Harbor High-Yield Bond Fund Institutional Class (HYFAX)

Portfolio Characteristics (As of Quarter Ended 03/31/2015)

 Harbor High-Yield Bond FundBofA Merrill Lynch US Non-Distressed High Yield Index
Number of Bonds2972,079
Average Market Coupon (%)6.446.70
Yield to Maturity (%)6.405.87
Weighted Avg. Maturity (yrs)6.326.69
Duration to Worst (yrs)3.514.09

For definitions of the portfolio characteristics, visit our Financial Glossary.

Top Ten Holdings (As of Quarter Ended 03/31/2015)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Cequel Communications Holdings I LLC09/15/20206.419,0581.1
NRG Energy Inc.05/01/20246.218,2251.1
Murray Energy Corp.12/05/20209.516,6501.0
Reynolds Group Issuer Inc.10/15/20205.816,1141.0
UPCB Finance VI Ltd.01/15/20226.915,8730.9
Burger King Worldwide Inc.04/01/20226.015,6000.9
IMG Worldwide Holdings LLC05/06/20215.215,5680.9
Hughes Satellite Systems Corp.06/15/20217.615,4530.9
Tronox Finance LLC08/15/20206.414,8680.9
Sirius XM Radio Inc.07/15/20246.013,6830.8
% of Total Holdings:161,0929.5

Full Holdings (As of Quarter Ended 03/31/2015)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Cequel Communications Holdings I LLC09/15/20206.419,0581.1
NRG Energy Inc.05/01/20246.218,2251.1
Murray Energy Corp.12/05/20209.516,6501.0
Reynolds Group Issuer Inc.10/15/20205.816,1141.0
UPCB Finance VI Ltd.01/15/20226.915,8730.9
Burger King Worldwide Inc.04/01/20226.015,6000.9
IMG Worldwide Holdings LLC05/06/20215.215,5680.9
Hughes Satellite Systems Corp.06/15/20217.615,4530.9
Tronox Finance LLC08/15/20206.414,8680.9
Sirius XM Radio Inc.07/15/20246.013,6830.8
ENDO Finance LLC01/15/20235.413,0000.8
Rjs Power Holdings LLC07/15/20195.112,8700.8
Cablevision Systems Corp.09/15/20225.912,6150.7
Sinclair Television Group Inc.04/01/20215.412,3600.7
Alliance Data Systems Corp.04/01/20206.411,8420.7
Post Holdings Inc.12/15/20226.011,6250.7
Clear Channel Worldwide Holdings Inc.03/15/20207.611,5270.7
Ashtead Capital Inc.07/15/20226.510,9360.6
Community Health Systems Inc.02/01/20226.910,5670.6
Capsugel SA05/15/20197.010,4360.6
First Quality Finance Co. Inc.05/15/20214.610,4230.6
VRX Escrow Corp.04/15/20256.110,3750.6
Michaels Stores Inc.12/15/20205.910,2220.6
Safway Group Holding LLC05/15/20187.010,1990.6
Hertz Corp.10/15/20226.210,1680.6
Iron Mountain Inc.08/15/20245.810,1630.6
Cumulus Media Holdings Inc.05/01/20197.810,1330.6
Griffon Corp.03/01/20225.29,9040.6
Time Inc.04/15/20225.89,8000.6
North Atlantic Drilling Ltd.02/01/20196.29,6790.6
Bombardier Inc.01/15/20236.19,5000.6
Seadrill Ltd.09/15/20176.19,3500.6
Berry Plastics Corp.05/15/20225.59,2590.5
Sequa Corp.06/19/20175.29,2100.5
Unit Corp.05/15/20216.69,2040.5
DISH DBS Corp.11/15/20245.99,0340.5
West Corp.07/15/20225.48,8200.5
Signode Industrial Group Lux SA05/01/20226.48,4890.5
MDC Partners Inc.04/01/20206.88,4600.5
Hertz Corp.10/15/20205.98,2600.5
Vanguard Natural Resources LLC04/01/20207.98,2340.5
Resolute Forest Products Inc.05/15/20235.98,2110.5
Polymer Group Inc.06/01/20196.98,1490.5
Nortek Inc.04/15/20218.58,0890.5
INEOS Group Holdings SA08/15/20186.18,0800.5
TransDigm Inc.07/15/20246.58,0800.5
Zayo Group LLC04/01/20236.08,0800.5
Geo Group Inc.01/15/20225.98,0440.5
Rice Energy Inc.05/01/20226.28,0120.5
Gulfmark Offshore Inc.03/15/20226.47,9650.5
Walter Investment Management Corp.12/15/20217.97,8300.5
Sprint Communications Inc.11/15/20226.07,7730.5
Felcor Lodging LP06/01/20196.87,6880.5
Cascades Inc.07/15/20225.57,6410.5
Numericable-SFR SAS05/15/20226.07,6030.5
MediaCom Capital Corp.02/15/20227.27,5600.4
Hillman Group Inc.07/15/20226.47,5380.4
Spectrum Brands Inc.11/15/20226.67,5250.4
SunGard Data Systems Inc.11/01/20196.67,4950.4
CCOH Safari LLC12/01/20245.87,4860.4
Dole Food Co. Inc.05/01/20197.27,4790.4
DISH DBS Corp.06/01/20216.87,4730.4
Pinnacle Entertainment Inc.05/15/20208.87,4470.4
Covanta Holding Corp.10/01/20226.47,4180.4
Lamar Media Corp.02/01/20225.97,3500.4
Dynegy Finance Inc.11/01/20196.87,3060.4
Viasat Inc.06/15/20206.97,3050.4
MPH Acquisition Holdings LLC04/01/20226.67,2710.4
WMG Acquisition Corp.04/15/20226.87,1440.4
Gardner Denver Inc.08/15/20216.97,1400.4
GCI Inc.06/01/20216.87,1090.4
T-Mobile USA Inc.03/01/20256.46,9820.4
Nexstar Broadcasting Inc.11/15/20206.96,9430.4
Consolidated Energy Finance SA10/15/20196.86,8340.4
Brand Energy & Infrastructure Services Inc.12/01/20218.56,7860.4
Tenet Healthcare Corp.03/22/20164.56,7750.4
Intelsat Luxembourg SA06/01/20238.16,7530.4
T-Mobile USA Inc.04/01/20216.26,7320.4
Gates Global LLC07/15/20226.06,6410.4
Alphabet Holding Co. Inc.11/01/20177.86,5830.4
Terex Corp.04/01/20206.56,5310.4
TransUnion Holding Co. Inc.06/15/20189.66,5270.4
CenturyLink Inc.04/01/20205.66,4810.4
Biomet Inc.10/01/20206.56,2990.4
Suburban Propane Partners LP08/01/20217.46,2990.4
American Tire Distributors Inc.03/01/202210.26,2700.4
Calpine Corp.01/15/20255.86,2700.4
Frontier Communications Corp.01/15/20237.16,1650.4
Envision Healthcare Corp.07/01/20225.16,1500.4
Plastipak Holdings Inc.10/01/20216.56,1350.4
Shea Homes LP04/01/20235.96,1350.4
Tenneco Inc.12/15/20206.96,0760.4
Cablevision Systems Corp.04/15/20208.06,0720.4
Calpine Corp.02/01/20245.56,0600.4
Brand Energy & Infrastructure Services Inc.11/26/20204.86,0160.4
Foresight Energy Corp.08/15/20217.96,0150.4
Anixter Inc.10/01/20215.15,9810.4
Mauser U.S. Holdings Inc.07/31/20228.25,8770.3
Felcor Lodging LP03/01/20235.65,8620.3
Sprint Corp.09/15/20217.25,8510.3
California Resources Corp.11/15/20246.05,6920.3
Bombardier Inc.03/15/20257.55,6890.3
Nationstar Mortgage LLC10/01/20207.95,6360.3
Whiting Petroleum Corp.04/01/20236.25,6320.3
Sprint Communications Inc.08/15/20207.05,6130.3
Valeant Pharmaceuticals International Inc.12/01/20215.65,5960.3
Chrysler Group LLC06/15/20218.25,5710.3
Jupiter Resources Inc.10/01/20228.55,5690.3
HJ Heinz Co.02/15/20254.95,4310.3
Isle of Capri Casinos Inc.06/15/20208.95,4250.3
American Axle & Manufacturing Inc.10/15/20226.65,3880.3
Endo Finance LLC01/15/20225.85,3430.3
Pinnacle Entertainment Inc.04/15/20217.55,3000.3
Peninsula Gaming LLC02/15/20188.45,2880.3
Gray Television Inc.10/01/20207.55,2880.3
Dynegy Finance Inc.11/01/20227.45,2750.3
ACCO Brands Corp.04/30/20206.85,2630.3
Jurassic Holdings III Inc.02/15/20216.95,2500.3
Murray Energy Corp.06/15/20218.65,2500.3
NGL Energy Partners LP10/15/20216.95,2500.3
Platform Specialty Products Corp.02/01/20226.55,2500.3
Dean Foods Co.03/15/20236.55,2390.3
Equinix Inc.01/01/20255.85,2380.3
CIT Group Inc.02/15/20195.55,2130.3
Cedar Fair LP03/15/20215.25,1880.3
Tesoro Logistics LP10/15/20195.55,1750.3
Quebecor Media Inc.01/15/20235.85,1690.3
Intelsat Jackson Holdings SA10/15/20207.25,1630.3
Unitymedia Hessen GmbH & Co. KG01/15/20235.55,1510.3
Belden Inc.09/01/20225.55,1500.3
Commscope Holding Co. Inc.06/01/20206.65,1500.3
Rite Aid Corp.04/01/20236.15,1500.3
Nexstar Broadcasting Inc.02/15/20226.15,1380.3
CCO Holdings LLC09/30/20225.25,1310.3
Rent-A-Center Inc.05/01/20214.85,1300.3
Nationstar Mortgage LLC07/01/20216.55,1190.3
RSI Home Products Inc.03/15/20236.55,1130.3
Virgin Media Secured Finance plc01/15/20265.25,1130.3
LKQ Corp.05/15/20234.85,0730.3
Surgical Care Affiliates Inc.04/01/20236.05,0630.3
Townsquare Media Inc.04/01/20236.55,0440.3
Wex Inc.02/01/20234.85,0370.3
Digitalglobe Inc.02/01/20215.25,0250.3
Amaya Holdings BV08/01/20228.04,9850.3
Ally Financial Inc.11/18/20193.84,9560.3
INEOS Group Holdings SA02/15/20195.94,9560.3
AES Corp.04/15/20255.54,9500.3
Goodyear Tire & Rubber Co.05/15/20227.04,9500.3
Goodyear Tire & Rubber Co.03/01/20216.54,9480.3
Garda World Security Corp.11/15/20217.24,9380.3
Valeant Pharmaceuticals International Inc.07/15/20217.54,8840.3
Triangle USA Petroleum Corp.07/15/20226.84,8750.3
Solenis International LP07/31/20227.84,8630.3
Quad/Graphics Inc.05/01/20227.04,8310.3
Bombardier Inc.10/15/20226.04,7190.3
Memorial Production Partners LP08/01/20226.94,7170.3
Memorial Resource Development Corp.07/01/20225.94,7130.3
Sequa Corp.12/15/20177.04,6290.3
Bi-Lo LLC09/15/20188.64,6140.3
Frontier Communications Corp.04/15/20247.64,6040.3
Clean Harbors Inc.06/01/20215.14,6010.3
Genesis Energy LP02/15/20215.84,5590.3
Chaparral Energy Inc.09/01/20218.24,5500.3
Sirius XM Radio Inc.10/01/20205.94,5460.3
HCA Holdings Inc.05/15/20217.84,5330.3
Oasis Petroleum Inc.03/15/20226.94,4590.3
Omega Healthcare Investors Inc.10/15/20226.84,4570.3
Hornbeck Offshore Services Inc.03/01/20215.04,4400.3
Jo-Ann Stores LLC03/15/20198.14,4180.3
Ferrellgas LP05/01/20216.54,4150.3
Styrolution US Holding LLC11/07/20196.54,3360.3
American Energy-Permian Basin LLC08/01/20196.84,2840.3
SunGard Data Systems Inc.11/15/20207.64,2720.3
Nuance Communications Inc.08/15/20205.44,2630.3
Halcon Resources Corp.07/15/20209.84,2600.3
Spirit Aerosystems Inc.12/15/20206.84,2600.3
Linn Energy LLC02/01/20217.84,2400.3
Penske Automotive Group Inc.10/01/20225.84,2200.2
Sinclair Television Group Inc.10/01/20226.14,2110.2
Regency Energy Partners LP06/01/20198.44,2100.2
T-Mobile USA Inc.04/28/20216.64,2050.2
ArcelorMittal03/01/20216.24,1580.2
Syniverse Holdings Inc.01/15/20199.14,1090.2
Neff Rental LLC06/09/20217.24,0980.2
ArcelorMittal08/05/20206.04,0740.2
NCR Corp.07/15/20225.04,0600.2
Oasis Petroleum Inc.01/15/20236.94,0220.2
MediaCom Broadband LLC04/01/20236.44,0090.2
CCOH Safari LLC12/01/20225.53,9980.2
Tenet Healthcare Corp.03/01/20195.03,9800.2
CGG SA01/15/20226.93,9600.2
Infor U.S. Inc.05/15/20226.53,9560.2
Qwest Capital Funding Inc.11/15/20186.53,9200.2
Masonite International Corp.03/15/20235.63,8530.2
Gannett Co. Inc.10/15/20236.43,8110.2
Memorial Production Partners LP05/01/20217.63,7740.2
NCR Corp.12/15/20236.43,7450.2
Nustar Logistics LP02/01/20216.83,7100.2
Cincinnati Bell Inc.03/15/20188.83,6950.2
Station Casinos LLC03/01/20217.53,6920.2
Argos Merger Sub Inc.03/15/20237.13,6360.2
AECOM Technology Corp.10/15/20225.83,6310.2
Silgan Holdings Inc.04/01/20205.03,6140.2
T-Mobile USA Inc.04/01/20236.63,5220.2
DaVita HealthCare Partners Inc.08/15/20225.83,5190.2
Sinclair Television Group Inc.11/01/20216.43,5060.2
Sprint Corp.02/15/20257.63,5000.2
Biomet Inc.08/01/20206.53,4850.2
WideOpenWest Finance LLC07/15/201910.23,4520.2
BJ's Wholesale Club Inc.03/31/20208.53,4360.2
Hornbeck Offshore Services Inc.04/01/20205.93,4170.2
Savers Inc.10/03/20195.03,3460.2
RHP Hotel Properties LP04/15/20215.03,3390.2
CCO Holdings LLC04/30/20216.53,3190.2
Levi Strauss & Co.05/01/20226.93,2930.2
SBA Telecommunications Inc.07/15/20205.83,2220.2
Exterran Partners LP / Exlp Finance Corp.10/01/20226.03,2200.2
Level 3 Financing Inc.06/01/20207.03,2180.2
Alliance Data Systems Corp.08/01/20225.43,2000.2
Numericable-SFR SAS05/15/20246.23,1930.2
Virgin Media Finance plc10/15/20246.03,1610.2
ENDO Finance LLC12/15/20207.03,1490.2
Windstream Corp.09/01/20188.13,1420.2
Altice Financing SA02/15/20236.63,1050.2
Kratos Defense & Security Solutions Inc.05/15/20197.03,0710.2
Building Materials Corp. of America11/15/20245.43,0600.2
Altice SA05/15/20227.83,0580.2
CGG SA06/01/20216.53,0500.2
Evolution Escrow Issuer LLC03/15/20227.53,0450.2
Sirius XM Radio Inc.04/15/20255.43,0230.2
Rosetta Resources Inc.05/01/20215.63,0100.2
Virgin Media Finance plc04/15/20236.42,9960.2
PQ Corp.11/01/20188.82,9680.2
Prestige Brands Inc.02/01/20208.12,9630.2
Seventy Seven Operating LLC11/15/20196.62,9540.2
Sprint Corp.06/15/20247.12,9400.2
Dish DBS Corp.03/15/20235.02,9240.2
Sanchez Energy Corp.01/15/20236.12,8470.2
Mediacom Broadband LLC04/15/20215.52,8390.2
Titan International Inc.10/01/20206.92,8320.2
Summit Materials LLC01/31/202010.52,8210.2
Sealed Air Corp.12/01/20224.92,8120.2
Terraform Power Operating LLC02/01/20235.92,7560.2
Scientific Games International Inc.05/15/20216.62,7150.2
Townsquare Radio LLC04/01/20199.02,6680.2
Sirius XM Radio Inc.05/15/20234.62,6570.2
Valeant Pharmaceuticals International10/15/20206.42,6060.2
Jo-Ann Stores Holdings Inc.10/15/20199.82,5110.1
MarkWest Energy Finance Corp.06/15/20226.22,4360.1
Linn Energy LLC09/15/20216.52,3870.1
Casella Waste Systems Inc.02/15/20197.82,3620.1
Isle of Capri Casinos Inc.03/15/20197.82,3470.1
Cequel Communications Holdings I LLC12/15/20215.12,2560.1
Precision Drilling Corp.11/15/20206.62,2270.1
MedAssets Inc.11/15/20188.02,1470.1
Cyrusone LP11/15/20226.42,1350.1
Community Health Systems Inc.11/15/20198.02,1300.1
Spectrum Brands Inc.11/15/20206.42,1300.1
Tesoro Logistics LP10/15/20226.22,0800.1
Acadia Healthcare Co. Inc.02/15/20235.62,0450.1
Azure Midstream Energy LLC11/15/20187.52,0060.1
Mallinckrodt International Finance SA04/15/20234.81,9100.1
Valeant Pharmaceuticals International Inc.03/01/20235.51,8730.1
UPCB Finance IV Ltd.01/15/20255.41,8500.1
Chesapeake Energy Corp.02/15/20216.11,8470.1
Service Corp. International05/15/20245.41,8380.1
Darling Ingredients Inc.01/15/20225.41,8200.1
Covanta Holding Corp.03/01/20245.91,7680.1
Bombardier Inc.09/15/20185.51,7500.1
Eagle Spinco Inc.02/15/20214.61,7370.1
HCA Holdings Inc.02/15/20216.21,6800.1
Altice SA02/15/20257.61,6610.1
MPT Operating Partnership LP05/01/20216.91,6220.1
Scientific Games International Inc.09/01/20206.21,6130.1
Rent-A-Center Inc.11/15/20206.61,6070.1
Jaguar Land Rover Automotive plc02/01/20235.61,5860.1
Hertz Corp.01/15/20217.41,5830.1
Silgan Holdings Inc.02/01/20225.51,5810.1
T-Mobile USA Inc.01/15/20246.51,5710.1
Geo Group Inc.04/01/20235.11,5380.1
CCO Holdings LLC02/15/20235.11,5210.1
SBA Communications Corp.10/01/20195.61,4300.1
Key Energy Services Inc.03/01/20216.81,3620.1
Univision Communications Inc.09/15/20226.81,2170.1
Level 3 Financing Inc.01/15/20216.11,1590.1
Constellium NV05/15/20245.81,1400.1
AECOM Technology Corp.10/15/20245.91,0530.1
Geo Group Inc.10/15/20245.91,0450.1
CCO Holdings LLC04/30/20208.19430.1
Exterran Partners LP04/01/20216.09250.1
United Rentals North America Inc.07/15/20255.57660.0
Steel Dynamics Inc.10/01/20215.17080.0
Hertz Corp.04/15/20196.86740.0
Linn Energy LLC11/01/20196.25760.0
Linn Energy LLC04/15/20208.64290.0
CCO Holdings LLC03/15/20215.22570.0
Seadrill Ltd.09/15/20206.62240.0
Total1,592,91794.2
Cash and Other Assets Less Liabilities5.8
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Economic SectorHarbor High-Yield Bond Fund %
Consumer Discretionary26.2
Industrials13.8
Energy10.8
Materials9.9
Health Care7.4
Telecommunication Services7.0
Information Technology5.7
Financials4.8
Utilities4.4
Consumer Staples4.4

Maturity Profile (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
MaturityHarbor High-Yield Bond Fund %BofA Merrill Lynch US Non-Distressed High Yield Index %
0-1 yr2.60.0
1-3 yr2.36.7
3-5 yr13.818.9
5-7 yr41.130.3
7-10 yr37.032.6
10-20 yr1.48.8
20-30 yr0.02.6
Over 30 yr0.00.2

Duration (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
DurationHarbor High-Yield Bond Fund %BofA Merrill Lynch US Non-Distressed High Yield Index %
0-1 yr16.711.4
1-3 yr15.922.1
3-5 yr42.335.5
5-7 yr22.722.0
7-10 yr0.85.6
10-20 yr0.03.5
20-30 yr0.00.0
Over 30 yr0.00.0

This information should not be considered as a recommendation to purchase or sell a particular security and the holdings, sectors or countries mentioned may change at any time and may not represent current or future investments.

The BofA Merrill Lynch US Non-Distressed High Yield Index is a subset of The BofA Merrill Lynch US High Yield Index including all securities with an option-adjusted spread less than 1,000 basis points. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

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. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Effective March 1, 2015, the Fund's benchmark changed to the BofA Merrill Lynch U.S. Non-Distressed High Yield Index from the BofA Merrill Lynch U.S. High Yield Index in order to better reflect the subadviser's investment strategy.