Year-by-Year Performance Administrative Class

As of Year Ended 12/31


Domestic Equity2013201220112010200920082007200620052004

Capital Appreciation Fund Administrative Class

Inception: 11/01/2002 (HRCAX)
37.30%15.42%0.33%11.36%41.53%-37.30%11.98%2.09%13.73%9.08%

Mid Cap Growth Fund Administrative Class

Inception: 11/01/2002 (HRMGX)
35.62%21.62%-9.18%22.30%30.89%-42.90%22.99%12.31%19.75%8.66%

Small Cap Growth Fund Administrative Class

Inception: 11/01/2002 (HRSGX)
44.28%14.46%-8.00%31.42%39.83%-40.60%13.39%10.53%5.44%10.84%

Small Cap Growth Opportunities Fund Administrative Class

Inception: 02/01/2014 (HRSOX)
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

Large Cap Value Fund Administrative Class

Inception: 11/01/2002 (HRLVX)
29.77%21.02%-0.15%8.21%17.03%-33.41%5.86%15.83%5.12%14.63%

Mid Cap Value Fund Administrative Class

Inception: 11/01/2002 (HRMVX)
43.74%18.79%-3.97%20.37%39.69%-37.21%-6.73%15.58%10.07%15.41%

Small Cap Value Fund Administrative Class

Inception: 11/01/2002 (HSVRX)
35.29%13.80%2.17%20.06%23.44%-33.03%-1.67%10.37%10.06%23.58%
International & Global2013201220112010200920082007200620052004

International Fund Administrative Class

Inception: 11/01/2002 (HRINX)
16.54%20.57%-11.35%11.69%38.24%-42.81%21.52%32.35%20.55%17.72%

International Growth Fund Administrative Class

Inception: 11/01/2002 (HRIGX)
13.95%16.67%-15.38%13.54%37.61%-49.46%20.26%23.79%19.50%10.68%

Global Growth Fund Administrative Class

Inception: 03/01/2009 (HRGAX)
41.01%20.51%-12.84%23.90%N/AN/AN/AN/AN/AN/A

Emerging Markets Equity Fund Administrative Class

Inception: 11/01/2013 (HREMX)
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Strategic Markets2013201220112010200920082007200620052004

Commodity Real Return Strategy Fund Administrative Class

Inception: 09/02/2008 (HCMRX)
-15.18%4.96%-7.90%23.26%30.16%N/AN/AN/AN/AN/A

Unconstrained Bond Fund Administrative Class

Inception: 04/01/2010 (HRUBX)
-0.25%7.81%1.10%N/AN/AN/AN/AN/AN/AN/A
Fixed Income2013201220112010200920082007200620052004

Convertible Securities Fund Administrative Class

Inception: 05/01/2011 (HRCSX)
12.07%10.19%N/AN/AN/AN/AN/AN/AN/AN/A

Emerging Markets Debt Fund Administrative Class

Inception: 05/01/2011 (HREDX)
-10.18%15.37%N/AN/AN/AN/AN/AN/AN/AN/A

High-Yield Bond Fund Administrative Class

Inception: 12/01/2002 (HYFRX)
5.30%11.21%4.56%12.14%30.49%-13.85%2.50%8.90%2.53%9.32%

Bond Fund Administrative Class

Inception: 11/01/2002 (HRBDX)
-1.80%9.12%3.13%7.69%13.54%3.20%8.34%3.66%2.33%5.21%

Real Return Fund Administrative Class

Inception: 12/01/2005 (HRRRX)
-9.38%8.13%11.06%7.09%14.66%-4.33%11.12%-0.42%N/AN/A

Money Market Fund Administrative Class

Inception: 11/01/2002 (HRMXX)
0.07%0.10%0.09%0.18%0.16%2.22%4.83%4.57%2.65%0.84%
Target Retirement2013201220112010200920082007200620052004

Target Retirement Income Fund Administrative Class

Inception: 01/02/2009 (HARBX)
3.29%10.88%3.09%8.77%13.68%N/AN/AN/AN/AN/A

Target Retirement 2010 Fund Administrative Class

Inception: 01/02/2009 (HAIIX)
3.98%11.33%2.34%9.94%17.54%N/AN/AN/AN/AN/A

Target Retirement 2015 Fund Administrative Class

Inception: 01/02/2009 (HARHX)
6.82%12.42%1.09%11.02%19.82%N/AN/AN/AN/AN/A

Target Retirement 2020 Fund Administrative Class

Inception: 01/02/2009 (HARKX)
8.34%13.07%0.40%12.01%21.57%N/AN/AN/AN/AN/A

Target Retirement 2025 Fund Administrative Class

Inception: 01/02/2009 (HARNX)
10.31%13.75%-1.09%13.05%24.09%N/AN/AN/AN/AN/A

Target Retirement 2030 Fund Administrative Class

Inception: 01/02/2009 (HARQX)
13.30%14.66%-2.32%13.86%26.21%N/AN/AN/AN/AN/A

Target Retirement 2035 Fund Administrative Class

Inception: 01/02/2009 (HARVX)
16.50%15.71%-3.34%14.36%27.17%N/AN/AN/AN/AN/A

Target Retirement 2040 Fund Administrative Class

Inception: 01/02/2009 (HARZX)
19.93%16.41%-4.84%14.76%28.36%N/AN/AN/AN/AN/A

Target Retirement 2045 Fund Administrative Class

Inception: 01/02/2009 (HADDX)
23.08%17.25%-6.04%15.03%28.75%N/AN/AN/AN/AN/A

Target Retirement 2050 Fund Administrative Class

Inception: 01/02/2009 (HAGGX)
25.67%17.85%-6.60%15.04%28.78%N/AN/AN/AN/AN/A

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

The current yield more closely reflects the current earnings of the Harbor Money Market Fund than the total return.

The Harbor Funds performance shown assumes the reinvestment of dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized.

From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.

An investment in the Harbor Money Market Fund is not guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The Harbor Target Retirement Income Fund is designed for investors currently in retirement, and its investments are expected to remain stable over time. The other Harbor Target Retirement Funds are designed for investors who plan to retire close to the year indicated in the Funds' names. These Funds' asset allocations will change over time and become more conservative as time elapses. The principal value of the Funds is not guaranteed at any time, including the target retirement date.