NPORT-EX 2 NPORT_GB25_6869230749.htm EDGAR HTML
 
 
Quarterly Portfolios of Investments
July 31, 2021
Domestic Equity Funds
 
 
Retirement
Class
Institutional
Class
Administrative
Class
Investor
Class
Harbor Capital Appreciation Fund
HNACX
HACAX
HRCAX
HCAIX
Harbor Large Cap Value Fund
HNLVX
HAVLX
HRLVX
HILVX
Harbor Mid Cap Fund
HMCRX
HMCLX
HMCDX
HMCNX
Harbor Mid Cap Growth Fund
HNMGX
HAMGX
HRMGX
HIMGX
Harbor Mid Cap Value Fund
HNMVX
HAMVX
HRMVX
HIMVX
Harbor Small Cap Growth Fund
HNSGX
HASGX
HRSGX
HISGX
Harbor Small Cap Value Fund
HNVRX
HASCX
HSVRX
HISVX
Harbor Strategic Growth Fund
HNGSX
MVSGX
HSRGX
HISWX
Harbor Capital Appreciation Fund

Portfolio of Investments—July 31, 2021 (Unaudited)
 Value, Cost, and Principal Amounts in Thousands         
COMMON STOCKS—100.0%
    
    
Shares
 
Value
AEROSPACE & DEFENSE—0.5%
 
 1,589,721
Safran SA (France)
   $208,054
AUTOMOBILES—5.1%
 
 3,094,536
Tesla Inc.*
 2,126,565
CAPITAL MARKETS—1.4%
 
   592,751
Goldman Sachs Group Inc.
   222,210
 
   802,127
S&P Global Inc.
   343,888
 
 
 
   566,098
ENTERTAINMENT—3.2%
 
 1,849,645
Netflix Inc.*
   957,321
 
 2,829,592
Roblox Corp.*
   217,822
 
   768,248
Spotify Technology SA (Sweden)*
   175,675
 
 
 
 1,350,818
FOOD & STAPLES RETAILING—1.2%
 
 1,213,538
Costco Wholesale Corp.
   521,482
HEALTH CARE EQUIPMENT & SUPPLIES—2.3%
 
 1,635,003
Danaher Corp.
   486,397
 
   554,655
Dexcom Inc.*
   285,930
 
   203,305
Intuitive Surgical Inc.*
   201,569
 
 
 
   973,896
HEALTH CARE PROVIDERS & SERVICES—0.8%
 
   769,219
UnitedHealth Group Inc.
   317,087
HOTELS, RESTAURANTS & LEISURE—2.9%
 
 2,942,147
Airbnb Inc.*
   423,699
 
   304,563
Chipotle Mexican Grill Inc.*
   567,535
 
 1,646,709
Marriott International Inc.*
   240,386
 
 
 
 1,231,620
INTERACTIVE MEDIA & SERVICES—14.0%
 
   494,173
Alphabet Inc. Class A*
 1,331,564
 
   463,081
Alphabet Inc. Class C*
 1,252,366
 
 4,649,330
Facebook Inc.*
 1,656,556
 
 4,986,604
Match Group Inc.*
   794,216
 
11,336,358
Snap Inc.*
   843,652
 
 
 
 5,878,354
INTERNET & DIRECT MARKETING RETAIL—7.4%
 
   844,484
Amazon.com Inc.*
 2,810,097
 
   181,660
MercadoLibre Inc. (Argentina)*
   284,970
 
 
 
 3,095,067
IT SERVICES—18.4%
 
   318,848
Adyen NV (Netherlands)*,1
   864,094
 
 2,021,105
Mastercard Inc.
   780,025
 
 3,256,339
PayPal Holdings Inc.*
   897,219
 
 1,330,649
Shopify Inc. (Canada)*
 1,995,880
 
 1,011,864
Snowflake Inc.*
   268,872
 
 3,112,092
Square Inc.*
   769,496
 
 2,323,929
Twilio Inc.*
   868,197
 
 5,155,229
Visa Inc.
 1,270,197
 
 
 
 7,713,980
MULTILINE RETAIL—1.6%
 
 2,551,734
Target Corp.
   666,130
PERSONAL PRODUCTS—2.0%
 
 2,547,025
Estée Lauder Companies Inc.
   850,273
COMMON STOCKS—Continued
    
    
Shares
 
Value
PHARMACEUTICALS—1.5%
 
 2,641,970
Eli Lilly and Co.
   $643,320
ROAD & RAIL—1.5%
 
14,933,205
Uber Technologies Inc.*
   648,997
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.7%
 
 9,189,196
NVIDIA Corp.
 1,791,802
 
 5,253,629
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
(Taiwan)2
   612,783
 
 
 
 2,404,585
SOFTWARE—15.0%
 
 2,395,217
Adobe Inc.*
 1,488,939
 
 1,510,866
Atlassian Corp. plc (Australia)*
   491,213
 
 2,770,341
CrowdStrike Holdings Inc.*
   702,586
 
 1,519,976
DocuSign Inc.*
   453,014
 
 6,672,653
Microsoft Corp.
 1,901,105
 
 3,013,039
salesforce.com Inc.*
   728,944
 
 3,930,016
Trade Desk Inc.*
   321,908
 
   899,640
Workday Inc.*
   210,876
 
 
 
 6,298,585
SPECIALTY RETAIL—3.4%
 
 1,648,411
Carvana Co.*
   556,438
 
 1,269,801
Home Depot Inc.
   416,736
 
 6,576,796
TJX Companies Inc.
   452,549
 
 
 
 1,425,723
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.1%
 
14,737,427
Apple Inc.
 2,149,601
TEXTILES, APPAREL & LUXURY GOODS—7.0%
 
   774,681
Kering SA (France)
   694,996
 
 1,514,862
Lululemon Athletica Inc. (Canada)*
   606,202
 
 1,110,513
LVMH Moet Hennessy Louis Vuitton SE (France)
   889,151
 
 4,583,066
NIKE Inc.
   767,710
 
 
 
 2,958,059
TOTAL COMMON STOCKS
(Cost $20,912,515)
42,028,294
TOTAL INVESTMENTS—100.0%
(Cost $20,912,515)
42,028,294
CASH AND OTHER ASSETS, LESS LIABILITIES—0.0%
   (18,157)
TOTAL NET ASSETS—100.0%
$42,010,137
1
Harbor Capital Appreciation Fund

Portfolio of Investments—Continued
 
FAIR VALUE MEASUREMENTS
At July 31, 2021, the investments in Adyen NV, Kering SA, LVMH Moet Hennessy Louis Vuitton SE, and Safran SA (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 at July 31, 2021 or October 31, 2020.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
 
*
Non-income producing security
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. At July 31, 2021, the aggregate value of
these securities was $864,094 or 2% 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 Portfolios of Investments.
2
Harbor Large Cap Value Fund

Portfolio of Investments—July 31, 2021 (Unaudited)
 Value, Cost, and Principal Amounts in Thousands         
COMMON STOCKS—97.8%
    
    
Shares
 
Value
AEROSPACE & DEFENSE—1.7%
 
  216,091
General Dynamics Corp.
   $42,360
AUTO COMPONENTS—2.4%
 
1,815,793
CIE Generale des Etablissements Michelin SCA ADR
(France)1
   59,340
BANKS—7.7%
 
  453,190
Commerce Bancshares Inc.
   32,054
 
  363,000
Cullen/Frost Bankers Inc.
   38,957
 
  313,612
East West Bancorp Inc.
   22,314
 
   91,944
JPMorgan Chase & Co.
   13,955
 
4,595,000
Mitsubishi UFJ Financial Group Inc. ADR (Japan)1
   24,400
 
  317,137
PNC Financial Services Group Inc.
   57,849
 
 
 
  189,529
BEVERAGES—2.1%
 
  908,389
Coca-Cola Co.
   51,805
BIOTECHNOLOGY—2.3%
 
  241,000
Amgen Inc.
   58,211
BUILDING PRODUCTS—2.7%
 
  935,413
Johnson Controls International plc
   66,807
CAPITAL MARKETS—2.4%
 
  227,000
Ameriprise Financial Inc.
   58,466
CHEMICALS—5.8%
 
1,513,000
Corteva Inc.
   64,726
 
  143,357
Ecolab Inc.
   31,657
 
  546,236
RPM International Inc.
   47,299
 
 
 
  143,682
CONSTRUCTION MATERIALS—2.5%
 
  172,000
Martin Marietta Materials Inc.
   62,488
CONSUMER FINANCE—3.3%
 
  502,000
Capital One Financial Corp.
   81,173
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—5.0%
 
  332,150
Crown Castle International Corp.
   64,135
 
  355,146
Equity Lifestyle Properties Inc.
   29,761
 
  151,066
Sun Communities Inc.
   29,626
 
 
 
  123,522
FOOD & STAPLES RETAILING—0.9%
 
  466,000
Walgreens Boots Alliance Inc.
   21,972
FOOD PRODUCTS—1.5%
 
  511,249
Tyson Foods Inc.
   36,534
HEALTH CARE EQUIPMENT & SUPPLIES—8.7%
 
  680,000
Alcon Inc. (Switzerland)
   49,504
 
  359,159
Danaher Corp.
  106,846
 
  455,000
Medtronic plc (Ireland)
   59,746
 
 
 
  216,096
HOUSEHOLD DURABLES—6.0%
 
  703,000
Lennar Corp. Class A
   73,921
 
    7,126
Lennar Corp. Class B
      615
 
  705,339
Sony Corp. ADR (Japan)1
   73,567
 
 
 
  148,103
HOUSEHOLD PRODUCTS—2.1%
 
  359,646
Procter & Gamble Co.
   51,153
COMMON STOCKS—Continued
    
    
Shares
 
Value
INDUSTRIAL CONGLOMERATES—2.6%
 
  271,000
Honeywell International Inc.
   $63,357
INSURANCE—3.8%
 
  238,099
Chubb Ltd. (Switzerland)
   40,177
 
  459,181
Cincinnati Financial Corp
   54,128
 
 
 
   94,305
INTERACTIVE MEDIA & SERVICES—2.8%
 
  977,500
Twitter Inc.*
   68,181
IT SERVICES—2.5%
 
  226,098
PayPal Holdings Inc.*
   62,297
MACHINERY—5.3%
 
  212,000
Parker-Hannifin Corp.
   66,150
 
  514,000
Xylem Inc.
   64,687
 
 
 
  130,837
OIL, GAS & CONSUMABLE FUELS—2.8%
 
2,377,000
Cabot Oil & Gas Corp.
   38,032
 
  442,180
Phillips 66
   32,469
 
 
 
   70,501
PHARMACEUTICALS—3.7%
 
1,442,596
Elanco Animal Health Inc.*
   52,611
 
  430,197
Novartis AG ADR (Switzerland)1
   39,746
 
 
 
   92,357
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.4%
 
  449,193
Microchip Technology Inc.
   64,289
 
  463,200
QUALCOMM Inc.
   69,387
 
 
 
  133,676
SOFTWARE—11.8%
 
  168,076
Adobe Inc.*
  104,481
 
  223,000
ANSYS Inc.*
   82,167
 
  371,166
Microsoft Corp.
  105,749
 
 
 
  292,397
TOTAL COMMON STOCKS
(Cost $1,565,354)
2,419,149
TOTAL INVESTMENTS—97.8%
(Cost $1,565,354)
2,419,149
CASH AND OTHER ASSETS, LESS LIABILITIES—2.2%
   53,196
TOTAL NET ASSETS—100.0%
$2,472,345
3
Harbor Large Cap Value Fund

Portfolio of Investments—Continued
 
FAIR VALUE MEASUREMENTS
All investments at July 31, 2021 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments at July 31, 2021 or October 31, 2020.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
 
*
Non-income producing security
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 Portfolios of Investments.
4
Harbor Mid Cap Fund

Portfolio of Investments—July 31, 2021 (Unaudited)
 Value, Cost, and Principal Amounts in Thousands         
COMMON STOCKS—99.4%
    
    
Shares
 
Value
AEROSPACE & DEFENSE—1.4%
 
 4,265
General Dynamics Corp.
   $836
BANKS—1.6%
 
47,684
KeyCorp
   937
BUILDING PRODUCTS—1.7%
 
17,135
Masco Corp.
 1,023
CAPITAL MARKETS—7.6%
 
10,612
Houlihan Lokey Inc.
   945
 
11,755
Intercontinental Exchange Inc.
 1,409
 
 8,633
Raymond James Financial Inc.
 1,118
 
15,918
Stifel Financial Corp.
 1,059
 
 
 
 4,531
CHEMICALS—4.6%
 
 5,863
Albemarle Corp.
 1,208
 
 6,478
Eastman Chemical Co.
   730
 
 4,602
Scotts Miracle-Gro Co.
   815
 
 
 
 2,753
COMMERCIAL SERVICES & SUPPLIES—4.1%
 
12,767
Republic Services Inc.
 1,511
 
12,957
Stericycle Inc.*
   914
 
 
 
 2,425
CONTAINERS & PACKAGING—2.9%
 
 5,013
Packaging Corp. of America
   710
 
17,853
Sealed Air Corp.
 1,013
 
 
 
 1,723
ELECTRICAL EQUIPMENT—1.6%
 
16,519
Sensata Technologies Holding plc (United Kingdom)*
   968
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.3%
 
 8,384
Arrow Electronics Inc.*
   994
 
 9,557
Keysight Technologies Inc.*
 1,573
 
 
 
 2,567
ENTERTAINMENT—1.8%
 
12,606
Activision Blizzard Inc.
 1,054
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—4.6%
 
22,558
Americold Realty Trust
   876
 
 8,032
Boston Properties Inc.
   943
 
 2,711
SBA Communications Corp.
   925
 
 
 
 2,744
FOOD & STAPLES RETAILING—1.3%
 
10,290
Sysco Corp.
   764
HEALTH CARE EQUIPMENT & SUPPLIES—1.5%
 
13,734
Dentsply Sirona Inc.
   907
HEALTH CARE PROVIDERS & SERVICES—2.6%
 
 5,350
AmerisourceBergen Corp.
   654
 
 3,078
Laboratory Corp. of America Holdings*
   911
 
 
 
 1,565
HOTELS, RESTAURANTS & LEISURE—2.4%
 
 9,952
Darden Restaurants Inc.
 1,452
HOUSEHOLD DURABLES—2.9%
 
18,293
D.R. Horton Inc.
 1,746
COMMON STOCKS—Continued
    
    
Shares
 
Value
INSURANCE—4.3%
 
 5,584
Reinsurance Group of America Inc.
   $615
 
 5,575
Renaissance Holdings Ltd. (Bermuda)
   851
 
11,682
The Progressive Corp.
 1,112
 
 
 
 2,578
IT SERVICES—5.3%
 
 7,812
Akamai Technologies Inc.*
   937
 
10,905
Black Knight Inc.*
   903
 
 6,786
Global Payments Inc.
 1,312
 
 
 
 3,152
LIFE SCIENCES TOOLS & SERVICES—6.3%
 
 8,912
Agilent Technologies Inc.
 1,366
 
 1,949
Bio-Rad Laboratories Inc.*
 1,441
 
10,216
Syneos Health Inc.*
   916
 
 
 
 3,723
MACHINERY—6.1%
 
 3,708
Cummins Inc.
   861
 
 5,555
Dover Corp.
   928
 
 4,221
Snap-on Inc.
   920
 
 7,563
Woodward Inc.
   919
 
 
 
 3,628
MULTILINE RETAIL—1.7%
 
10,187
Dollar Tree Inc.*
 1,017
MULTI-UTILITIES—1.4%
 
 8,501
WEC Energy Group Inc.
   800
OIL, GAS & CONSUMABLE FUELS—3.2%
 
15,479
Cimarex Energy Co.
 1,009
 
26,106
Continental Resources Inc.
   892
 
 
 
 1,901
REAL ESTATE MANAGEMENT & DEVELOPMENT—2.8%
 
17,457
CBRE Group Inc.*
 1,684
ROAD & RAIL—1.5%
 
27,791
CSX Corp.
   898
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.8%
 
 8,868
Applied Materials Inc.
 1,241
 
 8,076
CMC Materials Inc.
 1,168
 
 9,219
Skyworks Solutions Inc.
 1,701
 
 7,534
Xilinx Inc.
 1,129
 
 
 
 5,239
SOFTWARE—7.5%
 
 4,104
ANSYS Inc.*
 1,512
 
21,840
CDK Global Inc.
 1,048
 
 6,698
Synopsys Inc.*
 1,929
 
 
 
 4,489
SPECIALTY RETAIL—1.0%
 
 8,841
TJX Companies Inc.
   608
5
Harbor Mid Cap Fund

Portfolio of Investments—Continued
 Value, Cost, and Principal Amounts in Thousands 
COMMON STOCKS—Continued
    
    
Shares
 
Value
TRADING COMPANIES & DISTRIBUTORS—2.6%
 
20,580
Air Lease Corp.
   $872
 
 7,123
GATX Corp.
   657
 
 
 
 1,529
TOTAL COMMON STOCKS
(Cost $51,085)
59,241
TOTAL INVESTMENTS—99.4%
(Cost $51,085)
59,241
CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%
   362
TOTAL NET ASSETS—100.0%
$59,603
 
FAIR VALUE MEASUREMENTS
All investments at July 31, 2021 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments at July 31, 2021 or October 31, 2020.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
 
*
Non-income producing security
The accompanying notes are an integral part of the Portfolios of Investments.
6
Harbor Mid Cap Growth Fund

Portfolio of Investments—July 31, 2021 (Unaudited)
 Value, Cost, and Principal Amounts in Thousands         
COMMON STOCKS—98.9%
    
    
Shares
 
Value
ACQUISITION COMPANIES—0.1%
 
 53,800
BowX Acquisition Corp.*
    $569
AUTOMOBILES—1.8%
 
 71,431
Thor Industries Inc.
  8,455
BEVERAGES—1.1%
 
  7,144
Boston Beer Co. Inc.*
  5,072
BIOTECHNOLOGY—3.0%
 
 45,395
Apellis Pharmaceuticals Inc.*
  2,905
 
 19,388
Ascendis Pharma AS ADR (Denmark)*,1
  2,292
 
 52,990
Exact Sciences Corp.*
  5,714
 
 35,767
Kodiak Sciences Inc.*
  2,999
 
 
 
 13,910
BUILDING PRODUCTS—1.1%
 
 68,876
Johnson Controls International plc
  4,919
CAPITAL MARKETS—3.8%
 
 97,655
Ares Management Corp.
  6,993
 
123,485
Tradeweb Markets Inc.
 10,710
 
 
 
 17,703
COMMERCIAL SERVICES & SUPPLIES—1.8%
 
 58,094
Copart Inc.*
  8,540
COMMUNICATIONS EQUIPMENT—2.8%
 
 34,689
Arista Networks Inc.*
 13,195
DIVERSIFIED CONSUMER SERVICES—4.0%
 
142,339
2U Inc.*
  6,178
 
142,179
Chegg Inc.*
 12,601
 
 
 
 18,779
ENTERTAINMENT—2.9%
 
 59,952
Spotify Technology SA (Sweden)*
 13,709
HEALTH CARE EQUIPMENT & SUPPLIES—10.3%
 
 30,217
ABIOMED Inc.*
  9,885
 
 19,699
Align Technology Inc.*
 13,707
 
 32,657
Dexcom Inc.*
 16,835
 
 26,673
Insulet Corp.*
  7,460
 
 
 
 47,887
HEALTH CARE PROVIDERS & SERVICES—2.0%
 
151,672
Oak Street Health Inc.*
  9,561
HEALTH CARE TECHNOLOGY—1.6%
 
226,556
GoodRx Holdings Inc.*
  7,266
HOTELS, RESTAURANTS & LEISURE—8.7%
 
 10,198
Chipotle Mexican Grill Inc.*
 19,003
 
238,962
DraftKings Inc.*
 11,590
 
 60,110
Penn National Gaming Inc.*
  4,110
 
 76,188
Planet Fitness Inc.*
  5,732
 
 
 
 40,435
HOUSEHOLD DURABLES—2.1%
 
 92,166
Lennar Corp.
  9,691
INTERACTIVE MEDIA & SERVICES—4.1%
 
 79,954
Match Group Inc.*
 12,734
 
 85,342
Snap Inc.*
  6,351
 
 
 
 19,085
COMMON STOCKS—Continued
    
    
Shares
 
Value
IT SERVICES—3.3%
 
 68,539
Leidos Holdings Inc.
  $7,294
 
 23,031
MongoDB Inc.*
  8,266
 
 
 
 15,560
LEISURE PRODUCTS—1.5%
 
 52,138
Polaris Industries Inc.
  6,834
LIFE SCIENCES TOOLS & SERVICES—1.4%
 
 41,453
Agilent Technologies Inc.
  6,352
MACHINERY—1.6%
 
 38,500
Middleby Corp.*
  7,372
PHARMACEUTICALS—1.3%
 
140,459
Elanco Animal Health Inc.*
  5,123
 
  8,407
Reata Pharmaceuticals Inc.*
  1,053
 
 
 
  6,176
PROFESSIONAL SERVICES—3.3%
 
175,615
CoStar Group Inc.*
 15,603
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.7%
 
124,408
Marvell Technology Inc.
  7,528
 
 34,144
MKS Instruments Inc.
  5,342
 
 27,342
SolarEdge Technologies Inc.*
  7,095
 
 28,954
Universal Display Corp.
  6,789
 
 
 
 26,754
SOFTWARE—15.7%
 
 26,182
Fair Isaac Corp.*
 13,717
 
 63,922
Guidewire Software Inc.*
  7,364
 
526,574
ironSource Ltd. (Israel)*
  4,492
 
511,853
MultiPlan Corp.*
  4,120
 
 36,744
Paycom Software Inc.*
 14,698
 
 42,087
RingCentral Inc.*
 11,248
 
145,885
Varonis Systems Inc.*
  8,928
 
 37,832
Workday Inc.*
  8,868
 
 
 
 73,435
SPECIALTY RETAIL—9.4%
 
 57,505
Five Below Inc.*
 11,180
 
104,962
Floor & Decor Holdings Inc.*
 12,807
 
138,052
Ollie's Bargain Outlet Holdings Inc.*
 12,853
 
 55,696
Ross Stores Inc.
  6,833
 
 
 
 43,673
TEXTILES, APPAREL & LUXURY GOODS—4.5%
 
 52,306
Lululemon Athletica Inc.*
 20,931
TOTAL COMMON STOCKS
(Cost $370,263)
461,466
 
EXCHANGE-TRADED FUNDS—0.4%
(Cost $1,885)
 
CAPITAL MARKETS—0.4%
 
 16,610
iShares Russell Mid-Cap Growth ETF
  1,898
 
7
Harbor Mid Cap Growth Fund

Portfolio of Investments—Continued
 Value, Cost, and Principal Amounts in Thousands 
SHORT-TERM INVESTMENTS—1.9%
(Cost $8,743)
 
    
Principal
Amount
 
Value
REPURCHASE AGREEMENTS—1.9%
$ 
  8,743
Repurchase Agreement with Bank of America dated July
30, 2021 due August 02, 2021 at 0.040% collateralized
by U.S. Treasury Notes (value $8,829)
  $8,743
TOTAL INVESTMENTS—101.2%
(Cost $380,891)
472,107
CASH AND OTHER ASSETS, LESS LIABILITIES—(1.2)%
 (5,572)
TOTAL NET ASSETS—100.0%
$466,535
 
FAIR VALUE MEASUREMENTS
As of July 31, 2021, the repurchase agreement (as disclosed in the preceding Portfolio of Investments) was classified as Level 2 and all other investments were classified as Level 1. There were no Level 3 investments at July 31, 2021 or October 31, 2020.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
 
*
Non-income producing security
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 Portfolios of Investments.
8
Harbor Mid Cap Value Fund

Portfolio of Investments—July 31, 2021 (Unaudited)
 Value, Cost, and Principal Amounts in Thousands         
COMMON STOCKS—98.7%
    
    
Shares
 
Value
AEROSPACE & DEFENSE—2.2%
 
  9,300
Huntington Ingalls Industries Inc.
$1,908
 
 14,800
L3Harris Technologies Inc.
  3,356
 
 69,600
Textron Inc.
  4,803
 
 
 
 10,067
AIR FREIGHT & LOGISTICS—0.9%
 
 58,200
Atlas Air Worldwide Holdings Inc.*
  3,898
AIRLINES—0.8%
 
 39,500
Alaska Air Group Inc.*
  2,292
 
 31,500
United Airlines Holdings Inc.*
  1,472
 
 
 
  3,764
AUTO COMPONENTS—1.9%
 
187,400
American Axle & Manufacturing Holdings Inc.*
  1,816
 
 58,900
BorgWarner Inc.
  2,885
 
 68,900
Goodyear Tire & Rubber Co.*
  1,082
 
 15,400
Lear Corp.
  2,695
 
 
 
  8,478
AUTOMOBILES—0.6%
 
 70,000
Harley-Davidson Inc.
  2,773
BANKS—5.2%
 
140,200
Citizens Financial Group Inc.
  5,911
 
155,200
Fifth Third Bancorp
  5,632
 
171,400
KeyCorp
  3,370
 
209,000
Regions Financial Corp.
  4,023
 
 89,800
Zions Bancorporation
  4,683
 
 
 
 23,619
BEVERAGES—1.2%
 
110,500
Molson Coors Brewing Co.
  5,402
BIOTECHNOLOGY—0.6%
 
196,000
Ironwood Pharmaceuticals Inc.*
  2,601
BUILDING PRODUCTS—1.0%
 
 47,400
Owens Corning
  4,558
CAPITAL MARKETS—1.9%
 
 19,800
Ameriprise Financial Inc.
  5,100
 
 71,900
Lazard Ltd. (Bermuda)
  3,393
 
 
 
  8,493
CHEMICALS—4.5%
 
 45,000
Cabot Corp.
  2,478
 
 18,100
Celanese Corp.
  2,819
 
112,122
Chemours Co.
  3,728
 
 38,100
Eastman Chemical Co.
  4,295
 
114,500
Huntsman Corp.
  3,024
 
 28,000
LyondellBasell Industries NV
  2,781
 
 21,500
Trinseo SA (Luxembourg)
  1,169
 
 
 
 20,294
CONSUMER FINANCE—3.0%
 
117,500
Ally Financial Inc.
  6,035
 
 22,700
Discover Financial Services
  2,822
 
225,200
Navient Corp.
  4,601
 
 
 
 13,458
CONTAINERS & PACKAGING—3.5%
 
 35,800
Berry Global Group Inc.*
  2,301
 
 84,000
Graphic Packaging Holding Co.
  1,610
COMMON STOCKS—Continued
    
    
Shares
 
Value
CONTAINERS & PACKAGING—Continued
 
 61,100
Greif Inc.
  $3,704
 
158,830
O-I Glass Inc.*
  2,349
 
 55,200
Silgan Holdings Inc.
  2,237
 
 72,300
WestRock Co.
  3,558
 
 
 
 15,759
DIVERSIFIED CONSUMER SERVICES—0.5%
 
 87,800
H&R Block Inc.
  2,155
DIVERSIFIED FINANCIAL SERVICES—0.6%
 
 79,987
Banco Latinoamericano de Comercio Exterior SA
(Panama)
  1,318
 
 24,300
Voya Financial Inc.
  1,565
 
 
 
  2,883
ELECTRIC UTILITIES—1.3%
 
 24,500
Edison International
  1,335
 
 52,700
NRG Energy Inc.
  2,174
 
 90,200
PPL Corp.
  2,559
 
 
 
  6,068
ELECTRICAL EQUIPMENT—0.5%
 
 31,200
Atkore Inc.*
  2,343
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.4%
 
 33,000
Arrow Electronics Inc.*
  3,913
 
 48,100
Avnet Inc.
  1,987
 
 61,800
Methode Electronics Inc.
  2,956
 
 40,600
Sanmina Corp.*
  1,560
 
 13,988
SYNNEX Corp.
  1,672
 
125,800
TTM Technologies Inc.*
  1,760
 
 69,800
Vishay Intertechnology Inc.
  1,545
 
 
 
 15,393
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—7.8%
 
138,000
Brandywine Realty Trust
  1,927
 
121,600
Brixmor Property Group Inc.
  2,799
 
429,000
Franklin Street Properties Corp.
  2,239
 
 40,900
Gaming and Leisure Properties Inc.
  1,936
 
160,589
Hersha Hospitality Trust*
  1,511
 
 88,234
Industrial Logistics Properties Trust
  2,391
 
 55,600
Iron Mountain Inc.
  2,433
 
114,400
Medical Properties Trust Inc.
  2,406
 
 52,750
Office Properties Income Trust
  1,529
 
 86,200
Omega Healthcare Investors Inc.
  3,127
 
139,000
Paramount Group Inc.
  1,357
 
138,248
Piedmont Office Realty Trust Inc.
  2,630
 
 63,300
Plymouth Industrial REIT Inc.
  1,461
 
 32,452
Retail Value Inc.
    793
 
138,200
Sabra Health Care REIT Inc.
  2,569
 
124,400
Service Properties Trust
  1,385
 
 95,800
SITE Centers Corp.
  1,519
 
  5,900
Summit Hotel Properties Inc.*
     53
 
 82,900
Tanger Factory Outlet Centers Inc.
  1,423
 
 
 
 35,488
FOOD & STAPLES RETAILING—2.6%
 
 51,800
Ingles Markets Inc.
  3,096
 
166,300
Kroger Co.
  6,768
 
 80,000
Sprouts Farmers Market Inc.*
  1,966
 
 
 
 11,830
9
Harbor Mid Cap Value Fund

Portfolio of Investments—Continued
 Value, Cost, and Principal Amounts in Thousands 
COMMON STOCKS—Continued
    
    
Shares
 
Value
FOOD PRODUCTS—3.1%
 
 71,900
Conagra Brands Inc.
  $2,408
 
 32,200
Ingredion Inc.
  2,827
 
 32,100
JM Smucker Co.
  4,209
 
 68,100
Tyson Foods Inc.
  4,866
 
 
 
 14,310
GAS UTILITIES—0.6%
 
 55,800
National Fuel Gas Co.
  2,870
HEALTH CARE PROVIDERS & SERVICES—4.6%
 
 59,300
Cardinal Health Inc.
  3,521
 
 35,100
DaVita Inc.*
  4,221
 
 12,300
HCA Healthcare Inc.
  3,053
 
  6,400
Laboratory Corp. of America Holdings*
  1,895
 
 24,700
McKesson Corp.
  5,035
 
 19,000
Universal Health Services Inc.
  3,048
 
 
 
 20,773
HOTELS, RESTAURANTS & LEISURE—0.3%
 
 30,500
Travel + Leisure Co.
  1,580
HOUSEHOLD DURABLES—4.3%
 
101,478
Ethan Allen Interiors Inc.
  2,412
 
 26,100
Meritage Homes Corp.*
  2,834
 
 68,100
PulteGroup Inc.
  3,737
 
 72,600
Toll Brothers Inc.
  4,303
 
 27,300
Whirlpool Corp.
  6,048
 
 
 
 19,334
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.3%
 
314,400
Vistra Energy Corp.
  6,021
INSURANCE—7.1%
 
 55,600
Aflac Inc.
  3,058
 
 43,800
Allstate Corp.
  5,696
 
 23,200
American Financial Group Inc.
  2,935
 
 13,700
Hanover Insurance Group Inc.
  1,862
 
 85,700
Hartford Financial Services Group Inc.
  5,452
 
 57,600
Lincoln National Corp.
  3,549
 
129,100
Old Republic International Corp.
  3,184
 
 58,400
Principal Financial Group Inc.
  3,628
 
 75,200
Universal Insurance Holdings Inc.
  1,065
 
 64,400
Unum Group
  1,765
 
 
 
 32,194
INTERNET & DIRECT MARKETING RETAIL—1.2%
 
 77,700
eBay Inc.
  5,300
IT SERVICES—1.8%
 
 13,988
Concentrix Corp.*
  2,290
 
 79,600
DXC Technology Co.*
  3,182
 
117,600
Western Union Co.
  2,730
 
 
 
  8,202
LEISURE PRODUCTS—0.8%
 
 23,300
Brunswick Corp.
  2,432
 
 17,894
Sturm Ruger & Co. Inc.
  1,331
 
 
 
  3,763
MACHINERY—6.7%
 
 38,800
AGCO Corp.
  5,126
 
100,600
Allison Transmission Holdings Inc.
  4,015
 
 17,600
Cummins Inc.
  4,085
COMMON STOCKS—Continued
    
    
Shares
 
Value
MACHINERY—Continued
 
135,300
Meritor Inc.*
  $3,292
 
 31,900
Oshkosh Corp.
  3,814
 
 20,600
Snap-on Inc.
  4,490
 
 55,500
Timken Co.
  4,412
 
 89,100
Wabash National Corp.
  1,304
 
 
 
 30,538
MEDIA—2.3%
 
 82,500
AMC Networks Inc.*
  4,128
 
 18,100
Nexstar Media Group Inc.
  2,662
 
144,100
TEGNA Inc.
  2,554
 
 32,300
ViacomCBS Inc.
  1,322
 
 
 
 10,666
METALS & MINING—1.2%
 
 35,800
Reliance Steel & Aluminum Co.
  5,626
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)—1.0%
 
166,600
Annaly Capital Management Inc.
  1,414
 
298,300
MFA Financial Inc.
  1,393
 
 93,400
PennyMac Mortgage Investment Trust
  1,842
 
 
 
  4,649
MULTILINE RETAIL—1.0%
 
 48,600
Big Lots Inc.
  2,800
 
 99,500
Macy's Inc.*
  1,691
 
 
 
  4,491
MULTI-UTILITIES—0.6%
 
 93,150
MDU Resources Group Inc.
  2,955
OIL, GAS & CONSUMABLE FUELS—1.9%
 
 93,200
Devon Energy Corp.
  2,408
 
 65,800
HollyFrontier Corp.
  1,935
 
 34,700
Marathon Petroleum Corp.
  1,916
 
 32,800
Valero Energy Corp.
  2,197
 
 
 
  8,456
PHARMACEUTICALS—2.2%
 
 36,100
Jazz Pharmaceuticals plc (Ireland)*
  6,120
 
110,150
Lannett Co. Inc.*
    511
 
 36,200
Prestige Consumer Healthcare Inc.*
  1,902
 
 93,493
Viatris Inc.
  1,316
 
 
 
  9,849
PROFESSIONAL SERVICES—0.7%
 
 27,500
ManpowerGroup Inc.
  3,261
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%
 
137,800
Amkor Technology Inc.
  3,395
 
 16,000
Diodes Inc.*
  1,312
 
 15,500
Qorvo Inc.*
  2,939
 
 
 
  7,646
SOFTWARE—0.8%
 
 24,300
J2 Global Inc.*
  3,433
SPECIALTY RETAIL—4.3%
 
 31,000
Best Buy Co. Inc.
  3,483
 
 29,600
Dick's Sporting Goods Inc.
  3,083
 
 81,800
Foot Locker Inc.
  4,667
 
 18,600
Group 1 Automotive Inc.
  3,232
10
Harbor Mid Cap Value Fund

Portfolio of Investments—Continued
 Value, Cost, and Principal Amounts in Thousands 
COMMON STOCKS—Continued
    
    
Shares
 
Value
SPECIALTY RETAIL—Continued
 
 36,200
ODP Corp.*
  $1,713
 
 36,800
Penske Automotive Group Inc.
  3,260
 
 
 
 19,438
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.3%
 
242,314
HP Inc.
  6,996
 
 66,400
Seagate Technology Holdings plc (Ireland)
  5,836
 
 93,900
Xerox Holdings Corp.
  2,266
 
 
 
 15,098
TEXTILES, APPAREL & LUXURY GOODS—0.2%
 
 17,700
Capri Holdings Ltd. (Virgin Islands)*
    997
THRIFTS & MORTGAGE FINANCE—0.9%
 
132,900
MGIC Investment Corp.
  1,839
 
107,200
Radian Group Inc.
  2,421
 
 
 
  4,260
COMMON STOCKS—Continued
    
    
Shares
 
Value
TRADING COMPANIES & DISTRIBUTORS—0.8%
 
 65,642
Triton International Ltd. (Bermuda)
  $3,465
TOTAL COMMON STOCKS
(Cost $363,081)
448,499
TOTAL INVESTMENTS—98.7%
(Cost $363,081)
448,499
CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%
  6,009
TOTAL NET ASSETS—100.0%
$454,508
 
FAIR VALUE MEASUREMENTS
All investments at July 31, 2021 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments at July 31, 2021 or October 31, 2020.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
 
*
Non-income producing security
The accompanying notes are an integral part of the Portfolios of Investments.
11
Harbor Small Cap Growth Fund

Portfolio of Investments—July 31, 2021 (Unaudited)
 Value, Cost, and Principal Amounts in Thousands         
COMMON STOCKS—95.1%
    
    
Shares
 
Value
AEROSPACE & DEFENSE—1.7%
 
  348,906
Hexcel Corp.*
   $18,987
AUTO COMPONENTS—0.7%
 
  364,480
Mister Car Wash Inc.*
    7,596
BANKS—2.1%
 
   30,788
First Citizens Bancshares Inc.
   24,094
BIOTECHNOLOGY—15.5%
 
  194,706
Acceleron Pharma Inc.*
   24,350
 
  143,840
Ascendis Pharma AS ADR (Denmark)*,1
   17,000
 
  238,836
Blueprint Medicines Corp.*
   20,986
 
  221,960
Bridgebio Pharma Inc.*
   11,864
 
  146,414
Fate Therapeutics Inc.*
   12,123
 
  504,150
Invitae Corp.*
   14,111
 
1,520,929
Ironwood Pharmaceuticals Inc.*
   20,183
 
  547,236
Mersana Therapeutics Inc.*
    6,020
 
  230,008
Nkarta Inc.*
    7,305
 
   37,380
Novavax Inc.*
    6,703
 
  334,363
Rocket Pharmaceuticals Inc.*
   11,977
 
  328,138
Turning Point Therapeutics Inc.*
   20,942
 
 
 
  173,564
BUILDING PRODUCTS—4.2%
 
  245,585
Advanced Drainage Systems Inc.
   29,984
 
  173,410
Trex Co. Inc.*
   16,838
 
 
 
   46,822
CHEMICALS—1.4%
 
  315,680
Avient Corp.
   15,317
COMMERCIAL SERVICES & SUPPLIES—1.0%
 
   66,460
MSA Safety Inc.
   10,931
CONTAINERS & PACKAGING—2.5%
 
  218,580
Berry Global Group Inc.*
   14,052
 
  554,509
Ranpak Holdings Corp.*
   14,207
 
 
 
   28,259
DIVERSIFIED CONSUMER SERVICES—0.8%
 
  207,680
2U Inc.*
    9,013
ELECTRICAL EQUIPMENT—2.4%
 
  352,540
Atkore Inc.*
   26,479
ENTERTAINMENT—1.8%
 
1,968,300
Zynga Inc.*
   19,880
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—5.1%
 
  495,320
American Assets Trust Inc.
   18,292
 
  107,480
PS Business Parks Inc.
   16,517
 
  440,800
Spirit Realty Capital Inc.
   22,137
 
 
 
   56,946
HEALTH CARE EQUIPMENT & SUPPLIES—3.4%
 
  301,400
Haemonetics Corp.*
   18,322
 
  186,910
Tandem Diabetes Care Inc.*
   20,312
 
 
 
   38,634
HEALTH CARE PROVIDERS & SERVICES—3.5%
 
   80,994
Amedisys Inc.*
   21,109
 
  902,480
Option Care Health Inc.*
   18,699
 
 
 
   39,808
COMMON STOCKS—Continued
    
    
Shares
 
Value
HOTELS, RESTAURANTS & LEISURE—4.1%
 
  332,290
Cheesecake Factory Inc.*
   $15,039
 
  100,730
Churchill Downs Inc.
   18,716
 
1,868,091
Playa Hotels & Resorts NV (Netherlands)*
   12,498
 
 
 
   46,253
HOUSEHOLD DURABLES—1.7%
 
   92,420
Topbuild Corp.*
   18,733
INSURANCE—3.4%
 
  487,535
BRP Group Inc.*
   13,290
 
  138,105
Palomar Holdings Inc.*
   11,246
 
   93,972
Primerica Inc.
   13,741
 
 
 
   38,277
IT SERVICES—4.6%
 
  206,640
Shift4 Payments Inc.*
   18,430
 
   95,272
WEX Inc.*
   18,076
 
  179,128
WNS Holdings Ltd. ADR (India)*,1
   14,750
 
 
 
   51,256
LEISURE PRODUCTS—1.3%
 
  180,163
BRP Inc. (Canada)
   15,089
LIFE SCIENCES TOOLS & SERVICES—3.4%
 
   33,490
Bio-Rad Laboratories Inc.*
   24,766
 
  404,462
Pacific Biosciences of California Inc.*
   13,004
 
 
 
   37,770
MACHINERY—5.6%
 
  216,504
ITT Inc.
   21,198
 
  142,260
Lincoln Electric Holdings Inc.
   19,835
 
  272,063
Timken Co.
   21,629
 
 
 
   62,662
OIL, GAS & CONSUMABLE FUELS—1.0%
 
  294,390
PDC Energy Inc.
   11,643
PHARMACEUTICALS—3.8%
 
1,475,740
Innoviva Inc.*
   20,926
 
  365,521
Pacira BioSciences Inc.*
   21,547
 
 
 
   42,473
PROFESSIONAL SERVICES—0.5%
 
   99,170
Upwork Inc.*
    5,136
ROAD & RAIL—2.0%
 
  101,240
Saia Inc.*
   22,880
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.3%
 
   64,324
Advanced Energy Industries Inc.
    6,674
 
   88,170
MKS Instruments Inc.
   13,793
 
  360,847
Silicon Motion Technology Corp. ADR (Taiwan)1
   27,060
 
  269,462
SMART Global Holdings Inc.*
   12,621
 
   70,608
Synaptics Inc.*
   10,727
 
 
 
   70,875
SOFTWARE—5.4%
 
  105,400
Blackline Inc.*
   12,057
 
  561,260
Cognyte Software Ltd. (Israel)*
   14,576
 
  327,094
Mimecast Ltd. (Jersey)*
   18,170
 
  211,840
Smartsheet Inc.*
   15,369
 
 
 
   60,172
12
Harbor Small Cap Growth Fund

Portfolio of Investments—Continued
 Value, Cost, and Principal Amounts in Thousands 
COMMON STOCKS—Continued
    
    
Shares
 
Value
SPECIALTY RETAIL—3.9%
 
   90,860
Five Below Inc.*
   $17,665
 
  479,225
National Vision Holdings Inc.*
   25,868
 
 
 
   43,533
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.0%
 
  227,415
NCR Corp.*
   10,097
 
  647,443
Pure Storage Inc.*
   12,638
 
 
 
   22,735
TOTAL COMMON STOCKS
(Cost $819,863)
1,065,817
TOTAL INVESTMENTS—95.1%
(Cost $819,863)
1,065,817
CASH AND OTHER ASSETS, LESS LIABILITIES—4.9%
   55,046
TOTAL NET ASSETS—100.0%
$1,120,863
 
FAIR VALUE MEASUREMENTS
All investments at July 31, 2021 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments at July 31, 2021 or October 31, 2020.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
 
*
Non-income producing security
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 Portfolios of Investments.
13
Harbor Small Cap Value Fund

Portfolio of Investments—July 31, 2021 (Unaudited)
 Value, Cost, and Principal Amounts in Thousands         
COMMON STOCKS—98.6%
    
    
Shares
 
Value
AEROSPACE & DEFENSE—7.3%
 
  993,387
Hexcel Corp.*
$54,060
 
  305,676
Moog Inc.
   23,803
 
1,030,216
Parsons Corp.*
   39,787
 
  176,379
Teledyne Technologies Inc.*
   79,859
 
 
 
  197,509
BANKS—7.8%
 
  851,679
Enterprise Financial Services Corp.
   37,959
 
  995,733
First Merchants Corp.
   40,556
 
  831,300
Heartland Financial USA Inc.
   37,924
 
  464,552
South State Corp.
   31,980
 
  840,435
Trustmark Corp.
   25,230
 
1,053,872
United Bankshares Inc.
   36,401
 
 
 
  210,050
BIOTECHNOLOGY—3.3%
 
  667,016
Emergent BioSolutions Inc.*
   43,956
 
1,413,843
Myriad Genetics Inc.*
   44,720
 
 
 
   88,676
CAPITAL MARKETS—6.2%
 
  856,597
Houlihan Lokey Inc.
   76,323
 
  380,866
Raymond James Financial Inc.
   49,314
 
  630,326
Stifel Financial Corp.
   41,942
 
 
 
  167,579
CHEMICALS—3.9%
 
  730,111
Cabot Corp.
   40,200
 
  364,001
Scotts Miracle-Gro Co.
   64,414
 
 
 
  104,614
COMMERCIAL SERVICES & SUPPLIES—4.1%
 
1,098,328
Casella Waste Systems Inc.*
   75,543
 
2,522,712
Steelcase Inc.
   34,687
 
 
 
  110,230
CONSUMER FINANCE—2.0%
 
  690,918
FirstCash Inc.
   54,721
ELECTRICAL EQUIPMENT—2.0%
 
  540,380
EnerSys
   53,314
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.3%
 
  208,000
Littelfuse Inc.
   55,326
 
  480,650
Plexus Corp.*
   43,412
 
1,144,707
Sanmina Corp.*
   43,980
 
 
 
  142,718
ENERGY EQUIPMENT & SERVICES—1.3%
 
  402,650
Core Laboratories NV (Netherlands)
   13,432
 
  466,596
DMC Global Inc.*
   20,423
 
 
 
   33,855
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—4.9%
 
1,389,248
Corporate Office Properties Trust
   40,900
 
1,824,223
Pebblebrook Hotel Trust
   41,027
 
1,245,896
STAG Industrial Inc.
   51,480
 
 
 
  133,407
FOOD PRODUCTS—3.1%
 
1,210,673
Darling Ingredients Inc.*
   83,621
COMMON STOCKS—Continued
    
    
Shares
 
Value
HEALTH CARE EQUIPMENT & SUPPLIES—3.5%
 
  490,488
CONMED Corp.
   $67,658
 
1,289,464
Meridian Bioscience Inc.*
   26,434
 
 
 
   94,092
HEALTH CARE PROVIDERS & SERVICES—5.0%
 
2,387,090
MEDNAX Inc.*
   69,512
 
  241,730
Molina Healthcare Inc.*
   65,995
 
 
 
  135,507
HOTELS, RESTAURANTS & LEISURE—1.7%
 
  338,001
Cracker Barrel Old Country Store Inc.
   46,029
HOUSEHOLD DURABLES—1.8%
 
  446,217
Meritage Homes Corp.*
   48,450
INSURANCE—2.7%
 
  662,651
Horace Mann Educators Corp.
   26,380
 
  290,920
Reinsurance Group of America Inc.
   32,054
 
  557,245
United Fire Group Inc.
   13,886
 
 
 
   72,320
IT SERVICES—3.9%
 
  567,083
ManTech International Corp.
   49,597
 
4,617,477
Sabre Corp.*
   54,440
 
 
 
  104,037
MACHINERY—8.4%
 
  558,650
Albany International Corp.
   48,239
 
  880,489
Altra Industrial Motion Corp.
   55,189
 
  817,246
Franklin Electric Co. Inc.
   66,818
 
  719,570
Timken Co.
   57,206
 
 
 
  227,452
OIL, GAS & CONSUMABLE FUELS—0.8%
 
2,588,064
Archrock Inc.
   22,283
PHARMACEUTICALS—3.8%
 
  862,219
Catalent Inc.*
  103,302
ROAD & RAIL—1.5%
 
  537,569
Ryder System Inc.
   40,936
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.2%
 
  441,299
Advanced Energy Industries Inc.
   45,785
 
  422,325
CMC Materials Inc.
   61,085
 
  592,380
Entegris Inc.
   71,465
 
1,800,331
FormFactor Inc.*
   67,080
 
  128,595
Monolithic Power Systems Inc.
   57,773
 
 
 
  303,188
TEXTILES, APPAREL & LUXURY GOODS—1.5%
 
1,248,707
Wolverine World Wide Inc.
   41,882
TRADING COMPANIES & DISTRIBUTORS—1.6%
 
  456,055
GATX Corp.
   42,071
TOTAL COMMON STOCKS
(Cost $1,710,552)
2,661,843
TOTAL INVESTMENTS—98.6%
(Cost $1,710,552)
2,661,843
CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%
   37,972
TOTAL NET ASSETS—100.0%
$2,699,815
14
Harbor Small Cap Value Fund

Portfolio of Investments—Continued
 
FAIR VALUE MEASUREMENTS
All investments at July 31, 2021 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments at July 31, 2021 or October 31, 2020.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
 
*
Non-income producing security
The accompanying notes are an integral part of the Portfolios of Investments.
15
Harbor Strategic Growth Fund

Portfolio of Investments—July 31, 2021 (Unaudited)
 Value, Cost, and Principal Amounts in Thousands         
COMMON STOCKS—95.1%
    
    
Shares
 
Value
AEROSPACE & DEFENSE—1.3%
 
 2,413
TransDigm Group Inc.*
  $1,547
BANKS—6.1%
 
27,706
First Republic Bank
  5,403
 
31,246
U.S. Bancorp.
  1,736
 
 
 
  7,139
BEVERAGES—1.7%
 
12,468
PepsiCo Inc.
  1,957
CAPITAL MARKETS—6.1%
 
49,180
Charles Schwab Corp.
  3,342
 
10,215
Moody's Corp.
  3,841
 
 
 
  7,183
CHEMICALS—6.2%
 
12,627
Air Products & Chemicals Inc.
  3,675
 
 6,667
Ecolab Inc.
  1,472
 
 7,011
Linde plc (Ireland)
  2,155
 
 
 
  7,302
DIVERSIFIED FINANCIAL SERVICES—4.5%
 
19,142
Berkshire Hathaway Inc. Class B*
  5,327
ELECTRICAL EQUIPMENT—2.6%
 
28,830
Amphenol Corp.
  2,090
 
29,313
Vontier Corp.
    948
 
 
 
  3,038
ENTERTAINMENT—1.9%
 
 4,412
Netflix Inc.*
  2,283
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—3.4%
 
14,278
American Tower Corp.
  4,038
HEALTH CARE EQUIPMENT & SUPPLIES—1.3%
 
 4,000
Teleflex Inc.
  1,590
HOTELS, RESTAURANTS & LEISURE—1.2%
 
11,304
Starbucks Corp.
  1,373
INDUSTRIAL CONGLOMERATES—5.2%
 
16,579
Honeywell International Inc.
  3,876
 
 4,637
Roper Technologies Inc.
  2,278
 
 
 
  6,154
INSURANCE—3.3%
 
 3,196
Markel Corp.*
  3,855
INTERACTIVE MEDIA & SERVICES—7.1%
 
 1,886
Alphabet Inc. Class C*
  5,101
 
 9,218
Facebook Inc.*
  3,284
 
 
 
  8,385
INTERNET & DIRECT MARKETING RETAIL—4.1%
 
 1,437
Amazon.com Inc.*
  4,782
IT SERVICES—3.0%
 
14,249
Visa Inc.
  3,511
LIFE SCIENCES TOOLS & SERVICES—2.5%
 
 1,986
Mettler-Toledo International Inc.*
  2,927
MACHINERY—1.9%
 
31,433
Fortive Corp.
  2,284
COMMON STOCKS—Continued
    
    
Shares
 
Value
PERSONAL PRODUCTS—1.8%
 
36,251
Unilever plc ADR (United Kingdom)1
  $2,085
PHARMACEUTICALS—3.2%
 
21,757
Johnson & Johnson
  3,746
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.0%
 
24,899
Microchip Technology Inc.
  3,563
SOFTWARE—16.1%
 
 7,415
Adobe Inc.*
  4,609
 
 9,957
Intuit Inc.
  5,277
 
15,238
Microsoft Corp.
  4,342
 
10,074
salesforce.com Inc.*
  2,437
 
16,524
SAP SE ADR (Germany)1
  2,375
 
 
 
 19,040
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.8%
 
38,935
Apple Inc.
  5,679
TEXTILES, APPAREL & LUXURY GOODS—2.8%
 
19,552
NIKE Inc.
  3,275
TOTAL COMMON STOCKS
(Cost $56,592)
112,063
TOTAL INVESTMENTS—95.1%
(Cost $56,592)
112,063
CASH AND OTHER ASSETS, LESS LIABILITIES—4.9%
  5,792
TOTAL NET ASSETS—100.0%
$117,855
16
Harbor Strategic Growth Fund

Portfolio of Investments—Continued
 
FAIR VALUE MEASUREMENTS
All investments at July 31, 2021 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments at July 31, 2021 or October 31, 2020.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
 
*
Non-income producing security
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 Portfolios of Investments.
17
Harbor Domestic Equity Funds

Notes to Portfolios of Investments—July 31, 2021 (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 July 31, 2021, the Trust consists of 31 separate portfolios. The portfolios covered by this report are: Harbor Capital Appreciation Fund, Harbor Large Cap Value Fund, Harbor Mid Cap Fund, Harbor Mid Cap Growth Fund, Harbor Mid Cap Value Fund, Harbor Small Cap Growth Fund, Harbor Small Cap Value Fund, and Harbor Strategic Growth Fund (individually or collectively referred to as a “Fund” or the “Funds," respectively). Harbor Capital Advisors, Inc. (“Harbor Capital”) is the investment adviser for the Funds.
 Note 2—Significant Accounting Policies
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 or cleared 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 or cleared 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 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.
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
18
Harbor Domestic Equity Funds

Notes to Portfolios of Investments—Continued
Note 2—Significant Accounting Policies—Continued 
closing prices or evaluated prices for the same securities, which means that the Fund may value those securities higher or lower than another given fund that uses market quotations, official closing prices or evaluated prices supplied by a pricing vendor in its calculation of net asset value. Securities valued using observable inputs, such as those described above, are normally categorized as Level 2 of the fair value hierarchy.
When reliable market quotations or evaluated prices supplied by a pricing vendor are not readily available or are not believed to accurately reflect fair value, securities 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. For fair valuations using significant unobservable inputs, if any, a reconciliation of the beginning to ending balances for reported fair values is provided at the end of each Fund’s Portfolio of Investments schedule that presents changes attributable to realized and unrealized gains and losses and purchases, sales, and transfers in/out of the Level 3 category during the period.
Each Fund used observable inputs in its valuation methodologies whenever they were available and deemed reliable.
Securities Transactions
Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed).
Please refer to the most recent annual or semi-annual reports on the Harbor Funds’ website at harborfunds.com for more information regarding each Fund’s significant accounting policies, investments, and related transactions.
19
 
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20
 
 
 
 
 
111 South Wacker Drive, 34th Floor
Chicago, IL 60606-4302
800-422-1050
harborfunds.com
Trustees & Officers
Charles F. McCain
Chairman, President & Trustee
Scott M. Amero
Trustee
Donna J. Dean
Trustee
Randall A. Hack
Trustee
Robert Kasdin
Trustee
Kathryn L. Quirk
Trustee
Douglas J. Skinner
Trustee
Ann M. Spruill
Trustee
Erik D. Ojala
Chief Compliance Officer
Anmarie S. Kolinski
Treasurer
Kristof M. Gleich
Vice President
Gregg M. Boland
Vice President
Diana R. Podgorny
Secretary
Jodie L. Crotteau
Assistant Secretary
Lana M. Lewandowski
AML Compliance Officer
& Assistant Secretary
Lora A. Kmieciak
Assistant Treasurer
John M. Paral
Assistant Treasurer
Investment Adviser
Harbor Capital Advisors, Inc.
111 South Wacker Drive, 34th Floor
Chicago, IL 60606-4302
312-443-4400
Distributor
Harbor Funds Distributors, Inc.
111 South Wacker Drive, 34th Floor
Chicago, IL 60606-4302
312-443-4600
Shareholder Services
Harbor Services Group, Inc.
P.O. Box 804660
Chicago, IL 60680-4108
800-422-1050
FD.NQ.DE.0120