Month-End Performance Retirement Class

As of Month Ended 03/31/2017


Domestic Equity      Expense Ratio
YTD Return1 Yr3 Yr5 Yr10 YrSince Incp.NetGross

Capital Appreciation Fund Retirement Class

Inception: 12/29/1987 (HNACX)
10.67%15.88%10.19%12.31%8.99%11.28%0.57% 0.62%

Strategic Growth Fund Retirement Class

Inception: 03/06/2017 (HNGSX)
N/AN/AN/AN/AN/A0.30%0.62% 1.19%

Mid Cap Growth Fund Retirement Class

Inception: 11/01/2000 (HNMGX)
9.63%17.59%5.24%10.51%7.12%3.75%0.79%0.79%

Small Cap Growth Fund Retirement Class

Inception: 11/01/2000 (HNSGX)
8.08%23.72%6.35%12.79%8.49%8.43%0.78%0.78%

Small Cap Growth Opportunities Fund Retirement Class

Inception: 02/01/2014 (HNSOX)
8.06%24.66%5.04%N/AN/A7.04%0.82%0.82%

Large Cap Value Fund Retirement Class

Inception: 12/29/1987 (HNLVX)
6.56%23.89%10.92%14.73%7.53%10.05%0.60% 0.65%

Mid Cap Value Fund Retirement Class

Inception: 03/01/2002 (HNMVX)
3.07%19.43%8.09%14.94%7.61%8.42%0.78% 0.79%

Small Cap Value Fund Retirement Class

Inception: 12/14/2001 (HNVRX)
5.29%26.46%9.97%13.98%7.93%10.70%0.79%0.79%
International & Global      Expense Ratio
YTD Return1 Yr3 Yr5 Yr10 YrSince Incp.NetGross

International Fund Retirement Class

Inception: 12/29/1987 (HNINX)
8.72%8.48%-1.10%3.82%2.57%10.64%0.71% 0.72%

Diversified International All Cap Fund Retirement Class

Inception: 11/02/2015 (HNIDX)
7.79%10.55%N/AN/AN/A3.73%0.77% 1.15%

International Growth Fund Retirement Class

Inception: 11/01/1993 (HNGFX)
10.34%10.19%1.81%4.61%1.50%3.44%0.77% 0.83%

International Small Cap Fund Retirement Class

Inception: 02/01/2016 (HNISX)
9.50%10.65%N/AN/AN/A13.22%0.87% 2.48%

Global Leaders Fund Retirement Class

Inception: 03/01/2009 (HNGIX)
8.57%6.50%3.66%9.03%N/A16.59%0.82% 0.97%

Emerging Markets Equity Fund Retirement Class

Inception: 11/01/2013 (HNEMX)
12.61%23.08%-1.07%N/AN/A-1.35%1.07% 1.42%
Fixed Income      Expense Ratio
YTD Return1 Yr3 Yr5 Yr10 YrSince Incp.NetGross

Convertible Securities Fund Retirement Class

Inception: 05/01/2011 (HNCVX)
3.52%10.17%2.61%5.28%N/A4.70%0.65% 0.70%

High-Yield Bond Fund Retirement Class

Inception: 12/01/2002 (HNHYX)
2.14%12.28%3.30%5.11%5.90%7.16%0.59% 0.63%

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.

Retirement Class shares commenced operations on March 1, 2016. The performance attributed to the Retirement Class shares prior to that date is that of the Institutional Class shares. Performance prior to March 1, 2016 has not been adjusted to reflect the lower expenses of Retirement Class shares. During this period, Retirement Class shares would have had returns similar to, but somewhat higher than, Institutional Class shares due to the fact that Retirement Class shares represent interests in the same portfolio as Institutional Class shares but are subject to lower expenses.

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.

Contractual expense limitation, excluding interest expense, if any, and the acquired fund fees and expenses, through February 28, 2019

The Adviser has contractually agreed to reduce the management fee to 0.60% through February 28, 2018 to 0.60% through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

The Adviser has contractually agreed to reduce the management fee to 0.60% through February 28, 2018 to 0.60% through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Based on estimated amounts for the current fiscal year.

The acquired fund fees and expenses ("AFFE") are the expenses indirectly incurred by the Fund as a result of its investments during the most recent fiscal year in investment companies and other pooled investment vehicles. Because these costs are indirect, the total annual fund operating expenses in this fee table will not correlate to the expense ratio shown in the Fund's financial highlights table because that ratio does not include the AFFE.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any) and the AFFE, to 0.70%, 0.95%, 1.07% and 0.62% for the Institutional Class, Administrative Class, Investor Class and Retirement Class, respectively, through February 28, 2019. Only the Fund's Board of Trustees may modify or terminate this agreement.

Based on estimated amounts for the current fiscal year

The percentage of the Fund's total assets invested in securities that can be converted into cash within one business day. Regulations require that a money market mutual fund hold at least 10% of its total assets in daily liquid assets.

The percentage of the Fund's total assets invested in securities that can be converted into cash within five business days.  Regulations require that a money market mutual fund hold at least 30% of its total assets in weekly liquid assets.

Restated to reflect current fees.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.95%, 1.20%, 1.32% and 0.87% for the Institutional Class, Administrative Class, Investor Class and Retirement Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 1.15%, 1.40%, 1.52% and 1.07% for the Institutional Class, Administrative Class, Investor Class and Retirement Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.90%, 1.15%, 1.27% and 0.82% for the Institutional Class, Administrative Class, Investor Class and Retirement Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.85%, 1.10%, 1.22% and 0.77% for the Institutional Class, Administrative Class, Investor Class and Retirement Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.85%, 1.10%, 1.22% and 0.77% for the Institutional Class, Administrative Class, Investor Class and Retirement Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

The Adviser has contractually agreed to reduce the management fee to 0.70% on assets over $500 million through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

The Adviser has contractually agreed to reduce the management fee to 0.70% on assets over $500 million through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.68%, 0.93%, 1.05% and 0.60% for the Institutional Class, Administrative Class, Investor Class and Retirement Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.68%, 0.93%, 1.05% and 0.63% for the Institutional Class, Administrative Class, Investor Class and Retirement Class, respectively, through February 28, 2017. Only the Board of Trustees may modify or terminate this agreement.

The Adviser has contractually agreed to reduce the management fee to 0.60% through February 28, 2017. Additionally, the Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.80% and 1.05% for the Institutional Class and Administrative Class, respectively, through February 28, 2017. Only the Board of Trustees may modify or terminate these agreements.

Restated to reflect current fees.

The Adviser has contractually agreed to reduce the management fee to 0.60% through February 28, 2017. Additionally, the Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.80% and 1.05% for the Institutional Class and Administrative Class, respectively, through February 28, 2017. Only the Board of Trustees may modify or terminate these agreements.

Restated to reflect current fees.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.94% and 1.19% for the Institutional Class and Administrative Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

The Adviser has contractually agreed to reduce the management fee to 0.56% through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

Restated to reflect current fees.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.54% and 0.79% for the Institutional Class and Administrative Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

The Adviser has contractually agreed to reduce the management fee to 0.18% through February 28, 2018. Additionally, the Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.28% and 0.53% for the Institutional Class and Administrative Class, respectively, through February 28, 2018.  Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

Contractual management fee waiver, and contractual expense limitation, excluding interest expense, if any, through February 28, 2018

The management fee rate is 0.75% on assets up to $12 billion and 0.65% on assets in excess of $12 billion. The Adviser has contractually agreed to reduce the management fee to 0.63% on assets between $24 billion and $36 billion, and to 0.58% on assets between $36 billion and $48 billion and 0.57% on assets over $48 billion through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

The Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.94% and 1.19% for the Institutional Class and Administrative Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Represents the average daily dividends for 30 days, assuming all dividends are reinvested, annualized by 365 days and divided by the net asset value per share at the end of the period. Does not reflect reimbursements or fee waivers currently in effect.

The Adviser has contractually agreed to reduce the management fee to 0.56% on assets between $5 billion and $10 billion, 0.54% on assets between $10 billion and $20 billion, and 0.53% on assets over $20 billion through February 28, 2018.  Only the Fund's Board of Trustees may modify or terminate this agreement. 

Restated to reflect current fees.

Represents the average daily dividends for the last seven days, assuming all dividends are reinvested, annualized by 365 days and divided by the net asset value per share at the end of the period. Does not reflect reimbursements or waivers currently in effect.

Contractual expense limitation, excluding interest expense, if any, through February 28, 2018.

Interest expense for the fiscal year ended October 31, 2016 was 0.18%.

The Adviser has contractually agreed to reduce the management fee to 0.43% on assets between $1 billion and $3 billion and 0.405% on assets greater than $3 billion through February 28, 2018. Additionally, the Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.51% and 0.76% for the Institutional Class and Administrative Class, respectively, through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Restated to reflect current fees.

Ex-Date. The date on which a Fund's net asset value (NAV) will fall by an amount equal to the dividend and/or capital gain distribution plus or minus any change in the value of the Fund's holdings.

About Expense Ratios: All mutual funds have expense ratios which represent what shareholders pay for operating expenses and management fees. Expense ratios are expressed as an annualized percentage of a fund's average net assets paid out in expenses. Net expense ratios reflect adjustments due to voluntary or contractual fee waivers or expense reimbursements. Expense ratio information is as of the Fund's current prospectus, as revised and supplemented from time to time.

The Adviser has contractually agreed to reduce the management fee to 0.56% through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement.

Represents the average daily dividends for 30 days, annualized by 365 days and divided by the net asset value per share at the end of the period. Reflects reimbursements or fee waivers currently in effect.

The Adviser has contractually agreed to reduce the management fee to 0.56% on assets between $5 billion and $10 billion, 0.54% on assets between $10 billion and $20 billion, and 0.53% on assets over $20 billion through February 28, 2018.  Only the Fund's Board of Trustees may modify or terminate this agreement. 

The Adviser has contractually agreed to reduce the management fee to 0.43% on assets between $1 billion and $3 billion and 0.405% on assets greater than $3 billion through February 28, 2018. Additionally, the Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.51% and 0.76% for the Institutional Class and Administrative Class, respectively, through February 28, 2018.Only the Fund's Board of Trustees may modify or terminate this agreement.

The Adviser has contractually agreed to reduce the management fee to 0.18% through February 28, 2018. Additionally, the Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.28% and 0.53% for the Institutional Class and Administrative Class, respectively, through February 28, 2018.  Only the Fund's Board of Trustees may modify or terminate this agreement.

Represents the average daily dividends for 30 days, assuming all dividends are reinvested, annualized by 365 days and divided by the net asset value per share at the end of the period. Reflects reimbursements or fee waivers currently in effect.

Represents the average daily dividends for the last seven days, assuming all dividends are reinvested, annualized by 365 days and divided by the net asset value per share at the end of the period. Reflects reimbursements or waivers of fees currently in effect.

Average annualized income dividend over the last seven days. Reflects reimbursements or waivers of fees currently in effect.

Represents the average daily dividends for 30 days, annualized by 365 days and divided by the net asset value per share at the end of the period. Does not reflect reimbursements or fee waivers currently in effect.

Contractual management fee waiver and a contractual expense limitation, excluding interest expense, if any, through February 28, 2018.

The management fee rate is 0.75% on assets up to $12 billion and 0.65% on assets in excess of $12 billion. The Adviser has contractually agreed to reduce the management fee to 0.63% on assets between $24 billion and $36 billion, and to 0.58% on assets between $36 billion and $48 billion and 0.57% on assets over $48 billion through February 28, 2018. Only the Fund's Board of Trustees may modify or terminate this agreement. 

Contractual expense limitation, excluding interest expense, if any, through February 28, 2018.

Interest expense for the fiscal year ended October 31, 2016 was 0.30%.

Average annualized income dividend over the last seven days. Does not reflect reimbursements or waivers currently in effect.

The Fund's shareholders indirectly bear the expenses of the Institutional Class of the underlying Harbor funds (the Acquired Fund) in which the Fund invests.  This figure includes transaction costs (i.e. purchase and redemption fees), if any, imposed on the Fund by the Acquired Funds. See the prospectus for further details.

Restated to reflect current fees.

Restated to reflect current fees.

Total annual fund operating expenses shown in this table will not agree to the expense ratio shown in the Financial Highlights table found in the prospectus because that ratio does not include the Acquired Funds' fees and expenses.

Contractual expense limitation, excluding interest expense, if any, through February 28, 2018

Contractual expense limitation, excluding interest expense, if any, through February 28, 2018.

Reflects indirect expenses of the underlying Harbor funds

Average annualized income dividend over the last 7 days. Reflects reimbursements or waivers of fees currently in effect.

Contractual management fee waiver through February 28, 2018