Harbor Month-End Performance Administrative Class

As of Month Ended 08/31/2014


Domestic Equity1 Mo3 MoYTD1 Yr3 Yr5 Yr10 YrSince Incp.

Capital Appreciation Fund Administrative Class

Inception: 11/01/2002 (HRCAX)
4.75%7.32%8.09%28.43%19.23%16.89%9.62%9.80%
Russell 1000® Growth Index4.58%4.99%9.48%26.29%19.95%17.82%9.20%10.07%
S&P 500 Index4.00%4.68%9.89%25.25%20.61%16.88%8.38%10.61%

Mid Cap Growth Fund Administrative Class

Inception: 11/01/2002 (HRMGX)
6.04%5.24%6.44%19.75%18.24%17.27%10.95%12.14%
Russell Midcap® Growth Index5.39%5.43%8.89%23.67%19.65%19.14%10.97%4.69%

Small Cap Growth Fund Administrative Class

Inception: 11/01/2002 (HRSGX)
4.63%5.45%2.01%19.09%19.28%18.72%9.80%11.27%
Russell 2000® Growth Index5.58%5.34%1.38%17.30%19.21%18.29%10.22%5.27%

Small Cap Growth Opportunities Fund Administrative Class

Inception: 02/01/2014 (HRSOX)
4.33%3.72%N/AN/AN/AN/AN/A6.00%
Russell 2000® Growth Index5.58%5.34% N/A N/A N/A N/A N/A 3.16%

Large Cap Value Fund Administrative Class

Inception: 11/01/2002 (HRLVX)
2.41%3.04%8.96%23.30%20.56%14.90%7.51%8.80%
Russell 1000® Value Index3.68%4.57%10.35%24.43%21.57%16.62%8.23%11.12%

Mid Cap Value Fund Administrative Class

Inception: 11/01/2002 (HRMVX)
4.77%4.55%11.19%29.07%25.29%19.57%10.03%10.76%
Russell Midcap® Value Index4.24%4.71%12.48%27.20%22.33%19.45%10.92%10.86%

Small Cap Value Fund Administrative Class

Inception: 11/01/2002 (HSVRX)
5.52%4.03%3.79%18.98%18.44%16.81%8.76%11.32%
Russell 2000® Value Index4.35%2.37%2.16%18.10%18.78%15.74%8.43%9.45%
International & Global1 Mo3 MoYTD1 Yr3 Yr5 Yr10 YrSince Incp.

International Fund Administrative Class

Inception: 11/01/2002 (HRINX)
0.49%-2.89%1.08%12.77%10.09%9.60%9.57%11.71%
MSCI EAFE (ND) Index-0.15%-1.17%2.56%16.43%11.36%8.21%7.01%5.70%

International Growth Fund Administrative Class

Inception: 11/01/2002 (HRIGX)
1.74%-0.37%3.63%15.48%9.22%7.26%6.68%7.21%
MSCI All Country World Ex. US (ND) Index0.55%1.23%5.09%17.75%9.27%8.17%7.93% N/A
MSCI EAFE Growth (ND) Index0.23%-1.34%1.42%14.05%10.40%9.23%7.30%4.15%

Global Growth Fund Administrative Class

Inception: 03/01/2009 (HRGAX)
3.50%4.31%4.72%24.53%18.98%17.42%N/A23.89%
MSCI All Country World (ND) Index2.21%2.87%7.21%20.99%14.06%11.80% N/A 18.99%

Emerging Markets Equity Fund Administrative Class

Inception: 11/01/2013 (HREMX)
1.88%6.80%8.84%N/AN/AN/AN/A8.30%
MSCI Emerging Markets (ND) Index2.25%7.00%10.63% N/A N/A N/A N/A 7.43%
Strategic Markets1 Mo3 MoYTD1 Yr3 Yr5 Yr10 YrSince Incp.

Commodity Real Return Strategy Fund Administrative Class

Inception: 09/02/2008 (HCMRX)
-1.30%-5.46%2.71%-0.90%-7.65%3.48%N/A-3.50%
Bloomberg Commodity Index Total ReturnSM-1.05%-5.42%0.68%-2.92%-8.30%0.22% N/A -6.42%

Unconstrained Bond Fund Administrative Class

Inception: 04/01/2010 (HRUBX)
0.94%0.65%2.77%2.11%3.43%N/AN/A3.12%
BofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index0.02%0.06%0.16%0.25%0.35% N/A N/A 0.34%
Barclays U.S. Aggregate Bond Index1.10%0.90%4.81%5.66%2.91% N/A N/A 4.37%
Fixed Income1 Mo3 MoYTD1 Yr3 Yr5 Yr10 YrSince Incp.

Convertible Securities Fund Administrative Class

Inception: 05/01/2011 (HRCSX)
1.14%1.19%5.92%11.30%9.23%N/AN/A6.54%
BofA Merrill Lynch All US Convertibles Ex Mandatory Index3.59%4.39%11.39%22.81%16.49% N/A N/A 11.36%

Emerging Markets Debt Fund Administrative Class

Inception: 05/01/2011 (HREDX)
0.42%0.24%6.21%8.11%1.11%N/AN/A1.52%
50% JPM EMBI Diversified/50% JPM GBI-EMGD0.66%1.01%7.69%11.48%3.77% N/A N/A 4.24%

High-Yield Bond Fund Administrative Class

Inception: 12/01/2002 (HYFRX)
1.46%0.67%4.85%9.47%8.34%9.38%6.93%7.83%
BofA Merrill Lynch US High Yield Index1.50%1.02%5.81%10.60%10.38%12.16%8.58%10.10%

Bond Fund Administrative Class

Inception: 11/01/2002 (HRBDX)
1.07%0.68%3.86%5.64%3.58%4.88%5.38%5.51%
Barclays U.S. Aggregate Bond Index1.10%0.90%4.81%5.66%2.91%4.48%4.72%6.88%

Real Return Fund Administrative Class

Inception: 12/01/2005 (HRRRX)
0.39%0.84%6.74%6.42%2.10%5.23%N/A4.92%
Barclays U.S. TIPS Index0.44%0.76%6.32%5.70%2.12%5.45% N/A 5.13%

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.

The Russell 1000® Growth Index is an unmanaged index generally representative of the U.S. market for larger capitalization growth stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 1000® Growth Index and Russell® are trademarks of Russell Investments.

The S&P 500 Index is an unmanaged index generally representative of the U.S. stock market. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The Russell Midcap® Growth Index is an unmanaged index generally representative of the U.S. market for medium capitalization growth stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell Midcap® Growth Index and Russell® are trademarks of Russell Investments.

The Russell 2000® Growth Index is an unmanaged index representing the smallest 2000 stocks with the highest price-to-book ratio and future earnings. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 2000® Growth Index and Russell® are trademarks of Russell Investments.

The Russell 1000® Value Index is an unmanaged index generally representative of the U.S. market for larger capitalization value stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 1000® Value Index and Russell® are trademarks of Russell Investments.

The Russell Midcap® Value Index is an unmanaged index generally representative of the U.S. market for medium capitalization value stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell Midcap® Value Index and Russell® are trademarks of Russell Investments.

The Russell 2000® Value Index is an unmanaged index representing the smallest 2000 stocks with the lowest price-to-book ratio and future earnings. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 2000® Value Index and Russell® are trademarks of Russell Investments.

The MSCI EAFE (ND) Index is an unmanaged index generally representative of major overseas stock markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The MSCI All Country World Ex. US (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The MSCI EAFE Growth (ND) Index is an unmanaged index generally representative of the growth stocks within the major overseas stock markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

As a result of the appointment of a new subadviser, the International Growth Fund changed its benchmark index from the MSCI EAFE Growth (ND) Index to the MSCI All Country World Ex. US (ND) Index. The MSCI All Country World Ex. US (ND) Index better reflects the new subadviser's investment strategy.

The MSCI World (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure global developed market equity performance. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The Dow Jones-UBS Commodity Index Total ReturnSM is composed of futures contracts on 19 physical commodities. This unmanaged index does not reflect fees and expenses and is not available for direct investment

The Barclays U.S. Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The BofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index tracks the performance of a synthetic asset paying Libor to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day's fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

The BofA Merrill Lynch All US Convertibles Ex Mandatory Index is broadly representative of the U.S. convertible securities market, consisting of publicly traded issues, denominated in U.S. dollars, of all credit qualities, and excluding mandatory (equity-linked) convertibles. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The Harbor Emerging Markets Debt Fund uses a blended benchmark index consisting of 50% of the JP Morgan Emerging Markets Bond Index – Global Diversified Index and 50% of the JPMorgan Government Bond Index - EM Global Diversified index. The JP Morgan Emerging Markets Bond Index – Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities. The JPMorgan Government Bond Index - EM Global Diversified tracks total returns for local currency debt instruments issued by emerging markets sovereign and quasi-sovereign entities to which international investors can gain exposure. The Blended Benchmark therefore represents a 50% weighting to U.S. dollar denominated emerging market debt securities and 50% weighting to local currency denominated emerging market debt securities, which is intended to reflect the Harbor Emerging Market Debt Fund's target exposure of 50% of the Fund's portfolio to U.S. dollar denominated emerging market debt securities and 50% to local currency denominated emerging market debt securities. This unmanaged index does not reflect fees and expenses and is not available for direct investment. Information obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission and may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2012, J.P. Morgan Chase & Co. All rights reserved.

The BofA Merrill Lynch US High Yield Index is an unmanaged index that tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. All bonds are U.S. dollar denominated and rated Split BBB and below. The unmanaged indices do not reflect fees and expenses and are not available for direct investment.

The Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding.  This unmanaged index does not reflect fees and expenses and is not available for direct investment.