Harbor High-Yield Bond Fund Institutional Class (HYFAX)

Portfolio Characteristics (As of Quarter Ended 12/31/2015)

 Harbor High-Yield Bond FundBofA Merrill Lynch US Non-Distressed High Yield Index
Number of Bonds3051,705
Average Market Coupon (%)6.256.41
Yield to Maturity (%)7.986.59
Weighted Avg. Maturity (yrs)6.356.47
Duration to Worst (yrs)44.38

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

Top Ten Holdings (As of Quarter Ended 12/31/2015)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Reynolds Group Issuer Inc.10/15/20205.819,3741.3
William Morris Endeavor Entertainment LLC05/06/20215.215,3101.0
NRG Energy Inc.05/01/20246.215,2141.0
Hughes Satellite Systems Corp.06/15/20217.614,8931.0
Sirius XM Radio Inc.07/15/20246.013,6180.9
Cequel Communications Holdings I LLC09/15/20206.413,2470.9
Quicken Loans Inc.05/01/20255.812,4310.8
Sinclair Television Group Inc.04/01/20215.412,0750.8
UPCB Finance IV Ltd.01/15/20255.411,8440.8
Alliance Data Systems Corp.04/01/20206.411,5570.8
% of Total Holdings:139,5639.3

Full Holdings (As of Quarter Ended 12/31/2015)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Reynolds Group Issuer Inc.10/15/20205.819,3741.3
William Morris Endeavor Entertainment LLC05/06/20215.215,3101.0
NRG Energy Inc.05/01/20246.215,2141.0
Hughes Satellite Systems Corp.06/15/20217.614,8931.0
Sirius XM Radio Inc.07/15/20246.013,6180.9
Cequel Communications Holdings I LLC09/15/20206.413,2470.9
Quicken Loans Inc.05/01/20255.812,4310.8
Sinclair Television Group Inc.04/01/20215.412,0750.8
UPCB Finance IV Ltd.01/15/20255.411,8440.8
Alliance Data Systems Corp.04/01/20206.411,5570.8
Zayo Group LLC04/01/20236.011,4000.8
Talen Energy Supply LLC07/15/20194.611,3250.8
Post Holdings Inc.12/15/20226.011,3130.8
Ashtead Capital Inc.07/15/20226.510,7060.7
Iron Mountain Inc.08/15/20245.810,6560.7
Burger King Worldwide Inc.04/01/20226.010,3250.7
Safway Group Holding LLC05/15/20187.010,2760.7
Cablevision Systems Corp.09/15/20225.910,2300.7
Hertz Corp.10/15/20226.210,1920.7
First Quality Finance Co. Inc.05/15/20214.610,0650.7
Griffon Corp.03/01/20225.210,0540.7
Capsugel SA05/15/20197.010,0130.7
Energizer Holdings Inc.06/15/20255.59,8960.7
Mallinckrodt International Finance SA10/15/20235.69,7890.7
Jaguar Holding Co.08/01/20236.49,7750.7
Community Health Systems Inc.02/01/20226.99,5380.6
West Corp.07/15/20225.49,5290.6
MPH Acquisition Holdings LLC04/01/20226.69,4970.6
Signode Industrial Group Lux SA05/01/20226.49,2340.6
Time Inc.04/15/20225.89,1750.6
Berry Plastics Corp.05/15/20225.58,9780.6
Tenet Healthcare Corp.06/15/20236.88,3640.6
Hertz Corp.10/15/20205.98,2900.6
Ardagh Holdings USA Inc.01/31/20196.28,1540.5
Tribune Media Co.07/15/20225.98,0200.5
TransDigm Inc.07/15/20246.57,9960.5
Walter Investment Management Corp.12/15/20217.97,9500.5
Genesis Energy LP08/01/20226.87,9090.5
Nortek Inc.04/15/20218.57,8460.5
Envision Healthcare Corp.07/01/20225.17,5350.5
Geo Group Inc.01/15/20225.97,5130.5
Pinnacle Entertainment Inc.05/15/20208.87,3580.5
Ally Financial Inc.11/18/20193.87,3410.5
Lamar Media Corp.02/01/20225.97,3320.5
Cascades Inc.07/15/20225.57,3030.5
Dole Food Co. Inc.05/01/20197.27,2950.5
Calpine Corp.01/15/20255.87,2670.5
Equinix Inc.01/15/20265.97,2280.5
Viasat Inc.06/15/20206.97,1670.5
GCI Inc.06/01/20216.87,1400.5
MediaCom Capital Corp.02/15/20227.27,0960.5
HCA Inc.02/15/20265.97,0440.5
Clear Channel Worldwide Holdings Inc.03/15/20207.66,9560.5
Covanta Holding Corp.10/01/20226.46,9000.5
Calpine Corp.02/01/20245.56,7450.4
Nexstar Broadcasting Inc.11/15/20206.96,7220.4
Dynegy Inc.11/01/20196.86,6620.4
Alphabet Holding Co. Inc.11/01/20177.86,5490.4
WMG Acquisition Corp.04/15/20226.86,5250.4
Anixter Inc.10/01/20215.16,5240.4
Resolute Forest Products Inc.05/15/20235.96,2260.4
AES Corp.04/15/20255.56,2130.4
T-Mobile USA Inc.04/01/20216.26,2100.4
Shea Homes LP04/01/20235.96,1800.4
Gardner Denver Inc.08/15/20216.96,1600.4
Intelsat Jackson Holdings SA10/15/20207.26,1250.4
CenturyLink Inc.04/01/20205.66,1040.4
Terex Corp.04/01/20206.56,0470.4
Commscope Technologies Finance LLC06/15/20256.06,0310.4
Tenneco Inc.12/15/20206.95,9330.4
Rice Energy Inc.05/01/20226.25,9270.4
Sprint Communications Inc.11/15/20226.05,8680.4
Numericable-SFR SAS05/15/20226.05,8350.4
Plastipak Holdings Inc.10/01/20216.55,8200.4
Brand Energy & Infrastructure Services Inc.11/26/20204.85,8050.4
Felcor Lodging LP03/01/20235.65,7630.4
Suburban Propane Partners LP08/01/20217.45,6280.4
American Tire Distributors Inc.03/01/202210.25,5200.4
Mauser U.S. Holdings Inc.07/31/20228.85,3800.4
DISH DBS Corp.11/15/20245.95,3550.4
Level 3 Financing Inc.01/15/20245.45,2890.4
Nationstar Mortgage LLC10/01/20207.95,2500.3
American Axle & Manufacturing Inc.10/15/20226.65,2500.3
Pinnacle Entertainment Inc.04/15/20217.55,2380.3
CIT Group Inc.02/15/20195.55,2380.3
Cablevision Systems Corp.04/15/20208.05,2300.3
Dean Foods Co.03/15/20236.55,2130.3
Ally Financial Inc. Co.01/27/20193.55,1910.3
LKQ Corp.05/15/20234.85,1840.3
ACCO Brands Corp.04/30/20206.85,1750.3
Michaels Stores Inc.12/15/20205.95,1750.3
RSI Home Products Inc.03/15/20236.55,1750.3
MDC Partners Inc.04/01/20206.85,1690.3
Alere Inc.07/01/20236.45,1560.3
Gray Television Inc.10/01/20207.55,1560.3
Equinix Inc.01/01/20255.85,1380.3
XPO Logistics Inc.06/15/20226.55,1080.3
Midcontinent Communications & Midcontinent Finance Corp.08/15/20236.95,0880.3
Endo Finance LLC01/15/20225.85,0700.3
CCO Holdings LLC09/30/20225.25,0630.3
Quebecor Media Inc.01/15/20235.85,0560.3
DISH DBS Corp.06/01/20216.85,0500.3
Mednax Inc.12/01/20235.25,0380.3
First Data Corp.12/01/20237.05,0130.3
Molina Healthcare Inc.11/15/20225.45,0130.3
Hillman Group Inc.07/15/20226.45,0100.3
Cable One Inc.06/15/20225.84,9880.3
CEB Inc.06/15/20235.64,9750.3
Summit Materials LLC07/15/20236.14,9500.3
ENDO Finance LLC01/15/20235.94,9250.3
Valeant Pharmaceuticals International Inc.04/15/20256.14,9230.3
Ferrellgas LP06/15/20236.84,9200.3
Nexstar Broadcasting Inc.02/15/20226.14,9130.3
Unitymedia Hessen GmbH & Co. KG01/15/20235.54,9060.3
Surgical Care Affiliates Inc.04/01/20236.04,9000.3
Seadrill Ltd.09/15/20176.14,8850.3
Goodyear Tire & Rubber Co.03/01/20216.54,8780.3
Berry Plastics Corp.07/15/20235.14,8750.3
Tesoro Logistics LP10/15/20195.54,8750.3
Virgin Media Secured Finance plc01/15/20265.24,8750.3
Belden Inc.09/01/20225.54,8380.3
Goodyear Tire & Rubber Co.05/15/20227.04,8380.3
A Schulman Inc.06/01/20236.94,8130.3
Wex Inc.02/01/20234.84,8040.3
Hologic Inc.07/15/20225.24,7600.3
Nationstar Mortgage LLC07/01/20216.54,6660.3
Mallinckrodt International Finance SA04/15/20255.54,6250.3
Davita Healthcare Partners Inc.05/01/20255.04,5960.3
Townsquare Media Inc.04/01/20236.54,5940.3
Clean Harbors Inc.06/01/20215.14,5790.3
Sally Holdings LLC / Sally Capital Inc.12/01/20255.64,5680.3
Sirius XM Radio Inc.10/01/20205.94,5680.3
Global Partners LP06/15/20237.04,5380.3
WPX Energy Inc.08/01/20238.24,5340.3
Rent-A-Center Inc.05/01/20214.84,5150.3
RR Donnelley & Sons Co.04/01/20246.04,4810.3
Air Medical Merger Sub Corp.05/15/20236.44,4750.3
Dynegy Inc.11/01/20227.44,3750.3
Frontier Communications Corp.01/15/20237.14,3380.3
Sanchez Energy Corp.01/15/20236.14,3330.3
Brand Energy & Infrastructure Services Inc.12/01/20218.54,3250.3
Garda World Security Corp.11/15/20217.24,3250.3
T-Mobile USA Inc.03/01/20256.44,3140.3
Orbital ATK Inc.10/01/20235.54,2840.3
Sprint Communications Inc.08/15/20207.04,2630.3
Nuance Communications Inc.08/15/20205.44,2270.3
Level 3 Financing Inc.06/01/20207.04,1900.3
Neuberger Berman Group LLC03/15/20225.94,1650.3
Team Health Inc.12/15/20237.24,1500.3
Spirit Aerosystems Inc.12/15/20206.84,1430.3
Penske Automotive Group Inc.10/01/20225.84,1300.3
Sinclair Television Group Inc.10/01/20226.14,1000.3
Whiting Petroleum Corp.04/01/20236.24,0960.3
Frontier Communications Corp.09/15/202210.54,0850.3
Bombardier Inc.01/15/20236.14,0660.3
T-Mobile USA Inc.01/15/20266.54,0480.3
Solenis International LP07/31/20227.84,0190.3
Endo Finance LLC07/15/20236.04,0000.3
Genesis Energy LP02/15/20215.83,9950.3
Summit Materials LLC / Summit Materials Finance Corp.07/15/20236.13,9600.3
Unit Corp.05/15/20216.63,9440.3
Rose Rock Finance Corp.11/15/20235.63,9330.3
Cascades Inc.07/15/20235.83,8980.3
Valeant Pharmaceuticals International Inc.10/15/20206.43,8320.3
Oasis Petroleum Inc.03/15/20226.93,8220.3
Hornbeck Offshore Services Inc.03/01/20215.03,8020.3
Churchill Downs Inc.12/15/20215.43,7780.3
Memorial Resource Development Corp.07/01/20225.93,7400.2
MediaCom Broadband LLC04/01/20236.43,7340.2
Ferrellgas LP05/01/20216.53,7190.2
Oasis Petroleum Inc.01/15/20236.93,7030.2
TEGNA Inc.10/15/20236.43,7010.2
Neptune Finco Corp.10/15/202510.93,6750.2
HCA Inc.05/01/20234.83,6720.2
AECOM10/15/20225.83,6180.2
Aercap Ireland Capital Ltd.10/30/20204.63,5920.2
Silgan Holdings Inc.04/01/20205.03,5790.2
FelCor Lodging LP06/01/20256.03,5700.2
Station Casinos LLC03/01/20217.53,5360.2
Cequel Communications Holdings I LLC12/15/20215.13,4790.2
Neff Rental LLC06/09/20217.23,4570.2
Sinclair Television Group Inc.11/01/20216.43,4160.2
DaVita HealthCare Partners Inc.08/15/20225.83,4110.2
Transdigm Inc.05/15/20256.53,4040.2
RHP Hotel Properties LP04/15/20215.03,3230.2
Nustar Logistics LP02/01/20216.83,3080.2
Dish DBS Corp.03/15/20235.03,3060.2
CCO Holdings LLC04/30/20216.53,2820.2
Levi Strauss & Co.05/01/20226.93,2250.2
CCO Holdings LLC05/01/20235.13,2120.2
Tronox Finance LLC08/15/20206.43,1910.2
SBA Telecommunications Inc.07/15/20205.83,1830.2
Iron Mountain Inc.10/01/20206.03,1730.2
Quad/Graphics Inc.05/01/20227.03,1630.2
NGL Energy Partners LP10/15/20216.93,1330.2
Masonite International Corp.03/15/20235.63,1130.2
BJ's Wholesale Club Inc.03/31/20208.53,1050.2
Micron Technology Inc.01/15/20245.23,0890.2
Alliance Data Systems Corp.08/01/20225.43,0560.2
Prestige Brands Inc.12/15/20215.43,0400.2
Valeant Pharmaceuticals International Inc.07/15/20217.53,0080.2
Virgin Media Finance plc10/15/20246.03,0040.2
Altice Financing SA02/15/20236.62,9700.2
NCR Corp.07/15/20225.02,9210.2
Jll/Delta Dutch Pledgeco BV05/01/20208.82,9030.2
Concordia Healthcare Corp.10/21/20215.22,8890.2
Archrock Partners LP10/01/20226.02,8700.2
Prestige Brands Inc.02/01/20208.12,8600.2
Avis Budget Car Rental LLC03/15/20255.22,8540.2
WideOpenWest Finance LLC07/15/201910.22,8400.2
Cedar Fair LP03/15/20215.22,8350.2
Digitalglobe Inc.02/01/20215.22,7900.2
PQ Corp.11/01/20188.82,7750.2
Savers Inc.10/03/20195.02,7680.2
Hornbeck Offshore Services Inc.04/01/20205.92,7450.2
TWCC Holding Corp.02/13/20205.82,7310.2
Altice SA05/15/20227.82,7150.2
Calpine Corp.01/15/20235.42,7080.2
Mediacom Broadband LLC04/15/20215.52,7060.2
Sirius XM Radio Inc.05/15/20234.62,7050.2
ZF North America Capital Inc.04/29/20224.52,6980.2
HCA Holdings Inc.02/15/20216.22,6560.2
Level 3 Financing Inc.05/01/20235.12,5900.2
HCA Inc.05/01/20235.92,5750.2
Sprint Corp.02/15/20257.62,5730.2
Jurassic Holdings III Inc.02/15/20216.92,5710.2
Virgin Media Finance plc04/15/20236.42,5470.2
Tempur Sealy International Inc.10/15/20235.62,5380.2
United Rentals North America Inc.11/15/20245.82,4880.2
Triangle USA Petroleum Corp.07/15/20226.82,4800.2
Bombardier Inc.10/15/20226.02,4710.2
Casella Waste Systems Inc.02/15/20197.82,3440.2
Blue Racer Midstream LLC11/15/20226.12,3280.2
Valeant Pharmaceuticals International Inc.12/01/20215.62,3130.2
Univar USA Inc.07/15/20236.82,2080.1
Sprint Corp.06/15/20247.12,1980.1
MedAssets Inc.11/15/20188.02,0910.1
Jones Energy Holdings LLC04/01/20226.82,0900.1
Cyrusone LP11/15/20226.42,0700.1
Sprint Corp.09/15/20217.22,0560.1
MPLX LP06/01/20254.92,0250.1
Avis Budget Car Rental LLC04/01/20235.52,0180.1
Crown Americas LLC01/15/20234.51,9650.1
Tesoro Logistics LP10/15/20226.21,9050.1
Univision Communications Inc.02/15/20255.11,9050.1
Acadia Healthcare Co. Inc.02/15/20235.61,9000.1
North Atlantic Drilling Ltd.02/01/20196.21,8670.1
Precision Drilling Corp.11/15/20206.61,8450.1
Talen Energy Supply LLC06/01/20256.51,8290.1
Mallinckrodt International Finance SA04/15/20234.81,7800.1
Darling Ingredients Inc.01/15/20225.41,7800.1
Scientific Games International Inc.05/15/20216.61,7580.1
Titan International Inc.10/01/20206.91,7250.1
Kratos Defense & Security Solutions Inc.05/15/20197.01,7220.1
Communications Sales & Leasing Inc.10/15/20238.21,7150.1
Denbury Resources Inc.05/01/20225.51,6510.1
T-Mobile USA Inc.04/28/20216.61,5710.1
Hertz Corp.01/15/20217.41,5640.1
MPT Operating Partnership LP05/01/20216.91,5640.1
Covanta Holding Corp.03/01/20245.91,5470.1
Silgan Holdings Inc.02/01/20225.51,5380.1
T-Mobile USA Inc.01/15/20246.51,5340.1
CCO Holdings LLC02/15/20235.11,5060.1
Sensata Technologies BV10/01/20255.01,4700.1
Vanguard Natural Resources LLC04/01/20207.91,4580.1
Rite Aid Corp.04/01/20236.11,4540.1
Concordia Healthcare Corp.04/15/20237.01,4400.1
Geo Group Inc.04/01/20235.11,4290.1
Altice SA02/15/20257.61,4270.1
Jupiter Resources Inc.10/01/20228.51,4180.1
SBA Communications Corp.10/01/20195.61,4120.1
Amaya Holdings BV08/01/20228.01,3090.1
Memorial Production Partners LP05/01/20217.61,2580.1
Eagle Spinco Inc.02/15/20214.61,2010.1
Univision Communications Inc.09/15/20226.81,1760.1
Chesapeake Energy Corp.02/15/20216.11,1670.1
Level 3 Financing Inc.01/15/20216.11,1410.1
CGG SA01/15/20226.91,0790.1
Isle of Capri Casinos Inc.06/15/20208.91,0550.1
Sanchez Energy Corp.06/15/20217.81,0460.1
Aecom10/15/20245.91,0240.1
Scientific Games International Inc.09/01/20206.21,0210.1
HD Supply Inc.07/15/20207.51,0190.1
Sirius XM Radio Inc.04/15/20255.41,0090.1
Level 3 Financing Inc.12/01/20225.89970.1
Memorial Production Partners LP08/01/20226.99760.1
Geo Group Inc.10/15/20245.99750.1
Sterigenics-Nordion Holdings LLC05/15/20236.59580.1
Azure Midstream Energy LLC11/15/20187.59080.1
NCR Corp.12/15/20236.48900.1
Archrock Partners LP04/01/20216.08280.1
Tronox Finance LLC03/15/20227.57860.1
Endo Finance LLC01/15/20227.87710.1
United Rentals North America Inc.07/15/20255.57300.0
Hertz Corp.04/15/20196.86660.0
Steel Dynamics Inc.10/01/20215.16510.0
Chesapeake Energy Corp.03/15/20235.86420.0
California Resources Corp.11/15/20246.06150.0
Chesapeake Energy Corp.08/15/20206.66050.0
NCR Corp.12/15/20215.94940.0
First Data Corp.01/15/20245.84940.0
CGG SA06/01/20216.53600.0
Constellium NV05/15/20245.82740.0
CCO Holdings LLC03/15/20215.22600.0
Chesapeake Energy Corp.11/15/20206.9440.0
Total1,383,18791.3
Cash and Other Assets Less Liabilities8.7
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Economic SectorHarbor High-Yield Bond Fund %
Consumer Discretionary25.1
Industrials14.4
Health Care11.3
Materials7.1
Energy7.0
Telecommunication Services6.5
Financials6.3
Information Technology5.9
Utilities5.1
Consumer Staples3.5

Maturity Profile (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
MaturityHarbor High-Yield Bond Fund %BofA Merrill Lynch US Non-Distressed High Yield Index %
0-1 yr0.00.0
1-3 yr1.54.1
3-5 yr13.814.8
5-7 yr40.826.0
7-10 yr36.239.3
10-20 yr2.213.2
20-30 yr0.02.4
Over 30 yr0.00.1

Duration (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
DurationHarbor High-Yield Bond Fund %BofA Merrill Lynch US Non-Distressed High Yield Index %
0-1 yr6.54.5
1-3 yr17.722.0
3-5 yr32.136.1
5-7 yr34.629.0
7-10 yr3.76.1
10-20 yr0.02.3
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.