Harbor Robeco Emerging CHARACTERISTICS & ALLOCATION Markets Conservative As of 12/31/2020 Equities Fund Robeco Institutional Asset Management US Inc. Portfolio Characteristics Economic Sectors Portfolio Benchmark Portfolio % Benchmark % Subadviser Since 12/01/2019 Number of Holdings 129 1,397 Financials 19.56 17.96 Wtd Avg Market Cap ($Mil) 75,967.80 168,330.40 Information Technology 17.45 20.48 Med Cap - # Stocks ($Mil) 9,705.00 7,206.00 Communication Services 15.14 11.63 Total Net Assets - All Classes $3,314,781 Price/Book Ratio 2.05 3.49 Consumer Discretionary 11.08 18.34 Equity Assets: 98.86% Adjusted Trailing P/E Ratio 15.70 28.00 Materials 7.47 7.56 Cash & Other Assets Less Liabilities: 1.14% % EPS Growth - Past 3 Yr 11.20 17.30 Consumer Staples 7.39 5.86 MSCI Emerging Markets Benchmark Name: Return on Equity (%) 13.22 13.43 Industrials 6.85 4.34 (ND) Index Beta vs. Fund Benchmark 0.84 Energy 4.90 5.02 Forecasted P/E Ratio 15.60 24.00 Utilities 4.04 2.02 Proj. Earnings Growth Rate (%) 9.30 19.20 Health Care 3.83 4.74 Portfolio Managers Real Estate 1.23 2.05 Top 10 Holdings Top 10 Countries Portfolio % Benchmark % Portfolio % Benchmark % Infosys Limited Sponsored A 3.00 0.00 China 29.96 38.85 Taiwan Semiconductor 2.85 5.89 Taiwan 21.82 12.75 Pim van Vliet, Ph.D. Arlette van Ditshuizen Maarten Polfliet, CEFA Jan Sytze Mosselaar, CFA Manufa South Korea 11.10 13.46 Alibaba Group Holding Ltd. 2.66 5.59 Brazil 6.06 5.10 Bank of China Limited Class 2.00 0.34 Russia 5.86 2.95 Al Rajhi Bank 1.87 0.30 Saudi Arabia 4.68 2.44 United Microelectronics Cor 1.83 0.25 Turkey 4.68 0.37 Samsung Electronics Co., Lt 1.76 4.52 India 3.54 9.25 Tencent Holdings Ltd. 1.76 5.30 Arnoud Klep Yaowei Xu Mexico 2.95 1.73 China Construction Bank Cor 1.70 0.93 South Africa 2.08 3.47 Country Garden Services Hol 1.64 0.13 Total 92.73 90.37 Total 21.07 23.25 Investment Philosophy Emerging Markets 98.94 99.27 Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment Top 10 Industries Market Capitalization purposes, in equity securities of emerging market companies, including futures with similar economic Portfolio % Benchmark % Portfolio % exposures. The Fund invests in companies of all market Banks 17.72 12.08 Large Above 25.0B 35.23 capitalizations that the Subadviser believes have a lower Tech Hardware Storage 7.72 6.76 10.0B - 25.0B 24.27 downside risk profile relative to the emerging equity Wireless Telecom Serv 5.80 1.80 Mid 5.0B - 10.0B 21.06 markets. The Subadviser expects that such stocks, which Semiconductors 5.17 8.60 1.0B - 5.0B 18.67 it views as defensive or "conservative" stocks, generally Oil Gas & Consumables 4.90 4.95 Small 0.0 - 1.0B 0.77 will experience less price fluctuations than stocks with a Diversified Telecom Serv 4.26 1.08 higher downside risk profile and may experience more Metals & Mining 3.96 3.79 limited price declines during market downturns. The Interactive Media 3.02 7.31 Subadviser manages the Fund using an active, It Services 3.00 1.96 quantitative investment strategy. Construction Materials 2.99 0.95 Total 58.54 49.28 Harbor Robeco Emerging Markets Conservative Equities Fund PERFORMANCE As of 12/31/2020 Performance & Fund Facts Gross Since Net Expense Share Class Tick er CUSIP 3 Months YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Inception Date Expense Inception Ratio % Ratio % Institutional HRETX 41152P732 11.94% -0.73% -0.73% N/A N/A N/A 5.04% 12/01/19 0.83 6.39 Investor HRENX 41152P716 11.84% -1.14% -1.14% N/A N/A N/A 4.61% 12/01/19 1.10 6.76 Retirement HRERX 41152P740 11.90% -0.66% -0.66% N/A N/A N/A 5.11% 12/01/19 0.75 6.31 MSCI Emerging Markets (ND) Index 19.70% 18.31% 18.31% N/A N/A N/A 24.77% 12/01/19 QUARTERLY ATTRIBUTION As of 12/31/2020 Best & Worst Performers Contributors & Detractors Best Performers Average Weight % Return % Greatest Contributors Return % Contribution to Return % United Microelectronics Corp. 1.50 70.23 United Microelectronics Corp. 70.23 0.82 LG Electronics Inc. 0.87 59.20 Infosys Limited Sponsored ADR 23.68 0.74 Aldar Properties - P J S C 0.64 54.41 Taiwan Semiconductor Manufacturing Co., 26.66 0.67 Samsung Electronics Co., Ltd. 1.46 50.36 Samsung Electronics Co., Ltd. 50.36 0.64 Kiatnakin Phatra Bank Public Co. Ltd. NVDR 0.45 46.94 KIA Motors Corporation 45.30 0.48 Total 3.35 Worst Performers Average Weight % Return % Greatest Detractors Return % Contribution to Return % Top Glove Corporation Bhd. 1.00 -21.20 Alibaba Group Holding Ltd. Sponsored ADR -20.83 -0.78 Alibaba Group Holding Ltd. Sponsored ADR 3.38 -20.83 China Mobile Limited -10.66 -0.24 China Resources Cement Holdings Limited 0.91 -18.19 Top Glove Corporation Bhd. -21.20 -0.22 Joyoung Company Limited Class A 0.40 -17.42 China Mobile Limited 1.91 -10.66 China Resources Cement Holdings Limited -18.19 -0.17 Anhui Conch Cement Company Limited Class -8.96 -0.09 Total -1.50 Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborfunds.com or by calling 800-422-1050. Harbor Robeco Emerging Markets Conservative Equities Fund RISKS & DISCLOSURES Risk s There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Investing in international and emerging markets poses special risks, including potentially greater price volatility due to social, political and economic factors, as well as currency exchange rate fluctuations. These risks are more severe for securities of issuers in emerging market regions. The Fund focuses on defensive-oriented (conservative) stocks, which typically lag the stock market during strong market rallies. In addition, such stocks may underperform the market during periods of rising interest rates. There is no guarantee that the investment process will be successful in lowering volatility of the Fund’s returns or protecting the Fund from market declines. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, any model may contain flaws or the model may not perform as anticipated. Disclosures The MSCI Emerging Markets (ND) Index is a market capitalization weighted index of equity securities in more than 20 emerging market economies. This unmanaged index does not reflect fees and expenses and is not available for direct investment. Expense ratio information is as of the Fund’s current prospectus, as supplemented. Gross expenses are the Fund’s total annual operating expenses. The net expense ratios for this fund are subject to a contractual management fee waiver and/or expense limitation agreement, excluding interest expense and acquired fund fees and expenses (if any), through 02/28/2021. All holdings-related data is provided by FactSet. Because FactSet relies on external sources for its data, that data may differ slightly from actual values maintained by Harbor Funds. Due to the security valuation procedures of the Fund and intra-day trading activity not included in the FactSet calculations, the actual returns may vary. From time to time the cash return in the portfolio may appear distorted based on the way FactSet’s attribution calculation methodology addresses delayed settlements. Beta is a rolling three year, unless the Fund has a track record of less than three years, in which case it is since inception. The mean/median long term growth rate for Projected Earnings Growth Rate is the expected growth over the next 3-5 years calculated by FactSet from data provided by brokers. The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS. The Forecast P/E Ratio is the closing stock price divided by the sum of the next 4 quarters estimated EPS. All P/E, ROE and P/B statistics are calculated as weighted medians. Best and Worst Performers sections reflect stocks in the portfolio for the quarter with an average weight of 0.25% or greater. This information should not be considered as a recommendation to purchase or sell a particular security. The weightings, holdings, industries, sectors, countries, and returns mentioned may change at any time and may not represent current or future investments.