrand SA (FR)		1,866

	ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.3%
	533,752	Hon Hai Precision Industry Co. Ltd. GDR (TW)¹		3,228

	ENERGY EQUIPMENT & SERVICES—0.8%
	194,796	John Wood Group plc (UK)		2,052

	FOOD & STAPLES RETAILING—5.3%
	304,902	Clicks Group Ltd. (S. AFR)		2,337
	481,552	Distribuidora Internacional de Alimentacion SA (SP)		3,857
	169,078	Jeronimo Martins SGPS SA (PT)		2,466
	1,381,400	Puregold Price Club Inc. (PHIL)		1,229
	37,800	Sugi Holdings Co. Ltd. (JP)		1,842
	693,300	Wal-Mart de Mexico SAB de CV (MEX)		1,631

				13,362

	FOOD PRODUCTS—3.5%
	55,102	Nestlé SA (SWS)		4,275
	102,693	Unilever plc (UK)		4,502

				8,777

	HEALTH CARE EQUIPMENT & SUPPLIES—3.9%
	76,841	Cochlear Ltd. (AUS)		5,060
	48,340	Mindray Medical International Ltd. ADR (CHN)²		1,493
	90,800	Olympus Corp. (JP)*		3,269

				9,822

	HOTELS, RESTAURANTS & LEISURE—1.9%
	660,000	Cafe de Coral Holdings Ltd. (HK)		2,458
	355,122	Mitchells & Butlers plc (UK)*		2,268

				4,726

	INDUSTRIAL CONGLOMERATES—2.0%
	57,200	Jardine Matheson Holdings Ltd. (SGP)		3,534
	43,000	Jardine Strategic Holdings Ltd. (SGP)		1,476

				5,010

Harbor International Growth Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)

	INSURANCE—3.7%
	177,700	MS&AD Insurance Group Holdings Inc. (JP)	$	5,085
	16,253	Samsung Fire & Marine Insurance Co. Ltd. (S. KOR)		4,282

				9,367

	INTERNET & CATALOG RETAIL—5.7%
	91,504	ASOS plc (UK)*		5,257
	44,500	JD.com Inc. ADR (CHN)*^,2		1,493
	304,800	Rakuten Inc. (JP)		5,325
	790,050	Trade Me Group Ltd. (NZ)		2,301

				14,376

	INTERNET SOFTWARE & SERVICES—2.7%
	448,803	Auto Trader Group plc (UK)*^,3		1,874
	24,700	Baidu Inc. ADR (CHN)*^,2		4,947

				6,821

	LEISURE PRODUCTS—2.8%
	35,700	Sankyo Co. Ltd. (JP)		1,352
	39,700	Shimano Inc. (JP)		5,687

				7,039

	LIFE SCIENCES TOOLS & SERVICES—1.3%
	10,322	Mettler-Toledo International Inc. (SWS)*		3,272

	MACHINERY—8.0%
	176,907	Atlas Copco AB (SW)⁴		4,926
	267,018	CNH Industrial NV (IT)		2,346
	64,838	Kone OYJ (FIN)		2,789
	16,897	Schindler Holding AG (SWS)		2,858
	8,100	SMC Corp. (JP)		2,437
	140,500	THK Co. Ltd. (JP)		3,530
	50,778	Weir Group plc (UK)		1,460

				20,346

	MEDIA—4.1%
	39,941	Naspers Ltd. (S. AFR)		6,266
	83,893	Rightmove plc (UK)		4,061

				10,327

	METALS & MINING—1.2%
	75,594	BHP Billiton plc (UK)		1,817
	288,003	KAZ Minerals plc (UK)*^,4		1,145

				2,962

	OIL, GAS & CONSUMABLE FUELS—2.1%
	300,005	BG Group plc (UK)		5,434

	PERSONAL PRODUCTS—3.2%
	109,600	Kao Corp. (JP)		5,248
	153,600	Shiseido Co. Ltd. (JP)		2,767

				8,015

	PHARMACEUTICALS—5.5%
	120,016	Novo Nordisk AS (DEN)		6,738
	24,815	Roche Holding AG (SWS)		7,101

				13,839

	PROFESSIONAL SERVICES—1.9%
	58,251	Intertek Group plc (UK)		2,328
	190,716	Seek Ltd. (AUS)		2,439

				4,767

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.6%
	476,003	Imagination Technologies Group plc (UK)*		1,430
	205,800	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (TW)²		5,030

				6,460

	SPECIALTY RETAIL—1.4%
	108,715	Inditex SA (SP)		3,489

	TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.8%
	3,478	Samsung Electronics Co. Ltd. (S. KOR)		4,564

	TEXTILES, APPAREL & LUXURY GOODS—2.3%
	31,929	adidas AG (GER)		2,616
	68,237	Burberry Group plc (UK)		1,819
	1,358,000	Li & Fung Ltd. (HK)		1,383

				5,818

	TOTAL COMMON STOCKS (Cost $236,019)			249,145


SHORT-TERM INVESTMENTS—3.4%
Principal Amount (000s)
	REPURCHASE AGREEMENTS—1.1%
$	2,785	Repurchase Agreement with State Street Corp. dated April 30, 2015 due May 01, 2015 at 0.000% collateralized by U.S. Treasury Bonds (market value $2,845)		2,785


Shares
	INVESTMENT COMPANY-SECURITIES LENDING INVESTMENT FUND—2.3%
	5,775,655	State Street Navigator Securities Lending Prime Portfolio (1-day yield of 0.150%)⁵		5,776

	TOTAL SHORT-TERM INVESTMENTS (Cost $8,561)			8,561

	TOTAL INVESTMENTS—102.0% (Cost $244,580)			257,706

	CASH AND OTHER ASSETS, LESS LIABILITIES—(2.0)%			(5,109	)

	TOTAL NET ASSETS—100.0%		$	252,595

Harbor International Growth Fund

PORTFOLIO OF INVESTMENTS—Continued

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2015 based on the inputs used to value them.


Asset Category	Quoted Prices Level 1 (000s)		Other Significant Observable Inputs Level 2 (000s)		Significant Unobservable Inputs Level 3 (000s)		Total (000s)
Common Stocks
Africa	$	—	$	8,603	$	—	$	8,603
Europe		5,146		127,672		—		132,818
Latin America		3,590		—		—		3,590
Middle East/Central Asia		540		3,065		—		3,605
North America		3,013		—		—		3,013
Pacific Basin		12,963		84,553		—		97,516
Short-Term Investments
Repurchase Agreements		—		2,785		—		2,785
Investment Company-Securities Lending Investment Fund		—		5,776		—		5,776

Total Investments in Securities	$	25,252	$	232,454	$	—	$	257,706

There were no Level 3 holdings at October 31, 2014 or April 30, 2015, and no transfers between levels during the period.

*	Non-income producing security.

1	GDR after the name of a holding stands for Global Depositary Receipts representing ownership of foreign securities. GDRs are issued by either U.S. or non-U.S. banking organizations.

2	ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions.

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. These securities are priced by an independent pricing service in accordance with Harbor Funds Valuation Procedures. At April 30, 2015, the aggregate value of these securities was $1,874 or 1% of net assets.

4	A portion or all of this security was out on loan as of April 30, 2015.

5	Represents the investment of collateral received from securities lending activities.

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

Harbor Global Growth Fund

MANAGER’S COMMENTARY (Unaudited)

SUBADVISER

Marsico Capital Management, LLC

1200 17th Street Suite 1600 Denver, CO 80202

PORTFOLIO MANAGERS

Thomas F. Marsico

Since 2009

Marsico has subadvised the Fund since its inception in 2009.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

PRINCIPAL STYLE CHARACTERISTICS

Companies throughout the world selected for long-term growth potential

LOGO

Thomas F. Marsico

Management’s Discussion of

Fund Performance

MARKET REVIEW

Global equities posted positive returns for the six months ended April 30, 2015. The first half of fiscal 2015 was a volatile period for the markets, as plummeting crude oil and commodity prices stoked fears of slowing global growth. The decline in oil prices stemmed in part from slowing growth in demand, as reflected in a softer rate of economic growth in China and stagnating growth in Europe. Accommodative monetary policy by central banks overseas—particularly in Europe and Japan—and relatively healthy U.S. economic conditions buoyed equity market performance.

The U.S. dollar strengthened compared to a variety of international currencies as many foreign central banks were in stimulus mode, while the U.S. Federal Reserve considered tightening measures. The dollar traded at a 12-year high versus the euro and an 8-year high against the Japanese yen before giving back some of its gains late in the period. Positive effects of a rising dollar on the U.S. economy included lower import and commodity prices. At the same time, the strengthening U.S. currency reduced the dollar value of international revenues and earnings, creating headwinds for U.S. multinational companies with large foreign operations. Similarly, U.S. investors generally experienced more muted gains after international investment performance was translated from local currencies into U.S. dollars.

Developed international equity markets returned 6.81%, as measured by the MSCI EAFE (ND) Index, outperforming the 4.40% return of U.S. equities, as measured by the S&P 500 Index. (All international and global returns cited are in U.S. dollars.) The comparatively better performance of developed international markets may have been partially attributable to expectations of additional quantitative easing from both the European Central Bank and the Bank of Japan.

The MSCI All Country World (ND) Index posted a return of 4.97%. Eight out of 10 sectors of the index registered positive returns. Consumer Discretionary was the strongest-performing sector, rising nearly 12%. Health Care and Information Technology were other leading sectors, with returns of 9% and 8%, respectively. Energy and Utilities were the weakest-performing sectors of the index with returns of -6% and -3%, respectively.

PERFORMANCE

Harbor Global Growth Fund posted a positive return but underperformed its benchmark index. The Fund returned 3.92% (Institutional Class), 3.83% (Administrative Class), and 3.71% (Investor Class) for the fiscal first half, compared with the 4.97% return of the MSCI All Country World (ND) Index.

A few of the Fund’s consumer-related holdings posted negative returns and were significant detractors from performance. Shares of Chinese e-commerce company Alibaba sharply declined after the company reported revenue for the fourth calendar quarter that missed Wall Street estimates. Wynn Macau struggled during a period of weaker Chinese economic data and the Chinese government’s anti-corruption campaign, which tended to restrain gaming activity in Macau. Tata Motors shares slumped after the company reported weaker-than-expected results from its Indian automobile market. The stock price of electric vehicle manufacturer Tesla Motors fell as concerns rose that lower gas prices could reduce demand for fuel-efficient cars. The Fund sold its Wynn Macau and Tesla holdings but maintained positions in Alibaba and Tata Motors.

Harbor Global Growth Fund

MANAGER’S COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
Biogen Inc.			4.3%
Apple Inc.			4.1%
Facebook Inc.			4.1%
Canadian Pacific Railway Ltd.			3.8%
Domino’s Pizza Group plc			3.8%
Liberty Global plc			3.7%
Sherwin-Williams Co.			3.7%
ASML Holding NV			3.5%
Novartis AG			3.2%
Walt Disney Co.			3.1%

In the Health Care sector, biotechnology company Gilead Sciences and Swiss pharmaceutical company Roche Holding posted negative returns prior to being sold from the Fund in favor of other investments. Pacira Pharmaceuticals, a manufacturer of products to address post-surgical pain, posted a double-digit stock price decline. The company’s stock weakened after the U.S. Department of Justice issued a subpoena to review marketing materials and promotional practices for one of Pacira’s flagship products. The Fund maintained its position in Pacira based on our valuation of its intellectual property.

Industrials holding Canadian Pacific Railway was negatively affected by declining oil prices. We continued to maintain a position in the company, as a sizable portion of its crude oil business is sourced from western Canada in projects that we believe are likely to produce oil for shipment by rail, even in a lower oil price environment.

Stock selection in the Information Technology sector aided Fund performance. Chinese Internet services company Tencent Holdings posted a sizable stock price gain as the company generated strong revenue from its online gaming and advertising segments. Semiconductor maker ARM Holdings also generated a strong return. Apple posted a double-digit positive return, aided by strong sales of iPhones.

While several Fund holdings within the Consumer Discretionary and Health Care sectors posted negative returns, others generated strong performance. Liberty Global, the largest international cable television company, reported robust growth in its European broadband business. Walt Disney experienced strong revenue growth in its studio and consumer products businesses, driven by continued success of its animated film, “Frozen.” United Kingdom-based Domino’s Pizza Group was another leading holding within the Consumer Discretionary sector. Health Care holdings Novartis, UnitedHealth Group, and Juno Therapeutics each had a positive effect on performance. Shares of paint manufacturer Sherwin-Williams, a Materials sector holding, rose sharply, buoyed by stronger-than-expected sales.

Although active currency management is not a central facet of the Fund’s investment process, fluctuations in major world currencies can at times affect performance. In the fiscal first half, the Fund did well compared to the benchmark by having greater exposure to securities denominated in the U.S. dollar, which strengthened versus most major world currencies. An overweight allocation to investments denominated in the Swiss franc also aided performance, as did the Fund’s relatively small exposure to the Japanese yen and Australian dollar.

From a sector allocation perspective, the Fund benefited as compared to its benchmark index by having overweight allocations to the strong-performing Consumer Discretionary and Health Care sectors, while being underweight in the weak-performing Energy sector.

OUTLOOK AND STRATEGY

As of April 30, 2015, the Fund’s largest sector overweights relative to the index were the Consumer Discretionary, Health Care, and Information Technology sectors. The most significant underweights relative to the index were Financials, Consumer Staples, and Energy. The Fund had no exposure to the Utilities, Consumer Staples, and Telecommunication Services sectors and sold its positions in the Financials and Energy sectors prior to period-end. In terms of country allocations, the Fund’s most significant weightings were the U.S., the United Kingdom, and Switzerland.

This report contains the current opinions of Marsico Capital Management, LLC at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Harbor Global Growth Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2030

Cusip				411512874

Ticker				HGGAX

Inception Date				03/01/2009

Net Expense Ratio				0.90%^a,b

Total Net Assets (000s)				$34,947


ADMINISTRATIVE CLASS

Fund #				2230

Cusip				411512866

Ticker				HRGAX

Inception Date				03/01/2009

Net Expense Ratio				1.15%^a,b

Total Net Assets (000s)				$1,043


INVESTOR CLASS

Fund #				2430

Cusip				411512858

Ticker				HGGIX

Inception Date				03/01/2009

Net Expense Ratio				1.27%^a,b

Total Net Assets (000s)				$12,698

a	Annualized.

b	Reflective of a contractual expense cap effective through February 29, 2016.

c	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Number of Countries		11			47

Weighted Average Market Cap (MM)		$100,271			$94,918

Price/Earning Ratio (P/E)		30.1x			21.1x

Price/Book Ratio (P/B)		7.0x			3.0x

Beta vs. MSCI All Country World (ND) Index		0.93			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		53%	^c		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

REGION BREAKDOWN (% of investments)

(Excludes cash and short-term investments)

Harbor Global Growth Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 03/01/2009 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the MSCI All Country World (ND) Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Global Growth Fund
Institutional Class	3.92	%	11.41	%	13.92	%	21.85	%	03/01/2009	$	169,170
Comparative Index
MSCI All Country World (ND)	4.97	%	7.46	%	9.58	%	17.22	%	—	$	133,186

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 03/01/2009 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the MSCI All Country World (ND) Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Global Growth Fund
Administrative Class	3.83	%	11.17	%	13.65	%	21.55	%	03/01/2009	$	33,325
Investor Class	3.71	%	11.03	%	13.50	%	21.40	%	03/01/2009	$	33,071
Comparative Index
MSCI All Country World (ND)	4.97	%	7.46	%	9.58	%	17.22	%	—	$	26,637

As stated in the Fund’s current prospectus, the expense ratios were 0.90% (Net) and 1.09% (Gross) (Institutional Class); 1.15% (Net) and 1.34% (Gross) (Administrative Class); and 1.27% (Net) and 1.46% (Gross) (Investor Class). The net expense ratios are contractually capped through 02/29/2016. The expense ratios in the prospectus may differ from the actual expense ratios for the period disclosed within this report. The expense ratios shown in the prospectus are based on the prior fiscal year, adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus.

a	Annualized.

b	Unannualized.

Harbor Global Growth Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings by Country (% of net assets)

(Excludes net cash and short-term investments of 11.6%)


COMMON STOCKS—88.4%

Shares			Value (000s)

	AEROSPACE & DEFENSE—4.9%
	131,649	BAE Systems plc (UK)	$	1,020
	18,990	Safran SA (FR)		1,387

				2,407

	AUTOMOBILES—4.3%
	8,432	Bayerische Motoren Werke AG (GER)		995
	27,023	Tata Motors Ltd. ADR (IND)¹		1,113

				2,108

	BIOTECHNOLOGY—6.8%
	5,534	Biogen Inc. (US)*		2,069
	9,926	Vertex Pharmaceuticals Inc. (US)*		1,224

				3,293

	CHEMICALS—3.7%
	6,439	Sherwin-Williams Co. (US)		1,790

	HEALTH CARE PROVIDERS & SERVICES—2.3%
	10,031	UnitedHealth Group Inc. (US)		1,117

	HOTELS, RESTAURANTS & LEISURE—8.1%
	723	Chipotle Mexican Grill Inc. (US)*		449
	13,023	Domino’s Pizza Enterprises Ltd. (AUS)		375
	153,572	Domino’s Pizza Group plc (UK)		1,858
	26,499	Norwegian Cruise Line Holdings Ltd. (US)*		1,285

				3,967

	INTERNET SOFTWARE & SERVICES—11.7%
	11,856	Alibaba Group Holding Ltd. ADR (CHN)*^,1		964
	115,351	Auto Trader Group plc (UK)*^,2		481
	25,686	Facebook Inc. (US)*		2,023
	2,894	LinkedIn Corp. (US)*		730
	71,800	Tencent Holdings Ltd. (CHN)		1,482

				5,680

	IT SERVICES—4.7%
	6,098	FleetCor Technologies Inc. (US)*		981
	19,960	Visa Inc. (US)		1,319

				2,300


	MEDIA—7.3%
	6,317	JCDecaux SA (FR)		250
	35,789	Liberty Global plc (UK)*		1,806
	13,743	Walt Disney Co. (US)		1,494

				3,550

	MULTILINE RETAIL—1.8%
	11,579	Dollar Tree Inc. (US)*		885

	PHARMACEUTICALS—9.9%
	4,692	Actavis plc (US)*		1,327
	15,357	Novartis AG (SWS)		1,568
	13,374	Pacira Pharmaceuticals Inc. (US)*		916
	4,614	Valeant Pharmaceuticals International Inc. (US)*		1,001

				4,812

	ROAD & RAIL—3.8%
	9,666	Canadian Pacific Railway Ltd. (CAN)		1,843

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.8%
	65,465	ARM Holdings plc (UK)		1,112
	15,883	ASML Holding NV (NET)		1,700

				2,812

	SOFTWARE—2.7%
	11,873	Electronic Arts Inc. (US)*		690
	3,700	Nintendo Co. Ltd. (JP)		621

				1,311

	SPECIALTY RETAIL—0.9%
	3,496	Signet Jewelers Ltd. (US)		469

	TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.1%
	15,817	Apple Inc. (US)		1,980

	TEXTILES, APPAREL & LUXURY GOODS—5.6%
	2,059	Hermes International SA (FR)		776
	9,142	Lululemon Athletica Inc. (US)*		582
	13,771	NIKE Inc. (US)		1,361

				2,719

	TOTAL COMMON STOCKS (Cost $37,826)			43,043


SHORT-TERM INVESTMENTS—7.6%
	(Cost $3,712)
Principal Amount (000s)
	REPURCHASE AGREEMENTS
$	3,712	Repurchase Agreement with State Street Corp. dated April 30, 2015 due May 01, 2015 at 0.000% collateralized by Federal National Mortgage Association Notes (market value $3,790)		3,712

	TOTAL INVESTMENTS—96.0% (Cost $41,538)			46,755

	CASH AND OTHER ASSETS, LESS LIABILITIES—4.0%			1,933

	TOTAL NET ASSETS—100.0%		$	48,688

Harbor Global Growth Fund

PORTFOLIO OF INVESTMENTS—Continued

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2015 based on the inputs used to value them.


Asset Category	Quoted Prices Level 1 (000s)		Other Significant Observable Inputs Level 2 (000s)		Significant Unobservable Inputs Level 3 (000s)		Total (000s)
Common Stocks
Europe	$	3,987	$	8,966	$	—	$	12,953
Middle East/Central Asia		1,113		—		—		1,113
North America		25,535		—		—		25,535
Pacific Basin		964		2,478		—		3,442
Short-Term Investments
Repurchase Agreements		—		3,712		—		3,712

Total Investments in Securities	$	31,599	$	15,156	$	—	$	46,755

There were no Level 3 holdings at October 31, 2014 or April 30, 2015, and no transfers between levels during the period.

*	Non-income producing security.

1	ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions.

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

Harbor Emerging Markets Equity Fund

MANAGERS’ COMMENTARY (Unaudited)

SUBADVISER

Oaktree Capital Management, L.P.

333 South Grand Avenue,

28th Floor

Los Angeles, CA 90071

PORTFOLIO MANAGERS

Frank Carroll

Since 2013

Tim Jensen

Since 2013

Oaktree has subadvised the Fund since its inception in 2013.

INVESTMENT OBJECTIVE

The Fund seeks long-term growth of capital.

PRINCIPLE STYLE CHARACTERISTICS

Equity securities of emerging market companies of any size

LOGO

Frank Carroll

LOGO

Tim Jensen

Management’s Discussion of Fund Performance

MARKET REVIEW

Emerging markets equities traded within a volatile range before generating respectable returns for the six months ended April 30, 2015. The MSCI Emerging Markets (ND) Index posted a return of 3.92%. The gain masked a significant dispersion of returns at the country, sector, and stock levels. Only 7 of the 23 countries included in the index generated positive returns but the largest benchmark constituent, China, was also the strongest market and the biggest contributor to the index’s positive return. Six of the markets that generated negative returns fell by more than 10%. Only 5 of the 10 economic sectors generated positive returns; Information Technology was the strongest while Energy performed the worst.

A strong U.S. dollar was a headwind for much of the period, but emerging market currency movements were far from uniform. The Chinese yuan was stable while other Asian currencies depreciated modestly. Latin American currencies, including the Brazilian real, the Mexican peso, and the Colombian peso, depreciated sharply due to price weakness in the commodities they exported, current account deficits, or domestic issues. Most emerging market currencies recovered somewhat after the U.S. Federal Reserve meeting in March, when the Fed signaled that interest rate hikes would occur later than expected.

The rapid collapse in the price of oil late in calendar 2014 was unexpected by the markets and disruptive. Russia, the Persian Gulf countries, Colombia, and several other economies are highly dependent on oil exports, and their markets performed poorly at the end of 2014. Metals prices, led by iron ore, also fell dramatically, damaging the terms of trade of Brazil, Chile, and several other countries. Although lower oil and metals prices are net positives for the economies of countries accounting for over two-thirds of the emerging markets index, volatile trading dragged most of the markets down into early January. The stabilization of oil prices and subsequent modest price increases drove a partial recovery of equity prices in Russia and other commodity markets in the last few months of the fiscal first half. We believe that most Asian economies should benefit from lower oil and commodity prices and should have room to ease monetary policy further, given low inflation.

Based on information compiled by data provider EPFR Global, emerging market equity funds continued to see outflows during the first half of fiscal 2015. In the absence of inflows into the asset class or a trending market, capital seemed to shift quickly from one market to another. Additionally, companies that missed expectations or reduced guidance could be severely punished by the market. These rotations could be sudden and violent— yet reversible if news suddenly shifted.

PERFORMANCE

Harbor Emerging Markets Equity Fund returned 0.10% (Institutional Class), -0.07% (Administrative Class), and -0.04% (Investor Class) for the six months ended April 30, 2015, compared with the 3.92% return of its MSCI Emerging Markets (ND) Index benchmark. Consistent with our bottom-up investment process, stock selection effects explained the bulk of the Fund’s underperformance.

Relative performance was hurt primarily by weak stock selection in China, which more than offset the benefit of the Fund’s overweight allocation to that market. The Fund was overweight China throughout the period, but performance suffered from unfavorable stock

Harbor Emerging Markets Equity Fund

MANAGERS’ COMMENTARY—Continued


TOP TEN HOLDINGS (% of net assets)
Samsung Electronics Co. Ltd.			6.6%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			3.7%
Industrial & Commercial Bank of China Ltd.			3.1%
Petroleo Brasileiro SA ADR			2.8%
China Unicom Hong Kong Ltd.			2.4%
Naspers Ltd.			2.4%
Itau Unibanco Holding SA ADR			2.2%
China Pacific Insurance Group Co. Ltd.			2.1%
BRF SA ADR			2.0%
Cemex SAB de CV ADR			2.0%

picks in a number of sectors. Stock selection and larger-than-index exposures in Brazil and Turkey also hurt relative performance. Strong stock selection in South Africa and individual positions in Thailand, Indonesia, and South Korea contributed positively. Positive stock selection in the Financials sector was more than offset by negative selection among Consumer Discretionary and Information Technology companies. Consumer Discretionary laggards included several Macau gaming companies, Indian auto manufacturer Tata Motors, and B2W, a Brazilian e-commerce company. Strong performers among Financials included Chinese bank ICBC, China Pacific Insurance, Hong Kong based property developer China Overseas Land and Investment, and Hungary-based OTP Bank.

OUTLOOK AND STRATEGY

As part of a broader economic reform effort, the Chinese government has been working to develop its capital markets, liberalize interest rates and foreign exchange markets, and internationalize the yuan. The current administration has implemented a series of measures to support the development of Chinese equity markets. Access to the domestic equity markets in Shenzhen and Shanghai has been limited in the past, while Chinese investors faced impediments to investing outward into Hong Kong. The government has started to integrate these markets and we expect this process to continue gradually. The Chinese shares we have traditionally invested in are listed primarily in Hong Kong. Most Chinese companies that are listed in both Hong Kong and in a domestic exchange have tended to trade at a discount in Hong Kong. Now that Chinese investors can more easily invest in Hong Kong, the discounts have started to narrow. We believe the combination of monetary policy easing, state-owned enterprise reforms, and the entrance of a large group of incremental investors could make this an attractive time to invest in Chinese equities in Hong Kong.

At the end of the fiscal first half, emerging markets equities traded at discounts to developed markets based on price/book and price/earnings ratios. The portfolio’s 68 positions at April 30 traded at a weighted average of 1.7 times book value. The portfolio traded at a multiple of 12.7 times consensus expected earnings, a slight premium to the index. Relative to the index, the portfolio held overweight exposures in China, India, Brazil, Mexico, and Russia. Underweight markets included South Korea, Taiwan, Malaysia, and South Africa. By sector, the portfolio was overweight in Consumer Discretionary and Information Technology stocks while underweight in Financials and Utilities.

This report contains the current opinions of Oaktree Capital Management, L.P. at the time of its publication and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

Harbor Emerging Markets Equity Fund

FUND SUMMARY—April 30, 2015 (Unaudited)


INSTITUTIONAL CLASS

Fund #				2036

Cusip				411512692

Ticker				HAEMX

Inception Date				11/01/2013

Net Expense Ratio				1.21%^a ^,b

Total Net Assets (000s)				$46,690


ADMINISTRATIVE CLASS

Fund #				2236

Cusip				411512684

Ticker				HREMX

Inception Date				11/01/2013

Net Expense Ratio				1.47%^a ^,b

Total Net Assets (000s)				$250


INVESTOR CLASS

Fund #				2436

Cusip				411512676

Ticker				HIEEX

Inception Date				11/01/2013

Net Expense Ratio				1.59%^a^,b

Total Net Assets (000s)				$490

a	Annualized.

b	Reflective of a contractual expense cap effective through February 29, 2016.

c	Unannualized.

PORTFOLIO STATISTICS


	Portfolio			Benchmark

Number of Countries		17			25

Weighted Average Market Cap (MM)		$56,010			$54,252

Price/Earning Ratio (P/E)		15.7x			16.9x

Price/Book Ratio (P/B)		2.3x			2.2x

Beta vs. MSCI Emerging Markets (ND) Index		0.91			1.00

Portfolio Turnover (6-Month Period Ended 04/30/2015)		33%	^c		N/A

SECTOR ALLOCATION (% of investments)

(Excludes cash and short-term investments)

REGION BREAKDOWN (% of investments)

(Excludes cash and short-term investments)

Harbor Emerging Markets Equity Fund

FUND PERFORMANCE SUMMARY (Unaudited)

Institutional Class

CHANGE IN A $50,000 INVESTMENT

For the period 11/01/2013 through 04/30/2015


The graph compares a $50,000 investment in the Fund with the performance of the MSCI Emerging Markets (ND) Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Emerging Markets Equity Fund
Institutional Class	0.10	%	3.50	%	N/A	0.40	%	11/1/2013	$	50,300
Comparative Index
MSCI Emerging Markets (ND)	3.92	%	7.80	%	N/A	3.04	%	—	$	52,293

Administrative and Investor Classes

CHANGE IN A $10,000 INVESTMENT

For the period 11/01/2013 through 04/30/2015


The graph compares a $10,000 investment in the Fund with the performance of the MSCI Emerging Markets (ND) Index. The Fund’s performance includes the reinvestment of all dividend and capital gain distributions.


Total Returns For the periods ended 04/30/2015
Harbor Emerging Markets Equity Fund
Administrative Class	-0.07	%	3.33	%	N/A	0.15	%	11/1/2013	$	10,023
Investor Class	-0.04	%	3.16	%	N/A	0.04	%	11/1/2013	$	10,006
Comparative Index
MSCI Emerging Markets (ND)	3.92	%	7.80	%	N/A	3.04	%	—	$	10,459

As stated in the Fund’s current prospectus, the expense ratios were 1.15% (Net) and 2.35% (Gross) (Institutional Class); 1.40% (Net) and 2.60% (Gross) (Administrative Class); and 1.52% (Net) and 2.72% (Gross) (Investor Class). The net expense ratios are contractually capped through 02/29/2016. The expense ratios in the prospectus may differ from the actual expense ratios for the period disclosed within this report. The expense ratios shown in the prospectus are based on the prior fiscal year, adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus.

a	Annualized.

b	Unannualized.

Harbor Emerging Markets Equity Fund

PORTFOLIO OF INVESTMENTS—April 30, 2015 (Unaudited)

Equity Holdings by Country (% of net assets)

(Excludes net cash and short-term investments of 2.4%)


COMMON STOCKS—97.6%

Shares			Value (000s)
	AUTOMOBILES—2.7%
	4,308	Hyundai Motor Co. (S. KOR)	$	676
	14,500	Tata Motors Ltd. ADR (IND)¹		597

				1,273

	BANKS—17.2%
	64,710	Axis Bank Ltd. PN (IND)*^,2		578
	13,563	Banco Santander Chile ADR (CL)¹		296
	716,400	Bank Rakyat Indonesia Persero Tbk PT (IDR)		640
	655,000	China Construction Bank Corp. (CHN)		636
	96,435	Grupo Financiero Banorte SAB de CV (MEX)		547
	85,610	ICICI Bank Ltd. ADR (IND)¹		936
	1,688,000	Industrial & Commercial Bank of China Ltd. (CHN)		1,469
	82,925	Itau Unibanco Holding SA ADR (BR)¹		1,063
	550,000	Mega Financial Holding Co. Ltd. (TW)		489
	23,776	OTP Bank plc (HUN)		526
	117,534	Turkiye Halk Bankasi AS (TUR)		595
	73,100	United Bank Ltd. (PAK)		127
	153,945	United Bank Ltd. PN (PAK)*^,2,3		269

				8,171

	BEVERAGES—1.0%
	27,401	Coca-Cola Icecek AS (TUR)		464

	CAPITAL MARKETS—2.3%
	963,100	China Cinda Asset Management Co. Ltd. (CHN)*		569
	899,800	Yuanta Financial Holding Co. Ltd. (TW)		523

				1,092

	CHEMICALS—1.3%
	29,496	PhosAgro OAO GDR (RUS)⁴		360
	2,684,000	Tianhe Chemicals Group Ltd. (CHN)*^,3		242	^x

				602

	CONSTRUCTION & ENGINEERING—0.9%
	17,100	Larsen & Toubro Ltd. PN (IND)*^,2		439

	CONSTRUCTION MATERIALS—3.0%
	121,500	Anhui Conch Cement Co. Ltd. (CHN)		492
	98,966	Cemex SAB de CV ADR (MEX)*^,1		952

				1,444

	DIVERSIFIED TELECOMMUNICATION SERVICES—3.5%
	598,000	China Unicom Hong Kong Ltd. (CHN)		1,123
	31,611	Telefonica Brasil SA ADR (BR)*^,1		519

				1,642

	ELECTRIC UTILITIES—1.1%
	109,078	Cia Energetica de Minas Gerais ADR (BR)*^,1		537

	ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.0%
	81,000	Delta Electronics Inc. (TW)		487

	FOOD & STAPLES RETAILING—1.8%
	15,195	Magnit PJSC GDR (RUS)⁴		834

	FOOD PRODUCTS—4.1%
	45,217	BRF SA ADR (BR)*^,1		971
	309,900	Indofood CBP Sukses Makmur Tbk PT (IDR)		314
	136,370	Universal Robina Corp. (PHIL)		665

				1,950

	HOTELS, RESTAURANTS & LEISURE—2.4%
	145,000	Galaxy Entertainment Group Ltd. (CHN)* .		697
	105,618	Sands China Ltd. (CHN)		429

				1,126

	HOUSEHOLD DURABLES—1.1%
	189,989	Haier Electronics Group Co. Ltd. (CHN)		543

	INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS—0.7%
	612,000	Huadian Fuxin Energy Corp. Ltd. (CHN)		329

	INDUSTRIAL CONGLOMERATES—0.6%
	7,424	Industries Qatar QSC (QA)		295

	INSURANCE—5.1%
	71,800	BB Seguridade Participacoes SA (BR)		840
	182,600	China Pacific Insurance Group Co. Ltd. (CHN)		990
	53,300	Discovery Ltd. (S. AFR)		591

				2,421

	INTERNET & CATALOG RETAIL—2.4%
	60,006	B2W Cia Digital (BR)*		545
	17,462	JD.com Inc. ADR (CHN)*^,1		586

				1,131

	INTERNET SOFTWARE & SERVICES—2.1%
	25,100	Tencent Holdings Ltd. (CHN)		518
	24,600	Yandex NV (RUS)*		473

				991

	MEDIA—4.1%
	23,000	Grupo Televisa SAB ADR (MEX)*^,1		837
	7,206	Naspers Ltd. (S. AFR)		1,131

				1,968

	METALS & MINING—3.9%
	31,400	AngloGold Ashanti Ltd. ADR (S. AFR)*^,1		356
	190,500	Grupo Mexico SAB de CV (MEX)		589
	150,100	Vale SA ADR (BR)¹		908

				1,853

Harbor Emerging Markets Equity Fund

PORTFOLIO OF INVESTMENTS—Continued


COMMON STOCKS—Continued

Shares			Value (000s)
	OIL, GAS & CONSUMABLE FUELS—9.0%
	178,500	China Shenhua Energy Co. Ltd. (CHN)	$	462
	75,781	Coal India Ltd. PN (IND)*^,2,3		433
	14,002	Lukoil OAO ADR (RUS)¹		716
	354,000	PetroChina Co. Ltd. (CHN)		457
	137,700	Petroleo Brasileiro SA ADR (BR)*^,1		1,308
	66,617	Reliance Industries Ltd. PN (IND)*^,2		905

				4,281

	PHARMACEUTICALS—1.3%
	471,156	Luye Pharma Group Ltd. (CHN)*		603

	REAL ESTATE MANAGEMENT & DEVELOPMENT—1.8%
	208,000	China Overseas Land & Investment Ltd. (CHN)		865

	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.7%
	52,600	ASM Pacific Technology Ltd. (CHN)		588
	333,000	Epistar Corp. (TW)		520
	1,659,000	GCL-Poly Energy Holdings Ltd. (CHN)*		500
	12,471	SK Hynix Inc. (S. KOR)*		533
	72,100	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (TW)¹		1,762
	58,200	Trina Solar Ltd. ADR (CHN)*^,1		711

				4,614

	SPECIALTY RETAIL—1.2%
	3,790	Dufry AG (SWS)*		557

	TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.8%
	328,000	Lenovo Group Ltd. (CHN)		564
	2,375	Samsung Electronics Co. Ltd. (S. KOR)		3,116

				3,680

	TRANSPORTATION INFRASTRUCTURE—1.1%
	58,000	Airports of Thailand plc (THA)		509

	WIRELESS TELECOMMUNICATION SERVICES—3.4%
	24,400	America Movil SAB de CV ADR (MEX)¹		510
	104,748	Bharti Airtel Ltd. PN (IND)*^,2		628
	39,465	Mobile TeleSystems OJSC ADR (RUS)¹		477

				1,615

	TOTAL COMMON STOCKS (Cost $44,627)			46,316


SHORT-TERM INVESTMENTS—0.7%
	(Cost $312)
Principal Amount (000s)
	REPURCHASE AGREEMENTS
$	312	Repurchase Agreement with State Street Corp. dated April 30, 2015 due May 01, 2015 at 0.000% collateralized by U.S. Treasury Bonds (market value $319)		312

	TOTAL INVESTMENTS—98.3% (Cost $44,939)			46,628

	CASH AND OTHER ASSETS, LESS LIABILITIES—1.7%			802

	TOTAL NET ASSETS—100.0%		$	47,430

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of April 30, 2015 based on the inputs used to value them.


Asset Category	Quoted Prices Level 1 (000s)		Other Significant Observable Inputs Level 2 (000s)		Significant Unobservable Inputs Level 3 (000s)		Total (000s)
Common Stocks
Africa	$	356	$	1,722	$	—	$	2,078
Europe		950		4,052		—		5,002
Latin America		10,422		—		—		10,422
Middle East/Central Asia		4,785		422		—		5,207
Pacific Basin		3,059		20,306		242		23,607
Short-Term Investments
Repurchase Agreements		—		312		—		312

Total Investments in Securities	$	19,572	$	26,814	$	242	$	46,628

The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2015.


Valuation Description	Balance Beginning at 11/01/2014 (000s)		Purchases (000s)		Sales (000s)		Accrued Discount/ (Premium) (000s)		Total Realized Gain/(Loss) (000s)		Change in Unrealized Appreciation/ (Depreciation) (000s)		Transfers In Level 3 (000s)		Transfers Out of Level 3 (000s)		Ending Balance as of 04/30/2015 (000s)
Common Stocks	$	—	$	—	$	—	$	—	$	—	$	—	$	242	$	—	$	242

Of the Level 2 investments presented above, certain Common Stocks valued at $603 were categorized in Level 1 at October 31, 2014. Transfers from Level 1 to Level 2 were the result of exchange traded securities where quoted prices from an active market were available (Level 1), and have become unavailable (Level 2).

Harbor Emerging Markets Equity 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
as of 04/30/2015
(000s)

Valuation Technique

Unobservable
Inputs

Input
Value(s)

Investments in Securities

Common Stocks

Tianhe Chemicals Group Ltd. (CHN)*^,3

242

Market Approach

Last Traded Price

HK$

0.70

*	Non-income producing security.

1	ADR after the name of a foreign holding stands for American Depositary Receipts representing ownership of foreign securities. ADRs are issued by U.S. banking institutions.

2	PN after the name of a holding stands for Participatory Notes representing ownership of Indian/Pakistani securities. PNs are issued by foreign banking organizations.

4	GDR after the name of a holding stands for Global Depositary Receipts representing ownership of foreign securities. GDRs are issued by either U.S. or non-U.S. banking organizations.

w	The amounts in this category are included in the “Realized and Change in Unrealized Gain/(Loss) on Investment Transactions” section of the Statement of Operations. The net unrealized appreciation/(depreciation) per investment type is below:


Valuation Description	Unrealized Gain/(Loss) as of 04/30/2015 (000s)
Common Stocks	$	(269	)

x	Fair Valued in accordance with Harbor Funds Valuation Procedures using Last Traded Price, which is a Level 3 input.

HK$	Hong-Kong Dollar.

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

[THIS PAGE INTENTIONALLY LEFT BLANK]

Harbor International & Global Funds

STATEMENTS OF ASSETS AND LIABILITIES—April 30, 2015 (Unaudited)

(All amounts in thousands, except per share amounts)


	Harbor International Fund			Harbor International Growth Fund			Harbor Global Growth Fund			Harbor Emerging Markets Equity Fund
ASSETS
Investments, at identified cost*	$	41,007,087		$	244,580		$	41,538		$	44,939
Investments, at value (Including securities loaned of $3,735,609, $5,559, $0 and $0)	$	54,005,375		$	254,921		$	43,043		$	46,316
Repurchase agreements		112,986			2,785			3,712			312
Cash		100,001			—			1			1
Foreign currency, at value (cost: $6,921, $118, $0 and $2)		7,046			112			—			1
Receivables for:
Investments sold		132,940			—			2,155			1,214
Foreign currency spot contracts		110			—			1			—
Capital shares sold		46,857			74			26			1
Dividends		224,170			656			42			45
Interest		21			—			—			—
Securities lending income		3,167			3			—			—
Withholding tax		88,381			268			30			—
Prepaid registration fees		4			18			18			9
Prepaid fund insurance		125			1			—			—
Other assets		1,531			46			6			11
Total Assets		54,722,714			258,884			49,034			47,910
LIABILITIES
Payables for:
Investments purchased		149,130			—			252			397
Capital shares reacquired		265,162			208			41			1
Collateral for securities loaned		3,872,214			5,776			—			—
Accrued expenses:
Management fees		26,646			156			30			37
12b-1 fees		1,130			4			3			—
Transfer agent fees		3,018			15			3			3
Trustees’ fees and expenses		224			1			—			—
Other		17,758			129			17			42
Total Liabilities		4,335,282			6,289			346			480
NET ASSETS	$	50,387,432		$	252,595		$	48,688		$	47,430
Net Assets Consist of:
Paid-in capital	$	36,209,518		$	403,569		$	42,075		$	46,172
Accumulated undistributed net investment income/(loss)		(121,260	)		768			(13	)		(19	)
Accumulated net realized gain/(loss)		1,188,536			(164,861	)		1,406			(401	)
Unrealized appreciation/(depreciation) of investments and translation of assets and liabilities in foreign currencies		13,110,638			13,119			5,220			1,678
	$	50,387,432		$	252,595		$	48,688		$	47,430
NET ASSET VALUE PER SHARE BY CLASS
Institutional Class
Net assets	$	44,949,452		$	233,727		$	34,947		$	46,690
Shares of beneficial interest¹		626,215			17,278			1,586			4,664
Net asset value per share²	$	71.78		$	13.53		$	22.03		$	10.01
Administrative Class
Net assets	$	915,111		$	1,329		$	1,043		$	250
Shares of beneficial interest¹		12,801			99			47			25
Net asset value per share²	$	71.49		$	13.46		$	21.88		$	10.00
Investor Class
Net assets	$	4,522,869		$	17,539		$	12,698		$	490
Shares of beneficial interest¹		63,682			1,305			584			49
Net asset value per share²	$	71.02		$	13.44		$	21.73		$	9.99

*	Including repurchase agreements and short-term investments.

1	Par value $0.01 (unlimited authorizations).

2	Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded to thousands.

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

Harbor International & Global Funds

STATEMENTS OF OPERATIONS—Six Months Ended April 30, 2015 (Unaudited)

(All amounts in thousands)


	Harbor International Fund			Harbor International Growth Fund			Harbor Global Growth Fund			Harbor Emerging Markets Equity Fund
Investment Income
Dividends	$	651,532		$	2,587		$	202		$	229
Net securities lending income		10,608			36			—			—
Interest		418			—			—			—
Foreign taxes withheld		(57,632	)		(247	)		(12	)		(33	)
Total Investment Income		604,926			2,376			190			196
Operating Expenses
Management fees		162,110			859			152			157
12b-1 fees:
Administrative Class		1,114			1			1			—
Investor Class		5,675			21			13			1
Shareholder communications		1,255			5			1			—
Custodian fees		3,096			49			14			56
Transfer agent fees:
Institutional Class		13,152			65			9			10
Administrative Class		275			—			—			—
Investor Class		4,124			16			9			—
Professional fees		419			14			3			5
Trustees’ fees and expenses		514			2			—			—
Registration fees		160			21			22			34
Miscellaneous		201			8			4			4
Total expenses		192,095			1,061			228			267
Management fees waived		(5,532	)		—			—			—
Transfer agent fees waived		(531	)		(3	)		—			—
Other expenses reimbursed		—			(52	)		(26	)		(66	)
Custodial expense reductions		(2	)		—			—			—
Net expenses		186,030			1,006			202			201
Net Investment Income/(Loss)		418,896			1,370			(12	)		(5	)
Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions
Net realized gain/(loss) on:
Investments		1,678,588			56			1,401			(45	)
Foreign currency transactions		(6,782	)		20			5			(9	)
Change in net unrealized appreciation/(depreciation) on:
Investments		1,507,906			17,143			(126	)		1,348
Translations of assets and liabilities in foreign currencies		5,628			40			3			—
Net gain/(loss) on investment transactions		3,185,340			17,259			1,283			1,294
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	3,604,236		$	18,629		$	1,271		$	1,289

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

Harbor International & Global Funds

STATEMENTS OF CHANGES IN NET ASSETS

(All amounts in thousands)


	Harbor International Fund						Harbor International Growth Fund
	November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014
INCREASE/(DECREASE) IN NET ASSETS		(Unaudited)						(Unaudited)
Operations:
Net investment income/(loss)	$	418,896		$	882,454		$	1,370		$	2,726
Net realized gain/(loss) on investments		1,671,806			1,679,104			76			8,114
Change in net unrealized appreciation/(depreciation) of investments		1,513,534			(3,490,272	)		17,183			(13,872	)
Net increase/(decrease) in assets resulting from operations		3,604,236			(928,714	)		18,629			(3,032	)
Distributions to Shareholders
Net investment income:
Institutional Class		(900,562	)		(847,190	)		(2,885	)		(2,923	)
Administrative Class		(13,412	)		(55,429	)		(8	)		(15	)
Investor Class		(80,120	)		(95,371	)		(190	)		(217	)
Net realized gain on investments:
Institutional Class		—			—			—			—
Administrative Class		—			—			—			—
Investor Class		—			—			—			—
Total distributions to shareholders		(994,094	)		(997,990	)		(3,083	)		(3,155	)
Net Increase/(Decrease) Derived from Capital Share Transactions		(1,355,558	)		3,054,340			22,883			2,564
Net increase/(decrease) in net assets		1,254,584			1,127,636			38,429			(3,623	)
Net Assets
Beginning of period		49,132,848			48,005,212			214,166			217,789
End of period*	$	50,387,432		$	49,132,848		$	252,595		$	214,166
* Includes accumulated undistributed net investment income/(loss) of:	$	(121,260	)	$	453,938		$	768		$	2,481

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


Harbor Global Growth Fund						Harbor Emerging Markets Equity Fund
November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014
	(Unaudited)						(Unaudited)

$	(12	)	$	46		$	(5	)	$	129
	1,406			4,584			(54	)		(356	)
	(123	)		(1,398	)		1,348			330
	1,271			3,232			1,289			103


	(40	)		(70	)		(133	)		—
	—			—			—			—
	—			—			(1	)		—

	(2,920	)		(2,264	)		—			—
	(93	)		(56	)		—			—
	(997	)		(564	)		—			—
	(4,050	)		(2,954	)		(134	)		—
	15,480			4,425			18,277			27,895
	12,701			4,703			19,432			27,998

	35,987			31,284			27,998			—
$	48,688		$	35,987		$	47,430		$	27,998
$	(13	)	$	39		$	(19	)	$	120

Harbor International & Global Funds

STATEMENTS OF CHANGES IN NET ASSETS—CAPITAL STOCK ACTIVITY

(All amounts in thousands)


	Harbor International Fund						Harbor International Growth Fund
	November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014
		(Unaudited)						(Unaudited)
AMOUNT ($)
Institutional Class
Net proceeds from sale of shares	$	4,118,073		$	11,106,987		$	39,340		$	88,096
Reinvested distributions		775,192			717,975			2,831			2,775
Cost of shares reacquired		(5,649,396	)		(6,479,053	)		(18,914	)		(85,369	)
Net increase/(decrease) in net assets	$	(756,131	)	$	5,345,909		$	23,257		$	5,502
Administrative Class
Net proceeds from sale of shares	$	125,680		$	729,143		$	733		$	440
Reinvested distributions		12,596			54,458			8			14
Cost of shares reacquired		(235,238	)		(2,761,360	)		(188	)		(707	)
Net increase/(decrease) in net assets	$	(96,962	)	$	(1,977,759	)	$	553		$	(253	)
Investor Class
Net proceeds from sale of shares	$	519,007		$	1,308,752		$	1,312		$	2,668
Reinvested distributions		74,364			90,500			188			214
Cost of shares reacquired		(1,095,836	)		(1,713,062	)		(2,427	)		(5,567	)
Net increase/(decrease) in net assets	$	(502,465	)	$	(313,810	)	$	(927	)	$	(2,685	)
SHARES
Institutional Class
Shares sold		60,978			155,552			3,148			6,640
Shares issued due to reinvestment of distributions		11,779			10,618			230			223
Shares reacquired		(83,690	)		(91,678	)		(1,474	)		(6,587	)
Net increase/(decrease) in shares outstanding		(10,933	)		74,492			1,904			276
Beginning of period		637,148			562,656			15,374			15,098
End of period		626,215			637,148			17,278			15,374
Administrative Class
Shares sold		1,874			10,337			59			34
Shares issued due to reinvestment of distributions		192			811			1			1
Shares reacquired		(3,514	)		(38,167	)		(14	)		(53	)
Net increase/(decrease) in shares outstanding		(1,448	)		(27,019	)		46			(18	)
Beginning of period		14,249			41,268			53			71
End of period		12,801			14,249			99			53
Investor Class
Shares sold		7,765			18,684			104			207
Shares issued due to reinvestment of distributions		1,140			1,351			15			17
Shares reacquired		(16,416	)		(24,359	)		(193	)		(431	)
Net increase/(decrease) in shares outstanding		(7,511	)		(4,324	)		(74	)		(207	)
Beginning of period		71,193			75,517			1,379			1,586
End of period		63,682			71,193			1,305			1,379

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


Harbor Global Growth Fund						Harbor Emerging Markets Equity Fund
November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014			November 1, 2014 through April 30, 2015			November 1, 2013 through October 31, 2014
	(Unaudited)						(Unaudited)


$	10,619		$	4,502		$	23,089		$	27,258
	2,883			2,279			133			—
	(3,116	)		(5,137	)		(4,982	)		(69	)
$	10,386		$	1,644		$	18,240		$	27,189

$	345		$	172		$	—		$	250
	93			56			—			—
	(138	)		—			—			—
$	300		$	228		$	—		$	250

$	5,309		$	4,150		$	86		$	474
	995			563			1			—
	(1,510	)		(2,160	)		(50	)		(18	)
$	4,794		$	2,553		$	37		$	456


	476			196			2,462			2,723
	135			103			15			—
	(143	)		(221	)		(529	)		(7	)
	468			78			1,948			2,716
	1,118			1,040			2,716			—
	1,586			1,118			4,664			2,716

	15			8			—			25
	4			2			—			—
	(6	)		—			—			—
	13			10			—			25
	34			24			25			—
	47			34			25			25

	242			181			9			47
	47			25			—			—
	(70	)		(96	)		(5	)		(2	)
	219			110			4			45
	365			255			45			—
	584			365			49			45

Harbor International & Global Funds Financial Highlights

SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED


HARBOR INTERNATIONAL FUND
	Institutional Class
	6-Month Period Ended April 30, 2015			Year Ended October 31,
	6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
	(Unaudited)
Net asset value beginning of period	$	68.09		$	70.79		$	59.12		$	56.19		$	59.13		$	51.72
Income from Investment Operations
Net investment income/(loss)^a		0.60	^g		1.25			1.24			1.10			1.25			0.81
Net realized and unrealized gains/(losses) on investments		4.51			(2.45	)		11.69			3.15			(3.32	)		7.30
Total from investment operations		5.11			(1.20	)		12.93			4.25			(2.07	)		8.11
Less Distributions
Dividends from net investment income		(1.42	)		(1.50	)		(1.26	)		(1.32	)		(0.87	)		(0.70	)
Distributions from net realized capital gains¹		—			—			—			—			—			—
Total distributions		(1.42	)		(1.50	)		(1.26	)		(1.32	)		(0.87	)		(0.70	)
Proceeds from redemption fees		—			—			—	*		—	*		—	*		—	*
Net asset value end of period		71.78			68.09			70.79			59.12			56.19			59.13
Net assets end of period (000s)	$	44,949,452		$	43,385,100		$	39,828,959		$	29,723,443		$	25,562,291		$	25,798,545
Ratios and Supplemental Data (%)
Total return^b		7.69	%^c		(1.69	)%		22.19	%		7.95	%		(3.57	)%		15.83	%
Ratio of total expenses to average net assets²		0.76	^d		0.76			0.76			0.78			0.79			0.82
Ratio of net expenses to average net assets^a		0.73	^d		0.73			0.74			0.77			0.77			0.79
Ratio of net investment income to average net assets^a		1.79	^d		1.78			1.96			1.96			2.07			1.56
Portfolio turnover		12	^c		11			10			11			12			14

HARBOR INTERNATIONAL GROWTH FUND
	Institutional Class
	6-Month Period Ended April 30, 2015			Year Ended October 31,
	6-Month Period Ended April 30, 2015			2014			2013^e			2012			2011			2010
	(Unaudited)
Net asset value beginning of period	$	12.75		$	13.01		$	11.60		$	11.10		$	11.98		$	10.54
Income from Investment Operations
Net investment income/(loss)^a		0.08	^g		0.16			0.44			0.44			0.06			0.09
Net realized and unrealized gains/(losses) on investments		0.89			(0.23	)		1.67			0.06			(0.72	)		1.45
Total from investment operations		0.97			(0.07	)		2.11			0.50			(0.66	)		1.54
Less Distributions
Dividends from net investment income		(0.19	)		(0.19	)		(0.70	)		—			(0.22	)		(0.10	)
Distributions from net realized capital gains¹		—			—			—			—			—			—
Total distributions		(0.19	)		(0.19	)		(0.70	)		—			(0.22	)		(0.10	)
Proceeds from redemption fees		—			—			—	*		—	*		—	*		—	*
Net asset value end of period		13.53			12.75			13.01			11.60			11.10			11.98
Net assets end of period (000s)	$	233,727		$	196,062		$	196,412		$	324,404		$	1,394,916		$	1,774,192
Ratios and Supplemental Data (%)
Total return^b		7.75	%^c		(0.54	)%		19.09	%		4.50	%		(5.63	)%		14.76	%
Ratio of total expenses to average net assets²		0.90	^d		0.88			0.93			0.87			0.87			0.90
Ratio of net expenses to average net assets^a		0.85	^d		0.85			0.89			0.87			0.86			0.87
Ratio of net investment income to average net assets^a		1.23	^d		1.23			1.38			1.22			0.61			0.97
Portfolio turnover		5	^c		30			166			70			112			123

See page 41 for notes to the Financial Highlights.

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



Administrative Class																		Investor Class
6-Month Period Ended April 30, 2015			Year Ended October 31,															6-Month Period Ended April 30, 2015			Year Ended October 31,
6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010			6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
(Unaudited)																		(Unaudited)
$	67.48		$	70.18		$	58.63		$	55.72		$	58.67		$	51.36		$	67.23		$	69.92		$	58.42		$	55.51		$	58.44		$	51.16

	0.50	^g		1.91	^f		1.03			0.99			1.07			0.70			0.46	^g		1.07			1.01			0.87			1.01			0.66
	4.51			(3.27	)		11.63			3.09			(3.27	)		7.23			4.47			(2.51	)		11.54			3.14			(3.27	)		7.17
	5.01			(1.36	)		12.66			4.08			(2.20	)		7.93			4.93			(1.44	)		12.55			4.01			(2.26	)		7.83

	(1.00	)		(1.34	)		(1.11	)		(1.17	)		(0.75	)		(0.62	)		(1.14	)		(1.25	)		(1.05	)		(1.10	)		(0.67	)		(0.55	)
	—			—			—			—			—			—			—			—			—			—			—			—
	(1.00	)		(1.34	)		(1.11	)		(1.17	)		(0.75	)		(0.62	)		(1.14	)		(1.25	)		(1.05	)		(1.10	)		(0.67	)		(0.55	)
	—			—			—	*		—	*		—	*		—	*		—			—			—	*		—	*		—	*		—	*
	71.49			67.48			70.18			58.63			55.72			58.67			71.02			67.23			69.92			58.42			55.51			58.44
$	915,111		$	961,478		$	2,896,387		$	2,210,914		$	2,071,762		$	1,852,148		$	4,522,869		$	4,786,270		$	5,279,866		$	4,169,704		$	3,524,376		$	3,586,143

	7.55	%^c		(1.93	)%		21.87	%		7.67	%		(3.82	)%		15.56	%		7.48	%^c		(2.05	)%		21.76	%		7.54	%		(3.93	)%		15.41	%
	1.01	^d		1.01			1.01			1.03			1.04			1.07			1.13	^d		1.13			1.13			1.15			1.16			1.19
	0.98	^d		0.98			0.99			1.02			1.02			1.04			1.10	^d		1.10			1.11			1.14			1.14			1.16
	1.50	^d		1.85			1.66			1.71			1.83			1.30			1.38	^d		1.46			1.60			1.60			1.70			1.23
	12	^c		11			10			11			12			14			12	^c		11			10			11			12			14


Administrative Class																		Investor Class
6-Month Period Ended April 30, 2015			Year Ended October 31,															6-Month Period Ended April 30, 2015			Year Ended October 31,
6-Month Period Ended April 30, 2015			2014			2013^e			2012			2011			2010			6-Month Period Ended April 30, 2015			2014			2013^e			2012			2011			2010
(Unaudited)																		(Unaudited)
$	12.66		$	12.93		$	11.52		$	11.06		$	11.94		$	10.50		$	12.64		$	12.89		$	11.50		$	11.05		$	11.94		$	10.51

	0.08	^g		(0.08	)		0.01			0.11			0.02			0.09			0.05	^g		—	*		0.06			0.05			(0.18	)		0.06
	0.87			(0.03	)		2.07			0.35			(0.71	)		1.43			0.89			(0.11	)		1.99			0.40			(0.53	)		1.45
	0.95			(0.11	)		2.08			0.46			(0.69	)		1.52			0.94			(0.11	)		2.05			0.45			(0.71	)		1.51

	(0.15	)		(0.16	)		(0.67	)		—			(0.19	)		(0.08	)		(0.14	)		(0.14	)		(0.66	)		—			(0.18	)		(0.08	)
	—			—			—			—			—			—			—			—			—			—			—			—
	(0.15	)		(0.16	)		(0.67	)		—			(0.19	)		(0.08	)		(0.14	)		(0.14	)		(0.66	)		—			(0.18	)		(0.08	)
	—			—			—	*		—	*		—			—			—			—			—	*		—	*		—	*		—	*
	13.46			12.66			12.93			11.52			11.06			11.94			13.44			12.64			12.89			11.50			11.05			11.94
$	1,329		$	675		$	919		$	1,027		$	1,287		$	1,684		$	17,539		$	17,429		$	20,458		$	20,203		$	25,291		$	69,935

	7.59	%^c		(0.83	)%		18.89	%		4.16	%		(5.90	)%		14.56	%		7.53	%^c		(0.85	)%		18.60	%		4.07	%		(6.04	)%		14.40	%
	1.15	^d		1.13			1.18			1.12			1.12			1.15			1.27	^d		1.25			1.30			1.24			1.25			1.27
	1.10	^d		1.10			1.14			1.12			1.11			1.13			1.22	^d		1.22			1.26			1.24			1.23			1.25
	1.33	^d		1.08			1.09			0.90			0.34			0.72			0.76	^d		0.87			0.98			0.80			0.12			0.59
	5	^c		30			166			70			112			123			5	^c		30			166			70			112			123

Harbor International & Global Funds Financial Highlights—Continued

SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED


HARBOR GLOBAL GROWTH FUND
	Institutional Class
	6-Month Period Ended April 30, 2015			Year Ended October 31,
	6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
	(Unaudited)
Net asset value beginning of period	$	23.79		$	23.78		$	17.99		$	15.88		$	18.07		$	15.61
Income from Investment Operations
Net investment income/(loss)^a		—	*^,g		0.05			0.08			0.06			0.07			0.01
Net realized and unrealized gains/(losses) on investments		0.84			2.18			6.26			2.05			(0.30	)		3.71
Total from investment operations		0.84			2.23			6.34			2.11			(0.23	)		3.72
Less Distributions
Dividends from net investment income		(0.03	)		(0.07	)		(0.06	)		—			(0.16	)		(0.09	)
Distributions from net realized capital gains¹		(2.57	)		(2.15	)		(0.49	)		—			(1.81	)		(1.17	)
Total distributions		(2.60	)		(2.22	)		(0.55	)		—			(1.97	)		(1.26	)
Proceeds from redemption fees		—			—			—	*		—	*		0.01			—	*
Net asset value end of period		22.03			23.79			23.78			17.99			15.88			18.07
Net assets end of period (000s)	$	34,947		$	26,601		$	24,734		$	16,290		$	13,772		$	9,578
Ratios and Supplemental Data (%)
Total return^b		3.92	%^c		10.08	%		36.24	%		13.29	%		(2.02	)%		25.30	%
Ratio of total expenses to average net assets²		1.03	^d		1.08			1.24			1.60			1.68			2.28
Ratio of net expenses to average net assets^a		0.90	^d		0.90			0.90			0.96			1.00			1.00
Ratio of net investment income to average net assets^a		0.03	^d		0.22			0.44			0.39			(0.01	)		(0.06	)
Portfolio turnover		53	^c		141			110			91			107			118


HARBOR EMERGING MARKETS EQUITY FUND
	Institutional Class						Administrative Class						Investor Class
	6-Month Period Ended April 30, 2015			Year Ended October 31, 2014			6-Month Period Ended April 30, 2015			Year Ended October 31, 2014			6-Month Period Ended April 30, 2015			Year Ended October 31, 2014
	(Unaudited)						(Unaudited)						(Unaudited)
Net asset value beginning of period	$	10.05		$	10.00		$	10.03		$	10.00		$	10.01		$	10.00
Income from Investment Operations
Net investment income/(loss)^a		—	*^,g		0.05			(0.02	)^g		0.05			(0.02	)^g		0.03
Net realized and unrealized gains/(losses) on investments		0.01			—	*		0.01			(0.02	)		0.02			(0.02	)
Total from investment operations		0.01			0.05			(0.01	)		0.03			—	*		0.01
Less Distributions
Dividends from net investment income		(0.05	)		—			(0.02	)		—			(0.02	)		—
Distributions from net realized capital gains¹		—			—			—			—			—			—
Total distributions		(0.05	)		—			(0.02	)		—			(0.02	)		—
Net asset value end of period		10.01			10.05			10.00			10.03			9.99			10.01
Net assets end of period (000s)	$	46,690		$	27,294		$	250		$	250		$	490		$	454
Ratios and Supplemental Data (%)
Total return^b		0.10	%^c		0.50	%		(0.07	)%^c		0.30	%		(0.04	)%^c		0.10	%
Ratio of total expenses to average net assets²		1.61	^d		2.34			1.86	^d		2.59			1.98	^d		2.71
Ratio of net expenses to average net assets^a		1.21	^d		1.25			1.47	^d		1.50			1.59	^d		1.62
Ratio of net investment income to average net assets^a		(0.02	)^d		0.78			(0.37	)^d		0.47			(0.48	)^d		0.45
Portfolio turnover		33	^c		50			33	^c		50			33	^c		50

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



Administrative Class																		Investor Class
6-Month Period Ended April 30, 2015			Year Ended October 31,															6-Month Period Ended April 30, 2015			Year Ended October 31,
6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010			6-Month Period Ended April 30, 2015			2014			2013			2012			2011			2010
(Unaudited)																		(Unaudited)
$	23.63		$	23.65		$	17.90		$	15.83		$	18.03		$	15.59		$	23.51		$	23.54		$	17.83		$	15.80		$	17.99		$	15.57

	(0.02	)^g		0.01			0.04			0.03			(0.02	)		(0.05	)		(0.04	)^g		(0.03	)		0.01			(0.01	)		0.07			(0.06	)
	0.84			2.14			6.22			2.04			(0.25	)		3.72			0.83			2.15			6.20			2.04			(0.36	)		3.70
	0.82			2.15			6.26			2.07			(0.27	)		3.67			0.79			2.12			6.21			2.03			(0.29	)		3.64

	—			(0.02	)		(0.02	)		—			(0.12	)		(0.06	)		—			—	*		(0.01	)		—			(0.10	)		(0.05	)
	(2.57	)		(2.15	)		(0.49	)		—			(1.81	)		(1.17	)		(2.57	)		(2.15	)		(0.49	)		—			(1.81	)		(1.17	)
	(2.57	)		(2.17	)		(0.51	)		—			(1.93	)		(1.23	)		(2.57	)		(2.15	)		(0.50	)		—			(1.91	)		(1.22	)
	—			—			—	*		—	*		—			—			—			—			—	*		—	*		0.01			—
	21.88			23.63			23.65			17.90			15.83			18.03			21.73			23.51			23.54			17.83			15.80			17.99
$	1,043		$	802		$	562		$	371		$	285		$	292		$	12,698		$	8,584		$	5,988		$	3,189		$	1,294		$	592

	3.83	%^c		9.77	%		35.89	%		13.08	%		(2.32	)%		24.96	%		3.71	%^c		9.68	%		35.76	%		12.85	%		(2.36	)%		24.82	%
	1.28	^d		1.33			1.49			1.85			1.93			2.54			1.40	^d		1.45			1.61			1.98			2.06			2.66
	1.15	^d		1.15			1.15			1.21			1.25			1.25			1.27	^d		1.27			1.27			1.30			1.37			1.37
	(0.21	)^d		(0.01	)		0.17			0.14			(0.27	)		(0.31	)		(0.32	)^d		(0.17	)		0.04			(0.01	)		(0.39	)		(0.39	)
	53	^c		141			110			91			107			118			53	^c		141			110			91			107			118

*	Less than $0.01.

1	Includes both short-term and long-term capital gains.

2	Percentage does not reflect reduction for credit balance arrangements (see Note 2 of the accompanying Notes to Financial Statements).

a	Reflects the Adviser’s waiver, if any, of its management fees and/or other operating expenses.

b	The total returns would have been lower had certain expenses not been waived during the periods shown.

c	Unannualized.

d	Annualized.

e	Effective May 21, 2013, Harbor International Growth Fund appointed Baillie Gifford Overseas Limited as its Subadviser.

f	The amount shown for a share outstanding does not correspond with the aggregate net investment income/(loss) for the period due to the timing of the sales and purchases of shares in relation to fluctuating market values of the investments of the Fund.

g	Amounts are allocated based upon average shares outstanding during the period.

Harbor International & Global Funds

NOTES TO FINANCIAL STATEMENTS—April 30, 2015 (Unaudited)

(Currency in thousands)

NOTE 1—ORGANIZATIONAL MATTERS

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES

Security Valuation

Over-the-counter (“OTC”) financial derivative instruments, such as forward currency contracts, options contracts and swap agreements, derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. These instruments are valued using evaluated prices furnished by a pricing service selected by the Board of

Harbor International & Global Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued

Trustees. In certain cases, when a valuation is not readily available from a pricing service, the Fund’s subadviser provides a valuation, typically using its own proprietary models. Depending on the instrument and the terms of the transaction, the value of the derivative instrument can be determined by a pricing service or subadviser using a series of techniques, including simulation pricing models. The pricing models use inputs, such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates, that are observed from actively quoted markets. Derivative instruments that use valuation techniques and inputs similar to those described above are normally categorized in 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 are priced at their fair value as determined by the Trust’s Valuation Committee (the “Valuation Committee”) pursuant to procedures adopted, and subject to oversight, by the Board of Trustees. The Valuation Committee is comprised of a trustee and officers of the Trust and employees of Harbor Capital with relevant experience or responsibilities. Each security for which the Valuation Committee determines a fair value, including the basis for the fair value decision, is reviewed by the Board of Trustees at its regularly scheduled board meetings.

Harbor International & Global Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued

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 in the fair value hierarchy.

Fair Value Measurements and Disclosures


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 the Funds’ own assumptions.

The Funds used observable inputs in their valuation methodologies whenever they were available and deemed reliable.

U.S. Government Securities

Repurchase Agreements

Harbor International & Global Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued

such that if a Fund is permitted to only purchase securities that are rated investment-grade (or the equivalent if unrated), that Fund could only enter into repurchase agreements with counterparties that have debt outstanding that is rated investment-grade (or the equivalent if unrated). The securities are regularly monitored to ensure that the collateral is adequate. A Fund seeks to further mitigate its counterparty risk by entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty’s default, including bankruptcy, the Fund may terminate any repurchase agreements with that counterparty, determine the net amount owned, and sell or retain the collateral up to the net amount owed to the Fund. A counterparty’s default may cause the Fund to suffer losses, including loss of interest on or principal of the securities and costs associated with delay and enforcement of the terms of the master repurchase agreement.

Options

An option, including rights and warrants, 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). During the period, Harbor International Fund, Harbor Global Growth Fund, and Harbor Emerging Markets Equity Fund purchased option contracts to manage its exposure to equity prices. Call options tend to increase a Fund’s exposure to the underlying instrument, if purchased, and decrease exposure to the underlying instrument, if written. Put options tend to decrease a Fund’s exposure to the underlying instrument, if purchased, and increase exposure to the underlying instrument, if written.

Foreign Currency Spot Contracts

A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate for settlement within two business days. During the period, each Fund used foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars.

Foreign Currency Translations

Harbor International & Global Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued

Investment Income

Securities Transactions

Proceeds from Litigation

Distribution to Shareholders

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

Expenses

Custodian

Class Allocations

Taxes

Harbor International & Global Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued

New Accounting Pronouncement

NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, other than short-term securities, for each Fund for the six-month period ended April 30, 2015 are as follows:


	Purchases		Sales
Harbor International Fund	$	5,766,446	$	6,559,363
Harbor International Growth Fund		32,134		11,731
Harbor Global Growth Fund		29,123		19,505
Harbor Emerging Markets Equity Fund		28,902		10,915

Securities Lending

Each Fund may engage in securities lending, whereby a Fund lends its securities to financial institutions in order to increase its income. During the period, Harbor International Fund and Harbor International Growth Fund engaged in securities lending. Securities loans are required to be secured at all times during the term of the loan by cash collateral that is at least equal to the value of the loaned securities determined at the close of the Fund’s business day. Any additional collateral that may be required to secure the loan is delivered to the Fund the next business day. The cash collateral is maintained on the Fund’s behalf by the lending agent (State Street Bank & Trust Company) and is invested in the State Street Navigator Securities Lending Prime 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 State Street Navigator Securities Lending Prime Portfolio will maintain a stable net asset value and the Fund is subject to the risk of loss on the cash collateral invested. This collateral is recognized as a liability in the Statement of Assets and Liabilities. During the term of the loan, the Fund will continue to receive any interest or dividends, or amounts equivalent thereto, on the loaned securities, in addition to receiving a fee from the borrower and earning interest on the investment of the cash collateral. The Fund may pay reasonable fees in connection with a loan of its securities and may share the interest earned on the collateral with the

Harbor International & Global Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS—Continued

borrower. Net securities lending income is disclosed as such in the Statement of Operations. Securities loans may be terminated at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities that are identical to the loaned securities. The Fund bears 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 at the time of default by the borrower. A Fund had sought to mitigate this borrower risk by entering into a securities lending authorization agreement with its lending agent. The securities lending authorization agreement provides that, in the event of a borrower’s default, including bankruptcy, the lending agent will request that all loaned securities be returned by the borrower. In the event the borrower is unable or unwilling to return the loaned securities to the lending agent, the lending agent may apply the proceeds of the cash collateral from the loaned securities towards 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. If the lending agent is unable to purchase replacement securities, it may credit to the relevant Fund’s account an amount equal to the market value of the unreturned loaned securities. The value at April 30, 2015 of securities loaned and related collateral for Harbor International Fund was $3,735,609 and $3,872,214, respectively, and value of securities loaned and related collateral for Harbor International Growth Fund was $5,559 and $5,776, respectively.

NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser

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


	Contractual Rate			Actual Rate^b
Harbor International Fund		0.75	%,0.65%^a		0.65	%
Harbor International Growth Fund		0.75			0.75
Harbor Global Growth Fund		0.75			0.75
Harbor Emerging Markets Equity Fund		0.95			0.95

The management fee rate is 0.75% on assets up to $12 billion and 0.65% on assets in excess of $12 billion. Effective March 1, 2015, the Adviser has contractually agreed to reduce the management fee to 0.63% on assets between $24 billion and $36 billion, 0.58% on assets between $36 billion and $48 billion, and 0.57% on assets over $48 billion through February 29, 2016. Previously, the Adviser contractually reduced the management fee to 0.63% on assets between $24 billion and $36 billion, and to 0.58% on assets over $36 billion.

b	Annualized for the six-month period ended April 30, 2015.

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 for the respective Funds. Harbor Capital has entered into a contractual expense limitation agreement with Harbor International Growth Fund, Harbor Global Growth Fund and Harbor Emerging Markets Equity Fund limiting the total expenses for Harbor International Growth Fund to 0.85%, 1.10%, and 1.22% for the Institutional Class, Administrative Class, and Investor Class, respectively, Harbor Global Growth Fund to 0.90%, 1.15%, and 1.27% for the Institutional Class, Administrative Class, and Investor Class, respectively, and Harbor Emerging Markets Equity Fund to 1.15%, 1.40% and 1.52% for the Institutional Class, Administrative Class, and Investor Class, respectively. The contractual expense limitations are effective through February 29, 2016. All expense limitations are inclusive of the transfer agent fee waiver discussed in the Transfer Agent section below.

Distributor

Harbor International & Global Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued

the Investment Company Act with respect to each Fund’s Administrative and Investor Class shares (collectively, the “12b-1 Plans”), 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. The 12b-1 Plans compensate the Distributor for the purpose of financing any activity that is primarily intended to result in the sale of Administrative and Investor Class shares of the Funds or for recordkeeping services or the servicing of shareholder accounts in the Administrative and Investor Class shares of the Funds. 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 the 12b-1 Plans.

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

Transfer Agent


Share Class		Transfer Agent Fees^a
Institutional		0.065% of the average daily net assets of all Institutional Class shares
Administrative		0.065% of the average daily net assets of all Administrative Class shares
Investor		0.185% of the average daily net assets of all Investor Class shares

^a	For the period November 1, 2014 through February 28, 2015, the Transfer Agent Fees for Institutional and Administrative Class shares was 0.06% and 0.18% for the Investor Class shares.

Shareholders

On April 30, 2015, Harbor Capital, Harbor Funds Distributors, and Harbor Services Group, collectively held the following shares of beneficial interest in the Funds:


	Number of Shares Owned by Harbor Capital, Harbor Funds Distributors, and Harbor Services Group								Percentage of Outstanding Shares
	Institutional Class		Administrative Class		Investor Class		Total		Percentage of Outstanding Shares
Harbor International Fund		22,037		1		4		22,042		0.0	%
Harbor International Growth Fund		66,242		3		6		66,251		0.4
Harbor Global Growth Fund		444,339		22,847		22,829		490,015		22.1
Harbor Emerging Markets Equity Fund		1,311,182		25,057		25,042		1,361,281		28.7

Independent Trustees

The fees and expenses of the Independent Trustees are shown on each Fund’s Statement of Operations. The Independent Trustees’ remuneration for all Funds totaled $487 for the six-month period ended April 30, 2015.

Harbor International & Global Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 4—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued

Indemnification

NOTE 5—TAX INFORMATION


			Gross Unrealized					Net Unrealized Appreciation/ (Depreciation)
	Identified Cost		Appreciation		(Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Harbor International Fund*	$	41,007,087	$	14,351,923	$	(1,240,649	)	$	13,111,274
Harbor International Growth Fund*		244,580		25,939		(12,813	)		13,126
Harbor Global Growth Fund		41,538		5,604		(387	)		5,217
Harbor Emerging Markets Equity Fund*		44,939		3,658		(1,969	)		1,689

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

NOTE 6—DERIVATIVES

Each Fund’s derivative instruments outstanding as of the six-month period ended April 30, 2015, as disclosed in the Portfolios of Investments, and the related amounts of realized and changes in 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 these Funds. The derivatives held by each Fund are not subject to master netting arrangements.

Harbor International & Global Funds

NOTES TO FINANCIAL STATEMENTS—Continued

(Currency in thousands)

NOTE 6—DERIVATIVES—Continued

Derivative Instruments

At April 30, 2015, the fair values of derivatives, by primary risk exposure, were reflected in the Statement of Assets and Liabilities as follows:

HARBOR INTERNATIONAL FUND


Statement of Assets and Liabilities Caption	Equity Contracts
Assets
Investments, at value (rights/warrants)	$	30,116

Realized net gain/(loss) and the change in unrealized appreciation/(depreciation) on derivatives, by primary risk exposure, for the six-month period ended April 30, 2015, were:

HARBOR INTERNATIONAL FUND


Net Realized Gain/(Loss) on Derivatives	Equity Contracts
Investments (rights/warrants)	$	—	^a

Change in Unrealized Appreciation/(Depreciation) on Derivatives	Equity Contracts
Investments (rights/warrants)	$	(8,625	)

HARBOR EMERGING MARKETS EQUITY FUND

Net Realized Gain/(Loss) on Derivatives	Equity Contracts
Investments (rights/warrants)	$	5

a	Rounds to less than $1,000.

NOTE 7—SUBSEQUENT EVENTS

Harbor International & Global Funds

FEES AND EXPENSE EXAMPLE (Unaudited)

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2014 through April 30, 2015.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Annualized Expense Ratio*		Expenses Paid During Period**		Beginning Account Value (November 1, 2014)		Ending Account Value (April 30, 2015)
Harbor International Fund
Institutional Class		0.73%
Actual				$3.76	$	1,000	$	1,076.90
Hypothetical (5% return)				3.66		1,000		1,021.08
Administrative Class		0.98%
Actual				$5.04	$	1,000	$	1,075.50
Hypothetical (5% return)				4.91		1,000		1,019.81
Investor Class		1.10%
Actual				$5.65	$	1,000	$	1,074.80
Hypothetical (5% return)				5.51		1,000		1,019.20
Harbor International Growth Fund
Institutional Class		0.85%
Actual				$4.38	$	1,000	$	1,077.50
Hypothetical (5% return)				4.26		1,000		1,020.47
Administrative Class		1.10%
Actual				$5.66	$	1,000	$	1,075.90
Hypothetical (5% return)				5.51		1,000		1,019.20
Investor Class		1.22%
Actual				$6.28	$	1,000	$	1,075.30
Hypothetical (5% return)				6.11		1,000		1,018.59

Harbor International & Global Funds

FEES AND EXPENSE EXAMPLE—Continued


	Annualized Expense Ratio*		Expenses Paid During Period**		Beginning Account Value (November 1, 2014)		Ending Account Value (April 30, 2015)
Harbor Global Growth Fund
Institutional Class		0.90%
Actual			$	4.55	$	1,000	$	1,039.20
Hypothetical (5% return)				4.51		1,000		1,020.22
Administrative Class		1.15%
Actual			$	5.81	$	1,000	$	1,038.30
Hypothetical (5% return)				5.76		1,000		1,018.95
Investor Class		1.27%
Actual			$	6.42	$	1,000	$	1,037.10
Hypothetical (5% return)				6.36		1,000		1,018.34
Harbor Emerging Markets Equity Fund
Institutional Class		1.21%
Actual			$	6.00	$	1,000	$	1,001.00
Hypothetical (5% return)				6.06		1,000		1,018.65
Administrative Class		1.47%
Actual			$	7.29	$	1,000	$	999.30
Hypothetical (5% return)				7.35		1,000		1,017.32
Investor Class		1.59%
Actual			$	7.88	$	1,000	$	999.60
Hypothetical (5% return)				7.95		1,000		1,016.71

*	Reflective of all fee waivers and expense reimbursements.

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

Harbor International & Global Funds

ADDITIONAL INFORMATION (Unaudited)

PROXY VOTING

HOUSEHOLDING

QUARTERLY PORTFOLIO DISCLOSURES

ADVISORY AGREEMENT APPROVALS

FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE INVESTMENT ADVISORY AGREEMENTS AND SUBADVISORY AGREEMENTS OF THE INTERNATIONAL & GLOBAL FUNDS

At an in-person meeting of the Board of Trustees held on February 8, 9, and 10, 2015 (the “Meeting”), the Board, including the Independent Trustees voting separately, considered and approved the continuation of each Investment Advisory Agreement with Harbor Capital Advisors, Inc., the adviser to each Fund (the “Adviser”), and each Subadvisory Agreement with each Fund’s subadviser (each, a “Subadviser”) with respect to Harbor International Fund, Harbor International Growth Fund, Harbor Global Growth Fund and Harbor Emerging Markets Equity Fund.

At the Meeting, the Trustees, including all of the Independent Trustees voting separately, determined that the terms of each Investment Advisory Agreement and each Subadvisory Agreement with respect to Harbor International Fund, Harbor International Growth Fund, Harbor Global Growth Fund and Harbor Emerging Markets Equity Fund 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 the respective Fund and its shareholders.

Harbor International & Global Funds

ADDITIONAL INFORMATION—Continued

Among the factors considered by the Trustees in approving the Investment Advisory Agreements were the following:

•

the nature, extent, and quality of the services provided by the Adviser, including the background, education, expertise and experience of the investment professionals of the Adviser;

•

the favorable history, reputation, qualifications and background of the Adviser, as well as the qualifications of its personnel;

•

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

•

the investment performance of each Fund in comparison to peer groups and certain relevant benchmark indices and the Adviser’s efforts to address circumstances of underperformance where applicable;

•

Among the factors considered by the Trustees in approving the Subadvisory Agreements were the following:

•

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

•

the fees charged by each Subadviser for subadvisory services, which fees are paid by the Adviser, not by the Funds;

Harbor International & Global Funds

ADDITIONAL INFORMATION—Continued

•

Nature, Scope and Extent of Services

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 had received presentations by investment professionals from the Subadvisers for Harbor International Fund, Harbor International Growth Fund, Harbor Global Growth Fund and Harbor Emerging Markets Equity Fund at meetings of the Board of Trustees held in 2014. 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

Harbor International Fund. In consideration of the Investment Advisory Agreement and Subadvisory Agreement for the Harbor International Fund (inception date of December 29, 1987), the Trustees noted the Fund’s Institutional Class underperformance relative to its Lipper universe medians for the one-, two-, three- and four-year periods ended

Harbor International & Global Funds

ADDITIONAL INFORMATION—Continued

December 31, 2014 and its outperformance relative to its Lipper universe median for the five-year period ended December 31, 2014. The Fund also underperformed its Lipper group medians for the one-, two-, three-, four- and five-year periods ended December 31, 2014. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns as of December 31, 2014 ranked in the fourth, third and second quartiles, respectively. The Trustees also considered the longer-term record showing the Fund had outperformed its benchmark, the MSCI EAFE^® (ND) Index, for the five- and ten-year periods ended December 31, 2014. The Fund underperformed its benchmark for the one- and three-year periods ended December 31, 2014.

The Trustees considered the expertise of Northern Cross, LLC (“Northern Cross”) in managing assets, noting that it manages assets only in the international asset class. The Fund represents $48.66 billion of Northern Cross’s total firm assets under management of $51.96 billion. The Trustees noted that the three principals of Northern Cross who serve as co-portfolio managers of the Fund, also have considerable experience with foreign markets and had each worked with Mr. Hakan Castegren, the Fund’s former portfolio manager, for a number of years.

They observed that the Lipper comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $49.150 billion, showed the Fund’s management fee was below the group median for the Institutional Class. The actual total expense ratio for the Institutional Class was below the group and universe median expense ratios. The Trustees observed that the advisory fee schedule included a contractual breakpoint reducing the fee rate from 75 basis points to 65 basis points on assets over $12 billion. The Trustees also noted the voluntary breakpoints, reducing the fee rate to 63 basis points on assets between $24 billion and $36 billion and to 58 basis points on assets above $36 billion. The Trustees further observed that the Adviser was proposing an additional voluntary breakpoint that would reduce the fee rate to 57 basis points on assets above $48 billion. The Trustees also considered the fact that Harbor Capital proposed to continue this fee arrangement (including the additional voluntary breakpoint) until at least February 29, 2016. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.

Harbor International Growth Fund. In consideration of the Investment Advisory Agreement for the Harbor International Growth Fund (inception date of November 1, 1993), the Trustees noted the Fund’s Institutional Class performance was below its Lipper group and universe medians for the two-, three-, four- and five-year periods ended December 31, 2014. The Fund outperformed its Lipper group and universe medians for the one-year period ended December 31, 2014. The Trustees noted that, according to Morningstar, the Fund’s one-, three- and five-year rolling returns as of December 31, 2014 ranked in the third, fourth and fourth quartiles, respectively. The Trustees noted that the Fund had underperformed its benchmark, the MSCI ACWI ex. U.S. (ND) Index, for the one-, three-, five- and ten-year periods ended December 31, 2014. The Trustees noted that the Fund had recently changed subadvisers, engaging Baillie Gifford to manage the Fund beginning in May of 2013.

The Trustees considered the expertise of Baillie Gifford Overseas Limited (“Baillie Gifford”) in managing assets generally and in the ACWI ex-US Focus strategy specifically, noting that Baillie Gifford managed approximately $3.6 billion in assets in this strategy, out of a firm-wide total of approximately $178.6 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this asset class.

The Trustees noted that the Lipper 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 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 proposed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2016. The Trustees noted that the Adviser’s profitability in managing the Fund was not excessive.

Harbor Global Growth Fund. In consideration of the Investment Advisory Agreement and Subadvisory Agreement for the Harbor Global Growth Fund (inception date of March 1, 2009), the Trustees noted the Fund’s Institutional Class performance was above each of its Lipper group and universe medians for the one-, two-, three-, four- and five-year periods ended December 31, 2014. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the third, first and first quartiles, respectively, for the periods ended December 31, 2014. The Trustees noted that the Fund had outperformed its benchmark, the MSCI All Country World (ND) Index, for the three- and five-year periods ended December 31, 2014 and underperformed its benchmark for the one-year period ended December 31, 2014.

The Trustees considered the expertise of Marsico Capital Management, LLC (“Marsico”) in managing assets generally and in the global growth asset class specifically, noting that Marsico managed approximately $279.3 million in assets in this

Harbor International & Global Funds

ADDITIONAL INFORMATION—Continued

asset class, out of a firm-wide total of approximately $14.9 billion in assets under management. The Trustees also noted the significant experience of the Fund’s portfolio manager in this asset class.

The Trustees noted that the Lipper comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $50 million, showed the Fund’s management fee was below the group median for the Institutional Class. The 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 proposed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2016. They noted that the Adviser’s profitability in managing the Fund was not excessive.

Harbor Emerging Markets Equity Fund. In consideration of the Investment Advisory Agreement and Subadvisory Agreement for the Harbor Emerging Markets Equity Fund (inception date of November 1, 2013), the Trustees noted the Fund’s Institutional Class performance trailed its Lipper group and universe medians for the one-year and since inception periods ended December 31, 2014. The Morningstar data presented ranked the Fund’s one-year rolling return as of December 31, 2014 in the fourth quartile. The Trustees also considered the fact that Harbor Emerging Markets Equity Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-year period ended December 31, 2014. 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 the Fund’s subadviser, Oaktree, in managing assets generally and in the emerging markets equity asset class specifically, noting that Oaktree managed approximately $3.58 billion in assets in this asset class, out of a firm-wide total of approximately $93.22 billion in assets under management. The Trustees also discussed the experience of the Fund’s portfolio managers in this asset class, including their experience prior to joining Oaktree.

The Trustees observed that the Lipper comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $50 million, showed the Fund’s contractual management fee was below the group median for the Institutional Class. The Trustees also noted that the Fund’s actual total expense ratio for the Institutional Class was below the Lipper group and universe median expense ratios. The Trustees also considered that Harbor Capital proposed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 29, 2016. The Trustees also noted that the Adviser was proposing that the Fund’s total expense ratio be capped at 1.15% for the Institutional Class, which would be a reduction of 0.10% from the prior year. The Trustees noted that Harbor Capital’s profitability in operating the Fund was negative.

* * *

The Trustees also separately considered the allocation between the Adviser and each Subadviser of the relevant Fund’s investment advisory fee (i.e., the amount of the advisory fee retained by the Adviser 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 the Adviser and Subadviser.

Profitability

Economies of Scale

Harbor International & Global Funds

ADDITIONAL INFORMATION—Continued

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 the Adviser’s profitability in each case was not excessive. They concluded that the Funds’ fee structures reflected economies of scale to date and that breakpoints in these fee structures were 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.

Harbor International & Global Funds

ADDITIONAL INFORMATION—Continued

TRUSTEES AND OFFICERS

(As of June 2015)


Name (Age) Position(s) with Fund Address	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships of Public Companies and Other Registered Investment Companies Held by Trustee During Past Five Years
INDEPENDENT TRUSTEES
Scott M. Amero (51) Trustee	Since 2014	Trustee, Rare (conservation non-profit) (2011–Present); Trustee, Berkshire School (2014–Present); BlackRock, Inc., (publicly traded investment management firm) Vice Chairman and Global Chief Investment Officer, Fixed Income (2010), Vice Chairman and Global Chief Investment Officer, Fixed Income, and Co-Head, Fixed Income Portfolio Management (2007-2010).	28	Director, Anthracite Capital, Inc. (2005-2010).

Raymond J. Ball (70) Trustee	Since 2006	Sidney Davidson Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (2000-Present); Academic Affiliate, Analysis Group (litigation consulting firm) (2000-Present); Financial Reporting Faculty Advisory Group of the Institute of Chartered Accountants in England and Wales (2008-Present); and Advisory Board of the Center for Accounting Research & Education at University of Notre Dame (2006-Present).	28	None

Donna J. Dean (63) Trustee	Since 2010	Chief Investment Officer of the Rockefeller Foundation (a private foundation) (1995-Present); and Trustee of Queens University of Charlotte, North Carolina (2000-2014).	28	None

Randall A. Hack (68) Trustee	Since 2010	Founder and Senior Managing Director of Capstone Capital LLC (a private investment firm) (2003-Present); Director of Tower Development Corporation (cell tower developer) (2009-Present); and Advisory Director of Berkshire Partners (a private equity firm) (2002-2013).	28	Director of FiberTower Corporation (2002-2011).

Robert Kasdin (57) Trustee	Since 2014	Senior Vice President and Chief Operating Officer, Johns Hopkins Medicine (2015-Present); Senior Executive Vice President, Columbia University (2002-2015); Trustee, National September 11 Memorial & Museum at the World Trade Center (2005-Present); Trustee, The Metropolitan Museum of Art (2014-Present); Trustee (2004-2014) and President of the Board of Trustees (2006-2011), The Dalton School; Trustee, ARTstor Digital Library (a nonprofit digital images resource) (2013-Present); Director, Apollo Commercial Real Estate Finance, Inc. (2014-Present); and Director, Noranda Aluminum Holdings Corp. (2007–2014).	28	Director of Noranda Aluminum Holdings Corp. (2007-2014); and Director of Apollo Commercial Real Estate Finance, Inc. (2014-Present).

Rodger F. Smith (74) Trustee	Since 1987	Managing Director, Greenwich Associates (a research based consulting firm) (1976-Present); and Chair of Trust Advisory Committee of Tau Beta Pi Association (engineering honor society) (1985-Present).	28	None

Ann M. Spruill (61) Trustee	Since 2014	Partner (1993-2008), Member of Executive Committee (1996-2008), Member Board of Directors (2000-2008), Grantham, Mayo, Van Otterloo & Co. LLC (private investment management firm) (with the firm since 1990); Member Investment Committee and Chair of Global Equities, Museum of Fine Arts, Boston (2000-Present); and Trustee, Financial Accounting Foundation (2014-Present).	28	None
INTERESTED TRUSTEE

David G. Van Hooser (68)^* Chairman, Trustee and President	Since 2000	President (2002-Present), Director and Chairman of the Board (2000-Present), Harbor Capital Advisors, Inc.; Chief Executive Officer (2007-Present), Chief Financial Officer (2012-Present), Treasurer (2007-2012) and Director (2000-Present), Harbor Funds Distributors, Inc.; and Director (2000-Present), Harbor Services Group, Inc.	28	None

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ADDITIONAL INFORMATION—Continued


Name (Age) Position(s) with Fund Address	Term of Office and Length of Time Served¹	Principal Occupation(s) During Past Five Years
FUND OFFICERS NOT LISTED ABOVE**
Charles F. McCain (45) Chief Compliance Officer	Since 2004	Executive Vice President and General Counsel (2004-Present) and Chief Compliance Officer (2004-2014), Harbor Capital Advisors, Inc.; Director (2007-Present) and Chief Compliance Officer (2004-Present), Harbor Services Group, Inc.; and Director, Executive Vice President and Chief Compliance Officer (2007-Present), Harbor Funds Distributors, Inc.

Anmarie S. Kolinski (43) Treasurer	Since 2007	Executive Vice President and Chief Financial Officer (2007-Present), Harbor Capital Advisors, Inc.; Chief Financial Officer (2007-Present), Harbor Services Group, Inc.; and Treasurer (2012-Present), Harbor Funds Distributors, Inc.

Erik D. Ojala (40) Vice President and Secretary; AML Compliance Officer	Since 2007; Since 2010	Senior Vice President and Associate General Counsel (2007-Present) and Secretary (2010-Present), Harbor Capital Advisors, Inc.; and Assistant Secretary (2014-Present), Harbor Services Group, Inc.

Brian L. Collins (46) Vice President	Since 2005	Executive Vice President and Chief Investment Officer (2004-Present), Harbor Capital Advisors, Inc.

Charles P. Ragusa (56) Vice President	Since 2007	Executive Vice President (2007-Present), Harbor Capital Advisors, Inc.; President (2007-Present), Harbor Services Group, Inc.; and Executive Vice President and AML Compliance Officer (2007-Present), Harbor Funds Distributors, Inc.

Jodie L. Crotteau (43) Assistant Secretary	Since 2014	Senior Vice President and Chief Compliance Officer, Harbor Capital Advisors, Inc. (2014-Present); Vice President and Chief Compliance Officer, Grosvenor Registered Funds (2011-2014); Vice President, Grosvenor Capital Management, L.P. (2010-2014); Assistant Secretary (2005-2010) and AML Compliance Officer (2007-2010), Harbor Funds; Vice President, Secretary and Compliance Director (2007-2010), Harbor Capital Advisors, Inc.; Assistant Secretary (2005-2010), Harbor Services Group, Inc.; and Assistant Secretary (2007-2010), Harbor Funds Distributors, Inc.

Susan A. DeRoche (62) Assistant Secretary	Since 2006	Senior Vice President and Compliance Director (2007-Present) and Assistant Secretary (2006-Present), Harbor Capital Advisors, Inc.; Senior Vice President (2011-Present) and Secretary (2007-Present), Harbor Funds Distributors, Inc.; and Secretary (2014-Present) and Assistant Secretary (2012-2013), Harbor Services Group, Inc.

John M. Paral (46) Assistant Treasurer	Since 2013	Vice President (2012-Present) and Financial Reporting Manager (2007-2012), Harbor Capital Advisors, Inc.

1	Each Trustee serves for an indefinite term, until his successor is elected. Each Officer is elected annually.

*	Mr. Van Hooser is deemed an “Interested Trustee” due to his affiliation with the Adviser and Distributor of Harbor Funds.

**	Officers of the Funds are “interested persons” as defined in the Investment Company Act.

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