Harbor Unconstrained Bond Fund Institutional Class (HAUBX)

CLOSED TO NEW INVESTORS

Portfolio Characteristics (As of Quarter Ended 03/31/2016)

 Harbor Unconstrained Bond FundBofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index
Number of Bonds157-
Average Market Coupon (%)2.62-
Yield to Maturity (%)4.25-
Weighted Avg. Maturity (yrs)1.040
Weighted Avg. Duration (yrs)-0.710.25

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

Top Ten Holdings (As of Quarter Ended 03/31/2016)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Notes07/31/20222.01,96010.0
Federal National Mortgage Association TBA04/13/20464.51,0855.5
U.S. Treasury Inflation Indexed Bonds01/15/20262.09805.0
Federal National Mortgage Association TBA04/13/20464.08514.3
U.S. Treasury Notes09/30/20212.18334.2
U.S. Treasury Notes11/30/20211.97193.7
Bear Stearns Asset Backed Securities Trust09/25/20460.86753.4
Federal Home Loan Bank Discount Notes05/13/20160.06003.0
U.S. Treasury Notes10/31/20221.95122.6
Bear Stearns Alt-A Trust08/25/20360.84972.5
% of Total Holdings:8,71244.2

Full Holdings (As of Quarter Ended 03/31/2016)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Notes07/31/20222.01,96010.0
Federal National Mortgage Association TBA04/13/20464.51,0855.5
U.S. Treasury Inflation Indexed Bonds01/15/20262.09805.0
Federal National Mortgage Association TBA04/13/20464.08514.3
U.S. Treasury Notes09/30/20212.18334.2
U.S. Treasury Notes11/30/20211.97193.7
Bear Stearns Asset Backed Securities Trust09/25/20460.86753.4
Federal Home Loan Bank Discount Notes05/13/20160.06003.0
U.S. Treasury Notes10/31/20221.95122.6
Bear Stearns Alt-A Trust08/25/20360.84972.5
Brazil Notas Do Tesouro Nacional Série F01/01/202510.04892.5
First Franklin Mortgage Loan Trust10/25/20341.94892.5
RASC Trust06/25/20331.04492.3
Ally Financial Inc.02/15/20175.54082.1
U.S. Treasury Notes08/15/20252.04082.1
U.S. Treasury Inflation Indexed Bonds01/15/20250.24042.1
Metropolitan Life Global Funding I06/23/20160.84002.0
Ford Motor Credit Co. LLC MTN01/17/20171.44002.0
Anglo American Capital plc04/15/20161.63992.0
Asset Backed Securities Corp.07/25/20351.53982.0
Fremont Home Loan Trust11/25/20350.83571.8
U.S. Treasury Bonds08/15/20443.13321.7
Countrywide Asset-Backed Certificates11/25/20470.63281.7
Countrywide Asset-Backed Certificates08/25/20370.63211.6
Bank of America Corp.12/01/20175.83191.6
U.S. Treasury Notes05/31/20212.03111.6
Tralee CLO III Ltd.07/20/20262.02941.5
Oha Credit Partners VIII Ltd.04/20/20251.72941.5
Goldentree Loan Opportunities VII Ltd.04/25/20251.82931.5
Wachovia Bank Commercial Mortgage Trust06/15/20495.72871.5
New York City, NY12/01/20245.92491.3
Slovenia Government International Bond02/18/20245.22241.1
Sierra Madre Funding Ltd.09/07/20390.82201.1
Master Specialized Loan Trust01/25/20370.82191.1
KBC Bank NV01/25/20238.02171.1
Washington Mutual Mortgage Pass Through Certificates Trust12/25/20461.12091.1
BPCE SA07/21/20245.22051.0
JP Morgan Mortgage Trust04/25/20363.02051.0
CIT Group Inc.08/15/20174.22041.0
Federal National Mortgage Association TBA04/13/20463.02041.0
Bank of America Corp.01/11/20182.02011.0
Imperial Tobacco Finance plc02/11/20182.02011.0
Ally Financial Inc.07/18/20163.52011.0
NBCUniversal Enterprise Inc.04/15/20161.22001.0
Sinopec Group Overseas Development 2014 Ltd.04/10/20171.42001.0
Volkswagen Group of America Finance LLC05/23/20160.82001.0
U.S. Treasury Bonds02/15/20462.51951.0
JP Morgan Mortgage Acquisition Trust05/25/20360.71820.9
U.S. Treasury Notes02/15/20261.61680.9
California State11/01/20407.61560.8
U.S. Treasury Inflation Indexed Bonds01/15/20252.41500.8
Morgan Stanley Home Equity Loan Trust12/25/20360.61320.7
Washington Mutual Mortgage Pass Through Certificates Trust04/25/20374.31210.6
Morgan Stanley Capital I Trust04/15/20495.71160.6
Verizon Communications Inc.09/15/20235.21160.6
Structured Asset Mortgage Investments Inc.08/25/20360.61140.6
Credit Agricole SA06/23/20216.51110.6
U.S. Treasury Bonds11/15/20443.01080.5
SLM Corp. MTN06/15/20188.41080.5
Hellenic Republic Government Bond07/17/20173.41060.5
International Lease Finance Corp.03/15/20178.81060.5
Hellenic Railways Organization SA03/17/20174.01040.5
COX Communications Inc.12/01/20165.91030.5
Abbvie Inc.05/14/20202.51020.5
Abbey National Treasury Services plc03/14/20192.51010.5
Goldman Sachs Group Inc.01/23/20253.51010.5
Kroger Co.01/15/20172.21010.5
Verizon Communications Inc.09/15/20162.21010.5
AT&T Inc.05/15/20253.41000.5
JP Morgan Chase & Co.01/25/20181.51000.5
U.S. Treasury Inflation Indexed Bonds07/15/20240.11000.5
Charter Com Operating LLC01/24/20233.51000.5
Abbey National Treasury Services plc04/27/20164.01000.5
Citigroup Inc.07/25/20161.61000.5
JP Morgan Chase & Co.04/30/20187.91000.5
Mylan Inc.06/24/20161.81000.5
Federal Home Loan Bank Discount Notes04/01/20160.01000.5
MGM Resorts International04/01/20166.91000.5
U.S. Treasury Bills04/21/20160.01000.5
Bank of America Corp.08/15/20160.91000.5
City of Chicago, IL01/01/20427.81000.5
Actavis Funding SCS03/12/20201.91000.5
Argent Securities Inc.09/25/20360.5990.5
AT&T Inc.05/15/20464.8980.5
AES Corp.06/01/20193.6970.5
Petrobras Global Finance BV03/17/20173.0970.5
Buckeye Tobacco Settlement Financing Authority06/01/20426.0950.5
Sierra Madre Funding Ltd.09/07/20390.8940.5
SLM Student Loan Trust05/16/20443.7920.5
Petrobras Global Finance BV01/20/20205.8870.4
Morgan Stanley Capital I Inc. Trust01/25/20360.7830.4
Petrobras Global Finance BV01/27/20215.4830.4
Berica ABS Srl12/31/20550.1810.4
Credit-Based Asset Servicing and Securitization LLC03/25/20375.7800.4
Credit-Based Asset Servicing and Securitization LLC03/25/20376.0800.4
Countrywide Asset-Backed Certificates07/25/20365.9800.4
Brazil Notas do Tesouro Nacional Série F01/01/202110.0750.4
Federal National Mortgage Association11/01/20422.8740.4
Washington Mutual Mortgage Pass Through Certificates Trust03/25/20372.4730.4
Merrill Lynch Mortgage Investors Trust01/25/20292.1630.3
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.6540.3
U.S. Treasury Bonds05/15/20453.0540.3
U.S. Treasury Notes05/15/20252.1520.3
American International Group Inc.03/01/20213.3510.3
Kraft Heinz Foods Co.07/02/20182.0500.3
Toronto-Dominion Bank MTN04/07/20211.6500.3
Triaxx Prime CLO10/02/20390.7480.2
Wachovia Bank Commercial Mortgage Trust02/15/20515.9470.2
Morgan Stanley ABS Capital I Inc. Trust11/25/20360.6460.2
BCAP LLC Trust06/26/20365.2450.2
Securitized Asset Backed Receivables LLC Trust02/25/20341.2450.2
Banc of America Funding Trust06/20/20470.7440.2
Ownit Mortgage Loan Asset Backed Certificates05/25/20370.6430.2
Wachovia Bank Commercial Mortgage Trust07/15/20455.7430.2
Citigroup Mortgage Loan Trust Inc.08/25/20350.0390.2
Washington Mutual Mortgage Pass Through Certificates Trust07/25/20451.1380.2
Belle Haven ABS CLO Ltd.11/03/20441.0380.2
Structured Asset Securities Corp.09/25/20355.5360.2
Huntington CLO Ltd.11/05/20400.9350.2
ACE Securities Corp. Home Equity Loan Trust08/25/20360.6330.2
Federal Home Loan Mortgage Corp. REMIC04/15/204411.0300.2
Indymac Residential Asset Backed Trust07/25/20370.6290.1
Stone Tower Capital LLC04/17/20210.8290.1
Interest Rate Swap Option 30 year12/12/20180.0290.1
Structured Asset Investment Loan Trust10/25/20350.8290.1
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.5250.1
First Horizon Mortgage Pass Through Trust10/25/20352.6230.1
Federal Home Loan Mortgage Corp. REMIC02/15/204412.2190.1
Federal National Mortgage Association REMIC03/25/20340.6190.1
Belle Haven ABS CLO Ltd.11/03/20441.0180.1
JP Morgan Chase Commercial Mortgage Securities Trust05/15/20455.4180.1
Impac CMB Trust09/25/20341.1170.1
Banc of America Alternative Loan Trust04/25/20335.8160.1
Banc of America Funding Trust06/20/20322.9110.1
Ally Financial Inc.05/15/20168.5100.0
Federal National Mortgage Association02/01/20264.5100.0
Washington Mutual Mortgage Pass Through Certificates Trust04/25/20450.790.0
Bear Stearns Adjustable Rate Mortgage Trust03/25/20352.990.0
Interest Rate Swap Option 30 year09/24/20180.090.0
MASTR Adjustable Rate Mortgages Trust05/25/20342.580.0
Currency Option U.S. Dollar vs. Russian Ruble02/22/20170.080.0
IndyMac IMSC Mortgage Loan Trust10/25/20342.880.0
Interest Rate Swap Option 2 year03/28/20170.070.0
Federal Home Loan Mortgage Corp.10/25/20211.670.0
Federal National Mortgage Association07/01/20322.460.0
JP Morgan Mortgage Trust06/25/20215.960.0
Bear Stearns Adjustable Rate Mortgage Trust01/25/20352.950.0
Interest Rate Swap Option 2 year03/28/20170.040.0
Currency Option Euro vs. Mexican Peso02/09/20170.030.0
Newcastle CLO V Ltd.12/24/20391.010.0
Interest Rate Swap Option 30 year09/12/20160.000.0
Currency Option Euro vs. U.S. Dollar05/12/20160.000.0
Federal National Mortgage Association 30 year Future04/06/20160.000.0
Federal National Mortgage Association 30 year Future04/06/20160.000.0
U.S. Treasury Notes Future 10 year05/20/20160.000.0
U.S. Treasury Notes Future 10 year05/20/20160.000.0
U.S. Treasury Notes Future 5 year05/20/20160.000.0
Total26,397133.1
Cash and Other Assets Less Liabilities-33.1
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
Economic SectorHarbor Unconstrained Bond Fund %
U.S. Government Obligations37.5
Corporate Bonds & Notes32.1
Asset-backed Securities29.0
Mortgage Pass-through11.7
Collateralized Mortgage Obligations11.2
Foreign Government Obligations5.1
U.S. Government Agencies3.6
Municipal Bonds3.0
Bank Loan Obligations0.5
Purchased Options0.3

Maturity Profile (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
MaturityHarbor Unconstrained Bond Fund %
0-1 yr90.1
1-3 yr-56.0
3-5 yr49.9
5-7 yr20.7
7-10 yr9.1
10-20 yr-11.6
20-30 yr1.4
Over 30 yr-3.6

Duration (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
DurationHarbor Unconstrained Bond Fund %
0-1 yr90.7
1-3 yr109.0
3-5 yr-221.1
5-7 yr-109.9
7-10 yr60.4
10-20 yr-18.8
20-30 yr189.6
Over 30 yr0.0

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 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.