Quarterly Portfolios of Investments

July 31, 2021

Fixed Income Funds

 

	Retirement Class	Institutional Class	Administrative Class	Investor Class
Harbor Bond Fund	HBFRX	HABDX	HRBDX	–
Harbor Convertible Securities Fund	HNCVX	HACSX	HRCSX	HICSX
Harbor Core Bond Fund	HCBRX	HACBX	–	–
Harbor High-Yield Bond Fund	HNHYX	HYFAX	HYFRX	HYFIX

Table of Contents

Portfolios of Investments
Harbor Bond Fund	1
Harbor Convertible Securities Fund	16
Harbor Core Bond Fund	21
Harbor High-Yield Bond Fund	28
Notes to Portfolios of Investments	39

Harbor Bond Fund

Portfolio of Investments—July 31, 2021 (Unaudited)

Value, Cost and Principal Amounts in Thousands  

ASSET-BACKED SECURITIES—11.8%
Principal Amount			Value
		Air Canada Pass-Through Trust
		Series 2017-1AA Cl. PTT
$	3,555	3.300%—07/15/20311	$3,644
		Aircastle Ltd.
	6,200	2.850%—01/26/20281	6,370
		Alaska Airlines Pass-Through Trust
		Series 2020-TR Cl. EETC
	3,459	4.800%—02/15/20291	3,850
		American Airlines Pass-Through Trust
		Series 15-2 Cl. AA
	1,594	3.600%—03/22/2029	1,662
		AMMC CLO 20 Ltd.2
		Series 17-20A Cl. AR
	4,400	0.996% (3 Month USD Libor + 0.870) 04/17/20291,3	4,400x
		AMMC CLO XII Ltd.2
		Series 2013-12A Cl. AR2
	4,200	1.095% (3 Month USD Libor + 0.950) 11/10/20301,3	4,196
		Anchorage Capital CLO 11 Ltd.2
	4,000	1.278% (3 Month USD Libor + 1.140) 07/22/20321,3	4,000
		Anchorage Capital CLO Ltd.2
		Series 2020-16A Cl. A
	4,100	1.534% (3 Month USD Libor + 1.400) 10/20/20311,3	4,108
		Apidos CLO XXVI2
	4,000	1.046% (3 Month USD Libor + 0.900) 07/18/20291,3	4,000
		Ares LII CLO Ltd.2
	4,000	1.051% (3 Month USD Libor + 1.050) 04/22/20311,3	4,000
		Argent Securities Inc.
		Series 2006-W4 Cl. A2C
	5,940	0.409% (1 Month USD Libor + 0.160) 05/25/20363	2,175
		Series 2004-W11 Cl. M3
	939	1.214% (1 Month USD Libor + 0.750) 11/25/20343	945
			3,120
		Asset Backed Securities Corp. Home Equity Loan Trust
		Series 2003-HE4 Cl. M1
	4,115	1.338% (1 Month USD Libor + 0.830) 08/15/20333	4,158
		Birch Grove CLO Ltd.2
	4,000	1.248% (3 Month USD Libor + 1.130) 06/15/20311,3	4,000
		BlueMountain Fuji EUR CLO III DAC2
EUR	3,400	0.720% (3 Month EUR Libor + 0.720) 01/15/20311,3	4,035
		Carlyle Global Market Strategies CLO Ltd.2
		Series 2013-1A Cl. A1
$	4,300	1.061% (3 Month USD Libor + 0.950) 08/14/20301,3	4,300
		Carlyle US CLO 2017-1 Ltd.2
	4,000	1.134% (3 Month USD Libor + 1.000) 04/20/20311,3	3,996
		Catamaran CLO Ltd.2
		Series 2014-1A Cl. A1
	4,974	1.482% (3 Month USD Libor + 1.100) 04/22/20301,3	4,978

ASSET-BACKED SECURITIES—Continued
Principal Amount			Value
		Countrywide Asset-Backed Certificates
		Series 2006-21 Cl. 2A3
$	213	0.239% (1 Month USD Libor + 0.150) 05/25/20373	$213
		Series 2006-ABC1 Cl. A3
	4,319	0.569% (1 Month USD Libor + 0.240) 05/25/20363	3,798
		Series 2006-2 Cl. M1
	901	0.689% (1 Month USD Libor + 0.400) 06/25/20363	895
			4,906
		Crestline Denali CLO XV Ltd.2
	4,000	1.163% (3 Month USD Libor + 1.030) 04/20/20301,3	4,000
		DAE Funding LLC
	5,200	1.625%—02/15/20241	5,202
		Dryden CLO DAC2
		Series 2017-52A Cl. AR
EUR	3,000	0.860% (3 Month EUR Libor + 0.860) 05/15/20341,3	3,558
		Dryden XXV Senior Loan Fund
		Series 2012-25A Cl. ARR
$	3,938	1.026% (3 Month USD Libor + 0.900) 10/15/20271,3	3,939
		Evergreen Credit Card Trust
		Series 2019-2 Cl. A
	6,000	1.900%—09/16/20241	6,116
		Exantas Capital Corp.
		Series 2020-RSO9 Cl. A
	1,067	2.660% (Sofr 30 Day Moving Average + 2.615) 04/17/20371,3	1,070
		First Franklin Mortgage Loan Trust
		Series 2006-FF14 Cl. A6
	8,000	0.399% (1 Month USD Libor + 0.310) 10/25/20363	6,935
		GSAA Home Equity Trust
		Series 2006-20 Cl. 1A2
	3,637	0.449% (1 Month USD Libor + 0.180) 12/25/20463	1,486
		Series 2007-9 Cl. A1A
	579	6.000%—08/25/2047	569
			2,055
		GSAMP Trust
		Series 2007-FM1 Cl. 2A2
	100	0.159% (1 Month USD Libor + 0.070) 12/25/20363	62
		HSI Asset Securitization Corp. Trust
		Series 2006-HE2 Cl. 2A3
	4,665	0.429% (1 Month USD Libor + 0.170) 12/25/20363	1,789
		IXIS Real Estate Capital Trust
		Series 2005-HE1 Cl. M4
	1,368	1.139% (1 Month USD Libor + 1.050) 06/25/20353	1,371
		JPMorgan Mortgage Acquisition Corp.
		Series 2006-ACC1 Cl. M1
	289	0.494% (1 Month USD Libor + 0.270) 05/25/20363	289
		Series 2006-HE1 Cl. A4
	1,043	0.669% (1 Month USD Libor + 0.290) 01/25/20363	1,045
		Series 2007-HE1 Cl. AF3
	772	4.214%—05/25/20354	637
			1,971

1

Harbor Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

ASSET-BACKED SECURITIES—Continued
Principal Amount			Value
		LoanCore Ltd.
		Series 2018-CRE1 Cl. A
$	1,800	1.223% (1 Month USD Libor + 1.130) 05/15/20281,3	$1,800
		MASTR Asset Backed Securities Trust
		Series 2006-HE2 Cl. A4
	4,693	0.569% (1 Month USD Libor + 0.240) 06/25/20363	2,648
		MF1 Multi Family Housing Mortgage Trust
		Series 2020-FL4 Cl. A
	5,100	1.859% (Sofr 30 Day Moving Average + 1.815) 11/15/20351,3	5,166
		Mid-State Capital Corp Trust
		Series 2004-1 Cl. A
	580	6.005%—08/15/2037	614
		Morgan Stanley Capital Inc.
		Series 2007-HE1 Cl. A2C
	1,814	0.239% (1 Month USD Libor + 0.150) 11/25/20363	1,333
		Series 2007-HE6 Cl. A3
	3,810	0.269% (1 Month USD Libor + 0.180) 05/25/20373	3,497
			4,830
		Mountain View CLO Ltd.2
		Series 2014-1A Cl. ARR
	111	0.926% (3 Month USD Libor + 0.800) 10/15/20261,3	111
		Nassau Ltd.
		Series 2020-1A Cl. A1
	3,000	2.284% (3 Month USD Libor + 2.150) 07/20/20291,3	3,008
		Option One Mortgage Loan Trust
		Series 2007-6 Cl. 2A4
	3,777	0.339% (1 Month USD Libor + 0.250) 07/25/20373	3,088
		Park Place Securities Inc.
		Series 2005-WCW3 Cl. M1
	2,251	0.809% (1 Month USD Libor + 0.480) 08/25/20353	2,263
		People's Financial Realty Mortgage Securities Trust
		Series 2006-1 Cl. 1A2
	4,514	0.219% (1 Month USD Libor + 0.130) 09/25/20363	1,344
		RAMP Trust
		Series 2004-RS8 Cl. MII1
	129	0.989% (1 Month USD Libor + 0.600) 08/25/20343	129
		Santander Drive Auto Receivables Trust
		Series 2020-2 Cl. A3
	925	0.670%—04/15/2024	926
		Saxon Asset Securities Trust
		Series 2006-3 Cl. A3
	3,327	0.259% (1 Month USD Libor + 0.170) 10/25/20463	3,276
		Securitized Asset Backed Receivables LLC Trust
		Series 2005-FR5 Cl. M1
	5,945	0.749% (1 Month USD Libor + 0.440) 08/25/20353	4,881
		Small Business Administration Participation Certificates
		Series 2003-20I Cl. 1
	16	5.130%—09/01/2023	17
		Series 2009-20A Cl. 1
	1,013	5.720%—01/01/2029	1,133

ASSET-BACKED SECURITIES—Continued
Principal Amount			Value
		Series 2008-20H Cl. 1
$	2,309	6.020%—08/01/2028	$2,561
			3,711
		Sound Point CLO XII Ltd.2
		Series 2016-2A Cl. AR2
	5,521	1.184% (3 Month USD Libor + 1.050) 10/20/20281,3	5,529
		Specialty Underwriting & Residential Finance Trust
		Series 2006-BC4 Cl. A2B
	2,575	0.312% (1 Month USD Libor + 0.110) 09/25/20373	1,295
		Structured Asset Securities Co.
		Series 2007-MN1A Cl. A1
	18,441	0.319% (1 Month USD Libor + 0.230) 01/25/20371,3	13,464
		TPG Real Estate Finance Trust
		Series 2019-Fl3 Cl. A
	5,000	1.310% (Sofr 30 Day Moving Average + 1.265) 10/15/20341,3	5,003
		Tralee CLO V Ltd.2
		Series 2018-5A Cl. A1
	5,516	1.244% (3 Month USD Libor + 1.110) 10/20/20281,3	5,517
		Venture XXVI CLO Ltd.2
		Series 2017-26A Cl. AR
	6,200	1.234% (3 Month USD Libor + 1.100) 01/20/20291,3	6,206
		Voya CLO Ltd.2
		Series 2016-4A Cl. ARR
	3,846	1.034% (3 Month USD Libor + 0.900) 07/20/20291,3	3,845
TOTAL ASSET-BACKED SECURITIES
(Cost $187,380)			190,445
COLLATERALIZED MORTGAGE OBLIGATIONS—12.4%
		Adjustable Rate Mortgage Trust
		Series 2006-3 Cl. 4A2
	2,382	0.329% (1 Month USD Libor + 0.240) 08/25/20363	1,159
		Alba plc
		Series 2007-1 Cl. A3
GBP	2,137	0.252% (3 Month GBP Libor + 0.170) 03/17/20393	2,882
		Arbor Multifamily Mortgage Trust
		Series 2020-MF1 Cl. A5
$	2,900	2.756%—05/15/20531	3,122
		Banc of America Alternative Loan Trust
		Series 2006 -7 Cl. A3
	7,573	5.913%—10/25/20363	3,386
		Banc of America Funding Corp.
		Series 2007-C Cl. 7A5
	587	0.684% (1 Month USD Libor + 0.600) 05/20/20473	591
		BCAP LLC Trust
		Series 2007-AA2 Cl. 12A1
	4,258	0.509% (1 Month USD Libor + 0.420) 05/25/20473	4,109
		Series 2011-RR5 Cl. 12A1
	297	4.834%—03/26/20371,4	300

2

Harbor Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

COLLATERALIZED MORTGAGE OBLIGATIONS—Continued
Principal Amount			Value
		Series 2011-RR4 Cl. 8A1
$	1,384	5.250%—02/26/20361,3	$877
			5,286
		Bear Stearns Adjustable Rate Mortgage Trust
		Series 2000-2 Cl. A1
	13	2.780%—11/25/20303	13
		Series 2004-1 Cl. 12A5
	200	2.782%—04/25/20343	201
		Series 2004-10 Cl. 12A3
	17	2.865%—01/25/20353	17
		Series 2006-4 Cl. 1A1
	149	3.050%—10/25/20363	146
			377
		Benchmark Mortgage Trust
		Series 2019-B9 Cl. A5
	5,200	4.016%—03/15/2052	6,035
		Chase Mortgage Finance Corp Trust
		Series 2006-A1 Cl. 4A1
	1,004	2.990%—09/25/20363	915
		Citigroup Commercial Mortgage Trust
		Series 2015-GC33 Cl. A4
	4,900	3.778%—09/10/2058	5,419
		Citigroup Mortgage Loan Trust
		Series 2007-10 Cl.2A
	2,831	3.158%—09/25/20373	2,763
		COMM Mortgage Trust
		Series 2016-787S Cl. A
	5,400	3.545%—02/10/20361	5,895
		Countrywide Alternative Loan Trust
		Series 2006-6BC Cl. 1A2
	2,228	0.489% (1 Month USD Libor + 0.400) 05/25/20363	1,810
		Series 2005-84 Cl. 1A1
	1,289	2.334%—02/25/20363	1,177
		Series 2005-20CB Cl. 2A5
	1,593	5.500%—07/25/2035	1,381
		Series 2006-36T2 Cl. 1A4
	1,054	5.750%—12/25/2036	681
		Series 2006-1R Cl. 2A3
	3,221	6.000%—08/25/2037	2,328
			7,377
		Countrywide Home Loan Mortgage Pass Through Trust
		Series 2007-HY5 Cl. 1A1
	511	3.600%—09/25/20473	479
		Credit Suisse First Boston Mortgage Securities Corp.
		Series 2006-C2 Cl. A3
	253	6.000%—11/25/2035	210
		DC Office Trust
		Series 2019-MTC Cl. A
	4,900	2.965%—09/15/20451	5,315
		Deutsche Alt-A Securities Inc. Mortgage Loan Trust
		Series 2007-AR2 Cl. A1
	3,515	0.239% (1 Month USD Libor + 0.150) 03/25/20373	3,528
		DSLA Mortgage Loan Trust
		Series 2006-AR1 Cl. 1A1A
	1,231	1.027% (Fed 12 Month Treasury Average Constant Maturity Treasury + 0.920) 3/19/20463	1,099

COLLATERALIZED MORTGAGE OBLIGATIONS—Continued
Principal Amount			Value
		Eurohome UK Mortgages plc
		Series 2007-1 Cl. A
GBP	1,628	0.231% (3 Month GBP Libor + 0.150) 06/15/20443	$2,220
		First Horizon Asset Securities Inc.
		Series 2005-AR6 Cl. 4A1
$	418	2.685%—02/25/20363	393
		First Nationwide Trust
		Series 2001-3 Cl. 1A1
	—	6.750%—08/21/2031	—
		GSMPS Mortgage Loan Trust
		Series 2006-RP2 Cl. 1AF1
	3,928	0.489% (1 Month USD Libor + 0.400) 04/25/20361,3	3,386
		GSR Mortgage Loan Trust
		Series 2005-AR3 Cl. 3A1
	273	2.771%—05/25/20353	230
		Series 2005-AR7 Cl. 6A1
	150	2.830%—11/25/20353	149
			379
		HarborView Mortgage Loan Trust
		Series 2004-8 Cl. 2A3
	437	0.909% (1 Month USD Libor + 0.820) 11/19/20343	392
		Hawksmoor Mortgages
		Series 2019-1A Cl. A
GBP	19,730	1.100% (3 Month Sonia + 1.050) 05/25/20531,3	27,567
		HomeBanc Mortgage Trust
		Series 2006-H2 Cl. A2
$	1,208	0.449% (1 Month USD Libor + 0.360) 12/25/20363	1,208
		IndyMac ARM Trust
		Series 2001-H2 Cl. A2
	2	1.762%—01/25/20323	2
		IndyMac IMSC Mortgage Loan Trust
		Series 2007-F2 Cl. 2A1
	2,901	6.500%—07/25/2037	1,501
		IndyMac INDX Mortgage Loan Trust
		Series 2007-AR13 Cl. 4A1
	11,462	2.823%—07/25/20373	9,421
		Series 2005-AR31 Cl. 1A1
	811	3.048%—01/25/20363	804
			10,225
		JP Morgan Mortgage Trust
		Series 2006-A6 Cl. 1A4L
	1,311	3.200%—10/25/20363	1,135
		Series 2006-S1 Cl. 3A1
	208	5.500%—04/25/2036	213
			1,348
		JPMDB Commercial Mortgage Securities Trust
		Series 2016-C2 Cl. A4
	4,225	3.144%—06/15/2049	4,549
		Manhattan West
		Series 2020-1MW Cl. A
	4,900	2.130%—09/10/20391	5,085
		Mansard Mortgages plc
		Series 2007-2X Cl. A1
GBP	806	0.731% (3 Month GBP Libor + 0.650) 12/15/20493	1,116
		Merrill Lynch Alternative Note Asset Trust
		Series 2007-F1 Cl. 2A6
$	471	6.000%—03/25/2037	287

3

Harbor Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

COLLATERALIZED MORTGAGE OBLIGATIONS—Continued
Principal Amount			Value
		MetLife Securitization Trust
		Series 2018-1A Cl. A
$	3,128	3.750%—03/25/20571,3	$3,269
		Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2015-C22 Cl. ASB
	4,618	3.040%—04/15/2048	4,816
		Onslow Bay Financial LLC
		Series 2018-1 Cl. A2
	3,796	0.739% (1 Month USD Libor + 0.700) 06/25/20571,3	3,804
		Ready Capital Mortgage Financing LLC
		Series 2020-FL4 Cl. A
	5,800	2.239% (1 Month USD Libor + 2.150) 02/25/20351,3	5,821
		Residential Accredit Loans Inc.
		Series 2007-QS4 Cl. 3A9
	2,458	6.000%—03/25/2037	2,388
		Residential Asset Securitization Trust
		Series 2007-A8 Cl. 2A1
	17,814	6.250%—08/25/2037	7,101
		Residential Funding Mortgage Securities I
		Series 2007-SA1 Cl. 2A2
	178	3.868%—02/25/20373	144
		Series 2006-SA1 Cl. 2A1
	162	4.756%—02/25/20363	145
			289
		Ripon Mortgages plc
		Series 1A Cl. A1
GBP	5,673	0.881% (3 Month GBP Libor + 0.800) 08/20/20561,3	7,899
		RMAC Securities plc
		Series 2006-NS4X Cl. A3A
	1,421	0.254% (3 Month GBP Libor + 0.170) 06/12/20443	1,919
		Structured Adjustable Rate Mortgage Loan Trust
		Series 2007-1 Cl. 1A1
$	1,151	0.389% (1 Month USD Libor + 0.300) 02/25/20373	1,163
		Series 2005-21A Cl. 3A1
	290	2.817%—04/25/20353	296
			1,459
		Structured Asset Mortgage Investments Inc.
		Series 2005-AR5 Cl. A2
	246	0.589% (1 Month USD Libor + 0.500) 07/19/20353	239
		Suntrust Adjustable Rate Mortgage Loan Trust
		Series 2007-S1 Cl. 1A
	309	2.446%—01/25/20373	271
		Towd Point Mortgage Funding plc
		Series 2020-14X Cl. A
GBP	5,114	0.950% (3 Month Sonia + 0.900) 05/20/20453	7,134
		Series 2019-A13A Cl. A1
	14,401	0.951% (3 Month Sonia + 0.900) 07/20/20451,3	20,090
		Series 2019-GR4A Cl. A1
	4,530	1.097% (3 Month GBP Libor + 1.025) 10/20/20511,3	6,333
			33,557

COLLATERALIZED MORTGAGE OBLIGATIONS—Continued
Principal Amount			Value
		Washington Mutual Mortgage Pass Through Certificates Trust
		Series 2005-AR6 Cl. 2A1A
$	233	0.549% (1 Month USD Libor + 0.460) 04/25/20453	$230
		Series 2005-AR13 Cl. A1A1
	112	0.669% (1 Month USD Libor + 0.580) 10/25/20453	112
		Series 2006-AR11 Cl. 3A1A
	1,282	1.027% (Fed 12 Month Treasury Average Constant Maturity Treasury + 0.920) 09/25/20463	1,265
		Series 2006-AR8 Cl. 1A4
	1,894	2.955%—08/25/20463	1,886
			3,493
		Wells Fargo Commercial Mortgage Trust
		Series 2018-C48 Cl. D
	7,117	4.302%—01/15/2052	8,379
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $190,741)			200,200
CORPORATE BONDS & NOTES—36.0%
AEROSPACE & DEFENSE—0.4%
		Boeing Co.
	6,100	1.950%—02/01/2024	6,259
AIRLINES—0.3%
		Jetblue Airways Corp.
	4,353	4.000%—05/15/2034	4,836
AUTOMOBILES—2.6%
		Ford Motor Credit Co. LLC
	4,000	3.375%—11/13/2025	4,181
	2,900	4.375%—08/06/2023	3,046
			7,227
		Ford Motor Credit Co. LLC MTN5
EUR	5,700	1.744%—07/19/2024	6,933
		Hyundai Capital America MTN5
$	5,200	0.800%—01/08/20241	5,182
		Nissan Motor Acceptance Corp.
	1,900	3.875%—09/21/20231	2,014
		Nissan Motor Co. Ltd.
	2,700	3.522%—09/17/20251	2,898
	3,900	4.810%—09/17/20301	4,458
			7,356
		Volkswagen Group of America Finance LLC
	4,700	3.350%—05/13/20251	5,092
	4,800	4.750%—11/13/20281	5,745
			10,837
		Volkswagen International Finance NV
EUR	1,800	1.003% (3 Month EUR Libor + 1.550) 11/16/20243	2,218
			41,767
BANKS—7.1%
		Banco Bilbao Vizcaya Argentaria SA
$	1,600	0.875%—09/18/2023	1,609
	1,500	1.125%—09/18/2025	1,498
			3,107

4

Harbor Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
BANKS—Continued
		Banco Espirito Santo SA MTN5
EUR	3,500	0.000%—01/15/2049*	$664
		Banco Santander SA
	700	6.750%—12/31/20996,7	864
		Bank of America Corp. MTN5
$	4,800	0.981%—09/25/20257	4,811
		Banque Federative du Credit Mutuel SA
	6,300	3.750%—07/20/20231	6,705
		Barclays plc
	4,200	3.684%—01/10/2023	4,260
	3,700	4.610%—02/15/20237	3,782
	4,400	7.875%—12/29/20496,7	4,569
			12,611
		Barclays plc MTN5
GBP	4,000	3.250%—02/12/2027	6,067
		BBVA USA
$	2,900	2.500%—08/27/2024	3,068
		Citigroup Inc.
	4,700	2.572%—06/03/20317	4,872
		Deutsche Bank AG/New York
	5,500	3.300%—11/16/2022	5,689
	4,500	3.961%—11/26/20257	4,891
			10,580
		Deutsche Bank AG/New York MTN5
EUR	3,200	1.750%—01/17/2028	4,069
		Intesa Sanpaolo SpA
$	2,800	4.000%—09/23/20291	3,114
		Lloyds Banking Group plc
	6,000	2.858%—03/17/20237	6,093
		Lloyds Banking Group plc MTN5
EUR	1,500	1.741%—04/01/20267	2,012
		Mitsubishi UFJ Financial Group Inc.
$	5,800	1.412%—07/17/2025	5,894
		Mizuho Financial Group Inc.
	5,100	0.849%—09/08/20247	5,132
	4,900	2.555%—09/13/20257	5,151
			10,283
		NatWest Group PLC
	700	1.626% (3 Month USD Libor + 1.470) 05/15/20233	707
	200	4.519%—06/25/20247	214
	200	4.892%—05/18/20297	236
	4,300	8.625%—12/29/20496,7	4,314
			5,471
		NatWest Group PLC MTN5
EUR	600	1.009%—03/04/20257	750
		Nordea Bank Abp
$	2,500	3.750%—08/30/20231	2,669
		Societe Generale SA MTN5
	4,100	4.250%—09/14/20231	4,402
		Sumitomo Mitsui Financial Group Inc.
	5,000	1.474%—07/08/2025	5,084
		UniCredit SpA MTN5
	5,600	7.830%—12/04/20231	6,471
		Wells Fargo & Co. MTN5
EUR	3,300	1.741%—05/04/20307	4,283
			113,944

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
BEVERAGES—0.9%
		Anheuser-Busch InBev Worldwide Inc.
$	5,100	4.500%—06/01/2050	$6,350
		Bacardi Ltd.
	4,700	4.450%—05/15/20251	5,244
		Constellation Brands Inc.
	2,600	3.700%—12/06/2026	2,902
			14,496
BUILDING PRODUCTS—0.8%
		CRH America Finance Inc.
	3,200	3.950%—04/04/20281	3,661
	3,200	4.500%—04/04/20481	4,016
			7,677
		Fortune Brands Home & Security Inc.
	4,700	3.250%—09/15/2029	5,137
		Owens Corning
	300	4.200%—12/01/2024	330
			13,144
CAPITAL MARKETS—2.0%
		BGC Partners Inc.
	6,300	5.375%—07/24/2023	6,810
		Block Financial LLC Co.
	3,600	3.875%—08/15/2030	3,960
		Credit Agricole SA MTN5
	4,900	3.750%—04/24/20231	5,176
		Credit Suisse Group AG
	5,100	2.997%—12/14/20231,7	5,264
	4,900	3.750%—03/26/2025	5,335
	3,400	7.500%—12/31/20993,6	3,689
			14,288
		UBS Group AG
	2,200	2.859%—08/15/20231,3	2,254
			32,488
CHEMICALS—0.2%
		International Flavors & Fragrances Inc.
	3,700	3.200%—05/01/2023	3,852
COMMERCIAL SERVICES & SUPPLIES—0.2%
		Sitka Holdings LLC
	4,000	4.642%—07/06/20261,3	4,025
CONSUMER FINANCE—0.5%
		Daimler Finance North America LLC
	5,300	3.700%—05/04/20231	5,595
		Springleaf Finance Corp.
	2,800	6.875%—03/15/2025	3,183
			8,778
DIVERSIFIED CONSUMER SERVICES—0.1%
		Mitsubishi UFJ Lease & Finance Co. Ltd. MTN5
	1,500	2.250%—09/07/2021	1,503
DIVERSIFIED FINANCIAL SERVICES—1.5%
		Cantor Fitzgerald LP
	5,400	6.500%—06/17/20221	5,672
		Imperial Brands Finance plc
	2,100	3.500%—02/11/20231	2,171
	5,600	3.875%—07/26/20291	6,150
			8,321

5

Harbor Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
DIVERSIFIED FINANCIAL SERVICES—Continued
		Intercontinental Exchange
$	3,600	1.850%—09/15/2032	$3,498
		Rio Oil Finance Trust
	1,026	9.250%—07/06/20241	1,142
	4,812	9.750%—01/06/20271	5,707
			6,849
			24,340
DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%
		Altice France SA
	440	7.375%—05/01/20261	458
		AT&T Inc.
	4,900	1.650%—02/01/2028	4,909
		British Telecommunications plc
	1,300	4.500%—12/04/2023	1,413
		Verizon Communications Inc.
	6,695	3.376%—02/15/2025	7,288
			14,068
ELECTRIC UTILITIES—2.2%
		Exelon Corp.
	3,100	4.050%—04/15/2030	3,586
		FirstEnergy Corp.
	1,100	3.350%—07/15/2022	1,114
		Greenko Solar Mauritius Ltd.
	4,900	5.550%—01/29/20251	4,981
		Jersey Central Power & Light Co.
	900	4.300%—01/15/20261	1,007
	1,600	4.700%—04/01/20241	1,745
			2,752
		Nextera Energy Capital Holdings Inc.
	6,000	2.250%—06/01/2030	6,172
		Pacific Gas & Electric Co.
	5,100	1.531% (3 Month USD Libor + 1.375) 11/15/20213	5,106
	2,900	3.150%—01/01/2026	2,977
	300	3.300%—12/01/2027	307
	1,700	3.400%—08/15/2024	1,776
	2,000	3.450%—07/01/2025	2,088
	1,800	3.500%—06/15/2025	1,888
	1,500	4.250%—08/01/2023	1,584
	600	4.550%—07/01/2030	641
			16,367
			34,972
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%
		Arrow Electronics Inc.
	2,100	3.500%—04/01/2022	2,132
ENTERTAINMENT—0.3%
		Walt Disney Co.
	3,900	2.650%—01/13/2031	4,160
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—4.0%
		Agree LP Co.
	1,400	2.900%—10/01/2030	1,493
		Alexandria Real Estate Equities Inc.
	2,100	2.750%—12/15/2029	2,233
		American Tower Corp.
	5,000	2.750%—01/15/2027	5,330
		Boston Properties LP
	4,905	2.750%—10/01/2026	5,269

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—Continued
		Brandywine Operating Partnership LP
$	5,000	4.100%—10/01/2024	$5,418
		Crown Castle International Corp.
	4,000	3.700%—06/15/2026	4,441
		Digital Realty Trust LP
	5,500	4.450%—07/15/2028	6,467
		EPR Properties
	1,900	4.500%—06/01/2027	2,025
	600	4.950%—04/15/2028	649
			2,674
		Equinix Inc.
	5,000	1.000%—09/15/2025	5,001
		GLP Capital LP / GLP Financing II Inc.
	4,500	4.000%—01/15/2030	4,914
		Highwoods Realty LP
	2,500	2.600%—02/01/2031	2,588
		OMEGA Healthcare Investors Inc.
	309	4.375%—08/01/2023	329
		Physicians Realty LP
	1,400	3.950%—01/15/2028	1,558
		Scentre Group Trust
	5,700	4.375%—05/28/20301	6,729
		Service Properties Trust
	4,800	4.350%—10/01/2024	4,840
		Spirit Realty LP
	4,700	3.400%—01/15/2030	5,091
			64,375
FOOD & STAPLES RETAILING—0.3%
		7-Eleven Inc.
	5,200	1.800%—02/10/20311	5,080
		CVS Pass-Through Trust
	455	6.943%—01/10/2030	556
			5,636
HEALTH CARE EQUIPMENT & SUPPLIES—0.4%
		Boston Scientific Corp.
	5,700	2.650%—06/01/2030	6,004
HEALTH CARE PROVIDERS & SERVICES—0.6%
		CVS Health Corp.
	3,900	4.125%—04/01/2040	4,627
		HCA Inc.
	4,000	5.375%—09/01/2026	4,655
	100	5.875%—02/01/2029	123
			4,778
			9,405
HOTELS, RESTAURANTS & LEISURE—0.9%
		Expedia Group Inc.
	3,450	6.250%—05/01/20251	4,027
		Marriott International Inc.
	5,000	3.500%—10/15/2032	5,404
		Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
	5,200	4.250%—05/30/20231	5,336
			14,767

6

Harbor Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.5%
		ENEL Finance International NV
$	4,100	1.875%—07/12/20281	$4,152
	4,100	2.250%—07/12/20311	4,166
			8,318
INDUSTRIAL CONGLOMERATES—0.2%
		Textron Inc.
	3,800	2.450%—03/15/2031	3,895
INSURANCE—1.1%
		AIA Group Ltd.
	5,900	0.655% (3 Month USD Libor + 0.520) 09/20/20211,3	5,901
	2,700	3.375%—04/07/20301	3,010
			8,911
		Allstate Corp.
	4,300	1.450%—12/15/2030	4,190
		American International Group
	3,800	2.500%—06/30/2025	4,014
			17,115
IT SERVICES—0.6%
		Amdocs Ltd.
	3,600	2.538%—06/15/2030	3,666
		Paypal Holdings Inc.
	5,000	2.850%—10/01/2029	5,449
			9,115
MACHINERY—0.0%
		CNH Industrial Capital LLC
	500	3.875%—10/15/2021	503
MEDIA—0.3%
		Charter Communications Operating LLC
	4,800	4.464%—07/23/2022	4,955
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)—0.1%
		ERP Operating LP
	2,100	3.375%—06/01/2025	2,286
OIL, GAS & CONSUMABLE FUELS—1.4%
		EQM Midstream Partners LP
	522	4.750%—07/15/2023	545
		Equinor ASA
	200	3.125%—04/06/2030	222
		MPLX LP
	3,300	4.900%—04/15/2058	4,042
		Odebrecht Drilling Norbe VIII/IX Ltd.
	74	6.350%—12/01/2021	74
	3,593	7.350%—12/01/2026	1,940
	9	7.350%—12/01/20261	5
			2,019
		Odebrecht Offshore Drilling Finance Ltd.
	346	6.720%—12/01/2022	344
	3,779	7.720%—12/01/2026	938
			1,282
		Odebrecht Oil & Gas Finance Ltd.
	2,183	0.000%—09/12/20991,6,8	38
		Rio Oil Finance Trust
	1,562	9.250%—07/06/2024	1,740

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
OIL, GAS & CONSUMABLE FUELS—Continued
		Sabine Pass Liquefaction LLC
$	900	4.200%—03/15/2028	$1,022
	5,100	4.500%—05/15/2030	5,972
			6,994
		Shell International Finance BV
	5,200	2.750%—04/06/2030	5,623
			22,505
PHARMACEUTICALS—1.7%
		Abbvie Inc.
	4,900	2.600%—11/21/2024	5,188
	1,000	3.200%—11/06/2022	1,031
			6,219
		Bayer US Finance II LLC
	6,300	3.875%—12/15/20231	6,743
	2,800	4.250%—12/15/20251	3,131
			9,874
		Mylan NV
EUR	5,100	2.250%—11/22/2024	6,488
		Takeda Pharmaceutical Co. Ltd.
$	1,500	2.050%—03/31/2030	1,512
		Teva Pharmaceutical Finance Netherlands III BV
	3,000	6.750%—03/01/20289	3,326
			27,419
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%
		Tesco Property Finance 5 plc
GBP	2,246	5.661%—10/13/2041	4,263
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%
		Broadcom Corp. / Broadcom Cayman Finance Ltd.
$	1,797	3.875%—01/15/2027	1,994
		Broadcom Inc.
	800	3.419%—04/15/20331	854
	5,107	3.459%—09/15/2026	5,581
	4,003	3.469%—04/15/20341	4,267
			10,702
		NXP BV / NXP Funding LLC / NXP USA Inc.
	4,600	3.875%—06/18/20261	5,150
			17,846
SOFTWARE—0.5%
		Oracle Corp.
	400	2.950%—04/01/2030	428
	3,500	3.600%—04/01/2040	3,754
			4,182
		VMware Inc.
	3,600	4.650%—05/15/2027	4,184
			8,366
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%
		Dell International LLC / EMC Corp.
	4,000	5.450%—06/15/2023	4,325
	800	5.850%—07/15/2025	942
	3,300	6.020%—06/15/2026	3,975
			9,242

7

Harbor Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—Continued
		NetApp Inc.
$	1,500	1.875%—06/22/2025	$1,550
			10,792
TRADING COMPANIES & DISTRIBUTORS—0.4%
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	403	3.500%—05/26/2022	412
		Aviation Capital Group LLC
	5,300	4.125%—08/01/20251	5,771
			6,183
TRANSPORTATION INFRASTRUCTURE—0.1%
		Central Nippon Expressway Co. Ltd.
	1,150	2.849%—03/03/2022	1,167
WATER UTILITIES—0.3%
		Essential Utilities Inc.
	4,100	2.400%—05/01/2031	4,237
WIRELESS TELECOMMUNICATION SERVICES—0.4%
		Sprint Communications Inc.
	800	6.000%—11/15/2022	849
		Sprint Corp.
	1,390	7.250%—09/15/2021	1,401
		T-Mobile USA Inc.
	3,500	2.050%—02/15/2028	3,585
			5,835
TOTAL CORPORATE BONDS & NOTES
(Cost $550,850)			579,751
FOREIGN GOVERNMENT OBLIGATIONS—6.9%
		Abu Dhabi Government International Bond5
	3,600	3.125%—04/16/20301	3,947
		Bank of Israel Bill - Makam
ILS	26,500	0.000%—04/06/20228	8,200
		Brazil Letras Do Tesouro Nacional
BRL	212,400	0.000%—10/01/20218	40,419
		Israel Government International Bond
$	4,800	2.750%—07/03/2030	5,179
	4,600	3.875%—07/03/2050	5,456
			10,635
		Japan International Cooperation Agency
	6,900	2.750%—04/27/2027	7,559
		Peruvian Government International Bond
	5,600	2.783%—01/23/2031	5,634
PEN	8,600	5.940%—02/12/2029	2,206
	15,000	6.350%—08/12/2028	3,971
	5,600	8.200%—08/12/2026	1,647
			13,458
		Province of Ontario Canada
CAD	5,600	3.150%—06/02/2022	4,596
		Province of Quebec Canada
	3,800	3.500%—12/01/2022	3,174
	13,900	4.250%—12/01/2021	11,288
			14,462

FOREIGN GOVERNMENT OBLIGATIONS—Continued
Principal Amount			Value
		Provincia de Buenos Aires
ARS	310	37.875% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days + 3.750) 04/12/20251,3	$3
		Qatar Government International Bond
$	5,500	3.375%—03/14/2024	5,902
	2,000	4.500%—01/20/2022	2,038
			7,940
		Republic of Argentina Bills
ARS	5,765	0.000%—09/13/20218,10	60
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost $113,642)			111,279
MORTGAGE PASS-THROUGH—21.8%
		Federal Home Loan Mortgage Corp.
$	1	2.383% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 2.248) 06/01/20243	1
	16	2.505% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 2.250) 08/01/20353	16
	5,900	2.700%—08/01/2023	5,953
	463	3.500%—01/01/2026-02/01/2035	496
	1,392	4.000%—03/01/2025-04/01/2048	1,491
	183	4.500%—12/01/2040-09/01/2041	203
	579	5.500%—02/01/2038-07/01/2038	676
	2,130	6.000%—01/01/2029-05/01/2040	2,524
			11,360
		Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates
	17,314	1.208%—08/25/20223	182
		Federal Home Loan Mortgage Corp. REMIC11
	4,256	0.442% (1 Month USD Libor + 0.350) 08/15/2040-10/15/20403	4,274
	7	0.543% (1 Month USD Libor + 0.450) 11/15/20303	7
	7	8.000%—08/15/2022	7
			4,288
		Federal Home Loan Mortgage Corp. Structured Pass Through Certificates
		Series T-63 Cl. 1A1
	62	1.328% (Fed 12 Month Treasury Average Constant Maturity Treasury + 1.200) 02/25/20453	62
		Series E3 Cl. A
	16	3.823%—08/15/20323	16
			78
		Federal National Mortgage Association
	129	1.508% (Fed 12 Month Treasury Average Constant Maturity Treasury + 1.400) 10/01/20403	131
	282	1.943% (12 Month USD Libor + 1.693) 08/01/20353	285
	20	1.945% (12 Month USD Libor + 1.695) 05/01/20353	21
	355	2.090% (12 Month USD Libor + 1.715) 06/01/20353	377
	5,095	2.310%—08/01/2022	5,153
	13	3.000%—08/01/2021-11/01/2025	14
	5,375	3.500%—10/01/2021-05/01/2035	5,743
	5,313	4.000%—09/01/2023-02/01/2048	5,692

8

Harbor Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

MORTGAGE PASS-THROUGH—Continued
Principal Amount			Value
$	4,119	4.500%—11/01/2022-10/01/2042	$4,433
	1,428	5.000%—10/01/2031-06/01/2044	1,592
	15,401	5.500%—01/01/2025-09/01/2041	17,842
	5,031	6.000%—07/01/2023-06/01/2040	5,879
			47,162
		Federal National Mortgage Association REMIC11
		Series 2015-38 Cl. DF
	2,623	0.402% (1 Month USD Libor + 0.310) 06/25/20553	2,633
		Series 2006-5 Cl. 3A2
	34	2.075%—05/25/20353	35
		Series 2020-M1 Cl. A2
	4,400	2.444%—10/25/2029	4,753
		Series 2011-98 Cl. ZL
	47,065	3.500%—10/25/2041	49,928
		Series 2003-25 Cl. KP
	304	5.000%—04/25/2033	343
		Series 2003-W1 Cl. 1A1
	123	5.226%—12/25/20423	135
			57,827
		Federal National Mortgage Association TBA12
	153,800	2.000%—09/16/2036-10/14/2050	156,877
	20,400	2.500%—09/14/2050	21,207
	12,900	3.500%—09/12/20493	13,645
			191,729
		Government National Mortgage Association12
	5,000	4.000%—09/21/2045	5,360
		Government National Mortgage Association
	1,009	3.000%—11/15/2049	1,056
	2,083	5.000%—08/15/2033-06/15/2041	2,389
			3,445
		Government National Mortgage Association II
	13	1.875% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 05/20/20243	13
	160	2.000% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 01/20/2025-02/20/20323	166
	55	2.125% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 10/20/2025-11/20/20293	57
	48	2.250% (U.S. Treasury Yield Curve Rate T Note 1 Year Constant Maturity Treasury + 1.500) 08/20/2022-07/20/20273	49
	2,580	4.500%—02/20/2049	2,750
	112	5.000%—01/20/2049	121
			3,156
		Government National Mortgage Association TBA12
	23,500	5.000%—9/19/2043	26,415
TOTAL MORTGAGE PASS-THROUGH
(Cost $343,272)			351,002
MUNICIPAL BONDS—0.6%
		Chicago Transit Authority
	75	6.300%—12/01/2021	77
		City of Chicago, IL
	816	7.750%—01/01/2042	938

MUNICIPAL BONDS—Continued
Principal Amount			Value
		New Jersey Transportation Trust Fund Authority
$	1,400	2.551%—06/15/2023	$1,446
		New York State Urban Development Corp.
	3,900	1.496%—03/15/2027	3,940
		University of California
	3,600	1.316%—05/15/2027	3,636
TOTAL MUNICIPAL BONDS
(Cost $9,774)			10,037
PREFERRED STOCKS—1.1%
(Cost $17,744)
Shares
	656,033	AT&T Mobility II LLC13	17,128x
U.S. GOVERNMENT OBLIGATIONS—20.3%
Principal Amount
		U.S. Treasury Bonds
$	54,700	1.375%—11/15/2040-08/15/2050	48,629
	2,500	1.625%—11/15/2050	2,338
	10,600	1.875%—02/15/2041	10,722
	32,500	2.500%—02/15/2045	36,372
	7,300	2.875%—05/15/2043-08/15/2045	8,718
	5,700	3.000%—02/15/2048	7,034
	70,000	3.125%—08/15/2044	86,696
	13,400	3.375%—05/15/2044	17,231
	4,200	4.250%—05/15/2039	5,904
			223,644
		U.S. Treasury Notes
	13,100	1.875%—07/31/20229	13,334
	41,000	2.000%—08/31/2021	41,064
	49,500	2.000%—10/31/2021-12/31/20219	49,870
			104,268
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $317,238)			327,912
SHORT-TERM INVESTMENTS—2.2%
(Cost $36,099)
U.S. TREASURY BILLS—2.2%
		U.S. Treasury Bills
$	17,800	0.030%—09/16/2021†,9	17,799
	18,300	0.047%—09/07/2021†	18,299
			36,098
TOTAL INVESTMENTS—113.1%
(Cost $1,766,740)			1,823,852
CASH AND OTHER ASSETS, LESS LIABILITIES—(13.1)%			(211,566)
TOTAL NET ASSETS—100.0%			$1,612,286

 

9

Harbor Bond Fund

Portfolio of Investments—Continued

FUTURES CONTRACTS 

Description	Number of Contracts	Expiration Date	Current Notional Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Euro-Bund Future (Short)	10	09/08/2021	EUR  1,766	$ (59)
Euro-Buxl Futures (Short)	36	09/08/2021	7,742	(656)
United Kingdom GILT Futures 90 day (Short)	20	09/28/2021	GBP  2,596	(72)
U.S. Treasury Bond Futures 30 year (Short)	106	09/21/2021	$  17,460	(959)
U.S. Treasury Note Futures 5 year (Short)	436	09/30/2021	54,258	(321)
U.S. Treasury Note Futures 10 year (Long)	1,254	09/21/2021	168,604	2,835
Total Futures Contracts				$768

 

PURCHASED OPTIONS

PURCHASED OPTIONS NOT SETTLED THROUGH VARIATION MARGIN 

Description	Counterparty	Strike Price	Expiration Date	Number of Contracts/ Notional	Premiums Paid (000s)	Value (000s)
Federal National Mortgage Association Future Option 30 year (Put)	JP Morgan Chase Bank NA	$  103.23	08/05/2021	4,000,000	$23	$—

PURCHASED SWAP OPTIONS NOT SETTLED THROUGH VARIATION MARGIN 

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Strike Rate	Expiration Date	Number of Contracts/ Notional	Premiums Paid (000s)	Value (000s)
Interest Rate Swap Option (Put)	Goldman Sachs Bank USA	Sonia Overnight Deposit Rates Swap	Receive	0.900%	03/15/2022	5,000,000	$528	$188
Total Purchased Options							$551	$188

 

WRITTEN OPTIONS

WRITTEN OPTIONS NOT SETTLED THROUGH VARIATION MARGIN 

Description	Counterparty	Strike Price	Expiration Date	Number of Contracts/ Notional	Premiums Received (000s)	Value (000s)
Federal National Mortgage Association Future Option 30 year (Call)	Goldman Sachs & Co. LLC	$  101.02	09/07/2021	6,000,000	$26	$(61)
Federal National Mortgage Association Future Option 30 year (Call)	Goldman Sachs & Co. LLC	101.37	08/05/2021	5,000,000	17	(34)
Federal National Mortgage Association Future Option 30 year (Put)	Goldman Sachs & Co. LLC	99.02	09/07/2021	6,000,000	37	(3)
Federal National Mortgage Association Future Option 30 year (Call)	JP Morgan Chase Bank NA	103.73	10/07/2021	4,000,000	11	(19)
Federal National Mortgage Association Future Option 30 year (Put)	JP Morgan Chase Bank NA	102.23	08/05/2021	8,000,000	25	—
Federal National Mortgage Association Future Option 30 year (Put)	JP Morgan Chase Bank NA	102.23	08/12/2021	4,000,000	13	—
Total Written Options Not Settled Through Variation Margin					$129	$(117)

WRITTEN SWAP OPTIONS NOT SETTLED THROUGH VARIATION MARGIN 

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Strike Rate	Expiration Date	Number of Contracts/ Notional	Premiums Received (000s)	Value (000s)
Interest Rate Swap Option (Put)	Goldman Sachs Bank USA	Sonia Overnight Deposit Rates Swap	Pay	0.800%	03/15/2022	13,500,000	$513	$(205)
Total Written Options							$642	$(322)

 

FORWARD CURRENCY CONTRACTS 

Counterparty	Amount to be Delivered (000s)	Amount to be Received (000s)	Settlement Date	Unrealized Appreciation/ (Depreciation) (000s)
Citibank NA	$  12,202	BRL  62,496	08/03/2021	$ (208)
Citibank NA	$  11,973	BRL  62,496	09/02/2021	(27)
Goldman Sachs Bank USA	$  12,369	BRL  62,496	08/03/2021	(374)
Citibank NA	BRL  62,496	$  12,018	08/03/2021	23
Goldman Sachs Bank USA	BRL  62,496	$  12,202	08/03/2021	208
JP Morgan Chase Bank NA	BRL  212,400	$  37,551	10/04/2021	(2,875)
HSBC Bank USA	$  1,178	GBP  857	08/17/2021	13

10

Harbor Bond Fund

Portfolio of Investments—Continued

FORWARD CURRENCY CONTRACTS—Continued 

Counterparty	Amount to be Delivered (000s)	Amount to be Received (000s)	Settlement Date	Unrealized Appreciation/ (Depreciation) (000s)
HSBC Bank USA	$  2,154	GBP  1,529	08/17/2021	$(28)
BNP Paribas SA	GBP  1,309	$  1,788	08/17/2021	(31)
HSBC Bank USA	GBP  66,725	$  94,327	08/17/2021	1,575
BNP Paribas SA	CAD  24,483	$  19,611	09/02/2021	(12)
Citibank NA	CAD  24,483	$  19,907	08/03/2021	284
Citibank NA	$  6,864	CLP  4,937,937	09/07/2021	(365)
JP Morgan Chase Bank NA	$  7,239	EUR  5,918	08/17/2021	(216)
Goldman Sachs Bank USA	EUR  30,414	$  36,913	08/17/2021	823
JP Morgan Chase Bank NA	EUR  6,413	$  7,731	08/17/2021	121
BNP Paribas SA	$  136	INR  10,030	09/15/2021	(2)
HSBC Bank USA	JPY  26,499	$  1,441	08/17/2021	14
HSBC Bank USA	$  7,138	MXN  150,107	09/03/2021	369
Citibank NA	ILS  13,500	$  8,125	04/06/2022	(107)
Citibank NA	$  1,068	PEN  4,220	08/04/2021	(29)
Citibank NA	$  2,557	PEN  10,072	08/11/2021	(77)
Citibank NA	$  1,765	PEN  6,963	08/18/2021	(51)
Citibank NA	$  1,293	PEN  5,057	09/02/2021	(49)
BNP Paribas SA	PEN  4,220	$  1,143	08/04/2021	104
Citibank NA	PEN  10,072	$  2,545	08/11/2021	66
Citibank NA	PEN  6,963	$  1,900	08/18/2021	186
Citibank NA	PEN  5,056	$  1,337	09/02/2021	92
Citibank NA	PEN  1,810	$  488	09/20/2021	42
Citibank NA	PEN  10,072	$  2,556	09/21/2021	76
Citibank NA	PEN  4,467	$  1,158	10/04/2021	58
Citibank NA	PEN  4,220	$  1,067	10/12/2021	28
Citibank NA	PEN  6,963	$  1,764	10/19/2021	49
Citibank NA	PEN  5,056	$  1,293	10/27/2021	48
Goldman Sachs Bank USA	PEN  2,803	$  748	11/12/2021	58
Total Forward Currency Contracts				$(214)

 

INTEREST RATE SWAP AGREEMENTS

CENTRALLY CLEARED SWAP AGREEMENTS

INTEREST RATE SWAPS 

Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate	Payment Frequency	Expiration Date	Notional Amount (000s)	Value (000s)	Upfront Premiums (Received)/ Paid (000s)	Unrealized Appreciation/ (Depreciation) (000s)
CME Group	Brazil CETIP Interbank Deposit	Receive	2.850%	At maturity	01/03/2022	BRL  74,900	$198	$—	$198
CME Group	Brazil CETIP Interbank Deposit	Receive	2.859	At maturity	01/03/2022	51,000	132	—	132
CME Group	Brazil CETIP Interbank Deposit	Receive	2.860	At maturity	01/03/2022	59,300	156	(1)	157
CME Group	Brazil CETIP Interbank Deposit	Receive	2.870	At maturity	01/03/2022	16,900	44	—	44
CME Group	Brazil CETIP Interbank Deposit	Receive	2.871	At maturity	01/03/2022	27,000	70	—	70
CME Group	Brazil CETIP Interbank Deposit	Receive	2.883	At maturity	01/03/2022	17,000	43	—	43
CME Group	Brazil CETIP Interbank Deposit	Pay	3.345	At maturity	01/03/2022	7,800	(15)	—	(15)
CME Group	Brazil CETIP Interbank Deposit	Pay	3.350	At maturity	01/03/2022	153,200	(287)	(6)	(281)
CME Group	Brazil CETIP Interbank Deposit	Pay	3.360	At maturity	01/03/2022	945,100	(1,030)	276	(1,306)
CME Group	Brazil CETIP Interbank Deposit	Pay	3.700	At maturity	01/03/2022	124,000	(197)	(73)	(124)
LCH Group	Sonia Overnight Deposit Rates Swap	Receive	0.750	Annual	09/15/2051	GBP  23,400	(1,213)	1,249	(2,462)
CME Group	British Bankers' Association Libor JPY 6-Month	Receive	0.300	Semi-annual	03/18/2026	JPY  980,000	(148)	(41)	(107)
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.300	Semi-annual	09/20/2027	2,180,000	(413)	(114)	(299)
LCH Group	British Bankers' Association Libor JPY 6-Month	Pay	0.380	Semi-annual	06/18/2028	3,770,000	948	162	786
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.450	Semi-annual	03/20/2029	660,000	(218)	(48)	(170)
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.750	Semi-annual	03/20/2038	104,000	(90)	5	(95)
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.800	Semi-annual	10/22/2038	210,100	(198)	—	(198)

11

Harbor Bond Fund

Portfolio of Investments—Continued

INTEREST RATE SWAP AGREEMENTS—Continued

CENTRALLY CLEARED SWAP AGREEMENTS—Continued

INTEREST RATE SWAPS—Continued 

Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate	Payment Frequency	Expiration Date	Notional Amount (000s)	Value (000s)	Upfront Premiums (Received)/ Paid (000s)	Unrealized Appreciation/ (Depreciation) (000s)
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.750%	Semi-annual	12/20/2038	JPY  27,800	$(24)	$1	$(25)
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.538	Semi-annual	03/15/2051	542,480	(151)	(4)	(147)
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.520	Semi-annual	03/16/2051	206,000	(48)	—	(48)
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.350	Semi-annual	03/17/2051	184,000	40	101	(61)
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.557	Semi-annual	03/17/2051	695,000	(229)	—	(229)
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.570	Semi-annual	03/19/2051	176,000	(64)	—	(64)
LCH Group	British Bankers' Association Libor JPY 6-Month	Receive	0.572	Semi-annual	04/07/2051	78,000	(28)	1	(29)
CME Group	British Bankers' Association Libor USD 3-Month	Pay	2.800	Semi-annual	08/22/2023	$  86,000	5,511	(1,932)	7,443
Centrally Cleared Interest Rate Swaps									$3,213
Interest Rate Swaps									$3,213

CREDIT DEFAULT SWAP AGREEMENTS

CENTRALLY CLEARED SWAP AGREEMENTS

CREDIT DEFAULT SWAPS 

Counterparty	Reference Entity	Buy/ Sella,b	Pay/Receive Fixed Rate	Expiration Date	Implied Credit Spreadc	Payment Frequency	Notional Amountd (000s)	Valuee (000s)	Upfront Premiums (Received)/Paid (000s)	Unrealized Appreciation/ (Depreciation) (000s)
ICE Group	iTraxx Europe Crossover Series 35 Version 1 0.001%	Sell	5.000%	06/20/2026	2.357%	Quarterly	EUR  20,400	$3,051	$2,874	$177
ICE Group	Rolls-Royce PLC 2.130% due 06/18/2021	Sell	1.000	06/20/2025	2.107	Quarterly	5,000	(241)	(892)	651
ICE Group	Tesco PLC 6.000% due 12/14/2029	Sell	1.000	06/20/2022	0.143	Quarterly	2,300	24	(112)	136
ICE Group	General Electric Company 2.700% due 10/09/2022	Sell	1.000	12/20/2023	0.396	Quarterly	$  2,700	42	(120)	162
ICE Group	General Electric Company 2.700% due 10/09/2022	Sell	1.000	06/20/2024	0.432	Quarterly	1,200	21	(4)	25
ICE Group	General Electric Company 2.700% due 10/09/2022	Sell	1.000	12/20/2024	0.513	Quarterly	2,600	46	(37)	83
ICE Group	General Electric Company 2.700% due 10/09/2022	Sell	1.000	06/20/2026	0.730	Quarterly	4,000	57	33	24
ICE Group	Markit CDX North America High Yield Index Series 35 0.001%	Buy	5.000	12/20/2025	2.742	Quarterly	3,300	(320)	(239)	(81)
ICE Group	Markit CDX North America High Yield Index Series 36 0.001%	Buy	5.000	06/20/2026	2.925	Quarterly	6,300	(613)	(600)	(13)
ICE Group	The Boeing Company 8.750% due 08/15/2021	Sell	1.000	12/20/2022	0.665	Quarterly	5,200	30	1	29
ICE Group	The Boeing Company 2.600% due 10/30/2025	Sell	1.000	06/20/2023	0.732	Quarterly	4,200	26	11	15
Credit Default Swaps										$1,208
Total Swaps										$4,421

 

12

Harbor Bond Fund

Portfolio of Investments—Continued

FIXED INCOME INVESTMENTS SOLD SHORT — (1.5)% 

Principal Amount (000s)	Security	Proceeds (000s)	Value (000s)
$ 23,000	Federal National Mortgage Association TBA12 4.000%—08/12/2051	$24,518	$(24,579)

REVERSE REPURCHASE AGREEMENTS — (0.2)% 

Counterparty	Borrowing Rate	Borrowing Date	Maturity Date	Proceeds (000s)	Payable for Reverse Repurchase Agreements (000s)
Barclays Bank PLC	(0.450)%	03/16/2021	03/17/2023	$3,347	$(3,347)

 

FAIR VALUE MEASUREMENTS

The following table summarizes the Fund’s investments as of July 31, 2021 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
Asset-Backed Securities	$—	$186,045	$4,400	$190,445
Collateralized Mortgage Obligations	—	200,200	—	200,200
Corporate Bonds & Notes	—	579,751	—	579,751
Foreign Government Obligations	—	111,279	—	111,279
Mortgage Pass-Through	—	351,002	—	351,002
Municipal Bonds	—	10,037	—	10,037
Preferred Stocks	—	—	17,128	17,128
U.S. Government Obligations	—	327,912	—	327,912
Short-Term Investments
U.S. Treasury Bills	—	36,098	—	36,098
Total Investments in Securities	$—	$1,802,324	$21,528	$1,823,852
Financial Derivative Instruments - Assets
Forward Currency Contracts	$—	$4,237	$—	$4,237
Futures Contracts	2,835	—	—	2,835
Purchased Options	—	188	—	188
Swap Agreements	—	10,175	—	10,175
Total Financial Derivative Instruments - Assets	$2,835	$14,600	$—	$17,435
Liability Category
Fixed Income Investments Sold Short	$—	$(24,579)	$—	$(24,579)
Financial Derivative Instruments - Liabilities
Forward Currency Contracts	$—	$(4,451)	$—	$(4,451)
Futures Contracts	(2,067)	—	—	(2,067)
Swap Agreements	—	(5,754)	—	(5,754)
Written Options	—	(322)	—	(322)
Total Financial Derivative Instruments - Liabilities	$(2,067)	$(10,527)	$—	$(12,594)
Total Investments	$768	$1,781,818	$21,527	$1,804,114

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

13

Harbor Bond Fund

Portfolio of Investments—Continued

FAIR VALUE MEASUREMENTS—Continued 

The following is a rollforward of the Fund’s Level 3 investments during the period ended July 31, 2021. 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 11/01/2020 (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 07/31/2021 (000s)	Unrealized Gain/(Loss) as of 07/31/2021 (000s)
Asset-Backed Securities	$5,099	$4,400	$—	$—	$—	$67	$—	$(5,166)	$4,400	$—
Escrow	—	—	—	—	(12)	12	—	—	—	—
Preferred Stocks	17,513	—	—	—	—	(385)	—	—	17,128	(616)
	$22,612	$4,400	$—	$—	$(12)	$(306)	$—	$(5,166)	$21,528	$(616)

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 07/31/2021 (000s)	Valuation Technique	Unobservable Input(s)	Input Value(s)
Investments in Securities
Asset-Backed Securities
AMMC CLO 20 Ltd.1 Series 2017-20A Cl. AR	$ 4,400	Market Approach	Trade Price	$  100.00
Preferred Stocks
AT&T Mobility II LLC	17,128	Market Approach	Trade Price	$  27.05
	$21,528

14

Harbor Bond Fund

Portfolio of Investments—Continued

 

*	Security in default
†	Coupon represents yield to maturity
x	Fair valued in accordance with Harbor Funds' Valuation Procedures.
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 $413,502 or 26% 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 at July 31, 2021. 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 at July 31, 2021.
5	MTN after the name of a security stands for Medium Term Note.
6	Perpetuity bond; the maturity date represents the next callable date.
7	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, except for perpetuity bonds.
8	Zero coupon bond
9	At July 31, 2021, a portion of securities held by the Fund were pledged as collateral for exchange traded and centrally cleared derivatives, over-the-counter (OTC) derivatives, forward commitments, or secured borrowings. The securities pledged had an aggregate value of $20,219 or 1% of net assets.
10	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.
11	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.
12	TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after July 31, 2021. Although the unit price for the trades has been established, the principal value has not been finalized. However, the amount of the commitments will not fluctuate more than 2% from the principal amount. Income on TBAs is not earned until settlement date.
13	Security is a private placement with contractual transfer and sale limitations. The Security was purchased on September 24, 2020, at a net cost of $17,744. As of July 31, 2021, the value of the security was $17,128 or 1% of net assets.
a	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
b	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
c	Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.
d	The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. As of July 31, 2021, the maximum exposure to loss of the notional value as the seller of credit default swaps outstanding was $52,759.
e	The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
h	Transferred from Level 3 to Level 2 due to the availability of observable market data pricing
ARS	Argentine Peso
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
EUR	Euro
GBP	British Pound
ILS	Israeli New Shekel
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
PEN	Peruvian Nuevo Sol

The accompanying notes are an integral part of the Portfolios of Investments.

15

Harbor Convertible Securities Fund

Portfolio of Investments—July 31, 2021 (Unaudited)

Value, Cost, and Principal Amounts in Thousands  

CONVERTIBLE BONDS—94.9%
Principal Amount			Value
AEROSPACE & DEFENSE—0.5%
		Parsons Corp.
$	840	0.250%—08/15/20251	$888
AIRLINES—1.9%
		Jetblue Airways Corp.
	1,637	0.500%—04/01/20261	1,614
		Southwest Airlines Co.
	602	1.250%—05/01/2025	885
		Spirit Airlines Inc.
	1,407	1.000%—05/15/2026	1,324
			3,823
AUTO COMPONENTS—0.8%
		CIE Generale des Etablissements Michelin SCA
	800	0.000%—01/10/20222	870
		LCI Industries
	600	1.125%—05/15/20261	650
			1,520
AUTOMOBILES—1.5%
		Ford Motor Co.
	1,427	0.000%—03/15/20261,2	1,534
		Winnebago Industries Inc.
	1,079	1.500%—04/01/2025	1,434
			2,968
BANKS—0.4%
		BofA Finance LLC MTN3
	643	0.250%—05/01/2023	696
BIOTECHNOLOGY—4.2%
		BioMarin Pharmaceutical Inc.
	2,515	0.599%—08/01/2024	2,573
		Coherus Biosciences Inc.
	586	1.500%—04/15/2026	587
		Exact Sciences Corp.
	756	0.375%—03/15/2027	919
	44	1.000%—01/15/2025	70
			989
		Halozyme Therapeutics Inc.
	820	0.250%—03/01/20271	751
		Ionis Pharmaceuticals Inc.
	560	0.125%—12/15/2024	517
		Ironwood Pharmaceuticals Inc.
	460	0.750%—06/15/2024	554
	451	1.500%—06/15/2026	550
			1,104
		Neurocrine Biosciences Inc.
	414	2.250%—05/15/2024	538
		Qiagen NV
	1,200	0.000%—12/17/20272	1,194
			8,253
CAPITAL MARKETS—0.8%
		Ares Capital Corp.
	1,191	3.750%—02/01/2022	1,256
	233	4.625%—03/01/2024	253
			1,509
COMMUNICATIONS EQUIPMENT—0.7%
		Lumentum Holdings Inc.
	1,237	0.500%—12/15/2026	1,364

CONVERTIBLE BONDS—Continued
Principal Amount			Value
CONSTRUCTION & ENGINEERING—0.8%
		Vinci SA
$	1,400	0.375%—02/16/2022	$1,574
CONSUMER FINANCE—0.6%
		LendingTree Inc.
	1,254	0.500%—07/15/2025	1,134
DIVERSIFIED CONSUMER SERVICES—1.5%
		Chegg Inc.
	1,755	0.000%—09/01/20261,2	1,903
		K12 Inc.
	1,047	1.125%—09/01/20271	959
			2,862
DIVERSIFIED TELECOMMUNICATION SERVICES—1.9%
		Cable One Inc.
	944	0.000%—03/15/20261,2	943
		Liberty Broadband Corp.
	514	1.250%—09/30/20501	524
	1,124	2.750%—09/30/20501	1,209
			1,733
		Liberty Latin America Ltd.
	647	2.000%—07/15/2024	651
		Vonage Holdings Corp.
	410	1.750%—06/01/2024	456
			3,783
ELECTRICAL EQUIPMENT—0.3%
		Sunrun Inc.
	607	0.000%—02/01/20261,2	536
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.8%
		II-VI Inc.
	459	0.250%—09/01/2022	698
		Insight Enterprises Inc.
	1,217	0.750%—02/15/2025	1,868
		Itron Inc.
	975	0.000%—03/15/20261,2	1,004
			3,570
ENTERTAINMENT—2.9%
		iQIYI Inc.
	868	2.000%—04/01/2025	739
		Live Nation Entertainment Inc.
	1,499	2.000%—02/15/2025	1,613
	1,387	2.500%—03/15/2023	1,808
			3,421
		Zynga Inc.
	643	0.000%—12/15/20261,2	676
	687	0.250%—06/01/2024	916
			1,592
			5,752
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—0.7%
		IH Merger Sub LLC
	729	3.500%—01/15/2022	1,303
FOOD & STAPLES RETAILING—0.6%
		Shake Shack Inc.
	1,367	0.000%—03/01/20281,2	1,275

16

Harbor Convertible Securities Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CONVERTIBLE BONDS—Continued
Principal Amount			Value
FOOD PRODUCTS—0.9%
		Beyond Meat Inc.
$	1,927	0.000%—03/15/20271,2	$1,774
HEALTH CARE EQUIPMENT & SUPPLIES—4.5%
		CONMED Corp.
	975	2.625%—02/01/2024	1,575
		Dexcom Inc.
	1,690	0.250%—11/15/2025	1,925
		Haemonetics Corp.
	831	0.000%—03/01/20261,2	712
		Insulet Corp.
	993	0.375%—09/01/2026	1,376
		Integra Lifesciences Holdings Corp.
	773	0.500%—08/15/2025	882
		Nuvasive Inc.
	1,686	1.000%—06/01/2023	1,737
		Tandem Diabetes Care Inc.
	556	1.500%—05/01/20251	672
			8,879
HEALTH CARE PROVIDERS & SERVICES—0.4%
		Guardant Health Inc.
	747	0.000%—11/15/20271,2	808
HEALTH CARE TECHNOLOGY—1.9%
		Allscripts Healthcare Solutions Inc.
	1,209	0.875%—01/01/2027	1,697
		Novocure Ltd.
	626	0.000%—11/01/20251,2	746
		Teladoc Health Inc.
	1,185	1.250%—06/01/2027	1,269
			3,712
HOTELS, RESTAURANTS & LEISURE—7.4%
		Booking Holdings Inc.
	938	0.750%—05/01/2025	1,329
		Draftkings Inc.
	2,368	0.000%—03/15/20281,2	2,087
		Huazhu Group Ltd.
	1,145	3.000%—05/01/20261	1,474
		IMAX Corp.
	2,110	0.500%—04/01/20261	1,965
		Marriott Vacations Worldwide Corp.
	1,259	0.000%—01/15/20261,2	1,347
	763	1.500%—09/15/2022	873
			2,220
		NCL Corp. Ltd.
	678	5.375%—08/01/20251	1,077
		Royal Caribbean Cruises Ltd.
	693	2.875%—11/15/20231	828
		The Cheesecake Factory Inc.
	1,429	0.375%—06/15/2026	1,342
		Vail Resorts Inc.
	2,219	0.000%—01/01/20261,2	2,238
			14,560
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.6%
		Nextera Energy Partners LP
	1,132	0.000%—11/15/20251,2	1,234
INTERACTIVE MEDIA & SERVICES—5.8%
		Airbnb Inc.
	765	0.000%—03/15/20261,2	719

CONVERTIBLE BONDS—Continued
Principal Amount			Value
INTERACTIVE MEDIA & SERVICES—Continued
		Expedia Group Inc.
$	1,355	0.000%—02/15/20261,2	$1,453
		IAC FinanceCo 3 Inc.
	378	2.000%—01/15/20301	762
		Liberty Tripadvisor Holdings Inc.
	1,170	0.500%—06/30/20511	1,001
		Snap Inc.
	1,486	0.000%—05/01/20271,2	1,713
		Spotify USA Inc.
	1,361	0.000%—03/15/20261,2	1,230
		Square Inc.
	949	0.250%—11/01/20271	1,122
		Tripadvisor Inc.
	939	0.250%—04/01/20261	869
		Twitter Inc.
	1,683	0.000%—03/15/20261,2	1,625
	609	0.250%—06/15/2024	842
			2,467
			11,336
INTERNET & DIRECT MARKETING RETAIL—2.2%
		Etsy Inc.
	682	0.125%—09/01/20271	822
	946	0.250%—06/15/20281	993
			1,815
		Fiverr International Ltd.
	808	0.000%—11/01/20251,2	1,100
		Wayfair Inc.
	1,438	0.625%—10/01/20251	1,402
			4,317
IT SERVICES—5.3%
		Akamai Technologies Inc.
	693	0.125%—05/01/2025	929
	1,625	0.375%—09/01/2027	1,921
			2,850
		Euronet Worldwide Inc.
	1,858	0.750%—03/15/2049	2,169
		KBR Inc.
	632	2.500%—11/01/2023	1,005
		Shift4 Payments Inc.
	499	0.000%—12/15/20251,2	650
	112	0.500%—08/01/20271	117
			767
		Shopify Inc.
	723	0.125%—11/01/2025	954
		Wix.com Ltd.
	1,638	0.000%—08/15/20251,2	1,793
		Zscaler Inc.
	516	0.125%—07/01/2025	863
			10,401
LEISURE PRODUCTS—0.7%
		Peloton Interactive Inc.
	1,416	0.000%—02/15/20261,2	1,350
LIFE SCIENCES TOOLS & SERVICES—1.0%
		Illumina Inc.
	1,154	0.000%—08/15/20232	1,464

17

Harbor Convertible Securities Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CONVERTIBLE BONDS—Continued
Principal Amount			Value
LIFE SCIENCES TOOLS & SERVICES—Continued
		Repligen Corp.
$	269	0.375%—07/15/2024	$582
			2,046
MACHINERY—1.5%
		Greenbrier Cos. Inc.
	1,735	2.875%—04/15/20281	1,822
		John Bean Technologies Corp.
	340	0.250%—05/15/20261	366
		Meritor Inc.
	673	3.250%—10/15/2037	724
			2,912
MEDIA—4.0%
		Dish Network Corp.
	792	0.000%—12/15/20251,2	930
	3,061	3.375%—08/15/2026	3,145
			4,075
		Liberty Media Corp.
	702	1.000%—01/30/2023	928
	251	1.375%—10/15/2023	335
	2,042	2.125%—03/31/20481	2,134
			3,397
		Pandora Media LLC
	269	1.750%—12/01/2023	315
			7,787
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)—0.7%
		Blackstone Mortgage Trust Inc.
	1,286	4.750%—03/15/2023	1,337
OIL, GAS & CONSUMABLE FUELS—2.1%
		Equities Corp.
	773	1.750%—05/01/2026	1,146
		Pioneer Natural Resources Co.
	717	0.250%—05/15/2025	1,057
		Total SA MTN3
	1,800	0.500%—12/02/2022	1,823
			4,026
PERSONAL PRODUCTS—0.2%
		Herbalife Nutrition Ltd.
	316	2.625%—03/15/2024	339
PHARMACEUTICALS—2.4%
		Jazz Investments I Ltd.
	2,700	1.500%—08/15/2024	2,923
	1,059	2.000%—06/15/2026	1,376
			4,299
		Supernus Pharmaceuticals Inc.
	448	0.625%—04/01/2023	439
			4,738
PROFESSIONAL SERVICES—0.5%
		FTI Consulting Inc.
	660	2.000%—08/15/2023	994
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%
		Realogy Group LLC / Realogy Co.-Issuer Corp.
	1,012	0.250%—06/15/20261	1,030

CONVERTIBLE BONDS—Continued
Principal Amount			Value
REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued
		Redfin Corp.
$	827	0.000%—10/15/20251,2	$897
	727	0.500%—04/01/20271	699
			1,596
			2,626
ROAD & RAIL—0.4%
		Uber Technologies Inc.
	843	0.000%—12/15/20251,2	827
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.9%
		Enphase Energy Inc.
	2,186	0.000%—03/01/2026-03/01/20281,2	2,213
		MACOM Technology Solutions Holdings Inc.
	810	0.250%—03/15/20261	841
		Microchip Technology Inc.
	1,280	0.125%—11/15/2024	1,407
		ON Semiconductor Corp.
	915	0.000%—05/01/20271,2	975
	137	1.625%—10/15/2023	267
			1,242
		Silicon Laboratories Inc.
	791	0.625%—06/15/2025	1,075
		SolarEdge Technologies Inc.
	956	0.000%—09/15/20251,2	1,145
		STMicroelectronics NV
	1,400	0.000%—08/04/20252	1,756
			9,679
SOFTWARE—21.5%
		Alarm.Com Holdings Inc.
	1,392	0.000%—01/15/20261,2	1,274
		Altair Engineering Inc.
	298	0.250%—06/01/2024	467
		Alteryx Inc.
	773	0.500%—08/01/2024	735
	326	1.000%—08/01/2026	302
			1,037
		Bentley Systems Inc.
	918	0.125%—01/15/20261	1,060
	947	0.375%—07/01/20271	953
			2,013
		Blackline Inc.
	1,797	0.000%—03/15/20261,2	1,762
		Box Inc.
	1,577	0.000%—01/15/20261,2	1,813
		Ceridian HCM Holding Inc.
	851	0.250%—03/15/20261	869
		Coupa Software Inc.
	944	0.375%—06/15/2026	1,013
		CyberArk Software Ltd.
	1,599	0.000%—11/15/20242	1,828
		Datadog Inc.
	759	0.125%—06/15/2025	1,055
		DocuSign Inc.
	1,464	0.000%—01/15/20241,2	1,567
		Dropbox Inc.
	1,612	0.000%—03/01/2026-03/01/20281,2	1,790
		Envestnet Inc.
	1,382	0.750%—08/15/20251	1,375

18

Harbor Convertible Securities Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CONVERTIBLE BONDS—Continued
Principal Amount			Value
SOFTWARE—Continued
		FireEye Inc.
$	653	0.875%—06/01/2024	$739
		Five9 Inc.
	268	0.500%—06/01/2025	433
		InterDigital Inc.
	612	2.000%—06/01/2024	661
		J2 Global Inc.
	1,352	1.750%—11/01/20261	1,751
		Medallia Inc.
	716	0.125%—09/15/20251	771
		New Relic Inc.
	160	0.500%—05/01/2023	160
		NICE Ltd.
	1,472	0.000%—09/15/20251,2	1,651
		NortonLifeLock Inc.
	726	2.000%—08/15/20221	922
		Okta Inc.
	1,338	0.375%—06/15/2026	1,689
		Palo Alto Networks Inc.
	1,341	0.750%—07/01/2023	2,075
		Pegasystems Inc.
	1,410	0.750%—03/01/2025	1,606
		Q2 Holdings Inc.
	675	0.125%—11/15/20251	676
	4	0.750%—06/01/2026	5
			681
		Rapid7 Inc.
	1,153	0.250%—03/15/20271	1,444
	317	2.250%—05/01/2025	614
			2,058
		RingCentral Inc.
	1,873	0.000%—03/01/20252	1,985
	611	0.000%—03/15/20261,2	600
			2,585
		Splunk Inc.
	204	0.500%—09/15/2023	236
	3,316	1.125%—06/15/2027	3,241
			3,477
		Verint Systems Inc.
	576	0.250%—04/15/20261	558
		Workiva Inc.
	652	1.125%—08/15/2026	1,130
		Zendesk Inc.
	1,046	0.625%—06/15/2025	1,431
			42,241
SPECIALTY RETAIL—2.1%
		American Eagle Outfitters Inc.
	261	3.750%—04/15/2025	1,059
		Burlington Stores Inc.
	1,191	2.250%—04/15/2025	1,952
		National Vision Holdings
	611	2.500%—05/15/2025	1,124
			4,135

CONVERTIBLE BONDS—Continued
Principal Amount			Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%
		Pure Storage Inc.
$	1,357	0.125%—04/15/2023	$1,429
TOTAL CONVERTIBLE BONDS
(Cost $170,703)			186,297
TOTAL INVESTMENTS—94.9%
(Cost $170,703)			186,297
CASH AND OTHER ASSETS, LESS LIABILITIES—5.1%			10,107
TOTAL NET ASSETS—100.0%			$196,404

19

Harbor Convertible Securities 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 2. 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.

 

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 $84,864 or 43% 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 Portfolios of Investments.

20

Harbor Core Bond Fund

Portfolio of Investments—July 31, 2021 (Unaudited)

Value, Cost and Principal Amounts in Thousands  

ASSET-BACKED SECURITIES—12.0%
Principal Amount			Value
		Air Canada Pass-Through Trust
		Series 2015-1 Cl. A
$	297	3.600%—03/15/20271	$305
		AMSR Trust
		Series 2020-SFR4 Cl. A
	479	1.355%—11/17/20371	482
		CF Hippolyta Issuer LLC
		Series 2021-1A Cl. A1
	529	1.530%—03/15/20611	539
		Series 2020-1 Cl. A1
	323	1.690%—07/15/20601	330
			869
		CNH Equipment Trust
		Series 2018-A Cl. A3
	102	3.120%—07/17/2023	103
		Series 2018-B Cl. A3
	90	3.190%—11/15/2023	91
			194
		CVS Pass-Through Trust
	255	5.773%—01/10/20331	304
	109	5.880%—01/10/2028	126
		Series 2009 Cl. CE
	478	8.353%—07/10/20311	629
			1,059
		DB Master Finance LLC
		Series 2017-1A Cl. A2I
	242	3.629%—11/20/20471	245
	342	3.787%—05/20/20491	347
			592
		Delta Air Lines Pass-Through Trust
		Series 2015-1 Cl. AA
	266	3.625%—07/30/2027	289
		Domino's Pizza Master Issuer LLC
		Series 2021-1A Cl. A2I
	397	2.662%—04/25/20511	416
		Series 2019-1A Cl. A2
	59	3.668%—10/25/20491	64
			480
		FirstKey Homes Trust
		Series 2020-SFR2 Cl. A
	363	1.266%—10/19/20371	365
		Series 2020-SFR1 Cl. A
	634	1.339%—08/17/20371	640
			1,005
		Ford Credit Auto Owner Trust
		Series 2020-1 Cl. A
	500	2.040%—08/15/20311	522
		Home Partners of America Trust
		Series 2020-2 Cl. A
	328	1.532%—01/17/20411	329
		MMAF Equipment Finance LLC
		Series 2021 Cl. A
	584	0.560%—06/13/20281	585
		Series 2019-A Cl. A3
	241	2.840%—11/13/20231	245
			830
		Navient Private Education Loan Trust
		Series 2021-A Cl. A
	240	0.840%—05/15/20691	240

ASSET-BACKED SECURITIES—Continued
Principal Amount			Value
		NextGear Floorplan Master Owner Trust
		Series 2019-2A Cl. A2
$	880	2.070%—10/15/20241	$899
		Oak Street Investment Grade Net Lease Fund
		Series 2020-1A Cl. A1
	345	1.850%—11/20/20501	353
		Palmer Square CLO Ltd.2
		Series 2013 Cl. 2A
	447	1.134% (3 Month USD Libor + 1.126) 10/17/20311,3	447
		Progress Residential Trust
		Series 2021-SFR1 Cl. A
	385	1.052%—04/17/20381	381
		Series 2021-SFR3 Cl. A
	349	1.637%—05/17/20261	355
		Series 2019-SFR3 Cl. A
	443	2.271%—09/17/20361	453
			1,189
		Sabey Data Center Issuer LLC
		Series 2020-1 Cl. A2
	202	3.812%—04/20/20451	216
		Stack Infrastructure Issuer LLC
		Series 2021-1A Cl. A2
	613	1.877%—03/26/20461	622
		Series 2019-2A Cl. A2
	185	3.080%—10/25/20441	191
		Series 2019-1A Cl. A2
	223	4.540%—02/25/20441	237
			1,050
		Store Master Funding I-VII
		Series 2019-1 Cl. A1
	166	2.820%—11/20/20491	176
		Series 2018-1A Cl. A1
	197	3.960%—10/20/20481	205
			381
		United Airlines Pass-Through Trust
		Series 2016-1 Cl. AA
	170	3.100%—01/07/2030	181
		Series 2014-1 Cl. A
	726	4.000%—04/11/2026	770
			951
		Vantage Data Centers LLC
		Series 2020-1A Cl. A2
	567	1.645%—09/15/20451	573
		Verizon Owner Trust
		Series 2019-B Cl. A1A
	333	2.330%—12/20/2023	337
		Series 2018-A Cl. A1A
	118	3.230%—04/20/2023	119
			456
		Wendy's Funding LLC
		Series 2019-1A Cl. A2I
	168	3.783%—06/15/20491	181
		World Omni Auto Receivables Trust
		Series 2020-A Cl. A3
	1,012	1.700%—01/17/2023	1,026
		Series 2017-B Cl. A3
	49	1.950%—02/15/2023	49
		Series 2019-A Cl. A3
	144	3.040%—05/15/2024	146

21

Harbor Core Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

ASSET-BACKED SECURITIES—Continued
Principal Amount			Value
		Series 2018-D Cl. A3
$	358	3.330%—04/15/2024	$363
			1,584
TOTAL ASSET-BACKED SECURITIES
(Cost $15,057)			15,476
COLLATERALIZED MORTGAGE OBLIGATIONS—11.6%
		BANK 2019-BNK16
		Series 2019-BN16 Cl. ASB
	651	3.898%—02/15/2052	731
		Barclays Commerical Mortgage Securities LLC
		Series 2012-C2 Cl. A4
	517	3.525%—05/10/2063	526
		BBCMS Mortgage Trust
		Series 2020-C6 Cl. A2
	380	2.690%—02/15/2053	399
		Benchmark Mortgage Trust
		Series 2021-B26 Cl. A3
	387	2.391%—06/15/2054	406
		Series 2019-B15 Cl. A5
	212	2.928%—12/15/2072	231
			637
		BX Commercial Mortgage Trust
		Series 2019-XL Cl. A
	500	1.013% (1 Month USD Libor + 0.990) 10/15/20361,3	501
		CIM Trust Corp.
		Series 2020-INV1 Cl. A2
	143	2.500%—04/25/20501,3	147
		Citigroup Commercial Mortgage Trust
		Series 2015-GC27 Cl. AAB
	314	2.944%—02/10/2048	325
		Commercial Mortgage Pass-Through Certificates
		Series 2014-CR14 Cl. A2
	195	3.147%—02/10/2047	198
		Series 2014-CR21 Cl. A3
	239	3.528%—12/10/2047	256
		Series 2014-UBS3 Cl. A3
	443	3.546%—06/10/2047	471
		Series 2013-CR8 Cl. A5
	502	3.612%—06/10/2046	528
			1,453
		Freddie Mac Seasoned Credit Risk Transfer Trust
		Series 2020-2 Cl. MA
	224	2.000%—11/25/2059	228
		Series 2020-3 Cl. MA
	256	2.000%—05/25/2060	262
		Series 2021-1 Cl. MA
	351	2.000%—09/25/2060	358
		Series 2020-1 Cl. MA
	246	2.500%—08/25/2059	255
		Series 2018-1 Cl. MA
	174	3.000%—05/25/2057	183
		Series 2018-4 Cl. MA
	525	3.500%—03/25/2058	555
		Series 2019-2 Cl. MA
	265	3.500%—08/25/2058	280
			2,121
		FRESB Mortgage Trust
		Series 2019-SB63 Cl. A5H
	311	2.550% (1 Month USD Libor + 0.653) 02/25/20393	321

COLLATERALIZED MORTGAGE OBLIGATIONS—Continued
Principal Amount			Value
		GS Mortgage Backed Securities Trust
		Series 2021-PJ2 Cl. A2
$	393	2.500%—07/25/20511,3	$402
		Series 2020-INV1 Cl. A14
	271	2.984%—10/25/20501,3	277
		Series 2020-PJ4 Cl. A2
	188	3.000%—01/25/20511,3	193
		Series 2020-PJ1 Cl. A6
	29	3.500%—05/25/20501,3	29
			901
		GS Mortgage Securities Trust
		Series 2012-GCJ7 Cl. A4
	104	3.377%—05/10/2045	105
		Series 2012-GC6 Cl. A3
	102	3.482%—01/10/2045	102
			207
		Invitation Homes Trust
		Series 2018-SFR1 Cl. A
	106	0.789% (1 Month USD Libor + 1.962) 03/17/20371,4	105
		JPMBB Commercial Mortgage Securities Trust
		Series 2015-C32 Cl. A2
	220	2.816%—11/15/2048	222
		Series 2019-C6 Cl. A4
	351	3.057%—11/13/2052	385
			607
		JPMorgan Chase Commercial Mortgage Securities Trust
		Series 2019-COR5 Cl. A2
	635	3.150%—06/13/2052	665
		Series 2012-CBX Cl. A4
	95	3.483%—06/15/2045	96
			761
		JPMorgan Mortgage Trust
		Series 2021-1 Cl. A3
	311	2.500%—06/25/20511,3	319
		Series 2021-3 Cl. A3
	529	2.500%—07/01/20511,3	543
			862
		MetLife Securitization Trust
		Series 2020-INV1 Cl. A2A
	237	2.500%—05/25/20501,3	244
		Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2015-C22 Cl. A4
	532	3.306%—04/15/2048	571
		Morgan Stanley Capital I Trust
		Series 2012-C4 Cl. A4
	184	3.244%—03/15/2045	185
		Series 2015-UBS8 Cl. A4
	438	3.809%—12/15/2048	484
			669
		Progress Residential Trust
		Series 2018-SFR3 Cl. A
	432	3.880%—10/17/20351	438
		PSMC Trust
		Series 2021-2 Cl. A3
	603	2.500%—05/25/20511,3	624
		Series 2020-2 Cl. A2
	139	3.000%—05/25/20501,3	141
			765

22

Harbor Core Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

COLLATERALIZED MORTGAGE OBLIGATIONS—Continued
Principal Amount			Value
		Sequoia Mortgage Trust
		Series 2021-1 Cl. A1
$	422	2.500%—03/25/20511,3	$432
		Tricon American Homes Trust
		Series 2020-SFR1 Cl. A
	335	1.499%—07/17/20381	338
		Wells Fargo Commercial Mortgage Trust
		Series 2021-C59 Cl. A5
	639	2.626%—04/15/2054	682
		WF RBS Commercial Mortgage Trust
		Series 2012-C10 Cl. A3
	244	2.875%—12/15/2045	250
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $14,871)			14,993
CORPORATE BONDS & NOTES—31.2%
AEROSPACE & DEFENSE—1.6%
		BAE Systems Holdings Inc.
	400	3.400%—04/15/20301	443
	489	3.800%—10/07/20241	533
			976
		General Dynamics Corp.
	59	4.250%—04/01/2050	77
		Lockheed Martin Corp.
	198	2.800%—06/15/2050	205
	225	4.700%—05/15/2046	305
			510
		Northrop Grumman Corp.
	107	5.250%—05/01/2050	154
		Textron Inc.
	370	3.000%—06/01/2030	397
			2,114
AIR FREIGHT & LOGISTICS—0.3%
		FedEx Corp.
	270	4.050%—02/15/2048	316
		United Parcel Service Inc.
	73	5.300%—04/01/2050	109
			425
AUTOMOBILES—1.6%
		General Motors Co.
	248	5.400%—10/02/2023	272
		Hyundai Capital America Co.
	468	5.750%—04/06/20231	507
		Toyota Motor Credit Corp. MTN5
	572	3.000%—04/01/2025	617
	197	3.375%—04/01/2030	225
			842
		Volkswagen Group of America Finance LLC
	413	2.900%—05/13/20221	421
			2,042
BANKS—3.0%
		Bank of America Corp. MTN5
	500	3.500%—04/19/2026	553
	206	4.330%—03/15/20504	258
			811

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
BANKS—Continued
		Citigroup Inc.
$	421	3.400%—05/01/2026	$464
	169	3.520%—10/27/20284	186
	279	4.412%—03/31/20314	328
			978
		JPMorgan Chase & Co.
	476	4.203%—07/23/20294	550
	330	4.493%—03/24/20314	395
			945
		Lloyds Banking Group plc
	300	2.438% (U.S. Treasury 1 Year Constant Maturity Yield + 0.604) 02/05/20263	314
		PNC Bank NA
	250	3.500%—06/08/2023	265
		Toronto Dominion Bank MTN5
	600	0.750%—09/11/2025	597
			3,910
BEVERAGES—0.7%
		Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide Inc.
	358	4.900%—02/01/2046	460
		Coca-Cola Co.
	270	3.000%—03/05/2051	293
		PepsiCo Inc.
	145	3.625%—03/19/2050	174
			927
BIOTECHNOLOGY—0.3%
		Abbvie Inc.
	300	4.500%—05/14/2035	369
CAPITAL MARKETS—4.3%
		Apollo Management Holdings LP
	250	4.000%—05/30/20241	273
		Blackstone Holdings Finance Co. LLC
	223	2.800%—09/30/20501	225
	205	3.150%—10/02/20271	224
	286	3.500%—09/10/20491	329
			778
		Credit Suisse Group AG
	291	1.305%—02/02/20271,3	287
		Goldman Sachs Group Inc.
	291	3.800%—03/15/2030	331
	420	5.750%—01/24/2022	431
			762
		KKR Group Finance Co. II LLC
	289	5.500%—02/01/20431	397
		KKR Group Finance Co. III LLC
	140	5.125%—06/01/20441	187
		Macquarie Group Ltd.
	363	1.340%—01/12/20271,4	362
	165	3.189%—11/28/20231,4	171
			533
		Macquarie Group Ltd. MTN5
	250	4.150%—03/27/20241,4	264
		Moody's Corp.
	248	2.550%—08/18/2060	229
		Morgan Stanley MTN5
	645	3.125%—07/27/2026	702

23

Harbor Core Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
CAPITAL MARKETS—Continued
$	285	3.622%—04/01/20314	$321
	252	3.875%—01/27/2026	283
			1,306
		State Street Corp.
	110	2.901%—03/30/20264	118
	95	3.152%—03/30/20314	106
			224
		UBS Group AG
	300	4.125%—04/15/20261	338
			5,578
COMMUNICATIONS EQUIPMENT—0.3%
		Juniper Networks Inc.
	365	1.200%—12/10/2025	366
CONSUMER FINANCE—0.9%
		American Express Co.
	150	3.400%—02/27/2023	157
		Capital One Financial Corp.
	450	3.300%—10/30/2024	485
		General Motors Financial Co. Inc.
	444	4.150%—06/19/2023	473
		Mastercard Inc.
	71	3.850%—03/26/2050	88
			1,203
DIVERSIFIED FINANCIAL SERVICES—0.6%
		Cooperatieve Rabobank U.A.
	400	3.875%—09/26/20231	429
		Ferguson Finance plc
	310	3.250%—06/02/20301	339
			768
DIVERSIFIED TELECOMMUNICATION SERVICES—1.2%
		AT&T Inc.
	664	1.299% (3 Month USD Libor + 0.419) 06/12/20243	681
	306	3.500%—06/01/2041	325
			1,006
		Verizon Communications Inc.
	162	4.500%—08/10/2033	198
	247	4.522%—09/15/2048	313
			511
			1,517
ELECTRIC UTILITIES—3.1%
		Berkshire Hathaway Energy Co.
	195	4.050%—04/15/2025	217
	525	6.125%—04/01/2036	753
			970
		CenterPoint Energy Inc.
	401	1.450%—06/01/2026	406
		Duke Energy Carolinas, LLC
	111	3.950%—03/15/2048	134
		Eversource Energy
	260	2.750%—03/15/2022	264
	200	2.900%—10/01/2024	213
			477

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
ELECTRIC UTILITIES—Continued
		Exelon Corp.
$	82	4.700%—04/15/2050	$107
	368	5.100%—06/15/2045	494
			601
		Southern Co.
	430	3.250%—07/01/2026	470
	298	4.250%—07/01/2036	353
			823
		Virginia Electric & Power Co.
	305	3.150%—01/15/2026	335
		Xcel Energy Inc.
	220	3.400%—06/01/2030	245
			3,991
ENTERTAINMENT—0.2%
		Walt Disney Co.
	164	4.700%—03/23/2050	224
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—1.3%
		Boston Properties LP
	468	4.500%—12/01/2028	553
		Digital Realty Trust LP
	491	3.700%—08/15/2027	554
		Federal Realty Investment Trust
	582	1.250%—02/15/2026	585
			1,692
FOOD & STAPLES RETAILING—0.2%
		Walmart Inc.
	166	3.950%—06/28/2038	203
HEALTH CARE PROVIDERS & SERVICES—1.3%
		Cigna Corp.
	495	3.400%—03/01/2027	548
		CommonSpirit Health
	225	3.910%—10/01/2050	256
	232	4.187%—10/01/2049	275
			531
		PeaceHealth Obligated Group
	580	1.375%—11/15/2025	590
			1,669
HOTELS, RESTAURANTS & LEISURE—0.2%
		McDonald's Corp. MTN5
	225	3.500%—07/01/2027	251
INSURANCE—1.8%
		American International Group Inc.
	465	4.125%—02/15/2024	506
		Equitable Financial Life Global Funding
	425	1.400%—07/07/20251	432
		Five Corners Funding Trust
	250	4.419%—11/15/20231	272
		Liberty Mutual Group Inc.
	400	4.569%—02/01/20291	472
		Lincoln National Corp.
	266	3.400%—01/15/2031	296
	173	3.625%—12/12/2026	193
			489

24

Harbor Core Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
INSURANCE—Continued
		Mass Mutual Life Insurance Co.
$	170	3.375%—04/15/20501	$183
			2,354
MEDIA—1.3%
		Charter Communications Operating LLC / Charter Communications Operating Capital
	478	6.384%—10/23/2035	647
		Comcast Corp.
	146	3.300%—04/01/2027	162
	392	3.400%—04/01/2030	438
			600
		COX Communications Inc.
	390	1.800%—10/01/20301	379
			1,626
MULTI-UTILITIES—0.3%
		WEC Energy Group Inc.
	348	1.375%—10/15/2027	346
OIL, GAS & CONSUMABLE FUELS—2.2%
		Chevron Corp.
	179	1.995%—05/11/2027	187
		Dominion Energy Gas Holdings LLC
	170	2.500%—11/15/2024	178
		Exxon Mobil Corp.
	291	2.992%—03/19/2025	313
		Occidental Petroleum Corp.
	1,313	0.000%—10/10/20366	691
		Phillips 66 Partners LP
	197	3.605%—02/15/2025	213
		Schlumberger Holdings Corp.
	252	3.900%—05/17/20281	283
		Shell International Finance BV
	267	2.375%—04/06/2025	281
		Southern Co. Gas Capital Corp.
	220	1.750%—01/15/2031	215
		Sunoco Logistics Partners Operations LP
	375	3.900%—07/15/2026	413
			2,774
PHARMACEUTICALS—0.2%
		Pfizer Inc.
	297	2.550%—05/28/2040	306
PROFESSIONAL SERVICES—0.5%
		Verisk Analytics Inc.
	610	3.625%—05/15/2050	672
ROAD & RAIL—1.4%
		Canadian National Railway Co.
	172	3.650%—02/03/2048	197
		Canadian Pacific Railway Co.
	190	6.125%—09/15/2115	304
		Norfolk Southern Corp.
	310	4.837%—10/01/2041	403
		Penske Truck Leasing Co. LP / PTL Finance Corp.
	500	3.900%—02/01/20241	537
		Ryder System Inc. MTN5
	307	3.650%—03/18/2024	330
			1,771

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%
		Broadcom Inc.
$	272	4.110%—09/15/2028	$307
		LAM Research Corp.
	110	2.875%—06/15/2050	115
		NXP BV / NXP Funding LLC
	251	4.625%—06/01/20231	269
		NXP BV / NXP Funding LLC / NXP USA Inc.
	255	2.700%—05/01/20251	270
			961
SOFTWARE—0.4%
		Oracle Corp.
	443	2.500%—04/01/2025	467
SPECIALTY RETAIL—0.3%
		Home Depot Inc.
	220	3.300%—04/15/2040	246
		Lowe's Cos. Inc.
	107	3.700%—04/15/2046	120
	59	5.000%—04/15/2040	78
			198
			444
TRADING COMPANIES & DISTRIBUTORS—0.7%
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	272	4.125%—07/03/2023	288
		Air Lease Corp.
	374	3.875%—07/03/2023	397
		Ferguson Finance plc
	236	4.500%—10/24/20281	277
			962
WATER UTILITIES—0.2%
		Aquarion Co.
	238	4.000%—08/15/20241	259
WIRELESS TELECOMMUNICATION SERVICES—0.1%
		T-Mobile USA Inc.
	132	3.500%—04/15/2025	144
TOTAL CORPORATE BONDS & NOTES
(Cost $36,959)			40,335
MORTGAGE PASS-THROUGH—25.3%
		Federal Home Loan Mortgage Corp.
	570	2.000%—06/01/2050-08/01/2050	586
	286	2.041%—06/01/20473	299
	4,508	2.500%—08/01/2030-02/01/2051	4,713
	309	2.769%—01/01/20493	322
	4,029	3.000%—06/01/2034-09/01/2050	4,324
	1,934	3.500%—01/01/2048-05/01/2050	2,066
	679	4.000%—02/01/2046-05/01/2049	734
	265	4.500%—03/01/2049	287
			13,331
		Federal National Mortgage Association
	3,933	2.000%—08/01/2050-08/01/2051	4,027
	1,262	2.500%—08/01/2035-10/01/2050	1,327
	365	2.670%—04/01/20473	382
	3,502	3.000%—11/01/2034-08/01/2050	3,726
	2,068	3.500%—10/01/2037-06/01/2050	2,238

25

Harbor Core Bond Fund

Portfolio of Investments—Continued

Value, Cost and Principal Amounts in Thousands 

MORTGAGE PASS-THROUGH—Continued
Principal Amount			Value
$	1,671	4.000%—04/01/2045-04/01/2050	$1,817
	1,712	4.500%—05/01/2046-02/01/2050	1,888
	562	5.000%—08/01/2049	617
			16,022
		Government National Mortgage Association
	1,150	2.500%—01/20/2051	1,214
	541	4.000%—09/20/2041-09/15/2046	598
	1,324	4.500%—01/15/2042-08/20/2047	1,459
			3,271
TOTAL MORTGAGE PASS-THROUGH
(Cost $32,112)			32,624
MUNICIPAL BONDS—2.2%
		City & County of Denver Co. Airport System
	375	1.722%—11/15/2027	385
		Florida State Board of Administration Finance Corp.
	274	1.258%—07/01/2025	279
		Metropolitan Transportation Authority
	195	5.871%—11/15/2039	263
		Metropolitan Water Reclamation District of Greater Chicago
	145	5.720%—12/01/2038	209
		New York State Urban Development Corp.
	555	5.770%—03/15/2039	707
		Port Authority of New York and New Jersey
	555	1.086%—07/01/2023	563
		State of California
	300	7.500%—04/01/2034	480
TOTAL MUNICIPAL BONDS
(Cost $2,653)			2,886
U.S. GOVERNMENT OBLIGATIONS—16.8%
		U.S. Small Business Administration
		Series 2012-20C Cl. 1
	132	2.510%—03/01/2032	138
		Series 2017-20H Cl. 1
	146	2.750%—08/01/2037	158
		Series 2014-20K Cl. 1
	276	2.800%—11/01/2034	296
		Series 2016-20L Cl. 1
	956	2.810%—12/01/2036	1,037
		Series 2015-20H Cl. 1
	304	2.820%—08/01/2035	326
		Series 2017-20J Cl. 1
	220	2.850%—10/01/2037	236
		Series 2018-20B Cl. 1
	279	3.220%—02/01/2038	309
		Series 2018-20G Cl. 1
	374	3.540%—07/01/2038	420
		Series 2018-20F Cl. 1
	584	3.600%—06/01/2038	657
			3,577
		U.S. Treasury Bonds
	3,786	1.125%—08/15/2040	3,372
	1,744	1.375%—08/15/2050	1,532
	2,711	1.875%—02/15/2041-02/15/2051	2,710
	1,339	3.000%—08/15/2048	1,655
			9,269

U.S. GOVERNMENT OBLIGATIONS—Continued
Principal Amount			Value
		U.S. Treasury Inflation Index Notes7
$	583	0.125%—01/15/2030	$659
	134	1.000%—02/15/2049	187
			846
		U.S. Treasury Notes
	4,368	0.750%—04/30/2026	4,387
	3,221	1.125%—02/15/2031-05/15/2040	3,047
	691	1.250%—05/15/2050	588
			8,022
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $21,208)			21,714
TOTAL INVESTMENTS—99.1%
(Cost $122,860)			128,028
CASH AND OTHER ASSETS, LESS LIABILITIES—0.9%			1,185
TOTAL NET ASSETS—100.0%			$129,213

26

Harbor Core Bond Fund

Portfolio of Investments—Continued

 

All investments at July 31, 2021 (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 Portfolios of Investments.

The following is a rollforward of the Fund’s Level 3 investments during the period ended July 31, 2021. 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 11/01/2020 (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 07/31/2021 (000s)	Unrealized Gain/(Loss) as of 07/31/2021 (000s)
Asset-Backed Securities	$349	$—	$—	$(20)	$—	$—	$—	$(329)	$—	$—
Collateralized Mortgage Obligations	327	—	—	(60)	—	(5)	—	(262)	—	$—
	$676	$—	$—	$(80)	$—	$(5)	$—	$(591)	$—	$—

 

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 $25,971 or 20% 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 at July 31, 2021. 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	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.
5	MTN after the name of a security stands for Medium Term Note.
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 availability of observable market data pricing

The accompanying notes are an integral part of the Portfolios of Investments.

27

Harbor High-Yield Bond Fund

Portfolio of Investments—July 31, 2021 (Unaudited)

Value, Cost, and Principal Amounts in Thousands  

BANK LOAN OBLIGATIONS—5.8%
Principal Amount			Value
AUTO COMPONENTS—0.1%
		Mavis Tire Express Services Corp.
		Term Loan B
$	313	4.750% (Libor Floor + 4.000) 05/04/20281	$313
CAPITAL MARKETS—0.1%
		Skopima Merger Sub Inc.
		Term Loan B
	500	4.500% (Libor Floor + 4.000) 04/30/20281	497
CHEMICALS—0.8%
		Gibraltar Industries Inc.
		Bridge Loan
	2,419	0.000%—7/28/2022	2,419
		Solenis International LP
		Initial First-Lien Term Loan
	597	4.135% (3 Month USD Libor + 4.000) 06/26/20251	597
			3,016
COMMUNICATIONS EQUIPMENT—0.1%
		PQ Group Holdings Inc.
		Term Loan
	265	4.250% (Libor Floor + 3.500) 05/04/20281	265
CONTAINERS & PACKAGING—0.7%
		Cubic Corp.
		Term Loan B
	555	5.000% (Libor Floor + 4.250) 05/25/20281	557
		Term Loan C
	113	5.000% (Libor Floor + 4.250) 05/25/20281	113
			670
		Mauser Packaging Solutions Holding Co.
		Term Loan B
	2,024	3.342% (1 Month USD Libor + 3.250) 04/03/20241	1,963
			2,633
DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%
		Intrado Corp.
		Term Loan B
	610	5.000% (Libor Floor + 4.000) 10/10/20241	596
ENTERTAINMENT—0.3%
		William Morris Endeavor Entertainment LLC
		First-Lien Term Loan B
	1,119	2.850% (1 Month USD Libor + 2.750) 05/18/20251	1,091
HEALTH CARE PROVIDERS & SERVICES—0.4%
		ADMI Corp.
		Term Loan B2
	767	3.625% (Libor Floor + 3.125) 12/23/20271	762
		AHP Health Partners Inc.
		Term Loan
	625	4.750% (Libor Floor + 3.750) 06/30/20251	627
			1,389
HEALTH CARE TECHNOLOGY—0.4%
		AthenaHealth Inc.
		Term Loan
	1,213	4.410% (3 Month USD Libor + 4.250) 02/11/20261	1,215
		Verscend Holding Corp.
		Term Loan B
	267	4.092% (1 Month USD Libor + 4.000) 08/27/20251	267
			1,482

BANK LOAN OBLIGATIONS—Continued
Principal Amount			Value
HOTELS, RESTAURANTS & LEISURE—0.3%
		IRB Holding Corp.
		Incremental Term Loan
$	1,043	4.250% (Libor Floor + 3.250) 12/15/20271	$1,041
INSURANCE—0.3%
		Asurion LLC
		Second-Lien Term Loan
	716	5.342% (1 Month USD Libor + 5.250) 01/20/2029	714
		Term Loan B3
	249	5.342% (1 Month USD Libor + 5.250) 02/03/20281	248
			962
IT SERVICES—0.2%
		Optiv Security Inc.
		First-Lien Term Loan
	566	4.250% (Libor Floor + 3.250) 02/01/20241	555
MEDIA—0.4%
		DIRECTV Financing LLC
		Term Loan
	525	5.750% (Libor Floor + 5.000) 07/21/2027	525
		Triton Water Holdings Inc.
		Term Loan
	595	4.000% (Libor Floor + 3.500) 03/31/20281	591
		Univision Communications Inc.
		Term Loan
	203	3.750% (Libor Floor + 2.750) 03/15/20241	202
			1,318
PROFESSIONAL SERVICES—0.1%
		Indy US Bidco LLC
		Term Loan B
	469	4.103% (1 Month USD Libor + 4.000) 03/05/20281	469
SOFTWARE—1.4%
		Finastra USA Inc.
		Term Loan B
	1,366	4.500% (Libor Floor + 3.500) 06/13/20241	1,345
		Term Loan
	553	8.250% (Libor Floor + 7.250) 06/13/20251	558
			1,903
		Informatica LLC
		Second-Lien Term Loan
	290	7.125%—02/25/2025	297
		Kenan Advantage Group Inc.
		Term Loan B1
	525	4.500% (Libor Floor + 3.750) 03/24/20261	526
		Project Alpha Intermediate Holding Inc.
		Term Loan B
	227	4.100% (1 Month USD Libor + 4.000) 04/26/20241	227
		RealPage Inc.
		First-Lien Term Loan
	540	3.750% (Libor Floor + 3.250) 04/22/20281	537
		TIBCO Software Inc.
		Term Loan B
	546	3.850% (1 Month USD Libor + 3.750) 07/03/20261	541

28

Harbor High-Yield Bond Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

BANK LOAN OBLIGATIONS—Continued
Principal Amount			Value
SOFTWARE—Continued
		Second-Lien Term Loan
$	1,049	7.350% (1 Month USD Libor + 7.250) 03/04/20281	$1,063
			1,604
			5,094
TOTAL BANK LOAN OBLIGATIONS
(Cost $20,633)			20,721
CONVERTIBLE BONDS—6.1%
AEROSPACE & DEFENSE—0.1%
		Parsons Corp.
	171	0.250%—08/15/20252	181
AIRLINES—0.2%
		Spirit Airlines Inc.
	775	1.000%—05/15/2026	729
AUTOMOBILES—0.1%
		Ford Motor Co.
	384	0.000%—03/15/20262,3	413
CONSUMER FINANCE—0.2%
		LendingTree Inc.
	782	0.500%—07/15/2025	707
DIVERSIFIED CONSUMER SERVICES—0.3%
		Chegg Inc.
	175	0.000%—09/01/20262,3	190
		K12 Inc.
	864	1.125%—09/01/20272	791
			981
DIVERSIFIED TELECOMMUNICATION SERVICES—0.1%
		Vonage Holdings Corp.
	450	1.750%—06/01/2024	501
HEALTH CARE EQUIPMENT & SUPPLIES—0.6%
		Dexcom Inc.
	602	0.250%—11/15/2025	685
		Haemonetics Corp.
	850	0.000%—03/01/20262,3	729
		Integra Lifesciences Holdings Corp.
	169	0.500%—08/15/2025	193
		Nuvasive Inc.
	675	1.000%—06/01/2023	695
			2,302
HOTELS, RESTAURANTS & LEISURE—0.5%
		DraftKings Inc.
	1,271	0.000%—03/15/20282,3	1,120
		The Cheesecake Factory Inc.
	540	0.375%—06/15/2026	507
		Vail Resorts Inc.
	349	0.000%—01/01/20262,3	352
			1,979
INTERACTIVE MEDIA & SERVICES—1.0%
		Liberty Tripadvisor Holdings Inc.
	722	0.500%—06/30/20512	618
		Spotify USA Inc.
	1,187	0.000%—03/15/20262,3	1,072

CONVERTIBLE BONDS—Continued
Principal Amount			Value
INTERACTIVE MEDIA & SERVICES—Continued
		Tripadvisor Inc.
$	1,023	0.250%—04/01/20262	$947
		Twitter Inc.
	933	0.000%—03/15/20262,3	901
			3,538
INTERNET & DIRECT MARKETING RETAIL—0.2%
		Wayfair Inc.
	660	0.625%—10/01/20252	644
IT SERVICES—0.2%
		Euronet Worldwide Inc.
	163	0.750%—03/15/2049	191
		Wix.com Ltd.
	520	0.000%—08/15/20252,3	569
			760
MACHINERY—0.1%
		Fortive Corp.
	430	0.875%—02/15/2022	433
MEDIA—0.3%
		Dish Network Corp.
	1,130	3.375%—08/15/2026	1,161
PHARMACEUTICALS—0.3%
		BioMarin Pharmaceutical Inc.
	976	1.250%—05/15/2027	965
REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%
		Realogy Group LLC / Realogy Co.-Issuer Corp.
	500	0.250%—06/15/20262	509
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.4%
		Enphase Energy Inc.
	1,581	0.000%—03/01/2026-03/01/20282,3	1,598
SOFTWARE—0.9%
		Bentley Systems Inc.
	195	0.125%—01/15/20262	225
	374	0.375%—07/01/20272	376
			601
		Box Inc.
	169	0.000%—01/15/20262,3	194
		CyberArk Software Ltd.
	165	0.000%—11/15/20243	189
		Envestnet Inc.
	650	0.750%—08/15/20252	647
		J2 Global Inc.
	157	1.750%—11/01/20262	203
		RingCentral Inc.
	180	0.000%—03/15/20262,3	177
		Splunk Inc.
	1,098	1.125%—06/15/2027	1,073
			3,084
SPECIALTY RETAIL—0.4%
		Liberty Interactive LLC
	1,675	3.750%—02/15/2030	1,294

29

Harbor High-Yield Bond Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CONVERTIBLE BONDS—Continued
Principal Amount			Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%
		Pure Storage Inc.
$	215	0.125%—04/15/2023	$226
TOTAL CONVERTIBLE BONDS
(Cost $21,682)			22,005
CORPORATE BONDS & NOTES—85.4%
AEROSPACE & DEFENSE—1.9%
		Howmet Aerospace Inc.
	217	5.900%—02/01/2027	257
	341	5.950%—02/01/2037	433
	219	6.875%—05/01/2025	255
			945
		TransDigm Inc.
	1,748	6.250%—03/15/20262	1,835
	385	6.375%—06/15/2026	399
	1,145	8.000%—12/15/20252	1,231
			3,465
		TransDigm UK Holdings plc
	1,245	6.875%—05/15/2026	1,317
		Triumph Group Inc.
	220	7.750%—08/15/2025	222
	726	8.875%—06/01/20242	805
			1,027
			6,754
AIR FREIGHT & LOGISTICS—1.1%
		XPO Logistics Inc.
	796	6.125%—09/01/20232	801
	1,720	6.250%—05/01/20252	1,828
	1,287	6.750%—08/15/20242	1,339
			3,968
AIRLINES—0.8%
		American Airlines Inc./Aadvantage Loyalty IP Ltd.
	431	5.500%—04/20/20262	452
	1,150	5.750%—04/20/20292	1,242
			1,694
		Western Global Airlines LLC
	1,157	10.375%—08/15/20252	1,307
			3,001
AUTO COMPONENTS—1.7%
		Adient US LLC
	536	9.000%—04/15/20252	587
		Allison Transmission Inc.
	592	3.750%—01/30/20312	591
		American Axle & Manufacturing Inc.
	284	6.250%—04/01/2025	294
		Dana Financing Luxembourg Sarl
	615	5.750%—04/15/20252	635
		Goodyear Tire & Rubber Co.
	523	5.000%—05/31/2026	538
	245	5.000%—07/15/20292	258
	422	5.250%—04/30/2031	447
	196	5.250%—07/15/20312	207
	313	5.625%—04/30/2033	333
	1,115	9.500%—05/31/2025	1,236
			3,019

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
AUTO COMPONENTS—Continued
		Panther BF Aggregator 2 LP / Panther Finance Co. Inc.
$	146	6.250%—05/15/20262	$154
		Tenneco Inc.
	688	5.125%—04/15/20292	709
			5,989
AUTOMOBILES—2.6%
		Ford Motor Co.
	607	4.750%—01/15/2043	667
	376	5.291%—12/08/2046	431
	571	8.500%—04/21/2023	635
	597	9.000%—04/22/2025	736
			2,469
		Ford Motor Credit Co. LLC
	486	3.625%—06/17/2031	504
	1,188	4.000%—11/13/2030	1,258
	2,164	4.125%—08/17/2027	2,318
	418	5.125%—06/16/2025	461
			4,541
		Jaguar Land Rover Automotive plc
	783	5.500%—07/15/20292	784
	676	5.875%—01/15/20282	701
	676	7.750%—10/15/20252	736
			2,221
			9,231
BEVERAGES—0.2%
		Triton Water Holdings Inc.
	707	6.250%—04/01/20292	709
BUILDING PRODUCTS—0.6%
		Forterra Finance LLC / FRTA Finance Corp.
	713	6.500%—07/15/20252	766
		Masonite International Corp.
	453	3.500%—02/15/20302	457
		Standard Industries Inc.
	866	3.375%—01/15/20312	841
			2,064
CAPITAL MARKETS—1.7%
		Ambience Merger Sub Inc.
	586	4.875%—07/15/20282	589
	239	7.125%—07/15/20292	242
			831
		AP Core Holdings II LLC
	545	1.000%—07/21/2027	542
		CTR Partnership LP / CareTrust Capital Corp.
	580	3.875%—06/30/20282	596
		Global Infrastructure Solutions Inc.
	860	5.625%—06/01/20292	885
		GrafTech Finance Inc.
	954	4.625%—12/15/20282	981
		Metis Merger Sub LLC
	1,174	6.500%—05/15/20292	1,153
		MSCI Inc.
	520	3.625%—11/01/20312	550
		RP Escrow Issuer LLC
	445	5.250%—12/15/20252	457
			5,995

30

Harbor High-Yield Bond Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
CHEMICALS—2.9%
		Herens Holdco Sarl
$	1,087	4.750%—05/15/20282	$1,080
		Illuminate Buyer LLC / Illuminate Holdings IV Inc.
	1,001	9.000%—07/01/20282	1,115
		Ineos Quattro Finance 2 plc
	549	3.375%—01/15/20262	553
		Methanex Corp.
	1,687	5.125%—10/15/2027	1,831
	309	5.250%—12/15/2029	342
			2,173
		Olin Corp.
	332	9.500%—06/01/20252	415
		Polar US Borrower LLC / Schenectady International Group Inc.
	1,195	6.750%—05/15/20262	1,219
		PolyOne Corp.
	456	5.750%—05/15/20252	480
		Scih Salt Holdings Inc.
	953	4.875%—05/01/20282	955
	796	6.625%—05/01/20292	789
			1,744
		Trinseo LLC
	705	5.375%—09/01/20252	721
		Trinseo Materials Operating SCA / Trinseo Materials Finance Inc.
	422	5.125%—04/01/20292	430
		Tronox Inc.
	387	6.500%—05/01/20252	411
			10,341
COMMERCIAL SERVICES & SUPPLIES—3.7%
		Allied Universal Holdco LLC
	700	4.625%—06/01/20282	703
	1,249	6.625%—07/15/20262	1,324
	1,835	9.750%—07/15/20272	2,015
			4,042
		Covanta Holding Corp.
	438	5.875%—07/01/2025	455
		Garda World Security Corp.
	908	6.000%—06/01/20292	890
	1,569	9.500%—11/01/20272	1,713
			2,603
		GFL Environmental Inc.
	663	3.500%—09/01/20282	666
	574	4.000%—08/01/20282	568
	202	5.125%—12/15/20262	213
			1,447
		KAR Auction Services Inc.
	1,718	5.125%—06/01/20252	1,761
		LABL Escrow Issuer LLC
	1,194	6.750%—07/15/20262	1,268
	1,092	10.500%—07/15/20272	1,203
			2,471
		Stericycle Inc.
	465	5.375%—07/15/20242	479
			13,258

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
COMMUNICATIONS EQUIPMENT—0.4%
		CommScope Inc.
$	535	6.000%—03/01/20262	$558
	389	7.125%—07/01/20282	421
			979
		CommScope Technologies LLC
	454	6.000%—06/15/20252	462
			1,441
CONSTRUCTION & ENGINEERING—0.6%
		Picasso Finance Sub Inc.
	728	6.125%—06/15/20252	773
		VM Consolidated Inc.
	1,256	5.500%—04/15/20292	1,284
			2,057
CONSTRUCTION MATERIALS—0.1%
		Summit Materials LLC / Summit Materials Finance Corp.
	239	6.500%—03/15/20272	252
CONSUMER FINANCE—1.0%
		Ally Financial Inc.
	491	5.750%—11/20/2025	562
		Goeasy Ltd.
	434	4.375%—05/01/20262	449
		Navient Corp.
	305	4.875%—03/15/2028	308
	182	5.875%—10/25/2024	199
	636	6.500%—06/15/2022	665
	423	7.250%—09/25/2023	466
			1,638
		Navient Corp. MTN4
	201	5.500%—01/25/2023	211
	740	5.625%—08/01/2033	720
			931
			3,580
CONTAINERS & PACKAGING—1.0%
		Ardagh Packaging Finance plc
	770	5.250%—04/30/20252	804
	200	6.000%—02/15/20252	207
			1,011
		Cascades Inc.
	522	5.125%—01/15/20262	553
		Flex Acquisition Co. Inc.
	1,068	6.875%—01/15/20252	1,086
	999	7.875%—07/15/20262	1,043
			2,129
			3,693
DIVERSIFIED CONSUMER SERVICES—0.6%
		MAV Acquisition Corp.
	946	5.750%—08/01/20282	944
	1,182	8.000%—08/01/20292	1,158
			2,102
DIVERSIFIED FINANCIAL SERVICES—0.1%
		Compass Group Diversified Holdings LLC
	259	5.250%—04/15/20292	269

31

Harbor High-Yield Bond Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
DIVERSIFIED TELECOMMUNICATION SERVICES—3.0%
		Altice Financing SA
$	3,147	7.500%—05/15/20262	$3,278
		CenturyLink Inc.
	184	5.125%—12/15/20262	192
	1,048	6.750%—12/01/2023	1,161
	437	6.875%—01/15/2028	496
			1,849
		Connect Finco Sarl / Connect US Finco LLC
	1,503	6.750%—10/01/20262	1,582
		Consolidated Communications Inc.
	561	6.500%—10/01/20282	606
		Lumen Technologies Inc.
	908	5.375%—06/15/20292	933
		Northwest Fiber LLC / Northwest Fiber Finance Sub Inc.
	956	6.000%—02/15/20282	943
		Telecom Italia Capital SA
	967	6.000%—09/30/2034	1,112
	145	6.375%—11/15/2033	172
	172	7.721%—06/04/2038	231
			1,515
			10,706
ELECTRIC UTILITIES—1.2%
		NRG Energy Inc.
	1,071	5.250%—06/15/20292	1,150
	1,602	7.250%—05/15/2026	1,668
			2,818
		Vistra Operations Co. LLC
	1,115	4.375%—05/01/20292	1,146
	315	5.500%—09/01/20262	325
	166	5.625%—02/15/20272	172
			1,643
			4,461
ELECTRICAL EQUIPMENT—0.3%
		Clarios Global LP
	235	6.750%—05/15/20252	250
		Sensata Technologies Inc.
	670	4.375%—02/15/20302	718
			968
ENERGY EQUIPMENT & SERVICES—0.7%
		Archrock Partners LP / Archrock Partners Finance Corp.
	696	6.250%—04/01/20282	711
		Indigo Natural Resources LLC
	509	5.375%—02/01/20292	532
		Transocean Phoenix 2 Ltd.
	183	7.750%—10/15/20242	185
		Transocean Poseidon Ltd.
	479	6.875%—02/01/20272	468
		Transocean Sentry Ltd.
	248	5.375%—05/15/20232	235
		USA Compression Partners LP / USA Compression Finance Corp.
	336	6.875%—09/01/2027	356
			2,487

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
ENTERTAINMENT—0.8%
		Lions Gate Capital Holdings LLC
$	1,077	5.500%—04/15/20292	$1,104
		Live Nation Entertainment Inc.
	249	4.750%—10/15/20272	255
	431	5.625%—03/15/20262	449
			704
		Netflix Inc.
	349	5.875%—11/15/2028	434
	566	6.375%—05/15/2029	729
			1,163
			2,971
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)—2.0%
		Diversified Healthcare Trust
	277	4.375%—03/01/2031	271
	314	9.750%—06/15/2025	347
			618
		Iron Mountain Inc.
	1,576	5.625%—07/15/20322	1,707
		MPT Operating Partnership LP / MPT Finance Corp.
	744	5.250%—08/01/2026	765
		RHP Hotel Properties LP / RHP Finance Corp.
	182	4.500%—02/15/20292	184
		RLJ Lodging Trust LP
	434	3.750%—07/01/20262	441
		Service Properties Trust
	204	4.350%—10/01/2024	206
	102	4.375%—02/15/2030	96
	137	4.500%—06/15/2023	140
	58	4.650%—03/15/2024	59
	546	4.950%—02/15/2027	537
	176	5.000%—08/15/2022	179
	341	5.500%—12/15/2027	364
	421	7.500%—09/15/2025	475
			2,056
		Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC
	670	7.875%—02/15/20252	715
		Uniti Group LP / Uniti Group Finance Inc. / CSL Capital LLC
	796	4.750%—04/15/20282	800
			7,286
FOOD & STAPLES RETAILING—0.9%
		Albertsons Companies LLC
	552	4.625%—01/15/20272	585
	898	4.875%—02/15/20302	973
	62	5.875%—02/15/20282	66
	1,389	7.500%—03/15/20262	1,519
			3,143
FOOD PRODUCTS—1.4%
		B&G Foods Inc.
	497	5.250%—04/01/2025	510
		Kraft Heinz Foods Co.
	94	3.750%—04/01/2030	104
	222	3.875%—05/15/2027	246
	844	4.250%—03/01/2031	975
	305	4.375%—06/01/2046	352

32

Harbor High-Yield Bond Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
FOOD PRODUCTS—Continued
$	1,242	5.200%—07/15/2045	$1,578
	875	5.500%—06/01/2050	1,174
			4,429
			4,939
GAS UTILITIES—0.3%
		AmeriGas Partners LP
	837	5.750%—05/20/2027	946
	77	5.875%—08/20/2026	86
			1,032
HEALTH CARE EQUIPMENT & SUPPLIES—0.1%
		Teleflex Inc.
	319	4.250%—06/01/20282	333
HEALTH CARE PROVIDERS & SERVICES—5.6%
		AHP Health Partners Inc.
	531	5.750%—07/15/20292	538
		Centene Corp.
	475	2.450%—07/15/2028	482
	458	2.500%—03/01/2031	459
	317	2.625%—08/01/2031	320
	1,652	3.000%—10/15/2030	1,719
	371	4.625%—12/15/2029	407
	2,254	5.375%—06/01/20262	2,351
			5,738
		DaVita Inc.
	352	3.750%—02/15/20312	342
		Global Medical Response Inc.
	850	6.500%—10/01/20252	883
		HCA Inc.
	478	5.625%—09/01/2028	575
	301	5.875%—02/01/2029	369
	1,424	7.690%—06/15/2025	1,736
	714	8.360%—04/15/2024	842
			3,522
		HCA Inc. MTN4
	988	7.580%—09/15/2025	1,201
		LifePoint Health Inc.
	118	5.375%—01/15/20292	118
	848	6.750%—04/15/20252	899
			1,017
		Molina Healthcare Inc.
	924	3.875%—11/15/20302	981
		Regionalcare Hospital Partners Holdings Inc. / LifePoint Health Inc.
	1,866	9.750%—12/01/20262	1,985
		Surgery Center Holdings Inc.
	487	6.750%—07/01/20252	496
	1,868	10.000%—04/15/20272	2,043
			2,539
		Tenet Healthcare Corp.
	761	6.250%—02/01/20272	793
	622	6.750%—06/15/2023	676
			1,469
			20,215
HEALTH CARE TECHNOLOGY—1.8%
		Change Healthcare Holdings LLC
	2,664	5.750%—03/01/20252	2,698

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
HEALTH CARE TECHNOLOGY—Continued
		Verscend Escrow Corp.
$	3,700	9.750%—08/15/20262	$3,913
			6,611
HOTELS, RESTAURANTS & LEISURE—5.7%
		Aramark Services Inc.
	1,362	6.375%—05/01/20252	1,439
		Boyd Gaming Corp.
	271	8.625%—06/01/20252	296
		CEC Entertainment LLC
	401	6.750%—05/01/20262	402
		Colt Merger Sub Inc.
	2,118	6.250%—07/01/20252	2,239
	1,328	8.125%—07/01/20272	1,462
			3,701
		Hilton Grand Vacations Borrower Escrow LLC
	404	4.875%—07/01/20312	398
	313	5.000%—06/01/20292	316
			714
		International Game Technology plc
	407	4.125%—04/15/20262	424
		IRB Holding Corp.
	577	6.750%—02/15/20262	595
	670	7.000%—06/15/20252	715
			1,310
		Marriott Ownership Resorts Inc.
	638	6.125%—09/15/20252	675
		Marriott Ownership Resorts Inc. / ILG LLC
	435	6.500%—09/15/2026	452
		MGM Resorts International
	286	4.750%—10/15/2028	302
	568	5.500%—04/15/2027	618
	1,664	7.750%—03/15/2022	1,727
			2,647
		NCL Corp. Ltd.
	355	5.875%—03/15/20262	358
	705	10.250%—02/01/20262	806
			1,164
		NCL Finance Ltd.
	183	6.125%—03/15/20282	185
		New Red Finance Inc.
	300	3.875%—01/15/20282	303
		Royal Caribbean Cruises Ltd.
	552	5.500%—04/01/20282	564
	861	10.875%—06/01/20232	980
			1,544
		Scientific Games International Inc.
	795	8.250%—03/15/20262	845
	1,066	8.625%—07/01/20252	1,152
			1,997
		Vail Resorts Inc.
	393	6.250%—05/15/20252	418
		Viking Ocean Cruises Ship VII Ltd.
	229	5.625%—02/15/20292	230
		VOC Escrow Ltd.
	776	5.000%—02/15/20282	771

33

Harbor High-Yield Bond Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
HOTELS, RESTAURANTS & LEISURE—Continued
		Wyndham Destinations Inc.
$	351	5.650%—04/01/2024	$377
	513	6.625%—07/31/20262	573
			950
		Yum! Brands Inc.
	356	5.350%—11/01/2043	389
	637	7.750%—04/01/20252	691
			1,080
			20,702
HOUSEHOLD DURABLES—0.6%
		LGI Homes Inc.
	711	4.000%—07/15/20292	722
		M/I Homes Inc.
	360	5.625%—08/01/2025	371
		Meritage Homes Corp.
	107	3.875%—04/15/20292	113
		Shea Homes LP / Shea Homes Funding Corp.
	269	4.750%—04/01/20292	277
		Taylor Morrison Communities Inc.
	342	5.125%—08/01/20302	373
		Toll Brothers Finance Corp.
	142	3.800%—11/01/2029	154
	131	4.350%—02/15/2028	145
			299
			2,155
HOUSEHOLD PRODUCTS—0.5%
		PetSmart Inc. / PetSmart Finance Corp.
	852	4.750%—02/15/20282	886
	840	7.750%—02/15/20292	922
			1,808
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.7%
		Calpine Corp.
	639	3.750%—03/01/20312	616
		Nextera Energy Operating Partners LP
	568	4.250%—07/15/20242	599
		NRG Energy Inc.
	360	6.625%—01/15/2027	373
		Talen Energy Supply LLC
	244	6.625%—01/15/20282	217
	184	7.250%—05/15/20272	168
	521	7.625%—06/01/20282	476
			861
			2,449
INSURANCE—1.4%
		Acrisure Finance Inc.
	980	6.000%—08/01/20292	977
	744	7.000%—11/15/20252	756
	414	10.125%—08/01/20262	464
			2,197
		Amwins Group Inc.
	357	4.875%—06/30/20292	365
		GTCR AP Finance Inc.
	649	8.000%—05/15/20272	690
		Hub International Ltd.
	1,528	7.000%—05/01/20262	1,584

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
INSURANCE—Continued
		NFP Corp.
$	336	6.875%—08/15/20282	$350
			5,186
INTERACTIVE MEDIA & SERVICES—0.8%
		Rackspace Technology Global Inc.
	537	3.500%—02/15/20282	519
		Tripadvisor Inc.
	921	7.000%—07/15/20252	984
		Twitter Inc.
	1,183	3.875%—12/15/20272	1,267
			2,770
INTERNET & DIRECT MARKETING RETAIL—0.5%
		QVC Inc.
	1,500	5.450%—08/15/2034	1,599
	256	5.950%—03/15/2043	266
			1,865
IT SERVICES—0.5%
		MoneyGram International Inc.
	529	5.375%—08/01/20262	549
		Sabre GLBL Inc.
	749	9.250%—04/15/20252	877
		Twilio Inc.
	333	3.875%—03/15/2031	349
			1,775
LIFE SCIENCES TOOLS & SERVICES—0.8%
		Arches Buyer Inc.
	726	6.125%—12/01/20282	751
		Avantor Funding Inc.
	344	4.625%—07/15/20282	362
		IQVIA Inc.
	701	5.000%—05/15/20272	732
		Jaguar Holding Co II / PPD Development LP
	768	5.000%—06/15/20282	829
		Syneos Health Inc.
	73	3.625%—01/15/20292	73
			2,747
MACHINERY—0.5%
		EnPro Industries Inc.
	585	5.750%—10/15/2026	616
		Meritor Inc.
	334	6.250%—06/01/20252	357
		Vertical U.S. Newco Inc.
	771	5.250%—07/15/20272	815
			1,788
MEDIA—8.7%
		Altice France SA
	1,002	5.125%—07/15/20292	1,011
	234	7.375%—05/01/20262	244
	3,847	8.125%—02/01/20272	4,170
			5,425
		AMC Networks Inc.
	1,105	4.250%—02/15/2029	1,106
	177	4.750%—08/01/2025	182
			1,288

34

Harbor High-Yield Bond Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
MEDIA—Continued
		Audacy Capital Corp.
$	447	6.750%—03/31/20292	$456
		CCO Holdings LLC / CCO Holdings Capital Corp.
	550	4.250%—02/01/20312	568
	380	4.500%—06/01/20332	396
	752	5.375%—06/01/20292	821
	984	5.500%—05/01/20262	1,018
			2,803
		CSC Holdings LLC
	385	3.375%—02/15/20312	366
	1,158	5.750%—01/15/20302	1,209
	1,127	6.500%—02/01/20292	1,246
			2,821
		Cumulus Media New Holdings Inc.
	357	6.750%—07/01/20262	377
		Diamond Sports Group LLC / Diamond Sports Finance Co.
	910	5.375%—08/15/20262	529
		DIRECTV Holdings LLC / DIRECTV Financing Co. Inc.
	604	5.875%—08/15/20272	625
		DISH DBS Corp.
	1,224	5.125%—06/01/20292	1,215
	1,094	7.750%—07/01/2026	1,250
			2,465
		Gray Television Inc.
	275	5.875%—07/15/20262	284
		Hughes Satellite Systems Corp.
	335	5.250%—08/01/2026	375
	879	6.625%—08/01/2026	991
			1,366
		Meredith Corp.
	562	6.500%—07/01/20252	608
	223	6.875%—02/01/2026	232
			840
		Playtika Holding Corp.
	1,008	4.250%—03/15/20292	1,007
		Radiate Holdco LLC / Radiate Finance Inc.
	784	4.500%—09/15/20262	813
	505	6.500%—09/15/20282	525
			1,338
		Sirius XM Radio Inc.
	705	4.000%—07/15/20282	728
	246	5.375%—07/15/20262	255
			983
		SSL Robotics LLC
	846	9.750%—12/31/20232	933
		Tegna Inc.
	485	4.750%—03/15/20262	516
		Telesat Canada / Telesat LLC
	299	4.875%—06/01/20272	274
	540	5.625%—12/06/20262	501
	2,162	6.500%—10/15/20272	1,838
			2,613
		UPC Broadband Finco BV
	1,418	4.875%—07/15/20312	1,448

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
MEDIA—Continued
		Viasat Inc.
$	1,498	5.625%—09/15/20252	$1,526
	692	6.500%—07/15/20282	733
			2,259
		Virgin Media Finance plc
	232	5.000%—07/15/20302	236
		Virgin Media Vendor Financing Notes IV DAC
	180	5.000%—07/15/20282	184
		WMG Acquisition Corp.
	269	3.000%—02/15/20312	261
	170	3.875%—07/15/20302	175
			436
			31,232
METALS & MINING—1.7%
		FMG Resources August 2006 Pty Ltd.
	2,145	4.375%—04/01/20312	2,336
	215	4.500%—09/15/20272	235
			2,571
		Freeport-McMoRan Inc.
	247	5.400%—11/14/2034	315
	862	5.450%—03/15/2043	1,109
			1,424
		Grinding Media Inc.
	1,358	7.375%—12/15/20232	1,380
		Novelis Corp.
	676	3.875%—08/15/20312	684
			6,059
OIL, GAS & CONSUMABLE FUELS—11.5%
		Aethon United BR LP / Aethon United Finance Corp.
	977	8.250%—02/15/20262	1,046
		Antero Midstream Partners LP / Antero Midstream Finance Corp.
	843	5.750%—03/01/2027-01/15/20282	876
	664	7.875%—05/15/20262	737
			1,613
		Apache Corp.
	252	4.250%—01/15/2044	248
	194	4.625%—11/15/2025	209
	209	4.750%—04/15/2043	215
			672
		Buckeye Partners LP
	350	3.950%—12/01/2026	355
	855	4.500%—03/01/20282	871
	134	5.850%—11/15/2043	135
			1,361
		Chesapeake Energy Corp.
	142	5.500%—02/01/20262	148
	85	5.875%—02/01/20292	91
			239
		CNX Midstream Partners LP
	478	6.500%—03/15/20262	495
		CNX Resources Corp.
	274	6.000%—01/15/20292	291
	646	7.250%—03/14/20272	690
			981

35

Harbor High-Yield Bond Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
OIL, GAS & CONSUMABLE FUELS—Continued
		Colgate Energy Partners III LLC
$	807	5.875%—07/01/20292	$839
		Comstock Resources Inc.
	575	5.875%—01/15/20302	579
		Continental Resources Inc.
	349	4.900%—06/01/2044	403
	343	5.750%—01/15/20312	414
			817
		Crownrock LP / Crownrock Finance Inc.
	230	5.000%—05/01/20292	241
		DT Midstream Inc.
	772	4.125%—06/15/20292	793
	775	4.375%—06/15/20312	805
			1,598
		Encino Acquisition Partners Holdings LLC
	984	8.500%—05/01/20282	985
		Endeavor Energy Resources LP / EER Finance Inc.
	369	5.500%—01/30/20262	382
		EQM Midstream Partners LP
	424	4.500%—01/15/20292	431
	419	4.750%—01/15/20312	427
	811	6.500%—07/15/2048	893
			1,751
		Equities Corp.
	372	3.625%—05/15/20312	394
	750	3.900%—10/01/2027	815
	1,341	5.000%—01/15/2029	1,518
			2,727
		Ferrellgas LP / Ferrellgas Finance Corp.
	1,420	5.375%—04/01/20262	1,404
		Genesis Energy LP / Genesis Energy Finance Corp.
	816	7.750%—02/01/2028	826
	672	8.000%—01/15/2027	694
			1,520
		Gulfport Energy Operating Corp.
	540	8.000%—05/17/20262	577
		Hilcorp Energy I LP / Hilcorp Finance Co.
	1,104	6.000%—02/01/20312	1,156
	128	6.250%—11/01/20282	134
			1,290
		Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp.
	455	6.000%—08/01/20262	465
		Moss Creek Resources Holdings Inc.
	912	7.500%—01/15/20262	819
	655	10.500%—05/15/20272	631
			1,450
		Murphy Oil Corp.
	455	5.750%—08/15/2025	465
	290	6.375%—07/15/2028-12/01/2042	294
			759
		NGL Energy Operating LLC / NGL Energy Finance Corp.
	1,422	7.500%—02/01/20262	1,463
		NGL Energy Partners LP
	1,091	7.500%—11/01/2023	1,041
		NuStar Logistics LP
	593	5.750%—10/01/2025	647

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
OIL, GAS & CONSUMABLE FUELS—Continued
		Oasis Midstream Partners LP / OMP Finance Corp.
$	836	8.000%—04/01/20292	$871
		Occidental Petroleum Corp.
	339	4.200%—03/15/2048	325
	907	4.300%—08/15/2039	900
	1,243	4.400%—04/15/2046	1,223
	350	5.550%—03/15/2026	384
	578	6.200%—03/15/2040	671
	219	6.450%—09/15/2036	265
	115	8.500%—07/15/2027	144
	1,367	8.875%—07/15/2030	1,846
			5,758
		Parkland Corp.
	1,109	4.500%—10/01/20292	1,142
		PDC Energy Inc.
	551	5.750%—05/15/2026	571
		Precision Drilling Corp.
	275	6.875%—01/15/20292	283
		Rattler Midstream LP
	382	5.625%—07/15/20252	399
		Sanchez Energy Corp.
	3,000	0.000%—06/15/2021*	83
		SM Energy Co.
	398	6.500%—07/15/2028	397
	653	6.750%—09/15/2026	649
	88	10.000%—01/15/20252	98
			1,144
		Southwestern Energy Co.
	69	7.500%—04/01/2026	73
	454	8.375%—09/15/2028	508
			581
		Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
	515	6.000%—12/31/20302	542
	595	7.500%—10/01/20252	647
			1,189
		Targa Resources Partners LP / Targa Resources Partners Finance Corp.
	244	5.500%—03/01/2030	269
	409	6.500%—07/15/2027	445
			714
		Venture Global Calcasieu Pass LLC
	799	3.875%—08/15/20292	817
	799	4.125%—08/15/20312	828
			1,645
			41,322
PAPER & FOREST PRODUCTS—0.1%
		Mercer International Inc.
	285	5.125%—02/01/2029	291
PHARMACEUTICALS—3.0%
		Bausch Health Cos. Inc.
	781	4.875%—06/01/20282	807
	332	5.500%—11/01/20252	339
	726	5.750%—08/15/20272	767
	519	6.125%—04/15/20252	530
	1,366	6.250%—02/15/20292	1,361

36

Harbor High-Yield Bond Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
PHARMACEUTICALS—Continued
$	254	7.000%—01/15/20282	$267
	2,492	9.000%—12/15/20252	2,663
			6,734
		Catalent Pharma Solutions Inc.
	643	5.000%—07/15/20272	675
		Elanco Animal Health Inc.
	690	5.900%—08/28/2028	827
		HCRX Investments Holdco LP
	407	4.500%—08/01/20292	416
		Jazz Securities DAC
	613	4.375%—01/15/20292	640
		Organon Finance 1 LLC
	423	5.125%—04/30/20312	436
		Teva Pharmaceutical Finance Netherlands III BV
	770	3.150%—10/01/2026	740
	514	6.000%—04/15/2024	540
			1,280
			11,008
PROFESSIONAL SERVICES—1.0%
		Corelogic Inc.
	1,025	4.500%—05/01/20282	1,025
		Dun + Bradstreet Corp. Co.
	494	10.250%—02/15/20272	540
		Nielsen Finance LLC / Nielsen Finance Co.
	62	4.500%—07/15/20292	63
	1,150	4.750%—07/15/20312	1,161
	823	5.875%—10/01/20302	903
			2,127
			3,692
REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%
		Global NET Lease Inc. / Global NET Lease Operating Partnership LP
	1,558	3.750%—12/15/20272	1,551
		Kennedy-Wilson Inc.
	476	5.000%—03/01/2031	489
		MPT Operating Partnership LP / MPT Finance Corp.
	1,164	3.500%—03/15/2031	1,196
		Realogy Group LLC / Realogy Co.
	383	5.750%—01/15/20292	402
	376	7.625%—06/15/20252	406
			808
			4,044
ROAD & RAIL—0.3%
		Uber Technologies Inc.
	1,114	7.500%—05/15/2025-09/15/20272	1,201
SOFTWARE—1.4%
		Banff Merger Sub Inc.
	1,692	9.750%—09/01/20262	1,781
		Boxer Parent Co. Inc.
	461	7.125%—10/02/20252	493
	182	9.125%—03/01/20262	191
			684
		BY Crown Parent LLC / BY Bond Finance Inc.
	265	4.250%—01/31/20262	279
		Elastic NV
	507	4.125%—07/15/20292	510

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
SOFTWARE—Continued
		J2 Global Inc.
$	383	4.625%—10/15/20302	$407
		Square Inc.
	335	2.750%—06/01/20262	343
	1,067	3.500%—06/01/20312	1,110
			1,453
		Symantec Corp.
	107	5.000%—04/15/20252	109
			5,223
SPECIALTY RETAIL—1.1%
		L Brands Inc.
	265	6.694%—01/15/2027	316
	687	6.875%—11/01/2035	885
			1,201
		Lithia Motors Inc.
	480	3.875%—06/01/20292	506
		Magic Mergeco Inc.
	266	5.250%—05/01/20282	276
	1,157	7.875%—05/01/20292	1,202
			1,478
		Penske Automotive Group Inc.
	440	3.500%—09/01/2025	455
		Victoria's Secret & Co.
	491	4.625%—07/15/20292	492
			4,132
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.0%
		Dell International LLC / EMC Corp.
	3,260	7.125%—06/15/20242	3,340
		Diebold Nixdorf Inc.
	309	8.500%—04/15/2024	315
	1,407	9.375%—07/15/20252	1,548
			1,863
		NCR Corp.
	353	5.125%—04/15/20292	368
	80	8.125%—04/15/20252	87
			455
		Seagate HDD Cayman Co.
	226	4.091%—06/01/20292	237
	895	5.750%—12/01/2034	1,062
			1,299
		Western Digital Corp.
	408	4.750%—02/15/2026	453
			7,410
TEXTILES, APPAREL & LUXURY GOODS—0.3%
		Hanesbrands Inc.
	324	4.875%—05/15/20262	350
		William Carter Co.
	807	5.500%—05/15/20252	851
			1,201
THRIFTS & MORTGAGE FINANCE—0.0%
		Nationstar Mortgage Holdings Inc.
	215	6.000%—01/15/20272	224

37

Harbor High-Yield Bond Fund

Portfolio of Investments—Continued

Value, Cost, and Principal Amounts in Thousands 

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
TRADING COMPANIES & DISTRIBUTORS—0.9%
		Alta Equipment Group Inc.
$	927	5.625%—04/15/20262	$963
		Ashtead Capital Inc.
	700	5.250%—08/01/20262	729
		BCPE Empire Holdings Inc.
	535	7.625%—05/01/20272	538
		GYP Holdings III Corp.
	447	4.625%—05/01/20292	453
		United Rentals North America Inc.
	489	3.750%—01/15/2032	489
			3,172
WIRELESS TELECOMMUNICATION SERVICES—1.2%
		Frontier Communications Holdings LLC
	626	5.875%—11/01/2029	641
		LCPR Senior Secured Financing DAC
	412	6.750%—10/15/20272	441
		Sprint Capital Corp.
	272	6.875%—11/15/2028	351
	1,345	8.750%—03/15/2032	2,075
			2,426

CORPORATE BONDS & NOTES—Continued
Principal Amount			Value
WIRELESS TELECOMMUNICATION SERVICES—Continued
		T-Mobile USA Inc.
$	250	2.625%—02/15/2029	$250
	478	4.000%—04/15/2022	487
			737
			4,245
TOTAL CORPORATE BONDS & NOTES
(Cost $300,468)			307,557
TOTAL INVESTMENTS—97.3%
(Cost $342,783)			350,283
CASH AND OTHER ASSETS, LESS LIABILITIES—2.7%			9,810
TOTAL NET ASSETS—100.0%			$360,093

 

FAIR VALUE MEASUREMENTS

All investments at July 31, 2021 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2. 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.

 

*	Security in default
1	Variable or floating rate security; the stated rate represents the rate in effect at July 31, 2021. 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. At July 31, 2021, the aggregate value of these securities was $233,744 or 65% 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 Portfolios of Investments.

38

Harbor Fixed Income 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 Bond Fund, Harbor Convertible Securities Fund, Harbor Core Bond Fund, and Harbor High-Yield Bond 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.

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 mortgage-backed and asset-backed securities, the inputs used by the pricing vendor may also include information about cash flows, prepayment rates, default rates, delinquency and loss assumption, collateral characteristics, credit enhancements and other specific information about the particular offering. Because many debt securities trade infrequently, the pricing vendor will often not have current transaction price information available as an input in determining an evaluated price for a particular security. When current transaction price information is available, it is one input into the pricing vendor’s evaluation process, which means that the evaluated price supplied by the pricing vendor will frequently differ from that transaction price. Securities that use similar valuation techniques and inputs as described above are normally categorized as Level 2 in the fair value hierarchy.

Short-term securities with a remaining maturity of less than 60 days at the time of acquisition that are held by a Fund are valued at amortized cost to the extent amortized cost represents fair value. Such securities are normally categorized as Level 2 in the fair value hierarchy.

39

Harbor Fixed Income Funds

Notes to Portfolios of Investments—Continued

Note 2—Significant Accounting Policies—Continued 

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.

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.

40

Harbor Fixed Income Funds

Notes to Portfolios of Investments—Continued

Note 2—Significant Accounting Policies—Continued 

Securities Transactions

Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed).

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.

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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.FI.0120