UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
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, 34th Floor
Chicago, Illinois 60606-4302
Chicago, Illinois 60606-4302
(Address of principal executive offices) (Zip code)
Charles F. McCain, Esq. HARBOR FUNDS 111 South Wacker Drive, 34th Floor Chicago, Illinois 60606-4302 | Christopher P. Harvey, Esq. DECHERT LLP One International Place – 40th 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: April 30
Date of reporting period: April 30, 2022
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):
Semi-Annual Report
Harbor Funds
April 30, 2022
Harbor Capital Appreciation Fund Harbor Convertible Securities Fund Harbor Core Bond Fund Harbor Core Plus Fund (formerly, Harbor Bond Fund) Harbor Disruptive Innovation Fund Harbor Diversified International All Cap Fund Harbor Emerging Markets Equity Fund Harbor Focused International Fund Harbor Global Leaders Fund Harbor High-Yield Bond Fund Harbor International Fund Harbor International Growth Fund Harbor International Small Cap Fund Harbor Large Cap Value Fund Harbor Mid Cap Fund Harbor Mid Cap Value Fund Harbor Money Market Fund Harbor Overseas Fund Harbor Small Cap Growth Fund Harbor Small Cap Value Fund Harbor Strategic Growth Fund |
Harbor Capital Appreciation Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Jennison Associates LLC
Sector Allocation (% of investments)
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—99.3% | |||
Shares | Value | ||
AUTOMOBILES—8.8% | |||
2,791,197 | Tesla Inc.* | $2,430,463 | |
CAPITAL MARKETS—3.1% | |||
1,002,790 | Goldman Sachs Group Inc. | 306,342 | |
4,289,826 | KKR & Co. Inc. | 218,653 | |
851,036 | S&P Global Inc. | 320,415 | |
845,410 | |||
ENERGY EQUIPMENT & SERVICES—1.2% | |||
8,713,993 | Schlumberger Ltd. | 339,933 | |
ENTERTAINMENT—0.9% | |||
776,762 | Netflix Inc.* | 147,864 | |
3,062,904 | Roblox Corp.* | 93,878 | |
241,742 | |||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—1.0% | |||
1,140,903 | American Tower Corp. | 274,980 | |
FOOD & STAPLES RETAILING—1.8% | |||
942,235 | Costco Wholesale Corp. | 501,005 | |
HEALTH CARE EQUIPMENT & SUPPLIES—2.9% | |||
2,403,576 | Abbott Laboratories | 272,806 | |
644,624 | Dexcom Inc.* | 263,380 | |
1,142,510 | Intuitive Surgical Inc.* | 273,403 | |
809,589 | |||
HEALTH CARE PROVIDERS & SERVICES—1.7% | |||
936,568 | UnitedHealth Group Inc. | 476,292 | |
HOTELS, RESTAURANTS & LEISURE—3.9% | |||
3,278,485 | Airbnb Inc.* | 502,297 | |
179,942 | Chipotle Mexican Grill Inc.* | 261,925 | |
1,827,670 | Marriott International Inc.* | 324,448 | |
1,088,670 | |||
INTERACTIVE MEDIA & SERVICES—9.8% | |||
392,429 | Alphabet Inc. Class A* | 895,598 | |
382,601 | Alphabet Inc. Class C* | 879,726 | |
1,922,975 | Match Group Inc.* | 152,203 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
INTERACTIVE MEDIA & SERVICES—Continued | |||
1,708,101 | Meta Platforms Inc.* | $342,423 | |
10,147,913 | Snap Inc.* | 288,810 | |
3,320,303 | ZoomInfo Technologies Inc.* | 157,382 | |
2,716,142 | |||
INTERNET & DIRECT MARKETING RETAIL—7.8% | |||
732,350 | Amazon.com Inc.* | 1,820,351 | |
340,307 | MercadoLibre Inc. (Argentina)* | 331,333 | |
2,151,684 | |||
IT SERVICES—9.3% | |||
262,191 | Adyen NV (Netherlands)*,1 | 439,771 | |
2,018,142 | Mastercard Inc. Class A | 733,352 | |
223,714 | MongoDB Inc.* | 79,403 | |
315,244 | Shopify Inc. (Canada)* | 134,553 | |
1,383,569 | Snowflake Inc.* | 237,199 | |
1,001,245 | Twilio Inc.* | 111,959 | |
3,900,049 | Visa Inc. | 831,218 | |
2,567,455 | |||
LIFE SCIENCES TOOLS & SERVICES—1.8% | |||
2,031,284 | Danaher Corp. | 510,116 | |
MULTILINE RETAIL—1.4% | |||
1,653,237 | Target Corp. | 378,013 | |
PERSONAL PRODUCTS—1.9% | |||
1,977,594 | Estée Lauder Companies Inc. | 522,203 | |
PHARMACEUTICALS—3.2% | |||
2,433,358 | Eli Lilly & Co. | 710,857 | |
1,593,379 | Novo Nordisk AS ADR (Denmark)1 | 181,645 | |
892,502 | |||
ROAD & RAIL—1.5% | |||
13,342,663 | Uber Technologies Inc.* | 420,027 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.0% | |||
100,737 | ASML Holding NV New York Registry Shares (Netherlands)2 | 56,793 |
2
Harbor Capital Appreciation Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued | |||
733,076 | Broadcom Inc. | $406,410 | |
4,886,534 | NVIDIA Corp. | 906,305 | |
1,369,508 | |||
SOFTWARE—15.8% | |||
1,648,059 | Adobe Inc.* | 652,549 | |
1,702,869 | Atlassian Corp. plc (Australia)* | 382,856 | |
2,287,545 | CrowdStrike Holdings Inc.* | 454,672 | |
329,910 | HubSpot Inc.* | 125,178 | |
6,121,367 | Microsoft Corp. | 1,698,802 | |
4,191,617 | salesforce.com Inc.* | 737,473 | |
2,280,242 | Trade Desk Inc.* | 134,352 | |
954,249 | Workday Inc.* | 197,243 | |
4,383,125 | |||
SPECIALTY RETAIL—3.3% | |||
1,270,683 | Home Depot Inc. | 381,713 | |
357,946 | O'Reilly Automotive Inc.* | 217,112 | |
5,335,731 | TJX Companies Inc. | 326,974 | |
925,799 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.4% | |||
12,918,786 | Apple Inc. | $2,036,647 | |
TEXTILES, APPAREL & LUXURY GOODS—5.8% | |||
1,113,809 | Lululemon Athletica Inc. (Canada)* | 394,990 | |
1,001,868 | LVMH Moet Hennessy Louis Vuitton SE (France) | 648,344 | |
4,432,622 | NIKE Inc. | 552,748 | |
1,596,082 | |||
TOTAL COMMON STOCKS | |||
(Cost $18,367,247) | 27,477,387 | ||
TOTAL INVESTMENTS—99.3% | |||
(Cost $18,367,247) | 27,477,387 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.7% | 202,847 | ||
TOTAL NET ASSETS—100.0% | $27,680,234 |
FAIR VALUE MEASUREMENTS
As of April 30, 2022, the investments in Adyen NV and LVMH Moet Hennessy Louis Vuitton SE (as disclosed in the preceding Portfolio of Investments) were classified as Level 2 and all other investments were classified as Level 1. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
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 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
2 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $56,793 or less than 1% of net assets. |
The accompanying notes are an integral part of the Financial Statements.
3
Harbor Convertible Securities Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Shenkman Capital Management, Inc.
Sector Allocation (% of investments)
Portfolio of Investments
Principal Amounts, Value and Cost in Thousands
CONVERTIBLE BONDS—98.2% | |||
Principal Amount | Value | ||
AEROSPACE & DEFENSE—0.9% | |||
Parsons Corp. | |||
$ | 1,473 | 0.250%—08/15/2025 | $1,526 |
AIRLINES—2.2% | |||
Jetblue Airways Corp. | |||
2,080 | 0.500%—04/01/20261 | 1,702 | |
Southwest Airlines Co. | |||
602 | 1.250%—05/01/2025 | 824 | |
Spirit Airlines Inc. | |||
1,407 | 1.000%—05/15/2026 | 1,285 | |
3,811 | |||
AUTO COMPONENTS—0.8% | |||
LCI Industries | |||
600 | 1.125%—05/15/2026 | 533 | |
Patrick Industries Inc. | |||
962 | 1.750%—12/01/20281 | 870 | |
1,403 | |||
AUTOMOBILES—1.6% | |||
Ford Motor Co. | |||
1,286 | 0.000%—03/15/20262 | 1,371 | |
Winnebago Industries Inc. | |||
1,343 | 1.500%—04/01/2025 | 1,442 | |
2,813 | |||
BANKS—0.4% | |||
Bank of America Finance LLC MTN3 | |||
643 | 0.250%—05/01/2023 | 674 | |
BIOTECHNOLOGY—4.7% | |||
BioMarin Pharmaceutical Inc. | |||
2,515 | 0.599%—08/01/2024 | 2,563 | |
Coherus Biosciences Inc. | |||
586 | 1.500%—04/15/2026 | 481 | |
Exact Sciences Corp. | |||
1,902 | 0.375%—03/15/2027 | 1,629 | |
44 | 1.000%—01/15/2025 | 47 | |
1,676 |
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
BIOTECHNOLOGY—Continued | |||
Halozyme Therapeutics Inc. | |||
$ | 820 | 0.250%—03/01/2027 | $708 |
Ironwood Pharmaceuticals Inc. | |||
460 | 0.750%—06/15/2024 | 520 | |
451 | 1.500%—06/15/2026 | 516 | |
1,036 | |||
Neurocrine Biosciences Inc. | |||
414 | 2.250%—05/15/2024 | 533 | |
Qiagen NV | |||
1,200 | 0.000%—12/17/20272 | 1,119 | |
8,116 | |||
COMMUNICATIONS EQUIPMENT—1.2% | |||
Lumentum Holdings Inc. | |||
381 | 0.500%—12/15/2026 | 400 | |
1,813 | 0.500%—06/15/20281 | 1,612 | |
2,012 | |||
CONSUMER FINANCE—1.3% | |||
LendingTree Inc. | |||
305 | 0.500%—07/15/2025 | 246 | |
SoFi Technologies Inc. | |||
1,138 | 0.000%—10/15/20261,2 | 767 | |
Upstart Holdings Inc. | |||
1,501 | 0.250%—08/15/20261 | 1,156 | |
2,169 | |||
DIVERSIFIED CONSUMER SERVICES—2.5% | |||
Chegg Inc. | |||
2,380 | 0.000%—09/01/20262 | 1,859 | |
896 | 0.125%—03/15/2025 | 800 | |
2,659 | |||
Stride Inc. | |||
1,563 | 1.125%—09/01/2027 | 1,619 | |
4,278 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2% | |||
Liberty Latin America Ltd. | |||
370 | 2.000%—07/15/2024 | 337 |
4
Harbor Convertible Securities Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.5% | |||
Insight Enterprises Inc. | |||
$ | 1,217 | 0.750%—02/15/2025 | $1,835 |
Itron Inc. | |||
975 | 0.000%—03/15/20262 | 804 | |
2,639 | |||
ENTERTAINMENT—3.5% | |||
IMAX Corp. | |||
2,405 | 0.500%—04/01/2026 | 2,149 | |
Live Nation Entertainment Inc. | |||
1,499 | 2.000%—02/15/2025 | 1,803 | |
Pandora Media LLC | |||
269 | 1.750%—12/01/2023 | 298 | |
Zynga Inc. | |||
1,850 | 0.000%—12/15/20262 | 1,834 | |
6,084 | |||
FOOD PRODUCTS—0.4% | |||
Beyond Meat Inc. | |||
1,372 | 0.000%—03/15/20272 | 724 | |
HEALTH CARE EQUIPMENT & SUPPLIES—5.0% | |||
CONMED Corp. | |||
649 | 2.625%—02/01/2024 | 1,019 | |
Dexcom Inc. | |||
2,149 | 0.250%—11/15/2025 | 2,258 | |
Insulet Corp. | |||
993 | 0.375%—09/01/2026 | 1,226 | |
Integra Lifesciences Holdings Corp. | |||
1,243 | 0.500%—08/15/2025 | 1,272 | |
Novocure Ltd. | |||
1,327 | 0.000%—11/01/20252 | 1,199 | |
Nuvasive Inc. | |||
1,052 | 0.375%—03/15/2025 | 984 | |
Tandem Diabetes Care Inc. | |||
556 | 1.500%—05/01/20251 | 622 | |
8,580 | |||
HEALTH CARE PROVIDERS & SERVICES—0.3% | |||
Guardant Health Inc. | |||
747 | 0.000%—11/15/20272 | 601 | |
HEALTH CARE TECHNOLOGY—1.5% | |||
Allscripts Healthcare Solutions Inc. | |||
885 | 0.875%—01/01/2027 | 1,457 | |
Livongo Health Inc. | |||
922 | 0.875%—06/01/2025 | 786 | |
Teladoc Health Inc. | |||
491 | 1.250%—06/01/2027 | 366 | |
2,609 | |||
HOTELS, RESTAURANTS & LEISURE—8.1% | |||
Airbnb Inc. | |||
1,643 | 0.000%—03/15/20262 | 1,514 | |
Booking Holdings Inc. | |||
938 | 0.750%—05/01/2025 | 1,308 | |
DraftKings Inc. | |||
1,372 | 0.000%—03/15/20282 | 919 | |
Expedia Group Inc. | |||
1,355 | 0.000%—02/15/20262 | 1,595 | |
Marriott Vacations Worldwide Corp. | |||
1,614 | 0.000%—01/15/20262 | 1,710 |
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
HOTELS, RESTAURANTS & LEISURE—Continued | |||
NCL Corp Ltd. | |||
$ | 2,092 | 1.125%—02/15/20271 | $1,838 |
Royal Caribbean Cruises Ltd. | |||
693 | 2.875%—11/15/2023 | 801 | |
Shake Shack Inc. | |||
1,367 | 0.000%—03/01/20282 | 1,060 | |
The Cheesecake Factory Inc. | |||
1,429 | 0.375%—06/15/2026 | 1,227 | |
Vail Resorts Inc. | |||
2,120 | 0.000%—01/01/20262 | 2,005 | |
13,977 | |||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.6% | |||
Nextera Energy Partners LP | |||
1,132 | 0.000%—11/15/20251,2 | 1,102 | |
INTERACTIVE MEDIA & SERVICES—3.8% | |||
IAC FinanceCo 3 Inc. | |||
378 | 2.000%—01/15/20301 | 459 | |
J2 Global Inc. | |||
1,352 | 1.750%—11/01/20261 | 1,447 | |
Liberty Tripadvisor Holdings Inc. | |||
1,170 | 0.500%—06/30/20511 | 930 | |
Snap Inc. | |||
560 | 0.000%—05/01/20271,2 | 447 | |
1,488 | 0.125%—03/01/20281 | 1,312 | |
1,759 | |||
Spotify USA Inc. | |||
599 | 0.000%—03/15/20262 | 491 | |
Tripadvisor Inc. | |||
939 | 0.250%—04/01/2026 | 779 | |
Twitter Inc. | |||
609 | 0.250%—06/15/2024 | 660 | |
6,525 | |||
INTERNET & DIRECT MARKETING RETAIL—2.1% | |||
Etsy Inc. | |||
682 | 0.125%—09/01/2027 | 594 | |
1,046 | 0.250%—06/15/20281 | 837 | |
1,431 | |||
Fiverr International Ltd. | |||
1,421 | 0.000%—11/01/20252 | 1,127 | |
Wayfair Inc. | |||
1,001 | 0.625%—10/01/2025 | 752 | |
437 | 1.000%—08/15/2026 | 376 | |
1,128 | |||
3,686 | |||
IT SERVICES—7.6% | |||
Akamai Technologies Inc. | |||
234 | 0.125%—05/01/2025 | 294 | |
1,625 | 0.375%—09/01/2027 | 1,796 | |
2,090 | |||
Block Inc. | |||
937 | 0.125%—03/01/2025 | 1,049 | |
1,363 | 0.250%—11/01/2027 | 1,118 | |
2,167 | |||
DigitalOcean Holdings Inc. | |||
2,321 | 0.000%—12/01/20261,2 | 1,723 |
5
Harbor Convertible Securities Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
IT SERVICES—Continued | |||
Euronet Worldwide Inc. | |||
$ | 1,857 | 0.750%—03/15/2049 | $2,067 |
Okta Inc. | |||
2,770 | 0.375%—06/15/2026 | 2,486 | |
Perficient Inc. | |||
1,031 | 0.125%—11/15/20261 | 890 | |
Shift4 Payments Inc. | |||
716 | 0.500%—08/01/20271 | 586 | |
Shopify Inc. | |||
999 | 0.125%—11/01/2025 | 872 | |
Wix.com Ltd. | |||
224 | 0.000%—08/15/20252 | 195 | |
13,076 | |||
LEISURE PRODUCTS—0.7% | |||
Peloton Interactive Inc. | |||
1,416 | 0.000%—02/15/20262 | 1,159 | |
LIFE SCIENCES TOOLS & SERVICES—0.9% | |||
Illumina Inc. | |||
1,154 | 0.000%—08/15/20232 | 1,206 | |
Repligen Corp. | |||
269 | 0.375%—07/15/2024 | 399 | |
1,605 | |||
MACHINERY—1.5% | |||
Greenbrier Cos. Inc. | |||
1,735 | 2.875%—04/15/2028 | 1,772 | |
John Bean Technologies Corp. | |||
884 | 0.250%—05/15/20261 | 837 | |
2,609 | |||
MEDIA—4.6% | |||
Cable One Inc. | |||
943 | 0.000%—03/15/20262 | 774 | |
Dish Network Corp. | |||
3,061 | 3.375%—08/15/2026 | 2,632 | |
Liberty Broadband Corp. | |||
514 | 1.250%—09/30/20501 | 486 | |
1,124 | 2.750%—09/30/20501 | 1,082 | |
1,568 | |||
Liberty Media Corp. | |||
403 | 1.000%—01/30/2023 | 684 | |
251 | 1.375%—10/15/2023 | 327 | |
2,042 | 2.125%—03/31/20481 | 1,977 | |
2,988 | |||
7,962 | |||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)—0.3% | |||
Blackstone Mortgage Trust Inc. | |||
555 | 5.500%—03/15/2027 | 538 | |
OIL, GAS & CONSUMABLE FUELS—1.3% | |||
Pioneer Natural Resources Co. | |||
221 | 0.250%—05/15/2025 | 487 | |
Total SA MTN3 | |||
1,800 | 0.500%—12/02/2022 | 1,827 | |
2,314 | |||
PERSONAL PRODUCTS—0.2% | |||
Herbalife Nutrition Ltd. | |||
316 | 2.625%—03/15/2024 | 294 |
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
PHARMACEUTICALS—2.3% | |||
Jazz Investments I Ltd. | |||
$ | 2,700 | 1.500%—08/15/2024 | $2,756 |
1,059 | 2.000%—06/15/2026 | 1,298 | |
4,054 | |||
PROFESSIONAL SERVICES—1.1% | |||
FTI Consulting Inc. | |||
660 | 2.000%—08/15/2023 | 1,050 | |
KBR Inc. | |||
451 | 2.500%—11/01/2023 | 889 | |
1,939 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT—2.4% | |||
Realogy Group LLC / Realogy Co.-Issuer Corp | |||
1,012 | 0.250%—06/15/20261 | 783 | |
Redfin Corp. | |||
827 | 0.000%—10/15/20252 | 578 | |
860 | 0.500%—04/01/2027 | 529 | |
1,107 | |||
Zillow Group Inc. | |||
495 | 1.375%—09/01/2026 | 568 | |
1,627 | 2.750%—05/15/2025 | 1,686 | |
2,254 | |||
4,144 | |||
ROAD & RAIL—0.7% | |||
Uber Technologies Inc. | |||
1,413 | 0.000%—12/15/20252 | 1,227 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.2% | |||
Enphase Energy Inc. | |||
2,186 | 0.000%—03/01/2026-03/01/20282 | 2,079 | |
MACOM Technology Solutions Holdings Inc. | |||
810 | 0.250%—03/15/2026 | 763 | |
Microchip Technology Inc. | |||
1,280 | 0.125%��11/15/2024 | 1,362 | |
ON Semiconductor Corp. | |||
915 | 0.000%—05/01/20271,2 | 1,055 | |
Silicon Laboratories Inc. | |||
791 | 0.625%—06/15/2025 | 1,007 | |
SolarEdge Technologies Inc. | |||
956 | 0.000%—09/15/20252 | 1,116 | |
STMicroelectronics NV | |||
1,400 | 0.000%—08/04/20252 | 1,597 | |
8,979 | |||
SOFTWARE—25.4% | |||
Alarm.com Holdings Inc. | |||
1,906 | 0.000%—01/15/20262 | 1,590 | |
Altair Engineering Inc. | |||
298 | 0.250%—06/01/2024 | 380 | |
Alteryx Inc. | |||
1,227 | 1.000%—08/01/2026 | 1,051 | |
Avalara Inc. | |||
1,003 | 0.250%—08/01/20261 | 806 | |
Bentley Systems Inc. | |||
918 | 0.125%—01/15/2026 | 881 | |
947 | 0.375%—07/01/20271 | 807 | |
1,688 |
6
Harbor Convertible Securities Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
SOFTWARE—Continued | |||
Blackline Inc. | |||
$ | 1,680 | 0.000%—03/15/20262 | $1,391 |
1,120 | 0.125%—08/01/2024 | 1,260 | |
2,651 | |||
Box Inc. | |||
1,577 | 0.000%—01/15/20262 | 2,089 | |
Ceridian HCM Holding Inc. | |||
851 | 0.250%—03/15/2026 | 705 | |
Coupa Software Inc. | |||
655 | 0.125%—06/15/2025 | 605 | |
944 | 0.375%—06/15/2026 | 772 | |
1,377 | |||
CyberArk Software Ltd. | |||
1,599 | 0.000%—11/15/20242 | 1,903 | |
Datadog Inc. | |||
486 | 0.125%—06/15/2025 | 725 | |
Dropbox Inc. | |||
2,638 | 0.000%—03/01/2026-03/01/20282 | 2,401 | |
Envestnet Inc. | |||
2,421 | 0.750%—08/15/20251 | 2,406 | |
350 | 1.750%—06/01/2023 | 433 | |
2,839 | |||
Five9 Inc. | |||
958 | 0.500%—06/01/2025 | 1,033 | |
InterDigital Inc. | |||
612 | 2.000%—06/01/2024 | 615 | |
JAMF Holding Corp. | |||
2,089 | 0.125%—09/01/20261 | 1,940 | |
New Relic Inc. | |||
39 | 0.500%—05/01/2023 | 38 | |
NICE Ltd. | |||
1,472 | 0.000%—09/15/20252 | 1,507 | |
Palo Alto Networks Inc. | |||
344 | 0.750%—07/01/2023 | 729 | |
Pegasystems Inc. | |||
2,348 | 0.750%—03/01/2025 | 2,186 | |
Q2 Holdings Inc. | |||
279 | 0.125%—11/15/2025 | 235 | |
2,398 | 0.750%—06/01/2026 | 2,198 | |
2,433 |
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
SOFTWARE—Continued | |||
Rapid7 Inc. | |||
$ | 1,643 | 0.250%—03/15/2027 | $1,838 |
RingCentral Inc. | |||
1,707 | 0.000%—03/01/2025-03/15/20262 | 1,411 | |
Splunk Inc. | |||
1,381 | 0.500%—09/15/2023 | 1,462 | |
2,202 | 1.125%—09/15/2025-06/15/2027 | 2,074 | |
3,536 | |||
Unity Software Inc. | |||
656 | 0.000%—11/15/20261,2 | 510 | |
Verint Systems Inc. | |||
1,767 | 0.250%—04/15/2026 | 1,871 | |
Vonage Holdings Corp. | |||
410 | 1.750%—06/01/2024 | 536 | |
Workiva Inc. | |||
407 | 1.125%—08/15/2026 | 572 | |
Zendesk Inc. | |||
1,663 | 0.625%—06/15/2025 | 2,112 | |
Zscaler Inc. | |||
516 | 0.125%—07/01/2025 | 768 | |
43,840 | |||
SPECIALTY RETAIL—0.4% | |||
Burlington Stores Inc. | |||
546 | 2.250%—04/15/2025 | 658 | |
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.0% | |||
Pure Storage Inc. | |||
1,357 | 0.125%—04/15/2023 | 1,665 | |
TOTAL CONVERTIBLE BONDS | |||
(Cost $177,951) | 169,729 | ||
TOTAL INVESTMENTS—98.2% | |||
(Cost $177,951) | 169,729 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—1.8% | 3,080 | ||
TOTAL NET ASSETS—100.0% | $172,809 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
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.
1 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $30,989 or 18% of net assets. |
2 | Zero coupon bond |
3 | MTN after the name of a security stands for Medium Term Note. |
The accompanying notes are an integral part of the Financial Statements.
7
Harbor Core Bond Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Income Research + Management
Investment Allocation (% of investments)
Portfolio of Investments
Principal Amounts, Value and Cost in Thousands
ASSET-BACKED SECURITIES—10.2% | |||
Principal Amount | Value | ||
Aligned Data Centers LLC | |||
Series 2021-1A Cl. A2 | |||
$ | 385 | 1.937%—08/15/20461 | $348 |
AMSR Trust | |||
Series 2021-SFR3 Cl. A | |||
410 | 1.476%—10/17/20381 | 364 | |
CF Hippolyta Issuer LLC | |||
Series 2020-1 Cl. A1 | |||
312 | 1.690%—07/15/20601 | 290 | |
DB Master Finance LLC | |||
Series 2021-1A Cl. A23 | |||
711 | 2.791%—11/20/20511 | 616 | |
Domino's Pizza Master Issuer LLC | |||
Series 2021-1A Cl. A2I | |||
394 | 2.662%—04/25/20511 | 355 | |
FirstKey Homes Trust | |||
Series 2020-SFR2 Cl. A | |||
362 | 1.266%—10/19/20371 | 330 | |
Ford Credit Auto Owner Trust | |||
Series 2020-1 Cl. A | |||
500 | 2.040%—08/15/20311 | 480 | |
Home Partners of America Trust | |||
Series 2020-2 Cl. A | |||
288 | 1.532%—01/17/20411 | 253 | |
Series 2021-2 Cl. A | |||
454 | 1.901%—12/17/20261 | 415 | |
668 | |||
Navient Private Education Refi Loan Trust | |||
Series 2021-A Cl. A | |||
163 | 0.840%—05/15/20691 | 151 | |
Series 2021-BA Cl. A | |||
350 | 0.940%—07/15/20691 | 327 | |
478 | |||
Oak Street Investment Grade Net Lease Fund | |||
Series 2020-1A Cl. A1 | |||
340 | 1.850%—11/20/20501 | 316 | |
Series 2021-1A Cl. A2 | |||
351 | 1.930%—01/20/20511 | 311 | |
627 |
ASSET-BACKED SECURITIES—Continued | |||
Principal Amount | Value | ||
Palmer Square CLO Ltd.2 | |||
Series 2013 Cl. 2A | |||
$ | 447 | 2.044% (3 Month USD LIBOR + 1.416) 10/17/20311,3 | $443 |
Palmer Square Loan Funding Ltd. | |||
Series 2022-2A A1 | |||
390 | 3.880% ( 3 Month CME Term SOFR + 1.310) 10/15/20301,3 | 390 | |
Progress Residential Trust | |||
Series 2021-SFR1 Cl. A | |||
385 | 1.052%—04/17/20381 | 345 | |
Series 2019-SFR3 Cl. A | |||
441 | 2.271%—09/17/20361 | 425 | |
770 | |||
Sabey Data Center Issuer LLC | |||
Series 2020-1 Cl. A2 | |||
202 | 3.812%—04/20/20451 | 199 | |
Stack Infrastructure Issuer LLC | |||
Series 2021-1A Cl. A2 | |||
613 | 1.877%—03/26/20461 | 560 | |
Series 2019-2A Cl. A2 | |||
185 | 3.080%—10/25/20441 | 180 | |
740 | |||
Store Master Funding I-VII | |||
Series 2019-1 Cl. A1 | |||
165 | 2.820%—11/20/20491 | 156 | |
Series 2018-1A Cl. A1 | |||
195 | 3.960%—10/20/20481 | 195 | |
351 | |||
Taco Bell Funding LLC | |||
Series 2021-1A Cl. A2II | |||
384 | 2.294%—08/25/20511 | 338 | |
Vantage Data Centers LLC | |||
Series 2020-1A Cl. A2 | |||
567 | 1.645%—09/15/20451 | 520 | |
Series 2020-2A Cl. A2 | |||
251 | 1.992%—09/15/2045 | 223 | |
743 | |||
Wendy's Funding LLC | |||
Series 2021-1A Cl. A2I | |||
674 | 2.370%—06/15/20511 | 596 |
8
Harbor Core Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
ASSET-BACKED SECURITIES—Continued | |||
Principal Amount | Value | ||
Series 2019-1A Cl. A2I | |||
$ | 163 | 3.783%—06/15/20491 | $160 |
756 | |||
TOTAL ASSET-BACKED SECURITIES | |||
(Cost $10,087) | 9,286 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—10.1% | |||
BANK 2021-BNK36 | |||
Series 2021-BN36 Cl. A5 | |||
689 | 2.470%—09/15/2064 | 611 | |
Barclays Commerical Mortgage Securities LLC | |||
Series 2012-C2 Cl. A4 | |||
151 | 3.525%—05/10/2063 | 151 | |
Benchmark Mortgage Trust | |||
Series 2021-B26 Cl. A3 | |||
387 | 2.391%—06/15/2054 | 355 | |
Series 2019-B15 Cl. A5 | |||
212 | 2.928%—12/15/2072 | 198 | |
553 | |||
BX Commercial Mortgage Trust | |||
Series 2021-VOLT Cl. A | |||
403 | 1.254% (1 Month USD LIBOR + 2.559) 09/15/20361,3 | 395 | |
Series 2019-XL Cl. A | |||
443 | 1.474% (1 Month USD LIBOR + 2.524) 10/15/20361,3 | 441 | |
836 | |||
CIM Trust Corp. | |||
Series 2020-INV1 Cl. A2 | |||
101 | 2.500%—04/25/20501,3 | 95 | |
Citigroup Commercial Mortgage Trust | |||
Series 2013-GC15 | |||
297 | 4.371% (2 Month USD LIBOR + 1.148) 09/10/20463 | 300 | |
Commercial Mortgage Pass-Through Certificates | |||
Series 2014-CR21 Cl. A3 | |||
239 | 3.528%—12/10/2047 | 238 | |
Series 2014-UBS3 Cl. A3 | |||
443 | 3.546%—06/10/2047 | 436 | |
674 | |||
Flagstar Mortgage Trust | |||
Series 2021-8INV Cl. A3 | |||
354 | 2.500%—09/25/2051 | 314 | |
Freddie Mac Seasoned Credit Risk Transfer Trust | |||
Series 2020-2 Cl. MA | |||
175 | 2.000%—11/25/2059 | 166 | |
Series 2020-3 Cl. MA | |||
204 | 2.000%—05/25/2060 | 193 | |
Series 2021-1 Cl. MA | |||
286 | 2.000%—09/25/2060 | 268 | |
Series 2021-3 Cl. MA | |||
450 | 2.000%—03/25/2061 | 421 | |
Series 2020-1 Cl. MA | |||
193 | 2.500%—08/25/2059 | 187 | |
Series 2018-1 Cl. MA | |||
136 | 3.000%—05/25/2057 | 133 | |
Series 2018-4 Cl. MA | |||
412 | 3.500%—03/25/2058 | 411 | |
Series 2019-2 Cl. MA | |||
211 | 3.500%—08/25/2058 | 210 | |
1,989 |
COLLATERALIZED MORTGAGE OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
FRESB Mortgage Trust | |||
Series 2019-SB63 Cl. A5H | |||
$ | 279 | 2.550% (1 Month USD LIBOR + 0.165) 02/25/20393 | $274 |
GS Mortgage Backed Securities Trust | |||
Series 2020-INV1 Cl. A14 | |||
193 | 2.958%—10/25/20501,3 | 179 | |
Series 2020-PJ4 Cl. A2 | |||
120 | 3.000%—01/25/20511,3 | 114 | |
293 | |||
JPMBB Commercial Mortgage Securities Trust | |||
Series 2015-C32 Cl. A2 | |||
145 | 2.816%—11/15/2048 | 145 | |
Series 2019-C6 Cl. A4 | |||
351 | 3.057%—11/13/2052 | 329 | |
474 | |||
JPMorgan Chase Commercial Mortgage Securities Trust | |||
Series 2019-COR5 Cl. A2 | |||
635 | 3.150%—06/13/2052 | 624 | |
Invitation Homes Trust | |||
Series 2018-SFR1 Cl. A | |||
104 | 1.254% (1 Month USD LIBOR + 1.911) 03/17/20371,3 | 103 | |
MetLife Securitization Trust | |||
Series 2020-INV1 Cl. A2A | |||
151 | 2.500%—05/25/20501,3 | 143 | |
PSMC Trust | |||
Series 2021-2 Cl. A3 | |||
502 | 2.500%—05/25/20511,3 | 468 | |
Series 2020-2 Cl. A2 | |||
64 | 3.000%—05/25/20501,3 | 63 | |
531 | |||
Tricon American Homes Trust | |||
Series 2020-SFR1 Cl. A | |||
334 | 1.499%—07/17/20381 | 304 | |
Wells Fargo Commercial Mortgage Trust | |||
Series 2021-C59 Cl. A5 | |||
639 | 2.626%—04/15/2054 | 571 | |
Wells Fargo Mortgage Backed Securities Trust | |||
Series 2021-INV1 Cl. A2 | |||
393 | 2.500%—08/25/20511,3 | 349 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||
(Cost $9,959) | 9,189 | ||
CORPORATE BONDS & NOTES—32.5% | |||
AEROSPACE & DEFENSE—2.0% | |||
BAE Systems Holdings Inc. | |||
400 | 3.400%—04/15/20301 | 374 | |
369 | 3.800%—10/07/20241 | 368 | |
742 | |||
Boeing Co. | |||
177 | 5.150%—05/01/2030 | 176 | |
86 | 5.805%—05/01/2050 | 86 | |
262 | |||
Lockheed Martin Corp. | |||
148 | 2.800%—06/15/2050 | 115 | |
175 | 4.700%—05/15/2046 | 185 | |
300 |
9
Harbor Core Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
AEROSPACE & DEFENSE—Continued | |||
Northrop Grumman Corp. | |||
$ | 228 | 5.250%—05/01/2050 | $249 |
Textron Inc. | |||
280 | 3.000%—06/01/2030 | 253 | |
1,806 | |||
AIR FREIGHT & LOGISTICS—0.2% | |||
FedEx Corp. | |||
200 | 4.050%—02/15/2048 | 173 | |
United Parcel Service Inc. | |||
53 | 5.300%—04/01/2050 | 60 | |
233 | |||
AIRLINES—1.4% | |||
Air Canada Pass-Through Trust | |||
208 | 3.600%—03/15/20271 | 198 | |
Delta Air Lines Pass-Through Trust | |||
258 | 3.625%—07/30/2027 | 250 | |
United Airlines Pass-Through Trust | |||
165 | 3.100%—01/07/2030 | 154 | |
668 | 4.000%—04/11/2026 | 662 | |
816 | |||
1,264 | |||
AUTOMOBILES—0.8% | |||
General Motors Co. | |||
188 | 5.400%—10/02/2023 | 193 | |
Hyundai Capital America Co. | |||
358 | 5.750%—04/06/20231 | 366 | |
Toyota Motor Credit Corp. MTN4 | |||
147 | 3.375%—04/01/2030 | 141 | |
700 | |||
BANKS—3.3% | |||
Bank of America Corp. MTN4 | |||
380 | 3.500%—04/19/2026 | 373 | |
156 | 4.330%—03/15/20505 | 147 | |
520 | |||
Citigroup Inc. | |||
327 | 2.520%—11/03/20325 | 273 | |
321 | 3.400%—05/01/2026 | 313 | |
129 | 3.520%—10/27/20285 | 123 | |
209 | 4.412%—03/31/20315 | 205 | |
914 | |||
JPMorgan Chase & Co. | |||
366 | 4.203%—07/23/20295 | 360 | |
250 | 4.493%—03/24/20315 | 250 | |
610 | |||
Lloyds Banking Group plc | |||
300 | 2.438% (US Treasury 1 Year Constant Maturity Yield + 1.233) 02/05/20263 | 287 | |
PNC Bank NA | |||
250 | 3.500%—06/08/2023 | 252 | |
Toronto Dominion Bank MTN4 | |||
460 | 0.750%—09/11/2025 | 418 | |
3,001 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
BEVERAGES—0.5% | |||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | |||
$ | 268 | 4.900%—02/01/2046 | $265 |
Coca-Cola Co. | |||
200 | 3.000%—03/05/2051 | 164 | |
429 | |||
BIOTECHNOLOGY—0.2% | |||
Abbvie Inc. | |||
230 | 4.500%—05/14/2035 | 228 | |
CAPITAL MARKETS—4.0% | |||
Apollo Management Holdings LP | |||
190 | 4.000%—05/30/20241 | 190 | |
Blackstone Holdings Finance Co. LLC | |||
173 | 2.800%—09/30/20501 | 123 | |
155 | 3.150%—10/02/20271 | 147 | |
216 | 3.500%—09/10/20491 | 180 | |
450 | |||
Credit Suisse Group AG | |||
291 | 1.305%—02/02/20271,5 | 255 | |
Goldman Sachs Group Inc. | |||
221 | 3.800%—03/15/2030 | 209 | |
KKR Group Finance Co. II LLC | |||
219 | 5.500%—02/01/20431 | 231 | |
KKR Group Finance Co. III LLC | |||
110 | 5.125%—06/01/20441 | 111 | |
Macquarie Group Ltd. | |||
363 | 1.340%—01/12/20271,5 | 323 | |
Macquarie Group Ltd. MTN4 | |||
250 | 4.150%—03/27/20241,5 | 252 | |
Moody's Corp. | |||
188 | 2.550%—08/18/2060 | 119 | |
216 | 3.100%—11/29/2061 | 153 | |
272 | |||
Morgan Stanley MTN4 | |||
495 | 3.125%—07/27/2026 | 475 | |
215 | 3.622%—04/01/20315 | 201 | |
192 | 3.875%—01/27/2026 | 191 | |
867 | |||
State Street Corp. | |||
80 | 2.901%—03/30/20265 | 79 | |
75 | 3.152%—03/30/20315 | 70 | |
149 | |||
UBS Group AG | |||
300 | 4.125%—04/15/20261 | 298 | |
3,607 | |||
COMMUNICATIONS EQUIPMENT—0.3% | |||
Juniper Networks Inc. | |||
275 | 1.200%—12/10/2025 | 251 | |
CONSUMER FINANCE—0.8% | |||
Capital One Financial Corp. | |||
340 | 3.300%—10/30/2024 | 336 | |
General Motors Financial Co. Inc. | |||
334 | 4.150%—06/19/2023 | 338 | |
Mastercard Inc. | |||
51 | 3.850%—03/26/2050 | 48 | |
722 |
10
Harbor Core Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
DIVERSIFIED FINANCIAL SERVICES—0.7% | |||
Cooperatieve Rabobank U.A. | |||
$ | 400 | 3.875%—09/26/20231 | $404 |
Ferguson Finance plc | |||
310 | 3.250%—06/02/20301 | 278 | |
682 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES—0.9% | |||
AT&T Inc. | |||
504 | 1.983% (3 Month USD LIBOR + 0.838) 06/12/20243 | 510 | |
236 | 3.500%—06/01/2041 | 197 | |
707 | |||
Verizon Communications Inc. | |||
122 | 4.500%—08/10/2033 | 122 | |
829 | |||
ELECTRIC UTILITIES—2.6% | |||
Berkshire Hathaway Energy Co. | |||
145 | 4.050%—04/15/2025 | 147 | |
395 | 6.125%—04/01/2036 | 449 | |
596 | |||
CenterPoint Energy Inc. | |||
301 | 1.450%—06/01/2026 | 274 | |
Duke Energy Carolinas, LLC | |||
81 | 3.950%—03/15/2048 | 74 | |
Eversource Energy | |||
150 | 2.900%—10/01/2024 | 148 | |
Exelon Corp. | |||
62 | 4.700%—04/15/2050 | 60 | |
278 | 5.100%—06/15/2045 | 282 | |
342 | |||
Southern Co. | |||
330 | 3.250%—07/01/2026 | 320 | |
228 | 4.250%—07/01/2036 | 215 | |
535 | |||
Virginia Electric & Power Co. | |||
235 | 3.150%—01/15/2026 | 231 | |
Xcel Energy Inc. | |||
170 | 3.400%—06/01/2030 | 159 | |
2,359 | |||
ENTERTAINMENT—0.4% | |||
Magallanes Inc. | |||
229 | 5.141%—03/15/20521 | 204 | |
Walt Disney Co. | |||
124 | 4.700%—03/23/2050 | 127 | |
331 | |||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—1.2% | |||
Boston Properties LP | |||
358 | 4.500%—12/01/2028 | 361 | |
Digital Realty Trust LP | |||
93 | 3.600%—07/01/2029 | 88 | |
278 | 3.700%—08/15/2027 | 269 | |
357 | |||
Federal Realty Investment Trust | |||
393 | 1.250%—02/15/2026 | 357 | |
1,075 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
HEALTH CARE PROVIDERS & SERVICES—2.0% | |||
Cigna Corp. | |||
$ | 375 | 3.400%—03/01/2027 | $365 |
CommonSpirit Health | |||
175 | 3.910%—10/01/2050 | 153 | |
172 | 4.187%—10/01/2049 | 154 | |
307 | |||
CVS Pass-Through Trust | |||
185 | 5.773%—01/10/20331 | 199 | |
99 | 5.880%—01/10/2028 | 104 | |
347 | 8.353%—07/10/20311 | 407 | |
710 | |||
PeaceHealth Obligated Group | |||
440 | 1.375%—11/15/2025 | 407 | |
1,789 | |||
HOTELS, RESTAURANTS & LEISURE—0.2% | |||
McDonald's Corp. MTN4 | |||
175 | 3.500%—07/01/2027 | 172 | |
INSURANCE—1.8% | |||
AIA Group Ltd. | |||
419 | 3.600%—04/09/20291 | 408 | |
Equitable Financial Life Global Funding | |||
325 | 1.400%—07/07/20251 | 303 | |
Five Corners Funding Trust | |||
150 | 4.419%—11/15/20231 | 152 | |
Liberty Mutual Group Inc. | |||
300 | 4.569%—02/01/20291 | 305 | |
Lincoln National Corp. | |||
206 | 3.400%—01/15/2031 | 192 | |
133 | 3.625%—12/12/2026 | 133 | |
325 | |||
Mass Mutual Life Insurance Co. | |||
130 | 3.375%—04/15/20501 | 104 | |
1,597 | |||
INTERNET & DIRECT MARKETING RETAIL—0.5% | |||
Amazon.com Inc. | |||
301 | 3.250%—05/12/2061 | 245 | |
182 | 4.100%—04/13/2062 | 174 | |
419 | |||
MEDIA—1.1% | |||
Charter Communications Operating LLC / Charter Communications Operating Capital | |||
368 | 6.384%—10/23/2035 | 388 | |
Comcast Corp. | |||
106 | 3.300%—04/01/2027 | 104 | |
302 | 3.400%—04/01/2030 | 287 | |
391 | |||
COX Communications Inc. | |||
300 | 1.800%—10/01/20301 | 244 | |
1,023 | |||
MULTI-UTILITIES—0.3% | |||
WEC Energy Group Inc. | |||
268 | 1.375%—10/15/2027 | 235 | |
OIL, GAS & CONSUMABLE FUELS—2.1% | |||
Chevron Corp. | |||
139 | 1.995%—05/11/2027 | 129 |
11
Harbor Core Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
OIL, GAS & CONSUMABLE FUELS—Continued | |||
Dominion Energy Inc. | |||
$ | 230 | 5.250%—08/01/2033 | $243 |
Eastern Energy Gas Holdings LLC | |||
130 | 2.500%—11/15/2024 | 127 | |
Energy Transfer LP | |||
375 | 3.900%—07/15/2026 | 365 | |
Exxon Mobil Corp. | |||
221 | 2.992%—03/19/2025 | 219 | |
Occidental Petroleum Corp. | |||
779 | 0.000%—10/10/20366 | 403 | |
Phillips 66 Partners LP | |||
147 | 3.605%—02/15/2025 | 146 | |
Schlumberger Holdings Corp. | |||
192 | 3.900%—05/17/20281 | 186 | |
Southern Co. Gas Capital Corp. | |||
170 | 1.750%—01/15/2031 | 137 | |
1,955 | |||
PHARMACEUTICALS—0.2% | |||
Pfizer Inc. | |||
227 | 2.550%—05/28/2040 | 183 | |
PROFESSIONAL SERVICES—0.4% | |||
Verisk Analytics Inc. | |||
460 | 3.625%—05/15/2050 | 386 | |
ROAD & RAIL—1.2% | |||
Canadian National Railway Co. | |||
132 | 3.650%—02/03/2048 | 118 | |
Canadian Pacific Railway Co. | |||
140 | 6.125%—09/15/2115 | 155 | |
Norfolk Southern Corp. | |||
240 | 4.837%—10/01/2041 | 244 | |
Penske Truck Leasing Co. LP / PTL Finance Corp. | |||
380 | 3.900%—02/01/20241 | 381 | |
Ryder System Inc. MTN4 | |||
237 | 3.650%—03/18/2024 | 236 | |
1,134 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8% | |||
Broadcom Inc. | |||
202 | 4.110%—09/15/2028 | 197 | |
LAM Research Corp. | |||
80 | 2.875%—06/15/2050 | 61 | |
NXP BV / NXP Funding LLC | |||
251 | 4.625%—06/01/20231 | 254 | |
NXP BV / NXP Funding LLC / NXP USA Inc. | |||
195 | 2.700%—05/01/20251 | 187 | |
699 | |||
SOFTWARE—0.6% | |||
Oracle Corp. | |||
333 | 2.500%—04/01/2025 | 318 | |
253 | 3.950%—03/25/2051 | 192 | |
510 | |||
SPECIALTY RETAIL—0.3% | |||
Home Depot Inc. | |||
170 | 3.300%—04/15/2040 | 149 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
SPECIALTY RETAIL—Continued | |||
Lowe's Cos. Inc. | |||
$ | 77 | 3.700%—04/15/2046 | $64 |
49 | 5.000%—04/15/2040 | 50 | |
114 | |||
263 | |||
TRADING COMPANIES & DISTRIBUTORS—1.4% | |||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | |||
426 | 3.000%—10/29/2028 | 371 | |
272 | 4.125%—07/03/2023 | 272 | |
643 | |||
Air Lease Corp. | |||
374 | 3.875%—07/03/2023 | 375 | |
Ferguson Finance plc | |||
236 | 4.500%—10/24/20281 | 235 | |
1,253 | |||
WATER UTILITIES—0.2% | |||
Aquarion Co. | |||
178 | 4.000%—08/15/20241 | 178 | |
WIRELESS TELECOMMUNICATION SERVICES—0.1% | |||
T-Mobile USA Inc. | |||
102 | 3.500%—04/15/2025 | 101 | |
TOTAL CORPORATE BONDS & NOTES | |||
(Cost $31,656) | 29,414 | ||
MORTGAGE PASS-THROUGH—25.0% | |||
Federal Home Loan Mortgage Corp. | |||
197 | 1.935%—06/01/20473 | 202 | |
252 | 2.000%—06/01/2050 | 223 | |
508 | 2.250%—01/25/2032 | 458 | |
1,702 | 2.500%—06/01/2050-10/01/2050 | 1,558 | |
2,475 | 3.000%—11/01/2043-09/01/2050 | 2,359 | |
2,449 | 3.500%—05/01/2042-05/01/2050 | 2,411 | |
425 | 4.000%—02/01/2046-05/01/2049 | 427 | |
168 | 4.500%—03/01/2049 | 172 | |
7,810 | |||
Federal National Mortgage Association | |||
2,358 | 2.000%—08/01/2050-03/01/2051 | 2,095 | |
245 | 2.357%—04/01/20473 | 252 | |
188 | 2.418%—12/01/20363 | 198 | |
1,117 | 2.500%—06/01/2050-11/01/2051 | 1,024 | |
3,402 | 3.000%—12/01/2040-04/01/2051 | 3,239 | |
1,565 | 3.500%—09/01/2049-09/01/2051 | 1,525 | |
2,545 | 4.000%—04/01/2045-04/01/2050 | 2,562 | |
1,440 | 4.500%—05/01/2046-09/01/2050 | 1,488 | |
12,383 | |||
Government National Mortgage Association | |||
976 | 2.500%—01/20/2051 | 904 | |
443 | 4.000%—09/20/2041-09/15/2046 | 458 | |
1,018 | 4.500%—01/15/2042-08/20/2047 | 1,068 | |
2,430 | |||
TOTAL MORTGAGE PASS-THROUGH | |||
(Cost $24,691) | 22,623 | ||
12
Harbor Core Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
MUNICIPAL BONDS—2.4% | |||
Principal Amount | Value | ||
City & County of Denver Co. Airport System | |||
$ | 375 | 1.722%—11/15/2027 | $336 |
Metropolitan Water Reclamation District of Greater Chicago | |||
145 | 5.720%—12/01/2038 | 171 | |
Michigan State University | |||
100 | 4.165%—08/15/2122 | 85 | |
New York State Urban Development Corp. | |||
555 | 5.770%—03/15/2039 | 612 | |
Port Authority of New York and New Jersey | |||
555 | 1.086%—07/01/2023 | 545 | |
State of California | |||
300 | 7.500%—04/01/2034 | 395 | |
TOTAL MUNICIPAL BONDS | |||
(Cost $2,236) | 2,144 | ||
U.S. GOVERNMENT OBLIGATIONS—19.0% | |||
U.S. Small Business Administration | |||
Series 2012-20C Cl. 1 | |||
91 | 2.510%—03/01/2032 | 86 | |
Series 2017-20H Cl. 1 | |||
125 | 2.750%—08/01/2037 | 120 | |
Series 2014-20K Cl. 1 | |||
228 | 2.800%—11/01/2034 | 219 | |
Series 2016-20L Cl. 1 | |||
838 | 2.810%—12/01/2036 | 810 | |
Series 2015-20H Cl. 1 | |||
239 | 2.820%—08/01/2035 | 231 | |
Series 2017-20J Cl. 1 | |||
172 | 2.850%—10/01/2037 | 165 | |
Series 2018-20B Cl. 1 | |||
229 | 3.220%—02/01/2038 | 225 |
U.S. GOVERNMENT OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
Series 2018-20G Cl. 1 | |||
$ | 353 | 3.540%—07/01/2038 | $351 |
2,207 | |||
U.S. Treasury Bonds | |||
2,338 | 1.125%—08/15/2040 | 1,677 | |
2,583 | 1.750%—08/15/2041 | 2,047 | |
2,736 | 1.875%—02/15/2041-02/15/2051 | 2,188 | |
1,709 | 2.000%—08/15/2051 | 1,381 | |
246 | 2.250%—02/15/2052 | 211 | |
302 | 2.375%—02/15/2042 | 267 | |
7,771 | |||
U.S. Treasury Inflation Index Notes7 | |||
487 | 0.125%—01/15/2030 | 495 | |
79 | 1.000%—02/15/2049 | 90 | |
585 | |||
U.S. Treasury Notes | |||
3,386 | 0.625%—07/31/2026 | 3,071 | |
1,617 | 1.250%—08/15/2031 | 1,401 | |
2,353 | 1.500%—01/31/2027 | 2,203 | |
6,675 | |||
TOTAL U.S. GOVERNMENT OBLIGATIONS | |||
(Cost $19,217) | 17,238 | ||
TOTAL INVESTMENTS—99.2% | |||
(Cost $97,846) | 89,894 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.8% | 682 | ||
TOTAL NET ASSETS—100.0% | $90,576 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.
The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2022. Transfers into or out of Level 3 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 occured.
Valuation Description | Beginning Balance as of 11/01/2021 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss) (000s) | Change in Unrealized Appreciation/ (Depreciation) (000s) | Transfers Into Level 3 (000s) | Transfers Out of Level 3h (000s) | Ending Balance as of 04/30/2022 (000s) | Unrealized Gain/(Loss) as of 04/30/2022 (000s) |
Asset-Backed Securities | $465 | $— | $— | $(11) | $— | $(39) | $— | $(415) | $— | $— |
13
Harbor Core Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
1 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $19,562 or 22% of net assets. |
2 | CLO after the name of a security stands for Collateralized Loan Obligation. |
3 | Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 2022. The variable rate for such securities may be based on the indicated reference rate and spread or on an underlying asset or pool of assets rather than a reference rate and may be determined by current interest rates, prepayments or other financial indicators. |
4 | MTN after the name of a security stands for Medium Term Note. |
5 | Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date. |
6 | Zero coupon bond |
7 | Inflation-protected securities (“IPS”) are securities in which the principal amount is adjusted for inflation and interest payments are applied to the inflation-adjusted principal. |
h | Transferred from Level 3 to Level 2 due to the availbility of observable market data for pricing |
The accompanying notes are an integral part of the Financial Statements.
14
Harbor Core Plus Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Income Research + Management
Investment Allocation (% of investments)
(Excludes short-term investments)
Portfolio of Investments
Principal Amounts, Value and Cost in Thousands
ASSET-BACKED SECURITIES—10.8% | |||
Principal Amount | Value | ||
Aligned Data Centers LLC | |||
Series 2021-1A Cl. A2 | |||
$ | 7,301 | 1.937%—08/15/20461 | $6,604 |
AMMC CLO 20 Ltd.2 | |||
Series 2017-20A Cl. AR | |||
3,100 | 1.914% (3 Month USD LIBOR + 1.413) 04/17/20291,3 | 3,096 | |
AMMC CLO XII Ltd.2 | |||
Series 2013-12A Cl. AR2 | |||
4,200 | 1.096% (3 Month USD LIBOR + 1.585) 11/10/20301,3 | 4,174 | |
Apidos CLO XXVI2 | |||
Series 2017-26A Cl. A1AR | |||
4,000 | 1.944% (3 Month USD LIBOR + 1.605) 07/18/20291,3 | 3,977 | |
Ares LII CLO Ltd.2 | |||
Series 2019-52A Cl. A1R | |||
4,000 | 2.186% (3 Month USD LIBOR + 1.511) 04/22/20311,3 | 3,965 | |
ARI Fleet Lease Trust | |||
Series 2022-A | |||
3,727 | 3.120%—01/15/20311 | 3,714 | |
Birch Grove CLO Ltd.2 | |||
Series 19-AR | |||
4,000 | 1.956% (3 Month USD LIBOR + 1.472) 06/15/20311,3 | 3,980 | |
Catamaran CLO Ltd.2 | |||
Series 2014-1A Cl. A1AR | |||
4,974 | 2.236% (3 Month USD LIBOR + 1.524) 04/22/20301,3 | 4,950 | |
CF Hippolyta Issuer LLC | |||
Series 2021-1A Cl. A1 | |||
7,330 | 1.530%—03/15/20611 | 6,683 | |
DB Master Finance LLC | |||
Series 2021-1A Cl. A2II | |||
2,279 | 2.493%—11/20/20511 | 2,005 | |
Series 2021-1A Cl. A23 | |||
4,239 | 2.791%—11/20/20511 | 3,670 | |
5,675 |
ASSET-BACKED SECURITIES—Continued | |||
Principal Amount | Value | ||
Diamond Infrastructure Funding LLC | |||
Series 2021-1A | |||
$ | 4,375 | 1.760%—04/15/2049 | $3,881 |
Domino's Pizza Master Issuer LLC | |||
Series 2021-1A Cl. A2I | |||
1,337 | 2.662%—04/25/20511 | 1,203 | |
Series 2021-1A Cl. A2II | |||
6,930 | 3.151%—04/25/2051 | 6,188 | |
7,391 | |||
Firstkey Homes Trust | |||
Series 2021-SFR1 | |||
7,387 | 1.538%—08/17/20381 | 6,706 | |
Series 2022-SFRA | |||
6,813 | 3.100%—03/17/20391 | 6,464 | |
13,170 | |||
GSAA Home Equity Trust | |||
Series 2006-20 Cl. 1A2 | |||
3,335 | 1.028% (1 Month USD LIBOR + 0.360) 12/25/20463 | 1,212 | |
Home Partners of America Trust | |||
Series 2022-1 | |||
3,381 | 3.930%—04/17/20391 | 3,320 | |
HSI Asset Securitization Corp. Trust | |||
Series 2006-HE2 Cl. 2A3 | |||
4,427 | 0.448%—12/25/20363 | 1,520 | |
IXIS Real Estate Capital Trust | |||
Series 2005-HE1 Cl. M4 | |||
949 | 1.718% (1 Month USD LIBOR + 1.050) 06/25/20353 | 944 | |
JPMorgan Mortgage Acquisition Corp. | |||
Series 2006-HE1 Cl. A4 | |||
466 | 1.248% (1 Month USD LIBOR + 0.580) 01/25/20363 | 466 | |
Series 2007-HE1 Cl. AF3 | |||
711 | 4.214%—05/25/20354 | 547 | |
1,013 | |||
Morgan Stanley Capital Inc. | |||
Series 2007-HE1 Cl. A2C | |||
1,661 | 0.818% (1 Month USD LIBOR + 0.150) 11/25/20363 | 1,169 |
15
Harbor Core Plus Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
ASSET-BACKED SECURITIES—Continued | |||
Principal Amount | Value | ||
Series 2007-HE6 Cl. A3 | |||
$ | 3,253 | 0.848% (1 Month USD LIBOR + 0.180) 05/25/20373 | $2,998 |
4,167 | |||
New Economy Assets Phase 1 ISS | |||
Series 2021 Cl. 1A1 | |||
4,500 | 1.910%—10/20/2061 | 4,044 | |
Option One Mortgage Loan Trust | |||
Series 2007-6 Cl. 2A4 | |||
3,418 | 0.918% (1 Month USD LIBOR + 0.250) 07/25/20373 | 2,784 | |
Palmer Square Loan Funding Ltd. | |||
Series 2021-4A Cl. A1 | |||
3,657 | 1.844% (3 Month USD LIBOR + 0.800) 10/15/20291,3 | 3,638 | |
Servicemaster Funding LLC | |||
371 | 3.337%—01/30/20511 | 327 | |
Servpro Master Issuer LLC | |||
3,465 | 2.394%—04/25/20511 | 3,044 | |
Sound Point CLO XII Ltd.2 | |||
Series 2016-2A Cl. AR2 | |||
4,500 | 2.113% (3 Month USD LIBOR + 1.050) 10/20/20281,3 | 4,488 | |
Specialty Underwriting & Residential Finance Trust | |||
Series 2006-BC4 Cl. A2B | |||
2,459 | 0.888% (1 Month USD LIBOR + 0.220) 09/25/20373 | 1,177 | |
Stack Infrastructure Issuer LLC | |||
Series 2021-1A Cl. A2 | |||
7,000 | 1.877%—03/26/20461 | 6,391 | |
Taco Bell Funding LLC | |||
Series 2021-1A Cl. A2I | |||
6,983 | 1.946%—08/25/2051 | 6,235 | |
Trinity Rail Leasing 2020 LLC | |||
5,000 | 2.560%—11/19/20501 | 4,560 | |
Vantage Data Centers Issuer LLC | |||
2,000 | 2.165%—10/15/20461 | 1,830 | |
1,119 | 3.188%—07/15/20441 | 1,095 | |
2,925 | |||
VB-S1 Issuer LLC - Vbtel | |||
6,810 | 3.156%—02/15/20521 | 6,486 | |
Wendy's Funding LLC | |||
Series 2021-1A Cl. A2I | |||
6,948 | 2.370%—06/15/20511 | 6,142 | |
TOTAL ASSET-BACKED SECURITIES | |||
(Cost $142,169) | 135,677 | ||
COLLATERALIZED MORTGAGE OBLIGATIONS—12.5% | |||
Adjustable Rate Mortgage Trust | |||
Series 2006-3 Cl. 4A2 | |||
2,225 | 0.908% (1 Month USD LIBOR + 0.240) 08/25/20363 | 962 | |
AMSR Trust | |||
Series 2022-SFR1 | |||
7,400 | 2.942%—03/17/20391 | 7,012 | |
Angel Oak Mortgage Trust | |||
Series 2022-1 Cl. A1 | |||
3,904 | 2.881%—12/25/20661,4 | 3,763 | |
Argent Securities Inc. | |||
Series 2006-W4 Cl. A2C | |||
5,676 | 0.988% (1 Month USD LIBOR + 0.320) 05/25/20363 | 1,735 | |
Series 2004-W11 Cl. M3 | |||
935 | 1.793% (1 Month USD LIBOR + 1.125) 11/25/20343 | 934 | |
2,669 |
COLLATERALIZED MORTGAGE OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
Banc of America Alternative Loan Trust | |||
Series 2006 -7 Cl. A3 | |||
$ | 7,082 | 5.913%—10/25/20363 | $2,531 |
Banc of America Funding Corp. | |||
Series 2007-C Cl. 7A5 | |||
507 | 1.194% (1 Month USD LIBOR + 0.600) 05/20/20473 | 491 | |
BCAP LLC Trust | |||
Series 2007-AA2 Cl. 12A1 | |||
3,416 | 1.088% (1 Month USD LIBOR + 0.420) 05/25/20473 | 3,293 | |
Series 2011-RR5 Cl. 12A1 | |||
213 | 4.797%—03/26/20371,4 | 213 | |
Series 2011-RR4 Cl. 8A1 | |||
1,282 | 5.250%—02/26/20361,3 | 706 | |
4,212 | |||
Bear Stearns Adjustable Rate Mortgage Trust | |||
Series 2004-1 Cl. 12A5 | |||
169 | 2.741%—04/25/20343 | 167 | |
Series 2000-2 Cl. A1 | |||
12 | 2.779%—11/25/20303 | 12 | |
179 | |||
Benchmark Mortgage Trust | |||
Series 2020-B21 | |||
4,730 | 1.978%—12/17/2053 | 4,036 | |
Series 2019-B15 Cl. A5 | |||
7,000 | 2.928%—12/15/2072 | 6,539 | |
Series 2019-B9 Cl. A5 | |||
5,200 | 4.016%—03/15/2052 | 5,221 | |
15,796 | |||
BX Commercial Mortgage Trust | |||
Series 2021-VOLT Cl. A | |||
1,429 | 1.254% (1 Month USD LIBOR + 0.700) 09/15/20361,3 | 1,400 | |
Series 2022-LP2 | |||
2,593 | 1.535% (CME Term SOFR 1 Month + 1.013) 02/15/20391,3 | 2,542 | |
3,942 | |||
Chase Mortgage Finance Corp Trust | |||
Series 2006-A1 Cl. 4A1 | |||
18 | 2.780%—09/25/20363 | 16 | |
Citigroup Commercial Mortgage Trust | |||
Series 2015-GC27 | |||
3,390 | 3.137%—02/10/2048 | 3,342 | |
COMM Mortgage Trust | |||
Series 2016-787S Cl. A | |||
5,400 | 3.545%—02/10/20361 | 5,231 | |
Series 2014-LC17 | |||
6,500 | 3.917%—10/10/2047 | 6,514 | |
11,745 | |||
Countrywide Alternative Loan Trust | |||
Series 2006-6BC Cl. 1A2 | |||
1,881 | 1.068% (1 Month USD LIBOR + 0.400) 05/25/20363 | 1,507 | |
Series 2005-20CB Cl. 2A5 | |||
1,361 | 5.500%—07/25/2035 | 1,036 | |
Series 2006-36T2 Cl. 1A4 | |||
903 | 5.750%—12/25/2036 | 462 | |
Series 2006-1R Cl.2A3 | |||
2,943 | 6.000%—08/25/2037 | 1,881 | |
4,886 | |||
Countrywide Asset-Backed Certificates | |||
Series 2006-ABC1 Cl. A3 | |||
4,331 | 1.148% (1 Month USD LIBOR + 0.480) 05/25/20363 | 3,815 |
16
Harbor Core Plus Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
COLLATERALIZED MORTGAGE OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
Series 2006-2 Cl. M1 | |||
$ | 495 | 1.268% (1 Month USD LIBOR + 0.600) 06/25/20363 | $492 |
4,307 | |||
Countrywide Home Loan Mortgage Pass Through Trust | |||
Series 2007-HY5 Cl. 1A1 | |||
424 | 3.433%—09/25/20473 | 387 | |
Credit Suisse First Boston Mortgage Securities Corp. | |||
Series 2006-C2 Cl. A3 | |||
211 | 6.000%—11/25/2035 | 159 | |
DC Office Trust | |||
Series 2019-MTC Cl. A | |||
4,900 | 2.965%—09/15/20451 | 4,478 | |
Deutsche Alt-A Securities Inc. Mortgage Loan Trust | |||
Series 2007-AR2 Cl. A1 | |||
2,934 | 0.968% (1 Month USD LIBOR + 0.300) 03/25/20373 | 2,923 | |
DSLA Mortgage Loan Trust | |||
Series 2006-AR1 Cl. 1A1A | |||
970 | 1.139% (Fed 12 Month Treasury Average Constant Maturity Treasury + 0.920) 3/19/20463 | 835 | |
First Franklin Mortgage Loan Trust | |||
Series 2006-FF14 Cl. A6 | |||
8,000 | 0.978% (1 Month USD LIBOR + 0.310) 10/25/20363 | 6,741 | |
First Horizon Asset Securities Inc. | |||
Series 2005-AR6 Cl. 4A1 | |||
156 | 2.661%—02/25/20363 | 145 | |
First Nationwide Trust | |||
Series 2001-3 Cl. 1A1 | |||
— | 6.750%—08/21/2031 | — | |
GS Mortgage Securities Trust | |||
Series 2015-GC30 | |||
3,903 | 3.119%—05/10/2050 | 3,816 | |
Series 2013-GC14 | |||
5,300 | 4.243%—08/10/2046 | 5,344 | |
9,160 | |||
GSAA Home Equity Trust | |||
Series 2007-9A1A | |||
428 | 6.000%—08/25/20473 | 383 | |
GSMPS Mortgage Loan Trust | |||
Series 2006-RP2 Cl. 1AF1 | |||
3,467 | 1.068% (1 Month USD LIBOR + 0.400) 04/25/20361,3 | 2,882 | |
GSR Mortgage Loan Trust | |||
Series 2005-AR3 Cl. 3A1 | |||
234 | 2.526%—05/25/20353 | 190 | |
IndyMac ARM Trust | |||
Series 2001-H2 Cl. A2 | |||
2 | 1.544%—01/25/20323 | 2 | |
IndyMac IMSC Mortgage Loan Trust | |||
Series 2007-F2 Cl. 2A1 | |||
2,904 | 6.500%—07/25/2037 | 1,300 | |
IndyMac INDX Mortgage Loan Trust | |||
Series 2007-AR13 Cl. 4A1 | |||
10,435 | 2.825%—07/25/20373 | 7,756 | |
Series 2005-AR31 Cl. 1A1 | |||
676 | 3.012%—01/25/20363 | 646 | |
8,402 | |||
JP Morgan Mortgage Trust | |||
Series 2006-A6 Cl. 1A4L | |||
1,096 | 3.226%—10/25/20363 | 913 |
COLLATERALIZED MORTGAGE OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
Series 2006-S1 Cl. 3A1 | |||
$ | 91 | 5.500%—04/25/2036 | $90 |
1,003 | |||
JPMDB Commercial Mortgage Securities Trust | |||
Series 2016-C2 Cl. A4 | |||
4,225 | 3.144%—06/15/2049 | 4,109 | |
Manhattan West Mortgage Trust | |||
Series 2020-1MW Cl. A | |||
4,900 | 2.130%—09/10/20391 | 4,439 | |
Merrill Lynch Alternative Note Asset Trust | |||
Series 2007-F1 Cl. 2A6 | |||
433 | 6.000%—03/25/2037 | 216 | |
MetLife Securitization Trust | |||
Series 2018-1A Cl. A | |||
2,429 | 3.750%—03/25/20571,3 | 2,420 | |
Morgan Stanley Bank of America Merrill Lynch Trust | |||
Series 2015-C22 Cl. ASB | |||
3,153 | 3.040%—04/15/2048 | 3,129 | |
Series 2014-C14 Cl. A5 | |||
3,547 | 4.064%—02/15/2047 | 3,570 | |
6,699 | |||
Onslow Bay Financial LLC | |||
Series 2018-1 Cl. A2 | |||
2,749 | 1.318% (1 Month USD LIBOR + 0.650) 06/25/20571,3 | 2,719 | |
People's Financial Realty Mortgage Securities Trust | |||
Series 2006-1 Cl. 1A2 | |||
4,404 | 0.798% (1 Month USD LIBOR + 0.130) 09/25/20363 | 1,096 | |
RAMP Trust | |||
Series 2004-RS8 Cl. MII1 | |||
46 | 1.568% (1 Month USD LIBOR + 0.600) 08/25/20343 | 46 | |
Residential Accredit Loans Inc. | |||
Series 2007-QS4 Cl. 3A9 | |||
97 | 6.000%—03/25/2037 | 87 | |
Residential Asset Securitization Trust | |||
Series 2007-A8 Cl. 2A1 | |||
17,580 | 6.250%—08/25/2037 | 5,766 | |
Residential Funding Mortgage Securities I | |||
Series 2007-SA1 Cl. 2A2 | |||
156 | 3.891%—02/25/20373 | 120 | |
Saxon Asset Securities Trust | |||
Series 2006-3 Cl. A3 | |||
2,353 | 0.838% (1 Month USD LIBOR + 0.170) 10/25/20463 | 2,316 | |
Structured Adjustable Rate Mortgage Loan Trust | |||
Series 2005-21A Cl. 3A1 | |||
162 | 2.608%—04/25/20353 | 163 | |
Structured Asset Mortgage Investments Inc. | |||
Series 2005-AR5 Cl. A2 | |||
170 | 1.054% (1 Month USD LIBOR + 0.500) 07/19/20353 | 163 | |
Suntrust Adjustable Rate Mortgage Loan Trust | |||
Series 2007-S1 Cl. 1A | |||
276 | 2.376%—01/25/20373 | 231 | |
Tricon American Homes Trust | |||
Series 2020-SFR1 Cl. A | |||
2,320 | 1.499%—07/17/20381 | 2,110 | |
Washington Mutual Mortgage Pass Through Certificates Trust | |||
Series 2005-AR6 Cl. 2A1A | |||
183 | 1.128% (1 Month USD LIBOR + 0.460) 04/25/20453 | 180 |
17
Harbor Core Plus Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
COLLATERALIZED MORTGAGE OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
Series 2006-AR11 Cl. 3A1A | |||
$ | 1,029 | 1.139% (Fed 12 Month Treasury Average Constant Maturity Treasury + 0.920) 09/25/20463 | $981 |
Series 2005-AR13 Cl. A1A1 | |||
90 | 1.248% (1 Month USD LIBOR + 0.580) 10/25/20453 | 89 | |
Series 2006-AR8 Cl. 1A4 | |||
1,669 | 2.848%—08/25/20463 | 1,628 | |
2,878 | |||
Wells Fargo Commercial Mortgage Trust | |||
Series 2018-C48 Cl. A5 | |||
7,117 | 4.302%—01/15/2052 | 7,215 | |
WFRBS Commercial Mortgage Trust | |||
Series 2014-C23 | |||
6,450 | 3.917%—10/15/2057 | 6,475 | |
Series 2013-C17 | |||
3,101 | 4.023%—12/15/2046 | 3,119 | |
9,594 | |||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS | |||
(Cost $167,443) | 157,230 | ||
CORPORATE BONDS & NOTES—34.7% | |||
AEROSPACE & DEFENSE—1.3% | |||
BAE Systems plc | |||
3,200 | 1.900%—02/15/20311 | 2,625 | |
3,000 | 3.000%—09/15/20501 | 2,261 | |
4,886 | |||
Boeing Co. | |||
6,100 | 1.950%—02/01/2024 | 5,930 | |
1,214 | 5.805%—05/01/2050 | 1,216 | |
7,146 | |||
Northrop Grumman Corp. | |||
4,300 | 5.250%—05/01/2050 | 4,697 | |
16,729 | |||
AIRLINES—0.7% | |||
Air Canada Pass-Through Trust | |||
Series 2017-1AA Cl. PTT | |||
3,447 | 3.300%—07/15/20311 | 3,267 | |
American Airlines Pass-Through Trust | |||
Series 15-2 Cl. AA | |||
1,495 | 3.600%—03/22/2029 | 1,431 | |
Jetblue Airways Corp. | |||
4,206 | 4.000%—05/15/2034 | 4,032 | |
8,730 | |||
AUTO COMPONENTS—0.5% | |||
Allison Transmission Inc. | |||
2,800 | 4.750%—10/01/20271 | 2,701 | |
Aptiv plc / Aptiv Corp. | |||
5,000 | 4.150%—05/01/2052 | 4,127 | |
6,828 | |||
AUTOMOBILES—2.1% | |||
Ford Motor Credit Co. LLC | |||
4,000 | 3.375%—11/13/2025 | 3,846 | |
3,900 | 3.810%—01/09/2024 | 3,837 | |
2,900 | 4.375%—08/06/2023 | 2,905 | |
10,588 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
AUTOMOBILES—Continued | |||
Nissan Motor Co. Ltd. | |||
$ | 2,700 | 3.522%—09/17/20251 | $2,611 |
3,900 | 4.810%—09/17/20301 | 3,663 | |
6,274 | |||
Volkswagen Group of America Finance LLC | |||
4,700 | 3.350%—05/13/20251 | 4,632 | |
4,800 | 4.750%—11/13/20281 | 4,905 | |
9,537 | |||
26,399 | |||
BANKS—2.0% | |||
Banco Bilbao Vizcaya Argentaria SA | |||
300 | 1.125%—09/18/2025 | 273 | |
Banque Federative du Credit Mutuel SA | |||
6,300 | 3.750%—07/20/20231 | 6,343 | |
Citigroup Inc. | |||
4,700 | 2.572%—06/03/20315 | 4,038 | |
JPMorgan Chase & Co. | |||
4,000 | 1.470%—09/22/20275 | 3,556 | |
Mitsubishi UFJ Financial Group Inc. | |||
5,800 | 1.412%—07/17/2025 | 5,356 | |
NatWest Group PLC | |||
200 | 4.519%—06/25/20245 | 202 | |
200 | 4.892%—05/18/20295 | 199 | |
401 | |||
Nordea Bank Abp | |||
2,500 | 3.750%—08/30/20231 | 2,518 | |
PNC Bank NA | |||
2,900 | 2.500%—08/27/2024 | 2,843 | |
25,328 | |||
BEVERAGES—0.4% | |||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc. | |||
4,800 | 4.900%—02/01/2046 | 4,738 | |
BUILDING PRODUCTS—1.5% | |||
Carlisle Cos. Inc. | |||
3,250 | 2.200%—03/01/2032 | 2,651 | |
CRH America Finance Inc. | |||
3,200 | 3.950%—04/04/20281 | 3,168 | |
3,200 | 4.500%—04/04/20481 | 3,151 | |
6,319 | |||
Ferguson Finance plc | |||
4,800 | 4.650%—04/20/20321 | 4,707 | |
Fortune Brands Home & Security Inc. | |||
4,700 | 3.250%—09/15/2029 | 4,264 | |
Owens Corning | |||
300 | 4.200%—12/01/2024 | 303 | |
18,244 | |||
CAPITAL MARKETS—4.4% | |||
Ares Finance Co. IV LLC | |||
4,500 | 3.650%—02/01/20521 | 3,422 | |
BGC Partners Inc. | |||
6,300 | 5.375%—07/24/2023 | 6,402 | |
BlackRock TCP Capital Corp. | |||
5,800 | 2.850%—02/09/2026 | 5,360 | |
Blackstone Holdings Finance Co. LLC | |||
6,000 | 3.200%—01/30/20521 | 4,579 |
18
Harbor Core Plus Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
CAPITAL MARKETS—Continued | |||
Block Financial LLC Co. | |||
$ | 3,600 | 3.875%—08/15/2030 | $3,349 |
Credit Agricole SA MTN6 | |||
4,900 | 3.750%—04/24/20231 | 4,920 | |
Credit Suisse Group AG | |||
5,100 | 2.997%—12/14/20231,5 | 5,086 | |
4,900 | 3.750%—03/26/2025 | 4,809 | |
9,895 | |||
Golub Capital BDC Inc. | |||
5,800 | 2.500%—08/24/2026 | 5,176 | |
Hercules Capital Inc. | |||
2,816 | 2.625%—09/16/2026 | 2,538 | |
KKR Group Finance Co. X LLC | |||
3,000 | 3.250%—12/15/20511 | 2,262 | |
Oaktree Specialty Lending Corp. | |||
3,000 | 2.700%—01/15/2027 | 2,664 | |
Sixth Street Specialty Lending Inc. | |||
5,500 | 2.500%—08/01/2026 | 4,972 | |
55,539 | |||
CHEMICALS—0.3% | |||
International Flavors & Fragrances Inc. | |||
3,700 | 3.200%—05/01/2023 | 3,705 | |
COMMUNICATIONS EQUIPMENT—0.2% | |||
Ciena Corp. | |||
2,900 | 4.000%—01/31/20301 | 2,648 | |
CONSUMER FINANCE—0.7% | |||
Daimler Finance North America LLC | |||
5,300 | 3.700%—05/04/20231 | 5,358 | |
OneMain Finance Corp | |||
2,800 | 6.875%—03/15/2025 | 2,819 | |
8,177 | |||
DIVERSIFIED CONSUMER SERVICES—0.3% | |||
Service Corp. International | |||
4,400 | 4.000%—05/15/2031 | 3,967 | |
DIVERSIFIED FINANCIAL SERVICES—0.4% | |||
Owl Rock Core Income Corp. | |||
5,700 | 4.700%—02/08/20271 | 5,383 | |
DIVERSIFIED TELECOMMUNICATION SERVICES—0.8% | |||
AT&T Inc. | |||
4,900 | 1.650%—02/01/2028 | 4,277 | |
Verizon Communications Inc. | |||
7,000 | 3.700%—03/22/2061 | 5,642 | |
9,919 | |||
ELECTRIC UTILITIES—1.8% | |||
Duke Energy Florida LLC | |||
4,000 | 2.400%—12/15/2031 | 3,467 | |
Exelon Corp. | |||
3,100 | 4.050%—04/15/2030 | 3,039 | |
1,500 | 5.625%—06/15/2035 | 1,598 | |
4,637 | |||
FirstEnergy Corp. | |||
1,100 | 3.350%—07/15/2022 | 1,099 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
ELECTRIC UTILITIES—Continued | |||
Jersey Central Power & Light Co. | |||
$ | 900 | 4.300%—01/15/20261 | $904 |
1,600 | 4.700%—04/01/20241 | 1,620 | |
2,524 | |||
Nextera Energy Capital Holdings Inc. | |||
6,000 | 2.250%—06/01/2030 | 5,137 | |
Pacific Gas & Electric Co. | |||
2,900 | 3.150%—01/01/2026 | 2,728 | |
1,700 | 3.400%—08/15/2024 | 1,664 | |
1,800 | 3.500%—06/15/2025 | 1,744 | |
6,136 | |||
23,000 | |||
ENTERTAINMENT—0.6% | |||
Magallanes Inc. | |||
4,000 | 5.141%—03/15/20521 | 3,574 | |
Walt Disney Co. | |||
3,900 | 2.650%—01/13/2031 | 3,480 | |
7,054 | |||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—4.1% | |||
Agree LP Co. | |||
1,400 | 2.900%—10/01/2030 | 1,238 | |
Alexandria Real Estate Equities Inc. | |||
2,100 | 2.750%—12/15/2029 | 1,887 | |
2,300 | 4.850%—04/15/2049 | 2,316 | |
4,203 | |||
Boston Properties LP | |||
4,905 | 2.750%—10/01/2026 | 4,643 | |
Brandywine Operating Partnership LP | |||
5,000 | 4.100%—10/01/2024 | 5,029 | |
Digital Realty Trust LP | |||
5,500 | 4.450%—07/15/2028 | 5,510 | |
EPR Properties | |||
1,900 | 4.500%—06/01/2027 | 1,830 | |
600 | 4.950%—04/15/2028 | 578 | |
2,408 | |||
Equinix Inc. | |||
5,000 | 1.000%—09/15/2025 | 4,538 | |
GLP Capital LP / GLP Financing II Inc. | |||
4,500 | 4.000%—01/15/2030 | 4,192 | |
Highwoods Realty LP | |||
2,500 | 2.600%—02/01/2031 | 2,118 | |
Invitation Homes Operating Partnership LP | |||
4,000 | 2.700%—01/15/2034 | 3,255 | |
OMEGA Healthcare Investors Inc. | |||
309 | 4.375%—08/01/2023 | 312 | |
Physicians Realty LP | |||
1,400 | 3.950%—01/15/2028 | 1,367 | |
Scentre Group Trust | |||
5,700 | 4.375%—05/28/20301 | 5,688 | |
Spirit Realty LP | |||
4,700 | 3.400%—01/15/2030 | 4,279 | |
VICI Properties LP | |||
3,104 | 4.375%—05/15/2025 | 3,105 | |
51,885 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—0.4% | |||
Boston Scientific Corp. | |||
5,700 | 2.650%—06/01/2030 | 5,077 |
19
Harbor Core Plus Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
HEALTH CARE PROVIDERS & SERVICES—0.8% | |||
CVS Pass-Through Trust | |||
$ | 425 | 6.943%—01/10/2030 | $460 |
4,814 | 7.507%—01/10/20321 | 5,551 | |
6,011 | |||
HCA Inc. | |||
4,000 | 5.375%—09/01/2026 | 4,099 | |
100 | 5.875%—02/01/2029 | 104 | |
4,203 | |||
10,214 | |||
HOTELS, RESTAURANTS & LEISURE—0.6% | |||
Expedia Group Inc. | |||
3,450 | 6.250%—05/01/20251 | 3,606 | |
Marriott International Inc. | |||
5,000 | 3.500%—10/15/2032 | 4,470 | |
8,076 | |||
HOUSEHOLD DURABLES—0.3% | |||
Tri Pointe Homes Inc. | |||
1,108 | 5.250%—06/01/2027 | 1,072 | |
2,863 | 5.700%—06/15/2028 | 2,749 | |
3,821 | |||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.6% | |||
ENEL Finance International NV | |||
4,100 | 1.875%—07/12/20281 | 3,588 | |
4,100 | 2.250%—07/12/20311 | 3,401 | |
6,989 | |||
INDUSTRIAL CONGLOMERATES—0.3% | |||
Textron Inc. | |||
3,800 | 2.450%—03/15/2031 | 3,232 | |
INSURANCE—1.2% | |||
AIA Group Ltd. | |||
2,700 | 3.375%—04/07/20301 | 2,580 | |
Allstate Corp. | |||
4,300 | 1.450%—12/15/2030 | 3,509 | |
GA Global Funding Trust | |||
4,000 | 1.950%—09/15/20281 | 3,462 | |
SBL Holdings Inc. | |||
5,675 | 5.000%—02/18/20311 | 5,124 | |
14,675 | |||
MEDIA—0.5% | |||
Charter Communications Operating LLC / Charter Communications Operating Capital | |||
4,775 | 5.375%—05/01/2047 | 4,280 | |
2,400 | 6.384%—10/23/2035 | 2,531 | |
6,811 | |||
METALS & MINING—0.4% | |||
Anglo American Capital plc | |||
5,267 | 3.875%—03/16/20291 | 5,002 | |
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)—0.4% | |||
ERP Operating LP | |||
2,100 | 3.375%—06/01/2025 | 2,092 | |
Starwood Property Trust Inc. | |||
3,700 | 4.375%—01/15/20271 | 3,456 | |
5,548 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
OIL, GAS & CONSUMABLE FUELS—1.1% | |||
EQM Midstream Partners LP | |||
$ | 522 | 4.750%—07/15/2023 | $517 |
Occidental Petroleum Corp. | |||
13,200 | 0.000%—10/10/20367 | 6,820 | |
Sabine Pass Liquefaction LLC | |||
900 | 4.200%—03/15/2028 | 884 | |
5,100 | 4.500%—05/15/2030 | 5,072 | |
5,956 | |||
13,293 | |||
PHARMACEUTICALS—0.9% | |||
Bayer US Finance II LLC | |||
6,300 | 3.875%—12/15/20231 | 6,353 | |
Takeda Pharmaceutical Co. Ltd. | |||
1,500 | 2.050%—03/31/2030 | 1,263 | |
Teva Pharmaceutical Finance Netherlands III BV | |||
3,000 | 6.750%—03/01/2028 | 3,051 | |
10,667 | |||
ROAD & RAIL—0.7% | |||
Canadian Pacific Railway Co. | |||
1,145 | 6.125%—09/15/2115 | 1,265 | |
Norfolk Southern Corp. | |||
3,800 | 4.050%—08/15/2052 | 3,473 | |
Union Pacific Corp. | |||
5,000 | 3.375%—02/14/2042 | 4,320 | |
9,058 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4% | |||
Broadcom Inc. | |||
6,904 | 3.137%—11/15/20351 | 5,583 | |
4,003 | 3.469%—04/15/20341 | 3,402 | |
8,985 | |||
KLA Corp. | |||
2,900 | 3.300%—03/01/2050 | 2,414 | |
1,230 | 5.650%—11/01/2034 | 1,338 | |
3,752 | |||
NXP BV / NXP Funding LLC / NXP USA Inc. | |||
4,600 | 3.875%—06/18/20261 | 4,535 | |
17,272 | |||
SOFTWARE—0.5% | |||
Oracle Corp. | |||
400 | 2.950%—04/01/2030 | 346 | |
3,500 | 3.600%—04/01/2040 | 2,716 | |
3,062 | |||
VMware Inc. | |||
3,600 | 4.650%—05/15/2027 | 3,653 | |
6,715 | |||
SPECIALTY RETAIL—0.5% | |||
Group 1 Automotive Inc. | |||
2,900 | 4.000%—08/15/20281 | 2,613 | |
Macy's Retail Holdings LLC | |||
3,612 | 5.875%—03/15/20301 | 3,396 | |
6,009 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4% | |||
Dell International LLC / EMC Corp. | |||
1,067 | 5.450%—06/15/2023 | 1,090 |
20
Harbor Core Plus Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—Continued | |||
$ | 800 | 5.850%—07/15/2025 | $841 |
3,300 | 6.020%—06/15/2026 | 3,489 | |
5,420 | |||
TRADING COMPANIES & DISTRIBUTORS—0.8% | |||
Aircastle Ltd. | |||
6,200 | 2.850%—01/26/20281 | 5,421 | |
Aviation Capital Group LLC | |||
5,300 | 4.125%—08/01/20251 | 5,186 | |
10,607 | |||
WIRELESS TELECOMMUNICATION SERVICES—0.8% | |||
American Tower Corp. | |||
1,118 | 3.650%—03/15/2027 | 1,078 | |
Crown Castle International Corp. | |||
4,000 | 3.700%—06/15/2026 | 3,936 | |
Rogers Communications Inc. | |||
3,700 | 3.200%—03/15/20271 | 3,526 | |
Sprint Communications Inc. | |||
800 | 6.000%—11/15/2022 | 812 | |
9,352 | |||
TOTAL CORPORATE BONDS & NOTES | |||
(Cost $470,431) | 436,111 | ||
MORTGAGE PASS-THROUGH—25.6% | |||
Federal Home Loan Mortgage Corp. | |||
5 | 2.285% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 2.250) 08/01/20353 | 6 | |
— | 2.364% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 2.248) 06/01/20243 | — | |
32,251 | 2.500%—07/01/2050-09/01/2051 | 29,516 | |
5,830 | 2.700%—08/01/2023 | 5,824 | |
28,065 | 3.000%—12/15/2027-01/01/2050 | 14,309 | |
304 | 3.500%—01/01/2026-02/01/2035 | 305 | |
20,443 | 4.000%—03/01/2025-11/01/2048 | 16,370 | |
158 | 4.500%—12/01/2040-09/01/2041 | 164 | |
489 | 5.500%—02/01/2038-07/01/2038 | 522 | |
1,752 | 6.000%—01/01/2029-05/01/2040 | 1,929 | |
68,945 | |||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates | |||
15,517 | 1.208%—08/25/20223 | 28 | |
Federal Home Loan Mortgage Corp. REMIC8 | |||
3,424 | 0.581% (1 Month USD LIBOR + 0.700) 08/15/2040-10/15/20403 | 3,411 | |
— | 1.004% (1 Month USD LIBOR + 0.450) 11/15/20303 | — | |
1 | 8.000%—08/15/2022 | 1 | |
3,412 | |||
Federal Home Loan Mortgage Corp. Structured Pass Through Certificates | |||
Series T-63 Cl. 1A1 | |||
52 | 1.283% (Fed 12 Month Treasury Average Constant Maturity Treasury + 1.200) 02/25/20453 | 52 | |
Series E3 Cl. A | |||
13 | 3.755%—08/15/20323 | 13 | |
65 |
MORTGAGE PASS-THROUGH—Continued | |||
Principal Amount | Value | ||
Federal National Mortgage Association | |||
$ | 114 | 1.619% (Fed 12 Month Treasury Average Constant Maturity Treasury + 1.400) 10/01/20403 | $116 |
14,202 | 1.859%—09/25/20573 | 585 | |
268 | 1.943% (12 Month USD LIBOR + 1.693) 08/01/20353 | 269 | |
19 | 1.945% (12 Month USD LIBOR + 1.695) 05/01/20353 | 19 | |
271 | 2.099% (12 Month USD LIBOR + 1.715) 06/01/20353 | 283 | |
5,012 | 2.310%—08/01/2022 | 5,007 | |
22,477 | 2.500%—07/01/2050-02/01/2052 | 20,624 | |
33,815 | 3.000%—06/01/2022-12/01/2050 | 32,104 | |
24,483 | 3.500%—12/01/2025-01/01/2051 | 23,974 | |
53,800 | 4.000%—09/01/2023-07/01/2051 | 47,412 | |
35,312 | 4.500%—11/01/2022-12/01/2050 | 36,359 | |
13,426 | 5.000%—10/01/2031-05/25/2045 | 3,688 | |
12,237 | 5.500%—01/01/2025-09/01/2041 | 13,012 | |
4,015 | 6.000%—07/01/2023-06/01/2040 | 4,374 | |
187,826 | |||
Federal National Mortgage Association REMIC8 | |||
Series 2015-38 Cl. DF | |||
2,125 | 0.765% (1 Month USD LIBOR + 0.310) 06/25/20553 | 2,131 | |
Series 2006-5 Cl. 3A2 | |||
29 | 1.905%—05/25/20353 | 29 | |
Series 2011-98 Cl. ZL | |||
24,941 | 3.500%—10/25/2041 | 24,299 | |
Series 2003-25 Cl. KP | |||
253 | 5.000%—04/25/2033 | 263 | |
Series 2003-W1 Cl. 1A1 | |||
109 | 5.226%—12/25/20423 | 109 | |
26,831 | |||
Government National Mortgage Association | |||
757 | 3.000%—11/15/2049 | 723 | |
9,789 | 4.000%—03/20/2041-03/15/2050 | 5,433 | |
27,905 | 5.000%—08/15/2033-06/15/2050 | 24,838 | |
5,425 | 6.006%—07/20/20373 | 621 | |
4,380 | 6.106%—07/20/20373 | 594 | |
32,209 | |||
Government National Mortgage Association II | |||
20 | 1.625% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 09/20/2023-07/20/20273 | 20 | |
45 | 1.750% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 10/20/2025-11/20/20293 | 45 | |
9 | 1.875% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 05/20/20243 | 9 | |
150 | 2.000% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 08/20/2022-02/20/20323 | 154 | |
1,525 | 4.500%—02/20/2049 | 1,560 | |
63 | 5.000%—01/20/2049 | 66 | |
1,854 | |||
TOTAL MORTGAGE PASS-THROUGH | |||
(Cost $338,668) | 321,170 | ||
21
Harbor Core Plus Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
MUNICIPAL BONDS—0.9% | |||
Principal Amount | Value | ||
City of Chicago, IL | |||
$ | 816 | 7.750%—01/01/2042 | $883 |
Michigan State University | |||
2,785 | 4.165%—08/15/2122 | 2,381 | |
New Jersey Transportation Trust Fund Authority | |||
1,400 | 2.551%—06/15/2023 | 1,393 | |
New York State Dormitory Authority | |||
2,845 | 3.399%—03/15/2032 | 2,644 | |
New York State Urban Development Corp. | |||
3,900 | 1.496%—03/15/2027 | 3,518 | |
TOTAL MUNICIPAL BONDS | |||
(Cost $11,729) | 10,819 | ||
U.S. GOVERNMENT OBLIGATIONS—14.8% | |||
Small Business Administration Participation Certificates | |||
Series 2003-20I Cl. 1 | |||
7 | 5.130%—09/01/2023 | 7 | |
Series 2009-20A Cl. 1 | |||
883 | 5.720%—01/01/2029 | 900 | |
Series 2008-20H Cl. 1 | |||
1,418 | 6.020%—08/01/2028 | 1,461 | |
2,368 | |||
U.S. Treasury Bonds | |||
15,367 | 1.375%—08/15/2050 | 10,581 | |
104,411 | 1.750%—08/15/2041 | 82,754 | |
34,359 | 2.000%—08/15/2051 | 27,769 | |
1,845 | 2.375%—02/15/2042 | 1,630 | |
122,734 |
U.S. GOVERNMENT OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
U.S. Treasury Inflation Index Notes9 | |||
$ | 3,366 | 1.000%—02/15/2049 | $3,831 |
U.S. Treasury Notes | |||
2,990 | 1.250%—08/15/2031 | 2,590 | |
34,608 | 1.375%—11/15/2031 | 30,225 | |
23,991 | 1.500%—01/31/2027 | 22,458 | |
2,344 | 1.875%—02/15/2032 | 2,141 | |
57,414 | |||
TOTAL U.S. GOVERNMENT OBLIGATIONS | |||
(Cost $215,580) | 186,347 | ||
SHORT-TERM INVESTMENTS—0.1% | |||
(Cost $1,062) | |||
U.S. TREASURY BILLS—0.1% | |||
U.S. Treasury Bills | |||
$ | 1,062 | 0.280%—05/31/2022† | 1,062 |
TOTAL INVESTMENTS—99.4% | |||
(Cost $1,347,082) | 1,248,416 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.6% | 7,970 | ||
TOTAL NET ASSETS—100.0% | $1,256,386 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.
The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2022.
Valuation Description | Beginning Balance as of 11/01/2021 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss) (000s) | Change in Unrealized Appreciation/ (Depreciation) (000s) | Transfers Into Level 3 (000s) | Transfers Out of Level 3 (000s) | Ending Balance as of 04/30/2022 (000s) | Unrealized Gain/(Loss) as of 04/30/2022 (000s) |
Preferred Stocks | $16,996 | $— | $(17,140) | $— | $(604) | $748 | $— | $— | $— | $— |
22
Harbor Core Plus Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
† | Coupon represents yield to maturity |
1 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $310,208 or 25% of net assets. |
2 | CLO after the name of a security stands for Collateralized Loan Obligation. |
3 | Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 2022. The variable rate for such securities may be based on the indicated reference rate and spread or on an underlying asset or pool of assets rather than a reference rate and may be determined by current interest rates, prepayments or other financial indicators. |
4 | Step coupon security; the stated rate represents the rate in effect as of April 30, 2022. |
5 | Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date. |
6 | MTN after the name of a security stands for Medium Term Note. |
7 | Zero coupon bond |
8 | REMICs are collateralized mortgage obligations which can hold mortgages secured by any type of real property and issue multiple-class securities backed by those mortgages. |
9 | Inflation-protected securities (“IPS”) are securities in which the principal amount is adjusted for inflation and interest payments are applied to the inflation-adjusted principal. |
The accompanying notes are an integral part of the Financial Statements.
23
Harbor Disruptive Innovation Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Adviser: Harbor Capital Advisors, Inc.
Sector Allocation (% of investments)
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—98.8% | |||
Shares | Value | ||
AUTOMOBILES—2.9% | |||
5,021 | Tesla Inc.* | $4,372 | |
BIOTECHNOLOGY—9.5% | |||
81,446 | Akouos Inc.* | 228 | |
90,244 | Allogene Therapeutics Inc.* | 753 | |
19,427 | Arrowhead Pharmaceuticals Inc.* | 799 | |
13,315 | Ascendis Pharma A/S ADR (Denmark)*,1 | 1,215 | |
166,063 | Autolus Therapeutics plc ADR (United Kingdom)*,1 | 518 | |
47,119 | Avidity Biosciences Inc.* | 674 | |
52,532 | Bicycle Therapeutics plc ADR (United Kingdom)*,1 | 1,233 | |
11,073 | Blueprint Medicines Corp.* | 646 | |
24,584 | C4 Therapeutics Inc.* | 211 | |
113,438 | Cabaletta Bio Inc.* | 157 | |
11,470 | Fate Therapeutics Inc.* | 328 | |
147,519 | Freeline Therapeutics Holdings plc ADR (United Kingdom)*,1 | 133 | |
4,224 | Horizon Therapeutics plc (Ireland)* | 416 | |
104,466 | Invitae Corp.* | 555 | |
39,580 | Iovance Biotherapeutics Inc.* | 600 | |
93,847 | Ironwood Pharmaceuticals Inc.* | 1,126 | |
13,036 | Krystal Biotech Inc.* | 790 | |
12,249 | Kymera Therapeutics Inc.* | 384 | |
237,517 | LogicBio Therapeutics Inc.* | 104 | |
160,171 | Magenta Therapeutics Inc.* | 229 | |
80,600 | Orchard Therapeutics plc ADR (United Kingdom)*,1 | 46 | |
94,388 | Precision BioSciences Inc.* | 188 | |
30,354 | REGENXBIO Inc.* | 843 | |
30,863 | Replimune Group Inc.* | 518 | |
69,402 | Rocket Pharmaceuticals Inc.* | 713 | |
356,941 | Synlogic Inc.* | 607 | |
64,503 | TCR2 Therapeutics Inc.* | 137 | |
23,658 | UniQure NV (Netherlands)* | 353 | |
14,504 | |||
CAPITAL MARKETS—1.1% | |||
15,450 | Coinbase Global Inc.* | 1,741 | |
CONTAINERS & PACKAGING—2.2% | |||
42,234 | Ball Corp. | 3,428 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
ELECTRIC UTILITIES—0.3% | |||
6,671 | NextEra Energy Inc. | $474 | |
ENTERTAINMENT—1.4% | |||
4,472 | Netflix Inc.* | 851 | |
14,924 | Sea Ltd. ADR (Singapore)*,1 | 1,235 | |
2,086 | |||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—0.8% | |||
6,990 | Crown Castle International Corp. | 1,295 | |
HEALTH CARE EQUIPMENT & SUPPLIES—2.4% | |||
2,289 | Dexcom Inc.* | 935 | |
1,915 | IDEXX Laboratories Inc.* | 825 | |
4,569 | Insulet Corp.* | 1,092 | |
2,219 | The Cooper Companies Inc. | 801 | |
3,653 | |||
HEALTH CARE PROVIDERS & SERVICES—0.5% | |||
6,603 | Amedisys Inc.* | 843 | |
HOTELS, RESTAURANTS & LEISURE—1.0% | |||
1,016 | Chipotle Mexican Grill Inc.* | 1,479 | |
INTERACTIVE MEDIA & SERVICES—8.3% | |||
1,098 | Alphabet Inc. Class A* | 2,506 | |
1,398 | Alphabet Inc. Class C* | 3,214 | |
12,794 | Meta Platforms Inc.* | 2,565 | |
66,662 | Twitter Inc.* | 3,268 | |
22,765 | ZoomInfo Technologies Inc.* | 1,079 | |
12,632 | |||
INTERNET & DIRECT MARKETING RETAIL—9.5% | |||
2,737 | Amazon.com Inc.* | 6,803 | |
118,351 | AUTO1 Group SE (Germany)*,2 | 1,239 | |
1,072,161 | Deliveroo plc (United Kingdom)*,2 | 1,482 | |
36,333 | DoorDash Inc.* | 2,959 | |
2,066 | MercadoLibre Inc. (Argentina)* | 2,011 | |
14,494 | |||
IT SERVICES—13.4% | |||
1,833 | Adyen NV (Netherlands)*,2 | 3,074 |
24
Harbor Disruptive Innovation Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
IT SERVICES—Continued | |||
40,915 | Block Inc.* | $4,073 | |
18,878 | Cloudflare Inc.* | 1,626 | |
2,678 | MongoDB Inc.* | 951 | |
30,032 | Okta Inc.* | 3,583 | |
11,984 | PayPal Holdings Inc.* | 1,054 | |
3,569 | Shopify Inc. (Canada)* | 1,523 | |
12,234 | Snowflake Inc.* | 2,097 | |
22,913 | Twilio Inc.* | 2,562 | |
20,543 | |||
LEISURE PRODUCTS—1.4% | |||
119,625 | Peloton Interactive Inc.* | 2,101 | |
LIFE SCIENCES TOOLS & SERVICES—3.2% | |||
1,382 | Bio-Rad Laboratories Inc.* | 708 | |
7,829 | ICON plc (Ireland)* | 1,771 | |
1,618 | Lonza Group AG (Switzerland) | 954 | |
504 | Mettler-Toledo International Inc.* | 644 | |
1,478 | Thermo Fisher Scientific Inc. | 817 | |
4,894 | |||
MEDIA—1.5% | |||
78,930 | ViacomCBS Inc. | 2,298 | |
PHARMACEUTICALS—1.2% | |||
14,664 | Arvinas Inc.* | 806 | |
10,924 | Catalent Inc.* | 989 | |
1,795 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.6% | |||
9,781 | Advanced Micro Devices Inc.* | 836 | |
10,664 | Applied Materials Inc. | 1,177 | |
3,086 | ASML Holding NV (Netherlands) | 1,751 | |
9,784 | Lam Research Corp. | 4,557 | |
65,872 | Microchip Technology Inc. | 4,295 | |
9,623 | NVIDIA Corp. | 1,785 | |
22,055 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)1 | 2,050 | |
16,434 | Texas Instruments Inc. | 2,798 | |
19,249 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
SOFTWARE—23.0% | |||
12,924 | Atlassian Corp. plc (Australia)* | $2,906 | |
8,918 | Avalara Inc.* | 678 | |
16,089 | Cadence Design Systems Inc.* | 2,427 | |
1,890 | HubSpot Inc.* | 717 | |
26,479 | Microsoft Corp. | 7,348 | |
5,791 | MicroStrategy Inc.* | 2,051 | |
4,871 | Sailpoint Technologies Holdings Inc.* | 311 | |
22,131 | salesforce.com Inc.* | 3,894 | |
80,146 | Samsara Inc.* | 989 | |
8,989 | ServiceNow Inc.* | 4,298 | |
8,318 | Smartsheet Inc.* | 402 | |
15,620 | Workday Inc.* | 3,229 | |
29,396 | Zendesk Inc.* | 3,587 | |
14,933 | Zoom Video Communications Inc.* | 1,487 | |
4,564 | Zscaler Inc.* | 925 | |
35,249 | |||
SPECIALTY RETAIL—0.5% | |||
12,272 | Carvana Co.* | 711 | |
WIRELESS TELECOMMUNICATION SERVICES—2.1% | |||
25,977 | T-Mobile US Inc.* | 3,199 | |
TOTAL COMMON STOCKS | |||
(Cost $222,339) | 151,040 | ||
TOTAL INVESTMENTS—98.8% | |||
(Cost $222,339) | 151,040 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—1.2% | 1,890 | ||
TOTAL NET ASSETS—100.0% | $152,930 |
FAIR VALUE MEASUREMENTS
As of April 30, 2022, the investments in Adyen NV, ASML Holding NV, AUTO1 Group SE, Deliveroo plc, and Lonza Group AG (as disclosed in the preceding Portfolio of Investments) were classified as Level 2 and all other investments were classified as Level 1. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
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 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
2 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $5,795 or 4% of net assets. |
The accompanying notes are an integral part of the Financial Statements.
25
Harbor Diversified International All Cap Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Marathon Asset Management Limited
REGION BREAKDOWN (% of investments)
The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2022, there was no foreign currency denomination that comprised more than 25% of the Fund’s net assets.
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—98.4% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—0.8% | |||
18,573 | Airbus SE (France) | $2,033 | |
321,745 | BAE Systems plc (United Kingdom) | 2,972 | |
1,411,056 | Rolls-Royce Holdings plc (United Kingdom)* | 1,446 | |
12,377 | Thales SA (France) | 1,585 | |
8,036 | |||
AIR FREIGHT & LOGISTICS—0.1% | |||
24,663 | Oesterreichische Post AG (Austria) | 794 | |
AIRLINES—0.6% | |||
158,693 | Air Canada (Canada)* | 2,780 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
AIRLINES—Continued | |||
227,027 | EasyJet plc (United Kingdom)* | $1,573 | |
354,056 | Qantas Airways Ltd. (Australia)* | 1,372 | |
5,725 | |||
AUTO COMPONENTS—0.6% | |||
24,600 | Bridgestone Corp. (Japan) | 902 | |
247,384 | Gestamp Automocion SA (Spain)*,1 | 808 | |
194,763 | Johnson Electric Holdings Ltd. (Hong Kong) | 221 | |
32,335 | Magna International Inc. (Canada) | 1,949 | |
35,700 | Sumitomo Electric Industries Ltd. (Japan) | 384 | |
22,300 | Toyota Industries Corp. (Japan) | 1,337 | |
5,601 |
26
Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
AUTOMOBILES—0.8% | |||
31,980 | Bayerische Motoren Werke AG (Germany) | $2,612 | |
275,100 | Toyota Motor Corp. (Japan) | 4,713 | |
7,325 | |||
BANKS—10.2% | |||
226,980 | Australia & New Zealand Banking Group Ltd. (Australia) | 4,319 | |
624,775 | Bank of Ireland Group plc (Ireland)* | 3,787 | |
61,590 | Bank of Nova Scotia (Canada) | 3,900 | |
3,320,720 | Barclays plc (United Kingdom) | 6,104 | |
112,191 | BNP Paribas SA (France) | 5,817 | |
894,256 | CaixaBank SA (Spain)2 | 2,887 | |
38,644 | Capitec Bank Holdings Ltd. (South Africa) | 5,394 | |
37,449 | Close Brothers Group plc (United Kingdom) | 519 | |
21,781 | Danske Bank AS (Denmark) | 334 | |
171,947 | DBS Group Holdings Ltd. (Singapore) | 4,172 | |
90,069 | DNB Bank ASA (Norway) | 1,745 | |
51,800 | Fukuoka Financial Group Inc. (Japan) | 946 | |
514,200 | Grupo Financiero Banorte SAB de CV (Mexico)* | 3,389 | |
172,017 | HDFC Bank Ltd. ADR (India)3 | 9,497 | |
133,162 | HSBC Holdings plc (Hong Kong) | 835 | |
263,819 | Intesa Sanpaolo SpA (Italy) | 538 | |
9,931,036 | Lloyds Banking Group plc (United Kingdom) | 5,641 | |
20,730,700 | PT Bank Central Asia TBK (Indonesia) | 11,627 | |
1,439,200 | Resona Holdings Inc. (Japan) | 6,258 | |
154,003 | Shinhan Financial Group Co. Ltd. (South Korea)* | 5,117 | |
336,396 | Standard Chartered plc (United Kingdom) | 2,300 | |
36,200 | Sumitomo Mitsui Financial Group Inc. (Japan) | 1,094 | |
109,300 | Sumitomo Mitsui Trust Holdings Inc. (Japan) | 3,392 | |
290,659 | Svenska Handelsbanken AB (Sweden) | 2,932 | |
336,676 | UniCredit SpA (Italy) | 3,116 | |
103,982 | United Overseas Bank Ltd. (Singapore) | 2,226 | |
97,886 | |||
BEVERAGES—2.2% | |||
35,613 | Anheuser-Busch InBev SA (Belgium) | 2,049 | |
16,279 | Carlsberg AS (Denmark) | 2,068 | |
29,872 | Coca-Cola Europacific Partners plc (United States) | 1,492 | |
128,811 | Davide Campari-Milano NV (Italy) | 1,453 | |
103,098 | Diageo plc (United Kingdom) | 5,144 | |
41,811 | Heineken NV (Netherlands) | 4,081 | |
304,500 | Kirin Holdings Co. Ltd. (Japan) | 4,439 | |
3,919 | Pernod Ricard SA (France) | 809 | |
21,535 | |||
BIOTECHNOLOGY—0.1% | |||
7,206 | CSL Ltd. (Australia) | 1,375 | |
BUILDING PRODUCTS—1.3% | |||
209,044 | Assa Abloy AB Class B (Sweden) | 5,283 | |
7,979 | Geberit AG (Switzerland) | 4,551 | |
239,861 | GWA Group Ltd. (Australia) | 383 | |
112,700 | LIXIL Group Corp. (Japan) | 1,982 | |
12,199 | |||
CAPITAL MARKETS—2.6% | |||
305,522 | 3i Group plc (United Kingdom) | 5,000 | |
201,270 | Brookfield Asset Management Inc. (Canada) | 10,039 | |
114,400 | Daiwa Securities Group Inc. (Japan) | 561 | |
141,457 | IG Group Holdings plc (United Kingdom) | 1,446 | |
76,500 | JAFCO Group Co. Ltd. (Japan)* | 922 | |
463,641 | Jupiter Fund Management plc (United Kingdom) | 1,035 | |
676,500 | Nomura Holdings Inc. (Japan) | 2,605 | |
19,931 | Rathbone Brothers plc (United Kingdom) | 526 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
CAPITAL MARKETS—Continued | |||
131,661 | St. James's Place plc (United Kingdom) | $2,116 | |
31,449 | UBS Group AG (Switzerland) | 534 | |
24,784 | |||
CHEMICALS—1.1% | |||
180,400 | Air Water Inc. (Japan) | 2,394 | |
56,899 | BASF SE (Germany) | 2,997 | |
27,900 | Nissan Chemical Corp. (Japan) | 1,474 | |
82,753 | Orica Ltd. (Australia) | 951 | |
31,800 | SKSHU Paint Co. Ltd. (China)* | 356 | |
25,700 | Sumitomo Bakelite Co. Ltd. (Japan) | 843 | |
20,500 | Tokyo Ohka Kogyo Co. Ltd. (Japan) | 1,114 | |
10,129 | |||
COMMERCIAL SERVICES & SUPPLIES—1.6% | |||
15,900 | AEON Delight Co. Ltd. (Japan) | 340 | |
11,562 | Befesa SA (Germany)*,1 | 722 | |
138,074 | Brambles Ltd. (Australia) | 1,019 | |
985,938 | Cleanaway Waste Management Ltd. (Australia) | 2,210 | |
25,146 | Elis SA (France) | 361 | |
323,070 | HomeServe plc (United Kingdom) | 3,970 | |
75,627 | Ritchie Bros Auctioneers Inc. (Canada) | 4,166 | |
1,159,754 | Serco Group plc (United Kingdom) | 2,193 | |
14,981 | |||
CONSTRUCTION & ENGINEERING—1.2% | |||
47,623 | Boskalis Westminster NV (Netherlands) | 1,654 | |
21,067 | Ferrovial SA (Spain) | 540 | |
192,900 | Infroneer Holdings Inc. (Japan) | 1,405 | |
366,800 | Obayashi Corp. (Japan) | 2,523 | |
281,700 | Penta-Ocean Construction Co. Ltd. (Japan) | 1,378 | |
169,615 | SNC-Lavalin Group Inc. (Canada) | 3,772 | |
11,272 | |||
CONSTRUCTION MATERIALS—1.2% | |||
16,055 | CRH plc (Ireland) | 639 | |
305,428 | Fletcher Building Ltd. (New Zealand) | 1,217 | |
64,042 | Holcim Ltd. (Switzerland)* | 3,131 | |
5,696 | Imerys SA (France) | 224 | |
41,422 | James Hardie Industries PLC CDI (Australia)*,3 | 1,194 | |
147,100 | Taiheiyo Cement Corp. (Japan) | 2,380 | |
8,850 | Vicat SA (France) | 266 | |
79,194 | Wienerberger AG (Austria) | 2,236 | |
11,287 | |||
CONSUMER FINANCE—0.1% | |||
328,211 | International Personal Finance plc (United Kingdom) | 391 | |
465,404 | Non-Standard Finance plc (United Kingdom)*,1 | 13 | |
236,465 | Provident Financial plc (United Kingdom) | 757 | |
1,161 | |||
CONTAINERS & PACKAGING—0.4% | |||
526,958 | DS Smith plc (United Kingdom) | 2,165 | |
160,000 | Toyo Seikan Group Holdings Ltd. (Japan) | 1,731 | |
3,896 | |||
DISTRIBUTORS—0.2% | |||
246,319 | Inchcape plc (United Kingdom) | 2,204 | |
DIVERSIFIED FINANCIAL SERVICES—1.5% | |||
1,116,897 | AMP Ltd. (Australia)* | 902 | |
1,233,800 | B3 Brasil Bolsa Balcao SA (Brazil)* | 3,319 | |
731,050 | Chailease Holding Co. Ltd. (Taiwan) | 5,810 |
27
Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
DIVERSIFIED FINANCIAL SERVICES—Continued | |||
157,916 | Challenger Ltd. (Australia) | $799 | |
21,474 | Macquarie Group Ltd. (Australia) | 3,091 | |
13,921 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES—1.8% | |||
44,501 | BCE Inc. (Canada) | 2,366 | |
80,576 | Deutsche Telekom AG (Germany) | 1,484 | |
688,761 | Koninklijke KPN NV (Netherlands) | 2,377 | |
295,700 | Nippon Telegraph & Telephone Corp. (Japan) | 8,714 | |
622,500 | Singapore Telecommunications Ltd. (Singapore) | 1,242 | |
428,719 | Telstra Corp. Ltd. (Australia) | 1,217 | |
17,400 | |||
ELECTRIC UTILITIES—0.3% | |||
25,118 | Orsted AS (Denmark)1 | 2,779 | |
ELECTRICAL EQUIPMENT—2.6% | |||
107,023 | ABB Ltd. (Switzerland) | 3,211 | |
237,987 | Havells India Ltd. (India)* | 4,045 | |
55,077 | Legrand SA (France) | 4,881 | |
193,600 | Mitsubishi Electric Corp. (Japan) | 2,028 | |
26,445 | Schneider Electric SE (France) | 3,794 | |
270,004 | Vestas Wind Systems AS (Denmark) | 6,885 | |
24,844 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9% | |||
668,315 | Delta Electronics Inc. (Taiwan) | 5,579 | |
17,500 | Kyocera Corp. (Japan) | 919 | |
11,700 | Omron Corp. (Japan) | 690 | |
54,100 | TDK Corp. (Japan)* | 1,671 | |
8,859 | |||
ENERGY EQUIPMENT & SERVICES—0.2% | |||
282,869 | John Wood Group plc (United Kingdom)* | 787 | |
113,396 | Petrofac Ltd. (United Kingdom)* | 191 | |
1,011,511 | Saipem SpA (Italy)* | 1,145 | |
17,966 | Technip Energies NV (France)* | 218 | |
2,341 | |||
ENTERTAINMENT—0.3% | |||
24,794 | CTS Eventim AG & Co. KGaA (Germany)* | 1,702 | |
56,087 | Modern Times Group MTG AB Class B (Sweden)* | 593 | |
2,100 | Nintendo Co. Ltd. (Japan) | 958 | |
3,253 | |||
FOOD & STAPLES RETAILING—3.3% | |||
121,668 | Alimentation Couche-Tard Inc. (Canada) | 5,417 | |
273,631 | Bid Corp. Ltd. (South Africa) | 5,746 | |
242,936 | Clicks Group Ltd. (South Africa) | 4,781 | |
101,371 | Koninklijke Ahold Delhaize NV (Netherlands) | 2,990 | |
72,422 | Loblaw Cos. Ltd. (Canada) | 6,625 | |
22,700 | Matsumotokiyoshi Holdings Co. Ltd. (Japan) | 750 | |
283,999 | Metcash Ltd. (Australia) | 953 | |
54,900 | Seven & I Holdings Co. Ltd. (Japan) | 2,428 | |
521,905 | Tesco plc (United Kingdom) | 1,773 | |
140,921 | X5 Retail Group NV GDR (Russia)3 | —x | |
31,463 | |||
FOOD PRODUCTS—1.7% | |||
1,546,000 | China Mengniu Dairy Co. Ltd. (China)* | 8,344 | |
643,300 | Delfi Ltd. (Singapore) | 355 | |
202,803 | Devro plc (United Kingdom) | 533 | |
766,000 | First Pacific Co. Ltd. (Hong Kong) | 309 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
FOOD PRODUCTS—Continued | |||
10,400 | Fuji Oil Holdings Inc. (Japan) | $148 | |
61,800 | Megmilk Snow Brand Co. Ltd. (Japan) | 921 | |
49,500 | NH Foods Ltd. (Japan) | 1,563 | |
54,400 | Toyo Suisan Kaisha Ltd. (Japan) | 1,680 | |
28,613 | Viscofan SA (Spain) | 1,580 | |
16,600 | Yakult Honsha Co. Ltd. (Japan) | 859 | |
16,292 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—2.2% | |||
42,341 | Coloplast AS Class B (Denmark) | 5,704 | |
1,095,028 | ConvaTec Group plc (United Kingdom)1 | 2,897 | |
81,369 | Demant AS (Denmark)* | 3,576 | |
48,037 | Getinge AB Class B (Sweden) | 1,390 | |
59,378 | GN Store Nord AS (Denmark) | 2,228 | |
76,572 | Koninklijke Philips NV (Netherlands) | 2,001 | |
34,611 | Smith & Nephew plc (United Kingdom) | 561 | |
7,582 | Sonova Holding AG (Switzerland) | 2,734 | |
21,091 | |||
HEALTH CARE PROVIDERS & SERVICES—0.7% | |||
28,600 | Alfresa Holdings Corp. (Japan) | 389 | |
24,990 | Amplifon SpA (Italy) | 997 | |
65,256 | Fresenius Medical Care AG & Co. KGaA (Germany) | 4,058 | |
99,600 | MediPAL Holdings Corp. (Japan) | 1,640 | |
7,084 | |||
HOTELS, RESTAURANTS & LEISURE—2.6% | |||
41,901 | Aristocrat Leisure Ltd. (Australia) | 972 | |
41,764 | Carnival plc (United Kingdom)* | 655 | |
276,259 | Compass Group plc (United Kingdom)* | 5,830 | |
249,855 | Entain plc (United Kingdom)* | 4,695 | |
41,784 | Flutter Entertainment plc (Ireland)* | 4,199 | |
298,000 | Galaxy Entertainment Group Ltd. (Hong Kong)* | 1,700 | |
12,239 | InterContinental Hotels Group plc (United Kingdom) | 781 | |
49,429 | Playtech plc (United Kingdom)* | 323 | |
1,147,493 | SSP Group plc (United Kingdom)* | 3,387 | |
738,893 | TUI AG (Germany)* | 2,104 | |
24,646 | |||
HOUSEHOLD DURABLES—0.9% | |||
87,475 | Barratt Developments plc (United Kingdom) | 535 | |
693,100 | Midea Group Co. Ltd. (China)* | 5,949 | |
59,400 | Sekisui Chemical Co. Ltd. (Japan) | 805 | |
722,505 | Taylor Wimpey plc (United Kingdom) | 1,136 | |
8,425 | |||
HOUSEHOLD PRODUCTS—0.5% | |||
56,728 | Reckitt Benckiser Group plc (United Kingdom) | 4,424 | |
INDUSTRIAL CONGLOMERATES—1.7% | |||
166,000 | CK Hutchison Holdings Ltd. (Hong Kong) | 1,165 | |
32,096 | DCC plc (United Kingdom) | 2,432 | |
185,500 | Hitachi Ltd. (Japan) | 8,798 | |
44,300 | Jardine Matheson Holdings Ltd. (Hong Kong) | 2,346 | |
168,000 | Nisshinbo Holdings Inc. (Japan) | 1,257 | |
15,998 | |||
INSURANCE—6.3% | |||
69,558 | Admiral Group plc (United Kingdom) | 2,189 | |
1,533,600 | AIA Group Ltd. (Hong Kong) | 15,066 | |
168,857 | AXA SA (France) | 4,467 | |
306,500 | Dai-ichi Life Holdings Inc. (Japan) | 6,137 | |
17,770 | Fairfax Financial Holdings Ltd. (Canada) | 9,764 |
28
Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
INSURANCE—Continued | |||
76,400 | Great Eastern Holdings Ltd. (Singapore) | $1,124 | |
5,657 | Hannover Rueck SE (Germany) | 879 | |
5,015 | Helvetia Holding AG (Switzerland) | 644 | |
74,002 | Hiscox Ltd. (United Kingdom) | 879 | |
434,400 | Japan Post Holdings Co. Ltd. (Japan) | 3,046 | |
987,973 | Porto Seguro SA (Brazil)* | 4,067 | |
85,468 | Prudential plc (United Kingdom) | 1,064 | |
19,550 | Prudential plc (Hong Kong) | 243 | |
322,906 | QBE Insurance Group Ltd. (Australia) | 2,786 | |
104,805 | Sampo OYJ (Finland) | 5,089 | |
37,600 | Sompo Holdings Inc. (Japan) | 1,531 | |
35,200 | Tokio Marine Holdings Inc. (Japan) | 1,903 | |
60,878 | |||
INTERACTIVE MEDIA & SERVICES—1.2% | |||
247,198 | Auto Trader Group plc (United Kingdom)1 | 1,951 | |
21,115 | Baidu Inc. ADR (China)*,3 | 2,622 | |
80,107 | Carsales.com Ltd. (Australia) | 1,183 | |
62,151 | Domain Holdings Australia Ltd. (Australia) | 151 | |
726,585 | Rightmove plc (United Kingdom) | 5,585 | |
11,492 | |||
INTERNET & DIRECT MARKETING RETAIL—1.4% | |||
29,510 | Cazoo Group Ltd. (United States)* | 50 | |
89,238 | HelloFresh SE (Germany)* | 3,762 | |
24,297 | Just Eat Takeaway.com NV (Netherlands)*,1 | 660 | |
64,053 | Naspers Ltd. (South Africa) | 6,460 | |
369,120 | Vipshop Holdings Ltd. ADR (China)*,3 | 2,827 | |
13,759 | |||
IT SERVICES—3.4% | |||
14,777 | Alten SA (France) | 1,983 | |
2,209,596 | Capita plc (United Kingdom)* | 659 | |
68,733 | Edenred (France) | 3,452 | |
307,452 | Infosys Ltd. ADR (India)3 | 6,109 | |
82,700 | NEC Corp. (Japan) | 3,209 | |
61,300 | NET One Systems Co. Ltd. (Japan) | 1,463 | |
37,400 | NS Solutions Corp. (Japan) | 1,116 | |
170,800 | NTT Data Corp. (Japan) | 3,149 | |
5,977 | Reply SpA (Italy) | 880 | |
95,800 | SCSK Corp. (Japan) | 1,523 | |
190,464 | Tata Consultancy Services Ltd. (India) | 8,781 | |
32,324 | |||
LEISURE PRODUCTS—1.1% | |||
9,100 | Bandai Namco Holdings Inc. (Japan) | 616 | |
354,386 | Giant Manufacturing Co. Ltd. (Taiwan) | 2,963 | |
150,000 | Sega Sammy Holdings Inc. (Japan) | 2,658 | |
108,401 | Spin Master Corp. (Canada)*,1 | 3,899 | |
10,136 | |||
LIFE SCIENCES TOOLS & SERVICES—0.4% | |||
40,143 | Eurofins Scientific SE (France) | 3,731 | |
7,294 | Gerresheimer AG (Germany) | 506 | |
4,237 | |||
MACHINERY—3.4% | |||
15,042 | Andritz AG (Austria) | 639 | |
345,731 | CNH Industrial NV (Italy) | 4,898 | |
15,700 | Daifuku Co. Ltd. (Japan) | 965 | |
88,401 | Fluidra SA (Spain)* | 2,393 | |
14,612 | GEA Group AG (Germany) | 569 | |
67,292 | Iveco Group NV (Italy)* | 396 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
MACHINERY—Continued | |||
60,100 | Mitsubishi Heavy Industries Ltd. (Japan) | $2,055 | |
18,000 | Miura Co. Ltd. (Japan) | 376 | |
104,700 | NSK Ltd. (Japan) | 579 | |
130,278 | Rotork plc (United Kingdom) | 475 | |
143,038 | Sandvik AB (Sweden) | 2,707 | |
1,027,100 | Sany Heavy Industry Co. Ltd. (China) | 2,556 | |
28,443 | Stabilus SA (Germany) | 1,340 | |
477,000 | Techtronic Industries Co. Ltd. (Hong Kong) | 6,367 | |
98,398 | Wartsila OYJ ABP (Finland) | 790 | |
3,870,000 | Weichai Power Co. Ltd. (China) | 5,406 | |
32,511 | |||
MARINE—0.1% | |||
201,108 | Irish Continental Group plc (Ireland)* | 815 | |
MEDIA—1.7% | |||
41,756 | Euromoney Institutional Investor plc (United Kingdom) | 515 | |
205,800 | Fuji Media Holdings Inc. (Japan) | 1,777 | |
27,522 | Future plc (United Kingdom) | 754 | |
83,700 | Hakuhodo DY Holdings Inc. (Japan) | 988 | |
117,111 | Informa plc (United Kingdom)* | 831 | |
2,202,171 | ITV plc (United Kingdom) | 2,034 | |
83,281 | JCDecaux SA (France)* | 1,746 | |
42,613 | MediaSet Espana Comunicacion SA (Spain)* | 191 | |
141,320 | Nippon Television Holdings Inc. (Japan) | 1,356 | |
41,110 | Nordic Entertainment Group AB (Sweden)* | 1,350 | |
24,106 | Schibsted ASA Class A (Norway) | 502 | |
10,357 | Schibsted ASA Class B (Norway) | 199 | |
86,300 | TBS Holdings Inc. (Japan) | 1,132 | |
219,979 | WPP plc (United Kingdom) | 2,742 | |
16,117 | |||
METALS & MINING—6.4% | |||
122,123 | Acerinox SA (Spain) | 1,286 | |
252,334 | African Rainbow Minerals Ltd. (South Africa) | 4,175 | |
31,878 | Anglo American Platinum Ltd. (South Africa) | 3,524 | |
152,414 | ArcelorMittal SA (France) | 4,444 | |
317,494 | Barrick Gold Corp. (Canada) | 7,081 | |
153,455 | BHP Group Ltd. (Australia) | 5,128 | |
94,800 | BlueScope Steel Ltd. (Australia) | 1,348 | |
20,900 | Dowa Holdings Co. Ltd. (Japan) | 889 | |
470,462 | Evolution Mining Ltd. (Australia) | 1,331 | |
166,824 | First Quantum Minerals Ltd. (Canada) | 4,783 | |
27,984 | Franco-Nevada Corp. (Canada) | 4,232 | |
1,199,382 | Glencore plc (United Kingdom)* | 7,390 | |
95,659 | Newcrest Mining Ltd. (Australia) | 1,796 | |
30,336 | OZ Minerals Ltd. (Australia) | 527 | |
69,442 | Rio Tinto plc (United Kingdom) | 4,906 | |
320,373 | Severstal PJSC GDR (Russia)3 | —x | |
123,478 | Southern Copper Corp. (Peru) | 7,689 | |
22,800 | Sumitomo Metal Mining Co. Ltd. (Japan) | 1,000 | |
61,529 | |||
MULTILINE RETAIL—0.1% | |||
68,600 | Marui Group Co. Ltd. (Japan) | 1,181 | |
OIL, GAS & CONSUMABLE FUELS—4.0% | |||
920,785 | Beach Energy Ltd. (Australia) | 1,050 | |
2,612,041 | BP plc (United Kingdom) | 12,610 | |
150,869 | Canadian Natural Resources Ltd. (Canada) | 9,338 | |
240,850 | Equinor ASA (Norway) | 8,141 | |
127,800 | INPEX Corp. (Japan) | 1,520 |
29
Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
OIL, GAS & CONSUMABLE FUELS—Continued | |||
246,684 | PrairieSky Royalty Ltd. (Canada) | $3,385 | |
494,579 | Santos Ltd. (Australia) | 2,764 | |
38,808 | |||
PAPER & FOREST PRODUCTS—0.3% | |||
513,000 | Oji Holdings Corp. (Japan) | 2,430 | |
PERSONAL PRODUCTS—1.4% | |||
510,224 | Dabur India Ltd. (India) | 3,697 | |
294,209 | L'Occitane International SA (Hong Kong) | 922 | |
593,320 | Marico Ltd. (India) | 4,028 | |
95,969 | Unilever plc (United Kingdom) | 4,462 | |
13,109 | |||
PHARMACEUTICALS—2.9% | |||
111,015 | Novo Nordisk AS (Denmark) | 12,681 | |
32,523 | Roche Holding AG (Switzerland) | 12,060 | |
13,600 | Sawai Group Holdings Co. Ltd. (Japan) | 456 | |
18,400 | Takeda Pharmaceutical Co. Ltd. (Japan) | 534 | |
67,600 | Tsumura & Co. (Japan) | 1,663 | |
27,394 | |||
PROFESSIONAL SERVICES—2.6% | |||
63,962 | Adecco Group AG (Switzerland)* | 2,468 | |
141,533 | ALS Ltd. (Australia) | 1,282 | |
69,443 | Experian plc (United Kingdom) | 2,398 | |
1,749,158 | Hays plc (United Kingdom) | 2,686 | |
93,622 | Intertek Group plc (United Kingdom) | 5,834 | |
100,592 | IPH Ltd. (Australia) | 533 | |
77,900 | Nomura Co. Ltd. (Japan) | 536 | |
123,444 | PageGroup plc (United Kingdom)* | 755 | |
41,300 | Persol Holdings Co. Ltd. (Japan) | 819 | |
10,731 | Randstad NV (Netherlands) | 568 | |
157,689 | RELX plc (United Kingdom) | 4,698 | |
72,274 | RWS Holdings plc (United Kingdom) | 396 | |
23,600 | TechnoPro Holdings Inc. (Japan) | 601 | |
4,982 | Teleperformance (France) | 1,788 | |
25,362 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3% | |||
60,100 | Daiwa House Industry Co. Ltd. (Japan) | 1,445 | |
77,476 | Singapore Land Group Ltd (Singapore) | 144 | |
202,500 | Swire Pacific Ltd. (Hong Kong) | 1,153 | |
2,742 | |||
ROAD & RAIL—0.9% | |||
81,293 | Canadian Pacific Railway Ltd. (Canada) | 5,947 | |
23,400 | East Japan Railway Co. (Japan) | 1,220 | |
217,898 | National Express Group plc (United Kingdom)* | 675 | |
87,900 | Senko Group Holdings Co. Ltd. (Japan) | 595 | |
8,437 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.5% | |||
62,800 | ASM Pacific Technology Ltd. (Hong Kong) | 633 | |
13,641 | ASML Holding NV (Netherlands) | 7,742 | |
90,000 | MediaTek Inc. (Taiwan)* | 2,481 | |
203,400 | Renesas Electronics Corp. (Japan)* | 2,172 | |
22,700 | ROHM Co. Ltd. (Japan) | 1,586 | |
58,398 | SK Hynix Inc. (South Korea) | 5,117 | |
788,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 14,249 | |
33,980 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
SOFTWARE—0.7% | |||
4,127 | Constellation Software Inc. (Canada) | $6,495 | |
SPECIALTY RETAIL—1.3% | |||
3,039,700 | Esprit Holdings Ltd. (Hong Kong)* | 536 | |
2,531,018 | Pepkor Holdings Ltd. (South Africa)1 | 3,413 | |
229,391 | Pets at Home Group plc (United Kingdom) | 890 | |
111,104 | WH Smith plc (United Kingdom)* | 1,999 | |
872,000 | Zhongsheng Group Holdings Ltd (China) | 5,762 | |
12,600 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.9% | |||
585,000 | Advantech Co. Ltd. (Taiwan) | 7,272 | |
20,699 | Logitech International SA (Switzerland) | 1,347 | |
19,278 | Quadient SA (France) | 361 | |
174,681 | Samsung Electronics Co Ltd. (South Korea) | 9,309 | |
18,289 | |||
TEXTILES, APPAREL & LUXURY GOODS—2.9% | |||
13,417 | Adidas AG (Germany) | 2,706 | |
43,700 | ASICS Corp. (Japan) | 689 | |
40,584 | Cie Financiere Richemont SA (Switzerland) | 4,716 | |
30,336 | EssilorLuxottica SA (France) | 5,165 | |
56,783 | Gildan Activewear Inc. (Canada) | 1,924 | |
688,500 | Li Ning Co. Ltd. (China) | 5,366 | |
309,300 | Samsonite International SA (Hong Kong)*,1 | 678 | |
403,000 | Shenzhou International Group Holdings Ltd. (China) | 5,468 | |
1,105,746 | Stella International Holdings Ltd. (Hong Kong) | 1,169 | |
27,881 | |||
THRIFTS & MORTGAGE FINANCE—0.8% | |||
273,585 | Housing Development Finance Corp. Ltd. (India)* | 7,884 | |
TOBACCO—0.3% | |||
14,194 | British American Tobacco plc (United Kingdom) | 595 | |
241,202 | Swedish Match AB (Sweden) | 1,921 | |
2,516 | |||
TRADING COMPANIES & DISTRIBUTORS—1.7% | |||
453,800 | BOC Aviation Ltd. (China)1 | 3,560 | |
49,305 | Brenntag SE (Germany) | 3,804 | |
112,434 | Bunzl plc (United Kingdom) | 4,338 | |
105,715 | Finning International Inc. (Canada) | 2,974 | |
58,900 | ITOCHU Corp. (Japan) | 1,778 | |
16,454 | |||
TRANSPORTATION INFRASTRUCTURE—0.8% | |||
93,730 | Getlink SE (France) | 1,715 | |
334,765 | Grupo Aeroportuario del Pacifico SAB de CV Class B (Mexico) | 5,158 | |
52,500 | Mitsubishi Logistics Corp. (Japan) | 1,210 | |
8,083 | |||
WIRELESS TELECOMMUNICATION SERVICES—0.3% | |||
28,400 | KDDI Corp. (Japan) | 941 | |
36,372 | Rogers Communications Inc. (Canada) | 1,981 | |
2,922 | |||
TOTAL COMMON STOCKS | |||
(Cost $905,567) | 943,375 | ||
30
Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
PREFERRED STOCKS—0.2% | |||
(Cost $2,421) | |||
Shares | Value | ||
AUTOMOBILES—0.2% | |||
14,110 | Volkswagen AG (Germany) | $2,185 | |
TOTAL INVESTMENTS—98.6% | |||
(Cost $907,988) | 945,560 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—1.4% | 13,059 | ||
TOTAL NET ASSETS—100.0% | $958,619 |
FAIR VALUE MEASUREMENTS
The following table summarizes the Fund’s investments as of April 30, 2022 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 | $— | $33,493 | $— | $33,493 |
Europe | — | 395,480 | — | 395,480 |
Latin America | 23,621 | — | — | 23,621 |
Middle East/Central Asia | 15,606 | 28,436 | — | 44,042 |
North America | 104,358 | — | — | 104,358 |
Pacific Basin | 5,449 | 336,932 | — | 342,381 |
Preferred Stocks | ||||
Europe | — | 2,185 | — | 2,185 |
Total Investments in Securities | $149,034 | $796,526 | $— | $945,560 |
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.
The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2022. Transfers into or out of Level 3 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 occured.
Valuation Description | Beginning Balance as of 11/01/2021 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss) (000s) | Change in Unrealized Appreciation/ (Depreciation) (000s) | Transfers Into Level 3h (000s) | Transfers Out of Level 3h (000s) | Ending Balance as of 04/30/2022 (000s) | Unrealized Gain/(Loss) as of 04/30/2022 (000s) |
Common Stocks | $3,372 | $263 | $(470) | $— | $80 | $(154) | $— | $(3,091) | $— | $(11,174) |
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 04/30/2022 (000s) | Valuation Technique | Unobservable Input(s) | Input Value(s) |
Investments in Securities | ||||
Common Stocks | ||||
Severstal PJSC GDR (Russia)1 | $ — | Market Approach | Estimated Recovery Value | $ 0.00 |
X5 Retail Group NV GDR (Russia)1 | — | Market Approach | Estimated Recovery Value | $ 0.00 |
$— |
31
Harbor Diversified International All Cap Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
x | Fair valued in accordance with Harbor Funds' Valuation Procedures. |
* | Non-income producing security |
1 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $21,380 or 2% of net assets. |
2 | All or a portion of this security was out on loan as of April 30, 2022. |
3 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
h | Transferred from Level 2 to Level 3 due to the unavailability of observable market data for pricing or transferred from Level 3 to Level 2 due to availability of observable market data for pricing |
The accompanying notes are an integral part of the Financial Statements.
32
Harbor Emerging Markets Equity Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Marathon Asset Management Limited
REGION BREAKDOWN (% of investments)
The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2022, there was no foreign currency denomination that comprised more than 25% of the Fund’s net assets.
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—96.8% | |||
Shares | Value | ||
BANKS—13.7% | |||
2,849 | Capitec Bank Holdings Ltd. (South Africa) | $398 | |
37,900 | Grupo Financiero Banorte SAB de CV (Mexico)* | 250 | |
12,684 | HDFC Bank Ltd. ADR (India)1 | 700 | |
1,528,600 | PT Bank Central Asia TBK (Indonesia) | 857 | |
11,356 | Shinhan Financial Group Co. Ltd. (South Korea)* | 377 | |
2,582 | |||
CHEMICALS—0.1% | |||
2,100 | SKSHU Paint Co. Ltd. (China)* | 24 | |
2,684,000 | Tianhe Chemicals Group Ltd. (Hong Kong)* | —x | |
24 | |||
DIVERSIFIED FINANCIAL SERVICES—3.6% | |||
91,200 | B3 Brasil Bolsa Balcao SA (Brazil)* | 246 | |
53,500 | Chailease Holding Co. Ltd. (Taiwan) | 425 | |
671 | |||
ELECTRICAL EQUIPMENT—1.6% | |||
17,548 | Havells India Ltd. (India)* | 298 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2% | |||
49,000 | Delta Electronics Inc. (Taiwan) | 409 | |
FOOD & STAPLES RETAILING—4.1% | |||
20,177 | Bid Corp. Ltd. (South Africa) | 424 | |
17,913 | Clicks Group Ltd. (South Africa) | 352 | |
9,353 | X5 Retail Group NV GDR (Russia)1 | —x | |
776 | |||
FOOD PRODUCTS—3.5% | |||
114,000 | China Mengniu Dairy Co. Ltd. (China)* | 615 | |
92,600 | Delfi Ltd. (Singapore) | 51 | |
666 | |||
HOUSEHOLD DURABLES—2.3% | |||
51,466 | Midea Group Co. Ltd. (China)* | 442 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
INSURANCE—6.1% | |||
87,200 | AIA Group Ltd. (Hong Kong) | $856 | |
72,849 | Porto Seguro SA (Brazil)* | 300 | |
1,156 | |||
INTERACTIVE MEDIA & SERVICES—1.0% | |||
1,557 | Baidu Inc. ADR (China)*,1 | 193 | |
INTERNET & DIRECT MARKETING RETAIL—3.6% | |||
4,723 | Naspers Ltd. (South Africa) | 476 | |
27,218 | Vipshop Holdings Ltd. ADR (China)*,1 | 209 | |
685 | |||
IT SERVICES—5.8% | |||
22,670 | Infosys Ltd. ADR (India)1 | 450 | |
14,044 | Tata Consultancy Services Ltd. (India) | 648 | |
1,098 | |||
LEISURE PRODUCTS—1.2% | |||
26,628 | Giant Manufacturing Co. Ltd. (Taiwan) | 223 | |
MACHINERY—5.5% | |||
75,700 | SANY Heavy Industry Co. Ltd. (China) | 189 | |
33,500 | Techtronic Industries Co. Ltd. (Hong Kong) | 447 | |
285,000 | Weichai Power Co. Ltd. (China) | 398 | |
1,034 | |||
METALS & MINING—7.9% | |||
18,606 | African Rainbow Minerals Ltd. (South Africa) | 308 | |
2,351 | Anglo American Platinum Ltd. (South Africa) | 260 | |
12,301 | First Quantum Minerals Ltd. (Canada) | 352 | |
21,345 | Severstal PJSC GDR (Russia)1 | —x | |
9,105 | Southern Copper Corp. (Peru) | 567 | |
1,487 |
33
Harbor Emerging Markets Equity Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
PERSONAL PRODUCTS—3.0% | |||
37,622 | Dabur India Ltd. (India) | $273 | |
43,749 | Marico Ltd. (India) | 297 | |
570 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.7% | |||
683 | ASML Holding NV (Netherlands) | 387 | |
7,000 | MediaTek Inc. (Taiwan)* | 193 | |
4,312 | SK Hynix Inc. (South Korea) | 378 | |
58,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 1,049 | |
2,007 | |||
SPECIALTY RETAIL—3.6% | |||
186,628 | Pepkor Holdings Ltd. (South Africa)2 | 252 | |
64,500 | Zhongsheng Group Holdings Ltd (China) | 426 | |
678 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.5% | |||
43,000 | Advantech Co. Ltd. (Taiwan) | 535 | |
12,880 | Samsung Electronics Co Ltd. (South Korea) | 686 | |
1,221 | |||
TEXTILES, APPAREL & LUXURY GOODS—4.3% | |||
51,000 | Li Ning Co. Ltd. (China) | 398 | |
29,700 | Shenzhou International Group Holdings Ltd. (China) | 403 | |
801 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
THRIFTS & MORTGAGE FINANCE—3.1% | |||
20,173 | Housing Development Finance Corp. Ltd. (India)* | $581 | |
TRADING COMPANIES & DISTRIBUTORS—1.4% | |||
33,500 | BOC Aviation Ltd. (China)2 | 263 | |
TRANSPORTATION INFRASTRUCTURE—2.0% | |||
24,684 | Grupo Aeroportuario del Pacifico SAB de CV Class B (Mexico) | 380 | |
TOTAL COMMON STOCKS | |||
(Cost $21,250) | 18,245 | ||
TOTAL INVESTMENTS—96.8% | |||
(Cost $21,250) | 18,245 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—3.2% | 598 | ||
TOTAL NET ASSETS—100.0% | $18,843 |
FAIR VALUE MEASUREMENTS
The following table summarizes the Fund’s investments as of April 30, 2022 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 | $— | $2,470 | $— | $2,470 |
Europe | — | 387 | — | 387 |
Latin America | 1,743 | — | — | 1,743 |
Middle East/Central Asia | 1,150 | 2,097 | — | 3,247 |
North America | 352 | — | — | 352 |
Pacific Basin | 402 | 9,644 | — | 10,046 |
Total Investments in Securities | $3,647 | $14,598 | $— | $18,245 |
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.
34
Harbor Emerging Markets Equity Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
FAIR VALUE MEASUREMENTS—Continued
The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2022. Transfers into or out of Level 3 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 occured.
Valuation Description | Beginning Balance as of 11/01/2021 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss) (000s) | Change in Unrealized Appreciation/ (Depreciation) (000s) | Transfers Into Level 3h (000s) | Transfers Out of Level 3 (000s) | Ending Balance as of 04/30/2022 (000s) | Unrealized Gain/(Loss) as of 04/30/2022 (000s) |
Common Stocks | $— | $— | $— | $— | $— | $— | $— | $— | $— | $(1,246) |
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 04/30/2022 (000s) | Valuation Technique | Unobservable Input(s) | Input Value(s) |
Investments in Securities | ||||
Common Stocks | ||||
Severstal PJSC GDR (Russia)1 | $ — | Market Approach | Estimated Recovery Value | $ 0.00 |
Tianhe Chemicals Group Ltd. (Hong Kong)* | — | Market Approach | Estimated Recovery Value | HKD 0.00 |
X5 Retail Group NV GDR (Russia)1 | — | Market Approach | Estimated Recovery Value | $ 0.00 |
$— |
x | Fair valued in accordance with Harbor Funds' Valuation Procedures. |
* | Non-income producing security |
1 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
2 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $515 or 3% of net assets. |
h | Transferred from Level 2 to Level 3 due to the unavailability of observable market data for pricing |
HKD | Hong Kong Dollar |
The accompanying notes are an integral part of the Financial Statements.
35
Harbor Focused International Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Comgest Asset Management International Limited
REGION BREAKDOWN (% of investments)
The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2022, 30% of the Fund’s investments were denominated in Euro and 25.2% were denominated in Japanese Yen. No other foreign currency denomination comprised more than 25% of the Fund’s net assets.
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—99.0% | |||
Shares | Value | ||
BEVERAGES—5.6% | |||
1,436 | Kweichow Moutai Co. Ltd. Class A (China) | $398 | |
7,889 | Pernod Ricard SA (France) | 1,628 | |
2,026 | |||
BUILDING PRODUCTS—2.6% | |||
6,300 | Daikin Industries Ltd. (Japan) | 963 | |
CHEMICALS—9.0% | |||
3,429 | Linde plc (Germany) | 1,076 | |
10,400 | Shin-Etsu Chemical Co. Ltd. (Japan) | 1,429 | |
2,531 | Sika AG (Switzerland) | 773 | |
3,278 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.7% | |||
17,700 | Hamamatsu Photonics KK (Japan) | 792 | |
2,300 | Keyence Corp. (Japan) | 925 | |
1,717 | |||
ENTERTAINMENT—3.2% | |||
61,605 | NetEase Inc. (China) | 1,180 | |
FOOD PRODUCTS—3.8% | |||
238,738 | Inner Mongolia Yili Industrial Group Co. Ltd. Class A (China) | 1,388 | |
HEALTH CARE EQUIPMENT & SUPPLIES—9.8% | |||
13,350 | Alcon Inc. (Switzerland) | 953 | |
4,245 | Coloplast AS Class B (Denmark) | 572 | |
12,300 | Hoya Corp. (Japan) | 1,221 | |
6,840 | Straumann Holding AG (Switzerland) | 806 | |
3,552 | |||
HOUSEHOLD DURABLES—2.8% | |||
11,800 | Sony Group Corp. (Japan)* | 1,018 | |
INSURANCE—3.1% | |||
114,745 | AIA Group Ltd. (Hong Kong) | 1,127 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
INTERACTIVE MEDIA & SERVICES—3.5% | |||
26,908 | Tencent Holdings Ltd. (China) | $1,268 | |
IT SERVICES—2.5% | |||
550 | Adyen NV (Netherlands)*,1 | 923 | |
LEISURE PRODUCTS—3.1% | |||
6,300 | Shimano Inc. (Japan) | 1,116 | |
LIFE SCIENCES TOOLS & SERVICES—2.1% | |||
1,274 | Lonza Group AG (Switzerland) | 751 | |
MACHINERY—2.1% | |||
12,700 | Daifuku Co. Ltd. (Japan) | 781 | |
PERSONAL PRODUCTS—3.9% | |||
3,862 | L'Oreal SA (France) | 1,405 | |
PHARMACEUTICALS—7.0% | |||
22,238 | Novo Nordisk AS (Denmark) | 2,540 | |
PROFESSIONAL SERVICES—7.2% | |||
50,101 | Experian plc (United Kingdom) | 1,730 | |
24,700 | Recruit Holdings Co. Ltd. (Japan) | 896 | |
2,626 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.6% | |||
2,559 | ASML Holding NV (Netherlands) | 1,452 | |
13,902 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)2 | 1,292 | |
2,744 | |||
SOFTWARE—3.5% | |||
13,768 | Dassault Systemes SE (France) | 609 | |
6,460 | SAP SE (Germany) | 655 | |
1,264 |
36
Harbor Focused International Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
TEXTILES, APPAREL & LUXURY GOODS—8.4% | |||
10,045 | EssilorLuxottica SA (France) | $1,710 | |
2,065 | LVMH Moet Hennessy Louis Vuitton SE (France) | 1,336 | |
3,046 | |||
THRIFTS & MORTGAGE FINANCE—3.5% | |||
44,248 | Housing Development Finance Corp. Ltd. (India)* | 1,275 | |
TOTAL COMMON STOCKS | |||
(Cost $35,551) | 35,988 | ||
TOTAL INVESTMENTS—99.0% | |||
(Cost $35,551) | 35,988 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—1.0% | 346 | ||
TOTAL NET ASSETS—100.0% | $36,334 |
FAIR VALUE MEASUREMENTS
The following table summarizes the Fund’s investments as of April 30, 2022 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 | $— | $18,919 | $— | $18,919 |
Middle East/Central Asia | — | 1,275 | — | 1,275 |
Pacific Basin | 1,292 | 14,502 | — | 15,794 |
Total Investments in Securities | $1,292 | $34,696 | $— | $35,988 |
There were no Level 3 Investments as of April 30, 2022 or October 31, 2021.
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 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $923 or 3% of net assets. |
2 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
The accompanying notes are an integral part of the Financial Statements.
37
Harbor Global Leaders Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Sands Capital Management, LLC
REGION BREAKDOWN (% of investments)
The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2022, there was no foreign currency denomination that comprised more than 25% of the Fund’s net assets.
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—97.2% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—5.2% | |||
21,140 | Safran SA (France) | $2,270 | |
3,671 | TransDigm Group Inc. (United States)* | 2,184 | |
4,454 | |||
AUTO COMPONENTS—2.1% | |||
17,013 | Aptiv plc (United States)* | 1,810 | |
BANKS—2.5% | |||
38,424 | HDFC Bank Ltd. ADR (India)1 | 2,121 | |
BIOTECHNOLOGY—2.5% | |||
11,136 | CSL Ltd. (Australia) | 2,125 | |
CAPITAL MARKETS—3.3% | |||
125,473 | Allfunds Group plc (Netherlands) | 1,075 | |
14,695 | Intercontinental Exchange Inc. (United States) | 1,702 | |
2,777 | |||
COMMERCIAL SERVICES & SUPPLIES—3.2% | |||
393,492 | Rentokil Initial plc (United Kingdom) | 2,703 | |
DIVERSIFIED CONSUMER SERVICES—5.0% | |||
12,941 | Bright Horizons Family Solutions Inc. (United States)* | 1,479 | |
112,494 | Chegg Inc. (United States)* | 2,783 | |
4,262 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5% | |||
7,360 | Keyence Corp. (Japan) | 2,959 | |
ENTERTAINMENT—2.5% | |||
34,000 | Liberty Media Corp. (United States)* | 2,119 | |
FOOD & STAPLES RETAILING—4.0% | |||
52,402 | Alimentation Couche-Tard Inc. (Canada) | 2,333 | |
9,142 | Zur Rose Group AG (Switzerland)* | 1,122 | |
3,455 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—2.7% | |||
10,176 | Steris plc (United States) | 2,280 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
HEALTH CARE PROVIDERS & SERVICES—2.8% | |||
4,738 | UnitedHealth Group Inc. (United States) | $2,410 | |
INSURANCE—4.5% | |||
391,700 | AIA Group Ltd. (Hong Kong) | 3,848 | |
INTERACTIVE MEDIA & SERVICES—2.3% | |||
8,951 | Naver Corp. (South Korea) | 1,994 | |
IT SERVICES—9.7% | |||
34,804 | Cloudflare Inc. (United States)* | 2,998 | |
3,937 | Shopify Inc. (Canada)* | 1,680 | |
16,767 | Visa Inc. (United States) | 3,574 | |
8,252 | |||
LIFE SCIENCES TOOLS & SERVICES—8.3% | |||
4,346 | Bio-Techne Corp. (United States) | 1,650 | |
14,805 | Iqvia Holdings Inc. (United States)* | 3,228 | |
3,782 | Lonza Group AG (Switzerland) | 2,230 | |
7,108 | |||
MEDIA—2.9% | |||
5,700 | Charter Communications Inc. (United States)* | 2,442 | |
PHARMACEUTICALS—2.3% | |||
11,296 | Zoetis Inc. (United States) | 2,002 | |
PROFESSIONAL SERVICES—4.9% | |||
40,559 | CoStar Group Inc. (United States)* | 2,580 | |
44,250 | Recruit Holdings Co. Ltd. (Japan) | 1,606 | |
4,186 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.6% | |||
30,765 | Entegris Inc. (United States) | 3,427 | |
13,165 | Texas Instruments Inc. (United States) | 2,241 | |
5,668 | |||
SOFTWARE—14.6% | |||
1,959 | Constellation Software Inc. (Canada) | 3,083 | |
4,973 | Intuit Inc. (United States) | 2,082 |
38
Harbor Global Leaders Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
SOFTWARE—Continued | |||
11,988 | Microsoft Corp. (United States) | $3,327 | |
8,439 | Roper Technologies Inc. (United States) | 3,966 | |
12,458 | |||
TRADING COMPANIES & DISTRIBUTORS—1.8% | |||
89,900 | Monotaro Co. Ltd. (Japan) | 1,544 | |
TOTAL COMMON STOCKS | |||
(Cost $74,666) | 82,977 | ||
TOTAL INVESTMENTS—97.2% | |||
(Cost $74,666) | 82,977 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—2.8% | 2,363 | ||
TOTAL NET ASSETS—100.0% | $85,340 |
FAIR VALUE MEASUREMENTS
The following table summarizes the Fund’s investments as of April 30, 2022 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 | $— | $9,400 | $— | $9,400 |
Middle East/Central Asia | 2,121 | — | — | 2,121 |
North America | 57,380 | — | — | 57,380 |
Pacific Basin | — | 14,076 | — | 14,076 |
Total Investments in Securities | $59,501 | $23,476 | $— | $82,977 |
There were no Level 3 Investments as of April 30, 2022 or October 31, 2021.
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 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
The accompanying notes are an integral part of the Financial Statements.
39
Harbor High-Yield Bond Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Shenkman Capital Management, Inc.
Sector Allocation (% of investments)
Portfolio of Investments
Principal Amounts, Value and Cost in Thousands
BANK LOAN OBLIGATIONS—4.6% | |||
Principal Amount | Value | ||
AIRLINES—0.3% | |||
AAdvantage Loyalty IP Ltd. | |||
Term Loan | |||
$ | 356 | 5.813% (3 Month USD LIBOR + 4.750) 04/20/20281 | $363 |
Mileage Plus Holdings LLC | |||
Term Loan B | |||
395 | 6.250% (LIBOR Floor + 5.250) 06/20/20271 | 410 | |
773 | |||
COMMERCIAL SERVICES & SUPPLIES—0.2% | |||
IRI Holdings Inc. | |||
First-Lien Term Loan | |||
550 | 5.014% (1 Month USD LIBOR + 4.250) 12/03/20251 | 550 | |
CONTAINERS & PACKAGING—0.5% | |||
Mauser Packaging Solutions Holding Co. | |||
Term Loan B | |||
1,413 | 3.705% (1 Month USD LIBOR + 3.250) 04/03/20241 | 1,389 | |
ENTERTAINMENT—0.4% | |||
UFC Holdings LLC | |||
Term Loan B | |||
176 | 3.500% (LIBOR Floor + 2.750) 04/29/20261 | 174 | |
William Morris Endeavor Entertainment LLC | |||
First-Lien Term Loan B | |||
1,110 | 3.520% (1 Month USD LIBOR + 2.750) 05/18/20251 | 1,093 | |
1,267 | |||
HEALTH CARE TECHNOLOGY—0.4% | |||
Change Healthcare Holdings LLC | |||
Term Loan B | |||
387 | 3.500% (LIBOR Floor + 2.500) 03/01/20241 | 387 | |
Gainwell Acquisition Corp. | |||
Term Loan B | |||
428 | 5.006% (3 Month USD LIBOR + 4.000) 10/01/20271 | 427 | |
Verscend Holding Corp. | |||
Term Loan B | |||
533 | 4.764% (1 Month USD LIBOR + 4.000) 08/27/20251 | 533 | |
1,347 |
BANK LOAN OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
INSURANCE—0.2% | |||
Asurion LLC | |||
Second-Lien Term Loan B3 | |||
$ | 249 | 6.014% (1 Month USD LIBOR + 5.250) 02/03/20281 | $242 |
Second-Lien Term Loan B4 | |||
429 | 6.014% (1 Month USD LIBOR + 5.250) 01/15/20291 | 417 | |
659 | |||
INTERACTIVE MEDIA & SERVICES—0.2% | |||
AP Core Holdings II LLC | |||
Term Loan B2 | |||
699 | 6.264% (1 Month USD LIBOR + 5.500) 09/01/20271 | 697 | |
IT SERVICES—0.2% | |||
OPTIV Security Inc. | |||
First-Lien Term Loan | |||
561 | 4.250% (LIBOR Floor + 3.250) 02/01/20241 | 553 | |
LIFE SCIENCES TOOLS & SERVICES—0.1% | |||
Icon Luxembourg Sarl | |||
Term Loan B | |||
189 | 3.313% (3 Month USD LIBOR + 2.250) 07/01/20281 | 188 | |
PRA Health Sciences Inc. | |||
Term Loan B | |||
47 | 3.313% (3 Month USD LIBOR + 2.250) 07/01/20281 | 47 | |
235 | |||
MEDIA—0.3% | |||
Connect Finco Sarl | |||
Term Loan B | |||
374 | 4.500% (LIBOR Floor + 3.500) 12/12/20261 | 372 | |
DIRECTV Financing LLC | |||
Term Loan | |||
239 | 5.764% (1 Month USD LIBOR + 5.000) 08/02/20271 | 239 | |
Learfield Communications LLC | |||
Term Loan B | |||
377 | 4.250% (LIBOR Floor + 3.250) 12/01/20231 | 359 | |
970 |
40
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
BANK LOAN OBLIGATIONS—Continued | |||
Principal Amount | Value | ||
PROFESSIONAL SERVICES—0.2% | |||
Pre-Paid Legal Services Inc. | |||
Term Loan | |||
$ | 567 | 4.514% (1 Month USD LIBOR + 3.750) 12/15/20281 | $561 |
SOFTWARE—1.5% | |||
Access CIG LLC | |||
262 | 4.207% (1 Month USD LIBOR + 3.750) 02/27/20251 | 260 | |
Finastra USA Inc. | |||
Term Loan B | |||
1,355 | 4.739% (3 Month USD LIBOR + 3.500) 06/13/20241 | 1,319 | |
Term Loan | |||
752 | 8.489% (3 Month USD LIBOR + 7.250) 06/13/20251 | 727 | |
2,046 | |||
TIBCO Software Inc. | |||
Term Loan B3 | |||
864 | 4.520% (1 Month USD LIBOR + 3.750) 07/03/20261 | 862 | |
Second-Lien Term Loan | |||
1,327 | 8.020% (1 Month USD LIBOR + 7.250) 03/04/20281 | 1,327 | |
2,189 | |||
4,495 | |||
SPECIALTY RETAIL—0.1% | |||
Michaels Cos. Inc. | |||
Term Loan B | |||
378 | 5.256% (3 Month USD LIBOR + 4.250) 04/15/20281 | 346 | |
TOTAL BANK LOAN OBLIGATIONS | |||
(Cost $13,874) | 13,842 | ||
CONVERTIBLE BONDS—6.5% | |||
AEROSPACE & DEFENSE—0.0% | |||
Parsons Corp. | |||
151 | 0.250%—08/15/2025 | 156 | |
AIRLINES—0.2% | |||
Jetblue Airways Corp. | |||
342 | 0.500%—04/01/20262 | 280 | |
Spirit Airlines Inc. | |||
320 | 1.000%—05/15/2026 | 292 | |
572 | |||
COMMUNICATIONS EQUIPMENT—0.1% | |||
Lumentum Holdings Inc. | |||
330 | 0.500%—06/15/20282 | 293 | |
DIVERSIFIED CONSUMER SERVICES—0.2% | |||
Chegg Inc. | |||
501 | 0.000%—09/01/20263 | 391 | |
Stride Inc. | |||
156 | 1.125%—09/01/2027 | 162 | |
553 | |||
ENTERTAINMENT—0.5% | |||
Zynga Inc. | |||
1,373 | 0.000%—12/15/20263 | 1,361 | |
HEALTH CARE EQUIPMENT & SUPPLIES—0.1% | |||
Nuvasive Inc. | |||
328 | 0.375%—03/15/2025 | 307 |
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
HOTELS, RESTAURANTS & LEISURE—0.5% | |||
DraftKings Inc. | |||
$ | 1,561 | 0.000%—03/15/20283 | $1,045 |
NCL Corp Ltd. | |||
401 | 1.125%—02/15/20272 | 352 | |
1,397 | |||
INTERACTIVE MEDIA & SERVICES—0.8% | |||
Liberty Tripadvisor Holdings Inc. | |||
812 | 0.500%—06/30/20512 | 645 | |
Snap Inc. | |||
913 | 0.000%—05/01/20272,3 | 729 | |
Spotify USA Inc. | |||
715 | 0.000%—03/15/20263 | 586 | |
Tripadvisor Inc. | |||
310 | 0.250%—04/01/2026 | 257 | |
Twitter Inc. | |||
105 | 0.000%—03/15/20263 | 100 | |
2,317 | |||
INTERNET & DIRECT MARKETING RETAIL—0.2% | |||
Wayfair Inc. | |||
774 | 0.625%—10/01/2025 | 582 | |
IT SERVICES—0.5% | |||
Block Inc. | |||
517 | 0.250%—11/01/2027 | 424 | |
DigitalOcean Holdings Inc. | |||
1,096 | 0.000%—12/01/20262,3 | 813 | |
Okta Inc. | |||
315 | 0.375%—06/15/2026 | 283 | |
1,520 | |||
LEISURE PRODUCTS—0.2% | |||
Peloton Interactive Inc. | |||
758 | 0.000%—02/15/20263 | 621 | |
MEDIA—0.2% | |||
Dish Network Corp. | |||
681 | 3.375%—08/15/2026 | 586 | |
ROAD & RAIL—0.2% | |||
Uber Technologies Inc. | |||
696 | 0.000%—12/15/20253 | 604 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.1% | |||
Enphase Energy Inc. | |||
361 | 0.000%—03/01/20263 | 342 | |
SOFTWARE—2.3% | |||
Alarm.com Holdings Inc. | |||
352 | 0.000%—01/15/20263 | 293 | |
Alteryx Inc. | |||
709 | 1.000%—08/01/2026 | 607 | |
Avalara Inc. | |||
532 | 0.250%—08/01/20262 | 428 | |
Bentley Systems Inc. | |||
882 | 0.375%—07/01/20272 | 752 | |
Blackline Inc. | |||
909 | 0.000%—03/15/20263 | 753 | |
Dropbox Inc. | |||
321 | 0.000%—03/01/20263 | 292 | |
Envestnet Inc. | |||
308 | 0.750%—08/15/20252 | 306 |
41
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CONVERTIBLE BONDS—Continued | |||
Principal Amount | Value | ||
SOFTWARE—Continued | |||
JAMF Holding Corp. | |||
$ | 397 | 0.125%—09/01/20262 | $369 |
New Relic Inc. | |||
614 | 0.500%—05/01/2023 | 607 | |
Pegasystems Inc. | |||
217 | 0.750%—03/01/2025 | 202 | |
Q2 Holdings Inc. | |||
713 | 0.125%—11/15/2025 | 601 | |
RingCentral Inc. | |||
1,129 | 0.000%—03/15/20263 | 900 | |
Splunk Inc. | |||
385 | 0.500%—09/15/2023 | 407 | |
�� | 442 | 1.125%—06/15/2027 | 399 |
806 | |||
6,916 | |||
SPECIALTY RETAIL—0.4% | |||
Liberty Interactive LLC | |||
1,675 | 3.750%—02/15/2030 | 1,156 | |
TOTAL CONVERTIBLE BONDS | |||
(Cost $21,253) | 19,283 | ||
CORPORATE BONDS & NOTES—86.1% | |||
AEROSPACE & DEFENSE—2.7% | |||
Bombardier Inc. | |||
97 | 7.125%—06/15/20262 | 89 | |
446 | 7.500%—12/01/2024-03/15/20252 | 441 | |
530 | |||
Howmet Aerospace Inc. | |||
207 | 5.125%—10/01/2024 | 211 | |
84 | 5.900%—02/01/2027 | 86 | |
137 | 6.875%—05/01/2025 | 145 | |
442 | |||
Spirit Aerosystems Inc. | |||
175 | 5.500%—01/15/20252 | 173 | |
200 | 7.500%—04/15/20252 | 203 | |
376 | |||
TransDigm Inc. | |||
2,119 | 6.250%—03/15/20262 | 2,111 | |
1,185 | 6.375%—06/15/2026 | 1,172 | |
509 | 7.500%—03/15/2027 | 513 | |
1,145 | 8.000%—12/15/20252 | 1,193 | |
4,989 | |||
TransDigm UK Holdings plc | |||
966 | 6.875%—05/15/2026 | 963 | |
Triumph Group Inc. | |||
830 | 8.875%—06/01/20242 | 860 | |
8,160 | |||
AIRLINES—0.0% | |||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. | |||
45 | 6.500%—06/20/20272 | 46 | |
AUTO COMPONENTS—2.4% | |||
Allison Transmission Inc. | |||
857 | 3.750%—01/30/20312 | 743 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
AUTO COMPONENTS—Continued | |||
American Axle & Manufacturing Inc. | |||
$ | 957 | 5.000%—10/01/2029 | $825 |
Clarios Global LP / Clarios US Finance Co. | |||
242 | 6.250%—05/15/20262 | 245 | |
653 | 8.500%—05/15/20272 | 653 | |
898 | |||
Dana Financing Luxembourg Sarl | |||
1,510 | 5.750%—04/15/20252 | 1,493 | |
Goodyear Tire & Rubber Co. | |||
2,235 | 5.000%—05/31/2026-07/15/2029 | 2,071 | |
96 | 5.625%—04/30/2033 | 83 | |
496 | 9.500%—05/31/2025 | 521 | |
2,675 | |||
Tenneco Inc. | |||
566 | 5.125%—04/15/20292 | 552 | |
7,186 | |||
AUTOMOBILES—2.9% | |||
Ford Motor Co. | |||
77 | 3.250%—02/12/2032 | 63 | |
576 | 4.750%—01/15/2043 | 465 | |
376 | 5.291%—12/08/2046 | 324 | |
566 | 9.000%—04/22/2025 | 631 | |
406 | 9.625%—04/22/2030 | 497 | |
1,980 | |||
Ford Motor Credit Co. LLC | |||
486 | 3.625%—06/17/2031 | 405 | |
755 | 4.000%—11/13/2030 | 654 | |
1,844 | 4.125%—08/17/2027 | 1,712 | |
450 | 4.950%—05/28/2027 | 439 | |
607 | 5.125%—06/16/2025 | 606 | |
3,816 | |||
Jaguar Land Rover Automotive plc | |||
583 | 5.500%—07/15/20292 | 486 | |
500 | 5.625%—02/01/20232 | 498 | |
476 | 5.875%—01/15/20282 | 418 | |
676 | 7.750%—10/15/20252 | 678 | |
2,080 | |||
THOR Industries Inc. | |||
983 | 4.000%—10/15/20292 | 832 | |
8,708 | |||
BEVERAGES—0.2% | |||
Triton Water Holdings Inc. | |||
638 | 6.250%—04/01/20292 | 529 | |
BUILDING PRODUCTS—0.5% | |||
Eco Material Technologies Inc. | |||
827 | 7.875%—01/31/20272 | 802 | |
MIWD HoldCo II LLC / MIWD Finance Corp. | |||
207 | 5.500%—02/01/20302 | 179 | |
Standard Industries Inc. | |||
695 | 3.375%—01/15/20312 | 556 | |
1,537 | |||
CAPITAL MARKETS—0.9% | |||
CTR Partnership LP / CareTrust Capital Corp. | |||
133 | 3.875%—06/30/20282 | 121 |
42
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
CAPITAL MARKETS—Continued | |||
Global Infrastructure Solutions Inc. | |||
$ | 449 | 5.625%—06/01/20292 | $410 |
457 | 7.500%—04/15/20322 | 426 | |
836 | |||
GrafTech Finance Inc. | |||
641 | 4.625%—12/15/20282 | 586 | |
Metis Merger Sub LLC | |||
618 | 6.500%—05/15/20292 | 539 | |
RP Escrow Issuer LLC | |||
564 | 5.250%—12/15/20252 | 525 | |
2,607 | |||
CHEMICALS—2.8% | |||
Avient Corp. | |||
456 | 5.750%—05/15/20252 | 461 | |
Consolidated Energy Finance SA | |||
371 | 5.625%—10/15/20282 | 344 | |
335 | 6.500%—05/15/20262 | 342 | |
686 | |||
Illuminate Buyer LLC / Illuminate Holdings IV Inc. | |||
746 | 9.000%—07/01/20282 | 710 | |
Ineos Quattro Finance 2 plc | |||
749 | 3.375%—01/15/20262 | 685 | |
Methanex Corp. | |||
1,285 | 5.125%—10/15/2027 | 1,235 | |
NOVA Chemicals Corp. | |||
128 | 4.875%—06/01/20242 | 126 | |
Olympus Water US Holding Corp. | |||
200 | 4.250%—10/01/20282 | 177 | |
403 | 6.250%—10/01/20292 | 335 | |
512 | |||
PMHC II Inc. | |||
1,228 | 9.000%—02/15/20302 | 990 | |
Polar US Borrower LLC / Schenectady International Group Inc. | |||
1,021 | 6.750%—05/15/20262 | 834 | |
SCIL IV LLC / SCIL USA Holdings LLC | |||
354 | 5.375%—11/01/20262 | 324 | |
SPCM SA | |||
366 | 3.375%—03/15/20302 | 312 | |
Standard Industries Inc. | |||
214 | 4.375%—07/15/20302 | 179 | |
Trinseo Materials Operating SCA / Trinseo Materials Finance Inc. | |||
705 | 5.375%—09/01/20252 | 681 | |
Tronox Inc. | |||
283 | 4.625%—03/15/20292 | 253 | |
WR Grace Holdings LLC | |||
268 | 5.625%—08/15/20292 | 229 | |
8,217 | |||
COMMERCIAL SERVICES & SUPPLIES—2.9% | |||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | |||
534 | 6.000%—06/01/20292 | 443 | |
607 | 6.625%—07/15/20262 | 587 | |
1,030 | |||
Allied Universal Holdco LLC / Allied Universal Finance Corp. /Atlas Luxco 4 Sarl | |||
585 | 4.625%—06/01/20282 | 518 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
COMMERCIAL SERVICES & SUPPLIES—Continued | |||
Garda World Security Corp. | |||
$ | 693 | 6.000%—06/01/20292 | $575 |
1,244 | 9.500%—11/01/20272 | 1,224 | |
1,799 | |||
GFL Environmental Inc. | |||
416 | 3.500%—09/01/20282 | 371 | |
842 | 4.000%—08/01/20282 | 742 | |
464 | 4.375%—08/15/20292 | 412 | |
451 | 4.750%—06/15/20292 | 410 | |
1,935 | |||
KAR Auction Services Inc. | |||
1,396 | 5.125%—06/01/20252 | 1,413 | |
LABL Inc. | |||
564 | 6.750%—07/15/20262 | 544 | |
209 | 8.250%—11/01/20292 | 172 | |
199 | 10.500%—07/15/20272 | 192 | |
908 | |||
Madison IAQ LLC | |||
94 | 4.125%—06/30/20282 | 83 | |
162 | 5.875%—06/30/20292 | 132 | |
215 | |||
Stericycle Inc. | |||
880 | 5.375%—07/15/20242 | 878 | |
8,696 | |||
COMMUNICATIONS EQUIPMENT—0.4% | |||
CommScope Inc. | |||
487 | 4.750%—09/01/20292 | 408 | |
317 | 6.000%—03/01/20262 | 300 | |
708 | |||
Plantronics Inc. | |||
356 | 4.750%—03/01/20292 | 361 | |
1,069 | |||
CONSTRUCTION & ENGINEERING—0.6% | |||
Picasso Finance Sub Inc. | |||
728 | 6.125%—06/15/20252 | 743 | |
Pike Corp. | |||
632 | 5.500%—09/01/20282 | 574 | |
VM Consolidated Inc. | |||
538 | 5.500%—04/15/20292 | 482 | |
1,799 | |||
CONSUMER FINANCE—1.2% | |||
Cobra AcquisitionCo LLC | |||
499 | 6.375%—11/01/20292 | 382 | |
goeasy Ltd. | |||
434 | 4.375%—05/01/20262 | 403 | |
Navient Corp. | |||
190 | 5.500%—03/15/2029 | 167 | |
182 | 5.875%—10/25/2024 | 181 | |
868 | 6.750%—06/25/2025-06/15/2026 | 868 | |
377 | 7.250%—09/25/2023 | 387 | |
1,603 | |||
Navient Corp. MTN4 | |||
170 | 5.500%—01/25/2023 | 171 | |
674 | 5.625%—08/01/2033 | 534 | |
168 | 6.125%—03/25/2024 | 169 | |
874 |
43
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
CONSUMER FINANCE—Continued | |||
OneMain Finance Corp. | |||
$ | 352 | 6.125%—03/15/2024 | $354 |
3,616 | |||
CONTAINERS & PACKAGING—0.9% | |||
ARD Finance SA | |||
918 | 6.500%—06/30/20272 | 772 | |
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc. | |||
1,043 | 5.250%—04/30/20252 | 1,037 | |
Mauser Packaging Solutions Holding Co. | |||
157 | 5.500%—04/15/20242 | 154 | |
657 | 7.250%—04/15/20252 | 623 | |
777 | |||
2,586 | |||
DISTRIBUTORS—0.3% | |||
WESCO Distribution Inc. | |||
715 | 7.125%—06/15/20252 | 744 | |
DIVERSIFIED CONSUMER SERVICES—0.2% | |||
McGraw-Hill Education Inc. | |||
539 | 5.750%—08/01/20282 | 482 | |
DIVERSIFIED FINANCIAL SERVICES—0.1% | |||
Compass Group Diversified Holdings LLC | |||
299 | 5.250%—04/15/20292 | 269 | |
DIVERSIFIED TELECOMMUNICATION SERVICES—2.8% | |||
Altice Financing SA | |||
943 | 5.750%—08/15/20292 | 796 | |
Cablevision Lightpath LLC | |||
293 | 3.875%—09/15/20272 | 258 | |
307 | 5.625%—09/15/20282 | 264 | |
522 | |||
Connect Finco Sarl / Connect US Finco LLC | |||
1,303 | 6.750%—10/01/20262 | 1,269 | |
Consolidated Communications Inc. | |||
561 | 6.500%—10/01/20282 | 490 | |
Frontier Communications Holdings LLC | |||
169 | 5.000%—05/01/20282 | 154 | |
228 | 6.000%—01/15/20302 | 199 | |
353 | |||
Iliad Holding SAS | |||
681 | 6.500%—10/15/20262 | 655 | |
Level 3 Financing Inc. | |||
115 | 3.625%—01/15/20292 | 94 | |
106 | 3.750%—07/15/20292 | 86 | |
160 | 4.625%—09/15/20272 | 144 | |
52 | 5.250%—03/15/2026 | 51 | |
375 | |||
Lumen Technologies Inc. | |||
156 | 4.000%—02/15/20272 | 139 | |
95 | 4.500%—01/15/20292 | 75 | |
250 | 5.625%—04/01/2025 | 244 | |
898 | 6.750%—12/01/2023 | 914 | |
1,372 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
DIVERSIFIED TELECOMMUNICATION SERVICES—Continued | |||
Northwest Fiber LLC / Northwest Fiber Finance Sub Inc. | |||
$ | 352 | 4.750%—04/30/20272 | $321 |
102 | 6.000%—02/15/20282 | 85 | |
406 | |||
Switch Ltd. | |||
307 | 3.750%—09/15/20282 | 288 | |
Telecom Italia Capital SA | |||
575 | 6.000%—09/30/2034 | 493 | |
84 | 6.375%—11/15/2033 | 73 | |
566 | |||
Zayo Group Holdings Inc. | |||
720 | 4.000%—03/01/20272 | 628 | |
Ziggo Bond Co BV | |||
478 | 6.000%—01/15/20272 | 469 | |
8,189 | |||
ELECTRIC UTILITIES—1.0% | |||
NRG Energy Inc. | |||
141 | 3.625%—02/15/20312 | 118 | |
1,875 | 3.875%—02/15/20322 | 1,568 | |
484 | 5.250%—06/15/20292 | 456 | |
230 | 5.750%—01/15/2028 | 225 | |
751 | 6.625%—01/15/2027 | 761 | |
3,128 | |||
ELECTRICAL EQUIPMENT—0.4% | |||
Clarios Global LP | |||
235 | 6.750%—05/15/20252 | 240 | |
Sensata Technologies BV | |||
220 | 4.875%—10/15/20232 | 221 | |
Sensata Technologies Inc. | |||
408 | 4.375%—02/15/20302 | 372 | |
Vertiv Group Corp. | |||
320 | 4.125%—11/15/20282 | 279 | |
1,112 | |||
ENERGY EQUIPMENT & SERVICES—1.4% | |||
Archrock Partners LP / Archrock Partners Finance Corp. | |||
603 | 6.250%—04/01/20282 | 586 | |
Centennial Resource Production LLC | |||
164 | 6.875%—04/01/20272 | 164 | |
Earthstone Energy Holdings LLC | |||
216 | 8.000%—04/15/20272 | 216 | |
Nabors Industries Inc. | |||
588 | 7.375%—05/15/20272 | 601 | |
Nabors Industries Ltd. | |||
608 | 7.500%—01/15/20282 | 583 | |
Precision Drilling Corp. | |||
255 | 6.875%—01/15/20292 | 248 | |
Transocean Phoenix 2 Ltd. | |||
229 | 7.750%—10/15/20242 | 231 | |
Transocean Poseidon Ltd. | |||
377 | 6.875%—02/01/20272 | 363 | |
Transocean Proteus Ltd. | |||
141 | 6.250%—12/01/20242 | 138 | |
Transocean Sentry Ltd. | |||
225 | 5.375%—05/15/20232 | 219 | |
USA Compression Partners LP / USA Compression Finance Corp. | |||
310 | 6.875%—09/01/2027 | 303 |
44
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
ENERGY EQUIPMENT & SERVICES—Continued | |||
Weatherford International Ltd. | |||
$ | 269 | 6.500%—09/15/20282 | $272 |
349 | 8.625%—04/30/20302 | 346 | |
618 | |||
4,270 | |||
ENTERTAINMENT—1.1% | |||
Lions Gate Capital Holdings LLC | |||
713 | 5.500%—04/15/20292 | 633 | |
Live Nation Entertainment Inc. | |||
249 | 4.750%—10/15/20272 | 234 | |
431 | 5.625%—03/15/20262 | 426 | |
419 | 6.500%—05/15/20272 | 435 | |
1,095 | |||
Playtika Holding Corp. | |||
1,149 | 4.250%—03/15/20292 | 1,037 | |
Roblox Corp. | |||
383 | 3.875%—05/01/20302 | 330 | |
WMG Acquisition Corp. | |||
262 | 3.750%—12/01/20292 | 235 | |
3,330 | |||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—2.5% | |||
American Finance Trust Inc. / American Finance Operating Partner LP | |||
825 | 4.500%—09/30/20282 | 704 | |
Iron Mountain Inc. | |||
225 | 4.500%—02/15/20312 | 193 | |
624 | 5.625%—07/15/20322 | 566 | |
759 | |||
Iron Mountain Information Management Services Inc. | |||
1,154 | 5.000%—07/15/20322 | 1,019 | |
MPT Operating Partnership LP / MPT Finance Corp. | |||
559 | 5.250%—08/01/2026 | 560 | |
RLJ Lodging Trust LP | |||
266 | 3.750%—07/01/20262 | 247 | |
196 | 4.000%—09/15/20292 | 175 | |
422 | |||
SBA Communications Corp. | |||
392 | 3.125%—02/01/2029 | 337 | |
Service Properties Trust | |||
446 | 3.950%—01/15/2028 | 354 | |
470 | 4.350%—10/01/2024 | 436 | |
102 | 4.375%—02/15/2030 | 78 | |
99 | 4.650%—03/15/2024 | 93 | |
358 | 4.950%—02/15/2027 | 311 | |
341 | 5.500%—12/15/2027 | 311 | |
421 | 7.500%—09/15/2025 | 421 | |
2,004 | |||
Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC | |||
1,134 | 7.875%—02/15/20252 | 1,156 | |
VICI Properties LP / VICI Note Co. Inc. | |||
645 | 3.500%—02/15/20252 | 620 | |
7,581 | |||
FOOD & STAPLES RETAILING—1.4% | |||
Albertsons Cos. Inc. / Safeway Inc. / New Albertsons LP / Albertsons LLC | |||
505 | 3.250%—03/15/20262 | 461 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
FOOD & STAPLES RETAILING—Continued | |||
$ | 1,091 | 3.500%—03/15/20292 | $921 |
809 | 4.625%—01/15/20272 | 759 | |
283 | 5.875%—02/15/20282 | 275 | |
1,224 | 7.500%—03/15/20262 | 1,288 | |
3,704 | |||
US Foods Inc. | |||
590 | 6.250%—04/15/20252 | 607 | |
4,311 | |||
FOOD PRODUCTS—0.4% | |||
B&G Foods Inc. | |||
497 | 5.250%—04/01/2025 | 474 | |
Kraft Heinz Foods Co. | |||
512 | 5.200%—07/15/2045 | 502 | |
Post Holdings Inc. | |||
148 | 5.625%—01/15/20282 | 140 | |
1,116 | |||
GAS UTILITIES—0.4% | |||
AmeriGas Partners LP / AmeriGas Finance Corp. | |||
50 | 5.500%—05/20/2025 | 49 | |
615 | 5.625%—05/20/2024 | 615 | |
534 | 5.750%—05/20/2027 | 526 | |
77 | 5.875%—08/20/2026 | 76 | |
1,266 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—0.2% | |||
Teleflex Inc. | |||
532 | 4.250%—06/01/20282 | 502 | |
HEALTH CARE PROVIDERS & SERVICES—7.1% | |||
AHP Health Partners Inc. | |||
322 | 5.750%—07/15/20292 | 293 | |
Catalent Pharma Solutions Inc. | |||
484 | 5.000%—07/15/20272 | 469 | |
Centene Corp. | |||
846 | 2.450%—07/15/2028 | 739 | |
992 | 2.500%—03/01/2031 | 826 | |
375 | 2.625%—08/01/2031 | 312 | |
1,060 | 3.000%—10/15/2030 | 924 | |
2,801 | |||
DaVita Inc. | |||
503 | 3.750%—02/15/20312 | 411 | |
Encompass Health Corp. | |||
369 | 4.625%—04/01/2031 | 326 | |
Global Medical Response Inc. | |||
863 | 6.500%—10/01/20252 | 837 | |
HCA Inc. | |||
1,424 | 7.690%—06/15/2025 | 1,554 | |
714 | 8.360%—04/15/2024 | 768 | |
2,322 | |||
HCA Inc. MTN4 | |||
988 | 7.580%—09/15/2025 | 1,072 | |
Legacy LifePoint Health LLC | |||
188 | 4.375%—02/15/20272 | 174 | |
386 | 5.375%—01/15/20292 | 330 | |
1,341 | 6.750%—04/15/20252 | 1,370 | |
1,874 | |||
ModivCare Inc. | |||
390 | 5.875%—11/15/20252 | 383 |
45
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
HEALTH CARE PROVIDERS & SERVICES—Continued | |||
Molina Healthcare Inc. | |||
$ | 1,350 | 3.875%—11/15/2030-05/15/20322 | $1,195 |
Option Care Health Inc. | |||
331 | 4.375%—10/31/20292 | 298 | |
Ortho-Clinical Diagnostics Inc. / Ortho-Clinical Diagnostics SA | |||
101 | 7.250%—02/01/20282 | 102 | |
Regionalcare Hospital Partners Holdings Inc. / LifePoint Health Inc. | |||
2,563 | 9.750%—12/01/20262 | 2,638 | |
Surgery Center Holdings Inc. | |||
884 | 6.750%—07/01/20252 | 868 | |
2,111 | 10.000%—04/15/20272 | 2,209 | |
3,077 | |||
Tenet Healthcare Corp. | |||
1,701 | 6.250%—02/01/20272 | 1,690 | |
1,032 | 6.750%—06/15/2023 | 1,063 | |
348 | 6.875%—11/15/2031 | 361 | |
3,114 | |||
21,212 | |||
HEALTH CARE TECHNOLOGY—2.2% | |||
Change Healthcare Holdings LLC / Change Healthcare Finance Inc. | |||
2,477 | 5.750%—03/01/20252 | 2,474 | |
Verscend Escrow Corp. | |||
4,099 | 9.750%—08/15/20262 | 4,227 | |
6,701 | |||
HOTELS, RESTAURANTS & LEISURE—5.3% | |||
Aramark Services Inc. | |||
95 | 5.000%—04/01/20252 | 95 | |
725 | 6.375%—05/01/20252 | 739 | |
834 | |||
Caesars Entertainment Inc. | |||
2,960 | 6.250%—07/01/20252 | 2,996 | |
1,062 | 8.125%—07/01/20272 | 1,111 | |
4,107 | |||
Caesars Resort Collection LLC / CRC Finco Inc. | |||
900 | 5.750%—07/01/20252 | 920 | |
CEC Entertainment LLC | |||
1,018 | 6.750%—05/01/20262 | 958 | |
Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op | |||
340 | 5.500%—05/01/20252 | 342 | |
International Game Technology plc | |||
587 | 4.125%—04/15/20262 | 554 | |
IRB Holding Corp. | |||
670 | 7.000%—06/15/20252 | 690 | |
MGM Resorts International | |||
286 | 4.750%—10/15/2028 | 263 | |
467 | 5.500%—04/15/2027 | 455 | |
68 | 5.750%—06/15/2025 | 68 | |
721 | 6.750%—05/01/2025 | 739 | |
1,525 | |||
NCL Corp. Ltd. | |||
365 | 5.875%—02/15/20272 | 348 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
HOTELS, RESTAURANTS & LEISURE—Continued | |||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | |||
$ | 636 | 5.625%—09/01/20292 | $510 |
640 | 5.875%—09/01/20312 | 505 | |
1,015 | |||
Royal Caribbean Cruises Ltd. | |||
583 | 5.375%—07/15/20272 | 537 | |
408 | 5.500%—04/01/20282 | 373 | |
1,041 | 10.875%—06/01/20232 | 1,090 | |
2,000 | |||
Scientific Games International Inc. | |||
497 | 7.000%—05/15/20282 | 509 | |
558 | 7.250%—11/15/20292 | 587 | |
1,096 | |||
Travel + Leisure Co. | |||
347 | 6.000%—04/01/2027 | 350 | |
778 | 6.625%—07/31/20262 | 798 | |
1,148 | |||
VOC Escrow Ltd. | |||
218 | 5.000%—02/15/20282 | 197 | |
15,734 | |||
HOUSEHOLD DURABLES—0.5% | |||
LGI Homes Inc. | |||
1,001 | 4.000%—07/15/20292 | 829 | |
M/I Homes Inc. | |||
347 | 3.950%—02/15/2030 | 286 | |
Taylor Morrison Communities Inc. | |||
277 | 5.875%—06/15/20272 | 276 | |
1,391 | |||
HOUSEHOLD PRODUCTS—0.8% | |||
PetSmart Inc. / PetSmart Finance Corp. | |||
1,704 | 4.750%—02/15/20282 | 1,587 | |
840 | 7.750%—02/15/20292 | 837 | |
2,424 | |||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.8% | |||
Vistra Operations Co. LLC | |||
771 | 4.375%—05/01/20292 | 700 | |
493 | 5.000%—07/31/20272 | 470 | |
903 | 5.500%—09/01/20262 | 901 | |
304 | 5.625%—02/15/20272 | 300 | |
2,371 | |||
INSURANCE—1.5% | |||
Acrisure LLC / Acrisure Finance Inc. | |||
761 | 7.000%—11/15/20252 | 742 | |
334 | 10.125%—08/01/20262 | 348 | |
1,090 | |||
GTCR AP Finance Inc. | |||
549 | 8.000%—05/15/20272 | 548 | |
Hub International Ltd. | |||
1,411 | 7.000%—05/01/20262 | 1,400 | |
NFP Corp. | |||
162 | 4.875%—08/15/20282 | 148 | |
1,404 | 6.875%—08/15/20282 | 1,249 | |
1,397 | |||
4,435 |
46
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
INTERACTIVE MEDIA & SERVICES—1.6% | |||
Arches Buyer Inc. | |||
$ | 315 | 4.250%—06/01/20282 | $281 |
248 | 6.125%—12/01/20282 | 216 | |
497 | |||
Go Daddy Operating Co. LLC / GD Finance Co. Inc. | |||
526 | 3.500%—03/01/20292 | 467 | |
Match Group Holdings II LLC | |||
357 | 5.000%—12/15/20272 | 349 | |
194 | 5.625%—02/15/20292 | 187 | |
536 | |||
Rackspace Technology Global Inc. | |||
845 | 3.500%—02/15/20282 | 732 | |
Tripadvisor Inc. | |||
921 | 7.000%—07/15/20252 | 945 | |
Twitter Inc. | |||
1,587 | 5.000%—03/01/20302 | 1,623 | |
4,800 | |||
INTERNET & DIRECT MARKETING RETAIL—0.5% | |||
QVC Inc. | |||
406 | 4.375%—03/15/2023-09/01/2028 | 393 | |
1,204 | 5.450%—08/15/2034 | 967 | |
231 | 5.950%—03/15/2043 | 180 | |
1,540 | |||
IT SERVICES—1.8% | |||
Block Inc. | |||
152 | 2.750%—06/01/20262 | 139 | |
867 | 3.500%—06/01/20312 | 727 | |
866 | |||
Conduent Business Services LLC / Conduent State & Local Solutions Inc. | |||
599 | 6.000%—11/01/20292 | 552 | |
MoneyGram International Inc. | |||
529 | 5.375%—08/01/20262 | 540 | |
Presidio Holdings Inc. | |||
365 | 4.875%—02/01/20272 | 347 | |
757 | 8.250%—02/01/20282 | 736 | |
1,083 | |||
Sabre GLBL Inc. | |||
512 | 7.375%—09/01/20252 | 519 | |
1,100 | 9.250%—04/15/20252 | 1,175 | |
1,694 | |||
Twilio Inc. | |||
491 | 3.875%—03/15/2031 | 423 | |
ZipRecruiter Inc. | |||
385 | 5.000%—01/15/20302 | 361 | |
5,519 | |||
LIFE SCIENCES TOOLS & SERVICES—0.5% | |||
Avantor Funding Inc. | |||
551 | 3.875%—11/01/20292 | 495 | |
IQVIA Inc. | |||
851 | 5.000%—05/15/20272 | 844 | |
Syneos Health Inc. | |||
236 | 3.625%—01/15/20292 | 209 | |
1,548 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
MACHINERY—0.7% | |||
EnPro Industries Inc. | |||
$ | 585 | 5.750%—10/15/2026 | $586 |
Meritor Inc. | |||
242 | 6.250%—06/01/20252 | 251 | |
OT Merger Corp. | |||
689 | 7.875%—10/15/20292 | 587 | |
TK Elevator US Newco Inc. | |||
771 | 5.250%—07/15/20272 | 723 | |
2,147 | |||
MEDIA—9.7% | |||
Altice France Holding SA | |||
261 | 6.000%—02/15/20282 | 216 | |
Altice France SA | |||
787 | 5.500%—10/15/20292 | 670 | |
4,185 | 8.125%—02/01/20272 | 4,222 | |
4,892 | |||
AMC Networks Inc. | |||
970 | 4.250%—02/15/2029 | 846 | |
427 | 4.750%—08/01/2025 | 413 | |
1,259 | |||
Audacy Capital Corp. | |||
447 | 6.750%—03/31/20292 | 388 | |
CCO Holdings LLC / CCO Holdings Capital Corp. | |||
1,160 | 4.250%—02/01/2031-01/15/20342 | 928 | |
380 | 4.500%—06/01/20332 | 312 | |
607 | 4.750%—02/01/20322 | 523 | |
200 | 5.375%—06/01/20292 | 190 | |
939 | 5.500%—05/01/20262 | 942 | |
2,895 | |||
CSC Holdings LLC | |||
672 | 3.375%—02/15/20312 | 526 | |
300 | 4.125%—12/01/20302 | 248 | |
443 | 4.500%—11/15/20312 | 365 | |
1,158 | 5.750%—01/15/20302 | 963 | |
290 | 5.875%—09/15/2022 | 292 | |
1,127 | 6.500%—02/01/20292 | 1,072 | |
3,466 | |||
Cumulus Media New Holdings Inc. | |||
357 | 6.750%—07/01/20262 | 356 | |
Diamond Sports Group LLC / Diamond Sports Finance Co. | |||
781 | 5.375%—08/15/20262 | 290 | |
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor Inc. | |||
1,774 | 5.875%—08/15/20272 | 1,673 | |
DISH DBS Corp. | |||
655 | 5.125%—06/01/2029 | 512 | |
634 | 5.750%—12/01/20282 | 568 | |
262 | 7.750%—07/01/2026 | 247 | |
1,327 | |||
Entercom Media Corp. | |||
129 | 6.500%—05/01/20272 | 111 | |
Gray Television Inc. | |||
790 | 5.875%—07/15/20262 | 796 | |
193 | 7.000%—05/15/20272 | 200 | |
996 |
47
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
MEDIA—Continued | |||
Hughes Satellite Systems Corp. | |||
$ | 301 | 5.250%—08/01/2026 | $293 |
781 | 6.625%—08/01/2026 | 778 | |
1,071 | |||
Midas OPCO Holdings LLC | |||
571 | 5.625%—08/15/20292 | 505 | |
Nexstar Media Inc. | |||
169 | 5.625%—07/15/20272 | 165 | |
Radiate Holdco LLC / Radiate Finance Inc. | |||
652 | 4.500%—09/15/20262 | 601 | |
Sable International Finance Ltd. | |||
345 | 5.750%—09/07/20272 | 340 | |
Sirius XM Radio Inc. | |||
305 | 3.875%—09/01/20312 | 258 | |
1,420 | 4.000%—07/15/20282 | 1,285 | |
125 | 5.000%—08/01/20272 | 121 | |
1,664 | |||
SSL Robotics LLC | |||
1,352 | 9.750%—12/31/20232 | 1,443 | |
Tegna Inc. | |||
685 | 4.750%—03/15/20262 | 680 | |
Telesat Canada / Telesat LLC | |||
1,095 | 4.875%—06/01/20272 | 746 | |
394 | 5.625%—12/06/20262 | 282 | |
546 | 6.500%—10/15/20272 | 234 | |
1,262 | |||
Univision Communications Inc. | |||
724 | 5.125%—02/15/20252 | 712 | |
727 | 6.625%—06/01/20272 | 730 | |
1,442 | |||
Viasat Inc. | |||
1,820 | 5.625%—09/15/20252 | 1,672 | |
336 | 6.500%—07/15/20282 | 291 | |
1,963 | |||
Virgin Media Vendor Financing Notes IV DAC | |||
200 | 5.000%—07/15/20282 | 182 | |
29,187 | |||
METALS & MINING—1.3% | |||
Clydesdale Acquisition Holdings Inc. | |||
243 | 6.625%—04/15/20292 | 243 | |
817 | 8.750%—04/15/20302 | 748 | |
991 | |||
Condor Merger Sub Inc. | |||
728 | 7.375%—02/15/20302 | 652 | |
FMG Resources August 2006 Pty Ltd. | |||
272 | 4.375%—04/01/20312 | 241 | |
1,254 | 4.500%—09/15/20272 | 1,190 | |
516 | 5.125%—05/15/20242 | 522 | |
291 | 6.125%—04/15/20322 | 289 | |
2,242 | |||
3,885 | |||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)—0.5% | |||
Blackstone Mortgage Trust Inc. | |||
767 | 3.750%—01/15/20272 | 701 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)—Continued | |||
Starwood Property Trust Inc. | |||
$ | 685 | 3.625%—07/15/20262 | $626 |
314 | 3.750%—12/31/20242 | 302 | |
928 | |||
1,629 | |||
OIL, GAS & CONSUMABLE FUELS—10.1% | |||
Aethon United BR LP / Aethon United Finance Corp. | |||
535 | 8.250%—02/15/20262 | 552 | |
Antero Midstream Partners LP / Antero Midstream Finance Corp. | |||
843 | 5.750%—03/01/2027-01/15/20282 | 822 | |
664 | 7.875%—05/15/20262 | 695 | |
1,517 | |||
Buckeye Partners LP | |||
350 | 3.950%—12/01/2026 | 331 | |
453 | 4.500%—03/01/20282 | 414 | |
134 | 5.850%—11/15/2043 | 107 | |
852 | |||
Civitas Resources Inc. | |||
620 | 5.000%—10/15/20262 | 590 | |
CNX Resources Corp. | |||
274 | 6.000%—01/15/20292 | 271 | |
775 | 7.250%—03/14/20272 | 793 | |
1,064 | |||
Colgate Energy Partners III LLC | |||
766 | 5.875%—07/01/20292 | 763 | |
Comstock Resources Inc. | |||
290 | 5.875%—01/15/20302 | 279 | |
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. | |||
534 | 8.000%—04/01/20292 | 558 | |
Crownrock LP / Crownrock Finance Inc. | |||
155 | 5.000%—05/01/20292 | 152 | |
DT Midstream Inc. | |||
775 | 4.375%—06/15/20312 | 695 | |
Encino Acquisition Partners Holdings LLC | |||
641 | 8.500%—05/01/20282 | 643 | |
EQM Midstream Partners LP | |||
424 | 4.500%—01/15/20292 | 382 | |
362 | 4.750%—07/15/2023 | 358 | |
173 | 4.750%—01/15/20312 | 155 | |
643 | 6.500%—07/15/2048 | 593 | |
1,488 | |||
EQT Corp. | |||
385 | 7.500%—02/01/2030 | 427 | |
Ferrellgas LP / Ferrellgas Finance Corp. | |||
799 | 5.375%—04/01/20262 | 724 | |
Genesis Energy LP / Genesis Energy Finance Corp. | |||
539 | 7.750%—02/01/2028 | 520 | |
479 | 8.000%—01/15/2027 | 470 | |
990 | |||
Gulfport Energy Operating Corp. | |||
973 | 8.000%—05/17/20262 | 1,003 | |
Hilcorp Energy I LP / Hilcorp Finance Co. | |||
1,004 | 6.000%—02/01/20312 | 973 | |
489 | 6.250%—04/15/20322 | 477 | |
1,450 |
48
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
OIL, GAS & CONSUMABLE FUELS—Continued | |||
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp. | |||
$ | 455 | 6.000%—08/01/20262 | $456 |
Moss Creek Resources Holdings Inc. | |||
756 | 7.500%—01/15/20262 | 694 | |
511 | 10.500%—05/15/20272 | 499 | |
1,193 | |||
Murphy Oil Corp. | |||
526 | 6.375%—07/15/2028-12/01/2042 | 517 | |
NGL Energy Operating LLC / NGL Energy Finance Corp. | |||
505 | 7.500%—02/01/20262 | 477 | |
NuStar Logistics LP | |||
593 | 5.750%—10/01/2025 | 591 | |
Occidental Petroleum Corp. | |||
380 | 4.100%—02/15/2047 | 317 | |
335 | 4.300%—08/15/2039 | 284 | |
350 | 5.550%—03/15/2026 | 359 | |
917 | 6.200%—03/15/2040 | 950 | |
219 | 6.450%—09/15/2036 | 238 | |
763 | 6.600%—03/15/2046 | 833 | |
459 | 6.950%—07/01/2024 | 482 | |
115 | 8.500%—07/15/2027 | 130 | |
702 | 8.875%—07/15/2030 | 844 | |
4,437 | |||
Parkland Corp. | |||
1,214 | 4.500%—10/01/20292 | 1,065 | |
810 | 4.625%—05/01/20302 | 710 | |
299 | 5.875%—07/15/20272 | 290 | |
2,065 | |||
Rattler Midstream LP | |||
697 | 5.625%—07/15/20252 | 699 | |
Rockcliff Energy II LLC | |||
485 | 5.500%—10/15/20292 | 471 | |
Sanchez Energy Corp. | |||
3,000 | 0.000%—06/15/2021* | 45 | |
SM Energy Co. | |||
772 | 6.500%—07/15/2028 | 762 | |
88 | 10.000%—01/15/20252 | 95 | |
857 | |||
Southwestern Energy Co. | |||
323 | 4.750%—02/01/2032 | 306 | |
454 | 8.375%—09/15/2028 | 491 | |
797 | |||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | |||
1,035 | 6.000%—09/01/20312 | 946 | |
745 | 7.500%—10/01/20252 | 762 | |
1,708 | |||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | |||
572 | 6.500%—07/15/2027 | 590 | |
Venture Global Calcasieu Pass LLC | |||
1,312 | 3.875%—08/15/2029-11/01/20332 | 1,165 | |
336 | 4.125%—08/15/20312 | 306 | |
1,471 | |||
30,121 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
PAPER & FOREST PRODUCTS—0.0% | |||
Glatfelter Corp. | |||
$ | 177 | 4.750%—11/15/20292 | $142 |
PERSONAL PRODUCTS—0.1% | |||
HLF Financing Sarl LLC / Herbalife International Inc. | |||
351 | 4.875%—06/01/20292 | 283 | |
PHARMACEUTICALS—2.4% | |||
Bausch Health Americas Inc. | |||
49 | 9.250%—04/01/20262 | 48 | |
Bausch Health Cos. Inc. | |||
915 | 5.250%—02/15/20312 | 637 | |
530 | 5.500%—11/01/20252 | 514 | |
409 | 5.750%—08/15/20272 | 383 | |
301 | 6.125%—04/15/20252 | 302 | |
2,151 | 9.000%—12/15/20252 | 2,162 | |
3,998 | |||
Catalent Pharma Solutions Inc. | |||
396 | 3.500%—04/01/20302 | 345 | |
Teva Pharmaceutical Finance Netherlands III BV | |||
1,354 | 3.150%—10/01/2026 | 1,163 | |
588 | 4.750%—05/09/2027 | 539 | |
843 | 6.000%—04/15/2024 | 844 | |
261 | 7.125%—01/31/2025 | 265 | |
2,811 | |||
7,202 | |||
PROFESSIONAL SERVICES—0.7% | |||
Nielsen Finance LLC / Nielsen Finance Co. | |||
13 | 4.500%—07/15/20292 | 12 | |
1,125 | 4.750%—07/15/20312 | 1,065 | |
894 | 5.875%—10/01/20302 | 859 | |
1,936 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7% | |||
Global NET Lease Inc. / Global NET Lease Operating Partnership LP | |||
1,066 | 3.750%—12/15/20272 | 959 | |
Kennedy-Wilson Inc. | |||
184 | 4.750%—02/01/2030 | 166 | |
MPT Operating Partnership LP / MPT Finance Corp. | |||
1,003 | 3.500%—03/15/2031 | 853 | |
1,978 | |||
ROAD & RAIL—1.3% | |||
Carriage Purchaser Inc. | |||
543 | 7.875%—10/15/20292 | 477 | |
Uber Technologies Inc. | |||
1,384 | 7.500%—05/15/2025-09/15/20272 | 1,429 | |
775 | 8.000%—11/01/20262 | 813 | |
2,242 | |||
XPO CNW Inc. | |||
710 | 6.700%—05/01/2034 | 730 | |
XPO Logistics Inc. | |||
525 | 6.250%—05/01/20252 | 537 | |
3,986 |
49
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
SOFTWARE—0.9% | |||
Boxer Parent Co. Inc. | |||
$ | 461 | 7.125%—10/02/20252 | $471 |
986 | 9.125%—03/01/20262 | 999 | |
1,470 | |||
Consensus Cloud Solutions Inc. | |||
86 | 6.000%—10/15/20262 | 82 | |
310 | 6.500%—10/15/20282 | 292 | |
374 | |||
Elastic NV | |||
973 | 4.125%—07/15/20292 | 872 | |
2,716 | |||
SPECIALTY RETAIL—1.6% | |||
Asbury Automotive Group Co. | |||
701 | 5.000%—02/15/20322 | 623 | |
Bath & Body Works Inc. | |||
265 | 6.694%—01/15/2027 | 274 | |
779 | 6.875%—11/01/2035 | 763 | |
1,037 | |||
Group 1 Automotive Inc. | |||
265 | 4.000%—08/15/20282 | 239 | |
Lithia Motors Inc. | |||
180 | 3.875%—06/01/20292 | 163 | |
Macy's Retail Holdings LLC | |||
133 | 6.125%—03/15/20322 | 123 | |
Michaels Cos. Inc. | |||
398 | 5.250%—05/01/20282 | 343 | |
609 | 7.875%—05/01/20292 | 480 | |
823 | |||
Penske Automotive Group Inc. | |||
621 | 3.500%—09/01/2025 | 600 | |
631 | 3.750%—06/15/2029 | 539 | |
1,139 | |||
Sonic Automotive Inc. | |||
657 | 4.875%—11/15/20312 | 562 | |
4,709 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5% | |||
Diebold Nixdorf Inc. | |||
48 | 9.375%—07/15/20252 | 43 | |
Entegris Escrow Corp. | |||
215 | 4.750%—04/15/20292 | 207 | |
NCR Corp. | |||
171 | 5.000%—10/01/20282 | 163 | |
Seagate HDD Cayman Co. | |||
226 | 4.091%—06/01/2029 | 201 | |
417 | 4.125%—01/15/2031 | 367 | |
429 | 5.750%—12/01/2034 | 404 | |
972 | |||
1,385 |
CORPORATE BONDS & NOTES—Continued | |||
Principal Amount | Value | ||
TEXTILES, APPAREL & LUXURY GOODS—0.2% | |||
Compass Group Diversified Holdings LLC | |||
$ | 665 | 5.000%—01/15/20322 | $566 |
Hanesbrands Inc. | |||
4 | 4.875%—05/15/20262 | 4 | |
570 | |||
THRIFTS & MORTGAGE FINANCE—0.4% | |||
Nationstar Mortgage Holdings Inc. | |||
215 | 6.000%—01/15/20272 | 209 | |
PennyMac Financial Services Inc. | |||
880 | 5.750%—09/15/20312 | 723 | |
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer Inc. | |||
54 | 3.625%—03/01/20292 | 46 | |
307 | 3.875%—03/01/20312 | 259 | |
48 | 4.000%—10/15/20332 | 39 | |
344 | |||
1,276 | |||
TRADING COMPANIES & DISTRIBUTORS—0.2% | |||
Alta Equipment Group Inc. | |||
591 | 5.625%—04/15/20262 | 550 | |
WIRELESS TELECOMMUNICATION SERVICES—1.6% | |||
C&W Senior Financing DAC | |||
1,354 | 6.875%—09/15/20272 | 1,315 | |
LCPR Senior Secured Financing DAC | |||
371 | 6.750%—10/15/20272 | 370 | |
Sprint Capital Corp. | |||
393 | 6.875%—11/15/2028 | 432 | |
1,443 | 8.750%—03/15/2032 | 1,836 | |
2,268 | |||
Sprint Corp. | |||
247 | 7.125%—06/15/2024 | 260 | |
544 | 7.625%—03/01/2026 | 592 | |
852 | |||
T-Mobile USA Inc. | |||
86 | 2.875%—02/15/2031 | 73 | |
4,878 | |||
TOTAL CORPORATE BONDS & NOTES | |||
(Cost $277,418) | 257,311 | ||
TOTAL INVESTMENTS—97.2% | |||
(Cost $312,545) | 290,436 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—2.8% | 8,488 | ||
TOTAL NET ASSETS—100.0% | $298,924 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
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.
50
Harbor High-Yield Bond Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
* | Security in default |
1 | Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 2022. The variable rate for such securities may be based on the indicated reference rate and spread or on an underlying asset or pool of assets rather than a reference rate and may be determined by current interest rates, prepayments or other financial indicators. |
2 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $200,137 or 67% of net assets. |
3 | Zero coupon bond |
4 | MTN after the name of a security stands for Medium Term Note. |
The accompanying notes are an integral part of the Financial Statements.
51
Harbor International Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Marathon Asset Management Limited
REGION BREAKDOWN (% of investments)
(Excludes short-term investments and derivatives)
The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2022, 25.1% of the Fund’s investments were denominated in British Pound. No other foreign currency denomination comprised more than 25% of the Fund’s net assets.
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—99.1% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—1.3% | |||
112,188 | Airbus SE (France) | $12,281 | |
1,915,168 | BAE Systems plc (United Kingdom) | 17,690 | |
8,350,630 | Rolls-Royce Holdings plc (United Kingdom)* | 8,561 | |
72,241 | Thales SA (France) | 9,249 | |
47,781 | |||
AIR FREIGHT & LOGISTICS—0.1% | |||
143,928 | Oesterreichische Post AG (Austria) | 4,636 | |
AIRLINES—0.4% | |||
1,324,893 | EasyJet plc (United Kingdom)* | 9,181 | |
1,128,543 | Qantas Airways Ltd. (Australia)* | 4,373 | |
13,554 | |||
AUTO COMPONENTS—0.6% | |||
144,000 | Bridgestone Corp. (Japan) | 5,278 | |
1,465,965 | Gestamp Automocion SA (Spain)*,1 | 4,789 | |
39,600 | Hankook Tire & Technology Co. Ltd. (South Korea) | 1,087 | |
602,507 | Johnson Electric Holdings Ltd. (Hong Kong) | 684 | |
209,700 | Sumitomo Electric Industries Ltd. (Japan) | 2,254 | |
130,900 | Toyota Industries Corp. (Japan) | 7,851 | |
21,943 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
AUTOMOBILES—1.2% | |||
190,184 | Bayerische Motoren Werke AG (Germany) | $15,532 | |
9,352 | Hyundai Motor Co. (South Korea) | 1,357 | |
1,605,100 | Toyota Motor Corp. (Japan) | 27,501 | |
44,390 | |||
BANKS—9.7% | |||
835,306 | Australia & New Zealand Banking Group Ltd. (Australia) | 15,895 | |
354,045 | Axis Bank Ltd. (India) | 3,344 | |
3,709,640 | Bank of Ireland Group plc (Ireland)* | 22,483 | |
19,795,014 | Barclays plc (United Kingdom) | 36,386 | |
668,805 | BNP Paribas SA (France) | 34,678 | |
5,367,611 | CaixaBank SA (Spain) | 17,326 | |
25,737 | Capitec Bank Holdings Ltd. (South Africa) | 3,593 | |
218,493 | Close Brothers Group plc (United Kingdom) | 3,030 | |
127,078 | Danske Bank AS (Denmark) | 1,949 | |
598,134 | DBS Group Holdings Ltd. (Singapore) | 14,511 | |
528,063 | DNB Bank ASA (Norway)2 | 10,232 | |
302,100 | Fukuoka Financial Group Inc. (Japan) | 5,520 | |
342,400 | Grupo Financiero Banorte SAB de CV (Mexico)* | 2,257 | |
104,315 | Hana Financial Group Inc. (South Korea) | 3,873 | |
114,563 | HDFC Bank Ltd. ADR (India)3 | 6,325 | |
417,569 | HSBC Holdings plc (Hong Kong) | 2,619 |
52
Harbor International Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
BANKS—Continued | |||
1,539,205 | Intesa Sanpaolo SpA (Italy) | $3,136 | |
404,800 | Kasikornbank PCL (Thailand) | 1,792 | |
59,258,459 | Lloyds Banking Group plc (United Kingdom) | 33,656 | |
13,806,600 | PT Bank Central Asia TBK (Indonesia) | 7,744 | |
8,307,200 | Resona Holdings Inc. (Japan) | 36,123 | |
102,566 | Shinhan Financial Group Co. Ltd. (South Korea)* | 3,408 | |
1,209,548 | Standard Chartered plc (United Kingdom) | 8,269 | |
210,300 | Sumitomo Mitsui Financial Group Inc. (Japan) | 6,354 | |
634,000 | Sumitomo Mitsui Trust Holdings Inc. (Japan) | 19,678 | |
1,731,429 | Svenska Handelsbanken AB (Sweden) | 17,464 | |
2,015,227 | UniCredit SpA (Italy) | 18,651 | |
334,000 | United Overseas Bank Ltd. (Singapore) | 7,150 | |
347,446 | |||
BEVERAGES—3.7% | |||
211,790 | Anheuser-Busch InBev SA (Belgium) | 12,186 | |
94,998 | Carlsberg AS (Denmark) | 12,068 | |
178,310 | Coca-Cola Europacific Partners plc (United States) | 8,907 | |
751,527 | Davide Campari-Milano NV (Italy) | 8,480 | |
613,214 | Diageo plc (United Kingdom) | 30,592 | |
247,765 | Heineken NV (Netherlands) | 24,184 | |
1,772,300 | Kirin Holdings Co. Ltd. (Japan) | 25,836 | |
22,866 | Pernod Ricard SA (France) | 4,719 | |
7,944,700 | Thai Beverage PCL (Singapore) | 3,914 | |
130,886 | |||
BIOTECHNOLOGY—0.1% | |||
23,382 | CSL Ltd. (Australia) | 4,462 | |
BUILDING PRODUCTS—2.0% | |||
1,238,563 | Assa Abloy AB Class B (Sweden) | 31,301 | |
47,387 | Geberit AG (Switzerland) | 27,023 | |
714,162 | GWA Group Ltd. (Australia) | 1,141 | |
651,900 | LIXIL Group Corp. (Japan) | 11,466 | |
70,931 | |||
CAPITAL MARKETS—2.4% | |||
1,800,236 | 3i Group plc (United Kingdom) | 29,461 | |
667,100 | Daiwa Securities Group Inc. (Japan) | 3,270 | |
854,452 | IG Group Holdings plc (United Kingdom) | 8,733 | |
444,800 | JAFCO Group Co. Ltd. (Japan)* | 5,363 | |
2,544,405 | Jupiter Fund Management plc (United Kingdom) | 5,679 | |
3,918,000 | Nomura Holdings Inc. (Japan) | 15,086 | |
116,287 | Rathbone Brothers plc (United Kingdom) | 3,069 | |
795,288 | St. James's Place plc (United Kingdom) | 12,780 | |
183,485 | UBS Group AG (Switzerland) | 3,115 | |
86,556 | |||
CHEMICALS—1.5% | |||
1,045,100 | Air Water Inc. (Japan) | 13,871 | |
339,890 | BASF SE (Germany) | 17,900 | |
162,600 | Nissan Chemical Corp. (Japan) | 8,589 | |
244,381 | Orica Ltd. (Australia) | 2,808 | |
21,620 | SKSHU Paint Co. Ltd. (China)* | 242 | |
145,700 | Sumitomo Bakelite Co. Ltd. (Japan) | 4,781 | |
117,900 | Tokyo Ohka Kogyo Co. Ltd. (Japan) | 6,406 | |
54,597 | |||
COMMERCIAL SERVICES & SUPPLIES—1.5% | |||
92,900 | AEON Delight Co. Ltd. (Japan) | 1,986 | |
67,911 | Befesa SA (Germany)*,1 | 4,241 | |
432,210 | Brambles Ltd. (Australia) | 3,192 | |
3,118,124 | Cleanaway Waste Management Ltd. (Australia) | 6,989 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
COMMERCIAL SERVICES & SUPPLIES—Continued | |||
146,706 | Elis SA (France) | $2,104 | |
1,906,373 | HomeServe plc (United Kingdom) | 23,429 | |
6,893,580 | Serco Group plc (United Kingdom) | 13,036 | |
54,977 | |||
CONSTRUCTION & ENGINEERING—1.2% | |||
282,169 | Boskalis Westminster NV (Netherlands) | 9,800 | |
122,916 | Ferrovial SA (Spain) | 3,152 | |
1,124,200 | Infroneer Holdings Inc. (Japan) | 8,189 | |
2,133,800 | Obayashi Corp. (Japan) | 14,674 | |
1,625,400 | Penta-Ocean Construction Co. Ltd. (Japan) | 7,953 | |
43,768 | |||
CONSTRUCTION MATERIALS—1.7% | |||
93,672 | CRH plc (Ireland) | 3,702 | |
1,056,269 | Fletcher Building Ltd. (New Zealand) | 4,208 | |
382,758 | Holcim Ltd. (Switzerland)* | 18,715 | |
33,230 | Imerys SA (France) | 1,307 | |
124,314 | James Hardie Industries PLC CDI (Australia)*,3 | 3,584 | |
860,500 | Taiheiyo Cement Corp. (Japan) | 13,923 | |
51,657 | Vicat SA (France) | 1,553 | |
462,171 | Wienerberger AG (Austria) | 13,046 | |
60,038 | |||
CONSUMER FINANCE—0.2% | |||
1,932,875 | International Personal Finance plc (United Kingdom) | 2,303 | |
2,290,775 | Non-Standard Finance plc (United Kingdom)*,1 | 65 | |
1,404,024 | Provident Financial plc (United Kingdom) | 4,494 | |
6,862 | |||
CONTAINERS & PACKAGING—0.6% | |||
3,140,820 | DS Smith plc (United Kingdom) | 12,907 | |
923,900 | Toyo Seikan Group Holdings Ltd. (Japan) | 9,993 | |
22,900 | |||
DISTRIBUTORS—0.4% | |||
1,473,758 | Inchcape plc (United Kingdom) | 13,187 | |
DIVERSIFIED FINANCIAL SERVICES—0.6% | |||
2,854,313 | AMP Ltd. (Australia)* | 2,306 | |
823,800 | B3 Brasil Bolsa Balcao SA (Brazil)* | 2,216 | |
487,900 | Chailease Holding Co. Ltd. (Taiwan) | 3,877 | |
452,792 | Challenger Ltd. (Australia) | 2,291 | |
72,191 | Macquarie Group Ltd. (Australia) | 10,393 | |
21,083 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES—2.3% | |||
486,706 | Deutsche Telekom AG (Germany) | 8,966 | |
4,077,822 | Koninklijke KPN NV (Netherlands) | 14,071 | |
1,713,900 | Nippon Telegraph & Telephone Corp. (Japan) | 50,508 | |
1,943,300 | Singapore Telecommunications Ltd. (Singapore) | 3,878 | |
1,368,308 | Telstra Corp. Ltd. (Australia) | 3,884 | |
81,307 | |||
ELECTRIC UTILITIES—0.5% | |||
149,934 | Orsted AS (Denmark)1 | 16,587 | |
ELECTRICAL EQUIPMENT—3.5% | |||
634,243 | ABB Ltd. (Switzerland) | 19,029 | |
158,500 | Havells India Ltd. (India)* | 2,694 | |
328,175 | Legrand SA (France) | 29,081 | |
1,115,100 | Mitsubishi Electric Corp. (Japan) | 11,680 |
53
Harbor International Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
ELECTRICAL EQUIPMENT—Continued | |||
157,133 | Schneider Electric SE (France) | $22,544 | |
1,598,969 | Vestas Wind Systems AS (Denmark) | 40,775 | |
125,803 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6% | |||
445,000 | Delta Electronics Inc. (Taiwan) | 3,715 | |
102,200 | Kyocera Corp. (Japan) | 5,366 | |
68,400 | Omron Corp. (Japan) | 4,033 | |
316,600 | TDK Corp. (Japan)* | 9,780 | |
22,894 | |||
ENERGY EQUIPMENT & SERVICES—0.4% | |||
1,650,983 | John Wood Group plc (United Kingdom)* | 4,590 | |
654,801 | Petrofac Ltd. (United Kingdom)* | 1,104 | |
6,019,183 | Saipem SpA (Italy)* | 6,812 | |
104,816 | Technip Energies NV (France)* | 1,274 | |
13,780 | |||
ENTERTAINMENT—0.5% | |||
149,763 | CTS Eventim AG & Co. KGaA (Germany)* | 10,279 | |
327,321 | Modern Times Group MTG AB Class B (Sweden)* | 3,462 | |
11,700 | Nintendo Co. Ltd. (Japan) | 5,340 | |
19,081 | |||
FOOD & STAPLES RETAILING—1.6% | |||
182,238 | Bid Corp. Ltd. (South Africa) | 3,827 | |
161,796 | Clicks Group Ltd. (South Africa) | 3,184 | |
600,173 | Koninklijke Ahold Delhaize NV (Netherlands) | 17,703 | |
131,900 | Matsumotokiyoshi Holdings Co. Ltd. (Japan) | 4,360 | |
987,638 | Metcash Ltd. (Australia) | 3,315 | |
318,400 | Seven & I Holdings Co. Ltd. (Japan) | 14,079 | |
3,109,045 | Tesco plc (United Kingdom) | 10,562 | |
95,013 | X5 Retail Group NV GDR (Russia)3 | —x | |
57,030 | |||
FOOD PRODUCTS—1.5% | |||
1,029,000 | China Mengniu Dairy Co. Ltd. (China)* | 5,554 | |
1,211,212 | Devro plc (United Kingdom) | 3,185 | |
2,308,000 | First Pacific Co. Ltd. (Hong Kong) | 931 | |
60,200 | Fuji Oil Holdings Inc. (Japan) | 854 | |
356,700 | Megmilk Snow Brand Co. Ltd. (Japan) | 5,317 | |
288,000 | NH Foods Ltd. (Japan) | 9,095 | |
2,340,000 | Tingyi Cayman Islands Holding Corp. (China) | 4,271 | |
313,900 | Toyo Suisan Kaisha Ltd. (Japan) | 9,692 | |
170,508 | Viscofan SA (Spain) | 9,413 | |
96,700 | Yakult Honsha Co. Ltd. (Japan) | 5,007 | |
53,319 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—3.5% | |||
250,317 | Coloplast AS Class B (Denmark) | 33,725 | |
6,488,060 | ConvaTec Group plc (United Kingdom)1 | 17,163 | |
483,457 | Demant AS (Denmark)* | 21,245 | |
290,160 | Getinge AB Class B (Sweden) | 8,394 | |
350,499 | GN Store Nord AS (Denmark) | 13,154 | |
462,521 | Koninklijke Philips NV (Netherlands) | 12,086 | |
201,929 | Smith & Nephew plc (United Kingdom) | 3,273 | |
45,799 | Sonova Holding AG (Switzerland) | 16,516 | |
125,556 | |||
HEALTH CARE PROVIDERS & SERVICES—1.2% | |||
166,800 | Alfresa Holdings Corp. (Japan) | 2,268 | |
150,948 | Amplifon SpA (Italy) | 6,022 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
HEALTH CARE PROVIDERS & SERVICES—Continued | |||
388,445 | Fresenius Medical Care AG & Co. KGaA (Germany) | $24,156 | |
574,300 | MediPAL Holdings Corp. (Japan) | 9,458 | |
41,904 | |||
HOTELS, RESTAURANTS & LEISURE—4.1% | |||
2,714,000 | Ajisen China Holdings Ltd. (China) | 384 | |
134,220 | Aristocrat Leisure Ltd. (Australia) | 3,114 | |
247,125 | Carnival plc (United Kingdom)* | 3,874 | |
1,638,011 | Compass Group plc (United Kingdom)* | 34,565 | |
1,479,405 | Entain plc (United Kingdom)* | 27,798 | |
247,216 | Flutter Entertainment plc (Ireland)* | 24,843 | |
947,000 | Galaxy Entertainment Group Ltd. (Hong Kong)* | 5,404 | |
71,410 | InterContinental Hotels Group plc (United Kingdom) | 4,559 | |
288,385 | Playtech plc (United Kingdom)* | 1,885 | |
6,810,377 | SSP Group plc (United Kingdom)* | 20,102 | |
56,187 | Trip.com Group Ltd. ADR (China)*,3 | 1,329 | |
4,395,677 | TUI AG (Germany)* | 12,514 | |
146,444 | Yum China Holdings Inc. (China) | 6,121 | |
146,492 | |||
HOUSEHOLD DURABLES—0.5% | |||
510,352 | Barratt Developments plc (United Kingdom) | 3,122 | |
464,400 | Midea Group Co. Ltd. (China)* | 3,986 | |
346,300 | Sekisui Chemical Co. Ltd. (Japan) | 4,689 | |
4,364,196 | Taylor Wimpey plc (United Kingdom) | 6,864 | |
18,661 | |||
HOUSEHOLD PRODUCTS—0.7% | |||
336,560 | Reckitt Benckiser Group plc (United Kingdom) | 26,247 | |
INDUSTRIAL CONGLOMERATES—2.4% | |||
536,500 | CK Hutchison Holdings Ltd. (Hong Kong) | 3,765 | |
187,303 | DCC plc (United Kingdom) | 14,192 | |
1,080,300 | Hitachi Ltd. (Japan) | 51,235 | |
139,900 | Jardine Matheson Holdings Ltd. (Hong Kong) | 7,410 | |
23,551 | LG Corp. (South Korea) | 1,360 | |
969,400 | Nisshinbo Holdings Inc. (Japan) | 7,253 | |
2,880,000 | Sime Darby Berhad (Malaysia) | 1,540 | |
86,755 | |||
INSURANCE—5.5% | |||
413,933 | Admiral Group plc (United Kingdom) | 13,030 | |
1,939,000 | AIA Group Ltd. (Hong Kong) | 19,048 | |
1,009,268 | AXA SA (France) | 26,700 | |
1,777,100 | Dai-ichi Life Holdings Inc. (Japan) | 35,585 | |
231,400 | Great Eastern Holdings Ltd. (Singapore) | 3,404 | |
33,011 | Hannover Rueck SE (Germany) | 5,131 | |
29,261 | Helvetia Holding AG (Switzerland) | 3,760 | |
431,751 | Hiscox Ltd. (United Kingdom) | 5,127 | |
2,516,100 | Japan Post Holdings Co. Ltd. (Japan) | 17,643 | |
431,500 | Ping An Insurance Group Co. of China Ltd. (China) | 2,727 | |
657,990 | Porto Seguro SA (Brazil)* | 2,708 | |
60,250 | Prudential plc (United Kingdom) | 749 | |
383,932 | Prudential plc (Hong Kong) | 4,779 | |
973,773 | QBE Insurance Group Ltd. (Australia) | 8,401 | |
622,690 | Sampo OYJ (Finland) | 30,236 | |
216,900 | Sompo Holdings Inc. (Japan) | 8,830 | |
205,400 | Tokio Marine Holdings Inc. (Japan) | 11,106 | |
198,964 | |||
INTERACTIVE MEDIA & SERVICES—1.5% | |||
1,442,785 | Auto Trader Group plc (United Kingdom)1 | 11,387 | |
39,755 | Baidu Inc. ADR (China)*,3 | 4,936 |
54
Harbor International Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
INTERACTIVE MEDIA & SERVICES—Continued | |||
253,223 | Carsales.com Ltd. (Australia) | $3,738 | |
194,124 | Domain Holdings Australia Ltd. (Australia) | 473 | |
4,310,781 | Rightmove plc (United Kingdom) | 33,138 | |
53,672 | |||
INTERNET & DIRECT MARKETING RETAIL—0.9% | |||
170,853 | Cazoo Group Ltd. (United States)* | 289 | |
528,006 | HelloFresh SE (Germany)* | 22,258 | |
141,797 | Just Eat Takeaway.com NV (Netherlands)*,1 | 3,852 | |
42,659 | Naspers Ltd. (South Africa) | 4,302 | |
245,834 | Vipshop Holdings Ltd. ADR (China)*,3 | 1,883 | |
32,584 | |||
IT SERVICES—3.1% | |||
87,972 | Alten SA (France) | 11,807 | |
13,163,003 | Capita plc (United Kingdom)* | 3,928 | |
401,098 | Edenred (France) | 20,144 | |
204,763 | Infosys Ltd. ADR (India)3 | 4,069 | |
477,500 | NEC Corp. (Japan) | 18,525 | |
353,100 | NET One Systems Co. Ltd. (Japan) | 8,426 | |
216,000 | NS Solutions Corp. (Japan) | 6,444 | |
992,400 | NTT Data Corp. (Japan) | 18,298 | |
36,105 | Reply SpA (Italy) | 5,315 | |
558,300 | SCSK Corp. (Japan) | 8,876 | |
126,849 | Tata Consultancy Services Ltd. (India) | 5,848 | |
111,680 | |||
LEISURE PRODUCTS—0.6% | |||
52,300 | Bandai Namco Holdings Inc. (Japan) | 3,541 | |
236,000 | Giant Manufacturing Co. Ltd. (Taiwan) | 1,973 | |
865,300 | Sega Sammy Holdings Inc. (Japan) | 15,333 | |
20,847 | |||
LIFE SCIENCES TOOLS & SERVICES—0.7% | |||
234,303 | Eurofins Scientific SE (France) | 21,776 | |
42,561 | Gerresheimer AG (Germany) | 2,956 | |
24,732 | |||
MACHINERY—3.3% | |||
87,757 | Andritz AG (Austria) | 3,731 | |
2,044,861 | CNH Industrial NV (Italy) | 28,968 | |
91,500 | Daifuku Co. Ltd. (Japan) | 5,626 | |
523,796 | Fluidra SA (Spain)* | 14,176 | |
85,256 | GEA Group AG (Germany) | 3,319 | |
408,975 | Iveco Group NV (Italy)* | 2,406 | |
349,400 | Mitsubishi Heavy Industries Ltd. (Japan) | 11,946 | |
105,700 | Miura Co. Ltd. (Japan) | 2,208 | |
609,800 | NSK Ltd. (Japan) | 3,374 | |
760,078 | Rotork plc (United Kingdom) | 2,773 | |
850,713 | Sandvik AB (Sweden) | 16,103 | |
684,100 | Sany Heavy Industry Co. Ltd. (China) | 1,702 | |
169,292 | Stabilus SA (Germany) | 7,974 | |
381,000 | Techtronic Industries Co. Ltd. (Hong Kong) | 5,086 | |
574,304 | Wartsila OYJ ABP (Finland) | 4,612 | |
2,578,000 | Weichai Power Co. Ltd. (China) | 3,601 | |
117,605 | |||
MARINE—0.1% | |||
1,173,563 | Irish Continental Group plc (Ireland)* | 4,754 | |
MEDIA—2.6% | |||
243,719 | Euromoney Institutional Investor plc (United Kingdom) | 3,005 | |
1,190,000 | Fuji Media Holdings Inc. (Japan) | 10,278 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
MEDIA—Continued | |||
162,013 | Future plc (United Kingdom) | $4,437 | |
482,900 | Hakuhodo DY Holdings Inc. (Japan) | 5,699 | |
683,264 | Informa plc (United Kingdom)* | 4,847 | |
13,121,208 | ITV plc (United Kingdom) | 12,117 | |
496,508 | JCDecaux SA (France)* | 10,408 | |
815,200 | Nippon Television Holdings Inc. (Japan) | 7,825 | |
239,909 | Nordic Entertainment Group AB (Sweden)* | 7,878 | |
145,613 | Schibsted ASA Class A (Norway) | 3,034 | |
62,558 | Schibsted ASA Class B (Norway) | 1,203 | |
501,800 | TBS Holdings Inc. (Japan) | 6,585 | |
1,322,128 | WPP plc (United Kingdom) | 16,480 | |
93,796 | |||
METALS & MINING—4.7% | |||
732,502 | Acerinox SA (Spain) | 7,713 | |
168,055 | African Rainbow Minerals Ltd. (South Africa) | 2,780 | |
21,231 | Anglo American Platinum Ltd. (South Africa) | 2,347 | |
906,197 | ArcelorMittal SA (France) | 26,423 | |
577,327 | BHP Group Ltd. (Australia) | 19,292 | |
285,483 | BlueScope Steel Ltd. (Australia) | 4,058 | |
120,300 | Dowa Holdings Co. Ltd. (Japan) | 5,118 | |
1,395,815 | Evolution Mining Ltd. (Australia) | 3,949 | |
111,104 | First Quantum Minerals Ltd. (Canada) | 3,185 | |
7,149,223 | Glencore plc (United Kingdom)* | 44,051 | |
310,056 | Newcrest Mining Ltd. (Australia) | 5,823 | |
97,027 | OZ Minerals Ltd. (Australia) | 1,684 | |
416,990 | Rio Tinto plc (United Kingdom) | 29,463 | |
217,215 | Severstal PJSC GDR (Russia)3 | —x | |
82,237 | Southern Copper Corp. (Peru) | 5,121 | |
132,600 | Sumitomo Metal Mining Co. Ltd. (Japan) | 5,815 | |
166,822 | |||
MULTILINE RETAIL—0.2% | |||
399,500 | Marui Group Co. Ltd. (Japan) | 6,878 | |
OIL, GAS & CONSUMABLE FUELS—4.1% | |||
3,074,808 | Beach Energy Ltd. (Australia) | 3,506 | |
15,557,547 | BP plc (United Kingdom) | 75,108 | |
1,436,176 | Equinor ASA (Norway) | 48,542 | |
744,800 | INPEX Corp. (Japan) | 8,862 | |
1,677,503 | Santos Ltd. (Australia) | 9,374 | |
145,392 | |||
PAPER & FOREST PRODUCTS—0.4% | |||
2,958,900 | Oji Holdings Corp. (Japan) | 14,016 | |
PERSONAL PRODUCTS—1.0% | |||
22,686 | AMOREPACIFIC Group (South Korea) | 893 | |
339,810 | Dabur India Ltd. (India) | 2,462 | |
1,003,000 | L'Occitane International SA (Hong Kong) | 3,144 | |
395,151 | Marico Ltd. (India) | 2,682 | |
569,538 | Unilever plc (United Kingdom) | 26,478 | |
35,659 | |||
PHARMACEUTICALS—4.5% | |||
656,982 | Novo Nordisk AS (Denmark) | 75,044 | |
193,540 | Roche Holding AG (Switzerland) | 71,767 | |
79,800 | Sawai Group Holdings Co. Ltd. (Japan) | 2,677 | |
108,100 | Takeda Pharmaceutical Co. Ltd. (Japan) | 3,137 | |
368,100 | Tsumura & Co. (Japan) | 9,057 | |
161,682 |
55
Harbor International Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
PROFESSIONAL SERVICES—4.0% | |||
382,981 | Adecco Group AG (Switzerland)* | $14,779 | |
335,737 | ALS Ltd. (Australia) | 3,040 | |
419,460 | Experian plc (United Kingdom) | 14,486 | |
10,499,569 | Hays plc (United Kingdom) | 16,126 | |
555,724 | Intertek Group plc (United Kingdom) | 34,630 | |
343,639 | IPH Ltd. (Australia) | 1,822 | |
454,000 | Nomura Co. Ltd. (Japan) | 3,122 | |
720,211 | PageGroup plc (United Kingdom)* | 4,407 | |
240,700 | Persol Holdings Co. Ltd. (Japan) | 4,775 | |
62,608 | Randstad NV (Netherlands) | 3,311 | |
939,828 | RELX plc (United Kingdom) | 27,998 | |
436,563 | RWS Holdings plc (United Kingdom) | 2,391 | |
137,100 | TechnoPro Holdings Inc. (Japan) | 3,492 | |
30,090 | Teleperformance (France) | 10,799 | |
145,178 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3% | |||
352,400 | Daiwa House Industry Co. Ltd. (Japan) | 8,472 | |
650,000 | Swire Pacific Ltd. (Hong Kong) | 3,702 | |
12,174 | |||
ROAD & RAIL—0.4% | |||
135,700 | East Japan Railway Co. (Japan) | 7,076 | |
1,271,286 | National Express Group plc (United Kingdom)* | 3,941 | |
512,100 | Senko Group Holdings Co. Ltd. (Japan) | 3,463 | |
14,480 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.6% | |||
188,600 | ASM Pacific Technology Ltd. (Hong Kong) | 1,901 | |
31,743 | ASML Holding NV (Netherlands) | 18,015 | |
60,000 | MediaTek Inc. (Taiwan)* | 1,654 | |
1,176,200 | Renesas Electronics Corp. (Japan)* | 12,560 | |
130,700 | ROHM Co. Ltd. (Japan) | 9,131 | |
56,110 | SK Hynix Inc. (South Korea) | 4,917 | |
525,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 9,493 | |
57,671 | |||
SPECIALTY RETAIL—0.7% | |||
9,297,400 | Esprit Holdings Ltd. (Hong Kong)* | 1,638 | |
1,685,658 | Pepkor Holdings Ltd. (South Africa)1 | 2,273 | |
1,374,450 | Pets at Home Group plc (United Kingdom) | 5,335 | |
663,726 | WH Smith plc (United Kingdom)* | 11,941 | |
580,500 | Zhongsheng Group Holdings Ltd (China) | 3,836 | |
25,023 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7% | |||
390,000 | Advantech Co. Ltd. (Taiwan) | 4,848 | |
125,032 | Logitech International SA (Switzerland) | 8,137 | |
116,447 | Quadient SA (France) | 2,177 | |
205,330 | Samsung Electronics Co Ltd. (South Korea) | 10,943 | |
26,105 | |||
TEXTILES, APPAREL & LUXURY GOODS—2.6% | |||
79,557 | Adidas AG (Germany) | 16,043 | |
252,100 | ASICS Corp. (Japan) | 3,977 | |
240,886 | Cie Financiere Richemont SA (Switzerland) | 27,989 | |
297,301 | Cie Financiere Richemont SA ADR (South Africa)3 | 3,511 | |
180,464 | EssilorLuxottica SA (France) | 30,723 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
TEXTILES, APPAREL & LUXURY GOODS—Continued | |||
458,500 | Li Ning Co. Ltd. (China) | $3,574 | |
1,004,700 | Samsonite International SA (Hong Kong)*,1 | 2,202 | |
268,318 | Shenzhou International Group Holdings Ltd. (China) | 3,641 | |
1,072,000 | Stella International Holdings Ltd. (Hong Kong) | 1,134 | |
92,794 | |||
THRIFTS & MORTGAGE FINANCE—0.2% | |||
182,207 | Housing Development Finance Corp. Ltd. (India)* | 5,251 | |
TOBACCO—0.4% | |||
82,814 | British American Tobacco plc (United Kingdom) | 3,471 | |
1,407,784 | Swedish Match AB (Sweden) | 11,213 | |
14,684 | |||
TRADING COMPANIES & DISTRIBUTORS—1.7% | |||
302,200 | BOC Aviation Ltd. (China)1 | 2,371 | |
292,334 | Brenntag SE (Germany) | 22,557 | |
669,875 | Bunzl plc (United Kingdom) | 25,844 | |
343,200 | ITOCHU Corp. (Japan) | 10,358 | |
61,130 | |||
TRANSPORTATION INFRASTRUCTURE—0.6% | |||
566,165 | Getlink SE (France) | 10,360 | |
222,953 | Grupo Aeroportuario del Pacifico SAB de CV Class B (Mexico) | 3,435 | |
305,400 | Mitsubishi Logistics Corp. (Japan) | 7,039 | |
20,834 | |||
WIRELESS TELECOMMUNICATION SERVICES—0.2% | |||
169,000 | KDDI Corp. (Japan) | 5,596 | |
TOTAL COMMON STOCKS | |||
(Cost $3,287,947) | 3,555,416 | ||
PREFERRED STOCKS—0.4% | |||
AUTOMOBILES—0.4% | |||
83,913 | Volkswagen AG (Germany) | 12,996 | |
PERSONAL PRODUCTS—0.0% | |||
9,682 | AMOREPACIFIC Group (South Korea) | 296 | |
TOTAL PREFERRED STOCKS | |||
(Cost $14,014) | 13,292 | ||
SHORT-TERM INVESTMENTS—0.0% | |||
(Cost $1,344) | |||
INVESTMENT COMPANY-SECURITIES LENDING INVESTMENT FUND—0.0% | |||
1,344,072 | State Street Navigator Securities Lending Government Money Market Portfolio (1 day yield of 0.310%)4 | 1,344 | |
TOTAL INVESTMENTS—99.5% | |||
(Cost $3,303,305) | 3,570,052 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.5% | 18,121 | ||
TOTAL NET ASSETS—100.0% | $3,588,173 |
56
Harbor International Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
RIGHTS/WARRANTS
Description | No. of Contracts | Strike Price | Expiration Date | Cost (000s) | Value (000s) |
Cie Financiere Richemont SA ADR (South Africa)3 | 805,198 | CHF 67.00 | 09/12/2023 | $ — | $56 |
FAIR VALUE MEASUREMENTS
The following table summarizes the Fund’s investments as of April 30, 2022 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) |
Investments in Securities | ||||
Common Stocks | ||||
Africa | $— | $25,817 | $— | $25,817 |
Europe | — | 2,312,057 | — | 2,312,057 |
Latin America | 15,737 | — | — | 15,737 |
Middle East/Central Asia | 10,394 | 22,281 | — | 32,675 |
North America | 12,381 | — | — | 12,381 |
Pacific Basin | 16,061 | 1,140,688 | — | 1,156,749 |
Preferred Stocks | ||||
Europe | — | 12,996 | — | 12,996 |
Pacific Basin | — | 296 | — | 296 |
Short-Term Investments | ||||
Investment Company-Securities Lending Investment Fund | 1,344 | — | — | 1,344 |
Total Investments in Securities | $55,917 | $3,514,135 | $— | $3,570,052 |
Financial Derivative Instruments - Assets | ||||
Rights/Warrants | $56 | $— | $— | $56 |
Total Investments | $55,973 | $3,514,135 | $— | $3,570,108 |
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.
The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2022. Transfers into or out of Level 3 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 occured.
Valuation Description | Beginning Balance as of 11/01/2021 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss) (000s) | Change in Unrealized Appreciation/ (Depreciation) (000s) | Transfers Into Level 3h (000s) | Transfers Out of Level 3h (000s) | Ending Balance as of 04/30/2022 (000s) | Unrealized Gain/(Loss) as of 04/30/2022 (000s) |
Common Stocks | $11,568 | $206 | $(1,135) | $— | $142 | $(388) | $— | $(10,393) | $— | $(7,678) |
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 04/30/2022 (000s) | Valuation Technique | Unobservable Input(s) | Input Value(s) |
Investments in Securities | ||||
Common Stocks | ||||
Severstal PJSC GDR (Russia)1 | $ — | Market Approach | Estimated Recovery Value | $ 0.00 |
X5 Retail Group NV GDR (Russia)1 | — | Market Approach | Estimated Recovery Value | $ 0.00 |
$— |
57
Harbor International Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
x | Fair valued in accordance with Harbor Funds' Valuation Procedures. |
* | Non-income producing security |
1 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $64,930 or 2% of net assets. |
2 | All or a portion of this security was out on loan as of April 30, 2022. |
3 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
4 | Represents the investment of collateral received from securities lending activities |
h | Transferred from Level 2 to Level 3 due to the unavailability of observable market data for pricing or transferred from Level 3 to Level 2 due to availability of observable market data for pricing |
CHF | Swiss Franc |
The accompanying notes are an integral part of the Financial Statements.
58
Harbor International Growth Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Baillie Gifford Overseas Limited
REGION BREAKDOWN (% of investments)
The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2022, there was no foreign currency denomination that comprised more than 25% of the Fund’s net assets.
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—97.9% | |||
Shares | Value | ||
AUTO COMPONENTS—1.0% | |||
80,640 | Denso Corp. (Japan) | $4,915 | |
AUTOMOBILES—0.8% | |||
134,260 | Suzuki Motor Corp. (Japan) | 4,047 | |
BANKS—2.6% | |||
610,407 | United Overseas Bank Ltd. (Singapore) | 13,067 | |
BEVERAGES—3.1% | |||
49,402 | Remy Cointreau SA (France) | 9,793 | |
4,323,340 | Thai Beverage PCL (Thailand) | 2,130 | |
371,122 | United Spirits Ltd. (India)* | 4,161 | |
16,084 | |||
BIOTECHNOLOGY—0.7% | |||
16,111 | BeiGene Ltd. ADR (China)*,1 | 2,578 | |
143,836 | Burning Rock Biotech Ltd. ADR (China)*,1 | 792 | |
3,370 | |||
BUILDING PRODUCTS—2.6% | |||
1,337,199 | NIBE Industrier AB (Sweden) | 13,110 | |
CAPITAL MARKETS—0.9% | |||
423,736 | Hargreaves Lansdown plc (United Kingdom) | 4,851 | |
CHEMICALS—2.6% | |||
320,809 | Asian Paints Ltd. (India)* | 13,532 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
COMMERCIAL SERVICES & SUPPLIES—0.7% | |||
291,917 | HomeServe plc (United Kingdom) | $3,588 | |
DIVERSIFIED FINANCIAL SERVICES—1.4% | |||
363,804 | Investor AB Class B (Sweden) | 7,001 | |
ELECTRICAL EQUIPMENT—2.3% | |||
83,356 | Contemporary Amperex Technology Co. Ltd. (China)* | 5,096 | |
103,480 | Nidec Corp. (Japan) | 6,690 | |
11,786 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8% | |||
15,540 | Keyence Corp. (Japan) | 6,247 | |
136,660 | Murata Manufacturing Co. Ltd. (Japan) | 8,146 | |
14,393 | |||
ENTERTAINMENT—1.4% | |||
36,288 | Spotify Technology SA (Sweden)* | 3,689 | |
72,757 | Ubisoft Entertainment SA (France)* | 3,289 | |
6,978 | |||
FOOD & STAPLES RETAILING—3.6% | |||
341,510 | Jeronimo Martins SGPS SA (Portugal) | 7,109 | |
1,363,380 | Raia Drogasil SA (Brazil)* | 5,772 | |
49,120 | Sugi Holdings Co. Ltd. (Japan) | 2,105 | |
948,344 | Wal-Mart de Mexico SAB de CV (Mexico) | 3,362 | |
18,348 |
59
Harbor International Growth Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
HEALTH CARE EQUIPMENT & SUPPLIES—5.2% | |||
60,525 | Cochlear Ltd. (Australia) | $9,748 | |
528,480 | Olympus Corp. (Japan) | 9,302 | |
112,840 | Sysmex Corp. (Japan) | 7,402 | |
26,452 | |||
HOTELS, RESTAURANTS & LEISURE—1.7% | |||
89,887 | MakeMyTrip Ltd. (India)* | 2,290 | |
1,100,547 | Trainline plc (United Kingdom)*,2 | 3,885 | |
112,427 | Trip.com Group Ltd. ADR (China)*,1 | 2,659 | |
8,834 | |||
HOUSEHOLD PRODUCTS—0.3% | |||
102,240 | Pigeon Corp. (Japan) | 1,744 | |
INSURANCE—3.5% | |||
918,560 | AIA Group Ltd. (Hong Kong) | 9,024 | |
170,721 | ICICI Lombard General Insurance Co Ltd. (India)2 | 2,848 | |
955,600 | Ping An Insurance Group Co. of China Ltd. (China) | 6,040 | |
17,912 | |||
INTERACTIVE MEDIA & SERVICES—7.1% | |||
1,156,889 | Auto Trader Group plc (United Kingdom)2 | 9,130 | |
28,806 | Baidu Inc. ADR (China)*,1 | 3,577 | |
195,140 | Kakaku.com Inc. (Japan) | 4,087 | |
21,881 | Naver Corp. (South Korea) | 4,874 | |
1,311,722 | Rightmove plc (United Kingdom) | 10,083 | |
1,149,800 | Z Holdings Corp. (Japan) | 4,514 | |
36,265 | |||
INTERNET & DIRECT MARKETING RETAIL—9.6% | |||
77,892 | Alibaba Group Holding Ltd. ADR (China)*,1 | 7,563 | |
80,251 | ASOS plc (United Kingdom)* | 1,397 | |
157,752 | AUTO1 Group SE (Germany)*,2 | 1,652 | |
182,381 | Coupang Inc. (South Korea)* | 2,347 | |
183,339 | Farfetch Ltd. (United Kingdom)* | 2,053 | |
51,866 | Games Workshop Group plc (United Kingdom) | 4,793 | |
312,740 | Meituan Class B (China)*,2 | 6,701 | |
8,580 | MercadoLibre Inc. (Argentina)* | 8,354 | |
50,054 | Naspers Ltd. (South Africa) | 5,048 | |
46,707 | Prosus NV (Netherlands)* | 2,253 | |
172,982 | Zalando SE (Germany)*,2 | 6,806 | |
48,967 | |||
IT SERVICES—3.1% | |||
196,923 | Bechtle AG (Germany) | 9,100 | |
11,738 | Shopify Inc. (Canada)* | 5,010 | |
349,448 | Wise plc (United Kingdom)* | 1,712 | |
15,822 | |||
LEISURE PRODUCTS—1.3% | |||
37,180 | Shimano Inc. (Japan) | 6,588 | |
LIFE SCIENCES TOOLS & SERVICES—2.6% | |||
10,584 | Mettler-Toledo International Inc. (Switzerland)* | 13,521 | |
MACHINERY—8.3% | |||
186,835 | Atlas Copco AB Class A (Sweden) | 8,471 | |
47,644 | Atlas Copco AB Class B (Sweden) | 1,886 | |
380,616 | Epiroc AB Class B (Sweden) | 6,640 | |
7,009 | Rational AG (Germany) | 4,276 | |
18,680 | SMC Corp. (Japan) | 9,045 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
MACHINERY—Continued | |||
658,300 | Techtronic Industries Co. Ltd. (Hong Kong) | $8,787 | |
164,287 | Weir Group plc (United Kingdom) | 3,158 | |
42,263 | |||
PERSONAL PRODUCTS—2.6% | |||
61,440 | Kao Corp. (Japan) | 2,462 | |
226,220 | Shiseido Co. Ltd. (Japan) | 10,694 | |
421,107 | Yatsen Holding Ltd. ADR (China)*,1 | 259 | |
13,415 | |||
PROFESSIONAL SERVICES—3.1% | |||
153,270 | Experian plc (United Kingdom) | 5,293 | |
80,712 | Intertek Group plc (United Kingdom) | 5,030 | |
147,800 | Recruit Holdings Co. Ltd. (Japan) | 5,362 | |
15,685 | |||
SEMICONDUCTORS & SEMICONDUCTOR—1.2% | |||
584,900 | Longi Green Energy Technology Co. Ltd. (China) | 5,933 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.1% | |||
28,159 | ASML Holding NV (Netherlands) | 15,981 | |
216,300 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)1 | 20,101 | |
36,082 | |||
SOFTWARE—2.2% | |||
61,006 | Nemetschek SE (Germany) | 4,841 | |
97,227 | Xero Ltd. (New Zealand)* | 6,411 | |
11,252 | |||
TEXTILES, APPAREL & LUXURY GOODS—8.0% | |||
25,700 | Adidas AG (Germany) | 5,183 | |
186,026 | Burberry Group plc (United Kingdom) | 3,671 | |
96,593 | Cie Financiere Richemont SA (Switzerland) | 11,223 | |
9,082 | Kering SA (France) | 4,832 | |
1,088,900 | Li Ning Co. Ltd. (Hong Kong) | 8,487 | |
11,654 | LVMH Moet Hennessy Louis Vuitton SE (France) | 7,542 | |
40,938 | |||
THRIFTS & MORTGAGE FINANCE—2.2% | |||
399,573 | Housing Development Finance Corp. Ltd. (India)* | 11,514 | |
TRADING COMPANIES & DISTRIBUTORS—1.5% | |||
47,221 | IMCD NV (Netherlands) | 7,519 | |
WIRELESS TELECOMMUNICATION SERVICES—0.8% | |||
97,780 | SoftBank Group Corp. (Japan) | 4,022 | |
TOTAL COMMON STOCKS | |||
(Cost $431,821) | 499,798 | ||
PREFERRED STOCKS—2.1% | |||
(Cost $3,280) | |||
HEALTH CARE EQUIPMENT & SUPPLIES—2.1% | |||
28,230 | Sartorius AG (Germany) | 10,584 | |
TOTAL INVESTMENTS—100.0% | |||
(Cost $435,101) | 510,382 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0% | 100 | ||
TOTAL NET ASSETS—100.0% | $510,482 |
60
Harbor International Growth Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
FAIR VALUE MEASUREMENTS
The following table summarizes the Fund’s investments as of April 30, 2022 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 | $— | $5,048 | $— | $5,048 |
Europe | 19,263 | 195,098 | — | 214,361 |
Latin America | 17,487 | — | — | 17,487 |
Middle East/Central Asia | 2,290 | 32,056 | — | 34,346 |
North America | 5,010 | — | — | 5,010 |
Pacific Basin | 39,876 | 183,670 | — | 223,546 |
Preferred Stocks | ||||
Europe | — | 10,584 | — | 10,584 |
Total Investments in Securities | $83,926 | $426,456 | $— | $510,382 |
There were no Level 3 Investments as of April 30, 2022 or October 31, 2021.
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 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
2 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $31,022 or 6% of net assets. |
The accompanying notes are an integral part of the Financial Statements.
61
Harbor International Small Cap Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Cedar Street Asset Management LLC
REGION BREAKDOWN (% of investments)
The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2022, 33% of the Fund’s investments were denominated in Euro. No other foreign currency denomination comprised more than 25% of the Fund’s net assets.
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—95.9% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—1.1% | |||
23,492 | Hensoldt AG (Germany)* | $654 | |
AUTO COMPONENTS—1.2% | |||
636,825 | Johnson Electric Holdings Ltd. (Hong Kong) | 723 | |
BANKS—2.0% | |||
575,206 | Virgin Money UK plc (United Kingdom) | 1,248 | |
BEVERAGES—1.9% | |||
438,773 | C&C Group plc (Ireland)* | 1,145 | |
CAPITAL MARKETS—1.5% | |||
548,123 | TP ICAP Group plc (Jersey) | 907 | |
CHEMICALS—4.8% | |||
45,200 | KH Neochem Co. Ltd. (Japan) | 855 | |
94,594 | Neo Performance Materials Inc. (Canada) | 951 | |
49,859 | Victrex plc (United Kingdom) | 1,137 | |
2,943 | |||
COMMERCIAL SERVICES & SUPPLIES—6.6% | |||
68,538 | ISS AS (Denmark)* | 1,125 | |
44,076 | Loomis AB (Sweden) | 1,098 | |
198,527 | Mears Group PLC (United Kingdom) | 492 | |
698,454 | Serco Group plc (United Kingdom) | 1,321 | |
4,036 | |||
CONSTRUCTION & ENGINEERING—1.3% | |||
280,718 | Maire Tecnimont SpA (Italy) | 822 | |
CONSUMER FINANCE—1.7% | |||
14,744 | Cembra Money Bank AG (Switzerland) | 1,064 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
CONTAINERS & PACKAGING—1.0% | |||
39,600 | BillerudKorsnas AB (Sweden) | $611 | |
DISTRIBUTORS—2.1% | |||
34,336 | PALTAC Corp. (Japan) | 1,251 | |
DIVERSIFIED FINANCIAL SERVICES—1.5% | |||
142,165 | BFF Bank SpA (Italy)1 | 887 | |
ELECTRICAL EQUIPMENT—1.4% | |||
26,470 | Mersen SA (France) | 876 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—11.0% | |||
64,377 | Amano Corp. (Japan) | 1,239 | |
79,748 | Anritsu Corp. (Japan) | 1,003 | |
75,310 | Daiwabo Holdings Co. Ltd. (Japan) | 974 | |
19,149 | Landis+Gyr Group AG (Switzerland)* | 1,069 | |
90,272 | Optex Group Co. Ltd. (Japan) | 1,188 | |
101,520 | Venture Corp. Ltd. (Singapore) | 1,246 | |
6,719 | |||
ENERGY EQUIPMENT & SERVICES—1.9% | |||
94,065 | Technip Energies NV (France)* | 1,143 | |
FOOD & STAPLES RETAILING—1.2% | |||
86,532 | Qol Holdings Co. Ltd. (Japan) | 728 | |
FOOD PRODUCTS—7.9% | |||
922,125 | Aryzta AG (Switzerland)* | 859 | |
104,241 | Elders Ltd. (Australia) | 1,048 | |
78,031 | Glanbia plc (Ireland) | 930 |
62
Harbor International Small Cap Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
FOOD PRODUCTS—Continued | |||
2,005,882 | Japfa Ltd. (Singapore) | $871 | |
35,161 | Morinaga & Co. Ltd. (Japan) | 1,090 | |
4,798 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—1.2% | |||
38,137 | Ansell Ltd. (Australia) | 730 | |
HOTELS, RESTAURANTS & LEISURE—4.0% | |||
77,810 | RESORTTRUST, Inc. (Japan) | 1,309 | |
100,488 | Round One Corp. (Japan) | 1,119 | |
2,428 | |||
INDUSTRIAL CONGLOMERATES—1.3% | |||
28,321 | Indus Holding AG (Germany) | 806 | |
INSURANCE—6.8% | |||
25,249 | ASR Nederland NV (Netherlands) | 1,147 | |
84,743 | Coface SA (France) | 1,016 | |
305,540 | Direct Line Insurance Group plc (United Kingdom) | 970 | |
548,577 | Mapfre SA (Spain) | 1,001 | |
4,134 | |||
INTERNET & DIRECT MARKETING RETAIL—0.8% | |||
29,279 | TAKKT AG (Germany) | 473 | |
IT SERVICES—2.0% | |||
49,656 | Tietoevry OYJ (Finland) | 1,246 | |
MACHINERY—6.3% | |||
12,466 | Krones AG (Germany) | 963 | |
45,180 | Nabtesco Corp. (Japan) | 1,030 | |
33,839 | Norma Group SE (Germany) | 835 | |
79,289 | OSG Corp. (Japan) | 996 | |
3,824 | |||
MEDIA—5.1% | |||
276,328 | Atresmedia Corp. de Medios de Comunicacion SA (Spain)* | 1,057 | |
36,687 | Criteo SA ADR (France)*,2 | 909 | |
22,233 | RTL Group SA (Luxembourg) | 1,156 | |
3,122 | |||
OIL, GAS & CONSUMABLE FUELS—1.6% | |||
842,766 | Beach Energy Ltd. (Australia) | 961 | |
PAPER & FOREST PRODUCTS—2.0% | |||
292,100 | Navigator Co. SA (Portugal) | 1,198 | |
PERSONAL PRODUCTS—1.4% | |||
122,116 | Ontex Group NV (Belgium)* | 846 | |
PROFESSIONAL SERVICES—1.4% | |||
73,496 | BeNext-Yumeshin Group Co. (Japan) | 846 | |
ROAD & RAIL—1.9% | |||
233,390 | Redde Northgate plc (United Kingdom) | 1,155 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.4% | |||
18,608 | Tower Semiconductor Ltd. (Israel)* | 899 | |
161,809 | X-FAB Silicon Foundries SE (Belgium)*,1 | 1,149 | |
2,048 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
SOFTWARE—3.2% | |||
103,745 | Computer Engineering & Consulting Ltd. (Japan) | $949 | |
112,519 | TomTom NV (Netherlands)* | 972 | |
1,921 | |||
TEXTILES, APPAREL & LUXURY GOODS—1.9% | |||
1,331,400 | Coats Group plc (United Kingdom) | 1,177 | |
TRANSPORTATION INFRASTRUCTURE—1.5% | |||
199,343 | ENAV SpA (Italy)1 | 920 | |
TOTAL COMMON STOCKS | |||
(Cost $62,617) | 58,390 | ||
TOTAL INVESTMENTS—95.9% | |||
(Cost $62,617) | 58,390 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—4.1% | 2,478 | ||
TOTAL NET ASSETS—100.0% | $60,868 |
63
Harbor International Small Cap Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
FAIR VALUE MEASUREMENTS
The following table summarizes the Fund’s investments as of April 30, 2022 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 | $1,117 | $35,267 | $— | $36,384 |
Middle East/Central Asia | 899 | — | — | 899 |
North America | 951 | — | — | 951 |
Pacific Basin | — | 20,156 | — | 20,156 |
Total Investments in Securities | $2,967 | $55,423 | $— | $58,390 |
There were no Level 3 Investments as of April 30, 2022 or October 31, 2021.
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 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2022, the aggregate value of these securities was $2,956 or 5% of net assets. |
2 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
The accompanying notes are an integral part of the Financial Statements.
64
Harbor Large Cap Value Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Aristotle Capital Management, LLC
Sector Allocation (% of investments)
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—96.1% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—2.1% | |||
195,000 | General Dynamics Corp. | $46,123 | |
AUTO COMPONENTS—2.0% | |||
1,786,000 | Cie Generale des Etablissements Michelin SCA ADR (France)1 | 44,114 | |
BANKS—6.9% | |||
449,000 | Commerce Bancshares Inc. | 30,698 | |
331,000 | Cullen/Frost Bankers Inc. | 43,788 | |
4,540,000 | Mitsubishi UFJ Financial Group Inc. ADR (Japan)1 | 26,332 | |
302,000 | PNC Financial Services Group Inc. | 50,162 | |
150,980 | |||
BEVERAGES—4.5% | |||
852,000 | Coca-Cola Co. | 55,048 | |
181,000 | Constellation Brands Inc. | 44,542 | |
99,590 | |||
BIOTECHNOLOGY—2.4% | |||
227,000 | Amgen Inc. | 52,934 | |
CAPITAL MARKETS—4.7% | |||
199,000 | Ameriprise Financial Inc. | 52,832 | |
487,600 | Blackstone Group Inc. | 49,526 | |
102,358 | |||
CHEMICALS—7.7% | |||
1,377,000 | Corteva Inc. | 79,439 | |
266,000 | Ecolab Inc. | 45,045 | |
537,000 | RPM International Inc. | 44,517 | |
169,001 | |||
CONSTRUCTION MATERIALS—2.6% | |||
164,000 | Martin Marietta Materials Inc. | 58,092 | |
CONSUMER FINANCE—2.8% | |||
493,000 | Capital One Financial Corp. | 61,438 | |
ELECTRIC UTILITIES—2.6% | |||
786,000 | Xcel Energy Inc. | 57,582 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—5.0% | |||
315,000 | Crown Castle International Corp. | $58,341 | |
344,000 | Equity Lifestyle Properties Inc. | 26,585 | |
144,000 | Sun Communities Inc. | 25,282 | |
110,208 | |||
FOOD PRODUCTS—2.1% | |||
487,000 | Tyson Foods Inc. | 45,369 | |
GAS UTILITIES—2.5% | |||
480,500 | Atmos Energy Corp. | 54,489 | |
HEALTH CARE EQUIPMENT & SUPPLIES—4.2% | |||
641,000 | Alcon Inc. (Switzerland) | 45,645 | |
438,000 | Medtronic plc (Ireland) | 45,710 | |
91,355 | |||
HOUSEHOLD DURABLES—5.0% | |||
684,000 | Lennar Corp. Class A | 52,319 | |
7,126 | Lennar Corp. Class B | 465 | |
662,000 | Sony Corp. ADR (Japan)1 | 56,965 | |
109,749 | |||
HOUSEHOLD PRODUCTS—2.4% | |||
335,000 | Procter & Gamble Co. | 53,784 | |
INDUSTRIAL CONGLOMERATES—2.3% | |||
267,000 | Honeywell International Inc. | 51,667 | |
INSURANCE—2.5% | |||
446,000 | Cincinnati Financial Corp | 54,706 | |
INTERACTIVE MEDIA & SERVICES—1.0% | |||
456,500 | Twitter Inc.* | 22,378 | |
IT SERVICES—0.9% | |||
235,000 | PayPal Holdings Inc.* | 20,664 | |
LIFE SCIENCES TOOLS & SERVICES—2.9% | |||
253,000 | Danaher Corp. | 63,536 | |
MACHINERY—5.9% | |||
363,000 | Oshkosh Corp. | 33,556 |
65
Harbor Large Cap Value Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
MACHINERY—Continued | |||
204,000 | Parker-Hannifin Corp. | $55,247 | |
523,000 | Xylem Inc. | 42,101 | |
130,904 | |||
OIL, GAS & CONSUMABLE FUELS—4.3% | |||
2,049,000 | Coterra Energy Inc. | 58,991 | |
405,000 | Phillips 66 | 35,138 | |
94,129 | |||
PHARMACEUTICALS—1.6% | |||
1,422,000 | Elanco Animal Health Inc.* | 35,991 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.3% | |||
856,000 | Microchip Technology Inc. | 55,811 | |
429,000 | QUALCOMM Inc. | 59,927 | |
115,738 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
SOFTWARE—9.9% | |||
166,000 | Adobe Inc.* | $65,728 | |
211,000 | ANSYS Inc.* | 58,170 | |
342,000 | Microsoft Corp. | 94,912 | |
218,810 | |||
TOTAL COMMON STOCKS | |||
(Cost $1,567,913) | 2,115,689 | ||
TOTAL INVESTMENTS—96.1% | |||
(Cost $1,567,913) | 2,115,689 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—3.9% | 85,057 | ||
TOTAL NET ASSETS—100.0% | $2,200,746 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
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 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
The accompanying notes are an integral part of the Financial Statements.
66
Harbor Mid Cap Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: EARNEST Partners, LLC
Sector Allocation (% of investments)
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—98.8% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—3.3% | |||
4,374 | General Dynamics Corp. | $1,035 | |
16,895 | Hexcel Corp. | 918 | |
1,953 | |||
BANKS—1.6% | |||
49,113 | KeyCorp | 948 | |
BUILDING PRODUCTS—2.2% | |||
24,500 | Masco Corp. | 1,291 | |
CAPITAL MARKETS—7.7% | |||
10,883 | Houlihan Lokey Inc. | 906 | |
10,898 | Intercontinental Exchange Inc. | 1,262 | |
13,272 | Raymond James Financial Inc. | 1,294 | |
16,324 | Stifel Financial Corp. | 1,010 | |
4,472 | |||
CHEMICALS—4.8% | |||
6,013 | Albemarle Corp. | 1,160 | |
6,644 | Eastman Chemical Co. | 682 | |
9,289 | Scotts Miracle-Gro Co. | 965 | |
2,807 | |||
COMMERCIAL SERVICES & SUPPLIES—4.2% | |||
13,092 | Republic Services Inc. | 1,758 | |
13,287 | Stericycle Inc.* | 667 | |
2,425 | |||
COMMUNICATIONS EQUIPMENT—1.7% | |||
12,446 | Lumentum Holdings Inc.* | 1,011 | |
CONTAINERS & PACKAGING—3.4% | |||
5,141 | Packaging Corp. of America | 829 | |
18,308 | Sealed Air Corp. | 1,175 | |
2,004 | |||
ELECTRICAL EQUIPMENT—1.6% | |||
20,848 | Sensata Technologies Holding plc (United Kingdom) | 947 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.1% | |||
8,598 | Arrow Electronics Inc.* | $1,013 | |
9,800 | Keysight Technologies Inc.* | 1,375 | |
2,388 | |||
ENTERTAINMENT—1.7% | |||
12,927 | Activision Blizzard Inc. | 977 | |
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—4.7% | |||
31,444 | Americold Realty Trust | 830 | |
8,237 | Boston Properties Inc. | 969 | |
2,781 | SBA Communications Corp. | 965 | |
2,764 | |||
FOOD & STAPLES RETAILING—1.5% | |||
10,552 | Sysco Corp. | 902 | |
HEALTH CARE EQUIPMENT & SUPPLIES—1.0% | |||
14,084 | Dentsply Sirona Inc. | 563 | |
HEALTH CARE PROVIDERS & SERVICES—2.7% | |||
5,487 | AmerisourceBergen Corp. | 830 | |
3,157 | Laboratory Corp. of America Holdings | 759 | |
1,589 | |||
HOTELS, RESTAURANTS & LEISURE—2.3% | |||
10,206 | Darden Restaurants Inc. | 1,344 | |
HOUSEHOLD DURABLES—2.2% | |||
18,758 | D.R. Horton Inc. | 1,305 | |
INSURANCE—5.4% | |||
9,860 | Reinsurance Group of America Inc. | 1,058 | |
5,720 | Renaissance Holdings Ltd. (Bermuda) | 821 | |
11,980 | The Progressive Corp. | 1,286 | |
3,165 | |||
IT SERVICES—6.1% | |||
8,012 | Akamai Technologies Inc.* | 900 | |
13,648 | Black Knight Inc.* | 898 |
67
Harbor Mid Cap Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
IT SERVICES—Continued | |||
5,502 | Broadridge Financial Solutions Inc. | $793 | |
6,960 | Global Payments Inc. | 953 | |
3,544 | |||
LIFE SCIENCES TOOLS & SERVICES—5.2% | |||
9,139 | Agilent Technologies Inc. | 1,090 | |
2,000 | Bio-Rad Laboratories Inc.* | 1,024 | |
12,821 | Syneos Health Inc.* | 937 | |
3,051 | |||
MACHINERY—6.0% | |||
3,803 | Cummins Inc. | 720 | |
5,697 | Dover Corp. | 759 | |
4,329 | Snap-on Inc. | 920 | |
9,830 | Woodward Inc. | 1,086 | |
3,485 | |||
MULTI-UTILITIES—1.5% | |||
8,718 | WEC Energy Group Inc. | 872 | |
OIL, GAS & CONSUMABLE FUELS—5.7% | |||
26,770 | Continental Resources Inc. | 1,488 | |
63,715 | Coterra Energy Inc. | 1,834 | |
3,322 | |||
PHARMACEUTICALS—1.3% | |||
8,304 | Catalent Inc.* | 752 | |
REAL ESTATE MANAGEMENT & DEVELOPMENT—2.5% | |||
17,902 | CBRE Group Inc.* | 1,487 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
ROAD & RAIL—1.7% | |||
28,498 | CSX Corp. | $979 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.2% | |||
6,659 | Applied Materials Inc. | 735 | |
10,880 | Entegris Inc. | 1,212 | |
9,455 | Skyworks Solutions Inc. | 1,071 | |
3,018 | |||
SOFTWARE—3.8% | |||
4,209 | ANSYS Inc.* | 1,160 | |
3,713 | Synopsys Inc.* | 1,065 | |
2,225 | |||
SPECIALTY RETAIL—0.9% | |||
8,840 | TJX Companies Inc. | 542 | |
TRADING COMPANIES & DISTRIBUTORS—2.8% | |||
21,103 | Air Lease Corp. | 850 | |
7,305 | GATX Corp. | 755 | |
1,605 | |||
TOTAL COMMON STOCKS | |||
(Cost $54,978) | 57,737 | ||
TOTAL INVESTMENTS—98.8% | |||
(Cost $54,978) | 57,737 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—1.2% | 710 | ||
TOTAL NET ASSETS—100.0% | $58,447 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.
* | Non-income producing security |
The accompanying notes are an integral part of the Financial Statements.
68
Harbor Mid Cap Value Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: LSV Asset Management
Sector Allocation (% of investments)
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—99.5% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—0.9% | |||
9,300 | Huntington Ingalls Industries Inc. | $1,979 | |
6,700 | L3Harris Technologies Inc. | 1,556 | |
3,535 | |||
AIR FREIGHT & LOGISTICS—1.0% | |||
58,200 | Atlas Air Worldwide Holdings Inc.* | 4,012 | |
AIRLINES—1.0% | |||
39,500 | Alaska Air Group Inc.* | 2,148 | |
31,500 | United Airlines Holdings Inc.* | 1,591 | |
3,739 | |||
AUTO COMPONENTS—1.6% | |||
187,400 | American Axle & Manufacturing Holdings Inc.* | 1,241 | |
58,900 | BorgWarner Inc. | 2,169 | |
68,900 | Goodyear Tire & Rubber Co.* | 918 | |
15,400 | Lear Corp. | 1,970 | |
6,298 | |||
AUTOMOBILES—1.2% | |||
70,000 | Harley-Davidson Inc. | 2,551 | |
26,200 | THOR Industries Inc. | 2,006 | |
4,557 | |||
BANKS—4.8% | |||
128,200 | Citizens Financial Group Inc. | 5,051 | |
73,800 | Fifth Third Bancorp | 2,770 | |
171,400 | KeyCorp | 3,310 | |
209,000 | Regions Financial Corp. | 4,330 | |
63,300 | Zions Bancorporation | 3,577 | |
19,038 | |||
BEVERAGES—1.5% | |||
110,500 | Molson Coors Beverage Co. | 5,983 | |
BIOTECHNOLOGY—1.0% | |||
176,100 | Ironwood Pharmaceuticals Inc.* | 2,113 | |
10,504 | United Therapeutics Corp.* | 1,865 | |
3,978 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
BUILDING PRODUCTS—1.1% | |||
47,400 | Owens Corning | $4,310 | |
CAPITAL MARKETS—2.1% | |||
14,600 | Ameriprise Financial Inc. | 3,876 | |
60,800 | Bank of New York Mellon Corp. | 2,557 | |
54,700 | Lazard Ltd. (Bermuda) | 1,793 | |
8,226 | |||
CHEMICALS—4.6% | |||
27,500 | Cabot Corp. | 1,811 | |
18,100 | Celanese Corp. | 2,660 | |
97,400 | Chemours Co. | 3,221 | |
14,300 | Eastman Chemical Co. | 1,468 | |
114,500 | Huntsman Corp. | 3,878 | |
52,300 | Koppers Holdings Inc. | 1,269 | |
28,000 | LyondellBasell Industries NV | 2,969 | |
21,500 | Trinseo plc (Luxembourg) | 1,020 | |
18,296 | |||
CONSUMER FINANCE—2.4% | |||
117,500 | Ally Financial Inc. | 4,695 | |
14,000 | Discover Financial Services | 1,574 | |
186,688 | Navient Corp. | 2,967 | |
9,236 | |||
CONTAINERS & PACKAGING—3.4% | |||
35,800 | Berry Global Group Inc.* | 2,017 | |
61,100 | Greif Inc. | 3,708 | |
130,100 | O-I Glass Inc.* | 1,754 | |
55,200 | Silgan Holdings Inc. | 2,449 | |
72,300 | WestRock Co. | 3,581 | |
13,509 | |||
DIVERSIFIED CONSUMER SERVICES—0.6% | |||
87,800 | H&R Block Inc. | 2,289 | |
DIVERSIFIED FINANCIAL SERVICES—0.7% | |||
79,987 | Banco Latinoamericano de Comercio Exterior SA (Panama) | 1,159 | |
24,300 | Voya Financial Inc. | 1,534 | |
2,693 |
69
Harbor Mid Cap Value Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
ELECTRIC UTILITIES—0.7% | |||
78,000 | NRG Energy Inc. | $2,800 | |
ELECTRICAL EQUIPMENT—0.8% | |||
31,200 | Atkore Inc.* | 2,998 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.6% | |||
38,800 | Arrow Electronics Inc.* | 4,573 | |
43,100 | Avnet Inc. | 1,882 | |
53,900 | Jabil Inc. | 3,112 | |
50,600 | Methode Electronics Inc. | 2,257 | |
40,600 | Sanmina Corp.* | 1,660 | |
13,988 | SYNNEX Corp. | 1,400 | |
125,800 | TTM Technologies Inc.* | 1,755 | |
69,800 | Vishay Intertechnology Inc. | 1,300 | |
17,939 | |||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—7.5% | |||
99,400 | Brandywine Realty Trust | 1,160 | |
121,600 | Brixmor Property Group Inc. | 3,086 | |
240,078 | Franklin Street Properties Corp. | 1,239 | |
40,900 | Gaming and Leisure Properties Inc. | 1,815 | |
137,900 | Hersha Hospitality Trust* | 1,349 | |
88,234 | Industrial Logistics Properties Trust | 1,426 | |
55,600 | Iron Mountain Inc. | 2,987 | |
114,400 | Medical Properties Trust Inc. | 2,104 | |
52,750 | Office Properties Income Trust | 1,141 | |
86,200 | Omega Healthcare Investors Inc. | 2,196 | |
139,000 | Paramount Group Inc. | 1,322 | |
138,248 | Piedmont Office Realty Trust Inc. | 2,226 | |
138,200 | Sabra Health Care REIT Inc. | 1,614 | |
102,411 | Service Properties Trust | 832 | |
19,900 | Simon Property Group Inc. | 2,348 | |
95,800 | SITE Centers Corp. | 1,523 | |
82,900 | Tanger Factory Outlet Centers Inc. | 1,337 | |
29,705 | |||
FOOD & STAPLES RETAILING—3.3% | |||
50,111 | Ingles Markets Inc. | 4,666 | |
113,300 | Kroger Co. | 6,114 | |
80,000 | Sprouts Farmers Market Inc.* | 2,384 | |
13,164 | |||
FOOD PRODUCTS—3.9% | |||
37,700 | Archer Daniels Midland Co. | 3,377 | |
53,600 | Conagra Brands Inc. | 1,872 | |
27,600 | Ingredion Inc. | 2,349 | |
11,400 | JM Smucker Co. | 1,561 | |
68,100 | Tyson Foods Inc. | 6,344 | |
15,503 | |||
GAS UTILITIES—1.5% | |||
46,700 | National Fuel Gas Co. | 3,275 | |
78,200 | UGI Corp. | 2,682 | |
5,957 | |||
HEALTH CARE PROVIDERS & SERVICES—4.5% | |||
41,800 | Cardinal Health Inc. | 2,427 | |
35,100 | DaVita Inc.* | 3,804 | |
6,400 | Laboratory Corp. of America Holdings | 1,538 | |
24,700 | McKesson Corp. | 7,647 | |
19,000 | Universal Health Services Inc. | 2,328 | |
17,744 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
HOTELS, RESTAURANTS & LEISURE—0.3% | |||
20,600 | Travel + Leisure Co. | $1,143 | |
HOUSEHOLD DURABLES—3.7% | |||
101,478 | Ethan Allen Interiors Inc. | 2,409 | |
12,900 | Meritage Homes Corp.* | 1,065 | |
68,100 | PulteGroup Inc. | 2,844 | |
72,600 | Toll Brothers Inc. | 3,366 | |
27,300 | Whirlpool Corp. | 4,956 | |
14,640 | |||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.2% | |||
186,100 | Vistra Corp. | 4,656 | |
INSURANCE—8.5% | |||
55,600 | Aflac Inc. | 3,185 | |
39,800 | Allstate Corp. | 5,036 | |
13,400 | American Financial Group Inc. | 1,856 | |
34,900 | American International Group Inc. | 2,042 | |
21,800 | First American Financial Corp. | 1,271 | |
10,600 | Hanover Insurance Group Inc. | 1,556 | |
85,700 | Hartford Financial Services Group Inc. | 5,993 | |
57,600 | Lincoln National Corp. | 3,465 | |
129,100 | Old Republic International Corp. | 2,841 | |
52,800 | Principal Financial Group Inc. | 3,598 | |
75,200 | Universal Insurance Holdings Inc. | 944 | |
49,300 | Unum Group | 1,505 | |
33,292 | |||
INTERNET & DIRECT MARKETING RETAIL—0.9% | |||
68,400 | eBay Inc. | 3,551 | |
IT SERVICES—1.0% | |||
73,300 | DXC Technology Co.* | 2,104 | |
117,600 | Western Union Co. | 1,971 | |
4,075 | |||
LEISURE PRODUCTS—0.8% | |||
23,300 | Brunswick Corp. | 1,762 | |
17,894 | Sturm Ruger & Co. Inc. | 1,219 | |
2,981 | |||
MACHINERY—4.6% | |||
38,800 | AGCO Corp. | 4,943 | |
100,600 | Allison Transmission Holdings Inc. | 3,766 | |
17,600 | Cummins Inc. | 3,330 | |
20,600 | Snap-on Inc. | 4,377 | |
24,500 | Timken Co. | 1,412 | |
31,900 | Wabash National Corp. | 457 | |
18,285 | |||
MEDIA—2.5% | |||
46,469 | AMC Networks Inc.* | 1,516 | |
85,200 | Fox Corp. | 3,054 | |
15,600 | Nexstar Media Group Inc. | 2,471 | |
79,200 | TEGNA Inc. | 1,747 | |
38,800 | ViacomCBS Inc. | 1,130 | |
9,918 | |||
METALS & MINING—1.1% | |||
22,300 | Reliance Steel & Aluminum Co. | 4,421 |
70
Harbor Mid Cap Value Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)—0.5% | |||
166,600 | Annaly Capital Management Inc. | $1,069 | |
74,575 | MFA Financial Inc. | 1,063 | |
2,132 | |||
MULTILINE RETAIL—1.2% | |||
41,500 | Big Lots Inc. | 1,282 | |
20,400 | Kohl's Corp. | 1,181 | |
99,500 | Macy's Inc. | 2,405 | |
4,868 | |||
MULTI-UTILITIES—0.4% | |||
55,100 | MDU Resources Group Inc. | 1,419 | |
OIL, GAS & CONSUMABLE FUELS—3.3% | |||
74,200 | Devon Energy Corp. | 4,316 | |
65,800 | HF Sinclair Corp.* | 2,502 | |
34,700 | Marathon Petroleum Corp. | 3,028 | |
26,900 | Valero Energy Corp. | 2,999 | |
12,845 | |||
PHARMACEUTICALS—2.1% | |||
36,100 | Jazz Pharmaceuticals plc (Ireland)* | 5,784 | |
30,300 | Prestige Consumer Healthcare Inc.* | 1,656 | |
93,493 | Viatris Inc. | 966 | |
8,406 | |||
PROFESSIONAL SERVICES—0.6% | |||
27,500 | ManpowerGroup Inc. | 2,481 | |
ROAD & RAIL—0.5% | |||
26,268 | Ryder System Inc. | 1,836 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8% | |||
137,800 | Amkor Technology Inc. | 2,592 | |
25,600 | Diodes Inc.* | 1,870 | |
24,400 | Qorvo Inc.* | 2,776 | |
7,238 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
SPECIALTY RETAIL—4.0% | |||
31,000 | Best Buy Co. Inc. | $2,788 | |
29,600 | Dick's Sporting Goods Inc. | 2,854 | |
81,800 | Foot Locker Inc. | 2,397 | |
12,000 | Group 1 Automotive Inc. | 2,090 | |
36,200 | ODP Corp.* | 1,558 | |
36,800 | Penske Automotive Group Inc. | 3,857 | |
15,544 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.5% | |||
198,500 | HP Inc. | 7,271 | |
57,300 | Seagate Technology Holdings plc (Ireland) | 4,701 | |
93,900 | Xerox Holdings Corp. | 1,634 | |
13,606 | |||
TEXTILES, APPAREL & LUXURY GOODS—0.2% | |||
17,700 | Capri Holdings Ltd. (Virgin Islands)* | 844 | |
THRIFTS & MORTGAGE FINANCE—1.1% | |||
132,900 | MGIC Investment Corp. | 1,736 | |
19,700 | PennyMac Financial Services Inc. | 956 | |
77,000 | Radian Group Inc. | 1,647 | |
4,339 | |||
TRADING COMPANIES & DISTRIBUTORS—1.0% | |||
65,642 | Triton International Ltd. (Bermuda) | 4,010 | |
TOTAL COMMON STOCKS | |||
(Cost $335,337) | 392,039 | ||
TOTAL INVESTMENTS—99.5% | |||
(Cost $335,337) | 392,039 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.5% | 2,128 | ||
TOTAL NET ASSETS—100.0% | $394,167 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.
* | Non-income producing security |
The accompanying notes are an integral part of the Financial Statements.
71
Harbor Money Market Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: BNP Paribas Asset Management USA, Inc.
Investment Allocation (% of investments)
Portfolio of Investments
Principal Amounts, Value and Cost in Thousands
U.S. GOVERNMENT AGENCY DEBT—40.2%† | |||
Principal Amount | Value | ||
Federal Home Loan Bank Discount Notes | |||
$ | 6,850 | 0.161%—05/03/2022 | $6,850 |
3,900 | 0.178%—05/06/2022 | 3,900 | |
6,500 | 0.250%—05/09/2022 | 6,500 | |
6,600 | 0.266%—05/11/2022 | 6,599 | |
9,800 | 0.300%—05/18/2022 | 9,799 | |
33,648 | |||
Federal National Mortgage Association Discount Notes | |||
2,100 | 0.190%—05/04/2022 | 2,100 | |
TOTAL U.S. GOVERNMENT AGENCY DEBT | |||
(Cost $35,748) | 35,748 | ||
U.S. TREASURY DEBT—59.9%† | |||
U.S. Treasury Bills | |||
11,800 | 0.173%—05/12/2022 | 11,799 |
U.S. TREASURY DEBT—Continued | |||
Principal Amount | Value | ||
$ | 10,000 | 0.214%—05/03/2022 | $10,000 |
5,700 | 0.217%—05/19/2022 | 5,699 | |
11,500 | 0.232%—05/05/2022 | 11,500 | |
11,600 | 0.240%—05/10/2022 | 11,599 | |
2,700 | 0.257%—05/17/2022 | 2,700 | |
TOTAL U.S. TREASURY DEBT | |||
(Cost $53,297) | 53,297 | ||
TOTAL INVESTMENTS—100.1% | |||
(Cost $89,045) | 89,045 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—(0.1)% | (83) | ||
TOTAL NET ASSETS—100.0% | $88,962 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
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.
† | Coupon represents yield to maturity |
The accompanying notes are an integral part of the Financial Statements.
72
Harbor Overseas Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Acadian Asset Management LLC
REGION BREAKDOWN (% of investments)
(Excludes derivatives)
The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of April 30, 2022, there was no foreign currency denomination that comprised more than 25% of the Fund’s net assets.
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—96.5% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—0.1% | |||
533 | Dassault Aviation SA (France) | $89 | |
AIR FREIGHT & LOGISTICS—1.2% | |||
16,673 | Deutsche Post AG (Germany) | 712 | |
AUTO COMPONENTS—0.2% | |||
28,000 | Johnson Electric Holdings Ltd. (Hong Kong) | 32 | |
400 | Linamar Corp. (Canada) | 16 | |
4,800 | Tokai Rika Co. Ltd. (Japan) | 50 | |
98 | |||
AUTOMOBILES—1.2% | |||
7,392 | Bayerische Motoren Werke AG (Germany) | 604 | |
21,200 | Mazda Motor Corp. (Japan) | 150 | |
754 | |||
BANKS—4.8% | |||
165,800 | Bangkok Bank PCL NVDR (Thailand)1 | 625 | |
22,331 | Bank Hapoalim BM (Israel)* | 207 | |
88,736 | Bank Leumi Le-Israel BM (Israel)* | 931 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
BANKS—Continued | |||
7,842 | BNK Financial Group Inc. (South Korea) | $49 | |
408 | BNP Paribas Bank Polska SA (Poland)* | 6 | |
30,289 | Commercial Bank of Dubai PSC (United Arab Emirates) | 42 | |
103,606 | Commercial Bank PSQC (Qatar) | 218 | |
4,559 | Erste Group Bank AG (Austria) | 142 | |
53,361 | Faisal Islamic Bank of Egypt (Egypt) | 54 | |
13,214 | Qatar National Bank QPSC (Qatar) | 84 | |
7,647 | Raiffeisen Bank International AG (Austria) | 87 | |
19,197 | Societe Generale SA (France) | 461 | |
2,906 | |||
BEVERAGES—0.1% | |||
56,842 | Australian Vintage Ltd. (Australia) | 28 | |
16,198 | Ginebra San Miguel Inc. (Philippines) | 34 | |
62 | |||
BIOTECHNOLOGY—1.3% | |||
2,184 | Genmab AS (Denmark)* | 768 |
73
Harbor Overseas Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
BUILDING PRODUCTS—1.4% | |||
10,800 | BRC Asia Ltd. (Singapore) | $13 | |
11,262 | Compagnie de Saint-Gobain (France) | 657 | |
5,400 | Maezawa Kasei Industries Co. Ltd. (Japan) | 53 | |
5,888 | Norcros plc (United Kingdom) | 18 | |
4,400 | Okabe Co. Ltd. (Japan) | 22 | |
97,898 | RAS Al Khaimah Ceramics (United Arab Emirates) | 74 | |
465 | Zehnder Group AG (Switzerland) | 36 | |
873 | |||
CAPITAL MARKETS—4.9% | |||
2,900 | Alaris Equity Partners Income Unit (Canada) | 42 | |
313 | Cie Financiere Tradition SA (Switzerland) | 35 | |
38,052 | Deutsche Bank AG (Germany) | 380 | |
3,226 | Deutsche Boerse AG (Germany) | 562 | |
5,328 | Equita Group SpA (Italy) | 23 | |
2,082 | Fiducian Group Ltd. (Australia) | 12 | |
361,000 | Guotai Junan International Holdings Ltd. (Hong Kong) | 39 | |
69,244 | Investec plc (United Kingdom) | 410 | |
4,100 | IwaiCosmo Holdings Inc. (Japan) | 40 | |
131,408 | Man Group plc (Jersey) | 383 | |
11,000 | Marusan Securities Co. Ltd. (Japan) | 42 | |
2,296 | Ratos AB NPV SER A (Sweden) | 13 | |
6,947 | Schroders plc (United Kingdom) | 245 | |
2,377 | Titanium OYJ (Finland) | 33 | |
43,067 | UBS Group AG (Switzerland) | 731 | |
2,990 | |||
CHEMICALS—3.0% | |||
2,900 | DAI Nippon Toryo Co. Ltd. (Japan) | 18 | |
42,387 | DGL Group Ltd. (Australia)* | 116 | |
66,788 | ICL Group Ltd. (Israel) | 724 | |
180,998 | Incitec Pivot Ltd. (Australia) | 488 | |
2,800 | Ishihara Sangyo Kaisha Ltd. (Japan) | 22 | |
574 | KPX Chemical Co. Ltd. (South Korea) | 25 | |
2,800 | Kyowa Leather Cloth Co. Ltd. (Japan) | 14 | |
3,426 | Misr Fertilizers Production Co. SAE (Egypt) | 20 | |
2,000 | Moresco Corp. (Japan) | 18 | |
5,500 | Neo Performance Materials Inc. (Canada) | 55 | |
2,200 | Nippon Carbide Industries Co. Inc. (Japan)* | 23 | |
3,513 | NOROO Holdings Co. Ltd. (South Korea) | 34 | |
2,511 | OCI NV (Netherlands)* | 95 | |
728 | PCC Rokita SA (Poland) | 14 | |
21,100 | PTT Global Chemical PCL NVDR (Thailand)1 | 31 | |
600 | Soken Chemical & Engineering Co. Ltd. (Japan) | 8 | |
8,119 | Thrace Plastics Holding And Co. (Greece) | 40 | |
174 | Wacker Chemie AG (Germany) | 28 | |
426 | Yara International ASA (Norway) | 22 | |
1,795 | |||
COMMERCIAL SERVICES & SUPPLIES—0.8% | |||
2,100 | AGS Corp. (Japan) | 13 | |
800 | AJIS Co. Ltd. (Japan) | 14 | |
4,000 | Azienda Bresciana Petroli Nocivelli SpA (Italy)* | 15 | |
3,173 | Derichebourg SA (France) | 29 | |
340 | Fursys Inc. (South Korea) | 10 | |
14,200 | Kokuyo Co. Ltd. (Japan) | 185 | |
700 | Pilot Corp. (Japan) | 28 | |
1,400 | Pronexus Inc. (Japan) | 11 | |
5,400 | Sohgo Security Services Co. Ltd. (Japan) | 150 | |
455 | |||
CONSTRUCTION & ENGINEERING—0.3% | |||
122,000 | Analogue Holdings Ltd. (Hong Kong) | 27 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
CONSTRUCTION & ENGINEERING—Continued | |||
24,388 | Boustead Singapore Ltd. (Singapore) | $17 | |
305 | Burkhalter Holding AG (Switzerland) | 24 | |
2,000 | Hokuriku Electrical Construction Co. Ltd. (Japan) | 12 | |
197,200 | Naim Holdings BHD (Malaysia)* | 25 | |
3,722 | Orascom Construction plc (United Arab Emirates) | 16 | |
2,600 | Yamato Corp. (Japan) | 15 | |
1,500 | Yondenko Corp. (Japan) | 20 | |
156 | |||
CONSTRUCTION MATERIALS—0.1% | |||
14,211 | Breedon Group plc (United Kingdom)* | 14 | |
12,394 | Qatar National Cement Co. QPSC (Qatar) | 17 | |
19,932 | Steppe Cement Ltd. (Malaysia)* | 9 | |
29,705 | Wagners Holding Co. Ltd. (Australia)* | 28 | |
68 | |||
CONSUMER FINANCE—0.2% | |||
14,100 | AEON Financial Service Co. Ltd. (Japan) | 130 | |
CONTAINERS & PACKAGING—0.2% | |||
39,400 | Hanwell Holdings Ltd. (Singapore)* | 11 | |
28,882 | Mpact Ltd. (South Africa)* | 59 | |
11,718 | Orora Ltd. (Australia) | 33 | |
7,533 | Pro-Pac Packaging Ltd. (Australia) | 8 | |
111 | |||
DISTRIBUTORS—0.1% | |||
4,194 | Inchcape plc (United Kingdom) | 38 | |
1,800 | Uni-Select Inc. (Canada)* | 42 | |
80 | |||
DIVERSIFIED CONSUMER SERVICES—0.2% | |||
3,830 | JLS Co. Ltd. (South Korea) | 23 | |
22,700 | JP-Holdings Inc. (Japan) | 37 | |
4,500 | Meiko Network Japan Co. Ltd. (Japan) | 20 | |
7,627 | Shine Justice Ltd. (Australia) | 6 | |
3,700 | Tear Corp. (Japan) | 13 | |
99 | |||
DIVERSIFIED FINANCIAL SERVICES—0.4% | |||
851 | Exor NV (Italy) | 59 | |
4,627 | Kinnevik AB (Sweden)* | 91 | |
142,000 | Pacific Century Regional Developments Ltd. (Singapore) | 45 | |
17,600 | UOB-Kay Hian Holdings Ltd. (Singapore) | 21 | |
216 | |||
DIVERSIFIED TELECOMMUNICATION SERVICES—1.4% | |||
4,273 | B Communications Ltd. (Israel)* | 18 | |
6,185 | KT Corp. (South Korea) | 174 | |
604 | Magyar Telekom Telecommunications plc ADR (Hungary)1 | 3 | |
22,900 | Nippon Telegraph & Telephone Corp. (Japan) | 675 | |
122 | Telefonica SA (Spain)* | 1 | |
871 | |||
ELECTRIC UTILITIES—0.8% | |||
28,066 | Fortum OYJ (Finland) | 467 | |
ELECTRICAL EQUIPMENT—1.1% | |||
1,000 | Mirai Industry Co. Ltd. (Japan) | 11 | |
42,900 | Mitsubishi Electric Corp. (Japan) | 449 | |
562 | Somfy SA (France) | 75 | |
2,200 | Takaoka Toko Co. Ltd. (Japan)* | 27 |
74
Harbor Overseas Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
ELECTRICAL EQUIPMENT—Continued | |||
360,000 | Time Interconnect Technology Ltd. (Hong Kong) | $66 | |
51,000 | Xingye Alloy Materials Group Ltd. (Hong Kong)* | 8 | |
5,546 | Zumtobel Group AG (Austria) | 40 | |
676 | |||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7% | |||
3,400 | Celestica Inc. (Canada)* | 38 | |
77,905 | Datatec Ltd. (South Africa)* | 193 | |
10,065 | Eroad Ltd. (New Zealand)* | 20 | |
6,235 | Hon Hai Precision Industry Co. Ltd. GDR (Taiwan)1 | 42 | |
320 | Nedap NV (Netherlands) | 21 | |
2,700 | Nihon Denkei Co. Ltd. (Japan) | 27 | |
3,800 | Osaki Electric Co. Ltd. (Japan) | 14 | |
12,592 | Rakon Ltd. (New Zealand)* | 14 | |
39 | Schaffner Holding AG (Switzerland) | 13 | |
2,700 | Sigma Koki Co. Ltd. (Japan) | 31 | |
1,100 | SMK Corp. (Japan) | 18 | |
2,000 | Sun-Wa Technos Corp. (Japan) | 21 | |
452 | |||
ENERGY EQUIPMENT & SERVICES—0.2% | |||
149,000 | Hilong Holding Ltd. (Hong Kong)* | 11 | |
3,900 | Pason Systems Inc. (Canada) | 49 | |
9,000 | PHX Energy Services Corp. (Canada) | 49 | |
109 | |||
ENTERTAINMENT—0.0% | |||
46,000 | IGG Inc. (Singapore) | 19 | |
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—0.3% | |||
3,700 | Boardwalk Real Estate Investment Trust (Canada) | 162 | |
FOOD & STAPLES RETAILING—0.9% | |||
2,000 | Axial Retailing Inc. (Japan) | 52 | |
24,397 | GrainCorp Ltd. (Australia) | 176 | |
15,423 | Grupo Comercial Chedraui SA de CV (Mexico) | 39 | |
336 | Hawesko Holding AG (Germany) | 18 | |
4,247 | Kesko OYJ Class B (Finland) | 107 | |
2,600 | Okuwa Co. Ltd. (Japan) | 18 | |
4,600 | The North West Co. Inc. (Canada) | 128 | |
538 | |||
FOOD PRODUCTS—2.1% | |||
33,000 | Cocoaland Holdings BHD (Malaysia) | 9 | |
39,400 | Delfi Ltd. (Singapore) | 22 | |
121 | Dongwon Industries Co. Ltd. (South Korea) | 24 | |
18,055 | Finsbury Food Group plc (United Kingdom) | 16 | |
42,200 | Hap Seng Plantations Holdings BHD (Malaysia) | 32 | |
2,757 | Industrial Milk Co. (Luxembourg) | 11 | |
39,600 | Innoprise Plantations BHD (Malaysia)* | 19 | |
86,900 | JBS SA (Brazil) | 665 | |
39,800 | Kim Loong Resources BHD (Malaysia) | 19 | |
11,000 | Kuala Lumpur Kepong BHD (Malaysia) | 75 | |
305 | LOTTE Confectionery Co. Ltd. (South Korea) | 30 | |
143 | LOTTE Food Co. Ltd. (South Korea) | 39 | |
900 | Maeil Holdings Co. Ltd. (South Korea) | 8 | |
823 | Nestlé SA (Switzerland) | 106 | |
119 | Neto ME Holdings Ltd. (Israel) | 9 | |
6,397 | PGG Wrightson Ltd. (New Zealand)* | 17 | |
376,800 | PT Salim Ivomas Pratama TBK (Indonesia) | 13 | |
12,189 | RCL Foods Ltd. (South Africa) | 9 | |
27,953 | Ridley Corp. Ltd. (Australia) | 33 | |
1,562 | Sajodaerim Corp. (South Korea) | 40 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
FOOD PRODUCTS—Continued | |||
103,800 | Sarawak Plantation BHD (Malaysia) | $74 | |
6,284 | Seeka Ltd. (New Zealand) | 21 | |
1,291 | |||
GAS UTILITIES—0.1% | |||
4,400 | Hiroshima Gas Co. Ltd. (Japan) | 11 | |
351 | Samchully Co. Ltd. (South Korea) | 32 | |
43 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—3.4% | |||
2,812 | Carl Zeiss Meditec AG (Germany) | 353 | |
763 | Demant AS (Denmark)* | 34 | |
1,100 | Fukuda Denshi Co. Ltd. (Japan) | 63 | |
11,156 | Getinge AB Class B (Sweden) | 323 | |
1,296 | Inmode Ltd. (Israel)* | 33 | |
924 | Ion Beam Applications (Belgium) | 15 | |
36 | Paul Hartmann AG (Germany) | 12 | |
2,102 | Sonova Holding AG (Switzerland) | 758 | |
4,100 | Straumann Holding AG (Switzerland) | 483 | |
2,969 | Viemed Healthcare Inc. (Canada)* | 15 | |
2,089 | |||
HEALTH CARE PROVIDERS & SERVICES—0.5% | |||
494 | Ilex Medical Ltd. (Israel) | 20 | |
60,000 | Ladprao General Hospital NVDR (Thailand)1 | 10 | |
6,322 | Oriola Corp. Class A (Finland) | 13 | |
951 | Oriola OYJ (Finland) | 2 | |
63,000 | Ratchaphruek Hospital PCL NVDR (Thailand)1 | 12 | |
9,970 | Sonic Healthcare Ltd. (Australia) | 258 | |
315 | |||
HOTELS, RESTAURANTS & LEISURE—0.1% | |||
33,800 | Berjaya Food BHD (Malaysia) | 30 | |
83,100 | Jaya Bersama Indo TBK PT (Indonesia)* | 1x | |
50,200 | Kimly Ltd. (Singapore) | 14 | |
45 | |||
HOUSEHOLD DURABLES—0.1% | |||
849 | Decora SA (Poland) | 7 | |
5 | Dom Development SA (Poland)* | — | |
1,479 | Nikon Corp. (Japan) | 16 | |
600 | Panasonic Manufacturing Malaysia BHD (Malaysia) | 4 | |
698 | Surteco Group SE (Germany) | 22 | |
12,780 | Toya SA (Poland) | 17 | |
66 | |||
HOUSEHOLD PRODUCTS—0.0% | |||
17,202 | McBride plc (United Kingdom)* | 8 | |
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.4% | |||
6,226 | RWE AG (Germany) | 259 | |
INDUSTRIAL CONGLOMERATES—0.0% | |||
2,561 | Industries Qatar QSC (Qatar) | 13 | |
14,034 | Qatar Industrial Manufacturing Co QSC (Qatar) | 12 | |
25 | |||
INSURANCE—4.8% | |||
11,400 | Allianz Malaysia BHD (Malaysia) | 33 | |
39,900 | Dai-ichi Life Holdings Inc. (Japan) | 799 | |
2,436 | European Reliance General Insurance Co. SA (Greece)* | 19 | |
6,000 | Japan Post Insurance Co. Ltd. (Japan) | 97 | |
10,430 | NN Group NV (Netherlands) | 511 |
75
Harbor Overseas Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
INSURANCE—Continued | |||
4,900 | Sompo Holdings Inc. (Japan) | $200 | |
18,400 | T&D Holdings Inc. (Japan) | 237 | |
18,500 | Tokio Marine Holdings Inc. (Japan) | 1,000 | |
2,896 | |||
INTERNET & DIRECT MARKETING RETAIL—0.0% | |||
11,000 | Hai-O Enterprise BHD (Malaysia)* | 4 | |
IT SERVICES—1.9% | |||
800 | CDS Co. Ltd. (Japan) | 11 | |
819 | Comarch SA (Poland) | 32 | |
34,384 | Computershare Ltd. (Australia) | 606 | |
4,200 | Core Corp. (Japan) | 46 | |
266 | Digia OYJ (Finland) | 2 | |
2,800 | Fujitsu Ltd. (Japan) | 423 | |
1,300 | Himacs Ltd. (Japan) | 13 | |
1,800 | I-NET Corp. (Japan) | 17 | |
1,500 | VINX Corp. (Japan) | 14 | |
700 | Zuken Inc. (Japan) | 16 | |
1,180 | |||
LEISURE PRODUCTS—0.3% | |||
1,500 | Sankyo Co. Ltd. (Japan) | 43 | |
3,600 | TOMY Co. Ltd. (Japan) | 34 | |
707 | Trigano SA (France) | 91 | |
168 | |||
LIFE SCIENCES TOOLS & SERVICES—1.7% | |||
6,472 | Eurofins Scientific SE (France) | 602 | |
1,305 | Sartorius Stedim Biotech (France) | 427 | |
1,029 | |||
MACHINERY—1.8% | |||
9,100 | Aalberts NV (Netherlands) | 442 | |
3,623 | Andritz AG (Austria) | 154 | |
11,508 | CNH Industrial NV (Italy) | 163 | |
7,300 | Daihatsu Diesel Manufacturing Co Ltd. (Japan) | 28 | |
268 | Exel Industries (France) | 19 | |
69,237 | Famur SA (Poland)* | 44 | |
3,300 | Freund Corp. (Japan) | 19 | |
54 | Groupe Gorge SA (France)* | 1 | |
7,500 | Hino Motors Ltd. (Japan)* | 39 | |
1,300 | Nichias Corp. (Japan) | 23 | |
8,800 | Nippon Thompson Co. Ltd. (Japan) | 34 | |
371 | Palfinger AG (Austria) | 9 | |
81 | Prodways Group SA (France)* | — | |
600 | Rix Corp. (Japan) | 8 | |
10,609 | Skellerup Holdings Ltd. (New Zealand) | 39 | |
2,200 | Tokyo Keiki Inc. (Japan) | 19 | |
2,600 | Torishima Pump Manufacturing Co. Ltd. (Japan) | 26 | |
3,000 | Toyo Machinery & Metal Co. Ltd. (Japan) | 14 | |
1,081 | |||
MARINE—3.8% | |||
238 | AP Moller - Maersk AS (Denmark) | 689 | |
2,647 | Kuehne + Nagel International AG (Switzerland) | 741 | |
1,100 | Nippon Concept Corp. (Japan) | 12 | |
167,000 | Samudera Shipping Line Ltd. (Singapore)* | 120 | |
115,000 | SITC International Holdings Co. Ltd. (Hong Kong) | 382 | |
2,303 | Western Bulk Chartering AS (Norway)* | 11 | |
1,724 | Wilson ASA (Norway) | 12 | |
6,388 | ZIM Integrated Shipping Services Ltd. (Israel) | 355 | |
2,322 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
MEDIA—1.2% | |||
4,842 | Bloomsbury Publishing plc (United Kingdom) | $24 | |
4,472 | Corus Entertainment Inc. (Canada) | 15 | |
1,900 | FAN Communications Inc. (Japan) | 6 | |
85 | GTN Ltd. (Australia)* | — | |
2,451 | HighCo SA (France) | 14 | |
53,310 | NZME Ltd. (New Zealand) | 49 | |
302,000 | Pico Far East Holdings Ltd. (Hong Kong) | 45 | |
6,600 | Proto Corp. (Japan) | 52 | |
33,805 | PRT Co. Ltd. (Australia)* | — | |
8,968 | Publicis Groupe SA (France) | 539 | |
744 | |||
METALS & MINING—8.8% | |||
1,215 | Alumetal SA (Poland) | 19 | |
18,541 | Anglo American plc (United Kingdom) | 821 | |
3,063 | Antofagasta plc (United Kingdom) | 59 | |
1,111 | ArcelorMittal SA (Luxembourg) | 33 | |
22,947 | Base Resources Ltd. (Australia) | 5 | |
20,047 | BHP Group Ltd. (Australia) | 670 | |
35,373 | Boryszew SA (Poland)* | 32 | |
15,200 | Capstone Copper Corp. (Canada)* | 69 | |
17,744 | Gem Diamonds Ltd. (United Kingdom) | 13 | |
140,009 | Glencore plc (United Kingdom)* | 863 | |
93,363 | Iluka Resources Ltd. (Australia) | 731 | |
21,431 | Imdex Ltd. (Australia) | 38 | |
79,862 | Lynas Rare Earths Ltd. (Australia)* | 501 | |
26,518 | MACA Ltd. (Australia) | 15 | |
28,149 | Norsk Hydro ASA (Norway) | 236 | |
65,653 | Perseus Mining Ltd. (Australia) | 91 | |
75,473 | PT Petrosea TBK (Indonesia) | 15 | |
218,648 | South32 Ltd. (Australia) | 728 | |
140 | Stalprodukt SA (Poland) | 11 | |
9,600 | Stelco Holdings Inc. (Canada) | 351 | |
5,500 | Tree Island Steel Ltd. (Canada) | 20 | |
143,000 | Xiwang Special Steel Co. Ltd. (Hong Kong)* | 5 | |
1,873 | Zimplats Holdings Ltd. (Australia) | 40 | |
5,366 | |||
OIL, GAS & CONSUMABLE FUELS—10.0% | |||
250,300 | ABM Investama TBK PT (Indonesia)* | 47 | |
10,400 | Bayan Resources TBK PT (Indonesia) | 30 | |
33,000 | Baytex Energy Corp. (Canada)* | 169 | |
14,300 | Birchcliff Energy Ltd. (Canada) | 105 | |
21,270 | BP plc ADR (United Kingdom)1 | 611 | |
214,500 | Bukit Asam TBK PT (Indonesia)* | 56 | |
2,300 | Canadian Natural Resources Ltd. (Canada) | 142 | |
13,600 | CES Energy Solutions Corp. (Canada) | 28 | |
37,900 | Crescent Point Energy Corp. (Canada) | 263 | |
7,000 | Crew Energy Inc. (Canada)* | 27 | |
67,210 | Eni SpA (Italy) | 939 | |
26,800 | Equinor ASA (Norway) | 906 | |
26,200 | Gear Energy Ltd. (Canada)* | 30 | |
3,453 | Hargreaves Services plc (United Kingdom) | 26 | |
344,350 | Horizon Oil Ltd. (Australia)* | 31 | |
18,000 | Kelt Exploration Ltd. (Canada)* | 93 | |
6,820 | Lubelski Wegiel Bogdanka SA (Poland)* | 82 | |
14,400 | MEG Energy Corp. (Canada)* | 216 | |
4,409 | New Hope Corp. Ltd. (Australia) | 11 | |
6,593 | New Zealand Refining Co. Ltd. (New Zealand)* | 5 | |
10,529 | OMV AG (Austria) | 538 | |
8,400 | Parex Resources Inc. (Canada) | 164 | |
114,000 | PetroChina Co. Ltd. (China) | 54 | |
3,079 | Petroleo Brasileiro SA ADR (Brazil)*,1 | 42 |
76
Harbor Overseas Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
OIL, GAS & CONSUMABLE FUELS—Continued | |||
33,000 | Pine Cliff Energy Ltd. (Canada)* | $40 | |
182,800 | PT Indika Energy TBK (Indonesia)* | 33 | |
52,200 | PT Prima Andalan Mandiri TBK (Indonesia)* | 25 | |
29,600 | PT United Tractors TBK (Indonesia) | 62 | |
13,900 | Tourmaline Oil Corp. (Canada) | 716 | |
27,443 | Woodside Petroleum Ltd. (Australia) | 597 | |
6,088 | |||
PAPER & FOREST PRODUCTS—0.7% | |||
15,838 | Arctic Paper SA (Poland)* | 40 | |
2,600 | Daiken Corp. (Japan) | 42 | |
1,311 | Midway Ltd. (Australia)* | 1 | |
7,200 | Mitsubishi Paper Mills Ltd. (Japan) | 17 | |
15,472 | Stora Enso OYJ (Finland) | 304 | |
25,869 | Western Forest Products Inc. (Canada) | 42 | |
446 | |||
PERSONAL PRODUCTS—0.1% | |||
7,200 | Pola Orbis Holdings Inc. (Japan) | 83 | |
PHARMACEUTICALS—13.0% | |||
1,341 | Bayer AG (Germany) | 88 | |
500 | Eisai Co. Ltd. (Japan) | 22 | |
35,885 | GlaxoSmithKline plc (United Kingdom) | 809 | |
14,414 | GlaxoSmithKline plc ADR (United Kingdom)1 | 653 | |
1,575 | Hikma Pharmaceuticals plc (United Kingdom) | 37 | |
1,436 | Ipsen SA (France) | 149 | |
4,641 | Merck KGaA (Germany) | 861 | |
3,739 | Novartis AG (Switzerland) | 330 | |
13,173 | Novo Nordisk AS (Denmark) | 1,505 | |
284 | Orion OYJ Class A (Finland) | 12 | |
9,000 | Otsuka Holdings Co. Ltd. (Japan) | 302 | |
18,448 | Recordati Industria Chimica E Farmaceutica SpA (Italy) | 889 | |
5,774 | Roche Holding AG (Switzerland) | 2,141 | |
5,600 | Seikagaku Corp. (Japan) | 36 | |
701 | Vetoquinol SA (France) | 91 | |
7,925 | |||
PROFESSIONAL SERVICES—2.7% | |||
600 | Abist Co. Ltd. (Japan) | 13 | |
3,529 | Brunel International NV (Netherlands) | 41 | |
1,745 | Impellam Group plc (United Kingdom)* | 10 | |
1,100 | Jac Recruitment Co. Ltd. (Japan) | 15 | |
2,723 | Kelly Partners Group Holdings Ltd. (Australia) | 10 | |
12,621 | Poolia AB (Sweden) | 22 | |
14,000 | Recruit Holdings Co. Ltd. (Japan) | 508 | |
1,600 | Sigmaxyz Holdings Inc. (Japan)* | 13 | |
5,500 | Space Co. Ltd. (Japan) | 38 | |
9,715 | Wolters Kluwer NV (Netherlands) | 981 | |
1,651 | |||
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7% | |||
3,909 | Almogim Holdings Ltd. (Israel)* | 10 | |
7,700 | Daito Trust Construction Co. Ltd. (Japan) | 742 | |
6,500 | Daiwa House Industry Co. Ltd. (Japan) | 156 | |
23,367 | Emaar Development Pjsc (United Arab Emirates)* | 33 | |
116,681 | Ever Reach Group Holdings Co. Ltd. (Hong Kong) | 12 | |
998 | K Wah International Holdings Ltd. (Hong Kong) | — | |
75,300 | KSL Holdings BHD (Malaysia)* | 14 | |
100 | Mainstreet Equity Corp. (Canada)* | 9 | |
2,077 | Melcor Developments Ltd. (Canada) | 25 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued | |||
20,963 | Modern Land China Co. Ltd. (Hong Kong) | $—x | |
34,700 | Propnex Ltd. (Singapore) | 45 | |
1,046 | |||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4% | |||
62 | ASML Holding NV (Netherlands) | 35 | |
5,162 | BE Semiconductor Industries NV (Netherlands) | 315 | |
700 | MegaChips Corp. (Japan) | 18 | |
100 | SCREEN Holdings Co. Ltd. (Japan) | 8 | |
10,572 | STMicroelectronics NV New York Registry Shares (France) | 391 | |
2,600 | Thine Electronics Inc. (Japan) | 15 | |
1,500 | Tokyo Seimitsu Co. Ltd. (Japan) | 51 | |
833 | |||
SOFTWARE—2.2% | |||
1,138 | Atlassian Corp. plc (Australia)* | 256 | |
4,983 | Check Point Software Technologies Ltd. (Israel)* | 629 | |
7,926 | Gentrack Group Ltd. (New Zealand)* | 9 | |
2,700 | Intelligent Wave Inc. (Japan) | 12 | |
5,400 | ISB Corp. (Japan) | 45 | |
600 | NTT Data Intramart Corp. (Japan) | 8 | |
1,953 | Objective Corp. Ltd. (Australia) | 23 | |
5,096 | ReadyTech Holdings Ltd. (Australia)* | 12 | |
38,155 | Sage Group plc (United Kingdom) | 350 | |
1,801 | Telcoware Co. Ltd. (South Korea) | 15 | |
1,359 | |||
SPECIALTY RETAIL—0.8% | |||
3,200 | Aoyama Trading Co. Ltd. (Japan) | 16 | |
5,300 | Aritzia Inc. (Canada)* | 189 | |
6,743 | Autosports Group Ltd. (Australia) | 10 | |
1,100 | BMTC Group Inc. (Canada) | 13 | |
3,499 | Briscoe Group Ltd. (New Zealand) | 13 | |
10,315 | Carasso Motors Ltd. (Israel) | 67 | |
441 | Castro Model Ltd. (Israel)* | 14 | |
888 | Delta Israel Brands Ltd. (Israel) | 19 | |
3,391 | Frasers Group plc (United Kingdom)* | 29 | |
1,700 | Fuji Corp. (Japan) | 15 | |
1,100 | Himaraya Co. Ltd. (Japan) | 8 | |
21,889 | Luk Fook Holdings International Ltd. (Hong Kong) | 50 | |
6,986 | Naturhouse Health SAU (Spain)* | 13 | |
70 | Samse SA (France) | 16 | |
472 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.7% | |||
5,300 | Brother Industries Ltd. (Japan) | 92 | |
29,300 | Canon Inc. (Japan) | 674 | |
1,712 | EVS Broadcast Equipment SA (Belgium) | 38 | |
7,710 | Gefran SpA (Italy) | 76 | |
4,600 | Maxell Ltd. (Japan)* | 41 | |
22,000 | Ricoh Co. Ltd. (Japan) | 161 | |
38,000 | Seiko Epson Corp. (Japan) | 535 | |
1,617 | |||
TEXTILES, APPAREL & LUXURY GOODS—1.1% | |||
2,713 | Burberry Group plc (United Kingdom) | 54 | |
2,075 | Cie Financiere Richemont SA (Switzerland) | 241 | |
1,000 | Fujibo Holdings Inc. (Japan) | 25 | |
94,100 | MC Group PCL NVDR (Thailand)1 | 25 | |
1,621 | Pandora AS (Denmark) | 142 | |
600 | Rhythm Co. Ltd. (Japan) | 8 | |
42,600 | Sabina PCL NVDR (Thailand)1 | 29 |
77
Harbor Overseas Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
TEXTILES, APPAREL & LUXURY GOODS—Continued | |||
55 | Swatch Group AG (Switzerland) | $14 | |
34,500 | Texhong Textile Group Ltd. (Hong Kong) | 41 | |
32,300 | Unitika Ltd. (Japan)* | 70 | |
836 | Van de Velde NV (Belgium) | 34 | |
683 | |||
TRADING COMPANIES & DISTRIBUTORS—2.0% | |||
80,000 | Apac Resources Ltd. (Hong Kong) | 13 | |
956 | Ferguson plc (United Kingdom) | 120 | |
38,601 | Ferreycorp SAA (Peru) | 24 | |
9,000 | Finning International Inc. (Canada) | 253 | |
2,900 | Gecoss Corp. (Japan) | 17 | |
6,986 | Howden Joinery Group plc (United Kingdom) | 66 | |
2,349 | Jacquet Metals SA (France) | 51 | |
2,200 | Kanaden Corp. (Japan) | 16 | |
4,900 | Kanematsu Corp. (Japan) | 51 | |
800 | Nanyo Corp. (Japan) | 11 | |
900 | NICE Corp. (Japan) | 13 | |
2,300 | Parker Corp (Japan) | 9 | |
479 | Rexel SA (France) | 10 | |
1,165 | Sanistal AS (Denmark)* | 11 | |
4,007 | TIM SA (Poland)* | 33 | |
34,959 | Travis Perkins plc (United Kingdom) | 533 | |
1,231 | |||
TRANSPORTATION INFRASTRUCTURE—1.1% | |||
1,087 | Grindrod Shipping Holdings Ltd. (Singapore) | 28 | |
21,500 | Orient Overseas International Ltd. (Hong Kong) | 593 | |
91,000 | Qilu Expressway Co. Ltd. (China) | 29 | |
6,580 | Stalexport Autostrady SA (Poland) | 5 | |
655 | |||
WATER UTILITIES—0.0% | |||
59,200 | Taliworks Corp. BHD (Malaysia) | 12 | |
WIRELESS TELECOMMUNICATION SERVICES—0.1% | |||
1,700 | Okinawa Cellular Telephone Co. (Japan) | 65 | |
TOTAL COMMON STOCKS | |||
(Cost $58,782) | 58,753 | ||
PREFERRED STOCKS—2.1% | |||
Shares | Value | ||
AUTO COMPONENTS—0.1% | |||
6,114 | Schaeffler AG (Germany) | $33 | |
AUTOMOBILES—0.9% | |||
3,487 | Volkswagen AG (Germany) | 540 | |
CHEMICALS—0.3% | |||
24,700 | Braskem SA (Brazil)* | 201 | |
HOUSEHOLD DURABLES—0.5% | |||
6,335 | LG Electronics Inc. (South Korea) | 290 | |
MACHINERY—0.1% | |||
220 | Jungheinrich AG (Germany) | 5 | |
173 | KSB SE & Co. KGaA (Germany) | 70 | |
75 | |||
OIL, GAS & CONSUMABLE FUELS—0.2% | |||
18,800 | Petroleo Brasileiro SA (Brazil)* | 115 | |
TOTAL PREFERRED STOCKS | |||
(Cost $1,204) | 1,254 | ||
TOTAL INVESTMENTS—98.6% | |||
(Cost $59,986) | 60,007 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—1.4% | 876 | ||
TOTAL NET ASSETS—100.0% | $60,883 |
RIGHTS/WARRANTS
Description | No. of Contracts | Strike Price | Expiration Date | Cost (000s) | Value (000s) |
BP Plastics Holding BHD (Malaysia) | 2,040 | MYR 2.45 | 12/14/2026 | $ — | $— |
FAIR VALUE MEASUREMENTS
The following table summarizes the Fund’s investments as of April 30, 2022 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) |
Investments in Securities | ||||
Common Stocks | ||||
Africa | $— | $335 | $— | $335 |
78
Harbor Overseas Fund
Portfolio of Investments—Continued
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) |
Europe | $1,278 | $30,044 | $— | $31,323 |
Latin America | 770 | — | — | 770 |
Middle East/Central Asia | 1,017 | 2,528 | — | 3,545 |
North America | 3,574 | — | — | 3,575 |
Pacific Basin | 256 | 18,950 | 1 | 19,205 |
Preferred Stocks | ||||
Europe | — | 648 | — | 648 |
Latin America | 316 | — | — | 316 |
Pacific Basin | — | 290 | — | 290 |
Total Investments in Securities | $7,211 | $52,795 | $1 | $60,007 |
Financial Derivative Instruments - Assets | ||||
Rights/Warrants | $— | $— | $— | $— |
Total Investments | $7,211 | $52,795 | $1 | $60,007 |
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.
The following is a rollforward of the Fund’s Level 3 investments during the period ended April 30, 2022.
Valuation Description | Beginning Balance as of 11/01/2021 (000s) | Purchases (000s) | Sales (000s) | Discount/ (Premium) (000s) | Total Realized Gain/(Loss) (000s) | Change in Unrealized Appreciation/ (Depreciation) (000s) | Transfers Into Level 3 (000s) | Transfers Out of Level 3 (000s) | Ending Balance as of 04/30/2022 (000s) | Unrealized Gain/(Loss) as of 04/30/2022 (000s) |
Common Stocks | $2 | $— | $— | $— | $— | $(1) | $— | $— | $1 | $(12) |
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 04/30/2022 (000s) | Valuation Technique | Unobservable Input(s) | Input Value(s) |
Investments in Securities | ||||
Common Stocks | ||||
Jaya Bersama Indo TBK PT (Indonesia)* | $ 1 | Market Approach | Last Traded Price | IDR 176.00 |
Modern Land China Co. Ltd. (Hong Kong) | — | Market Approach | Last Traded Price | HKD 0.11 |
$1 |
x | Fair valued in accordance with Harbor Funds' Valuation Procedures. |
* | Non-income producing security |
1 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
MYR | Malaysian Ringgit |
The accompanying notes are an integral part of the Financial Statements.
79
Harbor Small Cap Growth Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Westfield Capital Management Company, L.P.
Sector Allocation (% of investments)
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—97.9% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—1.8% | |||
299,906 | Hexcel Corp. | $16,303 | |
BANKS—2.0% | |||
117,500 | East West Bancorp Inc. | 8,378 | |
78,727 | Silvergate Capital Corp.* | 9,208 | |
17,586 | |||
BIOTECHNOLOGY—9.3% | |||
339,271 | Alkermes plc (Ireland)* | 9,788 | |
163,070 | Ascendis Pharma A/S ADR (Denmark)*,1 | 14,883 | |
234,306 | Blueprint Medicines Corp.* | 13,672 | |
284,914 | Fate Therapeutics Inc.* | 8,137 | |
1,760,079 | Ironwood Pharmaceuticals Inc.* | 21,121 | |
329,273 | Rocket Pharmaceuticals Inc.* | 3,385 | |
446,738 | Turning Point Therapeutics Inc.* | 13,152 | |
84,138 | |||
BUILDING PRODUCTS—2.4% | |||
215,555 | Advanced Drainage Systems Inc. | 22,086 | |
CAPITAL MARKETS—0.9% | |||
318,030 | StepStone Group Inc. | 8,148 | |
CHEMICALS—3.0% | |||
310,530 | Avient Corp. | 15,290 | |
451,740 | Axalta Coating Systems Ltd. (Bermuda)* | 11,461 | |
26,751 | |||
COMMERCIAL SERVICES & SUPPLIES—0.7% | |||
520,404 | CoreCivic Inc.* | 6,469 | |
CONSTRUCTION & ENGINEERING—2.0% | |||
504,849 | Willscot Mobile Mini Holdings Corp.* | 17,720 | |
CONTAINERS & PACKAGING—0.9% | |||
544,829 | Ranpak Holdings Corp.* | 8,216 | |
ELECTRICAL EQUIPMENT—5.4% | |||
311,780 | Atkore Inc.* | 29,962 | |
168,699 | Encore Wire Corp. | 19,031 | |
48,993 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
ENTERTAINMENT—2.5% | |||
586,069 | Endeavor Group Holdings Inc.* | $13,333 | |
125,590 | Madison Square Garden Entertainment Corp* | 9,200 | |
22,533 | |||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—7.0% | |||
549,210 | American Assets Trust Inc. | 20,101 | |
107,582 | PS Business Parks Inc. | 20,139 | |
433,620 | Spirit Realty Capital Inc. | 18,841 | |
177,416 | UMH Properties Inc. | 4,173 | |
63,254 | |||
HEALTH CARE EQUIPMENT & SUPPLIES—4.5% | |||
262,730 | Haemonetics Corp.* | 13,312 | |
54,360 | Inspire Medical Systems Inc.* | 11,185 | |
163,700 | Tandem Diabetes Care Inc.* | 15,794 | |
40,291 | |||
HEALTH CARE PROVIDERS & SERVICES—5.2% | |||
144,954 | Amedisys Inc.* | 18,503 | |
950,957 | Option Care Health Inc.* | 28,415 | |
46,918 | |||
HOTELS, RESTAURANTS & LEISURE—5.2% | |||
98,720 | Churchill Downs Inc. | 20,034 | |
2,041,318 | Playa Hotels & Resorts NV (Netherlands)* | 19,270 | |
78,096 | Wingstop Inc. | 7,166 | |
46,470 | |||
HOUSEHOLD DURABLES—1.6% | |||
78,730 | TopBuild Corp.* | 14,261 | |
INSURANCE—2.5% | |||
464,855 | BRP Group Inc.* | 10,748 | |
210,565 | Palomar Holdings Inc.* | 11,465 | |
22,213 | |||
IT SERVICES—5.7% | |||
387,378 | Flywire Corp.* | 11,819 | |
722,275 | Repay Holdings Corp.* | 9,664 |
80
Harbor Small Cap Growth Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
IT SERVICES—Continued | |||
301,780 | Shift4 Payments Inc.* | $15,831 | |
176,198 | WNS Holdings Ltd. ADR (India)*,1 | 13,809 | |
51,123 | |||
LEISURE PRODUCTS—1.3% | |||
142,243 | BRP Inc. (Canada) | 11,526 | |
LIFE SCIENCES TOOLS & SERVICES—1.4% | |||
24,621 | Bio-Rad Laboratories Inc.* | 12,607 | |
MACHINERY—4.8% | |||
57,480 | Chart Industries Inc.* | 9,704 | |
212,434 | ITT Inc. | 14,917 | |
139,960 | Lincoln Electric Holdings Inc. | 18,857 | |
43,478 | |||
OIL, GAS & CONSUMABLE FUELS—2.4% | |||
316,780 | PDC Energy Inc. | 22,092 | |
PHARMACEUTICALS—4.1% | |||
1,374,572 | Innoviva Inc.* | 23,450 | |
184,321 | Pacira BioSciences Inc.* | 13,745 | |
37,195 | |||
ROAD & RAIL—1.8% | |||
80,910 | Saia Inc.* | 16,664 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.6% | |||
198,690 | Azenta Inc. | 14,894 | |
118,092 | MKS Instruments Inc. | 13,460 | |
189,313 | Semtech Corp.* | 11,283 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued | |||
200,563 | Silicon Motion Technology Corp. ADR (Taiwan)1 | $15,229 | |
29,318 | SiTime Corp.* | 4,942 | |
371,135 | SMART Global Holdings Inc.* | 8,410 | |
68,218 | |||
SOFTWARE—7.0% | |||
133,710 | Blackline Inc.* | 8,965 | |
308,650 | Braze Inc.* | 12,405 | |
852,859 | Samsara Inc.* | 10,524 | |
413,620 | Smartsheet Inc.* | 19,990 | |
116,838 | Workiva Inc.* | 11,276 | |
63,160 | |||
SPECIALTY RETAIL—3.5% | |||
89,350 | Five Below Inc.* | 14,037 | |
470,485 | National Vision Holdings Inc.* | 17,714 | |
31,751 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.4% | |||
367,383 | NCR Corp.* | 12,869 | |
TOTAL COMMON STOCKS | |||
(Cost $877,841) | 883,033 | ||
TOTAL INVESTMENTS—97.9% | |||
(Cost $877,841) | 883,033 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—2.1% | 18,784 | ||
TOTAL NET ASSETS—100.0% | $901,817 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
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 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
The accompanying notes are an integral part of the Financial Statements.
81
Harbor Small Cap Value Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: EARNEST Partners LLC
Sector Allocation (% of investments)
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—98.7% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—9.0% | |||
773,722 | AAR Corp.* | $36,350 | |
838,397 | Hexcel Corp. | 45,575 | |
379,741 | Moog Inc. | 30,330 | |
1,013,434 | Parsons Corp.* | 37,426 | |
94,342 | Teledyne Technologies Inc.* | 40,713 | |
190,394 | |||
BANKS—8.7% | |||
719,135 | Enterprise Financial Services Corp. | 31,764 | |
840,770 | First Merchants Corp. | 32,950 | |
701,928 | Heartland Financial USA Inc. | 30,723 | |
499,597 | South State Corp. | 38,689 | |
709,641 | Trustmark Corp. | 19,785 | |
889,425 | United Bankshares Inc. | 29,582 | |
183,493 | |||
BIOTECHNOLOGY—2.0% | |||
563,085 | Emergent BioSolutions Inc.* | 18,233 | |
1,193,811 | Myriad Genetics Inc.* | 24,473 | |
42,706 | |||
CAPITAL MARKETS—6.6% | |||
723,288 | Houlihan Lokey Inc. | 60,243 | |
482,390 | Raymond James Financial Inc. | 47,014 | |
532,231 | Stifel Financial Corp. | 32,918 | |
140,175 | |||
CHEMICALS—3.4% | |||
616,486 | Cabot Corp. | 40,596 | |
307,353 | Scotts Miracle-Gro Co. | 31,943 | |
72,539 | |||
COMMERCIAL SERVICES & SUPPLIES—4.8% | |||
927,399 | Casella Waste Systems Inc.* | 76,269 | |
2,130,109 | Steelcase Inc. | 24,986 | |
101,255 | |||
CONSUMER FINANCE—1.4% | |||
374,995 | FirstCash Holdings Inc. | 29,917 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
ELECTRICAL EQUIPMENT—1.4% | |||
456,283 | EnerSys | $29,868 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.5% | |||
175,631 | Littelfuse Inc. | 40,263 | |
544,711 | Methode Electronics Inc. | 24,300 | |
405,848 | Plexus Corp.* | 32,930 | |
966,559 | Sanmina Corp.* | 39,523 | |
137,016 | |||
ENERGY EQUIPMENT & SERVICES—0.9% | |||
339,987 | Core Laboratories NV (Netherlands) | 8,840 | |
471,710 | DMC Global Inc.* | 9,429 | |
18,269 | |||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—5.1% | |||
1,173,043 | Corporate Office Properties Trust | 31,308 | |
1,540,324 | Pebblebrook Hotel Trust | 37,615 | |
1,052,001 | STAG Industrial Inc. | 39,261 | |
108,184 | |||
FOOD PRODUCTS—3.6% | |||
1,022,927 | Darling Ingredients Inc.* | 75,073 | |
HEALTH CARE EQUIPMENT & SUPPLIES—3.9% | |||
414,155 | CONMED Corp. | 55,066 | |
1,088,788 | Meridian Bioscience Inc.* | 27,862 | |
82,928 | |||
HEALTH CARE PROVIDERS & SERVICES—4.5% | |||
2,015,593 | MEDNAX Inc.* | 37,329 | |
186,311 | Molina Healthcare Inc.* | 58,399 | |
95,728 | |||
HOTELS, RESTAURANTS & LEISURE—1.5% | |||
285,399 | Cracker Barrel Old Country Store Inc. | 31,676 | |
HOUSEHOLD DURABLES—1.5% | |||
376,775 | Meritage Homes Corp.* | 31,103 | |
INSURANCE—3.5% | |||
559,525 | Horace Mann Educators Corp. | 22,297 |
82
Harbor Small Cap Value Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
INSURANCE—Continued | |||
349,481 | Reinsurance Group of America Inc. | $37,506 | |
470,523 | United Fire Group Inc. | 13,782 | |
73,585 | |||
IT SERVICES—3.7% | |||
478,830 | ManTech International Corp. | 38,469 | |
3,898,870 | Sabre Corp.* | 40,821 | |
79,290 | |||
MACHINERY—7.7% | |||
471,710 | Albany International Corp. | 36,897 | |
1,091,755 | Altra Industrial Motion Corp. | 42,579 | |
690,061 | Franklin Electric Co. Inc. | 48,263 | |
607,586 | Timken Co. | 35,021 | |
162,760 | |||
OIL, GAS & CONSUMABLE FUELS—0.9% | |||
2,185,290 | Archrock Inc. | 19,034 | |
PHARMACEUTICALS—2.6% | |||
598,686 | Catalent Inc.* | 54,217 | |
ROAD & RAIL—1.5% | |||
453,909 | Ryder System Inc. | 31,728 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.1% | |||
372,621 | Advanced Energy Industries Inc. | 28,513 | |
246,239 | CMC Materials Inc. | 44,054 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued | |||
333,460 | Entegris Inc. | $37,144 | |
1,520,150 | FormFactor Inc.* | 57,933 | |
65,862 | Monolithic Power Systems Inc. | 25,834 | |
193,478 | |||
SOFTWARE—2.0% | |||
1,384,868 | Box Inc.* | 42,405 | |
TEXTILES, APPAREL & LUXURY GOODS—1.0% | |||
1,054,374 | Wolverine World Wide Inc. | 20,898 | |
TRADING COMPANIES & DISTRIBUTORS—1.9% | |||
385,081 | GATX Corp. | 39,814 | |
TOTAL COMMON STOCKS | |||
(Cost $1,409,879) | 2,087,533 | ||
TOTAL INVESTMENTS—98.7% | |||
(Cost $1,409,879) | 2,087,533 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—1.3% | 27,915 | ||
TOTAL NET ASSETS—100.0% | $2,115,448 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Financial Statements.
* | Non-income producing security |
The accompanying notes are an integral part of the Financial Statements.
83
Harbor Strategic Growth Fund
Portfolio of Investments—April 30, 2022 (Unaudited)
Portfolio of Investments—April 30, 2022 (Unaudited)
Subadvisor: Mar Vista Investment Partners, LLC
Sector Allocation (% of investments)
Portfolio of Investments
Value and Cost in Thousands
COMMON STOCKS—99.2% | |||
Shares | Value | ||
AEROSPACE & DEFENSE—4.2% | |||
5,440 | TransDigm Group Inc.* | $3,236 | |
AIR FREIGHT & LOGISTICS—3.2% | |||
41,921 | GXO Logistics Inc.* | 2,481 | |
BANKS—5.3% | |||
18,526 | First Republic Bank | 2,764 | |
27,050 | U.S. Bancorp. | 1,314 | |
4,078 | |||
BEVERAGES—2.4% | |||
10,793 | PepsiCo Inc. | 1,853 | |
CAPITAL MARKETS—6.9% | |||
39,173 | Charles Schwab Corp. | 2,598 | |
8,843 | Moody's Corp. | 2,799 | |
5,397 | |||
CHEMICALS—7.8% | |||
13,738 | Air Products & Chemicals Inc. | 3,216 | |
5,618 | Ecolab Inc. | 951 | |
6,070 | Linde plc (Ireland) | 1,894 | |
6,061 | |||
DIVERSIFIED FINANCIAL SERVICES—3.6% | |||
8,671 | Berkshire Hathaway Inc. Class B* | 2,799 | |
ELECTRICAL EQUIPMENT—4.4% | |||
24,961 | Amphenol Corp. | 1,785 | |
64,725 | Vontier Corp. | 1,658 | |
3,443 | |||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—3.6% | |||
11,616 | American Tower Corp. | 2,800 | |
HOTELS, RESTAURANTS & LEISURE—0.9% | |||
9,782 | Starbucks Corp. | 730 | |
INDUSTRIAL CONGLOMERATES—5.8% | |||
13,846 | Honeywell International Inc. | 2,679 | |
3,867 | Roper Technologies Inc. | 1,817 | |
4,496 |
COMMON STOCKS—Continued | |||
Shares | Value | ||
INSURANCE—4.4% | |||
2,515 | Markel Corp.* | $3,403 | |
INTERACTIVE MEDIA & SERVICES—5.4% | |||
1,448 | Alphabet Inc. Class C* | 3,330 | |
4,267 | Meta Platforms Inc.* | 855 | |
4,185 | |||
INTERNET & DIRECT MARKETING RETAIL—3.5% | |||
1,105 | Amazon.com Inc.* | 2,747 | |
IT SERVICES—3.2% | |||
11,589 | Visa Inc. | 2,470 | |
LIFE SCIENCES TOOLS & SERVICES—2.8% | |||
1,718 | Mettler-Toledo International Inc.* | 2,195 | |
MACHINERY—2.0% | |||
27,214 | Fortive Corp. | 1,565 | |
PHARMACEUTICALS—4.4% | |||
18,833 | Johnson & Johnson | 3,399 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1% | |||
48,803 | Microchip Technology Inc. | 3,182 | |
SOFTWARE—14.6% | |||
7,921 | Adobe Inc.* | 3,136 | |
4,958 | Intuit Inc. | 2,076 | |
11,929 | Microsoft Corp. | 3,311 | |
8,721 | salesforce.com Inc.* | 1,534 | |
12,728 | SAP SE ADR (Germany)1 | 1,283 | |
11,340 | |||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.1% | |||
20,044 | Apple Inc. | 3,160 |
84
Harbor Strategic Growth Fund
Portfolio of Investments—Continued
Portfolio of Investments—Continued
Value and Cost in Thousands
COMMON STOCKS—Continued | |||
Shares | Value | ||
TEXTILES, APPAREL & LUXURY GOODS—2.6% | |||
16,310 | NIKE Inc. | $2,034 | |
TOTAL COMMON STOCKS | |||
(Cost $46,981) | 77,054 | ||
TOTAL INVESTMENTS—99.2% | |||
(Cost $46,981) | 77,054 | ||
CASH AND OTHER ASSETS, LESS LIABILITIES—0.8% | 647 | ||
TOTAL NET ASSETS—100.0% | $77,701 |
FAIR VALUE MEASUREMENTS
All investments as of April 30, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments as of April 30, 2022 or October 31, 2021.
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 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
The accompanying notes are an integral part of the Financial Statements.
85
Harbor Funds
StatementS of Assets and Liabilities—April 30, 2022 (Unaudited)
StatementS of Assets and Liabilities—April 30, 2022 (Unaudited)
(All amounts in thousands, except per share amounts)
Harbor Capital Appreciation Fund | Harbor Convertible Securities Fund | Harbor Core Bond Fund | Harbor Core Plus Fund | Harbor Disruptive Innovation Fund | Harbor Diversified International All Cap Fund | Harbor Emerging Markets Equity Fund | |
ASSETS | |||||||
Investments, at identified cost | $18,367,247 | $177,951 | $97,846 | $1,347,082 | $222,339 | $907,988 | $21,250 |
Investments, at value | $27,477,387 | $169,729 | $89,894 | $1,248,416 | $151,040 | $945,560 | $18,245 |
Cash | 329,127 | 3,355 | 2,163 | 5,303 | 4,958 | 8,520 | 636 |
Foreign currency, at value (cost: $5,760, $0, $0, $2, $1, $2,672 and $20) | 5,756 | — | — | 2 | 1 | 2,636 | 19 |
Receivables for: | |||||||
Investments sold | — | — | — | 1,562 | 504 | 231 | — |
Capital shares sold | 13,974 | 533 | — | 222 | 115 | 545 | 1 |
Dividends | 2,832 | — | — | — | — | 4,296 | 18 |
Interest | — | 272 | 435 | 7,635 | — | — | — |
Securities lending income | — | — | — | — | — | 10 | — |
Purchased options, at value (cost: $0, $0, $0, $0, $0, $0 and $0) | — | — | — | — | — | — | — |
Withholding tax | 159 | — | — | — | — | 748 | — |
Prepaid registration fees | 38 | 25 | 14 | 26 | 27 | 29 | 27 |
Prepaid fund insurance | 242 | 1 | 1 | 9 | 2 | 7 | — |
Other assets | 3,154 | 25 | 18 | 597 | 217 | 332 | 50 |
Total Assets | 27,832,669 | 173,940 | 92,525 | 1,263,772 | 156,864 | 962,914 | 18,996 |
LIABILITIES | |||||||
Due to broker | — | — | — | 690 | — | — | — |
Due to custodian | — | — | — | — | — | — | — |
Payables for: | |||||||
Investments purchased | 103,299 | 976 | 1,890 | 3,824 | 1,809 | 347 | — |
Capital shares reacquired | 27,625 | 4 | — | 1,841 | 1,875 | 2,463 | 15 |
Collateral for securities loaned | — | — | — | — | — | — | — |
Accrued expenses: | |||||||
Tax compliance fee payable (see Note 2) | — | — | — | — | — | — | — |
Management fees | 13,864 | 87 | 17 | 263 | 104 | 623 | 14 |
12b-1 fees | 277 | — | — | 3 | 7 | 4 | 1 |
Transfer agent fees | 1,898 | 11 | 5 | 90 | 14 | 36 | 2 |
Trustees' fees and expenses | 3,563 | 28 | 5 | 484 | 67 | 50 | 6 |
Other | 1,909 | 25 | 32 | 191 | 58 | 772 | 115 |
Total Liabilities | 152,435 | 1,131 | 1,949 | 7,386 | 3,934 | 4,295 | 153 |
NET ASSETS | $27,680,234 | $172,809 | $90,576 | $1,256,386 | $152,930 | $958,619 | $18,843 |
Net Assets Consist of: | |||||||
Paid-in capital | $17,818,594 | $178,596 | $99,338 | $1,391,113 | $259,284 | $951,351 | $17,347 |
Total distributable earnings/(loss) | 9,861,640 | (5,787) | (8,762) | (134,727) | (106,354) | 7,268 | 1,496 |
$27,680,234 | $172,809 | $90,576 | $1,256,386 | $152,930 | $958,619 | $18,843 | |
The accompanying notes are an integral part of the Financial Statements.
87
Harbor Capital Appreciation Fund | Harbor Convertible Securities Fund | Harbor Core Bond Fund | Harbor Core Plus Fund | Harbor Disruptive Innovation Fund | Harbor Diversified International All Cap Fund | Harbor Emerging Markets Equity Fund | |
NET ASSET VALUE PER SHARE BY CLASS | |||||||
Retirement Class | |||||||
Net assets | $8,243,038 | $36,406 | $26,359 | $150,658 | $35,419 | $632,105 | $2,022 |
Shares of beneficial interest1 | 110,256 | 3,423 | 2,794 | 14,065 | 6,858 | 56,347 | 323 |
Net asset value per share2 | $74.76 | $10.64 | $9.44 | $10.71 | $5.16 | $11.22 | $6.26 |
Institutional Class | |||||||
Net assets | $18,214,845 | $134,267 | $64,217 | $1,090,665 | $92,225 | $308,917 | $12,133 |
Shares of beneficial interest1 | 243,994 | 12,631 | 6,806 | 101,725 | 18,062 | 27,528 | 1,932 |
Net asset value per share2 | $74.65 | $10.63 | $9.44 | $10.72 | $5.11 | $11.22 | $6.28 |
Administrative Class | |||||||
Net assets | $236,467 | $75 | N/A | $15,063 | $3,165 | $8,631 | $17 |
Shares of beneficial interest1 | 3,293 | 7 | N/A | 1,403 | 731 | 771 | 3 |
Net asset value per share2 | $71.81 | $10.59 | N/A | $10.73 | $4.33 | $11.19 | $6.55 |
Investor Class | |||||||
Net assets | $985,884 | $2,061 | N/A | N/A | $22,121 | $8,966 | $4,671 |
Shares of beneficial interest1 | 14,253 | 195 | N/A | N/A | 5,715 | 805 | 748 |
Net asset value per share2 | $69.17 | $10.58 | N/A | N/A | $3.87 | $11.14 | $6.24 |
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. |
88
Harbor Funds
StatementS of Assets and Liabilities—April 30, 2022 (Unaudited)—Continued
StatementS of Assets and Liabilities—April 30, 2022 (Unaudited)—Continued
(All amounts in thousands, except per share amounts)
Harbor Focused International Fund | Harbor Global Leaders Fund | Harbor High-Yield Bond Fund | Harbor International Fund | Harbor International Growth Fund | Harbor International Small Cap Fund | Harbor Large Cap Value Fund | |
ASSETS | |||||||
Investments, at identified cost | $35,551 | $74,666 | $312,545 | $3,303,305 | $435,101 | $62,617 | $1,567,913 |
Investments, at value | $35,988 | $82,977 | $290,436 | $3,570,052 | $510,382 | $58,390 | $2,115,689 |
Cash | 302 | 1,982 | 3,855 | 29,158 | — | 1,858 | 83,769 |
Foreign currency, at value (cost: $25, $0, $0, $12,756, $1,331, $252 and $0) | 25 | — | — | 12,431 | 1,334 | 252 | — |
Receivables for: | |||||||
Investments sold | — | 460 | 5,852 | 1,038 | 917 | 149 | — |
Capital shares sold | — | 54 | 1,813 | 7,917 | 76 | 26 | 1,403 |
Dividends | 50 | 35 | — | 23,567 | 1,128 | 264 | 2,040 |
Interest | — | — | 4,443 | — | — | — | — |
Securities lending income | — | — | — | 24 | — | — | — |
Purchased options, at value (cost: $0, $0, $0, $0, $0, $0 and $0) | — | — | — | 56 | — | — | — |
Withholding tax | 32 | 5 | — | 5,295 | 239 | 49 | 430 |
Prepaid registration fees | 3 | 27 | 26 | 48 | 24 | 28 | 35 |
Prepaid fund insurance | — | 1 | 2 | 26 | 5 | 1 | 16 |
Other assets | 26 | 10 | 156 | 4,650 | 134 | 42 | 181 |
Total Assets | 36,426 | 85,551 | 306,583 | 3,654,262 | 514,239 | 61,059 | 2,203,563 |
LIABILITIES | |||||||
Due to broker | — | — | — | — | — | — | — |
Due to custodian | — | — | — | — | 392 | — | — |
Payables for: | |||||||
Investments purchased | — | — | 4,333 | 1,783 | — | 57 | — |
Foreign currency spot contracts | — | — | — | 8 | — | — | — |
Capital shares reacquired | — | 105 | 2,952 | 7,029 | 1,611 | — | 1,338 |
Collateral for securities loaned | — | — | — | 1,344 | — | — | — |
Accrued expenses: | |||||||
Tax compliance fee payable (see Note 2) | — | — | — | 46,740 | — | — | — |
Management fees | 24 | 54 | 128 | 2,364 | 350 | 44 | 1,136 |
12b-1 fees | — | 3 | 5 | 67 | 2 | — | 6 |
Transfer agent fees | 2 | 7 | 21 | 288 | 39 | 5 | 94 |
Trustees' fees and expenses | 2 | 8 | 160 | 3,811 | 85 | 4 | 108 |
Other | 64 | 34 | 60 | 2,655 | 1,278 | 81 | 135 |
Total Liabilities | 92 | 211 | 7,659 | 66,089 | 3,757 | 191 | 2,817 |
NET ASSETS | $36,334 | $85,340 | $298,924 | $3,588,173 | $510,482 | $60,868 | $2,200,746 |
Net Assets Consist of: | |||||||
Paid-in capital | $35,522 | $69,372 | $402,982 | $3,740,399 | $445,454 | $62,862 | $1,556,223 |
Total distributable earnings/(loss) | 812 | 15,968 | (104,058) | (152,226) | 65,028 | (1,994) | 644,523 |
$36,334 | $85,340 | $298,924 | $3,588,173 | $510,482 | $60,868 | $2,200,746 | |
The accompanying notes are an integral part of the Financial Statements.
89
Harbor Focused International Fund | Harbor Global Leaders Fund | Harbor High-Yield Bond Fund | Harbor International Fund | Harbor International Growth Fund | Harbor International Small Cap Fund | Harbor Large Cap Value Fund | |
NET ASSET VALUE PER SHARE BY CLASS | |||||||
Retirement Class | |||||||
Net assets | $18,508 | $18,234 | $70,057 | $473,882 | $96,550 | $7,759 | $1,291,246 |
Shares of beneficial interest1 | 1,695 | 655 | 7,677 | 11,546 | 6,403 | 578 | 63,293 |
Net asset value per share2 | $10.92 | $27.82 | $9.13 | $41.04 | $15.08 | $13.43 | $20.40 |
Institutional Class | |||||||
Net assets | $17,788 | $51,392 | $208,552 | $2,803,673 | $404,546 | $51,622 | $879,416 |
Shares of beneficial interest1 | 1,629 | 1,855 | 22,853 | 68,040 | 26,854 | 3,843 | 43,108 |
Net asset value per share2 | $10.92 | $27.71 | $9.13 | $41.21 | $15.06 | $13.43 | $20.40 |
Administrative Class | |||||||
Net assets | N/A | $1,191 | $435 | $12,520 | $336 | $464 | $3,353 |
Shares of beneficial interest1 | N/A | 44 | 47 | 301 | 22 | 35 | 164 |
Net asset value per share2 | N/A | $26.91 | $9.17 | $41.55 | $15.06 | $13.41 | $20.39 |
Investor Class | |||||||
Net assets | $38 | $14,523 | $19,880 | $298,098 | $9,050 | $1,023 | $26,731 |
Shares of beneficial interest1 | 4 | 551 | 2,171 | 7,304 | 604 | 76 | 1,297 |
Net asset value per share2 | $10.85 | $26.36 | $9.16 | $40.81 | $14.99 | $13.38 | $20.62 |
90
Harbor Funds
StatementS of Assets and Liabilities—April 30, 2022 (Unaudited)—Continued
StatementS of Assets and Liabilities—April 30, 2022 (Unaudited)—Continued
(All amounts in thousands, except per share amounts)
Harbor Mid Cap Fund | Harbor Mid Cap Value Fund | Harbor Money Market Fund | Harbor Overseas Fund | Harbor Small Cap Growth Fund | Harbor Small Cap Value Fund | Harbor Strategic Growth Fund | |
ASSETS | |||||||
Investments, at identified cost | $54,978 | $335,337 | $89,045 | $59,986 | $877,841 | $1,409,879 | $46,981 |
Investments, at value | $57,737 | $392,039 | $89,045 | $60,007 | $883,033 | $2,087,533 | $77,054 |
Cash | 709 | 2,211 | 126 | 1,306 | 30,926 | 29,827 | 587 |
Foreign currency, at value (cost: $0, $0, $0, $64, $0, $0 and $0) | — | — | — | 62 | — | — | — |
Receivables for: | |||||||
Investments sold | — | 2 | — | 2,627 | 1,047 | — | — |
Capital shares sold | — | 91 | 4 | 49 | 809 | 753 | 38 |
Dividends | 23 | 333 | — | 282 | 47 | 614 | 27 |
Interest | — | — | — | 3 | — | — | — |
Securities lending income | — | — | — | — | — | — | — |
Purchased options, at value (cost: $0, $0, $0, $0, $0, $0 and $0) | — | — | — | — | — | — | — |
Withholding tax | — | — | — | 92 | — | — | 10 |
Prepaid registration fees | 23 | 27 | 12 | 21 | 25 | 9 | 28 |
Prepaid fund insurance | — | 3 | 1 | — | 7 | 16 | 1 |
Other assets | 15 | 92 | 30 | 45 | 103 | 142 | 26 |
Total Assets | 58,507 | 394,798 | 89,218 | 64,494 | 915,997 | 2,118,894 | 77,771 |
LIABILITIES | |||||||
Due to broker | — | — | — | — | — | — | — |
Due to custodian | — | — | — | — | — | — | — |
Payables for: | |||||||
Investments purchased | — | — | — | 3,419 | 12,582 | — | — |
Capital shares reacquired | 2 | 226 | 199 | 54 | 785 | 1,539 | 4 |
Collateral for securities loaned | — | — | — | — | — | — | — |
Accrued expenses: | |||||||
Tax compliance fee payable (see Note 2) | — | — | — | — | — | — | — |
Management fees | 38 | 250 | — | 39 | 581 | 1,414 | 41 |
12b-1 fees | — | 7 | — | — | 2 | 11 | — |
Transfer agent fees | 2 | 31 | — | 3 | 52 | 145 | 4 |
Trustees' fees and expenses | 1 | 78 | 22 | 2 | 115 | 171 | 6 |
Other | 17 | 39 | 35 | 94 | 63 | 166 | 15 |
Total Liabilities | 60 | 631 | 256 | 3,611 | 14,180 | 3,446 | 70 |
NET ASSETS | $58,447 | $394,167 | $88,962 | $60,883 | $901,817 | $2,115,448 | $77,701 |
Net Assets Consist of: | |||||||
Paid-in capital | $54,199 | $327,623 | $88,976 | $61,458 | $891,484 | $1,438,958 | $34,985 |
Total distributable earnings/(loss) | 4,248 | 66,544 | (14) | (575) | 10,333 | 676,490 | 42,716 |
$58,447 | $394,167 | $88,962 | $60,883 | $901,817 | $2,115,448 | $77,701 | |
The accompanying notes are an integral part of the Financial Statements.
91
Harbor Mid Cap Fund | Harbor Mid Cap Value Fund | Harbor Money Market Fund | Harbor Overseas Fund | Harbor Small Cap Growth Fund | Harbor Small Cap Value Fund | Harbor Strategic Growth Fund | |
NET ASSET VALUE PER SHARE BY CLASS | |||||||
Retirement Class | |||||||
Net assets | $34,226 | $48,439 | N/A | $24,002 | $317,068 | $555,801 | $5,522 |
Shares of beneficial interest1 | 2,597 | 1,995 | N/A | 2,134 | 25,875 | 14,424 | 218 |
Net asset value per share2 | $13.18 | $24.28 | N/A | $11.24 | $12.25 | $38.53 | $25.28 |
Institutional Class | |||||||
Net assets | $23,304 | $311,407 | $86,044 | $36,546 | $577,454 | $1,507,589 | $71,312 |
Shares of beneficial interest1 | 1,770 | 12,824 | 86,044 | 3,252 | 47,493 | 39,143 | 2,824 |
Net asset value per share2 | $13.17 | $24.28 | $1.00 | $11.24 | $12.16 | $38.52 | $25.25 |
Administrative Class | |||||||
Net assets | N/A | $3,459 | $2,918 | N/A | $663 | $10,017 | $40 |
Shares of beneficial interest1 | N/A | 141 | 2,918 | N/A | 63 | 262 | 2 |
Net asset value per share2 | N/A | $24.59 | $1.00 | N/A | $10.53 | $38.19 | $25.16 |
Investor Class | |||||||
Net assets | $917 | $30,862 | N/A | $335 | $6,632 | $42,041 | $827 |
Shares of beneficial interest1 | 70 | 1,270 | N/A | 30 | 693 | 1,128 | 34 |
Net asset value per share2 | $13.12 | $24.30 | N/A | $11.20 | $9.57 | $37.27 | $24.68 |
92
Harbor Funds
StatementS of Operations—Period Ended April 30, 2022 (Unaudited)
StatementS of Operations—Period Ended April 30, 2022 (Unaudited)
(All amounts in thousands)
Harbor Capital Appreciation Fund | Harbor Convertible Securities Fund | Harbor Core Bond Fund | Harbor Core Plus Fund | Harbor Disruptive Innovation Fund | Harbor Diversified International All Cap Fund | Harbor Emerging Markets Equity Fund | |
Investment Income | |||||||
Dividends | $74,950 | $— | $— | $287 | $429 | $12,967 | $227 |
Interest | 98 | 790 | 1,239 | 22,233 | 2 | 1,128 | — |
Net securities lending income | — | — | — | — | — | 23 | — |
Foreign taxes withheld | (2,885) | — | — | — | (8) | (1,133) | (28) |
Foreign tax reclaims, net of applicable tax compliance fee (see Note 2) | 5,883 | — | — | — | — | — | — |
Total Investment Income | 78,046 | 790 | 1,239 | 22,520 | 423 | 12,985 | 199 |
Operating Expenses | |||||||
Management fees | 106,189 | 611 | 143 | 2,657 | 853 | 4,162 | 112 |
12b-1 fees: | |||||||
Administrative Class | 402 | — | N/A | 20 | 5 | 11 | — |
Investor Class | 1,601 | 3 | N/A | N/A | 52 | 12 | 6 |
Shareholder communications | 333 | 4 | 6 | 47 | 28 | 16 | 4 |
Custodian fees | 582 | 9 | 16 | 110 | 31 | 293 | 60 |
Transfer agent fees: | |||||||
Retirement Class | 1,009 | 4 | 3 | 17 | 5 | 76 | 1 |
Institutional Class | 11,854 | 73 | 41 | 616 | 74 | 164 | 8 |
Administrative Class | 161 | — | N/A | 8 | 2 | 5 | — |
Investor Class | 1,345 | 3 | N/A | N/A | 43 | 10 | 5 |
Professional fees | 676 | 4 | 2 | 58 | 27 | 55 | 16 |
Trustees' fees and expenses | 758 | 4 | 3 | 29 | 6 | 24 | 1 |
Registration fees | 149 | 29 | 17 | 30 | 33 | 33 | 28 |
Miscellaneous | 295 | 6 | 4 | 15 | 7 | 13 | 5 |
Total expenses | 125,354 | 750 | 235 | 3,607 | 1,166 | 4,874 | 246 |
Management fees waived | (9,413) | (47) | — | (65) | — | — | — |
12b-1 fees waived | — | — | — | — | — | — | — |
Transfer agent fees waived | (1,649) | (9) | (5) | (65) | (12) | (51) | (2) |
Other expenses reimbursed | — | — | (37) | (336) | (387) | (660) | (111) |
Custodian fees reduction | (3) | — | — | — | — | — | — |
Net expenses | 114,289 | 694 | 193 | 3,141 | 767 | 4,163 | 133 |
Net Investment Income/(Loss) | (36,243) | 96 | 1,046 | 19,379 | (344) | 8,822 | 66 |
Net Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions | |||||||
Net realized gain/(loss) on: | |||||||
Investments (net of foreign capital gains tax: $0, $0, $0, $0, $0, $135 and $32) | 567,313 | 3,216 | (593) | (11,192) | (40,507) | 4,505 | (475) |
In-kind redemptions | 417,186 | — | — | — | — | — | — |
Foreign currency transactions | (301) | — | — | (2,738) | 4 | (1,734) | 10 |
Futures contracts | — | — | — | (8,240) | — | — | — |
Purchased options | — | — | — | (293) | — | 1 | — |
Written options | — | — | — | 122 | — | — | — |
Swap agreements | — | — | — | 7,218 | — | — | — |
Change in net unrealized appreciation/(depreciation) on: | |||||||
Investments (net of foreign capital gains tax accrual: $0, $0, $0, $0, $0, $0 and $0) | (12,517,794) | (25,355) | (10,929) | (128,584) | (68,762) | (154,645) | (4,261) |
Forwards currency contracts | — | — | — | (4,021) | — | — | — |
Futures contracts | — | — | — | 3,303 | — | — | — |
Purchased options | — | — | — | 197 | — | — | — |
Written options | — | — | — | 46 | — | — | — |
Swap agreements | — | — | — | (5,873) | — | — | — |
Translations of assets and liabilities in foreign currencies | (5) | — | — | (25) | — | (226) | — |
Net gain/(loss) on investment transactions | (11,533,601) | (22,139) | (11,522) | (150,080) | (109,265) | (152,099) | (4,726) |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $(11,569,844) | $(22,043) | $(10,476) | $(130,701) | $(109,609) | $(143,277) | $(4,660) |
The accompanying notes are an integral part of the Financial Statements.
93
Harbor Focused International Fund | Harbor Global Leaders Fund | Harbor High-Yield Bond Fund | Harbor International Fund | Harbor International Growth Fund | Harbor International Small Cap Fund | Harbor Large Cap Value Fund | |
Investment Income | |||||||
Dividends | $256 | $239 | $— | $56,341 | $2,533 | $874 | $20,127 |
Interest | 1 | 1 | 7,941 | — | — | 1 | 38 |
Net securities lending income | — | — | — | 145 | — | — | — |
Foreign taxes withheld | (25) | (10) | — | (4,267) | (230) | (84) | (74) |
Foreign tax reclaims, net of applicable tax compliance fee (see Note 2) | — | — | — | 15,098 | — | — | — |
Total Investment Income | 232 | 230 | 7,941 | 67,317 | 2,303 | 791 | 20,091 |
Operating Expenses | |||||||
Management fees | 177 | 420 | 991 | 15,779 | 2,657 | 267 | 7,382 |
12b-1 fees: | |||||||
Administrative Class | N/A | 2 | 1 | 18 | 1 | 1 | 5 |
Investor Class | — | 24 | 27 | 424 | 14 | 2 | 37 |
Shareholder communications | 4 | 5 | 15 | 196 | 11 | 4 | 21 |
Custodian fees | 21 | 5 | 28 | 347 | 74 | 45 | 28 |
Transfer agent fees: | |||||||
Retirement Class | 3 | 2 | 8 | 79 | 12 | 1 | 143 |
Institutional Class | 11 | 35 | 115 | 1,532 | 288 | 26 | 501 |
Administrative Class | N/A | 1 | — | 7 | — | — | 2 |
Investor Class | — | 20 | 23 | 356 | 12 | 2 | 31 |
Professional fees | 20 | 8 | 6 | 218 | 22 | 3 | 45 |
Trustees' fees and expenses | 1 | 3 | 6 | 93 | 16 | 1 | 54 |
Registration fees | 15 | 29 | 32 | 43 | 30 | 29 | 60 |
Miscellaneous | 2 | 5 | 7 | 38 | 11 | 4 | 22 |
Total expenses | 254 | 559 | 1,259 | 19,130 | 3,148 | 385 | 8,331 |
Management fees waived | — | (28) | (152) | — | — | — | — |
12b-1 fees waived | — | — | — | — | — | — | — |
Transfer agent fees waived | (2) | (5) | (15) | (193) | (33) | (3) | (112) |
Other expenses reimbursed | (60) | (16) | — | (2,355) | (130) | (80) | (241) |
Custodian fees reduction | — | — | — | — | — | — | — |
Net expenses | 192 | 510 | 1,092 | 16,582 | 2,985 | 302 | 7,978 |
Net Investment Income/(Loss) | 40 | (280) | 6,849 | 50,735 | (682) | 489 | 12,113 |
Net Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions | |||||||
Net realized gain/(loss) on: | |||||||
Investments (net of foreign capital gains tax: $32, $0, $0, $0, $397, $0 and $0) | 387 | 8,689 | (1,442) | 23,196 | 4,630 | 1,970 | 89,563 |
In-kind redemptions | — | — | — | — | — | — | — |
Foreign currency transactions | (21) | (4) | — | (2,489) | (70) | (32) | — |
Futures contracts | — | — | — | — | — | — | — |
Purchased options | — | — | — | 2 | — | — | — |
Written options | — | — | — | — | — | — | — |
Swap agreements | — | — | — | — | — | — | — |
Change in net unrealized appreciation/(depreciation) on: | |||||||
Investments (net of foreign capital gains tax accrual: $4, $0, $0, $0, $1,036, $0, $0) | (11,098) | (42,431) | (25,183) | (652,344) | (243,544) | (10,499) | (335,109) |
Forwards currency contracts | — | — | — | — | — | — | — |
Futures contracts | — | — | — | — | — | — | — |
Purchased options | — | — | — | 12 | — | — | — |
Written options | — | — | — | — | — | — | — |
Swap agreements | — | — | — | — | — | — | — |
Translations of assets and liabilities in foreign currencies | (4) | (2) | — | (1,497) | (33) | (14) | — |
Net gain/(loss) on investment transactions | (10,736) | (33,748) | (26,625) | (633,120) | (239,017) | (8,575) | (245,546) |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $(10,696) | $(34,028) | $(19,776) | $(582,385) | $(239,699) | $(8,086) | $(233,433) |
94
Harbor Funds
StatementS of Operations—Period Ended April 30, 2022 (Unaudited)—Continued
StatementS of Operations—Period Ended April 30, 2022 (Unaudited)—Continued
(All amounts in thousands)
Harbor Mid Cap Fund | Harbor Mid Cap Value Fund | Harbor Money Market Fund | Harbor Overseas Fund | Harbor Small Cap Growth Fund | Harbor Small Cap Value Fund | Harbor Strategic Growth Fund | |
Investment Income | |||||||
Dividends | $430 | $5,454 | $— | $1,220 | $3,458 | $14,790 | $397 |
Interest | 1 | 1 | 39 | — | 14 | 19 | 1 |
Net securities lending income | — | — | — | 10 | — | — | — |
Foreign taxes withheld | — | — | — | (126) | (6) | (1) | — |
Foreign tax reclaims, net of applicable tax compliance fee (see Note 2) | — | — | — | — | — | — | — |
Total Investment Income | 431 | 5,455 | 39 | 1,104 | 3,466 | 14,808 | 398 |
Operating Expenses | |||||||
Management fees | 234 | 1,609 | 87 | 222 | 3,720 | 9,355 | 301 |
12b-1 fees: | |||||||
Administrative Class | N/A | 5 | 4 | N/A | 1 | 14 | — |
Investor Class | 1 | 41 | N/A | — | 10 | 68 | 1 |
Shareholder communications | 4 | 15 | 5 | 4 | 10 | 59 | 4 |
Custodian fees | 7 | 8 | 9 | 47 | 22 | 42 | 3 |
Transfer agent fees: | |||||||
Retirement Class | 4 | 5 | N/A | 2 | 35 | 58 | 1 |
Institutional Class | 12 | 170 | 42 | 18 | 314 | 924 | 46 |
Administrative Class | N/A | 2 | 1 | N/A | — | 6 | — |
Investor Class | 1 | 34 | N/A | — | 8 | 58 | 1 |
Professional fees | 1 | 8 | 2 | 20 | 19 | 48 | 10 |
Trustees' fees and expenses | 2 | 9 | 2 | 1 | 22 | 57 | 2 |
Registration fees | 27 | 33 | 17 | 23 | 34 | 79 | 31 |
Miscellaneous | 4 | 7 | 3 | 5 | 12 | 24 | 5 |
Total expenses | 297 | 1,946 | 172 | 342 | 4,207 | 10,792 | 405 |
Management fees waived | — | (20) | (87) | — | — | — | — |
12b-1 fees waived | — | — | (4) | — | — | — | — |
Transfer agent fees waived | (2) | (20) | (43) | (3) | (45) | (114) | (5) |
Other expenses reimbursed | (33) | (41) | (33) | (97) | — | — | (45) |
Custodian fees reduction | — | — | — | — | — | — | — |
Net expenses | 262 | 1,865 | 5 | 242 | 4,162 | 10,678 | 355 |
Net Investment Income/(Loss) | 169 | 3,590 | 34 | 862 | (696) | 4,130 | 43 |
Net Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions | |||||||
Net realized gain/(loss) on: | |||||||
Investments (net of foreign capital gains tax: $0, $0, $0, $0, $0, $0 and $0) | 1,425 | 13,895 | — | (104) | 49,210 | 18,530 | 12,708 |
In-kind redemptions | — | — | — | — | — | — | — |
Foreign currency transactions | — | — | — | (916) | — | — | — |
Futures contracts | — | — | — | — | — | — | — |
Purchased options | — | — | — | — | — | — | — |
Written options | — | — | — | — | — | — | — |
Swap agreements | — | — | — | — | — | — | — |
Change in net unrealized appreciation/(depreciation) on: | |||||||
Investments (net of foreign capital gains tax accrual: $0, $0, $0, $0, $0, $0 and $0) | (6,201) | (21,130) | — | (6,886) | (275,223) | (257,338) | (30,349) |
Forwards currency contracts | — | — | — | — | — | — | — |
Futures contracts | — | — | — | — | — | — | — |
Purchased options | — | — | — | — | — | — | — |
Written options | — | — | — | — | — | — | — |
Swap agreements | — | — | — | — | — | — | — |
Translations of assets and liabilities in foreign currencies | — | — | — | (18) | — | — | — |
Net gain/(loss) on investment transactions | (4,776) | (7,235) | — | (7,924) | (226,013) | (238,808) | (17,641) |
Net Increase/(Decrease) in Net Assets Resulting from Operations | $(4,607) | $(3,645) | $34 | $(7,062) | $(226,709) | $(234,678) | $(17,598) |
The accompanying notes are an integral part of the Financial Statements.
95
Harbor Funds
Statements of Changes In Net Assets
Statements of Changes In Net Assets
(All amounts in thousands)
Harbor Capital Appreciation Fund | Harbor Convertible Securities Fund | Harbor Core Bond Fund | ||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | |
INCREASE/(DECREASE) IN NET ASSETS | (Unaudited) | (Unaudited) | (Unaudited) | |||
Operations: | ||||||
Net investment income/(loss) | $(36,243) | $(131,025) | $96 | $142 | $1,046 | $2,179 |
Net realized gain/(loss) on investments | 984,198 | 10,928,845 | 3,216 | 27,075 | (593) | 514 |
Change in net unrealized appreciation/(depreciation) of investments | (12,517,799) | 3,117,791 | (25,355) | 4,033 | (10,929) | (2,867) |
Net increase/(decrease) in assets resulting from operations | (11,569,844) | 13,915,611 | (22,043) | 31,250 | (10,476) | (174) |
Distributions to Shareholders | ||||||
Retirement Class | (1,774,533) | (1,223,020) | (5,005) | (3,426) | (503) | (1,343) |
Institutional Class | (4,236,598) | (3,192,095) | (19,902) | (11,576) | (1,327) | (3,638) |
Administrative Class | (64,010) | (54,447) | (10) | (7) | N/A | N/A |
Investor Class | (245,538) | (170,722) | (351) | (246) | N/A | N/A |
Total distributions to shareholders | (6,320,679) | (4,640,284) | (25,268) | (15,255) | (1,830) | (4,981) |
Net Increase/(Decrease) Derived from Capital Share Transactions | 3,303,372 | (3,838,863) | 14,160 | 35,899 | (39,606) | 32,042 |
Net increase/(decrease) in net assets | (14,587,151) | 5,436,464 | (33,151) | 51,894 | (51,912) | 26,887 |
Net Assets | ||||||
Beginning of period | 42,267,385 | 36,830,921 | 205,960 | 154,066 | 142,488 | 115,601 |
End of period | $27,680,234 | $42,267,385 | $172,809 | $205,960 | $90,576 | $142,488 |
The accompanying notes are an integral part of the Financial Statements.
97
Harbor Core Plus Fund | Harbor Disruptive Innovation Fund | Harbor Diversified International All Cap Fund | Harbor Emerging Markets Equity Fund | Harbor Focused International Fund | |||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
$19,379 | $43,831 | $(344) | $(3,004) | $8,822 | $16,800 | $66 | $560 | $40 | $89 |
(15,123) | 5,769 | (40,503) | 190,181 | 2,772 | 85,382 | (465) | 14,438 | 366 | 1,986 |
(134,957) | (34,370) | (68,762) | (90,544) | (154,871) | 190,251 | (4,261) | (244) | (11,102) | 6,668 |
(130,701) | 15,230 | (109,609) | 96,633 | (143,277) | 292,433 | (4,660) | 14,754 | (10,696) | 8,743 |
(3,926) | (5,690) | (23,847) | (9,924) | (59,015) | (6,946) | (766) | (5,910) | (1,046) | (306) |
(28,814) | (52,315) | (77,166) | (37,666) | (22,740) | (2,843) | (5,277) | (4,058) | (957) | (308) |
(358) | (521) | (2,269) | (619) | (638) | (61) | (6) | (6) | N/A | N/A |
N/A | N/A | (25,465) | (8,824) | (661) | (54) | (1,767) | (1,342) | (4) | — |
(33,098) | (58,526) | (128,747) | (57,033) | (83,054) | (9,904) | (7,816) | (11,316) | (2,007) | (614) |
(146,133) | (420,389) | 44,085 | (33,569) | (20,292) | 128,700 | (13,110) | (8,535) | 1,102 | 1,799 |
(309,932) | (463,685) | (194,271) | 6,031 | (246,623) | 411,229 | (25,586) | (5,097) | (11,601) | 9,928 |
1,566,318 | 2,030,003 | 347,201 | 341,170 | 1,205,242 | 794,013 | 44,429 | 49,526 | 47,935 | 38,007 |
$1,256,386 | $1,566,318 | $152,930 | $347,201 | $958,619 | $1,205,242 | $18,843 | $44,429 | $36,334 | $47,935 |
98
Harbor Funds
Statements of Changes In Net Assets—Continued
Statements of Changes In Net Assets—Continued
(All amounts in thousands)
Harbor Global Leaders Fund | Harbor High-Yield Bond Fund | Harbor International Fund | ||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | |
INCREASE/(DECREASE) IN NET ASSETS | (Unaudited) | (Unaudited) | (Unaudited) | |||
Operations: | ||||||
Net investment income/(loss) | $(280) | $(532) | $6,849 | $16,128 | $50,735 | $70,124 |
Net realized gain/(loss) on investments | 8,685 | 15,044 | (1,442) | 22,501 | 20,709 | 256,241 |
Change in net unrealized appreciation/(depreciation) of investments | (42,433) | 23,318 | (25,183) | (949) | (653,829) | 989,133 |
Net increase/(decrease) in assets resulting from operations | (34,028) | 37,830 | (19,776) | 37,680 | (582,385) | 1,315,498 |
Distributions to Shareholders | ||||||
Retirement Class | (2,179) | (1,703) | (1,880) | (4,718) | (18,874) | (11,372) |
Institutional Class | (7,957) | (6,506) | (5,449) | (13,697) | (68,529) | (33,787) |
Administrative Class | (154) | (169) | (13) | (36) | (269) | (98) |
Investor Class | (2,404) | (1,826) | (475) | (1,046) | (6,320) | (2,615) |
Total distributions to shareholders | (12,694) | (10,204) | (7,817) | (19,497) | (93,992) | (47,872) |
Net Increase/(Decrease) Derived from Capital Share Transactions | (10,486) | (3,833) | (34,878) | (84,456) | (306,017) | (659,137) |
Net increase/(decrease) in net assets | (57,208) | 23,793 | (62,471) | (66,273) | (982,394) | 608,489 |
Net Assets | ||||||
Beginning of period | 142,548 | 118,755 | 361,395 | 427,668 | 4,570,567 | 3,962,078 |
End of period | $85,340 | $142,548 | $298,924 | $361,395 | $3,588,173 | $4,570,567 |
The accompanying notes are an integral part of the Financial Statements.
99
Harbor International Growth Fund | Harbor International Small Cap Fund | Harbor Large Cap Value Fund | Harbor Mid Cap Fund | Harbor Mid Cap Value Fund | |||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
$(682) | $95 | $489 | $776 | $12,113 | $19,101 | $169 | $150 | $3,590 | $7,410 |
4,560 | 72,470 | 1,938 | 5,696 | 89,563 | 80,096 | 1,425 | 1,346 | 13,895 | 13,180 |
(243,577) | 119,368 | (10,513) | 8,388 | (335,109) | 573,558 | (6,201) | 8,160 | (21,130) | 143,579 |
(239,699) | 191,933 | (8,086) | 14,860 | (233,433) | 672,755 | (4,607) | 9,656 | (3,645) | 164,169 |
(11,010) | (1,144) | (731) | (82) | (44,482) | (28,308) | (798) | (56) | (756) | (924) |
(55,495) | (4,238) | (3,330) | (375) | (31,364) | (35,749) | (508) | (11) | (4,476) | (7,543) |
(36) | (4) | (31) | (4) | (110) | (396) | N/A | N/A | (37) | (109) |
(992) | (98) | (121) | (5) | (874) | (801) | (17) | — | (306) | (617) |
(67,533) | (5,484) | (4,213) | (466) | (76,830) | (65,254) | (1,323) | (67) | (5,575) | (9,193) |
(53,096) | (112,345) | 11,740 | 15,061 | (46,303) | 378,465 | 2,583 | 41,191 | (44,125) | (46,858) |
(360,328) | 74,104 | (559) | 29,455 | (356,566) | 985,966 | (3,347) | 50,780 | (53,345) | 108,118 |
870,810 | 796,706 | 61,427 | 31,972 | 2,557,312 | 1,571,346 | 61,794 | 11,014 | 447,512 | 339,394 |
$510,482 | $870,810 | $60,868 | $61,427 | $2,200,746 | $2,557,312 | $58,447 | $61,794 | $394,167 | $447,512 |
100
Harbor Funds
Statements of Changes In Net Assets—Continued
Statements of Changes In Net Assets—Continued
(All amounts in thousands)
Harbor Money Market Fund | Harbor Overseas Fund | Harbor Small Cap Growth Fund | ||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | |
INCREASE/(DECREASE) IN NET ASSETS | (Unaudited) | (Unaudited) | (Unaudited) | |||
Operations: | ||||||
Net investment income/(loss) | $34 | $29 | $862 | $922 | $(696) | $(4,869) |
Net realized gain/(loss) on investments | — | — | (1,020) | 5,234 | 49,210 | 274,401 |
Change in net unrealized appreciation/(depreciation) of investments | — | — | (6,904) | 5,841 | (275,223) | 59,863 |
Net increase/(decrease) in assets resulting from operations | 34 | 29 | (7,062) | 11,997 | (226,709) | 329,395 |
Distributions to Shareholders | ||||||
Retirement Class | N/A | N/A | (1,921) | (229) | (83,797) | (28,740) |
Institutional Class | (33) | (28) | (3,283) | (209) | (148,196) | (51,890) |
Administrative Class | (1) | (1) | N/A | N/A | (230) | (76) |
Investor Class | N/A | N/A | (12) | — | (2,234) | (667) |
Total distributions to shareholders | (34) | (29) | (5,216) | (438) | (234,457) | (81,373) |
Net Increase/(Decrease) Derived from Capital Share Transactions | 4,094 | (13,902) | 20,088 | 14,463 | 232,791 | (108,039) |
Net increase/(decrease) in net assets | 4,094 | (13,902) | 7,810 | 26,022 | (228,375) | 139,983 |
Net Assets | ||||||
Beginning of period | 84,868 | 98,770 | 53,073 | 27,051 | 1,130,192 | 990,209 |
End of period | $88,962 | $84,868 | $60,883 | $53,073 | $901,817 | $1,130,192 |
The accompanying notes are an integral part of the Financial Statements.
101
Harbor Small Cap Value Fund | Harbor Strategic Growth Fund | ||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 |
(Unaudited) | (Unaudited) | ||
$4,130 | $5,180 | $43 | $126 |
18,530 | 176,834 | 12,708 | 11,433 |
(257,338) | 573,211 | (30,349) | 27,401 |
(234,678) | 755,225 | (17,598) | 38,960 |
(32,266) | (1,918) | (640) | (224) |
(107,711) | (7,391) | (9,180) | (3,610) |
(624) | (30) | (4) | (1) |
(3,413) | (86) | (78) | (17) |
(144,014) | (9,425) | (9,902) | (3,852) |
(204,546) | 240,280 | (15,907) | (21,908) |
(583,238) | 986,080 | (43,407) | 13,200 |
2,698,686 | 1,712,606 | 121,108 | 107,908 |
$2,115,448 | $2,698,686 | $77,701 | $121,108 |
102
Harbor Funds
Statements of Changes in Net Assets—Capital Stock Activity
Statements of Changes in Net Assets—Capital Stock Activity
(All amounts in thousands)
Harbor Capital Appreciation Fund | Harbor Convertible Securities Fund | Harbor Core Bond Fund | ||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | |
(Unaudited) | (Unaudited) | (Unaudited) | ||||
AMOUNT ($) | ||||||
Retirement Class | ||||||
Net proceeds from sale of shares | $1,569,908 | $2,389,246 | $270 | $490 | $1,341 | $9,051 |
Net proceeds from redemption fees | — | — | — | — | — | — |
Reinvested distributions | 1,592,630 | 1,112,207 | 5,005 | 3,426 | 476 | 1,320 |
Cost of shares reacquired | (1,110,398) | (4,135,764) | (639) | (486) | (8,445) | (1,889) |
Cost of shares reacquired through in-kind redemptions | (104,907) | — | — | — | — | — |
Net increase/(decrease) in net assets | $1,947,233 | $(634,311) | $4,636 | $3,430 | $(6,628) | $8,482 |
Institutional Class | ||||||
Net proceeds from sale of shares | $1,844,798 | $3,786,458 | $13,334 | $50,213 | $4,317 | $42,246 |
Net proceeds from redemption fees | — | — | — | — | — | — |
Reinvested distributions | 4,073,379 | 3,040,583 | 19,515 | 11,378 | 1,313 | 3,636 |
Cost of shares reacquired | (4,098,037) | (5,949,255) | (23,194) | (29,335) | (38,608) | (22,322) |
Cost of shares reacquired through in-kind redemptions | (540,425) | (3,942,327) | — | — | — | — |
Net increase/(decrease) in net assets | $1,279,715 | $(3,064,541) | $9,655 | $32,256 | $(32,978) | $23,560 |
Administrative Class | ||||||
Net proceeds from sale of shares | $29,570 | $123,033 | $— | $— | N/A | N/A |
Reinvested distributions | 59,342 | 51,536 | 10 | 7 | N/A | N/A |
Cost of shares reacquired | (98,622) | (278,791) | — | — | N/A | N/A |
Net increase/(decrease) in net assets | $(9,710) | $(104,222) | $10 | $7 | N/A | N/A |
Investor Class | ||||||
Net proceeds from sale of shares | $88,172 | $286,891 | $125 | $1,043 | N/A | N/A |
Reinvested distributions | 240,718 | 167,709 | 351 | 246 | N/A | N/A |
Cost of shares reacquired | (242,756) | (490,389) | (617) | (1,083) | N/A | N/A |
Net increase/(decrease) in net assets | $86,134 | $(35,789) | $(141) | $206 | N/A | N/A |
The accompanying notes are an integral part of the Financial Statements.
103
Harbor Core Plus Fund | Harbor Disruptive Innovation Fund | Harbor Diversified International All Cap Fund | Harbor Emerging Markets Equity Fund | Harbor Focused International Fund | |||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
$19,667 | $36,135 | $6,477 | $32,043 | $71,425 | $329,434 | $427 | $766 | $4,930 | $2,345 |
— | — | — | — | — | — | — | — | — | — |
3,926 | 5,645 | 23,286 | 9,728 | 58,029 | 6,749 | 766 | 5,910 | 1,046 | 306 |
(26,042) | (31,577) | (12,469) | (49,815) | (196,138) | (205,581) | (16,259) | (19,268) | (3,413) | (1,926) |
— | — | — | — | — | — | — | — | — | — |
$(2,449) | $10,203 | $17,294 | $(8,044) | $(66,684) | $130,602 | $(15,066) | $(12,592) | $2,563 | $725 |
$52,845 | $175,893 | $34,521 | $135,900 | $58,509 | $163,955 | $2,174 | $9,815 | $158 | $1,327 |
— | — | — | — | — | — | — | — | — | — |
27,635 | 49,348 | 55,437 | 29,565 | 19,287 | 2,530 | 5,251 | 4,057 | 816 | 261 |
(223,871) | (655,223) | (74,726) | (209,072) | (33,538) | (169,472) | (6,083) | (12,044) | (2,374) | (578) |
— | — | — | — | — | — | — | — | — | — |
$(143,391) | $(429,982) | $15,232 | $(43,607) | $44,258 | $(2,987) | $1,342 | $1,828 | $(1,400) | $1,010 |
$1,202 | $2,386 | $160 | $1,798 | $1,016 | $1,538 | $— | $3 | N/A | N/A |
358 | 521 | 2,269 | 612 | 638 | 61 | 6 | 6 | N/A | N/A |
(1,853) | (3,517) | (530) | (1,027) | (375) | (1,096) | — | (11) | N/A | N/A |
$(293) | $(610) | $1,899 | $1,383 | $1,279 | $503 | $6 | $(2) | N/A | N/A |
N/A | N/A | $9,647 | $48,858 | $1,082 | $1,135 | $1,782 | $3,633 | $3 | $64 |
N/A | N/A | 23,829 | 8,628 | 661 | 54 | 1,767 | 1,342 | 4 | — |
N/A | N/A | (23,816) | (40,787) | (888) | (607) | (2,941) | (2,744) | (68) | — |
N/A | N/A | $9,660 | $16,699 | $855 | $582 | $608 | $2,231 | $(61) | $64 |
104
Harbor Funds
Statements of Changes in Net Assets—Capital Stock Activity—Continued
Statements of Changes in Net Assets—Capital Stock Activity—Continued
(All amounts in thousands)
Harbor Global Leaders Fund | Harbor High-Yield Bond Fund | Harbor International Fund | ||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | |
(Unaudited) | (Unaudited) | (Unaudited) | ||||
AMOUNT ($) | ||||||
Retirement Class | ||||||
Net proceeds from sale of shares | $1,176 | $7,280 | $10,351 | $27,854 | $29,985 | $104,298 |
Net proceeds from redemption fees | — | — | — | 1 | — | — |
Reinvested distributions | 2,059 | 1,611 | 1,856 | 4,627 | 18,178 | 11,027 |
Cost of shares reacquired | (726) | (7,102) | (19,064) | (68,001) | (323,819) | (391,374) |
Cost of shares reacquired through in-kind redemptions | — | — | — | — | — | — |
Net increase/(decrease) in net assets | $2,509 | $1,789 | $(6,857) | $(35,519) | $(275,656) | $(276,049) |
Institutional Class | ||||||
Net proceeds from sale of shares | $5,263 | $21,906 | $43,211 | $47,263 | $462,987 | $316,507 |
Net proceeds from redemption fees | — | — | — | 2 | — | — |
Reinvested distributions | 7,698 | 6,354 | 5,318 | 13,426 | 63,912 | 31,191 |
Cost of shares reacquired | (22,651) | (33,630) | (75,242) | (105,770) | (534,264) | (673,210) |
Cost of shares reacquired through in-kind redemptions | — | — | — | — | — | — |
Net increase/(decrease) in net assets | $(9,690) | $(5,370) | $(26,713) | $(45,079) | $(7,365) | $(325,512) |
Administrative Class | ||||||
Net proceeds from sale of shares | $115 | $220 | $9 | $307 | $574 | $1,576 |
Reinvested distributions | 154 | 169 | 13 | 34 | 265 | 97 |
Cost of shares reacquired | (230) | (1,106) | (255) | (323) | (1,514) | (7,009) |
Net increase/(decrease) in net assets | $39 | $(717) | $(233) | $18 | $(675) | $(5,336) |
Investor Class | ||||||
Net proceeds from sale of shares | $380 | $3,452 | $4,256 | $11,136 | $8,020 | $27,319 |
Reinvested distributions | 2,383 | 1,826 | 470 | 1,036 | 6,246 | 2,584 |
Cost of shares reacquired | (6,107) | (4,813) | (5,801) | (16,048) | (36,587) | (82,143) |
Net increase/(decrease) in net assets | $(3,344) | $465 | $(1,075) | $(3,876) | $(22,321) | $(52,240) |
The accompanying notes are an integral part of the Financial Statements.
105
Harbor International Growth Fund | Harbor International Small Cap Fund | Harbor Large Cap Value Fund | Harbor Mid Cap Fund | Harbor Mid Cap Value Fund | |||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
$4,392 | $11,119 | $1,889 | $5,641 | $141,086 | $692,481 | $2,220 | $31,072 | $4,547 | $29,369 |
— | — | — | — | — | — | — | — | — | — |
9,892 | 1,057 | 731 | 40 | 30,762 | 24,265 | 798 | 56 | 756 | 923 |
(12,808) | (63,195) | (2,506) | (4,199) | (172,847) | (174,378) | (2,460) | (5,150) | (11,802) | (21,119) |
— | — | — | — | — | — | — | — | — | — |
$1,476 | $(51,019) | $114 | $1,482 | $(999) | $542,368 | $558 | $25,978 | $(6,499) | $9,173 |
$39,857 | $131,088 | $14,109 | $12,680 | $111,926 | $414,990 | $1,635 | $15,309 | $37,954 | $98,494 |
— | — | — | — | — | — | — | — | — | — |
39,092 | 3,097 | 3,197 | 335 | 27,548 | 25,913 | 507 | 11 | 4,303 | 7,300 |
(133,868) | (168,482) | (5,094) | (807) | (184,064) | (594,474) | (177) | (389) | (79,162) | (152,183) |
— | — | — | — | — | — | — | — | — | — |
$(54,919) | $(34,297) | $12,212 | $12,208 | $(44,590) | $(153,571) | $1,965 | $14,931 | $(36,905) | $(46,389) |
$12 | $425 | $36 | $23 | $60 | $479 | N/A | N/A | $375 | $1,360 |
36 | 4 | 31 | 4 | 110 | 396 | N/A | N/A | 23 | 89 |
(184) | (399) | — | (26) | (287) | (10,449) | N/A | N/A | (682) | (4,527) |
$(136) | $30 | $67 | $1 | $(117) | $(9,574) | N/A | N/A | $(284) | $(3,078) |
$353 | $3,075 | $220 | $1,716 | $3,847 | $7,234 | $225 | $590 | $2,142 | $10,083 |
983 | 96 | 121 | 5 | 833 | 775 | 17 | — | 293 | 595 |
(853) | (30,230) | (994) | (351) | (5,277) | (8,767) | (182) | (308) | (2,872) | (17,242) |
$483 | $(27,059) | $(653) | $1,370 | $(597) | $(758) | $60 | $282 | $(437) | $(6,564) |
106
Harbor Funds
Statements of Changes in Net Assets—Capital Stock Activity—Continued
Statements of Changes in Net Assets—Capital Stock Activity—Continued
(All amounts in thousands)
Harbor Money Market Fund | Harbor Overseas Fund | Harbor Small Cap Growth Fund | ||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | |
(Unaudited) | (Unaudited) | (Unaudited) | ||||
AMOUNT ($) | ||||||
Retirement Class | ||||||
Net proceeds from sale of shares | N/A | N/A | $10,572 | $488 | $31,381 | $65,042 |
Net proceeds from redemption fees | N/A | N/A | — | — | — | — |
Reinvested distributions | N/A | N/A | 1,921 | 229 | 81,741 | 28,102 |
Cost of shares reacquired | N/A | N/A | (3,802) | (123) | (29,784) | (130,204) |
Cost of shares reacquired through in-kind redemptions | N/A | N/A | — | — | — | — |
Net increase/(decrease) in net assets | N/A | N/A | $8,691 | $594 | $83,338 | $(37,060) |
Institutional Class | ||||||
Net proceeds from sale of shares | $24,979 | $41,708 | $12,912 | $14,611 | $136,967 | $133,378 |
Net proceeds from redemption fees | — | — | — | — | — | — |
Reinvested distributions | 33 | 27 | 3,015 | 209 | 140,465 | 49,341 |
Cost of shares reacquired | (21,002) | (54,859) | (4,798) | (1,000) | (130,126) | (253,829) |
Cost of shares reacquired through in-kind redemptions | — | — | — | — | — | — |
Net increase/(decrease) in net assets | $4,010 | $(13,124) | $11,129 | $13,820 | $147,306 | $(71,110) |
Administrative Class | ||||||
Net proceeds from sale of shares | $610 | $1,073 | N/A | N/A | $64 | $139 |
Reinvested distributions | 1 | 1 | N/A | N/A | 230 | 76 |
Cost of shares reacquired | (527) | (1,852) | N/A | N/A | (173) | (321) |
Net increase/(decrease) in net assets | $84 | $(778) | N/A | N/A | $121 | $(106) |
Investor Class | ||||||
Net proceeds from sale of shares | N/A | N/A | $292 | $67 | $1,137 | $2,733 |
Reinvested distributions | N/A | N/A | 11 | — | 2,182 | 652 |
Cost of shares reacquired | N/A | N/A | (35) | (18) | (1,293) | (3,148) |
Net increase/(decrease) in net assets | N/A | N/A | $268 | $49 | $2,026 | $237 |
The accompanying notes are an integral part of the Financial Statements.
107
Harbor Small Cap Value Fund | Harbor Strategic Growth Fund | ||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 |
(Unaudited) | (Unaudited) | ||
$93,612 | $267,607 | $183 | $672 |
— | — | — | — |
21,850 | 1,313 | 640 | 224 |
(68,759) | (109,819) | (1,168) | (1,742) |
— | — | — | — |
$46,703 | $159,101 | $(345) | $(846) |
$159,274 | $682,727 | $4,494 | $13,781 |
— | — | — | — |
99,186 | 6,427 | 8,717 | 3,446 |
(495,112) | (597,683) | (28,944) | (38,500) |
— | — | — | — |
$(236,652) | $91,471 | $(15,733) | $(21,273) |
$605 | $3,183 | $— | $38 |
557 | 29 | 4 | 1 |
(1,399) | (5,544) | (3) | (20) |
$(237) | $(2,332) | $1 | $19 |
$3,188 | $11,816 | $238 | $245 |
3,282 | 83 | 78 | 17 |
(20,830) | (19,859) | (146) | (70) |
$(14,360) | $(7,960) | $170 | $192 |
108
Harbor Funds
Statements of Changes in Net Assets—Capital Stock Activity—Continued
Statements of Changes in Net Assets—Capital Stock Activity—Continued
(All amounts in thousands)
Harbor Capital Appreciation Fund | Harbor Convertible Securities Fund | Harbor Core Bond Fund | ||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | |
(Unaudited) | (Unaudited) | (Unaudited) | ||||
SHARES | ||||||
Retirement Class | ||||||
Shares sold | 15,563 | 21,785 | 23 | 36 | 131 | 835 |
Shares issued due to reinvestment of distributions | 16,588 | 10,669 | 438 | 265 | 47 | 122 |
Shares reacquired | (11,676) | (37,566) | (51) | (36) | (829) | (173) |
Shares reacquired through in-kind redemptions | (1,381) | — | — | — | — | — |
Net increase/(decrease) in shares outstanding | 19,094 | (5,112) | 410 | 265 | (651) | 784 |
Institutional Class | ||||||
Shares sold | 19,544 | 34,845 | 1,157 | 3,738 | 417 | 3,947 |
Shares issued due to reinvestment of distributions | 42,475 | 29,172 | 1,708 | 881 | 127 | 337 |
Shares reacquired | (44,036) | (54,624) | (2,057) | (2,192) | (3,719) | (2,093) |
Shares reacquired through in-kind redemptions | (5,620) | (35,668) | — | — | — | — |
Net increase/(decrease) in shares outstanding | 12,363 | (26,275) | 808 | 2,427 | (3,175) | 2,191 |
Administrative Class | ||||||
Shares sold | 320 | 1,186 | — | — | N/A | N/A |
Shares issued due to reinvestment of distributions | 643 | 509 | 1 | 1 | N/A | N/A |
Shares reacquired | (1,098) | (2,615) | — | — | N/A | N/A |
Net increase/(decrease) in shares outstanding | (135) | (920) | 1 | 1 | N/A | N/A |
Investor Class | ||||||
Shares sold | 993 | 2,817 | 10 | 77 | N/A | N/A |
Shares issued due to reinvestment of distributions | 2,706 | 1,706 | 31 | 19 | N/A | N/A |
Shares reacquired | (2,786) | (4,798) | (55) | (81) | N/A | N/A |
Net increase/(decrease) in shares outstanding | 913 | (275) | (14) | 15 | N/A | N/A |
The accompanying notes are an integral part of the Financial Statements.
109
Harbor Core Plus Fund | Harbor Disruptive Innovation Fund | Harbor Diversified International All Cap Fund | Harbor Emerging Markets Equity Fund | Harbor Focused International Fund | |||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
1,675 | 2,958 | 939 | 2,309 | 5,601 | 24,690 | 60 | 67 | 333 | 179 |
336 | 463 | 3,230 | 726 | 4,733 | 544 | 106 | 565 | 78 | 23 |
(2,268) | (2,600) | (1,777) | (3,539) | (15,718) | (15,525) | (1,526) | (1,605) | (282) | (138) |
— | — | — | — | — | — | — | — | — | — |
(257) | 821 | 2,392 | (504) | (5,384) | 9,709 | (1,360) | (973) | 129 | 64 |
4,568 | 14,403 | 4,816 | 9,890 | 4,545 | 12,409 | 291 | 866 | 12 | 99 |
2,358 | 4,042 | 7,775 | 2,218 | 1,573 | 203 | 724 | 387 | 60 | 19 |
(19,242) | (53,673) | (9,961) | (15,082) | (2,642) | (12,674) | (768) | (1,038) | (199) | (41) |
— | — | — | — | — | — | — | — | — | — |
(12,316) | (35,228) | 2,630 | (2,974) | 3,476 | (62) | 247 | 215 | (127) | 77 |
104 | 196 | 23 | 145 | 81 | 116 | — | — | N/A | N/A |
30 | 43 | 375 | 50 | 52 | 5 | 1 | 1 | N/A | N/A |
(161) | (288) | (89) | (80) | (31) | (83) | — | (1) | N/A | N/A |
(27) | (49) | 309 | 115 | 102 | 38 | 1 | — | N/A | N/A |
N/A | N/A | 1,445 | 4,063 | 89 | 84 | 250 | 317 | — | 5 |
N/A | N/A | 4,405 | 747 | 54 | 4 | 245 | 129 | 1 | — |
N/A | N/A | (4,709) | (3,437) | (73) | (45) | (364) | (249) | (5) | — |
N/A | N/A | 1,141 | 1,373 | 70 | 43 | 131 | 197 | (4) | 5 |
110
Harbor Funds
Statements of Changes in Net Assets—Capital Stock Activity—Continued
Statements of Changes in Net Assets—Capital Stock Activity—Continued
(All amounts in thousands)
Harbor Global Leaders Fund | Harbor High-Yield Bond Fund | Harbor International Fund | ||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | |
(Unaudited) | (Unaudited) | (Unaudited) | ||||
SHARES | ||||||
Retirement Class | ||||||
Shares sold | 35 | 196 | 1,070 | 2,797 | 665 | 2,222 |
Shares issued due to reinvestment of distributions | 60 | 45 | 193 | 466 | 402 | 253 |
Shares reacquired | (22) | (181) | (1,986) | (6,821) | (7,523) | (8,345) |
Shares reacquired through in-kind redemptions | — | — | — | — | — | — |
Net increase/(decrease) in shares outstanding | 73 | 60 | (723) | (3,558) | (6,456) | (5,870) |
Institutional Class | ||||||
Shares sold | 156 | 586 | 4,447 | 4,738 | 10,512 | 6,787 |
Shares issued due to reinvestment of distributions | 227 | 178 | 553 | 1,353 | 1,406 | 711 |
Shares reacquired | (695) | (908) | (7,694) | (10,634) | (11,877) | (14,570) |
Shares reacquired through in-kind redemptions | — | — | — | — | — | — |
Net increase/(decrease) in shares outstanding | (312) | (144) | (2,694) | (4,543) | 41 | (7,072) |
Administrative Class | ||||||
Shares sold | 3 | 6 | 1 | 31 | 12 | 34 |
Shares issued due to reinvestment of distributions | 5 | 4 | 1 | 3 | 6 | 2 |
Shares reacquired | (7) | (30) | (27) | (32) | (33) | (150) |
Net increase/(decrease) in shares outstanding | 1 | (20) | (25) | 2 | (15) | (114) |
Investor Class | ||||||
Shares sold | 11 | 96 | 450 | 1,113 | 179 | 590 |
Shares issued due to reinvestment of distributions | 74 | 53 | 49 | 104 | 139 | 59 |
Shares reacquired | (190) | (133) | (615) | (1,605) | (808) | (1,792) |
Net increase/(decrease) in shares outstanding | (105) | 16 | (116) | (388) | (490) | (1,143) |
The accompanying notes are an integral part of the Financial Statements.
111
Harbor International Growth Fund | Harbor International Small Cap Fund | Harbor Large Cap Value Fund | Harbor Mid Cap Fund | Harbor Mid Cap Value Fund | |||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
239 | 482 | 119 | 357 | 6,408 | 31,967 | 157 | 2,445 | 179 | 1,345 |
488 | 48 | 50 | 3 | 1,384 | 1,253 | 56 | 4 | 31 | 46 |
(595) | (2,803) | (175) | (262) | (7,885) | (8,155) | (173) | (379) | (464) | (918) |
— | — | — | — | — | — | — | — | — | — |
132 | (2,273) | (6) | 98 | (93) | 25,065 | 40 | 2,070 | (254) | 473 |
2,112 | 5,719 | 960 | 781 | 5,016 | 19,767 | 112 | 1,149 | 1,488 | 4,193 |
1,930 | 139 | 220 | 24 | 1,239 | 1,335 | 36 | 1 | 177 | 366 |
(7,367) | (7,135) | (352) | (51) | (8,346) | (27,387) | (12) | (28) | (3,077) | (6,827) |
— | — | — | — | — | — | — | — | — | — |
(3,325) | (1,277) | 828 | 754 | (2,091) | (6,285) | 136 | 1,122 | (1,412) | (2,268) |
1 | 19 | 3 | 2 | 3 | 25 | N/A | N/A | 15 | 61 |
2 | — | 2 | 1 | 5 | 21 | N/A | N/A | 1 | 4 |
(9) | (17) | — | (2) | (14) | (549) | N/A | N/A | (27) | (204) |
(6) | 2 | 5 | 1 | (6) | (503) | N/A | N/A | (11) | (139) |
18 | 142 | 15 | 106 | 169 | 336 | 15 | 45 | 84 | 439 |
49 | 4 | 8 | — | 38 | 40 | 1 | — | 12 | 29 |
(44) | (1,296) | (67) | (21) | (239) | (409) | (12) | (22) | (113) | (776) |
23 | (1,150) | (44) | 85 | (32) | (33) | 4 | 23 | (17) | (308) |
112
Harbor Funds
Statements of Changes in Net Assets—Capital Stock Activity—Continued
Statements of Changes in Net Assets—Capital Stock Activity—Continued
(All amounts in thousands)
Harbor Money Market Fund | Harbor Overseas Fund | Harbor Small Cap Growth Fund | ||||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | |
(Unaudited) | (Unaudited) | (Unaudited) | ||||
SHARES | ||||||
Retirement Class | ||||||
Shares sold | N/A | N/A | 894 | 36 | 2,224 | 3,479 |
Shares issued due to reinvestment of distributions | N/A | N/A | 156 | 19 | 5,657 | 1,558 |
Shares reacquired | N/A | N/A | (324) | (10) | (2,014) | (6,960) |
Shares reacquired through in-kind redemptions | N/A | N/A | — | — | — | — |
Net increase/(decrease) in shares outstanding | N/A | N/A | 726 | 45 | 5,867 | (1,923) |
Institutional Class | ||||||
Shares sold | 24,979 | 41,708 | 1,042 | 1,117 | 9,989 | 7,150 |
Shares issued due to reinvestment of distributions | 33 | 27 | 246 | 18 | 9,795 | 2,749 |
Shares reacquired | (21,002) | (54,859) | (408) | (71) | (8,654) | (13,547) |
Shares reacquired through in-kind redemptions | — | — | — | — | — | — |
Net increase/(decrease) in shares outstanding | 4,010 | (13,124) | 880 | 1,064 | 11,130 | (3,648) |
Administrative Class | ||||||
Shares sold | 610 | 1,073 | N/A | N/A | 5 | 8 |
Shares issued due to reinvestment of distributions | 1 | 1 | N/A | N/A | 19 | 5 |
Shares reacquired | (527) | (1,852) | N/A | N/A | (15) | (19) |
Net increase/(decrease) in shares outstanding | 84 | (778) | N/A | N/A | 9 | (6) |
Investor Class | ||||||
Shares sold | N/A | N/A | 24 | 5 | 94 | 175 |
Shares issued due to reinvestment of distributions | N/A | N/A | 1 | — | 193 | 43 |
Shares reacquired | N/A | N/A | (2) | (2) | (115) | (203) |
Net increase/(decrease) in shares outstanding | N/A | N/A | 23 | 3 | 172 | 15 |
The accompanying notes are an integral part of the Financial Statements.
113
Harbor Small Cap Value Fund | Harbor Strategic Growth Fund | ||
November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 | November 1, 2021 through April 30, 2022 | November 1, 2020 through October 31, 2021 |
(Unaudited) | (Unaudited) | ||
2,246 | 6,313 | 6 | 23 |
548 | 33 | 22 | 8 |
(1,649) | (2,559) | (42) | (62) |
— | — | — | — |
1,145 | 3,787 | (14) | (31) |
3,802 | 16,047 | 152 | 472 |
2,486 | 163 | 295 | 128 |
(12,038) | (14,020) | (1,000) | (1,318) |
— | — | — | — |
(5,750) | 2,190 | (553) | (718) |
14 | 74 | — | 1 |
14 | 1 | — | — |
(34) | (128) | — | — |
(6) | (53) | — | 1 |
78 | 287 | 8 | 9 |
85 | 2 | 3 | 1 |
(511) | (486) | (5) | (3) |
(348) | (197) | 6 | 7 |
114
Harbor Funds Financial Highlights
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR CAPITAL APPRECIATION FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $124.89 | $99.19 | $75.79 | $73.98 | $75.34 | $60.37 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.06) | (0.27) | (0.08) | 0.13 | 0.23 | 0.16 |
Net realized and unrealized gain/(loss) on investments | (31.28) | 38.73 | 30.27 | 8.54 | 6.50 | 18.40 |
Total from investment operations | (31.34) | 38.46 | 30.19 | 8.67 | 6.73 | 18.56 |
Less Distributions | ||||||
Dividends from net investment income | — | — | (0.12) | (0.21) | (0.17) | (0.10) |
Distributions from net realized capital gains | (18.79) | (12.76) | (6.67) | (6.65) | (7.92) | (3.49) |
Total distributions | (18.79) | (12.76) | (6.79) | (6.86) | (8.09) | (3.59) |
Net asset value end of period | 74.76 | 124.89 | 99.19 | 75.79 | 73.98 | 75.34 |
Net assets end of period (000s) | $8,243,038 | $11,385,191 | $9,549,061 | $6,970,617 | $5,393,675 | $2,892,484 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (28.43)%c | 41.33% | 42.79% | 13.73% | 9.50% | 32.62% |
Ratio of total expenses to average net assets^ | 0.64d | 0.63 | 0.64 | 0.63 | 0.62 | 0.63 |
Ratio of net expenses to average net assetsa | 0.57d | 0.57 | 0.58 | 0.58 | 0.57 | 0.59 |
Ratio of net investment income/(loss) to average net assetsa | (0.13)d | (0.25) | (0.09) | 0.18 | 0.30 | 0.23 |
Portfolio turnover | 20c | 48 | 51 | 40 | 40 | 52 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $120.94 | $96.68 | $74.15 | $72.54 | $74.08 | $59.50 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.22) | (0.61) | (0.34) | (0.09) | (0.01) | (0.04) |
Net realized and unrealized gain/(loss) on investments | (30.12) | 37.63 | 29.54 | 8.35 | 6.39 | 18.11 |
Total from investment operations | (30.34) | 37.02 | 29.20 | 8.26 | 6.38 | 18.07 |
Less Distributions | ||||||
Dividends from net investment income | — | — | — | — | — | — |
Distributions from net realized capital gains | (18.79) | (12.76) | (6.67) | (6.65) | (7.92) | (3.49) |
Total distributions | (18.79) | (12.76) | (6.67) | (6.65) | (7.92) | (3.49) |
Net asset value end of period | 71.81 | 120.94 | 96.68 | 74.15 | 72.54 | 74.08 |
Net assets end of period (000s) | $236,467 | $414,600 | $420,324 | $345,550 | $448,241 | $493,860 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (28.54)%c | 40.86% | 42.32% | 13.35% | 9.16% | 32.20% |
Ratio of total expenses to average net assets^ | 0.97d | 0.96 | 0.97 | 0.96 | 0.95 | 0.96 |
Ratio of net expenses to average net assetsa | 0.90d | 0.90 | 0.91 | 0.91 | 0.90 | 0.90 |
Ratio of net investment income/(loss) to average net assetsa | (0.46)d | (0.57) | (0.41) | (0.13) | (0.01) | (0.06) |
Portfolio turnover | 20c | 48 | 51 | 40 | 40 | 52 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
115
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$124.78 | $99.18 | $75.78 | $73.97 | $75.32 | $60.36 |
(0.10) | (0.36) | (0.14) | 0.08 | 0.18 | 0.13 |
(31.24) | 38.72 | 30.26 | 8.53 | 6.50 | 18.38 |
(31.34) | 38.36 | 30.12 | 8.61 | 6.68 | 18.51 |
— | — | (0.05) | (0.15) | (0.11) | (0.06) |
(18.79) | (12.76) | (6.67) | (6.65) | (7.92) | (3.49) |
(18.79) | (12.76) | (6.72) | (6.80) | (8.03) | (3.55) |
74.65 | 124.78 | 99.18 | 75.78 | 73.97 | 75.32 |
$18,214,845 | $28,902,862 | $25,579,181 | $21,311,587 | $22,366,214 | $23,896,840 |
(28.46)%c | 41.22% | 42.68% | 13.63% | 9.44% | 32.52% |
0.72d | 0.71 | 0.72 | 0.71 | 0.70 | 0.71 |
0.65d | 0.65 | 0.66 | 0.66 | 0.65 | 0.65 |
(0.21)d | (0.33) | (0.16) | 0.11 | 0.23 | 0.20 |
20c | 48 | 51 | 40 | 40 | 52 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$117.30 | $94.19 | $72.48 | $71.15 | $72.88 | $58.66 |
(0.25) | (0.72) | (0.43) | (0.17) | (0.10) | (0.11) |
(29.09) | 36.59 | 28.81 | 8.15 | 6.29 | 17.82 |
(29.34) | 35.87 | 28.38 | 7.98 | 6.19 | 17.71 |
— | — | — | — | — | — |
(18.79) | (12.76) | (6.67) | (6.65) | (7.92) | (3.49) |
(18.79) | (12.76) | (6.67) | (6.65) | (7.92) | (3.49) |
69.17 | 117.30 | 94.19 | 72.48 | 71.15 | 72.88 |
$985,884 | $1,564,732 | $1,282,355 | $1,083,896 | $1,327,790 | $1,531,809 |
(28.58)%c | 40.71% | 42.15% | 13.21% | 9.03% | 32.04% |
1.08d | 1.08 | 1.09 | 1.08 | 1.07 | 1.08 |
1.01d | 1.01 | 1.03 | 1.03 | 1.02 | 1.02 |
(0.57)d | (0.69) | (0.53) | (0.25) | (0.13) | (0.17) |
20c | 48 | 51 | 40 | 40 | 52 |
116
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR CONVERTIBLE SECURITIES FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $13.69 | $12.49 | $10.82 | $10.47 | $11.27 | $10.53 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.01 | 0.02 | 0.07 | 0.10 | 0.10 | 0.14 |
Net realized and unrealized gain/(loss) on investments | (1.39) | 2.43 | 2.02 | 0.92 | 0.19 | 0.78 |
Total from investment operations | (1.38) | 2.45 | 2.09 | 1.02 | 0.29 | 0.92 |
Less Distributions | ||||||
Dividends from net investment income | (0.06) | (0.09) | (0.09) | (0.18) | (0.09) | (0.18) |
Distributions from net realized capital gains | (1.61) | (1.16) | (0.33) | (0.49) | (1.00) | — |
Total distributions | (1.67) | (1.25) | (0.42) | (0.67) | (1.09) | (0.18) |
Proceeds from redemption fees | N/A | —* | —* | —* | —* | —* |
Net asset value end of period | 10.64 | 13.69 | 12.49 | 10.82 | 10.47 | 11.27 |
Net assets end of period (000s) | $36,406 | $41,250 | $34,307 | $24,697 | $25,412 | $24,585 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (10.90)%c | 20.23% | 19.93% | 10.48% | 2.80% | 8.81% |
Ratio of total expenses to average net assets^ | 0.73d | 0.73 | 0.74 | 0.74 | 0.74 | 0.72 |
Ratio of net expenses to average net assetsa | 0.67d | 0.67 | 0.69 | 0.69 | 0.69 | 0.67 |
Ratio of net investment income/(loss) to average net assetsa | 0.17d | 0.15 | 0.60 | 0.98 | 0.95 | 1.24 |
Portfolio turnover | 51c | 50 | 101 | 74 | 94 | 102 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $13.63 | $12.46 | $10.80 | $10.44 | $11.26 | $10.53 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.01) | (0.02) | 0.03 | 0.07 | 0.07 | 0.10 |
Net realized and unrealized gain/(loss) on investments | (1.39) | 2.42 | 2.01 | 0.91 | 0.17 | 0.77 |
Total from investment operations | (1.40) | 2.40 | 2.04 | 0.98 | 0.24 | 0.87 |
Less Distributions | ||||||
Dividends from net investment income | (0.03) | (0.07) | (0.05) | (0.13) | (0.06) | (0.14) |
Distributions from net realized capital gains | (1.61) | (1.16) | (0.33) | (0.49) | (1.00) | — |
Total distributions | (1.64) | (1.23) | (0.38) | (0.62) | (1.06) | (0.14) |
Proceeds from redemption fees | N/A | —* | —* | —* | —* | —* |
Net asset value end of period | 10.59 | 13.63 | 12.46 | 10.80 | 10.44 | 11.26 |
Net assets end of period (000s) | $75 | $85 | $70 | $59 | $53 | $395 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (11.09)%c | 19.87% | 19.48% | 10.11% | 2.27% | 8.37% |
Ratio of total expenses to average net assets^ | 1.06d | 1.06 | 1.07 | 1.07 | 1.07 | 1.04 |
Ratio of net expenses to average net assetsa | 1.00d | 1.00 | 1.02 | 1.02 | 1.01 | 1.00 |
Ratio of net investment income/(loss) to average net assetsa | (0.16)d | (0.18) | 0.29 | 0.64 | 0.63 | 0.93 |
Portfolio turnover | 51c | 50 | 101 | 74 | 94 | 102 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
117
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$13.68 | $12.48 | $10.83 | $10.48 | $11.27 | $10.53 |
0.01 | 0.01 | 0.06 | 0.09 | 0.09 | 0.13 |
(1.40) | 2.43 | 2.00 | 0.92 | 0.20 | 0.78 |
(1.39) | 2.44 | 2.06 | 1.01 | 0.29 | 0.91 |
(0.05) | (0.08) | (0.08) | (0.17) | (0.08) | (0.17) |
(1.61) | (1.16) | (0.33) | (0.49) | (1.00) | — |
(1.66) | (1.24) | (0.41) | (0.66) | (1.08) | (0.17) |
N/A | —* | —* | —* | —* | —* |
10.63 | 13.68 | 12.48 | 10.83 | 10.48 | 11.27 |
$134,267 | $161,772 | $117,269 | $114,130 | $93,424 | $87,391 |
(10.98)%c | 20.18% | 19.63% | 10.39% | 2.82% | 8.74% |
0.81d | 0.81 | 0.82 | 0.82 | 0.82 | 0.79 |
0.75d | 0.75 | 0.77 | 0.77 | 0.76 | 0.76 |
0.09d | 0.06 | 0.55 | 0.89 | 0.88 | 1.18 |
51c | 50 | 101 | 74 | 94 | 102 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$13.62 | $12.46 | $10.80 | $10.45 | $11.25 | $10.52 |
(0.02) | (0.04) | 0.02 | 0.05 | 0.05 | 0.09 |
(1.39) | 2.43 | 2.00 | 0.92 | 0.19 | 0.77 |
(1.41) | 2.39 | 2.02 | 0.97 | 0.24 | 0.86 |
(0.02) | (0.07) | (0.03) | (0.13) | (0.04) | (0.13) |
(1.61) | (1.16) | (0.33) | (0.49) | (1.00) | — |
(1.63) | (1.23) | (0.36) | (0.62) | (1.04) | (0.13) |
N/A | —* | —* | —* | —* | —* |
10.58 | 13.62 | 12.46 | 10.80 | 10.45 | 11.25 |
$2,061 | $2,853 | $2,420 | $2,066 | $1,861 | $2,015 |
(11.15)%c | 19.76% | 19.33% | 9.99% | 2.35% | 8.26% |
1.17d | 1.17 | 1.19 | 1.19 | 1.19 | 1.16 |
1.11d | 1.11 | 1.14 | 1.14 | 1.13 | 1.12 |
(0.27)d | (0.29) | 0.17 | 0.52 | 0.51 | 0.81 |
51c | 50 | 101 | 74 | 94 | 102 |
118
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR CORE BOND FUND | |||||
Retirement Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018j | ||
(Unaudited) | |||||
Net asset value beginning of period | $10.61 | $11.06 | $10.64 | $9.84 | $10.00 |
Income from Investment Operations | |||||
Net investment income/(loss)a,e | 0.10 | 0.19 | 0.26 | 0.31 | 0.12 |
Net realized and unrealized gain/(loss) on investments | (1.11) | (0.19) | 0.50 | 0.79 | (0.19) |
Total from investment operations | (1.01) | — | 0.76 | 1.10 | (0.07) |
Less Distributions | |||||
Dividends from net investment income | (0.16) | (0.23) | (0.27) | (0.30) | (0.09) |
Distributions from net realized capital gains | — | (0.22) | (0.07) | — | — |
Total distributions | (0.16) | (0.45) | (0.34) | (0.30) | (0.09) |
Net asset value end of period | 9.44 | 10.61 | 11.06 | 10.64 | 9.84 |
Net assets end of period (000s) | $26,359 | $36,557 | $29,428 | $5,298 | $3,061 |
Ratios and Supplemental Data (%) | |||||
Total returnb | (9.64)%c | (0.01)% | 7.36% | 11.34% | (0.73)%c |
Ratio of total expenses to average net assets^ | 0.36d | 0.43 | 0.43 | 0.45 | 0.77d |
Ratio of net expenses to average net assetsa | 0.28d | 0.37 | 0.37 | 0.37 | 0.37d |
Ratio of net investment income/(loss) to average net assetsa | 1.93d | 1.77 | 2.35 | 2.98 | 2.98d |
Portfolio turnover | 16c | 47 | 70 | 61 | 97c |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
119
Institutional Class | ||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||
2021 | 2020 | 2019 | 2018j | |
(Unaudited) | ||||
$10.61 | $11.06 | $10.64 | $9.84 | $10.00 |
0.09 | 0.18 | 0.26 | 0.30 | 0.12 |
(1.11) | (0.19) | 0.50 | 0.79 | (0.19) |
(1.02) | (0.01) | 0.76 | 1.09 | (0.07) |
(0.15) | (0.22) | (0.27) | (0.29) | (0.09) |
— | (0.22) | (0.07) | — | — |
(0.15) | (0.44) | (0.34) | (0.29) | (0.09) |
9.44 | 10.61 | 11.06 | 10.64 | 9.84 |
$64,217 | $105,931 | $86,173 | $79,458 | $52,249 |
(9.68)%c | (0.09)% | 7.28% | 11.26% | (0.75)%c |
0.44d | 0.51 | 0.51 | 0.53 | 0.85d |
0.36d | 0.45 | 0.45 | 0.45 | 0.45d |
1.81d | 1.70 | 2.35 | 2.89 | 2.86d |
16c | 47 | 70 | 61 | 97c |
120
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR CORE PLUS FUND | |||||
Retirement Class | |||||
6-Month Period Ended April 30, 2022q | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018j | ||
(Unaudited) | |||||
Net asset value beginning of period | $12.06 | $12.35 | $11.90 | $11.09 | $11.28 |
Income from Investment Operations | |||||
Net investment income/(loss)a,e | 0.16 | 0.32 | 0.31 | 0.38 | 0.16 |
Net realized and unrealized gain/(loss) on investments | (1.24) | (0.21) | 0.49 | 0.80 | (0.16) |
Total from investment operations | (1.08) | 0.11 | 0.80 | 1.18 | —* |
Less Distributions | |||||
Dividends from net investment income | (0.25) | (0.27) | (0.35) | (0.37) | (0.19) |
Distributions from net realized capital gains | (0.02) | (0.13) | — | — | — |
Total distributions | (0.27) | (0.40) | (0.35) | (0.37) | (0.19) |
Net asset value end of period | 10.71 | 12.06 | 12.35 | 11.90 | 11.09 |
Net assets end of period (000s) | $150,658 | $172,699 | $166,740 | $12,802 | $6,921 |
Ratios and Supplemental Data (%) | |||||
Total returnb | (9.13)%c | 0.88% | 6.82% | 10.84% | 0.01%c |
Ratio of total expenses to average net assets^ | 0.43d | 0.53 | 0.58 | 1.06 | 1.16d |
Ratio of net expenses to average net assetsa | 0.37d | 0.43 | 0.48 | 0.96 | 1.06d |
Ratio of net expenses excluding interest expense to average net assetsa | 0.37d | 0.43 | 0.43 | 0.43 | 0.43d |
Ratio of net investment income/(loss) to average net assetsa | 2.81d | 2.63 | 2.56 | 3.30 | 3.44d |
Portfolio turnover | 169c | 370 | 558 | 644 | 674c |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022q | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $12.08 | $12.37 | $11.92 | $11.11 | $11.69 | $11.89 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.14 | 0.28 | 0.28 | 0.35 | 0.31 | 0.34 |
Net realized and unrealized gain/(loss) on investments | (1.24) | (0.21) | 0.48 | 0.79 | (0.53) | (0.05) |
Total from investment operations | (1.10) | 0.07 | 0.76 | 1.14 | (0.22) | 0.29 |
Less Distributions | ||||||
Dividends from net investment income | (0.23) | (0.23) | (0.31) | (0.33) | (0.36) | (0.32) |
Distributions from net realized capital gains | (0.02) | (0.13) | — | — | — | (0.17) |
Total distributions | (0.25) | (0.36) | (0.31) | (0.33) | (0.36) | (0.49) |
Net asset value end of period | 10.73 | 12.08 | 12.37 | 11.92 | 11.11 | 11.69 |
Net assets end of period (000s) | $15,063 | $17,270 | $18,302 | $19,498 | $31,111 | $30,376 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (9.26)%c | 0.54% | 6.44% | 10.44% | (1.88)% | 2.56% |
Ratio of total expenses to average net assets^ | 0.76d | 0.86 | 0.97 | 1.39 | 1.16 | 0.88 |
Ratio of net expenses to average net assetsa | 0.70d | 0.76 | 0.87 | 1.29 | 1.06 | 0.79 |
Ratio of net expenses excluding interest expense to average net assetsa | 0.70d | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 |
Ratio of net investment income/(loss) to average net assetsa | 2.48d | 2.29 | 2.32 | 3.01 | 2.69 | 2.90 |
Portfolio turnover | 169c | 370 | 558 | 644 | 674 | 654 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
121
Institutional Class | |||||
6-Month Period Ended April 30, 2022q | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$12.07 | $12.36 | $11.91 | $11.10 | $11.68 | $11.88 |
0.16 | 0.31 | 0.31 | 0.37 | 0.33 | 0.36 |
(1.25) | (0.21) | 0.48 | 0.80 | (0.52) | (0.04) |
(1.09) | 0.10 | 0.79 | 1.17 | (0.19) | 0.32 |
(0.24) | (0.26) | (0.34) | (0.36) | (0.39) | (0.35) |
(0.02) | (0.13) | — | — | — | (0.17) |
(0.26) | (0.39) | (0.34) | (0.36) | (0.39) | (0.52) |
10.72 | 12.07 | 12.36 | 11.91 | 11.10 | 11.68 |
$1,090,665 | $1,376,349 | $1,844,961 | $1,958,600 | $1,899,680 | $2,159,390 |
(9.16)%c | 0.79% | 6.72% | 10.74% | (1.63)% | 2.82% |
0.52d | 0.61 | 0.73 | 1.14 | 0.90 | 0.63 |
0.45d | 0.51 | 0.62 | 1.04 | 0.80 | 0.54 |
0.45d | 0.51 | 0.51 | 0.51 | 0.51 | 0.51 |
2.73d | 2.52 | 2.58 | 3.23 | 2.93 | 3.15 |
169c | 370 | 558 | 644 | 674 | 654 |
122
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR DISRUPTIVE INNOVATION FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021i | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $14.40 | $12.93 | $10.91 | $10.88 | $11.25 | $8.58 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.01) | (0.08) | (0.06) | (0.04) | (0.03) | 0.01 |
Net realized and unrealized gain/(loss) on investments | (3.81) | 3.48 | 4.25 | 1.85 | 0.88 | 2.66 |
Total from investment operations | (3.82) | 3.40 | 4.19 | 1.81 | 0.85 | 2.67 |
Less Distributions | ||||||
Dividends from net investment income | — | — | — | — | — | — |
Distributions from net realized capital gains | (5.42) | (1.93) | (2.17) | (1.78) | (1.22) | — |
Total distributions | (5.42) | (1.93) | (2.17) | (1.78) | (1.22) | — |
Net asset value end of period | 5.16 | 14.40 | 12.93 | 10.91 | 10.88 | 11.25 |
Net assets end of period (000s) | $35,419 | $64,310 | $64,242 | $31,265 | $144,137 | $127,446 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (37.24)%c | 27.41% | 46.03% | 21.38% | 8.02% | 31.12% |
Ratio of total expenses to average net assets^ | 0.83d | 0.85 | 0.83 | 0.82 | 0.80 | 0.81 |
Ratio of net expenses to average net assetsa | 0.50d | 0.74 | 0.79 | 0.81 | 0.80 | 0.81 |
Ratio of net investment income/(loss) to average net assetsa | (0.15)d | (0.56) | (0.53) | (0.37) | (0.28) | 0.07 |
Portfolio turnover | 41c | 182 | 113 | 70 | 85 | 87 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021i | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $13.08 | $11.93 | $10.26 | $10.37 | $10.81 | $8.27 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.02) | (0.11) | (0.08) | (0.06) | (0.06) | (0.04) |
Net realized and unrealized gain/(loss) on investments | (3.31) | 3.19 | 3.92 | 1.73 | 0.84 | 2.58 |
Total from investment operations | (3.33) | 3.08 | 3.84 | 1.67 | 0.78 | 2.54 |
Less Distributions | ||||||
Dividends from net investment income | — | — | — | — | — | — |
Distributions from net realized capital gains | (5.42) | (1.93) | (2.17) | (1.78) | (1.22) | — |
Total distributions | (5.42) | (1.93) | (2.17) | (1.78) | (1.22) | — |
Net asset value end of period | 4.33 | 13.08 | 11.93 | 10.26 | 10.37 | 10.81 |
Net assets end of period (000s) | $3,165 | $5,518 | $3,666 | $2,687 | $26,936 | $110,114 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (37.25)%c | 26.98% | 45.42% | 21.04% | 7.68% | 30.71% |
Ratio of total expenses to average net assets^ | 1.16d | 1.17 | 1.16 | 1.15 | 1.13 | 1.13 |
Ratio of net expenses to average net assetsa | 0.83d | 1.06 | 1.12 | 1.14 | 1.12 | 1.12 |
Ratio of net investment income/(loss) to average net assetsa | (0.48)d | (0.88) | (0.84) | (0.66) | (0.55) | (0.45) |
Portfolio turnover | 41c | 182 | 113 | 70 | 85 | 87 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
123
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021i | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$14.31 | $12.87 | $10.88 | $10.86 | $11.24 | $8.58 |
(0.01) | (0.09) | (0.06) | (0.05) | (0.04) | (0.01) |
(3.77) | 3.46 | 4.22 | 1.85 | 0.88 | 2.67 |
(3.78) | 3.37 | 4.16 | 1.80 | 0.84 | 2.66 |
— | — | — | — | — | — |
(5.42) | (1.93) | (2.17) | (1.78) | (1.22) | — |
(5.42) | (1.93) | (2.17) | (1.78) | (1.22) | — |
5.11 | 14.31 | 12.87 | 10.88 | 10.86 | 11.24 |
$92,225 | $220,842 | $236,863 | $198,544 | $158,680 | $145,914 |
(37.15)%c | 27.29% | 45.84% | 21.32% | 7.94% | 31.00% |
0.91d | 0.93 | 0.91 | 0.90 | 0.88 | 0.88 |
0.58d | 0.82 | 0.87 | 0.89 | 0.87 | 0.87 |
(0.23)d | (0.64) | (0.58) | (0.48) | (0.36) | (0.14) |
41c | 182 | 113 | 70 | 85 | 87 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021i | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$12.36 | $11.37 | $9.88 | $10.07 | $10.54 | $8.07 |
(0.02) | (0.12) | (0.09) | (0.08) | (0.08) | (0.04) |
(3.05) | 3.04 | 3.75 | 1.67 | 0.83 | 2.51 |
(3.07) | 2.92 | 3.66 | 1.59 | 0.75 | 2.47 |
— | — | — | — | — | — |
(5.42) | (1.93) | (2.17) | (1.78) | (1.22) | — |
(5.42) | (1.93) | (2.17) | (1.78) | (1.22) | — |
3.87 | 12.36 | 11.37 | 9.88 | 10.07 | 10.54 |
$22,121 | $56,531 | $36,399 | $20,891 | $16,929 | $20,121 |
37.33%c | 26.88% | 45.32% | 20.83% | 7.57% | 30.61% |
1.27d | 1.29 | 1.28 | 1.27 | 1.25 | 1.25 |
0.94d | 1.17 | 1.24 | 1.26 | 1.24 | 1.24 |
(0.58)d | (0.99) | (0.96) | (0.85) | (0.72) | (0.48) |
41c | 182 | 113 | 70 | 85 | 87 |
124
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $13.83 | $10.25 | $11.17 | $10.41 | $11.79 | $9.77 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.10 | 0.21 | 0.14 | 0.26 | 0.21 | 0.14 |
Net realized and unrealized gain/(loss) on investments | (1.76) | 3.50 | (0.81) | 0.92 | (1.19) | 2.01 |
Total from investment operations | (1.66) | 3.71 | (0.67) | 1.18 | (0.98) | 2.15 |
Less Distributions | ||||||
Dividends from net investment income | (0.23) | (0.13) | (0.25) | (0.13) | (0.12) | (0.13) |
Distributions from net realized capital gains | (0.72) | — | — | (0.29) | (0.28) | — |
Total distributions | (0.95) | (0.13) | (0.25) | (0.42) | (0.40) | (0.13) |
Net asset value end of period | 11.22 | 13.83 | 10.25 | 11.17 | 10.41 | 11.79 |
Net assets end of period (000s) | $632,105 | $853,454 | $533,318 | $499,288 | $420,056 | $92,442 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (12.58)%c | 36.32% | (6.25)% | 11.99% | (8.55)% | 22.35% |
Ratio of total expenses to average net assets^ | 0.85d | 0.84 | 0.85 | 0.87 | 0.90 | 0.99 |
Ratio of net expenses to average net assetsa | 0.72d | 0.71 | 0.70 | 0.68 | 0.74 | 0.77 |
Ratio of net investment income/(loss) to average net assetsa | 1.59d | 1.54 | 1.32 | 2.42 | 1.87 | 1.27 |
Portfolio turnover | 14c | 51 | 25 | 22 | 42 | 46 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $13.77 | $10.22 | $11.14 | $10.39 | $11.76 | $9.75 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.08 | 0.16 | 0.10 | 0.22 | 0.22 | 0.14 |
Net realized and unrealized gain/(loss) on investments | (1.75) | 3.48 | (0.80) | 0.92 | (1.22) | 1.97 |
Total from investment operations | (1.67) | 3.64 | (0.70) | 1.14 | (1.00) | 2.11 |
Less Distributions | ||||||
Dividends from net investment income | (0.19) | (0.09) | (0.22) | (0.10) | (0.09) | (0.10) |
Distributions from net realized capital gains | (0.72) | — | — | (0.29) | (0.28) | — |
Total distributions | (0.91) | (0.09) | (0.22) | (0.39) | (0.37) | (0.10) |
Net asset value end of period | 11.19 | 13.77 | 10.22 | 11.14 | 10.39 | 11.76 |
Net assets end of period (000s) | $8,631 | $9,213 | $6,446 | $6,800 | $5,734 | $310 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (12.69)%c | 35.76% | (6.54)% | 11.58% | (8.76)% | 21.91% |
Ratio of total expenses to average net assets^ | 1.18d | 1.17 | 1.18 | 1.20 | 1.23 | 1.32 |
Ratio of net expenses to average net assetsa | 1.05d | 1.04 | 1.03 | 1.01 | 1.06 | 1.10 |
Ratio of net investment income/(loss) to average net assetsa | 1.35d | 1.17 | 0.99 | 2.06 | 1.96 | 1.29 |
Portfolio turnover | 14c | 51 | 25 | 22 | 42 | 46 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
125
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$13.82 | $10.25 | $11.17 | $10.41 | $11.79 | $9.77 |
0.10 | 0.19 | 0.13 | 0.25 | 0.20 | 0.17 |
(1.76) | 3.50 | (0.81) | 0.92 | (1.18) | 1.98 |
(1.66) | 3.69 | (0.68) | 1.17 | (0.98) | 2.15 |
(0.22) | (0.12) | (0.24) | (0.12) | (0.12) | (0.13) |
(0.72) | — | — | (0.29) | (0.28) | — |
(0.94) | (0.12) | (0.24) | (0.41) | (0.40) | (0.13) |
11.22 | 13.82 | 10.25 | 11.17 | 10.41 | 11.79 |
$308,917 | $332,503 | $247,212 | $257,860 | $238,470 | $225,473 |
(12.59)%c | 36.12% | (6.33)% | 11.90% | (8.62)% | 22.29% |
0.93d | 0.92 | 0.93 | 0.95 | 0.98 | 1.07 |
0.80d | 0.79 | 0.78 | 0.76 | 0.82 | 0.85 |
1.62d | 1.43 | 1.25 | 2.34 | 1.72 | 1.59 |
14c | 51 | 25 | 22 | 42 | 46 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$13.70 | $10.17 | $11.08 | $10.33 | $11.71 | $9.74 |
0.08 | 0.14 | 0.09 | 0.21 | 0.15 | 0.14 |
(1.75) | 3.47 | (0.80) | 0.91 | (1.17) | 1.96 |
(1.67) | 3.61 | (0.71) | 1.12 | (1.02) | 2.10 |
(0.17) | (0.08) | (0.20) | (0.08) | (0.08) | (0.13) |
(0.72) | — | — | (0.29) | (0.28) | — |
(0.89) | (0.08) | (0.20) | (0.37) | (0.36) | (0.13) |
11.14 | 13.70 | 10.17 | 11.08 | 10.33 | 11.71 |
$8,966 | $10,072 | $7,037 | $9,122 | $5,456 | $5,195 |
(12.73)%c | 35.56% | (6.58)% | 11.43% | (8.93)% | 21.82% |
1.29d | 1.29 | 1.30 | 1.32 | 1.35 | 1.44 |
1.16d | 1.15 | 1.15 | 1.13 | 1.19 | 1.22 |
1.22d | 1.07 | 0.86 | 1.99 | 1.34 | 1.31 |
14c | 51 | 25 | 22 | 42 | 46 |
126
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR EMERGING MARKETS EQUITY FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020p | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $11.15 | $10.89 | $11.01 | $9.57 | $10.83 | $8.59 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.03 | 0.14 | 0.07 | 0.21 | 0.12 | 0.13 |
Net realized and unrealized gain/(loss) on investments | (1.61) | 3.52 | (0.02) | 1.32 | (1.27) | 2.21 |
Total from investment operations | (1.58) | 3.66 | 0.05 | 1.53 | (1.15) | 2.34 |
Less Distributions | ||||||
Dividends from net investment income | (0.09) | (0.13) | (0.17) | (0.09) | (0.11) | (0.10) |
Distributions from net realized capital gains | (3.22) | (3.27) | — | — | — | — |
Total distributions | (3.31) | (3.40) | (0.17) | (0.09) | (0.11) | (0.10) |
Net asset value end of period | 6.26 | 11.15 | 10.89 | 11.01 | 9.57 | 10.83 |
Net assets end of period (000s) | $2,022 | $18,760 | $28,935 | $49,052 | $12,146 | $4,232 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (18.14)%c | 35.64% | 0.36% | 16.21% | (10.71)% | 27.62% |
Ratio of total expenses to average net assets^ | 1.73d | 1.47 | 1.25 | 1.22 | 1.26 | 1.35 |
Ratio of net expenses to average net assetsa | 0.88d | 0.88 | 0.93 | 1.02 | 1.07 | 1.08 |
Ratio of net investment income/(loss) to average net assetsa | 0.65d | 1.24 | 0.63 | 2.05 | 1.16 | 1.32 |
Portfolio turnover | 16c | 103 | 122 | 53 | 56 | 59 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020p | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $11.46 | $11.15 | $11.14 | $9.55 | $10.80 | $8.58 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.01 | 0.11 | (0.01) | 0.02 | 0.08 | 0.08 |
Net realized and unrealized gain/(loss) on investments | (1.65) | 3.58 | 0.02 | 1.62 | (1.25) | 2.22 |
Total from investment operations | (1.64) | 3.69 | 0.01 | 1.64 | (1.17) | 2.30 |
Less Distributions | ||||||
Dividends from net investment income | (0.05) | (0.11) | — | (0.05) | (0.08) | (0.08) |
Distributions from net realized capital gains | (3.22) | (3.27) | — | — | — | — |
Total distributions | (3.27) | (3.38) | — | (0.05) | (0.08) | (0.08) |
Net asset value end of period | 6.55 | 11.46 | 11.15 | 11.14 | 9.55 | 10.80 |
Net assets end of period (000s) | $17 | $20 | $21 | $5 | $249 | $275 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (18.14)%c | 34.96% | 0.09% | 17.30% | (10.91)% | 27.04% |
Ratio of total expenses to average net assets^ | 2.06d | 1.80 | 1.56 | 1.54 | 1.59 | 1.68 |
Ratio of net expenses to average net assetsa | 1.21d | 1.21 | 1.25 | 1.40 | 1.40 | 1.40 |
Ratio of net investment income/(loss) to average net assetsa | 0.29d | 0.94 | (0.12) | 0.16 | 0.77 | 0.85 |
Portfolio turnover | 16c | 103 | 122 | 53 | 56 | 59 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
127
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020p | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$11.16 | $10.89 | $11.01 | $9.57 | $10.83 | $8.59 |
0.02 | 0.14 | 0.08 | 0.12 | 0.14 | 0.11 |
(1.60) | 3.49 | (0.04) | 1.41 | (1.30) | 2.22 |
(1.58) | 3.63 | 0.04 | 1.53 | (1.16) | 2.33 |
(0.08) | (0.09) | (0.16) | (0.09) | (0.10) | (0.09) |
(3.22) | (3.27) | — | — | — | — |
(3.30) | (3.36) | (0.16) | (0.09) | (0.10) | (0.09) |
6.28 | 11.16 | 10.89 | 11.01 | 9.57 | 10.83 |
$12,133 | $18,810 | $16,009 | $49,891 | $58,271 | $51,849 |
(18.07)%c | 35.37% | 0.28% | 16.13% | (10.77)% | 27.54% |
1.81d | 1.55 | 1.33 | 1.30 | 1.34 | 1.43 |
0.96d | 0.96 | 1.01 | 1.12 | 1.15 | 1.15 |
0.54d | 1.23 | 0.74 | 1.13 | 1.28 | 1.13 |
16c | 103 | 122 | 53 | 56 | 59 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020p | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$11.09 | $10.85 | $10.96 | $9.53 | $10.78 | $8.56 |
0.01 | 0.10 | 0.01 | 0.09 | 0.09 | 0.07 |
(1.59) | 3.49 | —* | 1.39 | (1.27) | 2.22 |
(1.58) | 3.59 | 0.01 | 1.48 | (1.18) | 2.29 |
(0.05) | (0.08) | (0.12) | (0.05) | (0.07) | (0.07) |
(3.22) | (3.27) | — | — | — | — |
(3.27) | (3.35) | (0.12) | (0.05) | (0.07) | (0.07) |
6.24 | 11.09 | 10.85 | 10.96 | 9.53 | 10.78 |
$4,671 | $6,839 | $4,561 | $519 | $614 | $700 |
(18.28)%c | 34.94% | —% | 15.56% | (11.03)% | 27.00% |
2.17d | 1.91 | 1.69 | 1.67 | 1.71 | 1.80 |
1.32d | 1.32 | 1.37 | 1.49 | 1.52 | 1.52 |
0.20d | 0.85 | 0.14 | 0.87 | 0.82 | 0.75 |
16c | 103 | 122 | 53 | 56 | 59 |
128
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR FOCUSED INTERNATIONAL FUND | ||||||||
Retirement Class | Institutional Class | |||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | 6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019l | 2021 | 2020 | 2019l | |||
(Unaudited) | (Unaudited) | |||||||
Net asset value beginning of period | $14.40 | $11.94 | $10.78 | $10.00 | $14.39 | $11.93 | $10.78 | $10.00 |
Income from Investment Operations | ||||||||
Net investment income/(loss)a,e | 0.01 | 0.03 | 0.06 | 0.03 | 0.01 | 0.02 | 0.05 | 0.02 |
Net realized and unrealized gain/(loss) on investments | (2.93) | 2.61 | 1.17 | 0.75 | (2.93) | 2.61 | 1.16 | 0.76 |
Total from investment operations | (2.92) | 2.64 | 1.23 | 0.78 | (2.92) | 2.63 | 1.21 | 0.78 |
Less Distributions | ||||||||
Dividends from net investment income | (0.02) | (0.04) | (0.02) | — | (0.01) | (0.03) | (0.01) | — |
Distributions from net realized capital gains | (0.54) | (0.14) | (0.05) | — | (0.54) | (0.14) | (0.05) | — |
Total distributions | (0.56) | (0.18) | (0.07) | — | (0.55) | (0.17) | (0.06) | — |
Net asset value end of period | 10.92 | 14.40 | 11.94 | 10.78 | 10.92 | 14.39 | 11.93 | 10.78 |
Net assets end of period (000s) | $18,508 | $22,546 | $17,928 | $13,696 | $17,788 | $25,276 | $20,040 | $13,833 |
Ratios and Supplemental Data (%) | ||||||||
Total returnb | (21.04)%c | 22.25% | 11.46% | 7.80%c | (21.04)%c | 22.10% | 11.40% | 7.80%c |
Ratio of total expenses to average net assets^ | 1.03d | 1.01 | 1.01 | 2.15d | 1.12d | 1.09 | 1.09 | 2.23d |
Ratio of net expenses to average net assetsa | 0.77d | 0.77 | 0.77 | 0.77d | 0.85d | 0.85 | 0.85 | 0.85d |
Ratio of net investment income/(loss) to average net assetsa | 0.22d | 0.23 | 0.50 | 0.60d | 0.12d | 0.15 | 0.41 | 0.52d |
Portfolio turnover | 30c | 46 | 33 | 37c | 30c | 46 | 33 | 37c |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
129
Investor Class | |||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||
2021 | 2020 | 2019l | |
(Unaudited) | |||
$14.31 | $11.89 | $10.76 | $10.00 |
(0.02) | (0.03) | 0.01 | 0.01 |
(2.90) | 2.59 | 1.17 | 0.75 |
(2.92) | 2.56 | 1.18 | 0.76 |
— | — | — | — |
(0.54) | (0.14) | (0.05) | — |
(0.54) | (0.14) | (0.05) | — |
10.85 | 14.31 | 11.89 | 10.76 |
$38 | $113 | $39 | $34 |
(21.14)%c | 21.65% | 11.03% | 7.60%c |
1.47d | 1.45 | 1.46 | 2.60d |
1.21d | 1.21 | 1.22 | 1.22d |
(0.37)d | (0.20) | 0.08 | 0.15d |
30c | 46 | 33 | 37c |
130
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR GLOBAL LEADERS FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017m | ||
(Unaudited) | ||||||
Net asset value beginning of period | $41.81 | $33.89 | $30.81 | $25.52 | $25.33 | $20.29 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.06) | (0.09) | 0.02 | 0.13 | 0.02 | 0.08 |
Net realized and unrealized gain/(loss) on investments | (10.23) | 10.84 | 4.89 | 5.76 | 2.40 | 4.96 |
Total from investment operations | (10.29) | 10.75 | 4.91 | 5.89 | 2.42 | 5.04 |
Less Distributions | ||||||
Dividends from net investment income | — | — | (0.09) | — | (0.03) | — |
Distributions from net realized capital gains | (3.70) | (2.83) | (1.74) | (0.60) | (2.20) | — |
Total distributions | (3.70) | (2.83) | (1.83) | (0.60) | (2.23) | — |
Net asset value end of period | 27.82 | 41.81 | 33.89 | 30.81 | 25.52 | 25.33 |
Net assets end of period (000s) | $18,234 | $24,324 | $17,703 | $12,245 | $6,846 | $4,376 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (26.23)%c | 33.12% | 16.56% | 23.72% | 10.01% | 24.84% |
Ratio of total expenses to average net assets^ | 0.87d | 0.87 | 0.90 | 0.92 | 0.96 | 1.13 |
Ratio of net expenses to average net assetsa | 0.78d | 0.78 | 0.78 | 0.80 | 0.82 | 0.83 |
Ratio of net investment income/(loss) to average net assetsa | (0.36)d | (0.24) | 0.07 | 0.46 | 0.09 | 0.32 |
Portfolio turnover | 16c | 27 | 55 | 47 | 20 | 123 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017m | ||
(Unaudited) | ||||||
Net asset value beginning of period | $40.63 | $33.10 | $30.15 | $25.06 | $24.97 | $20.06 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.11) | (0.22) | (0.08) | 0.06 | (0.05) | (0.04) |
Net realized and unrealized gain/(loss) on investments | (9.91) | 10.58 | 4.77 | 5.63 | 2.34 | 4.95 |
Total from investment operations | (10.02) | 10.36 | 4.69 | 5.69 | 2.29 | 4.91 |
Less Distributions | ||||||
Dividends from net investment income | — | — | — | — | — | — |
Distributions from net realized capital gains | (3.70) | (2.83) | (1.74) | (0.60) | (2.20) | — |
Total distributions | (3.70) | (2.83) | (1.74) | (0.60) | (2.20) | — |
Net asset value end of period | 26.91 | 40.63 | 33.10 | 30.15 | 25.06 | 24.97 |
Net assets end of period (000s) | $1,191 | $1,757 | $2,067 | $3,050 | $1,111 | $1,204 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (26.34)%c | 32.71% | 16.13% | 23.35% | 9.61% | 24.48% |
Ratio of total expenses to average net assets^ | 1.20d | 1.20 | 1.23 | 1.25 | 1.29 | 1.46 |
Ratio of net expenses to average net assetsa | 1.11d | 1.11 | 1.11 | 1.13 | 1.15 | 1.15 |
Ratio of net investment income/(loss) to average net assetsa | (0.70)d | (0.58) | (0.25) | 0.22 | (0.21) | (0.13) |
Portfolio turnover | 16c | 27 | 55 | 47 | 20 | 123 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
131
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017m | |
(Unaudited) | |||||
$41.67 | $33.80 | $30.75 | $25.49 | $25.31 | $20.29 |
(0.08) | (0.13) | —* | 0.11 | 0.01 | 0.03 |
(10.18) | 10.83 | 4.86 | 5.75 | 2.38 | 4.99 |
(10.26) | 10.70 | 4.86 | 5.86 | 2.39 | 5.02 |
— | — | (0.07) | — | (0.01) | — |
(3.70) | (2.83) | (1.74) | (0.60) | (2.20) | — |
(3.70) | (2.83) | (1.81) | (0.60) | (2.21) | — |
27.71 | 41.67 | 33.80 | 30.75 | 25.49 | 25.31 |
$51,392 | $90,307 | $78,120 | $72,429 | $33,574 | $29,034 |
(26.25)%c | 33.02% | 16.46% | 23.63% | 9.90% | 24.74% |
0.95d | 0.95 | 0.98 | 1.00 | 1.04 | 1.21 |
0.86d | 0.86 | 0.86 | 0.88 | 0.90 | 0.90 |
(0.45)d | (0.33) | 0.01 | 0.37 | 0.03 | 0.14 |
16c | 27 | 55 | 47 | 20 | 123 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017m | |
(Unaudited) | |||||
$39.90 | $32.59 | $29.74 | $24.76 | $24.72 | $19.89 |
(0.13) | (0.25) | (0.11) | (0.01) | (0.09) | (0.06) |
(9.71) | 10.39 | 4.70 | 5.59 | 2.33 | 4.89 |
(9.84) | 10.14 | 4.59 | 5.58 | 2.24 | 4.83 |
— | — | — | — | — | — |
(3.70) | (2.83) | (1.74) | (0.60) | (2.20) | — |
(3.70) | (2.83) | (1.74) | (0.60) | (2.20) | — |
26.36 | 39.90 | 32.59 | 29.74 | 24.76 | 24.72 |
$14,523 | $26,160 | $20,865 | $18,748 | $12,416 | $11,364 |
(26.37)%c | 32.53% | 16.01% | 23.18% | 9.50% | 24.28% |
1.31d | 1.31 | 1.35 | 1.37 | 1.41 | 1.58 |
1.22d | 1.22 | 1.23 | 1.25 | 1.27 | 1.27 |
(0.81)d | (0.69) | (0.35) | (0.03) | (0.35) | (0.25) |
16c | 27 | 55 | 47 | 20 | 123 |
132
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR HIGH-YIELD BOND FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $9.95 | $9.55 | $9.88 | $9.69 | $10.22 | $10.00 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.20 | 0.42 | 0.47 | 0.54 | 0.54 | 0.55 |
Net realized and unrealized gain/(loss) on investments | (0.79) | 0.49 | (0.28) | 0.22 | (0.49) | 0.25 |
Total from investment operations | (0.59) | 0.91 | 0.19 | 0.76 | 0.05 | 0.80 |
Less Distributions | ||||||
Dividends from net investment income | (0.23) | (0.51) | (0.52) | (0.57) | (0.58) | (0.58) |
Distributions from net realized capital gains | — | — | — | — | — | — |
Total distributions | (0.23) | (0.51) | (0.52) | (0.57) | (0.58) | (0.58) |
Proceeds from redemption fees | N/A | —* | —* | —* | —* | —* |
Net asset value end of period | 9.13 | 9.95 | 9.55 | 9.88 | 9.69 | 10.22 |
Net assets end of period (000s) | $70,057 | $83,594 | $114,145 | $73,676 | $303,627 | $41,975 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (6.02)%c | 9.64% | 2.18% | 8.13% | 0.54% | 8.23% |
Ratio of total expenses to average net assets^ | 0.68d | 0.66 | 0.66 | 0.65 | 0.61 | 0.65 |
Ratio of net expenses to average net assetsa | 0.58d | 0.56 | 0.56 | 0.56 | 0.53 | 0.61 |
Ratio of net investment income/(loss) to average net assetsa | 4.22d | 4.21 | 4.88 | 5.53 | 5.50 | 5.44 |
Portfolio turnover | 52c | 126 | 128 | 80 | 53 | 56 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $10.00 | $9.59 | $9.92 | $9.71 | $10.25 | $10.01 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.19 | 0.39 | 0.44 | 0.50 | 0.52 | 0.53 |
Net realized and unrealized gain/(loss) on investments | (0.81) | 0.50 | (0.28) | 0.25 | (0.51) | 0.25 |
Total from investment operations | (0.62) | 0.89 | 0.16 | 0.75 | 0.01 | 0.78 |
Less Distributions | ||||||
Dividends from net investment income | (0.21) | (0.48) | (0.49) | (0.54) | (0.55) | (0.54) |
Distributions from net realized capital gains | N/A | — | — | — | — | — |
Total distributions | (0.21) | (0.48) | (0.49) | (0.54) | (0.55) | (0.54) |
Proceeds from redemption fees | — | —* | —* | —* | —* | —* |
Net asset value end of period | 9.17 | 10.00 | 9.59 | 9.92 | 9.71 | 10.25 |
Net assets end of period (000s) | $435 | $715 | $668 | $686 | $1,374 | $1,753 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (6.25)%c | 9.35% | 1.82% | 7.91% | 0.10% | 7.98% |
Ratio of total expenses to average net assets^ | 1.01d | 0.99 | 0.99 | 0.98 | 0.94 | 0.97 |
Ratio of net expenses to average net assetsa | 0.91d | 0.89 | 0.90 | 0.89 | 0.86 | 0.92 |
Ratio of net investment income/(loss) to average net assetsa | 3.87d | 3.85 | 4.60 | 5.13 | 5.18 | 5.20 |
Portfolio turnover | 52c | 126 | 128 | 80 | 53 | 56 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
133
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$9.95 | $9.55 | $9.88 | $9.68 | $10.21 | $9.99 |
0.20 | 0.41 | 0.46 | 0.52 | 0.54 | 0.55 |
(0.79) | 0.49 | (0.28) | 0.25 | (0.51) | 0.24 |
(0.59) | 0.90 | 0.18 | 0.77 | 0.03 | 0.79 |
(0.23) | (0.50) | (0.51) | (0.57) | (0.57) | (0.57) |
— | — | — | — | — | — |
(0.23) | (0.50) | (0.51) | (0.57) | (0.57) | (0.57) |
N/A | —* | —* | —* | 0.01 | —* |
9.13 | 9.95 | 9.55 | 9.88 | 9.68 | 10.21 |
$208,552 | $254,241 | $287,242 | $398,320 | $470,204 | $1,387,213 |
(6.06)%c | 9.55% | 2.09% | 8.16% | 0.45% | 8.16% |
0.76d | 0.74 | 0.74 | 0.73 | 0.69 | 0.72 |
0.66d | 0.64 | 0.65 | 0.64 | 0.62 | 0.67 |
4.13d | 4.12 | 4.86 | 5.35 | 5.40 | 5.43 |
52c | 126 | 128 | 80 | 53 | 56 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$9.99 | $9.57 | $9.91 | $9.71 | $10.24 | $10.01 |
0.18 | 0.38 | 0.43 | 0.49 | 0.50 | 0.52 |
(0.80) | 0.50 | (0.29) | 0.24 | (0.49) | 0.24 |
(0.62) | 0.88 | 0.14 | 0.73 | 0.01 | 0.76 |
(0.21) | (0.46) | (0.48) | (0.53) | (0.54) | (0.53) |
N/A | — | — | — | — | — |
(0.21) | (0.46) | (0.48) | (0.53) | (0.54) | (0.53) |
— | —* | —* | —* | —* | —* |
9.16 | 9.99 | 9.57 | 9.91 | 9.71 | 10.24 |
$19,880 | $22,845 | $25,613 | $18,993 | $31,549 | $42,753 |
(6.30)%c | 9.31% | 1.59% | 7.72% | 0.08% | 7.79% |
1.12d | 1.11 | 1.11 | 1.10 | 1.06 | 1.09 |
1.02d | 1.01 | 1.01 | 1.01 | 0.98 | 1.04 |
3.79d | 3.75 | 4.44 | 5.00 | 5.05 | 5.08 |
52c | 126 | 128 | 80 | 53 | 56 |
134
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR INTERNATIONAL FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018n | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $48.47 | $36.52 | $39.00 | $58.31 | $69.91 | $60.32 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.52 | 0.72 | 0.91 | 0.91 | 1.21 | 0.94 |
Net realized and unrealized gain/(loss) on investments | (6.90) | 11.73 | (2.10) | 1.62 | (8.51) | 9.85 |
Total from investment operations | (6.38) | 12.45 | (1.19) | 2.53 | (7.30) | 10.79 |
Less Distributions | ||||||
Dividends from net investment income | (1.05) | (0.50) | (1.29) | (0.97) | (1.30) | (1.20) |
Distributions from net realized capital gains | — | — | — | (20.87) | (3.00) | — |
Total distributions | (1.05) | (0.50) | (1.29) | (21.84) | (4.30) | (1.20) |
Net asset value end of period | 41.04 | 48.47 | 36.52 | 39.00 | 58.31 | 69.91 |
Net assets end of period (000s) | $473,882 | $872,647 | $871,743 | $1,299,776 | $2,703,360 | $2,657,442 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (13.36)%c | 34.23% | (3.35)% | 10.29% | (11.24)% | 18.30% |
Ratio of total expenses to average net assets^ | 0.81d | 0.81 | 1.61r | 0.80 | 0.74 | 0.74 |
Ratio of net expenses to average net assetsa | 0.69d | 0.69 | 0.69r | 0.67 | 0.64 | 0.73 |
Ratio of net investment income/(loss) to average net assetsa | 2.32d | 1.55 | 2.52r | 2.33 | 1.80 | 1.42 |
Portfolio turnover | 7c | 21 | 12 | 12 | 64 | 13 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018n | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $48.95 | $36.78 | $39.26 | $58.08 | $69.57 | $59.99 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.50 | 0.57 | 0.47 | 0.76 | 0.88 | 0.79 |
Net realized and unrealized gain/(loss) on investments | (7.03) | 11.84 | (1.81) | 1.70 | (8.37) | 9.77 |
Total from investment operations | (6.53) | 12.41 | (1.34) | 2.46 | (7.49) | 10.56 |
Less Distributions | ||||||
Dividends from net investment income | (0.87) | (0.24) | (1.14) | (0.41) | (1.00) | (0.98) |
Distributions from net realized capital gains | — | — | — | (20.87) | (3.00) | — |
Total distributions | (0.87) | (0.24) | (1.14) | (21.28) | (4.00) | (0.98) |
Net asset value end of period | 41.55 | 48.95 | 36.78 | 39.26 | 58.08 | 69.57 |
Net assets end of period (000s) | $12,520 | $15,464 | $15,825 | $70,981 | $90,009 | $398,584 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (13.51)%c | 33.80% | (3.67)% | 9.94% | (11.53)% | 17.93% |
Ratio of total expenses to average net assets^ | 1.14d | 1.14 | 1.65r | 1.13 | 1.07 | 1.06 |
Ratio of net expenses to average net assetsa | 1.02d | 1.02 | 1.02r | 1.00 | 0.97 | 1.05 |
Ratio of net investment income/(loss) to average net assetsa | 2.19d | 1.22 | 1.25r | 1.94 | 1.30 | 1.22 |
Portfolio turnover | 7c | 21 | 12 | 12 | 64 | 13 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
135
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018n | 2017 | |
(Unaudited) | |||||
$48.64 | $36.64 | $39.12 | $58.31 | $69.90 | $60.30 |
0.56 | 0.70 | 0.92 | 0.84 | 1.04 | 0.97 |
(6.98) | 11.76 | (2.15) | 1.67 | (8.39) | 9.79 |
(6.42) | 12.46 | (1.23) | 2.51 | (7.35) | 10.76 |
(1.01) | (0.46) | (1.25) | (0.83) | (1.24) | (1.16) |
— | — | — | (20.87) | (3.00) | — |
(1.01) | (0.46) | (1.25) | (21.70) | (4.24) | (1.16) |
41.21 | 48.64 | 36.64 | 39.12 | 58.31 | 69.90 |
$2,803,673 | $3,307,683 | $2,750,824 | $3,814,616 | $8,577,147 | $27,401,853 |
(13.39)%c | 34.15% | (3.43)% | 10.18% | (11.31)% | 18.24% |
0.89d | 0.89 | 1.76r | 0.88 | 0.82 | 0.81 |
0.77d | 0.77 | 0.77r | 0.75 | 0.72 | 0.80 |
2.48d | 1.50 | 2.52r | 2.11 | 1.53 | 1.51 |
7c | 21 | 12 | 12 | 64 | 13 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018n | 2017 | |
(Unaudited) | |||||
$48.08 | $36.22 | $38.65 | $57.66 | $69.14 | $59.61 |
0.46 | 0.52 | 0.75 | 0.70 | 0.81 | 0.72 |
(6.90) | 11.64 | (2.12) | 1.65 | (8.33) | 9.71 |
(6.44) | 12.16 | (1.37) | 2.35 | (7.52) | 10.43 |
(0.83) | (0.30) | (1.06) | (0.49) | (0.96) | (0.90) |
— | — | — | (20.87) | (3.00) | — |
(0.83) | (0.30) | (1.06) | (21.36) | (3.96) | (0.90) |
40.81 | 48.08 | 36.22 | 38.65 | 57.66 | 69.14 |
$298,098 | $374,773 | $323,686 | $510,270 | $895,711 | $1,798,228 |
(13.56)%c | 33.66% | (3.79)% | 9.80% | (11.65)% | 17.79% |
1.25d | 1.25 | 2.10r | 1.25 | 1.19 | 1.18 |
1.13d | 1.14 | 1.14r | 1.12 | 1.09 | 1.17 |
2.05d | 1.13 | 2.06r | 1.80 | 1.21 | 1.13 |
7c | 21 | 12 | 12 | 64 | 13 |
136
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR INTERNATIONAL GROWTH FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $23.53 | $19.10 | $16.14 | $13.70 | $15.71 | $12.90 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.01) | 0.02 | 0.03 | 0.30 | 0.17 | 0.17 |
Net realized and unrealized gain/(loss) on investments | (6.57) | 4.56 | 3.25 | 2.25 | (1.99) | 2.81 |
Total from investment operations | (6.58) | 4.58 | 3.28 | 2.55 | (1.82) | 2.98 |
Less Distributions | ||||||
Dividends from net investment income | (0.14) | (0.15) | (0.32) | (0.11) | (0.19) | (0.17) |
Distributions from net realized capital gains | (1.73) | — | — | — | — | — |
Total distributions | (1.87) | (0.15) | (0.32) | (0.11) | (0.19) | (0.17) |
Net asset value end of period | 15.08 | 23.53 | 19.10 | 16.14 | 13.70 | 15.71 |
Net assets end of period (000s) | $96,550 | $147,545 | $163,202 | $143,276 | $93,815 | $24,872 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (29.99)%c | 24.00% | 20.56% | 18.81% | (11.74)% | 23.52% |
Ratio of total expenses to average net assets^ | 0.82d | 0.81 | 0.83 | 0.83 | 0.81 | 0.84 |
Ratio of net expenses to average net assetsa | 0.77d | 0.77 | 0.77 | 0.77 | 0.77 | 0.77 |
Ratio of net investment income/(loss) to average net assetsa | (0.11)d | 0.08 | 0.19 | 2.01 | 1.07 | 1.19 |
Portfolio turnover | 5c | 12 | 24 | 16 | 17 | 13 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $23.42 | $19.05 | $16.10 | $13.66 | $15.67 | $12.87 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.04) | (0.06) | (0.02) | 0.22 | 0.08 | 0.09 |
Net realized and unrealized gain/(loss) on investments | (6.56) | 4.54 | 3.24 | 2.28 | (1.95) | 2.84 |
Total from investment operations | (6.60) | 4.48 | 3.22 | 2.50 | (1.87) | 2.93 |
Less Distributions | ||||||
Dividends from net investment income | (0.03) | (0.11) | (0.27) | (0.06) | (0.14) | (0.13) |
Distributions from net realized capital gains | (1.73) | — | — | — | — | — |
Total distributions | (1.76) | (0.11) | (0.27) | (0.06) | (0.14) | (0.13) |
Net asset value end of period | 15.06 | 23.42 | 19.05 | 16.10 | 13.66 | 15.67 |
Net assets end of period (000s) | $336 | $662 | $507 | $390 | $330 | $466 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (30.11)%c | 23.54% | 20.17% | 18.45% | (12.03)% | 23.08% |
Ratio of total expenses to average net assets^ | 1.15d | 1.14 | 1.16 | 1.16 | 1.14 | 1.16 |
Ratio of net expenses to average net assetsa | 1.10d | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 |
Ratio of net investment income/(loss) to average net assetsa | (0.45)d | (0.24) | (0.15) | 1.50 | 0.51 | 0.66 |
Portfolio turnover | 5c | 12 | 24 | 16 | 17 | 13 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
137
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$23.50 | $19.08 | $16.13 | $13.69 | $15.69 | $12.89 |
(0.02) | —* | 0.02 | 0.26 | 0.13 | 0.13 |
(6.57) | 4.55 | 3.24 | 2.28 | (1.95) | 2.84 |
(6.59) | 4.55 | 3.26 | 2.54 | (1.82) | 2.97 |
(0.12) | (0.13) | (0.31) | (0.10) | (0.18) | (0.17) |
(1.73) | — | — | — | — | — |
(1.85) | (0.13) | (0.31) | (0.10) | (0.18) | (0.17) |
15.06 | 23.50 | 19.08 | 16.13 | 13.69 | 15.69 |
$404,546 | $709,080 | $600,240 | $414,528 | $399,911 | $362,035 |
(30.05)%c | 23.92% | 20.42% | 18.73% | (11.75)% | 23.38% |
0.90d | 0.89 | 0.91 | 0.91 | 0.89 | 0.91 |
0.85d | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 |
(0.20)d | 0.01 | 0.11 | 1.75 | 0.84 | 0.92 |
5c | 12 | 24 | 16 | 17 | 13 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$23.30 | $18.93 | $16.00 | $13.58 | $15.57 | $12.79 |
(0.05) | (0.11) | (0.04) | 0.21 | 0.11 | 0.07 |
(6.53) | 4.54 | 3.22 | 2.26 | (1.98) | 2.82 |
(6.58) | 4.43 | 3.18 | 2.47 | (1.87) | 2.89 |
— | (0.06) | (0.25) | (0.05) | (0.12) | (0.11) |
(1.73) | — | — | — | — | — |
(1.73) | (0.06) | (0.25) | (0.05) | (0.12) | (0.11) |
14.99 | 23.30 | 18.93 | 16.00 | 13.58 | 15.57 |
$9,050 | $13,523 | $32,757 | $34,238 | $32,225 | $14,913 |
(30.14)%c | 23.41% | 20.06% | 18.29% | (12.12)% | 22.89% |
1.26d | 1.26 | 1.28 | 1.28 | 1.26 | 1.28 |
1.21d | 1.22 | 1.22 | 1.22 | 1.22 | 1.22 |
(0.55)d | (0.49) | (0.27) | 1.40 | 0.69 | 0.54 |
5c | 12 | 24 | 16 | 17 | 13 |
138
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR INTERNATIONAL SMALL CAP FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019o | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $16.39 | $11.37 | $12.49 | $12.38 | $13.90 | $10.77 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.11 | 0.28 | 0.07 | 0.24 | 0.17 | 0.08 |
Net realized and unrealized gain/(loss) on investments | (1.97) | 4.91 | (0.82) | 0.35 | (1.50) | 3.18 |
Total from investment operations | (1.86) | 5.19 | (0.75) | 0.59 | (1.33) | 3.26 |
Less Distributions | ||||||
Dividends from net investment income | (0.28) | (0.17) | (0.37) | (0.10) | (0.09) | (0.13) |
Distributions from net realized capital gains | (0.82) | — | — | (0.38) | (0.10) | — |
Total distributions | (1.10) | (0.17) | (0.37) | (0.48) | (0.19) | (0.13) |
Net asset value end of period | 13.43 | 16.39 | 11.37 | 12.49 | 12.38 | 13.90 |
Net assets end of period (000s) | $7,759 | $9,559 | $5,525 | $19,408 | $8,213 | $7,671 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (11.82)%c | 45.95% | (6.36)% | 5.23% | (9.71)% | 30.67% |
Ratio of total expenses to average net assets^ | 1.14d | 1.17 | 1.37 | 1.24 | 1.07 | 1.35 |
Ratio of net expenses to average net assetsa | 0.88d | 0.88 | 0.88 | 0.88 | 0.87 | 0.87 |
Ratio of net investment income/(loss) to average net assetsa | 1.49d | 1.79 | 0.64 | 1.98 | 1.19 | 0.60 |
Portfolio turnover | 21c | 43 | 39 | 178 | 53 | 44 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019o | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $16.33 | $11.34 | $12.46 | $12.34 | $13.87 | $10.75 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.10 | 0.20 | 0.06 | 0.15 | 0.11 | 0.07 |
Net realized and unrealized gain/(loss) on investments | (1.97) | 4.93 | (0.85) | 0.40 | (1.49) | 3.15 |
Total from investment operations | (1.87) | 5.13 | (0.79) | 0.55 | (1.38) | 3.22 |
Less Distributions | ||||||
Dividends from net investment income | (0.23) | (0.14) | (0.33) | (0.05) | (0.05) | (0.10) |
Distributions from net realized capital gains | (0.82) | — | — | (0.38) | (0.10) | — |
Total distributions | (1.05) | (0.14) | (0.33) | (0.43) | (0.15) | (0.10) |
Net asset value end of period | 13.41 | 16.33 | 11.34 | 12.46 | 12.34 | 13.87 |
Net assets end of period (000s) | $464 | $487 | $333 | $356 | $309 | $371 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (11.93)%c | 45.44% | (6.65)% | 4.90% | (10.06)% | 30.25% |
Ratio of total expenses to average net assets^ | 1.47d | 1.50 | 1.70 | 1.57 | 1.40 | 1.67 |
Ratio of net expenses to average net assetsa | 1.21d | 1.21 | 1.21 | 1.21 | 1.20 | 1.20 |
Ratio of net investment income/(loss) to average net assetsa | 1.32d | 1.30 | 0.49 | 1.25 | 0.76 | 0.59 |
Portfolio turnover | 21c | 43 | 39 | 178 | 53 | 44 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
139
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019o | 2018 | 2017 | |
(Unaudited) | |||||
$16.39 | $11.37 | $12.49 | $12.37 | $13.90 | $10.77 |
0.12 | 0.24 | 0.09 | 0.19 | 0.15 | 0.10 |
(1.99) | 4.95 | (0.86) | 0.40 | (1.50) | 3.15 |
(1.87) | 5.19 | (0.77) | 0.59 | (1.35) | 3.25 |
(0.27) | (0.17) | (0.35) | (0.09) | (0.08) | (0.12) |
(0.82) | — | — | (0.38) | (0.10) | — |
(1.09) | (0.17) | (0.35) | (0.47) | (0.18) | (0.12) |
13.43 | 16.39 | 11.37 | 12.49 | 12.37 | 13.90 |
$51,622 | $49,419 | $25,716 | $25,758 | $50,358 | $38,818 |
(11.89)%c | 45.87% | (6.48)% | 5.25% | (9.83)% | 30.59% |
1.22d | 1.25 | 1.45 | 1.32 | 1.15 | 1.42 |
0.96d | 0.96 | 0.96 | 0.96 | 0.95 | 0.95 |
1.59d | 1.53 | 0.76 | 1.60 | 1.05 | 0.81 |
21c | 43 | 39 | 178 | 53 | 44 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019o | 2018 | 2017 | |
(Unaudited) | |||||
$16.32 | $11.34 | $12.45 | $12.34 | $13.86 | $10.74 |
0.07 | 0.18 | 0.04 | 0.13 | 0.10 | 0.06 |
(1.96) | 4.93 | (0.84) | 0.40 | (1.48) | 3.14 |
(1.89) | 5.11 | (0.80) | 0.53 | (1.38) | 3.20 |
(0.23) | (0.13) | (0.31) | (0.04) | (0.04) | (0.08) |
(0.82) | — | — | (0.38) | (0.10) | — |
(1.05) | (0.13) | (0.31) | (0.42) | (0.14) | (0.08) |
13.38 | 16.32 | 11.34 | 12.45 | 12.34 | 13.86 |
$1,023 | $1,962 | $398 | $428 | $619 | $540 |
(12.03)%c | 45.25% | (6.76)% | 4.70% | (10.08)% | 30.10% |
1.58d | 1.61 | 1.82 | 1.69 | 1.52 | 1.79 |
1.32d | 1.32 | 1.33 | 1.33 | 1.32 | 1.32 |
0.92d | 1.16 | 0.36 | 1.10 | 0.73 | 0.53 |
21c | 43 | 39 | 178 | 53 | 44 |
140
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR LARGE CAP VALUE FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $23.23 | $17.11 | $16.33 | $14.37 | $14.87 | $12.32 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.11 | 0.19 | 0.18 | 0.18 | 0.17 | 0.12 |
Net realized and unrealized gain/(loss) on investments | (2.23) | 6.62 | 0.76 | 2.17 | (0.13) | 3.00 |
Total from investment operations | (2.12) | 6.81 | 0.94 | 2.35 | 0.04 | 3.12 |
Less Distributions | ||||||
Dividends from net investment income | (0.10) | (0.17) | (0.16) | (0.16) | (0.13) | (0.14) |
Distributions from net realized capital gains | (0.61) | (0.52) | — | (0.23) | (0.41) | (0.43) |
Total distributions | (0.71) | (0.69) | (0.16) | (0.39) | (0.54) | (0.57) |
Net asset value end of period | 20.40 | 23.23 | 17.11 | 16.33 | 14.37 | 14.87 |
Net assets end of period (000s) | $1,291,246 | $1,472,349 | $655,562 | $457,908 | $313,721 | $143,966 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (9.41)%c | 40.62% | 5.80% | 16.92% | 0.18% | 26.08% |
Ratio of total expenses to average net assets^ | 0.64d | 0.64 | 0.64 | 0.65 | 0.64 | 0.64 |
Ratio of net expenses to average net assetsa | 0.61d | 0.61 | 0.61 | 0.61 | 0.60 | 0.60 |
Ratio of net investment income/(loss) to average net assetsa | 1.02d | 0.90 | 1.08 | 1.19 | 1.12 | 0.83 |
Portfolio turnover | 12c | 13 | 26 | 11 | 15 | 16 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $23.21 | $17.11 | $16.33 | $14.36 | $14.84 | $12.30 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.08 | 0.13 | 0.13 | 0.14 | 0.13 | 0.10 |
Net realized and unrealized gain/(loss) on investments | (2.23) | 6.59 | 0.75 | 2.17 | (0.15) | 2.99 |
Total from investment operations | (2.15) | 6.72 | 0.88 | 2.31 | (0.02) | 3.09 |
Less Distributions | ||||||
Dividends from net investment income | (0.06) | (0.10) | (0.10) | (0.11) | (0.05) | (0.12) |
Distributions from net realized capital gains | (0.61) | (0.52) | — | (0.23) | (0.41) | (0.43) |
Total distributions | (0.67) | (0.62) | (0.10) | (0.34) | (0.46) | (0.55) |
Net asset value end of period | 20.39 | 23.21 | 17.11 | 16.33 | 14.36 | 14.84 |
Net assets end of period (000s) | $3,353 | $3,941 | $11,502 | $12,195 | $15,460 | $53,006 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (9.54)%c | 40.05% | 5.42% | 16.60% | (0.23)% | 25.77% |
Ratio of total expenses to average net assets^ | 0.97d | 0.97 | 0.97 | 0.98 | 0.97 | 0.97 |
Ratio of net expenses to average net assetsa | 0.94d | 0.94 | 0.94 | 0.94 | 0.93 | 0.93 |
Ratio of net investment income/(loss) to average net assetsa | 0.69d | 0.64 | 0.78 | 0.91 | 0.84 | 0.70 |
Portfolio turnover | 12c | 13 | 26 | 11 | 15 | 16 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
141
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$23.23 | $17.11 | $16.33 | $14.37 | $14.87 | $12.32 |
0.10 | 0.18 | 0.17 | 0.17 | 0.16 | 0.15 |
(2.23) | 6.61 | 0.76 | 2.17 | (0.13) | 2.97 |
(2.13) | 6.79 | 0.93 | 2.34 | 0.03 | 3.12 |
(0.09) | (0.15) | (0.15) | (0.15) | (0.12) | (0.14) |
(0.61) | (0.52) | — | (0.23) | (0.41) | (0.43) |
(0.70) | (0.67) | (0.15) | (0.38) | (0.53) | (0.57) |
20.40 | 23.23 | 17.11 | 16.33 | 14.37 | 14.87 |
$879,416 | $1,049,830 | $880,755 | $761,262 | $605,040 | $498,360 |
(9.45)%c | 40.52% | 5.72% | 16.83% | 0.11% | 26.00% |
0.72d | 0.72 | 0.72 | 0.73 | 0.72 | 0.72 |
0.69d | 0.69 | 0.69 | 0.69 | 0.68 | 0.68 |
0.94d | 0.84 | 1.02 | 1.12 | 1.05 | 1.10 |
12c | 13 | 26 | 11 | 15 | 16 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$23.46 | $17.28 | $16.48 | $14.49 | $14.99 | $12.42 |
0.06 | 0.10 | 0.11 | 0.12 | 0.11 | 0.10 |
(2.25) | 6.68 | 0.76 | 2.19 | (0.14) | 2.99 |
(2.19) | 6.78 | 0.87 | 2.31 | (0.03) | 3.09 |
(0.04) | (0.08) | (0.07) | (0.09) | (0.06) | (0.09) |
(0.61) | (0.52) | — | (0.23) | (0.41) | (0.43) |
(0.65) | (0.60) | (0.07) | (0.32) | (0.47) | (0.52) |
20.62 | 23.46 | 17.28 | 16.48 | 14.49 | 14.99 |
$26,731 | $31,192 | $23,527 | $35,622 | $45,548 | $71,374 |
(9.57)%c | 39.96% | 5.32% | 16.39% | (0.27)% | 25.52% |
1.08d | 1.08 | 1.09 | 1.10 | 1.09 | 1.09 |
1.05d | 1.05 | 1.06 | 1.06 | 1.05 | 1.05 |
0.57d | 0.47 | 0.67 | 0.79 | 0.70 | 0.75 |
12c | 13 | 26 | 11 | 15 | 16 |
142
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR MID CAP FUND | ||||||
Retirement Class | Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | 6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||
2021 | 2020h | 2021 | 2020h | |||
(Unaudited) | (Unaudited) | |||||
Net asset value beginning of period | $14.52 | $10.57 | $10.00 | $14.51 | $10.56 | $10.00 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 |
Net realized and unrealized gain/(loss) on investments | (1.06) | 3.93 | 0.53 | (1.07) | 3.93 | 0.53 |
Total from investment operations | (1.02) | 3.98 | 0.58 | (1.03) | 3.97 | 0.57 |
Less Distributions | ||||||
Dividends from net investment income | (0.05) | (0.03) | (0.01) | (0.04) | (0.02) | (0.01) |
Distributions from net realized capital gains | (0.27) | — | — | (0.27) | — | — |
Total distributions | (0.32) | (0.03) | (0.01) | (0.31) | (0.02) | (0.01) |
Net asset value end of period | 13.18 | 14.52 | 10.57 | 13.17 | 14.51 | 10.56 |
Net assets end of period (000s) | $34,226 | $37,135 | $5,148 | $23,304 | $23,710 | $5,411 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (7.22)%c | 37.61% | 5.86%c | (7.29)%c | 37.54% | 5.75%c |
Ratio of total expenses to average net assets^ | 0.91d | 0.93 | 2.29d | 0.99d | 1.01 | 2.37d |
Ratio of net expenses to average net assetsa | 0.80d | 0.80 | 0.80d | 0.88d | 0.88 | 0.88d |
Ratio of net investment income/(loss) to average net assetsa | 0.58d | 0.40 | 0.54d | 0.50d | 0.27 | 0.46d |
Portfolio turnover | 11c | 11 | 9c | 11c | 11 | 9c |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
143
Investor Class | ||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |
2021 | 2020h | |
(Unaudited) | ||
$14.44 | $10.54 | $10.00 |
0.01 | (0.01) | 0.01 |
(1.06) | 3.91 | 0.53 |
(1.05) | 3.90 | 0.54 |
—* | —* | —* |
(0.27) | — | — |
(0.27) | —* | —* |
13.12 | 14.44 | 10.54 |
$917 | $949 | $455 |
(7.43)%c | 37.00% | 5.42%c |
1.35d | 1.38 | 2.74d |
1.24d | 1.24 | 1.25d |
0.16d | (0.06) | 0.07d |
11c | 11 | 9c |
144
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR MID CAP VALUE FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $24.97 | $16.83 | $20.82 | $21.39 | $23.33 | $20.17 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.22 | 0.42 | 0.43 | 0.48 | 0.50 | 0.40 |
Net realized and unrealized gain/(loss) on investments | (0.56) | 8.21 | (3.73) | 0.47 | (1.52) | 3.43 |
Total from investment operations | (0.34) | 8.63 | (3.30) | 0.95 | (1.02) | 3.83 |
Less Distributions | ||||||
Dividends from net investment income | (0.35) | (0.49) | (0.54) | (0.37) | (0.33) | (0.36) |
Distributions from net realized capital gains | — | — | (0.15) | (1.15) | (0.59) | (0.31) |
Total distributions | (0.35) | (0.49) | (0.69) | (1.52) | (0.92) | (0.67) |
Net asset value end of period | 24.28 | 24.97 | 16.83 | 20.82 | 21.39 | 23.33 |
Net assets end of period (000s) | $48,439 | $56,156 | $29,897 | $102,945 | $103,552 | $89,942 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.37)%c | 51.99% | (16.55)% | 5.53% | (4.75)% | 19.22% |
Ratio of total expenses to average net assets^ | 0.81d | 0.81 | 0.82 | 0.80 | 0.79 | 0.80 |
Ratio of net expenses to average net assetsa | 0.77d | 0.78 | 0.80 | 0.77 | 0.76 | 0.77 |
Ratio of net investment income/(loss) to average net assetsa | 1.77d | 1.78 | 2.39 | 2.39 | 2.15 | 1.79 |
Portfolio turnover | 5c | 18 | 4 | 11 | 24 | 22 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $25.24 | $16.98 | $20.98 | $21.52 | $23.47 | $20.30 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.18 | 0.34 | 0.36 | 0.42 | 0.43 | 0.34 |
Net realized and unrealized gain/(loss) on investments | (0.58) | 8.31 | (3.77) | 0.48 | (1.54) | 3.45 |
Total from investment operations | (0.40) | 8.65 | (3.41) | 0.90 | (1.11) | 3.79 |
Less Distributions | ||||||
Dividends from net investment income | (0.25) | (0.39) | (0.44) | (0.29) | (0.25) | (0.31) |
Distributions from net realized capital gains | — | — | (0.15) | (1.15) | (0.59) | (0.31) |
Total distributions | (0.25) | (0.39) | (0.59) | (1.44) | (0.84) | (0.62) |
Net asset value end of period | 24.59 | 25.24 | 16.98 | 20.98 | 21.52 | 23.47 |
Net assets end of period (000s) | $3,459 | $3,828 | $4,945 | $18,508 | $42,557 | $48,809 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (1.58)%c | 51.53% | (16.85)% | 5.19% | (5.06)% | 18.84% |
Ratio of total expenses to average net assets^ | 1.14d | 1.14 | 1.15 | 1.13 | 1.12 | 1.12 |
Ratio of net expenses to average net assetsa | 1.10d | 1.11 | 1.13 | 1.10 | 1.08 | 1.09 |
Ratio of net investment income/(loss) to average net assetsa | 1.43d | 1.46 | 1.98 | 2.08 | 1.83 | 1.51 |
Portfolio turnover | 5c | 18 | 4 | 11 | 24 | 22 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
145
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$24.97 | $16.83 | $20.82 | $21.38 | $23.33 | $20.17 |
0.21 | 0.40 | 0.40 | 0.47 | 0.49 | 0.39 |
(0.57) | 8.21 | (3.73) | 0.47 | (1.54) | 3.43 |
(0.36) | 8.61 | (3.33) | 0.94 | (1.05) | 3.82 |
(0.33) | (0.47) | (0.51) | (0.35) | (0.31) | (0.35) |
— | — | (0.15) | (1.15) | (0.59) | (0.31) |
(0.33) | (0.47) | (0.66) | (1.50) | (0.90) | (0.66) |
24.28 | 24.97 | 16.83 | 20.82 | 21.38 | 23.33 |
$311,407 | $355,431 | $277,767 | $520,629 | $714,309 | $739,122 |
(1.46)%c | 51.87% | (16.64)% | 5.48% | (4.85)% | 19.16% |
0.89d | 0.89 | 0.90 | 0.88 | 0.87 | 0.87 |
0.85d | 0.86 | 0.88 | 0.85 | 0.83 | 0.84 |
1.69d | 1.71 | 2.25 | 2.33 | 2.09 | 1.76 |
5c | 18 | 4 | 11 | 24 | 22 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$24.93 | $16.80 | $20.78 | $21.31 | $23.23 | $20.09 |
0.17 | 0.32 | 0.34 | 0.39 | 0.40 | 0.31 |
(0.56) | 8.20 | (3.74) | 0.48 | (1.53) | 3.41 |
(0.39) | 8.52 | (3.40) | 0.87 | (1.13) | 3.72 |
(0.24) | (0.39) | (0.43) | (0.25) | (0.20) | (0.27) |
— | — | (0.15) | (1.15) | (0.59) | (0.31) |
(0.24) | (0.39) | (0.58) | (1.40) | (0.79) | (0.58) |
24.30 | 24.93 | 16.80 | 20.78 | 21.31 | 23.23 |
$30,862 | $32,097 | $26,785 | $58,928 | $82,539 | $110,094 |
(1.58)%c | 51.26% | (16.94)% | 5.08% | (5.20)% | 18.71% |
1.25d | 1.25 | 1.27 | 1.25 | 1.24 | 1.24 |
1.21d | 1.22 | 1.25 | 1.22 | 1.20 | 1.21 |
1.32d | 1.36 | 1.89 | 1.95 | 1.71 | 1.40 |
5c | 18 | 4 | 11 | 24 | 22 |
146
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR MONEY MARKET FUND | ||||||
Institutional Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | —* | —* | 0.01 | 0.02 | 0.01 | 0.01 |
Net realized and unrealized gain/(loss) on investments | — | — | — | — | — | — |
Total from investment operations | — | — | 0.01 | 0.02 | 0.01 | 0.01 |
Less Distributions | ||||||
Dividends from net investment income | —* | —* | (0.01) | (0.02) | (0.01) | (0.01) |
Distributions from net realized capital gains | — | — | — | — | — | — |
Total distributions | —* | —* | (0.01) | (0.02) | (0.01) | (0.01) |
Net asset value end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Net assets end of period (000s) | $86,044 | $82,034 | $95,159 | $118,032 | $129,826 | $169,637 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | 0.04%c | 0.03% | 0.64% | 2.02% | 1.44% | 0.73% |
Ratio of total expenses to average net assets^ | 0.39d | 0.38 | 0.39 | 0.35 | 0.35 | 0.35 |
Ratio of net expenses to average net assetsa | 0.01d | 0.02 | 0.19 | 0.28 | 0.20 | — |
Ratio of net investment income/(loss) to average net assetsa | 0.08d | 0.03 | 0.72 | 2.01 | 1.42 | 0.72 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
147
Administrative Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
—* | —* | — | 0.02 | 0.01 | 0.01 |
— | — | 0.01 | — | — | — |
— | — | 0.01 | 0.02 | 0.01 | 0.01 |
—* | —* | (0.01) | (0.02) | (0.01) | (0.01) |
— | — | — | — | — | — |
—* | —* | (0.01) | (0.02) | (0.01) | (0.01) |
1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
$2,918 | $2,834 | $3,611 | $3,135 | $2,086 | $1,545 |
0.04%c | 0.03% | 0.51% | 1.76% | 1.36% | 0.73% |
0.64d | 0.63 | 0.64 | 0.60 | 0.60 | 0.60 |
0.01d | 0.02 | 0.29 | 0.53 | 0.29 | — |
0.08d | 0.03 | 0.49 | 1.79 | 1.36 | 0.70 |
148
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR OVERSEAS FUND | ||||||||
Retirement Class | Institutional Class | |||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | 6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019k | 2021 | 2020 | 2019k | |||
(Unaudited) | (Unaudited) | |||||||
Net asset value beginning of period | $14.02 | $10.12 | $10.31 | $10.00 | $14.01 | $10.11 | $10.31 | $10.00 |
Income from Investment Operations | ||||||||
Net investment income/(loss)a,e | 0.19 | 0.28 | 0.17 | 0.24 | 0.18 | 0.29 | 0.17 | 0.24 |
Net realized and unrealized gain/(loss) on investments | (1.61) | 3.79 | (0.09) | 0.07 | (1.60) | 3.77 | (0.11) | 0.07 |
Total from investment operations | (1.42) | 4.07 | 0.08 | 0.31 | (1.42) | 4.06 | 0.06 | 0.31 |
Less Distributions | ||||||||
Dividends from net investment income | (0.36) | (0.17) | (0.27) | — | (0.35) | (0.16) | (0.26) | — |
Distributions from net realized capital gains | (1.00) | — | — | — | (1.00) | — | — | — |
Total distributions | (1.36) | (0.17) | (0.27) | — | (1.35) | (0.16) | (0.26) | — |
Net asset value end of period | 11.24 | 14.02 | 10.12 | 10.31 | 11.24 | 14.01 | 10.11 | 10.31 |
Net assets end of period (000s) | $24,002 | $19,742 | $13,790 | $13,090 | $36,546 | $33,230 | $13,226 | $13,131 |
Ratios and Supplemental Data (%) | ||||||||
Total returnb | (10.95)%c | 40.51% | 0.64% | 3.10%c | (10.94)%c | 40.46% | 0.48% | 3.10%c |
Ratio of total expenses to average net assets^ | 1.11d | 1.19 | 1.35 | 1.79d | 1.19d | 1.27 | 1.43 | 1.87d |
Ratio of net expenses to average net assetsa | 0.77d | 0.77 | 0.77 | 0.77d | 0.85d | 0.85 | 0.85 | 0.85d |
Ratio of net investment income/(loss) to average net assetsa | 3.04d | 2.14 | 1.73 | 3.61d | 2.84d | 2.16 | 1.65 | 3.54d |
Portfolio turnover | 58c | 108 | 80 | 73c | 58c | 108 | 80 | 73c |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
149
Investor Class | |||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||
2021 | 2020 | 2019k | |
(Unaudited) | |||
$13.96 | $10.08 | $10.28 | $10.00 |
0.18 | 0.23 | 0.14 | 0.21 |
(1.62) | 3.78 | (0.11) | 0.07 |
(1.44) | 4.01 | 0.03 | 0.28 |
(0.32) | (0.13) | (0.23) | — |
(1.00) | — | — | — |
(1.32) | (0.13) | (0.23) | — |
11.20 | 13.96 | 10.08 | 10.28 |
$335 | $101 | $35 | $31 |
(11.14)%c | 39.98% | 0.14% | 2.80%c |
1.55d | 1.63 | 1.80 | 2.24d |
1.21d | 1.21 | 1.22 | 1.22d |
3.01d | 1.73 | 1.41 | 3.17d |
58c | 108 | 80 | 73c |
150
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR SMALL CAP GROWTH FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $19.95 | $15.91 | $13.18 | $14.39 | $15.08 | $11.95 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.01) | (0.07) | (0.04) | (0.01) | (0.05) | (0.04) |
Net realized and unrealized gain/(loss) on investments | (3.47) | 5.41 | 3.25 | 1.56 | 0.82 | 3.23 |
Total from investment operations | (3.48) | 5.34 | 3.21 | 1.55 | 0.77 | 3.19 |
Less Distributions | ||||||
Dividends from net investment income | — | — | — | — | — | — |
Distributions from net realized capital gains | (4.22) | (1.30) | (0.48) | (2.76) | (1.46) | (0.06) |
Total distributions | (4.22) | (1.30) | (0.48) | (2.76) | (1.46) | (0.06) |
Net asset value end of period | 12.25 | 19.95 | 15.91 | 13.18 | 14.39 | 15.08 |
Net assets end of period (000s) | $317,068 | $399,174 | $348,997 | $281,603 | $306,026 | $189,516 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (20.67)%c | 34.40% | 24.93% | 16.23% | 5.11% | 26.78% |
Ratio of total expenses to average net assets^ | 0.79d | 0.79 | 0.81 | 0.80 | 0.79 | 0.79 |
Ratio of net expenses to average net assetsa | 0.78d | 0.78 | 0.80 | 0.80 | 0.79 | 0.79 |
Ratio of net investment income/(loss) to average net assetsa | (0.09)d | (0.37) | (0.27) | (0.12) | (0.33) | (0.26) |
Portfolio turnover | 39c | 71 | 95 | 74 | 99 | 83 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $17.80 | $14.36 | $11.98 | $13.39 | $14.17 | $11.30 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | (0.03) | (0.12) | (0.08) | (0.05) | (0.09) | (0.07) |
Net realized and unrealized gain/(loss) on investments | (3.02) | 4.86 | 2.94 | 1.40 | 0.77 | 3.00 |
Total from investment operations | (3.05) | 4.74 | 2.86 | 1.35 | 0.68 | 2.93 |
Less Distributions | ||||||
Dividends from net investment income | — | — | — | — | — | — |
Distributions from net realized capital gains | (4.22) | (1.30) | (0.48) | (2.76) | (1.46) | (0.06) |
Total distributions | (4.22) | (1.30) | (0.48) | (2.76) | (1.46) | (0.06) |
Net asset value end of period | 10.53 | 17.80 | 14.36 | 11.98 | 13.39 | 14.17 |
Net assets end of period (000s) | $663 | $965 | $866 | $395 | $769 | $719 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (20.77)%c | 33.91% | 24.49% | 15.87% | 4.76% | 26.02% |
Ratio of total expenses to average net assets^ | 1.12d | 1.12 | 1.14 | 1.13 | 1.12 | 1.11 |
Ratio of net expenses to average net assetsa | 1.11d | 1.11 | 1.13 | 1.12 | 1.11 | 1.10 |
Ratio of net investment income/(loss) to average net assetsa | (0.42)d | (0.69) | (0.62) | (0.44) | (0.65) | (0.56) |
Portfolio turnover | 39c | 71 | 95 | 74 | 99 | 83 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
151
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$19.84 | $15.84 | $13.13 | $14.35 | $15.06 | $11.94 |
(0.01) | (0.08) | (0.05) | (0.03) | (0.06) | (0.04) |
(3.45) | 5.38 | 3.24 | 1.57 | 0.81 | 3.22 |
(3.46) | 5.30 | 3.19 | 1.54 | 0.75 | 3.18 |
— | — | — | — | — | — |
(4.22) | (1.30) | (0.48) | (2.76) | (1.46) | (0.06) |
(4.22) | (1.30) | (0.48) | (2.76) | (1.46) | (0.06) |
12.16 | 19.84 | 15.84 | 13.13 | 14.35 | 15.06 |
$577,454 | $721,405 | $633,535 | $440,553 | $400,389 | $509,889 |
(20.68)%c | 34.29% | 24.87% | 16.18% | 4.97% | 26.72% |
0.87d | 0.87 | 0.89 | 0.88 | 0.87 | 0.86 |
0.86d | 0.86 | 0.88 | 0.87 | 0.86 | 0.85 |
(0.16)d | (0.45) | (0.35) | (0.20) | (0.40) | (0.30) |
39c | 71 | 95 | 74 | 99 | 83 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$16.60 | $13.47 | $11.28 | $12.79 | $13.62 | $10.84 |
(0.03) | (0.13) | (0.08) | (0.06) | (0.11) | (0.08) |
(2.78) | 4.56 | 2.75 | 1.31 | 0.74 | 2.92 |
(2.81) | 4.43 | 2.67 | 1.25 | 0.63 | 2.84 |
— | — | — | — | — | — |
(4.22) | (1.30) | (0.48) | (2.76) | (1.46) | (0.06) |
(4.22) | (1.30) | (0.48) | (2.76) | (1.46) | (0.06) |
9.57 | 16.60 | 13.47 | 11.28 | 12.79 | 13.62 |
$6,632 | $8,648 | $6,811 | $6,670 | $7,076 | $7,913 |
(20.83)%c | 33.84% | 24.32% | 15.81% | 4.58% | 26.29% |
1.23d | 1.23 | 1.26 | 1.25 | 1.24 | 1.23 |
1.22d | 1.23 | 1.25 | 1.24 | 1.23 | 1.22 |
(0.52)d | (0.81) | (0.71) | (0.57) | (0.77) | (0.67) |
39c | 71 | 95 | 74 | 99 | 83 |
152
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR SMALL CAP VALUE FUND | ||||||
Retirement Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $45.11 | $31.65 | $33.55 | $33.60 | $36.16 | $27.29 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.08 | 0.12 | 0.21 | 0.21 | 0.17 | 0.06 |
Net realized and unrealized gain/(loss) on investments | (4.22) | 13.54 | (1.59) | 2.84 | (1.98) | 8.94 |
Total from investment operations | (4.14) | 13.66 | (1.38) | 3.05 | (1.81) | 9.00 |
Less Distributions | ||||||
Dividends from net investment income | (0.08) | (0.20) | (0.20) | (0.15) | (0.06) | (0.13) |
Distributions from net realized capital gains | (2.36) | — | (0.32) | (2.95) | (0.69) | — |
Total distributions | (2.44) | (0.20) | (0.52) | (3.10) | (0.75) | (0.13) |
Net asset value end of period | 38.53 | 45.11 | 31.65 | 33.55 | 33.60 | 36.16 |
Net assets end of period (000s) | $555,801 | $599,016 | $300,473 | $230,861 | $155,036 | $57,196 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (9.37)%c | 43.19% | (4.22)% | 10.98% | (5.18)% | 33.06% |
Ratio of total expenses to average net assets^ | 0.79d | 0.79 | 0.80 | 0.80 | 0.79 | 0.81 |
Ratio of net expenses to average net assetsa | 0.79d | 0.78 | 0.80 | 0.80 | 0.79 | 0.81 |
Ratio of net investment income/(loss) to average net assetsa | 0.39d | 0.27 | 0.67 | 0.67 | 0.45 | 0.17 |
Portfolio turnover | 3c | 17 | 17 | 27 | 22 | 8 |
Administrative Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
(Unaudited) | ||||||
Net asset value beginning of period | $44.72 | $31.41 | $33.30 | $33.36 | $35.97 | $27.16 |
Income from Investment Operations | ||||||
Net investment income/(loss)a,e | 0.01 | (0.02) | 0.10 | 0.11 | 0.06 | (0.02) |
Net realized and unrealized gain/(loss) on investments | (4.18) | 13.42 | (1.57) | 2.82 | (1.98) | 8.88 |
Total from investment operations | (4.17) | 13.40 | (1.47) | 2.93 | (1.92) | 8.86 |
Less Distributions | ||||||
Dividends from net investment income | — | (0.09) | (0.10) | (0.04) | — | (0.05) |
Distributions from net realized capital gains | (2.36) | — | (0.32) | (2.95) | (0.69) | — |
Total distributions | (2.36) | (0.09) | (0.42) | (2.99) | (0.69) | (0.05) |
Net asset value end of period | 38.19 | 44.72 | 31.41 | 33.30 | 33.36 | 35.97 |
Net assets end of period (000s) | $10,017 | $11,962 | $10,082 | $6,537 | $7,253 | $4,462 |
Ratios and Supplemental Data (%) | ||||||
Total returnb | (9.51)%c | 42.72% | (4.54)% | 10.59% | (5.50)% | 32.67% |
Ratio of total expenses to average net assets^ | 1.12d | 1.12 | 1.13 | 1.13 | 1.12 | 1.13 |
Ratio of net expenses to average net assetsa | 1.12d | 1.11 | 1.13 | 1.12 | 1.11 | 1.12 |
Ratio of net investment income/(loss) to average net assetsa | 0.07d | (0.04) | 0.32 | 0.35 | 0.16 | (0.05) |
Portfolio turnover | 3c | 17 | 17 | 27 | 22 | 8 |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
153
Institutional Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$45.07 | $31.63 | $33.53 | $33.57 | $36.14 | $27.27 |
0.07 | 0.09 | 0.18 | 0.19 | 0.15 | 0.08 |
(4.22) | 13.52 | (1.58) | 2.84 | (2.00) | 8.90 |
(4.15) | 13.61 | (1.40) | 3.03 | (1.85) | 8.98 |
(0.04) | (0.17) | (0.18) | (0.12) | (0.03) | (0.11) |
(2.36) | — | (0.32) | (2.95) | (0.69) | — |
(2.40) | (0.17) | (0.50) | (3.07) | (0.72) | (0.11) |
38.52 | 45.07 | 31.63 | 33.53 | 33.57 | 36.14 |
$1,507,589 | $2,023,164 | $1,350,681 | $1,346,098 | $1,149,857 | $1,081,412 |
(9.39)%c | 43.11% | (4.33)% | 10.91% | (5.28)% | 33.00% |
0.87d | 0.87 | 0.88 | 0.88 | 0.87 | 0.88 |
0.87d | 0.86 | 0.88 | 0.87 | 0.86 | 0.87 |
0.32d | 0.20 | 0.59 | 0.60 | 0.40 | 0.24 |
3c | 17 | 17 | 27 | 22 | 8 |
Investor Class | |||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
(Unaudited) | |||||
$43.72 | $30.71 | $32.56 | $32.68 | $35.29 | $26.65 |
(0.01) | (0.06) | 0.07 | 0.08 | 0.01 | (0.05) |
(4.08) | 13.12 | (1.55) | 2.75 | (1.93) | 8.71 |
(4.09) | 13.06 | (1.48) | 2.83 | (1.92) | 8.66 |
— | (0.05) | (0.05) | — | — | (0.02) |
(2.36) | — | (0.32) | (2.95) | (0.69) | — |
(2.36) | (0.05) | (0.37) | (2.95) | (0.69) | (0.02) |
37.27 | 43.72 | 30.71 | 32.56 | 32.68 | 35.29 |
$42,041 | $64,544 | $51,370 | $57,931 | $70,819 | $37,548 |
(9.55)%c | 42.56% | (4.67)% | 10.48% | (5.60)% | 32.49% |
1.23d | 1.23 | 1.25 | 1.25 | 1.24 | 1.25 |
1.23d | 1.23 | 1.25 | 1.24 | 1.23 | 1.24 |
(0.04)d | (0.15) | 0.23 | 0.24 | 0.03 | (0.16) |
3c | 17 | 17 | 27 | 22 | 8 |
154
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
HARBOR STRATEGIC GROWTH FUND | |||||||
Retirement Class | |||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | Year Ended June 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017g | 2017f | ||
(Unaudited) | |||||||
Net asset value beginning of period | $33.33 | $24.67 | $22.31 | $19.65 | $18.86 | $17.67 | $16.76 |
Income from Investment Operations | |||||||
Net investment income/(loss)a,e | 0.02 | 0.05 | 0.09 | 0.12 | 0.07 | 0.05 | 0.03 |
Net realized and unrealized gain/(loss) on investments | (5.30) | 9.52 | 2.69 | 3.10 | 1.11 | 1.14 | 0.88 |
Total from investment operations | (5.28) | 9.57 | 2.78 | 3.22 | 1.18 | 1.19 | 0.91 |
Less Distributions | |||||||
Dividends from net investment income | (0.06) | (0.12) | (0.11) | (0.08) | (0.04) | — | — |
Distributions from net realized capital gains | (2.71) | (0.79) | (0.31) | (0.48) | (0.35) | — | — |
Total distributions | (2.77) | (0.91) | (0.42) | (0.56) | (0.39) | — | — |
Proceeds from redemption fees | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Net asset value end of period | 25.28 | 33.33 | 24.67 | 22.31 | 19.65 | 18.86 | 17.67 |
Net assets end of period (000s) | $5,522 | $7,731 | $6,488 | $5,152 | $3,584 | $435 | $316 |
Ratios and Supplemental Data (%) | |||||||
Total returnb | (17.05)%c | 39.66% | 12.60% | 17.04% | 6.34% | 6.73%c | 5.43%c |
Ratio of total expenses to average net assets^ | 0.73d | 0.72 | 0.72 | 0.71 | 0.76 | 1.10d | 1.52d |
Ratio of net expenses to average net assetsa | 0.63d | 0.63 | 0.63 | 0.63 | 0.62 | 0.62d | 0.62d |
Ratio of net investment income/(loss) to average net assetsa | 0.16d | 0.18 | 0.40 | 0.60 | 0.33 | 0.42d | 0.58d |
Portfolio turnover | 12c | 9 | 22 | 26 | 15 | 9c | 21c |
Administrative Class | |||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | Year Ended June 30, | |||||
2021 | 2020 | 2019 | 2018 | 2017g | 2017f | ||
(Unaudited) | |||||||
Net asset value beginning of period | $33.18 | $24.58 | $22.24 | $19.58 | $18.82 | $17.65 | $16.76 |
Income from Investment Operations | |||||||
Net investment income/(loss)a,e | (0.02) | (0.05) | 0.02 | 0.05 | 0.01 | 0.01 | 0.01 |
Net realized and unrealized gain/(loss) on investments | (5.29) | 9.49 | 2.67 | 3.10 | 1.10 | 1.16 | 0.88 |
Total from investment operations | (5.31) | 9.44 | 2.69 | 3.15 | 1.11 | 1.17 | 0.89 |
Less Distributions | |||||||
Dividends from net investment income | — | (0.05) | (0.04) | (0.01) | — | — | — |
Distributions from net realized capital gains | (2.71) | (0.79) | (0.31) | (0.48) | (0.35) | — | — |
Total distributions | (2.71) | (0.84) | (0.35) | (0.49) | (0.35) | — | — |
Net asset value end of period | 25.16 | 33.18 | 24.58 | 22.24 | 19.58 | 18.82 | 17.65 |
Net assets end of period (000s) | $40 | $52 | $22 | $18 | $16 | $12 | $11 |
Ratios and Supplemental Data (%) | |||||||
Total returnb | (17.20)%c | 39.17% | 12.21% | 16.70% | 5.96% | 6.63%c | 5.31%c |
Ratio of total expenses to average net assets^ | 1.06d | 1.05 | 1.05 | 1.04 | 1.09 | 1.43d | 1.93d |
Ratio of net expenses to average net assetsa | 0.96d | 0.96 | 0.96 | 0.96 | 0.95 | 0.95d | 0.95d |
Ratio of net investment income/(loss) to average net assetsa | (0.17)d | (0.17) | 0.08 | 0.26 | 0.03 | 0.10d | 0.19d |
Portfolio turnover | 12c | 9 | 22 | 26 | 15 | 9c | 21c |
See page 157 for notes to the Financial Highlights.
The accompanying notes are an integral part of the Financial Statements.
155
Institutional Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | Year Ended June 30, | ||||
2021 | 2020 | 2019 | 2018 | 2017g | 2017 | |
(Unaudited) | ||||||
$33.29 | $24.64 | $22.28 | $19.63 | $18.85 | $17.66 | $15.54 |
0.01 | 0.03 | 0.08 | 0.11 | 0.06 | 0.03 | 0.12 |
(5.31) | 9.51 | 2.68 | 3.08 | 1.11 | 1.16 | 2.22 |
(5.30) | 9.54 | 2.76 | 3.19 | 1.17 | 1.19 | 2.34 |
(0.03) | (0.10) | (0.09) | (0.06) | (0.04) | — | (0.11) |
(2.71) | (0.79) | (0.31) | (0.48) | (0.35) | — | (0.11) |
(2.74) | (0.89) | (0.40) | (0.54) | (0.39) | — | (0.22) |
N/A | N/A | N/A | N/A | N/A | N/A | —* |
25.25 | 33.29 | 24.64 | 22.28 | 19.63 | 18.85 | 17.66 |
$71,312 | $112,425 | $100,895 | $106,463 | $66,197 | $56,026 | $31,866 |
(17.11)%c | 39.56% | 12.54% | 16.91% | 6.26% | 6.74%c | 15.21% |
0.81d | 0.80 | 0.80 | 0.79 | 0.84 | 1.18d | 1.48 |
0.71d | 0.71 | 0.71 | 0.71 | 0.70 | 0.70d | 0.83 |
0.08d | 0.11 | 0.35 | 0.51 | 0.28 | 0.29d | 0.71 |
12c | 9 | 22 | 26 | 15 | 9c | 21 |
Investor Class | ||||||
6-Month Period Ended April 30, 2022 | Year Ended October 31, | Year Ended June 30, | ||||
2021 | 2020 | 2019 | 2018 | 2017g | 2017f | |
(Unaudited) | ||||||
$32.62 | $24.17 | $21.87 | $19.54 | $18.81 | $17.64 | $16.76 |
(0.04) | (0.08) | (0.01) | 0.03 | (0.02) | 0.02 | 0.01 |
(5.19) | 9.34 | 2.63 | 2.79 | 1.10 | 1.15 | 0.87 |
(5.23) | 9.26 | 2.62 | 2.82 | 1.08 | 1.17 | 0.88 |
— | (0.02) | (0.01) | (0.01) | — | — | — |
(2.71) | (0.79) | (0.31) | (0.48) | (0.35) | — | — |
(2.71) | (0.81) | (0.32) | (0.49) | (0.35) | — | — |
24.68 | 32.62 | 24.17 | 21.87 | 19.54 | 18.81 | 17.64 |
$827 | $900 | $503 | $417 | $322 | $75 | $22 |
(17.25)%c | 39.06% | 12.12% | 14.99% | 5.80% | 6.63%c | 5.25%c |
1.17d | 1.16 | 1.17 | 1.16 | 1.21 | 1.55d | 2.03d |
1.07d | 1.07 | 1.08 | 1.08 | 1.07 | 1.07d | 1.07d |
(0.28)d | (0.27) | (0.04) | 0.14 | (0.11) | 0.05d | 0.13d |
12c | 9 | 22 | 26 | 15 | 9c | 21c |
156
Harbor Funds Financial Highlights—Continued
Selected Data for a Share Outstanding for the Periods Presented
Selected Data for a Share Outstanding for the Periods Presented
* | Less than $0.01 |
^ | Percentage does not reflect reduction for credit balance arrangements (see the “Custodian” section in Note 2 of the accompanying Notes 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 based on average daily shares outstanding during the period. |
f | For the period March 6, 2017 (commencement of operations) through June 30, 2017 |
g | For the period July 1, 2017 through October 31, 2017 |
h | For the period December 1, 2019 (inception) through October 31, 2020 |
i | Effective September 1, 2021, the Fund changed its name and Harbor Capital Advisors, Inc. was appointed by the Board of Trustees to manage the Fund’s assets based upon model portfolios provided by multiple non-discretionary subadvisors. |
j | For the period June 1, 2018 (inception) through October 31, 2018 |
k | For the period March 1, 2019 (inception) through October 31, 2019 |
l | For the period June 1, 2019 (inception) through October 31, 2019 |
m | Effective March 1, 2017, the Board of Trustees appointed Sands Capital Management, LLC as subadvisor to Harbor Global Leaders Fund. |
n | Effective August 22, 2018, the Board of Trustees appointed Marathon Asset Management Limited as subadvisor to Harbor International Fund. |
o | Effective May 23, 2019, the Board of Trustees appointed Cedar Street Asset Management LLC as subadvisor to Harbor International Small Cap Fund. |
p | Effective September 23, 2020, the Board of Trustees appointed Marathon Asset Management Limited as subadvisor to Harbor Emerging Markets Equity Fund. |
q | Effective February 2, 2022, the Fund’s name changed from Harbor Bond Fund to Harbor Core Plus Fund and the Board of Trustees appointed Income Research+Management as the subadvisor to the Fund. |
r | The net investment income ratio includes dividends and interest income and related tax compliance fee and interest expense, from foreign tax reclaims and interest received by the Fund. The ratios of total expenses to average net assets include the tax compliance fee and related interest expense due to this receipt of foreign tax reclaims and interest income by the Fund. For the year ended October 31, 2020, the ratios of net expenses to average net assets including tax compliance fee for the Retirement Class, Institutional Class, Administrative Class, and Investor Class were 1.49%, 1.64%, 1.53%, and 1.98%, respectively. |
The accompanying notes are an integral part of the Financial Statements.
157
Harbor Funds
Notes to Financial Statements—April 30, 2022 (Unaudited)
Notes to Financial Statements—April 30, 2022 (Unaudited)
Note 1—Organizational Matters
Harbor Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as an open-end management investment company. As of April 30, 2022, the Trust consists of the following separate portfolios (individually or collectively referred to as a “Fund” or the “Funds,” respectively). Harbor Capital Advisors, Inc. (the “Adviser” or “Harbor Capital”) is the investment adviser for the Funds.
Harbor Capital Appreciation Fund | Harbor International Growth Fund |
Harbor Convertible Securities Fund | Harbor International Small Cap Fund |
Harbor Core Bond Fund | Harbor Large Cap Value Fund |
Harbor Core Plus Fund (formerly, Harbor Bond Fund) | Harbor Mid Cap Fund |
Harbor Disruptive Innovation Fund | Harbor Mid Cap Value Fund |
Harbor Diversified International All Cap Fund | Harbor Money Market Fund |
Harbor Emerging Markets Equity Fund | Harbor Overseas Fund |
Harbor Focused International Fund | Harbor Small Cap Growth Fund |
Harbor Global Leaders Fund | Harbor Small Cap Value Fund |
Harbor High-Yield Bond Fund | Harbor Strategic Growth Fund |
Harbor International Fund |
Effective February 2, 2022, Harbor Bond Fund was renamed Harbor Core Plus Fund.
The Funds currently offer up to four classes of shares, designated as Retirement Class, Institutional Class, Administrative Class and Investor Class. The shares of each class represent an interest in the same portfolio of investments of the Funds and have equal rights with respect to voting, redemptions, dividends, and liquidations, except that: (i) 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 (“SEC”) and the Internal Revenue Service; and (ii) shareholders of a class that bears distribution and service expenses under terms of a distribution plan have exclusive voting rights as to that distribution plan.
Note 2—Significant Accounting Policies
The following is a summary of significant accounting policies followed by 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”), which includes the accounting and reporting guidelines under Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.
Security Valuation
The Trust’s valuation procedures permit the Funds to use a variety of valuation methodologies, consider a number of subjective factors, analyze applicable facts and circumstances and, in general, exercise judgment, when valuing Fund investments. The methodology used for a specific type of investment may vary based on the circumstances and relevant considerations, including available market data.
Equity securities (including common stock, preferred stock, and convertible preferred stock), exchange-traded funds and financial derivative instruments (such as futures contracts and options contracts, including rights and warrants) that are traded on a national securities exchange or system (except securities listed on the National Association of Securities Dealers Automated Quotation (“NASDAQ”) system and United Kingdom securities) are valued at the last sale price on a national exchange or system on which they are principally traded as of the valuation date. Securities listed on the NASDAQ system or a United Kingdom exchange are valued at the official closing price of those securities. In the case of securities for which there are no sales on the valuation day, (i) securities traded principally on a U.S. exchange, including NASDAQ, are valued at the mean 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. Shares of open-end registered investment companies that are held by a Fund are valued at net asset value. To the extent these securities are actively traded
158
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 2—Significant Accounting Policies—Continued
and fair valuation adjustments are not applied, they are normally categorized as Level 1 in the fair value hierarchy. Equity securities traded on inactive markets or valued by reference to similar instruments are normally categorized as Level 2 in the fair value hierarchy. For more information on the fair value hierarchy, please refer to the Fair Value Measurements and Disclosures section.
Debt securities (including corporate bonds, municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, mortgage-backed and asset-backed securities, foreign government obligations, bank loans, and convertible securities, other than short-term securities, with a remaining maturity of less than 60 days at the time of acquisition), are valued using evaluated prices furnished by a pricing vendor selected by the Board of Trustees. An evaluated price represents an assessment by the pricing vendor using various market inputs of what the pricing vendor believes is the fair value of a security at a particular point in time. The pricing vendor determines evaluated prices for debt securities that would be transacted at institutional-size quantities using inputs including, but not limited to, (i) recent transaction prices and dealer quotes, (ii) transaction prices for what the pricing vendor believes are securities with similar characteristics, (iii) the pricing vendor’s assessment of the risk inherent in the security taking into account criteria such as credit quality, payment history, liquidity and market conditions, and (iv) various correlations and relationships between security price movements and other factors, such as interest rate changes, which are recognized by institutional traders. In the case of asset-backed and mortgage-backed securities, the inputs used by the pricing vendor may also include information about cash flows, prepayment rates, default rates, delinquency and loss assumption, collateral characteristics, credit enhancements and other specific information about the particular offering. Because many debt securities trade infrequently, the pricing vendor will often not have current transaction price information available as an input in determining an evaluated price for a particular security. When current transaction price information is available, it is one input into the pricing vendor’s evaluation process, which means that the evaluated price supplied by the pricing vendor will frequently differ from that transaction price. Securities held by Harbor Money Market Fund are valued at amortized cost, which the Adviser has determined, pursuant to the Board of Trustees’ authorization, approximates fair value. Under this method, investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and the maturity value of the issue over the period to effective maturity. Securities that use similar valuation techniques and inputs as described above are normally categorized as Level 2 in the fair value hierarchy.
Short-term securities with a remaining maturity of less than 60 days at the time of acquisition that are held by a Fund are valued at amortized cost to the extent amortized cost represents fair value. Such securities are normally categorized as Level 2 in the fair value hierarchy.
Over-the-counter financial derivative instruments, such as forward currency contracts, options contracts, and swap agreements (including centrally cleared swaps), 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 vendor selected by the Board of Trustees. In certain cases, when a valuation is not readily available from a pricing vendor, 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 vendor 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 as Level 2 in the fair value hierarchy.
A Fund may also use fair value pricing if the value of some or all of the Fund’s securities have been materially affected by events occurring before the Fund’s pricing time but after the close of the primary markets or exchanges on which the security is traded. This most commonly occurs with foreign securities, but may occur with other securities as well. In such cases, the Fund may apply a fair value factor supplied by the pricing vendor to a foreign security’s market close value to reflect changes in value that may have occurred between the close of the primary market or exchange on which the security is traded and the Fund’s pricing time. That factor may be derived using observable inputs such as a comparison of the trading patterns of a foreign security to intraday trading in the U.S. markets that are highly correlated to the foreign security or other information that becomes available after the close of the foreign market on which the security principally traded. When fair value pricing is employed, the prices of securities used by a Fund to calculate its net asset value may differ from market quotations, official closing prices or evaluated prices for the same securities, which means that the Fund may value those securities higher or lower than another given fund that uses market quotations, official closing prices or evaluated prices supplied by a pricing vendor in its calculation of net asset value. Securities valued using observable inputs, such as those described above, are normally categorized as Level 2 of the fair value hierarchy.
159
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 2—Significant Accounting Policies—Continued
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. Securities valued using fair valuation methods that incorporate significant unobservable inputs are normally categorized as Level 3 in the fair value hierarchy.
Fair Value Measurements and Disclosures
Various inputs may be used to determine the value of each Fund’s investments, which are summarized in three broad categories defined as Level 1, Level 2, and Level 3. The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those investments. The assignment of an investment to Levels 1, 2, or 3 is based on the lowest level of significant inputs used to determine its fair value.
Level 1– | Quoted prices in active markets for identical securities. |
Level 2– | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
Level 3– | Significant unobservable inputs are used in situations where quoted prices or other observable inputs are not available or are deemed unreliable. Significant unobservable inputs may include each Fund’s own assumptions. |
The categorization of investments into Levels 1, 2, or 3, and a summary of significant unobservable inputs used for Level 3 investments, when applicable, can be found at the end of each Fund’s Portfolio of Investments schedule.
Each Fund used observable inputs in its valuation methodologies whenever they were available and deemed reliable.
Investment Income
Dividends declared on portfolio securities are accrued on the ex-dividend date. Dividend information on certain foreign securities may not be available on ex-dividend date, therefore, such dividends will be recorded as soon as reliable information becomes available. Distributions from real estate investment trust securities are recorded as dividend income, and may be reclassified as capital gains and/or return of capital, based on the information reported by the issuer, when available. Interest income is accrued daily as earned. Discounts and premiums on fixed income securities are amortized over the life of the respective securities (except for premiums on certain callable debt securities that are amortized to the earliest call date) using the effective yield method. Paydown gains and losses on mortgage-backed and asset-backed securities are recognized as a component of interest income. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income. Consent fees relating to corporate actions from investments held are recorded as income upon receipt.
Expenses
Expenses are charged directly to the Fund that incurred such expense whenever possible. With respect to expenses incurred by any two or more Harbor funds where amounts cannot be identified on a fund by fund basis, such expenses are generally allocated in proportion to the average net assets or the number of shareholders of each Fund.
Class Allocations
Income, common expenses and realized and unrealized gains/(losses) are determined at the Fund level and allocated daily to each class of shares based on the applicable net assets of the respective classes. Distribution and 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 expense rate(s) applicable to each class.
Securities Transactions
Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed). Realized gains or losses on security transactions are determined on the basis of identified cost.
160
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 2—Significant Accounting Policies—Continued
Distribution to Shareholders
Distributions on Fund shares are recorded on the ex-dividend date.
Taxes
Each Fund is treated as a separate entity for U.S. federal tax purposes. Each Fund’s policy is to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) applicable to regulated investment companies and to distribute to its shareholders all of its taxable income within the prescribed time. It is also the intention of each Fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Internal Revenue Code. Therefore, no provision has been made for U.S. federal taxes on income, capital gains or unrealized appreciation of securities held or excise taxes on income and capital gains.
Each Fund may be subject to taxes imposed by foreign countries in which they invest. Such taxes are provided for in accordance with each Fund’s understanding of the applicable foreign countries tax law and are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Certain Funds have filed for additional foreign tax reclaims related to prior years. These additional foreign tax reclaims are recorded as income when both the amount is known and significant contingencies or uncertainties regarding collectability are removed.
Management has analyzed each Fund’s tax positions for all open tax years (in particular, U.S. federal, state and local income tax returns for the tax years ended October 31, 2018–2020), including all positions expected to be taken upon filing the 2021 tax return (if applicable), in all material jurisdictions where each Fund operates, and has concluded that no provision for income tax is required in the Funds’ financial statements. Each Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.
In August 2020, and April 2022, Harbor International Fund received payments, including interest, from member countries of the European Union based on foreign tax reclaims relating to amounts withheld on dividends received by the Fund during fiscal years October 31, 2009 through 2021. A portion of the foreign tax reclaims and interest received is due to the Internal Revenue Service (“IRS”), in the form of a tax compliance fee and that amount is based on the percentage of foreign tax credits previously passed through to the Fund’s shareholders. The estimated amount due to the IRS, including interest, is included in tax compliance fee payable in the Fund’s Statement of Asset and Liabilities. The Fund filed a closing agreement with the IRS related to the amount received in 2020 and is planning on entering into another closing agreement later in the year related to the amounts received in 2022. The actual tax compliance and related interest due to the IRS will be determined based on the closing agreement with the IRS and may differ from estimates.
In April 2022, Harbor Capital Appreciation Fund received payments, including interest, from a member country of the European Union based on foreign tax reclaims relating to amounts withheld on dividends received by the Fund during fiscal years October 31, 2018 through 2021. There was no tax compliance fee due to the IRS given no foreign tax credit was previously passed through to the Fund’s shareholders.
Custodian
Each Fund has credit balance arrangements with its custodian whereby positive balances in demand deposit accounts used by the transfer and shareholder servicing agent for clearing shareholder transactions in the Fund generate credits that are applied against gross custody expenses. Such custodial expense reductions, if any, are reflected on the respective Fund’s accompanying Statement of Operations.
Foreign Currency Translations
Purchases and sales of securities are translated into U.S. dollars at the current exchange rate on the respective dates of the transactions. Income and withholding taxes are translated at the prevailing exchange rate when accrued or incurred. The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, when applicable, are translated into U.S. dollars based on the current exchange rates at period end.
161
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 2—Significant Accounting Policies—Continued
Reported net realized gains and losses on foreign currency transactions, when applicable, represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income accrued and tax reclaims receivable and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities, when applicable, are included in the net realized and unrealized gain or loss on investments in the Statements of Operations.
Proceeds from Litigation
Each Fund may receive proceeds from shareholder litigation settlements involving current and/or previously held portfolio holdings. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/(loss) if the security has been disposed of by a Fund, or in unrealized gain/(loss) if the security is still held by a Fund.
New Accounting Pronouncements
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of this ASU is to provide optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate (“LIBOR”) and other reference rates that are expected to be discontinued. The ASU was effective immediately upon release of the update on March 12, 2020, and can generally be applied through December 31, 2022. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on each Fund’s investments (if applicable) and has determined that it is unlikely the ASU’s adoption will have a material impact on the Fund’s financial statements.
Certain instruments held by the Funds rely in some fashion upon LIBOR. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced plans to ultimately phase out the use of LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Funds or on certain instruments in which the Funds invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Funds.
Inflation-Indexed Bonds
Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted based on the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value that is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income even though investors do not receive the principal until maturity.
During the period, Harbor Core Bond Fund and Harbor Core Plus Fund invested in inflation-indexed bonds.
Loan Participations and Assignments
Loan participations and loan assignments are direct debt instruments, which are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. A Fund’s investments in loans may be in the form of participation in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled, only from the agent selling the loan agreement and only upon receipt by the agent of payments from the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the agent that is selling the loan agreement. When a Fund purchases assignments from the agent, it acquires direct rights against the borrower on the loan.
162
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 2—Significant Accounting Policies—Continued
Unfunded loan commitments are contractual obligations for future funding and may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan amounts will never be utilized by the borrower. The funded portion of these credit agreements are presented on the Portfolio of Investments. Unfunded loan commitments are fair valued daily and any unrealized appreciation or depreciation is included in the Statement of Assets and Liabilities and the Statement of Operations.
A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of an unfunded loan commitment. In certain circumstances, a Fund that has entered into an unfunded loan commitment may receive a prepayment penalty fee upon the prepayment of a loan by a borrower. Fees earned are recorded as a component of interest income on the Statement of Operations.
During the period, Harbor High-Yield Bond Fund invested in loan participations and assignments.
As of April 30, 2022, the Funds do not have unfunded loan commitments outstanding.
Reverse Repurchase Agreements
A reverse repurchase agreement involves the delivery of a portfolio security in exchange for cash by a Fund, coupled with an agreement to repurchase the same or substantially the same security at a specified time and price. Until the security is repurchased, a Fund is obligated to pay interest, based upon market rates of the time of issuance, on the value of the repurchase agreement. While a reverse repurchase agreement is outstanding, a Fund continues to receive principal and interest payments on the underlying security. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties is reflected as a liability on the Statements of Assets and Liabilities. Interest payments based upon the Reverse repurchase agreement term made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. To cover its obligations under reverse repurchase agreements, a Fund will segregate cash or liquid securities, which are fair valued daily, with the Fund’s custodian, or set aside or restrict assets in the subadviser’s records or systems relating to a Fund, in an amount not less than the repurchase price, including accrued interest, of the underlying security. Reverse repurchase agreements involve the risk that the fair value of the securities delivered by a Fund may decline below the repurchase price of the securities and, if the proceeds from the reverse repurchase agreement are invested in securities, that the fair value of the securities purchased may decline below the repurchase price of the securities delivered. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund.
During the period, Harbor Core Plus Fund entered into reverse repurchase agreements. The average amount of borrowings outstanding for the Fund was $3,347,000 at a weighted average interest rate of -0.456%. Average borrowings outstanding and average interest rate during the period is calculated based on calendar days.
Sale-Buybacks
A “sale-buyback” financing transaction consists of a sale of a portfolio security by a Fund to a financial institution (the counterparty) with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement.
The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the “price drop.” A price drop consists of two components: (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold, and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. To cover its obligations under sale-buyback transactions, a Fund will segregate cash or liquid securities, which are fair valued daily, with the Fund’s custodian, or set aside or restrict assets in the subadviser’s records or systems relating to a Fund, in an amount not less than the repurchase price, including
163
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 2—Significant Accounting Policies—Continued
accrued interest, of the underlying security. Sale-buyback transactions involve the risk that the fair value of the securities sold by a Fund may decline below the repurchase price of the securities and, if the proceeds from the sale-buyback transactions are invested in securities, that the fair value of the securities purchased may decline below the repurchase price of the securities sold. In periods of increased demand for a security, a Fund may receive a fee for use of the security by the counterparty, which may result in additional interest income to a Fund.
During the period, Harbor Core Plus Fund entered into sale-buyback transactions. The average amount of borrowings outstanding for the Fund was $3,355,000 at a weighted average interest rate of -0.071%. Average borrowings outstanding and average interest rate during the period is calculated based on calendar days.
Forward Currency Contracts
A forward currency contract is an agreement between two parties to buy and sell currencies at a set price on a future date.
Forward currency contracts are fair valued daily and any change in fair 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.
During the period, Harbor Core Plus Fund used forward currency contracts to manage its exposure to changes in exchange rates or as a hedge against foreign exchange risk related to specific transactions or portfolio positions.
Futures Contracts
A futures contract is an agreement between two parties to buy or sell a specified financial instrument at a set price on a future date. Futures contracts tend to increase or decrease a Fund’s exposure to the underlying instrument or can be used to hedge other Fund investments.
Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities or other liquid securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract referred to as “variation margin.” Such receipts or payments are recorded by a Fund as unrealized gains or losses. When the contract is closed or expires, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund may suffer losses if it is unable to close out its position because of an illiquid secondary market. There is no assurance that a Fund will be able to close out its position when the Fund considers it appropriate or desirable to do so. In the event of adverse price movements, a Fund may be required to continue making daily cash payments to maintain its required margin. If a Fund has insufficient cash, it may have to sell portfolio securities to meet daily margin requirements at a time when the Fund would not otherwise elect to do so. In addition, a Fund may be required to deliver or take delivery of instruments. The maximum potential loss on a long futures contract is the U.S. dollar value of the notional amount at the time the contract is opened. The potential loss on a short futures contract is unlimited. There is minimal counterparty risk with futures contracts as they are traded on an exchange and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default.
During the period, Harbor Core Plus Fund used futures contracts to gain exposure to the fixed income asset class with greater efficiency and lower cost than was possible through direct investment, to add value when these securities were attractively priced, or to adjust the portfolio’s sensitivity to changes in interest rates or currency exchange rates.
Options
An option is a contract that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date (exercise date). Purchased call options tend to increase a Fund’s exposure to the underlying instrument. Purchased put options tend to decrease a Fund’s exposure to the underlying instrument.
164
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 2—Significant Accounting Policies—Continued
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.
When a Fund writes an option, it receives a premium. If a written option expires on its stipulated expiration date, or if a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written call option is exercised, a Fund realizes a gain or loss from the sale of the underlying security, and the proceeds of the sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received reduces the cost of the security that a Fund purchases upon exercise of the option.
The risk in writing a call option is that a Fund relinquishes the opportunity to profit if the fair value of the underlying security increases and the option is exercised. In writing a put option, a Fund assumes the risk of incurring a loss if the fair value of the underlying security decreases and the option is exercised. In addition, there is a risk that a Fund may not be able to enter into a closing transaction because of an illiquid secondary market or if the counterparty does not perform under the contract’s terms.
During the Period, Harbor Core Plus Fund purchased and wrote (sold) option contracts to manage its exposure to the bond markets and to fluctuations in interest rates and currency values.
Rights and Warrants
Rights represent a privilege offered to holders of record of issued securities to subscribe (usually on a pro rata basis) for additional securities of the same class, of a different class or of a different issuer. Warrants are contracts that generally give the holder the right, but not the obligation, to buy a stated number of shares of common stock at a specified price at any time during the life of the warrant. Rights and warrants are typically written by the issuer of the security underlying the right or warrant. Although some rights and warrants may be non-transferable, others may be traded over-the-counter or on an exchange.
A Fund may acquire rights or warrants in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. The value of a right or warrant may not necessarily change with the value of the underlying securities. When a Fund acquires rights or warrants, it runs the risk that it will lose its entire investment in the rights or warrants, unless the Fund exercises the right or warrant, acquires the underlying securities, or enters into a closing transaction before expiration. Rights and warrants cease to have value if they are not exercised prior to their expiration date. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for rights or other warrants that expire are treated as realized losses. If a Fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the rights or warrants.
Rights or warrants outstanding at the end of the period, if any, are disclosed at the end of each applicable Fund’s Portfolio of Investments and are included in “Purchased options” in the Statements of Assets and Liabilities. Realized gain/(loss) and unrealized appreciation/(depreciation) recognized during the period are included in “Purchased options” in the Statements of Operations.
During the period, Harbor Diversified International All Cap Fund, Harbor International Fund, and Harbor Overseas Fund held rights/warrants as a result of their investments in underlying securities.
165
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 2—Significant Accounting Policies—Continued
Swap Agreements
A swap is a contract between two parties to exchange future cash flows at specified intervals (payment dates) based upon a notional principal amount during the agreed-upon life of the contract. Swap agreements may be privately negotiated in the over-the-counter market (“OTC swaps”) or may be cleared through a third party, known as a central clearing party or derivatives clearing organization (“centrally cleared swaps”).
Swaps are fair valued daily and changes in value are recorded as unrealized appreciation or depreciation on the Statement of Operations.
Upon entering a swap agreement, any payments received or made at the beginning of the measurement period are reflected in the Statements of Assets and Liabilities and represent a reconciling value to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. If a liquidation payment is received or made at the termination of the swap, it is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Daily changes to the fair value of centrally cleared swaps are recorded as Variation margin receivable or payable on centrally cleared swap agreements in the Statements of Assets and Liabilities and are settled daily. An initial margin, typically in form of cash or qualifying highly liquid, high-quality short-term investments, is paid to the central clearing party or derivatives clearing organization when the swap contract is executed and is recorded as Due from brokers on the Statement of Assets and Liabilities.
Entering into swap agreements involves, to varying degrees, elements of credit risk, market risk and interest rate risk in excess of the amount recognized in the Statements of Assets and Liabilities. Such risks include the possibility that there is not a liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. A Fund’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life or the value of the contract. This risk is typically mitigated by the existence of a master netting arrangement between a Fund and the counterparty, the posting of collateral by the counterparty, and the central clearing party, as counterparty to all centrally cleared swaps, guaranteeing the performance of the swaps through the margin requirements.
Interest Rate Swaps are agreements between counterparties to exchange cash flows or an exchange of commitments to pay or receive interest with respect to the notional amount of principal. Changes in interest rates can have an effect on the value of bond holdings, the amount of interest income earned and the value of the interest rate swaps held.
During the period, Harbor Core Plus Fund used interest rate swap agreements to manage its exposure to interest rate changes.
Credit Default Swaps are agreements between counterparties to buy or sell protection on a debt security, a basket of securities, or an index of obligations against a defined credit event. Under the terms of a credit default swap, the buyer of protection receives credit protection in exchange for making periodic payments to the seller of protection based on a given percentage applied to a notional principal amount. In return for these payments, the seller acts as the guarantor of the creditworthiness of a reference entity, obligation or index. An issuer may represent either a single issuer, a “basket” of issuers, or a credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole.
The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no credit event occurs. Credit events may include bankruptcy, failure to pay principal, maturity extension, rating downgrade, or write-down. As a seller, if an underlying credit event occurs, a Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the reference obligation (or underlying securities comprising an index), or pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation (or underlying securities comprising an index). As a buyer, if an underlying credit event occurs, a Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the reference obligation (or underlying securities comprising an index) or receive a net settlement.
166
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 2—Significant Accounting Policies—Continued
During the period, Harbor Core Plus Fund used credit default swap agreements as a seller to gain credit exposure to an issuer or to simulate investments in long bond positions that were either unavailable or less attractively priced in the bond market; the Fund used credit default swap agreements as a buyer to provide a measure of protection against defaults of an issuer.
Other Matters
The Funds in the normal course of business invest in financial instruments where the risk of potential loss exists due to changes in the market, economic, political and regulatory developments, as well as events such as war, terrorism or spread of infectious disease (market risk) or failure or inability of the counterparty to a transaction to perform (credit and counterparty risk). In addition, certain Funds invest primarily in foreign securities and as such are also subject to foreign currencies and foreign securities risks. Each Fund’s prospectus provides further details regarding the Fund’s principal risks.
Note 3—Investment Portfolio Transactions
Investment Portfolio Transactions
Purchases and sales of investments, other than short-term securities and U.S. government obligations, for each Fund for the period ended April 30, 2022 were as follows:
Purchases (000s) | Sales (000s) | |
Harbor Capital Appreciation Fund | $7,202,059 | $10,474,875* |
Harbor Convertible Securities Fund | 94,257 | 92,726 |
Harbor Core Bond Fund | 22,972 | 2,366 |
Harbor Core Plus Fund | 363,199 | 6,139,128 |
Harbor Disruptive Innovation Fund | 98,805 | 170,110 |
Harbor Diversified International All Cap Fund | 153,389 | 228,904 |
Harbor Emerging Markets Equity Fund | 4,330 | 24,615 |
Harbor Focused International Fund | 13,632 | 13,482 |
Harbor Global Leaders Fund | 17,500 | 42,240 |
Harbor High-Yield Bond Fund | 167,885 | 201,728 |
Harbor International Fund | 287,675 | 644,740 |
Harbor International Growth Fund | 36,863 | 143,871 |
Harbor International Small Cap Fund | 21,616 | 12,639 |
Harbor Large Cap Value Fund | 284,328 | 394,978 |
Harbor Mid Cap Fund | 8,293 | 6,923 |
Harbor Mid Cap Value Fund | 23,198 | 69,135 |
Harbor Overseas Fund | 49,702 | 34,058 |
Harbor Small Cap Growth Fund | 407,301 | 380,810 |
Harbor Small Cap Value Fund | 81,656 | 406,099 |
Harbor Strategic Growth Fund | 12,172 | 36,415 |
* | Sales for this Fund include $639,744 in connection with in-kind redemptions of the Fund’s capital shares. |
In-Kind Redemption Transactions
In accordance with the Trust’s prospectus, the Funds may distribute portfolio securities rather than cash as payment for a redemption of Fund shares. For financial reporting purposes, a Fund recognizes a gain or loss on the securities distributed related to the in-kind redemption. Such Fund-level gains and losses on in-kind redemptions are not taxable to shareholders. For the period ended April 30, 2022, and the year ended October 31, 2021, Harbor Capital Appreciation Fund realized gains of $417,186,000 and $2,664,550,000, respectively, upon the disposition of portfolio securities in connection with in-kind redemptions of the Fund’s shares.
167
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 3—Investment Portfolio Transactions—Continued
Securities Lending
Each Fund may engage in securities lending, whereby a Fund lends its securities to financial institutions in order to increase its income. The Trust has engaged State Street Bank and Trust Company to act as its agent (the “Lending Agent”) with respect to the lending of portfolio securities of the Funds, pursuant to the terms and conditions of a Securities Lending Authorization Agreement (the “SLA Agreement”). Securities loans are required to be secured at all times during the term of the loan by collateral that is at least equal to the value of the loaned securities determined at the close of each business day. Collateral may consist of cash and/or securities issued by the U.S. Treasury. Any additional collateral that may be required to secure a loan is delivered to the Fund on the next business day. Cash collateral is recognized as the gross liability for securities loaned in the Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the Lending Agent on behalf of the Funds, and the Funds do not have the ability to rehypothecate those securities. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio (the “Navigator Portfolio”), a money market mutual fund that seeks to provide income while maintaining a stable net asset value of $1.00. There is no assurance that the Navigator Portfolio will maintain a stable net asset value and the Funds are subject to the risk of loss on the cash collateral invested. A portion of the earnings generated by the investment of the cash collateral is rebated to the borrower for the use of the cash collateral and these earnings (less any rebate) are then divided between the Fund and the Lending Agent, as a fee for its services, according to agreed-upon rates. The Lending Agent and a Fund will share in any shortfall in the rebate due to the borrower, according to agreed-upon rates.
In addition to receiving a fee from the borrower based on the demand for securities loaned and earning income on the investment of the cash collateral, a Fund receives substitute interest, dividends, or other amounts on the loaned securities, during the term of a loan. Net securities lending income is disclosed as such in the Statements of Operations and represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to the Lending Agent.
Loans may be terminated at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities that are identical to the loaned securities. The Funds bear the risk of delay in recovery of, or loss of rights in, the securities loaned and the risk that the value of the collateral falls below the value of the securities on loan. Each Fund seeks to mitigate this risk through the SLA Agreement, which provides that in the event of default, the Lending Agent may apply the proceeds of the cash collateral from the loaned securities toward the purchase of replacement securities. If such proceeds are insufficient or the collateral is unavailable, the Lending Agent will purchase replacement securities at its sole expense, or if unable to do so, the Lending Agent may credit to the Fund’s account an amount equal to the fair value of the unreturned loaned securities. As the securities loans are subject to termination by the Fund or the borrower at any time, the remaining contractual maturities of each securities lending transaction is considered to be overnight and continuous.
The following table shows the Funds that engaged in securities lending during the period and summarizes the value of equity securities loaned and related cash and non-cash collateral as of April 30, 2022.
Value of Securities on Loan (000s) | Cash Collateral (000s) | Non-Cash Collateral (000s) | |
Harbor Diversified International All Cap Fund | $2,543 | $— | $2,701 |
Harbor Emerging Markets Equity Fund | — | — | — |
Harbor International Fund | 1,276 | 1,344 | — |
Harbor International Growth Fund | — | — | — |
Harbor Overseas Fund | — | — | — |
Note 4—FEES AND OTHER Transactions with Affiliates
Investment Adviser
Harbor Capital is a wholly owned subsidiary of ORIX Corporation. Harbor Capital is the Funds’ investment adviser and is also responsible for administrative and other services.
168
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 4—FEES AND OTHER Transactions with Affiliates—Continued
Each Fund has a separate advisory agreement with Harbor Capital. The agreements provide for management fees based on an annual percentage rate of average daily net assets as follows:
Contractual Rate | Actual Rate | |
Harbor Capital Appreciation Fund | 0.60%a | 0.55% |
Harbor Convertible Securities Fund | 0.65b | 0.60 |
Harbor Core Bond Fund | 0.23c | 0.25 |
Harbor Core Plus Fund | 0.25d | 0.37 |
Harbor Disruptive Innovation Fund | 0.70 | 0.70 |
Harbor Diversified International All Cap Fund | 0.75 | 0.75 |
Harbor Emerging Markets Equity Fund | 0.85 | 0.85 |
Harbor Focused International Fund | 0.75 | 0.75 |
Harbor Global Leaders Fund | 0.75e | 0.70 |
Harbor High-Yield Bond Fund | 0.60f | 0.51 |
Harbor International Fund | 0.75g | 0.75 |
Harbor International Growth Fund | 0.75 | 0.75 |
Harbor International Small Cap Fund | 0.85 | 0.85 |
Harbor Large Cap Value Fund | 0.60h | 0.60 |
Harbor Mid Cap Fund | 0.75 | 0.75 |
Harbor Mid Cap Value Fund | 0.75i | 0.74 |
Harbor Money Market Fund | 0.20j | 0.00 |
Harbor Overseas Fund | 0.75 | 0.75 |
Harbor Small Cap Growth Fund | 0.75 | 0.75 |
Harbor Small Cap Value Fund | 0.75 | 0.75 |
Harbor Strategic Growth Fund | 0.60 | 0.60 |
a | The Adviser has contractually agreed to reduce the management fee to 0.56% on assets between $5 billion and $10 billion, 0.54% on assets between $10 billion and $20 billion and 0.53% on assets over $20 billion through February 28, 2023. |
b | The Adviser has contractually agreed to reduce the management fee to 0.60% through February 28, 2023. |
c | For the period November 1, 2021 through November 30, 2021, the management fee was 0.34%. Effective December 1, 2021, the contractual management fee was reduced to 0.23%. |
d | For the period November 1, 2021 through February 1, 2022, the management fee was 0.48%. In addition, the Adviser contractually agreed to reduce the management fee to 0.43% on assets between $1 billion and $3 billion and to 0.405% on assets over $3 billion. Effective February 2, 2022, the contractual management fee was reduced to 0.25%. |
e | The Adviser has contractually agreed to waive 0.05% of its management fee through February 28, 2023. |
f | The Adviser has contractually agreed to reduce the management fee to 0.508% through February 28, 2023. |
g | The management fee is 0.75% on assets up to $12 billion and 0.65% on assets in excess of $12 billion. |
h | The management fee rate is 0.60% on assets up to $4 billion and 0.55% on assets over $4 billion. |
i | The Adviser has contractually agreed to reduce the management fee to 0.70% on assets between $350 million and $1 billion and 0.65% on assets over $1 billion through February 28, 2023. |
j | The Adviser has contractually agreed to reduce the management fee to 0.18% through February 28, 2023. |
169
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 4—FEES AND OTHER Transactions with Affiliates—Continued
Harbor Capital has from time to time voluntarily or contractually agreed not to impose a portion of its management fees and/or to bear a portion of the expenses incurred in the operation of certain Funds in order to limit Fund expenses. Such waivers, if any, are reflected on the accompanying Statements of Operations. Interest expense, if any, is excluded from contractual limitations. During the period, the following expense limitation agreements were in effect:
Retirement Class | Institutional Class | Administrative Class | Investor Class | Expense Limitation Agreement Expiration Date | |
Harbor Core Bond Fund1 | 0.26% | 0.34% | N/A | N/A | 02/28/2023 |
Harbor Core Plus Fund2 | 0.30 | 0.38 | 0.63% | N/A | 02/28/2023 |
Harbor Disruptive Innovation Fund | 0.50 | 0.58 | 0.83 | 0.94% | 08/31/2022 |
Harbor Diversified International All Cap Fund | 0.72 | 0.80 | 1.05 | 1.16 | 02/28/2023 |
Harbor Emerging Markets Equity Fund | 0.88 | 0.96 | 1.21 | 1.32 | 02/28/2023 |
Harbor Focused International Fund | 0.77 | 0.85 | 1.10 | 1.21 | 02/28/2023 |
Harbor Global Leaders Fund | 0.78 | 0.86 | 1.11 | 1.22 | 02/28/2023 |
Harbor International Fund | 0.69 | 0.77 | 1.02 | 1.13 | 02/28/2023 |
Harbor International Growth Fund | 0.77 | 0.85 | 1.10 | 1.21 | 02/28/2023 |
Harbor International Small Cap Fund | 0.88 | 0.96 | 1.21 | 1.32 | 02/28/2023 |
Harbor Large Cap Value Fund | 0.61 | 0.69 | 0.94 | 1.05 | 02/28/2023 |
Harbor Mid Cap Fund | 0.80 | 0.88 | 1.13 | 1.24 | 02/28/2023 |
Harbor Mid Cap Value Fund | 0.77 | 0.85 | 1.10 | 1.21 | 02/28/2023 |
Harbor Money Market Fund3 | N/A | 0.28 | 0.53 | N/A | 02/28/2023 |
Harbor Overseas Fund | 0.77 | 0.85 | 1.10 | 1.21 | 02/28/2023 |
Harbor Strategic Growth Fund | 0.63 | 0.71 | 0.96 | 1.07 | 02/28/2023 |
1 | For the period November 1, 2021 through November 30, 2021, the operating expense limitations for the Retirement Class and Institutional Class were 0.37% and 0.45%, respectively. |
2 | For the period November 1, 2021 through February 1, 2022, the operating expense limitations for the Retirement Class, Institutional Class, and Administrative Class were 0.43%, 0.51%, and 0.76%, respectively. |
3 | From November 1, 2021 through March 31, 2022, Harbor Capital voluntarily waived all the expenses of the Fund. Effective April 1, 2022 through April 30, 2022, Harbor Capital voluntarily waived a portion of the expenses of the Fund. This expense waiver resulted in annualized expense ratios for the period ended April 30, 2022 of 0.01% each for the Institutional Class and Administrative Class. |
All expense limitation agreements include the transfer agent fee waiver discussed in the Transfer Agent note.
Distributor
Harbor Funds Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of Harbor Capital, is the distributor for Harbor Funds’ shares. Under the Trust’s current distribution plan pursuant to Rule 12b-1 under the Investment Company Act with respect to each Fund’s Administrative and Investor Class shares (each, a “12b-1 Plan”) as applicable, each Fund pays the Distributor compensation at the annual rate of 0.25% of the average daily net assets of its Administrative and Investor Class shares. Pursuant to each 12b-1 Plan, the Distributor is compensated for financing any activity that is primarily intended to result in the sale of Administrative and Investor Class shares of each Fund or for recordkeeping services or the servicing of shareholder accounts in a Administrative and Investor Class shares of each Fund. Such activities include, but are not limited to: printing of prospectuses and statements of additional information and reports for prospective shareholders (i.e., other than existing shareholders); preparation and distribution of advertising material and sales literature; expenses of organizing and conducting sales seminars; supplemental payments to dealers or other institutions such as asset-based sales charges, payments of recordkeeping fees under recordkeeping arrangements, or payments of service fees under shareholder service arrangements; and costs of administering each 12b-1 Plan.
Amounts payable by a Fund under each 12b-1 Plan need not be directly related to the expenses actually incurred by the Distributor on behalf of each Fund. Each 12b-1 Plan does not obligate each Fund to reimburse the Distributor for the actual expenses the Distributor may incur in fulfilling its obligations under each 12b-1 Plan. Thus, even if the Distributor’s actual expenses exceed the fee payable to the Distributor at any given time, each Fund will not be obligated to pay more than that fee. If the Distributor’s expenses are less than the fee it receives, the Distributor will retain the difference.
The fees attributable to each Fund’s respective class are shown on the accompanying Statements of Operations.
170
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 4—FEES AND OTHER Transactions with Affiliates—Continued
Transfer Agent
Harbor Services Group, Inc. (“Harbor Services Group”), a wholly-owned subsidiary of Harbor Capital, is the transfer and shareholder servicing agent for the Funds. The transfer agency and service agreement is reviewed and approved annually by the Board of Trustees and provides currently for compensation up to the following amounts per class of each Fund:
Transfer Agent Fees | |
Retirement Class | 0.02% of the average daily net assets of all Retirement Class shares |
Institutional Class | 0.10% of the average daily net assets of all Institutional Class shares |
Administrative Class | 0.10% of the average daily net assets of all Administrative Class shares |
Investor Class | 0.21% of the average daily net assets of all Investor Class shares |
Harbor Services Group voluntarily waived a portion of its transfer agent fees during the period ended April 30, 2022. Fees incurred for these transfer agent services are shown on each Fund’s Statement of Operations. The voluntary waiver may be discontinued at any time.
Affiliated Transactions
The Investment Company Act permits purchase and sale transactions among affiliated investment companies subject to an exemptive rule. Harbor Funds has adopted policies and procedures pursuant to such rule. During the period, the Funds did not enter into any transactions with any other Harbor fund.
Shareholders
As of April 30, 2022, Harbor Capital and its wholly owned subsidiaries collectively held 10% or more of the following shares of beneficial interest in each of the following Funds:
Number of Shares Owned by Harbor Capital and Subsidiaries | Percentage of Outstanding Shares | |||||
Retirement Class | Institutional Class | Administrative Class | Investor Class | Total | ||
Harbor Core Bond Fund | 80,327 | 3,498,742 | N/A | N/A | 3,579,069 | 37.3% |
Harbor Focused International Fund | 1,346,043 | 1,323,700 | N/A | 3,169 | 2,672,912 | 80.3 |
Harbor International Small Cap Fund | 30,890 | 1,732,313 | 28,858 | 28,697 | 1,820,758 | 40.2 |
Harbor Mid Cap Fund | 492,677 | 484,850 | N/A | 3,057 | 980,584 | 22.1 |
Harbor Overseas Fund | 1,257,062 | 1,223,234 | N/A | 3,430 | 2,483,726 | 45.9 |
Independent Trustees
The fees and expenses of the Independent Trustees are included in “Trustees’ fees and expenses” on each Fund’s Statement of Operations.
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 “Accrued expenses – Trustees’ fees and expenses” and “Other assets”, respectively, in the Statements of Assets and Liabilities. Such amounts fluctuate with changes in the value of the selected Fund(s). The deferred compensation and related mark-to-market impact liability and an offsetting investment asset will remain on each Fund’s Statement of Assets and Liabilities until distributed in accordance with the Plan.
171
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 4—FEES AND OTHER Transactions with Affiliates—Continued
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 and its respective gross unrealized appreciation and depreciation as of April 30, 2022 are as follows:
Identified Cost (000s) | Gross Unrealized | Net Unrealized Appreciation/ (Depreciation) (000s) | ||
Appreciation (000s) | (Depreciation) (000s) | |||
Harbor Capital Appreciation Fund | $18,373,007 | $11,296,899 | $(2,186,763) | $9,110,136 |
Harbor Convertible Securities Fund | 177,951 | 8,044 | (16,266) | (8,222) |
Harbor Core Bond Fund* | 97,846 | 78 | (8,030) | (7,952) |
Harbor Core Plus Fund | 1,347,084 | 11,664 | (110,232) | (98,568) |
Harbor Disruptive Innovation Fund | 222,340 | 1,041 | (72,340) | (71,299) |
Harbor Diversified International All Cap Fund | 910,660 | 129,598 | (92,274) | 37,324 |
Harbor Emerging Markets Equity Fund | 21,270 | 734 | (3,740) | (3,006) |
Harbor Focused International Fund | 35,576 | 3,279 | (2,850) | 429 |
Harbor Global Leaders Fund | 74,666 | 19,016 | (10,707) | 8,309 |
Harbor High-Yield Bond Fund* | 312,545 | 921 | (23,030) | (22,109) |
Harbor International Fund* | 3,316,061 | 648,969 | (383,706) | 265,263 |
Harbor International Growth Fund | 436,432 | 142,145 | (67,939) | 74,206 |
Harbor International Small Cap Fund | 62,869 | 3,058 | (7,300) | (4,242) |
Harbor Large Cap Value Fund | 1,567,913 | 597,650 | (49,874) | 547,776 |
Harbor Mid Cap Fund | 54,978 | 6,510 | (3,751) | 2,759 |
Harbor Mid Cap Value Fund* | 335,337 | 102,796 | (46,094) | 56,702 |
Harbor Money Market Fund | 89,045 | — | — | — |
Harbor Overseas Fund | 60,050 | 5,215 | (5,213) | 2 |
Harbor Small Cap Growth Fund* | 877,841 | 114,333 | (109,141) | 5,192 |
Harbor Small Cap Value Fund | 1,409,879 | 752,370 | (74,716) | 677,654 |
Harbor Strategic Growth Fund | 46,981 | 32,162 | (2,089) | 30,073 |
* | Capital loss carryforwards are available, which may reduce taxable income from future net realized gain on investments. |
Note 6—Derivatives
Each Fund’s derivative holdings do not qualify for hedge accounting treatment and as such are recorded at current fair value. For a discussion of risks related to these investments please refer to the descriptions of each type of derivative instrument in Note 2— Significant Accounting Policies.
Each Fund’s derivative instruments outstanding as of the period ended April 30, 2022, if any, as disclosed in the Portfolio of Investments, and the related amounts of net realized and changes in net unrealized gains and losses on derivative instruments during the period as disclosed in the Statement of Operations, are indicators of the volume of derivative activity for each Fund.
Derivative Instruments
As of April 30, 2022, the fair values of derivatives, by primary risk exposure, were reflected in the Statement of Assets and Liabilities as follows:
172
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 6—Derivatives—Continued
HARBOR INTERNATIONAL FUND
Statement of Assets and Liabilities Caption | Equity Contracts (000s) |
Purchased options (rights/warrants) | $56 |
HARBOR OVERSEAS FUND
Statement of Assets and Liabilities Caption | Equity Contracts (000s) |
Purchased options (rights/warrants) | $— |
Net realized gain/(loss) and the change in net unrealized appreciation / (depreciation) on derivatives, by primary risk exposure, for the period ended April 30, 2022, were:
HARBOR CORE PLUS FUND
Net realized gain/(loss) on derivatives | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) |
Forward currency contracts | $— | $2,113 | $— | $2,113 |
Futures contracts | (8,240) | — | — | (8,240) |
Purchased options | (293) | — | — | (293) |
Written options | 122 | — | — | 122 |
Swap agreements | 5,412 | — | 1,806 | 7,218 |
Net realized gain/(loss) on derivatives | $(2,999) | $2,113 | $1,806 | $920 |
Change in net unrealized appreciation/(depreciation) on derivatives | Interest Rate Contracts (000s) | Foreign Exchange Contracts (000s) | Credit Contracts (000s) | Total (000s) |
Forward currency contracts | $— | $(4,201) | $— | $(4,021) |
Futures contracts | 3,303 | — | — | 3,303 |
Purchased options | 197 | — | — | 197 |
Written options | 46 | — | — | 46 |
Swap agreements | (4,557) | — | (1,316) | (5,873) |
Change in net unrealized appreciation/(depreciation) on derivatives | $(1,011) | $(4,201) | $(1,316) | $(6,348) |
HARBOR DIVERSIFIED INTERNATIONAL ALL CAP FUND
Net realized gain/(loss) on derivatives | Equity Contracts (000s) |
Purchased options (rights/warrants) | $1 |
HARBOR INTERNATIONAL FUND
Net realized gain/(loss) on derivatives | Equity Contracts (000s) |
Purchased options (rights/warrants) | $2 |
Change in net unrealized appreciation/(depreciation) on derivatives | Equity Contracts (000s) |
Purchased options (rights/warrants) | $12 |
173
Harbor Funds
Notes to Financial Statements—Continued
Notes to Financial Statements—Continued
Note 6—Derivatives—Continued
HARBOR OVERSEAS FUND
Change in net unrealized appreciation/(depreciation) on derivatives | Equity Contracts (000s) |
Purchased options (rights/warrants) | $— |
Note 7—Legal Proceedings
Tribune Company
Harbor Mid Cap Value Fund had 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.); Deutsche Bank v. Ohlson Enterprises, No. 12-0064 (S.D.N.Y.); and Niese v. ABN AMRO Clearing Chicago LLC, No. 12-0555 (S.D.N.Y.), all three of which had been consolidated with other Tribune-related lawsuits in the multidistrict litigation proceeding In re Tribune Co. Fraudulent Conveyance Litig., No. 11-2296 (S.D.N.Y.). The lawsuits resulted from a leveraged buyout transaction effected in 2007 by the Tribune Company (the “Tribune”). None of the lawsuits alleged any wrongdoing on the part of Harbor Mid Cap Value Fund. Harbor Mid Cap Value Fund held shares of Tribune and tendered those shares as part of the Tribune’s leveraged buyout transaction. On February 22, 2022, the Supreme Court denied the plaintiffs’ petition for certiorari. The Supreme Court’s decision denying the plaintiffs’ petition for certiorari ended the legal proceedings, denying any recovery to the plaintiffs.
Note 8—Subsequent Events
At the meeting of the Board of Trustees held on March 15, 2022, the Board of Trustees voted to liquidate and dissolve the Harbor Focused International Fund. The liquidation of the Fund occurred on May 31, 2022. Additional information related to the liquidation can be found in the supplement to the Fund’s prospectus as filed with the SEC on March 18, 2022.
At the meeting of the Board of Trustees held on March 15, 2022, the Board of Trustees approved the reorganization of the Harbor Strategic Growth Fund into the Mar Vista Strategic Growth Fund, a newly organized series of Manager Directed Portfolios. A shareholder meeting for the purpose of voting on the agreement and plan of reorganization is scheduled to be held in June 2022. Assuming shareholders approve the reorganization, the closing of the reorganization is expected to occur in July 2022. Additional information related to the reorganization can be found in the supplement to the Fund’s prospectus filed with the SEC on March 18, 2022.
Through the date the financial statements were issued, there were no other subsequent events or transactions that would have materially impacted the financial statements or related disclosures as presented herein.
174
Harbor Funds
Fees and Expenses Example (Unaudited)
Fees and Expenses 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 (if any), 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, 2021 through April 30, 2022.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses for each share class. You may use the information in the respective class line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of the respective class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table for each share class below provides information about hypothetical account values and hypothetical expenses based on the respective Fund/Class’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the respective Fund/Class’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
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, 2021) | Ending Account Value (April 30, 2022) | |
Harbor Capital Appreciation Fund | ||||
Retirement Class | 0.57% | |||
Actual | $2.43 | $1,000 | $715.70 | |
Hypothetical (5% return) | 2.86 | 1,000 | 1,021.90 | |
Institutional Class | 0.65% | |||
Actual | $2.76 | $1,000 | $715.40 | |
Hypothetical (5% return) | 3.26 | 1,000 | 1,021.49 | |
Administrative Class | 0.90% | |||
Actual | $3.82 | $1,000 | $714.60 | |
Hypothetical (5% return) | 4.51 | 1,000 | 1,020.22 | |
Investor Class | 1.01% | |||
Actual | $4.29 | $1,000 | $714.20 | |
Hypothetical (5% return) | 5.06 | 1,000 | 1,019.66 |
175
Harbor Funds
Fees and Expenses Example—Continued
Fees and Expenses Example—Continued
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value (November 1, 2021) | Ending Account Value (April 30, 2022) | |
Harbor Convertible Securities Fund | ||||
Retirement Class | 0.67% | |||
Actual | $3.14 | $1,000 | $891.00 | |
Hypothetical (5% return) | 3.36 | 1,000 | 1,021.39 | |
Institutional Class | 0.75% | |||
Actual | $3.52 | $1,000 | $890.20 | |
Hypothetical (5% return) | 3.76 | 1,000 | 1,020.98 | |
Administrative Class | 1.00% | |||
Actual | $4.68 | $1,000 | $889.10 | |
Hypothetical (5% return) | 5.01 | 1,000 | 1,019.71 | |
Investor Class | 1.11% | |||
Actual | $5.19 | $1,000 | $888.50 | |
Hypothetical (5% return) | 5.56 | 1,000 | 1,019.15 | |
Harbor Core Bond Fund | ||||
Retirement Class | 0.28% | |||
Actual | $1.32 | $1,000 | $903.60 | |
Hypothetical (5% return) | 1.40 | 1,000 | 1,023.37 | |
Institutional Class | 0.36% | |||
Actual | $1.70 | $1,000 | $903.20 | |
Hypothetical (5% return) | 1.81 | 1,000 | 1,022.97 | |
Harbor Core Plus Fund | ||||
Retirement Class | 0.37% | |||
Actual | $1.75 | $1,000 | $908.70 | |
Hypothetical (5% return) | 1.86 | 1,000 | 1,022.91 | |
Institutional Class | 0.45% | |||
Actual | $2.13 | $1,000 | $908.40 | |
Hypothetical (5% return) | 2.26 | 1,000 | 1,022.51 | |
Administrative Class | 0.70% | |||
Actual | $3.31 | $1,000 | $907.40 | |
Hypothetical (5% return) | 3.51 | 1,000 | 1,021.24 | |
Harbor Disruptive Innovation Fund | ||||
Retirement Class | 0.50% | |||
Actual | $2.02 | $1,000 | $627.60 | |
Hypothetical (5% return) | 2.51 | 1,000 | 1,022.25 | |
Institutional Class | 0.58% | |||
Actual | $2.35 | $1,000 | $628.50 | |
Hypothetical (5% return) | 2.91 | 1,000 | 1,021.85 | |
Administrative Class | 0.83% | |||
Actual | $3.35 | $1,000 | $627.50 | |
Hypothetical (5% return) | 4.16 | 1,000 | 1,020.58 | |
Investor Class | 0.94% | |||
Actual | $3.79 | $1,000 | $626.70 | |
Hypothetical (5% return) | 4.71 | 1,000 | 1,020.02 |
176
Harbor Funds
Fees and Expenses Example—Continued
Fees and Expenses Example—Continued
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value (November 1, 2021) | Ending Account Value (April 30, 2022) | |
Harbor Diversified International All Cap Fund | ||||
Retirement Class | 0.72% | |||
Actual | $3.35 | $1,000 | $874.20 | |
Hypothetical (5% return) | 3.61 | 1,000 | 1,021.14 | |
Institutional Class | 0.80% | |||
Actual | $3.72 | $1,000 | $874.10 | |
Hypothetical (5% return) | 4.01 | 1,000 | 1,020.73 | |
Administrative Class | 1.05% | |||
Actual | $4.88 | $1,000 | $873.10 | |
Hypothetical (5% return) | 5.26 | 1,000 | 1,019.46 | |
Investor Class | 1.16% | |||
Actual | $5.38 | $1,000 | $872.70 | |
Hypothetical (5% return) | 5.81 | 1,000 | 1,018.90 | |
Harbor Emerging Markets Equity Fund | ||||
Retirement Class | 0.88% | |||
Actual | $3.96 | $1,000 | $818.60 | |
Hypothetical (5% return) | 4.41 | 1,000 | 1,020.32 | |
Institutional Class | 0.96% | |||
Actual | $4.33 | $1,000 | $819.30 | |
Hypothetical (5% return) | 4.81 | 1,000 | 1,019.92 | |
Administrative Class | 1.21% | |||
Actual | $5.46 | $1,000 | $818.60 | |
Hypothetical (5% return) | 6.06 | 1,000 | 1,018.65 | |
Investor Class | 1.32% | |||
Actual | $5.95 | $1,000 | $817.20 | |
Hypothetical (5% return) | 6.60 | 1,000 | 1,018.09 | |
Harbor Focused International Fund | ||||
Retirement Class | 0.77% | |||
Actual | $3.42 | $1,000 | $789.60 | |
Hypothetical (5% return) | 3.86 | 1,000 | 1,020.88 | |
Institutional Class | 0.85% | |||
Actual | $3.78 | $1,000 | $789.60 | |
Hypothetical (5% return) | 4.26 | 1,000 | 1,020.47 | |
Investor Class | 1.21% | |||
Actual | $5.37 | $1,000 | $788.60 | |
Hypothetical (5% return) | 6.06 | 1,000 | 1,018.65 | |
Harbor Global Leaders Fund | ||||
Retirement Class | 0.78% | |||
Actual | $3.36 | $1,000 | $737.70 | |
Hypothetical (5% return) | 3.91 | 1,000 | 1,020.83 | |
Institutional Class | 0.86% | |||
Actual | $3.70 | $1,000 | $737.50 | |
Hypothetical (5% return) | 4.31 | 1,000 | 1,020.42 | |
Administrative Class | 1.11% | |||
Actual | $4.78 | $1,000 | $736.60 | |
Hypothetical (5% return) | 5.56 | 1,000 | 1,019.15 | |
Investor Class | 1.22% | |||
Actual | $5.25 | $1,000 | $736.30 | |
Hypothetical (5% return) | 6.11 | 1,000 | 1,018.59 |
177
Harbor Funds
Fees and Expenses Example—Continued
Fees and Expenses Example—Continued
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value (November 1, 2021) | Ending Account Value (April 30, 2022) | |
Harbor High-Yield Bond Fund | ||||
Retirement Class | 0.58% | |||
Actual | $2.79 | $1,000 | $939.80 | |
Hypothetical (5% return) | 2.91 | 1,000 | 1,021.85 | |
Institutional Class | 0.66% | |||
Actual | $3.17 | $1,000 | $939.40 | |
Hypothetical (5% return) | 3.31 | 1,000 | 1,021.44 | |
Administrative Class | 0.91% | |||
Actual | $4.37 | $1,000 | $937.50 | |
Hypothetical (5% return) | 4.56 | 1,000 | 1,020.17 | |
Investor Class | 1.02% | |||
Actual | $4.90 | $1,000 | $937.00 | |
Hypothetical (5% return) | 5.11 | 1,000 | 1,019.61 | |
Harbor International Fund | ||||
Retirement Class | 0.69% | |||
Actual | $3.19 | $1,000 | $866.40 | |
Hypothetical (5% return) | 3.46 | 1,000 | 1,021.29 | |
Institutional Class | 0.77% | |||
Actual | $3.56 | $1,000 | $866.10 | |
Hypothetical (5% return) | 3.86 | 1,000 | 1,020.88 | |
Administrative Class | 1.02% | |||
Actual | $4.72 | $1,000 | $864.90 | |
Hypothetical (5% return) | 5.11 | 1,000 | 1,019.61 | |
Investor Class | 1.13% | |||
Actual | $5.22 | $1,000 | $864.40 | |
Hypothetical (5% return) | 5.66 | 1,000 | 1,019.05 | |
Harbor International Growth Fund | ||||
Retirement Class | 0.77% | |||
Actual | $3.25 | $1,000 | $700.10 | |
Hypothetical (5% return) | 3.86 | 1,000 | 1,020.88 | |
Institutional Class | 0.85% | |||
Actual | $3.59 | $1,000 | $699.50 | |
Hypothetical (5% return) | 4.26 | 1,000 | 1,020.47 | |
Administrative Class | 1.10% | |||
Actual | $4.63 | $1,000 | $698.90 | |
Hypothetical (5% return) | 5.51 | 1,000 | 1,019.20 | |
Investor Class | 1.21% | |||
Actual | $5.10 | $1,000 | $698.60 | |
Hypothetical (5% return) | 6.06 | 1,000 | 1,018.65 |
178
Harbor Funds
Fees and Expenses Example—Continued
Fees and Expenses Example—Continued
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value (November 1, 2021) | Ending Account Value (April 30, 2022) | |
Harbor International Small Cap Fund | ||||
Retirement Class | 0.88% | |||
Actual | $4.10 | $1,000 | $881.80 | |
Hypothetical (5% return) | 4.41 | 1,000 | 1,020.32 | |
Institutional Class | 0.96% | |||
Actual | $4.48 | $1,000 | $881.10 | |
Hypothetical (5% return) | 4.81 | 1,000 | 1,019.92 | |
Administrative Class | 1.21% | |||
Actual | $5.64 | $1,000 | $880.70 | |
Hypothetical (5% return) | 6.06 | 1,000 | 1,018.65 | |
Investor Class | 1.32% | |||
Actual | $6.16 | $1,000 | $879.70 | |
Hypothetical (5% return) | 6.60 | 1,000 | 1,018.09 | |
Harbor Large Cap Value Fund | ||||
Retirement Class | 0.61% | |||
Actual | $2.88 | $1,000 | $905.90 | |
Hypothetical (5% return) | 3.06 | 1,000 | 1,021.69 | |
Institutional Class | 0.69% | |||
Actual | $3.26 | $1,000 | $905.50 | |
Hypothetical (5% return) | 3.46 | 1,000 | 1,021.29 | |
Administrative Class | 0.94% | |||
Actual | $4.44 | $1,000 | $904.60 | |
Hypothetical (5% return) | 4.71 | 1,000 | 1,020.02 | |
Investor Class | 1.05% | |||
Actual | $4.96 | $1,000 | $904.30 | |
Hypothetical (5% return) | 5.26 | 1,000 | 1,019.46 | |
Harbor Mid Cap Fund | ||||
Retirement Class | 0.80% | |||
Actual | $3.83 | $1,000 | $927.80 | |
Hypothetical (5% return) | 4.01 | 1,000 | 1,020.73 | |
Institutional Class | 0.88% | |||
Actual | $4.20 | $1,000 | $927.10 | |
Hypothetical (5% return) | 4.41 | 1,000 | 1,020.32 | |
Investor Class | 1.24% | |||
Actual | $5.92 | $1,000 | $925.70 | |
Hypothetical (5% return) | 6.21 | 1,000 | 1,018.49 | |
Harbor Mid Cap Value Fund | ||||
Retirement Class | 0.77% | |||
Actual | $3.79 | $1,000 | $986.30 | |
Hypothetical (5% return) | 3.86 | 1,000 | 1,020.88 | |
Institutional Class | 0.85% | |||
Actual | $4.19 | $1,000 | $985.40 | |
Hypothetical (5% return) | 4.26 | 1,000 | 1,020.47 | |
Administrative Class | 1.10% | |||
Actual | $5.41 | $1,000 | $984.20 | |
Hypothetical (5% return) | 5.51 | 1,000 | 1,019.20 | |
Investor Class | 1.21% | |||
Actual | $5.95 | $1,000 | $984.20 | |
Hypothetical (5% return) | 6.06 | 1,000 | 1,018.65 |
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Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value (November 1, 2021) | Ending Account Value (April 30, 2022) | |
Harbor Money Market Fund | ||||
Institutional Class | 0.01% | |||
Actual | $0.05 | $1,000 | $1,000.40 | |
Hypothetical (5% return) | 0.05 | 1,000 | 1,024.74 | |
Administrative Class | 0.01% | |||
Actual | $0.05 | $1,000 | $1,000.40 | |
Hypothetical (5% return) | 0.05 | 1,000 | 1,024.74 | |
Harbor Overseas Fund | ||||
Retirement Class | 0.77% | |||
Actual | $3.61 | $1,000 | $890.50 | |
Hypothetical (5% return) | 3.86 | 1,000 | 1,020.88 | |
Institutional Class | 0.85% | |||
Actual | $3.99 | $1,000 | $890.60 | |
Hypothetical (5% return) | 4.26 | 1,000 | 1,020.47 | |
Investor Class | 1.21% | |||
Actual | $5.67 | $1,000 | $888.60 | |
Hypothetical (5% return) | 6.06 | 1,000 | 1,018.65 | |
Harbor Small Cap Growth Fund | ||||
Retirement Class | 0.78% | |||
Actual | $3.47 | $1,000 | $793.30 | |
Hypothetical (5% return) | 3.91 | 1,000 | 1,020.83 | |
Institutional Class | 0.86% | |||
Actual | $3.82 | $1,000 | $793.20 | |
Hypothetical (5% return) | 4.31 | 1,000 | 1,020.42 | |
Administrative Class | 1.11% | |||
Actual | $4.93 | $1,000 | $792.30 | |
Hypothetical (5% return) | 5.56 | 1,000 | 1,019.15 | |
Investor Class | 1.22% | |||
Actual | $5.42 | $1,000 | $791.70 | |
Hypothetical (5% return) | 6.11 | 1,000 | 1,018.59 | |
Harbor Small Cap Value Fund | ||||
Retirement Class | 0.79% | |||
Actual | $3.74 | $1,000 | $906.30 | |
Hypothetical (5% return) | 3.96 | 1,000 | 1,020.78 | |
Institutional Class | 0.87% | |||
Actual | $4.11 | $1,000 | $906.10 | |
Hypothetical (5% return) | 4.36 | 1,000 | 1,020.37 | |
Administrative Class | 1.12% | |||
Actual | $5.29 | $1,000 | $904.90 | |
Hypothetical (5% return) | 5.61 | 1,000 | 1,019.10 | |
Investor Class | 1.23% | |||
Actual | $5.81 | $1,000 | $904.50 | |
Hypothetical (5% return) | 6.16 | 1,000 | 1,018.54 |
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Fees and Expenses Example—Continued
Annualized Expense Ratios* | Expenses Paid During Period** | Beginning Account Value (November 1, 2021) | Ending Account Value (April 30, 2022) | |
Harbor Strategic Growth Fund | ||||
Retirement Class | 0.63% | |||
Actual | $2.85 | $1,000 | $829.50 | |
Hypothetical (5% return) | 3.16 | 1,000 | 1,021.59 | |
Institutional Class | 0.71% | |||
Actual | $3.22 | $1,000 | $828.90 | |
Hypothetical (5% return) | 3.56 | 1,000 | 1,021.19 | |
Administrative Class | 0.96% | |||
Actual | $4.35 | $1,000 | $828.00 | |
Hypothetical (5% return) | 4.81 | 1,000 | 1,019.92 | |
Investor Class | 1.07% | |||
Actual | $4.85 | $1,000 | $827.50 | |
Hypothetical (5% return) | 5.36 | 1,000 | 1,019.36 |
* | 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). |
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Additional Information (Unaudited)
Additional Information (Unaudited)
Proxy Voting
Harbor Funds has adopted Proxy Voting Policies and Procedures under which proxies relating to securities held by the Harbor funds are voted. In addition, Harbor Funds files 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 Harbor Funds’ Proxy Voting Policies and Procedures and the proxy voting records (Form N-PX) are available (i) without charge, upon request, by calling Harbor toll-free at 800-422-1050; (ii) on Harbor’s website at harborcapital.com; and (iii) on the SEC’s website at sec.gov.
Householding
Harbor Funds has adopted a policy that allows it to send only one copy of a Fund’s prospectus, proxy materials, annual report and semi-annual report to certain shareholders residing at the same household. This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call the Shareholder Servicing Agent at 800-422-1050. Individual copies will be sent within thirty (30) days after the Shareholder Servicing Agent receives your instructions. Your consent to householding is considered valid until revoked.
Quarterly Portfolio Disclosures
The Funds file a complete portfolio of investments for their first and third fiscal quarters with the SEC as an exhibit to Form N-PORT. The Funds’ Form N-PORT exhibit is available (i) without charge, upon request, by calling Harbor toll-free at 800-422-1050, (ii) on Harbor’s website at harborcapital.com, and (iii) on the SEC’s website at sec.gov.
ADVISORY AGREEMENT APPROVALS
FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE INVESTMENT ADVISORY AGREEMENTS AND SUBADVISORY AGREEMENTS OF THE HARBOR FUNDS
The Investment Company Act 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 Trust’s Board of Trustees (the “Board” or the “Trustees”), including a majority of the Independent Trustees voting separately.
At a meeting of the Board held on February 18, 2022 (the “Meeting”), the Board, including the Independent Trustees voting separately, considered and approved the continuation of each Investment Advisory Agreement with Harbor Capital, the adviser to each Fund, and each Subadvisory Agreement with each Fund’s subadviser (each, a “Subadviser”) with respect to Harbor Capital Appreciation Fund, Harbor Convertible Securities Fund, Harbor Core Bond Fund, Harbor Core Plus Fund (Investment Advisory Agreement only), Harbor Disruptive Innovation Fund (Investment Advisory Agreement only), Harbor Diversified International All Cap Fund, Harbor Emerging Markets Equity Fund, Harbor Focused International Fund, Harbor Global Leaders Fund, Harbor High-Yield Bond Fund, Harbor International Fund, Harbor International Growth Fund, Harbor International Small Cap Fund, Harbor Large Cap Value Fund, Harbor Mid Cap Fund, Harbor Mid Cap Value Fund, Harbor Money Market Fund, Harbor Overseas Fund, Harbor Small Cap Growth Fund, Harbor Small Cap Value Fund and Harbor Strategic Growth Fund (each a “Fund” and, collectively, the “Funds”). The Trustees noted that the Subadvisory Agreements for Harbor Disruptive Innovation Fund and Harbor Core Plus Fund were considered and approved for initial two-year terms by the Board on May 16-17, 2021 and December 1, 2021, respectively.
In evaluating each Investment Advisory Agreement and each Subadvisory Agreement, the Trustees reviewed materials furnished by Harbor Capital and each Subadviser, including information about their respective affiliates, personnel, and operations, and also relied upon their knowledge of Harbor Capital and the Subadvisers resulting from their quarterly meetings, periodic telephonic meetings and other prior communications. In connection with the Meeting, which had been called for the purpose of considering the continuation of the Investment Advisory Agreements and Subadvisory Agreements, and at prior meetings, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to Fund performance and the services rendered by Harbor Capital and each Subadviser. These materials included a comprehensive written response from Harbor Capital to a 15(c) request letter prepared by legal counsel to the Independent Trustees in consultation with the Independent Trustees. The Trustees also discussed with representatives of Harbor Capital, at the Meeting and at prior meetings, Harbor Funds’ operations and Harbor Capital’s ability, consistent with the “manager-of-managers” structure of many Harbor Funds, to (i) identify and recommend to the Trustees a subadviser for each such Fund, (ii) monitor and oversee the performance and investment capabilities of each subadviser, and (iii) recommend the replacement of a subadviser where appropriate. The
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Additional Information—Continued
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Trustees specifically considered Harbor Capital’s history as a manager-of-managers, including its history of replacing subadvisers for particular Funds in circumstances in which the Board and Harbor Capital had determined that a change in subadviser was in the best interests of a Fund and its shareholders, whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadviser’s investment style, (ii) prolonged style inconsistency, (iii) material adverse changes in management or personnel, or (iv) other factors, such as if Harbor Capital were to identify another subadviser believed to better serve the shareholders than the existing subadviser.
At the Meeting, the Trustees, including all of the Independent Trustees voting separately, determined, in the exercise of their business judgment, that the terms of each Investment Advisory Agreement and each Subadvisory Agreement were fair and reasonable and approved the continuation for a one-year period of each such Investment Advisory Agreement and Subadvisory Agreement as being in the best interests of each Fund and its shareholders.
In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or any Subadviser present and were represented throughout the process by legal counsel to the Independent Trustees and the Funds.
In considering the approval of each Fund’s Investment Advisory Agreement and, as applicable, Subadvisory Agreement, the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.
Among the factors considered by the Trustees were the following:
•
The nature, extent, and quality of the services provided by Harbor Capital and each Subadviser, including the background, education, expertise and experience of the investment professionals of Harbor Capital and each Subadviser providing services to the Funds;
•
The favorable history, reputation, qualifications and background of Harbor Capital and each Subadviser, as well as the qualifications of their respective personnel;
•
The profitability of Harbor Capital with respect to each Fund, including the effect of revenues of Harbor Services Group, Inc. (“Harbor Services Group”), the Funds’ transfer agent, and Harbor Funds Distributors, Inc. (“Harbor Funds Distributors”), the Funds’ principal underwriter, on such profitability;
•
The fees charged by Harbor Capital and Subadvisers for investment advisory and subadvisory services, respectively, including, in each case, the portion of the fee to be retained by Harbor Capital, after payment of the Subadviser’s fee, for the investment advisory and related services, including investment, business, legal, compliance, trading (in the case of Harbor Disruptive Innovation Fund), financial and administrative services, that Harbor Capital 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 short- and long-term investment performance of each Fund in comparison to peer groups and certain relevant benchmark indices and Harbor Capital’s efforts to address circumstances of underperformance where applicable;
•
The compensation received by Harbor Services Group and Harbor Funds Distributors in consideration of the services each provides to the Funds;
•
Any “fall out” benefits that might inure to Harbor Capital 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 Harbor Capital, 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 Harbor Capital and compiled by Broadridge as to the investment returns, advisory fees and total expense ratios of the Institutional Class of each Fund (and, in certain cases, total expense ratios of the Investor Class) relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting both of a peer group of funds as well as a broader universe of funds compiled by Broadridge; and
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Additional Information—Continued
ADVISORY AGREEMENT APPROVALS—Continued
•
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, Extent, and Quality of Services
The Trustees separately considered the nature, extent, and quality of the services provided by Harbor Capital and each Subadviser. In their deliberations as to the approval of each Fund’s Investment Advisory Agreement and, as applicable, Subadvisory Agreement, the Trustees were mindful of the fact that, by choosing to invest in a Fund, the shareholders had entrusted Harbor Capital with the responsibility, subject to the approval of the Trustees, for selecting each Fund’s Subadviser, overseeing and monitoring that Subadviser’s performance and replacing the Subadviser if necessary. The Trustees also considered as relevant to their determination the favorable history, reputation, qualifications and background of Harbor Capital and each Subadviser, as well as the qualifications of their respective personnel.
The Adviser’s Services. The Board evaluated the nature, extent, and quality of Harbor Capital’s services in light of the Board’s experience with Harbor Capital, as well as materials provided by Harbor Capital concerning the financial and other resources devoted by Harbor Capital to Harbor Funds, including the breadth and depth of experience and expertise of the investment, accounting, administrative, legal and compliance professionals dedicated to Harbor Funds’ operations. The Trustees determined that Harbor Capital has the expertise and resources to manage and operate effectively each Fund.
The Subadvisers’ Services. The Trustees’ consideration of the services provided by the Subadvisers included a review of each Subadviser’s portfolio managers, investment philosophy, style and processes and record of consistency therewith, performance results for different time periods, its approach to controlling risk, and the quality and extent of its investment capabilities and resources, including the nature and extent of research it receives from broker-dealers (to the extent applicable) and other sources. In their deliberations with respect to each applicable Fund, the Trustees considered the history of 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 regularly receive presentations by investment professionals from the Subadvisers. The Trustees reviewed information concerning each Subadviser’s historical investment results in managing accounts and/or funds, as applicable, in a manner substantially similar to the relevant Fund.
Investment Performance, Advisory Fees and Expense Ratios
In considering each Fund’s performance, advisory fees and expense ratio, the Trustees requested and received from Harbor Capital data compiled by Broadridge and Morningstar. The Trustees also received information explaining the methodology for compilation of certain of this information and what it was intended to demonstrate. The Trustees analyzed the Institutional Class performance of each Fund, the advisory fees of each Fund, and the Institutional Class expenses of each Fund (after giving effect to waivers and/or reimbursements, if applicable, that reduced the fees or expenses of the Fund or its peer funds) and made certain observations and findings as to each Fund as noted below. The Trustees also reviewed certain Investor Class comparative fee and expense information they considered relevant to their deliberations. In evaluating performance, the Trustees recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results.
Harbor Capital Appreciation Fund. The Trustees considered Harbor Capital Appreciation Fund (inception date December 29, 1987) and its Institutional Class performance in relation to its Broadridge universe, noting that according to the Broadridge data, the Fund had underperformed its group and universe medians for the one-year period ended December 31, 2021, while outperforming its group and universe medians for the three- and five-year periods ended December 31, 2021. The Fund’s one-, three- and five-year rolling returns as of December 31, 2021, ranked in the fourth, first and first quartile, respectively, according to Morningstar. The Trustees also considered that the Fund had underperformed its primary benchmark, the Russell 1000® Growth Index, for the one- and three-year periods ended December 31, 2021 and outperformed the benchmark for the five-year period ended December 31, 2021.
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 $87.8 billion in assets in this asset class, out of a firm-wide total of approximately $245.6 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this asset class, noting that one was a founding member of Jennison.
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Additional Information—Continued
ADVISORY AGREEMENT APPROVALS—Continued
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $42.3 billion, showed that the Fund’s contractual management fee was above the group median for the Institutional Class. The actual total expense ratio for the Institutional Class of the Fund was below both the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
Harbor Convertible Securities Fund. The Trustees considered Harbor Convertible Securities Fund (inception date May 1, 2011), noting its underperformance relative to its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2021. The Fund’s one-, three- and five-year rolling returns as of December 31, 2021 ranked in the third, third and fourth quartiles, respectively, according to Morningstar data. The Trustees also considered the fact that the Fund had underperformed its benchmark, the ICE Bank of America (“ICE BofA”) U.S. Convertible Ex Mandatory Index, for the one-, three- and five-year periods ended December 31, 2021.
The Trustees considered the expertise of Shenkman Capital Management, Inc. (“Shenkman Capital”) in managing assets generally and in the convertible securities asset class specifically, noting that Shenkman Capital managed approximately $546 million in assets in this asset class, out of a firm-wide total of approximately $30.9 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers, one of whom is the founder of the firm, in this asset class.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $225 million, showed the Fund’s management fee was below the group median for the Institutional Class. The actual total expense ratio of the Fund’s Institutional Class was also below the group and universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
Harbor Core Bond Fund. The Trustees considered Harbor Core Bond Fund (inception date June 1, 2018), noting the outperformance of its Institutional Class relative to its Broadridge group and universe medians for the three-year and since inception periods ended December 31, 2021 and the underperformance of its Institutional Class relative to its Broadridge group and universe medians for the one-year period ended December 31, 2021. The Fund’s one-year, three-year and since inception rolling returns as of December 31, 2021 ranked in the third, second and second quartiles, respectively, according to Morningstar data. The Trustees also considered the fact that the Fund had underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-year period ended December 31, 2021 and outperformed the benchmark for the three-year and since inception period ended December 31, 2021.
The Trustees considered the expertise of Income Research + Management (“IR+M”) in managing assets generally and in the core bond asset class specifically, noting that IR+M managed approximately $16.5 billion in assets in this asset class, out of a firm-wide total of approximately $96.0 billion in assets under management as of December 31, 2021. The Trustees also noted the experience of the Fund’s portfolio managers in this asset class.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $150 million, showed the Fund’s management fee was below the group median for the Institutional Class. The actual total expense ratio of the Fund’s Institutional Class was below the group median and above the universe median. The Trustees considered that the Fund’s management fee and total expense ratio had been reduced effective December 1, 2021 and that had those lower fees and expense ratios been in effect during 2021, the Fund’s management fee and expense ratio would have been in the first quintile of its expense group. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
Harbor Core Plus Fund. The Trustees considered Harbor Core Plus Fund (formerly, Harbor Bond Fund) (inception date December 29, 1987), noting the Fund’s outperformance relative to its Broadridge universe median for the one- and five-year periods and underperformance relative to its Broadridge group and universe medians for the three-year period ended December 31, 2021 and its Broadridge group median for the one- and five-year periods ended December 31, 2021. The Fund’s one-, three- and five-year rolling returns as of December 31, 2021 each ranked in the second quartile, according to Morningstar data. The Trustees also considered the fact that Harbor Bond Fund had outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-, three- and five-year periods ended December 31, 2021. The Trustees noted the fact that IR+M had been appointed the Fund’s subadviser for an initial two-year term effective February 2, 2022 and therefore the Fund’s performance for the periods shown was not attributable to IR+M.
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Additional Information—Continued
ADVISORY AGREEMENT APPROVALS—Continued
The Trustees considered the expertise of IR+M in managing assets generally and in the bond asset class specifically, noting that IR+M managed approximately $469 million in core plus assets out of a firm-wide total of approximately $96.0 billion in assets under management as of December 31, 2021. The Trustees also noted the experience of the Fund’s portfolio managers in this asset class.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $1.58 billion, showed the Fund’s management fee was above the group median for the Institutional Class. The actual total expense ratio of the Fund’s Institutional Class was below the Broadridge group median and above the universe median expense ratios. The Trustees considered that the Fund’s management fee and total expense ratio had been reduced effective February 2, 2022 and that had those lower fees and expense ratios been in effect during 2021, the Fund’s management fee and expense ratio would have been in the first quintile of its expense group. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
Harbor Disruptive Innovation Fund. The Trustees considered Harbor Disruptive Innovation Fund (inception date November 1, 2000, formerly Harbor Mid Cap Growth Fund (change effective September 1, 2021)), noting that, according to the Broadridge report, the Fund’s Institutional Class had underperformed its Broadridge group and universe medians for the one-year period ended December 31, 2021, while outperforming its Broadridge group and universe medians for the three- and five-year periods ended December 31, 2021. The Trustees considered that the Fund’s one-, three- and five-year rolling returns as of December 31, 2021 ranked in the fourth, second and first quartile, respectively, according to Morningstar. The Trustees considered that the Fund had underperformed its primary benchmark, the S&P 500 Index, for the one-year period ended December 31, 2021 and outperformed the benchmark for the three- and five-year periods ended December 31, 2021.
The Trustees noted the fact that 4BIO Partners LLP (“4BIO Capital”), NZS Capital, LLC (“NZS Capital”), Sands Capital Management, LLC (“Sands Capital”), Tekne Capital Management, LLC (“Tekne”), and Westfield Capital Management Company, L.P. (“Westfield Capital”) had been appointed as the Fund’s subadvisers for an initial two-year term effective September 1, 2021 and that performance prior to that date is not attributable to 4BIO Capital, NZS Capital, Sands Capital, Tekne, and Westfield Capital. The Trustees further noted that, prior to that date, the Fund was compared to a different benchmark index. The Trustees considered the expertise of 4BIO Capital, NZS Capital, Sands Capital, Tekne, and Westfield Capital in the asset classes for which they provide model portfolios.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $350 million, showed that the Fund’s contractual management fee was below the group median for the Institutional Class. The Broadridge data also showed that the actual total expense ratio for the Fund’s Institutional Class was below its group median and below its universe median. The Trustees considered that the Fund’s management fee rate was reduced in connection with the repositioning of the Fund as Harbor Disruptive Innovation Fund. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least August 21, 2022. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
Harbor Diversified International All Cap Fund. The Trustees considered Harbor Diversified International All Cap Fund (inception date November 2, 2015), noting that its Institutional Class performance was above its Broadridge group median for the one-year period ended December 31, 2021, its Broadridge group and universe medians for the three-year periods ended December 31, 2021, and its universe median for the five-year period ended December 31, 2021, and below its Broadridge universe median for the one-year period ended December 31, 2021 and its Broadridge group median for the five-year period ended December 31, 2021. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns as of December 31, 2021 ranked in the third, second and second quartiles, respectively. The Trustees noted that the Fund had outperformed its benchmark, the MSCI All Country World Ex. U.S. (ND) Index, for the one-, three- and five-year periods ended December 31, 2021.
The Trustees considered the expertise of Marathon Asset Management LLP (“Marathon-London”) in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Marathon-London managed approximately $5.8 billion in assets in this strategy, out of a firm-wide total of approximately $57.0 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 Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $1.23 billion, 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 had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
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Additional Information—Continued
ADVISORY AGREEMENT APPROVALS—Continued
Harbor Emerging Markets Equity Fund. The Trustees considered Harbor Emerging Markets Equity Fund (inception date November 1, 2013), noting that according to the Broadridge report, the Fund’s Institutional Class performance was above its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2021. The Morningstar data presented ranked the Fund’s one-, three- and five-year rolling returns as of December 31, 2021 in the second, first and first quartiles, respectively. The Trustees also considered the fact that the Fund had outperformed its benchmark, the MSCI Emerging Markets (ND) Index, for the one-, three- and five-year periods ended December 31, 2021.
The Trustees considered the expertise of Marathon-London in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Marathon-London managed approximately $537.0 million in assets in this strategy, out of a firm-wide total of approximately $57.0 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio manager in this asset class and recent changes to the portfolio management team.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $50 million, showed the Fund’s 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 Broadridge group and universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was negative.
Harbor Focused International Fund. The Trustees considered Harbor Focused International Fund (inception date June 1, 2019), noting that according to the Broadridge report, the Fund’s Institutional Class performance was equal to its Broadridge group median for the one-year period ended December 31, 2021, above its Broadridge group median for the since inception period ended December 31, 2021, and below its Broadridge universe median for the one-year and since inception periods ended December 31, 2021. The Morningstar data presented ranked each of the Fund’s one-year and since inception rolling returns as of December 31, 2021 in the third quartile. The Trustees also considered the fact that the Fund had underperformed its benchmark, the MSCI All Country World Ex U.S. (ND) Index, for the one-year period ended December 31, 2021 and outperformed its benchmark for the since inception period ended December 31, 2021.
The Trustees considered the expertise of Comgest Asset Management International Limited (“CAMIL”) in managing assets generally and in the strategy used with respect to the Fund specifically, noting that CAMIL managed approximately $96.0 million in assets in this strategy, out of a firm-wide total of approximately $46.9 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this asset class.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $50 million, showed the Fund’s 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 Broadridge group and universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was negative.
Harbor Global Leaders Fund. The Trustees considered Harbor Global Leaders Fund (inception date March 1, 2009) and observed that its Institutional Class performance was above its Broadridge universe median for the five-year period ended December 31, 2021 and below its Broadridge group and universe medians for the one- and three-year periods ended December 31, 2021 and group median for the five-year period ended December 31, 2021. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the fourth, third, and second quartiles for the periods ended December 31, 2021. The Trustees noted that the Fund had underperformed its benchmark, the MSCI All Country World (ND) Index, for the one-year period ended December 31, 2021 and outperformed the benchmark for the three- and five-year periods ended December 31, 2021.
The Trustees considered the expertise of Sands Capital in managing assets generally and in the international equity asset class specifically, noting that Sands Capital managed approximately $3.9 billion in assets in this asset class, out of a firm-wide total of approximately $73.1 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 Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $150 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 also below the group and universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. They noted that the Adviser’s profitability in operating the Fund was not excessive.
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Additional Information—Continued
Additional Information—Continued
ADVISORY AGREEMENT APPROVALS—Continued
Harbor High-Yield Bond Fund. The Trustees considered Harbor High-Yield Bond Fund (inception date December 1, 2002), noting its underperformance relative to its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2021. The Fund’s one-, three- and five-year rolling returns as of December 31, 2021 ranked in the third, third and second quartiles, respectively, according to Morningstar data. The Trustees also considered the fact that the Fund had underperformed its primary benchmark, the ICE BofA U.S. Non-Distressed High Yield Index, for the one-, three- and five-year periods ended December 31, 2021. The Trustees considered that the Fund’s subadviser, Shenkman Capital, utilizes a more conservative high yield bond investment strategy that often underperforms in periods when high-yield bonds are generally performing well.
The Trustees considered the expertise of Shenkman Capital in managing assets generally and in the high-yield asset class specifically, noting that Shenkman Capital managed approximately $4.8 billion in assets in this asset class, out of a firm-wide total of approximately $30.9 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers, one of whom is the founder of the firm, in this asset class.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $375 million, showed the Fund’s management fee was above the group median for the Institutional Class. The actual total expense ratio of the Fund’s Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
Harbor International Fund. The Trustees considered Harbor International Fund (inception date December 29, 1987), noting the outperformance of its Institutional Class relative to its Broadridge group and universe medians for the three-year period ended December 31, 2021 and underperformance relative to its Broadridge group and universe medians for the one- and five-year periods ended December 31, 2021. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns as of December 31, 2021 ranked in the third, second and third quartiles, respectively. The Trustees also considered that the Fund had underperformed its benchmark, the MSCI EAFE® (ND) Index, for the one- and five-year periods ended December 31, 2021 and outperformed the benchmark for the three-year period ended December 31, 2021.
The Trustees considered the expertise of Marathon-London in managing assets generally and in the strategy used with respect to the Fund specifically, noting that Marathon-London managed approximately $28.7 billion in this asset class, out of a firm-wide total of approximately $57.0 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 Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $4.63 billion, showed the Fund’s management fee was above 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 also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
Harbor International Growth Fund. The Trustees considered Harbor International Growth Fund (inception date November 1, 1993) and observed that its Institutional Class performance outperformed its Broadridge group and universe medians for the three- and five-year periods ended December 31, 2021 and underperformed its Broadridge group and universe medians for the one-year period ended December 31, 2021. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns as of December 31, 2021 ranked in the fourth, second and second quartiles. The Trustees noted that the Fund had underperformed its benchmark, the MSCI All Country World Ex. U.S. (ND) Index, for the one-year period ended December 31, 2021 and outperformed the benchmark for the three- and five-year periods ended December 31, 2021.
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 $15.5 billion in assets in this strategy, out of a firm-wide total of approximately $454.9 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 Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $875 million, showed the Fund’s management fee was above the group median for the Institutional Class. The actual total expense ratio for the Fund’s Institutional Class was equal to the group median and above the universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that the Adviser’s profitability in operating the Fund was not excessive.
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Additional Information—Continued
Additional Information—Continued
ADVISORY AGREEMENT APPROVALS—Continued
Harbor International Small Cap Fund. The Trustees considered Harbor International Small Cap Fund (inception date February 1, 2016), and observed that its Institutional Class performance was above its Broadridge group and universe medians for the one-, three- and five-year periods ended December 31, 2021. The Morningstar data presented ranked the Fund’s one-, three- and five-year rolling returns as of December 31, 2021 each in the first quartile. The Trustees noted that the Fund had outperformed its benchmark, the MSCI EAFE Small Cap (ND) Index, for the one-, three- and five-year periods ended December 31, 2021.
The Trustees considered the expertise of Cedar Street in managing assets generally and in the international small cap asset class specifically, noting that Cedar Street managed approximately $213.6 million in assets in this strategy out of a firm-wide total of approximately $279.0 million 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 Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $75 million, showed the Fund’s management fee was below the group median for the Institutional Class. The actual total expense ratio for the Fund’s Institutional Class was also below the group and universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
Harbor Large Cap Value Fund. The Trustees considered Harbor Large Cap Value Fund (inception date December 29, 1987), noting the Fund’s Institutional Class underperformance relative to both its group and universe medians for the one-year period ended December 31, 2021, and the Fund’s Institutional Class outperformance relative to both its group and universe medians for the three- and five-year periods ended December 31, 2021, according to Broadridge data. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the third, first and first quartile for the periods ended December 31, 2021. The Trustees also noted that the Fund had underperformed its benchmark, the Russell 1000® Value Index, for the one-year period ended December 31, 2021 and outperformed the benchmark for the three- and five-year periods ended December 31, 2021.
The Trustees considered the expertise of Aristotle Capital Management, LLC (“Aristotle”) in managing assets generally and in the large cap value asset class specifically, noting that Aristotle managed approximately $2.6 billion in assets in the value equity strategy used by the Fund, out of a firm-wide total of approximately $60.4 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 Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $2.58 billion, 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 median and above its universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that the Adviser’s profitability in operating the Fund was not excessive.
Harbor Mid Cap Fund. The Trustees considered Harbor Mid Cap Fund (inception date December 1, 2019), noting the Fund’s median-performance relative to its Broadridge group for the one-year period ended December 31, 2021, underperformance relative to its universe medians for the one-year period ended December 31, 2021, and outperformance relative to its Broadridge group and universe medians for the since inception period ended December 31, 2021. According to the Morningstar data presented, the Fund’s one-year and since inception rolling returns ranked in the second and first quartiles, respectively, for the period ended December 31, 2021. The Trustees also noted that the Fund had outperformed its benchmark, the Russell Midcap® Index, for the one-year and since inception periods ended December 31, 2021.
The Trustees considered the expertise of EARNEST Partners LLC (“EARNEST”) in managing assets generally and in the mid cap asset class specifically, noting that EARNEST managed approximately $1.6 billion in assets in this asset class, out of a firm-wide total of approximately $28.6 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio manager in this asset class, noting that he is the founder of EARNEST.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $75 million, showed the Fund’s management fee was equal to the group median for the Institutional Class. The actual total expense ratio for the Fund’s Institutional Class was below the group median and above the universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
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Additional Information—Continued
Additional Information—Continued
ADVISORY AGREEMENT APPROVALS—Continued
Harbor Mid Cap Value Fund. The Trustees considered Harbor Mid Cap Value Fund (inception date March 1, 2002), noting the Fund’s Institutional Class performance was above its Broadridge group and universe medians for the one-year period ended December 31, 2021, and below its Broadridge group and universe medians for the three-and five-year periods ended December 31, 2021, according to the Broadridge report. The Morningstar data presented showed that the Fund’s one-, three- and five-year rolling returns ranked in the second, fourth and fourth quartile, respectively, for the periods ended December 31, 2021. The Trustees considered the fact that the Fund had underperformed its benchmark, the Russell Mid Cap® Value Index, for the one-year period ended December 31, 2021 and underperformed the benchmark for three- and five-year periods ended December 31, 2021.
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 $1.9 billion in assets in this asset class, out of a firm-wide total of approximately $108.7 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this asset class, noting that one of the portfolio managers was a founding partner of LSV.
The Trustees noted that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $450 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 and above the universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that the Adviser’s profitability in operating the Fund was not excessive.
Harbor Money Market Fund. The Trustees considered Harbor Money Market Fund (inception date December 29, 1987), noting the Fund’s outperformance relative to its group and universe medians for the one-, three- and five-year periods ended December 31, 2021, according to Broadridge. The Trustees considered the Fund’s performance record relative to its benchmark, the ICE BofA US 3-Month Treasury Bill Index, noting that the Fund had underperformed the benchmark for the one-, three- and five-year periods ended December 31, 2021. The Trustees noted that the Fund operates as a “government money market fund,” as defined in Rule 2a-7 under the Investment Company Act.
The Trustees considered the expertise of BNP Paribas Asset Management USA, Inc. (“BNPP AM US”) in managing assets generally and in the short duration fixed income asset class specifically. BNPP AM US managed approximately $8.5 billion in short duration assets, out of a firm-wide total of approximately $581.5 billion in assets under management (reflecting the assets of BNP Paribas Asset Management), as of September 30, 2021. The Trustees also noted the experience of the Fund’s portfolio manager in this asset class.
The Trustees considered that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $100 million, showed that the Fund’s management fee was below the group median for the Institutional Class. The actual total expense ratio of the Fund’s Institutional Class was below the group and universe medians. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023 and that Harbor Capital was waiving additional amounts on a voluntary basis. The Trustees noted that Harbor Capital’s profitability in operating the Fund was negative.
Harbor Overseas Fund. The Trustees considered Harbor Overseas Fund (inception date March 1, 2019) and observed that its Institutional Class performance was above its Broadridge group and universe medians for the one-year and since inception periods ended December 31, 2021. The Morningstar data presented ranked the Fund’s one-year and since inception rolling returns as of December 31, 2021 each in the first quartile. The Trustees noted that the Fund had outperformed its benchmark, the MSCI EAFE (ND) Index, for the one-year and since inception periods ended December 31, 2021.
The Trustees considered the expertise of Acadian Asset Management LLC (“Acadian”) in managing assets generally and in the international small cap asset class specifically, noting that Acadian managed approximately $8.7 billion in assets in this strategy out of a firm-wide total of approximately $117.2 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 Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $75 million, showed the Fund’s management fee was below the group median for the Institutional Class. The actual total expense ratio for the Fund’s Institutional Class was also below the group median and above the universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was negative.
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Harbor Funds
Additional Information—Continued
Additional Information—Continued
ADVISORY AGREEMENT APPROVALS—Continued
Harbor Small Cap Growth Fund. The Trustees considered Harbor Small Cap Growth Fund (inception date November 1, 2000), noting that according to the Broadridge report, the Fund’s Institutional Class performance was at its Broadridge group median for the one-year period ended December 31, 2021, below its universe median for the one-year period ended December 31, 2021, and above its Broadridge group and universe medians for the three- and five-year periods ended December 31, 2021. The Morningstar data presented ranked each of the Fund’s one-, three- and five-year rolling returns as of December 31, 2021 in the third, first and second quartile, respectively. 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- and five-year periods ended December 31, 2021.
The Trustees considered the expertise of Westfield Capital in managing assets generally and in the small cap growth asset class specifically, noting that Westfield Capital managed approximately $2.4 billion in assets in this asset class, out of a firm-wide total of approximately $17.0 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio managers in this asset class.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $1.2 billion, showed the Fund’s contractual management fee was below the group median for the Institutional Class. The Trustees noted that the Fund’s actual total expense ratio for the Institutional Class was below the Broadridge group and universe median expense ratios. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
Harbor Small Cap Value Fund. The Trustees considered Harbor Small Cap Value Fund (inception date December 14, 2001), noting the Fund’s underperformance relative to its Broadridge group and universe medians for the one-year period ended December 31, 2021 and outperformance relative to its Broadridge group and universe medians for the three- and five-year periods ended December 31, 2021. According to the Morningstar data presented, the Fund’s one-, three- and five-year rolling returns ranked in the fourth, second and first quartile, respectively, for the periods ended December 31, 2021. The Trustees also considered the fact that the Fund underperformed its benchmark, the Russell 2000® Value Index, for the one-year period ended December 31, 2021 and outperformed the benchmark for the three- and five-year periods ended December 31, 2021.
The Trustees considered the expertise of EARNEST in managing assets generally and in the small cap value asset class specifically, noting that EARNEST managed approximately $7.0 billion in assets in this asset class, out of a firm-wide total of approximately $28.6 billion in assets under management. The Trustees also noted the experience of the Fund’s portfolio manager in this asset class, noting that he is the founder of EARNEST.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $2.7 billion, 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.
Harbor Strategic Growth Fund. The Trustees considered Harbor Strategic Growth Fund (inception date March 1, 2017) and its Institutional Class performance (including predecessor fund performance) in relation to its Broadridge universe and group for the one-, three- and five-year periods ended December 31, 2021, noting that Harbor Strategic Growth Fund had outperformed its Broadridge universe median for the one-year period ended December 31, 2021 and underperformed its Broadridge group median for the one-year period ended December 31, 2021 and its Broadridge group and universe medians for the three- and five-year periods ended December 31, 2021. The Fund’s one-, three- and five-year rolling returns as of December 31, 2021 ranked in the second, fourth and fourth quartile, respectively, according to Morningstar. The Trustees also considered that the Fund had underperformed its benchmark, the Russell 1000® Growth Index, for the one-, three- and five-year periods ended December 31, 2021.
The Trustees considered the expertise of Mar Vista Investment Partners, LLC (“Mar Vista”) in managing assets generally and specifically with respect to the Fund’s asset class, noting that Mar Vista had approximately $5.3 billion in assets under advisement in this asset class, out of a firm-wide total of approximately $5.6 billion in assets under advisement. The Trustees also noted the experience of the Fund’s portfolio managers in this asset class, noting that Mar Vista had also managed the predecessor fund since 2011, prior to its reorganization into Harbor Strategic Growth Fund.
The Trustees observed that the Broadridge comparison of contractual management fees for the Fund’s expense group, assuming an asset level of $125 million, showed that the Fund’s contractual 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 and above the universe median expense ratios. The Trustees also considered that Harbor Capital had agreed to continue the Fund’s existing contractual fee waiver/expense reimbursement arrangement until at least February 28, 2023. The Trustees noted that Harbor Capital’s profitability in operating the Fund was not excessive.
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Additional Information—Continued
Additional Information—Continued
ADVISORY AGREEMENT APPROVALS—Continued
The Trustees also separately considered the allocation between Harbor Capital and each Subadviser of the relevant Fund’s investment advisory fee (i.e., the amount of the advisory fee retained by Harbor Capital relative to that paid to the relevant Subadviser as a subadvisory fee). They determined in each case that the allocation was reasonable and the product of arm’s length negotiation between Harbor Capital and the Subadviser.
Profitability
The Trustees also considered Harbor Capital’s profitability in operating each of the Funds (as well as on a fund complex-wide basis) as presented by Harbor Capital, and the allocation methodology used by Harbor Capital to compute such profitability. The Trustees concluded that the allocation methodology was reasonable and that a reasonable level of profitability was important to provide suitable incentives for Harbor Capital to continue to attract and maintain high-quality personnel and to invest in infrastructure and other resources to support and enhance the Funds’ operations. In considering Harbor Capital’s profitability generally, the Trustees also reviewed the compensation received by Harbor Services Group and Harbor Funds Distributors in consideration of the transfer agency and distribution services, respectively, that are provided to the Funds and any other benefits enjoyed by Harbor Capital and its affiliates as a result of their relationship with the Funds.
The Trustees also considered that profitability calculations with respect to advisory, transfer agency and distribution operations vary significantly depending on whether revenues on which the calculation is based are taken gross or net of amounts paid to third parties, such as subadvisory fee expenses and certain transfer agency expenses, and noted that subadvisory fee expenses are a direct expense of Harbor Capital. The Trustees also noted that Harbor Capital was, in certain cases, waiving a portion of its advisory fee and/or paying or reimbursing a portion of Fund expenses. The Trustees determined that Harbor Capital’s profitability in operating each Fund was not excessive.
Economies of Scale
The Trustees also considered the extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund’s advisory fee level reflects these economies of scale for the benefit of Fund investors. The Trustees specifically considered whether any advisory fee reduction “breakpoints” should be added to the advisory fee payable by any Fund. As noted above, the Trustees concluded that Harbor Capital’s profitability in each case was not excessive. They concluded that the Funds’ fee structures reflected economies of scale to date and that 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.
FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE investment ADVISORY AGREEMENTS and subadvisory agreementS OF Harbor CORE PLUS FUND (FORMERLY, HARBOR BOND FUND) and Harbor Core bond fund
The Investment Company Act of 1940, as amended, requires that each subadvisory agreement be approved initially, and following an initial two-year term, at least annually, by the Harbor Funds Board of Trustees (the “Board” or the “Trustees”), including a majority of the Independent Trustees voting separately.
At a meeting of the Board held on December 1, 2021, the Board approved a change in the name and principal investment strategy of Harbor Bond Fund (the “Fund”), together with certain related changes. As a result, Investment Research + Management (“IR+M”) replaced Pacific Investment Management Company LLC (“PIMCO”) as subadviser to the Fund.
At the meeting, the Board, including the Independent Trustees voting separately, unanimously determined, in the exercise of their business judgment, that it was in the best interests of the Fund and its shareholders for PIMCO to be replaced by IR+M as subadviser to the Fund and that the terms of the new subadvisory agreement among Harbor Funds, on behalf of the Fund, Harbor Capital and IR+M were fair and reasonable. Accordingly, the Trustees approved the new subadvisory agreement for an initial two-year term. In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or IR+M present and were represented throughout the process by legal counsel to the Independent Trustees and the Fund.
In connection with their approval of these changes, the Trustees also approved (i) an amended and restated investment advisory agreement between Harbor Capital and Harbor Funds, on behalf of the Fund, to lower the contractual fee rate payable to Harbor Capital thereunder; (ii) an amended and restated investment advisory agreement between Harbor Capital and Harbor Funds, on behalf of Harbor Core Bond Fund, to lower the contractual fee rate payable to Harbor Capital thereunder; and (iii) an amended and restated investment subadvisory agreement among Harbor Capital, Harbor Funds, on behalf of Harbor Core Bond Fund, and IR+M, to lower the contractual subadvisory fee rate paid to IR+M by Harbor Capital and to bring the terms of the agreement in line with the new subadvisory agreement for Harbor Bond Fund.
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The Trustees considered that, given the lack of a reasonable, viable commercial growth path for the Fund, Harbor Capital determined that a change in subadviser would better enable the Fund to fulfill Harbor Capital’s goal of offering a vibrant, competitively priced, actively managed Fund that could serve shareholders over the long term and gain additional traction in the marketplace. Harbor Capital believes that the hiring of IR+M offers the Fund and its shareholders the opportunity for attractive risk-adjusted returns over the long term. Furthermore, Harbor Capital believes that IR+M’s record as a strong partner to Harbor Capital would place the Fund in a better position to continue to grow and remain viable for shareholders over the long term.
In considering potential replacement subadvisers, Harbor Capital conducted extensive research on asset managers across the fixed income universe and also relied on knowledge built from its ongoing monitoring of IR+M, as an existing Harbor Funds subadviser, and other comparable managers. That research led to the identification of IR+M as a firm in which Harbor Capital has a high degree of investment conviction. Harbor Capital believes that IR+M will provide the investment approach needed to help the Fund become both sustainable and vibrant over the long term. At a meeting held on November 14-15, 2021, the Trustees received presentations by (i) Harbor Capital regarding its recommendation, and (ii) IR+M regarding the firm’s experience, investment philosophy and process, operational and trading capabilities, and IR+M’s proposed approach to managing the Fund’s assets, among other things.
In determining whether to approve the new subadvisory agreement, the Trustees reviewed materials furnished by Harbor Capital and IR+M, including information provided by Harbor Capital regarding its assessment of the potential impact over the long term of PIMCO’s competing similar vehicles and distribution methods, and information regarding IR+M, its investment philosophy and strategies, past performance, financial condition, operational capabilities and personnel. The Trustees also took into account their knowledge of IR+M resulting from its role as subadviser to Harbor Core Bond Fund, and they considered Harbor Capital’s rationale for its recommendation to appoint IR+M to succeed PIMCO as the Fund’s subadviser.
The Trustees considered that, in recommending IR+M, Harbor Capital had conducted an extensive search for a fixed income investment adviser and believed IR+M had the potential to add value for the Fund’s shareholders.
Specific Factors
In considering the approval of the new subadvisory agreement, the Board, including the Independent Trustees, evaluated a number of factors relevant to 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 new subadvisory agreement were the following:
•
The nature, extent, and quality of the services proposed to be provided by IR+M, including the background, education, expertise and experience of the investment professionals of IR+M who would provide investment management services to the Fund;
•
The favorable history, reputation, qualifications and background of IR+M, as well as the reputations, qualifications and background of IR+M’s personnel;
•
The proposed fee to be charged by IR+M to Harbor Capital for subadvisory services, including the impact of any differences between the current and proposed subadvisory fees on the portion of the advisory fee to be retained by Harbor Capital, after payment of IR+M’s fee, for the subadviser oversight, administration and manager-of-managers services Harbor Capital provides;
•
That Harbor Capital had agreed to (i) reduce its contractual management fee rate and (ii) lower the Fund’s expense caps through February 28, 2023, resulting in a reduction in the Fund’s net expense ratios;
•
The investment performance of IR+M in managing other accounts in a style similar to the style to be utilized in managing the Fund relative to the performance of a benchmark index and the performance of the Fund under PIMCO;
•
The expected impact of the implementation of the subadvisory agreement and the new investment advisory agreement on the profitability of Harbor Capital with respect to the Fund;
•
Any “fall out” benefits that might inure to Harbor Capital, IR+M and their affiliates as a result of the implementation of the new subadvisory agreement; and
•
The desire to continue to offer to Fund shareholders exposure to the fixed income asset class through a Fund that is competitively priced and viable over the long term.
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Additional Information—Continued
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The Trustees considered the nature, extent and quality of the services proposed to be provided by IR+M in relation to the services provided by PIMCO since the inception of the Fund on December 29, 1987. In their deliberations, the Trustees were mindful of the fact that, by choosing to invest in the Fund, the Fund’s shareholders entrusted Harbor Capital with the responsibility, subject to the approval of the Trustees, for selecting the 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 depth, knowledge and experience level of the investment team, the quality of the investment process and the culture of IR+M.
The Board discussed the presentation by IR+M and the merits of appointing IR+M as subadviser to the Fund. The Board reviewed the historical performance record of IR+M’s Core Plus strategy since its inception in 2017, noting that it had outperformed its benchmark index, the Bloomberg U.S. Aggregate Bond Index, on an annualized basis for certain periods, and that on a calendar year basis since inception, the strategy (gross of fees) had outperformed its benchmark index since its inception in 2017.
The Board considered the potential tax and financial impacts of liquidating portfolio holdings and realizing gains and incurring brokerage costs in transitioning the portfolio, and potential options for mitigating the tax consequences to Fund shareholders. The Trustees evaluated the tax ramifications of a subadviser change with respect to the estimated level of net realized and unrealized gains in the portfolio following the portfolio transition based on certain assumptions with respect to the market value of the portfolio securities and expected redemptions in the portfolio. The Board considered the portion of portfolio holdings that will likely be replaced as a result of the proposed engagement of IR+M and noted that the portfolio transition would be handled by IR+M.
The Trustees also discussed other potential options for the Fund.
Subadvisory Fee. In considering the proposed subadvisory fee payable to IR+M pursuant to the new subadvisory agreement, the Trustees compared the proposed fee to the fee payable to PIMCO under the prior subadvisory agreement. The Trustees noted that, based on the Fund’s assets as of November 22, 2021, the effective aggregate annual fee rate for the Fund under the prior subadvisory agreement with PIMCO was higher than the effective annual fee rate to be paid by the Adviser under the new subadvisory agreement with IR+M. The Trustees also considered that the reduction in subadvisory fee will enable Harbor Capital to, effective February 2, 2022, (i) reduce the Fund’s contractual management fee rate and (ii) lower the Fund’s expense caps through February 28, 2023, which will collectively result in a reduction in the Fund’s net expense ratios.
Other Agreements. The Trustees considered that, although they were being asked to approve amended investment advisory agreements for the Fund and Harbor Core Bond Fund to implement advisory fee reductions as well as an amended subadvisory agreement for Harbor Core Bond Fund to implement a subadvisory fee reduction, the Trustees would nonetheless have the opportunity to perform a full review of each such agreement in connection with their annual review of investment advisory and subadvisory agreements, at which time the Trustees would consider the nature, extent and quality of services provided; investment performance; advisory fees and expense ratios; profitability; any “fall out” benefits; and economies of scale.
As a result of these deliberations, the Trustees agreed that the Fund’s prior subadvisory agreement should be terminated and voted to approve the new subadvisory agreement with IR+M for the Fund as well as the amended and restated investment advisory and subadvisory agreements.
Review of Liqudity Risk Management Program
The Trust has adopted pursuant to Rule 22e-4 under the Investment Company Act (“Rule 22e-4”) a Liquidity Risk Management Program (the “Program”) for the Funds. The Board has designated a committee of Harbor Capital employees as the Program Administrator.
The Program is designed to assess and manage each Fund’s liquidity risk. For purposes of Rule 22e-4, “liquidity risk” is defined as the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. Components of the Program include: (i) periodic assessment of each Fund’s liquidity risk based on certain factors; (ii) classification of each Fund’s holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid and Illiquid) that reflect an estimate of liquidity under current market conditions; (iii) to the extent a Fund does not invest primarily in Highly Liquid investments, establishment of an appropriate Highly Liquid Investment Minimum (“HLIM”) (as defined in Rule 22e-4) for such Fund and ongoing monitoring of the Fund’s net assets to assess compliance with the Fund’s HLIM; (iv) a limit on the ability of a Fund to acquire illiquid investments in excess of 15% of the Fund’s net assets; and (v) periodic reporting to the Board.
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Harbor Funds
Additional Information—Continued
Additional Information—Continued
Review of Liqudity Risk Management Program—Continued
At a meeting held on November 11, 2021, the Board of Trustees reviewed the operation and effectiveness of the Program for the period beginning October 1, 2020 and ending September 30, 2021 (the “period”). At the November 11, 2021 meeting, the Board reviewed a report prepared by, and received a presentation from, the Program Administrator regarding the operation of the Program, its adequacy, and the effectiveness of its implementation during the period. The Program Administrator’s report included, among other things, a review of: (i) the operation of the Program overall during the period; (ii) the activities conducted by the Program Administrator with respect to the Program; (iii) the level of portfolio investments classified into each of the four liquidity categories and the services provided by the third-party vendor engaged by the Trust to facilitate such classification with respect to certain of the Funds; and (iv) the most recent liquidity risk assessment for the Funds conducted by the Program Administrator in accordance with Rule 22e-4. Based upon its review, the Program Administrator determined that the Program was adequate and effective in facilitating the Funds’ compliance with Rule 22e-4 during the period.
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ITEM 2 – CODE OF ETHICS
Not applicable.
ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6 – INVESTMENTS
(a)
The Registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the report to shareholders filed under Item 1 of this report on Form N-CSR.
(b)
Not applicable.
ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees since the date of the Registrant’s prior report on Form N-CSR.
ITEM 11 – CONTROLS AND PROCEDURES
(a)
The Registrant’s Principal Executive and Principal Financial Officers concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these disclosure controls and procedures as of a date within 90 days of the filing of this report.
(b)
There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13 – EXHIBITS
(a) | |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed June 23, 2022 on its behalf by the undersigned, thereunto duly authorized.
HARBOR FUNDS
By: /s/ Charles F. McCain
Charles F. McCain
Chairman, President and Trustee
(Principal Executive Officer)
Chairman, President and Trustee
(Principal Executive Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Charles F. McCain Charles F. McCain | Chairman, President and Trustee (Principal Executive Officer) | June 23, 2022 |
By: | /s/ Anmarie S. Kolinski Anmarie S. Kolinski | Treasurer (Principal Financial and Accounting Officer) | June 23, 2022 |
Exhibit Index
Number | Description |
99.CERT1 | Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). |
99.CERT2 | Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). |
99.906CERT | Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). |