Harbor Unconstrained Bond Fund Institutional Class (HAUBX)

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

 Harbor Unconstrained Bond FundBofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index
Number of Issues175-
Average Market Coupon (%)2.32-
Yield to Maturity (%)1.90-
Weighted Avg. Maturity (yrs)2.02-
Weighted Avg. Duration (yrs)-0.800.25

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

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

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds01/15/20262.01,2594.0
Volkswagen International Finance NV11/20/20151.21,2053.8
U.S. Treasury Inflation Indexed Bonds01/15/20250.21,0953.5
U.S. Treasury Inflation Indexed Bonds07/15/20240.11,0873.5
American International Group Inc.08/24/20152.41,0063.2
U.S. Treasury Notes09/30/20212.18232.6
Bear Stearns Asset Backed Securities Trust09/25/20460.67692.4
Italy Buoni Poliennali Del Tesoro12/01/20242.57192.3
U.S. Treasury Notes11/30/20211.97092.3
Brazil Letras Do Tesouro Nacional10/01/20150.05881.9
% of Total Holdings:9,26029.5

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

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds01/15/20262.01,2594.0
Volkswagen International Finance NV11/20/20151.21,2053.8
U.S. Treasury Inflation Indexed Bonds01/15/20250.21,0953.5
U.S. Treasury Inflation Indexed Bonds07/15/20240.11,0873.5
American International Group Inc.08/24/20152.41,0063.2
U.S. Treasury Notes09/30/20212.18232.6
Bear Stearns Asset Backed Securities Trust09/25/20460.67692.4
Italy Buoni Poliennali Del Tesoro12/01/20242.57192.3
U.S. Treasury Notes11/30/20211.97092.3
Brazil Letras Do Tesouro Nacional10/01/20150.05881.9
Bear Stearns Alt-A Trust 2006-408/25/20360.55411.7
RASC Trust06/25/20330.85051.6
First Franklin Mortgage Loan Trust10/25/20341.64921.6
International Lease Finance Corp.04/01/20154.94621.5
U.S. Treasury Bonds08/15/20443.14481.4
Government National Mortgage Association TBA04/18/20433.54211.3
Ally Financial Inc.02/15/20175.54171.3
Morgan Stanley ABS Capital I Inc. Trust01/25/20370.34141.3
JP Morgan Chase & Co.03/01/20163.44091.3
Imperial Tobacco Finance plc02/11/20182.04031.3
Abbvie Inc.11/06/20151.04011.3
BellSouth Corp.04/26/20214.24011.3
Ford Motor Credit Co. LLC MTN01/17/20171.04011.3
Metropolitan Life Global Funding I06/23/20160.44001.3
General Mills Inc.01/29/20160.64001.3
Volvo Treasury AB Co.04/01/20156.04001.3
Anglo American Capital plc04/15/20161.24001.3
Wachovia Bank Commercial Mortgage Trust06/15/20495.73881.2
BP Capital Markets plc11/06/20150.63801.2
Countrywide Asset-Backed Certificates11/25/20470.43711.2
Fremont Home Loan Trust11/25/20350.63681.2
Spain Government Bond10/31/20242.83681.2
Countrywide Asset-Backed Certificates06/25/20470.43461.1
Italy Buoni Poliennali del Tesoro09/01/20405.03411.1
Bank of America Corp.12/01/20175.83301.1
Countrywide Asset-Backed Certificates08/25/20370.33301.1
Brazil Letras Do Tesouro Nacional01/01/20170.03271.0
Brazil Letras Do Tesouro Nacional04/01/20150.03131.0
International Lease Finance Corp.09/15/20158.63091.0
Ford Motor Credit Co. LLC04/15/20164.23091.0
U.S. Treasury Notes05/31/20212.03071.0
U.S. Treasury Inflation Indexed Bonds01/15/20252.43011.0
Sberbank of Russia Via SB Capital SA07/07/20155.53011.0
JP Morgan Chase & Co. MTN10/15/20151.13011.0
Pricoa Global Funding 1 MTN05/16/20160.43001.0
Goldentree Loan Opportunities VII Ltd.04/25/20251.42970.9
Tralee CLO III Ltd.07/20/20261.62970.9
Oha Credit Partners VIII Ltd.04/20/20251.42970.9
Verizon Communications Inc.09/15/20162.52800.9
Sierra Madre Funding Ltd.09/07/20390.62580.8
New York City, NY12/01/20245.92490.8
JP Morgan Mortgage Trust04/25/20362.72480.8
Brazil Letras Do Tesouro Nacional07/01/20170.02370.8
Slovenia Government International Bond02/18/20245.22310.7
KBC Bank NV01/25/20238.02250.7
U.S. Treasury Notes11/15/20443.02190.7
BPCE SA07/21/20245.22140.7
Verizon Communications Inc.09/15/20161.82030.6
Ally Financial Inc.07/18/20163.52030.6
CIT Group Inc.08/15/20174.22030.6
Bank of America Corp.01/11/20182.02020.6
Gazprom OAO Via Gaz Capital SA11/29/20155.12020.6
NBCUniversal Enterprise Inc.04/15/20160.82010.6
Ford Motor Credit Co. LLC05/15/20152.82000.6
Sinopec Group Overseas Development 2014 Ltd.04/10/20171.02000.6
Volkswagen Group of America Finance LLC05/23/20160.52000.6
JP Morgan Mortgage Acquisition Trust05/25/20360.41790.6
California State11/01/20407.61580.5
Washington Mutual Mortgage Pass Through Certificates Trust04/25/20374.51560.5
Morgan Stanley Capital I Trust04/15/20495.71250.4
SLM Student Loan Trust05/16/20443.41190.4
Slovenia Government Bond11/01/20164.71150.4
Berica ABS Srl12/31/20550.31130.4
SLM Corp. MTN06/15/20188.41110.4
Credit-Based Asset Servicing and Securitization LLC03/25/20376.01110.4
Merrill Lynch & Co. Inc. MTN08/28/20176.41110.4
International Lease Finance Corp.03/15/20178.81110.4
Sierra Madre Funding Ltd.09/07/20390.61110.4
Credit-Based Asset Servicing and Securitization LLC03/25/20375.71100.3
Autonomous Community of Catalonia MTN04/07/20153.91080.3
COX Communications Inc.12/01/20165.91070.3
Bank of America Corp.08/01/20166.51070.3
MGM Resorts International04/01/20166.91050.3
Abbey National Treasury Services plc04/27/20164.01030.3
Kroger Co.01/15/20172.21020.3
Actavis Funding SCS03/12/20201.51010.3
JP Morgan Chase & Co.01/25/20181.21010.3
Mylan Inc.06/24/20161.81010.3
Morgan Stanley02/25/20161.81010.3
Ally Financial Inc.06/26/20154.61010.3
Citigroup Inc.07/25/20161.21010.3
Bank of America Corp. MTN03/22/20161.11000.3
JP Morgan Chase & Co. MTN02/26/20160.91000.3
HSBC Finance Corp.04/15/20155.21000.3
Wells Fargo & Co.10/28/20150.51000.3
AES Corp.06/01/20193.31000.3
Bank of America Corp.08/15/20160.6990.3
Petrobras Global Finance BV03/17/20172.6920.3
Merrill Lynch Mortgage Investors Trust01/25/20291.9920.3
Petrobras Global Finance BV01/27/20215.4910.3
Morgan Stanley Capital I Inc. Trust01/25/20360.5900.3
JP Morgan Chase Commercial Mortgage Securities Trust05/15/20455.4880.3
Washington Mutual Mortgage Pass Through Certificates Trust03/25/20372.1880.3
Buckeye Tobacco Settlement Financing Authority06/01/20426.0830.3
Federal National Mortgage Association11/01/20422.8830.3
Buckeye Tobacco Settlement Financing Authority06/01/20475.9820.3
Countrywide Asset-Backed Certificates07/25/20365.9790.3
Hellenic Railways Organization SA03/17/20174.0750.2
Federal Home Loan Mortgage Corp. REMIC04/15/204411.7720.2
Stone Tower Capital LLC04/17/20210.5710.2
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.3680.2
HJ Heinz Co.06/05/20202.8660.2
Federal Home Loan Mortgage Corp. REMIC02/15/204413.0650.2
Triaxx Prime CLO10/02/20390.4620.2
Banc of America Funding Trust06/20/20470.4610.2
Wachovia Bank Commercial Mortgage Trust07/15/20455.7590.2
Morgan Stanley ABS Capital I Inc. Trust11/25/20360.3590.2
BCAP LLC Trust06/26/20365.2560.2
Wachovia Bank Commercial Mortgage Trust02/15/20516.0530.2
Securitized Asset Backed Receivables LLC Trust02/25/20340.9530.2
Huntington CLO Ltd.11/05/20400.5520.2
Avoca Capital09/15/20210.3520.2
Structured Asset Securities Corp.09/25/20355.5490.2
Citigroup Mortgage Loan Trust Inc.08/25/20351.8480.2
Ownit Mortgage Loan Asset Backed Certificates05/25/20370.3480.2
Washington Mutual Mortgage Pass Through Certificates Trust07/25/20450.5460.1
Granite Mortgages plc09/20/20440.9450.1
Belle Haven ABS CLO Ltd.11/03/20440.7420.1
Structured Asset Investment Loan Trust10/25/20350.5410.1
ACE Securities Corp. Home Equity Loan Trust08/25/20360.3370.1
American Home Mortgage Assets Trust09/25/20461.1330.1
Indymac Residential Asset Backed Trust07/25/20370.3330.1
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.3310.1
First Horizon Mortgage Pass Through Trust10/25/20352.6310.1
Newcastle CLO V Ltd.12/24/20390.6270.1
Interest Rate Swap Option 30 year10/27/20170.0250.1
Ally Financial Inc.05/15/20168.5240.1
Federal National Mortgage Association REMIC03/25/20340.3240.1
Impac CMB Trust09/25/20340.8200.1
Belle Haven ABS CLO Ltd.11/03/20440.6200.1
Banc of America Alternative Loan Trust04/25/20335.8200.1
Interest Rate Swap Option 2 year12/01/20150.0190.1
Interest Rate Swap Option 2 year12/16/20150.0150.0
Banc of America Funding Trust06/20/20322.6140.0
Federal National Mortgage Association02/01/20264.5130.0
Bear Stearns Adjustable Rate Mortgage Trust03/25/20352.8130.0
Interest Rate Swap Option02/18/20160.0130.0
Interest Rate Swap Option01/06/20160.0120.0
Washington Mutual Mortgage Pass Through Certificates Trust04/25/20450.4110.0
JP Morgan Mortgage Trust06/25/20215.9100.0
MASTR Adjustable Rate Mortgages Trust05/25/20342.2100.0
Interest Rate Swap Option 2 year12/01/20150.0100.0
Interest Rate Swap Option 30 year11/27/20170.0100.0
Interest Rate Swap Option 2 year01/06/20160.090.0
Interest Rate Swap Option 30 year11/27/20170.090.0
IndyMac IMSC Mortgage Loan Trust10/25/20342.590.0
Interest Rate Swap Option 30 year11/27/20170.090.0
JP Morgan Alternative Loan Trust07/25/20360.380.0
Federal Home Loan Mortgage Corp.10/25/20211.680.0
Federal National Mortgage Association07/01/20322.370.0
Bear Stearns Adjustable Rate Mortgage Trust01/25/20352.660.0
Interest Rate Swap Option 2 year12/01/20150.050.0
Granite Mortgages plc01/20/20440.440.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.020.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.010.0
Interest Rate Floor Option11/24/20150.010.0
U.S. Treasury Notes 10 year Future05/22/20150.010.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.000.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.000.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.000.0
Interest Rate Swap Option01/06/20160.000.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.000.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.000.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.000.0
Credit Default Swap Option 5 year04/15/20150.000.0
Total33,563106.5
Cash and Other Assets Less Liabilities-6.5
Total Net Assets100%

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

As of Quarter Ended 03/31/2015
Economic SectorHarbor Unconstrained Bond Fund %
Corporate Bonds & Notes43.9
U.S. Government Obligations19.9
Asset-backed Securities19.8
Foreign Government Obligations10.7
Collateralized Mortgage Obligations7.9
Mortgage Pass-through2.2
Municipal Bonds1.8
Purchased Options0.5
Bank Loan Obligations0.2
Financials0.1

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

As of Quarter Ended 03/31/2015
MaturityHarbor Unconstrained Bond Fund %
0-1 yr118.6
1-3 yr-28.1
3-5 yr-21.8
5-7 yr8.5
7-10 yr17.9
10-20 yr0.9
20-30 yr4.2
Over 30 yr-0.1

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

As of Quarter Ended 03/31/2015
DurationHarbor Unconstrained Bond Fund %
0-1 yr19.4
1-3 yr82.2
3-5 yr88.3
5-7 yr-124.5
7-10 yr88.5
10-20 yr-37.6
20-30 yr-16.4
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.