Harbor High-Yield Bond Fund Institutional Class (HYFAX)

Portfolio Characteristics (As of Quarter Ended 12/31/2013)

 Harbor High-Yield Bond FundBofA Merrill Lynch US High Yield Index
Number of Bonds3202,234
Average Market Coupon (%)6.857.38
Yield to Maturity (%)5.966.39
Weighted Avg. Maturity (yrs)6.776.66
Duration to Worst (yrs)3.313.75

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

Top Ten Holdings (As of Quarter Ended 03/31/2014)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Cequel Communications Holdings I LLC09/15/20206.418,9001.0
Level 3 Financing Inc.07/01/20198.116,5380.9
UPCB Finance VI Ltd.01/15/20226.916,4250.9
Hughes Satellite Systems Corp.06/15/20217.615,8550.9
Bombardier Inc.01/15/20236.115,7330.9
North Atlantic Drilling Ltd.02/01/20196.214,7380.8
Tenet Healthcare Corp.08/01/20208.014,7000.8
Tronox Finance LLC08/15/20206.413,9390.8
MPH Acquisition Holdings LLC04/01/20226.613,3740.7
Cablevision Systems Corp.09/15/20225.913,3250.7
% of Total Holdings:153,5278.4

Full Holdings (As of Quarter Ended 03/31/2014)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Cequel Communications Holdings I LLC09/15/20206.418,9001.0
Level 3 Financing Inc.07/01/20198.116,5380.9
UPCB Finance VI Ltd.01/15/20226.916,4250.9
Hughes Satellite Systems Corp.06/15/20217.615,8550.9
Bombardier Inc.01/15/20236.115,7330.9
North Atlantic Drilling Ltd.02/01/20196.214,7380.8
Tenet Healthcare Corp.08/01/20208.014,7000.8
Tronox Finance LLC08/15/20206.413,9390.8
MPH Acquisition Holdings LLC04/01/20226.613,3740.7
Cablevision Systems Corp.09/15/20225.913,3250.7
Alliance Data Systems Corp.04/01/20206.412,1980.7
Clear Channel Worldwide Holdings Inc.03/15/20207.611,8270.7
Lightstream Resources02/01/20208.611,7590.7
Sesi LLC12/15/20217.111,7040.6
Seadrill Ltd.09/15/20176.111,5230.6
HCA Inc.03/15/20225.911,4480.6
Infor US Inc.04/01/20199.411,3130.6
DISH DBS Corp.06/01/20216.811,2250.6
Ashtead Capital Inc.07/15/20226.511,1660.6
Cumulus Media Holdings Inc.05/01/20197.811,0210.6
Safway Group Holding LLC05/15/20187.010,9680.6
Key Energy Services Inc.03/01/20216.810,8270.6
Peninsula Gaming LLC11/20/20174.210,7530.6
Terex Corp.04/01/20206.510,1060.6
Walter Investment Management Corp.12/15/20217.910,0250.6
Sinclair Television Group Inc.04/01/20215.49,9750.6
Chesapeake Energy Corp.12/02/20174.89,8810.5
Gardner Denver Inc.08/15/20216.99,8330.5
Reynolds Group Issuer Inc.02/15/20218.29,8110.5
Iron Mountain Inc.08/15/20245.89,7880.5
Windstream Corp.10/15/20207.89,6980.5
Vanguard Natural Resources LLC04/01/20207.99,6880.5
Unit Corp.05/15/20216.69,6810.5
Spectrum Brands Inc.11/15/20226.69,6250.5
LKQ Corp.05/15/20234.89,5000.5
Bi-Lo LLC09/15/20188.69,4750.5
Community Health Systems Inc.02/01/20226.99,4500.5
Frontier Communications Corp.01/15/20237.19,4280.5
TWCC Holding Corp.02/13/20172.89,4200.5
Allison Transmission Inc.05/15/20197.19,3530.5
Quebecor Media Inc.01/15/20235.89,1680.5
Universal Hospital Services Inc.08/15/20207.69,1380.5
Nationstar Mortgage LLC07/01/20216.58,9070.5
Sprint Communications Inc.08/15/20207.08,8150.5
Goodyear Tire & Rubber Co.03/01/20216.58,7050.5
Gulfmark Offshore Inc.03/15/20226.48,6840.5
Access Midstream Partners LP07/15/20226.18,6500.5
Rent-A-Center Inc.05/01/20214.88,6020.5
MDC Partners Inc.04/01/20206.88,4600.5
Nortek Inc.04/15/20218.58,4470.5
Reynolds Group Issuer Inc.10/15/20205.88,4200.5
Sprint Communications Inc.11/15/20226.08,3440.5
CenturyLink Inc.03/15/20225.88,2200.5
Unitymedia Hessen GMBH & Co.01/15/20235.58,0980.4
SunGard Availability Services Capital Inc.03/25/20196.08,0330.4
Syncreon Group BV10/28/20205.28,0200.4
Felcor Lodging LP06/01/20196.87,9560.4
Vpii Escrow Corp.07/15/20217.57,9100.4
Cincinnati Bell Inc.03/15/20188.87,8610.4
Resolute Forest Products Inc.05/15/20235.97,8400.4
Pinnacle Entertainment Inc.05/15/20208.87,7460.4
SunGard Data Systems Inc.11/01/20196.67,7030.4
MediaCom Capital Corp.02/15/20227.27,6650.4
Dish DBS Corp.07/15/20225.97,6510.4
Brand Energy & Infrastructure Services Inc.12/01/20218.57,6500.4
Michaels Stores Inc.12/15/20205.97,6030.4
WMG Acquisition Corp.04/15/20226.87,5840.4
Biomet Inc.08/01/20206.57,5740.4
Petrologistics LP04/01/20206.27,5560.4
Precision Drilling Corp.11/15/20206.67,5250.4
Goodyear Tire & Rubber Co.08/15/20208.87,5050.4
Biomet Inc.10/01/20206.57,4730.4
Viasat Inc.06/15/20206.97,4350.4
Lamar Media Corp.02/01/20225.97,4020.4
Dole Food Co. Inc.05/01/20197.27,3960.4
Covanta Holding Corp.10/01/20226.47,3660.4
ACCO Brands Corp.04/30/20206.87,2190.4
Calpine Corp.07/31/20207.97,2050.4
Chaparral Energy Inc.09/01/20218.27,1830.4
GCI Inc.06/01/20216.87,1230.4
Nexstar Broadcasting Inc.11/15/20206.97,0740.4
Wide Open West Finance LLC07/15/201910.27,0110.4
IMG Worldwide Inc.02/26/20215.26,9690.4
Alphabet Holding Co. Inc.11/01/20177.86,9350.4
TransUnion Holding Co.06/15/20189.66,8850.4
T-Mobile USA Inc.04/01/20216.26,8450.4
CCO Holdings LLC09/30/20225.26,7410.4
Central Garden Co.03/01/20188.26,7360.4
Hertz Corp.10/15/20187.56,6800.4
NRG Energy Inc.09/01/20208.26,6150.4
Wex Inc.02/01/20234.86,6150.4
Oil States International Inc.06/01/20196.56,5940.4
Crestview DS Merger Sub II Inc.09/01/202110.06,5790.4
Peninsula Gaming LLC02/15/20188.46,5100.4
CenturyLink Inc.04/01/20205.66,4960.4
Suburban Propane Partners LP08/01/20217.46,4590.4
IAC/InterActiveCorp12/15/20224.86,4440.4
Nuveen Investments Inc.02/28/20196.56,3780.4
Reynolds Group Issuer Inc.08/15/20199.96,3700.4
Exterran Holdings Inc.12/01/20187.26,3680.4
Sprint Corp.09/15/20217.26,3440.4
Plastipak Holdings Inc.10/01/20216.56,3230.4
Tenneco Inc.12/15/20206.96,2900.3
FMG Resources (August 2006) Pty Ltd.04/01/20226.96,2710.3
Cablevision Systems Corp.04/15/20208.06,2660.3
Brand Energy & Infrastructure Services Inc.11/26/20204.86,2640.3
AMC Networks Inc.07/15/20217.86,2570.3
Davita Inc.08/15/20225.86,1990.3
GLP Capital LP11/01/20235.46,1950.3
Jurassic Holdings III Inc.02/15/20216.96,1950.3
CCO Holdings LLC01/31/20226.66,1670.3
ENDO Finance Co.01/15/20225.86,1650.3
Isle of Capri Casinos Inc.06/15/20208.96,0970.3
Murray Energy Corp.12/05/20209.55,9950.3
Jo-Ann Stores Inc.03/15/20198.15,9420.3
Cpg Merger Sub LLC10/01/20218.05,9400.3
Intelsat Luxembourg SA06/01/20238.15,8510.3
Pinnacle Operating Corp.11/15/20209.05,8460.3
NRG Energy Inc.05/15/20217.95,8010.3
Sprint Corp.09/15/20237.95,7880.3
Bombardier Inc.10/15/20226.05,7500.3
Felcor Lodging LP03/01/20235.65,7350.3
Linn Energy LLC02/01/20217.85,7240.3
RSI Home Products Inc.03/01/20186.95,6840.3
Alliance Data Systems Corp.12/01/20175.25,6840.3
DaimlerChrysler Group LLC06/15/20218.25,6810.3
Levi Strauss & Co.05/01/20226.95,6780.3
Sequa Corp.12/15/20177.05,6470.3
United Rentals North America Inc.04/15/20227.65,6310.3
Michaels Stores Inc.11/01/20187.85,5840.3
Reynolds Group Issuer Inc.04/15/20199.05,5360.3
FMG Resources (August 2006) Pty Ltd.11/01/20198.25,5190.3
Hanesbrands Inc.12/15/20206.45,4880.3
Hornbeck Offshore Services Inc.03/01/20215.05,4810.3
Gray Television Inc.10/01/20207.55,4500.3
American Axle & Manufacturing Inc.10/15/20226.65,4440.3
Intelsat Jackson Holdings SA10/15/20207.25,4440.3
Ameristar Casinos Inc.04/15/20217.55,4380.3
Suburban Propane Partners LP10/01/20187.55,4080.3
CIT Group Inc.02/15/20195.55,4060.3
T-Mobile USA Inc.04/28/20216.65,3940.3
Station Casinos LLC03/01/20217.55,3770.3
Commscope Holding Co. Inc.06/01/20206.65,3130.3
Memorial Production Partners LP05/01/20217.65,3000.3
Summit Materials LLC01/31/202010.55,2660.3
HGIM Corp.06/18/20205.55,2410.3
NGL Energy Partners LP10/15/20216.95,2250.3
Compagnie Générale de Géophysique-Veritas06/01/20216.55,2020.3
Syniverse Holdings Inc.01/15/20199.15,1890.3
Asurion LLC02/19/20218.55,1780.3
Geo Group Inc.01/15/20225.95,1630.3
Seadrill Ltd.09/15/20206.65,1500.3
Penske Automotive Group Inc.10/01/20225.85,1450.3
Adt Corp.10/15/20216.25,1440.3
Rosetta Resources Inc.05/01/20215.65,1380.3
United Rentals North America Inc.02/01/20218.25,1130.3
Belden Inc.09/01/20225.55,0880.3
Cedar Fair LP03/15/20215.25,0880.3
RHP Hotel Properties LP04/15/20215.05,0630.3
TNT Crane & Rigging Inc.11/27/20209.55,0560.3
Goodyear Tire & Rubber Co.05/15/20227.05,0180.3
Scientific Games International Inc.10/18/20204.25,0000.3
Digitalglobe Inc.02/01/20215.24,9630.3
AmeriGas Finance LLC05/20/20227.04,9390.3
Wide Open West Finance LLC04/01/20194.84,9270.3
Intelsat Jackson Holdings SA08/01/20235.54,9190.3
Exterran Partners LP10/01/20226.04,9190.3
Genesis Energy LP02/15/20215.84,8880.3
HCA Holdings Inc.05/15/20217.84,6960.3
Linn Energy LLC11/01/20197.24,6610.3
Frontier Communications Corp.04/15/20247.64,6200.3
Clean Harbors Inc.06/01/20215.14,6130.3
Omega Healthcare Investors Inc.10/15/20226.84,5990.3
Sirius XM Holdings Inc.10/01/20205.94,5890.3
Ferrellgas LP/Ferrellgas Finance Corp.05/01/20216.54,5780.3
Oasis Petroleum Inc.01/15/20236.94,4960.2
Fresenius Medical Care US Finance II Inc.01/31/20225.94,4840.2
SunGard Data Systems Inc.11/15/20207.64,4330.2
BMC Software Finance Inc.07/15/20218.14,3890.2
Eagle Rock Energy Partners LP06/01/20198.44,3600.2
Boyd Gaming Corp.12/01/20189.14,3560.2
Halcon Resources Corp.07/15/20209.84,3300.2
Spirit Aerosystems Inc.12/15/20206.84,3100.2
Sensata Technologies BV05/15/20196.54,3050.2
Calpine Corp.01/15/20226.04,2200.2
Nuance Communications Inc.08/15/20205.44,2000.2
ArcelorMittal03/01/20216.04,1780.2
Hornbeck Offshore Services Inc.04/01/20205.94,1480.2
Levi Strauss & Co.05/15/20207.64,1470.2
Capsugel SA05/15/20197.04,1280.2
Titan International Inc.10/01/20206.94,1000.2
ArcelorMittal08/05/20205.84,0830.2
Sinclair Television Group Inc.10/01/20226.14,0700.2
Reynolds Group Issuer Inc.05/15/20188.54,0690.2
Chesapeake Oilfield Operating LLC11/15/20196.64,0660.2
Dufry Finance SCA10/15/20205.54,0560.2
MediaCom Broadband LLC04/01/20236.44,0470.2
Eagle Spinco Inc.02/15/20214.64,0440.2
Nationstar Mortgage LLC08/01/20186.54,0400.2
NCR Corp.07/15/20225.04,0250.2
HCA Inc.02/15/20227.54,0080.2
Dana Holding Corp.02/15/20216.83,9880.2
Qwest Capital Funding Inc.11/15/20186.53,9650.2
Bill Barrett Corp.10/01/20197.63,9200.2
Equinix Inc.07/15/20217.03,9160.2
Sirius XM Holdings Inc.08/15/20225.23,8810.2
Oasis Petroleum Inc.02/01/20197.23,8160.2
Silgan Holdings Inc.04/01/20205.03,8110.2
Oasis Petroleum Inc.03/15/20226.93,8060.2
Nustar Logistics LP02/01/20216.83,8020.2
Sally Holdings LLC11/15/20196.93,7950.2
Jarden Corp.01/15/20207.53,7920.2
Sealed Air Corp.12/01/20206.53,7660.2
NCR Escrow Corp.12/15/20236.43,7360.2
Gannett Co. Inc.10/15/20236.43,7230.2
Wideopenwest Finance LLC07/15/201910.23,6480.2
HCA Holdings Inc.02/15/20216.23,5950.2
Affinia Group Inc.05/01/20217.83,5810.2
T-Mobile USA Inc.04/01/20236.63,5680.2
Westmoreland Escrow Corp.02/01/201810.83,5590.2
TransDigm Inc.12/15/20187.83,5560.2
BJ's Wholesale Club Inc.03/31/20208.53,5410.2
Nationstar Mortgage LLC10/01/20207.93,5240.2
Halcon Resources Corp.07/15/20209.83,5100.2
Isle of Capri Casinos Inc.03/15/20197.83,5060.2
Tenet Healthcare Corp.10/01/20206.03,4840.2
Savers, Inc.10/03/20195.03,4780.2
Sprint Communications Inc.03/01/20207.03,4730.2
Sinclair Television Group Inc.11/01/20216.43,4490.2
CIT Group Inc.08/15/20225.03,4380.2
CCO Holdings LLC04/30/20216.53,3510.2
Spectrum Brands Inc.03/15/20206.83,3130.2
Level 3 Financing Inc.06/01/20207.03,2660.2
ENDO Health Solutions Inc.12/15/20207.03,2580.2
Diamondback Energy Inc.10/01/20217.63,2550.2
Valeant Pharmaceuticals International10/15/20206.43,2550.2
West Corp.10/01/20188.63,2330.2
T-Mobile USA Inc.04/28/20226.73,2250.2
SBA Telecommunications Inc.07/15/20205.83,2100.2
Windstream Corp.09/01/20188.13,2030.2
US Telepacific Corp.02/23/20175.83,1980.2
Cyrusone LP11/15/20226.43,1800.2
Concho Resources Inc.10/01/20225.53,1430.2
PQ Corp.05/01/20188.83,1210.2
Prestige Brands Inc.02/01/20208.13,0970.2
Dish DBS Corp.03/15/20235.03,0300.2
Virgin Media Finance plc04/15/20236.42,9820.2
Cablevision Systems Corp.04/15/20187.82,9230.2
OMEGA Healthcare Investors Inc.03/15/20245.92,9010.2
RR Donnelley & Sons Co.02/15/20227.02,8730.2
NRG Energy Inc.07/15/20226.22,8390.2
MediaCom Broadband LLC04/15/20215.52,8210.2
Townsquare Radio LLC04/01/20199.02,7630.2
Murray Energy Corp.06/15/20218.62,7500.2
TGGT Holdings LLC11/15/20186.52,7460.2
Cooper-Standard Automotive Inc.05/01/20188.52,7040.2
Jo-Ann Stores Holdings Inc.10/15/20199.82,6970.1
Upc Holding BV04/15/20189.92,6410.1
Sprint Corp.06/15/20247.12,6310.1
Kronos Inc.04/30/20209.82,6060.1
Isle of Capri Casinos Inc.03/15/20215.92,6010.1
Hughes Satellite Systems Corp.06/15/20196.52,5910.1
Spectrum Brands Inc.11/15/20206.42,5560.1
MarkWest Energy Finance Corp.06/15/20226.22,5170.1
Windstream Corp.04/01/20237.52,3740.1
MedAssets Inc.11/15/20188.02,3650.1
Sirius XM Holdings Inc.05/15/20234.62,3630.1
Pacific Industrial Services Bidco Pty Ltd.10/02/20185.02,3240.1
TMS International Corp.10/15/20217.62,2680.1
Level 3 Financing Inc.07/15/20208.62,2530.1
Community Health Systems Inc.11/15/20198.02,2080.1
Softbank Corp.04/15/20204.52,2000.1
Hub International Ltd.10/02/20204.82,1960.1
MarkWest Energy Finance Corp.11/01/20206.82,1750.1
Salix Pharmaceuticals Ltd.01/15/20216.02,1400.1
Sally Holdings LLC06/01/20225.82,1140.1
DaVita Inc.11/01/20206.61,9910.1
Scientific Games International Inc.09/01/20206.21,9520.1
CCO Holdings LLC02/15/20235.11,9350.1
Mallinckrodt International Finance SA04/15/20234.81,9060.1
Hiland Partners LP10/01/20207.21,8570.1
Darling Escrow Corp.01/15/20225.41,8520.1
Covanta Holding Corp.03/01/20245.91,7350.1
TransUnion Financing Corp.06/15/201811.41,7280.1
Hertz Corp.01/15/20217.41,6580.1
MPT Operating Partnership LP05/01/20216.91,6200.1
Windstream Corp.06/01/20227.51,5900.1
T-Mobile USA Inc.01/15/20246.51,5750.1
Jaguar Land Rover Automotive plc02/01/20235.61,5690.1
Silgan Holdings Inc.02/01/20225.51,5490.1
Linn Energy LLC05/15/20196.51,5190.1
Asurion LLC05/24/20195.01,4880.1
Geo Group Inc.04/01/20235.11,4780.1
SBA Communications Corp.10/01/20195.61,4210.1
First Quality Finance Co. Inc.05/15/20214.61,3690.1
Bristow Group Inc.10/15/20226.21,3300.1
Univision Communications Inc.09/15/20226.81,2570.1
Level 3 Financing Inc.01/15/20216.11,1630.1
Chesapeake Energy Corp.02/15/20216.11,0950.1
Exterran Partners LP04/01/20216.01,0000.1
CCO Holdings LLC04/30/20208.19880.1
MCE Finance Ltd.02/15/20215.08740.0
Hertz Corp.04/15/20196.87000.0
T-Mobile USA Inc.04/28/20206.55400.0
Qep Resources Inc.10/01/20225.44040.0
Denbury Resources Inc.07/15/20234.62100.0
Frontier Communications Corp.05/01/20148.21030.0
Total1,711,14794.0
Cash and Other Assets Less Liabilities6.0
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Economic SectorHarbor High-Yield Bond Fund %
Consumer Discretionary32.8
Energy15.2
Industrials11.3
Telecommunication Services8.2
Health Care7.5
Materials7.0
Information Technology5.7
Financials3.8
Consumer Staples2.0
Utilities1.5

Maturity Profile (As of Quarter Ended 12/31/2013)

As of Quarter Ended 12/31/2013
MaturityHarbor High-Yield Bond Fund %BofA Merrill Lynch US High Yield Index %
0-1 yr0.70.0
1-3 yr0.58.3
3-5 yr12.423.2
5-7 yr39.631.7
7-10 yr42.731.0
10-20 yr1.23.8
20-30 yr0.01.9
Over 30 yr0.00.0

Duration (As of Quarter Ended 12/31/2013)

As of Quarter Ended 12/31/2013
DurationHarbor High-Yield Bond Fund %BofA Merrill Lynch US High Yield Index %
0-1 yr15.211.5
1-3 yr24.729.4
3-5 yr31.432.4
5-7 yr23.617.3
7-10 yr2.16.8
10-20 yr0.02.6
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 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.